The herald., 1895-08-31
ABOUT THE OIL FIELD
Activity Continues Despite the Condition Of
the Market

ACTIVITY SOutiuuc3 DeSpite tno Souoit1ou u
the Market
So far as securing a better market for
Southern California oil is concerned. the
situation remains about the same as 1t
has for the past few weeks. The an
nouncement of the exchange that it was
now ready to accept contracts for tue
transportation of petroleum had the
effect OF raising the hopes OF producers
to the exsent that offers for their produc'
which were not up to what they con-
sidered fair price were refused. vi
stored in tanks mas not been moved OH
account OF the anticipated rise in prices
which II was expected would follow the
opening of the northern markets. AT the
same time, however, pumping was con-
tinued and the amount waiting to be
sold daily increased. Drilling was also
kept up more rapidly than ever before.
Why activity in sinking new wells should
go on just as before is difficult to explain.
There are. on the other hand, many
who own or have leased property with the
intention of entering the industry, who
will do nothing until a wider market Is
assured than that provided by local con-
sumers. Some nave gone so far as to
erect derricks. but they will he allowed
to stand until oil producing becomes more
profitable.
Ths action of those who are holding
off is considered by conservative business
men to be the wiser policy. Old produc-
ers express themselves as better pleased
with such action than with chat Of the
more daring men who are going ahead
and developing the industry despite al
verse circumstances, because anys ad-
ditional production only tends to lower
the price Of oil.
NOTES FROM THE FIELD
The drilling apparatus was yesterday
removed from the new we'll on tho corner
of First and Belmont streets belonging to
the American Oil company and the we'll
was connected with the pumping plant.
new derrick has been erected on the
adjoining lot. but no further work will
he done until better price can be Sc
cured for oil. Mr.. Strasburg announced
that his company would do no III ore de-
veloping until matters are settled as re-
CARDS transportation.
William and Gallager will begin drill
this mo ming.
Work mas been going on for some time
in the preparation OF an electric drilling
rig on the property of Mr.. Doheny at the
corner of lockwood street and Belmont
avenue. twenty-fve-horse power cleo
trio motor has been put in. which it Is
expected will greatly facilitate the work
OF drilling. which will begin this morn
ing. Should the experiment succeed.
electricity may be generally adopted
throughout the field. Such a change
would be very acceptable to residents, as
the annoyance of smoke and noise would
then be practically done away with.
DR.. Stewart is making preparations to
drill a new we'll on his lot on Council
street.
D.illers in the we stern end of the field
are having great deal of trouble with
the wells now being put down. owing to
the varied formation OF the earth in that
locality.
Rich g. Shawl have gone down about
800 feet in their new we'll, and from
present indications are nearing the oil
sand.
The pump is being removed from the
Tubbs well on Park place with view to
deepening II. The success which has at
tended the deepening of wells in other
parts of the field has induced the owner
Of this to do likewise.