vow - y # so To od vA SFT An edition of 100 ci which this is a No. Dazgemte ! to This volume is a combination of a series of booklets published by the First National Bank at Pittsburgh, in exposition of our city’s progress in business and culture. It is fitting that this record be dedicated to the memory of the late beloved president of the First National Bank, Mr. Lawrence FE. Sands, whose vision and work has made a very deep impression upon the general welfare of this community. May we hope that this volume will he worthy of a place in your library, not only for your own pleasure and information, but also for any inspiration it may furnish for a future generation to maintain and enhance the fine traditions of the City of Pittsburgh. Pennsvlvania THE FIRST NATIONAL BANK AT PrrrssurcH, PitrssurcH. Pa. RII sronsarins am pe oes gee MIRE A TE + nee Ae The Storv of PITTSBURGH Volume One Number Ten PETROLEUM AND NATURAL GAS First National Bank at Pittsburgh December. 1923 IE RCRD ECE ESI TSI +p == The Story of Pittsburgh Petroleum and Natural Gas HE first oil well ever drilled in the United States was the celebrated Drake well, which began producing petroleum in August, 1859, at the very shallow depth of 6914 feet. Accounts differ as to exact day in August when this momentous event took place. Various books of reference give the date as August 28 and 29, but the man who did the actual work of drilling the well says it was on August 12, that the precious fluid rose to the surface. The driller was William A. Smith, familiarly known as “Uncle Billy Smith,” and we are indebted to “The Derrick’s Hand- book of Petroleum” for an interesting account of an interview which an Oil City Derrick correspondent had with Mr. Smith in the summer of 1889. Mr. Smith was then living on a farm in Butler County, Pa., nearly five miles from a railroad or postoffice, on the banks of Rough Run. He was then in his 78th year, and had been engaged in drilling wells for water for years before the search for oil. “I began drilling first in 1828,” he said, “and made the first set of jars that ever were used; used them at Freeport in 1830. I made the first temper screw, and the first joints ever used in a drilling set. Before these improve- ments it took six to seven years to drill a well 600 feet deep. With these improvements such a well could be put down in three months. Sam Kier’s father had all his work done by me. They carried on salt works. If they lost any tools I did the fishing. Have invented and made more fishing tools than any other man in Pennsylvania.” It may be well to explain that this “fishing” was the search for such drilling tools as got loose from the machinery and were lost in the hole. Naturally after such an accident the drilling had to cease until the tools could be recovered and set to work again. Proceeding to his account of the work on the Drake well, Mr. Smith said: “Yes, sir; I think if it hadn’t been for me, the oil would have been in the ground yet. Drake often told me that. If that well had not been a success, there never would have been another attempted by any one.” Of course this is mere conjecture, but the old gentleman was probably wrong. It is inconceivable that the future of the great oil industry depended solely on the success of this attempt. Still, it is of great interest to get “Billy” Smith’s point of view, because he was the man on the grodnd, who actually did the work. He went on with his talk: “After the Drake well I followed the oil business about 15 years, and drilled more than 100 wells. I never drilled a dry hole nor put down a well that did not pay. Before Drake engaged me to drill that well, he had engaged Joseph Doty, Dennis Martin, and Andy Marvin in succession, all of whom aad promised to go, but did not. I began work on that well on May 20, 1859, and began to drive pipe on August 5. Couldn’t get any pipe in less than a good many miles. Drove 19 feet of pipe, cleaned out and began drilling. Put it down a little over 69 feet and struck oil on the 12th of August.” His attention was called to the discrepancy in dates be- tween his account and many others which had been published, but he was emphatic in his assertion that it was on August 12. His story runs thus: “When I got to Titusville to put down that well, Drake was sick. He told me to take the tools down to the oil place and I went. Found a man named Cord Redfield there. Talked over the prospects with him: was around there all day Friday, and set to work on Saturday, May 20. Drake came down on Monday. A saw mill stood about 60 yards from the well and the men all came over to see what I thought of the prospects. I said I thought the prospects good. “That was not the first pipe that had ever been driven in a well. I had driven a set of pipe in a salt well at Salina, on the Kiskiminetas, before I went to the Drake well. I am certain that the oil was found on August 12, 1859. Drake was in the derrick at the time, and Dr. Shugart was also there. While I was drilling I felt the jars stop working. From this I knew there was a crevice and I let out until the jars struck again. It was within a half hour after that time that I got the oil out of the well. When the jars stopped working I noticed the fluid rising in the drive pipe, and called Drake’s attention to it. He said; ‘What does that mean?’ I said; ‘That’s your fortune coming.” 1 ran two bits after that, and then I plugged a piece of common tin pipe with a pine plug. I attached it to a strip of lumber and lowered it into the well. No, I did not use a string or rope to lower it, no matter what history says. It was Sat- urday when I lifted the oil and had about a half gallon of it. The men were called over from the saw mill. The works were shut down and all hands came over. Next day I took out nearly a barrel and a half of oil with the tin pipe. On Monday Drake got about 20 feet of 14-inch pipe, which we attached to a common hand pump, and in that way brought up eight barrels per day. “What we used as a tank was an old fish oil can that would hold about five or six barrels. A man named Sillman then built a wooden tank of about 25 barrels capacity. Then bigger ones were put up. I got a tube and tubed the well, seed-bagged it, made it tight, and then we got nearly 20 barrels per day until October 7. At 10 o’clock that night it burned up. The fire caught from a lamp in my hand. We were so bothered with people coming to look at the well that we put up a big tank house, and that night I thought the tank was not filling fast enough and went in to see. I raised the lamp near the great tank, and in an instant it was all ablaze; burned everything up. Drake was not discouraged. He said: ‘The oil is there yet.’ “A new derrick was put up and got started again Novem- ber 7, and it began anew at 32 barrels per day, and kept it up as long as I was there. I was there nearly three years. Ido not know where the engine was built that was used to drill the well. It was there when I went there. I never saw such a time as there was at that Drake well. Hundreds of people every day, and the fool questions they would ask were awful. I thought it funny at first, but soon got sick of answering questions. An Irishman came along one day and asked: ‘“ ‘Are ye shippin’ any oil these days?’ “ ‘Lots of it,” says I. * ‘How do you ship it?’ says he. * ‘In baskets,” I said. “ ‘Great Hivins! was his exclamation, as he walked off. “There was a great scarcity of barrels. Had to use old whisky barrels, old vinegar barrels, all kinds of barrels that could be got together. All sorts of devices were resorted to by way of tankage. Big pits were dug in the ground and lined around with planks. One of these, below Petroleum Center, covered about four acres. I don’t know how many thousands of barrels it would hold. “Qil was worth at first about $1.00 a gallon, or $40 a barrel, but it did not hold up to that.” Further questioning elicited the information that the production of the No. 2 Drake well was about 24 barrels, and that of No. 8 about [2 barrels per day. While the Drake well was the first ever drilled for the production of petroleum, large quantities of oil in the aggre- gate had been produced from wells several hundred feet deep before Col. Drake was born. These wells had been sunk for salt water. The United States Census Report on the Pro- duction, Technology and Uses of Petroleum and Its Products, issued in 1885, contains an interesting account of the first salt well drilled west of the Alleghenies. It was located on the Great Kanawha, not far from Charleston, in what was then Virginia, but now West Virginia. Work upon it com- menced in 1806, by the Ruffner Bros. Other salt wells were later put down, and in nearly all of these salt wells, petroleum made its appearance, and was a source of considerable annoy- ance. In some of these wells as much as 25 to 50 barrels of oil a day came up with the brine, and was allowed to flow over the top of the salt cisterns into the river, where it spread over a large surface, and by its beautiful iridescent hues and strong odor, could be traced many miles down the stream. It was from this cause that the nickname “Old Greasy” was applied to the river by the Kanawha boatmen. This experience with salt water wells was duplicated at Tarentum, on the Allegheny river, a few miles above Pitts- burgh, where wells were drilled for brine from which to manufacture salt considerably more than a century ago. Some of these wells were operated previous to the year 1810, but when petroleum was struck it was looked upon as a great misfortune, because it ruined the well for salt-making pur- poses. Similar results were found in wells bored for brine in Dhio, Kentucky and Tennessee. Of the early utilization of oil in Venango County, an account written some years ago by the Rev. S. J. M. Eaton, of Franklin, contains the following: “A point was selected where the oil appeared to bubble up most freely, when a pit was excavated to the depth of two or three feet. Sometimes this pit was rudely walled up, sometimes not. Sometimes it was near the edge of the water on the bank of the stream; sometimes in the bed of the stream itself, advantage being taken of a time of low water. In these pits the oil and water would collect together, until a stratum of the former would form on the surface of the latter, when a coarse blanket or piece of flannel was thrown in. This blanket soon became saturated with oil, but rejected the water. The blanket was then taken out, wrung into a tub or barrel, and the operation repeated.” Even in those days, Pittsburgh