The herald., 1896-03-26
OIL MAKING ADVANCES
ONE HUNDRED BARRELS SOLD AT THE
WELLS FOR SEvENTY.FIyH CENTS
Confidence Of Well Owners That the Dollar
1ark VIII Soon be Reached-PIenty of
Vacant TankaRe-Supply Hand Less
Than Half What II Was

Everything that can now be ascertained
In regard to the present and future price
of oil seems to indicate a period of pros
perity for we'll owners, such as they have
for . long time hoped for but no: exper-
fenced. The situation has simmered down
70 question of which can hold out the
longest, producers or consumers. Many
of the larger users of crude petroleum think
that the price is too high already, and re-
fuse to contract for or buy any more oil at
present, hoping that the we'll men will
soon have their tanks full and be COM
PEELED to get rid of some of their product.
Some of these men have now on hand
sufficient supply to last several weeks and
are anxiously awaiting a break in the
ranks of the we'll owners.
These hopes seem destined not to be
realized, as a careful canvass of the field
shows plenty OF vacant tankARe. and the
total supply on hand is hardly half what it
was month ago. The East Side Oil COM
pany yesterday made sale of 100 barrels
ut the we'll for rs cents cash, which would
mean nearly 80 cents delivered on the
cars. President Turner of the oil exchange
yesterday offered 50 cents for 1000 bar
rels at the owners tanks, and met with a
fiat refusal. Having plenty of room at
present for storage, owners will not part
with their oil, but anticipate realizing 81
per barrel inside of two weeks.
The Enoch Talbot is now discharging her
cargo of 5000 barrels at the docks in San
Francisco, and will Immediately return to
Redondo for another load. She was four.
teen days in making the passage from
Port Los Angeles, which is an unusually
long time, even for sailing vessel and an
old one at that. She will load at Re-
dondo for the next trip and is
expected expect, to get o,a away Nv with 5000 5000
cargo is already disposed of, and the con-
signees are ready for more as soon as they
can get it. Present quotations in Frisco
are from $l.l5 TO $1.2O per barrel. The
quoted exchange rate of so cents +. o. b.
this city. realizes to the owner tritle over
So cents net, the BALANCE going for haul
ing, tankage, loading and commission.
Some of the big oil operators are rap
idly getting into tight pinch as the price
of oil increases. One of these men. who
had a contract with the Puente company.
is reported to have been called upon by
them to supply 10000 barrels under their
contract. This would mean an enormous
loss to him, and it is said that he repudi-
ated the order and will not fill it. Another
large firm which holds a low-priced con-
tract with him is also about to place a
large order, which will only add to his cup
of bitterness.
A report has been received that new
and heayy-fowing we'll had been struck at
Puente, in the extreme eastern end of the
field. Nothing definite as to its production
is as yet known. In the local field great
activity in drilling is apparent No less
than eight or ten rigs are just commencing
to bore, one of them being in lot midway
between the western limits of the district
and the new we'll just struck 1000 feet
further back. The prospector has evident
ly great faith in his lucky star, as he paid
$1,000 cash for the lot alone.
W. F. Botsford, president of the Califor-
mia Oil Transportation company, which
owns the Enoch Talbot, left last night for
San Francisco to arrange for the second car
go bv his boat, now unloading in that city,
Ed North, a member of the executive COM
nittee of the exchange, goes to San Diego
and other southern towns tomorrow on
business connected with the exchange and
for a pleasure trip: