The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-04-03
ARE DAZZLING IN STOCKS
Investors Can Find No Land in the
Beaumont Oil District.
MANY COMPANIES ARE BEING ORGANIZED
And Those with Money Get into the Oil
Game by Becoming Stock
holders in Them.

Beaumont, Texas. April 2-Interest has
been transferred from the oil held souta.
Of Beaumont to the street corners, banks,
lawyers offices and other places In the
city where business can be discussed and
almost hourly comes the announcement that
u new oil company has been organized
There seems to bc no longer question
as 10 the permaueucy. aud magnitude of
lie oil neld here ii hcIng generally br
Hcypa that II Is only necessary 70 secure
a piece OF land, send down drill ana
gusher will be forthcoming There Is Hu
enormous acreage OF land IN this sectioh,
Stl there is not enough TO 90 around, an
those who are unable 70 secure holdlng'
either by purchase or lease are adopllhs
what tAcy regard bs the next best th'nE
and tAc getting into oil companies
Some remarkable transactions are taxing
place here one OF note is reported tduay
A gentleman had tract of land when nc
was cnhcayorlng to put Into an oil CON
puny nj $50 per acre. lie was not sue
CtsSfu and placed Il in the hands OF a
real estate agent for sale. lie drove out
70 the oil field ANA when he returned the
real estate agent had contracted sale OF
the land for 500 per acre. Before the
Lucas susher tA!s same lahd conIa nave
been easily bought for $50 per acre This
Is only one Instance oi the increase IN
iaud values somewhat dlaNut from the
spsler. Near it 1t Is practically Impossible
il hVy.
Drilling IN the field is progressing aud
two more guShcrs are due within the next
louy eight hours lhcy viii, however, add
nothing TO the field. Operations which are
watched with interest are the derrlcks
which are from five TO hfteen miles from
the Lucas gcyser. II one OF them brings
In gushcr jefferson county viii he able
to furnish tue world with oil.
Governor hogg is still here and this
afternoon manifcsts symptoms of having
caugnt the oil fever lie has not yet
reached the excited point but IT is hardly
hat a., mil uvs tx.zt... -
becoming Interested In the oil development
Of this section. Indeed, II Is more than
probable that he viii he the president OF
an on concern thar Will have plenty of
Mr.. j. w Otley, distinguished geoiO-
gtst Of Richmond. Va, who several years
ago run a line through this country and
located the oil deposits which have since
been discovered. Is IN the city. Mr.. OtIey
talked very Interestingly last night ON this
subject with The Post correspondent, and
told OF his experience In running the line
of the oil deposits. Il was In 1895 that Mr.
Otley began In Kansas to trace what ne
terms the Transmlssissppi oil deposits and
he followed the oil from Kansas to the oil
uool ia the gulf Of Mexico, locating various
basins, where ne predicted that oil In great
quantities would be found. At this Mace
MIR. obey spent several days and located
the exact spot where the Lucas well was
discovered ~ the place where oil would
most likely be discovered In great quaint
ties Mr.. Otley told OF his theory as TO
the formation az the oil deposits IN this
country He does not believe In the stream
theory, but thinks the oil Is deposited IN
what ne called oil bearing sand or rock
This rock which has confined the oil and
gases in the earth and which every driller
has found Just before he reaches tho Oh
He says this of bearing send lies almost
continuously from mo gulf through ,hc
United States 10 . northWesterly direction
Is the same streak In explanation Of the
extraordinary amount o. oil here Mr., OF