The New York herald., 1866-07-31
p { r RO L E v N !.
ova OIL REGIONS Correspondence.

PIONEER, July %, 1866.
When s'wld cat rulsd the roost in Oildom there was
no lack Of ready writer's or rather sensation scbbers.
to furnish Wall street and the people generally with the
'very latest" every hour o. two telegraph company
put up their line and cleared their capital stock
inside OF three months petroleum paying all expenses
and leaving handsome margin But, now that spccu-
lative genius has departed, leaving the fate Of this
valuable production in the hands Of practical working
men, seems that Gotham has Withdrawn the protect
Ing light OF her countenance and left the poor borer to
extract the grease from the bowels Of the earth unaded
and alone, while few Of your merchants sit In their
counting houses and deal in petroleum as they do in
nour. This would be excellent state Of affairs II IL
could only continue but the effect upon the producing
interest such TO lead to thorough investigation Of
the nature Of this commodity and what position il is
destined 10 in the commercial world This in.
vestigaon is rapidly going and the results will be
ere long apparent for the men who now hold
the dcstnies Of grease" in their hands have
about as clear heads the subject OF thor own
interests as any class Of people / have met,
from bootbacks TO spcculators "western prairie
andsr The present lack Of in oil production is
OF course but the natural reaction from the intense
citement that prevailed for time subsequent TO iis
discovery together with the fact that the great channel
O. demand now partially CLOSED cy sne WA war III hrc
upon the oil producing interest IL this state of things
shall coptinue for any considerable length OF tmt
confidently, rum, unless we can find home de-
mand for the amount that was formerly exported
The present figures for crude at the wells vary from
81 2o 70 80 25 according to the locality and gravity Of
the oil At these rates wells which only yield small
or oven average amount cease TO be profitable, and
this must necessarily check the boring Of wells
perence has shown that all wells exhaust themselves in
time The conclusion then, plain that when the wells
which now produce largely shall have become 'dry
hoos petroleum will be left to lubrcate the machinery
OF nature instead OF continuing an auxiliary OF Yankee
invention aud patent right
This result VIII not be brought about however, with.
out fierce struggle the part OF producers and almost
criminal negligence on the part OF capitalists. The
greater part Of the supply present comes from men
whose contain s healthy . roll O. @ sr and
up their hopes OF largo fortunes the legitimate result
or their hazardous labor The pretty absurdy OF plug
perenced oil men, that has been thoroughly tested In
days gone by and invariably resulted stopping the
supply with vengeance, and II is now universally
sckno~ lodged that OIL having commenced 10 dow,
viii continue to do 50, if not In direction then in
another moro practical method than this has been
cund and being put In operation, in the shape Of large
iron tanks capable OF containing many hundreds and
thousands Of barrels, into which the oil 10 allowed
to through iron pipes until ful when they hcr
metcaly scaled 70 await rise in the market would
suggest in this that large excavations in the
ground lined with cement would be far less expensive,
and when closed less Liable TO accident by fire other
outside Influences.
There is no Disgusting the fact however, the ulu
mate fate Of petroleum rests with captass Scen
tnc experiments have shown conciusively that In the
manufacture of gas and caoric may be used 10 the
greatest advantage three times s present value
II In the power OF the producer to create this
demand which alone can make his labor valuable 10 the
event Of closing permanently the European market II
the demand becomes limited is evident that or
later he must SELL and " his margin be TOO small
must be- nothing remains but ~ retire from the eld
The remedy lies in engaging the capitalist 70 work In
harmony with the producer and thus reap mutual
harvest instead OF allowing temporary 70 eect
the permanent abandonment Of one Of our most valua
BILE producttoue