West Virginia daily oil review. [volume] (Sistersville, W. Va.) 1894-1902, 1901-12-23
THE CUT IN CRUDE OIL.

NEW IOIh, Lee. l/.Ol lutCl
ests In this city agree that the sud-
den cut of Is cents a barrel on the
the high grade crude oil during the
last week, made by the Standard
Oil Company, Is caused by the for
eign situation. Samuel Q Brown,
president of the Tidewater OIL CON-
pany, No. I Broadway, said that
the necessity of getting rid of the
the enormous surplus of refined oil
and the improved facilities for
reaching the European markets
had resulted In concession In regard
to prices, which are behind the re-
cent drop In American oil.
The Russian oil industry was de-
moralized for several months and
heavy stocks of refined oil have ac-
cumulated. Large quantities of
this surplus found market In
Europe, coming In direct compe-
fition with the American product
Germany has also been epcourag-
Ing the consumption of Russian oil
by Determinations against the
American article. The possibili-
ties of the Texas oil fields have
exercised a sort of reflex action
upon the Russian trade, which In
turn has affected our home product.
William Rockefeller said that 1t was
probably true that the recent re-
duction In prices was due to the
Standards desire to get rid of more
oil that had been held for higher
prices, because field operations had
not kept up with the demand for
the finished product He made no
comment ON the situation, however.
At the Offices of the Columbia
OH company, of New York, 1t was
said today that the season was now
practically over; that the Standard
company had probably begun to
realize that there were other oil
fields than those of Pennsylvania,
ard that the foreign situation was
undoubtedly at the bottom of the
recent reduction. The recent re-
duction In quotations Is On credit
balances, by which is meant the
price the company will allow the
producers for oil. New York Com
mercial.
The fight against the Rothch.lds
Is not only In copper, but also in
petroleum. Only a few years ago
the Rothschilds, which control the
major portion of the output OF the
Russian oil fields, reached an agree
ment with the Rockefellers by
which the trade OF the world was
divided between them. This con-
t was apparen ly nol::' Terminated
by lapse of time, but would patuar-
ally be disregarded by the Rookie
fellers In case the Rothschilds, who
own the Rio Tinto Mine, would
not join hands In the copper trade.
A reduction In the refined petro-
1eum of IS points was made by the
Standard Oil company yesterday
which brought the price down TO
100 cents per gallon In barrels and
GAS cents In bulk at this port, with
the Philadelphia prices on a basis
of S points lower. This Is the
second cut which has been made
In petroleum since copper began
to tumble.
To view of the wide dissemina.
ton of tips" some weeks ago that
Standard Oil Stock was declining
because of scarcity of oil, which
would naturally make for higher
prices, the present reductions are
considered significant.
There were no further changes
made In copper metal prices yes
terday. 1t Is believed, however,
that another cut will be made by
the United Metals Selling company
in the near future, unless its OF
ponents will agree to some plan for
reducing output and combining
selling agents.
The United Metals Selling COM
pany seeks to become In the copper
trade what Standard Oil Is In the
petroleum trade of this country.
namely. the only medium through
which producers can sell their out
put.
Copper wire has been cut by the
manufacturers 1 Cent per pound.
No open reductions have been
made thus far in brass, but some
secret discounts have been made to
purchasers.
All OF the brass manufacturers
are transactiug large business, but
there has been such competition In
the trade that even at selling
r.