New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-08-16
LIMA OIL NAY BE TESTED
A RULE OF THE PRODUCE EXCHANGE
LIKELY TO BE REVISED.
sr,Nn,pn COMPANY WANTS THE PRODUCT OF
THE OHIO FIELD. AS NOW REFINED DE
cIAREp A GOOD NEUTRALITY-SUSPICIOUS.

STANDARD COMPANY WANTS ih' ii'O"~
THE OHIO FIELD AS NOW REFINED. De
cLAREp A GOOD DELIvERY-IMPRovE-
MENT ~ THE ARTICLE.
Very soon doubtless steps will be taken to orihg
before the members OF the Produce EXCHANGE pr
nosal TO change one of the rules OF that oohy "hch
hears upon the workings of the Standard OH COM
pany This corporation desires tnat the pio'u0'
OF the Lima (Ohio) oil field az now rehned' De oe
clared a good delivery. One OF the OFFICIALS oi ''c
company remarked yesterday afternoon concern
ing the matter that 1t simple business propo-
sltion Some years ago a rule was passed declaring
that "all deliveries and contracts Tor deh'ers oi
petroleum and its products under these ruies sn"'
be OF the production of the United states uhiess
otherwise specified; but refined petroleum mace
from the crude oil OF the district known as Lima
or oil made from crude OIL OF S"iiia' H"''' oman
be excluded"
Such Is Rule No. SO. az the member read IL from
the Produce Exchange book. Now the EFFORT VIII
be made simply TO have the words after but re-
fined OIL" ETC.. stricken out, thus leaving the heid
omen for all refined oil of this country from what
ever locality holding only that the standard snail
he maintained upon the basis already fixed for
| Pennsylvania oil The speaker held that by this
means the product of any given LOCALITY, DE IL Lima
or some other field will be thrown absolutely upon
its merits. Continuing he said: when this rule
OF the New-York Produce Exchange was made. ex-
, done at the instance OF exporters, who wished TO
assure their correspondents that they would get
the product of Pennsylvania. The efforts which
had then been made to refine Lima oil were or a
tentative character and the result was not salts
factory. Since that time, however, immense sums
of money have been spent in obtaining patented
processes. in perfecting machinery and in erecting
buildings The result Is that we obtain quite
as good product from the Lima from the
! Pennsylvania crude. The object sought in propos-
ing change Of the rules is 10 place the product
of the Lima field a proper footing in regard to
its quality, and at the same time 10 bring into use
a larger quantity of American refined OIL This in
crease is made necessary by the competition with
! Russia, where an enormous quantity OF inferior
crude oil is produced.
mo steps have yet been taken to change the rules
of the Exchange To do this it will be necessary TO
call meeting of the members of the trade. who will
first pass upon It and 1t Will then be referred to the
Board of Managers for their approval These steps
will probably be taken in the near future and then
we hope 70 demonstrate the good quality of Lima
The speaker. who asked that his name be not used
in connection with what may be looked upon as an
II 1t was true that this desire TO have Lima oil de-
clared good delivery, is an indication OF falling
of the Street has been that the Washington Dis
What is known as the Washineton Dstrict. he
remarked In reply, rs really very small portion or
the Pennsy lvania field as We know it NV wells are
should Judge is to be found in West Virginia where
A large number OF very fine wells have been opened
and the oil is equal 70 the Pennsylvania product
Possibly the report OF failing supply has arisen
from the fact that the demand is constantly grow
ing While the quantity Of reinAi on pDss,le 60 be
drawn from the Lima field Is less than that from the
same quantity Of crude drawn from Pennsylvania
wells the quality is just as good At the present
time as | have said enormous quantity OF in
ferior oil is being produced in the great Russian
fields and IT is used for many different purposes
That has virtual control of many OF
the Eastern countries. including India. Java. China
and Japan. Not much OF their product comes west
ward. We desire increase the supply in order to
meet this growing connection. As TO the cost. l
believe Russian oil is worth about y cents barrel
crude at the we'll Pennsylvania is worth 81 % bar
rel In bulk crude delivered az the well, and Lima
oil is worth under the conditions, 70 cents per
harr