HISTORY OP THE AMERICAN MENHADEN. 



193 



Reviews of the marTtets. 



2G6. in January, 1874, the manufacturers composing the " United States 

 Menhaden Oil and Guano Association " had on hand 484,520 gallons of 

 oil, or about 21 per cent, of the amount manufactured in 1873 j in Janu- 

 ary', 1875, G48,000 gallons, or about 19 per cent.; in January, 1876, 

 125,000, or over 4 percent.; in January, 1877, 264,000, or over 8 per 

 cent. ; and in January, 1878, 94,000, or over 4 per cent. These figures 

 seem to indicate that the demand for oil quite keeps pace with the sup- 

 ply- 



The following editorial on the value of menhaden oil appeared in the 

 Oil, Paint and Drug Reporter, October 21, 1874: 



"Prices for menhaden oil have ruled very low this year, and it has 

 probably been relatively the cheapest grease in market. This fact, 

 together with a poor run of fish part of the season, caused several of the 

 weakest of the manufacturers to close their works, and the natural re- 

 sult has been less than an average season's production, except in Maine. 

 The Maine season ended some time since, and the fall catch of the other 

 States, which is usually the best, has thus far been comparatively noth- 

 ing, and as it will soon close cannot be improved much. To-day we 

 should estimate the stock in the hands of fishermen as fully one quar- 

 ter less than last year, and with one exception the dealers in this city 

 are almost without stock. 



"The entire failure of the Arctic whaling-fleet, the high price of all 

 other grease, and the advance in the price of Newfoundland cod oil 

 point to advanced prices for menhaden. We said early in the season 

 that menhaden oil was cheap at 40 cents, and it ought not to have gone 

 below that price. At the present time some parties talk of 50 cents as 

 the point the market will reach, but we hope that manufacturers will 

 not hold for such high prices ; this would be as much too high as 35 cents 

 was too low, and as soon as you get an article above its real value some- 

 thing takes its place and you cannot get it into the same channels until 

 it becomes so low that it is forced back." 

 13 F 



