Situation
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The Oil Situation

(Galveston Daily News, January 26, 1901)

Beaumont, Tex., January 25--Yesterday Brought Forth Little That Was New in The Field Around Beaumont--A Denial From Lucas--Says The Product From his Well Has Not Been Sold to Standard Oil Company--Will Develop The Field--Some Real Estate Deals Recorded--Interested in The Movements of Rockefeller.

Captain F. A. Lucas today denied the report that the product from the Lucas well had been purchased by the Standard Oil Company, and (denied) that the pipeline would be built to Sabine instead of Port Arthur. He said that the oil would be piped to Port Arthur, as reported several days ago, and that it would be stored in tanks there and here until they have a sufficient amount to attract a market. "Our attention is going to be directed more to the development of this oil field than to the marketing of this oil (already produced)," said Captain Lucas. "Of course, we will have to dispose of the oil, but it will be used largely as a fuel oil, and it will take time to manage that."

Considerable speculation has been indulged in here over the prospective advent of Mr. (John D.) Rockefeller, who is now in the state, and is expected here either tonight or tomorrow. It is generally understood that Mr. Rockefeller is not connected with the Standard Oil Company, but a prominent oil man here insists that he is.

Although the surface excitement has largely subsided here, there is an amount of activity about the city which will surprise those who think the oil question is forgotten. There are as large a crowd of people in the Crosby House tonight as there has been at any time since the strike of two weeks ago. Just what is the drift of talk is difficult to determine, except that the general topic is oil.

Records of real estate transactions show a large amount of businss being transacted, but it is not confined to oil lands. In fact, save for a number of leases and some small tracts of land near the well, there have been no exchanges of considerable moment.

George H. Quinnlan, vice president and general manager, and C. W. Bein, traffic manager of the Houston and Texas Central Railway, spent the day in the city. They did not disclose the object of their visit, but it was understood that they were looking after some Central (railroad) lands in the county. Captain Lucas and Hamill Brothers, his contractors, are preparing to sink another well about 600 feet west of the big gusher on the property of the Gladys City Company. (Compiled by W. T. Block)

Copyright 1998-2018 by W. T. Block. All rights reserved.
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