The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1907-02-13
OIL WELL GRAFT SECOND ONLY
TO THAT OF WILDCAT MINING
,.d Of Wild Speculation In OIL Follows Stories Of
pth Discoveries in Alaska Thousands Of Dollars
Given Up For Stock and Only Mite Has Come
hfh N Dividends Some Of the Dead Ones.

~oil~ has almost magic sound the ears OF the
..hzx As gold"
The wealth that John D. Rockefeller and his associates
- ,masssd the profits Of oil has daEsled the imagna-
:. i the world The richest living has demonstrated
~ al Is spoung well Of prolific millions, source of
u<rse profits comparatively small OF cap
III
Many have been amassed by the discovery and
Aopmens Of oil wells Many have been anassed also by
ss promoters OF oil companies. whose object has been
uarsly fleece the public and secondary discover OIL
en, should favor the bluffs at development made
) Asul
Seattle has the OF many wildcat oil companies
rh promoters have proved the savings OF the people
r.nising company the basis OF an alleged prospect
m have appealed the speculative instincts the people
. hn their pockets.
OIL EXCITEMENT STARTS.
wosd received Of a rich discovery OF oil in Alaska by
u Alaska Development, company started the oil excitement,
Seattle IN January 1907
period OF wild speculation followed during which in
- neixhborhood Of hundred oil companies offered stock
th< Seattle public Much stock sold but only one
urpsny has paid s stockholders from the
xefs 81 oil production.
Even the Alaska Development company a Seattle cor.
xascn which purpored have made the original oil
6oser paid dividends It's operations have been
ed in mystery far the public i concerned II Is
t the company IS the OF several good wells
ri have been capped presumably waiting future develop
pns
The exploitation Of oil confined TO the Alaska
~ Washington iavorite place for oil prospects.
SOME WERE -oN THE SQUARE"
Many oil companies organized 70 develop Wash
son locations capitalized heavily and sold stock the
pukE per share Many OF them did any
6vsepnent work. Some made honest efforts TO develop
Il The Olympic. La Push and copas were three of the
- .t,t-h
mr. prospects located the Pacific coast. in
n vnsy OF Gsays Harbor There remarkably strong
n6xssons Of oil there but the companies with diff
uh;s and found oil They proved entire less
b nv<stofs-
The wildcat companies made the possible bluffs
nusd development work. doing just enough sell stock
EneOuntering good sized boulder usually suifi-
stop the work Of drilling for oil but not to
np he speculation in the stock Of the company.
TEXAS DISCOVERY HELPS.
The discovery Of the Spindle Top gusher in the Beau
district Of Texas in the OF 1901 gave impetus
s speculasions IF there ID oil in Texas why in
Esjhnxron also the line Of reasoning thrown
= public
And an eager public took the bait.
The failures Of those days spot in the
phnss Of many Seattle people The Queen Oil company
Of the notable fisscos This company did pay
nal dividend. but more.
One genuine swndie the United States British
Columbia Coal & OIL company, promoted by OF the
Of Crockett This company was capitalized at
100000 and thousands OF dollars realized from the
nk ol its stock II Is worthless today.
There were others plenty and the organization Of oil
companies SCH stock the public has kept UP the
present day.
HERE'S LIST OF THE DEAD.
Following ID list OF companies organized here
which are dead:
~ al = csptst Nfms ara r@ts Capita
80 Ca kas 81 Nafsh e. e. tsss