The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-12-09
Forecasts Result Of
Too Much Drilling
~ W. H. PECK.

CHICAGO, Dec. S.--Tho meeting
Of the American Petroleum institute
wound 40 tonight with a banquet
which has surpassed In elaborate
expenditure OF money ana good
taste anything mat has ever here
tofore been unatrtaken. The speak
ers which included our own Harry
Sinclair we1 all decidedly interest-
ing and were optimistic to "A degree
There is, however disposition to
view ~ increased production with
considerable alarm as the following
viii show
a. s. Davis, president of the Mid
Continent OIL a. Gas Assn, com
menting on the situation as IL has
developed at the meeting here says
The information obtained indicates
that when | recently stated the in
dustry was convalescing, hut still In
danger. | was over optimistic. Thl
Mexican production has recovered
until It is practically again at tho
maximum. Production in this coun-
Try owing chiefly to MeNia, Is iu-
creasins and will unquestionable cx-
ceed with a few weeks it's previous
maximum figure.
Too Much Drilling.
Apparently there was u spas
modic wave OF buying refined pro-
ducts which com menced In the
latter part Of the summer and rapid
ly depleted stocks OF refined on
hand but which had subsided a.
rapidly Is II came. The spectacula.
increase In the price of crude which
we're stimulated by this urgent de-
msnd has, ! fear, encouraged n
wide resumption OF drilling through
out the id-Continent field which
is not justified by the basic economic
situation and which IL persisted in
must inevitably invite new disaster.
Nevertheless the present price of
crude Is not excess Of its intrinsic
worth and in my opinion the large
purchasing companies would be
fully justified in storing oil at this
figure II such necessity, should
arise The underlying economic
situation IL apparently sound and
the future holds promise of much
better prices throughout the entire
industry How far in the future,
however, these better times VIII be
delayed no one seems able to pre-
dict and the only safe policy for
the producing branch is therefore
TO resume its suspension of develop
ment work.
Elect New Directors.
The following were elected new
directors OF the American Petroleum
institute:
Gov b. u. Brooks Consolidated
Royalties company, Casper Wyo.
j, II. Collett. Okeefe and Collett
Fort Worth, Texas.
George ~ Moore. Shaffer OH g.
Refining Co, Chicago.
e. 7. Wilson. Continental oil
company Denver, Colo.
w. \. Welch. Association Of
Natural Gas manufacturers, Tulsa.
sheldon Clark. National PETROL
cum association, Chicago.
7. j. Gay. National Petroleum
association Little Rock, ARK.
h, c, Lufkin, The Texas company,
New York.
X. b. heeser, Barnsdali corpora
uon, New York.
Institute Officers.
Tho directors Of The American
Petroleum institute elected the fol-
lowing officers: Thomas A. O'Don-
neil president; r. ID. Benson. Henry
/. Doherty and j. w. Van Dyke,
wee presidents; II. +. Sinclair.
treasurer II. l.. Welch, general Sec
ie'sry and counsel: w. X. Boyd, jr..
assistant secretary and counsel; c.
=, smith, assistant treasurer.
Inc executive committee COM
prlses Thomas A. O'Donnell. r. ID.
benson Henry l.. Doherty. J. w.
van Dyke. II. +. Sinclair. u. c.
hufkln, Il. l., Doheny, A. c. Bedford
H. " Stewart. c, l.. Mcguire. Il. Il
Schock.
Inc petroleum rate committee of
,ne institute recommended the fol-
lowing resolution, which was adopt
90 by the board OF directors.
Hesolved, that we recommend to
we board OF directors OF the Amer
ran Petroleum institute that the in e
sulue should be represented at the
hearings before the interstate COM
nletce commission commencing De-
ye"oer IA. 1921; that complete
presentation should be made by Mr..
DOW on behalf OF the institute In
support OF the proposed basis of
rA'e reduction previously Subitted
70 the carriers by the rate COM
H'ttee OF the institute. with such
"uoatlonal proposition as to the Pa
'.l. coast as the board OF directors
shall decide.
N adopting this resolution II was
ynaerstood that associations or in
ulNuuals IN the petroleum industry
uulu nc free TO present such evi-
u"euce or argument as they might de-
~ IN support OF the general propo-
slon' which the petroleum rate
the railroads.