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upon the market and went flying around like a ping pong ball. 
One day an old neighbor met Ingalls and told him that the seven 
acres he sold out at Spindle Top had just sold for $800,000, and 
asked him what he thought of that? Ingalls took a fresh chew, 
and said, “ I don’t care if it has sold for eight hundred millions of 
dollars, I got $4,000 spot cash and that was $3,500 more than the 
darned old place was worth.” The widow Sullivan owned 
twenty-five acres near “ Spindle Top.” It was known as the 
“Swill cart place,’ for she used to go to Beaumont every day with 
a cart for swill. She sold twenty acres for $10,200, and it proved 
to be dry, and was offered back to her for $300, but she declined, 
saying, ““ what do I want to buy the place for, when I can get the 
use of it for nothing.” 
At present Pennsylvania oil is quoted at $1.39. This does 
not mean just the oil that is produced in that state, but includes 
the oil produced in the Allegany field of New York, the oil of 
Monroe County, Ohio, and the entire production of Wset Virgi- 
nia, all of which is known in the trade as Pennsylvania oil, 
because it is of the same grade, and produced from sandstone. 
JANUARY 23, 1903. 
SEVENTH ANNUAL MEETING. 
The regular meeting was held in the Historical Rooms, the 
president, Dr. W. M. BEAucHAmp, in the chair. 
The report of the council recommended : 
(1) The payment of bills amounting to $3.50. 
‘(2) The printing of the postals for the coming year. 
(3) The appointment of the secretary and the treasurer as 
a membership committee. 
The report was accepted and adopted. 
SECRETARY'S REPORT. 
The report of the secretary, Mr. Philip F. Schneider, was 
next read, and is summarized as follows: 
