The Winslow mail., 1921-11-04

being written for that section Of the
country. Much activity is being
shown in the field by capital elninat
ing from sources variously scattered
over the country. Drilling has been
an actual fact in the field for many
months, bat like all new fields, has
been visited by many handicaps.
Because it is an unproven field 50 far
as actual commercial oil development
is concerned, the doubling voice Of
the pessimist is raised against is as it
has been raised in negative express
sion in every new field Of the country
It is not long number of years ago
that oil was unsought in this western
country. Pennsylvania and Ohio
were the centers OF the only great
pools of the North American conti-
nent. Yet California pushed to the
top of the ladder in production and
remained there until the great fields
of Oklahoma and Texas were later
brought in through the efforts of the
qualified engineer and the capital
which is willing to back him in his
determinations. Wyoming has beesl
brought into the light also with its
wells and Utah and Kansas have dem
onstrated the presence of oil in their
landed areas.
This does not in any manner prove
that Arizona and the Holbrook field
is destined to become producer of
commercial oil, but it does demon
strate that the great mines and oil
wells Of the country have become
producers of wealth through the di-
rection and intelligence of the ouali.
tied engineer. and, so in the Holbrook
field, geologists and engineers of ma
fIOnal reputation have reported geo.
logical conditions as correct for the
forming of oil pools from which COM
mercial quantities of oil should be
extracted. Again, it cannot be said
that this will result, yet data recent
ly con- piled under the direction of a
reputable statistican evolves the fact
that 6S ner cent of the areas reported
favOrably upOn by qualified engineers
and geologists have become proven
territory. Upon this basis the Hol-
brook field has two to one chance
of becoming productive Of CONNER
oial oil where drilling has been under
the guidance Of qualified knowledge
end experience In considera ton of
the great fortunes that have been
made in oil, this must be looked upon
as an investment that compares favor
ably with investments made in anv
Wildcat field. On the other hand.
there seems to be undisnuted evi-
dence that oil in small quantities have
been already found; that the shallow
er Oil stratas have in an instance Or
two been tapped, but fer reasons un-
known to the writer. publicity has
not been nrone to publish the appar-
ent fact. This is undoubtedly part
Of the game and the obtaining of
more area is the foundation upon
which the oil companies are probably
working. which, in itself, Isl only an
argument for the field even with the
delay that may be disgruntIing to
the investor who wants quick returns
and wants them big.
Under the present system of laws
operated through the corporation
commissions it is practically impos-
sible for any company to profit through
the sale Of stock. No matter, there
fore, what their methods might have
been under different conditions such
as might have maintained several
years ago. the company which is eX-
pending its money in the field of de-
yelopment today must hone to profit
through the proving of a paying pro-
rerty else they will have no substan-
tial profit. The corporation commits
sion is a protection which is thrown
around not alone the cOmnany but
etc inv
intention of the comnany must be-
evidenced in its application and
through the investigation of the cor
poration commission before that COM
mission will grant to the applicant
permit to offer its stock to the
public. The stock of the promoters
is held by the commission in pool
until such time as the company shall
have proven itself to be honest in it's
efforts and again we have the fact
that the promoter must await his
profit Jointly with the cash purchas-
er and can in no manner unload to
the detriment of the other fellow
The purchaser of stock in the Hol-
brook field puts his money into
wildcat district. This is beyond
question. The company from which
he may purchase stock should be
investigated by the purchaser, but
if the corporation commission has
given its sanction to do business,
there must be an evidence of honesty
of purpose expressed somewhere else
the commission would not have Civ
en- such permit for corporation COM
missions are lust as vain as individ-
int
mitting any act which will bring
just criticism to it's department of
the state government
All in all, the Holbrook field is
just where every oil field in the
country has been at some time. 1t
is wildcat, but it is nearing the point
when the word will go cut that the
Holbrook field has brought Arizona
into the list of oil producing states,
or, that news space will be devoted
tn other n1attoYc will bo