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Show ! $15,000,000C0NCERN FORMED TO DEVELOP I SAN JUAN OILFIELDS (fjpecis: to Tha Telegram.) STEW VORK. Jure 19. Jame, Fitch and A. ,JX Whitney, organizers of the Consolidated Oil company, which com- pany ie the owner of extensive lnt in the Juaa (Utah) field, expect to leave for I'tsh within the next few day, having rounded out the financial details ef the I5,000,00t corporation above aaawd. . . . When questioned about the form of stork to be issued, Mr. Fitch was em phatie in bit denial that any stock would be sold to th public, declaring declar-ing that the organization had been formed for no other purpose than to develop the rich oil lands in the Ban Juaa county district. The men interested in-terested in the new company, he said, have their money in it and are not seeking outside aid, and ther believe thee thee lew oil .-field are iaimble of being developed into tome of the richest in the United States. Be says th oil from this seetioa hat proved to be of a very high frad. The question of traniportetloa fn-eihbiee fn-eihbiee to .tidewater, Mr. Fitch said, was secondary; bot it was the intention, inten-tion, of the management to begin as soon ss practicable the construction of a pip line to accommodate the output. out-put. Buck a tine will not exceed 800 miles. Mr. Fitch was again questioned regarding re-garding the object of capitalising the company at l.l.OOO.OOO. and said none of th stack was to be distributed among the public He declared that none of tha stock would be circulated; hst it was held by western and New York City financiers. He said the corn-pan corn-pan v was organized merely for the eon-venienc eon-venienc and protection of the men wko have already put their money into it. Be taea elated that besides the moav to be expended oa the pipe line several millioa dollars would be spent in developing the property as fast as practicable, boring wells and equipping them with the most modern machia- 'jir. Fitch was reminded of the and ending several other oil concerns had met because certain ether large oil interests in-terests eared them as competitors, but he was not impressed by the warning, declaring that the Standard Oil company com-pany had been very good for the past two years aad that the lesson laid dowa to that trust by th supreme court a few days ago weuM give all interests a like show hereafter la th oil pro-, due lag business. |