The New York herald., 1876-10-17
THE OIL TRADE.

CAUSES OF THE PRESENT TEMPORARY IN
AcrIvrTY-DEcREAsE IN THE sUpPLY-wuAr
THE OIL MERCHANTS THINK OF THE s1ruA-
TON.
Several causes havc conspircd to produce tenn
porary inactivity In the export oil trade which has
necesstated the discharge OF . part OF tho working
force employed by renners. The European market
which comparatively bare OF OIL has refused to pay
the prices asked by American producers and renncrs
The difference between the prices offered those
claimed is very slight, boing and some mills
Tho prices offered range from twenty-icur TO twenty
Eve cents, whilo the refners claim twenty
six cents This difference though very
slgnt has caused an appreciable decline
p export for shippers rcfuss TO pay price asked
The nght Is rather onesded for the producers have
strong arguments Of economy in their case Tho
supply has decreased during the past year. while tho
demand has maintained Its usual strength In times
gone by average OF 80, 900 barrels day was pro.
duced, while now "a, 900 II very good average Tho
wes that havo been struck recently are not "A pro-
ductive a. those Of year or two ago and European
consumers have not yet found sympathy with the ad-
vance price. Thus Il will be seen that the advance
in prices is . legitimate aud must bs accepted
This coupled with the fact that the foreign market
largely stocked, makes break In the resist
ancc OF the shippers inevitable In many quarters it
Is expected that business will brisk before the week
ends, and all concerned emphatic in the assertion
that the shippers must soon pay the prices The ports
on the North Sea will have come In and make
their purchases for kthey be long deferred
will DO Impossible account o! the blockade This
condition Of the market has, as intimnted produced
momentary stoppage In tho prodacton Of refined oil
and factories are working short-handed for short
timo
HERALD reporter yesterday visited several gentle
men interested In tho oil trade and hoard their views
on the subject All agree that the consumers must
pay the prices, as they are just
MIR. LocKwoop's VIEWS
Mr.. Lockwood, OF the firm OF Lockwood Ross
Holly, said that for rome time past there has been
very inactive market IN oil, and that shipments
August have bcen very few. This was occasionsd by
the refusal Of consumers abroad to pay the prices do
refusal the result of belief that prices would
como down. The prices have held, and The prospects
that the consumers will have to form instead
OF cguIaing the market To mako up the amount
OF export for the ycar 1876 that shown for 1878
VIII be necessary to ship 600 barrels OF oil between
date and December 81 Mr.. Lockwood does not think
that thers is oil enough in stock tho other side 10
supply the demand for month
YLEHISo's VIEWS.
Mr.. Fleming, of the firm OF Sono, Fleming K Co,
says that he market been dull for time past
owing the slowness with which orders IRON abroad
come 10 hand Consumers abroad have not yet become
used TO the advance In the price OF refined oil, but
soon WILL for the market Is quite strong enough
maintain its prices. The production OF oil has de-
creased during the last year, and have 26 900
barrels day rs compared with from 30 600 40 900
IN the past. The demand iroin abroad 10 gcner-
ally largo at this season Of the year, and
homo consumption grows as the whter advances.
do not think that the market the other side OF the
Atlantic Is stocked in TACT, know " In not The sup
py hand there Is not sufficient TO last six weeks
Only few days ago a 'tpor corner was organized in
Liverpool and the price OF oil advanced pence In
q lew days brisk business vi open and the market
will swing evenly With a steady market the chances
OF making bargains are not favorable to foreign
sumers and they are cndeavorng to keep mp uctua.
tion In prices.n