Rensselaer Republican, Volume 20, Number 29, Rensselaer, Jasper County, 22 March 1888 — Boring at an End. [ARTICLE]

Boring at an End.

Tho directors of the Gas M Oil Company held a meeting Monday and finding that the available funds of the company woulcj not* more than suffice to pay the contractors for what they had already done, they ordered a cessation of the drilling. The- depth of the well is. 1325 feet, or very near those figures,, The available funds of the'company are not quite ‘‘sufficient to pay the contractor unless lie is allowed to take back at half price the 1330 feet of casing belonging to the company. Some of the‘directors-were much in favor of continuing the boring and Dav-1 id Novels mado a stvng cilb.t to secure enough additional subscriptions to c ntiunefv few hundred feet further, but lack of faith. in.the, prospect was too gnueraFto.. make the movement a success aucF it was soon abandoned. There ; has been-sumc. talk of an arraugej i»e«4-possibly being made whereby the boring would continue to the depth of 2000 feet at the expense of some private citizen, with j the condition that the lot and well j should become his property, when | tne boring was completed. It docs not seem probable however, that any such- arrangement will be made. The fact that a flowing well has been obtained makes the lot the property of the company, according to tne terms of the deed given; by General Van Rensselaer, but under conditions that the lot be enclosed .with an iron fence and ornamented with shade trees.