Los Angeles herald. [microfilm reel], October 13, 1910, Page 6, Image 6

About Los Angeles herald. [microfilm reel] (Los Angeles [Calif.]) 1900-1911

Image provided by: University of California, Riverside; Riverside, CA

                
6
NEWS OF THE MINES AND THE OIL FIELDS
BOOM DAYS START
CALIFORNIA OIL STOCKS
Brisk Trading on Los Angeles Ex
change Indicates Season
Will Be Profitable
The amount of trading on the Los
Angeles stock exchange shows that oil
stocks are becoming more active every
day. With the sharp gains in Union
and Mexican issues, the excitement on
the floor of the Los Angeles exchange
has been intense. So many visitors
are crowding, around the pit that there
is scarcely standing room, and It looks
like the boom days of last winter and
spring.
Very few of those on the floor coma
out of idle curiosity, as nearly all are
interested In the "market." A "bull,"
or rising market always causes more
interest or excitement than a bear, or
a weak market. Union Oil In the last
few days, has gained nearly $9 a share,
and Mexican Petroleum limited com
mon has advanced more than $10 a
share. The already large business of
the exchange has Increased by leaps
and bounds in the past ten days.
The Los Angeles stock exchange was
formed In this city sixteen years ago,
and is one of the oldest stock ex
changes in the west. There have been
five other exchanges In this city, but
the present exchange has absorbed
them all. The membership of the ex
change now is sixty-nine, and there Is
but one seat left unsold In the treas
ury. The seats at the present time are
>alued at about $2500. *
I "I have often been asked," said L.
F. Parson, manager of the exchange,
yesterday, "the question, 'What is a
stock exchange?' Especially through
out the west have I heard this, as
there are so many residents from the
middle west who have settled In Los
Angeles and have never resided in any
of the large eastern centers where the
stock exchange is well known.
"An exchange Is formed to concen
trate, systematize and facilitate the
business that always Is carried on In
every large financial center. In all
classes of what is known as collateral
securities. It Is not an organization
for profit, as the exchange as an ex
change does not make any money. The
members pay so much for a member
ship known in financial circles as a
'seat.' This membership entitles a man
to all of the floor privileges and pri
vate telephone and telegraphic serv
ice. The members pay certain fixed
dues, which provide for the running
expenses of the Institution.
"A broker must make his word good
to either his customer or fellow broker,
or, according to the drastic rules, lose
his membership. In this way the ex
change protects the buying public, for
only by the reliability of its members
can its credit and Integrity be estab
lished. ' . «... ■.<•.
"The exchange protects the public,
In that it requires the stock traded
in over Its bpards to be listed. In
order that a company may have Its
stocks or bonds traded on the floor
It must undergo a thorough examina
tion. Even after It is listed, the ex
change can call upon a company at
any time for a statement as to Its
condition. Therefore, the public can
procure at any time from the records
of the exchange Information regard
ing listed stocks.
"By the establishment of an ex
change the Investor Is enabled to keep
track of his investment and the buy
ing public is protected from paying
prices for stock that it might be forced
to pay were there no exchange to give
publicity to the stocks.
"The exchange also requires Its mem
bers to abide by a fixed commission.
If a member deviates from this rule
he is liable to expulsion from the ex
change. This protects the public from
exorbitant charges.
"In the first nine months of this year
$10,000,000 worth of new securities
have been listed on the exchange. This
brings the total amount of listed se
curities to about $295,000,000. A re
markable feature and one that can
hardly be equaled by any exchango In
the country is that the average rate
of dividends for the entire list is 7 per
cent a year.
"Last year the total amount of busi
ness done on the floor of the Los An
geles stock exchange was $6,340,025.03.
For the first nine months of this year
the total business amounted to $8,224,
--163.08, and my prediction that the ex
change will do more than $10,000,000
worth of business for the year 1910 un
doubtedly will prove more than true,
as the market Is more active than
ever In these nine months 11,902,155
shares changed hands through the me
dium of the exchange."
J B Neville Is president; Fielding
J. Stilson, first vice president; Joseph
Ball, second vice president; D. A. Mc-
Gllvray, secretary; D. C. Sullivan,
treasurer, and L. F. Parsons, manager
and assistant secretary of the Los An
geles stock exchange.
