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Not finding his fortune in the booming petroleum fields in the Union, did this once popular Richmond actor – but failed oilman – seek fame by becoming an assassin?

John Wilkes Booth’s dreams of Pennsylvania oil wealth end in July 1864. Attempting to increase their oil well’s production, Booth and his partners instead “utterly ruined the hole and the well never yielded another drop.”

In January 1864, John Wilkes Booth made his first of several trips to Franklin, Pennsylvania, where he purchased an oil lease on the Fuller farm.

Maps of the day reveal the three-acre strip of land on the farm, about one mile south of Franklin and on the east side of the Allegheny River. A small marker can be found at the site where he drilled an oil well.

Actor and Oil Investor

The 1863 theater season had brought a handsome, 24-year-old aspiring actor the fame he had long pursued. For years, he had struggled in the shadows of his renowned thespian father, Junius, and brothers, Edwin and Junius, Jr.

Booth had opened his stage career in 1855 at the Charles Street Theatre in Baltimore and became a member of the Richmond Theatre in 1858.

Unlike the rest of his family, he would become a Confederate sympathizer as audiences in Richmond adopted him as one of their own. They loved the energy he brought to his Shakespearean performances – his sword fights and dangerous leaps from balconies. Read the rest of this entry »

 

December 30, 1854 – America’s First Petroleum Company incorporates

America's first oil company - the Pennsylvania Rock Oil Company of New York - incorporated on December 30, 1854, in Albany. George Bissell wanted oil for a new product: kerosene.

America’s first oil company incorporated on December 30, 1854, in Albany. George Bissell wanted oil for a new product: kerosene.

America’s first oil and natural gas company – the Pennsylvania Rock Oil Company of New York – incorporates in Albany.

The U.S. petroleum industry is launched when oil is struck five years later along Oil Creek in Titusville.

George Bissell, Jonathan Eveleth and five other trustees incorporate the Pennsylvania Rock Oil Company of New York, capitalized at $250,000.

This is America’s first oil company and is formed “to raise, manufacture, procure and sell Rock Oil.” Read the rest of this entry »

 

December 17, 1884 –  Article features Oilfield Thunder and Lightning, Fires and Cannons

Especially in the Great Plains, frequent lightening strikes caused oil tank fires. This rare photograph is from the collection of the Kansas Oil Museum in El Dorado.

“Oil fires, like battles, are fought by artillery” is the reporter’s catchy phrase in a New England magazine article.

The Massachusetts Institute of Technology publishes “A Thunder-Storm in the Oil Country” - its firsthand account of the problem of lightning strikes in America’s oilfields.

MIT not only reports on the fiery results of an lightning strike, but also the practice of using artillery to fight such conflagrations. Read the rest of this entry »

 

Travelers on U.S. 62 four miles south of the Allegheny River Bridge at Tidioute, Pennsylvania, discover this Warren County roadside marker erected in July 1959.

Few remember the names of those who come in second – they often are relegated to the “also rans,” no matter how close to the finish. Petroleum history is the same.

Second-place finishers most often dwell in the fine print of history. Consider America’s first oil well.

Edwin L. Drake drilled his famous well in Titusville, Pennsylvania, in 1859. As a result, the Drake Well Museum today draws thousands of visitors each year. The discovery’s 2009 sesquicentennial was commemorated in the “valley that changed the world.”

August 27, 1859, marks the date of America’s first oil well. But August 31 – just four days later – is ignored. It was on that day that a second oil well was drilled by a young man named John Livingston Grandin.

A few days after “Drake’s Folly” at Titusville surprised everybody by producing barrels of oil from a depth of 69.5 feet, the news arrived in Tidioute’s General Store, 20 miles away.

Each barrel was said to be selling for 75 cents and 23-year-old John Grandin, the owner’s son and an aspiring entrepreneur, saw an opportunity. Read the rest of this entry »

 

More than 400 Thaddeus Fowler panoramas have been identified. There are 324 in the Library of Congress, including Oil City, Pennsylvania. Source: Library of Congress Geography and Map Division, Washington, D.C.

