Newspaper Tidbits from Rick B Wednesday, March 30, 2006 "The South Bend Weekly Tribune", Saturday, January 15, 1898, page 5 MEETS WITH FAVOR. OIL WELL PROJECT SEEMS TO TAKE Several Men of Wealth Said to Have Become Interested in Propostion of Frank Reeder to Drill for Petroleum in This County. Frank Reeder, the gentleman who is endeavoring to interest South Bend capital in a project to drill for oil in St. Joseph county, says he has met with much encouragement , more in so short a time, in fact, than he had anticipated. He has interviewed some wealthy citizens and he says that a number of them seem to be perfectly willing to aid the proposition in a financial way. Some with a lesser amount of wealth have also intervewed him expressing a desire to be counted among the small stockholders in the event of a people's company being organized. Mr. Reeder appears confident that some good results might be obtained from an experimental well. At the same time he does not care to positively guarantee oil for he knows that a well would be only experiment. However, he regards the chances favorable in view of the proximity of this county to the oil field. The oil craze has fastened itself upon Walkerton, this county, according to the Walkerton Independent, of Jan. 8, which says: "The fever for gas and oil has struck Walkerton with considerable force, and a move is being made for the organization of a company to drill a well to ascertain if either, or both, of the above valuable elements are treasured up in the storehouses which lie underneath us. It is proposed to organized a company to be known as the Walkerton Gas and Oil company, for the purpose of pushing this enterprise. The capital stock is placed at $2,000, or $200 at $10 each. Much interest has already been aroused among our citizens in the matter and at present the indications semm favorable that the capital necessary for drilling a well can be secured. Fraught With Uncertainty. "While the indications for oil and gas here are as favorable as those in some localities where gas and oil have been found in paying quantities, yet such a venture is, as a matter of course fraught largely with uncertainty and the outcome at best is but problematical. It is a question that can be settled only by a trial, and should the enterprise prove a failure no one would suffer any great amount of loss. On the other hand, if successful, the shareholders would receive good returns for their investments. "The fact that the wells drilled at South Bend, Laporte, Plymouth and a few other towns near by failed to bring results should not be taken seriously into consideration, as the topographical features of those localities differ considerably from those of this locality. Booming oil and gas wells are sometimes found within a few miles of places where drilling proved unsuccessful. "Our location would seem to be geographically favorable for the existence of oil or gas deposits, and the surface indications, so far as such signs go, are sufficiently encouraging in warranting some degree of confidence in the probability of such treasures existing in this locality. "The project now on foot, while uncertain and purely speculative, is one that should receive the encouragement of the citizens of Walkerton and surrounding country, as it would settle an important question one way or the other with but little loss to any one and with a chance for considerable gain to the investors. "A subscription paper for soliciting shares is being passed around and is headed with five shares by Claus Behrens, who for several years has been strongly in favor of drilling an experimental well. J. W. Baugher, we understand, will take five shares, Grant Tank three shares and a number of others have said that they will take from one to five shares. The Kankakee Land Investment company will also take a number of shares. Now that the ball has been started in motion keep it moving."