The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1865-07-23
A TREMENDOUS BUSH THERE.
STATISTICS, STATEMENTS, REPORTS,
&c., &c.,. 60.
eur Pithole city Correspondence.

CIR Pithole City Correspondence.
PARKS HoUsH, PrTHoLx CrY, July 10, 1895.
am writing this rough frame building located
what is known the Backmer farm, adjoining the cee
brated Hoimden farm whcha situated the renowned
United States well on Pthole creek In the pine
potcd rarlorwe scrubbed Pine, boards-a young lady
from Cleveland Buffalo s singing sIm too young 10
marry yet" accompanying herself upon piano, which
has been grossly banged and whsnged tho dreadfuy
roughsnd rugged path from civilization 70 ths the
and wonderful OIL Dorado Of Western Pennsylvania In
the mtdst Of the bewdement occasoned by the extra
ordinary scenes that surround me- permit 70 retrace
my stops and nazats portion OF what saw and heard
on my journey from New York TO this remarkable
region ~
TALES or TIE RoUrx-SEw YoRx ysoUREHxADs OF OIL
COMPANIES.
Taking the six p N. Eric train, fell In company
with an intelligent gentleman who pretty well
posted upon oil matters and pretty candid in expressing
his opinions concerning them. The conversation turned
upon the mammoth oil speculation which has grown up,
snd some say gone to seed within the past three or
four years was Important to- know whether the great
community OF investors In this overshadow
ing enterprise had parted with their money
o. Q Pennsylvania show Of oil, or a New
York show Of gas My companion replied that one
half the oil companies in New York Differed with
nero figure -hcads-mea from every branch and de-
partment Of business who have ever, ng else to at
tend TO except the very thing for which they elect
ed namely-attenon to the material interests Of their
| respective companies These men, he continued, are
quite generally selected from among our merchants
bankers and tradcsmen who should remember that they
are the endores Of tho several interests which they
have undertaken manage, and that devoves upon
them to do something besides buying selling and barter
ing oil stock and pay slight attention to the pro-
ducing Of OIL which alone make the business either
permanently or temporarily profitable TO investors He
stated as well known fact that many tracts OF oil
ducing territory, which immensely profitable TO
private owners allowed when transferred 10 CON-
panies 10 waste, the borings stopped, tubines
drawn wells flooded, markets and transportation neg
Iected and between the stealings and mismnnagemen'
upon the property by irresponsible agents and the bar
ierng and kiens In oil stocks by the New York figure
heads, many tracts, valuable even than the enor
considerations paid for them, have become or srs
becoming comparatively worthless, so far any imme
date income In concerned He contended that the rem
edy for this evil well for the general dsconen
existing the public mind at this timern relation to OF
investments and operations, lay in the hands Of thu
s,ockholders themselves; these msmanaged companies
should be nj once reorganzcd and reocered with prac
teal live men, who shall have some interest in pro
ducng oil instead Of gambling In oil stocks. by thi
means those enterprises which have sound basis vii
be separated from the humbugs, and he who chooses
risk his money msmanagcd bogus concerns will d.
with his eyes open by this course many properties
nov considered worthless from mismanagement an
neglect WILL after all be found valuable and yield som
remuneration TO stockholders Of companies owning an
operating them How correct my companions view
were may in a measure, be asceraincd as the reade
proceeds examining the results Of my investigations.
MEANWHILE.
| .IslfIa oh fnrt n hpt
psnce my visit las, fall The McHenry House and il
landlord were The same The brick hotel whc
Johnny Steele was 10 build unfinished, but store
open In the lower part. The want OF secon
Johnny Steele with his profuse expenditures, is muc
fct In Ncadvlc. "whai has become OF Johnny
have heard he was killed by kick from horse" M
80 Johnny IA In Boston, bclicvc-played out III
steele farm ran down az low fifty barrels per da.
although u h recovering, and yielding about TIRE
hundred Mrs. John Steele lives on the farm. In
united income Of both docs exceed Eve thousar
dollars per Last year Johnnys alone was ut u
rate Of eight hundred thousand dollars" What tr
mendous fall was ,hcrcl How uncertain are riches
verify they do ",ake wings and ny"-especially
Pctrol>
The assassin Booth was well known In Mcadvic.
WAS hore last fall with Mr. Esslcr manager Of tho Glow
land theatre and wild-or appeared TO DO So
regard 10 OIL speculaons that some Of hts acquansanc
? charisby at him down insane on tho subject !
| was eng aged with Mr. Simon, of Boston, In gctt'
diva asli On ons VI lbs UolmdsA farms % Illhs