Sketches in Crude-oil: Some accidents and incidents of the petroleum development in all parts of the globeMcLaurin, John J. (John James)
History
Sketches in Crude-oil: Some accidents and incidents of the petroleum development in all parts of the globe
McLaurin, John J. (John James)
Petroleum -- History; Petroleum industry and trade -- North America -- History
Sufficient oil to pay for an engine was soon pumped. Steam-power
increased the yield to seventy barrels! Franklin became the Mecca of
speculators, traders, dealers and monied men. Frederic Prentice, a
leader in aggressive enterprises, offered forty-thousand dollars for the
well and lot. Evans rejected the bid and kept the well, which declined
to ten or twelve barrels within six months. The price of oil shrank like
a flannel-shirt, but the lucky disciple of Vulcan realized a nice
competence. He enjoyed his good fortune some years before journeying to
“that bourne from which no traveler e’er returns.” Mrs. Evans long
survived, dying at eighty-six. The son removed to Kansas, three
daughters died and one resides at Franklin. The old well experienced its
complement of fluctuations. Mosely & Co., of Philadelphia, leased it. It
stood idle, the engine was taken away, the rig tumbled and the hole
filled up partially with dirt and wreckage. Prices spurted and the well
was hitched to a pumping-rig operating others around it. Captain S. A.
Hull ran a group of the wells on the flats and a dozen three miles down
the Allegheny. He was a man of generous impulses, finely educated and
exceedingly companionable. His death, in 1893, resulted in dismantling
most of these wells, hardly a vestige remaining to tell that the Evans
and its neighbors ever existed.
James Evans was not “left blooming alone” in the search for oily worlds
to conquer. Companies were organized while he was yanking the tools in
the well that “set ’em crazy.” The first of these—The Franklin
Oil-and-Mining-Company—started work on October fifth, twenty rods below
Evans, finding oil at two-hundred-and-forty-one feet on January twelfth,
1860. The well pumped about one-half as much as the Evans for several
months, but did not die of old age. The forty-two shares of stock
advanced ten-fold in one week, selling at a thousand dollars each. Three
or four wells were put down, the company dissolving and members
operating on their own hook. It was strongly officered, with Arnold
Plumer as president; J. P. Hoover, vice-president; Aaron W. Raymond,
secretary; James Bleakley, Robert Lamberton, R. A. Brashear, J. L. Hanna
and Thomas Hoge, executive committee. Mr. Plumer was a dominant factor
in Democratic politics, largely instrumental in the nomination of James
Buchanan for President, twice a member of Congress, twice
State-Treasurer, Canal-Commissioner and founder of the First-National
Bank. At his death, in 1869, he devised his family an estate that
appraised several million dollars, making it the largest in Venango
county. Judge Lamberton opened the first bank in the oil-regions, owned
hundreds of houses and in 1885 bequeathed each of his eight children a
handsome fortune. Colonel Bleakley rose by his own exertions, keen
foresight and skillful management. He invested in productive realty,
drilled scores of wells around Franklin, built iron-tanks and
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