Business Ventures
Booth invested some of his growing wealth in various enterprises during the early 1860s, including land speculation in Boston's Back Bay section. He also started a business partnership with John Ellsler, manager of the Cleveland Academy of Music, and another friend, Thomas Mears, to develop oil wells in northwestern Pennsylvania, where an oil boom had started in August 1859, following Edwin Drake's discovery of oil there. Initially calling their venture Dramatic Oil (later renaming it Fuller Farm Oil), the partners invested in a 31.5-acre (12.7 ha) site along the Allegheny River at Franklin, Pennsylvania, in late 1863 for drilling. By early 1864, they had a producing 1,900-foot (579 m) deep oil well, named Wilhelmina for Mears' wife, yielding 25 barrels (4 kL) of crude oil daily, then considered a good yield. The Fuller Farm Oil company was selling shares with a prospectus featuring the well-known actor's celebrity status as "Mr. J. Wilkes Booth, a successful and intelligent operator in oil lands", it said. The partners, impatient to increase the well's output, attempted the use of explosives, which wrecked the well and ended production. Booth, already growing more obsessed with the South's worsening situation in the Civil War and angered at Lincoln's re-election, withdrew from the oil business on November 27, 1864, with a substantial loss of his $6,000 ($81,400 in 2010 dollars) investment.
Read more about this topic: John Wilkes Booth
Famous quotes containing the words business and/or ventures:
“Art is the beautiful way of doing things. Science is the effective way of doing things. Business is the economic way of doing things.”
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“If one ventures a word with you, will you be offended? But who can keep from speaking?”
—Bible: Hebrew, Job 4:2.
Eliphaz, one of Job’s “comforters,” to Job.