, 1921-09-08
The article follows:

The article follows:
The Joseph Seep Purchasing
agency, which generally leads in
establishing posted prices for crude
petroleum, recently announced an
advance OF S cents a barrel in two
grades of Kentucky oils. This was
followed by an advance of 10 cents
in Arkansas crude. Several weeks
ago the government gave out the
June figures on production and con-
sumption. which showed that con-
sumption. including exports, was
greater than the domestic produc-
ton. In other words. IL it had not
been for imports OF oil from foreign
countries. 1t would have been neces-
sary to draw on stocks to meet the
demand. Since then reports from
most Of the oil fields OF the country
have persistently stated that prem
fums being offered for produce
ton. Every factor pointed to an inn
provement in condition in the in
dustry.
j. Last week W. N. Davis. president
OF the Mid-Continent OIL G Gas Assoc
citation. issued a warning In which
he said in part: There is danger
that the Oil producers of this field
will be led into a continuance or even
a resumption Of drilling by the I'M
wise and unwarranted statements
which are being made to the effect
that conditions are improving and
which go SO far as to state that an
increase In the price OF crude is i'm
minent."
There is something decidedly con-
Trajectory between Mr.. Davis posi-
ton and the facts that have been dis
closed. 1t goes to emphasize that
there is a great deal of uncertainty
existing as to what are the facts. re-
raging conditions In the oil industry,
Long tables Of statistics are continu-
ally being issued to prove one condi-
ton or the other. Almost anything
can be proved by these figures.
This uncertainty, accompanied by
q suspicion that factors other than
supply and demand are largely re-
spOnsible for the low price of crude,
appears to be growing. Witness the
action of Montana authorities in ask
ing the federal government to make
an investigation in the Wyoming and
Montana fields. Take Senator Har-
rold's resolution, introduced in the
senate, accompanying the charges by
Independents that a vast monopoly ia
being formed to drive them out of
business. Consider the reports from
Washington that a big fight is brew
Ing over this matter and the indirect
charge that certain members OF the
administration are helping the Do
heny interests, Standard Oil and
Royal Dutch to get control of the oil
wells OF the country. Then. there 10
Senator Kings resolution, a resolu-
tfon introduced in the Texas legisla-
ture and another move Of similar ma
ture In Oklahoma. They all point to
the belief that this depression is
largely artificial and that II norma
conditions are permitted to prevail
that the depression will quickly pass
sway.
Il 10 significant that the big oper-
ators are tAlmost unanimous In their
befief thAt prices will. soon advance
lff We are 70 fudge by their actions.
K4somtng OH Co., subsidiary of the
Prairie. standard company, isn't
marketing Any more OF its crude
from Salt Creek, but is storing It.
sWkyf iIssia apparent that. the
ee1raAy 1sAltoyeS higher Drioas will
eSSSatl. Are IN OklahoxnasAsNearns
SeaengaMER the Standard xFpap
AsNasAs4yeed ana shuttinES4eWNaoa
AE1cAAsoa No. They arc taking1ii
an EsAns buy at thssD if3eas.
QArtsr on CO., subsidiary d -
hkaadard Of New Jersey. 1feduced
4,441.11e barrels in Oklahoma Ia the
6oeAad quarter Of this year q com
1ase6 With 1.190,034 bel1oh IN the
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