CALGARY OIL BOOM.

Taranaki Daily News, Volume LVII, Issue 41, 9 July 1914, Page 6

CALGARY OIL BOOM.

FRANTIC SPECULATION IX SHAKES. AXOTHER KLOXDIKE RUSH. London, May 27. -Extraordinary scenes arc being enacted in Calgary, where the most phenomenal oil boom on record is taking plat'.', despite cautionary warnings which have been published. More than sixty wells are already being drilled, and scores of others are on the way. says the Mortreal correspondent of the Express. Thousands oi people. ;ire investing every penny tiiey liave got in the gamble. A Conservative estimate is that over .t'2,000,00(i ha, been withdrawn from Calgary ba>:Ks alone. The majority of investors are people with from £2 to £lO. Waste-paper baskets are tjeing used for receptacles for investors' deposits. The Herronelder Company alone took in £20.000 in one day in small sums. When the Dinirman well spouted ninety feet into the ail' last week, the stock jumped from £2O to £4O for each share. "RECKLESS, FURIOUS. FIiAXTIC." Two hunderd and seventeen motoi ears were in a line outside the leadin brokers' offices on Saturday. They wer filled with investors-waiting their tur to buy shares. Speculation is reckless furious, frantic. People seem to hav gone mad about oil. It is unquestionable that several bona fide strikes of pavina wells have be"i made, but the tests of the extent of t.'i supply are not yet completed. Spe.-u lators and investors are pouring inti Calgary h.y hundreds daily from sJ quarters. Land booming is now proceeding, am bogus concerns liave sprung up liki mushrooms. Hundreds will be dupei and will lie sufferers for their o'.vi temerity. The rush promises to equa that of Yukon at the beginning. The police have to hold back tin people, who would otherwise rush tin brokers" olliccs, so anxious are they tc hand over their cash for shares or a> deposits on land sections. The Canadian Pacific Railway owns vast areas of land in the district, ani reserves royalty rights for all oil fou;ul DISCOMFITED BROKERS. Already the Manitoba Covernmen has taken steps to protect rash inves tors by prohibiting the sale of share; unless "the vendors 'have secured a eer ' tificate from the Public. Utilities Com missioner that the Stock is for a bona fide oil well and a sound business pro position. Scores of discomfited broker returned from Calgary after this orde was made. Recent settlers on small farms ar now leaving their properties to pa: ticipate in the oil rush. Stock trading continues from sunrise till ong after midnight. Tents are used toy some of the brokers to accommodate the rush of business, and the police force lias been augmented.