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STANDARD OIL COMPANY OF CALIFORNIA,

San Francisco, Calif., February 19, 1937. Mr. C. A, YOUNG, Secretary, American Petroleum Institute,

Division of Production, Dallas, Tex. DEAR SIR: In exhibit A attached to Circular D-130 which accompanied your letter of December 18, 1936, to members of the API Central Committee on Pipe Line Transportation, I note mention of a schedule of "yearly prices to be used as a guide in determining reproduction cost of pipeline facilities." It is also indicated that details of these prices were furnished to interested carriers through the minutes of conference committee meetings.

If it is possible at this time to obtain a copy of this price information, I should like to have you send me one. Very truly yours,

STUART MOSER.

FEBRUARY 23, 1937. Mr. R. B. MCLAUGHLIN,

The Texas Pipe Line Co., Houston, Tex. DEAR MR. MCLAUGHLIN: Enclosed is a letter from Mr. Stuart Moser and copy of my reply.

Will you kindly advise him direct?
Thanking you, I am,
Sincerely yours,

C. A. YOUNG, Secretary.

STANDARD OIL COMPANY OF CALIFORNIA,

San Francisco, Calif., February 19, 1937. Mr. C. A. YOUNG, Secretary, American Petroleum Institute,

Division of Production, Dallas, Tea. DEAR SIR: In exhibit A attached to Circular D-130 which accompanied your letter of December 18, 1936, to members of the API Central Committee on Pipe Line Transportation, I note mention of a schedule of “yearly prices to be used as a guide in determining reproduction cost of pipeline facilities." It is also indicated that details of these prices were furnished to interested carriers through the minutes of conference committee meetings.

If it is possible at this time to obtain a copy of this price information, I should like to have you send me one. Very truly yours,

STUABT MOSER.

FEBRUARY 23, 1937. Mr. STUART MOSER, Standard Oil Company of California,

San Francisco, Calif. DEAR MR. MOSER: Replying to yours of February 19, I am referring your request to Mr. R. B. McLaughlin, chairman of the engineers-accountants subcommittee, who will advise you direct. Sincerely yours,

C. A. YOUNG, Secretary.

AMERICAN PETROLEUM INSTITUTE,

Washington, D. C., December 22, 1935. Col. HARRY T. KLEIN,

The Texas Co., New York City. DEAR COLONEL KLEIN : When I reported to Director Lewis the action taken by the Central Committee on Pipe Line Transportation at Los Angeles, he asked me to write a letter which I have done and which I trust expresses the matter accurately.

He did not express to me surprise or disappointment in connection with the action of the committee. With kind regards, Very truly yours,

FAYETTE B. Dow.

AMERICAN PETROLEUM INSTITUTE,

Washington, D.O., December 22, 1935. Hon. E. I. LEWIS, Director, Bureau of Valuation,

Interstate Commerce Commission, Washington, D. C. DEAR MR. DIRECTOR : In our recent conference I stated to you the action taken by the Central Committee on Pipe Line Transportation of the American Petroleum Institute at the institute's annual meeting in Los Angeles. You asked me to write you briefly stating the substance of this action.

The subject of digging bell holes, including the Bureau's most recent proposal, was fully explained and discussed. Following this discussion the central committee unanimously approved the position of the steering committee. This position has been explained to you in several conferences and does not require restatement in detail. It may be summarized by saying that the digging of bell holes would be unnecessary, would make not any real contribution to valuation and would be an unwarranted expense.

The question as to whether "individual pipeline companies are willing to negotiate with representatives of the Commission in an effort to agree upon and stipulate the physical life of pipeline properties of the respective companies" was also discussed. It was pointed out, of course, that any such agreement and stipulation would be binding. It was the central committee's feeling that this is a question for each individual company to decide for itself and therefore one on which the central committee could not act for these companies.

May I add that at our meeting in Los Angeles Colonel Klein, chairman of our Pipe Line Steering Committee, reported at length on the progress of pipeline valuation. In the course of his remarks he expressed appreciation of the cooperative attitude of yourself and the staff of your Bureau in the valuation work as it has thus far progressed. We expressed also the feeling of our steering committee that the conferences between our Engineering-Accounting Committee and your staff have been very helpful.

