The herald., 1894-09-21
THE OIL LANDS ARE BOOMING,
Results of the Big Finds on
Second Street.
A Million Dollar Project in Angeleno
Heights.
Hhe West Coast OIL Company Proposes
30 Sink Wcil-oii stock Be-
ing successfuliy
Floated.

Injection is growing; even the women
have caught it. One poor widow called
on a First-street broker yesterday and
rendered him $25, which was all the
money che had, and requested him to
invest it in oil stock for her.
Every body il talking oil now. Mr.
Susskind's gusher has convinced those
who were disposed to doubt before, that
there is oil in Los Angeles. Owners OF
lots in the west end who have means,
are preparing to sink wells; others who
have lots, but no money, are offering
iheir property for sale at boom prices,
while still others are leasing their lots
to capitalists, the terms being one-tent b
to one-eighth royalty on the oil pro-
duced.
There ia quite scramble for control
of oil territory. Many leases have been
signed in the paat fow days, and oonsid-
erable property has changed hands.
Various rumora were afoat yesterday
about syndicates being formed to devel-
Cd oil in the hill section OF the
city. One was to the effect that
syndicate, OF which local mill
lionaire, noted for his enterprise aud
business ssgacity, wac at the head,
had secured 115 lots on Angelefio
Heights and proposed to invest a million
dollars in developing the property.
This story was received with incredu
lity, but there eeems to be no doubt that
plumber of new wells are going down
on Anselefio Heights. The services of
well known oil expert, who has bored
many wells in the Newhall region, are
said to have been secured to superin-
tend the work OF the company that pro-
poses to operate in that section.
The several mpanies that have been
formed are beginning to float their stock
in large blocks, some OF it being. taken
ct good figures. An oil stock board will
be the next move il the excitement con-
tnues.
new element OF interest was added
to the boom late last evening, when it
became known that the West Coast Oil
company had secured an option on a
piece of ground within $50 feet of the
Susskind CASHIER and proposed to put
down an opposition well. The lease on
the property mentioned stipulstes that
work shall be commenced within 80
days, and il is the purpose Of the com
peny to lose no time in beginning ope-
rations.
The local oil excitement has some.
what distracted attention from the
Nswhall region. but development is
Htill going on there in quiet way. and
the Second street boom will in the end
stimulate inquiry in the direction of
Newhall where t has been amply
demonstrated that an abundance OF PEI
troleum exists. The Pacific Coast Oil
company'g wells have flowed steadily
Il
territory eeems to have been but lightly
touched.
The West Coast company has control
OF lbs acres adjoining the Pacific Coast
company'a property. and agents in the
east are perfecting arrangements to de-
velop the territory on q large scale. 1t
was while awaiting the outcome of ne.
gotiatione to this end. that the Wost
Coast company decided to take hand
in developing the Second street oil field
Hence the lease above named, which
was eecured yesterday. The officers of
the company claim this will greatly en-
hance thu vslne of their stock, aa hold
ers will have proprietary interest in
two oil properties. If one fails, which
they think doubtful in view of the de-
velopments adjacent, they will have
the other to fall back on. At any rate
there are eager takers for the stock at
the prices now demanded.
All the numerous wells in the Second
etrset region are turning out from 10 to
80 barrels of oil day, while one of
them, the Susskind well. is said to be
capable of yielding $50 barrels day.
Pumping will be commenced today,
when the real capacity OF the big gueher
will be made known. An attempt was
made to pump oil yesterday, but it was
failure on account Of break in the
pipe.
The quality of the product has been
pronounced to be first class by eastern
experts, one of whom is f. G. Johnson.
we'll known operator OF Ohio and
Pennsvlvania.