Thaddeus Mortimer Fowler has the greatest number of panoramic or “Birds-Eye View” maps in the collection of the Library of Congress. Lithographs of his cartography (done without a balloon) fascinated the public of America’s Victorian Age.

An 1896 Fowler panorama of Titusville, Pennsylvania, where Edwin L. Drake launched the U.S. petroleum Industry in 1859.

Panoramic maps were a popular cartographic form used to depict U.S. towns during the late nineteenth and early twentieth centuries. Interestingly, many of what Fowler called “aero views” captured the small cities near America’s earliest oil and natural gas fields.

Fowler was born in Lowell, Massachusetts, on December 21, 1842. He served in the 21st New York Volunteers in 1861 – was wounded at the Second Battle of Bull Run a year later – and discharged at Boston in 1863.

According to the Library of Congress, after the Civil War, Fowler migrated to Wisconsin. He established his own panoramic map firm and in 1870 produced views of Wisconsin towns. A panoramic map of Stewart, Ohio, that appears in D. J. Lake’s Atlas of Athens Company is the earliest Fowler view in the library’s collections.

In 1885, Fowler moved with his family to Morrisville, Pennsylvania, where he maintained his headquarters for 25 years as he traveled the country.

Morrisville served as his operating center as Fowler began to draw and publish views of Pennsylvania, West Virginia, and Ohio cities – including many oil boomtowns. His production of Pennsylvania panoramas was greater than that of any other artist. In the Library of Congress collection alone, there are 220 separate Fowler views of Pennsylvania.

Viewed from the north looking south, Thaddeus Fowler depicted Wichita Falls, Texas, population of 1,978, probably in the fall of 1890. For a suitable fee, the artist included homes and business as insets. Source: Amon Carter Museum, Fort Worth.

An additional 165 Fowler views of Pennsylvania towns are in the Pennsylvania State Archives and at Pennsylvania State University. He also  visited the booming oilfield communities in Oklahoma and Texas.

“Thaddeus Mortimer Fowler (1842–1922) was perhaps the most prolific of the dozens of bird’s-eye view artists who crisscrossed the country during the latter three decades of the nineteenth century,” explains the Amon Carter Museum of American Art in Fort Worth, Texas. “He produced at least seventeen views of different Texas cities in 1890 and 1891, but that output is dwarfed by his production of almost 250 views of Pennsylvania between 1872 and 1922.”

T.M. Fowler’s 1896 map of Sistersville, West Virginia. An oil discovery four years earlier had revealed a giant oil field, which transformed this Ohio River community. Every September since 1969, residents celebrate the discovery with the West Virginia Oil and Gas Festival.

Historians have identified 411 separate Fowler panoramas. “His views of Pennsylvania towns suggest he concentrated on a specific geographical area in a given year, very likely to minimize transportation problems,” notes the Library of Congress.

From 1895 to 1897, Fowler worked in the western part of Pennsylvania, especially around Pittsburgh. In 1898 and 1899, he sketched West Virginia towns, and from 1900 to 1903, he was back in Pennsylvania.

He will travel to Oklahoma to produce a 1918 map of the “Oil Capital of the World.”

An August 11, 1891, discovery well made Sistersville the world’s leading oil producer. The well was restored as a tourist attraction in 1911 by Quaker State Refining Corporation.

Oil derricks are among the many details Fowler included in his Sistersville panorama.

Fowler gained commissions for city plans by interesting citizens and civic groups in the idea of a panoramic map of their community. After one town had agreed to having a map made, he would seek to involve neighboring communities.

By noting that he had already secured an agreement for a view from one town in the area, Fowler would play on the pride, community spirit, and sense of competition of adjacent communities.

How did Fowler create his maps? Preparation of panoramic maps “involved a vast amount of painstakingly detailed labor,” explains a Library of Congress article on panoramic mapping:

For each project a frame or projection was developed, showing in perspective the pattern of streets. The artist then walked in the street, sketching buildings, trees, and other features to present a complete and accurate landscape as though seen from an elevation of 2,000 to 3,000 feet. These data were entered on the frame in his workroom…A careful perspective, which required a surface of three hundred square feet, was then erected from a correct survey of the city.

