Clipped From The Olean Democrat

parichter Member Photo

Clipped by parichter

 - Superintendent many years before. The professor...
Superintendent many years before. The professor made a careful analysis and pronounced the oil as being valuable valuable for medicinal purposes as well as for its illuminating qualities. "It is a compound, however, and not a natural product, as you suppose,' said the Professor. Mr. Watson replied that he had himself taken that oil from the spring,and described the manner in which he did it. II was all to no purpose; the professor would not be convinced, and replied: "Mr. Watson, I know you are honest in your statement, but I think some one, for some purpose, has been playing a practical joke on you; for 1 have too much confidence in my profession and what it has taught me to doubt for one moment the conclusion conclusion I have reached in making this analysis." Seeing it was no use to argue the question further with him, the bottle of crude oil was taken to other places, but Mr. Watson was careful not to mention the rebuff he had received from the learned professor. professor. Messrs. Eveleth Bissell, a firm doing business in Hartford and New York City, had been receiving about a gallon of this oil a day, which mixed with other ingredients, they sold as the celebrated "Mustang Lin- imenL" They had been receiving the oil for four years or more when Mr. Watson made a second visit to Hartford, Conn. Col. Drake at this time a conductor on the New York New Haven R R. His shrewdness bad often attracted attracted the attention of Messrs. Eveleth Biasell, and it was concluded to send him out to Western Pennsylvania Pennsylvania to look after the oil interests of the firm, if suitable arrangements could be made with Col. Drake. After settling the basis of compensation, the Colonel proceeded to Titusville. When he had bad time to carefully look the ground over and make his calculations in his own shrewd Yankee Yankee way, and after transacting other, later day. The next morning the elder was first at the well and to his astonishment and great joy discovered that the well was nearly full of He procured a piece of tin plugged one end of it, dropped it the hole, and soon filled a barrel oil. The pump was put in and well yielded at the rate of twenty barrels a day. It was by this achievement that the discovery of large bodies of oil was made and the practicability of reaching it by the established. This was the first oil well, and through it the name of Drake became imperishable. The news of Col. Drake's sanity and success ran like wild fire up and Oil Creek Valley. The great discovery was flashed over the lightning's wings, and began the memorable excitement which made princes and beggars before it subsided. Col. Drake drilled a second well, but it yielded little oil The Seneca Oil Company closed out its business and CoL Drake operated individually until 1864. In 1860 he was elected Justice of the Peace in Titasvflle. that time men were leasing, and exchanging lands in mad and the acknowledgment and drawing up of contracts made the of the office about $3.000. Other Business, such as buying oil for York firm, made his yearly income about $5,000. A purchase of 25 of land from Jonathan Watson considered a good investment, as was afterwards laid out into town ote. Drake street now runs the center of this tract In 1863 )rake sold the land back to Watson for $12,000. The same tract was afterward sold for $90,000. It to-day worth five times that CoL Drake disposed of all of his property in 1864, and left the Oil orever. He took with him in all i about $15,000 and went to New

Clipped from
  1. The Olean Democrat,
  2. 17 Jul 1883, Tue,
  3. Page 1

parichter Member Photo

Want to comment on this Clipping? Sign up for a free account, or sign in