Canada -- Description and travel; United States -- Description and travel
Five miles above, Oil Creek flows into the Allegheny, and here is Oil
City, the petroleum headquarters. It has had a varying history, being
once almost destroyed by flood and twice by fire, but maintains its
supremacy and is a complete oil town--the air filled with petroleum
odors, and the lower streets saturated with the fluid. On the
Allegheny, nine miles from Oil City, is Oleopolis, and a short
distance inland is Pithole City, which was one of the famous oil towns
whose rise and decline were so phenomenal. A few farmers here tried to
get a scanty subsistence from the rocky and almost barren soil, where,
on a hill, there was a fissure two to four feet wide, called the
"pithole," from which came out at intervals hot air and bad smells.
This was on the Holmden farm, which had been nominally valued at five
dollars an acre. Somebody thought he detected the smell of oil among
the odors coming up, and a well was bored. It struck oil in the winter
of 1864-65, and was the greatest strike made down to that time--the
United States Well yielding seven thousand barrels daily. Multitudes
flocked thither, and in six months Pithole City arose in the
wilderness with fifteen thousand inhabitants, two theatres, an opera
house, a daily newspaper, and seventy-two hotels of various degrees.
Numerous wells were sunk, and the oil sold at $5 to $8 per barrel,
being readily sent to the seaboard. The Holmden farm was soon sold for
$4,000,000. There were some amazing speculative trades made. The story
is told of a well striking oil and a speculative bystander at once
buying a three-fourths interest in it for $18,000, agreeing to pay the
money next day. Turning away from the seller, he met a man seeking
such an investment, and promptly resold his interest for $75,000,
receiving immediate payment. The yield of this region was so prolific
that railroads and pipe lines were soon constructed to carry the oil
away. Pithole had its great boom in the autumn of 1866, wells being
bored in every direction, and real estate fetching enormous prices.
One old fellow who had a few acres of arid land in the centre of the
excitement sold his farm and hovel for $800,000, paid him on the spot
in $1000 notes; and then he sorrowfully bemoaned, as he took a last
look at the hovel he had occupied all his life, "Now I haint got any
home." The rise of this wonderful town was rapid, and its downfall
came all too soon. The oil supply became exhausted, the speculators
left, the inhabitants dwindled in number, and by 1870 Pithole had
reverted almost to its original condition. The chief hotel, which had
cost $31,000 to build, was afterwards sold for $100, and the
population had declined in 1873 to nine families.
Public-domain text, read in full here on John Shaqi.
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