The San Francisco call., 1895-07-28

pany for its own use. The saving is such
to the rolling mills here that they are max
ing sheetiron at 81 less per ton than it can
De produced in San Francisco, and can lay
it down in that City 81 per ton less than it
can be imported by the dealers there.
AS the output averages 2500 barrels and
the local consumption but 1900. the sur
plus is 1000 barrels. and to gain O market
for that is one of the purposes for which
the Oil Exchange was formed. 1t is the
purpose to endeavor to secQre rates to San
Francisco, so as to make it possible TO ship
there at profit, the present tariff of 81
cents per barrel being prohibitory. Fail
ing in this pipe line to reach Redondo
may be built and tank steamer chartered
or purchased to carry oil in bulk to north
ern ports.
The development of these oil fields
promises to abridge the scarcity of oil
brought about by the complete drain of
Eastern beds, where the out put has fallen
below the demand, and the estimated stock
in sight at the present time is less than
10000 barrels. On December 81, 1892
the oil in stock was II, 900, 600 barrels; De-
cember, 1898, L, ,000, 900 barrels; December
1894, 100000 barrels; March, 1895, less
than $4,000 barrels. This being the case
and the prospects being bright for the con-
struction of the Nicaragua canal Califor
MIA may look forward to shipping fuel East
especially as the decrease in stock will en-
hance the value so as to return fair profit.
The oil exchange recently organized is
now fully under way. Each member turns
in his extra product, for which he receives
oil certificates, and the oil is stored in the
large tanks. Arrangements will be made
with some firm or agent to handle the
entire product, at satisfactory rates, thus
doing away with "corners" and various
gam bling schemes characteristic of oil and
grain exchanges. The banks expressed
themselves as willing to advance money
at fair rate of interest on oil certificates,
thus enabling people with small means to
continue, where, under the old condition
of affairs, they would have to cease until a
sale had been effected of their stock on
hand.
Following is list of members of the
exchange who have already signed the
constitution and bylaws: American Oil
Company Empire Oil Company, Lehman,
Mills & Co.; G. w. Tubbs, J. Neubauer,
G. w. Sloan. Acme Oil Company, Combi-
nation Oil Company, G. II. Matthay & Co.,
Rich & Scholl, G. II. Libby, E. Rathburn,
r. c. Thomson, H. B. Adams John Burns,
Charles Lathrop, Warren Hibbard, w. H.
Fletcher, J. H. Loudon, w. G. Reed, F.
McCabe, E. H. Barmore, Turner Bros,
Ph9nix OIL Company, Sunset Oil Com
pany, w. H. Harrison, S. Hutton, F. B.
Wilkinson, Irving Carl, Louise Schwarz-
dolf, ]. B. and r. B. Martin, William Dry
den, D. Ellsworth, Christine Tomlinson,
Mrs. A. Strauss, James Powell e. r. Kellam,
R. A. Fowler, w. L. Stewart, John Rob
man, NJ. A. Crosswell, u. O'Reilly, Charles
V. Hall, |. M. Bacigalupi, J. II. Anderson,
IL. G. Guiteau. The above are active men-
bers.
Following is the associate list: R. H.
Heron, j. G. Chamberlain, T. J. Coch-
rane, Harper, Reynolds & Co., F. N. Mey-
ers, Union Hardware and Metal Company,
John M. G. Marble, G. F. Rosecrans, J. r.
Newberry, D. Mcfarland and r. w. Poin-
dexter.
The officers who will shape the des-
tinies,of the organization during the first
year are: President, II. P. Heron; vice
Cochrane; treasurer, G. Lathrop; direc-
tors-F. W. Flint, J. c. Marble, w. w.
Turner, ]. B. Newton, c. H. Libby. A. N.
Hamilton, John Burns and A. E. Martin.