The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-07-12
Is Reported TO Have Been Widened
by a New Gusher.
BEAUMONT OIL EXCHANGE MEETING.
Matter OF Taxation Of the Brokers Was
Referred to the Executive Committee.
An Advance in Oil at the Well.

Beaumonters IL was hoped TO have there
were unable to he present.
The meeting took up the matter Of rellcv
ing the exchange brokers from the assess
ment Of S. % per month A resolution
came up instructlng the exchange TO aboI-
lsh the issuance Of the OH Bulletin. and
the motion was defeated Then the mat
ter Of the brokers' assessment came up and
was referred back to the executive com
mittee with full authority TO act.
Daring the nle~tius Il developed that the
exchange Is In a most aourishlng coudi-
tion financially the cash balance on hand
being larger than ever before and continu.
ally growing The board Of trade feature
of the exchange was discussed and the
people present seemed pleased with tho re-.
suits that are being obtained from it.
~
The announcement that the Penman Steel
and Iron Tanks works would commence
operations July 20, which appeared last
week. holds good and that big lnstitut on
will be ready for business next week They
have their plant well in hand and the ma !
chnery will be in shape 10 turn ont work |
by that time, though only part OF Il viii
be here. Considerable of 4 viii be left in
Chicago. but it Is being brought down ais
rapidly ms possible, and by August will be |
on hand.
A rumor became current this afternoon /
that the prominent oil concern which has
been credited with having heen connected /
in some manner with the Standard oil com
pany, will next week advance the price Of
oil which they are willing to pay at the
wen to 10 cents. when this company nrst
came here II made several very large con
tracts at cents per barrel and 1t IS re.
ported that some contracts were actually
made Mt cents. About n month or six
weeks since the price was advanced to q
cents. The company is now willing to pay
10 cents per barrel at the we'll and viii /
place all the connections and measure the /
oil, If desirable, right at the hill Itself The I
fact that the company is Offering this figure (
does not necessarily mean that II will get
the oil for the actual selling market price 4
of oil here today on board cars is - cent, /
and there are few companies that are will /
Ing 10 sell and deliver at that figure II !
simply means that II that concern can In. (
duce the producers to furnish them with /
buy it.
The report published in this afternoon. /
Papers to the effect thar the Gufey well !
No. at Sour Lake had blown out and was |
running wild created considerable stir here |
and when fhe knowledge came that tho
derrick had been blown down and the ma. |
chinery damaged they began wondering /
how much power really exists in the new
field.
Added to this came the report that the /
field had been widened n half a mile by /
the bringing in of another well by WHIT Is .
known as the Hotel company and that the /
Sour Lake Oil company Is now In line for /
gusher. large part 81 the Sour Luke I
field Is owned IN Beaumont or Beaumont .
people are interested la the stocks Of the I
companies.
Mr.. Monroe Carroll will probably bring In
within the next day or two a strong six.
inch well block 80. Yellow Pine tract,
which he has contracted to sell to the zine
smelter people This is the first announce.
ment of Il sale Of this kind TO these people.
~ =
j. A. Paulhamus this afternoon brought |
In the Alemeda- Beaumont OIL company |
well which Mr., kaltenOach has been mere !
several days to accept
~
Captain Ben Eckhon states that he has
almost finished the Mally Eastman oil barge
No. and that she will be carrying Beau-
mont's great product in very few days /
more. He has the shlpyards going just At /
present on the repairing of dredge OF the /
Charles Clarke X Co. firm.
Concerning the advantage of the use OF
fuel oil to Beaumont, City Engineer MeI.
ritt w. Yeater who has only been resi-.
dent Of Beaumont since his appointment
to the place. today said do you know
that Beaumont has the most brilliant future
of any city In the South and VIII be one
of the metropolitan propositions In re-
mRrkably short time.
This fuel oil proposition is going TO
make 1t and the people OF Beaumont do
not realize one-tenth or the one-hundredth
part Of what II Is going to do for them.
Take the big zinc plant alone that is com
Ing here. II is coming to Beaumont, not
on account Of the fact thar tine rehnerieS
will use a part Of its product, that would
otherwise 20 TO waste, as IL Is for the fuel
oil Fuel Is the most important item with
a zinc plant for the reason that zinc undc-
heat becomes volatile before II will melt
II must be, therefore, carefully handled
and the solution Is fuel oil. That is why
this million-dollar concern has sought Beau
mont. and where II mas FOUND us way mere,
so viii a hundred other such institutions
find a road to beaumont
"A little energy such as some OF the peo-
pie are showing here and the city VIII he
one of hundred thousand In FIVE, or ten
wears al the most. and that II VIII exceed
any city IN Texas within FIVE years Is my
confident expectation,
here"
There viii be added TO the list Of sailing
craft by the end Of this month total Of at
least eight more vessels for July. August
will. II the contracts that have already been
entered into are carried out undoubtedly
be larger than amy month ever known in
the way OF increased water facilities There
are contracts that are to commence next
month that call for 100000 barrels monthly
~
Contractor T. J. Woods has brought In
strong sixinch well on block IS Of the
Hozg. Swayne tract He states that he sent
the haiIer down but seven times and that
the well then came in strong without any
agitation or artificial means whatever,
~
There is every evidence NJ a rapid rise
In the price Of oil from Us present aver
age OF Is cents to 30 cents or even higher.
Tho current quotations now show above 20
cents I'm almost every case hut the average |
price Is kept low by reason of the old con
tracts
NJ. Kaltenbach president of the KaItenbach
oil company. the Ineeda Beaumont OIL com
pany and largely interested stakeholder
in the Ameda Beaumont OH company. Is
here. for the week for the purpose OF ac
cepting the well OF the latter company. He
says, that the future prospects in oil are
bright.
L g 4