The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-03-13
HIGGINS OIL COMP ANY
Has Not Yet Been Purchased by Any
One Says Mr.. Wallis.
THE NEW OIL WELL AT SOUR LAKE
It is Estimated to Have Capacity Of
$4,000 Barrels paiIy-A Russian
Expert at Beaumont,
Tie NEW OIL WELL AT SOUR LAKE

pahS, VINO has Just returned from New
York. says he comes back with new and
expanded Ideas concerning the Beaumont
oil field.
II was surprised to note" said Mr.. Wa
U.s. how the New Workers. are taking mn
beaumont OIL. From what learned while
there | am prepared to say that New York
VIII use every barrel Of oil that this field
can deliver there for the next two or three
years; ana ~ a price very near 81 per
barrel, and knowing this II seems to me
almost crime that some Of the produc
ers in this field are disposed to cut un.
der each other anu Offer oil at almost any
price.
"One must go away from home to learn
In what esteem Beaumont oil Is held OF
course It has only been used in New York
so tar TOR making gar except perhaps, In
surpl Using. An experience Ike that which
] Ind Is calculated to make an oil en-
thusiast Of any man"
When asked If the Higgins Oil and Fuel
company had sold 50 per cent of its stock
to Mr.. John II. Kirby or the Houston OIL
company Manager Wallis said: mo, the
report Is not true. Mi. Kirby does not own
dollars worth of our stock Neither
does the Houston Oh company. For that
matter. II Is contrary to the laws of the
state 70. one corporation to hold stock in
another"
Mr. Wallis said. however. that Patrick
Calhoun had purchased 11SOO shares OF
the companys treasury stock and is also
buying the stock from those who hold st.
He said that at present Mr.. Calhoun does
not own a controlling interest In the com
pany.
Captain S. s. Ashe, Jerry l.. Mitchell, W
II. Coyle and George W. Burkctt, prominent
citizens Of Houston, were In the city to-
day, having come over from Sour Lake
where they had been to Inspect the well
brought In by the Atlantic-Pacihc oil com
pany The well is 49, feet deep and IS
located about POO yards cast\of the famous
sour springs. The Houston gentlemen, who
are interested in the well, are much clatcd
over Its performance, declaring that test
mude yesterday showed the guSher capable
of flowing $4,000 barrels per day.
The belief has been pretty general among
oil men here that oil in great quantities
would he found In the vicinity of Sour Lax
established that the counterpart of Spindle
Top exists at Sour Lake the Atlantic and
Pacific we'll, along with the other dis
coverles there, has fixed II as fact mat
the Sour Lake territory will prove Of great
Il has been said that the oil is OF be-,
ter quality than the spindle Top oil but
the same has been said Of all the oil that
has been found since the Lucas well came
in BE this as II may. the development
of territory as rich as that around sour
Lake is known to be viii help TO remove
all doubt as 10 the permanently OF the sup,
ply thereby serving to establish Texas oil
as the worlds fuel.
Mr. s. Goolishambarow, Russian oil eN-
pert and engineer, who was sent here by
The Russian government to get Information
concerning the Beaumont nil held, has con
cluded his work here hut Will probably
visit the Corsicann field before leaving tina
state. while he has acquired all inc IN
formation possible, he has given out prac-
tically mono He did state, however that
ii. 70. Ia La a l.
ance Of the flow Of spindle Top wells Tor
many wears the nel1 being In many re
spccts like that at Baku.
~
Tho annual meeting ot the stockholders
OF the i NJ Guncy Petroleum company
was held today at tho office "a the CON
many of Beaumont and the following onl-
Gers for the ensuing year elected ]. NJ.
Guffey president: j. &. Mcdowell, vice
president md general manager; A. w. Mel.
ION. treasurer n. Robertson, assistant
treasurer: George u. Prentice. secretary
n Robertson, assistant secretary: j. NJ.
Guffey. A. w. Mclcn, J II. Reed eXccu'
tive committee.
GrfIry the vice president, Mr. !. c. Nc.
powell. presided Full details Of the com.
pauy for the PAST year were presented ana
inc stoCkholssSTs, present or, were ,.r graz IT.,
the future We're outline The following
board of directors was elected,
j. NJ Guffey. \. W. Mellon, j. II Reed,
Joshua Rhodes, r II. Given, d. NJ. Glenn
son r. A. GrcPr, Hal W. Greer II Y.
Arnold W p ". McF8ddin, V. Wicss. ID.
Robertson, A, +. Lucas.
The Gladys city Oil Gas and Manufac-
turing company has sold to the Sutcliffc on
company the surface rights on block ~,
measuring 3Oox3Oo. for $500, The ground
is TO he used for tankage and the usual re-
strlctions were imposed
w w Sutclffc has transferred six
teonth of an acre in bloc; 81 NJ the Ncatch
smvey, a settling tank. pipe line and load,
jng rack 10 the Sutclif'e oil company for
$50 shares Of the stock Of the company.
Following are the sales on the Beaumont
Oil Exchange:
Higgins. o shares at SIS.
Anglo American, 5000 shares at 1Isc; 400
shares at &c.
commonwealth 40 shares at 81.
detroit. Beaumont. 3gb shares ut 81.
Gold Eagle $4,000 shares at 1oc
Germ an. American, 1000 shares at lOc; 100
s" IndSpcndencc, 600 shares at Be-
Lucky Dime, 500 shares at DC; 100 shares
Manhattan. 1000 shares at 63Iac.
National oil and Pipe Line, 500 shares
san Jaclnto, 1000 shares at 9hc; 1900
sh,rn. At Olhp. POO shares at Dc.