Harper's New Monthly Magazine Volume 34 December 1886 to May 1887 . balance. Then it isconverted into what are technically calledacceptances, but commonly known asoil certificates, in round lots of onethousand or ten thousand barrels. Thisacceptance or certificate corresponds to awarehouse receipt, and is the title of own-ership passing from the seller to the buyeron all the petroleum exchanges. The United Pipe Lines is a mutual in-surance company, and in the event of de-struction by fire of any oil held by it, ap?0 rata assessment is levied on all out-standing certificates. The company ownsno
Harper's New Monthly Magazine Volume 34 December 1886 to May 1887 . balance. Then it isconverted into what are technically calledacceptances, but commonly known asoil certificates, in round lots of onethousand or ten thousand barrels. Thisacceptance or certificate corresponds to awarehouse receipt, and is the title of own-ership passing from the seller to the buyeron all the petroleum exchanges. The United Pipe Lines is a mutual in-surance company, and in the event of de-struction by fire of any oil held by it, ap?0 rata assessment is levied on all out-standing certificates. The company ownsno oil, except such as it purchases forsediment and surplus account,to main-tain the integrity of its certificates. As the custodian of this oil it charges50 cents per 1000 barrels daily, or $12 50per month. This charge covers the useof its plant, loss hj evaporation, and theformation of worthless sediment. Theremust be a very handsome profit in thisbusiness, though it should be rememberedthat when the oil fields give out, the plantwill be as worthless as old TFIE AGITATOR. 246 HARPERS NEW MONTHLY MAGAZINE. When the holder of the companys ac-ceptances presents them, requesting the de-livery of a corresponding amount of oilat a certain railway station, an additionalcharge of twenty cents per barrel is covers the cost of making connectionAvith the wells, the conveyance and load-ing of the oil, leaving again an apparent-ly large margin of profit for tlie oil regions are within an area onehundred miles square, and it is only atsome railway station within this territorythat the United Pipe Line will deliverthe oil. If the owner desires to ship itto any outside point, he can do so atsuch railroad freight rates as may be es-tablished. If he wishes it transportedto New York, Philadelphia, Baltimore,Buffalo, Cleveland, or Pittsburgh, to whichpoints the National Transit Company hastrunk pipe lines, he can have it sent inthis way at the same rate charged by ther
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