Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1860-10-26
Pennsylvnnia-COrrerpOndence
MOUTH OF On CREEK,
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VERNANGo Co. Pa, Oct. II.
EDIroR CLEVELAND LEADER i'm my let
ter written some four weeks since, I gave you
a birds-eye view of the surface appearance of
things generally in the oil region. I now
propose to particularize a little From state
ments have been able to obtain from bills of
shipment, receipts of commission merchants,
&C., l find that the wells now in operation
from Titusville to this place, and also along
the Allegheny river, average from fifteen to
eighteen barrels per diem.
Within the last two months altogether, the
major portion of wells have been commenced,
and consequently not one third are, properly
speaking, furnishing oil, as the remaining
number have not yet reached the usual depth.
True, also, many wells have been abandoned
since Col. Drake of Titusyille sunk his pio-
neer one. The oil excitement like all Others,
is wonderfully liable to extravagance; and
after the Drake success, number Of wells
were started regardless Of location-wild,
boyish hurrah, exciting every one to run
drills, anywhere within the region of the
Drake one, wherever spot of terra frma
could be leased for The purpose. As might
have been anticipated, fIilures were the or
der of the day
Experience is said to be a good teacher /;
and the oil adyentureFs, many of them, at
least have learned wisdom by her lessons
Now not one well in three fails to, produce
immediately. Every day since my tarry here
Ueins hare been struck. The novelty Of the
thing has, in fact passed away, and to hear
of new aOil spouting,' produces no excite
ment whatever, for all expect it. On some
territories no aoeU has f1iled TO reach oil in re-
maneratiUs quantities.
The enterprise has in many respects
reached certainty, the indications of oil be-
ing now so well understood, that nothing
but the most needless ddpsRaTing will lead
men to operating upon non-paying territory.
Good practical common sense and an i'm
plicit reliance upon the calm judgment Of
enc own mind, regardless of the button
holding importantly and suayity of specula-
tors or rather land sharks hereabouts, will
lead to enormously paying investments.
Native sense is as essential to success in
coil boring" as in anything else. Foolhar-
diness in this business will precipitate the in
dividual upon "the rock" OF adversity as it
will in any other.
The observsnt eye can at this time discov-
er men working night and day, sinking drills
where development heretofore and the i1nme-
diate surroundings must in the minds of the
considerate arraign most fearful odds against
hope and expectation. laL
And, hence, probably halt who enlist in
the business viii spend money and time for
simply disappointment in return. Again, all
classes are here, many who ought not to have
thought Of venturing beyond the limits Of
the corn and potato field, knowing nothing
of the angles of speculative life, being eonse-
quently as unprepared as the child to CON-
pete successfully. Nearly all such will, al
most as an unavoidable sequence, return to
their homes spiritless, for the very good reason
they return moneyless.
No one, however, can spend day or two
looking over the grounds here, without be-
ing conscious that a mighty reservoir o.
wealth Is found in these vallies. Nothing, in
my opinion, has ever been discovered that
will supercede these developments as mat
ter Of wealth to the country. An extensive
and unlimited money channel has been
opened. Isay unlimited, because verify So
think. Judging from the Buchmin Empire
wells no one can conclude that these oil
streams will be exhausted Tor centuries tC
come, as those in that Empire have been il
operation for ages producing the same oil.
The business here has lost none of its zest
but in lieu, it has been increasing of late, a:
the price Of oil has been advancing. The
crude article now netts here from Is to %
cents per gallon, and is inclining upward
daily.
New Yorkers are here to-day contracting
or trying so to do. They inform me that th'
crude arlcle is in demand for tWenty-eight
cents per gallon in the city.
Those who now ship down the river re
ceiEe twenty-three cents, and have their bar
rels returned free of expense; and the pro
liabilities are, that IN consequence of th'
increasing foreign demand, the price will ad
vance to double these figures within siI
months. a.