George Bissell (industrialist)

George Henry Bissell
George Henry Bissell
Born	Error: Invalid birth date for calculating age; Hanover, New Hampshire, U.S.
Died	19 November 1884 (aged 63); New York City, U.S.
Occupation(s)	Entrepreneur, industrialist
Known for	Pioneer in the American oil industry; founder of Pennsylvania Rock Oil Company

George Henry Bissell (November 8, 1821 – November 19, 1884) was a prominent entrepreneur and industrialist recognized as a pioneer in the development of the American oil sector. His enterprise, the Pennsylvania Rock Oil Company, holds the distinction of being the first Petroleum company established in the United States. Bissell's business interests extended beyond oil into banking, railroads, and major real estate holdings in New York. Upon his passing in 1884, his son Pelham inherited one of the largest fortunes in the nation.

Early life and education

Bissell was born in Hanover, New Hampshire to Nancy (Wemple) and Isaac Bissell, and was a grandson of another Isaac Bissell. His father served as a fur trader and fought in the Revolutionary War, while his mother descended from Captain John Wemple. The family lineage included notable French Huguenot ancestry, with relatives such as Connecticut Governor Clark Bissell, a Yale alumnus, and Illinois Governor William Henry Bissell. George lost his father at the age of twelve.

He graduated from Dartmouth College in 1845, financing his studies through work as an educator and journalist, with academic interests centered on literature and languages.

Career

Bissell's early professional life involved teaching at Norwich Academy followed by a career in journalism. He later moved to New Orleans, where he served as a high school principal and superintendent of schools while independently studying languages and law. In 1853, fearing a yellow fever outbreak, he relocated to New York City to pursue legal practice.

During a visit to Dr. Dixi Crosby at Dartmouth College that same year, Bissell encountered samples of "rock oil," which were primarily used for medicinal purposes at the time. Having knowledge of crude oil extraction methods from western Pennsylvania, he identified its potential for refinement into kerosene—a fuel highly sought after for lighting that could replace whale oil and coal oil.

In 1854, Bissell partnered with his law associate Jonathan Eveleth, a graduate of Harvard, to establish Eveleth & Bissell with offices located at 14 Wall Street. They acquired the 105-acre Hibbard Farm from Brewer, Watson & Co., a timber firm, for $5,000—outbidding Samuel Kier, an early innovator in oil refining and steel production. Brewer, Watson & Co. accepted this offer anticipating future equity involvement through New York’s financial markets.

By December 1854, they founded the Pennsylvania Rock Oil Company, transferring ownership of Hibbard Farm to this new entity. This marked the inception of America's first company dedicated to oil exploration. Initial financial support came from James Townsend, president of a New Haven bank, who played a key role in securing additional investors.

To evaluate the rock oil’s suitability for producing refined lighting fuels, Bissell and Eveleth engaged Yale chemist Benjamin Silliman Jr. along with coal oil specialist Luther Atwood. Atwood was immediately optimistic regarding its prospects; Silliman approached cautiously but ultimately delivered a favorable report in May 1855. Their expert analyses—costing $1,200—confirmed the commercial viability of the venture and encouraged further investment.

Seneca Oil Company

In 1856, after observing derrick drilling used for salt extraction, Bissell suggested drilling for oil as an alternative to traditional mining—a concept initially met with skepticism. Together with Eveleth, Bissell pursued funding from investors, including a New Haven consortium that established the Seneca Oil Company. Despite conflicts over royalty payments, the two parties maintained a working partnership.

On August 27, 1859, Seneca Oil achieved a breakthrough by successfully extracting oil in Titusville, Pennsylvania. This milestone attracted the attention of John D. Rockefeller, who entered the Pennsylvania oil boom by partnering with Maurice B. Clark to form Clark & Rockefeller. This enterprise eventually evolved into the Rockefeller, Andrews & Flagler partnership alongside Samuel Andrews, Henry Flagler, and Stephen V. Harkness.

Following the initial oil discovery, Pennsylvania Rock Oil Co., under Bissell’s leadership, established cooperative ties with Seneca Oil Co. Colonel Edwin Drake, employed by Seneca Oil, was instrumental in drilling the region’s first productive oil well. Bissell made substantial investments in local oil fields that yielded significant financial returns. However, Seneca Oil Co. later defaulted on royalty payments owed to Pennsylvania Rock Oil Company.

