Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1865-02-03
DAILY LEADER
From the Philadelphia Commercial Lilt.]
Titles TO Oil Lands.

which he could hold. To buy law suit i
not popular method of investment anC
hence the property owner, before parting
with his money, takes the best advice. II
this city the business of conveyancing bai
become strict methOdical science. Befor,
a lawyer or first class conveyancer will pss
a title, he requires 70 be satisfied nnor
many points. His searches are directed il
the nrst instance 10 the establishment o.
the point whether any conveysnces of the
property have been made by the present
owner. Next he requires searches TO ascer-
tain whether mortgages have been made
by his predecessors. Next TO that comes
searches for judgments, liens, registered
taxes and recognizances, which nav be
money charges against the property
Should these be satisfactory, a abrief Of
title" to the property, frequently back to
the time Of VIM. Penn, or to patent from
| the Commonwealth, is considered neces-
ssry. This 'brief" is history of the suc-
eessive transfers of the property, whether
by deed or will, with references to the
books OF records where the same are to be
found. Astute conveysncers frequently
ind difficulties about past transfers. and
trouble Is given to obtain releases from
parties who are supposed to have nominal
interests, or proof is required that certain
persons who have held contingent claims
during their lives are actually dead. Should
sll these matters prove satisfactory, the
lawyer or conveyancer Is prepared to Gpsss
the title" the money is paid, and the new
owner enters upon his purchase under the
| belief that his title in indefeasible.
nhs. roo1E,1 r l.
followed in transfers Of real estate, viii
show what ought TO be done in every case
where oil lands are taken up by persons
who are desirous Of procuring ownership
of territory for the purpose of obtaining
the oil. which it may contain. Are the pre-
cautions which we have Indicated as abso-
lutely necessary in purchases of real eg-
tate, observed by the numerous companies
which have been formed for speculative
purposes2 Undoubtedly they are in some
cases, undoubtedly they are not in a very
large number Of instances. The same
eager improvidence which has led to un-
wise and ruinous investments in territory
which has not yet been demonstrated TO
abound In petroleum, causes csrelessness
as to the condition of the title of the per-
sons who seemed to be in possession of It.
In the esgerness of spectators to make
their fortune in the shortest manner,
or 10 have some show upon
which they might force their
shares upon the market, ordinary prudence
has been disregarded. All that was looked
at was an apparent right of possession of
oil lands, and whether those who assumed
to sell were actual owners, was left for fu-
ture investigation, and not considered of
importance until the value of the petroleum
product was tested. There is no descrip-
ton of real estate which requires more pre-
caution, care and attention In the purchase,
than oil property. Probably there have
been no interests in land which have been
transferred in Pennsylvania during the
last fifty years, about which there hiss been
such loose practices, as have been suffered
to go unchsllenged in the purchases" oc
ground in VenaDgo, Warren, and other oil
counties of the State.
The official ability of the Recorders of
Deeds and Registers OF Wills, of those
counties, having been suitable for the dull
condition OF affairs which existed in the
primitive days of the country, was not
ready to meet the immense rush which was
AleA4O u pm kAIAAA mAon VI hneAsAE VI EAOAnO
in that region became matters OF daily and
hourly occurrence. To make out theprop-
er searches required much more time than
the excited parties who wished to buy. and
were anxious to sell, could give. They
could not afford TO wait, fearful that in
the three weeks or a month that might be
necessary, others would get the start of
them in the market, and that their fond
snticipstions of great profits would be post
poned, and perhaps defeated. Hence they
took what title they could get and trusted
to bring them out safely. Luck in many
instances has shielded them, but in others
luck will be found to be very poor gusr-
antee. In addition to the intricscies which
involved the absolute titles, there have
been added to the embsrrassments connect
ed with many properties lately taken up,
troubles with the owners of old leases who,
during the stsgnation IN oil prospects in
1860 and 1861, obtained certain interests
and then abandoned them. Many of the
leases provided that wells should be sunk
operations diligently prosecuted, under for
feiture of the rights of the lessees. The
latter, discouraged, abandoned work, and
the original owners took possession. New
purchasers have come forward who have
had no notice of the old leases. But the
owners of the latter have, In certain cases,
asserted that they still have rights; they
have threatened law suits, or commenced
them, and by the doubts which they have
originated, have either obtained eOmpro-
mises, or impeded the business of the last
owners, who, while they have bean snx-
Gus to obtain oil, have been prevented by
the anxiety and troubles of unexpected law
suits.
This matter is of SO much Importance,
that every sound company ought to make
public tho condition of its title, of whom it
was n "a 81 and how the legality of the
transfer wes verified. Compliance with
these suggestions will do much to assure
purchasers of the stock, and it will be for
the interest of all concerned, TO avail them
/ selves of the advantage. Failure to do so
may be regarded as evidence that every
thing is not satisfactory, and it will excite
the suspicious of those persons who believe
that the dearest of all bargains is the pur'
chase Of law suit.
A Washington correspondent of thC
New York Tribune, after refuting the Cop
perhead story that General Butler wa
only poor lawyer before the war broke
out, adds, from "positive knowledge tina
for five years preceding the war Genera
Buffers income from his law practice Il
Boston and Lowell amounted to $40, 900 {
year-tbat he has been one Of the fore
most and most successful lawyers in Mas
sachusetts for twenty-three yesrs-ths