Hide Article Text (OCR)
UIJU vxi i l OIL cheek valley.Being a lliatory of the Early Days ofthe Oil Business. anti of the Noted OilTowU8 Along the Valley of lt;H1 Creek.IBY B. 0. BELL.(Continued.)\Article 3.Petroleum Centre, 1S5U-1S90.The moat remarkable year —18ti5~~in the history of the development of the oil industry along Oil Cn*t*k and the a«ljit-cent region, was now drawing to a dost*.| it had l*eu a season of great excitement ■ in speculation iu oil stock cowpoiuoa, and ; in the expenditure of vast amounts of i capital in drilling wells, upon the one j band, while upon the other there had Uvn a large return m wealth, realized from the production of oil.The wild •peculation in oil company stocks, which had begun in l£*t4, culmi-j aft ted late in 1805 in a general panic | bursting of the bubble—carrying thome; | auds of people into bankruptcy. Notj only did this financial ruin cast Us scorching blight over the business prosperity of the petroleum region, but itspread out ov most every La states north oand east of the Mississippi river, j But few of tly* stock companies had 1 been organized iu the oil region, and I they. uUn.'M invariably, proved reuiu ; j nerative to tb *e associated in them. It:! was the concern* that had come n to ex- !istenoe in the large cities that carried ! ruin to the oil business. 'These companies I issued stock, varying in amount fnm | to $ 1 .OpX)1 M*tM), and, by holdingout flattering iidmvmeuts that fortunes ;• could 1h* i]’u« kb made along Oil Creek, jj nu« mlttl in di.-posing of large amount* Iof their worthless taper. The purchasers) of these stocks represented all classes ofess men of ail lines of i/. • * 2d* etora, clergymen. farm-rv.mt girls, teachers, wid* j Dr*, orphans—everybody, 1 could or did comma mi nvexted in the stock* of j'U:p;thieM, rtp»*eti’;g tlml*,*; led would return divi-tne to ten times the ong ■ a! in the short spa ** oft-r the country. vimtm* al- ,7wl J* i, ‘ i,, n.t t vl •» a #„. tmi l*cath of the late Hon David. . : Kmery. of Titusville, he c*me Into possessionof Mason A Dixons line I of the laud upon which one* stood the «•'to their principals, while others so manipulated mat tern that they invested the capital intrusted to their keeping in leases in their own names, upon which they sank profitable wells, while merely! they were pretending to operate for their stockholders. Oftentimes to cover up their swindle, they charged large sum* of money for fictitious expenses. Of course there being no other person in the j icgion Interested in their transactions I but themselves, they had clear sailing ! I knew of one particular case of this nature. But he was followed by Ua i company sending a man to the field who compelled him b* disgorge, and, who afterwards measured every tank of lt;*il be- , fore it was run from the wells into the ;pipe lines. But every company was not jorganized upon this honest basis.nlt;uAIU k t. lt;NOTES.The Drake Well.The tlr*t derrick and engine house of the Drake well, together with oil tanka, were burned down sometime after tin* aril lug was completed. This accident hapiieitad by Mr, Smith approaching the oil tank with a lighted candle. The derrick and engine hou»ethai were afterwards erected sukmI furmany years as a land mark of Die beginning of the petroleum enterprise. In lxiti theywere taken down arid removed to the Centennial lux | m sit ion at I’hliadelnhla. After , the do** of the fair the derrick was per-tnitted to full b* decay, not a niece of *t ! f.*bi■shirty Butrade lawyerera, laborer*, ovv * of wai * in fact, t ■ ready capital pctrojeuni one dollar sofamous well, lie clean d It out. and. I Is* IMove drilled 'he hole larger. It vs* then) tubed and puinjie t alxut half t barrel a week , !fe wu* his design to pul thi* oil lu h. ttle* and, an ^unplew and •* 11 t;.cm «t |1 00 each }t«» oil men throughout the country. VYitu j the pr * e« d.v it was hD Intention# to erect!;% to: ft able iiiouurmut t«* ’ho memory of lt;ol t i,| I»rake. Hut death claimed him before he , ton! carried hi* und*»i*taklfig Into r 'tion. (Mr*. Kmery, however. projK»«t** in part to ? Cen^umnattt her husband * ideas In so far as Dicing the proper machinery placed at thewell - » ft? rati b*' pumped cbeanly. At the ainuai meeting of the I'i thole iioneer #•**lt;*-elation, hold at Htusvllle, |*a.. «n the even ing of December ;1, l*4It, it whs resolved t* priK tnd w itii the wo?k of ervH ting themonument. Mr I* C Boyle of the lt;»t! City lH rri« k, prop* ***1 to s-ubHcr1t»* gToijO a-VAi mui tiend* of itm! Vftlmi fcW tljBut likebubble ; I he dev ft -that gt*-athan two j thousatiil,*f rornofthe172 .* ? .b Nmtpro** •i lt;wouldhll gllS• * r -•', pi,«i vithat tvmulu^p**lt; ulatitiit of i previous *{ tin* *i i*nch. S* aW hen th*» Drake well Itcgatt pumptng It prvsltnei! ab*ul •/* t»arrel* j^*r lav. It jr ad-•‘ally fell ofV toward* t»o end of th * y ar - Ilaftp until 15 barrels was \rob*My uu*r» I than tbs dally produ*t Urtirr let hi* History » f f’ttr'deum '* 1•ays It wa- never pump**! at all « n San-1 dav*. and averaging t-*» prodtuthoi at «o I urreU % day an *v« age protmbly much f.*o high ami gr nvi? g a htiudr*d ai d five i • b.- a lavi ‘ I •* - 'V. ?t .ji f r *1’»*‘viIKItt V ** tonvVtMtr»ere It wasidy - lt;«*» ia'-n*- theiiemths ofv»«?fe manyu» t pumped\ - r ■*m tint I i r2 !«»*!a» In u • •rmrivdsiOllat vBut w henfWkwould i25 |vr cenahIuci io? i«f t1'* four lIvV.M. and vet the
Newspaper Details
Oil City Derrick
Oil City, Pennsylvania, US
Fri, Jan 29, 1892
Page 7
Full Page
Clipped by
Carnegie L.
Pennsylvania, USA 31 Aug 2020
Other Publications Near Oil City, Pennsylvania
Blizzard
Oil City Auto Enquirer
Oil City Franklin Clarion Blizzard
Oil City Register
Oil City Daily Derrick
