Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1922-02-09
THE CALIFORNIA OIL INDUSTRY.

Dear Editor and readers of The Tribune:
In this letter / wish to give special
reference to one of the many flourish
ing industries of California, that of
petroleum. None of the many has
developed into greater Importance and
value, neither has any of them passed
through greater fluctuations of success
and failure; and none has been crowned
finally with more permanent and sue
cessful development. Like the mining
interests it has made many rich and
very many poor. 1t has raised the
hopes for quickly gained wealth of
thousands only for them to see their
hopes and their money vanish as the
mist before the morning sunshine.
Many men have impoverished them
selves and their families in order to
follow in the path of the willy oil stock
promoter and gambling speculator.
The Chicago board of trade has nothing
on an oil stock promoter in the way of
swindling the public.
But thanks be those days are a thing
of the past in "The Golden State. We
have laws now that protect the inno-
cent public from fraudulent stock ma
nipuators, whether it be in oil, mineral
mining or whatever may be placed
upon the market. Even the Real Es-
tate agent is placed under the ban of
law, for no bonds or stock of any des-
cription can be placed upon the market
until the all powerful State Railroad
Commission has passed upon the legiti-
macy and value of them and the re-
liability of those who offer them for
! sale. In fact no company or corpora
ton can engage in any line of business
until they have shown that they have
/ laid a safe foundation for success. The
great electric power corporations of
California can not issue dollars worth
of bonds or stock until this commission
has satisfied itself that it will be safe
for the public to invest in them, con-
sequently the investor may rely on the
truth of the propaganda and advertising
matter the power companies are send
ing out. Every real estate agent in
the state is also compelled to give an
account of himself or herself in the
way of securing state license and at
same time establish the fact that he is
honorable.
So California is no longer ''the wild
and wolly west" that some unniformec
might believe. No state in the unior
has better laws or better enforced laws
But TO the oil industry. As early al
1856 oil was know to exist from th'
, fact that in numerous places from San
Diago to Humbolt, Indications Of !
were evident through the escaping o
the substances from water holes an
, springs. The fret records we have o
any attempt at refining Of the crud
oil was by Andres Pico, brother Of tn
/ one time governor of the state. Thi
v was in 1855 when, with small cope
d still, he made little Kerosene Tor IN
: missions. having secured his crude pre-
duct from Los Angeles county.
e In 1857 Charles Morrell, druggii
: of San Francisco, erected quite a
a elaborate refinery, but found no sa
i; for his product and 1t was soon abal
T, doned.
N In 1859 and 1860. as will be remen
,. bered by those of that early day, u
le great Ioil excitment of the east b
ID gan and soon spread to California.
sr was well known that oil existed
many parts Of the state. There we
te possibilities Of vast deposits with 7
sutant great profits. Excitement al