Report of the Special Commissioner of the Revenue (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1866 Excerpt: ...option. To the continent, on Cork orders, means to any port from Havre to Hamburg, both included. Let us see whether the refiner can make any profit in his business, buying the crude oil at thirty cents, and selling the refined at. forty-eight. It will be remembered, that one gallon of crude will yield three-fourths of a gallon of refined, or one and one-third gallon of crude will yield one gallon of refined. The cost of the oil itself, therefore, is forty cents; the cost of refining is five cents per gallon. A number of the refiners have from three to four hundred thousand dollars invested. The depreciation of the property is great, and the risk of total loss by fire is also very great. Now will three cents per gallon difference between the bare cost and the selling price of refined pay for all this depreciation and risk, and for the use of the capital, and yield a living profit? It is evident that it will not. Whether the dealer in the crude article can afford a further reduction in his price is the next question. The answer to that question will be found in the following account, presented to the commission by Mr. Wm. L. Lay, one of the committee of the Chamber of Commerce of Oil City, Pennsylvania, showing the cost, expenses and returns of an actual purchase of one hundred barrels, made about the 19th of January, and settled on the 7th inst. The purchase was at the Tarr farm in Venango county: 100 barrels oil, a $4 25 each $425 00 100 barrels to contain same, a $3 50 350 00 Wagon freights to Reno, a $1 25 125 00 Freight by railroad to New York, a $4 50 - 450 00 Cooperage, leakage, &c, 50 each 50 00 Commission 2J per cent 31 00 1,431 00 4,000 gallons sold, a 31 cents 1,240 00 Loss 191 00 The actual loss was $1 91 per barrel. To have saved himsel...