The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-06-14

Guffey Company's wells on the north to
line. some $500 feet south. running from the
Guffey Company's No. l to the Hart No. i.
The Saratoga field has been thoroughly
explored ard according TO experienced men
who have visited the scene. is as thoroughly
pr ven as is Sour Lake. although there is
far from the number of wells in operation.
Some Sour Lake property has sold at the
rate of more than $4,000 an acre. and the
general price level is very high. town
has been built up out Of ciapboards and
tents and there are probably 80 people
there now. Mos oi them are men: fhe time
for The women and children 10 come Is not
yet. They will he along with the railroad
and the home-huldiug material.
Saratoga is yet a cit! IL prospect. There
has. of course. been considerable building
but this has been only the turerGnner of
what Will happen as soon as the place De
comes accessible 10 immigrants.
Spectators and professional oil company
Lake and Saratoga for many months; fer
the fact that there was oil at both places
was learned by them soon after Sp!ndletop
developed into petroleum phenomenon.
But. up to the present time, there has been
little public promoting at either place.
Spectators are very busy AT sour Lake
prices are the rule. and where Very ordinary
farmers very ordinary farms nave sud.
denly become the poSSeSsorS ~ nunuredS OF
| thousands of dollars in actual cash. oil COM
| pany promotion" has Jagged
| The reason for il is simple enough: Many
men promoted many bogus. or at least
| largely nCfltlGGS. companies III IIlt tdI itl
There are. however. fifty solid, substantial.
well-manased companies in the heaunionl
field. TO say nophins OF as many more WhiSn i
We're honestly promoted. conserVatVeiy
capitalized. and kept going a. long as pos
sihe by men who were earnest.
Their failure. partial or complete has been
the result of conditions that could not he
governed by the managers. Many OF them
have been assimilated by more successful
concerns. and are valuable parts OF the
g rr1,-r cd
FIELD OF OUTSIDE INVESTORS.
A majority of the companies that are now
doing business and preparing to do business
in the new fields are either branches of Spin
dletop companies or owned by Beaumont
Houston and New Orleans capitalists.
Among the Beaumont companies that are
now operating at Sour Lake for instance.
are such companies as the Texas Company.
Higgins Oil and Fuel Company. J. II. CUT
fey Petroleum Company; Haywood Oil Com
pany. Lone Acre Oil Company. Palestine
Beaumont OIL and Development Company
and Spindetop Power and Equipment Com
pany: and among the Beaumont oil men of
experience and capital who have invested
in the new fields are John y. Gilbert. George
W. Carroll, Rantail Silverman. c. w. Tyr
gentlemen who have recently associated
themselves with Mr.. Eastman ii the new
Saratoga Company. Without exception.
these companies and the gentlemen who are
here named. have been successful in the oil
business in Beaumont. and their associates
have made money. also.
There are many reasons for believing that
the new fields will be much better managed
and that the Sour Lake and Saratoga oil
companies will be conducted on more solid
basis than was the at Spindletop.
Spindletop phenomenon: nobody had
ever seen its like. and the wsest We're ig
norant when 1t came TO question of def
mite knowledge. Costly mistakes were
made in drillng-costly both to the well
owners and to the entire field.
Money was wasted with almost as much
recklessness characterized the waste of
oil and gas. Suicidal contracts and murder
Gus litigation were characteristics of the
entire history of the development of the
field.
Sour Lake and Saratoga are TO profit by
these mistakes. More care IS taken in drill
ing: there IS less waste in handling oil:
there are no long contracts made at few
cents per barrel: and inexperienced favor
ties of promoters whose only interest is
In selling the stock, are not being made
managers of the properties
= The development of the Saratoga and
Sour Lake fields has reached the stage
where large consumers of oil are assured
that their supply of oil will he ample for
all their needs for great many years
The railroads are particularly assured of