was the market for oil, long before the drilling of the Drake well, for the Rev. Mr. Eaton’s narration goes on to say: “The first shipment of petroleum was to Pittsburgh, and in this wise: Mr. Cary, one of the first settlers on Oil Creek, possessing perhaps a little more enterprise than his neighbors, would collect or purchase a cargo of oil, proceed to Pittsburgh and exchange it for commodities needed in his family. This cargo consisted of two 5-gallon kegs, which were slung one on each side of a horse, and thus conveyed by land. . . . Sometimes the market in Pittsburgh became very dull, for a flatboatman would occasionally introduce a barrel or two at once, which he had brought down on his raft of lumber or logs. At other times the demand fell off, so that the purchase of a barrel was hazardous. At a period somewhat later than this, General Samuel Hays, who settled in Franklin in 1808, related that at one time he purchased all the oil produced in the country, and that the highest annual yield was 16 barrels. This oil he sold in Pittsburgh at about $1 a gallon.” There is a local record to the effect that natural gas was first used in a small way in lighting houses at Fredonia, Chautauqua County, N. Y., in 1821. In C. B. Tergo’s “Geography of Pennsylvania,” published in 1843, occurs the following: “Oil Creek derives its name from the substance called Seneca oil, which rises in. bubbles from the bed of the stream, and on reaching the top of the water these bubbles explode, leaving the oil floating on the surface. Though this oil is found in many places throughout the whole course of the stream, it is most abundant two or three miles from the mouth. Several of the owners of the land make a business of collecting the oil during the dry season, as it is most plenti- ful at low water. From two to twelve barrels are collected in a season by the proprietors, the quantity depending on the prevalence of dry weather and low water. In the low grounds along this creek oil may be obtained by digging to a level with the bottom of the stream, but when thus pro- cured it is not so pure and clean as that taken upon the sur- face of the creek. This mode of obtaining it has evidently been practiced by the Indians, or some other people, long vefore the white man set his foot upon the soil of this region.” After the news of the Drake well became known there was a rush to the oil regions comparable to the rush of gold seekers to California and other gold fields at different times. Hundreds of wells were started in the Oil Creek valley, and up and down the Allegheny river. In the following year oil was found at Tidioute, Henry’s Bend, Franklin and Smith’s Ferry, and the production of the year 1860 is estimated at over 500,000 barrels, In 1861 the first flowing well was struck, near Rouseville, a suburb of Oil City, at the depth of 400 feet. This well was followed by others which produced from 2000 to 3000 barrels a day. Naturally the market was overstocked, for uses for the product were few, and prices declined disastrously. The estimated production for 1861 was 2,118,600 barrels, but much oil was lost, being carried away by the waters of Oil creek and the Allegheny river. An era of oil stock companies ensued, many of which made money, but the failures, with consequent losses, were very numerous. Later widening markets were found for petroleum, and the search for new fields spread into Clarion. Butler and Armstrong counties. Within 15 years production had grown to nearly 30,000 barrels a day. Late in 1874 the initial well of the great Bradford oil field was opened, and for three years this new district, which covered over 100,000 acres, was the scene of great activity. Production increased at a rapid rate, until in July, 1880, the Bradford field yielded 100,000 barrels a day. Of this large quantity, about 80,000 barrels were run into the storage tanks of the transportation companies, while the remainder was lost. Later came the discovery of gushers in Warren and Butler counties, and since then oil has been found in many parts of the United States, Mexico, South America, and other portions of the globe. The production of 2000 barrels in 1859, grew, with oc- casional recessions in totals, until in the year 1917, the total was 335,315,600, with a valuation of $522,635,213. Coming down to later years, the United States Geological Survey, in a publication dated May 26, 1923, gives the petroleum pro- duction of the year 1921 at 472,183,000 barrels. Very remarkable has been the expansion of the petroleum industry in the last two years, for the American Petroleum Institute, which issues weekly reports on the oil trade, esti- mates the production of crude oil in the United States, in the week ending October 27, 1923, at 2,265,900 barrels daily, or on the annual basis of a production of 827,053,500 barrels. As one can easily guess from the number of motor cars in use, the consumption of gasoline is enormous. A report from the United States Bureau of Mines puts the consump- tion of gasoline for the first quarter of 1923, which includes exports, at 1,447,760,000 gallons, and from this it figures that the total consumption for the year will be between 7,900,000,- 000 and 8,500,000,000 gallons. This is based on the fact that since the date