Sistersville daily oil review. [volume] (Sistersville, W. Va.) 1902-1905, 1902-12-08
OIL DEVELOPMENT.
Continued From Page 2.

was helQ IN TuIidaSlPnio' al"
Joseph seep and c. W, Payne rep
resenting the Standard OH company
were elected to the Board of Direc-
tors J.C.McDowell has for num-
Der of years represented Standard
interests In the directorshIps and
his re election sivss the Standard
Oil company three directors
The Standard Oh company have
for a number of years held large
block of the stock OF the United
States Pipe line, but not until the
recent election have they exercised
their ,igh; to elect their represent
atives to the Board of Directors.
The bushes OF the so called indie
pendent pipe line will be made
known to the Standard representa-
tives and as all the refined oil tor
the export trade shipped from the
independent refners is transported
through their line as a matter OF
course the business Of the Pure Oil
company in foreign markets will
be made known to the Standard.
Step by step through the courts
and by the acquisition of stock the
chaius of the Standard have been
closing around the independents
until now there Is little left of an
independent nature to the outfit.
1t Is not to be denied that the
present conditions of markets both
at home and abroad should be
highly profitable to the independ'
ent refners and with an assured
crude supply their business will
continue to earn them dividends
quite In proportion TO those OF the
Standard as has beenthe case during
the past few years. The producers
have derived but meagre benefits
from the independent pipe lines
and their support of the independ-
ent cause has resulted In practical
partnership in pipe lines which
have yet to pay the first dividends.
With the Standard representatives
having a knowledge of the business
ofthe independents, 1t remains to
be seen whether or not the rehners
shall continue to reap the greatest
portion of the benefits. The oil pro-
ducers of the eastern fields have had
a hard row to hoe during the past
few years and the present advance
In prices finds them with little ex-
cept depleted territory and pile
Junk on their hands.
The cream of the production OF
all fields has gone to swell the prof
Its which have fallen into the NAV
of the Standard aud few refners.
The exodus of oil operators from
the fields of Pennsylvania and West
Virginia demonstrates the. hopeless
struggle against conditions of prices
fixed for the high grade oil of the
eastern fields.
Producers are hocking to Ohio
and Indiana by the hundreds. The
efforts to attract attention to Ken
lucky and Tennessee may in time
bear fruit, but 1t Is fact that Ohio
and Indiana now have the prefer.
ence. In the meantime stocks of
Pennsylvania oil are reaching very
low point and the consumption and
demand are constantly increasing.
The prices now being paid
should have come long ago and
present conditions warrant still
higher prices. There IS little to
attract the Investment of oil pro.
ducers In the eastern fields and ex
cep? here and there little patch Of
territory of a profitable nature the
prospects are not aattering
PIECES may be put sufficiently
high to cause an increase In opera.
lions, but they will remain high
only so long as 1t suits the purpose
of the Standard on company. It
was just before Christmas last year
that prices were cut.