surface of ponds and streams had long been known, and among the Indians
this "rock-oil" was highly appreciated as a vehicle for mixing their wax
paint, and for anointing their bodies; in later years it was gathered in
a rude way by soaking it up in blankets, and sold at a high price for
medicinal purposes only, under the name of Seneca rock oil, Genesee oil,
Indian oil, etc.

But the date of its discovery as an important factor in the useful arts
and as a source of enormous national wealth was about 1854. In the year
named a certain Mr. George H. Bissell of New Orleans accidentally met
with a sample of the "Seneca Oil," and being convinced that it had a
value far beyond that usually accorded it, associated himself with
some friends and leased for 99 years some of the best oil springs near
Titusville, Pa. This lease cost the company $5,000, although only a few
years before a cow had been considered a full equivalent in value for
the same land. The original prospectors began operations by digging
collecting ditches, and then pumping off the oil which gathered upon the
surface of the water. But not long after this first crude attempt at oil
gathering, the Pennsylvania Rock Oil Co. was organized, with Prof. B.
Silliman of Yale College as its president, and a more intelligent method
was introduced into the development of the oil-producing formation. In
1858, Col. Drake of New Haven was employed by the Pennsylvania Co. to
sink an artesian well; and, after considerable preparatory work, on
August 28, 1859, the first oil vein was tapped at a depth of 691/2 feet
below the surface; the flow was at first 10 barrels per day, but in the
following September this increased to 40 barrels daily.

[Illustration: MAP SHOWING THE NATIONAL TRANSIT CO.'S PIPE LINES.]

The popular excitement and the fortunes made and lost in the years