New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-07-16
rRE oLL-rR0DUOERg PROBLEM.

CRITICISING THE PROPOSED REMED1'
THE STANDARD OIL COMPANY's SIDE OF THE
Observation-Disclosures ALLEGED TO DE THE
ONLY CAUSE OF LOW PRICES.
"The whole thing is very simple; there mas
been an OyerproductOn Of oil, and the producers are
suffering from the natural IN
value" Charles Pratt. oil manufacturer ana mem-
Der Of the combination known as the Standard vi Oo
pany was the speaker. He had been consulted IN re-
gard 20 the aoun of the Producers Union, in the oil
regions as reported IN yesterdays TRIBUNE ana tne
charges brought By that organization against 'no S'
ard OIL Company He continued;
Ifpeope want to force down the price Of peaches 70
ten cents basket they do so by oyersIockng tne
market; then the peachgrower curses the commission
merchant for what he can't help When the supply Vi
peaehes ia only in fair ratio to the demand people are
willing to pay 81 so a basket The production ana
manufacture OF oil have been Oyerdone the supply Is
in excess of the demand and prices are down. We nave
tried 10 keep the manufacture within reasonable hms
and have large rehDeries under which fires have not
been built for months, yet prices Of refined oils are
lower than before We have urged the produoers
to diminish the supply, but in vain"
What effect" il was asked "w the action OF the Pro-
ducers, Union II carried into effect have upon the
prcel"
"a pooling arrangement II perfected. will force up
the price for time. They will put into the market only
what is demanded for consumption. and can get what
retired stock will increase IN quantity until 1t becomes
as cumbersome az they are willing 70 carry. and then
they will stop production for time or diminish the
amount OF producton-simply postpone until next
month or next year what had better be done now They
gam nothing in the end and wOuld soon reach the limit
OF their ability TO their oil 1t Is nearly reached
now aud many barrels arc running to waste no" All
through the oil regions. The pipe lines are full, the
tanks there and at New-YOrk are full, and We have
hundreds of mrs waiting their turn 20 be emptied"
"What about the charges that you have beared the
market and blocked up the transportation lines"
UTTERLY absurd We gain nothing by low prices; out
on tho contrary make our greatest prom; mnen PSes
and refine it fast We can put II on the lnhiket
five refusing TO sell and locking u up they Would
have lust ground OF complaint but the facts are all tue
other way. l had occasion short time ago 10 pass
through the tobaocoraising section OF connecticut ana
Tobacco were all poor. lew ago they sold lher
crops for good prices aud felt rch then they al De,
came bulls Ia tobacco increased their production ana
held the crops for advanced prices some even bought
M all the tobacco they could al low price ana hen u
IN has been so in the oil regions few years ago prices
Wero good then they increased the productions anu
have been trying since 70 keep up the price
Mr. Pratt produced scrnpbOOk, and pointed to IN artl-
Gle from The Clarion published IN he Oh regions aDOn,
six months ago IL Is argument Tor Investment IN OIL
lands as the surot and shortest road 70 wealth, and
invited the capitalists Of NoW-lOrk ana elsewhere 10
engage in oil-mnlng MI Pratt sad sucn aITce' SeI1
copied extensively and produced great thect; New
wells sunk aud Oyer-produeiion resulted. ON the
margin OF The article alluded To- MI Patt had written
1880" lie said that he had put the date rather lar on
the fruit Of such writing ad nPened sooner tah nc na
expected, but sooner or later he had seen at " was
inevitable I'VE don't say much about this lnatlsr,
Mr. Pratt continued we attend 10 our own business
We are oil refners and not speculators We sen All we
can and are satisfied with very small margin OF prOt
10 per cent we consider very good We relieve the
market as possible but oil s produced faster Than
ii can be consumed. II tue producers can WORK cut
remedy Tor tho evil shall be satished II the Pro
duce' Union raise the price Nc sha DC very giAd'
and viii buy all they are VIKING 70 seL'