“Million Dollar Elm”
The Osage Tribe of Indians held the first public auction sale for oil leases on Osage Reservation tracts November 11, 1912. Early sales were held under this elm tree. Bidders sat on bleachers around the tree and the auctioneer, Colonel E. Walters, "cried" the sales.
The first sale in which a 160-acre tract brought a bonus of $1,000,000, or more was March 2, 1922. One tract brought $1,335,000 and another tract brought $1,160,000.
On March 18, 1924 the opening bid on a 160-acre tract was $1,000,000. However the largest bonus ever paid for a tract was $1,990,000 on March 19, 1924.
A total of 18, 160-acre tracts have leased for a bonus of over $1,000,000, thus this tree under which these high bids were made, became known as the "Million Dollar Elm."
Erected by Harry G. Benson and Family.
Location. 36° 39.975′ N, 96° 20.418′ W. Marker is in Pawhuska, Oklahoma, in Osage County. Marker is on Grandview Avenue north of 7th Street, on the left when traveling north. Touch for map. Marker is at or near this postal address: 813 Grandview Avenue, Pawhuska OK 74056, United States of America.
Other nearby markers. At least 8 other markers are within walking distance of this marker. Vernon Whiting (about 400 feet away, measured in a direct line); An Answer To Prayer
Regarding "Million Dollar Elm". The elm tree no longer exists.
Also see . . .
1. From monopoly to ‘Million Dollar Elm’ (Pawhuska Journal-Capital, 1996). (Submitted on March 1, 2015, by William Fischer, Jr. of Scranton, Pennsylvania.)
2. Osage Nation. (Submitted on March 1, 2015, by William Fischer, Jr. of Scranton, Pennsylvania.)
3. Osage Agency, Bureau of Indian Affairs. (Submitted on March 1, 2015, by William Fischer, Jr. of Scranton, Pennsylvania.)
Categories. • Environment • Industry & Commerce • Native Americans • Settlements & Settlers •
Credits. This page was last revised on June 16, 2016. This page originally submitted on March 1, 2015, by William Fischer, Jr. of Scranton, Pennsylvania. This page has been viewed 363 times since then and 68 times this year. Photos: 1, 2. submitted on March 1, 2015, by William Fischer, Jr. of Scranton, Pennsylvania.