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
When crude reached two dollars Mr. Prentice bought the
Washington-McClintock farm, on which Petroleum Centre was afterwards
located, for three-hundred-thousand dollars. Five New-Yorkers, one of
them the president of the Shoe and Leather Bank and another the
proprietor of the Brevoort House, advanced fifty-thousand dollars for
the first payment. Within sixty days Prentice sold three-quarters of his
interest for nine-hundred-thousand dollars and organized the Central
Petroleum Oil-Company, with a capital of five-millions! Wishing to repay
the New-York loan, the Brevoort landlord desired him to retain his share
of the money and invest it as he pleased. For his ten-thousand dollars
mine host received eighty-thousand in six months, a return that leaves
government-bond syndicates and Cripple-Creek speculations out in the
latitude of Nansen’s north-pole. The company netted fifty-thousand
dollars a month in dividends for years and lessees cleared three or four
millions from their operations on the farm. Greenbacks circulated like
waste-paper, Jules Verne’s fancies were surpassed constantly by actual
occurrences and everybody had money to burn.
Prentice and his associates purchased many tracts along Oil Creek,
including the lands where Oil City stands and the Blood farm of
five-hundred acres. In the Butler district he drilled hundreds of wells
and built the Relief Pipe-Line. Organizing The Producers’ Consolidated
Land-and-Petroleum-Company, with a capital of two-and-a-half millions,
he managed it efficiently and had a prominent part in the Bradford
development. Boston capitalists paid in twelve-hundred-thousand dollars,
Prentice keeping a share in his oil-properties representing
thirteen-hundred-thousand more. The company is now controlled by the
Standard, with L. B. Lockhart as superintendent. Its indefatigable
founder also organized the Boston Oil Company to operate in Kentucky and
Tennessee, put down oil-wells in Peru and gas-wells in West Virginia,
produced and piped thousands of barrels of crude daily and was a vital
force in petroleum-affairs for eighteen years. The confidence and esteem
of his compatriots were attested by his unanimous election to the
presidency of the Oilmen’s League, a secret-society formed to resist the
proposed encroachments of the South-Improvement Company. The League
accomplished its mission and then quietly melted out of existence.
Public-domain text, read in full here on John Shaqi.
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