IV. MONEY MANIAS.
CHAPTER XXIV.
The Petroleum Humbug.—The New York and Rangoon Petroleum Company.
Every sham, as has often been said, proves some reality. Petroleum exists, no doubt, and is an important addition to our national wealth. But the Petroleum humbug or mania or superstition, or whatever you choose to call it, is a humbug, just as truly, and a big one, whether we use the word in its milder or its bitterer sense.
There are more than six hundred petroleum companies. The capital they call for, is certainly not less than five hundred million dollars. The money invested in the notorious South Sea Bubble was less than two-fifths as much—only about $190,000,000.
Now, this petroleum business—very much of it—is just as thorough a gambling business as any faro bank ever set up in Broadway, or any other stock speculation ever conjured up in Wall Street—as much so, for instance, as the well known Parker Vein coal company.
I shall here tell exactly how those well known and enterprising financiers, Messrs. Peter Rolleum and Diddle Digwell proceeded in organizing the New-York and