The disagreement was resolved when Bissell and Eveleth relinquished claims to unpaid royalties in return for full ownership of Seneca’s share of the Hibbard Farm. After Eveleth passed away in 1862, Bissell gained greater control over oil operations. He continued to attract capital, expanded oil extraction sites, and constructed a railroad facilitating oil transportation to markets. During the economic downturn of 1866, Bissell founded George H. Bissell & Co., a banking institution based in Petroleum Center, Pennsylvania with offices at 5 Beekman Street, New York—considered one of the leading financial entities serving the oil sector at that time.

Investments

As his oil ventures flourished, Bissell moved from New York City to the Pennsylvania Oil Region, taking residence at the Franklin Hotel in Franklin, Pennsylvania. He lived there until 1864 before returning to New York City and broadening his investment scope to include insurance. His portfolio in the region expanded beyond the Hibbard Farm and banking interests to include agricultural landholdings, oil wells, a barrel manufacturing facility, Central Petroleum Company, Farmer’s Railroad, United Petroleum Farms Company, and George H. Bissell Express Company.

Upon retiring to New York, Bissell controlled three banks and a railroad while holding executive positions such as director and president at various companies including the Peruvian Petroleum Company and Peruvian Refining Company. These enterprises launched with $5 million capital and a lease covering 4.5 million acres—dominating western South America’s oil supply and exporting surplus quantities to Australia, England, and New Zealand.

Bissell was also a significant real estate owner in New York; these assets were later inherited by his son Pelham along with holdings in oil companies, banks, and railroads. By 1892, Pelham had become a millionaire—part of an exclusive group of only 4,047 millionaires nationwide—with wealth exceeding one million dollars at that time, equivalent to more than a billion dollars today.

Legacy

As the petroleum industry matured, leading producers such as John D. Rockefeller consolidated control over oil wells and refineries within Pennsylvania. By 1882, Rockefeller’s creation of the Standard Oil Trust established a regional monopoly that shifted national attention as new oil discoveries emerged across other states.

Other significant rivals included the Nobel family through their company Branobel, and the French Rothschild family via the Caspian and Black Sea Oil Company, led by Alphonse de Rothschild.

George H. Bissell was widely recognized across North America for his influential role as an industry pioneer and business leader. His enterprises were regarded as key players within the sector.

Bissell contributed funding toward Bissell Hall at Dartmouth College, an athletic facility featuring multiple sports amenities—a testament to his commitment to institutional development. Although this building was demolished in 1958, another dormitory named Bissell Hall continues to commemorate his legacy.

While Edwin Drake is often credited with discovering oil commercially, it was Bissell’s strategic vision and business expertise that underpinned Drake’s achievements. The accomplishments of Bissell and his enterprises are prominently featured in the Pulitzer Prize-winning book The Prize: The Epic Quest for Oil, Money, and Power.

Personal life

Bissell was married to Ophie Louise Griffin, who gave birth to two children before passing away in 1867. At the time of his death in 1884, Bissell lived at 16 West 40th Street in New York City and was laid to rest at Dartmouth College Cemetery.

His son, Pelham St. George Bissell, had become a millionaire by 1892 and was married to Helen Alsop French, the daughter of Colonel Thomas J. French. A graduate of Columbia College, he held significant ownership in the Adirondacks Pulp Company, which eventually became part of the International Paper Company. Pelham was affiliated with the Columbia Alumni Association, the New York Athletic Club, and the New York Historical Society.

Pelham’s son, Pelham St. George Bissell Jr., wed Mary Valentine Yale Bissell (1889–1948), a member of the distinguished Yale family and his third cousin. Mary’s mother was a niece of Dr. Leroy Milton Yale Jr. and sister-in-law to Edgar F. Luckenbach, a notable figure in shipping. Eugene Bissell Jr., Mary’s brother, maintained ownership of Cedar Hill Estate until its sale in 1950 to John Jacob Astor VI of the Astor family, after which it became known as the Astor Estate.

The Bissell family resided on Park Avenue in New York. Pelham Jr. held several prominent positions including special attorney for the U.S. Department of Justice, judge and president justice of New York City’s Municipal Court, chairman of the Mayor’s Board of Survey, and he was actively involved with the Union League Club as well as military service up to the rank of Lieutenant-Colonel.

Mary Valentine Yale took on leadership roles within the American Legion Auxiliary in New York and was a member of both the Daughters of the American Revolution and the Society of Mayflower Descendants. Their son, Pelham St. George Bissell III, served as a Lieutenant-Colonel during World War II and later spent three decades as a judge in Manhattan’s Civil Court after graduating from Columbia University. Their daughter Ophelia Molla Bissell married Brigadier General William Wilbur.

External links

George H. Bissell Papers, Beinecke Rare Book and Manuscript Library, Yale University