The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1864-12-22

City Register, will prove highly gratifying
ts those who have any interest in oil.
The fact that the oil can be sold as fast
as il is produced plainly shows that spec
ulation Us yet is safe as the prices are
concerned, and that those companies
who produce the largest quantity OF oil
from their wells are more safe and rella-
BILE than they were formerly. At the
present high prices of oil these compay
nies cannot but realize large sums OF
money, especially when the demand Is so
We have had an exceedingly cold snap
in this locality since Saturday last. The
roads are now in excellent order, and both
business and travelling rs brisk. Naviga.
ton, for the present. both on river and
creek, is suspended. Oil now is being
hauled TO the railroad by teams: we
give as the ruling rates at the wells vi
psr barrel and Sl2 at this pointii The de-
mand is good and the oil is sold, sboatlas
fast as it is produced. The market closes
buoyant. Latest Pittsburg dailies quote
crude 43a45 cents per gallon; 6s FOR TO
fined, and 81 for bonded and free. )T :" re-
The excitement in oil lands Is still on
the increase, and their value is becoming
greater daily. We have accounts OF ia
Sorable indications from several new
wells, but decline to report until thsy
are tubed and properly tested. 5Ga i,T'1.
NEWS from the Clarion Oil Regions are
of the most cheering character, aud we
NAV expect a large quantity of the oily
treasure from that section. The well
near Alum Rock was tubed on the Fl2th
inst, the oil overhowing the condpeter,
At the Sligo well, on Licking Ereek,
the chambers were moved on Monday,
and the oil flowed out, covering the sur.
face of the stream with the greasy fluid
1t will be q happy circumstance II the
speculation now pent up In Clarion
county, shall find partial vent on the
Clarion. -
On this subject the last Brooky vile Re-
publican says: They have struck OIL on
the Clarien river, thirteen miles north Of
this place, and the conviction - strong In
the minds of cur leading men that oal 10
as abundant here ssrit is on eny Of the
tributaries Of the Allegheny, Capital, to
a large amount, is being invested In LANDS
contiguous to Red bank and its sbranenes
and we anticipate the timswhe We can
boast as much grease AS the greasy deni'
zens of Oil City. "a e. ...'',.h'
We also learn that the oil indications IN
Forrest county are unusually promising
and that capitalists without number are
W inding their way to that remote ooan
| try.
We notice some Of, the Philadelphia
papers are strongly impressing upon the
managers of all good oil companies the
necessity Of setting forth the true stat'
of their properties and conditions In th'
public Journals, vouched for by the prop
or authorities. Surely no honestly or
ganized and conducted company shoult
| refuse 80 reasonable request, which
due every stockholder. Then the public
could put proper estimate on the va
rious oil shares that are daily offered
| and there would be more satisfaction II
making transactions.
Any one can foresee tn atthe existing
plan of organization OF the oil comp
nies will not withstand tDe shock of
financial panic, nor q serious revulsion
fuctation In the oil trade. Aud a
panics, reyulsions and Quotations yisi
all commercial countfies-see Engtan
at this time--the period may not beg "a
off when necessity and wisdom combine
will cause @ reorganization, of the oi
companies, and reduction OF their car
ital shares to number that viii reprt
sent system and insure gfeater conidenc
through ell stages Of the stock or oi
markets. & 9ss )!
Iron, coal, and copper are the clde
mining interests In the United States
and. consequently, are now organized Of
plans that unite the teaching Of exper
ence with the current lessons OF the houl
After the oil componies shall have gOn
through the same ordeal there will b
fewer oil shares. and those who are nov
buying their experience In the stoc
market will be wiser men.
The New York correspondent OF th
Boston Adrertiser, speaking of oil con
panies, says:
"The new companies are pressing theI
claims to public recognition with grea
vigor The nominal capitals OF the con
panies now reported in the Atlanti
cities add up about s400, 900 900, and NJ
on this the stockholders are led TO o.
pect dividends Of from one to three pr
cent. a month. The fallacy of this o.
pectation will be seen when wa conside
that the product of oil, notwithsta ndin
, the amount of capital used by the ne'
companies In sinking wells, has been le'
for the last six months thanit was dnrin
the earlier part of the year. The prof
! in organizing oil companies In all wit
the projectors of the company; they bu
the land at very low figure and sell
: to the company at q very high one. Or
, of the prominent companies Of this cit
with capital Of some millions, is base
. upon lands which were originally offere
hero for 5000; no oil has ever been di
| covered on them, and it 10 doubtful
there ever will be. A few interests
| producing wells (thirty seconds OF nIt
= fourths) which, as well only ruas abo,
. six months on an average, and mar
3 stop any day, can be bought for ver
!, little money. enables new company
} declare immediate dividends, and 80 lor
{ | as these wells continue to run, all lool
r well; but as soon as the company is o
t liged to depend upon its own lands, u
r stockholders are likely to come
grief" ..s.
: "The usual working capital Of an Q
t company is fifty or one hundred tho
j. sand dollars. In the Oh Creek region n
: more than three or four wells In hu
( dred have produced enough oil to pay &
the expense of sinking them, and n,
3 more than one in q hundred have Pc
9 largely. The present expense OF sinnI