The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-13

10 the pOsiuon ot the independent
producer which II now entirely lack
| Ing. The running OF oil into stor-
age IN times Of over production and
| the sale of oil from storage in times
Of under production would tend to
cquallze conditions and stabilize tho
market. and soften the violence of
the price fluctuations which has
brought dlscrcdlt upon tho Industry
land has caused grave concern To itH
thouEhtul mcmbora ! do not a.
this moment think of q producer Of
lnnv other great stppl" and nom
pcrishable commodity who would
force his product upon the market
each day regardless OF n COngestcd
condition In the market and an un-
profitable price. And all we are ad-
vocatlng is that Oh producers OK
erciao their native shrcwdnesS and
judgment not only In producing oil
! but also In selling it Let ~ get
forever away from the idea that W.
have to soil our oil each day ~ the
price the buyer arbitrarily fixes. Let
us say for ourselves once FOR an,
that We win sell our oil when we
can sell II at n living price and a fair
profit, ana VIII not sell but instead
win store. when we can only sell az
a loss ] never heard of an oil pro-
duCCr who lost money IN storing oil.
and ! do not believe such loss has
been possible II any sort Of business
judgment was used regarding the
time ~ storage ana the time OF anle.
There are very fcw oil producers
who cannot provide ana use some
amount ~ tankaRc. Nearly every
oil producer can establish FOR hls use
NJ least one tank. n you cannot
build an "a. 900 barrel tank, build
5b. 900 barrel tank II you cannot
build ono Of that capacity. build one
of some capacity, Hut I'm any event
build one or more tanks In which
you can store and hold for a better
market. some oil. n your produc-
ton IN so small that you feel you
cannot put In tankage more than
: 900 or 10000 barrels. tank that
much. You viii make your profit
on II, and your profit w!ll be Just
as large In proportion TO the size OF
your business and the scale upon
which you are operating M the
profit OF the man who ls able to
store and does store 500,0 or
Z, 1000, 100000 barrels.
our company II ditlnltely commit
ted now To storage program that
calls for storing more than one mill
Hon barrels. and we expect that
program will he enlarged. Either
alone nr In conjunction with part
ners wo are engaged now In erect
Ing, or have bought for Immediate
erection, 81 steel tanks OF capacities
ranging from 5000 10 10000 bar
rcls each. We are cutting our gar
ment 10 our cloth and are providing
for use In this depression an amount
OF tankage propOrtloncd 10 our
needs and resources. We do this be-
r1uFe we believe We are doing a
constructive thing IN Withholding
oil from the current market and
running Il into storage, apd be
cause We expect to earn n handsome
profit on every barrel Of oil we
store u Is altogether probable that
the year 1923 will see consumption
plus exports outstripplng independ-
ent oil imports. and that viii GER
tainly he true II the great lndepend-
ent oil producing fra.crnlty I'm the
Mid Continent field will curtail the
drilling OF new wells. hut in any
event In storing oil now we regard
the risk OF loss upon tho transaction
as simply noneNistent, what We are
doing every producer can do. Some
producers can store more oil than
we can and Home cannot store az
much; but every producer can store
dome oil, and every barrel stored
has Its favorable effect upon n de.
| pressed market Those are the things
this meeting was designed to urge
upon your favorable consideration
"I was asked yesterday II |
thought this meeting would accom-
| pliah anything. / replied that I did
not know, but ! thought Il was n
step In the right direction. con-
foss that I have not observed that
any conspicuous success has attend
ed previous shutdown movements
except perhaps In southcBn Okla
homa, where little group OF
| atrong-arm men at Ardmore have
usually seen to II that unnecessary
work In the llcaldton and Hewitt
fields was pretty effectively discon.
tinued. But remarked that In my
| contact with oil producers and my
conversations with them regnrdlnE
these recent price cute thought
had been able to observe a grin
and quiet determination to do some,
thing effective In the way OF self
help, and 20 accomplish relief fol
| Independent producers through theiI
own constructive efforts. that dit
not remember observing upon previ
| NAH AN' 'N'h isNAthu " NhHN
| Ing energy and time I'm futile de
nunciatlon OF the Standard oil com
pany. the Independent oil prodnce
can, and believe will do somethin,
for himself, and he win have all tn,
satisfaction that goes with throwiul
off dependence and asserting hl
own strength and self-rellance. A
surely as he falls to do this he vii
see the present depression hecom,
worse and be greatly prolonged; hu
ms surely ns he acts along the lin
ot the constructive program whlCl
the association has sponsored, n
viii halt the falling market and will
bring about the quick return o
good times. And | maintain tha
having taken this firm stand, H.
should refuse 10 hudg- from Il
single inch until the hOAe price 70
Mid-Contincnt crude IN at leas
$3.50 per barrel"
TonuurI Hrs Cba,,io1 for