The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-12-13
Oil Regions Of Pennsylvania

vi heglons o. fenusylvan1l'
70 sxe Editor Icf the Pfsss:
The following letter from gentleman well
known in this city contains too much informa-
ton TO be read only By me, and therefore
handitoyer oyou, assuring your readers that
the facts may be fully relied on concerning
those new fields of enterprise and speculation
In theoii-regions of Pennsylvania. Dbl H.
Portland, Dec. 8, 1854.
{; / CHEaRyS RUN NEAR RousEv1L1.E.s5 81 z
Venango Co., Penn.
/ am situated about mile up Cherry knn.
one of those wild mountain ravines, making
up from Oil Greek. The only possible way to
get out to railroad, or any other conveyance,
is to walk about eight miles through mud so
deep and soft that IL is one constant struggle
to Keep from sinking down leg deep. > When
we first came, q little over week since, we
stayed two DAYS at "Titusville," the head of
THE proved Oil Region. We were very fortu-
nate in obtaining correct and reliable inform.
alton, Q matter very ditfieultto do, as the spec.
zulation in oil lands has extended eight or ten
miles above TitusviIle on .'Oil Creek" We
made personal examination OF a large mum.
berof wells 10 the vicinity, and left fully sat
isHed that all the wells were small, and that It
vantage. ~ is almost impossibleto get any
place to stay at night, and wo be unto the IN
fortunate one who has not made careful cal
culation where he is to stay when it comes
night, before he starts in the morning. Twill
give you a short description OF one of the Ho-
tels." At the foot of this run is avery impor.
tant place, as Cherry Bun Is admitted to be
the very best oil land in this region. I do not
know OF any Irish houses in Portland that
would compare with it in appearance as you
look into the door, The mud is about two or
lhree inches deep on the floor. about the same
as the muddiest streets In New York city.
You pass in narrow passage, aud come to a
rough trap door 10 the floor, not quite open
but fastened up with string. 1t looks as if it
would fall as soon as you got down. You ven
ture down, and find yourself in low cellar,
with bar across one end, floor all mud like
the streets, and few rough partitions, looking
like potatoe bins, and a crowd of rougher
looking men, and you have the Hotelp tits
true there is q better eone, which ID about as
good as third rate Transfers Tavern in a
country town. In going about 1t is a constant
wade through soft yellow mud half way up to
the top of yeur boots, You can; find men here
at every step who have made from one to two
and three hundred thousand within the last
year. We were very fortunate indeed in form.
Breyoort Co. of New York. and on his invita-
ton are staying at the Companys house. They
I nave now thirty men living here. 1t is almost
like being Ia the array epd living In barracks
Every inch of land up and down this run has
been bought or leased j am quite sure that
it is the very best place for oil wells In the
whole oil region A few rods above where
am, is the great Reed Yell, flowing about SOC
bbls, each day worth on the spot IS per bbl
| About year since the President OF this Com
pany took leese Of the whole farm for l. 10 o.
the yoil.a ", hillions Of dollars would moi
buy 1t. The estate we are now Of, 40 acres
was bought inside of q year since for less thap
fourteen theusand dollars They have been
offered $4,000 per acre for . large part of it
! and decline the offer. fse'a-3 fes'sss'e
| To give you some idea how they make mon
| ey out of the oil wells Without any specula'
| ton. The next lot above the Reed we'll was
leased about year or less since by young
| farmer who lived in this vicinity, who told u;
| himself that when he came up to the Run he
had just $35 and owed oyer hundred dollars
he said he tried twosor three Hmss and lost
but he borrowed a little money, and got vel
| down himself. He has got five wells now, and
has received and Is worth over two hundred
| thousand dollars, and has constant income
| from his wells OF nearlyione hundred Thousand
per year, AZ could al Up q dosen pages with
similar instances, not Of the farmers Who own;
| ed the land at first, but of Others who have
4 come here within the past yesr. The Super
intendent of the Brevoort Co., his mother told
me yesterday, came here three years since a
poor man without cent. He had been work,
t ing on the railroads. Now he is worth three
hundred Thousand dsllars, The Supervisor
dent the st. Nicholas Co., Just below US, sat
down on log yesterday and told US that when
4 IL
| he had made $4,000 he would come home
Heamade more than that . long time ago, and
now he was so mixed up In it, and had SO much
on his hands, be did not know how much he
has made. Il want to tell you one operation Of
| his. He was Superintendent of another Co
4 ashort tine since, Ehen they struck one or two
! good wells. he Wrote the fact to the Uoapa-
nv, AMI teiegraphedto buy $T0000 worth oil
the stock at 81 per share. Sold 1t again in four
days for SIS per share. $1i clear profit on
| share. vRwlreH frrslr hrnA
You may ask what we are doing all this
time. We are getting reliable information
| The oil well is afortune to any one. A small
4 well OF only few bbls. per day selling quick
at from thirty to forty thousand dollars, but il
you put it down in the wrong place, you will
| make dead loss of about six thousand dol
| lars. It costs about a thousand dollars fol
/ wood enough to sink well. Coal Is one dol.
| lar per bushel. It is ninety days constant woi
/ day and night, and then it is fortune from
thirty toa hundred thousand dollars or it il
nothing Ia b i, 81 ,,. !, AZ 81
Lnoanext Company below as Is the Union
| Co. of New York. The President OF this Co
owns 10 Of the stock. Whole amount of the
stock $I2,500. He will sell the whole for $50,
000-abopt six times the par yalue,y There
| are two small wells and three new ones going
down. The wells now down, pump about 81
| bbls. per day, or 40 at the most. The stock
| has been sold for $50 per share in New York
/ He thinks when the other wells are done il
will be- worth twenty ave or thirty thousand
dollars more than that. The lRrevoort i re-
gard as Zone of the very best in this Run, They
have two well nearly down. and three more
commenced. They have not leased single lot
although have ample room for a very large
number. They have refused to lease twenty
lots for forty thousand dollars bonus in cash
and one half the oil. The Union Co. stock /.
selling at 500 per share, par value $40. This
Company the Brevoort stock, is selling for 81
per share par value $40. The President has
ueen here week. He says he has 140 shares
which he bought to sell. Since he has beer
here, he has been so much pleased, that he
says he would not sell his interest in the com.
pany, which he had valued at ST5 900 for less
than 100000. He would not sell his shares
for less than $20per share which he had At Sl2
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