Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1899-03-21
OIL NEWS.
Special to the Register.


Parkersburg, W. Va, March 20.-Ne-
gotiations have just been closed where
by the Henry Oil Co., the Fearless Oil
Co., and the Henry & Mcdonald Oil Co.
become one corporation, which will be
one of the largest companies indepen-
dent of the Standard Oil Co., in the
world.
The sale of production by the Henry
Oil Co., and the Henry & Mcdonald Oil
Co., which took place two weeks ago
was the primary move in the new or
ganization.
The Henry Oil Co, of which w.
Treese Smith, Of Chicago, is president,
has a capital of 100000 The Fear
less Oil Co., Of which H. c. Speer, of
Chicago is president, is capitalized at
100000, and the Henry & Mcdonald
Oil Co., of which Charles Mcdonald, Of
Chicago, is president, possesses a capt.
al of $250,000.
These three companies have been
extensive operators in the old Sisters
vile and Elk Fork pools and have been
very successful. The combined pro-
duction of the three companies will
aggregate $500 barrels of oil daily, all
of which is sold to the Standard Oil Co.
All these oil companies have been
money makers and the Henry Oil Co.
has paid dividends as high as SO per
cent. a year.
Associated with the stockholders of
these three companies, now combined
in one, are the heavy stockholders of
the Producers Pipe Line Co, and back
of this theSe is contemplated move
that interests all West Virginia oper-
ators. Ever since the Standard Oil Co.
bought out the Mellon pipe line which
penetrated the Sistersville field, they
have had their own way and paid their
own price.
1t has been the desire of the Pro-
ducers' Pipe Line Company to enter
the West Virginia fields, but never until
now have they been in position to
secure sufficient oil to pay for putting
in line. Just as soon as the Stand
ard learned of them even taking OPP
ton on pieces of production they COB
bled it up at any price.
Now the Producers company is on
the safe side, for with 2.400 barrels
daily to start on and with the co-opera-
ton of the many independent operators
in West Virginia fields, it will build
its line direct from pennsylvania TO
all the fields in this State.
West Union advances Of Richie
county pools and work in local fields
promise we'll fer the coming summer
and the Producers company desires TO
get into the State in time to get some
of the OIL
The consolidated company will also
operate extensively in this State. 1t
viii be incorporated under the laws Of
this State. and it is given out that
Charles Mcdonald, of the Henry &
Mcdonald Co., will be the president and
that the company will be incorporated
with a paid-up capital of s5,000,000.
1t has been given to the Register
resentative by one close to the deal
that number of other sales of produc-
ton in this State are to be made imme-
diately and that an offer has already
been made to Treat & Crawford for
their production which amounts to at
least 1000 barrels daily.
With the two pipe line companies
operating in this State Ii means money
to the independent producers for COM
petition will put up the price OF the
crude and it will stimulate the work In
this State more than it has been since
the MELONS fought the Standard Oil
Company.