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 Bradford Oil-Company—J. T. Jones, Wesley Chambers, L. G. Peck and L.
F. Freeman were the principal stockholders—owned a good share of the
land on which Greater Bradford was built and ten-thousand acres in the
northern field. The company drilled three-hundred wells in McKean and
Allegany, realized fifty-thousand dollars from city-lots and its stock
rose to two-thousand dollars a share. In 1881 Captain Jones bought out
his copartners. The Enterprise Transit-Company, managed by John Brown,
achieved reputation and currency. The McCalmont Oil-Company—organized
during the Bullion phantom by David Kirk, I. E. Dean, Tack Brothers and
F. A. Dilworth—humped itself in the middle and northern fields,
sometimes paying three-hundred-thousand dollars a year in dividends.
Kirk & Dilworth founded Great Belt City, in Butler county, cutting up a
farm and selling hundreds of lots. “Farmer” Dean, manager of the
company, operated in the lower fields, lived two years at Richburg,
toured the country to preach the gospel according to the Greenbackers
and won laurels on the rostrum. Frank Tack—frank and trustworthy—was
vice-president of the New-York Oil-Exchange and his brother is dead. The
Emery Oil-Company, the Quintuple, Mitchell & Jones, Whitney & Wheeler,
Melvin and Fuller, George H. Vanvleck, George V. Forman, John L.
McKinney & Co., Isaac Willets and Peter T. Kennedy were shining lights
in the McKean-Allegany firmament. Kennedy owned the saw-mill when
Bradford was a lumber camp and his estate—he died at fifty—inventoried
eleven-hundred-thousand dollars. Hundreds of small operators left
Bradford happy as men should be with as much money as their wives could
spend; other hundreds dumped their well-earnings into the insatiable maw
of speculation.
[Illustration: COL. JOHN J. CARTER.]
The Bradford field was young when Col. John J. Carter, of Titusville,
paid sixty-thousand dollars for the Whipple farm, on Kendall Creek.
Friends shook their heads over the purchase, up to that time the largest
by a private individual in the district, but the farm produced
fifteen-hundred-thousand barrels of oil and demonstrated the wisdom of
the deed. Other properties were developed by this indefatigable worker,
until his production was among the largest in the northern region and he
could have sold at a price to number him with the millionaires.
Unanimously chosen president of the Bradford, Bordell & Kinzua
Railroad-Company, he completed the line in ninety days from the issue of
the charter and in eighteen months returned the stockholders eighty per
cent. in dividends. President Carter’s ability in handling the property
saved it to its owners, while every other narrow-gauge in the system
fell into the clutches of receivers or sold as junk to meet
court-charges for costly litigation.
Public-domain text, read in full here on John Shaqi.
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