New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1865-07-12

1.
Nanhtha...... Az cVio
pcf-oieun, . 100 90
II "a frequently opinion on the part OF OIL
SPECTATORS that the oil springs of Penns vania are civ
ing cut that they axe exhausted. and that we must look
TO other ard remote quarters to keep up the supply
Others confident that the oil wells Of Pennsylvania
are inexhanstibe. and Only need to be regularly aud
properly protected from the ndux OF water to send mp
their lucrative fountains forever.
The following letter this subject was written TO
a prominent Company Of this city
THE Ups AND Downs oF OILDoM-oiL YET 10 BE-
kNG-WHAT A CHANGE IN A FEW DGiaf MONTHS
NOgE IMAGINARY THAN REAI.-lt was but lew
months ago when yo0r spondent visited Oil Greek
and all was excitement. Nearly every man. woman
and child was talking Of the great sPecuiaiioa IN Oh
every one wanting 10 buy, il made but little dmerenee
whether IL was on the hill on Creek or 10 mites
away imaginary oil field. III there had bech II
load OF oil drawn over the ground ana some ielky pu
rcls lad wasted their contents the road side. tue
ewes Of oil hunters would suddenly discover good
show OF oil and they would soon md any number oi
buyers who woud run the farm ron lew hundred 10
several lines tie number OF thousands, While u
seemed as though unexpored Gil lands would brlhg
more than old and tested territory on tbs creek but
s property also advanced 10 large Prices much 20
that IN every the lands have passed from the
original and experienced OIL men into New. ork ana
Philadelphia capitalists hands who no DOUBT are
GOOD business men AZ home in business tint they are
acquainted with and would give iheif attention TO-
But what has been the with tie most OIL the bes
forms on OIL Greek and Allegheny Riyeri They have
been sold out 10 wealthy companies in New-lork md
Philadelphia and been oiicercd with probably good but
inexrcfenccd men. who did hot expect 10 Wofk, or
ihcif business would not admit OF ter giving any
time 10 the Dany which they had been elected
ms guardians thus allowing some OF the best property
on the creek 70 decrease In production Then came
the food which carried OF large quantities OF OIL der
Kicks tanks beside watering ont and stopping large
number Of the best wells. Add 10 this the close ." The
war and the fall Of god which Of course brought the
price Of oil down WITH but not to quarter the ex'eL,
81 dali ths Aft rnI
all of the above articles the fall III prices has been
greater than in oil. With all this knowledge before
me- started from NewYork expecting to find the oil
di.appointcG. I find the old oil men re.
turning and purchasing up stocks in the
COMPANIES representing good territory on on Creek
Pit. ioe Creek and the Allegheny River, and on all
sides we life and activity.
II seems 10 me all that Is wanting IL 10 have the
companies which formed good property
wen differed with practical men who vii make II
their business TO systematzc. the operations on the
property of each company and urge forward the de'e
oping In busness-ke way. Let The business OF These
companies be carried with the same care and econo
NY which the Eastern carries on his factory. aud
then they will get results, 1t seems to me. that will
astOnsh the world; and every one who owns stock
| in any Of the companies which are on hnv good
property will not be ashamed 10 say they pctrO.
leun stocks but will fad that they are the most rcmn
ncraye stocks have. But to do this they must not
lay idle end complain and quarrel among themselves,
and make their property which Is valuable thus worth
less; but that ihey have good managers who will
prosecute with diligence the work and then they
proudly say that oil is King--aot Cotton. And we dc
think that everything now seems 10 be pointing in that
direction both In economy and energy, and not only
that, but the men who going the oil region
seem TO be going there for business not speculation.
Thus IL will appear that the Of Pcnnsylva
mia are not yet exhausted. Venango Countrywide
produces nearly threefoutbs Of the oil that Il
our market still pours forth its golden current Of pero
cum. 1.-THE streams come less copionsy than Of old
they really do the morehopcful of oilmen contend
that it is not owing lack OIL but that the
is occasoned by an overflow of water forcing the OF
from its natural beds up into hills and peaks which hay,
not We, been perforated. Thus an oil well hes in val
lev. between two bills At first the supply is ample
spouts out gallons per minute and barrels per hour Bu
presently the production decreases, until at length
ceases-becomcs dried up-altogetber. This Is OWNS
to food OF water rising uniformly through the land
forcing the oil its top; and the valley has beer
bored IT, being the lowest portion OF land Is OF course
first deprived of its Oil II is wanted Of cours
you perforate the hills. where, according TO th
same theory the water. with the oil on its surface lf
upward TO the acquisition Of man. We heard nothin
as to what would happen after ali the water was ais
expended. Is there oil below it, what will be the ma
ture of the next profit east up 10 view
The usual mode Of protection against water is b.
means of "seed bags" These are sacks filed wit
Aaxsecd, which sunk around the shaft bore in tn
manner Of boot.
II the existing oil springs should fail, Of cours
there is no danger that the country the world vii
fall short Of OIL The article has only been discovered
in four five States and have others left where
to prospect for new discoveries. Thcre is oil il
Ohio. Indiana and Illinois; there comes an oily mur
mur from Wisconsin. Nebraska and Kansas oil ha
been discovered in California. Young America, will
his enterprsng caduceus has smitten the goldveinc,
rocks Of the Pacific coast ard they have spouted for
OIL as did the rocks of Syria 70 the stroke Of Noses
wand. when his followers were athirst in the desert
The location Of oil may be determined only by th,
geological formation Of the ground but there
places 10 the broad compass Of the United States where
one can dig for oil aud dig hopefully.