The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-11-30

make use Of Is that oil is ot higher vaiuo
" the market now than when their last
,ntaiLu9ati9n was taken, and therefore they
tslnA mat We should estimate the value
oI their properties not by past results, but
e,ther by the price ruling today or bv
tne prospective rise In value Of the oil in
Apri, next when. the ice l. broken w GU
Ine Nolga, etc. A. SAYS; MY OUTPUT was
o'oo9O00 pools for 1S9S and the price II
s9ln Tor was p copecks. 30 ] only received
s'@'Vuo rouhles for lt. hut had waited
TN today. when ] could have sold for IL
Sopecks, my revenue from oil would have
neen 10000 rouhlcs; therefore. YOU must
guy my property &C q figure representing
I, proht OF 100000 roubles a year. and not
AS TO their making deduction FOR de-
probation In value Of plant. or hv reason
or the age Of the wells Il IA seldom we
ma them ready to do this OF their own
free will, although 1t Is only fair to say
That on the best managed properties
where they do attempt bookkeeping more
OF less on the English commercial system,
they do make deductions for the consump-
lion Of fuel. expenses OF administration.
etc But the principal factor In the law
81 capitalization Is invariably lost sight
Oh oy these ,peopc, seeing that ninety nine
men ont Of 100 who own wells started with
no original capital az ALL but built M their
present lucrative business out Of earnings
Wnich Is no reason for their demanding
millions from us on the principle that he
cause their business pays them 200 or 300
per cent on an original capital ot NIL n
VIII pay us an equally handsome return
on , the purchase price asked by them.
The fluctuations In the price OF proper
ties In Baku In the inside OF a week are
mighty instructive. The following is no
legendary example; A. comes to us on a
Monday with an oil property, which he
says belong to a relative in Tihls. who
wants TO sell II for 100000 roubles. r.
comes on Wednesday with the same prop
ertyy., about which he is very mysterious.
Withholding the name Of II. md declining
to indicate the locality. He SAYS Il be.
longs 70 merchant In Moscow who does
not really want to sell. but he thinks " we
VIII oner 4;5oOQoo roubles for Il he could
persuade him to part with Il. In the
meantime the English mail comes In bring.
Ing letter from G., asking us to look IN
enclosed papers relative to a property in
Baku, which is being hawked about the
city price 5000 600 rouhles ON examin-
Ing the papers we End II to be the same
property ms offered to us nv A. and y. for
3.500000 and 100000 Then D. comes
himself on Friday, saws he Is the bona ode
owner repudiates all the others ard offers
the property to us for $500 O01 roubles,
4 which. on examination, turns out to he ex.
actly double Its proper market value"
EXPANSION OF TEXAS FIELDS.
Since reports have been sent to London
about the decline IN the production Of
Spindle Top a greater amount Of attention
has been paid to news dealing with the
Younger fields at Sour Lake and Jennings.
IN AItH are also lullN AONe TO the 1aCt
that any day important news may be re-
ceiyed abcut successful drilling work car.
ried out near Port Arthur and La Porte.
lt is absolutely necessary, II British faith
In the Texas oil fields Is to remain unim-
paired for something to be done In the
new areas referred TO- II would be quite
MS easy TO float good Sour Lake company
IN this country as II would be TO start
another Spindle Top venture. The reports
about Sour Lake. which reach this side, are
Invariably Of the most hopeful description.
These have done great deal TO strengthen
the faith Of oil men In tho younger field.
British petroleum experts who have visited
Sour Lake speak vesY highly OF the wells
that have been brought IN and also OF the
indications ON lands where companies CON
template conducting exploitation work
Nothing has done more to iuurc the Beau
mont field In London oil circles than a
series Of critical articles sent from Calves
ton TO a London financial paper; these
have been Of the most deprecatory de-
scription and have eNerted an adverse In
huence in quarters where n good deal Of
attention Is given 10 Texas oil topics
On the whole, however. II can not he said
that the fires ana runorS respecting the
unidentified decline Of production have done
the fold permanent harm so far as &c
can he affected hy change ~ the opinion
OF British oil men.