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The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, November 10, 1919, FINAL EDITION, Image 5

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn85042345/1919-11-10/ed-1/seq-5/

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j ha la OP. of tbe
Howard, who i. on v
o n.
011 """h.r.bldlnf PlaC.
rnia nil 0'u'", ,h. arama out
fornia . - tha jama ?
"""...! mined In Tula, itw
" ., nh that ha la M"
pu"i i.'l with having alaoud hi.
craiOK" , nonar.es.
WtrMi- th.
0,1 ' "''.hli . about Mr. Howard
V", hi Sniw Snough and had th.
,, ,h,t ha wr ,0 back It up,
n,rT.m. iropirTy th. v.lu. of a
'"' K.i?inJ ) ."4 nan on
Eh.,, nu .'""nV on. of th.
'" " , .! W U. Thompaon. wa.
cM itinera. ceount of th
o "o I and hi. inability to
"T R run. ou n4 ",uU th
..ma m Oklahoma.
' Th.r. ar. many or thj younar
T in il oil em. ahould
mm by Mr- HoSard'. .iampl. If
; , ', Id hit of acr.ag. which
ihart ' contro led by
uIU ' .i.e consideration.
I Mm.
for naught .io.pi in.
thouia """--'A ,h.. to . t
nrtr..;.nd.hh.n. o" until
h.. pM out. and than-again hang
" . r iif. Ion. .ouroa of Income
il PI1
or li
cannot b. -'?
,, ol bu.in.M. It la tha only thing
h.t brlnm tha great pow.r that go.e
doing loud- -
O 0 Blohhlna, haad of th. Oladya
w' . i man war nnl
raonallty la io . .7
iiss v - - .. . . a 1
m" r - . . . I .an
..uru ana nrwwui -
can ba ' u. ...rf
building tht. city Into tha matropolla
Jnat - II I U U 11 am a w w "
it i. toiy.
.. . h. hn ora-anliei) th. Tulaa
..rnnpatlnn which furnlaha. Tulaa
with light and power. It wa. h. who
built th. old Oklahoma UnUjn Trac
tion railway to Bapulpa. Thi. haa
bn raorg.nlMd Into tha Oklahoma
I'alon Hallway company of which
hi la now prcaldant. At ona tlm. M
wu Identtfiad with tha promotion of
14 dtff.r.nt addition, to Tulaa and
! rfiuonilbl. fr th. auoc.aa of tha
haautlful Maple Kldge and lunaet
Drtr iictlun. -
flira whin the city waa but a
town, Mr. Htobblna pureed It
through tha yiara of It. Infancy,
flevir once during tha atampeda In
quill of oil did ha lo.a eight of
community nada which ha haatenad
to fulfill often at tha eipenae of hie
own pinonal Intereata.
The Ol.dyi Belle Oil company la
ei rtllabla and aa firmly grounded
at any oil company could be, and la
attracting attention of many aolld
coniirvatlve Inveitore. Mr. tt.bblna'
following la equally good Or batter
hira t homi than abroad and It la
whin a man la beat known that he
can be but judged.
W. 0. Rkellay. who haa recently
ori.nlnd the Skally on oompany, ,ta
em of the man who had phenomenal
aueciia when he decided to launch
a niw oil company and capltalls.
ami In order that hla frlanda
throughout tha country might have
mi opportunity of Inveetlng In the
en Duiiniae with him at tha head
and In thi liad of an undertaking
Urn enough to make It a real ob
ject to big Inveatora.
Hla company waa financed and the
ftock ovar-aubacrlbed before Tulaa
piopli had auccaeded In having
enevin to aatlafy their daalr. aet
Mr. Bkelliy la a practical operator
and hi. fame ha. gone forth long
before he waa even conildarlng hla
venture. It la th. way t hinge
ari aoni in tna oil country, and tha
m. ii wno can ao ming. haa the back
lng of the entire fraternity.
w. k. Rog era, of W. B. Roger,
einring home. ! a young man who
turnid all 0f opportunity', knock,
into boon, and by tha ahear force
?' ow, untiring energy la at th.