- ■ -
AMERICAN OILFIELDS
BUILDS NEW DERRICKS
BAKERSFIELD, Oct. 11. — The
American Oilfields well No. 56, on sec
tion 36-31-22, which caught fire while
flowing some weeks ago, and the Hon
olulu well on section 31-31-23, which
burned at the same time, both began
flowing Friday night at the rate of«
approximately 500 barrels each. New
derricks have been built over the wells,
and preparations for handling the oil
are fairly complete.
The American Oilfields well on sec
tion 12-31-22, which first struck oil
at 1670 feet, and which later was sunk
to a little more than 1900 feet, Is on
the pump now and Is doing about 450
The Coin well on section 4-31-22 is
reported something over 3700 feet In
brown shale.
The Union on section 10-31-22 has not
yet reached oil at 4200 feet.
The Bear Creek's well No. 2 on sec
tion 14-31-22 is making over 200 bar
rels since the water was cemented off.
On section 9-31-22 the Carnegie well
is down 3900 feet.
A new company formed by Oakland
people under the name of the Oakland-
McKittrick OH company, is preparing
to develop property three miles north
of McKittrick.
The State OH company is deepening
its well No. 2. •
BUYS WEISS INTEREST
BISBEE, Oct. 12.—Attorney ('. L.
Mi - Reynolds has purchased the "Weiss
Interest in the Santa Fe property of
Sonora. The development work now
being carried on at the property Is
showing up a very satisfactory body
of ore. The property is now believed
to be ready for a mill, and New York
investors have arranged to put in about
$50,000 for the purchase of the neces
sary machinery.
Crown Oil Company Ships Material
for Furthering Work in District
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DERRICK AND PROPERTY OF CROWN OIL COMPANY IN MIDWAY.
A carload of six-Inch casing will be
shipped today to the Crown Oil com
pany in Ventura. Superintendent
Augustine has received a contract to'
continue drilling the Ventura well No.
1 to a depth of 1800 feet, and for the j
drilling of well No. 2 to a similar depth. |
OIL MEN BUY ACREAGE
IN SAN EMEDIO FIELD
Recent Discoveries and Produc
tion from 100-Barrel Wells
Result in Much Activity
Late reports from the Western Min
erals well on section 25-11-23 on the
unset flat toward San Emedio, con
firmed by Fred C. Ripley of the Santa
Fe, who Is president of the Western
Minerals company, Indicate a discovery
of high gravity oil. The well came in
at a depth of 1680 feet, It Is said, and is
now pumping between 75 and 100 bar
rels a day of oil testing 31 gravity.
The superintendent estimates that
when the well is thoroughly cleaned
out and In first class condition, It will
produce from 100 to 150 barrels a day.
Oil men are said to be enthusiastic
over the success of the Santa Fe in
the new field, and as a result land val
ues for miles in each direction are
advancing. The Western Minerals
company now has a steady production
of about 300 barrels a day from four
wells that are now pumping in this
field on section 22, 23 and 25-11-23, and
fully seven miles southeast of the old
Sunset field.
Several choice pieces of patented
land in the vicinity of this well have
been recently changed hands.
M. H. Whlttler and Burton E.
Green, formerly with the Associated
Oil company, have been quietly buying
up properties north and northeast of
the Western Minerals new well, and
now control some of the finest land In
the district. It is reported that they
propose to begin development work
on their properties in the near future.
E. L. Dolhenv and L. A. McCray of
the American Oil fields, and likewise
C. N. Plummer have all acquired valu
able properties In the same territory.
NATIVE COPPER STRUCK
IN LONDON-GILA MINE
PHOENIX, Oct. 11.—Native copper
has been discovered on the property of
the London-Gila Mining and Power
company, just above Winkleman. Tho
new find Is about 2400 feet from a dis
covery of sulphide ore made some time
ago on London-Gila ground.
News of'the discovery was brought
to the city by Dr. N. H. Morrison and
W. W. Francis, president and financial
agent respectively of the company, who
have been at Winkleman most of the
time since last spring. They are high
ly elated over the finding of native
copper on their property.
