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
“Nothing in his life
Became him like the leaving it; he died
As one who had been studied in his death,
To throw away the dearest thing he owned,
As ’twere a careless trifle.”
Two-hundred yards above the Baker a half-dozen wells crowded upon a
half-acre. True to its title, the Vampire sucked the life-blood from its
pal and produced bounteously. The Munson, owned by the first sacrifice
to nitro-glycerine, sustained the credit of its environment. The Wade
was the star-performer of the group. James Wade, an Ohio teamster,
earned money hauling oil. Concluding to wade in, he secured a bantam
lease and engaged Thomas Donnelly to drill a well. It surpassed the
Reed, flowing four-hundred barrels a day at the start. Frank Allen,
agent of a gilt-edged New-York company, rode from Oil City to see a well
described to him as “livelier than chasing a greased pig at a
county-fair.” His exalted conceptions of petroleum befitted the
representative of a company capitalized at three-millions, in which
August Belmont, Russell Sage and William B. Astor were said to be
stockholders. The fuming, gassing stream of oil suited him to a t. “I’ll
give you three-hundred-thousand dollars for it,” he said to Wade, whom
the offer well-nigh paralyzed. The two men went into the grocery close
by, Wade signed a transfer of the well and Allen handed him a New-York
draft. The happiest being in the pack, Wade packed his carpet-bag,
hitched his horses to the wagon, bade the boys good-bye and drove to Oil
City to get the paper cashed. He wore greasy clothes and did not wear
the air of a millionaire. “Is Mr. Bennett in?” he asked a clerk at the
bank. “Naw; what do you want?” was the reply. “I want a draft cashed.”
“Oh, you do, eh? I guess I can cash it!” The clerk’s haughty demeanor
fell below zero upon beholding the draft. He invited Wade to be seated.
Mr. Bennett, the urbane cashier, returned in a few moments. The bank
hadn’t half the currency to meet the demand on the instant. Wade left
directions to forward the money to his home in Ohio, where he and his
faithful steeds landed two days later. He bought fine farms for his
brothers and himself, invested two-hundred-thousand dollars in
government-bonds and wisely enjoyed, amid the peaceful scenes of
agricultural life, the fruits of his first and last oil-venture. Few
have been as sensible, for the petroleum-coast is encrusted with
financial wrecks—vast fortunes amassed only to be lost on the perilous
sea of speculation. The world has heard of the _prizes_ in the lottery
of oil, while the _blanks_—tenfold more numerous—are glossed over by the
glamour of the Sherman, Empire, Noble, Phillips, Reed and other wells,
“familiar as household words.”
[Illustration: PETER P. CORNEN]
[Illustration: HENRY I. BEERS]
Public-domain text, read in full here on John Shaqi.
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