The Alaska daily empire., 1921-01-07
CAPITAL READY
 START DRILLING
 FOR ALASKA OIL
Prominent Oregon Capitalists Interested in Field-Mc-
 Cord Describes Field.

That abundant capital has already been secured for the development of a group of oil claims in the west field of the Cold Bay district was stated today by J. W. McCord, agent for the locators who has been in Ju- ncau for several days on business in connection with the filing of ap- plications for oil leasing permits. MT McCord who is an old time Alaskan of the Tolovana that has produced on an average of million a year since discovery, said that the Westward Development Com pany, an Oregon corporation, formed on December IS, last, is to actively push drilling as soon as machinery and supplies can be landed in the field.
 The company is a closed corpora tion and not a stock selling proposi- tion, according to MT McCord. It, numbers among it's stockholders prominent Oregonians including James B. Kerr, attorney, Portland A. & Kerry, of the Kerry Timber Company, Kerry, Ore, former. Northerner who was head of the old Lake Bennett and Yukon Navigation Company in the early Yukon days; Bert C. Ball, President of the Will iamette Iron X Steel Works Frank lin T. Griffith, President, Portland Railway, Light & Power Company; ! George l.. and J. A. McPherson. large timber owners, Portland; Nor ton H. Insley, vice-pres.dent Will-l annette Iron & Steel Works and A. G. Labbe, second vice-president of the same company; Mir Corbett, with Ladd X Tilton's Bank, Port land; Mr Woodland of Woodland X Clerk, Portland J. w. McCOrd, Ko- diak, Alaska, and two prominent Portland bankers
 MT. McCord stated that although permits have as yet been issued to none of the locators, no trouble is anticipated in that respect and prep arations are being made to begin actual drilling next season. Fifteen out of 22 claims represented, are reported by the U. s. Land Office entirely free from conflict and while there are some apparent conflicts on the other seven claims in reality there are none Tn fact" declared Mr McCord, "all the men in the west field of the Cold Bay district are working in harmony and any seeming conflicts will be amicably strengthened out among the locator5 without difficulty. All of them are anxious to get permits and begin . prospecting and there will be no trouble over conflicting claims"
 Outlook Is Promising.
 "The outlook in the field, from the surface of course, is promising. Four of the biggest seepages in Alaska are located there. One can wade in oil above his boot tops. Gas seepages also exist. The oil is high grade and of a paraline base and where evaporation has taken place deposits of parafine substance lie on the surface of the land to depth in some instances of four feet. This makes fine fuel for which 1t will be used in drilling operations. The geo. logical structure is not folded n the extent that is noticeable in other Alaska oil districts and this with the excellent surface indications leads to the belief that oil pools will be found to exist all clong the peninsula. Actual tests have shown the oil to have about three times the value of California oil"
 All Water Shipping Route.
 MT. McCord stated that the ma chinery and supplies would be taken into the field next Spring by Capt Peter K. Larson, Superintendent of the Naknek Packing Company. of San Francisco. It will be shipped by the way of Boring Sea into Bris- tol Bay up the Egakuk River and into Becharof Lake, on the shores of which a number of claims are To- cated. Capt. Larson is interested in the locations as is Guy Y. Graham, a cannery superintendent Of Libby. McNeil and Libby with whom ar engagements have been made for use of machine shops located near the field. Others interested in the claims include Jerry Ford, prominent gold mining operator of lditarod l.. C. Early of the Standard Oil Land < Leasing Company of Electra, Tex. Wallace Cathcart formerly vice president of the Farmers Bank of