The herald., 1895-08-17
NEWS FROM THE OIL FIELDS
The Oil Exchange Files Articles of
Incorporation
Continued Extension OF the Territory In Every
Direction n-Indications Of Speedy I'm.
provemert in the Industry

The most important transaction that
has lately occurred among the oil pro-
ducers IS the incorporation OF the ex-
change. Yesterday articles of incorpo-
ration were forwarded to the secretary OF
state at Sacramento. They will be filed
at once and the certificate OF in corpora.
ton returned by Monday. The executive
board decided to change the name from
its original form, the Los Angeles Crude
Oil exchange, to the Los Angeles Oil ex.
change.
Now that tho association is incorpor-
| ated it will be upon a business basis and
consequently better able to transact the
business which will soon come up for is
consideration.
The committee which has been making
investigations in the field reports more
encouraging news as its work continues
and the true status of the oil industry
becomes known. Figures cannot yet be
obtained, but the committee offers tho
assurance that ifficeint quantity of oil,
above outstanding contracts. will be
placed at the disposal OF the exchange to
insure the operation OF pipe line to the
sea. AS this was the principal object Of
making the report of the field the work
of the committee is practically done and
the exchange can go ahead with the pro-
posed arrangements for transportation.
Field Brcvities
A well-informed operator in oil has re-
Gently attached a walking beam rig to his
pump in place of the regular eccentric or
spider attachment used in pumping most
of the wells. He announces that the
walking beam has increased the output
of his well five fold. 1t has been main
tanned by number OF local producers
that our oil is too heavy to permit OF
pumping by any other means than the
slow stroke OF the eccentric, but the the
ory seems to have been dlsproved and
larger output of oil produced by more
rapid pumping.
DR.. Frederick Salathe. Phi. D., formerly
refiner for the Union Oil company, has re-
Gently returned from the European oil
fields and is now in this city. He intends
making q thorough investigation of the
field with view to esta blish ing refinery
here 1t conditions seem favorable.
Another telegram was received by the
exchange yesterday ordering a large ship
ment of oil by train at 81. 15 per barrel.
A northern paper announces the de-
parture of a steamer from San Francisco
to the Peruvian oil regions for cargo.
This oil will enter the up country market
in competition with the Los Angeles
product since both are used as fuel. If
it is profitable to produce oil in Peru and
ship 1t to San Francisco, there ought to
be no difficulty in the way OF Southern
California producers.
The Phoenix Oil company yesteray lai
the foundation for a new storage tank
to receive the oil from one OF their new
wells on lockwood street.
Drilling will be commenced today at
the Rix company's new well, east of Bel
mont avenue.
William Dryden is preparing to drill
new we'll on Cour5 street near Patton.
The location was made by the use of the
Duncan discoverer. and will. in a way,
test the accuracy of that novel machine.
Mr.. DRYDEN intends to go down 1900 feet.
and will not let the contract for drilling
Lehman. e Mills have Just com pie ted
another storage tank with capacity of
| 600 barrels near the corner Of TOluca and
| State streets.
Perkins. Skinner e. Co. are preparing
to deepen their we'll Oil Toluca street.
The casing will be forced down by the
use OF hydraulic pumps instead of'being
| driven. as is usually the case in this
field.
The Eureka Oil company is erecting u
new derrick in the place of the one
which was burned last Sunday.
Flint d. Sons are making preparations
for drilling new we'll opposite their
office on Omaha street. near the location
of the first green oil producer.
Another new derrick is in process of
construction at the corner of Temple and
Victor streets, in the extreme eastern end
of the field.
James Powsll's spouter has oeen capped
down temporarily. until additional stor-
age room is made to receive the great
abundance OF oil which it throws to the
surface.