Lewis Haines Wentz
From Wikipedia, the free encyclopedia
 Lewis Haines Wentz @ 1920s |
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| Born | November 10, 1877 Tampa City Iowa |
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| Died | June 9, 1949 Pittsburgh, Pennsylvania |
Lewis Haines Wentz (November 10, 1877 – June 9, 1949) was an American oil businessman.
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[edit] Early life
Lewis Hines Wentz, (Lew Wentz) born in Tampa City Iowa on November 10, 1877, was an essential factor in opening up the oil fields of Oklahoma. Reared in Pittsburgh, Pennsylvania Wentz was too poor for collage and started out by organizing a semi-professional baseball team and was a playing manager. His second business venture happened when he was coaching high school baseball and campaigning door to door for the GOP when he rang the bell of the very wealthy John G. McCaskey. McCaskey had made a huge fortune in the sauerkraut business and had recently become an investor and President of the 101 Ranch Oil Company located on the 101 Ranch property in Ponca City, Oklahoma. Wentz soon went to work for McCaskey in his sauerkraut operation.
[edit] Oil Business Ventures
In 1911, Wentz at the age of 34, was sent to Ponca City, to check on McCaskey’s investments with the Miller Brothers of the 101 Ranch and E. W. Marland’s 101 Ranch Oil Company. He was present on June 11, 1911 when that company’s first oil well “Wilie-Cries-For-War” came in. Shortly thereafter, McCaskey gave Wentz a chance to join the 101 Ranch Oil Company as Company Secretary.
Through his association with the 101 Ranch Oil Company Wentz became interested in the oil business and in a few years, with money provided by McCaskey and another partner, Joesph W. Weaver, Wentz began gathering lease land in Northwest Kay County and soon the McCaskey- Wentz Company was developed.
The Company’s leases covered a wide range around Ponca City. Early strikes were at the Mervien Oil Field east of Kildare, next came a lease in the Three Sands area near Tonkawa.
In 1924, after McCaskey’s death, Wentz began to seriously develop the three Sands fields. The McKee lease in the sands was one of the best producers in north central Oklahoma.
Three years later Wentz bought out his partners and formed the Wentz Oil Corporation that by the end of 1927 was making $1 million a month. He was then one of the seven richest men in the nation, having reported taxable income among the top seven individuals reporting in 1927. This ranked him with Henry Ford, J. D. Rockefeller and J. P. Morgan.
[edit] Philanthropic activities
Wentz lived a life of service. He provided funding for the Oklahoma Crippled Childern’s Society, Built a public Olympic size pool and public Golf course and a camp in Ponca City.
Wentz established foundations for student loans and Project Awards at four Oklahoma collages/universities under the nomenclature the Lew Wentz Foundation. When Wentz sold his oil interests just before the 1929 crash he increased his support for higher education at these collages. Shortly before his death June 9, 1949 he acquired a number of Texas oil leases. Upon his death he left an estate worth $43 million and each of the collages received additional millions for the Wentz foundation.
[edit] References
- "Kay County Oklahoma", Published by Kay County Gas Co. Ponca City, OK. 1919. pp. 38-43.
- "The 101 Ranch", Ellsworth Collings, University of Oklahoma Press; Reprint edition (March 1986) ISBN 0806110473.
- "CONOCO The First One Hundred Years", CONOCO, Dell Publishing Company (1975) ISBN 7534821.