This Fowler print of Tulsa, Oklahoma, was published in 1918 — when Tulsa was known as the “Oil Capital of the World” following discovery of the Glenn Pool oil field on November 22, 1905, four miles south.

The “Bird’s-eye” or “aero” views fascinated the public of America’s Victorian Age. Advances in lithography made inexpensive and multiple copies possible, adds the Library of Congress article:

The citizen could view with pride his immediate environment and point out his own property to guests, since the map artist, for a suitable fee, obligingly included illustrations of private homes as insets to the main city plan. As late as the 1920s, panoramic maps were still in vogue commercially.

The Library of Congress article notes that Thaddeus Mortimer Fowler died in March 1922 in his eightieth year – following a fall on icy streets incurred while preparing a panorama of Middletown, New York.

Today, panoramic maps of American communities – including petroleum boom towns – preserve a pictorial record of urban life at the time. They remain documents with historic significance: For some communities, “aero views” are the only early maps that have survived.

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John Washington Steele of Venango County, Pennsylvania

The lucky life of John Washington Steele started on December 10, 1844, when Culbertson and Sarah McClintock adopted him as an infant.

Johnny Steele – who one day will become famous as “Coal Oil Johnny” – was adopted along with his sister, Permelia.

The McClintocks brought 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 1859 discovery at nearby Titusville – America’s first commercial oil well – made the widow McClintock a fortune in royalties.

When Mrs. McClintock died in a kitchen fire in 1864, she left the money to her only surviving child, Johnny. At age 20, he inherited $24,500.

Johnny also inherited his mother’s 200-acre farm along Oil Creek between what is now Rynd Farm and Rouseville. The farm already included 20 producing oil wells yielding $2,800 in royalties every 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 reported.

“In his day, Steele was the greatest spender the world had ever known,” the newspaper proclaimed. “He threw away $3,000,000 in less than a year.”

Philadelphia journalists coined 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 confessed 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.‎

“Coal Oil Johnny” owned a carriage with black oil derricks spouting dollar symbols painted on its red doors. Illustration from October 8, 2010, article in the Atlantic magazine.

Of course, such wealth could not last forever. The rise and fall of Coal Oil Johnny, who died in modest circumstances in 1920 at age 76, will linger in petroleum history.

In 2010, the Atlantic magazine published “The Legend of Coal Oil Johnny, America’s Great Forgotten Parable,” an article surprisingly 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,” noted the October 8 feature story.

“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.”

The boyhood home of “Coal Oil Johnny” stands today in Oil Creek State Park, north of Rouseville, Pennsylvania.

For generations after the peak of his career, Johnny 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,” noted magazine article, citing Brian Black, a historian at Pennsylvania State University.

It was wealth from nowhere,” Black explained. “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,” added 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 concluded.

“Surely there’s a lesson in that for the millions who’ve lost everything in the housing boom and bust.”

John Washington Steele died in Nebraska in 1920.

John Washington Steele’s Venango County home, relocated and restored by Pennsylvania’s Oil Region Alliance of Business, Industry & Tourismstands today in Oil Creek State Park, just off Route 8, north of Rouseville.

On Route 8 south of Rouseville is the still-producing  McClintock No. 1 oil 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.”

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.

Please support the American Oil & Gas Historical Society with a donation.

 

Edwin L. Drake, right, stands with friend Peter Wilson of Titusville, Pennsylvania, at the drilling site – but not the original derrick – of America’s first commercial oil well of 1859. From the Drake Well Museum collection.

Along Oil Creek, near Titusville, Pennsylvania, the wooden derrick and engine house of America’s first commercial oil well erupted in flames – becoming the first oil well fire?

This historic well, which caught fire on October 7, 1859, was completed at 69.5 feet deep the previous August by a determined “Colonel” Edwin L. Drake.

To increase efficiency, Drake had invented (but did not patent) a “drive pipe.” He and his driller, William “Uncle Billy” Smith, used steam-powered cable-tool technology, an advancement from the ancient spring-pole.

