The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-08-15

One Forw 0f Certificate and
agreement Used in Storing
UUF'PPl
Crude


1greement Used in Storing
Crude
with the plan OF storing oil gain
ing much hcadVay since the sue
cossful meeting OF operators holi
here saturday. many producors arr
anxious and luqulsi I've about tn
type " storage certificates that
would ., issued and the form of
agreement entered into when pro-
duetiou Of an individual or com
pRny ls run to storage ~ rcflncr.
1nasmuch as the producer IN many
Instances viii want 10 use his stor-
age certificate or warehouse receipt
rs collateral at the hanks It II Inn
portant that his storage certificate
Is drawn UP I'm proper form.
Nm this connection we take plea
cure In presenting below copy Of
the storage certificate drawn up
and now being Issued by the Mar
land Refining company 20 those OF
She producers who have taken nd-
vantage Of the Marlnnd offer ~ ap-
proNimately two million barrels OF
storage. Tho blank division order
which II given by the producer to
the pipeline company In this in
stance. TX similar to that given To
n pipeline company when tho oil
j. purchased. Accompanying tho
division order however Ia storage
certificate, and the form used by
this company IL as follows:
whereas, tine Refiner owns oil
storage tanks Mt It's refining plant
IN the city OF POnca city, okla
homa. used by II Tor the purpose OF
storing crude oil and has received
from the owner ,....,..,. barrels.
In It's tank or tanks Numbors...,
OF crude oil which the owner de-
sires to store for an indefinite per-
Tod at his option not exceeding two
years, on which the Refiner has
paid or become liable for tho trans
portation charges for transporting
said oil OF the owner from his leases
10 said storage tanks.
NOW. therefore. In consideration
OF tho covenants and agreements OF
the owner herein stipulated and
subject to terms and conditions
herein provided. the Rofluer agrees
TO hold and keep In storage for the
owner for a period not exceeding
two years PROM date hereof said
number of barrels OF crude oil and
10 deliver the same to the Owner
or order at the time, In the manner
and upon the conditions herein pro-
vided, to-wlt:
!. II is agreed that aforesaid
number OF barrels of oil Of the own
er has been received and stored In
tank or tanks of the retiner into
which has been and or may here
after be received and stored crude
oil produced by other oil producers
in one or more of the following
counties OF oklahoma, to-wit:
Osage county. Pawnee county.
Kay county and Noble county.
2. It Is agreed that the reflner
ehall not be required to deliver TO
the owner the identical oil received
from the owner and stored by II but
may. and snail deliver oil OF the
average grade and quality received
by the refiuer from producers in
aforesaid counties and stored In said
tank or tanks In which aforesaid oil
of tho owner has been received and
stored.
3. All oil deliverable by tho re-
fincr TO tho owner or order under
this agreement shall he delivered by
the refiner into tank cars furnished
and set by the owner at the retiner'e
loading racks In Ponca city, Okla.
or into any pipeline at -aid tanks
IN which said oil is stored which
shall be connected to said tanks by
the owner at his cost
4. For each month and fraction
not exceeding IL months said oil
shall remain in storage the rofinei
shall be allowed a deduction I'm tho
amount OF oil II is required 10 rede-
liver. for evaporation and other loss
ono third OF one per cent, and for
each month ana traction or month
after i2 months. two-tenths of one
per cent.
&. Tho term barrel as used here
in shall be taken and construed tC
mean ~ gallons.
6. The owner agrees as a condi
tion precedent to the delivery of sait
oil or any part thereof TO him Il
pay the refiuer on all oil TO be de
fivered 10 him, transportation, stor
age and other charges. as follows
eS-wit.
(a) Transportation charge 10
Transporting said oil to the tank o
tanks of the refiner at the rate o
& cents per barrel Tor lhe OIL tul
into storage.
OBJ Storage charges at the rate o
~ cents n barrel on tho oil run 10
the first six months or any fractlona
mart thereof said oil remains In salt
storage, and at the rate OF 2 cent
por barrel for each month or trac
tion OF n month on all oil remainlnl
In said storage after the expiration
of six months so long as same re
mains in said storage,
"(c) Transportation charges 10
transporting from said storage tank
all oil delivered by the rofiner TO tn
owner in tank cars at Ponca City a
the rate OF cents per barrel
"(d) All insurance charges AM
expenses incurred and paid out b.
che reflner for insurance Ou said oil