The Cleveland leader. [volume] (Cleveland [Ohio]) 1865-1865, 1865-05-06

OF INNING companies. MSbn0e was Deate
out of sight in every BARI room from tn
Oil Creek Lake to Clarion, from CstLarangu
to Kittaning. l have befJre me list of IN
regularly Incorporated oil companies in tn
United States and, in spite of the time i
has taken to do so, I have counted tn,
number. How many would you gues
there are2 Perhaps one hundred, possibly
two hundred? Ny amazed friend, thert
are over seven hundred Of them, every on,
Of them-according to prosPsctps-sure t.
bring fortune 10 the holder of its stock
You did not know that there were 30 mani
fortunes lying around loose, did you, and
you wonder what the people are going;tc
do with their money when they got it. Sc
do when they get it.
Opposite the name of each of these COM
panies is a note as to their results. Out Of
the seven hundred and one, one hundred
and thirty have paid dividends-large or
Small-the rest are "orgsniEing," or report
"no dividends" Here, in a nutshell, you
have an idea of the present status of the
oil company business. Such was the fever
of two or three months ago, and such the
result of that fever.
But now the people, true to their usual
practice, are rushing unthinkingly to the
other extreme, aud sweepingly condemn
all stocks. Hardly one man in ten would,
today, buy petroleum stock if you should
Offor him United States stock at five, Cher
ry Run at four, or Lyon Creek at two, but
the tenth man, having shrewdness and
foresight, would buy eagerly at double those
figures and make fortune. The fault does
not lie in the stock being worthless, but in
the intense stupidity of multitudes OF buy
ers who were green enough to believe every
prospectus they read. Those who were wise
enough to use their Judgment have made
money, and will make money, out of oil
stocks. For instsncs, here is one company
which has paid already IS per cent on the
capital stock; a number have averaged
three, four, and five per cent month one
paid 10 per cent. in February, and another
20 per cent. in January. There are profits
enough for any mans money, and blessed
are they who hold such stock, for they shall
be rich. Unfortunately am not one of
them.
But LET not those who hold stock which
has not yet paid anything, despair of seeing
any of their money again. If the land of
your company is we'll located, and if your
officers are men whom you know and who
will give their personal attention to the de-
velOPment ofthe land, then you may mako
a strike which will enable you to realize
A great deal of land, as yet
will be opened this year, and
some good wells will undoubtedly be found.
And this brings me back by circuitous
route to the point at which I started, viz
the radical difference in the aspect of the |
oil regions at present, compared with that of |
two months ago. Then, it was all scramb. !
ling for territory now there is less bus !
lie, but as much work less excitement, but |
in one effort that is of real value to the |
country and to oil men. Those having |
lands upon their hands, either as compa-
nies or individuals, will, if they are honest
men and not dishonest speculatorB, put |
down wells and test their property. This
will keep up the supply of oil, give employ
nent to multitudes of engineers and other
sbOrers, keep machine shops, barrel facto-
-ies and boat builders busy, populate the
.he country with enterprising driving COM
nunities and add material wealth to the ns-
ion. The telegraph and the railroad will |
'olloW the oil seeker, the uucouthness Of the
back woods will give place to civilization
and intelligence,an the general good will
be promoted.
A new well was struck yesterday upon
he Egbsrt Farm few miles from the old |
Maple Shade. It is estimated by DR.. Eg-
bert at 100 barrels, but other oil men place
ts yield much higher. This well proba-
bly, tapped the Maple Shade, as the latter
stopped flowing night before last. The |
new we'll is owne d by the same parties ss
he Maple Shade, SO that they will not lcse
uy,hiDg, but they will rather gain as the
Maple Shade will probably make 3 good
pumping we'll. Another well upon the /
'ame farm, which has just got down to the
hin sand rock, is regarded by the owner
If the farm as the most promising at its |
present depth Of any well in the vicinity. |
This farm has been the most profitable Of |
any on the whole line Of the creek. The
Maple Shade, the Jersey, and the COquette,
have each, in their dsy, been the wonder
IF Oildom. The old Phillips well upon the
rarr farm, yielded more oil, for time, than
any of them, but here are three Of enor-
nous yield, upon one farm.
Petroleum Centre, situated upon the Eg- |
bert farm, is an example of the wonderful
growth of villages in the oil regions. It is
hardly year old. and yet it has tele-
graph, National Bank, and other attri |
Dutes of q city.
DR.. NJ. ca Egbert, who has 8 fine residence |
upon the farm, studied medicine in Cleve-
land with Dr.. Porter Thaysr. He was then
poor in this worlds goods, and struggled
hard to gain his professional education. |
He wears his reputution and his enormous
wealth mOdestly and quietly, and is per- !
feet gentleman. He intends taking his |
family to Europe during thecOmiDg season.
The two hundred barrel we'll upon West
Hickory, near the mouth, which was sunk |
about three weeks since, is still flowing |
steadily. 1t is one of the best wells in the
country, as the oils of very heavy quality. |
am told, but do not vouch for its accurs-
y, that the first one hundred barrels which
lowed, was sold in one lot for $50, 900.
his wsn opens up all the Hickory, Iron
tone and stewsrt's Run property.
A man named Glass, living in Brighton,
a., was instantly killed yesterday near
on the A. & G. ". Railway
rankin branch. 1t is not known how he
anne to be lying on the track. BE was
buried at Cochranton.