Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1865-06-13
West Virginia and Petroleum.

West Virginia and Petroleum.
The following is Communication in q
New York paper, called "All about PetEo-
leum":
SIR:-In the financial article of the Her.
aid of l4th inst, after referring to the &C.
tive demand for petroleum stocks, it is ad !
ded that the uew company and oil land
speculation iB being severely let alone by
the public.
If by the public" the writer means to
designate that class of persons of all ages,
sexes, and condiIions, who, not being con!
versant with the business, took oil stock
as they would lottery tickets, his statement
is, in the main, correct. The fever has
materially subsided among that class, who
are now patiently awaiting the result of
their ventures, before they will try their
hands sgain. 80 800
Itis very different. however, with the
business community generally, whose sa.
gacious and practical members are row
coolly surveying the prospects and profits
Of petroleum enterprise. The rise and de-
msnd in oil stocks at this time, prove that
the subject is beginning to be soberIy ap-
preciated; and just 80 certain as the pres.
enti sources of supply will, in course Of
| time, decrease and become exhausted, must,
and will. new territory be explored and
developed. The unsatisfactory results of
many former investments will, but serve
as a beacon and safeguard to the next; and
companies organizing now, by the Light
of practical experience, will deserve and
command much more confidence-the good
faith Of their object being, of course, placed
beyond doubt 90, 80
The possible contingency that even three
quarters of the Companies now in OPERA
ton should prove total abortions, will be
no evidence, whatever, against the profita-
bleness of petroleum enterprise, when we
inquire little intoythe nature of their ori-
gin and, Organization. ,GBIE
During the first paroxysm of the oil ex j..
citement, SO great was the haste and Rnx-
iety to obtain territory, that &large amount.
of property was purchased ct tprices which,
under, average circumstances, can leave no
margin for profitable development. In
other instances, the same improvident zeal
caused fortune seekers to acquire lands
with deficient! titles, or sloeated outside Of
what would reasonably be considered as
oil bearing territory. Others, again, start
iOgiinto speculation. with the sole object
of coming money 'outlof the excitement,
carelessly, or knowingly, purchased large
tracts of land In Inaccessible localities,
with little or no title, at mere nominal
price. I kpow of some companies who,
have diluted their capital to the figure Of
four, FIVE or six millions of dollars, with
out having clear 'titleoto'as little as six
thousand dollars worth of land. In West
VirginiA, for instance, the most desirable
mineral lands, with perfect titles and near
market or facilities for transportation, we've
comparatively neglected tby- eastern yspseu-
| ulators for those out of-the- way schemes,
although they could then, and eau, even
uows be procured at the prices of average
farming lands.in the agricultural regions
of Pennsylvania,
Nothing would be more unfair and un-
just than TO charge the inevitable collapse
of all such concerns to the insecurity and.
Effectiveness Of land titles in West Vir-
ginia or elsewhere. They had the choice
between. heigood aud The spurious title, to
every tract of land they purchased. They
preferred the lAtter-it being the cheap
est-and reaped what they sowed, 'l.'- Z
There Is more genuine oil territory, in
West Virginia, with perfect titles, than In
any other oil. producing State now in the
market Much Ofitis being quietly bought
up, at this very hour of apparent calm;
along the KanaWhh, ElE, and Ohio rivers,
at from $50, to $3.50 per acre, and rapidly
developed by practical oil operators, whom
the high prices of land in PennsylVsnia
have turned towards our State, and who
aEesinSestigating the mineral capacities Of
our lands, with the aid of analogy aud
successful experience acquired in other
parts. Most of the lands purchased along
those principal thoroughtRres will remul-
crate development, from coal aud timber
alone, independently of petroleum and ag-
ricultural products.
Imay, therefore, assert, with the fullebt
sense OF my responsibility, that the phssis
of rational and profitable investment is but
fairly beginning IN our State, and that, if
your business men will but enter upon pc
troleum enterprise with the sagacity, and
sober Judgment characteristic of their
other commercial and industrial opera.
tious, SUCCESS cannot fail to meet them, in
West Virginia-from oseprosperous de-
Velopment the restoration of peace is now
removing the last impeachment. III
have taken the liberty, Mr.. Editor, to
claim a space in your columns for this ab.
sorbing topic, because it pertsins TO my
official duties to diffuse truthful informa
tiou in regard TO the resources of our
State, and, Implicitly, to correct aad refute
MISREPRESENTATION, and TO expose, In the
proper light, all schemes and transaotions
fcalculated to iDture our prSSspfots and rep
utation. ID bs a,t.is i.,.
Alexander n. stephens IN 1850.
The Vice President Of the late rebel Con
/ 6aderacv. when a member of Congress. waz