The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1910-04-26

eneculve propapiy tor lie iast time
Inc greal CAP -llin "a Tie "a lnlestis
IN JaaA0in-ea Is LslLllia STEWART. paesI-
/ uenl OF the Union Oll COMPANY, and
n 10 whom oil p1oauGels All yer lag
country owe a ueDt OF gratiuuue be-
s7Inu uneu conlplned enor.s 10 express
or repay.
NO, concluded Col. Emerson. the
oil industry IN California Is d business,
permanent and increasing III It's im-
portance ana is without uoabt already
one OF the most pronuable businesses
judging by the dividends annually dis
tributed TO holders of Oil SHARES, OF
any III our State.
I Among The many new companies op-
Grating in the Midway oil fields the
California Seaboard OH Company. OF
which Col Emerson is the president,
is one that received but very little pub
Lefty, in fact. practically nothing has
been given out 10 the public. Tley
have made no public offering OF shares
OF its stock and it is understood that
all of the stock is held in a very close
corporation.
Ii is now quite generally conceded
that 20 hill is in gushers territory,
in fact many claim that it is already
proven beyond a doubt and If so.
then great things may in the near fu-
ture be heard from the California
Seaboard Oil Company. 1t is just flu
ishing its first well and encountered
almost two hundred feet of oil sand
and oil producing shale. 1t corners to
the south and west with what is
known as the HTightwad' or, the II.
& w. Oil Company This latter COM
pany has ten acres. They have two
producing wells on the pump that are
yielding. it is said, 375 barrels per day,
each well. and the directors of the
beaboard' are anticipating that when
their well finally gets down to bust
ness that it will perhaps yield several
hundred barrels per day, with the
same regularity. A new derrick has
been shipped from the Blinn Lumber
Company OF Los Angeles for the Sea
boards. well number 2, and the
ground is being leyeled for still tsree
additional wells.
One of the officers of the COMPANY
SAID TO Times reporter yesterday:
We hope 10 have five wells on the
beam within six months from today
and, II We encounter no bad luck there
is no reason why this should not be
accomplished After we have FIVE wells
drilled TO the second sand which is
tapped on % hill then we propose
10 initiate our neighbors across the
line on Section 30, and drill to the
third sand There is no reason in the
world why our 'Seaboard' company
should not tap the third sand and have
gusher as well as our neighbors. but
In order 70 be prudent and safe the
management has decided that they
VIII carefully follow well beaten maths
ana only tap the second sand until
they have five wells on the pump
which viii give them a production.
judging from adjoining territory. OF
perhaps 1900 to 1000 barrels per day.
The legal description OF the Sea
board, is the north half of the south
east quarter Of the southwest quarter.
Section p, Township 80 S.. Range %
East, in TIE very center, so-to-speak.
of the Midway oil fields and directly
On line between the MAYS gusher 10
the northwest and the Lakeyiew gugh-
er close by 70 the southeast.
II is noteworthy" continued the
seaboard" official. that tie CaIifor-
MA seaboard Oil Company has never
offered share Of its stock for sale
IN public way. either Ii San Fran
cisco or Los Angeles and are even
now refusing TO divide up with the
public any part Of its capitalization by
making a public offering. 1t is in every
sense of the word a close corporation
and owned by some half dozen stock
holders OF whom the company's presi-
dent, Col Willis George Emerson of
o0l-2 Delta Bldg, Los Angeles. is the
owner Of considerably more tan
half OF the capitalization. The
company is only capitalized for $780,
900. .
We are not talking much. the Off
cial concluded, but we are working
very strenuougly every hour Of the
twenty-four and drilling continuously
night and day Of every week and are
greatly pleased with progress. TIE
policy OF the company is for produc-
ton rather than publicity