William Lukens Elkins
William Lukens Elkins (May 2, 1832 – November 7, 1903) was an American businessman and art collector. He began his working career as a grocer in Philadelphia and became a business tycoon with financial interests in oil, natural gas and transportation. He was one of the first to convert oil to gasoline and became a major shareholder in Standard Oil. He partnered with Peter Widener to found the Philadelphia Rapid Transit Company and developed streetcar and railway systems throughout several major cities in the United States. He founded the United Gas Improvement Company and was a member of the board of directors of 24 companies. He was a collector of art and filled his Elkins Estate with over 132 paintings. His estate was valued at $25 million at the time of his death.
William Lukens Elkins
November 7, 1903 (aged 71)
Businessman, investor, art collector
- Philadelphia Rapid Transit Co.
- Pennsylvania Railroad Co.
- United Gas Improvement Co.
- Metropolitan Street Railway Co. of New York
- Commercial Trust Company
- Land Title & Trust Co.
- American Surety Company of New York
- International Navigation Co.
- Philadelphia & Erie Co.
- Consolidated Traction Company of New Jersey
- Edison Electric Light Co.
- Pennsylvania Globe Gas Light Co.
- Consolidated Traction Company of Pittsburgh
- Continental Tobacco Company
- Philadelphia Electric Co.
- Electric Company of America
- Virginia & Charleston Railway Co.
- American Air Power Co.
- Electric Storage Battery Co.
- New England Gas & Coke Co.
- Asphalt Company of America
Maria Louise Broomall
4
Early life[edit]
Elkins was born in Wheeling, Virginia on May 2, 1832. He was the seventh child and youngest son to George Elkins and Susanne (née Howell) Elkins.[1] His father was a pioneer in paper manufacturing in the United States.[2] In 1840, his family returned to Philadelphia and William continued his education in the local schools.[3] His family was a prominent Colonial Family of Philadelphia, with roots from England.[4]
Career[edit]
He started his business career working as a clerk at a grocery store in Philadelphia. He entered the lumber business but did not have success. In 1852, he entered the produce business in New York and had modest success. In 1853, he returned to Philadelphia[5] and formed a partnership with Peter Sayboldt to found the produce company Sayboldt & Elkins.[1] By 1860, Elkins bought out his partner and built the produce operation into the largest store of its kind in the United States.[6]
Elkins recognized the potential for the usages of oil being pumped from the oilfields of Northwestern Pennsylvania and became a pioneer in the refining of crude oil. In Philadelphia he founded Monument Oil Works that built a primitive oil refinery which he constantly modernized and expanded into other locations.[1] His company was one of the first to make gasoline and was involved in the production of asphalt. His refining business grew until he was producing 20,000 barrels of gasoline a month.[5] In 1875, Elkins entered into a partnership with Standard Oil. He became a significant shareholder in the company but sold his interests in 1881.[7]
In 1873, William Elkins met Peter Widener and the two became trusted friends. Together they started the Philadelphia Rapid Transit Company,[8] a streetcar and railway business. Elkins and Widener expanded their streetcar enterprise to major cities across the United States including New York, Chicago, Baltimore, St. Louis, Cincinnati and Pittsburgh.[9][10] Elkins founded the United Gas Improvement Company which implemented gas works in Philadelphia and 60 U.S. cities.[11] He was a member of the board of directors of 24 companies.[12] Elkins held sizeable financial positions in American Tobacco Company and International Mercantile Marine Co.[6]
Elkins was also involved in real estate and partnered with Widener to purchase large tracts of land in North Philadelphia and build several thousand houses for sale.[1]
He served on the Philadelphia City Council for one year in 1876 and served as aide-de-camp with the rank of colonel to Governor John F. Hartranft. He served as commissioner to represent Philadelphia at the International Expositions in Vienna in 1873 and Paris in 1900.[1]