New-York tribune., 1899-07-16
ENGLISH CAPITAL AND OIL LANDS.
A PLAN TO PRODUCE AMERICAN PETRo-
LEUM FOR BRITISH CONSUMPTION
LARGE PURCHASE OF PROP
EPTY REPORTED.

On the American Line steamship St Paul, from
Southampton. yesterday, was Count C. +. H. Car
racristi who IS returning TO this country after
months absence during which time, it is said
he has succeeded in promoting an oil lana deal
involving a large amount Of money. he was ac-
companied on TIE steamer by Eugene van
Schaick. Of the firm Of Van Schaick' Norton
Quinby. Of this city, who acted at attorney in
the matter Count Carracristi says he was sum-
moned to London to consult with Professor W.
f. Galloway. of the School Of Mines, Cardiff, and
Professor Boverton Redwood fellow of the Royal
Institute
The deal on which the Count called from
this country for consultation was the purchase
Of oil lands in Ohio and West Virginia. The
Count had Investigated the property. and he ad
vised that the purchase be made When seen at
the American Line pier Count Carracrist said
"I do not know whether | have the right to
discuss what has been done while was abroad.
II was a professional mission, and anything |
might say might be construed as going beyond
the province OF my office. | was consulted with
a view 10 deciding whether IT would be ad
yantageous for British investors TO purchase
petroleum producing sections in America. 1t
will be remembered that Professor Redwood
came to this country in the interest of an Eng
lish syndicate IN February. anu as Il result Oh
his Inspection English capital is invested in
netroleum lands owned by the Cherokee Nation.
This was the foundation of new field Of Eng
ljsh investment and l have no doubt that in
short time American petroleum will be as much
the fashion in London as Russian oil has been
for some years past The British public has
begun to awaken to the fact that the Russian
Government offers little protection TO foreign
investors in petroleum lands. Foreigners and
Jews are not allowed TO hold the property, and
the lands cannot be held in rust. there is no
trustee law For this reason II shares In Rus
sian companies paying 80 per cent dividends
year can be bought for t2:lO in the London mar
ket.
Canada and other sections have been fields
for investing English capital. but the enormous
petroleum fields Of this country have attracted
the attention Of investors. The great draw
back has been the fear that the Standard OH
Company would freeze out foreign capital It
has been with great difficulty that | have been
able to explain in London that the Standard
company was not opposed to increase in pro-
duction but to competition In refining and pipe
lines In my consultations have pointed out
the fact that the low fash agitation that has
been going in Europe was owing to the de-
sire Of Russia to crush out the American prod
uct from their market and establish with Gov
ernment aid a powerful monopoly. have
shown that the American investn ent Of Euro
pean capital In petroleum Will clear the way for
the settlement OF the flash question by the
equalization Of interests between the United
States and Russia This would assist the
American renners and shippers.
The deal which has just been completed Is