Legend of “Coal Oil Johnny”
The luck of John Washington Steele begins on December 10, 1844, when Culbertson and Sarah McClintock adopt him as an infant.
Johnny Steele – who will one day will be known as “Coal Oil Johnny” – is adopted along with his sister, Permelia. The McClintocks bring them home to their farm on the banks of Oil Creek in Venango County, Pennsylvania.
Fifteen years later, the petroleum boom prompted by Edwin Drake’s discovery – America’s first commercial oil well – will make the widow McClintock a fortune in royalties.
When Mrs. McClintock dies in a kitchen fire in 1864, she leaves the money to her only surviving child, Johnny. At age 20, he inherits $24,500 and his mother’s 200-acre farm along Oil Creek between what is now Rynd Farm and Rouseville. The farm includes 20 producing wells yielding $2,800 in royalties a day.
“Coal Oil Johnny” Steele will earn his name in 1865 after such a legendary year of extravagance that years later the New York Times will report: “In his day, Steele was the greatest spender the world had ever known…he threw away $3,000,000 in less than a year.”
Philadelphia journalists coin the name “Coal Oil Johnny” for him, reportedly because of his attachment to a custom carriage that had black oil derricks spouting dollar symbols painted on its red doors. He later confesses in his autobiography:
I spent my money foolishly, recklessly, wickedly, gave it away without excuse; threw dollars to street urchins to see them scramble; tipped waiters with five and ten dollar bills; was intoxicated most of the time, and kept the crowd surrounding me usually in the same condition.
Of course, such wealth could not last forever. The rise and fall of Coal Oil Johnny, who will die in modest circumstances in 1920 at age 76, still lingers in petroleum history.
In 2010, the Atlantic magazine published “The Legend of Coal Oil Johnny, America’s Great Forgotten Parable,” an article sympathetic to his riches to rags story.
“Before J.R. Ewing, or the Beverly Hillbillies, or even John D. Rockefeller, there was Coal Oil Johnny,” notes the October 8 article.
“He was the first great cautionary tale of the oil age – and his name would resound in popular culture for more than half a century after he made and lost his fortune in the 1860s.”
For generations after the peak of his career, he was still so famous that any major oil strike – especially the January 1901 gusher at Spindletop Hill in Beaumont, Texas, “brought his tales back to people’s lips,” notes magazine article, which cites Brian Black, a historian at Pennsylvania State University.
“It was wealth from nowhere,” Black says. “Somebody like that was coming in without any opportunity or wealth and suddenly has a transforming moment. That’s the magic and it transfers right through to the Beverly Hillbillies and the rest of the mythology.”
“Coal Oil Johnny” was a legend and like all legends, “he became a stand-in for a constellation of people, things, ideas, feelings and morals – in this case, about oil wealth and how it works,” adds the article.
“He made and lost this huge fortune – and yet he didn’t go crazy or do anything terrible. Instead, he ended up living a regular, content life, mostly as a railroad agent in Nebraska,” the 2010 Atlantic article concludes.
“Surely there’s a lesson in that for the millions who’ve lost everything in the housing boom and bust.”
John Washington Steele’s Venango County home, relocated and restored by Pennsylvania’s Oil Region Alliance of Business, Industry & Tourism, stands today in Oil Creek State Park, just off Route 8, north of Rouseville.On Route 8 south of Rouseville is a still-producing McClintock well.
“This is the oldest well in the world that is still producing oil at its original depth,” proclaims the Alliance.
“Souvenir bottles of crude oil from McClintock Well Number One are available at the Drake Well Museum, outside Titusville.”
Editor’s Note – Published in 1902, Coal Oil Johnny: story of his career as told by himself (John Washington Steele) was digitized in 2007 and now is a free Google Ebook.
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