The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-06-01
IFW HIGH PRICE FOR LAND
,,,yae.iogg Syndicate Has Turned
~ loose Some of Its Holdings.
,,;s7, FOR A QUARTER OF AN ACRE
Din, in the Kelly Well Has Been
l0s ss,sd OF; Stockholders Called
to Meet at Beaumont

-. Texas. May 31.-James w.
p'iu,' s,ated tonight that he and his as
s"a'n had sold a quarter of an acre
soc holdings at the highest price per
o. Nv .,5 for land since the oil excite
ads naron The price paid. he stated,
pl'S 40, SIS and the purchaser was the
,,.mo on company.
~, citizens Consolidated, the Beatty
iH n.,i,,ra' the Manhattan. the Paragon
US ,,s Missouri. Kansas and reAas OIL
~ aies now feel certain taat they have
IO' hsrs in sight. Each of these companies
rnrcho, ed portion of the llogg'
snarne fifteen acres on spindle 'p
r.,.t,s The Beatty and the Citizeus
81 .olidated got half an acre eacn IA nm, tne
esi ard the other companies mehtlohc
aea' nsv forrth an acre each Greer ana
also pIrchased one-half an acre oil
~ land The purchase price IN ire case
" .sch company was at the rate OF $SV,-
q w " and the two and onC-half acres
.s.sh+ III the several companies put S@ul,
ooo IN cash into tnr puckets q! me eA
Sosernor aud his associates. The fifteen
100 IL said to have cost the llogS
Same reople 100000. Some mlsinformnd
ssonl,. have given 1t out that while the
tfsgnyernor has made succrsSful lawyer
sn5 noitlcian, he Is no business man,
~, ~ traders I'm real estate in this field
sre made different estimate of HIS
sadness capacity. The stories about MS
,syins made several millions here are, no
ionM exaggerated, hut II Is rcaSpnHDli
ssTtain that he has not had TO write nome
or money since he came to Beaumont.
Thr iaud sold to the several companies
mentioned comes to within few feet OF
NO ar three of the big gusherS. ana may
he nut down as proved oil land 1t is
Understood that Prather y sharpe get II
portion Of the tract purcnascd W Greer
ina Rose The land Is free from royalty
n Incnmbrance of any kind, and the deaf
I the biggest one since the original pur
base Of The fftcen-acre tract by Messrs.
Iogg. Swayne and others.
Tho deal Is interesting In another respect.
uany people have bought stock in the
companies making purchases of this land.
and the acquisition of the land gives
assurance to the stockholders that their
Is soon as wells can he put down. In
fact the companies interested intend to
begin drilling on their new purchases as
i0O1 as possible.
This afternoon when the drillcrs pullc
the fourinch pipe from the Kelly well pre-
paratory to battling it they discovered that
the pipe had been twisted on at depth
81 more than 1900 feet. This leaves tn
well in practically the same condition as
the Smith and spindle Top wells aud
makes further progress problematicil. II
/ Is possible to recover the srlel length
II pipe and the drll, which remains at tue
bottom, boring can be resumed. ON the
o,her hand, If the detached pipe becpmcs
SCI owing to the pressure of the sand ANA
lhwaf,s the efforts of the driIlcrs to r.
move il, thG Well VIII have 10 he aban.
donee President Moss suys everything pos
sihle VIII he done 10 remedy the difficulty
1le drill Is said to be 1850 feet dom.
\ call was prepared tonight Tor meet
Inc Of stockholders of the Texas and New
Dreams Oh owning the iNtllH
we'll, TO he held N beaumont next WedncS-
day. II appears that certain stockholders
2ho have been here on the ground are nos
altogether satisfied with the turn ot events
and they desire To Law the entire matter
before a full representation OF their mum
Ter One of them said tonight that II
was especially unfortunate that the pipe
should have been twisted on lust n this
Ime when the indications Of oil were tue
eeSt mat had bcHn encountered since the
drill was started
Interest In oil Is far from dead in Beau
nqnt This was decidedly apparent from
he wave of enthusiasm stirred up ny the
Encouraging reports from the Gober and
Kelly wells The tagging spirits Of real
.siate agents revived, the map men dug
" their wares, especially those showing
'Hritory around the two wells mentioned,
ihd mere was renewed air of activity
ifound the Crosby house. which has been
,Mnll street. In fact II began to seem
hke the Beaumont of month ago, aud Il
renewal Of the reports from the wells this
I nnfmng helped TO swell the feeling, which
might he termed excitement when it was
~ l!s highest pitch. There was much talk
y aeas, and some big deals were actual
y contaminated, though they involved only
proved territory. The furry of last night
su9l today demonstrates the correctness
y me statement made in The Post several
, rslSs recently tlat the bringing in of
s sss on OF Spindle Top Heights would
~ tne town going again and make
~ business in real estate. In fact the
ssnes OF six weeks ago would he dis
,,yyunled by what would follow the striking
X shonter IN uutried territory. This is
foe opinion If practically every man In
beaumont and when the feeling IS so
,,Snons nere II would naturally spread TO
iae surrounding country
VINE the town has been full of rumors
Rating to the Gober and Kelly wells,
.asre has been really little development at
u'ner well since last night AT the Gobei
"sh me work Of baillng was commenced
u@ afternoon after some delay IN remov-
ns,ot ne pipe. When the balling is com
AZ ~ !. wiz be Known whether the hopes
~ ,ne owners Of the well are TO he realized
sor whether drilling Will be necessary So,
N ,saty TO reports that the well has come
aiehtu eIe IS really nothing new since last
balm, WIN the exception that the work of
lug mas commenced
lny uss now the hopes of the town are hang
Wsii pu the result Of the work in these
Inns out u 1t Is shown that the antlcipa-
not =, u those in charge Of the wells are
sosetSooe realized, the town will pull itscir
d M AM ahd wait for gusher elsewhere
r., ~
an living are the quotations. reported
ue beaumont stock exchange today:
Am on ons Bid. Asked
Atlan,i ana Ref Co., old . - 81
Rsan,.u ana Pacific. .... Il
FedssnYpht and Pac slope. 49, Is
Cefmsn Srude .......... - 80
Sraee OIL Co '''''''''@lo- 09 Is
Progressive '''''''''.''' lY4 ~
United ''.............. ...... ~