Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1885-02-20
AN OLD LANDMARK DERTRoYED.
Hotel which Recalls the Famous
PifhoIe Oil Farm.

HOIeI "nlcn AecaIl8 Ine r anO u
PithoIe Oil Farm.
By the tearing down of the old
Duncan house, at Oil City, Says
Bradford, Pa, telegram to the New
York Times, the last relic of Pithole's
palmy days has been removed. The
house was built in the spring of 1885
by G. T. Duncan, and cost $40, 900.
Duncan was a Scotchman, who be-
came interested with John, George
and Abraham Prather in the purchase
of the Holmden farm at Pithole, from
which on an investment of $50, 600,
they made 81, 200, 900 each in a few
months. The Holmden farm was the
pioneer oil territory of Pithole. The
farm belonging to the father-in-iaw
of John Prather, who, with his two
brothers, kept small country store
in the village of Plumer. A wild
cat oil company, known as the United
States Petroleum company, and Or
gained as hundreds OF others were
formed in those days for the sole pur-
pose of disposing of its stock, the
idea of actually finding oil not being
entertained by any of its projectors,
leased a small portion of the Holm
de2 farm On which to base their
claims and to proceed with drilling
operations. The Prather brothers be-
lieved they mis- ht make some money
on the strength of the work being
done by the oil company, and secured
the refusal of the remainder of the
Holmden farm for sixty days. If
they concluded to buy at the end of
that time, they were to pay $25, 900
for the property. Duncan was then
specializing in oil in the Pittsburgh
market, and to have the benefit of his
services in securing a purchaser for
the Helmden farm they admitted him
into the scheme as ap equal partner.
While Duncan and John Prather
were in Philadelphia looking for
purchaser for the farm, the drill at
the United States well struck the oil
vein, and the well began to flow at
the rate of three hundred barrels
day. The region went wild with ex
element. There was no railroad or
Geographic connection with PIttsburg
at that time, and George and Abra-
ham Prather, knowing that the Holm
den farm was worth 81, 900, 900 at least,
were rendered nearly crazy at the
thought that their brother John might
sell the farm before they could get
word to him. George Prather hurried
to Oil City and telegraphed to John,
but could get no answer. He then
mounted his horse and rode to Pitts
burgh without stopping TO eat or
sleep. From there he took the cars to
Philadelphia, where he met his
brother and Duncan at the Girard
house. They were about ready to
close the sale of the farm to James
McCreery for 100000. The news
from Pithole stopped all negotiations
in that direction. Tho lrathers sold
ore sixteenth of their farm for $685.
600. The sale took place the day be-
fore the sixty days in which they had
the refusal were up. When they
went to pay Holmden the $25, 600 for
his farm, Mrs. Holmden refused to
sign the deed unless she was paid
Sc, 900 in gold. Gold was then at
heavy premium and very scarce. A
small army of mel was started
through the country to collect the
gold at any price, and the amount was
raised in due season. In two months
Pithole was producing so, 900 barrels
of oil day and had population of
Is, 600. Duncan built the splendid
hotel which became SO famous
throughout the country. He also
built Presbyterian church in Pithole
which cost him $25, ZOO. Eventually
he sold his interest in the Holmden
farm for 81 600, 900, and, closing out
all his other enterprises, returned to
Scotland, where he died in 1868 He
evidently had not heard that Pithole
was then but deserted ruin, for he
bequeathed 1926, 900 to the church he
had founded in the place.
The Prather boys remained in
Plthole until the collapse came, and
each left the region with $3,0S0,000.
The United States Oil company started
as a wild cat adventure, made the
fortunes of all who were connected
with it. The Duncan house was pur-
chased by Oil City parties, taken
down, and removed to Oil City, where
it was put in its original form, and
was for years the principal hotel of
the oil metropolis. 1t was abandoned
a few years ago, and became
dilapidated rookery, which has at last
been taken down and sold for FIRE
wood. Its original register, bearing
the signatures of men famous in this
country and Europe, great actors,
capitalists and statesmen, is now in
the possession of citizen of Pitts
burgh.