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Down to Business

(Galveston Daily News, January 18, 1901)

Beaumont, Texas, Jan 17---DOWN TO BUSINESS--Excitement Cooling Off at Beaumont---Investments Are Being Made---A Favorite in Stock---Was That Of The Higgins Company, Which Doubled In Value In A Few Hours---Expert Oil Men Are Here---Universal Opinion Of Oil Men is That The Field is The Most Inviting in America---.

Notwithstanding last night's trains brought in a large number of sightseers, investors, oil men, and well-digging machinery agents, today has been the quietest of any since the bursting of the Lucas oil well and yet more real business has been transacted today than during the whole of the week.

This is because men with money to invest and experienced oil men have been waiting for the excitement over the well to subside in order that business might be transacted intelligently. Several large deals have been negotiated today and a few have been closed.

The charter for the Higgins Oil Company was forwarded to Austin last night for approval. The company will have a capital stock of $100,000, and will operate many rigs on land owned and controlled by stockholders. It is said there will be such a demand for stock of the company as soon as organization is completed that the price advanced to 200% premium on the face of the stock.

There is a world of money here seeking investment, and it will gradually find its way into the development of the oil field. Several prominent oil men from New york, Pennsylvania, Ohio, and other fields reached here last night. Among them is ex-State Senator M. L. Lockwood of Harmony, Pennsylvania, who is president of the Anti-Trust League of America. Mr. Lockwood came from his home in the Keystone State to see the Lucas well and to investigate the fields. He is undecided whether he will identify himself with the development or not.

There can be no doubt but that this field will be one of the most extensive in the United States. The universal opinion of all oil men is that this is one of the richest oil fields ever struck, and many predict that there will be other wells as large as the Lucas strike.

Dr. Chauncey B. Forward, president and general manager of the Forward Reduction Company of Cleveland, Ohio, and Edward B. Buchwalter, vice president of the same company, from Springfield, Ohio, arrived last night and are enthusiastic over the find. The Forward Reduction Company is interested in this field and has been represented here for about two years by J. A. Paulhamas, who has several wells (drilling at Taylor's Bayou) in the lower part of the county. Dr. Forward talks of building a large plant here for the utilization of the oil and the manufacturing of gas.

The big Lucas well has been mastered by its owners. Last evening about 6 o'clock a T-joint was placed over the stream and valve on the upright pipe was closed, thus directing the stream through the horizontal pipe and shooting oil onto the ground.

When preparations have been completed, the valve on the horizontal pipe will be closed and the well stopped. This destroys the wonderful sight furnished by the oil spouting into the air, but it is the cause for rejoicing with Captain Lucas and the owners of the well. The oil can than be managed and will be turned into immense iron tanks, which are being built for that purpose.

A company is being organized here tonight which will have a capital stock of $2,000,000 and will be the largest factor in the working of the oil field in this county. (compiled by W. T. Block)

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