New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-04-10
RISE AND FAIL or Az OIL TOWN.
ATALE OF TIE DAYS OF SPECULATION.

A TALE OF TIE DAYS OF SPECULATION.
HOW THEY STRUCK OIL" IN SUMMIT CITY
RAPID FINANCIAL CHANGES srECUATlNG on
A SMALL CAPrTAI.--A CITY N RUINS.
frrov Al AsIo>AL CORRESPONDENT TIlE TEtnTNrl
SUMMIT CITY. Penn, April IA visit 10 his once
crowded and prusp, rous plac" shows that II has SUI
frred the fate that has ovrrthrown many al towns,
and threatens. or late to rest upon them all
This spot. in the summer Of SIC, fertile farm,
ON which the grain was just ripcnins. A"wildcAi
oil we'll was sunk. and the venture proved
70 be good one. The fences that in
clos.d the farms wcr. thrown down and dcrr'k7
erected on every side many of them in wheat fields
that were almost rrady for the reaper. Ia i'w
weeks more the yellow grain would have boon gath
cred into the harus but now II was trHnllrd be-
meath busy feet and ground down into the earth be-
meath the wheels # hraNi y-ad'n wagons that sunk
far into the mellow soil. The flrEcr had leased h
land for twenty years cor onc-SlAtcnih 81 All
In, oil that should bc prduccd Bat b. still had L"
nay the taxes. and ia" difference between th" tN's
ON a farm valued AT 5000 and one valued 80
100000 ainouatcd To about ~ much IS las ono
sixtrclth royalty. Will ms land was rendered 1T
crly uslrs, for farming. The word "'ni forth HAT
u new oil territory had been discovered. and the
rush from other " towns and All parts IF the oil To-
rion whcr~ til production had commenced 10 de-
cline. was general In one short gear from 'h sinh
ing of the hrst w~l there al ari-u tins country
t,w,,ship that had scarcely ever hcf'r Wit. 49,
gathering of Over on" hundrd persons. q b.~iIi.2.
busy, crowded. wi'krd city of lively u."u-lud or
hah,tants II WIS III this ti~t var TIA,
Iarfi.s Nho invested made rlonrv. huf u.~t 'f
thnS. who invested IA real "stdt" amer tAr hunin
If 81 wee los -.
During the first excitement. - y"nng man c+mD ="
tn pla., with iut 80; bit Nr Wur" g'"I c.'iI' r..
had good cdurat .on, AID plenty OF " CHECK
Ait'r Surv'S Wing Tho situation for day OF i"" i'
concluded {" speculate, Wd hudiut "a iAiWi VIC,
had not yet l,as q 0t sold liz ltHd. DE- r r' so 'd
himself ag'ut for wealthy company, Win ih-
~tructinns to huy mp land. The iUurr wa. rather
reluctant about - ilhs. hut finally terms v.rrc
ggr,sd upon and The papers w'r draw up and
signed. Twenty dollars VT pad down J." hhd llr
haig gain; five I'll 'usand dollar "'rr 4" -" Jon" ~
thirty DAYS: and hNc thousand more lu -lN months.
He had but - to meet Hh ohli-ll"u 81 ~lOu' hul
not d.>laung hr quietly awaited Iir conpl'il"n"i
we'll that was bong drilI"i al IT, h'N l'I, '"'"
Th. well finished ~ bv" days Htic TN ~'., "l.d
ur.yrJ 10 be- a good cuc Tie Was ,urT'd T-Oo1u
Tor tie farm; but FlO.OO clear gam III az" d1 'ld
not tempt linn Ia 81 y. ioI another we'll wa- h iut
drilled ON an al, ming farm, am ~hnud il prov" io
hc a big producer, lis land would b" very Valuable:
I'm The al her hand should II BE- q "du~for." I. could
not even Ct a. much for the farm BE- bad agreed
TO pay for it. Still hc dId not sci, and tl' TIM
pass d rapidly away. ONLY Nv dai~ rnAIi' g.
before hc would have to pay T'.wo or ih' Sill,
would be cancelled. Twcnty1'i1ht days liad pass 81
and the we'll WAS not down yet, although they ~
night Of the twenty ninth day b. s1t up in th"
derrick with ia" drill. - for thy ku," they O.,
within few feet Of the sand. Nidrifht "aiur. aFl
III. hands wer' relieved 10y another force. Ii~ last
day had come. and Was wearing away. ard hr hu "
that the farmer would not wait uu' uIIui' longer
than the law required him. for De- had several ilp"-
horn offered "A larger aiuoCut for tho IHud. II -
CclOck the sand reached, and ID" Wei proved 10
hr the largest producer Vel struck DO th NV t'li.
The news of the new VOL rapidly spirad AID los
noon the next day "A number "i wealthy oil neon
w.rc uu the ground anxious 10 S,ufr ad accent tim
tory. That day the young man -old h, iaI1u 81 10
acy"s fuI ~ 900 pr are. cl,hilug DO lhIA days
500. 900 with capital of unIN so 4" start ou.
With the incTcas. of the production II petroleum
the population increased. and l1l"f'r~ ~ every c~s
found plenty of employment. What had been IAN
leading To past'rc field. was changed ~ fort
night into street lined on both sides by rows Of
houses. Land that few weeks before would not
have brought 80 per acre. Vas now Watt' d OFT 300
deep. In the spring of 1877. thrr Was not % l'.rs-
ed h"usc in the town. yet almost every "th"r door
WAS an opening To "a yin mill. where "tangl'iu"i
was dealt ont 10 the thirsty. and Whcr" the snlrd
charms of the daucc-hall lur"d tn sensual.
In june, 1877. the Bullion excitement was at u4
height. H. this month, john II. IT," and Inc Hon:
W. X. Crawford, of franklin struck u" Dig lgm
well which produced over 1nur th"usInd barrels ~
oil in the first twenty -four hours, tn largest guam
tity of oil ever got ont of any on" NrI III that
length of time This famous &" rshT now pumps
aIout EIGHT barrels daily which Is good Indication
Of the decline Of the ACE ITSELF lmnrdini'ly after
the striking Of the Big H1un' most "AtIa, a.ant
prices were paid for land. Lots Just large enough 10
place well on. 1OOx50 feet were marked ol and
sold as high as $1,000 apiece. The same land lad
been bought but few months brlorr for $50 per
acre. The production Of the Bullion field at one
time rcao he'd nearly 80 900 barrels per month. II
is now "A little Over 10000 barrels per month. The
site Of all Ills former greatness PIES MIS- an appear
aucc of utter dcsullticn. Nhrr' few years ago
stood business odliccS. nothing remains INT ma -
tude of cellars and piles If rubbish. showing the
haste with which their owners had pulled up
stakes" and left for other places most of them for
Bradford the Mecca of OildOm: and the history of
Summit Citys dazzling rsc and sudden fall sounds
even now like "A weird romance on ancient fable.