of the first government statistics on gasoline consumption, the demand in the first quarter of the year has never been less than 179%, and never more than 18.25%, of the total consumption for the year. The report goes on to say that the production of gasoline in the first three months of 1928 was the largest on record, and at the annual rate of 7,400,000,000 gallons. Total stocks of gasoline January 1 were 883,792,861 gallons. An excess of 540,000,000 gallons of consumption over production this year would reduce this figure to 843,000,000 gallons by end of 1923, compared with 1,259,000,000 at the end of March. The importance of the subject makes it necessary to issue this booklet in two parts, of which this is the first. In the following pages the First National Bank gives par- ticulars of a number of companies and corporations engaged in the oil and gas business. Others will be discussed in the succeeding number. PHILADELPHIA COMPANY One of the great corporations of Pittsburgh is the Phila- delphia Company, which was incorporated in 1871 and organ- ized as at present in May, 1884. Philadelphia Company has a very broad charter, which enables it (1) to act as a contractor or as a builder, and as such to build, construct, maintain and manage for others; (2) to act as principal, and as such to build, construct, maintain and manage for itself; (8) to act as a purchaser, and as such to buy, maintain or manage, in its own name or otherwise, “any work or works, public or private, which may tend or be designed to improve, increase, facilitate of or develop” trade, travel, transportation and conveyance of freight, live stock, passengers, or any other traffic, by land or water, from or to any part of the United States or the territories thereof. Philadelphia Company’s major subsidiaries operate the public utilities which serve the Greater Pittsburgh district, having a population estimated at 1,500,000, with gas, electric light and power, city and interurban electric railway service. It also operates many commercial enter- prises which augment or are closely allied with its public utility services, including oil wells, coal mines, steam heating plants, river towing, real estate, automobile service, steam railroad, and stores for the sale of gas and electric appliances and fixtures. The company’s property and security invest- ments are conservatively valued at $250,000,000. Securities of Philadelphia Company and affiliated corporations owned by the public amount to $195,890,450. Dividends on Phila- delphia Company common stock have been paid every year since 1885, (except 1897,) at rates averaging 69,. Total dividends on common and preferred stocks of Philadelphia Company, to December 31, 1922, aggregated $66,233,761. The Philadelphia Company controls the following gas companies: Equitable Gas Company; Monongahela Natural Gas Company; Pittsburgh and West Virginia Gas Company. These companies own or control 1749 natural gas wells, with 3788 miles of pipe lines. In the year 1892 they sold in the Pittsburgh district, 32 billion cubic feet of gas, to 156,000 domestic customers and over 165 industrial companies. Through owned and controlled lines they supply the major part of the fuel gas consumed in the City of Pittsburgh and manufacturing towns along the Monongahela and Allegheny rivers. The company and its subsidiaries control by lease more than 342,000 acres of gas and oil lands in West Virginia, Ohio and Western Pennsylvania. Operations at present are being conducted on 160,432 acres of these lands, the remainder Heing reserved acreage. In the transportation of gas from the fields of southwestern Pennsylvania and northwestern West Virginia, 17 pumping stations are operated, having an aggregate of 36,250 horse- power. In addition to its natural gas production, the com- pany owns a manufacturing gas plant, with a capacity of 24,000,000 cubic feet per day. The entire capital stock of the Philadelphia Oil Company, amounting to $2,001,000, is owned by the Philadelphia Company. It was organized for the purpose of acquiring, carrying and disposing of oil and gas leases; for the purpose of mining, boring and digging for, or otherwise obtaining from the earth, petroleum, rock or carbon oils, and natural gas; and manufacturing, refining, buying, selling and trans- porting the same, in the crude and in the refined states, and generally for the purpose of carrying on such business as pertains thereto. All of the oil produced is Pennsylvania grade, which commands the highest market price. Its opera- tions are in the states of Pennsylvania, West Virginia, Ohio and Kentucky. During the year 1922 it produced 162,193 barrels of oil from 171 wells, and its gross earnings amounted to $912,391. The annual report of the Philadelphia Company for the year 1922 said: “During the year more than 1500 new patrons were taken on the lines of the gas companies. This increase was incident to the building of homes, which was carried on to a greater extent than for a number of years past. The total sales of gas were more than 32 billion cubic feet, an increase of over 9 billion cubic feet, or 419, over the previous year. Gross earnings from the sale of gas amounted to $13,662,351, an increase of $3,452,787, or 38.89,.” The following is the official roster