Mad of Mi own builnea. Th. nam.
f.!,r f 1hnu,t mlh' m'l.ad aom.
Into hlnklng that young Mr. Roger.
LV..nlna' "tanking bualnaaa of aome
111 i Aft m"",r ot f,c "I. bual
n'" ,h buying and ailllng of
" fll BUppilt
It li through the ifforta of HeHry
J- Undner, preildint of tha Llndn.r
:'"H' lnt corporation
?,onir",ulJrf Ptalnlng to th.
impwt Ion of g.ioTln. and kiro.ene.
to. T. ,",.runf of the oommla
Un! '.,h,t k"" and gaeo
whU ii t,p,cl"a tht ""Xtr In
woum ttJ pr,"nt,d tor That
a. , i.-T!,,n thti Jobber, with .tor-th.Vi-.
i" on eonty from which
lul ",rlDU,ln ther ooun-
Z 'V" " e,p.n.
rtLKi a B? noher upon th.lr ar-
ntu.un. 1,n,r l00k thu Pha.. of th.
wth;.Up,w,,h b oommlaalpn
bu dnnff'V 1 ,n,t th eommlaalon
Sm luti iC.lr. B0,lfl- him that It
whfcf h" ff",rV ' dlatlllaMon teet
l0Mth" ',e:n fl.h.d with ..ch
huf 7h. ' from ,uch lorage tank
Tthi eo"nl.8lon ha. not
ft1 uznxsaz. ot ,u
ir no la ai,..u...., i ...
ii Mm.. .iT ' l"l"Uon It magr fall
r"Hii all log.ther.
Wlr. " '"". lea.aani r tna
fficea li .f ppl "nc oompany, with
ill. h' olirn bulllng. la
p"ut.P 7!bl" ,or h. eneral
w?, "'in of Manila rop. with
i V?,u ,hr""hout th. oil produe
fV. I. . '(,r 'nnv year, manda
rUltaJ "! 0','ri' "olu.lvely th.
naa L ' n1 but
crp.:;?:; ,rlr' h"
"UH,,.' n"P and Appllanr.
.r , T- K.ppeU. a
.. J""lMv. and aggraeelv.
......7t Ii jiana-
The Refinery Supply Company
217 S. Cincinnati Av.
A Complet. Lin. of Hay', Initrum.nt.
J- Tagliabu Mff . Co.' Ubor.tof y Equipment
Te.trnf In.trumenta Sample Bottle.
0 I
l I
! i
Harry H. Smith.
Acting (Secretary of the Mld-Con-tlnent
Oil Uh aaaoclation, who
haa worked nlfcht and day for the
adoption by the Internal revenue
department of the aaaoclatlon'a con
tention that each operator who
drllla th. Initial producing well on
hla laa.e la a dlaooverer and there
fore entitled to a valuation of the
property for drpletlun purpoae. un
der the It II revenue law.
walt le the eoretary and treaiurir
of the concern which haa been 1o
Ing a great volume of bualncaa dur
ing th. paat year.
Tht Oklahoma Tool
and Supply. '
The Oklahoma Tool and Supply
company frankly admit, that It li
doing mora bualnesa than It can han
dle. Of nouria a ahortage of eleH
and aupplle. la In aom. degree re
iponill'le for thla .Uuatlon but dora
not offaet the fact that thla concern
haa had a tremanduue aale of oil
well equipment during the paat year.
The Oklahoma Tool and Supply
company uiid to b. on. with the
Oklahoma Iron work, at th. tlm. of
th. dl.coviry of th. vaat mld-oon-tlnenlal
field, of oil. The company
office, and aalej roome are now alt
uated In a lartio new building at tiie
corner of F'lref and Detroit atieeta,
which looatlouj by th. way, waa the
li. of th. oriplnal email ahop of
th. Oklahoma Iron worke. Two
year, ago th. Oklahoma Toil and
Aupply company and th. Oklahoma
Iron work, became two erparate In-
tltutlon. working In total Inde
pendence of ich other, Th. preil
dint of both ooncerna, however, le
J. W. Iloan, who organliad and
fathered them, In th. day. of their
Infancy and who I. now reaping the
reward of year, of eonaclentloue
(By Houeton Flble A . Co , 11 Eaat
Fourth, Tulaa. Okla.)
