New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-03-26
LOCAL MISCELLANY.
p,ruops nj, A CORNER IN OIL.

RJIMORs OF A CORNER" IN OIL.
CONTRADICTIONS BY PROMINENT OIL MEN-Tfls
rR,pE IN AN UNSATISFACTORY CONDITION
EFFORTS MADE NOT TO BULL" THE MARKET
NIT TO REGULATE THE PRICE By PROPOSED
ALLOTMENT OF BUSINESS.
II has been rumored for several days that
the OF, refners wero cndeavorng to reorganz the O
Re6ners Association with view TO reduce the price Oh
crude petroleum and to advance the rates
OF refined oils. Coupled with these rumors
wero statements that combination had
been formed between tho leading oil companies
y which the control OF the oil renercs had been OBJ
tanned and that corner" n oil would be the result
tribune reporter called on several OF the leading OIL
firms In this city in relation TO these runors and stories
freely circulated on 'Change. Frederick Hahershaw
agent of the Downer OIL Company. stated that
n bpation TO make corner" IN oil was not new
thing. 1t had been tried repeatedly and thus
far had always failed. Powerful cOmbina
tons to control tho oil market had been
formed In past years with almost unlimited
capital and resources. backed by the influence Of many
al the strongest Dealers but the scheme had been tho
ruin OF the men engaged IN IL, and had only temporarily
disturbed the market. 1t was generally understood
that efforts were now being made to eorganz, the Oil
Ref lers Association order regulate prices and 1t
was claimed those supposed to be connected with the
movement that than IS per cent OF the oil reiners
in the country had identified themselves with II,
the primary Obj ct being TO fix the prices at
| figures that would yield satisfactory return
for the money invested 1t was reported
that not less than 5000 barrels OF oil IN tanks
at OIL Creek held there by specnlJtors In order
tract the market He believed that 100000 barrels
w"nId he more nearly correct How lOug tins could
be held there aud whether they were really owned
bv the parties connected with the new move
ment wond be very difficult TO ascertain Tue
OH trade was in most unsatisfactory condition,
and production was Largely IN excess o me uedhu
RcmuDeraye prices nave not ueen n' iv' 'i 49,,
lly ~
A prominent firm on Maidenlane had heard Of the
alleged combinations but had no faith IN its ABILITY %
control the business andadyance tho prices Ihey were
satisfied that there WAS no Intention ~ DO anything
more than eff ct organization OF the OIL Interests,
aud TO pat the trade upon ilrm footing
Mr. Rockefeller OF the Standard Oh Company, did not
bccye there any truth IN the Norics apont
comb uatlJn to make corner In OIL pun was neirtE
in favor of an organization that would protect the OIL
capital against speculation, and regulate prices.
Henry H. Rogers. OF the mouse Of Charles Pratt Co..
N. lO3 Fultonsi described the condition OF the oh i-
erest as follows: There tive rchuiBg points III the
country-P.ttsburgh, Pniladeiplia, Cleveland, The on
Regions ana NrwYork CITY. l. tch OF these has certain
local advantages which NAV he briefly sitedas foOWs'
| Pttsburga-cheap coal; Phlladepnla-the seaboard;
Cnyeldud-cheap barrels, ana cadI rs wen as f1lllo"v
transportation The on RagiOns-crulc OIL at the lowest
figure; and oil the proiucs OF bslt',snm nave 1ns
three or times greater than the demand III the Oh
rcauenes were run 10 their ful c%pici'y the mafAe,
would be overstocked ine business u hot regular out
splsmodc. Tue years business Is not uins 'ctc con-
nuousy from day TO day, hu sales are made AZ me.
Wnen the m1rSet i DIlsk hnl OH Is "a um.Iu al
the oil busy aud ENJOY falr share O pros
| neflfy. other times the "huo trade i ahtcttu ny
The dizziness and prices vary according 10
| II has been estimated that not less IMAM twenty
millions OF dollars are invested In tle OIL business
is therefore, to the interest of every ndu VINO mas pat
dollar in IL 20 have the trade projected aud csta0-
| listed on u permanent footing. oprcuiat"ls nave
ruurd me market Tnc brokers heretofore have been
| Specializing upol the market vita disastrous ELECTS
upon the trade, and this new order q" thhRS VIII force
| them to pursue tier csiiluit9 ealing, ana
| realizs their profits from tntlr Industry aud
| perseverance, Two years ago an attempt was
| made 20 organize an Oh RcineTs Association, nut
it was subsequently abandoned. There was no cone
| Tf4I IL
movement al tnc present time i revival OF the former
idea and II il believed has tdy secure tuy nine
,n,I,s al the oil rr1crs tne country IA rs favor
IN INN the market. The cndcaV0r is 70 eqnllze
iii arol and protect the capital invest d. II ~
mon consent IN good faith tins retncrs agree u reduce
tcr quantities 10 an allotment FOR caeh made IN view OF
the supply and demand ana thecapdtY iOt production
tho arEet be regulated Win tedspuaOe prOnt Tor
ALL The price OF oil to-day II ID cents per gaOh Ihe
nroposad allotment OF business wOulI PROBABLY advance
The price to cents. TO make an artificial increase,
with iinluen-e prod you'd b. recognized ~ spoCn2-
i've in.Irad of legitimate, and the oil interests would
suffer accordingly Temporary capltdi would compete
win the permanent Ycstmcut anu ruiH every ng Iht
oil ptodncers to-day bankrupt. There have been
more failures during the last six mon,nS tAln III 1--we
wears previously An organization 10 project tue oil
c1Wt is impeTativelV needed Oh 10 yltd Idr p.Oht
should sold Tor 25 cents per gallon Ihdt price ~oId
protect every interest and cover every outlay for gctung
out the crude petroleum. transporting by railroad,
r,fiuiuY aud the Incidental ChaI-rs OF handing
e. m, foreign markets will regulate the price
10 "A great extent because th'y aro tho greatest
con6uIutrs. Tue people Of China q .rmany. ana Ier
foreirn countries, cannot afford To pay nigh prices.
Kerosene on il luxury To hem, ana they do not re-
ceIye sufficient COMPENSATION io' tIeii LABOR 10 cna'o
them To use tins oil at an eA rhyisah, pce ihe pree'
therefore. must be Kept Wltliin fcdsOnihle Hmits'
MIR Ryg concluded by saying that the organization
had NOT yet effected. ana there were Any dhtl'
sICs 10 lie hoped however, Tor spec ~
mn az, of all oil interests 10 ia Jl,t ana t1anlc
standard prIce,, aAch would piJmOie beIlth} activity
IN the DLslueSs'