Oil Excitement
Venango Spectator, January 18, 1865
The oil excitement appears to be increasing. Every train brings new parties in quest of territory for operations. The demand is no longer confined to Oil Creek. All the land bordering on the tributaries of the Allegheny within the limits of Venango County, finds ready purchasers at almost fabulous prices. Among the persons now investing, we hear of many of the most noted capitalists in the country who regard the oil business as affording the surest return of their money. At the present rate at which territory is being bought up, it will not be long until none can be had at any price. This fact is stimulating the exertions of capitalists in every part of the country. “The early bird catches the worm.”
Great Well on Pithole Creek
Venango Spectator, January 18, 1865
A 250 barrel well has been struck by the United States Oil Company of New York, upon the Holmden Farm on Pithole Creek, [?] from the Allegheny River. The [?] rods are still in the tubing. It is the general opinion that a flow of 500 barrels daily will be obtained when the rods are removed.
Pit Hole Creek has heretofore been considered unpromising territory, but the recent great strike has obliterated that idea. Daily the impression grows stronger that all the streams in the Oil Regions will, when developed, produce an abundance of oil. Our posted contemporary of the Oil City Register is of a similar opinion. He says:
The recent striking of a 250 barrel well on Pit Hole Creek shows very plainly that all the great reservoirs of petroleum are not contained in the narrow valleys of Oil Creek and Cherry Run. Numerous other localities have been found to be, measurably, notwithstanding the imperfect development had, equally as productive as the localities mentioned. We have but little doubt that when thoroughly developed, as is Oil Creek and vicinity – in four-fifths if not all valleys of the different streams in the whole length and breadth of the Pennsylvania Oil Region – petroleum will be found. Not only in paying, but even in quantities that will vastly enrich those who have the energy to persevere in seeking for it. Our reason for the opinion above expressed is the fact that the main oil discoveries have and are now made in the valleys of the streams.
Lease of the Allegheny Valley Railroad
Venango Spectator, January 18, 1865
An adjourned meeting of the stockholders of the Allegheny Valley Railroad Company, says the Pittsburgh Dispatch of the 14th, was held at the office of the Company on Washington Street, on Thursday, to take definite action on the proposition to lease the road to the French Creek and Mahoning Railroad Company. After a brief discussion, the vote on adopting the proposition was taken, and resulted in its favor by a majority equal to two-thirds of the capital stock of the company, there being but 1,306 shares voted against it. The lessees will immediately put under the contract the extension of the road from its present terminus to Oil City. The extent of road to be built to complete a direct communication with Oil City is only 75 miles, the survey of which has been already made.