Trade In aom. companlea haa been
large In th. paat 10 month. Th.
ending of th. war a year ego cauied
oil operatora to re-enter the game on
a large ecale. Thee, effect, became
mora and more apparent aa the year
advanced, flrat we had a big upturn
In market price, of th. well eetab
llehed companlea auoh a. Texaa com
pany, Sinclair, Coidin Co.. Okla
homa P. R. and numeroue other.
In th. middle of July pereonal prop,
ertlea commenced to be Incorporated
InA larger companlea and th. pub
I la waa taken In partnership, which
meant tha promotion of numeroue
good companlee well .upplled with
working capital and acreage on
which to apend It. Ptnnok. Harna
dall, Ouffey Ollleiple, Uvlngiton OH,
Llvlngiton Refining. Allied Oil and
numeroue othere were etarted about
thla time and have by thie time bi
ttern e well eatabllihed both In earn
Inge and market wlae. A more recent
favorite hae been the coalition of
th. W O. Skilly and Bkelly-flankey
propertlee Into the Rkelly Oil oom
pany, which etarted on the New Tork
curb market at 1IH and hi aold aa
high at 114 and la now around II H
per ehare. Mr. Bkally haa the confi
dence of the Oklahoma people and
they hare contributed largolr to the
auocaaa of th. offering of .took
which -hae plaeed the oompany In
fund, with which to drill and ex
tend It. operation. In a largo man
ner. Rxpanelon of buelneoa In the
I'nltfd fltatea haa been on euoh a
large arale and the dimand. upon
th. money market have bun eo
great beoau.. of th. Inorraead coi'i
of everything that entera Into our
dally live, that tha money market I
. . a .1.- .... '
naa oeen unaer a eirain lor mi
few month. Intermit rate, reaching
high lavela, 'but nrvertheltie expan
sion hae gone ahead In the fane of
thla and there li no algn of any
chong In condition, ltumore of
etrlke and actual atrlka have had
no rtfnrln effect either on con-
aumptlon or expannlon. The dmnd
for oil. ateel and otner proaucia oj
our reflnerlea and great manufac
turing center, he not elaekened and
It la 2 qoeetlon of eupplylng the dr
mend. I-er.e premluma are being
offend manufacturere by our mer
chant In order to let good, to aup
ply their cuatomer'a demanda.
See OU In Tenne$$ee.
pedal le Thi World.
WASHINGTON, Nor. 4 Follow
ing th. auocea. of oil operator. In
Allan county, Kentucky, there hae
been con.lderabl. exploration for
oil In th. adjoining oouutlea of
Tunneaiee, official, of th. geo
logical aurv.y en id today. Itepurt.
have reaohed the department of th
Interlur of tu. dlllllng of more
than SO aril. In the northraet quar
ter of Bumner county, Tenneena, Init
according to. the ln,formtl"n on
hand In Waxhlngton, no produolnv
will haa y.l been completed.
Territory north of Highland Kim.
or "Th. Jlldge" a. It la locally oalled
In title Tenneaeee county, le rrco
nlxed by government oil expert
here aa proapectlva oil land, ai It la
underlain by toe geologic furmatlona
from which oil In Allen county, Ken
tucky, 1. obtained. I'nder tho di
rection of the federal geological
aurvey, co-opmatlng with the Ten
tu'eare alate aurvey. Klrtly P. Math
er, a feleral government geoloKt't,
recently waa aent to Investigate thi.
area. Mr, Mather ha. Juat complet
ed eeveral week.' field work In the
northern part of Sumner county,
and the federal geologic! aurvey
today made public th. following re
port on hla inviatlgallon:
Orxiloglonl HcKru Good,
pf r. Mathei tepoi la thui tin ge
oiogiu condlilom In the Highland
lllm part of eiuniner county r.
prai tli ally tho mime aa Ihuia in the
oil-producing territory lnunediati'ly
acro.a the atate line, in Kentucky.
