Semi-weekly interior journal. [volume] (Stanford, Ky.) 1881-1905, 1895-05-10
LIQUID GOLD FEVER.
RAPID ADVANCE IN OIL HAS RENEWED
EXCITEMENT IN WEST VIRGINIA.

Finding OF Petroleum 90 George Washing.
ton Knew Of Its Existence-How senator
Camden Made His Fortune.
Among tho natural resources of West
Virginia petroleum has always been
rated as third in importance, coal and
timber taking precedence, but just at
this time a superficial observer would
conclude that there is nothing but oil in
the state. This is the result Of tho liq-
MD gold fever that has been occasioned
by the sudden and rapid rise in the oil
market
Parkersburg being the center and
distributing point of the West Virginia
oilfleld, it is the place 20 get the BEN
! eft of all the excitement. IL reminds
one of the days "before the war, when
| oil was first struck, aud il almost equals
! the excitement in California over the
/ discovery of gold.
Oil was first discovered in West Vir-
| GINA and not in Pennsylvania The
| Pennsylvania fields were the first 10 he
West Virginia, and the largest oilfield
now in the world is at Sisterville.
about 80 miles above Parkersburg. In
fact, the existence Of natural gas, which
is the twin sister of petroleum, was
known to George Washington before the
Revolution.
In 1915, in one of his surveying expe-
ditions to the Kanawha valley, General
Washington discovered the Burning
spring. He did not understand the
phenomena, but so we'll assured was he
that il was some rich gift of nature de-
signed for the use Of man that he set
apart and decided TO the public forever
an acre of land near the Kanawha river,
about eight miles above Charleston, on
which was the great national wonder.
Ii was simply hole in the ground,
which filed with water when il rained
and up through which issued let of
gas, giving the water the appearance Of
boiling, and when lighted burned with
a bright flame till blown out by the
wii2.
In 1915 Captain James Wilson struck
gas well while boring for salt water
III the Kanawha valley.
The coal oil fever broke forth in all
its fury early in 1861, when oil was
discovered at the Burning springs above
Parkersburg. Ii was then that fortunes
were made and lost in a single day.
In that field oil was found at a depth
Of from 30 TO 800 feet, and in few
weeks the whole field was punctured
like pepper box.
II was in the oil excitement Of 1861
that Senator Camden, who is now class
ell among the wealthiest Of Americas
millionaires, got his start. At that time
he was n comparatively young pan,
with a small law practice in a country
town up in the interior Of the state
Sitting in his room one evening looking
over the daily papers. he suddenly turn
ed to his wife with the remark, Ann.
my fortune is made
When she looked for an explanation, |
he said: II See here in the paper that |
oil has been discovered on the Little |
kanawha l am going up there to try |
my hand at developing the field " The |
next morning he borrowed all the mon
ey that his collaterals and she influence
Of friends could scrape together for him /
and then struck out for the Burning
spring. In two weeks he had made |
enough To pay back his borrowed capt.
tai, and from that day to this there has
not been a check in the progress of his
marvellous business career.
The improvement in the method Of |
refining has advanced with the progress /
of the industry, and discoveries have .
been made whereby all the refuse mat
ter that was formerly thrown away is
now converted into useful articles Of .
commerce. 1t is in this way that the re-
fined oil has been reduced in price from
40 cents a gallon TO 10 cents and still
leaves a good profit to the refners-
Most Of the wells that have been late
~ shot in the area Of the oil basin have
been good producers, and there is now
daily output of from IL, 900 20 10, 900
barrels.
Yet experienced oil Spectators say
that the present rise in oil is not alto
gether born Of speculation, but is par
italy due TO legitimate causes. The
supply has fallen below the demand,
and the spectators have only taken adj
vantage Of the actual condition 10 inau-
gurate an era Of gambling.
The Russian oilield is diminishing
its supply every year, with no prospect
of new discoveries. Many Of the Amer
lean fields have been totally exhausted,
and but few new ones are being discov-
cred, and oil being the cheapest light
that can be produced the demand for it
has increased with the hard times. -
Cincinnati Enquirer
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