by Bruce Wells | Aug 5, 2024 | Petroleum Companies, Petroleum History Almanac
Searching for petroleum wealth in risky Mid-Continent fields.
The Kansas petroleum industry began in 1892 with an oilfield at Neodesha. In 1915, an oilfield discovery at El Dorado near Wichita revealed the giant Mid-Continent field, but it took years for business sense to arrive, according to the editor of a 1910 History of Wichita and Sedgwick County, Kansas.
The new science of petroleum geology helped reveal the Mid-Continent’s giant El Dorado oilfield in 1915. Photo courtesy Kansas Oil Museum.
“Sedgwick county has run the gamut of the hot winds, the drought, the floods, the grasshoppers, the boom, the wild unreasoning era of speculation, the land grafters, the oil grafters, the sellers of bogus stocks, speculation, over-capitalization, and all of the attendant and kindred evils,” observed Editor-in-Chief Orsemus Bentley. (more…)
by Bruce Wells | Jun 11, 2024 | Petroleum Companies
When Edwin L. Drake drilled the first U.S. oil well in 1859 along a creek at Titusville, Pennsylvania, he transformed the landscape of the Allegheny River valley — and America’s energy future. The former railroad conductor’s discovery launched a new industry as investors and drillers rushed to cash in on the new resource for making kerosene for lamps.
Wallace Oil Company would be among the earliest U.S. petroleum companies, and the venture’s fate would presage the riskiness of America’s new exploration and production industry.
Grocery store owner John Wallace formed the Wallace Oil Company in 1865 to drill for “black gold.” Detail from Wallace Oil Company stock certificate.
The ensuing scramble fueled the nation’s first petroleum drilling boom. Newspapers reported discoveries on farms clustered in Northwestern Pennsylvania’s “oil region.”
Newly incorporated oil companies rushed to construct wooden derricks with steam-powered cable tools for “making hole.”
Drillers came to John Rynd’s farm at the junction of Oil Creek and Cherry Tree Run, the Blood farm to the north, and the widow McClintock farm to the south.
Pennsylvania Oil Fever
Operating a grocery store on the Rynd farm in 1859, Irish immigrant John Wallace witnessed the excitement firsthand. When the first of many wells found oil on the farm in 1861, derricks already crowded nearby hillsides. Four years later, the 24-year-old entrepreneur caught oil fever and incorporated Wallace Oil Company in 1865 with an office at 319 Walnut Street in Philadelphia.
After witnessing the oil region’s drilling boom from his Rynd farm grocery store, John Wallace caught oil fever. “Oil Region of Pennsylvania,1865” map courtesy David Rumsey Historical Map Collection, F.W. Beers & Co.
With the science of petroleum geology in its infancy, “creekology” and oil seeps often were the only tools for finding promising locations to drill. Some exploration companies turned to dowsing (hazel or peach tree rods preferred) to find oil.
Wallace’s company sold stock certificates and acquired a 3/32 royalty interest in a 200-acre tract on the neighboring McClintock farm (previously owned by investors Curtiss, Haldeman, and Fawcett).
Although records offer no evidence of Wallace Oil Company actually drilling and completing a well, Wallace’s lease trading speculations, financed by his 3/32 royalty income, and energetic sales of stock, made the company money.
A circa 1875 building at Rouseville in the Pennsylvania oil region hosted an attorney, lease agents, a small oil exchange, and petroleum companies like Wallace Oil Company. Detail from stereograph “Pleasant morning – Rouseville,” courtesy Library of Congress.
Purchasers of Wallace’s stock stood to gain from both royalties and appreciation. The financial horizon looked promising. In 1865, a 42-gallon barrel of oil sold for $6.59 a barrel (nearly $100 in 2013 dollars).
Boom and Bust
As the gamble to find oil spread, Pithole Creek and other oilfield discoveries inspired more drilling — and speculation at oil exchanges in Titusville, Oil City, and elsewhere.
Those seeking petroleum riches in 1864 included John Wilkes Booth, whose Dramatic Oil Company drilled on a 3.5-acre lease on the Fuller farm.
