New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-08-22
From the Philadelphia Lodser.l

Greet occasions make great men, and certainly
the discovery OF Petroleum on Oil Creek Will be The
means of making conspicuous not a few whose
names would perhaps never otherwise have been
heard Of in the history Of This country. The family
of MeCliutock had been settled ever since 1872 on
tho farm nj Oil Creek which the Indians had long
before pointed out containing spring and suaA
pond which became covered over with oil. This
oil tho family gathered in blankets, which became
soaked with it, and were wrung out. II sold al
very high prices for its supposed medicinal yaluesi
gallon wac about the regular price, but peddled
over the country as Seneca Oil it often brought
nearly its weight in silver. BY degrees observing
mon, through watching the streams flowing into
tie Ale ,heDy, became convinced that there must
be large bodies of this oil underlying the whole o.
that country. The wealth Of Mr.. II. McClintsck
is now immense.
Col. Drake, of Connecticut, first bored an aresiAA
well at Titusville, aud would have made On immense
fortune but for some lawsuits in regard to his
leases which have reduced him to poverty. For,
when oil became Plentiful, and the demand insim-
cicut, the price fell to such degree that those
who only had leases compelling then 20 give half
or quarter Of the produce, failed to find it profit
able This lead hin into lawsuits, and must even
tually ruin many more, as tho price settles down
again from increased production. Only those wells
which are free from this onerous land tax, or enor.
nous 1.-THE, will ultimately be worth much TO Tho
owners, although now paying WELL
One Of the most celebrated operators in boring
wells is Mr.. VIM. Phillips, who lives just ON the
other side of the Allegheny from Old City. He
wss the second who struck oil BY boring just in
front Of his osn house, at the mouth Of Oil Creek,
and has been beyond all question, one of the most
udicious in his operations and successful in his
wells Of any person engaged, while bis well known
integrity ID such that II is said in Oil City that is
will add ten per cent to the value OF any OIL enter.
prses for him 10 DO known to be engaged IN il.
Ono or two companies are called BY his name, ana
some of the very best wells have been sunk under
his Management. OF these, the most noted is the
Phillips well on the TAR farm. This he sank on
one Of the oil leases and when first opened it sent
up flow Of from three to four thousand barrels per
day; and for nearly four years 1t has continued 70
hOw, throwing off with large quantities OF gas not
less than from two 70 three hundred barrels daily
TO the present hour.
A flowing well is of course FIR more valuable,
from its saving all the expense of pumping and At.
tendance. This we'll, with all tho tanks, &c., was
purchased last fall by Messrs. Lockhar g. Frow, and
forms now small portion OF tho revenues Of THAI
company, lately formed in Pittsburg, with capital
OF - 800 $780, known as tho Brllianey OIL Company.
At the present time, Mr.. Phillips manages the en-
tire property Of this concern, having, however,
number.ess wells OF his own. Possessed, however,
OF great GOODNESS and decision of character he has
already sold of one or two other separate properties
which form the basis of other companies, and can
attend and does attend TO tho largest amount Of
business Of any man ordinarily seen even in Oh
City without the slightest confusion, or discussion.
All trust in him and are willing to pay somewhat
higher for the oil they purchase from him, because
his representations as 10 the character OF all that be
sells arc so perfectly reliable.
There are many men i'll Old Creek and around Oh
City who even now do not know how much they are
worth. They have leases Of one property, ond foe
simple Of others, and hail. quarter or eight inter-
est Ia others go that it is and must be difficult to
calculate their incomes, letting alone the principal;
and what their children will be worth few can gress.
Already ,omc of tho evil effects Of the sudden Co
QUESTION of wealth are noticeable. Youths, whose
incomes are said to be in the ne shborhood of thou
sand dollars per day without proper education, be-
comes the prey of tho designing and are sometimes
led into temptation far worse than those of poverty.
These need education arrangements for the youth Of
section Of country that must rapidly rise to great
wealth, to train them properly for their present sAd
tumrs responsibilities.