The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1882-03-04

alarmingly increasing anu tn"s ~ S
cured
A Career Which Recalls the Experience
Of "Coal.Oil Johnny"
George H. Nesbit has been expelled
from this Exchange" This brief dis
patch from the Pittsburgh Petroleum
Exchange made interesting reading for
the New York petroleum brokers yester-
day. There is no man alive OF whom
these same brokers love so much to tails
as George H. Nesbit, and when business
was over Yesterday afternoon the Oil
spectators gathered in little groups on
the floors of their exchange and told in
stories, good, bad and indif-
ferent, in all of which the subject OF the
Pittsburgh dispatch figured.
Nesbit is aqueer fellow, and his career
has been a strange one. "A year ago nc
suddenly appeared in New York. He
was rich then-a millionaire, perhaps
and he was as reckless as he was rich.
He casually called in at the Petroleum
Exchange while seeing the sights. just
fresh from the Pennsylvania oil regions,
he was interested in everything pertain.
ing to petroleum. He was Disguised
with the slowness of things in the Ex-
change. He had no respect for men
who bought oils in lots of few hundred
barrels. He had cherished the idea
that New York was something of a town,
and his disappointment was marked;
but what New work couldn't do for her.
self, Nesbit determined he would do for
her. He had his private secretary along
with him, and in careless, of-hand
way he ordered the purchase of GER
tificate of membership, paying out on
the spot the $500 or $500 for which
the certificates were then selling.
Mr.. Nesbit proceeded to business
at once, and the magnates of the Ex-
change looked on in establishment.
From an operator who was dispensing
privileges the new member called for
90, 200 barrels as an initial investment.
The man of privileges did not allow his
amazement to interfere with his trade,
and smiled serenely as he put $3.50
commission into his wallet. Nesbit
doomed into hero Immediately. The
''little operation" in $4,000 barrels was
an Indifferent matter, he insisted, and
did not hesitate to unload as promptly
as he had purchased and with an equal
carelessness as to prices and profits.
He took his private Secretary out for
Whit of fresh air and few more sights,
and then dropped into the Exchange
again. More than one operator wanted
to supply him with privileges" this
time. He turned none away empty.
Everything that was offered he bought,
and that, too, with ready cash. In five
minutes he had purchased $50, 900 bar
rels of petroleum at prices in no in
stance under regular quotations. Then
he placidly sauntered out into the street.
He made no money by his transactions.
His losses are unknown, and rumor
places them at widely-varying figures.
But he had done ssbig things" among
the oil-brokers. He had acquired fame.
He seemed to be happy, and the brok-
ers certainly were. The next day he
transferred his certificate of membership
to Wall street man, and started on
journey homeward toward the oil re-
gions.
Fortune has not smiled on Nesbit
since. His schemes have miscarried
and his recent career has been bl0tted
all through with disaster and ill-luck.
The end was announced yesterday in
the telegram reporting his expulsion
from the Pittsburgh Exchange. The
reason for that expulsion is said to be
inability to meet outstanding contracts.
On similar grounds it is reported that
he has been expelled from the Bradford
(Pa.) Exchange, where for long time
he was the controlling spirit. In 1876
he was the big man of the Parker Pa.)
Exchange. Then Parker was chief
among the oil centers, and Nesbit was
probably the heaviest operator of the
country. His speculations were on the
most stupendous scale, not infrequently
involving millions of dollars in single
day. When mere boy he started for
the oil regions to make his "fortune.
He struck rare luck, and was soon in
control of some of the finest and most
valuable properties in the oil district.
In Pleasantville, in the Bullion and
Bradford oil fields, and in Butler Coun-
ty he was very successful. As pro-
Queer he grew rich quickly. 1t was not
till within the last half-dozen years that
he launched out into speculation. He
scored o.care nothing for risks. The
M hitude Of his operations for a time
placed him virtually above competition,
and, by sheer good fortune, he was not
knocked under. "Reminiscences not a
few are recited illustrating his indul-
gence in freaks such rs that which
moved him to buy membership in the
New York Exchange, operate in reck-
less fashion for . single day, and then
suddenly withdraw. He was very lib