The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1909-02-06

IL NOAdS RA~O " i'VC o' nv
Queer was about SO cents a barrel and at the end of the
year it was perhaps higher than 60 cents a barrel. All
The old contracts have been worked up and the new
ones vary from 80 to 60 cents a barrel. The records of
the Los Angeles Stock Exchange alone show fortytwo
listed Southern California oil stocks having a dividend
rate of 20 to $50 per cent per annum on present market
prices. TO saw nothing of dividends paid by close cor
porations whose shares are not listed and that do not
publish financial statements, which would increase the
number of dividend payers by one-half.
David T. Day, in charge of petroleum investigations
for the u. S. Government, states:
'fCarrving out the decreasing rate of produc-
ton, the industry would be brought to an abrupt
end by exhaustion except in California, in about
1920.D
President Roosevelt who vetoed a bill passed by
Congress for the use of water power from the james
river in Missouri, said on Jan. 10Th:
"a single generation will see the exhaustion
of our natural resources of oil and gas and
such a rise in the price of coal as will make the
price of electrically transmitted water power
a controlling factor in transportation, in man
featuring, and in household lighting and heat
Practical exhaustion of the Appalachian and Gulf
fields by 1920 with dependence on the Mid Continent
and California pools that will be exhausted by the
present generation, is the true source of advancing
prices for oil land and petroleum products. Hence the
profits from new territory like the Nevada field, will
increase in a direct ratio to the rate of exhaustion else
where.
Petroleum Commissioner Day, further states:
1.-The money expenditure necessary for pro-
ducing this much petroleum includes a cost of
$550,000,000 An expenditure of
$loO,0Oo,0oo went for wells that were failures
mt III oi'o- PEI u OIL "cis uihicu
since the discovey of oil in 1859, were producers-an
item of success %unequalled in the history of the world
by any other mercantile or industrial line.
An immense deposit of limestone from which the
highest quality of Portland cement can be made, has
just been discovered on the estate of the Pioneer Oil
Company. Natural gas prevails in such quantities in
the Indian Springs basin, that wells cannot be dug
deeper than twenty feet. With gas this deposit could
be calcined at an exceedingly low cost, and every
pound of Portland-cement that can be produced will
find a highly profitable market, since the demand ex-
ceeds the supply with importation in large quantities
coming in from Germany and Belgium. This is another
and an exceedingly valuable resource, but the main
hold in the Great Southwest is petroleum. Here Stand
ard Oil has no foothold whereby to dictate prices and
freeze out small companies as in the Eastern, the
Southern, and the Middle states.
WITH THESE FACTS before you, we feel that we
have proved our case, and believe just as sure as the
swing of the planets and the rise and the fall of the
tides that Nevada will be the next field to come in as Il
heavy producer and that the basin at Indian Springs
will upon development, prove to be one of the most ex-
tensive petroleum deposits in the United States.
(Signed) IRA