Evansville daily journal. (Evansville, Ind.) 1863-1866, 1865-07-21

nate holders OF leases or interests here tell
you exnltingly "That we have struck
the oil centre at last, sure popl" These
men certainly have a reason for their
confidence. Six mouths ago this was
updeveloped territory, with just as much
prospect of oil az there is to-day upon
StewArt's Run, Tionesta and half
dozen streams in this part of the coun-
try, and no more; when, lol the very
first well strikes . tremendous vein Of
oil, and the very next two put down ii
its vicinity also strike big veins and
give princely reward to the operators.
What other part of the country has
given such splendid returns in the very
frat three wells sunk2 These men who
pay even $4,000 bonus for halfacre
lease are not so wild as you may think.
They know that quarter interest in the
United States Well sold few days ago
for $200, 900, and that the holder of
sixteenth interest in one of the adioin.
ing wells, which il yielding about 500
barrels daily, with the sucker rods still
in and necessarily obstructing q great
portion of the aperture through which
ths@H must hoW) refused an offer Of
$50, 600 for his interest, aud they reason
correctly that any one of the wells to be
put down may be as good as either of
these
The United States Company have sur
veyed the farm upon which their we'll is
located into hAlf-aere leases, all of which
have now been disposed of, and he who
would have an interest in any Of these
lots must buy it of their present holders.
Where these holders wish to sell any
part of their interests, they usually sell
an eighth or a sixteenth of the working
interest, and in several cases four thou
sand dollars have been paid fot q six.
teenth, the purchaser to pay in addition
a proportionate assessment for the put
ting down of the we'll. A Cleveland
gentleman offered yesterday ten thon.
sand dollars for one sixteenth in each of
three leases very favorahly located upon
this tract, he to pay all future assess
ments, and was refused. Should | give
his name, it would be sufficient guar
antee that he is not one to be excited by
"oil on the brain" but looks at project
in q business way before he invests
money in it.
l have spoken thus far only of the
wells upon the Holmden Farm, because
this ig as yet the centre of attraction.
A quarter of a mile above, however, is
the Boston Well, sometimes called the
Homestead or the Morehead Well. This
is on land owned by the Boston Oil Well
Company (the one, by the way, in which
j. Wilkes Booth had q little stock last
year, which was sold out last winter,
and 10 upon the Homestead Farm. Mr..
Morshead 6rst purchased the farm for
81, 900, and sold it for S., 900, reserving
one-6fteenth interest himself He is
now the local manager of the well and
farm. This well il claimed TO be yield
ing 500 barrels per day, and / have no
reason 10 doubt il. II certainly throws
a very large and very powerful stream,
and it does this while the lower valve OF
the pump (which vas used before it be-
gan TO fow) 10 still fast in or near the
bottom Of the trbing. II will be seen
that it works under great disadvantages,
as the gas must force The valve open
and it open in order to continue the how.
Leases upon this farm are held upon
very high bonuses. Some young men
from Cleveland have lease immediate.
ly in the rear of this we'll, and are
putting well down. They are certain
ly fortunate. A fsw rods above this well
is the Island Well, which is pumping
handsomely, and gives every indication
of largely flowing well. In fact it
flows now during part of the day, and
bids fair to successfully rival the More.
head we'll Between the United States
Well and the Morehead, wells are going
down very thiekly, almost every half
acre lease being occupied. p yf
To sum up, this strip of Pit Hole ter.
ritory, one-half mile long, is to-day
yielding almost or quite as much oil ~
the entire Oil Greek Valley.
The estimated daily yield Of the four
wells 10 about as follows: u