By the end of 1869, Wallace Oil Company ‘s McClintock farm leases still produced an average of 200 barrels of oil daily from 32 wells. It took three more years before Wallace Oil Company paid its first and only dividend to investors, who received one cent per share in 1874. But by then, one industry publication noted, “oil had left the territory.”
The company dutifully paid the state an annual “Tax on Stock,” and in 1871 paid its first “Tax on Income.”
A circa 1875 Library of Congress stereograph of a small building includes signs for the “Wallace Oil Company,” the “Allegheny & Pittsburgh Oil Co.,” the “Oil Basin Petroleum Co.,” the “Buchanan Royalty Oil Co.,” and the “Rouseville Oil Co.”
Rouseville in 1861 had been the scene of a deadly oil well fire, one the earliest fatal conflagrations of the U.S. oil and natural gas industry.
By the early 1890s, Wallace Oil Company’s expanded oil-region holdings were reduced to the original 3/32 royalty from its McClintock property, which no longer produced commercial quantities of oil. Overproduction had drained profitability from the countryside.
In August 1895, American Investor reported Wallace Oil Company had lost its wells and property and could not even muster resources to pay legal fees associated with formal dissolution of the company. The grim assessment concluded, “The company is in a hopeless condition. The stock has no market value.”
Visit the Drake Well Museum and Park in Titusville.
The stories of exploration and production companies joining petroleum booms (and avoiding busts) can be found in Is my Old Oil Stock worth Anything?
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Recommended Reading: Trek of the Oil Finders: A History of Exploration for Petroleum (1975); Myth, Legend, Reality: Edwin Laurentine Drake and the Early Oil Industry
(2009). Your Amazon purchase benefits the American Oil & Gas Historical Society. As an Amazon Associate, AOGHS earns a commission from qualifying purchases.
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The American Oil & Gas Historical Society (AOGHS) preserves U.S. petroleum history. Please become an AOGHS annual supporter and help maintain this energy education website and expand historical research. For more information, contact bawells@aoghs.org. © 2024 Bruce A. Wells. All rights reserved.
Citation Information – Article Title: “Wallace Oil Company.” Authors: B.A. Wells and K.L. Wells. Website Name: American Oil & Gas Historical Society. URL: https: https://aoghs.org/old-oil-stocks/wallace-oil-company. Last Updated: June 11, 2024. Original Published Date: June 17, 2021.
by Bruce Wells | May 26, 2024 | Petroleum History Almanac
Marketing icon “Dino” and friends introduced children to wonders of the Mesozoic era courtesy of Sinclair Oil.
Harry Ford Sinclair established his petroleum company in 1916, making it one of the oldest continuous names in the U.S. energy industry. Appearing among other Sinclair Oil Company dinosaurs during the 1933-1934 World’s Fair in Chicago, “Dino” quickly became a marketing icon whose popularity – and educational value – with children remains today.
With $50 million in assets, Harry Ford Sinclair borrowed another $20 million and formed Sinclair Oil & Refining Corporation on May 1, 1916. He brought together a collection of several depressed oil properties, five small refineries and many untested leases — all acquired at bargain prices.
After the New York World’s Fair concluded in 1965, “Dino” and a caravan of Dinoland exhibits left Queens to begin a three-year tour, travelling more than 10,000 miles through 25 states to visit suburban shopping center parking lots — and Sinclair stations.
During its first 14 months of operations, Sinclair’s New York-based company produced six million barrels of oil for a net income of almost $9 million. The company’s refining capacity grew from 45,000 barrels of oil a day in 1920 to 100,000 barrels of oil a day in 1926. Refining capacity reached 150,000 barrels of oil per day in 1932.
The prospering producing and refining company began using an Apatosaurus (then called a Brontosaurus) in its advertising, sales promotions and product labels in 1930. Children loved it.
Chicago World’s Fair
Excited crowds gathered at Sinclair Oil Company dinosaurs exhibit during the Century of Progress International Exposition, also known as the Chicago World’s Fair, from May 27, 1933, to October 31, 1934.
