Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-11-28
Spectators and Investors
Flood Jersey Town in
Wake of Find
sTEELMAN WELL GROWS
Reports Credit Operations With
Production of 20 Barrels of
Precious Fluid a Day
sv a stor Correspondent,

tate values are rising with leaps and
hounda and everybody--from the taxi cab
bes at the station to the officials Of the local
banks--is talking oil.
This state of affairs Is due to the report
that the oil we'll sunk on the estate OF
Louis steeman Is yielding twenty barrels
day. The news quickly flashed across the
country, and now Mlllvile ID besieged with
Spectators, land grabbers. oil experts from
the big companies, and boom followers gem
efhiiy.
Many OF them are we'll dressed glib
sonaued and persevering, and make no
secret OF the fact that they are here to
buy all oil land which follows the golden
trail.
Steelman said today that $4,000 acres
Of land had already been leased in Cumber-
land County in which the present we'll was
discovered. In Atlantic County, II is said.
$4,000 more acres have been leased. Tho
discovery OF the oil was made by DR.. Hugo
won Pagen. well-known geooEist who
has been making investigation in New Jer-
sey In this connection for several years. His
discovery, incidentally, has shattered pre-
vious geological theories.
The we'll is now down to a depth OF 800
feet, II Is said and the operators say they
intend to go down about 1000 feet more.
The big yield in the upper strata, they say
Indicates a big harvest when they get down
further. In fact, many believe II will be
comparatively short time before they strike
gusher
Analysis OF the oil, according to one OF
the operators, showed fifty-fve per cent
gasoline, thirteen per cent kerosene and n
high percentage Of paraffine. The oil pro-
duced from the Steelman we'll seems to
possess magical properties One OF the
operators made the somewhat surprising
statement that he took n quantity of It in
Its raw state right from the we'll and used
II to run his automobile from the oil well
70 Millville, more than three miles away.
NO STOCK FOR SALE?
All those who are on the ground floor
Of the proposition emphatlcalIy declared
there was no stock for sale. They are ap-
parently optimistic to the outcome. Their
chief object seems to be to acquire great
stretches OF land In which to sink more
wells. Steelmnn also pisnpty frowned
At the suggestion that stock was to be
sold. Despite his attitude however, there
appeared In the tBridgeton News of satur-
day the following advertisement;
''ol discovered in Millvlile All oil
stocks going up! One thousand shares for
$40. Make checks payable to cash. L. s..
care News office"
Directly under this advertisement was
another. urging readers to buy stock In an
oil company in Oklahoma City.
sTEELMAN REPUDIATEs "AD"
When shown the advertisement in the
Bridgeton paper. Steelman was amazed.
IT notice the Initials L. s." he said, which
tonVeyb Ino Impression lHaI L placed the
ad But there is no foundation for such
= conclusion. II looks as though some one
was trying to place me in n wrong light
never inserted such an advertisement, and
no one has had any authority to offer for
sale single share OF stock In this we'll"
On further questioning, however. Steel
man admitted that a company would be
formed on Wednesday. 1t will be known
as the Steelnan Realty, Gas and Oil Com
pany." he said and will have a paid-in
capital of 100000 There will be only
800 shares for sale at 800 a share"
The officers OF the company are all men,
bers OF Steelman's family Steelman him
helf Is president. His son. NJ. A. Steelman,
Is secretary and treasurer, and Leroy Steel
man, another son. Is vice president.
Steelman denied that the we'll was yield
ing twenty barrels a day. but declined to
aay Just what the daily output was There
has been great deal OF talk going on"
he said. but don't believe In going to
extremes am going to protect my friends
and not let any Of them do anything rash
through exaggerated statements"
LAND PRICES SOAR
The case of Thomas Mayhue is an illus
tration of the jump in land values. A year
ago Mayhue would have sold his eight
acre estate for $500. Now he will not take
cent less than 100000 In many instances
II was shown that ground worth about SIS
An acre had now jumped to $3.50.
dash OF the picturesque has been in
Jected into the boom by the oil scouts who
are out after land, Some represent big con-
Germs in the West others are free-IancInE
with the hope OF selling the ground leases
for big sums later on.
OIL SCOUTS BUSY
These scouts have already cornered the
market on taxis. Armed with leases ready
TO sign. they start out In the morning and
invade every section OF Cumberland County
IL one is suspected of having a lead on the
lay of the oil land he Is tralled by the
M M Of h. Fur
pielous. They don't believe in signing any
thing. Il guess well wait a while" is the
reply of many "if it's good oil it'll keep"
When one scout leases piece OF land the
others make every effort to lease another
strip close by
These scouts also keep sharp eye on
the railroad station for all strangers who
look as though they may have oil ambl-
tions. They follow visitors to the SteelmaR
veil and have ways of finding out Just what
he Intends to do. There Is a steady stream
OF visitors 10 the well all day long, but they
cannot get very close TO 1t. There is a fence
around r and : number OF sturdy guards,
WHO see that all unknowns get nothing but
> bird's-eye glimpse,
DEsoLATE SCENE
The little well is the only sign OF activity
IN ths immediate nelghborhood. Clustered
about IL are a half dozen little shaeks and
; bungalow, In which the drlllsFs and care
sakers sleep. And all around the we'll are
hundreds and hundreds OF struggling and
nfnnted pines which add to the desolation
Of the sesne The big derrick over the
veil towers like lone sentinel but II will
soon have companions. say the oil men
There Is nothing picturesque In digging
for oil. the operators say and they look |
forward 10 the time however when the |
ztragsling trees viii make way for more
derricks and wells and the buildings which |
50 with prosperous oil operation.
IN drilling, according TO one OF the opera |
Eora = great variety OF formation was en- |
eountered After 100 feet OF sand and clay |
s fouF-foot vein OF forty-seven per cent iron |
ore vas struck. This was followed BY Z /
small per cent OF natural gas bur not OF /
commercial quantity. Trenton rock was
then passed through and then a sixty-fo0t |
section OF oil-bsaring shale. This shale will i
sIsIa twenty-five barrels OF oil to the ton.
eecordinE 70 the operators. Following the i
zhaIe came the oil-beaFlng sandstone. a de- /
nosit oI ezokerite. crude form OF para
HHe. Has beneath layer OF trap rock.
When the suggestion was made that the /
all Vas seepaga from the Pennsylvania
aelds. Dacior Won Hagen. who made the In
Asllaallaas. expressed doubt. He eontended
Haz8 Ihe zseIosic structure OF the New Isr-