Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-12-29

LAo AbAA0WAAk ACNANW VI AA41 UAA bA1A7
ness, which We extract from the Oil City
Register will prove highly gratifying to
those who have any interest in oil;
we have had an exceedingly cold snfp
in this locality since Saturday last. The
roads are now in excellent order, and both
business and travelling is brisk. Naviga-
tiOn, for the preseLt, both on tho river and
creek, is suspended. Oh now is being haul
ed to the railroad by teams. We give, as
the ruling rates, at the wells $1l per barrel,
and $l2 at this point. The demand is
good, and the oil is sold about as fast as it
is produced. The market closes buoyant.
The latest Pittsburg dsjlies quote crude at
43@45 cents per gallon, 65 cents for re-
fined, and 81 cents for bonded and free.
The excitement in oil lands is still on
the increase, and their value is becoming
greater daily. We have accounts of favor
able indications from several new wells,
but decline to report until they are tubed
and properly tested.
The Meadville Republican concludes an
article on petroleum in these terms of
warning:
This oil fever cannot last always. Of
course the owners of productive wells will
continue to make money. But the hun
dreds who are gambling in oil territory,
whogo about f1essing," getting "refussls,"
and sll that, cannot all make fortunes, even
if we admit that Gthe fools are not all
dead" Gambling in oil, or rather in ter
ritory where oil is unde7eloped, or exists
only in imagination, has become mania; /;
and very many who are now building oily
castles in the air, will see them end in
smoke, just as the oil did in the days when
the Seneess set the river on fire.
The Erie Dispatch has the following oil
news:
The Newton Farm, seven miles above
Titusville, sold last week. to an Eastern
AztTefs1sad iowa general interest mani
tested in the oil lands near the village Of
Tidioute The island known as the Tidi-
cute Island, which was sold last April to a
Philadelphia company by John Sill, Esq,
is now being developed with good success
by the Philadelphia and Tidi0ute Island
Oil Company. A we'll was recently struck
on the property at depth of only los feet,
which is yielding from forty to fifty bar
rels per day. Fortunately for Mr.. Sill he
retained a considerable interest in the
property, and thus adds largely to the
profit Of the original sale. The property
promises to be decided success, and yield
a large profit to each stockhOlder for his
| investment.
Among other stocks which are most at
tractive and paying large dividends il
that of the companies controlled by Sher-
man, of Sherman Well nOtOriety, j. r
Dodge, John s. Brown, and s. Q. Brown
1t also continues to pitch into oil specu.
lators, and predicts speedy falling off il
oil-excitement. It speaks as follows of the
actual progress made in developing oil
lands:
Tho improvements ton the creek" arr
noteworthy. The immense amount o
machinery, stores and materials Of al
kinds which finds its way from the Nortt
to Shaffer and below, and from the South
condition of affairs among producers
There never was 8 time when so mucl
activity prevailed, or 30 much labor we
performed in the mining districts, a. now
but the bad roads and incomplete mean
Of transportation, greatly retards the pro
gress of these most energetic Of all ener
getie men and until snow falls in qusn
tity sufficient to assist them in transporta
tion, their labors will be attended will
greater expense and perplexIty, than 9th
er men ever dreamed of.
On the other hand, a correspondent o
the Pittsburgh Chronicle thinks that "th
excitement has not yet reached its acm
and cannot until some Of the many hun
dred wells lately started are developed
which will not bs before next April" Il
says;
There is great excitement in coal land
around this section at present. The hun
dreds and thousands of wells all consum
an immense amount of coal, and the cor
sumption is on the increase. The pric
ranges from forty cents to one dollar pc
bushel, rnd "slimD bushels at that. I'll
Franklin and Sandy Coal and Oil Con
= pany are buildi1ga railroad to the mout
) of Sandy creek from their mines, and wi
= hsve it in operation by the first of Marc
next. They are working now in 8 fiJ
foot vein at Sandy, and srs pushing AT
other large coal bank three miles back
, Franklin, where they will also build
l large railroad, running through the tow
i of Franklin TO the river bank, where the
: will deliver, by tow-boats and flats, to Il
l wells above and below.
From Franklin to Oil City you me
any number of wells in operation and g
ing down. Between this and the sprir
there will not be less than seventy-iy
wells down.
! A good dinner can be always got at Nh
= : Mcnvsine's Zone and half mile. this sic
g of Oil City,, where there is not such
= = rush as in the-hotels in the city.
They are going deeper for oil right
/. Franklin than they have ever tried as u
: with a fair show Of success.
The Chronicle says, editOrislly:
n Intelligence from the Clarion Oil R
gions are of the most cheering characte
It and we may expect q large quantity
+ the oily treasure from that quarter. II
n well near Alum Rock was tubed on Il
18th inst, the oil overlooking the CO
,s duotor. at the Sligo well, on Lickil
d Greek, the chambers were moved on Mo
o day, and the oil flowed out, covering &
y surface of the stream with the greasy Aui
>, 1t will be a happy circumstance if t
It speculation now pent up IN Clarion Cou
q ty, shall find partial vent on &