The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-04-16
rnr T1ssr orr coxrAsK.
tn co,ur.hi. OF r~it.s-reh and lts Ne.
rnrknbIe Enrrer-Rornnrce of OH Riches.

u,nrsabie Cnrrer-Roun.nce of OIL Riches.
In all the history OF American speculation
the Columbia on Company probably has no
parallel as q sturendously successful invest.
mont" said = littaburgh capitalist. who Was
In many OF the enrlv operations in petroleum
In the pioneer days OF the business The
com pnny was formed In 1862. it's member hes
ing Pittsburgh parties. That was before the
time that oil companies wero being form sd by
the hundred every day. In fact. tho Columbia
was tho FIRST oil com pany that was formed for
tho purpose o. Specializing In and developing
oil territory on Oil Greek. Its capital was
S200.0OO. tho fnr value OF it's shares being
$40. In 1850 q party OF Pittsburgh mon had
purchased what was known ms the Strong
farm. on OIL Creek. for $1,000 THIS farm was
bought by the Columbia oil Company In 1862
for Sl30.OOl OIL had been struck all around
It, aud the chance that tho Strong farm might
also provo to be II good producer had. raised
it's value to that figure. The farm proved to
be not only II produ .er but 30 large a ono that
tho Columbias wells were soon producing
1850 barrels OF oil moro u jav than could
be disposed OF or storGd. To add to this
serious situation oil was then selling
Mt only u few cents II barrel. The
stock OF tho Columbia OIL Company fell to S2e
share. This was in April. 1867. In tho sum.
NOR of that year the great value OF petroleum.
AZ II comModity had made It such n market
that the rrico OF oil advanced rapidly. and 10
was not long before thu Columbia STOCK was
worth i've times its rnr value. Tho losses Of
the COMPANY had been great. but tho advance
in the oil market maie them good. and such
additional profits that in Apri. 1864. 500. 900
was divided among the Stockholders. who
were only II dozen ur 81 IN number. During
the months OF April. May. and June Of "a
SG7J.OUO wore divided. Tho ensuing i've
months returned S7U1,UO in dividends to the
stock holders. making tho profits thus far more
than six time, the original stock. The ON
pnny was conservative III its operations. and
when every other speculative" oil company that
ha,, gone into business in the, on Creek region
bad ceased I, exist. ,,im Columbia was stil
doing d. rrontnilr business with It's proro"tiea
ducing centre Of the woili and operation were
SHIFTED to the brai'nr' district. tho tolumhis
declared y dividend every year until 1852.
when tho production, was 80 small tnnt; no
, ""xistanc". aud ono or two Of it, %"rielnai Wells
are still y o!ucln8 oii. Tire Columtia mada
It n ,thssou.h Il is Il. .Isr EE' a" VIII w %"q It., ,"' ;risnt d E,ys
imh"nscly wealthy. on N original Investment
Of bpt q few hundreds. OF pc hrns u low thou.
Wien ~ .tock Of the C"lum, l.. Oil Com:
palny was Town to - Il share IN the s"iT!inR Of
lin. hni $500. 1t was every dollar h. had. ton,
but he had great faith N TIE .oiumbia 0l
ono II tue original meni"rs wanted {" sell. he
seeing only t."tnl ruin in his investment u he
Ranize the COMPANY. al III" 0l,l Nar.. were
share. horlers ~ "ut share. reaatdlh9livo new
,nn.s !or each one III III, original strfre. they
kfantH. WHIP hni rmt his %entirs little fortune
in divihcnts on them. and in the, new I'D re-
reived. 1000 shares for Ms 200 old ones, Alter
IsSra1v,nE = K rant m soia f hiS -,"ss i i, , IL. CONN 4.
rany If, Eecem' or. 1864, for 5 !5o;upn lie got
dollars. all mad. l%es'tima,ely in u year an a
l. !r IN an inysst e, u SaUn ,o,,,,ur
strokes OF fortune that att"n led tbs invest
men b or u lit hsr, mG Io. In these Why ,inyT H., There
$1,000 in 1sji.' oil i I"Sh'"" Was IN thu "" lump "nas
then the on md ID 1T ns Wio t SLOW; Pw SdnE to to the break;
the situation to see what lie could d." with his
IT., nitsSw Ssp1;n hocd He pa i;,n oif xxx u ,af y Psss what
TTe nsn is and naJ put At, e ma1ss ao ,o H.y i.S ,h ,Ss 4:
. sF' frie anf w 81 his rs ''' nnm a.l'e HsSe ne TO e'r sas ia
enough money to drill u vel These
means. and n! most the work with. theIr
early oil wells, we're ru. ,%wn;. but they got 70
was called. made their %torrItsry ~ mpst. con;
OF their we'll. and tn. ROYALTIES and leases thew
out n portion Of their property in Hyhei& Eg.
bert we're soon among the solid men Of ,tife. oil
oil was selling at Sll.a0 u barrel. and Hyde d
Fghcit had thirty-two wells. producing enough
9th to inn i ihcm 2 daily incoms 81 $1,000:
iamnms .well-the uoHuette-they sold ~ one.
twelfth interes: in it for S25n.N0U pr. EChert.
alter MI tho millions H.. made on Oil Crock. IL
living in FfanElin to-day. poor.
Ono Of til" Guesrest streaks Of luck had by
sherman struck. He had n lease OF tn. Foster
fnFm. lut no mnnay to mnEat 1avaInnm anita
His wife had n few Lundred do lars which she
was willing to risk In the hope of. making y
fortune In OIL. This money, was nil gone he.
fore sherman had fnirl; begun work. The
nature OF the land required the use ~ an en-
CINE to nut down n well: and that was yet to
he "~l''nin"d. sherman. heard of n rotfl" Of
men who "wne! an engine. and were hooking
why for AN oil interest. They had no money.
They arrse,l 70 let sherman haze thu, machine
I" pay s5@o iar ' anather % risl, TH0 iS M"S Wt.'.nda
this was all m;ed ~ l.f"re the IN!
10. comni.te. tho well was y hunired
dollars or SO. but none. OF tn. partners had It.
FINALLY sherman tonnd II man who was willing
the well. and the bargain was rlosrd at once.
Tho shotgun was sold for $50. mi drilling
was resumed ut the sherman we'll. Within
twenty minutes after tho h,rsnin FOR the $50
AMI the shotgun was clos"d. the drill entered
the oil sand. and thu we'll proved to he al 800.
hnrrel spnntnr. THIS. was in the summer II
and the market was ~st"ntily Increasing. The
sherman well finwe largely until. June. 1874.
and NIL tha oil had been sold ut m average
price Of 81 II barrel This well made its own
ers til" largest fortunes mai" b. similar
ventures during TINT remark able errr apdinll
from the Investment Of an old engine. q Slot
gun. and less than 81 200 In money"
SVFETInH NYfN <1YT Ifa