The copper occurs in red oxide and
conglomerate. The red metal was en
countered at a depth of ninety-six feet,
and at 104 feet the mud and rock
brought up by the droll was richer
than ever. No trouble was experienced
in panning the copper.
Drill hole No. 1, where the sulphide
discovery was made, Is on the Pinal
county side of the Gila river. 'When
this hole had been sunk 100 feet the
drill was'moved to the farther end of
the property, across the river and on
the Gila county side. The first hole
then fill' d with water, which Is now
within two feet of the top. It is esti
mated that enough water can be drawn
from this shaft to supply the town of
Wlnkelman.
In the second hole, red oxide was
found at a depth of thirty feet. Mr.
Francis says that enough red oxide
lies under the surface of the London-
Oila claims to paint the territory of
Arizona. The oxide is the very best
grade of mineral paint, and when there
is a market for it the company will be
able to sell It by hundreds and thou
sands of tons.
The two holes that have been drilled
are on what might be termed the ten
tacals of a crab. The body of the
crab Is represented by an enormous
deposit of copper In the center and the
tentacles by cracks through which
copper-Impregnated water has flowed,
precipitating Its metal along the way.
As soon as the hole that Is now being
drilled is completed another will be
drilled in the center.
The San Francisco and McKlttrlck
is pumping 150 barrels per day from
Its well No. 18, which was brought In
last Sunday.
LOS ANGELES HERALD: THURSDAY MORNING, OCTOBER 13, 1910.
EDITED BY
JAMES WYNKOOP
The present depth of well No. 1 is i
1400 feet. . ; --;
The company considers It capable of !
producing about 50 barrels dally, but j
'; the recent development of wells of
larger production by the Dixie National
i and White Star company has induced
I the Crown to drill deeper.^ _____
RAY CONSOLIDATED ISSUES
FAVORABLE ANNUAL REPORT
The Ray Consolidated Copper com
pany at Hayaen, Ariz., has Issued its
report for the year ended June 30. It
records that the year's developments
at the mine and the progress made In
construction of reduction plants has
been most gratifying.
The assured ore In the Ray proper
ties has been brought up to something
over 69,000,000 tons and the acquisition
of practically all of the outstanding
stock of the Gila Copper company adds
In excess of 15,000,000 tons, or a total
of more than 75,000,000 tons.
The concentrating mill now being
constructed will start operating a sub
stantial part of Its capacity early next
year, and the smelter will be In opera
tion a few months later.
Over 97 per cent of the outstanding
Gila stock was exchanged for Ray Con
solidated under the offer authorized at
the meeting of stockholders In May.
The mill, as now planned, Is expected
to treat at least 8000 tons dally In full
operation and the smelter will have
ample capacity to handle the resulting
concentrates which should give an an
nual output well In excess of 80,000,000
pounds of refined copper.
President Aldrldge says that an ex
ceedingly favorable contract has been
entered into with the Arizona & East
ern Railroad company, for the trans
portation of ore from Kelvin, the
terminus of the Ray Kelvin railroad,
over their tracks to Hayden Junction
and thence over the Ray Kelvin tracks
to the ore bins at the mill.
A satisfactory contract has also been
entered into for the refining on the
Atlantic seaboard of the company's
blister copper and sale of the refined
product.
The report calls attention to the fact
that the fiscal year of the company
hereafter will close with the calendar
year December 31 and the date of the
annual meeting be changed so that the
next fiscal period will cover eighteen
months, but reports will be sent to
stockholders semi-annually during that
period.
The balance sheet to June 30 shows
cash on hand amounting to $2,234,235,
as against $2,285,536 in the years pre
vious, accounts receivable $20,838,
against $18,660 last year; capital stock,
$9,701,500; surplus, $1,000,000, against
nothing in the year previous; accounts
payable, $29,234, against $62,178 last
year.
The principal expenditure during the
year were $760,864 for development,
construction and equipment, $576,567 for
property additions, $303,189 for Hayden
plant construction, $577,310 for mine de
velopment, $410,077 for railroad con
struction and equipment and $142,558
for structural steel.
GLOBE LEACHING PLANT
TREATS 125 TONS A DAY
GLOBE, Oct. 12.—A. Y. Smith, man
ager of the Commonwealth Mining and
Milling company of Pearce, says his
company has a cyanide leaching plant
In operation and that it is treating 125
tons a day.
