The Bridgeport times and evening farmer., 1921-06-30
DE M A N D REDUCES OIL
 PRICES
Western Oil Concerns Com peting with Pennsylvania Crude Oil Companies An other Element Injurious to Eastern Producers.

Oil City, Pa, June 29.-Independ- ent oil refiners. although admitting that prices paid for Pennsylvania crude and other grades produced in the East are way down, are them selves placed in a position where they are operating on a basis that affords a very narrow margin between pro fit and a loss and are so loaded up with refined products for which there is no market that the conditions ef less than six months ago, when the independents were constantly bidding up the price of crude oil until the Pennsylvania grade reached the fi- gure of S6.1O, are today taking as little as possible. With Pennsylva- mia crude oil down to S2-50 a barrel the lowest price in over five years it is again being demonstrated that it is not pSce but demand that sells any product. And that demand, eS- cepting in the case of gasoline, Is conspicuous by its absence.
 A well known local refiner and job Der of crude and refined oils today pointed to the fact that reftners who but six months ago were bidding against each other in an effort to see loaded to the limit with refined pro- ducts and going into O market where keen competition for prospective buy CTS has been forcing the prices down storage facilities to the limit, in or der to avoid being put in a position where they would have to stop buying crude and shut down.
 Every price cut by jobber or re- finer,'' stated the local man, makes the situation more acute. A refiner may make a special price in order to move some given line with which he is overloaded. This is pie for the buyer, who, regardless of the cOndi- tions that have forced the seller to make the new tow price, immediately stands pat on shat price with all com CTS, and thus the lack of demand has been slowly but surely forcing down values for finished products.
 ''As a matter of fact" continued the local oil man, the present cut in the price of crude had already been large ly discounted by cuts in the price of the finished product the past few days
 Western Competition Hurts.
 Although there are several refin- CTS who are continuing to operate their plants, it was pointed out, the operations are not netting any pro fits, and some who do not want to sever connections with their sources of supply, in anticipation of a revival of business. are actually doing busi- ness at a loss.
 The producer is the man who right now Is getting the worst of it-espe- cialSy those who bought production or G~llod in new production the past two or three years.
 The refiner, stated the Information al News Services informant, except iEg under extraordinary conditions, usually buys and sells at the market. The producer who drilled at the peak of the market prices and correspond ingly high costs is faced, even if he is able to carry his load. with the possibility of having to wait a good many years before he can begin to show a profit on his wells
 As to where prices will eventually go, nobody seems willing to predict iSy atr11-- 1lx- fhn pessimism that comes with a cut, and some profess to see further drops in sight Others. more optomistfc, be- lieve that even if there should be further cuts they will not be for any length of time. as the curtailment of operations and productions and the prospective revival of business are expected to cause a turn
 So far the better grades of crude oil are concerned there has been no increase in the supply available. eX- cepting in stocks on hand Western crudes have been brought into the market in increased production, and gasoline from these grades, although not to be compared with the high grades refined from Pennsylvania oil. 1 are laid down at eastern points at a price that makes them formidab ble | with the eastern grades l
 Aside from the demand for gasoline l there is but limited sale for luorl- cants and other crude by-products | at this time. Just what this means | to the refiner, it is pointed out, is ap | ',arent when it is stated that for | every barrel of gasoline refined from l crude there is a surplus | of other products that must either go l into storage or be sacrificed in price | equivalent to about two barrels.
 Following the injury of eight fresh | men and sophomores who were cut | and burned recently in a class battle | involving about one thousand students | all forms of hazing have been abol-I ished by the student body of the Uni | of Wisconsin
 A Philadelphia man lost his life re- gently while attempting to chloroform | an aged pet cat. The cat scratched |