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Oil Baron with a Heart Hardworking Waite Phillips Believed in Sharing the Wealth

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Oil Baron with a Heart Hardworking Waite Phillips Believed in Sharing the Wealth BOSSFall'11B:Layout 1 10/24/11 1:50 PM Page 6 PROFILE Waite Phillips donated most of the land that is now Philmont Scout Ranch to the Boy Scouts of America. Oil Baron with a Heart Hardworking Waite Phillips believed in sharing the wealth BY MARIA BLACKBURN Waite Phillips was an oil baron and holding it, and so he made sharing his a terrible loss for my dad,” Elliott businessman whose success in the oil earnings with others one of his greatest “Chope” Phillips said in a “Voices of fields of Oklahoma and prowess as priorities. Oklahoma” oral history interview in a real estate investor made him a “The only things we keep are those 2009. “They were almost like the same millionaire many times over. Phillips we give away,” Phillips said once. “All person. They thought alike and they was good at making money. But he things should be put to their best pos - were just inseparable.” was even better at giving it away. sible use.” Waite worked a few different jobs Phillips’ philanthropic efforts Phillips was born on a 40-acre farm before taking a bookkeeping job with included such acts of generosity as outside of Conway, Iowa, on Jan. 19, his brothers Frank and L.E., who giving his 127,000-acre New Mexico 1883. One of 10 children born to would go on to found Phillips ranch to the Boy Scouts of America, Lucinda and Lewis Phillips, Waite Petroleum in 1917. He worked for donating his elaborate 72-room admitted he had “restless feet” and at his brothers for 11 years, learning the Italianate mansion and 22 acres of lav - the age of 16 he left home with his oil business from the ground up, first ish gardens to the city of Tulsa for an identical twin, Wiate, to explore the as a roustabout and then as a field art museum and supporting a variety West. They traveled by freight train, superintendent. In 1909, he married of civic, educational and humanitarian working here and there as they went. Genevieve Elliott, a banker’s daughter. causes ranging from Catholic hospitals Three years into their journey, Wiate Then in 1914 at the age of 31, Waite to community centers. He enjoyed had appendicitis and died in Spokane, decided to withdraw from his brothers’ hunting for money more than he did Wash. Waite was devastated. “That was oil interests in Oklahoma and go out 6 BOSS ᔢ FALL / WINTER 2011 BOSSFall'11B:Layout 1 10/24/11 1:50 PM Page 7 on his own. Frank, who was as strong- honor in being the best ditch digger named it Philmont; he loved to go willed as his younger brother, wasn’t in a gang than in being a mediocre there and fish and relax. In 1927 happy with the decision. “We Phillipses president of a company, because the he built Philbrook, his grand mansion just can’t get along with each other first man has done something by in Tulsa with marble floors and elabo - when it comes to business,” he said. means of his own efforts, while the rate gardens. Humorist Will Rogers Waite Phillips didn’t strike it big latter is content to let the dignity of upon entering Philbrook’s great hall at first in the oil fields, but his persist - his position bear him along,” he is remarked, “Well, I’ve seen Buckingham ence and hard work paid off and quoted as saying in Oil Man: The Story Palace, but it hasn’t anything on Waite within a few years he built up a fully of Frank Phillips and the Birth of Phillips’ house.” The oil baron proved to be as smart “There is greater honor in being the best in philanthropy as he was in business - ditch digger in a gang than in being a mediocre es. When he donated his Tulsa man - sion to the city and his New Mexico president of a company.” ranch to the Boy Scouts of America, he included office buildings as part of the integrated oil company that combined Phillips Petroleum by Michael Wallis gifts to provide income that would production, refining and marketing. (St. Martin’s Griffin, 1988). help support the properties and allow By the time he was 38, his wells were In 1925, he sold the Waite Phillips them to be shared with visitors for producing 40,000 barrels a day. Co. for $25 million cash ($311 million years to come. Phillips maintained that he was today), and by the next year, 43-year- “He thought that money should be lucky, but luck wasn’t the sole reason old Waite was worth $40 million used as a tool to help people, help for his success. He worked six days a (nearly $500 million today). He turned society, help something,” Chope week and believed in buying leases his attention to investing in stocks and Phillips said of his father, who died in everywhere there might be oil. If he bonds, real estate investing and ranch - 1964 at the age of 81. “And if you aren’t struck it rich, he shared the wealth ing. He bought a sprawling ranch in going to put it to good use, then you with his employees. “There is greater the mountains of New Mexico and shouldn’t have it.” )ORPD[)OXLG0DQDJHPHQW6\VWHPV )ORPD[&RQQHFWRUVDUHIDVWWUDQVIHUIXHOLQJDQG IOXLGPDQDJHPHQWV\VWHPVGHVLJQHGIRUPLQLQJ DQGFRQVWUXFWLRQHTXLSPHQW$YDLODEOHLQD YDULHW\RIVW\OHVWRPHHWDOORI\RXUIXHODQGIOXLG WUDQVIHUUHTXLUHPHQWV )RUPRUHLQIRUPDWLRQFDOO RUYLVLWGL[RQYDOYHFRP )RUWKHULJKWIOXLGPDQDJHPHQWV\VWHPLW VJRW WREH'L[RQ GLHVHOIXHOLQJV\VWHP IXHOYHQWVHULHV VWDQGDUGVHULHV 5VHULHV ´VHULHV KLJKIORZVHULHV VHUYLFHER[ 'L[RQ +LJK6WUHHW&KHVWHUWRZQ0'SKI[ GL[RQYDOYHFRPFXVWRPHUVHUYLFH WWW . DIXONVALVE . COM FALL / WINTER 2011 ᔢ BOSS 7.
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