In thla area there ar. at learn f ur
anticline folda that nre will lulled
for th. concentration and atornvs
of oil. Well ncoHa and curling,
from well, now being drilled indi
cate that In a' lean a part uf line
area the formation, beneath the
"black .hale" urn au.ll ailmilail til
I serve aa oil reanrvoiri Five drlli
I lng machlnvj ar. now at work In
thla area, and further explorations
will aoon ha made. Of the four
arulcltnal folda that Mr. Mather haa
mapped only rne hae' been lee'i-d
by th. drill one that may ,, be
called the Westmoreland dome aa
It extendi from the weitern out
aklrt. of th town of Westmoreland
In a general northwesterly direction
for about a mile. Two dry hole
wer. drilled a fow years ago on th.
property of Hie New Hope church
near the creat of thla anticline 4
dry hole that waa drilled on the
Kecue farm, two nilloa, nurthwr.i of
Weatmoroland, It on the northwest
ern flank of tha Westmoreland
dome. None of th. other dry holes
In Bumner county north uf the
Highland Him eacarpment and euat
of th. main line of the Louisville A
Naahvllle railroad were drilled at
placea where the structure I. In the
ellghteat degreu favorable to the ac
cumulation of oil, nor are any of
the machine, now drilling In place
wher. the atructur. ie faVor.ible
Th. failure of then, wells to find oil
In paying quantities ahould there
for, not be a sufficient reason for
regarding Sumner county as unfa
vorable oil territory.
Make Future Explnratlnna.
To prevent further waaus In futile
drilling In unfavorable territory and
to haeten the development of the
potential oil fU'Idi of thla onunly It
li auggeatid that future .xploratlnm
ahould be made on or near the
eheau of three ' unteated anticlinal
folda that Mr. Mather haa mapped,
which may be called the Dutch
creek anticline', the nig Trammel
creek dome, anj tha Oarrett's cr.ek
Th. Dutch cruk anticline trenda
In g.n.ral from northaait to .outh
weet and I. erniaed by Dutch creek
one and one-fourth miles down
etream from the Weeimorelan'8
Portland pike. Thla fold ha. a large
feeding ground, and the reiulte ob
tained by drilling 4n that general
vicinity Indicate that the rock, be
neath th. "black ehale" are proba
bly suitable to eerv. a. an ol reeer
voir. Thii fold ihould be tested by
at l.a.t two holla. A good loca
tion for on. of thai. I. a point one
and on. -fourth mile, .outh and
on. and one-fourth mllei weat from
Turner', .tatloti. A aeeond teat
ahould be made at a point 1,500 feet
louthweit of the ftret.
A .mailer but mora pronounced
Triangle Blue Print & Supply Co.
New Mexico, Kansas, Oklahoma
Texas and Louisiana
AHt HI'f MTa.
P. V. DIXOV, rrrllent F. D. JOIUJA.V, Herratarf
JAMFJt IIOWKN. Trraaurer
!0tH E. Klxth fH.
lrt Wortli, Trjsui.
Branch Offlo
T Kennedy Blctg.,
Talsa, OklarMima.
Must Taxes Be Levied on Oil
Stock Selling Corporations?
Th. following Interpretative com
ment Ly the c.miuia'.lonor of Inler-
nul rrt ... ii ii . .,nfBinllia th lllllMnlnC
of the new article Hit), ngulatlon.
41, dealing with exchange or prop
erty fur stock ahould be mid in
nii,i..iilini nh nu laat law latter.
in which we haxarded the option
that stork in a nealy rormeu corpor
ation where there had been no la;-
in. r ill ain.ik fin tha ichanat
and no .alia of It would not have u
market vnluo. The cumin Msioner
disagree, with un and seems to hold
tii. i . iu UmI.'IUv inav result oven
III th. abo case, meaeured by "the
price wnicn n.igm reason"ijr
priiumed would be agread upon be
tween a willing buyer and a MUlnn.
