When a landowner leases his mineral rights to an oil company he receives the right to royalties—usually one barrel out of eight. After the land is producing steadily the royalty right can usually be sold. The price is based on the .estimated life of the well. If the well gushes for 20 years instead of an expected four, the royalty owner is rewarded far more handsomely than he expected. Hence speculation in royalties. Of U. S. royalty dealers, biggest and most renowned is J. Edward Jones, 37. Mr. Jones worked his way through the...
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