Eveleth & Bissell retained a controlling interest and Ashael Pierpont, James M. Townsend and William A. Ives were three of the New-Haven stockholders. Bissell visited Titusville to complete the transfer. On January sixteenth he and his partner had given a deed, which was not recorded, to the trustees of the original company. At Titusville he learned that lands of corporations organized outside of Pennsylvania would be forfeited to the state. The new company was notified of this law and to avoid trouble, on September twentieth, 1855, Eveleth & Bissell executed a deed to Pierpont and Ives, who gave a bond for the value of the property and leased it for ninety-nine years to a company formed two days before under certain articles of association. It really seemed that something definite would be done. The first oil-company in the history of nations had been organized. Pierpont, an eminent mechanic, was sent to examine the “spring,” with a view to improve Angier’s machinery. Silliman’s reports had a stimulating effect and the Professor was president of the company. But the monkey-and-parrot time was renewed. Dissensions broke out, Angier was fired and the enterprise looked to be “as dead as Julius Cæsar,” ready to bury “a hundred fathoms deep.”
FAC-SIMILE OF LABEL ON KIER’S PETROLEUM.
One scorching day in the summer of 1856 Mr. Bissell, standing beneath the awning of a Broadway drug-store for a moment’s shade, noticed a bottle of Kier’s Petroleum and a queer show-bill, or label, in the window. It struck him as rather odd that a four-hundred-dollar bill—such it appeared—should be displayed in that manner. A second glance proved that it was an advertisement of a substance that concerned him deeply. He stepped inside and requested permission to scan the label. The druggist told him to “take it along.” For an instant he gazed at the derricks and the figures—four-hundred feet! A thought flashed upon him—bore artesian wells for oil! Artesian wells! Artesian wells! rang in his ears like the Trinity chimes down the street, the bells of London telling “Dick” Whittington to return or the pibroch of the Highlanders at Lucknow.[Lucknow.] The idea that meant so much was born at last. Patient nature must have felt in the mood to turn somersaults, blow a tin-horn and dance the fandango. It was a simple thought—merely to bore a hole in the rock—with no frills and furbelows and fustian, but pregnant with astounding consequences. It has added untold millions to the wealth of the country and conferred incalculable benefits upon humanity. To-day refined petroleum lights more dwellings in America, Europe, Asia, Africa and Australia than all other agencies combined.
To put the idea to the test was the next wrinkle. Mr. Eveleth agreed with Bissell’s theory. Their first impulse was to bore a well themselves. Reflection cooled their ardor, as this course would involve the loss of their practice for an uncertainty. Mr. Havens, a Wall-street broker, whom they consulted, offered them five-hundred dollars for a lease from the Pennsylvania Rock-Oil Company. A contract with Havens, by the terms of which he was to pay “twelve cents a gallon for all oil raised for fifteen years,” financial reverses prevented his carrying out. The idea of artesian boring was too fascinating to lie dormant. Mr. Townsend, president of the company, Silliman having resigned, employed Edwin L. Drake, to whom in the darker days of its existence he had sold two-hundred-dollars’ worth of his own stock, to visit the property and report his impressions. Mrs. Brewer and Mrs. Rynd had not joined in the power-of-attorney by which the agent conveyed the Brewer-Watson lands to the company, hence they would be entitled to dower in case the husbands died. Drake was instructed to return by way of Pittsburg and procure their signatures. Illness had forced him to quit work—he was conductor on the New-York & New-Haven Railroad—for some months and the opportunity for change of air and scene was embraced gladly. Shrewd, far-seeing Townsend, who still lives in New Haven and has been credited with “the discovery” of petroleum, addressed legal documents and letters to “Colonel” Drake, no doubt supposing this would enhance the importance of his representative in the eyes of the Oil-Creek backwoodsmen. The military title stuck to the diffident civilian whose name is interwoven with the great events of the nineteenth century.
JONATHAN TITUS.
Stopping on his way from New Haven to view the salt-wells at Syracuse, about the middle of December, 1857, Colonel Drake was trundled into Titusville—named from Jonathan Titus—on the mail-wagon from Erie. The villagers received him cordially. He lodged at the American Hotel, the home-like inn “Billy” Robinson, the first boniface, and Major Mills, king of landlords, rendered famous by their bountiful hospitality. The old caravansary was torn down in 1880 to furnish a site for the Oil Exchange. Drake stayed a few days to transact legal business, to examine the lands and the indications of oil and to become familiar with the general details. Proceeding to Pittsburg, he visited the salt-wells at Tarentum, the picture of which on Kier’s label suggested boring for oil, and hastened back to Connecticut to conclude a scheme of operating the property. On December thirtieth the three New-Haven directors executed a lease to Edwin E. Bowditch and Edwin L. Drake, who were to pay the Pennsylvania Rock-Oil-Company “five-and-a-half cents a gallon for the oil raised for fifteen years.” Eight days later, at the annual meeting of the directors, the lease was ratified, George H. Bissell and Jonathan Watson, representing two-thirds of the stock, protesting. Thereupon the consideration was placed at “one-eighth of all oil, salt or paint produced.” The lease was sent to Franklin and recorded in Deed Book P, page 357. A supplemental lease, extending the time to forty-five years on the conditions of the grant to Havens, was recorded, and on March twenty-third, 1858, the Seneca Oil-Company was organized, with Colonel Drake as president and owner of one-fortieth of the “stock.” No stock was issued, for the company was in reality a partnership working under the laws governing joint-stock associations.
THE FIRST DRAKE WELL, ITS DRILLERS AND ITS COMPLETE RIG.