The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-05-03
NER A MILLION DOLLARS
|nsideration for Land Transferred
at Beaumont Last Two Days.
Hen THE KELLEY MAY BE EXPECTED
i. Glover Says II Is Not Due for Ten
Days-He Is Certain 1t VIII Be
Gusher-Oii Exchange Notes.

beaumont, Texas, May o.-Real estate
Masters showing total consideration OF |
IN n little less than S1,0O0.000 were tiied |
8terday and today's total was S51s,5H. |
preat many options on land expired yes /
atlay and today which accounts for the
6flense amount of business recorded. 1t
~ explains the eagerness to close deals
anifested by some parties who had bought |
kluable land by merely putting up earnest
Vney. with no intention of purchasing the |
N unless they could sell it before the
ne given them to make final payment |
kpired.
Pic most notable change in the situation,
htrefore. is the gradual wedding out OF
q Wild speculation that characterized so
nany transactions last week. This has
I'm succeeded by an Investment buying
mo makes the situation much better for
II concerned. Men purchasing oil lands
AN are doing so with view to holding
Nam. or of developing their property
mere were some bargains on the market
osterday and they were snapped up read
The land bought will not be offered
~ sale again soon. 1t has been taken OF
M market temporarily at least. Some
racts I'm surveys remote from the proven
iii field were butItu perseverance,
ebep investigated 1t was found that the
arties wanting to sell were merely specu-
,tors who had put up nothing hut small
81 cent of earnest money. and who were
ryinr to avoid forfeitlng this. The actual
wners of land are not pushing any thing
" the market. They realize the value Of
ii lands and will wait until the field IS
,rther developed before selling.
10 ly Si1prpd much
mproyed from a sound business stand
clint. The hawking of land and stocks on
nj streets has practically ended. and the
eckless buying and selling of real estate
no longer noticeable. Tradosare being
hade hourly. but the transactions are con-
ncted An a husinessAkc manner. titles a"e
arefully Investigated and the actual cash
s. changing hands.
There have been various reports regard
nc the exact date the Kelly wen Is due
y come in. and in order to get the facts
"a Post reporter today called upon M.
Frank Glover of the Gloyer-Anderson com
bany, the owners of this property Wheh
lsked regarding the situation, Mr.. Glover
aid: II don't know how so many reports
sot into circulation regarding our well.
xnow 1t is going to prove a susher equal
o any of those yet brought in, nut the
bublic need not expect the gushing TO ne
kin for at least ten days. We reached one
fefn OF oil some days ago and 1t was
houbtless this discovery that set the peo-
bile to predicting the date our gushtr
you'd start You know We are putting
iown a six-inch pipe, one of the largest "A
the field. We are going ahead slowly ana
Enrefully, and are preparing In methoui-
xhen we pass through the rock we nave
bow struck. This rock caps the big oil
kein hut TO 20 through the formation is
poi the work of day nor Of week 1t
Il slow process, and in order to be sue
eessful great care must he taken we are
taking every precaution, and do not III
fend to break any of our machinery in the
attempt to rush matters. We viii have
bp oil gusher within tne next ten days,
Be a physical possibility for us to get
Through +he rock sooner than that, and 1t
may take a few days longer. Drilling an
oh well is not play, and you can rest as
sured we are not going to play with ours.
Flowing well Is worth millions OF dollars.
Ind we are content to go after ours in a
slow and sure style
Prices are higher than they have yet been
In the real estate market, and stocks while
moi in such great demand here as land, are
being sold rapidly and in very large blocks
on telegraphic and mail orders.
IL would seem in the face of these facts
Iuht those shtnllNS WIZ AudNt bfNh Nio' So -
thai the great activity here could not last
and would eventually collapse and fall nat
We're somewhat off in their views and pre-
dfctions. In the first place the excitement
and activity was not the result Of any
Visionary ar imaginative opportunity, ana
Naturally the oil development could not he
ciassed as a boom in the ordinary sense
Of the word. Every particle of excitement
has been entirely justified by the condl-
lions here and the wonder Is that as much
coolnpSS and good llSDlaNpu as
has been the ease
sThe oil is here in unlimited quantities,
ana that II is valuable is not disputed In
any quarter. Its utilization is no longer
q problem. The limit Of the oil producing
territory is AS yet unknown, bnt sufficient
demonstration Of the area OF the field has
hecn made as to warrant the belief that
the product is ineXhaustible
~
Mr. Charles Clarke, the we'll known
dredging contractor is leading IA move,
ment looking to the formation Of con-
rany which will have for its object the
transportation of oil from Beaumont to al
points on the gulf coast. Fhe company
VII be a common carrier and accept freight
from any one for delivery to any potut
which can be reached by tug boats and
barges. Mr.. Clarke has already three wood
ep harges which will Immediately be pro
ylded with oil tanks, ana in addition he
has competed arrangements for building So
iarge steel tank barges which Will D'
secured. The organization of the company
wil not he effected until these bargos hur,
hcn secured, then he purposes to get NJ
the stock company to look after the ous
MSS, and the barges and tug boats vii
then be turned over to the organization n
Exchange for stock. Mr. Clarke is bette
prepared TO conduct a business of this scr
Nccessfully than any other man In thu
hctlon, and he thinks there Is q Spends
ppening for a barge line Of this sort an'
opportunity fof the development OF lurg
hade along the gulf coast In Beaumont oil
\
Somebody today happened "a think thai
President Mckinley and party would pas
Through here tomorrow morning on tneil
Western trip, and set out to learn how
Yong the party would remain here. MINI
people out of ten had forgotten that th'
president was going to take q Trip am
tho other one wasn't very wei posted 81
PTS itlnegary The inquiries caused IN
people to recall the fact OF the trip, anI
the disappointment was universal wheI
10 was learned that he wasn't going Z
stnp here at all. Everybody has beer
D. absorbed In the oil developments ina
fhey have paid little attention 10 anything
9lsc, and In never occurred 10 thein Una
Enybody-eyen the president OF the Unite
y tatcs--could pass through beaumont Win