The herald., 1896-04-13

This afternoon a meeting Of the d.
rectors Of the oil exchange will be held
in it's offices in the Bradbury block, at
which action will probably be taken
looking toward finding some means Of
inducing outside producers to join in
with the exchange in supplying cargo
for the Enoch Taibot,now due here from
San Francisco. For some weeks the
exchange has done yeoman work in
raising and upholding the price of oil,
the Talbot being specially chartered for
the purpose of getting rid of some of
the surplus on the local market and
thus stiffening the quotations This Or
ganization has now on hand plenty of
oil 10 load the boat, but many of the
members think that it is an injustice
that they should be compelled to ship
their product at so cents per barrel,
diminishing the amount on hand for
local consumption, and thereby en-
abling the price of rs cents at the wells
to be maintained, only to have the out
side parties hold their oil and then un-
dersell them in the field.
Various members have expressed
themselves emphaticaily on the sub
ject during the past few days. and
strongly condemn the methods being
pursued by certain parties who are
working tooth and nail to prevent a
cargo being secured for the boat. 1t is
stated that the vessel will certainly
sail with her load, even If the exchange
has to fill her itself. If this is
done, however, a reduction in the price
is probable, then good-by to the hopes
of 81 oil.
Reports from the new Fresno oil
field would indicate that while petrol
cum has been found there, 1t is of an en-
tirely different character from the Los
Angeles product. 1t is mostly obtained
from shallow wells. which pump little
over Is barrels a day. The oil. however.
is of very high gravity, 40 to so degrees.
and nearly white in color. 1t is worth
at least $3.50 per barrel.
President Rowland of the Puente Oil
Company reports the opening of good
we'll in that district, some distance
from any of the other holes. The we'll
is now pumping about 80 barrels per day
of 30 gravity oil and bids fair to hold out
indefinitely. This company now owns
80 producing wells in the Puente dis
trict.
One of the Turner wells in the local
field near Lakeshore avenue and West
State street has been deepened to $50
feet, the last $50 being in the oil sand
Pumping will begin today and flow of
IS barrels is expected.
Garbutt & Stems new we'll. near
First and Union avenue. is in about 900
feet, and the drilIers are having much
trouble fishing. Gable and drill are
both fast
Two drills are in operation north Of
Court street in the vicinity of Metcalf
The drill is in 900 feet at the Doheny
and Common well and $50 feet at the
Parker well, near by. Two more wells
will be drilled in the same locality.
Doheny & Commons new we'll near
Toluca and West State street has
reached 600 feet. The Bayer & Benz
WELL few rods $. E., has been deep
ened to nearly 100 feet. and the pump is
now in operation and is lifting a good
product.
The Flint well, south of First street
and east ofUnion avenue, is in surface
oil at $50 feet. A slump hole is being
eXcavated preparatory to drilling a
short distance northeast of this site
Drilling will be done by the Rex Oil
company.