VIEW OF PITHOLE IN THE FALL OF 1865.
Bonta & Bates did not linger for “two blades of grass to grow where one grew before.” Within two months they disposed of ninety leases for four-hundred-thousand dollars and half the oil! They spent eighty-thousand on the Bonta House, a sumptuous hostlery. Duncan & Prather leased building-lots at a yearly rental of one-hundred to one-thousand dollars. First, Second and Holmden streets bristled with activity. The Danforth House stood on a lot subleased for fourteen-thousand dollars bonus. Sixty hotels could not accommodate the influx of guests. Beds, sofas and chairs were luxuries for the few. “First come, first served,” was the rule. The many had to seek the shaving-pile, the hay-cock or the tender side of a plank. Some mingled promiscuously in “field-beds”—rows of “shake-downs” on attic floors. Besides the Bonta and Danforth, the United States, Chase, Tremont, Buckley, Lincoln, Sherman, St. James, American, Northeast, Seneca, Metropolitan, Pomeroy and fifty hotels of minor note flourished. If palaces of sin, gorgeous bar-rooms, business-houses and places of amusement abounded, churches and schools marked the moral sentiment. Fire wiped out the Tremont and adjoining houses in February of 1866. Eighty buildings went up in smoke on May first and June thirteenth. Thirty wells and twenty-thousand barrels of oil went the same road in August. The best buildings were torn down, to bloom at Pleasantville or Oil City. The disappearance of Pithole astonished the world no less than its marvelous growth. The Danforth House sold for sixteen dollars, to make firewood! The railroads were abandoned and in 1876 only six voters remained. A ruined tenement, a deserted church and traces of streets alone survive. Troy or Nineveh is not more desolate.
In July of 1865 Duncan & Prather granted Henry E. Picket, George J. Sherman and Brian Philpot, of Titusville, a thirty-day option on the Holmden farm for one-million-three-hundred-thousand dollars. Mr. Sherman arranged to sell the property in New York at sixteen-hundred-thousand! The wells already down produced largely, seventy more were drilling and the annual ground-rents footed up sixty-thousand dollars. The Ketcham forgeries tangled the funds of the New-Yorkers and negotiations were opened with H. H. Honore, of Chicago. After dark on the last day of the option Honore tendered the first payment—four-hundred-thousand dollars. It was declined, on the ground that the business day expired at sundown, and litigation ensued. A compromise resulted in the transfer of the property to Honore. The deal involved the largest sum ever paid in the oil regions for a single tract of land. The bubble burst so quickly that the Chicago purchaser, like Benjamin Franklin, “paid too much for the whistle.” Col. A. P. Duncan commanded the Fourth Cavalry Company, the first mustered in Venango county, every member of which carried to the war a small Bible presented by Mrs. A. G. Egbert, of Franklin. Tall, erect, of military bearing and undoubted integrity, he lived at Oil City and died years ago. Duncan & Prather owned one of the two banks that handled car-loads of money in the dizziest town that ever blasted radiant hopes and shriveled portly pocket-books.
UNITED STATES OIL COMPANY'S OFFICE.
BONTA HOUSE, PITHOLE.
The Pithole bubble was blown at an opportune moment to catch suckers. Hundreds of oil-companies had come into existence in 1864, hungry for territory and grasping at anything within rifle-shot of an actual or prospective “spouter.” The speculative tide flowed and ebbed as never before in any age or nation. Volumes could be written of amazing transitions of fortune. Scores landed at Pithole penniless and departed in a few months “well heeled.” Others came with “hatfuls of money” and went away empty-handed. Thousands of stockholders were bitten as badly as the sailor, whom the shark nipped off by the waist-band. It was rather refreshing in its way for “country Reubens” to do up Wall-street sharpers at their own game. Shrewd Bostonians, New-Yorkers and Philadelphians, magnates in business and finance, were snared as readily as hayseeds who buy green-goods and gold-bricks. There are no flies on the smooth, glib Oily Gammon whose mouth yielded more lubricating oil than the biggest well on French Creek. His favorite prey was a pilgrim with a bursting wallet or the agent of an eastern petroleum-company. A well pouring forth three, six, eight, ten, twelve or fifteen-hundred barrels of five-dollar crude every twenty-four hours was a spectacle to fire the blood and turn the brain of the most sluggish beholder. “Such a well,” he might calculate, “would make me a millionaire in one year and a Crœsus in ten.” The wariest trout would nibble at bait so tempting. The schemer with property to sell had “the very thing he wanted” and would “let him in on the ground-floor.” He met men who, driving mules or jigging tools six months ago, were “oil-princes” now. Here lay a tract, “the softest snap on top of the earth,” only a mile from the Great Geyser, with a well “just in the sand and a splendid show.” He could have it at a bargain-counter sacrifice—one-hundred-thousand dollars and half the oil. The engine had given out and the owner was about to order a new one when called home by the sudden death of his mother-in-law. Settling the old lady’s estate required his entire attention, therefore he would consent to sell his oil-interests “dirt-cheap” to a responsible buyer who would push developments. The price ought to be two or three times the sum asked, but the royalty from the big wells sure to be struck would ultimately even up matters. The tale was plausible and the visitor would “look at the property.” He saw real sand on the derrick-floor and everything besmeared with grease. The presence of oil was unmistakable. Drilling ten feet into the rich rock would certainly tap the jugular and—glorious thought!—perhaps outdo the Great Geyser itself. He closed the deal, telegraphed for an engine—he was dying to see that stream of oil climbing skywards—and chuckled gleefully. The keen edge of his delight might have been dulled had he known that the well was through, not merely to, the sand and absolutely guiltless of the taint of oil! He did not suspect that barrels of crude and buckets of sand from other wells had been dumped into the hole at night, that the engine had been disabled purposely and that another innocent was soon to cut his wisdom-teeth! He found out when the well “came in dry” that Justice Dogberry was not a greater ass and that the fool-killer’s snickersnee was yearning for him. Possibly he might by persistent drilling find paying wells and get back part of his money, but nine times out of ten the investment was a total loss and the disgusted victim quit the scene with a new interpretation of the scriptural declaration: “I was a stranger and ye took me in.” Butler anticipated Pithole when he wrote in Hudibras:
“Make fools believe in their foreseeing