of the Philadelphia Company: Board of Directors: James D. Callery, chairman, James H. Reed, Gerhard M. Dahl, George S. Davison, Benjamin S. Guinness, Charles Hayden, George E. McCague, Moritz Rosenthal, Mason B. Starring, Everett B. Sweezy, Eugene V. R. Thayer, Arthur W. Thompson. Officers: President, Arthur W. Thompson; Senior Vice President, James H. Reed; Vice President, Andrew W. Rob- ertson; Controller, Curtis S. Mitchell; Secretary, Winfield B. Carson; Assistant Secretaries, Edison W. Washabaugh, Alex- ander W. Stevenson; Treasurer, Carl J. Braun, Jr.; Assistant Treasurers, James W. Murray, Hugh W. Annett, R. Elton Hanna. AMERICAN NATURAL GAS COMPANY The American Natural Gas Company was incorporated ander the laws of Pennsylvania in July, 1889, and began business with one well. Other wells were soon drilled and acquired, all of them in Allegheny County, but the property had reached only modest proportions when in 1898 the com- pany purchased the property of the Pioneer Gas Company, which is believed to have been the first company to pipe gas into the Pittsburgh district, which was about the year 1878. Its lines extended from Etna, Pa., to the Lardintown district in Clinton township, Butler county. This purchase was followed during the next 10 or 11 years by numerous other purchases of like properties, including the following: 1898. [Etna Natural Gas Company, owned by Spang, Chalfant & Co., and supplying their mills at Etna, Pa. 1899. West Penn Gas Company, supplying Apollo, Pa., and vicinity. [zeneral Warehouse—OQOklahoma Natural Gas Co.. Tulsa. Okla. Plant of Waverly Oil Works Co. 54th and A.V. R. R., Pittsburgh, Pa. po Plo Wl MOB Bom CARROL ia RIY VC eA SELMONT, sania ieLt, am ERI 14 CN R MAMPFANTL AT RY IAT & HFAT (CD Snowing GENLRAL LCATIUN, wITRQIZLS, OF TAIN GAS Linkd ar PLUMP STATIRE PLANT OF A. D. MILLER SONS CO. Columbus and Preble Aves., N. S. Pittsburgh, Pa. RESERVE GAS HOLDERS —Equitable Gas Co. Reedsdale Street, N. S. Pittsburgh, Pa. 'T LER ~ ADM ig “ROA LA MAP OF NATURAL GAS PROPERTY PHILADELPHIA COMPANY PENNSYLVANIA AND WEST VIRGINIA wa P scare Pies * LEGEND © Natura Gas DisTRIBUTING PLANT O Compressing Station wma DIRECTION GAs Flow Gas FieLo mead E- 1902. Leechburg Light and Fuel Company, supplying Leechburg, Pa., and vicinity. 1903. Western Pennsylvania Natural Gas Company, owned by the American Window Glass Company, and supply- ing its factories at Arnold and Jeannette, Pa. 1906. Kittanning Consolidated Natural Gas Company, and Garretts Run Gas Company, supplying Kittanning and Ford City, and their environs. 1909. Patterson Natural Gas Company, and Evans City Natural Gas Company, supplying Zelienople, Harmony, Evans City, etc. In 1890 the American Natural Gas Company supplied two brickyards and 24 domestic consumers with fuel, and today have upward of 18,000 domestic and commercial con- sumers, and supply about 100 industrial plants, in the towns named, and in other localities. The authorized capital stock of the company is $6,000,000, of which $4,500,000 is out- standing. The company has 800 wells, with approximately 800 miles of pipe. There are ten pumping stations, and one ander construction. Xavier Wittmer, who died in July, 1921, was president of the company from the date of its organiza- tion until his death, when he was succeeded by Henry Witt- mer, who was the company’s general manager from its organ- ization. The company operates in Allegheny, Armstrong, Beaver, Butler, Westmoreland, Indiana and Clarion counties. The officers are: Henry Wittmer, president and general mana- ger; George Wittmer, Jr., vice president and treasurer; R. H. Smith, secretary and assistant treasurer; Thomas Wittmer, vice president and general superintendent; H. H. Brown. assistant secretarv. MANUFACTURERS LIGHT AND HEAT COMPANY The Manufacturers Light and Heat Company was incor- porated under the laws of Pennsylvania, April 21. 1903. Its authorized capital stock is $25,000,000, of which $23,000,000 is outstanding. The company holds under lease 339,787 acres of oil and gas territory in Pennsylvania, Ohio, West Virginia, Kentucky, Michigan, Arkansas, Texas and Louisiana, of which 145,524 acres are now operated, and the rest held in reserve for future operations. The company has 1361 gas wells and 470 oil wells, and a total of 3051 miles of pipes of all sizes, in the entire system. The company has on its books, a total of 126,461 meters, of which 125,437 supply domestic consumers. There was an increase in the last fiscal year, of 8419 in this class of consumers. The company’s oil production in the year 1922 was 136,719 barrels, or an average of 874.57 per day. The production of gasoline amounted to 2,520,753 gallons, or a daily average of 6906 gallons. Gross earnings for the year were $11,322,422.89, and net earnings from operations were $2,421,855.32. Dividends paid amounted to $2,300,000. The officers of the company are: T. B. Gregory, president; L. A. Meyran, vice president; J. I. Buchanan, vice president; H. E. Seibert, secretary and assis- tant treasurer; G. W. Ratcliffe, Treasurer; C. H. Geilfuss, Assistant Secretary and Assistant Treasurer; F. G. Leslie, comptroller. A. D. MILLER SONS COMPANY In 1859 the first oil well was drilled. Three years later, in 1862, A. D. Miller founded this Company and built