All parties signed this agreement, pursuant to which Angier, for many years a resident of Titusville, dug trenches centering in a basin from which a pump connected with the sawmill raised the water into shallow troughs that sloped to the ground. Small skimmers, nicely adjusted to skim the oil, collected three or four gallons a day, but the experiment did not pay and it was dropped. In the summer of 1854 Dr. F. B. Brewer, son of the senior member of the firm owning the mill and “spring,” visited relatives at Hanover, New Hampshire, carrying with him a bottle of the oil as a gift to Professor Crosby, of Dartmouth College. Shortly after George H. Bissell, a graduate of the college, practicing law in New York with Jonathan G. Eveleth, while on a visit to Hanover called to see Professor Crosby, who showed him the bottle of petroleum. Crosby’s son induced Bissell to pay the expenses of a trip to inspect the “spring” and to agree, in case of a satisfactory report, to organize a company with a capital of a quarter-million dollars to purchase lands and erect such machinery as might be required to collect all the oil in the vicinity. “Great minds never limit their designs in their plans.” Complications and misunderstandings retarded matters. Everything was adjusted at last. Brewer, Watson & Co. conveyed in fee-simple to George H. Bissell and Jonathan G. Eveleth one-hundred-and-five acres of land in Cherrytree township, embracing the island at the junction of Pine Creek and Oil Creek, on which the mill of the firm and the Angier ditches were situated. The deed was formally executed on January first, 1855. Eveleth and Bissell gave their own notes for the purchase-money—five-thousand dollars—less five-hundred dollars paid in cash. The consideration mentioned in the deed was twenty-five-thousand dollars, five times the actual sum, in order not to appear such a small fraction of the total capital—two-hundred-and-fifty-thousand dollars—as to injure the sale of stock. On December thirtieth, 1854, articles of incorporation of The Pennsylvania Rock-Oil-Company were filed in New York and Albany. The stock did not sell, owing to the prostration of the money-market and the fact that the company had been organized in New York, by the laws of which state each shareholder in a joint-stock company was liable for its debts to the amount of the par value of the stock he held. New-Haven parties agreed to subscribe for large blocks of stock if the company were reorganized under the laws of Connecticut. A new company was formed with a nominal capital of three-hundred-thousand dollars, to take the name and property of the one to be dissolved and levy an assessment to develop the island “by trenching” on a wholesale plan.