The record-union., 1899-10-17


glt1mate speculation by no means in
cludes concerns which advertise to
make the fortunes of investors in a
day. Many such schemes have for
their sole object the sale of land at
fictitious value, and have nothing to
do with legitimate mining enterprises.
A copy has been received of a hand
some pamphlet, with black cover on
which is printed in gold Fortunes in
a Day; California Oil Fields The
pamphlet is issued by a company own
ing land in Fresno and Kings Counties.
The company claims to- have a United
States patent for five twenty-acre
tracts of land Situated within a half
mile of an OIL spring, where the oil
bubbles up from the ground and can
be dipped up with a can." This may
be good indication of richness in the
company's property-and then, again,
it may not. 1t all depends upon the
direction in which the local oil stratum
runs. AS our Los Angeles oil men
have learned from experience, a well
may be an abundant producer on one
side of the street While on the other
side there may be a dry hole. Here
aboutS, the width of the oil belt aver
ages from 600 to 500 feet. There must,
apparently, be quite a different condi-
ton of affairs prevailing UP in the San
Joaquin Valley, as a map at the end
of the pamphlet referred to seems to
indicate an oil line fifty miles long
and about ten miles Widei
According to the pamphlet there are
wells in that section yielding LOCO bar
relS a day, but in it's estimate of prob
able income the company is modest
and figures on each we'll giving only
from 200 to 700 barrels a day, at which
rate the profits would range from $685.
OO0 to S200,0O0 per we'll per annum.
In regard to the cost of development.
the company says: The cost of deve1-
oping is comparatively small, COM
pared with mine developing The time
is at hand when boring can be done
by contract, thus saving the expendi-
ture of large sums of money for ma
chinery. When oil is struck, the con-
tractor caps the well, and turns it over
to the company, putting an end to the
expense, as the product flows and does
not have to be sought for. When one
good we'll is secured others will be
contracted for, being paid for from
the profits, which will not alone pay
for the work, but be sufficient for reg
ular dividends"
This looks remarkably simple, and
even tempting, on paper, but some OF
those who have invested money in
boring for oil hereabouts could tell a
different story, of striking quicksand.
or rocks, or water. or anything but
oil, on many occasions, and of fire.
quent vexatious delays, due to the
dropping of tools into the hole, with
other miShapS. 1t is true that when
oil is struck the contractor caps the
well and turns it over to the company
putting an end to the expense" but
before that happy times arrives if it
does arrive-the expense is often con-
siderably more than the investors
calculated in the beginning.
The Mining and Scientific Press" Of
August 9Th contains an advance sheet
of a bulletin on the oil-yielding forma
tions of California, which is now be-
ing prepared by w. L. Watts for the
California State Mining Bureau. Mr..
Cooper, the State Mineralogist, has al
lowed the publication of this advance
sheet in order that the information re-
sulting from Mr.. Watts researches
may be placed before the public at the
earliest possible moment. The pub
lication of these advance notes is espe-
cially opportune, since the bulletin
deals with the geological conditions
which have occasioned the formation
of nd tha
course of oil lines; that is, lines along
which remunerative oil wells may be
obtained. It also contains other infor-
nation of value to oil men, especially
some remarks on ''the business risks
of the oil prospector,' in which Mr.
Watts divides oil-prospecting PROPOSE
tions into two classes, as follows
First, the orthodox proposition. In
this case the prospectors have in view
a definite oil-yielding stratum which
has proved remunerative in adjacent
territory, and from which stratum
they expect to obtain their oil. More
over, they have sufficient geological ev-
idence in sight to warrant the assump-
view forms an oil line through the ter
IllOl tIISy d1S dDOuL lO pIOSpGCl.
Second, the wildcat proposition. In
this instance the prospectors have no
definite oil stratum in view which has
proved remunerative in adjacent ter
ritory, or they have no sufficient geo
logical evidence in sight to warrant the
assumption that an oil-yielding STRAIT
um, which is known to be productive
in adjacent territory, forms an oil line
through the land they are about to
prospect"
With the rapid development of the
oil industry in California, and the
great success that has attended some
recent operations, we may expect to
see a large number of oil companies
foated on the market Some of these
will be legitimate, and others mere
CANDLES. 1t is timely to utter a word
of warning to the investing public, SO
that they may discriminate between
propositions of the kind which possess
real merit and those which are merely
traps to catch suckers There will
also be enterprises which, while per-
haps possessing some substratum OF
merit, and the possibility of profit,
mislead the investor by presenting
only the bright side of the picture.
The oil industry holds out great
possibilities for the profitable invest
ment of money, but in this as in other
lines of industrial activity, it is nee
esasry to be assured that those in
charge of the business possess integ-
rity, experience and good judgment.
INFLUENCE OF HUMAN GAZE.