the original Miller Refinery, this being the first pioneer refinery of crude petroleum. Since that time there has come the wonderful age of progress, which oil, as a lubricant, has made possible. Since the early days of this Company the modern factories and mills of today have been created. The river steamboat and the modern turbine-driven ocean liner have come, the steam and electric railways and finally the auto- mobiles and aeroplanes. All of these have made necessary the enormous oil production and distribution of today. Oils, greases and gasoline are necessities of the modern, every day, business and pleasure life of the world. This company has always maintained an extraordinary high standard of quality, and has been operated since 1862 (61 years) exclusively on high-grade Pennsylvania Crude Oil. The present plant covers about five acres, located in the City of Pittsburgh, Pa., ten minutes by auto from the heart of the City. Has a capacity of one thousand barrels of Crude Petroleum per day, turning out oils (lubricating and refined) gasoline and greases of a superior quality for domestic and export shipment. The Company is operating under a Pennsylvania charter, capitalized at $750,000.00. The officers are as follows: R. B. Miller, president; J. B. Miller, vice president and treasurer; A. D. Miller, Jr., assistant treasurer; A. D. Miller, III, secretary. The products are marketed throughout the United States and the world, and bear the highest reputation wherever sold. OKLAHOMA NATURAL GAS COMPANY The Oklahoma Natural Gas Company is an Oklahoma State Corporation, having been incorporated under the laws of Oklahoma Territory October 12, 1906. The main office is 117 West Fourth Street, Tulsa, Oklahoma. An office is also maintained at 1501 Union Bank Building, Pittsburgh, Pa., where the company’s transfer agent is located. The original capitalization was $4,000,000, par value of $100 per share. In July, 1917, the capital was increased from $4,000,000 to $10,000,000, and the par value was changed from $100 per share to $25 per share. At that time the Osage and Oklahoma Company, Caney River Gas Company, Enid Natural Gas Company, Peoples Fuel Supply Company and the Oklahoma Fuel Supply Company were consolidated with the Oklahoma Natural Gas Company. In May, 1919, the authorized capital was increased from $10,000,000 to $15,000,- 000. Of the $5,000,000 of new stock, $700,000 remains un- issued, making the outstanding capitalization $14,300,000. The total funded debt is $650,000, and the total assets amount to over $20.000.000. The company owns 108 gas wells and controls by gas purchase contracts 238 gas wells. The operated acreage is 110,000, unoperated acreage 23,000, acreage controlled by gas purchase contracts 89,000, making total acreage of 222,000 acres. The pipe lines consist of approximately 1,450 miles of various size pipe, ranging from 2’ to 16”, traversing 25 different counties in the State of Oklahoma and serving 43 towns and 75,000 consumers with natural gas. Gross sales of gas for the year 1922 were 14,907,952,000 cubic feet. The company owns and maintains seven compressing stations with total of 9,785 horsepower. Number of employees varies at different periods in the year from approximately 600 to 1200. The following towns are supplied by the company through its own distributing plants: Tulsa, Sapulpa, Claremore, Chandler, Haskell, Edmond, Bixby, Coweta, Davenport, Red Fork, Shamrock, Kellyville, Pond Creek, Porter, Lamont, Dawson, Depew, Arcadia, Deer Creek, Stroud, Nardin, Inola, Midlothian, Wellston, Turley, Meeker, Peckham, Hunter, Ramona and Luther. The company supplies the following towns at the city border, other companies owning the distributing plants: Oklahoma City, Muskogee, Shawnee, Guthrie, Enid, Chick- asha, Oilton, Bethany, Britton, El Reno, Yukon, Duncan and Marlow. The officers of the Company are: Harry Heasley, presi- dent; J. V. Ritts, A. W. Leonard and R. C. Sharp, vice presidents; L. C. Ritts, secretary and treasurer; C. S. Callen and C. A. O'Donovan, assistant secretary and assistant treasurer. The directors are: H. J. Crawford, R. W. Hannan, Harry Heasley, A. W. Leonard, T. W. Phillips, Jr., J. V. Ritts, R. C. Sharp, W. W. Splane and E. P. Whitcomb. PITTSBURGH OIL AND GAS COMPANY The Pittsburgh Oil and Gas Company was incorporated under the laws of the State of Delaware on March 23rd, 1903. The authorized capital of the company is $3,000,000, of which there is $2,500,000 issued. It owns the entire capital stock of four oil companies, viz: The Jantha Producing Co., The Marnet Oil and Gas Co., Norwood Oil Co., and Southern Oil Co., with a total of 45,000 acres of oil leases, 1,049 oil wells situated in Pennsylvania, West Virginia, Ohio, Texas, Okla- homa, Illinois, Kentucky, California and Indiana with a daily production of 960 barrels and eleven gasoline producing plants with daily capacity of 1,100 gallons. It also owns the entire capital stock of two natural gas distributing companies, Jantha Light and Fuel Company and Lynn Natural Gas Company, distributing gas in 14 towns in western Ohio and Indiana. The company has, including both oil and gas divisions, about 300 employees. T. N. Barnsdall was President until his death, February, 1917. He was succeeded by Robert Law, Jr., who