James M. Guffey
James McClurg Guffey(January 19, 1839,Westmoreland County, Pennsylvania– March 20, 1930,Pittsburgh,Pennsylvania[1][2]) was an American pioneer in the petroleum industry in Pennsylvania and elsewhere and a longtime Democratic politician in his home state.[1]
Early life
[edit]He was born the fifth of six children in Westmoreland County and grew up on the family farm.[3]
At 18, he found work as a clerk for theLouisville and Nashville RailroadinLouisville, Kentucky,before landing a better-paying job with the Adams Southern Express Company inNashville, Tennessee.In 1872, he returned to his home state to become a salesman in the burgeoning oil industry (seePennsylvania oil rush), learning the business and starting to work for himself.[3][4]
Petroleum industry
[edit]Guffey made a fortune "amounting to millions as an oil producer".[5]He was involved in developing oil and gas fields in Ohio and West Virginia.[3]
He and John H. Galey established theGuffey and Galey Companyin 1880[4]or 1886.[6]At one time, it was the largest oil producer in the world, outputting 40,000 barrels per day.[4]
The pair arranged the financing needed to drill for oil in theSpindletopoil field. When oil was found on January 10, 1901, it started theTexas oil boom.Guffey had a five-eighths interest in it, Galey one-quarter, andAnthony Francis Lucasone-eighth.[4]Guffey established the J. M. Guffey Petroleum Company in May of that year; the firm bought Galey and Lucas's shares.[4]In 1907, it and other companies merged to form theGulf Oil Corporation;Guffey sold his seven-fifteens interest for $3 million.[7]
Politics
[edit]
In late August 1897, Guffey was named the Pennsylvania representative to the Democratic national committee, replacingWilliam F. Harrity.[8]
In the1901 United States Senate special election in Pennsylvania,he came second to RepublicanMatthew Quay,with 22% of the vote. In the1903 Senate election,he lost to RepublicanBoies Penrose.
Later life
[edit]In 1910, his properties were placed inreceivershipbecause he did not have the ready cash to cover his liabilities of about $7,00,000, but the receiver stated that Guffey had assets of over $15,000,000.[5]
Namesake
[edit]USSJ. M. Guffey(ID-1279)was a tanker renamed after him after it was purchased by the Gulf Oil Corporation.[9]It was chartered on behalf of the British Ministry of War Transport for World War I.
References
[edit]- ^ab"Col. Guffey, Democratic Leader, Dies: Led Party in State For More than 50 Years".Pittsburgh Post-Gazette.March 20, 1930. p. 1 – viaNewspapers.com.
- ^"J.M. Guffey Dies; Oil and Gas Pioneer".The New York Times.March 21, 1930.
- ^abc"Col. James M. Guffey, Oil Man and Politician".West Virginia & Regional History Center.
- ^abcdeVassiliou, Marius M. (2018).Historical Dictionary of the Petroleum Industry, second edition.Rowman & Littlefield. pp. 201–202.ISBN9781538111604.
- ^ab"Politician Owes Millions".ScrantonGazette.August 11, 1910. p. 3 – viaNewspapers.com.
- ^"Col. Guffey, Democratic Leader, Dies: Led Party in State For More than 50 Years".Pittsburgh Post-Gazette.March 20, 1930. p. 4 – viaNewspapers.com.
- ^"Gulf Oil Corporation".Handbook of Texas.
- ^"Summary of the News: New York and Pennsylvania".The Baltimore Sun.August 31, 1897. p. 1 – viaNewspapers.com.
- ^"SS Guffey".Camden Shipyard & Maritime Museum.
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