The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-05-15
THE OIL BOOM IN TEXAS.
People at Beaumont Half INSANE
over the Prospects of Wealth.

People at Beaumont Half insane
over the Prospects of wealth
Stories Of excitement in Texas over the
discovery OF oil are being told in Wash
iugton and are interesting as iilustraJ-
ing the reckless spirit of speculation
which is a fever heat il the Lone Star
State just now
Every old teapot and stocking is being
enlptied down in Texas, said a Houston
man at the Ebbitt House last night
The spectacle to be seen daily is one Of
the most distinctiveIy American imagin-
able 7 spent several days in Beaumont
recently and hardly knew the place, 50
great is the excitement over the oil dis
coveries. Previous to the discovery Of
the oil spouts- Beaumont was I common
place American town of about Ie0gJ in
habitants- The people living there were
fairly prosperous and happy and We're
contented with their lot. Now that Is
all over and every man who owns q
piece Of land has gone money Ia
his o@u mind he sees the valuation Of his
property going up almost double every
hour. There are, however. grounds for
this, for there are offers of purchase
made almost hourly characterized by an
increase IN price with each offer
Beaumont was growing in the regular
way and everybody knew everybody else
Now it is different There are 10000
strangers in town and more coming on
each train. There Is not room for the
people to eat. sleep, and move about. Two
special trains ruu every night TO Port Ar
thur and Sabine Pass to carry the drift
ing population TO points where they can
| eat and sleep and return next morning
Stores and other business places are
given 800 a month for enough space to
/ put up little real estate booths or tents.
and people who do not manage to get ont
| OF town tramp about all day and sleep
I At night on or under the canvas they
( have brought with them for the purpose
/ OF putting up tents.
! 1t is 4 scene of fevcrish activity. Ev-
/ cry man who owns TalUeleSS property is
| trying to sell for high prices and every
! man with stake IS trying TO make a
1 fortune out Of IL. Legitimate business in
the main, has been suspended. and half
J the people appear to have gone mad IT
/ viii be 4 long time before normal cnndi-
| tons are restored, and the present fnffCa-
| tons are that Beaumont VIII become ore
/ Of the important business centres of
| Texas
| Now. here IS Just one instance Of many
/ that shows to what height the excitement
/ has reached was walking down the
main street of the town one dav last
| week. with a man I knew We had not
| gone Tar when stranger rushed w TO
| my friend and said
IS Is this Mr. Clarke
| " Yes sir was the reply
III give you 1920 an acre for your
| tWenty-acre lot
| . The price IS $500 an acre said Mr..
/ Clark
| All right III be around at noon with
| a certified check Does this deal hold un-
/ til them
| .. III tell you better at noon,
| Anxious to see the Outct me ! remained
| with my friend until noon, and sure
! enough the prospective buyer was on
| hand with certified check for $50 900
! I don want your money said nv
| friend I have been offered s.. 40 an acre
/ for it since you were here, and it VIII be
! higher before night
| Great Scott man. I must have it.
| the buyer yelled Wait here for me a
| minute
! Back he came with authority from his
| principal to close the deal only u be- told
| that the price had jumped to g. eGp an acre.
60 It's almost ike robbery, but I can't
| help it Here, take this check on account
| 10 bind the deal before you jump the
| price gain -