Last week (says the Pittsburgh Post of the 9th) we noticed the destruction of a large quantity of crude carbon oil, worth perhaps $75,000, in one of the artificial pond freshets on Oil Creek, by which the oil is run down the river. We now have to record a far more serious loss, amounting to over $200,000, which occurred on Saturday night.

The recent rise had brought down the creek to Oil City, an immense quantity of oil, the accumulation of months, about 60,000 barrels in all. This was chiefly in bulk (pumped into tight barges for floating down the river) though there were several thousand barrels. The boats, as they reached the mouth, were secured on either bank of the river (the ‘eddy‘). The accumulation of the craft on both sides so blocked up the river as to leave but a narrow channel. When the sudden “cold snap” of Saturday and Sunday came on, this narrow channel froze over and the ice gorged from above, while the water, forcing its way either under or over the boats, exerted such an immense pressure as to the break the boats from their moorings and set them afloat.

The scene of confusion which followed cannot be described, as the frail boats, piling one upon another, three deep, were crushed and broken, letting out their oily treasure … While the river was dotted for a great distance with barrels, tossed about until their contents were also spread over the surface of the water. Some barge loads of oil and numbers of barrels were of course saved, but all accounts agree upon the fact that at least two-thirds of the oil is lost.

This casualty will, of course, cut off the anticipated supply of oil for our refineries for a time and cause an advance in the market. The price will, however, be less affected here, where the market is steady, than in the east and west, where there is a disposition to sell at sacrifice in consequence of the recent “tumble” in refined oil in New York and Philadelphia, where speculation was rife.

The Oil City Register of last week estimates the recent losses still higher than the estimate given above. It says, “We estimate the losses by the late pond freshets and the ice at 40,000 barrels, and the money value of the total loss at $500,000. The prospective loss by detention, etc., is immense.“