The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-04-04
LOUISVILLE SPECULATION MAD.
AL the People Buying Natural Gas Stock
and Sure of Getting Rich.

All the People Buying Natural Gas Stock
and Sure of Getting Rich.
Louisville Special to tho New York sun.
This city has great deal OF wealth,
accumulated in the usual channels OF
trade, and IL never knew until a few
day since what it was TO 20 mad
over speculation. Just now its peo-
pie are in the middle OF the greatest ex-
element known here since the days Of
81, when the hostile armies were maneu-
vering around Louisville. -
Meade County lies thirty miles west OF
this city. 1t is rough and hilly region.
Near the little county seat Of Brandenburg
some natural gas wells have been flowing
for forty years. The wells were made by
nature, and the gas spurts up in great
streams. One enterprising farmer in the
vicinity long ago heated and lighted his
house with the gas, and also ran small salt
factory by that agency. But no one ever
thought that the wells would be valuable.
Recently some companies were formed
here for the purpose OF sinking. many
more wells in Meade County and piping
the gas TO this city. Almost all the wells
proved successful, and a few days ago the
| pipe line reached Louisville. Until then
the inhabitants, who are not fond OF in
novations, made sport Of the natural gas
people, but when the pipe line entered
town and several factories were run by
means Of the gas, they all made rush for
natural gas stock.
The excitement here has become tre-
mendous. Little else is thought OF or
talked Of except natuml gas II exceeds
the rush caused by the reported gold dis
coveres in Lower California. The lubers'
offices have been so densely crowded all
the week with persons wishing to buy
natural gas stocks that the agents can
| hardly wait on their customers. The
Board OF Trade has established q regular
Call Board for the exchange OF natural gas
| stocks. A number OF new brokers offices
have been opened, whose owners do Moth
ing but deal for their customers in natural
gas stocks.
Some Of the rises In valuation have been
startling. The company which built the
pipe line Is capitalized at g, 900, 600 and its
stock has risen in ten days from 20 cents
10 20 cents on 81. A half-dozen others
have run up from 10 TO 40 cents. There
are now about fifteen companies in the
field. their total capitalization amounting
10 little over $4,000, 00O The stocks OF
them all are eagerly bought by persons
who are in such a rush 10 invest in nat
ural gas that they do not stop to inquire
where the company's property is located
or whether Il has any at all. Most other
kinds OF business have suffered temper
airy cessation, and natural gas has become
king OF Louisville.
Since the craze some things have oc-
CURED which would amuse a New York
capitalist. Last night number Of men
about town were sitting In the lobby OF a
hotel talking about natural gas. One OF
them remarked that ho had some land in
the gas region.
"Well, why don't you get up n natural
gas company and sell slock2' asked one Of
his friends.
al hadn't thought Of H." he replied,
"but III do IL right away" He went out,
got lawyer, drew up his articles Of incor-
poration, named his company and wrote a
prospectus lie placed the capital at
Il, 200, 900, In shares OF 500 each. which
he announced he would sell for cents on
the Sl00. In an hour he was back nj tho
hotel receiving subscriptions for stock.
The most eager buyers were the friends
who had been taking natural gas with
him. lie went TO bed at II o'clock. but
before that time he had sold 100000 OF
the capital stock. taking in for Il $4,000.
The buyers include numerous ladies aud
boys. AS the shares In many companies
sell for from - TO $40, almost everybody
can in est. The ladies buy small lots only.
but they oil take something. Chamber-
maids and laundrcsses invest, and out n
the 100000 inhabitants II Is thought that
at least half own natural gas stock.
but the most remarkable scenes are too
be Witnessed at Bandonburg. the littloI
town lying in the center Of the gas.bearin<
region. The sun correspondent VISITED
the place yesterday and found IL crowdcI
with people. Most OF the land has been
owned by poor class Of farmers. whoso
heads have been turned by the extnl-
ordinary rise In values. A big man n
middle age, dressed In rough Jeans, walked
into tho little hotel and remarked 10
crowd:
Some Of them Louisville icllors wanted
TO give me 100000 this morning for ~
iarm, but ! told them my price was iut
double that"
"Arc there any gas wells on your iarm?'
mo, but there are some couple Of
miles away"
This man would have gladly taken s.. COZ
for his farm q month ago. ono old gcnilct
man named Richardson. living near Branl
dcnburg. has made nearly $500 coo.
The man who developed the gas country
was Poi. William J. Davis, who has Tor
many years been secretary Of the School
Board, and was before that a poorly paid
teacher In the public schools. lie has lad.
an oller OF $3.50, 900 for his interest In lid
wells, and In few weeks has jumped ron
very modest circumstances into wealth.