Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-12-13
fHE GROWTH OETHE PETROLEUM
INTEREST.
ITS PnOBARLE PERMANEKCY.

In the very few years which have passed
since petroleum was first discovered to
have any special merits, it has sprung up
from experimental doubt and distrust, both
Of its merits and value, to be, to-day, the
staple of commerce, exchange, merchan-
die and traffic which has no parallel in
the markets Of New York, Boston, Phils-
delphia and Pittsburg. There is no branch
of trade now known which enters more
largely into the avenues Of profit and e1-
change than DOES the petroleum Of West
ern Pennsylvania. The stocks and eertiB-
Gates Of these petroleum Oil Companies
evideneing any tangible interest in, or to,
the numerous associations that are now IN
operation, are continually sought after and
run for with almost universal anxiety
There are no stocks upon the boards and
none offered in the market that realize to
holders such real and valuable advaneements
and dividends. Three, five, eight, ten,
and even twelve per cent, month, are IN
reality realized and paid upon some OF
these stocks, and although there are nume-
rous companies In operation and being
formed now, yet the demand for such i'm
proVements by capitalists and sl who have
q few hundred dollars to invest is largely
increasing. "For about two years says
the New York Economist, ''Lhe Pennsylva-
mans had been amsssing great wealth from
! the oil discoveries of Venango County.
During 1868, t,oo millions of barrels Of
oil, I0orth tOenty millions of dollars, had
been raised RDOH lands that tI1O gears BE-
fore had no UaLale beyond that Of common
farming property. During the last three
months, about sixty new oil companies
have been organized in this CITY. with a
pAr capital each, varying from two
hundred thousand dollars TO five
million dollars. The oil region has been
crowded with eager buyers Of petroleum
prop1ietors, and lands yielding oil, CT that
gave the faintest prospect of yielding when
bored, have been sold for the most fabulous
prices. 1t would be far from Just to pass
an indiscriminate condemnation upon the
investment Of ca Pital in oil properties
The petroleum interest unqnestionably re.
poses upon broada and reliable basis. The
product yields the best Illuminating oil ever
used; and there is every reason TO expect
that, as i becomes more generally known
throughout the world, the demand will in
crease very far beyond the present limit
Besides this it has acquired an established
use for dying cleasing and lubrioating pur-
poses. The demand for petroleum, has 8
enduring basis. The peIm4nency Of the
supply has been probably much more 8
matter Of speculation than it need to have
been; for it i'll comports with the vast pro
fusion Of the products of nature to suppose
the 1ubterFsneous reservoirs that yield this
fluid csn be early exhausted by any drain
that is likely to be made upon them. 1t is
almost impossible to name any natural pro
duct, capable of being used to promote hu.
man comfort, the supply of which has been
been exhausted by maR's consumption. In
the absence Of actual evidence as to the re-
sources of the oil wells, this is the only
available argument in favor of perma-
msnt supply; but being a reason based upon
the analogy of nature and tho beneVolenee
that charscterises all the provisions of hu-
man wants, it is worthy of more than q
trivial consideration,