A few months ago the Common
wealth erected a mill for the treatment
of 600,000 tons of tailings which had
accumulated during the many years of
operation, and the day after the new
plant started a disastrous fire oc
curred, destroying the whole works.
Since that time Mr. Smith has been
making tests as to what would be best
for the tailings, and has decided on the
leaching and cyanldlng.
As soon as matters settle down with
this plant a new mill will be erected
for the mine ores, at which time the
cyanide plant for the tailings will be
increased In capacity. The Common
wealth has been one of the big money
makers of the - southwest, and there
seems every probability that she shall
continue.
FIRST OIL IS EN ROUTE
TO ST. MICHAEL, ALASKA
What is said to be the first shipment
of oil from San Francisco to Alaska
Is now being carried to the northern
country by the steamer W. S. Porter
of the Associated Oil company. The
oil Is consigned to St. Michael.
The same steamer also is carrying
a cargo of 600 tons of pump and tank
materials, which will be used In the
construction of a 40,000-barrel fuel sup
ply station being erected for the Nome
electric 11g... plants.
Drilling i 3 In progress on the com
pany's property at Midway which was
recently sublet by the company to
representatives of the Consolidated
Midway. The well has gained a depth
of 750 feet. Splendid progress is be
ing made with the rotary, averaging 75
feet a day.
SOUTHERN PACIFIC OWES
16,000 COALINGA ACRES
Odd Sections Leased to Sub
sidiary Include Many
Producing Wells
COALINGA, Oct. 12.— Kern Trad
ing and Oil company, a subsidiary com
pany of the Southern Pacific company,
has lease holdings In this field amount
ing to over 16,000 acres of land patented
by the Southern Pacific company, be
ing all the odd numbered sections
through this field. On these holdings In
township 20 south, range 14 east, sec
tion 23, are three producing wells. This
section on the east side averages 900
feet deep; on section 13 there is one
well drilling and eighteen producing
wells. The east side of this section is
140-foot territory. On section 25 are
four wells drilling and twenty wells
producing. The west side of this sec
tion will average 1000 feet. This Is the
old Corey & Canfleld lease.
In township 20 south, range 15 east,
on section 3, there is one well drilling;
on section 7 there are two producing
wells, and 1400-foot territory; on the
west side of the northwest quarter of
section 19 are four wells drilling and
five producing; on section 31, two wells
drilling and one well producing.
In township 19 south, range 15 east,
section 3 has two producing wells; on
section 11 are three wells drilling and
three wells producing; on section 31 are
five wells producing. This section is
about 900 feet deep.
On section 35 are three wells drilling
and one well producing. This section
is deep territory and light oil. This
makes a total of eighteen wells drilling
and sixty wells producing. The produc
tion of this property at present repre
sents not less than 180,000 barrels a
month, which naturally goes to the
Southern Pacific company. The value
of this property, from a very conserva
tive estimate, amounts to something
over $45,000,000.
Most of these holdings are in the very
heart of the west side field. The value
of same outside of cost of wells and
Improvements is not less than $5000 an
acre. <iw. :''--. ,'.
A princely estate and fully appreci
ated by the officers of the Southern
Pacific company. The holdings that are
Improved are well housed, and supply
stores are stocked with the latest and
best obtainable. .. . ;.
The geological staff comprises men
well known in the profession. The
company has on section 5, 20-15, near
the town of Coallnga, a large general
business office building, also supply
houses and stock yards, full of oil well
supplies and casing, brick and lumber,
boilers and engines. A thorough sys
tem controls the entire property.
TOMBSTONE HAS WATER
UNDER FULL CONTROL
TOMLCTONE, Oct. Tombstone,
the oldest mining camp In Cochise
county, will shortly come Into its own
again and take its place among the
producing sections of the great south
west. The company operating the
properties in the famous old camp, the
Tombstone Consolidated 3 hies com
pany, now has the water situation
well in hand and is pumping from the
lower level of its main shaft, known
as the "boom," water to the extent of
between 6,000,000 and 7,000,000 gallons
every twenty-four hours.
