The History of the Standard Oil Company — John Shaqi
The History of the Standard Oil CompanyTarbell, Ida M. (Ida Minerva)
History
The History of the Standard Oil Company
Tarbell, Ida M. (Ida Minerva)
Petroleum industry and trade -- United States -- History; Standard Oil Company -- History
The first freight which the Empire Transportation Company attacked after
its organisation was oil. The year was a great one for the Oil Regions,
the year of Pithole. In January there had suddenly been struck on
Pithole Creek in a wilderness six miles from the Allegheny River a well,
located with a witch-hazel twig, which produced 250 barrels a day—and
oil was selling at eight dollars a barrel! Wells followed in rapid
succession. In less than ten months the field was doing over 10,000
barrels a day. This sudden flood of oil caused a tremendous excitement.
Crowds of speculators and investors rushed to Pithole from all over the
country. The Civil War had just closed, soldiers were disbanding, and
hundreds of them found their way to the new oil field. In six weeks
after the first well was struck Pithole was a town of 6,000 inhabitants.
In less than a year it had fifty hotels and boardinghouses; five of
these hotels cost $50,000 or more each. In six months after the first
well the post-office of Pithole was receiving upwards of 10,000 letters
per day and was counted third in size in the state—Philadelphia,
Pittsburg, and Pithole being the order of rank. It had a daily paper,
churches, all the appliances of a town.
The handling of the great output of oil from the Pithole field was a
serious question. There seemed not enough cars in the country to carry
it and shippers resorted to every imaginable trick to get
accommodations. When the agent of the Empire Transportation Company
opened his office in June, 1865, and demonstrated his ability to furnish
cars regularly and in large numbers, trade rapidly flowed to him. Now
the Empire agency had hardly been established when the Van Syckel
pipe-line began to carry oil from Pithole to the railroad. Lines began
to multiply. The railroads saw at once that they were destined speedily
to do all the gathering and hastened to secure control of them. Colonel
Potts’s first pipe-line purchase was a line running from Pithole to
Titusville, which as yet had not been wet.
Public-domain text, read in full here on John Shaqi.
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