The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1865-03-08

inent and energetic business men Of New
York, who are operating under the style
of the Hoffman Oil and Land Associa-
ton" These gentlemen have purchased
thirty-t,ro farms, scattered over the Kan
awha. Little Kanawha. Hughes river and
Burning Springs region, which, compose
in our opinion, the finest oil section OF
America, when fully developed They
have already sent forward large num-
Der of engines, and are advertising Tor
horses to at once commence the devel-
opment of their vast estates lheir
scheme for contributing on so large
scale to the rapidly growing prosperity
of onr State, deserves the commenditlon
and encouragement Of our cltlzens.-.
Whatever tends to develop the resources
of one section of the State, tends Ia the
advantage OF all, and the prosperity OF
one county is reflected upon all Others.
Their lands being composed of thirty-two
different tracts, located in rs many diff
frrent sections of what is believed to be
the great oil basin, the labors OF TINS
Company will be of greater advantage
toward the full development of the MN
eral resources of our State than the work
of any other dozen companies combined,
and the result will naturally be that the
gentlemen composing it will reap a
greater and richer reward.
The Philadelphia stock market is still
in feverish condition, and the daily
transactions in oil stocks are of magni-
tudc that exceed all precedents The
wonderful developments on Sugar Greek
have stimulated every contiguous inter
est. We copy the following remarks
from the Commercial List of that city, in
relation to some of the recent successful
companies:
"Tho Sugar Greek Oil Company, with
a nominal capital of half million OF
dollars, devided into fifty Thousand
shares, upon Il portion of which two dol
lars per share had been paid. was with
out bidders for its stock ten days ago IL
had made no dividends, an advance
of tifty cents Oh share of its stock,
above the amount paid in, was gratIh-
cation which the stockholders could not
expect. But they were honest men, who
went into. the enterprise for the sake OF
developing their land, and were content
to await the results of their enterprise.
Their hopes were crowned with success,
and OH the oath of February, when the
news of their good luck reached the city,
and it was known that they had struck
well of lubricating oil, the most extra
ordinary increase tOck place i'll the value
of their shares of stock. They could
scarcely be sold, except at a loss, the day
before The price now began to mount
rapidly, and il reached the enOrISous
price of $24 So per share, more than
twelve times the value of the original
capital. In other words, that which
cost the Sugar Greek people nominally
SlO0, 900, became in few days worth
81 ,225, 900! Certainly, in the parlancc OF
the bulls and bears, "a big thing
The advance in the price of the stock
of this company, and the improved pros
poets of companies in the same neigh
borhOOd, exercised lively influence up
OH the fortunes of other companies. The
Adamantine Oil Company, with nomi-
nal capital of five hundred thousand
dollars, divided into fifty thousand shares,
at two dollars per share, upon which less
than one dollar had been paid, could not
have obtained bid, II month ago, of
fifty cents upon share of its stock. IL
went up with Sugar Creek to Sli Mper
share clear profit of more than thlr-
teen dollars and half upon each share
or 1876, 900 to be divided among a very
few persons.
A few months ago a holder Of two
thousand shares of this stock refused To
pay an assessment of twenty cents
share for the purpose of developing the
property of the company. He was ex
ira prudent, but hisstock was forfeited,
and last week il was worth S29,OOO.-
Profit to him 800 Loss 5000.
The Sugar Dale Oil Company, which
could command 10 premium ten days
ago, advanced from - per share to - %,
merely upon the credit Oi the Sugar
Creek strike for il is an adjoining prop
erty. and has good prospects. The adj
vance il worth 10 the stockholders S32'-
900
The Junction Oil Company, the stock
Of which, n month ago, could scarcely
he given away, under the same inllu-
emces went up to III 2. per share. a profit
at 500, 900 to the fortunate holder.