Business Venture in Oil
The following year, and after the discovery of oil at Spindletop, Kirby partnered with Patrick Calhoun of the Houston Oil Company of Texas. Kirby sought an unusual business relationship between his lumber company and the oil entity. The Kirby Lumber Company would gain timber rights onto extensive east Texas land whereas the Houston Oil Company would gain land and maintain mineral rights. Several years later, legal issues would cause litigation in the Texas courts. Kirby overestimated the value of the lumber. Also, the partners failed to clearly define ownership of certain land areas. The Kirby Lumber Company still continued to prosper despite court ordered receivership status for both companies. In 1902, Kirby took over the Higgins Oil and Fuel Company owned by Pattillo Higgins for 3 million dollars. Years later, in 1921 Kirby established the Kirby Petroleum Company, which operated as a Houston-based oil and gas exploration company.
In 1923, he received an honorary law degree from Lincoln Memorial University. Due to the Great Depression, his lumber company would suffer financial strain and fall into the hands of the Atchison, Topeka and Santa Fe Railway in 1933 due to bankruptcy. He remained president of the enterprise until his death on November 9, 1940.
Read more about this topic: John Henry Kirby
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