Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-12-01
FABULOUS FORTUNES.

Il ALL ~ ~ Ok IL OAOA " AV1lkOs
Made and Lost in the Petroleum Specula-
mountaineering Sketches OF the Oil Re
glOns-ScOu:s at their Work.
[Cor. Philadelphia Times.
Elk CRY, Pa, Nov. 23.-The fame of
''Coal Oil Johnny" his magnificent fortune
and reckless extravaganza still lives, al
though the hero is working on the Tide
water Pipe line a. Williamsport at $3.50
day. But Mr.. John Steele is not the
only man that acquired vast wealth in the
petroleum regions. There are many men
in the cities and towns of the oil regions
who have amassed princely fortunes and
are solid business men. There are many
others who have accumulated riches
and, like Goal Oil Johnny" been bereft
OF them by the changing fortunes of
the precarious business. Capt. Wander
grift, of Pittsburgh, has made seven or
Marcus HulIings and Wesley Chambers, of
Oil City, have each accumulated three or
four millions. and many others have piled
up fortunes during years of successful
business, but the present year has seen
ulOIC lOItuucS lEouo III d odJ tusaA over
before. Oil speculation has reached a
prominence far beyond year ago. Suf-
fering for years from an over production,
values in the producing region reached a
minimum, when the great wells of the
famous Cherry Grove region began pour
ing forth their floods of oil. But sudden
ly these great wells stopped flowing and
production and consumption came in close
relation to each other. Like a spring
pressed down by some heavy weight and
suddenly released the price of oil bounded
upward. Spectators who had experienced
scouts among the wells had the decrease in
production foreshadowed to them, and
bought largely, while prices were between
fifty and sixty cents, so that when the
boom came and carried prices up to $1.35
per barrel they realized fortunes of great
magnitude.
FORTUNES IN FEW DAYS.
All this was done in the space of two
months. One Oil City broker during the
first week in September bought 100000
barrels at an average price of IS cents per
barrel, and during the first week of No
vember he sold this oil at an average price
of $1.3O, clearing the neat sum Of $4,000
600 in two months, while others made as
high as $2,OOO,OOO in the same time. OF
course some of the brokers and specula-
tors lost heavily by being short when the
advance began, but they covered as rapid
ly as possible, the $4,000, 900 barrels Of oil
in stock being enough to go pretty we'll
around. But when prices reached
the highest points the poor lambs
were shorn of the fruits of their
toll Tho in{ovco ovoi%oy,o of %la
effort of the bulls. when prices were sent
vortext hundreds of laboring men and
as margins and bought, only to be in
formed few hours later that the decline
in prices had swept away the earnings of
years of saving and toll. 1t was the same
old story of poor fools putting their all on
another mans game. Of course the capital
list, even if he did buy atthe top,could keep
putting up margins and wait for another
advance, but the man who had his .all in
vested had to be mercilessly sold out.
THE SPECULATIVE EXCHANGES.
At the first of the present year there
were only five speculative petroleum e1-
changes in existence, namely, at Oil City
Bradford, New York, Titusville and Pitts
burgh. In June sixth was established in
Philadelphia, which was followed in July
by one in Warren. The late upward
movement in oil, with the fortunes made
by brokers attending it, sent the stock of
| these exchanges awaysabovs par,and during
the present month and October exchanges
multiplied at an astonishing rate. Millers-
town now has one, and Wellsville, N. Y.
has another. Bradford has a new ex-
change. Franklin only awaits a charter.
Clarendon organized this week. Pitts
burgh is organizing three now exchanges,
to be known as the "Producers','' s'Mer-
chants" and 'Allegheny" exchanges, and
the stock of all these new ventures is already
in demand above par before they are in
operation. The country has again gone
mad with oil on the brain. But the great
bull movement and advancing prices last
week received a set back by the striking
of a large well in new territory. The new
we'll is located in Forest county, and is
owned by the Anchor Oil company. The
first reports sent out from it on Tuesday
evening of last week reported it flowing at
1000 barrels per diem and the market
opened on Friday morning with a selling
fever and very panicky feeling, prices go
AAAe3 NOWA AAhO q PAuAA4CUs AAC COuSCOT-
nation on the floors of the exchanges was
| augmented by the influence of the auroral
storm of that day, as no information
| could be obtained from the we'll, nor from
customers away from the exchanges.
| Siuce then, however, the best reports rate
the daily production of the we'll at 800
barrels. 1t has been the custom for
several years past to board up the derricks
| of wildcat" test wells in important local
lions and place an armed guard around
| them to prevent trespassers from gaining
access, in order to keep the result of the
| wells secret from the public until the
| owners have had time to buy or sell ad-
joining lands and prepare for the effect of
| the we'll on the market. Such a we'll. in
oil region parlance, is termed mystery
and the frequent occurrence of mysteries
has resulted in the employment by leading
brokers and large producing firms of men
thoroughly versed in all matters pertain
ing to the petroleum industry, who are
APPLY termed scouts, as it is their duty to
learn the condition of such wells by STRAIT
egy or force.
FORTIFYING MYSTERY WELL.
This new well is no exception to the
rule. As soon as it began flowing heavily
the owners secured the services of fifty
Swedes, employed In peeling hemlock tan
bark i'm the vicinity and sat thern to fol