I believe this letter will sufficiently answer your letter dated December 11, 1935, to Colonel Klein which was misdirected to the Union Trust Co. here in Washington and thus delayed in transmission. Very respectfully yours,

FAYETTE B. Dow.

Comparison of original cost with Interstate Commerce Commission Bureau of

Valuation values

Original

cost, Dec. 31,

1934

Carrier

ICC

value,
ICC value percent of Docket

original

cost

Tentative or final

Atlantic Pipe Line Co..
Gulf Pipe Line Co...
Sinclair Prairie Pipe Line Company of Texas.
Sinclair Prairie Pipe Line Co..
Arkana Transit Corp..
Montana Pipeline Co.
Shell Pipe Line Corp.
The Texas Pipe Line Co.
Empire Pipeline Co.
International Pipe Line Co..
Atlas Pipe Line Co..
Spartan Refining Co.
Ajax Pipe Line Co.
Pure Oil Pipe Line Co.
Humble Pipe Line Co..
Great Lakes Pipe Line Co.
Globe Pipe Line Co.
Arkansas Pipe Line Corp...
Gulf Pipe Line Company of Oklahoma..
Continental Pipe Line Co.
The Texas Pipe Line Company of Oklahoma.
The Texas-Empire Pipe Line Co.
The Texas-Empire Pipe Line Company of

Texas.
Standard Pipe Line Co...
Toronto Pipe Line Co.
Pan-American Pipe Line Co.
Gulf Refining Company of Louisiana
Gull Pipe Line Company of Pennsylvania.
Tide Water Pipe Co., Ltd..
Magnolia Pipe Line Co...
Bradford Transit Co.
Tidal Pipe Line Co
Imperial Pipe Line Co., Ltd.
Standish Pipe Line Co
Detroit Southern Pipe Line Co.
Pure Transportation Co..
Sun Oil Line Co..
Sun Pipe Line, Inc.
Susquehanna Pipe Line Co.
Mlinois Pipe Line Co
Southern Pipe Line Co.

$21, 108, 690

54, 080, 576 | 12, 900, 667 1 19, 579, 229

224, 720

182, 669 51, 832, 674 55, 995, 899 9, 301, 317

306, 299 1,695, 460 1, 286, 394 13, 217, 611

53, 002 85, 572, 094 18, 667, 675

25, 200 1,088, 068 12, 184, 074 7, 234, 347 6, 461, 091 16, 688, 825 3, 404, 425

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Cost as shown represents book cost to present owners and not original cost to predecessor companies.

Comparison of original cost and depreciated cost, as reflected by carriers' records,

with values found by the Interstate Commerce Commission of property owned and used for common-carrier purposes

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1203 Atlantic Pipe Line Co...
1204 Gulf Pipe Line Co...
1205 Sinclair Prairie Pipe Line Company

of Texas.
1206 Sinclair Prairie Pipe Line Co.
1207 Arkana Transit Corp.
1208 Montana Pipe Line Co.
1209 Shell Pipn Line Corp.-
1210 The Texas Pipe Line Co.
1211 Empire Pipe Line Co..
1212 International Pipe Line Co..
1213 Atlas Pipe Line Co...
1214 Spartan Refining Co..
1215 Ajax Pipe Line Co..
1216 Pure Oil Pipe Line Co.
1217 Humble Pipe Line Co.
1218 Great Lakes Pipe Line Co..
1219 Globe Pipe Line Co..
1220 Arkansas Pipe Line Corp.-
1221 Gulf Pipe Line Company of Okla-

homa... 1222 Continental Pipe Line Co.. 1223 The Texas Pipe Line Company of

Oklahoma. 1224 The Texas-Empire Pipe Line Co. 1225 The Texas-Empire Pipe Line Com

pany of Texas. 1226 Standard Pipe Line Co. 1227 Toronto Pipe Line Co. 1228 Pan-American Pipe Line Co. 1229 Gulf Refining Company of Louisiana. 1230 Gulf Pipe Line Company of Pennsyl

