The Portland daily press., 1865-05-13
Letter from the Oil Region.
CHERRY RUN, Pa, May 4, 1855.

n0n00lJ
which oil has been found in some quantity,
even in this State, is now so extensive and
the interests involved In the oil business so
great that in this, my first letter, can touch
upon only few Of the more important points.
The intense excitement, and almost insane
speculatiens of last winter, produced their
Legitimate fruits, and reaction, which saga
cious business men saw was inevitable, has
followed. This, together with the sudden de-
cline Of gold, sent down prices of oil and oil
lands, to an alarming extent, but the panic
which ensued, though it nearly Frustrated the
oil business for time, was OF short duration
and served most valuable purpose. 1t did
more really to establish the business on Sc
cure and permanent basis, than almost any
thing else could have done, as it put an effec-
tual stop to the wild specializing mania Of the
day, Bringing ruin to many of the most 'reck
bogus stock companies. Thus an immense
amount of property suddenly changed hands,
and was bought up at reasonable prices by in
dividuals and companies doing legitimate
business, and these lands are now being rap
idly developed, and are adding daily to the
wealth of the nation.
Thus, as I remarked, the panic did us a
good turn, and in the judgement of the best
informed men have met, the oil business is
to-day in better shape, and its prospects more
promising than they have been at any previ
GUS time. The humbug has been knocked out
of it, and it has settled down upon broad,
firm basis, which will soon make it rank sec
ond to no branch of business in the country.
The price of oil has been steadily advancing
since operators began to gain confidence, and
now sells readily, am told, at 81, 90 to 7,50 here
on this Run. At Oil City it is worth $3.50,
and I am told has sold as high as 5000. 1t is
the opinion of many here, that it Will soon
command price higher than it ever reached
| before. The reasons for this are obvious,
when we take into account the fact that more
uses for 1t are being developed every day, and
| Europe, has increased hundred fold Ia the
last eight months.
In coming here from New York, we take
| the Erie Railroad to Salamanca; thence by
the Atlantic and Great Western to Meadyille.
passing through Cory, from which there is
branch road to Ttusville and Shaffer Farm.
At Meadville, we take another branch of the
A. d G. W. R. R. to Oil City, passing down
the left bank f French Creek, or Venango
River to Franklin, twenty-seven miles, where
the Venango empties into the Allegheny;
then up the Allegheny to Oil City seven miles.
We "strike oil" first on the Venango River,
a short distance above Franklin, though we
pass many derricks higher up the river, and
even before leaving the Erie Road. In Cata,.
raugus County, N. T., we find Indications OF
"anxious oil-seekers," several derrcks having
been erected along the line of the road. had
no opportunity of learning anything definite
as to the developments in that section. At
Cory, Meadville and Franklin, all the freight
houses were filed with engines, boilers and
other machinery used in boring wells; at
Franklin alone. l should Judge, there were not
less than one hundred and fifty engines,
awaiting transportation up the river. Trains
heavily loaded with oil meet us at every
station, and are seen standing upon every
turnout. ~
From Franklin to Oil City, both sides of
the river are thlckly lined with derricks, but
there are very few producing wells, though we
see abundant evidence that there is oil some
where higher up, as the whole surface of the
river is covered with greenish, bilious looking
patches, which we readily perceive is "Petro-
leum." At Oil City we strike the mouth of
Oil Creek, and here for the first time we find
oil in any large quantity.
Oil City is lively, dirty little town Of some
5000 inhabitants, and as you approach it by
the river it presents striking and singular az
pearance. The buildings are principally low,
not over two stories, and the numerous tall
derricks looming above them all through the
lower part of the town, look like skeleton
towers to every house. There are many good
producing wells in this part of the town, and
oil barrels and tanks are thick as flies. The
better residences are all the other side of the
creek, on what is called "Cottage Hill,' a
very pretty place. Four years ago this hill was
"howling wilderness"
From Oil City we follow up Oil Creek, where
derricks and wells grow thicker and thicker
at every step. There is line of stages run
ming to Housewife, three miles, but the roads
are in such horrible condition, that If man
has any regard for the safety of his neck, he
will not trust himself to ride over them. The
only other means of getting up is to walk or
take fiat boat. Hundreds of these may be
seen on the creek, floating down heavily load
ed with oil. or going up with empty barrels and
other freight, drawn by horses wading in the
middle of the stream. We chose to walk, as
afIordng better opportunities for observation,
and an examination of the various wells. We
found no flowing wells on this part of the
creek, and but few that were pumping much
oil, and yet almost every rod Of boring space
on the creek and the adjoining hillsides, is &C.
cupied by wells, and in one instance some ad-
venturous oil-seeker attempted to build tow
or to bore the middle of the stream, but the
floods carried away all but his foundation,
which still stands as monument of his folly.
At Housewife we find about the same state of
things as at Oil City; the town itself differing
from<he latter only in size.
The Buchanan Farm, on which many good
wells have been struck, is near this village; it
is on this farm that Messrs. Bradbury and Man.
ley Of Augusta, are operating, with very good
success believe. At Housewife we strike the
mouth of Cherry Run, now the grand center
of the oil producing territory of Pennsylva-
MIA. We continue on up this Run, which
winds its way through narrow defle aanked
on either side by high bluffs for about half
mile, through forest of derricks and sea OF
mud, when we come to more open space,
when the hills recede from the Run, forming
little valley about forty rods wide and perhaps
half a mile in length. Here in this little val