Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1864-03-29
LETTER FROM MEADVILLR.


Prince PetrOleum---OilR r eeionS Extending
---FaIue Of PefroIsum New aud Thsn---
New York sBecuIators BnJ ing Land---
OIL, OIL, Oil---Growth Of COrey---A Rich
Story!
MKADEILLE, March %.
EDITOR LEADER Your readers have
already heard and read much of the won
derful produetiTeness Of the Oil Regions,
which has in the short space Of four years
worked such q revolution as threatens to
overturn King Cotton and place Prince
Petroleum on his throne. But great as
this production has already been, the ev-
licences are abundant that greater yet is
in the future. The field Of operations, too,
is spreading. Hitherto the most successful
wells have been found on Oil Greek, which
has its mouth at Oil City. Recent ds7el-
Opments have tended to turn the attention
Of operators and capitalists down the Al
leghsny as far as Franklin, where French
Creek debauches and up the latter stream
gu indefinite number of miles. This has
caused q good deal Of activity in real es-
tate and good deal Of land is quietly
changing hands every day. As the cur
rent is setting in this direction SO strong
y we may expect q grand rush and q cor
responding advance in the value Of desira-
ole lots. There is, however, solid foun-
datiOn for the movement, and, doubtless,
many fortunes viii be made by the know
ing ones who gain possession in time to
secure portion Of the prize, for there is
no apparent reason why this region should
not prove as productive as that of Oil
Creek. Three years ago the banks of
French Creek were thiokly dotted with
the holes that proprietors sunk in search
of the greasy liquid. Many OF them
struck oil" but ss petroleum was then a
new product, and the people had not then
learned to how many valuable purposes to
which it might be applied, the yield speed
lily surpassed the demand, and crude oil
fell to the astonishing low rate of twenty
Eve to thirty cents per barrel. TWe know
q citizen Of your city who had the temerity
to make contract ct forty cents per bar
rel, for all the oil that the owner Of a eel
ebrated farm might receive as his share
for five years, and that share amounting
to from sixty to seVenty-ive barrels per
day has made him large fortune. As
most Of the ground had been leased for
one quarter Of the oil in barrels, il was
evident that at such prices for the crude,
the more oil we'll yields the poorer its
proprietor was, inssmuch as the cost Of
the barrels which he must give to the own
er Of the land would be greater than his
income from the sale of the remaining
three-fourths Of the oil. Consequently
nesrly all Of these wells were abandoned
and have remained idle until the present
time. The proximity Of this region to the
Atlantic and Great Western Railway, will
csHss its resources to be developed and its
population increased, even more rapidly
than has the Oil Creek section, which is
itself second California.
1 am informed that representatives Of
companies from New York and Philadel-
phis. with capital by the millions are on
the ground buying oil territory, and that
single farm on Oil Greek sold for the as.
tonishing price Of Eve hundred thousand
dollars, and FIVE acres in another place for
one hundred and twenty-five thousand dol
lars. At the hotels, one hears no talk but
that Of oil ond oil lands. The smell of oil
peneirstes everywhere the clothes Of the
working men are saturated with oil; big
grease snnE nT-fha- -eF.Farel Of 8 speculator
Is n badge Of distinction every BANK note
Of all denomination from a hundred dol.
lars up, show greasy-fnger marks. The
seats Of The passenger cars are upholster-
ed with shiny leather 10 keep the oil from
striking in.
The ground which was few weeks ago |
burned over at Titusville, is again covered |
with buildings and the appearance of the
own greatly improved. Corey, where the
Atlantic and Great Western, E. & s. and
D. c. Roads connect is growing rapidly
md will become an important place. A
tory Is told Of q clergyman who lately
vent there to preach. Reaching the place
N Saturday evening and disliking to stop
It hotel, he accosted man and informed
lin that he was minister Of the gospel,
md was agoing to preach there the next
lay, and inquired whether he could reoom-
mend any good Christian family with
yhom he could stop over Ssbbeth. After
susing in apparent thought for some mo-
lents, the citizen replied that he did
ot think there was one in the town.
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