The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1900-05-17

Found at High Elevation.
It's Adaptability as Fuel Will Greatly
Encourage Western rlanufac-
turing Interests.
=. H. Bidwell and DR.. Hedderly are
not the only members of the Minneap-
oils colony at Los Angeles who have
caught the oil fever J. L. Brady,
formerly president of the Bank of
Princeton, MIMI, but who has prac-
ticed law in Minneapolis for several
years, is also heavily interested. Mr..
Brady went to Los Angeles for his
health few months ago and there
caught the oil contagion,' which has
stirred up the country for hundreds of
miles along the coast. He found half
dozen men with every qualification for
getting rich in the oil business, except
that they could not buy land on which
to sink wells. Mr.. Brady convinced
himself that they were practical men
and the whole country was thoroughly
inspected for likely strip of oil-bear-
ing land. Finally a seventy-acre piece
was found in the San Fernando district.
The owner knew its value as we'll as
Mr.. Brady's experts, and it was a long
time before the deal was consumated
which led to the establishment of the
St. Bernard, capitalized for $2O0,000.
Mr.. Brady is confident that oil is
better than, gold, since gold can be
bought, but stock in the best oil wells
in California cannot be had at any
price. His company will begin opera
tions by sinking two wells at a cost of
$18, 900, and as the poorest we'll in that
region is good for 80 barrels of oil per
day, and the highest flows PIG barrels
daily, he expects to strike an average
of $50 barrels or more. The cost of
pumping the oil, once the we'll is
driven, is about three cents per barrel.
The company has contracted for its
output at $l.75 per barrel. The oil is
a high grade, greenish-black petroleum
adapted to all the uses of good kero-
sene oil. It is much finer quality
than the coarse grade oil about Los
Angeles, used entirely for fuel.
Mr.. Brady says there is no great ex-
element over the oil discoveries on
the coast, but that thoughtful people
really feel that a commercial revolu-
ton is likely to follow it's greater de-
velopment. Cheap fuel has been a
thing unknown on the coast, and now
that the crude oil has been found to
furnish an excellent substitute for coal,
| there is no reason why factories and
manufacturing plants should not spring
up, once capitalists appreciate the con-
ditions.
The seventy acres owned by the St.
Bernard company lie high up in the
mountains, not far from Mount Will.
son. This might strike one as singu.
lar, but it is curious fact that the
shallowest wells yet found in Califor.
MIA have been in the highest ranges
, One would naturally seek a low spot ir
which to drive an oil we'll, but the ex
perience of oil prospectors all over the
California oil belt is that the most oil
: and the best is found in the crests o.
the mountain ranges.--Minneopoh!
Journal, May II, 1900.
We also clip the following from the
columns of the Los Angeles Herald
one of the leading dailies of the Pacific
coast, under date of May 6:
''The rapid development of the OF
7 industry and the many gushing we'll:
that are being daily tapped is sufficient
to Indicate that no other line Of invest
ment promises such quick and hand
some returns as oil stocks. We DE-
not mean to say that every stock upor
the market will prove profitable, bu
: we do believe that the St. Bernard Oh
!, companys stock will prove safe in
vestment. This company is activel!
engaged in making roads to their prop
erty and will be drilling soon. N,
t company has better lands to develop
e This corporation bought, paid for ant
!, owns 70 acres of the most promising
oil land in the Newhall district. I
adjoins the Pacific Coast Oil compa
r ny's great property, whose wells art
pumping oil on all sides of the St
Bernard company. The wealth of th<
district has been demonstrated beyond
all peradventure. Only $4,000 shares
of the capital stock of the compan!
has been offered to the public. IT.
par value is $1.Q0, its selling price &
cents. This cannot but command The
La &c.