held the office until December 1919 when he resigned. He was suc- ceeded by E. B. Reeser who holds the office at the present time. Officers: E. B. Reeser, president and general manager; E. O. Bartlett and E. F. Connors, vice presidents; Jas. A. Dunn, secretary, J. T. Furlong, treasurer. Directors: E. B. Reeser, John L. Porter, E. O. Bartlett, D. H. Ramsbottom, R. G. Jennings, E. F. Connors and Frank Braman. SALT CREEK CONSOLIDATED OIL COMPANY The company was incorporated September 8, 1919, under the laws of Maine for the purpose of producing crude oil from the Salt Creek Field in Wyoming. The company holds, under the oil land leasing law, leases on 8200 acres in which it has a net interest of 2300 acres. Under the present pro-rating conditions which govern the Salt Creek Field, a daily production of 6000 barrels is now being taken from sixty wells, which have, under normal con- ditions, a potential production of 15,000 barrels per day. The authorized capital of the Salt Creek Consolidated Oil Company is $15,000,000, all common, divided into 1,500,- 000 shares of par value of $10. The stock is listed on the Pittsburgh Stock Exchange. The officers of the company are James Owen, president; W. M. Downing, vice president; W. O. Merryweather, secre- tary and treasurer. Directors in addition to above are George E. Abbott, Cheyenne, Wyoming; L. L. Aitken, Denver, Colo- rado; Norwood Johnston, Pittsburgh: and Frank S. Mitchell, Pittsburgh. WAVERLY OIL WORKS COMPANY The Waverly Oil Works were established in 1880, and their extensive plant is located in Pittsburgh, at Fifty-fourth street and the Allegheny Valley (Pennsylvania Railroad) tracks, where four acres are occupied. The capital of this concern is $600,000 and its property represents an investment of $1,500,000. A petroleum oil refinery in Pennsylvania today is very different from what it was 40 years ago, when the Waverly Oil Works was established. Pennsylvania was the only crude oil then known, while today many refineries run both Pennsylvania and western crudes, and some of them western crudes almost exclusively. Forty years ago the present day petroleum lubricants were largely unknown or just coming into use, and the only petroleum products then in common use were illuminating oil and benzine, which was mostly used in the manufacture of gas, together with very small amounts of cylinder stock, paraffine oil, black oil and paraffine wax. Tallow was still the popular lubricant for steam cylinders, lard and sperm oils were largely used for general lubrication, and fish oil was the only tempering oil. During all these years the “Waverly” has been in the vanguard of progress in the oil trade. Away back in the early seventies, S. M. Willock, who built the Waverly Oil Works in 1880, and who owned and operated it until his death in 1908, was engaged in jobbing oils, and brought to Pittsburgh by river steamer from Cincinnati, probably the first cotton- seed oil used for burning in coal mines, instead of lard oil. Very early in the 80’s “Mecca” cylinder oil appeared as among the very first cylinder oils having a fire test over 600 degrees. In the 90’s wet distillation was adopted exclusively and steam stills were erected. Probably the largest steam still ever built, with 1600 barrels charging capacity, is now in operation at the Waverly. In 1900 was erected a modern Wax plant, together with filter and retort houses, which at that time were revolutionary in their design and method of operation. About 1902 “Waverly Special” became the first light colored and light bodied automobile oil, while all other brands then on the market were heavy, dark-red oils—par- affine or Texas products. In 1897 leading steel car builders refused to design a Waverly all-steel tank car, saying the demand for tank cars would never amount to enough to make it worth their while; but in 1902 the same builders turned out for the Waverly the first 12,500-gallon all steel tank ever built. During 1919-20 there was erected a large modern plant for the manufacture of grease, soap and soluble oils, having a daily capacity of 300 barrels. This plant is housed in a large 7-story and basement reinforced concrete building, especially designed for the purpose, with about 50,000 square feet of floor space, fully equipped with steam and fire kettles of various sizes, automatic weighing tanks, barrel and package elevator, and with storage tanks in the basement for fats and oils of 200,000 gallons capacity. In 1920 there was erected at Carteret, N. J., on New York bay, in association with several other refiners, a waterfront plant for barrelling and casing Waverly products for the export trade. Bulk shipments are made to this plant, where large stocks are carried ready for immediate barrelling or casing, and direct lighterage to vessels in the harbor. The Waverly petroleum products are refined from pure “All Pennsylvania” crude oil, while compound oils and grease products are all made from Pennsylvania crude and the purest of animal and vegetable fats. They are sold all over the world, including besides the largest commercial countries, China and Manchuria, Japan and India. Officers of the Waverly Oil Works Company are: D. E. Weir, president; Harry H. Willock, secretary and treasurer; Geo. J. Willock, asst. secretary