234 ANNUAL REPORT 
these wells was drilled, became later one of the most valuable tracts in the 
field, more than $450,000 worth of oil having been secured from it. The 
early attempts failed simply because the drill did not go deep enough. 
The discovery of oil near the neighboring town of Jewett in 1895, 
appears to have encouraged Snyder to renew the search in the vicinity of 
Scio. He accordingly began taking leases for oil purposes and secured 
options on about 2,000 acres near the village. His next step was to or- 
ganize a company to test the territory, and in March, 1898, the Scio ~ 
Oil and Gas Company was incorporated with a capital stock of $10,000, 
divided into shares of $25 each. The people, however, had little faith in 
the venture, and consequently the stock did not sell rapidly. Only 56 
shares were disposed of, and even after the first well had been drilled and 
oil secured, there was difficulty in inducing the stockholders to double the 
amount already paid. This however, resulted more from their inability 
rather than from their lack of confidence in the project. After the second 
well had been completed the stockholders decided to double again their 
subscriptions, making necessary a payment of $100 for each share orig- 
inally taken. The amount of money raised by the three assessments com- 
bined was $5,600. The company drilled two additional wells and put up 
rigs for two more, and then sold out to Myers and Brown for $100,000. 
When the Scio Oil and Gas Company was organized, Snyder trans- 
ferred to it his leases, the consideration being 4 per cent. of the oil secured 
and 2 per cent. of the gas, after the land holder had received his royalty. 
Much of the territory covered by these leases was dry, and other tracts 
were forfeited by the non-payment of rent. Nevertheless Snyder received 
a handsome fortune in return for his perseverence. 
The first well drilled to the Berea sand in this pool was located on a 
small tract of land owned by Matthew Henry, situated one-fourth of a 
mile north of the village. The well was completed June 7, 1898, and after 
having been shot with 80 quarts of nitro-glycerine, began producing 18 
barrels of oil per day. The second well, located on land of William 
Donaldson, started producing 22 barrels, but the necessary tanks not being 
at hand the well was left idle several days, the tools hanging in the well. 
When these were removed the well began flowing, and the gas catching 
fire from the boiler burned the derrick. This accident was widely pub- 
lished, and as is usual under such circumstances, the production of the 
well was exaggerated. The accident attracted the attention of oil men 
from near and far, and started a boom which in a short time revolutionized 
the village. 
The third well was drilled late in the fall of 1898, on a lot owned by 
Jacob Strayer within the corporation limits. This began producing 75 
barrels per day, and of course added fresh fuel to the excitement. After 
this wells were completed in rapid succession, and all were producers. 
Karly in December the leasing of town lots began, and wells by the score 
