Salt Lake Telegram | 1902-02-03 | Page 6 | Oil Exchamge Will Not be Formed until Summer

1 OIL I. I tOIL v WILL NOT BE FORMED r t t UNTIL SUMMER Operators Opposed to Trading Trad- Trad I 1 ing in Stocks Before Fields I Are Axe Proved Productive f t There seems stems to be a growing feeling imong owners of oil lands against the pa pai to inaugurate an oil exchange in inthis inthis inthis this city before at least east a portion of the prospective ve fields has been proved by bythe bythe bythe the striking of oil in paying quantities In a majority of the hundred or more more oil incorporations in this State and treasury stock has been set aside to be sold at a 1 fixed price for the purpose of raising funds wherewith to carry on development Many of them are seeking their own own markets for such stock with considerable success and they fear Zear that an exchange operating operating- with the methods now in vogue on the local mining exchange would tend to Injure in injure In- In Injure jure undeveloped properties by quoting their stocks socks at nominal prices while boosting abnormally the securities of those companies which has been fortunat fortunate fortu fortu- nate nat enough to strike oil t f DELAY THE RULE In gathering the th opinions yesterday bf some of the leading oil promoters The Telegram learned that the oil exchange exchange exchange ex ex- ex- ex change will probably be held back until the coming summer discloses whether or not the Utah fields ar are to be productive To anticipate such a disclosure by premature premature premature pre pre- mature stock speculation would tend It ItIs Itis itIs Is said to Injure the Industry and foster foster foster fos fos- ter fake and wildcat companies At present there are a half-dozen half wells wells- going goIng- down in Utah The San Rafael company sixt sixty miles south of Price has encountered two strata of oil sand and Is sinking for fot forthe the third and a second well has been started with prospects of similar success In the San Juan country the San SanJuan Juan company company com corn pany has found a fine light oil ata shall v d depth and work on the ground will wilt be resumed in early spring I IThe The well started by the Utah-Califor- Utah nia company company in in- Green River was delayed delayed det de- de t by by bya a loss of the tools but they f ha have ve been recovered and the drill is pounding into the earth On Dairy Fork the White Star company is sanguine of su au su when hen the sand Is reached and and oil is is reported to be upon the water now S into nto the hole nole- The company which found small o hIgh grade lubricatIng lubricating Ing oil in two sallow sAAlow wells on Willowcreek Willow Willowcreek creek near Col tort expects to go to work with a new r rig g when the snow leaves eaves The local company boring near the Dewey oil Spring pring across the Utah line in Rio Blanco county Colorado has suspended work for the winter but will resume as soon as the weather permits Three or four of the companies controlling controlling con con- trolling land in Green River report rigs or on the way