Drilling began in the spring of 1864 and the work went merrily on. Each partner would be entitled to one-sixteenth of the oil. Hyde & Ridgway sold their interest for ten-thousand dollars a few days before the tools reached the sand. This interest Dr. M. C. Egbert, brother of the original purchaser of the farm, next bought at a large advance. He had acquired one-sixth of the property in fee and wished to own the Coquette. Grandin and Kepler declined to sell. The well was finished and did not flow! Tubed and pumped a week, gas checked its working and the sucker-rods were pulled. Immediately the oil streamed high in the air! Twelve-hundred barrels a day was the gauge at first, settling to steady business for a year at eight-hundred. A double row of tanks lined the bank, connected by pipes to load boats in bulk. Oil was “on the jump” and the first cargo of ten-thousand barrels brought ninety-thousand dollars, representing ten days’ production! Three months later Grandin and Kepler sold their one-eighth for one-hundred-and-forty-five thousand dollars, quitting the Coquette with eighty-thousand apiece in their pockets. Kepler was a dreamer whom Joseph might be proud to accept as a chum.
DR. M. C. EGBERT.
Dr. M. C. Egbert retained his share. Riches showered upon him. His interests in the land and wells yielded him thousands of dollars a day. Once his safe contained, by tight squeezing, eighteen-hundred-thousand dollars in currency and a pile of government bonds! He built a comfortable house and lived on the farm. He and his family traveled over Europe, met shoals of titled folks and saw all the sights. In company with John Brown, subsequently manager of a big corporation at Bradford and now a resident of Chicago, he engaged in oil-shipments on an extensive scale. To control this branch of the trade, as the Standard Oil-Company has since done by combinations of capital, was too gigantic a task for the firm and failure resulted. The brainy, courageous doctor went to California, returned to Oildom and operated in McKean county. He has secured a foothold in the newer fields and lives in Pittsburg, frank and urbane as in the palmiest days of the Hyde & Egbert farm. If Dame Fortune was strangely capricious on Oil Creek, the pluck of the men with whom “the fickle jade” played whirligig was surely admirable.
Probably no parcel of ground in America of equal size ever yielded a larger return, in proportion to the expenditure, than the Hyde & Egbert tract. Six weeks’ production of the Coquette or Maple Shade would drill all the wells on the property. Charles Hyde and Dr. A. G. Egbert cleared at least three-million dollars, the latter selling one-twelfth of the Coquette alone for a quarter-million cash. Profits of others interested in the land and of the lessees trebled this alluring sum. The aggregate—eight to ten millions—in silver-dollars would load a freight-train or build a column twenty miles high! Fused into a lump of gold, a dozen mules might well decline the task of drawing it a mile. Done up into a bundle of five-dollar bills, Hercules couldn’t budge the bulky package. A “promoter” of the Mulberry-Sellers brand wanted an owner of the farm, when the wells were at their best, to launch the whole thing into a stock-company with five-millions capital. “Bah!” responded the gentleman, “five millions—did you say five-millions? Don’t waste your breath talking until you can come around with twenty-five millions!”
A native of New-York, born in 1822, Charles Hyde was fifteen when the family settled on a farm two miles south of Titusville, now occupied by the Octave Oil-Company. At twenty he engaged with his father and two brothers, W. C. and E. B. Hyde, in merchandising, lumbering and the manufacture of salts from ashes. In 1846 he assumed charge of the lumber-mills John Titus sold the firm, originating the thrifty village of Hydetown, four miles above Titusville. The Hydes frequently procured oil from the “springs” on Oil Creek, selling it for medicine as early as 1840-1. From their Hydetown store Colonel Drake obtained some tools and supplies Titusville could not furnish. Samuel Grandin, of Tidioute, in the spring of 1860 induced Charles Hyde to buy a tenth-interest in the Tidioute and Warren Oil-Company for one-thousand dollars. The company’s first well, of which he heard on his way to Pittsburg with a raft, laid the foundation of Hyde’s great fortune in petroleum. He organized the Hydetown Oil-Company, which leased the McClintock farm, below Rouseville, from Jonathan Watson and drilled a two-hundred-barrel well in the summer of 1860. Mr. Hyde operated on the Clapp farm, south of McClintock, and at different points on Oil Creek and the Allegheny River. His gains from the Hyde & Egbert farm approximated two-millions. Starting the Second National Bank of Titusville in 1865, he has always been its president and chief stockholder. In 1869 he removed to Plainfield, New Jersey, cultivating four-hundred acres of suburban land and maintaining an elegant home.
Dr. Albert G. Egbert, born in Mercer county in 1828, belonged to a family of eminent physicians, his grandfather, father, two uncles, three brothers and one son practicing medicine. Predicating a future for oil upon the Drake well, his good judgment displayed itself promptly. Agreeing to purchase the Davison farm, which his modest income at Cherrytree would not enable him to pay for, his sale of a half-interest to Charles Hyde provided the money to meet the entire claim. After the wonderful success of that investment the doctor located at Franklin. He carried on oil-operations, farming and coal-mining and was always active in advancing the general welfare. Elected to Congress against immense odds, he served his district most capably, attending sedulously to his official duties and doing admirable work on committees. In public and private life he was enterprising and liberal, zealous for the right and a helpful citizen. True to his convictions and professions, he never turned his back to friend or foe. To the steady, masterful purpose of men like Dr. Egbert the oil-industry owes its rapid strides and commanding position as a commercial staple. His demise on March twenty-eighth, 1896, severs another of the links that bind the eventful past and the important present of petroleum. Early operators on Oil Creek are reduced to a handful of men whose heads are white with the snows no July sun can melt.
“He has walk’d the way of nature;
The setting sun, and music at the close,
As the last taste of sweets, is sweetest last.”