The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-09-30
THEY STEuCk OIL.
The History of the Petroleum Industry In
the United States Reads Like Romance.


the United States Reads Like "a Romance.
OF all the romantic stories of creating
wealth out of the raw products of the
earth and Of building up industries that
are almost imperial i'm their power for
good or evil the petroleum industry is not
surpassed, If equnled. in the history of the
United States. The great oilflelds have
been the scene Of many shifting ronianccs
and tragedies, and not even the Eel Dorado
of the Pacific coast i'm lS49 created more
excitement than men witnessed in Penn
sylyania when boring for oil was first
started. The discovery of gold i'm Cali
fornia did not establish permanent in
dustry on the Pacific coast, but the un-
locking of the wells of oil in Pennsylvania
was the beginning OF u business that has
continued to swell in proportions even
down to the present No other industry
in America surpasscs that of oil produc-
ton and distribution The oilfelds havo
naturally been exhausted in places and
prices have come down from what they
were in the flities and sixties but the
gigantic concern which has largely con
trollcd the business for the past decade not
long ago declared a quarterly dividend of
10 per cent, and this meant n distribution
among the stockholders Of $40, GOO, 600 or
more
The first oil well was drilled near Titus
vile in 1859, and in July, 1860, the total
output OF the wells on Oil creek, in Penn
sylyania, amounted to 200 barrels day,
but in one year from that the regular sup
ply was estimated at from 5000 TO 1000
barrels per day. And the excitement was
not at its height them People were flock
ing to the oilfelds in ever increasing num-
bers. Farmers who had thought them
selves poor with few hundred acres of
barren soil in their possession suddenly
found themselves on the royal highway to
fortune. A few sold out their possessions
at fabulous prices, but the majority were
more anxious to bore for the oil themselves
The production increased so rapidly that
the price of Illuminating oil quickly drop
ped to point where every one couia GLCrd
to use it for lighting purposes. Ia 1874
the yield amounted to 6,5CC .~gc =,
but even this was u mere Va -''a 10
what was coming In 1880 t-. Mr., e.
ported 664, 49l 40S gallons aud Gr >--c.
nous quantity was used at homo
Huge fortunes were naturally realized
by some Of the men engaged in the enter
prise. No such opportunities for money
making had been presented before There
were five men in particular who, living
near the oil region saw great monetary
possibilities in tho awakening industry
They were comparatively poor, but they
were shrewd and progressive enough to
invest their small capital and their large
brains in the petroleum business. They
were early in the field and worked up with
the industry. In time they formed the
Standard Oil company, which developed
into the most gigantic concern that ever
sought to control AN industry in any coun-
try of the world, and today the organizers
of that company represent in the aggregate
n fortune of about 5000, 900, OOO.-George
Il. Walsh in Casters Magazine For Octo-
Der