From .11 appearances this company
will, within the next few months, put
on a force of miners to develop Its var
ious properties in the Tombstone dis
trict and will again put In operation
the large stamp mill, which is now
idle, and the old camp will resume Its
place as in the day of old among the
producing camps of Arizona.
PROGRESB AT JACK POT
WONDER, Oct. 12.—At the Jack Pot
the crosscut to cut the big ledge Is
making steady headway. On the 200
--foot level a drift Is being run on ore.
In the meantime the retlmbering of the
shaft continues, and when it Is finished
another crosscut will probably be run
to tap the big ledge at the 300-foot
level.
ORANGE COUNTY WELLS
INCREASE PRODUCTION
Five Million Barrels Is Estimate
for Current Year—Field
Supplies Santa Fe
FULLERTON, Oct. 12. Within
eighteen months Orange county has
come to the fore as a producer of pe
troleum. Its wells are located along
the hills on the edge of the La Habra
valley and lie about six miles from
the town of Fullerton, from which
they have received the name by which
the field is known. Discovered years
ago, this district has been a valuable
producer, and Its wells have paid good
and substantial dividends for years.
The last year and a half, however, has
witnessed a great Increase in output,
which this year will be close to 5,000,
--000 barrels, something more than' It
was In 1909. From Fullerton fields the
Santa Fe railroad gets a good part ot
the fuel v used on Its Southern Califor
nia lines and In the shops at San Ber
nardino. \-'.i'-W '
' E. L. Doheny was an early operator
here. He developed an excellent prop
erty for the Petroleum Development
company, which he founded, contract
ed to supply the Santa Fe locomotives
and later sold his holdings, both here
and In Kern river, to the railroad
company, which today has about sixty
wells on the pump at Fullerton and
obtains a monthly production of 90,000
barrels. <
The company now plans to lay a pipe j
line in the near future from its wells,
to San Bernardino to coiivey oil to
the shops, a distance of about forty
miles.
Some of the Santa Fe's oil Is too
light for fuel, and this goes to Los
Angeles refineries In exchange for a
more suitable fuel.
VARIETY OF Olid
The Fullerton district has a variety
of oils, some testing as high as 27
and 28, like that which the Santa Fe
exchanges for heavy oil, while some
tests as low as 14 or 13%, like that
of the Olinda Land company. There
Is, furthermore, a very ' wide varia
tion in Fullerton's formations. Wells
as close as they are usually placed in
a crowded field will sometimes be en
tirely different in their logs; one will
get the oil at 1500 feet, while the other
may have to go 3000; one will get
heavy oil, the other light oil.
By some the field is divided into two
sections, the Olinda and the Brea
canyon sections. The two, however,
are running together by development
of the intervening ground, now part
of the Union's Steams lease. Both
sections are prolific, both vary about
as widely in details of formation and
both are being developed largely by
the same people. The town of Olinda
Is distinctly an oil town. Its Inhabi
tants are either employed In the field
or cater to the wants of those who
are so engaged. It has about 1600 in
habitants.
A short distance from ' and In sight
of the Brea canyon wells, but across
the line In Los Angeles county, are
wells of the Puente Oil company, geo
logically supposed to be an entirely
separate field. Its oil Is among the
highest grade found In .. California,
testing as high as 35 gravity. The
Puente is the only company operating
here; It gets Its product at very shal
low depths—Boo to 1200 feet— only
within the last few months has it at
tempted to go further.
TWO DEEP TEST HOLES
Two deep test holes have been sunk
below 2000 feet and^ have opened an
other rich sand of petroleum similar
to that found above, giving every
promise of being even more prolific.
About 300 feet has been uncovered.
The oil strike's trend here appears to
extend toward the San Bernardino
line through the Puente hills In the
direction of Chino.
The Puente company owns or has
under lease several thousand acres in
these hills, which It has held for the
future without development. It de
votes all Its attention to Its refinery
at Chlno, where It produces the same
manufactured goods as the Standard,
but does not give any attention to as
phalt, which Is usually the chief prod
uct of the Independent refineries in
California. '■/' 'I
Its field production is an incident of
its business, not the main part, as with
most businesses. It consumes all of
it own oil. i
LOBSTER SALAD BRINGS
DEATH TO 5 OF 13 CLUB
Three Recover from Fatal Dinner;
5 Still Battle for Life
ELIZABETH, N. J., Oct. 12.—The
services of specialists from seven lead
ing medical colleges will be sought In
an effort to save the lives of five
men who are hovering between life
and death in the general hospital here.
