The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1865-07-14


The8.Ups ami Downs of OiIdOm..--On
yet 10 be EkiDg-.-What a Change in n
Few Brief NIOnIhS---lIOre Imaginary
than Real.
1t was but few months ago when
your correspondent visited Oil Creek,
and all was excitement Nearly every
man, woman and child was talking
of the great speculation in oil; every
one wanting to buy; it made bnt little
difference whether it was on the hill, on
Oil Greek or 10 miles away on some inn
"esir,oRyy oil duld. If there had been n
Ioau OF OH drawn over the ground, and
some leaky barrels had wasted their con-
tents on the road side, the ewes of oil
hunters would suddenly discover n GOOD
show of oil, and they would soon find
ally number of buyers, who would run
the farm from n few hundreds to sever
al times the same number of thousands,
while it seemed as though Unexplored
! oil lands would bring more than old
and tested territory on the creek but
this property also advanced to large pri-
/ ces, SO much so that in every instance
the lands have passed from the original
and experienced oil men into New York
and Philadelphia capitalists hands, who
no doubt arc good business men at home
/ in BUSINESS that they are acquainted
with and would give their attention to.
But what has been the course with the
most of the best farms on Oil Creek
and Allegheny River? They have
/ been sold out 10 wealthy companies in
New York and Philadelphia, and been
oflicercd with probably good but mex
perienced men, who did not expect in
work, or their own business would not
admit of their giving any time to the
company over which they had been
elected as guardians, thus allowing
some of the best property on the creek
TO decrease in production. Then came
! the flood, which Carried of large 0nnn-
titles of oil, derricks, tanks, beside
watering out and stopping n large num-
Der OF the best wells. Add TO this the
close of the war and the fall of gold
which of course brought the price Of
Oil down with it, but not to quarter the
extent of that of flour, pork, and all
kinds of produce. In nearly all of tho
above articles the fall i'll prices has been
greater than in oil. With all this
/ knowledge before me, 1 started from
/ New York expecting to find the oil bus
mess about played out, but find nv
self much disappointed. find the old
OH men returning and purchasing up
stocks i'll the coMphnies represelItinT
good territory on Oil Greek, Pit Hole
creek ana the Allegheny River, and on
All siues we see new life and activity.
II seems to me all that is wanting is to
have the companies which arc formed
on good property well Differed with
practical men who will make it their
business to systematic the Operations
on the property of each company, and
urge forward the developing in u bust
ness-like way. Let the business of
these companies be carried on with the
same care and economy which tho
Eastern man carries on his factory. and
then they Will get results, it seems To
me, that Will aStOnish the world; and
every one who owns stock in any of the
companies which are ON any good prom
erty will not be ashamed to say they
own petroleum stocks, but will find
that they are the most remuneratiye
stocks we have. But to do this they
must not lay idle and complain and
quarrel among themselves, and make
thelr property which is valuable TINS
worthless, but see that they have good
managers who win prosecute with dill
gence the work, and then they can
proudly say that oils HiMgAaiOt cotton.
And we do think that everything nov:
seems to be pointing in that direction
poth IN economy and energy, and not
only that, but the men who are now
gong to the oil region seem to be going |
there for business, not speculation.