The herald., 1896-05-26
OIL MEN ARE STANDING PAT
Prices Well Malntaiaed ed Prespects
Coed for Another Ralse
A Careful ce@putstles 81 the Available SEQ.
ply-Pisnty Of Vacant TsnIags-Ssiss
Mads at Ruling Prices

The regular weekly meeting Of the
board of directors of the oil exchange
was held yesterday afternoon, and the
question of oil quotations gone oyer
thoroughly. The rate established last
week of $1.15 +. o. b. was left untouched,
but from the nature of the facts brought
out in the meeting next week will sure
ly see the price advanced to SIPS. From
a careful canvass of the entire city 1t
has been ascertained that there Is now
held in tanks in the field 34,100 barrels:
in storage tanks throughout the city, 55,-
500 barrels, making total of $500 as
the amount of petroleum now above
ground in this vicinity. The canvass
has been made with the utmost care
and the figures are vouched for as being
almost exactly correct.
Taking 10000, round number, as the
total, the amount is still 10000 barrels
below what was figured on by the ex
hange men when the last advance was
made AS compared with the last can
vass made, the amount on hand shows
very perceptible diminution. There
is another fact to be considered. Fully
one third of the whole 10000 barrels Is
held by the companies who are MEM
bers of the exchange and this oil can
not be obtained at less than ruling quo
tations. So sure are the oil men that
things are at last coming their way. and
that oil is going up still higher, that no
ing made. Nearly all sales made lately
have been for cash and immediate de-
livery.
On Saturday last 5000 barrels were sold
in lump at $t.05 in the storage tanks,
and 1000 barrels at the field at IS cents.
not delivered. Yesterday 500 barrels
We're disposed of at s1.07 and $1,000 cash
was an offer made and refused for 1000
barrels of oil in tank in the field. Pro-
duction and consumption here are now
about equal, and 1t is not believed that
it will be necessary to make further
shipments to San Francisco to dispose
of the surplus. A well-known operator
yesterday said that consumers were now
taking hold so rapidly that even should
twenty new wells a month come into
production 1t would still hardly more
than keep pace with the demand the
falling off caused by old wells going
dry.
One immediate and beneficial effect
of the advanced price of oil has been to
greatly stimulate prosperity in all d.
rections in the hope of finding the con-
tinuation of the belt. An important
factor in local consumption is the Santa
Fe road. which has long term contract
with large firm which calls for 10000
barrels month. The contractors are
also held under heavy bonds to keep
full months supply constantly on
hand, and just now 1t Is keeping them
busy to do so. The price of the oil to the
Santa Fe is understood to be $1.O5 per
barrel. delivered. and 1t is easy to he
seen that the oil men are not now max
ing much on their contract
Nothing has yet been heard Of the
overdue tank vessel. Enoch Talbot, due
in San Francisco with a cargo of some.
thing like 5000 barrels of OIL Tomorrow
morning she will have been out Just
four weeks. and although she is provis-
Toned for two months 1t, seems about
time she was getting in. Twenty eight
days from Redondo to San Francisco il
long voyage, but no fears are enter
tained as to her safety. 1t being sup
posed she has been delayed by contrary
winds.