Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1865-01-05

il6rm,p near the town, which is go greasy
that if hole be made in the ground few
inches deep, and match applied, the ga
win ignite and blaze TO the height Of {
licouple of feet. It exhoTts oil men 70 comt
.on.
Il The Fairmont National says that the OF
fever is very prevalent in Marion county
oil has not yet been actually struck, buf
pretty much al the territory is leased bJ
enterprising spectators, and several well!
being sunk.
/ A West Virginia correspondent of the
Cincinnati CoplnlerelGL sRys:
Parkersburg is thriving under the oil in.
fuencej fine buildings ara going up, and il
is splendid place fo- any set of energetic
| business mon, who desire 70 make money
legitimately.
a correspondent of the Boston Traveller,
writing from the oil regions of Pennsylvs.
MIA, gives the following description Of tie
/ manner in which oil is found
In selecting q spot for a we'll, the srte-
sion drilleF raises derrick about one hun
dred and ten feet In Insight, bringing up q
steam engine of about six horse power;
and thel driving down an iron pipe six
inches in diametsT, through the earth and
gravel, some City feet or 60, e the first
strata Of rock, introduces e drill OF about
two and g half inches in diameter, at
tached TO q tempeT-sereE and thence to 8
Gvorking-b beam" and engine, with which
he bores now at the rate of eight or tsn
feet per day into the solid slate and soap
stone say one hundred feet; he then comes
TO tho frat strata OF sandstone, which may
be ten or twelve feet il thickness and
boring through this, he comes again To &
slate and sospstone Of blush est and
working on, say for twenty feet OF 50, he
reaehes the second strata OF sandstans, out
Of which there comes rushing up, when
the night vein is struck, indsmahle gas, salt
water and petroleum.
9The bore of the well is enlarged by
rimmer, and then an iron tube, in sections
Of about fourteen feet, and closely screwed
together, is inserted in tao sections and
run down to the veins of oil; q fax -zeed
bag, which expands when wet, is fixed be-
tween the tubing and the walls Of the well,
10 order to prevent the surface water from
descending, fplunger" or Waived piston is
ihtrodueed into the tube, and the sucking
rod being attached to the working beam"
and conduit pipes and tank, which may
hold sixty barrels, being in readiness, the
engine moves and the precious treasure
gushes forth. This is what Is called pump
ing a wall In the s'fowing wells, thiG is
such as send the oil out spontaneously, the
drill must go down into tie third strata Of
sandstone, but this in some Instances is
very deep. In q veil on Watson's Flat,
the drill has reached the depth of three
hundred feet, and yet the third bed of
sandstone is not reached.
The Springville (Western New York;
Chronicle says: The people of Yorkshire
and vicinity are greatly excited on the oil
question, aad indulge in the widest fam
cies of untold wealth lying hidden in their
rockribbed hills. The Arcade Enterprise,
the organ Of that section, treats often and
a. length upon the subject, and lsbors to
convince the incredulous that oil does ex-
ist, and IN marvellous quantities, too
The MeadTille Republican offers the fol-
lowing good advice to oil speculstors
l. Never invest in non-producing oil
lands more than you can lose entirely. We
do not mean by this that such investments
must always prove q loss, but we do say
that they wiz prove total loss nine timas
out of ten, and forty-nines times out of
fftE OF two hundred and fifteen oil COM
panies now organized in this state, not
more than twenty of them are paying bona
Rde dividend out of the revenues from
their wells. Three-fourths of the remain
will prove dividendless or total loss to
the stockholders
2. Never invest IN any oil stock, good,
bad or Indifferent, more money than you
can spare from your legitimate business
without embarrassment.
9. Make all such investments entirely
/ incidental to your regular business or
which you depend for livelihood.
4. Invest to the extent of your surplus
means in companies with certain revenues
There are such on the market, and it wants
but little care and discrimination to dis.
tinsuish them. = If it ia an AsceTtaIned fact
thai a conagny has positive yield of Oil
equal to ten or twenty per cent. on the
cash capital, with good lands snd ample
reserved capital for development, it is fail
TO conclude that capital is rot likely to b
lost in that company. 1t Is reasonably
certain TO pay good inperest, and the stoch
VIII have iteady market value equa! tc
its original cost while the efforts for de
velopment are all in fsEor Of the holders
True, even. such companies may fail but
the chances sre largely in favor of divi
dends.
5. ltis not best TO invest all in any ont
company. While it is the most profitable
Of investments when profitable at all, it i
s+ The same time the most preeRrious, anC
Il is but the part of discretion TO try twC
4 or three good companies instead OF one
II either develops successfully, the other
may fail and the operation stin prov
profitable on the whole.
The Erie Dispate6 chronicles the follow
ing transaction
The errsttic young man, named Steele
who is heir-at-laF to the McC Chntock prop
erty, has disposed of interests in that prop
erty, which he sold conditionally to par
ties before he became Of age, to q persol
in Erie and another 'son the creak," for tn
sum of twelve thousand dollars, thus de
Z priving the former lessees of their claim
snd substituting therefor those whicl
we're obtained by men who we're shar
enough to induce him to repudiste all foI
: mer agreements in regard to it.
Increased Cost Of Newspapers.
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