Maligned by many as “Drake’s Folly,” the discovery well’s initial oil production came from a hand-operated water pump borrowed from a local kitchen.

Drake – who had received his military title in letters addressed to him by his employers, the Seneca Oil Company of New Haven, Connecticut – will become known as the father of the American petroleum industry. Titusville and Oil City today annually celebrate his August 27, 1859, find.

The discovery launched the first drilling boom in Northwestern Pennsylvania that soon fueled Pittsburgh refineries producing a new and highly coveted consumer product: kerosene.

“It is estimated that his well produced between 20-40 barrels daily, using all the whiskey barrels in Titusville.” writes historian Urja Davin a 2008 article, Edwin Drake and the Oil Well Drill Pipe.

“In fact, Western Pennsylvania produced half of the world’s oil until the East Texas oil boom in 1901,” Davin adds.

However, the fire at the first well site comes slightly more than a month after the discovery. “The first oil well fire was started by ‘Uncle Billy,’ who went to inspect the oil in the vat with an open lamp, setting the gases alight,” explains Davin. “It burned the derrick, all the stored oil, and the driller’s home.”

Drake will rebuild his wooden derrick and engine house, which contained production equipment, including a boiler and six-horse power “Long John” engine purchased from the Erie Iron Works.

A famous image by oilfield photographer John Mather in often mistakenly identified as Drake and Smith standing in front of the historic derrick. In fact, it is Drake and his friend Peter Wilson, a Titusville druggist, standing in front of the second derrick.

To learn about another first – in fact, several of them – in the new oil region, read The First Dry Hole.

Fire kills Warren County Leading Citizen Henry Rouse

As Pennsylvania’s petroleum boom continued to grow, a fatal fire occurred in 1861 that would add impetus for inventing new technologies to make the oil patch safer.

A marker dedicated in 1996 on state hwy. 8 near Rouseville by the Pennsylvania Historical and Museum Commission. Henry Rouse’s reputation made him one of the most respected leaders of the early industry.

A gushing oil well exploded in flame on April 17 on the Buchanan Farm on Oil Creek – killing a leading oilman and more than a dozen bystanders .

The Little and Merrick well, drilled by respected oilman Henry R Rouse, unexpectedly hit a highly pressurized oil and natural gas formation at 320 feet.

Given the technology of the day, the well’s 3,000-barrels-per-day production quickly grew out of control. Perhaps ignited by the steam-engine’s boiler, the well erupted into flames, which engulfed Rouse, eventually killing him and 18 others, seriously burning many more.

Henry R. Rouse was the typical poor boy who grew rich through his own efforts and a little luck. He was in the oil business less than 19 months; he made his fortune from it and lost his life because of it. He died bravely, left his wealth wisely, and today is hardly remembered by posterity. – from the Rouse Estate.

A marble 1865 monument was rededicated to Rouse’s memory during a family reunion in 1993.

According to historian Michael H. Scruggs, the knowledge gained from this 1861 disaster along with other early oilfield accidents brought better exploration and production technologies. The first “Christmas Tree” – an assembly of control valves – was invented by Al Hamills after the 1901 gusher at Spindletop Hill, Texas.

Although the Little and Merrick well fire cause devastation, “the knowledge gained from the well along with other accidents has help paved the way for new and safer ways to drill,” Scruggs writes in a 2010 article.

“These inventions and precautions have become very important and helpful, especially considering many Pennsylvanians are back on the rigs again, this time drilling for the Marcellus Shale natural gas,” he concludes.

Learn more about another important invention, Harry Cameron’s 1922 BOP (Blow Out Preventer), in Ending Gushers – BOP. Drake is profiled in Birth of the U.S. Petroleum Industry.

Please support the American Oil & Gas Historical Society with a donation.

 

Oil scouts like Justus McMullen often braved harsh winters (and sometimes armed guards) to visit well sites. Their intelligence debunked rumors and “demystified” reports about oil wells producing in early oil fields.

In the hard winter of 1888, famed 37-year-old “oil scout” Justus C. McMullen, succumbs to pneumonia – contracted while scouting production data from the Pittsburgh Manufacturers’ Gas Company’s well at Cannonsburg.

