Salt Lake Tribune | 1918-03-31 | Page 31 | Salt Lake Oil Club to be Organized

SALT LAKE OIL CLUB TO BE ORGANIZED Will Provide Funds for Legitimate Development of Utah Fields. To facilitate the development of tlie oil .resources of the state, the management manage-ment of the Salt Lake Oil Stock exchange ex-change has conceived tho idea of forming form-ing the Salt Lake & Intermountain Oil club, the purpose of which is to provide pro-vide financial aid for legitimate oil promotions in the iutermountain country. coun-try. According to tho plan as outlined by President W. W. Harmon of the Oil Stock exchange, the successful organization organi-zation of the oil club will make a fund of $100,00u available for the development develop-ment of legitimate properties. He asserts as-serts that it is not the intention of the exchange to assume the burden of financing companies, but that, the cdub ' will extend financial aid to the extent of $5000 to 610,000 or such a matter, under the guarantee that the money W'H .be employed in the completion of Viji oil well within the intermountain re iS lieu of tho money provided, the club will take stock in tho company or companies and this stock will be "distributed "dis-tributed pro rata among club members, hi view of the fact that the T'tali fields are vet to be proven, the club probably will devote one-halt its funds lo the development of Utah fields and the remainder to the development of properties in the proven districts of ! Wyoming.