The commliiloner a ruling la aa
"Manning of 'Market Value'
(Juration 1. Article 16l as amend
ed provides that whore property I
trRneterred to a oorporauun in
change for Ita slock the exchange
constitute, a (loaed transaction and
the former owner of the properly
realises a gain or loss. If the stock
ha a 'market value.' and such 'mar.
ket value' Is guslar or leae than the
ci.t or the 'fair market value' as of
Match 1, 1H. (If acquired prloi
Iheretu) of the property given In ex
change. The qiiatl"n laised la
whether the words "market vaiue,
and .uch market value' permit a
i.,..iim,iiliiii tki.t lha rleietalon eon-
templiiiea an actual market before
the case would be brought within
the provlelon aa to profit or los, or
the worda 'market value, and euch
market vnlue' are Intended hy lh.
In-Hsury department to mem Tatr
value.' The use of the worda 'fab
market value as of March 1. ItU
Immediately following that part of
the decision under dlecuselon would
Indicate that the word 'fair' waa da
llbeiately untitled In the first In
nance and that the worde 'market
value' were Intended to convey the
thought that there must be an ac-
dnme Ilea in the drainage basin of
lilg Trammel creek, northeast ol
Westmoreland. Its summit la ono
mile north and two mile, fast from
that town. Test wells should be
sunk near that point and at places
not fur north ami west of It. Uood
locations will m found between one
and one-fourth and one and one
half miles aouth-aouthweat of Pleaa
ant Orov. church.
'Ilia tiarrotfa Antiollne.
The Uurreit a creak anticline '
another" norlhf aat-eouthwest fold,
which Ilea alnioat In a line with the
Dutch creek anticline. It hae a
closure toward th. southeast of
nearly to feet and a large drainage
area toward th. northweat. The
wells recently abundoned or now be
ing abandoned In th. region north
east of Bugar Oroya are far down
the northweatern flank of thi. fold,
and th. reported allowing of oil In
Carter well No. 1 aitggeai. th. pres
ence of oil near lh. summit of the
fold. Hood loatlone for test welle
are cloie to Garrett, creek church
or on th. Maish property, a .horl
distance to the northwest.
There aeema to be little use of
drilling to depths greater than HI
or 110 feet below the bas. of th"
"black ahalo" In thla part of the
County, for the formatlona below
those deptha ar. probably not oil
reaervolri. Tho formation known to
geologlata a. th. "cot nlfiroue" lime-ic-ne,
which rarrlee th. top pay
sand In th. vicinity of oott.vllle.
Ky , la not found in thla region, but
at Iraat two pay .and. may be
looked fop In th. Loulsvlll. Hm
etone, which underlie, lh. "cornlf
erous" In th. 8oott.vll!. fl.ld. hut
Ilea Immediately beneath the "black
hale" In Humner county. Roth
these pay aand. ahould be penetrat
ed hy the drill within III feet b
low th. hottorr. of th. "black .hale."
and If either of them gives a allow
ing of oil th. well ahould b. ahot
before It la abandoned.
ni.vr. rnivTiNo,
J k, fihaokP-frml, laaUaml and
Mnfatliwh (Vwnlli-a, Triaa.
tual market. Thla uturpretatln le
further born, out by the fact that If
the word 'fair' be Inserted before
the word 'market' In th. first In
stance the .entenne ml14.1t properly
have been concluded a fin the word
'line' W. ran cunnelve of no sit
uation in which property could be
transferred In exchange for corpor
ate .lock which, under the ruling!
of the bureau .would he cuniidned
to have no 'fair value ' Anger:
In your letter of (J. toiler 7, ll.
you aik whether tha wnrde 'market
value' II used In Iria.ury decision
Hit are uaed II an equivalent of
fair markit value' or whether It
Intended that an exchange of prop
erty for elork ahall not be regarded
aa a cloud trunsarlion ueaa there
wai an actual market for the .lock
iu acqulrid.
