The herald., 1897-12-06
OIL MARKET STIFF
BUT NO SALES OF IMPORTANCE
ARE REPORTED
The East Field Development Moving
West-Best Oil in This Region
Struck at Newhall

The oil market the past week has been
quiet and featureless. The OIL Produc-
ers' Trustees report that no important
sales have taken place. The price has
been stiff1y maintained. Negotiations
at less than 81 per barrel have met with
cool reception. 1t is claimed by pro-
ducers that contracts for 300, 900 barrels
could be closed at 60 cents or better,
but consumers have been in no hurry
to offer the price demanded.
| Twenty-Five men have been at work
on the new tank, and it's completion is
promised In two weeks. The second
tank is now on the way here.
Pumping has been steady all week,
and new development has continued,
but is not extending as fast as during
the first part of November. Results in
the east field are more discouraging and
the conviction is becoming general that
the Cottage Home tract limits the field.
Developments to the north are decreas-
ing. 1t is quite probable, though, THAI
the oil strata runs under the Baker Iron
Works and across the river.
Development in a westerly direction
from the east field Is more active and
more encouraging. The Bromwell well
on the north side of Pearl street be-
tween Alpine and College is ready for
tubing. George Baisley is about to drill
one block west of the Romwell, another
rig is going up in the same block and
three more to the south, all of which
stand good chances Of striking oil. as
the probabilities are that the oil strata
runs under the Sisters hospital and
perhaps on to the Baptist college, cross
ing the vein from the west field at the
Sisters hospital.
Thompson & Boyle, pipe makers, Re-
quena street, have sunk well at New
hall which yields about twenty barrels
Of black oil Of "a gravity.
Refined by the Edwards Oil company,
this oil gave per cent gasoline, 20 per
cent kerosene Of 46 gravity, and leaves
a residue of 1s gravity Of the average
character and consistency Of the east
field oils.
This oil is found in their first sand,
and they are sinking to the second sand.
The depth from which 1t Is taken Is
about 1900 feet above sea level. VIM
Maybury Of the Edwards Oil company
pronounces this oil the best produced
in this section, without exception. 1t
has an asphaltum base and It's gasoline
Is an unusual feature for this region.
Duncombe & Stearn's we'll at Newhall
is improving. This Is the 48 gravity
white oil well of which the colorless
product burns without refining, though
slightly smoky. It occurs in an immense
gold quartz ledge worth 81 per ton, but
too full Of gas and oil to be prof1tably
| worked. This quality of oil is never
found in large quantity, the only other
well Of the kind being one at Oil City
Pa, which yields about six barrels per
day, all of which is used for medicinal
purposes. Duncombe & Stearns claim
to have better yield that that now,
and steadily improving with depth.
The lack of gasoline in this oil indl-
Gates that 1t has not been clarified by
seepage but by heat. and the quartz not
being its natural home it Is reasonable
to assume that 1t has seeped through
the quartz ledge and that deeper boring
will develop larger flow and perhaps
fl = q true vein.