The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1864-09-17
OIL sPECULATIONs

Although very large per centagc of the
number of oil companies now in existence
have produced no returns and the greater
part of their capital is already sunk, the ma
MIA for spcculating in oil stocks continues
without abatement. Although new wells are
being sunk rapidly, and there are means of
production greatly increased beyond the
yield Of former years, the actual receipts Of
oil are less than they were twelve months
ago. Last year the yield of Petroleum in
Pennsylvania was two millions and fifty thou
sand barrels. This year the flow has been 50
much diminished that the most favorable es-
innate is that the yield for the year may be a
million and three-quarters of barrels. When
we consider how much more extensive the OPP
portunities for gaining the oil are than they
were a few months ago, the falling off is so
striking that it should excite reflection and
counsel prudence. Oil is at this time selling
at high prices, not so much in consequence Of
increased demand for use, as in the condition
of our currency. Gold has governed oil as
it has governed every other article of mer-
chandise, and with the decline in the value
of com oil must go down. What dividends,
then, are likely to be produced from the sale
of oil by companies whose daily yield is but
a few barrels How can enormous dividends
be expected from poor returns, and how can
the reckless spectators, who are blindly in
ycsting their money in the delirum of nsan-
I ty, ever expect to get it back Perhaps the
man who buys stock to-day in some bogus
/ company may succeed in selling it to some
| simplcton tomorrow. But whether he is to
sell it for more than he gave for it, or
/ whether he is to get out Of the Scrapc by a
smart loss on each share, will depend alto
gcthcr on the iluctuation OF the stock mar
kct. Upon these fluctuations lac must be
dependent. lie cannot, as the owner Of "a
valuable stock may do, refuse 10 sell know
ing that he has the worth of his money, and
that the permanent value Of his property is
not 10 be ruined by the llu1ies of the bulls
/ and bears. lie does not really invest i'm a
stock u, Hrcsis M q Jcrcr. If the fever
/ should increase hc may make largely, but if
] INC lDlAt VI AlN l'fNA 7AANNl'A 'g 'NN'lNllll
! broken, his wealth viii eXude in the pcrsp-
ration Of reaction, Hence, we say, as we
have hitherto said, that extreme caution is
necessary among persons who would dabble
ia these Oh stocks, and to the majority Of
honest people whomakc their money by their
industry, to merchants, tradesmen, widows,
and trustees, who are being drawn into this
vortex, it is our duty to say, touch not a,oil.
The present mania for spcculatng in oil
stocks comes in cat the heel Of the hunt. "
II is founded upon exaggerated ideas ofwhat
has been done, at the moment when the pru-
dent are Withdrawing from all interest in the
subject There have been undoubtedly very
splendid operations performed by those per-
sons who invested early in the oil territory.
They worked out the rich veins, and arc
leaving the gleanings 10 those who are now
rushing in, with the hope Of doing as well as
they did.
We might specify few cases upon the
strength Of which much of the present ex-
eitement is based. We know Of one cas-