vania 1231 Tide Water Pipe Line Co., Ltd. 1232 Magnolia Pipe Line Co. 1233 Bradford Transit Co. 1234 Tidal Pipe Line Co.. 1235 | Imperial Pipe Line Co., Ltd. 1236 Standish Pipe Line Co. 1237 Detroit Southern Pipe Line Co. 1238 Pure Transportation Co.. 1239 Sun Oil Line Co.... 1240 Sun Pipe Linc, Inc. 1241 Susquehanna Pipe Line Co.. 1242 Illinois Pipe Line Co. 1243 Southern Pipe Line Co. 1244 Eureka Pipe Line Co.. 1245 Stanolind Pipe Line Co. 1246

South West Pennsylvania Pipe Lines. 1247 New York Transit Co. 1248 Oklahoma Pipe Line Co.. 1249 Indiana Pipe Line Co. 1250 Phillips Pipe Line Co.. 1251 Northern Pipe Line Co. 1252

Tuscarora Oil Co., Ltd 1253 National Transit Co. 1254 Buckeye Pipe Line Co.

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10, 535, 667
1,684, 158
25, 760, 619
1, 259, 775

12, 434, 656

9, 517, 555 60, 131, 958 1,559, 559 2, 544,837 2,071, 975 7,726, 178

453, 856 9, 253, 871

711, 177

756, 290 5, 488, 666 41, 131, 617

2, 039, 223 10, 411,098 66, 580, 924 4,088, 738

770, 869 18, 999, 459 4, 225, 147 9, 989, 169 2, 168, 592 5, 792, 274 8, 947, 069 19, 650, 202

687, 018 4, 593, 613

416, 151 5, 685, 878

587, 217

627, 161 4, 469, 901 17, 148, 484

784, 445 3, 169, 489 17, 133, 176 1,001, 290

154, 917 8, 983, 942 1, 333, 825 8, 171, 570

162, 995

267, 212 2, 811, 417 6, 807, 463

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Dec. 31, 1936

FINAL VALUATIONS

1256 Michigan-Toledo Pipe Line Co.. 1259 United Pipe Line Co.

Total...

$1, 371, 989

539, 501

$1, 271, 358

492, 654

99.9 105.7

1, 370,000

570,000 1, 940,000

1,911, 490

1, 764, 012

101.5

TENTATIVE VALUATIONS

5, 964, 395

5, 281, 254

5, 675,000

95. 1

1264 Keystone Pipe Line Co....

Total final and tentative, 1936.

7,875, 885

7,045, 266

7,615, 000

96.7

Comparison of original cost and depreciated cost, as reflected by carriers' records,

with values found by the Interstate Commerce Commission of property owned and used for common-carrier purposes Continued

1

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Mr. D. S. BUSHNELL, New York, N. Y.
Mr. C. H. KOUNTz, Independence, Kans.
Mr. FAYETTE B. Dow, Washington, D. C.
Mr. JAMES J. Cosgrove, Ponca City, Okla.
Mr. A. N. GEE, Findlay, Ohio

GENTLEMEN: Mr. Louis Hood, head valuation engineer of the Bureau of Valuation of the Interstate Commerce Commission, has been kind enough to prepare for me statements showing data taken from the final valuation reports, tentative valuation reports, and preliminary reports showing the status of the valuation work to date as pertaining to the original 52 companies included under the Commission's valuation orders as of December 31, 1934, and I am furnishing to each of you a photostatic copy of said statements.

The data shown on the enclosed statements will not agree as to the classifi-
cation of status of work as shown in the report which we will this year file
with the central committee on pipeline transportation, because in the encle sed
statements they have classified dockets 1211, 1221, 1229, 1230, 1233, 1240, and
1241 as tentative, whereas in our report we have classified same as final, be-
cause we understand that the valuations have been finally approved by the
Commission but in their official report they remain as tentative until the final
reports are published and served on the carriers and other interested parties
as provided in section 19 (a) of the act, which explains the difference that will
exist between the enclosed report and our Committee report.
Yours very truly,

R. B. MCLAUGHLIN,
Chairman, Engineers-Accountants Valuation Committee,

American Petroleum Institute.

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