Show CAPITALIStS t. t UY OIL TRACT if w N IN PANAMA PANAMAS i S Lakers Learn Land Lan Bought Bough for F Fruit Is Richin Rich RichT t j in iri Petroleum I That a syndicate of Salt Lake fi financiers fl- fl has become identified with one no of the the biggest oil propositions of c.- c. recent times is the report that comes from Panama with the discovery very of what is believed to be one of the richest richest richest rich rich- est oil fields in the world in the province province ince lace of Colon and the district of ot Donoso Dono- Dono so in the Panama republicA republic A short time ago the announcement was made that a syndicate of Salt Lake consisting of nf W W. Sand S S. and L L. B B. Governor ex-Governor William Son Sury Ernest K R. Woolley and H. H R. R l Io McMillan Iman had bought acres of the most productive land in m Panama The land was bought as a banana sugar and cocoanut property and otherwise aside from a snort exploitation exploitation exploitation ex ex- ex- ex as oil land its value was unknown Within the last week however the theland theland theland land was exported by bv one of the greatest oil experts in m the United States and declared to be bo very valuable valuable valuable val val- as the center of a vast oil dis dis- dis- dis The Tho report was made mado by one of the tho largest oil firms in n tho country coun coun- try Believing tho the land to be one of ot the best oil propositions in the last decade decade decade de de- de- de cade interests said to be connected with the Standard Oil on company obtained obtained ob ob- ob- ob tamed a lease of acres of land Jand for oil development The lease contains contains contains con con- the conditions that the interests obtaining tho the lease must immediately begin development work upon tho the property and start drilling within a a. short time lime While more than was spent upon the purchase by the syndicate the land in the district is now selling at from 20 20 to 30 30 an acre If the lands are proved according to a report from the district values will run into thousands of dollars an acre netting a fortune for the Salt Lake interests It is believed that a new closely cosely allied with the Standard Oil company will be formed to take over the new oil lands reports from all experts exports who have visited the property In the interests of the new company have caused Interest to be awakened to such a point that it is believed that drilling will begin immediatelY immediately im im- im- im mediately That the discovery of oil upon the lands of the Salt Lake syndicate will not affect the first plans of using the lands for agricultural purposes is the belief beliet of ot one of the prominent members members mem mem- bers hers of the syndicate Only a small portion of the land will be used for oil development and according to present plans work will be pushed to open the agricultural possibilities ot of the syndicates syndicate's tract With the tLe present develop development ent at an advanced stage It is believed that exportation of sugar bananas and cocoanuts will b begin gln next year S Whether the oil interests have an option on the purchase or lease of other lands in the district was not given out As plans are not yet matured matured matured ma ma- by the Salt Lake capitalists the name of the oil interests and the terms of the lease of the new lands have been withheld According to a member of the syndicate however drilling on the new field will begin within thirty da days s |