Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1901-05-02
The BIC OIL BOOM.
The Excitement at Beaumont,
Tex, Growing hourly.
PRICES FOR Land KEEP GOING UP.
Tremendous Weight Attached to the Drill
ing Of the Wells Now Going on-If
They Fall to Pan Out Well .
Crash Il Probable.

DtuuIuUHt, 1CA's hpih So'bcdu-
mont's boom is growing hourly. The
remarkable condition which existed at
the close of Saturday week was even
more pronounced and acute last Satur-
day night. More people are here than
week ago. There is more money
here than a week ago, more excite
ment, more land trading, more invest
ing in stocks, more eagerness and
anxiety to get into the swim. People
are in frenzied state. "When will
it end?' some are beginning to ask.
"How long can prices keep going up
ward? What is boosting values so
high? What is the real foundation
for the mad exchange of money and
land?" The secret of 1t all lies sole
ly in the fact that within linz
tied area in land the greatest oil
producing field the world has ever
known has been found. There is no
disputing this, but this fact does not
justify by large measure all of the
operations conducted here. And still
the msneyed men, conservative men,
are coming on every train. The north,
the east and the extreme west APP
parently are just awakening to the
significance and opportunity within
the Beaumont oil field.
Ten days ago the top prices for land
was $4,000 an acre. Saturday $685.
900 was refused for one acre in the
gusher district. Early in the week
what is known as the Kelley well
blew gas at low level. This was
taken as certain indication of gush-
er. The well and three acres Of
ground sold for $125,O00. Saturday it
was said the well was about to come
in, and prices in the vicinity jumped
skyward. Land within three and four
miles of the Lucas has doubled and
trebled in value in less than six days.
If the Kelley well proves to be all
that is expected then there is another
week of wild land trading ahead.
People not on the ground cannot ap-
preciate the tremendous weight at
taching to the drilling now going on
in every direction. On the result of
this drilling depends the future of the
field. 1t means life or death to scores
of companies; II means wealth or
fattened purses to thousands of in
vestors and land holders. If the Beau-
mont district should prove to be moth
ing more than a comparatively small
oil area, then there will be q crash
far-reaching in its effect. There will
be Borrowing investors in every cor
ner of the land. Those companies
which have oil, and oil is here in rec
ord-breaking quantities, will weather
the storm and will settle down to a
legitimate oil business. The other
concerns won't be worth much, if
anything, and their lands will sell
only for rice cultivation, which has a
great future here, The public should
net with every possible degree Of cau-
ton before placing much money in
Beaumont. This cannot be too
strongly emphasized.
Two more oil gushers were brought
in here yesterday. The first is on
what Is known as the Gladys City
property. 1t was permitted to spout
only q few minutes when, after prov
ing itself the equal of any of the
others, the valve which had been pre-
viously arranged was closed and the
flow stopped.
The rumor that parties acting for
the Standard Oil company have pur-
chased the property of the Port
Arthur Land company is fully be-
lieved here.