The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-07-05

How II was D4sceveres-The Work efa Prae-
IDEAL Investtsator-The Profits Largely
Reaped BY Others-Excisement In All
Branches Of she Oil Trade.
New YORK Tribunal

GARFIELD, Penn, July 3.-The new oil
field here, In what i known as the Cherry
Grove district, i the richest deposit Of oil
yet discovered IN the history Of the trade.
That II should have lain 20 long unknown
With oil-wells on every side Is matter Of
special wonder. II also suggests possible
discoveries in other uriried fields that give
uneasiness to the trade, and has set hun
dreds OF men to projecting experimental
wells in districts not before considered 10
be within the oil-beit. At the present
price OF oil, however, there Is little money
10 II 20 producers, except they own large
wells. and II Is improbable that another
such field will be found very soon.
The discovery Of oil here : not the re-
suit Of an accident or 4 N, RI chance ex-
pertinent. II science ever u f. anything to
do in developing IN oiI-6eld, it Is supposed
to hAve had In this case.
The CREDIT or THE DISCOVERY
Is due 10 Henry Landsrath, OF oil City, but
others have reaped all the profit, A. Is often
the case with Ike ventures. Mr.. Lands
rath. Who has a thorough knowledge Of the
oil country and it, geological formation,
made a careful study 81 the situation in
the northern field and \ comparison Of
sand levels and characteristies A. he OBJ
tanned them from actual drilling in
each section. and he concluded that in this
section 81 Warren county there should ex-
ut 4 large body Of oil. By actual tests he
discovered evidences Of the existence some
where in the latitude II regular oil fOrma-
tons. lie finally secured leases and sunk
\ well on Lot Cos in the Cherry-Grove dis
tric.. That well proved failure, il pro-
ducing only gas. This convinced Mr..
Landsrath that the oil was still farther wet.
but by this time he found hi. financial
credit impaired. and 80 he disposed Of
his leases, which would shortly expire.
for what be could realize, which was
not much. The Jamestown Oil Company
secured the leases, and. under Mr.. Lands
rath's advice. Dimick & Grace. who CON-
posed the company. made the second test
on Lot 646. the result Of which has produced
such wonderful results. Dimick & Grace.
however. had not great faith in finding oil,
and they went 70 work in 4 systematic
manner, 50 that they could dispose 81 their
leases at a profit. even though no oil Wa
found. No one was allowed 20 come near
the well, vague hints Il indications oi big
strike were given out, and everything was
conducted in very mysterious manner,
which gave q the we'll the name Of
THE MYSTERY"
Oil spectators set men to watch the wei.
and one II these during the night crawled
up 10 II and got under the plank. Il the
floor Of the derrick and laid there eighteen
hours unknown 10 those al work about tine
well. This man heard enough % satisfy
him that there was oil in the well. and be
crawled out again % inform his employers.
who Immediately leased all the land they
could get In the vicinity. and in thi, way
they realized 1000 almost to every : 1 made
by Dimick K Grace. Mr.. Landsrath retained
a small interest in hi original leases until
after the "G46' well was completed, but
he was induced to part with even this in
tere-t. A. he states. By the mi-represeut1-
ton that the well had been sunk 20 q depth
o, LOO feet without finding sand. This
true. his scientific knowledge led him 70
believe that the well must be failure and
that the pool lay farther TO tue west, lui j.
a matter u fact the sand va, penetrated II
a depth Of lisp feet.
When the we'll was once opened the flow
Of oil could not De concealed, and there
wa, general scramh r. 70 ct lease>. There
has been 4 steady rush Of operators since.
and the
lIN Nll--f Ills ia LEEf NEA4e4-E IL
SERTED.
The whole trade, producing, speculative.
and dealing, has repre~e utItIvcs here
watching the well, and reporting carefully
every new venture. and IL Near . can be-
the production d every new
well The influence on the oil business l.
like that Of panic on Wall street. Men
are working about here d driliers. watch
men, ard in various guiScs in order . Oh
tain accurate information. who carry the
CIPHER codes Of the standard, the Union.
the Tidewater. and other large oil compa-
nies and dealers. and keep them carefully
informed Of every new indication that may
haze a possible influence on the market.
The intense anxiety among dealers and
i 70 know a early a. possible the
extent 81 this field. 30 that some idea Il IL
future influence on the trade can De- had.
II IL i small field the great number Of well,
going down NAV soon exhaust II. Wells
are being sunk on all side and IL consider
able distances 10 determine this question.
There is no doubt that SO and other well,
that have been flowing for >Omc time have
already decreased in daily production, but
the Cow i still % great - 10 leave the pro-
ductivenes- Of the field q matter Of doubt.
Another pulling question i furnished 10
the ,act that wells only few hundred feet
spart produce oil Of different color and
quality