The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-05-11


them, and although definite details
could not be obtained in Los Angeles
| it is stated that two Oil properties in
the Summerland field have just
changed hands A belief prevails that
if more capital for development work
were put into that field the results
would show big profits on the invest
ment.
J. L. Chaddock, Secretary of the
Crescent Oil Company of Fresno, Cal,
who was in Los Angeles last week,
speaks very encoura gingly of the oil
industry in Fresno County. New wells
are constantly going down, both in
| the old fields of the Coalinga district
| as also in the Krayenhagen field, and
in the section of country lying between
| the two fields. The production of oil
in Fresno County is stated to be now
10000 barrels month
| From the McKittrick district in
Kern County, the news is equally ia
vorable. Three new rigs have gone in
| there during the last two weeks. and
more are expected.
Another big field, of which but little
has been said, but which is now at
tracing some attention, is the Parkfield
region in the southern part of Mon
terey County, near the Fresno County
| line. Captain Barrett, the discoverer
| of the Coalinga district, is at the head
of a company which has already done
good deal of work in that locality.
| They have one we'll down |, 100 feet
| and second one 400 feet, with indica-
| tions that good flow of oil will be
| struck at a much less depth than IN
the first one
| News concerning the Oil tide lands
near the head of Newport Bay, Orange
County, are favorable and operations
are likely to soon become very active.
| In some of the wells stratum of as
| phalt was penetrated. In an article on
what is being done there the Santa Ana
Blade" says that during the last few
weeks number of locations have been
made on lands lying Immediately ocean
ward of the site of the present develop
ment. Some of these claims" says
the Blade, have doubtless been filed
by wildcat spectators, but many, on
the contrary, have been made of rec
ord by shrewd business men who are
able and willing to invest money in
developing the property should occasion
warrant SO doing. So far, of course,
everything is mere specula tion, but the
near future may hold something in the
way of developing the natural resources
of this section that will eclipse any
thing heretofore attempted in this part
of the State
The Santa Paula ventura County,
Chronicle" states that a Los Angeles
company has located northwest of
Camulos, where the apparatus for drill
ing and derrick building is on the
ground. The same paper says that the
Piru Company's well at Temescal has
proven a failure. The casing has been
drawn and the whole apparatus taken
to the gum grove on the hill, where
prospects are very good for oil
James c. Chambers, United States
Consul at Batunl, Russia, sends the
State Department, Washington, an in
teresting report concerning oil produc-
ton in that part Of Russia, of which
the following is a synopsis:
1t seems that the average daily pro-
duction Of crude oil in 1898 Gin the Baku
districD was over 10000 barrels more
than in 1897, but, eliminating three
wells which produced phenomenally
large quantities in 1897. and which are
not expected to maintain a record any,
thing like the one esta blished, the in
crease for 1893 is left at only about
1900 barrels per day The proportion of
illuminating oil obtained from the crude
product decreased from 265 per cent.
in 1898 to 20.5 per cent in 1898 The
increase in shipments of crude oil from
Baku in 1898 amounted to about 20 per
cent. but was due almost entirely, how
ever, to the fact that much of the
crude product was sold in its natural
state for fuel oil. At the close of 1897
the price of crude oil at the refineries
had reached 40 cents per barrel. and.
notwithstanding the increase in produc-
ton, the price has steadily advanced till
1t has reached % cents. This decided
firmness in the market naturally re-
suited in great increase in drilling.
and the trade was in a very satisfactory
state all through 1898
Much foreign capital has been in,
vested in the Baku oil trade and it is
estimated that British investments
alone during the last two years have
amounted to S1O,O00,OOO The first ven
ture was the purchase of the producing
property for about S2500,OOO. which
was put upon the British market. a
stock company being formed with q
capital of S6,000,000 Of course this
was imitation with vengeance, but the
company not only paid something like
80 per cent. during its first year. but
laid away substantial surplus.
AT the Browning Club.-Member
Browning. you know, is like Wagner
F'riend-I see. At first You don't I'M
! Il l.