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
The production of this marvelous gusher—over seven-hundred-thousand
barrels—netted upwards of four-million dollars! One-fourth of this
lordly sum went to the children of James Farrell—he did not live to see
his land developed—James, John, Nelson and their sister, now Mrs.
William B. Sterrett, of Titusville. Noble and Delamater owned one-half
the working-interest, less the sixteenth assigned to S. S. Fertig, who
bought another sixteenth from John Farrell while drilling the well and
sold both to William H. Abbott for twenty-seven-thousand dollars. Ten
persons—L. L. Lamb, Solomon and W. H. Noble, Rev. L. Reed, James and L.
H. Hall, Charles and Thomas Delamater, G. T. Churchhill and Rollin
Thompson—held almost one-quarter. Even this fractional claim gave each a
splendid income. The total outlay for the lease and well—not quite
four-thousand dollars—was repaid one-thousand times in twenty months! Is
it surprising that men plunged into speculations which completely
eclipsed the South-Sea Bubble and Law’s Mississippi-Scheme? Is it any
wonder that multitudes were eager to stake their last dollar, their
health, their lives, their very souls on the chance of such winnings?
Thirteen wells were drilled on the Farrell strip. The Craft had yielded
a hundred-thousand barrels and was doing two-hundred a day when the
seed-bag burst, flooding the well with water and driving the oil away.
The Mulligan and the Commercial did their share towards making the
territory the finest property in Oildom, with third sand on the flats
and in the ravine of Bull Run forty feet thick. Not a fragment of tanks
or derricks is left to indicate that twenty fortunes were acquired on
the desolate spot, once the scene of tremendous activity, more coveted
than Naboth’s vineyard or Jason’s Golden Fleece. On the Caldwell farm of
two-hundred acres, south of the Farrell, twenty-five or thirty wells
yielded largely. The Caldwell, finished in March of 1863, at the
north-west corner of the tract, flowed twelve-hundred barrels a day for
six weeks. Evidently deriving its supply from the same pool, the Noble
well cut this down to four-hundred barrels. A demand for one-fourth the
output of the Noble, enforced by a threat to pull the tubing and destroy
the two, was settled by paying one-hundred-and-forty-five-thousand
dollars for the Caldwell well and an acre of ground. “Growing smaller by
degrees and beautifully less,” within a month of the transfer the
Caldwell quit forever, drained as dry as the bones in Ezekiel’s vision!
Public-domain text, read in full here on John Shaqi.
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