The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-12-28
PROPOSITION SUBMITTED
TO DEVELOP OIL AND GAS IN HAIR
RIS COUNTY NEAR HOUSTON.
The Harris County Development Com
pany Proposes to Sell Stock and
Sink Another Well.

There was a meeting of citizens yester.
day afternoon al the Business League to
hear a proposition from the Harris County
Development company, which has been en-
gagged for some time past in boring for
oil near Pierce Junction. on what * known
as the Taylor place where two wells, par.
TALLY completed. have been abandoned on
account OF accidents, but whore, according
10 the best ocular and scientific tesN.
mony, there is every evidence of securing
an abundant supply OF both gas and oil
Mr. H. +. MacGrcgor, president of the
business League, called the meeting TO
order and called upon Mr. Frank W Fox
to state the object He In turn delegated
this duty to Judge Norman g. Kitteu,
who stated in substance that last Febru.
AIRY ten of Houstoh's well known citizens
formed company for developing an oil
well at Pierce Junction That at a depth
Of $50 feet supply or natural gas was
encountered of sufficient volume to In
duce Prof Otley, the geologist, 10 assert
that there was a sufficient supply OF nat
ural gas there to supply Houston for years
TO come with an abundance Of gas for
both light and fuel purposes Al a depth
Of 500 feet a cap rock was struck and after
penetrating It depth Of eighteen inches
the drill was worn out, and in attempting
the well caved I'm with gravel and work
could not be resumed, Another Well was
started about two miles distant from the
first and after going down with this one
something over 700 feet another accident
caused its abandonment
The Harris County development company
was organized with q capita stock NJ $50
zoe
It's projectors Messrs n. w. Camp |.
L. Wolf, II Levy, Captain William puno-
Butte John IL b House Howard Smith
Frank w Fox and " L. Mills, had al
ready spent 5000 in developing these wells
erty assert that the PROSPECTS, for oil thcrc
are the best they have encountered any
where in Texas
II oil should be developed there, con.
tinucd Judge kitrcll, and all that Is re
CURED to do It is the effort, II means that
every piece of property In Houstou win
increase 80 per cent In value ANY well
valuable than at Beaumont owing 10 its
proximity to Houston and tide water facl
tiles for shipment II is now proposed 70
sell 5000 worth Of the stock Of this com
pany, with the view Of raising money suf
Judge Klttrell referred TO the wonderful
development OF Texas since 1870 by quoting
the following statistics:
In 1870 the entire population OF Texas
was $4,000; in 1900 II was 3,OS2,OOO.
The taxable wealth Of the State In 1870
was $4,000 600: IN 1901 IL is SDS1 900 900,
the increase In the last year being SCI,
100000.
In 1870 there were Ill miles Of railroad
in Texas; now there are lo,52$i miles.
Mr. MacGregor wanted 10 know what
constituted the assets of the Harris Coun-
~ Development company and what in
tangible results, might be expected by
those who were being asked to put up
$1,000 for stock
Mr.. Fox said the new subscribers would
participate equally in the profits of the
enterprise in proportion to the stock sub
scrlbed for, and that this 5000 was LOT
to he used in replacing the 5000 already
expended This 5000 was already ire
coVersbly lost
Mr.. Maetiregor said the plan, Of invest invest;
if people were expected to put up their
money His idea OF the proposition was
substantially thiS, that H. say 5000 could
be secured. this with the 5000 already
spent, would make an investment OF sll
900. and that those who had put in this
S15.OOO would participate equally In the
| division of the $4,000 In stock, or re-
| cejyn In sfocL. ion Tor one for the cash
nut in and that the tangible assets was a
| lease on 1000 acres Of oil and gas producing
| territory.
~