REVIEW OF THE WHALE FISHERY OF THE UNITED STATES,

FOR THE YEAR 1911.

There was a small reduction of the tonnage of the fishery the past year, two vessels being withdrawn for the merchant service, viz: bark "Platina" of New Bedford, 204 tons and schooner "W. A. Grozier" of Provincetown, 117 tons, a total of 321 tons. The number of vessels on January 1, 1912, constituting the fleet, was 37, the total tonnage being 7,934 tons, against 39 vessels, 8,255 tons on January 1, 1911. Of the 37 vessels there are included four steamers, aggregating 1,474 tons, of San Francisco, that have not been fitted out for the past three years, there being apparently no inducement to send them to the Northern seas for Bowheads. This leaves but about 6,460 tons actually engaged in the fishery.

66

There were no disasters recorded during the year. Four steamers, the Herman, ," "Jeannette" and "Karluk" of San Francisco, and "Belvedere" of New Bedford went to the Arctic. The latter succeeded in securing but one Bowhead when last reported and remained to winter at Herschel Island. The other steamers secured 32 Bowheads, yielding about 55,000 lbs. of whalebone, the only portion of the Bowheads retained. In addition to this quantity of whalebone there was sent down from the whaling station about 12,000 pounds.

The barks "Gayhead" and "John & Winthrop" and schooner "Laetitia" of San Francisco went to the Japan Sea and obtained an aggregate catch of 2,150 barrels of sperm oil, 50 barrels of whale oil and 500 pounds whalebone.

The catch by the Atlantic fleet was in excess of that of the previous year, being 19,715 barrels of sperm oil, 80 barrels of whale oil, and 800 pounds of whalebone, as against 17,505 barrels sperm oil, 420 barrels whale oil and 10,000 pounds whalebone in 1910.

Sperm Oil.-The year opened with a very dull market and remained so until March when the price paid by refiners was 50 cents per gallon for the oil only, the packages being returned to the sellers. The market ruled at this price until October when a reduction was made to 48 cents for the oil only and being the price at the close of the year.

Whale Oil.-The import was but about 80 barrels of Southern oil and was sold for refining at a private price and was the only transaction during the year.

Whalebone. With the same privacy existing as in former years as to sales of whalebone, we have no reliable prices to quote. Quite a number of shipments were made to France where sales were reported made at prices said to be less than demanded here. The export clearance price for New Trade Arctic was about $3.00. There were probably no sales of old Arctic which was held at $4.50 per pound. sales were reported made of South Sea of which there is about 4,000 pounds in stock and for which $3.00 per pound is asked.

No

IMPORTS OF SPERM OIL, WHALE OIL, AND WHALEBONE IN THE UNITED STATES DURING THE YEAR 1911.

STATEMENT OF STOCKS OF OIL AND WHALEBONE IN THE UNITED STATES

AVERAGE PRICE OF SPERM OIL, WHALE OIL AND WHALEBONE FOR

LAST FIVE YEARS.

THE

WHALE

STATEMENT OF THE NUMBER OF VESSELS EMPLOYED IN THE
FISHERY OF THE UNITED STATES, JANUARY 1, 1912.

REVIEW OF THE PETROLEUM TRADE OF THE UNITED STATES.

FOR THE YEAR 1911.

THE report for American petroleum in 1911 is most encouraging. It was in the United States that petroleum had its start as an industry, and its history has always been characterized by American energy and enthusiasm. There is something about its venturesome, hazardous nature which appeals to the American temperament. Yet we must grant that in recent years some of the hazards have been lessened by the distribution of production, and even of manufacture, to the very limits of our broad land, such distribution insuring a degree of stability. Further, the building up of an enormous trade in petroleum products abroad has tended to steady the industry as a whole, such foreign consumption calling for large capital and sound credit. was especially true in 1911.

This

The production of crude petroleum in 1911 was quite 10,000,000 barrels larger than that of 1910, and 1910 had broken all previous records. At the same time the 1911 production was secured without the help of abnormal wells, the 8,000,000 barrels of the Lakeview gusher in California having done much toward the total for 1910. From the very nature of the industry it seems impossible for the petroleum trade to move along on the basis of an adequate supply which does not soon become an oversupply. The sudden development of great fields shakes the confidence of those trying to conserve the older territories, making them sceptical that satisfactory prices can be maintained. Manufacturers in turn hesitate to invest in huge industrial plants for refining, and merchants are cautious lest their ventures for the distribution of products abroad, needed to take care of the floods of oil that have at times appeared, may be left unprotected, because large production often disappears as rapidly as it has come. The industry may therefore congratulate itself that the export trade, which takes care of more than 60 per cent. of the entire quantity of illuminating oil manufactured in the United States, has kept pace with the demands of the producer. Indeed it became plain towards the end of the year that the merchant had pushed his trade beyond the ability of the manufacturer or the producer, the result being a stiffening of prices both in products and the crude article.

