pocket. He presided over all the Osage sales, and his moniker,
Colonel, made him sound like a veteran of World War I. In fact, it
was part of his christened name: Colonel Ellsworth E. Walters. A
master showman, he urged bidders on with folksy sayings like
“Come on boys, this old wildcat is liable to have a mess of kittens.”
Colonel Walters conducting an auction under the Million Dollar
Elm Credit 23Because the least valued oil leases were offered first, the barons
usually lingered in the back, leaving the initial bidding to upstarts.
Jean Paul Getty, who attended several Osage auctions, recalled
how one oil lease could change a man’s fate: “It was not unusual
for a penniless wildcatter, down to his last bit and without cash or
credit with which to buy more, to...bring in a well that made him a
rich man.” At the same time, a wrong bid could lead to ruin: