The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1896-03-21
LATEST OIL DEVELOPMENTS
no NEWS AS YET FROM THE OVERDUE
ENOCH TALBOT
What the Standard Oil Company 10 Doing-A
Dull, But Yet Strong, r,nrkct-Looking
for Extensions Of the Present Fieid-The
Southern Pacific as q Consumer

Nothing startling has developed in the
oil situation during the past few days. and,
as before stated, both producers and con-
sumers seem to be waiting in the hope of
something turning up. The market is dull.
but with strong feeling and an upward
tendency. No news has as yet boon re-
ceived of the tank vessel, Enoch Talbot,
which ia now overdue at San francisco
with cargo of over 5000 barrels. con-
signed to the Arctic oil works. At the
offices of the oil exchange it was stated
that the quoted price of so cents was be-
ing firmly maintained. and no shading
was being made except to wholesalers and
in large los. The sale of one carload yes
terday at the above price is reported.
The Standard Oil c ompany are paying
So cents, delivered, at their tanks, but Of
ferings are somewhat limited. They have
now their small tank, holding 10000 bar
rels, full, and are filling the larger, which
has capacity of 10000 barrels. In the
latter there has so far been placed some
5000 barrels, and enough to fill it has
been contracted for. The stuff is being
delivered at the rate of 400 or 800 barrels
slow. as about all the market they have is
in San Francisco, and the out of town dis
tricts, Local consumers have mostly
made contracts with the producers for
their fuel, which restricts their field to a
great extent.
IL was reported tnat Dan FRANCISCO par
ties had been in The field Offering 90 cents
per barrel, but this price the Standard can
not now pay as at this rate oil could not be
laid down in San Francisco at less than
S1.25 per barrel, which price 1t is not now
practicable to obtain. At 55 cents but
bare margin is secured, it costing l cents
fer freight to the bay city. As regards tho
possible establishment of line of tank
steamers, Mr.. Harvey did not regard such
q move as probable, at least until positive
assurance was had that the field was of
much larger extent than now believed, as
the freight to be carried did not justify the
expense Incurred in building and fitting out
properly equipped line of vessels.
The Victor Oil company yesterday com.
menced 10 drill on their new we'll between
Angelina and Temple streets. Not many
new holes are being sunk. and most of the
drills lately started have been in the west
end OF the field. Oil has been struck at the
new we'll on First street, about 300 yards
beyond the extreme western limit of the
field as heretofore defined. Mr.. North is
erecting new derrick Oh Angelina street
and hopes to commence drilling by next
Thursday. He has had great deal of
trouble with several of his wells lately,
caused by their choking with sand. His
No. hole (which was only recently cleaned
out, and which resumed its flow at q 60.
barrel rate, in five days stopped again and
is again being fixed up. Mr.. North is a be-
lever in the widespread extent of the oil
bearing region and ia securing leases on
oil land In Fresno and near Whittier.
Arrangements are being made by the
Southern Pacific company to use crude Pc
troleum for fuel on its engines, and several
locomotives will be equipped with oil burn
ers. If it is decided to adopt the fuel a
large storage tank will be put in. with
capacity of several thousand barrels.