"In riply I beg to say that the
words 'market value' aa used In that
treneurv derision are used hi on
equivalent of 'fair market value,'
and that stock le to hi regarded as
oidlnarlly having a market alue
een though no actual market for it
'an be enabllir d Market value In
this sens, mat', therefore, be re
larded ai the price whlrh might
leasouably be presumed woubl be
agiead upon between a wlt'lug buei
and a willing -tiler "
In other worda, the e.mnmlasluner
holds that "markit value" Is Hie
equivalent of fair value and that If
you trade your property for eto, k ol
any kind tha' la not absolutely
worthlnis It rriatea a cloaid ti ana
action and the nock ricnlvwil will be
consldeied 1(1 equivalent of ca-li
to the eitenil Ita value although
(hate may be no mm kit for It and
the value has to be ai'ertaln1 by
the opinion of wltue.aai, etc.
Thla ruling la hiad on eecllon
KOI (to of the present revenue art
The coiniiilaali.ner again resolves
he doubt in favor of the govern
ment and agulnit the taxpayer. This
1'iinstruotlon of the above mentioned
section of th. law will leave everv
Income taxpayer who haa exchanged
property for aiork In doubt as to the
correctness of his return until h
final estimate of value la made at
Waahlngtn.. W here there le no
market price established the ques
tion of value la largely one of opin
ion Witnesses will disagree
The revenue acta of prior year.
dl1 not attempt to define what was
the "equivalent of cash." -The pres
ent act aaya tnnt property receiveu
In exchange ahall be considered the
equivalent of caah to the extent of
lia "fair marker value. If any." The
writer euppnaed that by making this
amendment congress meant to limit
1 he ecope of tho provision to prop
erty which had an establish. j rtiar-
ket price slnie tha latter Is muoh
nearer an equivalent of caah than
property which haa n.v.r been
dealt In or passed current, "
Now that th. coininlailoner disa
gree, with this view each and .very
caae will b. Involved In obanurlty.
It la auggeated that a concerted ef
fort ahould b. mad. to have aeotlon
102 (b) repealed or amended ao
that It. meaning will be clear.
rolaiin Mash for I'faWa.
HALT I.AKK CITY, Utah. Nov, .
Crop pasts war. fed thnuaanda ot
ton. of pulaon In Utah thla aunimei
IS absolutely the simplest and strongest
power built. Owing to the tee iron
spoke construction it cannot get out
of line or wobble. No turnbuckle to
adjust, once set always set.
I McEwen Band Wheel Power Guaranteed to Pull
I Any Depth Wells That Rods Will
with the result that lniaei are aald
to have been unusually email
Oraeehnppera alone, In thla alate,
This "Y" Oil Engine Runs
On the Oil It Pumps
Here's an oil well down in the Eldorado, Kan
sas fields where a 25 If. V. Fairbanks-Morse
"Y" Oil Engine is giving dependable power
and economically using the crude oil for
fuel as it is pumped up from the well.
This is but one among hundreds of "Y"
engine installations in the oil fields.
The surresaful perform
ance o all these ermines
their remarkable reconla
for cnilurunc', and oco
nomlcal unfsilinj. power
suiTffeatA that you rIho
profit by their service. 10
II. p. to 200 II. P.
Guaranteed by Fairbanks-Morse
Fairbanks, Morse
TvmM "'
The McEwen
Band Wheel Power
Manufacturing Company
were fed during the aummer l-
000 pounds 01' arsenic mixed In a
form that made it palatable. Coun
ajjj., ,.-e
imple In .orurtruotUa-rfpraotloaUy a.t.marl. la .Pwratloa aa4
regulation no oarb.retor. valM, , batteriaa, agtxwra, tinrea
Igniter a magniUa, rwltehaa .r .park plug
Bpeclal qulofc-etartlng devle.;
klowa eut f bearing.; poe.ll v.
He hot kulb e. water Injiealeaa.
Oee.resses-i relr.safcs joatsaekafrield IHwjt
ty crop pest Inapector. preecrlbe.
the diet, 481 pounda of which wa.
fed to the grasshoppers.
air aa pnrrwwaj tnm Wkg '
iurlctloni ssnelllve g.ve
OarvKeyMl yeletJtag
ll!U Ilil

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