, 1865-06-11
PETROLGum,

eaxsy days or moro ago thcsc WAS on
every s:do talk Of petroleum. The words
oi owners OF favoritc tracts wert smoother
tnan oil and the name is legion OF those who
have Their Investments Of larger and smaller
amount In stock for an oleaginous and c1o-
rious future, filed away against the hors of
Striking OIL a lnfl has come over tht. class
Of speculatfons IN common with the dcnre..
SION that hns universally followed tha fall
IN gold. Tho period Is ono Of Whiting and Of
expectation. Whether 1t is idle waiting Of
not depends upon whith of two classes OF
operations the hope Is based. III. visitor in
the oil regions is struck with the number Of
tracts wholly idle, upon which engine nor
tools have ever been brought, which a,c held
atimmense prices rs the basis of this or that
comrany's stock. Joutnlls that make Dc
troleum and its product specially, give long
lists Of companies alteady In existence.
We have before us summary o! these, that
shows the number to Lc one thousand, where
Of Philadelphia nlone has four hundred and
thirty-one. Putting these facts together, the
idle aims oz the one hand, and the tLronging
oil companies on the other, the mystery Is no
very blind one The original aud second or
cv,n third owners Of these lands have "struck
H." without the agency OF other machinery
shan Tint which printers uss, and the ptop1i-
ttorshir originally vested in few responsible
and well known names has wldened into re-
motcr circle Of strangers to ono another. too
few Of them holding a sufficient share Of the
whole to encourage activity in bringing about
assessments On the stock for working capl-
tai. Delay increases the difi:ulty. The
stockholders grow more nrd more shy Of fur
thcr disbursements where tho 1rst have paid
no return. This description applies to many
oil companies whose stock has been Lett to
borrow Its fluctuations a1d rise from the sue
cess ofthe Developments on other tracts tim
t,rlr Own, which latter, lacking such s.imu-
lauor, will nlver be developed Mt all.
But that this does not apply to very con.
side, ab:c share Of tie list of petroleum COM
ranics is evidenced By the activity that pra-
vail. throughout the oil regions, not only in
Pennsylvania, but in The numerous localities
where expiciaticnsa are being pushed with all
zeal. There are in Chicago twelve OF more
companies whose Investment in engines aud
boring tools have been very liberal, aud who
arc pursuing the search for oil With as much
diligence and good faith us were ever given
to operations In MINIS Of coal or metal. Dur
Ing the period of Whiting fos results, holders
must look for The continuance Of the present
dullnces In these Investments Within sixty
days to come the world will be far wiae. than
It has yet becomc, On the whole subject OF
petroleum.. That time will suffice to bring
III The first returns from oil boring operations
scattered through the coal fields, nud even
In regions where coal has never beca sought,
Wclls ase going down in. every Sorthcrn
State, from New York westward to the Mis-
souri. The unexampled profits Of producing
wells, has stimulated an eagerness quite
beyond any parallel in the history of mining
operations. AS yet The oil capitalists are on.
| II cropping their why. It will become mnt-
ter OF more intelli@. ut search when the exten-
sivs data now preparing, begin to come In, rs
| they must bcfure carly fall. Tue gco1ogists
can By the close ol the year, very intclliscn:ly
prepa!e their maps ofthc whole Of tile pctro.
1erm region.
We doubt If one class Of fears TINT hare
| possessed oil operators will be realized. We
| do not believe there will be too much oil
found. That the produc. will be very large
ly increased is very likely, md still the mar
ket will be ready to receive and dispose Of an
article Of uses 20 mulsifa.ious. Until its pro-
duct largely exceeds every present prospect,
owGers of oil wells In actual tlow will not b..
come objects OF ogsymrathy. Every month de-
velopes new utilities In petroleum which
will extend its market, and when It falls, rs
fsll it may To something below Its present
value, It Will only have been brought Within
broader ana thenceforwara permanent de-
mand wbateyer the product. Once place II
within 1eAch Of The gas companies, or let II
become practically utilized as fuel or steau
generator, and 1t will be the twin staple o
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