Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1890-06-06
HUGE OIL DEAL.
Three Hundred Thousand Acres Likely to
Go to the Standard Co.

NEN Okhs Juut >. -N'SotidtloiN
are now pending in a transaction which
may prove to be one of the most impor-
tant operations recorded in the history
of petroleum. They have reached
stage which forbids the idea of their
failure, although all the necessary de-
tails have not been comOleted. There
is every prospect that at an early date
the control of The four largest oil
producing. companies which own ter
ritory in Pennsylvania and West
Virginia will pass into the hands of che
Standard Trust interest. The com
Anchor and the Washington, together
with the smaller interests attached to
them. The amount involved in the
transaction will
REACH SEVERAL MILLIONS
of dollars, and a large proportion of the
current production and of the most
promising lands in the petroleum region
will become the property Of the con-
trolling refining company.
Inquiry at the Offices of the Standard
Oil elicted an admission that negotia-
tionS were under way, but for detailed
information inquiries were referred
to the other parties to the proposed bar
gain. 1t was learned, however, that
the deal has received the APP
proval of the leading stockholders in the
several companies, and it may be ac-
cepted as virtually accomplished. The
terms of the purchase are withheld from
the public, but it is understood that
good prices were paid by the Standard
to complete its acquisition. 1t is not
known just how the Standard will ar
range for the control Of the properties
The stocks of the company may be
passed to the trust or they may be par
TALLY or completely merged in or conSol-
idatcd with other producing companies
OF which the charters are in control of
the Standard. 1t is believed that the
machinery of the purchased companies
will be maintained, and that the present
officers and managers will
DEVELOP THE PROPERTIES
in line with the Standards policy.
A well Informed man who has no re-
lationS with the refining interest said
Yesterday: Il regard this transaction aS
one of the best strokes the Standard
ever accomplished. 1t not only secures
to it large proportion of the output OF
crude oil and some large tracts of rich
territory, but it enliStS in its service
many OF the most efficient and able cX-
plorerS and managers of producing prop
crty in the oil country"
The Union Oil Company has a capital
stock of 81, 900, 900 and has recently been
paying eight per cent. dividends. The
capital of the Forrest Oil Company is
3, 900, 900 and it pays eight per cent.
The Anchor Oil Company has a capital
of about $1,000 and yields six per
cent. to the shareholders. The capital
of the Washington Oil Company is
81. 900, 900. The purchase Is said to be
of the capital stock of all the companies
except the Anchor. The property of
the latter is bought outright. The eS-
Inmates place
THE PRODUCING PROPERTY
owned, leased or controlled by the four
concerns at close upon 100000 acres.
The territory is all the way from the
Bradfordield. in Mexican county, Pa,
TO the fields around PittSburg and In the
promising territory Of West Virginia.
A rough estimate of the daily output
of the companies IS as follows: The
Union, ., 200 barrels; Washington, 1900;
Forest. l,GOO: Anchor, 1000. Total,
1000. Counting in the yield of some
subordinate concerns. the transaction
will place in the control Of the Standard
from 5000 to . 900 barrels OF petroleum
A dav. The companies absorbed are the
most important in the Pennsylvania
fields.