and treasurer. Directors: above and J. O. Miller. THE FIRST NATIONAL BANK AT PITTSBURGH This institution offers its services to individuals and cor- porations engaged in the production and marketing of petro. leum and its products, as well as those engaged in other lines of industrial and commercial activity. Exports are facilitated by our Foreign Exchange Department, which invites inquiries on any phase of the subject. This institution has established direct banking connec- tions in all parts of the World, which are a great convenience in the handling of documents pertaining to Foreign Com- mercial Transactions. All branches of International Banking are completely covered by our facilities. We issue drafts and make payments in all parts of the World. We handle Trade and Bankers’ Acceptances. All languages are spoken in this department. Officers of this institution are trained bankers with a wide experience, and its directors are successful men in a large variety of enterprises, affording a broad scope of business knowledge. Capital. . . . .. Surplus. . . Undivided Profits and Reserves. .... Deposits. . Resources. 8 5,000,000.00 5,000,000.00 1,646,586.27 56,200,679.39 78,618,790.02 OFFICERS RoserT WaARDROP, Chairman of the Board Lawrence E. Sanps. . Frank F. BROOKS. . Crype C. TAYLOR. J. HowARD ARTHUR. WirLiam H. Fawcerr Tromas B. Hopson. Jorn DEM. WERTS. . Oscar WILSON. WM. J. FRANK. P. W. DAHINDEN. J. PavuL Forp. .. President .. Vice-President .... Vice-President and Cashier .. Vice-President ...... Assistant Cashier .. Assistant Cashier Assistant Cashier Assistant Cashier ... Manager Foreign Department Ceveivne.. Assistant Manager Foreign Department ,. Assistant Manager Foreign Department DIRECTORS Jorn A. BECK. . .......President, Big Four Oil & Gas Co., Pittsburgh, Pa. Frank F. BROOKS . . Henry CHALFANT.. W. L. Crause ... George W. CRAWFORD -. . Retired Banker Ww. L. Corry ... . Manufacturer, Pittsburgh, Pa. Jorn A. DONALDSON. . .... Vice President, Pittsburgh Coal Company W. D. GEORGE . ...... Real Estate; Receiver Pittsburgh Railways Company Wu. H. HEARNE. . -...Capitalist J. H. HrLuMman, Jr. . Chair. of Board, Hillman Coal & Coke Co., Pittsburgh, Pa. B. F. JoNES, 3RD. ... ....Director, Jones & Laughlin Steel Corp. D. T. Layman, Jr. .Henry Phipps Estate F.H. Lwoyp ..... «+. . President, Pittsburgh Dry Goods Co. A. M. MORELAND . ,. Capitalist P. W. MORGAN .........President, First National Bank, Wilmerding, Pa. GEORGE E. PANTER Wu. A. RENSHAW .....coovnenn John A. Renshaw & Co., Pittsburgh, Pa. A. C. RoBINSON .. ... President, Peoples Savings & Trust Company Lawrence E. Sanps . +... President Isaac M. Scorr. ... BEnJaMIN THAW ..... ...... President, Wheeling Steel Corporation ...Capitalist and Trustee Thaw Estate RoBERT WARDROP . .........Director of Federal Reserve Bank of Cleveland and Vice President, Peoples Savings & Trust Company Jorn M. WriLsoN. .... Vice President, National Supply Co., Pittsburgh, Pa. Sr AORTA LEO ER NL OER ETTORE 1100 “TELE ETE ICTY CAN DLR EEE TILSEN NCR AO PILES TINT ELBA TBSA NR HEAT . Bh FIRST NATIONAL BANK AT PITTSBURGH, PENNSYLVANIA Py ar FIFTH AVENUE AND WOOD STREET CONVENIENT FOR YOU IT POS RH A OOOO RACED OOS DEAD AEE ESTEE BROS EOD TAT HRI LRTI ESO Hb, ic B= 3 iz 3 : EP f t + ie * NY wo nN N 0 [4] Pa hn i N co" - x = -, r f + { Iz |- = CS - 0 | oO CS o N) o -— i Q — om —t > ~~ 1 street and the Allegheny Valley (Pennsylvania Railroad) tracks, where four acres are occupied. The capital of this concern is $600,000 and its property represents an investment of $1,500,000. A petroleum oil refinery in Pennsylvania today is very different from what it was 40 years ago, when the Waverly Oil Works was established. Pennsylvania was the only crude oil then known, while today many refineries run both Pennsylvania and western crudes, and some of them western crudes almost exclusively. Forty years ago the present day petroleum lubricants were largely unknown or just coming into use, and the only petroleum products then in common use were illuminating oil and benzine, which was mostly used in the manufacture of gas, together with very small amounts of cylinder stock, paraffine oil, black oil and paraffine wax. Tallow was still the popular lubricant for steam cylinders, lard and sperm oils were largely used for general lubrication, and fish oil was the only tempering oil. During all these years the “Waverly” has been in the vanguard of progress in the oil trade. Away back in the early seventies, S. M. Willock, who built the Waverly Oil Works in 1880, and who owned and operated it until his death in 1908, was engaged in jobbing oils, and brought to Pittsburgh by river steamer from Cincinnati, probably the first cotton- seed oil used for burning in coal mines, instead of lard oil. Very early in the 80’s “Mecca” cylinder oil appeared as among the very first cylinder oils having a fire test over 600 degrees. In the 90’s wet distillation was adopted exclusively and steam stills were erected. Probably the largest steam still ever built, with 1600 barrels charging capacity, is now in operation at the Waverly. In 1900 was erected a modern wax plant, together with filter and retort houses, which at that time were revolutionary in their design and method of QO on 3 N @ oo Ad 5 Vy — > 0 a © 3 o