This Day in Financial History - January 10 . . .

1901 - The Spindletop gusher blows its top on a hill near Beaumont, Texas, as a drill hits an oil deposit 1,006 feet below ground, sending “black gold” spouting 100 feet into the air at the astounding rate of 80,000 barrels per day. It takes nine days to get the well safely capped. Within a year, 285 competing wells have been sunk and some 600 companies have sprung up. Nearly all of them fail. The major survivors: Gulf (originally the J. M. Guffey Petroleum Co.), Mobil (Magnolia Petroleum Co.) and Texaco (the Texas Co.). Source:

1990 - Time Warner is formed from the merger of Time Inc. and Warner Communications Inc. Source:

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