This general review would be incomplete without some reference to the imports of petroleum, a new feature in the trade, and to many an unexpected one. Up to two years ago petroleum was classified with the articles subject to a reciprocity tariff, imports being subjected to the same tariff as was imposed on corresponding American products by the country from which the goods coming into America were shipped. All grades of petroleum and petroleum products are now, without qualifi

cation, on the free list. Mexico, which levies enormous duties on petroleum, is, under these new conditions, finding in the United States a ready market for fuel and road-making oils, and from the Dutch East Indies there are being brought considerable quantities of naphtha, a by-product not needed in the local trade of the Far East, and thrown away until the American market was thus opened.

Production. The year 1910 made a gain in total production over 1909 of about 24,000,000 barrels. The table below shows a gain for 1911 of 13,487,711 barrels, or 6 per cent. over the large production of 1910.

The magnitude of this production can be comprehended only by comparison. The output for 1911 in the single State of California. was greater than the total output for the first sixteen years of the industry, up to and including 1877. The total of all the fields for 1911 exceeds the total output for the first twenty-two years of the industry, or through 1883.

California is easily the leading field in volume. It made a further gain of 8,000,000 barrels over 1910, and 25,000,000 barrels in two years, 1909 showing approximately 58,000,000 barrels, while 1911 amounted to 83,000,000 barrels.

The Gulf field gained 6,000,000 barrels a substantial advance after the gain in 1910 of nearly 3,000,000 barrels.

The Mid-Continent field increased 2,000,000 barrels, largely due to the opening up of two or three prolific pools; the main field showing for the year a strong tendency to decline.

The Lima-Indiana field of sulphur crudes showed a shrinkage of 1,500,000 barrels, and the Pennsylvania field a decline of nearly 3,000,000 barrels.

It will therefore be noticed that the total increase came largely from the fuel oil-asphalt crudes, while the grades used for refining and the manufacture of the more valuable products declined.

In

In the drilling of wells there was less activity in 1911 than in 1910, and while the total for all the fields showed 13,084 wells completed this was 2,000 wells less than those finished in the preceding year. the Pennsylvania field there was a decrease of 900 wells; in the Illinois field a reduction of 800 wells. This smaller number in these two important fields was not matched by an increase in other sections. Apparently only an advance in the price of crude will stimulate additional operations.

Prices.-There was no change whatever in the price of Pennsylvania crude oil at the wells during the year until an advance of 5 cents to $1.35 was made effective in December. The average price of 1911 was lower than that of any year since 1902. Refined oil naturally showed likewise little change in the price, bulk export oil showing only fractional changes through the year, averaging 3.83 cents per gallon, or cent per gallon less than the average for 1910.

Exports. The total exports of 1911 exceeded those of all previous years. The gain over the preceding year was nearly 213,000,000 gallons, and over 1909 more than 143,000,000 gallons; so that the reduction of 70,000,000 gallons in 1910 was more than made up in

1911.

As compared with last year the total exports of crude oil show a reduction of about 2,000,000 gallons, although the exports from New York were increased 12,000,000 gallons. Port Arthur shipped 3.700,000 gallons less and San Francisco 10,000,000 gallons less.

In refined oil all the shipping ports except Baltimore showed large gains. The increases were, New York nearly 84,000,000 gallons, Philadelphia 22,000,000 gallons, San Francisco 47,000,000 gallons, Port Arthur 24,000,000 gallons and New Orleans 3,500,000 gallons. Baltimore showed a reduction of 1,000,000 gallons.

The total exports of crude oil, refined oil and naphtha show for all ports the splendid total of 1,334,648,545 gallons, an increase of 212,788,255 gallons, or about 19 per cent. No export shipments whatever were made from Boston during either 1910 or 1911.

MONTHLY RANGE AND AVERAGE PRICES IN NEW YORK IN 1911.

PRICES PER GALLON S. W. 110 AT NEW YORK FOR EXPORT.