East Oregonian : E.O. (Pendleton, OR) 1888-current, 1919-12-12
OPPORTUNITY FOR j. S.
CAPITAL IN BALKAN OIL

VIENNA, Dec. 12.-In view of the
Omitted Press Staff Correspondent
VIENNA, Dec. lin view of the
general shortage of coal here, the
question of the production of other
fuel has again become extremely inn
portant. Special attention in financial
circles is being paid to oil and petro-
lemu which eastern Europe used to
produce in abundance.
The expectation and the equal and
judicious distribution of the materials,
however, is rendered particularly diff
Ificult today by the exceptionally grave
political situation of the producing
countries as well as by the devastati-
ons of which this territory was the
theatre. This refers above all to the
oil wells of Galicia and Roumania,
| while the oil occurrences of Baku, on
the Caspian Sea, and Kerkuk- Chanikin
still deserve the greatest attention in
the Far East. The extraordinary alb
undance of the latter's products was
one of the principal reasons why the
British naval craft was reconstructed
for oil heating.
Reconstruction Vital.
While the petroleum and oil pro-
duction of Asia is more or less in Brit
ish hands. already, there ought to be
Ia 6Ood oppoTtu1lty LOT the investment
of American capital in Galicia and
Roumania. American business inter-
ests, however. must be aware of the
fact that one of the most urgent and
indispesible tasks in regard to ration
al exploitation of the oil wells in that
part of the world will be their recon-
lstruction, aiming to bring about the
pre-war standard of production. While
the output of mineral oil in Galicia-
which centered in Drohobyez and the
neighboring territories - was very
great in normal times, a considerab Bile
number of wells have been choked
and devastated during the course of
the numerous battles which took place
there between the Russians and the
Austr1ans; even after the armistice |
and right now this territory is the |
subject of dispute between the Poles |
and the Ukrainians; the wells are |
partly in British and partly in Am
erican and Austrian hands.
Rumanian Wells Working
As to the Roumanian oil wells, a !
considerable part of these is not now
in working order. which is chiefly due
to the military measures taken by the
allies at the time of the German ad-
vance in Roumania. Although GEN
eral Falkenhayn's experts devoted
particular attention to the reconstruc-
tion of the destructed wells, their work
was crowned with limited success,
and 1t will take a long period of sys-
tematic work to raise the Rumanian
oil field again to their pre-war i'm
portance. The Rumanian government
Is trying hard to achieve results in
this respect and is reported to have
lately concluded a convention with the
government whereby they I
are to supply the Austrians with pc
troleum and other material of prim-
iry necessity in exchange for indus
rial products. -'s~sea&
There is an exceptional opportun-
ty at the present time for American
;apital to take an increased active in
crest in the oil production of Eastern
Europe: an activity of this kind on !
he part of the United States would be J
'ery much facilitated. first, by the ex- I
'eptionally favorable rates of exchange
or American coinage in those coun-
ries, and, second, by the marked
eadiness of the peoples and govern
nents concerned TO cooperate with
america and to profit by her efficient I
BUSINESS organization.