Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-04-28
A MOUTHFUL OF OIL.
The Standard Gobbles a Slice of the
Washington Co. Territory,
AND PAYS $16O, 900 FOR THE MEAL.
Colonel E. Il. Dyer, the Scout, Figures in
This Latest Deal.
HIS CAREER IN PETROLEUM CIRCLES

Right in the wake of the Standard Oil
Company's general gobble of the Ohio oil
field, and the subsequent refining of the
fluid, as exclusively published in THE DIS
PATCH recently, comes the more important
fact, locally, that its monOpOlistic hand is
grasping the Washington county field also.
Quiet as it has been kept information of
great issue regarding the pending transac-
tions came from reliable sources last even
ing, which fully proses that the Standard is
aiming to control all available oil territory
in this immediate region.
The Washington field, as is we'll known,
has been so far exempt from the manipula-
tions of the 'sure thing company; but it
now appears, open and above board, that
the aspiration of the organization is to
acquire the greatest and purest oil field ever
discovered. Joe Craig, that shrewd Napo-
leon in oil, has invested very heavily in
this Washington field, and in such invest
ment, along with other independent pro-
ducers, it has caused the Standard much
trepidation for fear of the damaging compe-
tition and bad results which the Washing
ton oil have and will cause the great and
only ''cinch." For this reason
THEY WANT IT,
and at any price. It is safe and sure to
assert right here that the Standard has
virtually got portion of the field at a
magnificent price-for the sellers; the only
procedure yet to be is signing the papers.
Everybody in the oil business knows
Colonel E. 81. Dyer, the veteran scout, pro-
ducer, oil property man and half million
aire. He is at the head of syndicate deep
ly interested in the Washington field, COM
prising such people as G. NJ. Reed, John
Galloway and Captain Grace. This COM
pany of independent producers are lessees of
], 100 acres of valuable territory in the
Washington belt, which extends out of the
county, and includes the Mt Morris Sec
ton, in Greene county. Among these es-
tates is what is known as the Knox farm,
containing 1S0 acres, with daily produc-
tion of about 900 barrels. This tract is the
first grab the Standard will have made, at
the specified sum of $3.50, 900.
In the Bradford district, producing oil
property sells at from 81 400 to 81, 500 per
barrel of production; that is, to be more
specific, should the flow Of wells on the
farm amount to ten barrels a week, the price
per barrel would be held at ten times s., 400,
or S15, 200. In other words barrels" mean
"acres."
THE MONEY IN THE DEAL.
Some Washington oil land sells as high
as 500 per barrel; but other territory has
hoa 80
izing for the purchasers, by discreet use
of the drill, manifold profit on the invest
ment. For instance, the Knox farm was
leased for s., 900 by Colonel Dyer ct al, and
now is released to the Standard at the sum
above stated.
This farm is situated right in the heart of
the most productive oil portion of Wash
ington county, and adjoins several cele-
brated tracts, in which the derrick and drill
have caused millions of money to flow into
the pockets of the man who "called the
turn on the tickle fluid.
Colonel Dyer, who is so prominently iden-
titled with this deal, is the pioneer pro-
ducer, and Christopher Columbus of Wash
ington county's new oil world. He is from
way down in Maine and, as far back as 1873,
predicted that there was petroleum to be
had from the bowels of the above territory.
AT that time he broaehed the matter to a
number of men with means about here; but,
meeting with no financial encouragement,
returned to his home down East.
After raccumulasIng an amountof money
upwards of $40, 000-he, with hope based on
conviction, came back to this undiscovered
/ field, where barrels and barrels of greasy
gold were awaiting the magic touch of the
drilIer's wand.
No premonition impelled him to do this;
but the good prac tical knowledge acquired
in other fields told him that new Mecca in
petroleum was at hand, and SO it has most
forcibly materialized.
IT WAS QUITE RECENTLY.
Five years ago he put down the first drill
on the Smith farm, with subsequent happy
results of remunerative production and
| development of the now famous
Washington oil field, which crude COM
mands higher premium than any other
oil produced. Although not SO extensive at
present as some possessions of the Standard,
| it has been an almost invincible barrier,
and source of great uneasiness to the
monopoly, who, to obviate any serious
detriment to their interests, are quietly
conniving to confscate the whole field, If
possible. However, this scheme is not
| thought feasible by some, and one in par
ticular who may be mentioned as against it
is Joe Craig. When he learned yesterday
afternoon of the deal about to be consum-
mated, he fguratively threw up both hands
in astonishment. and rather intimated that
someone was playing into the Standards
hand a trump which should consistently be
held until the last card was played
Be that as it may, it is very plausible to
assert from facts learned, that the big COM
pany is playing its characteristic game of
getting everything to be got" daunted
neither by monetary consideration nor ap-
parent invulnerable circumstances, by which
to serve its purposes and increase its power.
HE HAD LOOKED FOR IT.
An oil man identified with the business
for many years, when questioned about the
news of the Standards latest move, said:
'T have been anticipating this very thing
on the part of the Standard. Their efforts
are now to control everything, absolutely,
in petroleum, and if possible to kill specu-
lation in it on the exchanges. The schemes
to which this organization resort to estab-
lish an end are beyond everybody and
everything.
"Do think this will effect the market?
Heavens, no! There is no market to effect.
For all the sehoolboy hurrah that goes on
the exchange daily it amounts to nothing
more than car fare. No one is realizing
anything, and the market is all farce, so
far as q legitimate living is to be made out
of it."
When Standard Oil employe was asked
about the deal, he with the usual close-ovs-
ter style of the Standard people, purported
to know nothing about the matter. How
ever, after few indirect questions, he ad-
mitted that he could not say word without