A Big Thing in Oil Speculation
Daily Davenport Democrat (Iowa), February 16, 1865
From the Syracuse (New York) Journal
The record of great expectations realized and of fortunes achieved in an almost incredible short period, in the oil regions of Pennsylvania, is like a romance of the Arabian Nights order. Reports current here for several days, which make a former resident in the most humble circumstances a veritable millionaire, prove to be correct.
Johnson B. Brown, for a years a journeyman tailor, and subsequently Lieutenant Colonel in the 101st New York Volunteers is the fortunate individual. After a long season of prospecting in the oil region — which apparently resulted in nothing more than saddling him with obligations which promised nothing but hopeless ruin — he left that region with scarce money enough to talk him out of the State. He made his way to Chicago, and soon after started on his way to [New York] State.
At Buffalo he was met by several oil speculators who astonished him by offering him $50,000 for his interest in a track of land at Pithole on Oil Creek. But like the true oil speculator, Brown declined the offer and vowed he would get more or bust!
On to the oil region he went, and there found that his interest in a newly developed flowing well was highly valuable. The result was Brown learned that he was not a beggar, he was possessed of a round million of dollars in greenbacks, which were readily paid him by New York parties. Brown, the penniless tailor, has become Brown the millionaire.