Oil in the Osage Indian Nation and the "Million Dollar Elm"

Oil in the Osage Indian Nation and the "Million Dollar Elm" (HM1KFI)

Location: Pawhuska, OK 74056 Osage County
Country: United States of America

N 36° 40.058', W 96° 20.367'

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Inscription
Symbolic of the impact oil had on the people of the Osage Indian Nation is the so-called "Million Dollar Elm." It was given this name because in its shade millions of dollars worth of Osage oil leases were auctioned. It was planted at this site sometime during the latter part of the 19th century as an ornament and for shade.
The name was not given by tribal leaders but by reporters and magazine writers who were dramatizing the events when important heads and founders of the world's greatest oil companies came in person to bid. The auctioneer himself, the histrionic Colonel Walters, became famous because of his success in getting top bids.
The story of oil and the Osages is one of the most glamorous facets of the oil industry in America. It began with the drilling of the first well in the Osage in October 1897.
On March 2, 1922, the first 160-acre tract to bring a million dollars or more was in the NE 25-27-5. Skelly Oil Company and Phillips Petroleum Company bid jointly on this tract. Highest bonus paid for a 160-acre tract was by Midland Oil Company, March 29, 1924 for $1,990,000. This was in the NW 14-27-5. A total of 18 tracts brought bonuses of $1,000,000 or more.
By November 1969 the Osage lands had produced a billion barrels of oil and it was estimated that two billion barrels remained in the area.
Details
HM NumberHM1KFI
Series This marker is part of the series
Tags
Year Placed1970
Placed ByOklahoma Historical Society with Oklahoma Petroleum Council
Marker ConditionNo reports yet
Date Added Saturday, May 9th, 2015 at 6:01pm PDT -07:00
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Locationbig map
UTM (WGS84 Datum)14S E 737776 N 4061301
Decimal Degrees36.66763333, -96.33945000
Degrees and Decimal MinutesN 36° 40.058', W 96° 20.367'
Degrees, Minutes and Seconds36° 40' 3.48" N, 96° 20' 22.02" W
Driving DirectionsGoogle Maps
Area Code(s)918
Which side of the road?Marker is on the right when traveling South
Closest Postal AddressAt or near 927 Grandview Ave, Pawhuska OK 74056, US
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