Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1882-08-02
Petroleum's Surprises and Dissapoint.
ments.
[From the n. Y. Tribune. I

The history Of the discoveries in the
oil fields IN this country has been one of
a series of disappointments to the pro-
| ducers. From 1866 to 1872 the price
per barrel averaged from 81 to S., and
the producers were making money rap
idly. Then the field in Butler County
was struck, and from that day to this
| the production has been greater than
the consumption. Before Butler had
| begun to decline the Clarion field was
opened. Then came the Bullion pool
with its 1900 and 5000 barrel wells,
which forced the price down to ST. SO.
| This field was soon exhausted and better
times for the producers were at hand
when the Bradford field, the largest in
extent ever known, was opened. For
nearly FIVE years the Bradford field in
creased its production, until it had a
output of over 100000 barrels The
consumption was not over one-half this
amount, and, with the Standard Oil
monopoly squeezing the producers,
many of them went to the wall. Then
Bradford began to decline, and again a
silver lining was seen in the cloud; but
again disappointment came. In May,
1881, the first well was struck In Allie
gany County, New York, and a new field
was opened which soon made up for the
decline. In the spring of the present
year the Allegany field showed that it
had passed the climax and was on the
decline, and again the producers looked
forward to the near future when the con-
sumption would equal the production.
Then was the great "646" mystery
eo1
the owners of wells generally, and lower
priced oil than since the summer of 1874,
when for short time it sold for 45 cents
a barrel. Where the next field will be
is only matter of conjecture.
The only time when the excitement
over new oil field was as great as that
now reigning ia the Cherry Grove dis
trict was in 1865, when the Pithole fever
took possession of the public. The first
well was opened there in May of that
year. In less than two months PiEhole
was city of considerable proportions,
and within six months it had 5000 in
habitants and almost as large floating
population. At the pinnacle of it's great
ness it had fifty hotels, some of them
palatial and gorgeous, and one of which
cost $4,000. It had miles of streets
lined with banks and all kinds of bust
ness establishments. A $50, 900 trans
| action was consider CT small account,
and, miscalculating the future of the
place, wealth was squandered on new
enterprises which in the minds of it's
citizens promised fabulous fortunes; but
PithOle was only child of six months
growth when it began to exhibit symp-
toms of an early decay, and it declined
almost as rapidly as it sprung up. The
Tribune correspondent visited Pithole
the other day and found only one voter
living in the place. The railroad was
long ago torn up, and most of the houses
were torn down. Two of the streets are
still open, and beside them remains a
pitiful scattering of old houses In the
last stages of decay. Fields of corn and
oats stretch over the streets and squares
where once were gaudy theaters and
dance-houses, gorgeous saloons and
mammoth hotels. When the oil fever
was high half acre of what is now
waste pasture-land was sold at a rate
equivalent to 100000 an acre. Over On
the hill still lives old Mr.. Copeland, who
in 1865 refused an offer of 500, 900 for
his farm. Two years later he would
have taken as many cents. He still
owns it, and his daughter teaches school
and supports the family. In all this
there may be lesson for spectators at
Garfield to-day.