The Northern Pacific farmer., 1881-04-28
RISE AND FALL OF AN OIL TOWN.


! Rapid Financial Changes-Speculatine on
Small Capital-a City in Ruins.
The New York Tribune has an interesting
description of the rise and fall of Sum-
NIT City, Pa. The word went forth that q
new oil territory had been discovered, and
the rush from other oil towns and all parts
of the oil region where the production had
commenced to decline, was general. In
one short year from the striking of the first
we'll, there had arisen in the country town.
ship, that had scarcely ever before wit
messed a gathering of over one hundred
persons, bustling, busy, crowded, wicked
| city of twelve thousand inhabitants.
| The oil soon ran out, and now,
where few years ago stood business
| edifces, nothing remains buta multitude
! of cellars and piles of rubbish, sho wing tho
| haste with which their owners had pulled
I up stakes" and left for other places, most
of them for Bradford, the Mecca of Oil
dom; and the history Of Summit Citys
dazzling rise and sudden fall sounds even
now like weird romance or ancient fable.
The following description of the good for
tune of tn: first purchaser of the ground, is
interesting.
In 1876 young man came to the place,
with but $25; but he wore good clothes,
had good education, and plenty of check.
After surveying the situation for day OF
| two he concluded to speculate, and finding
farmer who had not yet leased or sold
his land, he represented himself as an agent
for a wealthy company, with instructions
to buy up land. The farmer was rather
reluctant about selling, but finally terms
were agreed upon and the papers were
drawn up and signed. Twenty dollars
were paid down to bind the
bargain; five thousand dollars were to be
paid in thirty days; and five thousand more
in six months. He had but SIS to meet an
obligation of $4,000, but not despairing,
he quietly awaited the completion of a
well that was being drilled near his new
purchase. The we'll was finished in five
one. He was offered twenty thousand
dollars for the farm; but $10,O 900 clear gain
in five days did not tempt him to sell, for
another well was being drilled on an ad-
| joining farm, and should it prove to be q
big producer, his land would be very valu-
able. On the other hand, should it be q
"duster, he could not even get as much
for the farm as he had agreed to pay for it.
Still he did not SELL and the time passed
rapidly away. Only few days remained,
before he would have to pay SIS, 600, or the
sale would be cancelled % days had passed
and the we'll was not down yet, although
they expected to reach the oil rock every
hour. On the night of the twenty ninth
day he sat up in the derrick with the drill
ers, for they knew they were within few
feet of the sand. Midnight came, and tho
hands were relieved by another force. His
last day had come, and was wearing away,
and he knew that the farmer would not
wait one minute longer than the law required
him, for he had several times been offered
larger amount for the land. At 2 o'clock
the sand was reached, and the we'll proved
to be the largest producer yet struck in the
new field. The rews of the new we'll rap
idly spread and by noon the next day
number of wealthy oil men were on the
ground anxious to secure adjacent territory.
That day the young man sold his farm Of
110 acres for 81 900 per acre, clearing in
thirty days $780, with capital Of only
$25 to start on.