McMullen, publisher of the Bradford, Pennsylvania, “Petroleum Age” newspaper, already had contributed much to America’s early petroleum industry as a reliable oil field detective. Read the rest of this entry »

 

“Sometimes, when researching history, you find places where it’s still alive,” says Evan L. Schwartz, author of Finding Oz: How L. Frank Baum Discovered the Great American Story.

L. Frank Baum – whose father found great success in Pennsylvania oilfields – would serve as chief salesman for Baum’s Castorine Company, which he founded with his brother on July 9, 1883.

L. Frank Baum’s sales trips may have influenced Oz. “On one of these trips, while installing a window display for a customer, the idea of the Tin Woodman came to him.”

Schwartz’s search for the Tin Man’s mythic oil-can led him to finding that in the 1880s L. Frank Baum and his brother owned a petroleum products business in Syracuse, New York. The business continues to this day.

The future world-famous author of the children’s novel The Wonderful Wizard of Oz once sold cans of buggy wheel oil for a living.

In 1883, Baum and his brother Benjamin launched their small business offering lubricants, oils, greases – and “Baum’s Castorine, the great axle oil.”

Reporting on the July 9, 1883, opening, the Syracuse Daily Courier newspaper noted that Baum’s Castorine was a rust-resistant axle grease concoction for machinery, buggies, and wagons. The grease was advertised to be “so smooth it makes the horses laugh.”

Baum’s Castorine Company prospered with L. Frank Baum serving as superintendent and chief salesman for the next four years.

“He was a traveling salesman for the company,” notes an exhibit at the Kalamazoo Valley Museum in Michigan. “On one of these trips, while installing a window display for a customer, the idea of the Tin Woodman came to him.”

The exhibit also explains that  although the company enjoyed some success, it “came to an end when the bookkeeper gambled away the profits.”

Baum wrote of Baum’s Castorine Company, “I see no future in it to warrant my wasting any more years of my life in trying to boom it.”

Baum sold the business. In May 1900 he published the first of his children’s classics.

Son of a Successful Independent Oilman

L. (Lyman) Frank Baum was born in Chittenango, New York, on May 15, 1856, the seventh of nine children of Cynthia Stanton and Benjamin Ward Baum – one of only five of the children to survive into adulthood.

Baum’s Castorine products “are designed to extend machine life and reduce your maintenance costs.”

Thanks to Benjamin Ward Baum’s financial success in the newly born Pennsylvania petroleum industry, the young Baum grew up in an environment where his imagination and love of reading flourished.

In 1860, just one year after America’s first commercial oil discovery, Benjamin Ward Baum closed the family barrel-making business to risk his fortunes in the western Pennsylvania oilfields. “Frankie” was then only four and a half years old.

Productive oil wells drilled near Titusville and Cherry Tree Run will bring Benjamin Ward Baum great wealth.

“Benjamin recognized a splendid opportunity and joined the crowds who moved in to exploit the oilfields and develop the area. A hundred new wells were drilled every month, ingenious mechanical contrivances were invented, towns and cities were built,” writes Katharine M. Rogers in her 2002 book, L. Frank Baum, Creator of Oz: A Biography.

“Benjamin began acquiring oilfields, including a particularly profitable one at Cherry Tree Run, a few miles south of Titusville,” Rogers explains. “He later bought property between Bradford, Pennsylvania, and Olean, New York, where he helped to develop the hamlet of Gilmour and built a hotel and an opera house.”

By 1862, the elder Baum owned Carbon Oil Company – and was a well-established oilman. His success helped finance diversification into dry goods and other mercantile businesses.

L. Frank Baum’s father once owned an oil company in Bolivar, New York, where a museum today exhibits the region’s extensive petroleum history.

Son Frank found employment in several of these family ventures as a young man. When his father purchased the Cynthia Oil Works in Bolivar, New York, Frank operated a retail outlet for awhile.

“The Cynthia Oil Works, the first refinery in Bolivar Township, was erected on the Porter Cowles flats at the north end of Bolivar village in 1882,” explains historian Ronald G. Taylor.

