The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1909-05-21
REPRESENTATIONS BEFORE
EQUALIZATION BOARD
Little Salvage In Tank Property
After Field Has Been
Drained


That there Is more or less uncer.
iainty TO the life Of an oil or a gas
field. and that the hazard should be
considered IN figuring the worth OF
enterprises operating In them, were
points brought out before the state
board Of equalization.
After a field has played out" as
the operators and practical wQrkmen
expressed IT. a company's property
there Is worth The price Of Junk
and nothing more Frank A. Cheney,
OF Tulsa, OKLA, manager Of the Gulf
Pipe Line company. operating from
the Glenn pool. told the board that
tanks were worth practically nothing
after field was drained because
there was so little salvage in the
property
In The Glenn pool this company
has q 100000 barrel tankage to take
care OF flush or overproduction,
which supply is held as reserve
to keep the pipe line having a TO-.
600 barrel daily capacity busy The
tanks would be worthless. he said.
unless another oil field Is discovered
In that immediate region.
The Gulf company rendered It's
property TO the state foI 1909 Al near
" half million dollars less than
the 1908 valuation due principally to
the value placed by the state upon
tanks and oil. The compauy's return
was 7ihc barrel ranacity which
the state increased to 20c. and dupl.
cate tanks are being produced today.
Mr. Cheney stated for i9c per barrel
canaelty Three per cent per month
ls figured by this company MS depre.
citation.
on was returned hy the Gulf com.
pany at s5e per barrel the price. II
was stated he company had paid TO
producers. OH could have hecn
bought during the period accounted
for Mr. Cheney said from Csc To 500
per barrel but owing "a q varying
market and hagne Tho price ON the
supply and demand. lt added BE q
barrel
a. T. Beatty. Of Dallas, representing
the Texas company. said that its
price was 30c per barrel lt be
turned oil last wear az i4c which one
state increased 10 4lc The value OF
It's oil tbls year in steel iankago
was soc and In ground sankage or
ponds. 25c per barrel
Returned valuation of the Texas
company this year Is about 100000
below the states valuation for 1908
and figures the property ON a deprc
clation Of about II per cent annually.
It's Oklahoma taxes last year amount.
ed TO about $4,000 General Super
lniendeut Moan stated that the com.
pany had purchased so far this year
about 2500,no0 barrels of oil, and
while there was ample oil 70 meet
the demands, the Glenn Pool was
producing from so To GO per cent
less oil nov than IN 1907. In the
depreciation is figured the hazard Of
the field going dry. Superintendent
Moran estimated the life of pipe
line IN Oklahoma between ten and
tweIvee years, based upon the expe-
glence in indiana and Illinois fields
While the gas people were upon d
basis similar to the oil interests, they
face another contingency In the mar.
ket as we'll as the supply field play.
Ing out according 70 statements 81
General Manager Leonard. oi the
Canoy River Gas company This
company serves gas TO MuskOgee
Wagner. Claremore, Nowata and
other North Oklahoma towns from
what Is known as the Hogshooter
field near Bartlesville Without a
gas field. their property would be
worthless except as "iunk" he said