The first Sinclair Oil “Brontosaurus” trademark made its debut in Chicago as an exhibit during the 1933-1934 “Century of Progress” World’s Fair.
As Sinclair’s dinosaur exhibit attracted Depression Era crowds. the company published a special edition newspaper, Big News, promoting the company’s diverse array of dinosaurs — and petroleum products.
“Sinclair uses dinosaurs in its motor oil adverting to impress on your mind the tremendous age of the crude oils from which Sinclair Motor Oils are made,” proclaimed one Big News article.
The Sinclair dinosaur exhibit drew large crowds once again at the 1936 Texas Centennial Exposition. Four years later, even more visitors marveled at an improved 70-foot dinosaur in Sinclair’s “Dinoland Pavilion” at the 1939-1940 New York World’s Fair.
Sinclair’s green giant and his accompanying cast of Jurassic buddies, including Triceratops, Stegosaurus, a duck-billed Hadrosaurus, and a 20-foot-tall Tyrannosaurus Rex – were again a success, especially among young people.
Sinclair’s first super-fuel is marketed in 1926. The “HC” initials stand for “Houston Concentrate,” but some advertising men prefer the term “High Compression.”
Although it was the first U.S. exposition to be based on the future — “the world of tomorrow” — the Sinclair dinosaurs remained a popular attraction among other innovative exhibits. The Westinghouse Company featured “Electro the Moto-Man,” a seven-foot robot that talked and smoked cigarettes.
“Dino” and friends would return to New York City with even greater acclaim in 1964. But it was soon after the Chicago World’s Fair that the oil company recorded its most successful single promotion.
Sinclair Dinosaurs Stamps
In 1935, Sinclair Oil published dinosaur stamps and a stamp album that could be filled only with colored dinosaur stamps — issued one at a time weekly at Sinclair service stations.
The first printing of Sinclair’s dinosaur stamp albums — distributed through its dealers within 48 hours after a single network radio broadcast of the offer — would astound marketing professionals.
In 1935, Sinclair gas stations offered dinosaur stamp albums – and eventually handed out four million albums and 48 million stamps.
“The final totals were 4 million albums and 48 million stamps,” the company noted about its campaign. “Dino” surpassed the other Sinclair Oil Company dinosaurs in becoming an icon of successful petroleum marketing wherever it went.
Refurbished, the 70-foot-long fiberglass green giant and his eight companions — including a large, 45-foot Tyrannosaurus Rex — would return to New York for another world’s fair in 1964-1965.
Fifty million New York City visitors attend the 1964-1965 New York World’s Fair — with the Sinclair Corporation’s “Dinoland” exhibition among the most popular. Image courtsey CardCow.com.
In early 1964, spectators along the Hudson River were amazed to see a barge crowded with an improved Dino and his kin floating downriver. The super-sized reptiles were again bound for a New York World’s Fair. One, a Triceratops, was delivered by helicopter.
New York World’s Fair
“For the first time in 70 million years a herd of dinosaurs will travel down the Hudson River this month,” noted the September 1963 issue of Popular Science.
New York spectators marveled at a tugboat pushing a barge of dinosaurs on the Hudson River in 1964.
“Faithfully sculptured and big as life,” noted the magazine, the fiberglass dinosaurs traveled by barge from the Catskill Mountains studio of animal sculptor Louis Paul Jonas, his 18 assistants and paleontologist advisers.
Dismantling of “the great statue that stood in the Sinclair Pavilion of the New York World’s Fair, 1965.” Photo by Robert Walker, the New York Times Archives.
The nine dinosaurs took two months and $250,000 to complete by opening day, April 22, 1964. By the end of the World’s Fair, about 50 million visitors had marvelled at Sinclair’s “Dinoland” exhibit. Dino’s travels did not end when the fair closed in October 1965.
