Total export from United States........ 27,445,733 36,737,858 Same in 1862........ 10,887,701 gallons.

From this table we see the dispersion of the trade. Europe, Asia, Africa, and South America, as well as Islands in the Atlantic, Pacific, and Indian Oceans, come in for a share of the exports, and, as it has just been

274

CAPITAL INVESTED.

introduced into many of these places, the hope is not an unreasonable one, that, as its value becomes known, there will be a largely increased demand from year to year as long as the supply continues. In most of the places enumerated in the table petroleum was unknown four years ago, except perhaps as a medical agent, or as a natural curiosity. In 1861 forty casks were sent to France as a curiosity; the next year some four thousand casks were sent there by way of experiment, now this country competes with England in her demand. The foreign demand for illuminating purposes alone would be very great in a short time, but as new discoveries are made, and new uses developed for the product a very rapid increase in the demand may readily be expected, that can only be qualified by two considerations, to wit, large discoveries in foreign countries, or a large falling off in our own country.

As to the former, the idea is not an extravagant one that the same means being employed, and the same energy put forth that are brought to bear in the development of the trade here, there may be like success. Still, we are not sufficiently acquainted with the geological features of foreign countries, where this product manifests itself, to arrive at any opinion in the matter. As to the other modifying condition, the falling off in the supply from the oil region in this country, there is no ground to indulge in fear; on the contrary, every indication points to a large extension in the sources of supply.

During the past year new capital has been seeking investment in the oil region to an extent absolutely astounding. The very circumstances of the country are favorable to the growth of the trade. Capital is abundant. Hopes of increase are large, and the petroleum

EXPLORATION STIMULATED.

275

land seems the land of promise. Lands that were valued at thousands a few years ago are now valued at millions. Capital that was formerly seeking investment in railroad stocks, gold and silver stocks, iron and coal stocks, is now rushing tumultuously into the oil valleys, finding employment there, with a fair show of success. It is entirely safe to put down the capital connected with the petroleum business in the United States at four hundred and fifty millions of dollars. Of this more than one half is connected with Venango county.

Now, as a very large amount of capital has been invested in oil lands, or lands supposed to overlie oil, and this supplemented by other capital set apart for the development of these lands, the supposition is a reasonable one, that a large amount of valuable oil lands will be rendered productive in the course of the current year. The same energy that has characterized the past, and that has been attended with so much success, will be brought to bear in the development of these new lands, and will, no doubt, be attended with similar success.

Nor is the idea a correct one, that these new lands are probably worthless. No doubt many portions of them are. But, as explorations proceed in new portions of Venango county, on the tributaries of the streams where operations have hitherto been carried forward, they have been attended by the most gratifying success. In many places the new territory has rivalled if not excelled the old. And just in proportion as the field is widening, and capital increasing, will the trade increase, until, at no distant day, it will surpass in magnitude and importance any other branch of trade in the whole land. It is already pressing hard upon the iron and coal interests. It will soon overleap in importance the gold and silver pro

276

PETROLEUM TRADE UNPARALLELED.

ducts of the western States and territories, and the entire yield of cotton in the southern States in their most palmy days.

The business is in a more flourishing condtion now than it has ever been before; new capital is entering into its development, and parties engaged in it are quite satisfied with its progress. There are, of course, drawbacks and discouragements; these belong necessarily to all enterprises; but the general features of the entire business. are most encouraging and promising; and, unless all rational indications usually manifested in the progress and development of trade should fail, the petroleum business has before it a grand and brilliant future.

CHAPTER XXIII.

PRESENT ASPECT AND IMPORTANCE.

THE petroleum trade is singular and unparalleled in the world's history. Like Minerva, in Grecian fable, springing mature and full-armed from the brain of Jupiter, it has sprung in almost mature strength and vigor from the earth's bosom. It has worn no swaddling bands. It has required no gentle nurture, no fostering care, to enable it to eke out an existence until time should give it strength and harden its muscle, but has leaped at once into the arena of the world's traffic, and is now the peer, if not the superior, of all other branches of trade. In less than one year from the moment of its inception, it