Sistersville daily oil review. [volume] (Sistersville, W. Va.) 1902-1905, 1904-10-10

safe the producers in the districts
producing Pennsylvania oil for
risk and losses incurred in their
continued search for territory.
Dry holes are very numerous
and small wells much too fire.
quent. The situation in the fields
is discouraging. The deliberate
determination to fitch 40 cents per
barrel from the producers Of Penn
sylvania oil and a proportionate
amount from the producers in
other fields has been about the
hardest condition which has been
met since Joseph Seep's famous
promise to "pay prices justified in
the markets of the world" was
made and the present. method of
fixing prices was adopted. The
enormous dividends paid by the
Standard Oil trust denote that
"prices justified in the markets
of the world" have been made
wholly for the benefit of the trust
and without regard to the actual
value of the crude oil that Dan
O'Day's bumpers work so indus
triously to find and get into the
trusts tanks. The Standard Oil
trust intends to pay only such an
amount for crude oil as will keep
the oil producers drilling and
Dan O'Day's pumper+ from 60
ing on strike. The values OF the
different products in the world s
markets will have no influence IN
fixing values for crude oil pro-
duced in different fields. The post
ed quotation for refined oil is
nothing and means nothing except
to be used as a means to blind the
oil producers as to actual values
and profits. Very little oil is sold
at any of the posted quotations,
and all the dealers make such
prices as the trade in their par
ticuIar locality will pay or COM
petition regulates. Even the quo
tation for export oil is ignored by
a chalk mark. The "system" OF
which Tom Lawson is writing in
Everybody Magazine has so long
applied to the oil producers that
it has become an old story. Rob
berry the most bare-faced has been
practiced upon the oil producers
for years, and for many years
more the same conditions will be
imposed and the same system OF
filching will be in vogue. To make
money in oil producing means
that one must be more fortunate
than his neighbors in the way OF
making rich strikes. The average
earnings of all producers is fixed.
1t makes no difference in what
field Dan O'Day's bumpers are
employed their average earnings
can only be so much-just sutfi-
cient to keep them at work and IN
contented frame of mind. This
is one of the methods of the sys-
tenn: Today the profits on refined
oil are practically unchanged.
There is no division of prosperity
under the system. The independ-
ent refners have taken advan-
tage of conditions and grown
rich, but it may be true that the
independent pipe line companies
have made no profits or paid no
dividends. Under present fixed
conditions the producers have lit
tie to encourage them to drill,
and look into the future presents
no encouraging features for indie
pendent pipe line companies who
must depend on their daily supply
to maintain their position in the
markets of the world. The indie
pendents are different in this re-
spect from the Standard Oil COM
pany. The former must secure
their supply of crude from patrons
favorable to their cause and in
limited localities, while the
Standard by its system and power
to acquire the monopoly of trans
portation and control OF produc-
ton everywhere, does not depend
on any particular product or any
locality. The South Penn Oil
company branch of the Standard
l~~.11s~