Quaker State Oil Refining Corp. - Specimen Bond
Inv# SE3677 Specimen Bond
9% Specimen Bond printed by Security-Columbian Banknote Company.
Quaker State is an American brand of motor oils, and the Company is owned by Shell, the US-based division of Shell plc since 2002,[4] when Shell Oil Co. acquired Pennzoil-Quaker State Co. for $1.8 billion in cash and $1.1 billion in debt. The former Quaker State Oil Refining Company had been constituted in 1924 after the Eastern Refining Co. acquired rights to the Quaker State brand name to the Phinny Brothers Oil Company, which had been producing the Quaker lubricants since 1912, gaining reputation in the U.S. after a deal signed with automotive manufacturer Franklin in 1914. In 1931, it became the "Quaker State Corporation" after merging with another 18 oil companies. The Quaker State name is derived from the nickname for Pennsylvania, the state founded by William Penn, a man of the Quaker religion. The Pennzoil-Quaker State brands are sold under SOPUS Products with the address of Shell's office in Houston, Texas.
Quaker State's origins may be traced to the founding of Oil City in Pennsylvania, in the 19th century. The petroleum industry of the city brought prosperity, increasing its population from 12 families in 1860 to 6,000 five years later. The name "Quaker State" was adopted in 1912 when T.G. Phinny (owner of the Phinny Brothers Oil Company) used it to distinguish his products from competitors. One of the first goals of the company was to provide lubricants for Franklin Automotive Company of Syracuse, New York, signing a contract to become exclusive oil provider for the company.
In 1924, the Eastern Refining Company" purchased the Quaker State brand name to rename itself "Quaker State Oil Refining Company". On July 1, 1931, the "Quaker State Corporation" was formed when Charles Pape, stockbroker from Chicago, brought 19 regional oil companies, offering them 55,000 shares in the new corporation that resulted after they merge their business. Some of the companies involved were the Eastern Refining Company, Sterling Oil Company of West Virginia, Ohio Valley Refining Company, Enterprise Oil Company Inc., Independent Refining Company, Lake Erie Lubricants Inc., Iron City Oil Company, Gallagher Bros. Inc., and Appaline Oil Company. Herry Crawford (former president of the 'President Oil Company') become president of the recently formed Quaker State. During its first year, the company ran up $6,8 million in sales. In 1936, the company signed an agreement with the Standard Oil Company becoming its exclusive sales agent for its oil products in 13 Midwestern states. Standard would later put all Quaker State products in its filling stations. Until 1944, Quaker State did not drill oil but it bought crude from other producers, nevertheless the increasing demand for energy during wartime led the company to buy drilling facilities from the Forest Oil Company in Bradford to produce its own crude oil. Read more at https://en.wikipedia.org/wiki/Quaker_State
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