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
one of twenty-three flowing wells on the despised thirty-eight acres!
Companies and individuals tugged and strained to get even the smallest
lease Hyde & Egbert would grant. The Keystone, Gettysburg, Kepler,
Eagle, Benton, Olive Branch, Laurel Hill, Bird and Potts wells, not to
mention a score of minor note, helped maintain a production that paid
the holders of the royalty eight-thousand dollars a day in 1864-5! E. B.
Grandin and William C. Hyde, partners of Charles Hyde in a store at
Hydetown, A. C. Kepler and Titus Ridgway obtained a lease of one acre on
the west side of the lot, north of the wells already down, subject to
_three-quarters royalty_. A bit of romance attaches to the transaction.
Kepler dreamed that an Indian menaced him with bow and arrow. A young
lady, considered somewhat coquettish, handed him a rifle and he fired at
the dusky foe. The redskin vamoosed and a stream of oil burst forth.
Visiting his brother, who superintended the farm, he recognized the
scene of his dream. The lease was secured, on the biggest royalty ever
offered. Kepler chose the location and bored the Coquette well. The
dream was a nightmare? Wait and see.
Drilling began in the spring of 1864 and the work went merrily on. Each
partner would be entitled to one-sixteenth of the oil. Hyde & Ridgway
sold their interest for ten-thousand dollars a few days before the tools
reached the sand. This interest Dr. M. C. Egbert, brother of the
original purchaser of the farm, next bought at a large advance. He had
acquired one-sixth of the property in fee and wished to own the
Coquette. Grandin and Kepler declined to sell. The well was finished and
did not flow! Tubed and pumped a week, gas checked its working and the
sucker-rods were pulled. Immediately the oil streamed high in the air!
Twelve-hundred barrels a day was the gauge at first, settling to steady
business for a year at eight-hundred. A double row of tanks lined the
bank, connected by pipes to load boats in bulk. Oil was “on the jump”
and the first cargo of ten-thousand barrels brought ninety-thousand
dollars, representing ten days’ production! Three months later Grandin
and Kepler sold their one-eighth for one-hundred-and-forty-five thousand
dollars, quitting the Coquette with eighty-thousand apiece in their
pockets. Kepler was a dreamer whom Joseph might be proud to accept as a
chum.
[Illustration: DR. M. C. EGBERT.]
Public-domain text, read in full here on John Shaqi.
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