WHAT MAY HAPPEN IN POVERTY BAY SOON.

Daily Telegraph (Napier), Issue 3481, 2 September 1882, Page 4

WHAT MAY HAPPEN IN POVERTY BAY SOON.

From our last American exchanges we find some very interesting news respecting a new discovery of petroleum country, which has caused a lively town to be suddenly created. The new city is called Garfield, in Pennsylvania. The New York Tribune, dated 3rd July, in an article on the new oil district, states : " This place was unknown six weeks ago ; now it is the centre of the life and bustle of ;3,000 persons, nearly all of whom have come into this region within a month. Most of the land was owned by wealthy firms in the lumber business, the greater part of which was purchased at 18 cents per acre. In a ravine a few rods from the city is now the famous ' mystery —646' oil, well surrounded by the other ' gushers,' from each of which oil is flowing at the rate of 1000 to 2000 br.rrels a day. The land in the vicinity of the wells is now selling at 1000 dollars an acre, and one-quarter royalty on the oil found.

Some of the land was owned by Danes and Syvedes who parted with their holdings after oil was struck at one-tenth of its value. Land which was purchased a few weeks ago from them for less than $100 an acre, is now being sold at $25 per square foot for town lots, the purchaser binding himself not to sink oil wells upon it. The scenes to be witnessed here, the eager crowds that rush to the new oil field, the reckless speculation in land, the millions of dollars that are being invested or squandered in the new field, have only been equalled by the opening of famous gold and silver mines in the Kockies. In one month tbe town had its hotel to accommodate 150 persons and is now too small, one telegraph line, another being erected, a telephone office, stores of all descriptions. Many shops have no fronts as soon as closed in at the sides and back they are occupied for business purposes. Numerous Btakes in the ground bear signs such as the following, ' Jones and Co., will occupy this place next week as a first-class dry goods store.' Hanging in the limb of a tree is a sign, ' Palace barber's shop,' and under the tree are three barbers' chairs with three ' tonsorial artists' and several men sitting on a log waiting for the sound of ' next.' At night men may be seen sleeping under wagons, tents, and all places affording shelter. Perfect order prevails. —Gisborne Standard.