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
to offer you one-million dollars for your lands in President and I am
prepared to pay you the money.” “Anything else?” “No.” “Well, the land
isn’t for sale; good-morning!” Off went Clapp as coolly as though he had
merely received a bid for a bushel of potatoes. Whether true or not, the
story is characteristic. As a friend to swear by, a helper of the poor,
a believer in fair-play, a prime joker and an inimitable weaver of comic
yarns few could equal, none excel, the “President of President.” He died
in July, 1897.
Around Tionesta, the county-seat of Forest, numerous holes were punched.
Thomas Mills, who operated in Ohio and missed opening the Sistersville
field by a scratch, drilled in 1861-2. The late George S. Hunter—he
built Tionesta’s first bridge and ought to have a monument for
enterprise—hunted earnestly for paying territory. Up Tionesta Creek
operations extended slowly, but developments in 1882-3 atoned for the
delay. Then Forest county was “the cynosure of all eyes,” each week
springing fresh surprises. Balltown had a crop of dry-holes, followed by
wells of all grades from twenty barrels to fifteen-hundred. At Henry’s
Mills and on the Cooper lands, north-east of Balltown and running into
Warren county, spouters were decidedly in vogue. Reno No. 1 well,
finished in December of 1882, flowed twenty-eight-hundred barrels! Reno
No. 2, McCalmont Oil-Company’s No. 1, Patterson’s and the Anchor
Oil-Company’s No. 14 went over the fifteen-hundred mark. In the midst of
these gushers Melvin, Walker & Shannon’s duster indicated spotted
territory, uncertain as the verdict of a petit jury. The Forest splurge
held the entire oil-trade on the ragged edge for months. Every time one
or more fellows took to the woods to manipulate a wildcat-well oil took
a tumble. Notwithstanding the magnitude of the business, with
thirty-six-million barrels of oil in stock and untold millions of
dollars invested, the report from Balltown or Cooper of a new strike
caused a bad break. Some owners of important wells worked them as
“mysteries” to “milk the trade.” Derricks were boarded tightly, armed
men kept intruders from approaching too near and information was
withheld or falsified until the gang of manipulators “worked the
market.” To offset this leading dealers employed “scouts,” whose mission
was to get correct news at all hazards. The duties of these trusty
fellows involved great labor, night watches, incessant vigilance and
sometimes personal danger. The “mystery” racket and the introduction of
“scouts” were new elements in the business, necessitated by the peculiar
tactics of a small clique whose methods were not always creditable. The
passing of the Forest field, which declined with unprecedented rapidity,
practically ended the system that had terrorized the oil-exchanges in
New York, Oil City, Bradford and Pittsburg. The collapse of the Cooper
pool was more unexpected than the striking of a gusher would be under
any circumstances.
Public-domain text, read in full here on John Shaqi.
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