The Oil City Petroleum states that the people of that city are rejoicing over the completion of the Allegheny Valley Railroad, and pays a merited compliment to the enterprise and energy of Col. Wm. Phillips, the President of the company. The citizens hold that the Allegheny Valley Road is one of the most important for the best interests of not only Oil City but of the entire oil region of Pennsylvania, and are making preparations to take advantage of the large addition to their present business which the road will confer, and are sparing no pains to cooperate with the managers of the company. One million barrels of oil are now awaiting shipment from the oil regions. The greater part of which will find its way to Pittsburgh by the Valley Road, whose capacity at the start will be 4,000 barrels per day, but which will be increased as rapidly as circumstances will permit.