New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-06-27

ness promised to exceed oil former limits. The
stock Of a company with nominal capital OF Q
million dollars could be sold in Wall-st. (at the
subscription price of one.half or less) in three
days-and that without much regard TO the
value Of the property on which the company
was based. This was the third crisis Ut the
fever, and very few weeks saw the third de.
preston. l-ts ILTrLC8OarAl-
First, came the flood of last March, which
not only destroyed roads, railroads, dcrrcks,
tanks, stores of oil on hand, engines and engine
houses-sweeping all away with ruthless be-
som of destruction-but it flooded the lands in
which the wells were bored, and poured pitt.
less torrent of water down their open mouths.
This water filed the oil veins, forced the oil
and gas to higher levels in the assures, and BY
its greater weight stopped the flow. In most
cases on Oil Creek, the yield was entirely
stopped. In some wells it was only greatly re-
duced. The total yield along the creek was
reduced to about one.tenth Of the usual amount.
Then came the end of the war, the assassina.
ton of the President, the fall In gold and in
stocks generally-the death Of all oil stocks,
save O favored few. Oil at tho wells (for want
of transportation went down to four dollars
barrel. Money sought refuge in United States
Securities, where it was safe, it kept clear OF
speculatons generally, and Of oil speculations
in particular. For two months, ordinary oil
stocks were not worth carrying to market.
But, during this time, the oil region has not
been idle. The spectators have vanished, but
tho borers have been unremittingly at work.
Three new wells (on Pit Hole Creek) are yield.
ing, respectively, one hundred and fifty, four
hundred and nine hundred and sixty barrels
per day. Ono ION the Hickory Flats, on the
Alleghany,) ia yielding forty-six barrels Of
iuJrieating OIL worth thirty dollars barrel at the
well. The Oil Creek men have been pumping
vigorously, and have about exhausted the water
of tho food, so that the oil is flowing again.
Nearly all the wells which were stopped by the
freshct are now yielding again. The Philips
well within a week has changed from pure
winter to over two hundred barrels OF OIL daliy'
and this Ia only one instance along many
Already. the tide is turning. aud it is not un'
likely that in few weeks VIC shall see specula-
ton as active O. ever. In anticipation OF this
possibility, we have word OF advice for our
readers.
Illuminating oil is now worth from six to
seven dollars barrel on the Allegheny River,
and it is not likely, with an increasing demand.
to range below that. At this price, ten.barrel
well (one.half Of the oil going TO the landowner
as royalty) may BIO pumped at profit. Proba-
bly,, one well in twenty Of those which are
properly sunk and well managed will yield ten
barrels. The other nineteen may be accounted
failures, not paying, In the aggregate, more
than o fair interest on their cost. Or those
which are not properly sunk, and are badly
mismanaged, We do not speak at all. II this
estimate is true (snd it is advanced by the most
experienced oil.borers), 1t Ia fair to assume
that, with sufficient capital, managed with
Judgment, skill and honesty. even on leased
land. tho business Of boring for oil will be
profta' lie.
OF course, when tho operators own the land,
the profit is more than doubiy great. Added to
this is the element Of chance. The oil business,
however well sys,emstized, must always be
largely speculative. Wells yielding from twenty
to fiity barrels per day are very common; many
run from fifty TO one hundred; less number
from that to four or five hundred; and one
tho United States-yields over nine hundred
The larger wells, those yielding over ten
barrels, are estimated to DO worth $4,000
for each barrel Of the daily flow. thus:
O ten.barrel we'll is worth Gland and working in
terest together) $4,000; a hundred barrel
well, $4OO, 900; fve.hundred barrel well, ST.
DOC, 900, etc. With these possible large prices,
and with the fact established that the good
wells are to-day worth many times the cost Of
all the worthless ones, human nature must be
radically changed before speculatons in oil will
cease.
We would only counsel such Of our readers as
may be disposed TO embark in the enterprise, to
look well before they leap. Other things being
equal, select company which owns its land in
preference to one which is working on leases
and must give one-half OF soil for the privilege.
Make sure that you intrust your money to trust
worthy men, whose statements may be believed
and who mag DO depended on to manage
their business properly. If you can resist the
temptation tot get next door To thousand.barrel