They are ill with typhoid fever, which
attacked every one of thirteen man
who sat down together at a dinner of
the Entre Nous club here a month
ago. '•'■'•'-
Five of the thirteen have already
died, three are safely on the road to
recovery, while the other five are In
a dangerous condition.
The latest victim is Daniel Sullivan,
who died yesterday. After an autopsy
by professors from the College of Phy
sicians and Surgeons of New York
this statement was issued:
"This typhoid resulting from that
dinner Is very virulent. We will have
to make several tests in the New
York laboratory before we can say
whether or not there are other com
plications."
The typhoid germs are supposed to
have been contained in a lobster salad
which was served at the club dinner.
FARMERS OBJECT TO EARLY
RISING-RAISE MILK RATE
ST. LOUIS, Oct. 12.—The unwilling
ness of farmers to get up at 2 or 3
o'clock in the morning and milk a large
herd of cows, with delivery of the
milk at the nearest railroad ' station
before 6 o'clock, Is one of the main
factors alleged by local purveyors to
be responsible for the recent Increases
In the retail prices of the fluid.
An advance of one cent a quart was
announced a few days ago, and It was
followed yesterday-with the unwelcome
tidings that cream had followed the
advance with a vengeance, the In
crease amounting to a cent a half
pint, or four cents a quart
Most Ills of Life
come from errors in diet, from too little exercise or froni the mis
takes we commit without thinking of consequences^ These
sicknesses may be slight at first, but they hinder work, prevent
advancement or, bring depression and spoil enjoyment What
is worse, they lead to serious physical disorders if not checked in
'time} but you CAN check them easily and quickly. They will
Naturally Yield To
such a safe, simple, reliable family remedy as Beecham's Pills. In every
household where this famous and unequalled medicine is known,
the whole aspect of life is changed for the better. Be ready to help
yourself— your family—to overcome trouble and to regain, and
keep, good bodily conditions by having on hand for immediate use
BEECHAM'S PILLS
For em a!». Baeeham't Plu. are .p.e!au> suitabl.. S.« Induction. with «ac_ box.
Sold everywhere, la boxes 10c. and 26c.
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Los> Angeles Trust and Say-
ings Bank may be said to be almost paral-
g|j lei with that of Los Angeles. From its incep- jj|
II tion this institution has kept pace with the growth of 11
§R the city, until now it is one of the foremost of its kind ;[■ M|
I in the state of California. 11
li This honorable and unretarded growth is due large- M
m ly to the conservatism and sagacity of the men who II
m have directed its affairs. jj|
|| In every department—General Banking, Savings, li
in Trust, Real Estate and Safe —perfect service IB
1 and absolute safety are. assured. Freely consult our If
i H officers in all matters of financial nature. IB
Ek,^. _/w Interest paid oa . />/ Interest paid on A\
?S_ftk. _°7 minimum A v/-. six months' A7JST
gg^t__ ."I /O monthly linlnnre ** /V Term Deposits. _ol_J_l
—T^T-^~ °' s:i(K' or '"""'■ An- sum °' (1 _P_P_y
§ Interest com- or more will __P_idr_flH
_n_QkC^_^. puled and start an ac- _v_9_i rl
/y^ii^a^^sV redl t c d count. __~_l#~—^
auiLoiNO l__s( Ba_ tasi l-»^ ma./At
AND SAVINGS BANK
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#Buy Your Piano
S^^^S^ Direct from the
\^^^^ Manufacturer
The Advantage Is All Yours
1 We operate the largest factory In the world devoted exclusively to the
B manufacture of High-Grade Pianos and Player Pianos. <
■ With our unsurpassed facilities, immense output end a varied stock
of artistic models In Grand, Upright and Player Pianos to select from,
we offer advantages and Inducements Impossible to secure elsewhere.
The Starr Piano Company
Factory Distributing ft'arerooms ".
628, 630, 632 SOUTH HILL STREET
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Why Does It Pay f 1
ITo Advertise Your Wares in The Herald .Want Columns? |
. Because They Bring Results