The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1865-12-20
CHAPTER XIV.
THE PETROLEUM HUMBUG.-TRE NEW YORK AND
RANGo0E PETROLEUM COMPANY.

RANGOOS PETROLEUM COMPANY.
Every sham, as has often been said. proves
some reality. Petroleum exists, no doubt.
and Is an Important addition to our national
wealth. But the petroleum humbug or man
Ia or superstition, or whatever You choose 70
call it, Is d hum5ug just a. truly, AMI > big
one; whether We use the word in It's mlldeF
or It's bitterer sense.
There are more than six hundred petroleum
companies. The capital they call tor. is GER
tainiy not less than five hundred million
dollars. The money invested IN the notori
GUS South Sea Bubble was less than two
ffths as much-only about $1,000 900.
Now, this petroleum business-vrrv much
OF It's Just as thorough a gam bling bust
ness as any faro bank ever ser un in Broad
way, any other stock specul .tiyu eyer
con- ured up in Wall Sereet--as much so. for
instance, as the we'll known Parker Vein co, !
company.
shall here tell exactly huw those well
known and enterprising fnanciers, Me-.rs
Peter Rolleun and Diddle Disweli pr,.e,3
ed In organizing the New York Rnd RangooD
Petroleum Company, OF which all ID rea ers
have seen the advertisements everywhere.
and OF which the former is the vice president
and managing othcer, and the latter secre-
tary. In June 1864 neither of these worthy
IA Ia
Skinned up and down in some commission
agency or other, and DigwelI had Il sma.
salary as clerk IN some insurance or money
concern. They barely earned q living Now
Rolleum says he Is worth $500 cog; and Mr..
Secretary Digwell. besides about SO 900
worth Of stock in the New York and Ram
COON, has his comfortable salary and his
highly respectable ''posish"-to use . littie
bit OF business slang
II
MIR R0lieum was the originator of the
scheme, and let Digwell into it; and topeth ar
they went to work, They had a few hun
dred dollars in cash. no particular credit. an
entirely unlimited fund of lies, good deal Of
industry, plausibility, talk, and cheek, con
siderable acquaintance with business, and an
instructive appreciation of some of the more
selfish motives commonly influential among
men.
First of all Rolleum made a trip into the
( the oil country. Here, while picking up
some OF his ordinary agency business. he
looked around among the wells and oil lands,
talking, and examining and inquiring of ev-
+ erybody about everything, with busy, sol.
emn face, and the air of one who does NOT
wish 1t 20 be supposed that ne has important
interests in his care Then he talked with
some men at 1--WE will say) TitusyiIle and
thereabouts; told all about his valuable bns-
mess connections in New York CITY and
after getting little acquainted, he laid be-
fore each of half dozen or so Of them. this
proposition
"You can have good many shares of n
first oiass new oil company about to be form
ed, just tor permitting your name to he nsed
in it's interest, and for being a trustee ,, A
Thousand shares apiece. he said TO be- VOL
ued at five dollars each, the par value. how.
ever, being ten dollars. Five Thousand doI-
lars each man, and to be made ten thousand
as soon as the proposed putting should enable
them to sell out. After little hesitation a
sufficient number consented There was
nothing to pay, something handsome to ger
ana all they were asked for it was, to let a
man talk about them. What if he did lie ?
That was his business
This fixed four out of the nine ;ntendsd
trustees.
1.oienm also obtained memo rands or nrirt.
a circulars showing the amount for which a
oil land owners would sell their
ground or the room for MAKING
describing the premises. He