The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-10-13

lead to the best possible results. The Beau
mont boom is a thing Of the past. Its
wild feverishness, It's Inflated and abnor-
NAL values. its unhealthfu speculation.
have all taken their places with the things
that have been. and now the reaction is
on. The next step will be toward the
healthful conditions already mentioned,
when the situation Will settle down to the
proper proportions and the real value Of
the discovery will become apparent. This
value will not be so great as the world
thought II would he while the boom was
on perhaps nor so small as some people
are ready to believe Just now In many
cases men who went into the oil business
without any previous experience and with
ont any specific qualifications, made an
sorts Of promises. not because, In
many instances of any irregular prac-
tlces but as a result OF ignorance. which
led them TO make wild statements about
matters Of which they knew nothing Some
OF the members of this class assumed
that IL was only necessary to get a gusher
In order to become Immensely wealthy aud
pay unhcard of dividends to the people
who purchased stock 10 win he rem y
bered that during the boom days thousands
Of dollars worth Of stock was sold to per
sons in all parts OF the country, many
n the working classes. especially having
invested their savings IN the 1O-cent stock,
and the others which were originally held
at very low figures They failed TO realize
or, realizing failed 10 appreciate the fact
That they were paying par for their stock
and thnt until a value above par was
reached, their holdings would he profit
less. glance at The Posts oil quota
lions will show that with posi-
hly, one or two exceptions every
stock on the market is away below par
OF course none Of the companies have as
yet paid any dividends and II IS because OF
this fact the small stockholders feel that
they have grievance OF course, many
OF the wildcat concerns organized during
tho boom had no Intention Of doing any
thing more than getting possession Of
the money Of the people who purchased
their stock, but, as has been indicated De.
fore. many companies and individuals made
glowing promises of immediate dividends
In the best Of good faith and as a result
OF nothing worse than ignorance. They
( led their patrons to believe that lt was
only necessary to bring In a gusher, but
when the gusher was brought IN the hold
crs OF stock found that the value OF theft
/ holdings had not appreciated and that they
had before them long months of waiting
before such appreciation would be brought
about, II 1t ever was. Notwithstanding
al this many companies went ahead and
spent money In getting gushcrs merely
10 satisfy their stockholders and to try to
demonstrate the fact that they were net.
ing in good faith, They have the gushers.
but they have no market for their oil
and their stock Is at standstil at a polt
considerably below par.
Why Wells and Oh Are Being
Offered for Sale
Al RldiculouSly Low Prices.
So It is that wells are being offered for
sale at prices ranging from $1,000 to
$4,000, when, according 10 the roseatc
prospectuses sent out by many OF the com.
papies In the carly days Of the held, each
well, estimating its iow at $1,000 barrels
per day and the price at 80 cents per bar
rel would he worth $4,000 In a single
week. II is likely that In most cases where
a gusher has been offered for sale around
the prices mentioned above, the company
or individual owning It has spent mos, or
all Of his or It's capital In purchasing eS.
pcnSiye Spindle Top property and In the
ufllig OF the gushcr, so that now there
Is no money wherewlth 70 build storage
tanks, pipe lines. or cars and steamers
In other words Il has an almost unlim.
tied quantity OF oil and no means OF get
ting Its oil to market. This same condl-
tlon OF affairs has led many OF those who
have no more capital TO work with. to
Instead Of Offering to sell their wells, place
the price Of their oil at rldculously low
figure. II Is well known that more than
one ofter TO sell oil at rs low as 3 cents
per barrel at the well has been made ana
IL can easily be seen what great amount
Of disturbance a feature OF this sort Is
capable Of producing. The price Is not
the result Of the condition of the market
Of any lack OF demand therein, but OF tue
fact that the smaller well owner. In his
efforts 10 get the consumer 10 purchase oil
from his instead OF from the company