“The plant, owned by B. W. Baum & Son, dealers in oil leases and managers of the first opera house at Richburg, was designed as a lubricating oil works and for the manufacture of ship oil of 300 fire test for illuminating on board ships,” Taylor notes.

However, there was no longer unlimited free enterprise in the oil fields, says Rogers in her book.

“John D. Rockefeller had moved in and was increasingly controlling distribution. In 1878, Benjamin organized a group of independent producers to break Rockefeller’s grip by building a pipeline from Bradford to Rochester, where the oil could be transferred to tank cars and shipped to refineries in New York and Buffalo.”

Although the Standard Oil Company used its influence with the New York Central Railroad and the state legislature to block the plan, Rogers says, Baum continued to find success by discovering productive wells in New York.

“Oz” historian and author Evan L. Schwartz’s search for the Tin Man’s oil can led him to Baum’s Castorine Company in Rome, New York.

In 1887, after almost 30 years in the oil business, Benjamin Ward Baum died in New York. His father’s prosperity in the oil business permitted Frank to pursue writing, publishing journals and writing for the stage.

There were nine daily and 18 weekly newspapers published in the oil region, Rogers notes, and “Benjamin Baum had used some of his oil profits to acquire a string of small theaters in New York and Pennsylvania.”

Finding the Tin Man’s Oil Can

Was Baum’s Castorine lubricants inspiration for the oil can of the 1939 classic?

When historian Evan L. Schwartz researched his 2009 book, Finding Oz: How L. Frank Baum Discovered the Great American Story, he was surprised to learn of the role petroleum played in Baum’s life – and that the Tin Man’s oil can trace its roots to Baum’s Castorine Company.

“L. Frank Baum sold cans of buggy wheel oil for a living as the co-owner of Baum’s Castorine Company of Syracuse, New York,” Schwartz explains, noting the company’s troubles that led to Baum’s selling it in 1888.

Schwartz describes discovering that the company still manufactures industrial oils and lubricants under the brand name, Baum’s Castorine Company .

“So I visited the current location in Rome, New York, and sat down for a peek into the archives with owner Charles Mowry, whose grandfather was one of the investors who bought the company from Frank Baum himself,” Schwartz explains.

“The smells of fine lubricant wafted in the air as I perused the collection of historic oil cans and heard the legend of Baum’s magic balms,” he says.

“What if Frank had never sold oil cans? Would we have never met the heartless Tin Man? And in 1939, why wasn’t Baum’s Castorine given the chance to pony up for some choice product placement?”

Visit the Pioneer Oil Museum in Bolivar.

 

 

The petroleum industry supplies America with an amazing variety of products that are often “hiding in plain sight.” For Binney & Smith Company, common oilfield paraffin changed the company’s destiny by coloring children’s imaginations.

Dustless chalk circa 1904.

Although they longed for color, students in Alice Stead Binney’s classroom had to settle for dustless chalk. An-Du-Septic dustless chalk was so popular among turn-of-the-century teachers that it won a Gold Medal at the 1904 World’s Fair in St. Louis.

Teachers like Alice loved the tidy new product, but their choices were limited. Pencils of the day were primitive, with square “leads” made from a variety of clays, slates, and graphite.

Color writing implements were the toxic and expensive imports of artists, best kept away from schoolchildren.

Alice’s husband Edwin, and his cousin, C. Harold Smith, created the award-winning An-Du-Septic chalk as a consequence of expanding their pigment business into the sideline production of slate pencils for schools. Read the rest of this entry »

 

The Oil City, Pennsylvania, Oil Exchange incorporated in 1874. In 1877, it was the third largest financial exchange of any kind in America, behind New York and San Francisco.

In a sign of the growing  power of John D. Rockefeller, Standard Oil Company brings an end to Pennsylvania’s highly speculative oil trading markets.

On January 23, 1895, the Standard Oil purchasing agency in Oil City notifies independent oil producers it will only buy their oil at a price “as high as the markets of the world will justify” – and not necessarily “the price bid on the oil exchange for certificate oil.” Read the rest of this entry »