Albuquerque weekly citizen. (Albuquerque, N.M.) 1891-19??, 1901-07-20
WALLACE OH COMPANY
Organized the other Day and Now Az.
ready for Business.

feAuv Iof butiNehhs
IA mentioned In The Citizen Of the
18TH inst. the Wallace OIL company
has been organized with headquarters
IN this city. The directors Of the com.
pany are all men well known In Alhu.
querquc and throughout the territory,
as conservative aud reliable business
men. who would carefully investigate
any proposition submitted 90 them be-
fore embarking In the enterprise.
with that knowledge 10 go on a re-
porter for this paper desiring To give
the public generally information as 20
the location of the oil fields and other
items Of interest in connection with
the company was accorded an inter.
Wow by one nf the principal directors.
who has taken an active part In dcycl.
opmCnt of the property and from him
CLEANED the following facts. In April
OF last year one OF the present board
of directors obtained information In IT.
feet that spring on the lands now
held by the company. showed every In.
dication of AN oil contact. and immc.
diately set cut To examine the land
being accompanied By practical oil
man. with fourteen years experience
ia the Pennsylvania fields and tech
meal knowledge OF the geological for
nation Of on producing sections. All
Indications we're found highly fayOra
Ole with result the gentleman returned
20 Albuquerque and interested several
capitalists IA the proposition, who i'm
mediatcly took hold, as a preliminary
step. docming II advisable to have 9th
er expert opinions before investing
any great amount ~ money TO that
end they procured the services OF an
eminent Reologlst with an interna
tiOnal reputation to examine the field
In which they had become interested
rhe report made by the second expert
was very favorable aud In eject the
supply would prove Of paraiiine bnsc.
ON the strength uf bis report the sew.
rrnl business men who had taken the
matter in hand staked claims aggre
eating i.l2G acres. To make assur
ance doubly sure correspondence was
opened with eastern and California cN'
! pcrts resulting In employing John
FOX OF oil City Pa. "A practical man
with i3 years experience In oil regions
who was highly recommended by the
! OH city banks, the Standard and
other leading oil and gas companies.
| Mr. Fox went over the ground. express
sing himself highly pleased with the
| indications and advising the owners a.
/ sink well for purpose of procuring
| ether samples than the surface of
/ found ON spring His advice was fOl
/ lowed and at depth Of b2 feet q
| small huw was struck from which sam
/ Plies were sent TO Pennsylvania Tor an
! alHyis aud were there pronounced
| nrat class az containing "a large pei
| Ceutage al illuminating and lubricatini
oil Tho holders 81 property were 81
| encouraged By the satisfactory report,
made hy their experts and Ie anaiy
SIS OF samples. they decided Ia furtheI
develop their claims. going down az
additional eight feet when they ca
counicrcd q sand rock. which neccssi
tatcd a temporary suspension uf npor
ations until modern machinery COull
be- procured to further develop. Worl
up 10 this time having been done prat
lticaUy by hand. II WAS then dccidcl
20 incorporate with the following
nayred officers and directors: presI
dent Louis llfold vice president. Hon
solomon Luna. secretary and treas
urer ivan Grunsfeld. attorney. T. W
Clancy The directors are Messrt
Louis Held. solomon Luna Iva
Gmnsfeld. r. W. Clancy. Alfrc
, GTunafeld James Grunsfold MIX
Maudell. W. n Springer. David Weir
man and Leon B stern. Tho prof
is situated only six miles from th
main line Of the A T. and s. r. RR
near Thornton aud 0u can be- oasil
pinned 10 the road by gravity system
no stock has been placed ON the ma
kpt. hm should Il be- deemed adyisahl
latcr on 20 market q certain numb'
of shares. the promoters ~ tho con
. pany viii do go with the assuranC
they are in possession Of oil lands thl
ere 10 be- counted AS some Of the bcI
located In the United States The 81
Curporatcrs having finally decided
!, fully develop their property, Il iH
foregone conclusion they viii spa
I, neither means or effort 60 pat The
!. district IN the front RANK OF oil produ
ing regions