In July 1966, the Sinclair Dinoland exhibit visited Southdale Mall in Edina, Minnesota, where Andy and Doug Ward were photographed by their father David in front of Triceratops. Photo courtesy Doug Ward.
After being disassembled and configured for an extended road trip, Dino began visiting shopping centers and other venues where crowds of children were introduced to the wonders of prehistory, courtesy of Sinclair.
Today, many fair visitors fondly remember another attraction of Sinclair’s Dinoland popular Pavilion – “Mold-A-Rama” machines that dispensed warm, plastic dinosaurs for 25 cents.
One of the New York World’s Fair dinosaurs would end up in Kansas.
After traveling more 10,000 miles through 25 states and 38 major cities, Dino retired to Dinosaur Valley State Park in Glen Rose, Texas, about 50 miles southwest of Fort Worth. He can still be seen there today. The Texas park contains some of the best preserved dinosaur tracks in the world.
Sinclair Oil Company’s 70-foot Apatosaurus (and a 45-foot Tyrannosaurus Rex) are displayed in Dinosaur Valley State Park, 50 miles southwest of Fort Worth, Texas. Photo courtesy Dinosaur Valley State Park.
“There are two fiberglass models,” the park notes, “a 70-foot Apatosaurus and a 45-foot Tyrannosaurus Rex. They were built, under commission of the Sinclair Oil Company, for New York World’s Fair Dinosaur Exhibit of 1964 – 1965.”
Corythosaurus in Kansas
Although Sinclair was born in Benwood, West Virginia, today a Wheeling suburb, he grew up in Independence, Kansas. The Historical Museum of Independence educates visitors with an Oil Room exhibiting Sinclair’s extensive Mid-Continent oilfield production and refining heritage.
Sinclair Oil Corporation distributed 48 million dinosaur stamps in a highly successful marketing campaign.
On display in a nearby public park is Corythosaurus — one the dinosaurs from Sinclair’s “Dinoland” exhibit at the New York World’s Fair. The museum’s Old Post Office building was placed on the National Register of Historic Places in 1988.
“The museum’s permanent exhibits in 22 rooms tell stories of the early settlers’ lifestyle; the history of the oil industry; some of the Indian Culture collection and various historical artifacts,” explains the Historical Museum of Independence.
Young New Work World’s Fair visitors recall Sinclair’s “Mold-A-Rama” machine that made a souvenir dinosaur for 25 cents. “See it formed right before your very eyes!” Two sides of a mold came together, producing a still warm plastic dinosaur.
Although later a respected American industrialist, Harry Sinclair was implicated in the Teapot Dome Scandal. Albert Fall, appointed Interior Secretary in 1921 by President Warren G. Harding, was found guilty of accepting a bribe in 1929 — the first cabinet member to be convicted of a felony.
With full control of the Naval Petroleum Reserves, Fall had awarded noncompetitive leases to Sinclair’s Mammoth Oil Company for Teapot Dome oil reserves. Harry Sinclair was acquitted of giving a bribe, but served six-and-a-half months in prison for contempt of court and the U.S. Senate. He died on November 10, 1956.
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Recommended Reading: The 1964-1965 New York World’s Fair, Images of America (2004); The Exciting World of Dinosaurs, Sinclair Dinoland, New York World’s Fair 1964-65 (souvenir booklet); Teapot Dome Scandal (2009). Your Amazon purchase benefits the American Oil & Gas Historical Society. As an Amazon Associate, AOGHS earns a commission from qualifying purchases.
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The American Oil & Gas Historical Society (AOGHS) preserves U.S. petroleum history. Please become an AOGHS annual supporter and help maintain this energy education website and expand historical research. For more information, contact bawells@aoghs.org. © 2025 Bruce A. Wells. All rights reserved.
Citation Information – Article Title: “Dinosaur Fever – Sinclair’s Icon.” Authors: B.A. Wells and K.L. Wells. Website Name: American Oil & Gas Historical Society. URL: https://aoghs.org/oil-almanac/sinclair-dinosaur. Last Updated: May 22, 2024. Original Published Date: January 27, 2010.
