The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1910-04-21

Hand in hand with the history of oil
development in California go the stories
of the wonderful achievements and sue
cesses of operating companies. Since
the price of oil has advanced in the
past three years any conservative COM
pany with judicious management and
good production is able to make
money for its stock holders. There was
a time when the best of management
had great difficulty in keeping a sound
company above water. In that time oil
investments were SHE'D at by bankers
hearts of the best districts in the state
went begging for money for develop
ment
With the regeneration of the price
the industry has come forward with
rush that has fairly taken the COM
mercial world off its feet. From an in
significant industry oil has advanced to
a position claiming the closest atten-
ton of the financial interests of the
country today. The advantages of oil
as fuel and its cheapness compared
with coal make possible a market that
will consume every barrel that can be
produced for years to come and gives
a stability TO the industry that guaran-
tees fair price and profit to operating
companies properly managed.
ENGLISH MAKE MILLIONS
The largest Independent companies
now operating in California are the
Union and the California oil fields.
limited. The latter is an English cor
poration, owning several thousand
acres of producing territory in the
eastern and northern parts of the Coal
inga field. The company was intro
duced into the California oil industry
by William Graham, the Santa Bar
bara Gilman, whose ventures have
netted him many millions of dollars
At the time the foreigners were per-
suaded to make the purchase the ter
ritory selected was not favorably re-
garded by oilmen generally. However,
the success of the company has been
little short of phenomenal
The total capitalization is $4,000, 900,
on which, for the last four or five
years, dividends ranging from 80 to 40
per cent have been paid. In addition,
however, immense sums have been
spent in improvements and adding to
the property, while a great amount of
development is continually under way
The headquarters of the company is
about IL miles north of Coalinga, where
the most complete oil camp in the
world has been established. A small
townsite has been laid out, the diff
ferent shops and buildings of the COM
pany are situated on either side of the
main thOrOughfare, and on a hill over
looking the town are a bungalow for
the office force, a home for the manage
and the field Office buildings. The COM
pany has its own machine shops, cleo
trio light and water plants. Large
traction engines haul freight and ma
terials. Married men are provided with
separate houses and the unmarried men
live in large and comfortable bunk
houses. A clubhouse has recently been
completed for the use of employees
during leisure hours.
PROFITS PILE HIGH
One of the most successful of the
independent companies is the PinaI oil
company in the Santa Maria field The
company was organized in 1908 and
purchased 1872 acres for about $4,000.
Out of a capitalization of 100000 shares
10000 shares were sold to raise funds
for development. The first well drilled
was a gusher. The company has paid
50 dividends to date. an aggregate of
1857. 101.50. A year ago its rate was
10 per cent, but the amount has been
decreased to 10 per cent in order to
carry ON more development work NJ
Fleisher is the president and ]. F.
Goodwin manage The company is
one of the biggest producers in the
Santa Maria field.
The Four oil company paid so divf-
dends amounting to s2I3,OO0 from 20
acres in the Kern river field
John NJ. Wright organized the Peer
less oil company. which originally
owned 100 acres in the Kern river field.
During the slump in prices a contract
was entered into with the Standard