Show Cheap Oil D Dars ys Gone Forever Declares Head of Company I Those easygoing days days- when oil 01 was plentiful and cheap w will come no more Scarcity Is now to become our teacher These intensive times w will usher in a anew anew new era in iii n tho the oil 01 Industry demanding the operating of oil 01 companies to the highest efficiency less labor and no waste The Tho run runaway way period of th last four I years Is about to give way to scientifically scientifically scientific scientific- ally managed oil 01 properties of the tho fu future future future fu- fu ture doing away with wildcat promo promo- tlona tons and schemes and the war demand t r upon tho United States made mado It apparent J that the he problem of Oil 01 conservation i would h henceforth be uppermost with wih I Ius j I ISo us i iSo So declared A. A B. B Chamberlain president president dent of tho the New York Mexican York Oil 01 company com corn pany which h owns s 1922 2 acres of oil lands an i I r J ht st throughout g t thes t tate tato of iree Texas s l In an Interview in New York Mr Chamberlain sees wonderful pos- pos I abilities for the oil oi industry which he he asserts is on n n a a more sound basis than I ever before Crude oil 01 prices during during dur dur- ing the war reached the highest level In Inthe n the the Industry h he added I Pennsylvania sold Bold as high as per barrel with wih nt at and for tOt some fields a large largo premium on top of the posted price These high prices brought into the Industry a lot or ot wildcat promotions and any number of 01 Inexperienced men Into the business who went ahead without any thought of the future or proper management of theli properties It I was easy money and when the break In the tho price of crude came they I were up against It hence any numbe of good properties were thrown on the market market banks banks which had been making loans on high prices loaning up to 70 per cent on a basis of oil oi found on the break that their loans were now as high as per cent on 1 oil oi began to call caU loans and oil 01 stocks began to drop with loss to the investors These conditions were regrettable but the best thing that could happen to the oil 01 Industry industry Indus Indus- try weeding out the e eds easy sy money oil oU op operator operator operator op- op and putting the business again upon a sound footing During the high prices these inexperienced inexperienced operators and promoters were operating op op- op- op crating their thel properties extravagantly with overhead burdens In salaries lease expenses etc with an average cost of pumping of oil 01 at per barrel bar bar- bar I rel rei rd and when thep rices on crude were reduced to 1 it It was easy to see the outcome On top of the reduction banks were calling loans and most of the property property prop prop- erty sales of the past sixty days were sacrificed to meet these loans At this writing crude prices have taken an advance Pennsylvania to 3 to and Texas to and it would be for the best interest of I the oil 01 industry to hold prices to this level until such a time as conditions which have prevailed for the last four I years are righted Oil 01 field completions i in the fields the past nine months have decreased per cent and production has decreased 75 per cent High prices have a tendency to promote wildcatting by a lot of fake falte promotions with a subsequent subsequent subSequent sub- sub sequent loss to Investors but wildcatting wildcat wildcat- wildcat 1 ting which years ago was necessary today is absolutely unnecessary for th the th advancement t in the science of the In Industry industry In- In has done away with this feature as the national government with the co coee cooperation cooperation co- co operation of f the different n state governments governments govern govern- loha ee ments has e experienced corps of engineers engineers engi engi- and geologists at wor work constantly constanty locating new oil 01 fields felds upon a scientific basis On tho the Investment side millions mons have been invested in fake falte promotions with a subsequent loss to the oil oU Industry and anO these companies have have- passed out of the picture Other well wel organized companies companies compa compa- I nies flies have gone the same way due to I extravagant management and being over over- capitalized Others by stock manipulation tion ton on the different stock exchanges throughout the country countr It I all an has been for the best interest of ot the oil 01 industry What of the tho future j The Th business must be conducted upon a scientific basis operating the properties properties proper proper- I ties tes with the highest efficiency more stringent regulations by the different state authorities and care and a thorough investigation by the investor before putting putting put put- ting his money into the industry There will be more real money made in th the th future of the pl business than ever be be- fore The supply is diminishing and the demand Increasing Conservation must be the watchword The oil 01 industry to today today today to- to toi i day is on a more sound basis than ever I before Keep It I that way Mr Oilman Oman and Mr Investor I |