The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1881-06-17
OPERATION IN OIL.
\ Chapter That Reads Like Il t'ase
From Calitorniu's History.


the vicissitudes of oil operators and the
mania for speculation. 1t reads like II
page from the history of California in
the palmy days Of placer mining.
Speculation in the price of Oil was the
next craze, and one that finds pro,nin-
ence to-day. Magnificent oil exchanges
were erected in Oil City, Titusville,
and Bradford. Here speculation is in
dulged in the price of Oil, heoil certih-
Gates being the basis. One instance OF
how men become rich in this way cc-
Cured iu Oil City. Two brothers by
the name Of Grettlc, in 1867 were
bootblacks around the streets of the Oil
towns. They made a good deal Of
money for boys, and saved 1t. When
they had Il few hundreds saved they
took flyer on the market. They
were successful and doubled. Success
still followed them, and to-day they
are among the wcalthicst and most
successful spectators in the region.
Tho magnificent generosity of tho oil
men is well known. A poor and needy
woman has often had thousands of dol
lars raised for her among 4 crowd Of
oil men, and in a few minutes she was
raised poverty to opulence. They
spend money like water, and no towns
in the country Will show better dressed
men and women than these. They
all, almost universally, wear diamonds
upon their shirt bosoms, which, in
many cases, they are forced to pawn
for necessities before they have become
even accustomed to them.
When the mark ct is dull and inactive
for few days it is noticeable in every
place.
Speculation is the lifcbioOd Of Oil
City, Business stagnatcs, mon gets the
blues, and the town is dull indeed
But let the markets he variable, for
tunes are beingnade and lost, men are
excited, the streets arc alive with oil
brokers rushing book and forth between
banks and exchanges with certificates,
drafts, checks, and even money i'll
their hands. The wives OF the brokers
crowd to the exchanges, and file i'll the
tionS OF their husbands. Some time
ago, in one of these exchanges, the
gallery was filed to vcrtlowiuE. The
market was lcapins up at the rate OF
lOc an hour. One Of the heaviest buy
ers was on the wrong side. He saw
his fortune disappearing, at the rate of
$25, 900 an hour. For six hours this
continued, and he Wos forced to 'slay
down. os it is callcd-to be announced
Il bankrupt, in other words. His wife
| was witness OF the whole scene. An
hour before the worst came She left the
exchange, walked into a dry goods
store took off her Scalsl>in Sacquc and
sold it. From that place she went to
! tho jewelers. and disposed of hci
diamonds and all her SILVER. When
late and downcast she met him at tho
| door, dressed in a neat calico wrapper
He had been clerk before fortune
smiled upon him, and she 4 modest
school teacher. She informed Hin
that she had discharged all the ser
| NttIltS, dtiti tltS "ctlti i've loIii'i
Iy, she doing the work.
She handed him -, 800 ;,- the rcsul
of selling her jewclry, and told him tt
use it, JOY and hope beamcd in his
eyes and found place in his heart again
lie went again to business. In on,
month he had rcgaincd his former posi-
ton, had redeemed everything tina
his wife had pledged, and was living
as formerly. Three times within 81,
wears was this man saved in this man
nor by his wife. To-day he in the il
one of the most daring and successful
of our spectators. This il one story
Here is another: a young man il
Franklin wished to marry. He wa
well to do, had snug little sum in th
bank, but tho speculation mani
caught him, he invested it all in oil
The market that had been going up 70
four days turned the very day h
bought, and in two short hours he wa
the savings of years disappear.
maddcncd him. He took to drink, bo
I