Butler citizen. [volume] (Butler, Pa.) 1877-1922, 1898-01-20
TIE CITIZEN.
Speculation.


men in the entire United States who
ranked as miilionaires. They were
John Jacob Astor, of New York, whose
fortune at the close of his life was estl-
mated at 50, 600, 900; William Grey, a
merchant Of Boston, between 81, 600, 900
and 1000, 600, and Stephen Girard of
Philadelphia, whose fortune was estl-
mated ut about s., 600, 600.
Each of these men had started life
poor; no swindling operations on the
stock board had helped them TO swell
their fortunes with dishonest millions.
They gave an honest dollars worth for
every dollar they received. 1t was then
| that the Anne rican merchants honor
bore the goldsmiths stamp of worth
and purity, an Endorsement which, even
in these latter days of loose ideas of
mercantile integrity stands unchal-
lenged throughout the earth where
ever mercantile honor and integrity are
held above mere knavish gain,
The loose ideas that now prevail gain
] ed foothold on the discovery of gold
in California, coal oil wells in Pennsyl-
vania and the increase of railroads
throughout the United Sta ties. The
possibility of getting so mething for
nothing presented itself to the individ-
ual now known as promoter-a per
son VINO started in business w ithout q
dollar, but had the faculty of transfer
ing somebody elses dollars into his own
pocket, and it was quite immaterial to
him whether he fieeced his poor dupe
with bogus gold brick or hole in the
ground called an oil well.
| When oil was first discovered in Penn
sylvania the excitement was wilder
than when gold was dicovered in Cali
fornIa. Everyone conversant with
| those times will remember Coal Oil John
ny whose income for a short time was
fully s., 900 a day; whose oil wells kept
pouring out their precious treasure
night and day with a bounty that never
seemed to fail He was followed in his
wild and reckless riot by crowds of
gamblers and harpies who got every
dollar that his oil wells yielded. But in
due time the bottom dropped out of his
wells, and Coal Oil Johnny having in
couple of years consumed a property
worth over a million of dollars became
beggar without penny to his name.
| 1t was in the height of the widest
speculation that a man from Brooklyn
went into the oil region to seek his fer
tune. Every day there were reports of
new strikes Men whom you met in
the morning without money to buy
breakfast, in the afternoon, by a lucky
strike or fortunate speculation or sale
rated as millionaires and dined on pate
de foies gras and canvas back duck
washed down with Mumm's, VerZenay
or Cliquot, topped off with the finest
Havana at 80 cents or 81 apiece.
l don't know how it is in Yukon or
Klondike, or even in the diamond fields
and gold reefs of South Africa, which
gives a Barney Barnato to the world as
an offset to our Coal Oil Johnny, but
my thirteen years in California in al
most every kind of business in which a
man conld earn an honest penny, have
| given me pretty fair idea of gambling
and wild speculation. have seen a
bag of gold dust that weighed thous-
and dollars thrown down on the gam
ing table for chips and the whole of it
lost within an hour, and the miner walk
up to the bar and order drink, calling
on those standing around whom he did
not know to join him, ard then walk
out of the gambling house as cool as an
iceberg.
But no mining speculation in Calfor-
MIA, even when the Big Bonanza was
struck in Nevada, whibh yielded 20, 600
1000, of solid silver, could be compared
to the excitement of the coal oil region.
1t was not a speculative excl tement; 1t
was madness men and women were
daft Ministers of the gospel, instead
of looking after their sheep, went herd
ing with the goats, and hundreds OF
them who got straight tips from the
members CT their congregation went for
wool and got shorn.
| The gentlemen from Brooklyn OF
whom | spoke few moments ago had
friend who went to the oil fields q
few weeks before, and in less than a
week rIade s., 900 in clean cash. His
success turned the Brooklyn mans
head. He had 10 money but he had a
beautiful home in the most fashionable
part of the city, splendidly furnished
in which he had invested the savings OF
his life. A lovely wife and four hand
some children completed a home OF
(which any man might well feel proud
He met his old friend on his arrival at
Oil City, who, in the strictest secrecy
gave him the straight tip on gushel
that then flowed 100 barrels day, and
when they got it in good order would
beyond all question, yield 200. But
the price was away beyond the Brook
llyn mans means. After a good dea
of haggling, bargaining and lying the
Brooklyn man gave for 100 shares hi'
home and everything in it, except his
wife ard children, and he left Oil City
that night the happiest man that ever
owned an oil well. On his arriva
home he took his wife in his arms anC
told her the good news-they were
millionaires. Two days from the tim,
of the purchase the well stopped flow
ing; it never had much life. The 100
barrel story was barrel lie. Bu
the next day the gentleman who solo
him the well came to Brooklyn to claim
his purchase.
AS soon as the wife learned that sh,
must give up her lovely home she wen