New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-10-02

by the Board Of Directors information furnished nv
statistical agentEwho shai ooiate iaeuSin reFnr"
Third Each oucr TO havethe privilege OF buying tno
F5urM: No oil TO be sold "short" or sold TO dealer
| who teils short.
The above are the substantial points OF the agreement
RumOr says that the renners bound Ivy hcaNy pcn
altes not 20 nfract any Them and also CONTRA
diets the third point OF agreement and says the DuynR
is left with one agent In each producing DISTRICT Wo
another report points to the Standard Oh Company, 'o
head and front OF the defunct South Improvement Oo
uinaon the sole buyer. The next step was 10 app
ton the amount TO be refined each refining diSuie''
and 10 was fixed rs follows:
Pittsburgh - Twenty-Five and one quarter o"o7i""
| drcdths.
kcw-N Ork-SiNtCen aud tbrec-quarter onc-nuuu'N"'
The Oh decentralization 0uohundredus. ouo hmm.
delphia-FOurtecn ana thi'oAu"i"' WV
dreths.
The combination commenced operations on inc seoonu
day OF the present month, and tho power OF u was
speedily felt by the producers. who FOUND ii"ou MAJ
ket for crude Oil, aud barely enough OF reuneu :"
supply the rnand thrown on the market On 'h"' uv
crude oil sold 80 per barrel in the upper rego' ana
In the lower ut about g. 80 From these prices u SOFA
steadily down until the 23d ins when 1t touched 3 "
in the upper region and e. rs in the lower NOW marx
the course OF the refined markets On Saturday Aug 81
II was quoted in NewYOrk al 23l cents per gallon on
Monday. the 2d, half cent higher and on the next DAY
at p cents; and il has not been below tha inquire Since
Touching 2is cents the 25th Wednosd last and clos
inc Yesterday 2 cents with 81 cents bid Inc plce -
fixed however anu has been for days at "a cents ana
tue buyer must pay tlat OF go without BIDS are n9t
about within the rs days Of the month OF ~ cents
per barrel, while crude oil decined within the month
about 40 cents, giving difference in the rehners FAVOR
Of nearly 81 per barrel. ,,
II may he urged in defense OF the reners mat inc &C.
elmo in the price Of crude oil Is attributable 10 an over
production for the month OF August hut ths eau haiuy
be urged with fairness average OF the three reports
published In the Region shows Tue dairy pfOauc."n w.
nave increased only 49, barrels against an increase III
the month previous uy) OF 53 barrels; While me STOCK
III tue Region decreased in August TINE over lOVe n
rcs per day. OF one charges that the ners
unaided PIT down the price OF crude OIL fhe root
OF the evil Is over productions the renners nave hao
this apparent by throwing back on the producers tue
surplus above the daily dcmanC speculation mar ceen
ANA to-day the Region is carrying nearly al tae cruz
oil in the United States, aud with stringent money
market the situation is becoming very ught ono lor
Freseeing that this would be the result OF the ren
ers' combination, effort was made last month"; as Do
lore stated 10 click over production by ceasing u drill
wells Tor SIX mcntus the LIST inst. TINS movement
the original lludhodcrs g. buckwheats" as they are
CALICO threatened 10 revoke the leases held ~ operators
WHO SUSPENDED that being ght reserved when letting
the land Another Tor the failure was acd OF
cooperation between mOdncers III certain Ocaltles
mout eAertod for several daysa sirong influence
the market the price Of OIL steadily advancing, aug
only falling on wuen it autbOritauYcy announced
that the ST. Petersburg District refused 10 participate
After collapse, OIL commenced 10 fall, ana continued
To until Monday OF this week. when tne present move
began 10 attract the notice of the Region was
comme need in the Fagandas District saturday last
and announced to town I'm aconio dispatch stat
ing that 2l9 wells had opped pumping that evening for
80 days, aud requesting ali to join WITH then III IL
AS soon as the announcement male, the pan WAS
seq ed upon as the proper 10 adopt, abd sllnui
taueousy and almost spontaneously meetings. were hell
in the seventeen production districts lntO Whlch inc
region Is divided and resolutions adupec 10 CEASE pro
ducng before tonight. At these meetings. dele.
gates appointed attend general Convention OF
Producers winch met at on Cy this m0rnlhg ~ ms
meeting reports called for by districts wh'n u
appeared that every well IN the region (ONG A.Nt y
numbeIl would cease pumping AZ midnight % ,oudy'
question raised by two companies as 20 whether
they continue pumping aud burn TIE OH p"duocu,
claiming that If they ceased the wells would DC drowned
GU, by Ma;eT. 1us WAC dccdcu in the negative, but
the representative 81 tLC companies not Living au-
thOnty promise Compliance VITA the decision OF Jhe
Convention, they Instructed 20 call meetings OF
the directors OF their respective COMPANIES lay tho SUD
ject hcm and report on Thursday oi next Week.
20 which day Convention adjourned There rs ltts
DOUBT but that they VIII acqule IA inc decislC ana
meanwhile win Tie Oldtf-, nave BUS
pended operations. Thcte IS every probability lndt the
movement, born IL j. o. hocessity Will succeed, anu
belief Is firm enough here 20 Influence the market,
oil having risen about " IcAs per Oarei since IL CON-
lpslced.
This suspension OF production for month viii efeet
decrease of the stock held in the region OF about
barrels leaving probably about 4OOO barres III
hand when pumping is resumed The movement OF thlS
vast amount Of OIL and reduction Of well stocks, Will
give immediate relief to the producers Dut peIna1ent
benefit can only result from decrease III daly ptOduc-
ton OF some 5000 1850 barrels. or course Iahhg
off is expected but that II Will reach inc nguTes nacu
IL hardly probable unless the past results OF shutthg
down wells be dsproyed. During the suspension
meetings Will be held 10 discuss measures tend
ing 10 prevent overprOducton, and as IN THESE discus
s0ns the most enlightened and successful producers oi
the will participate, with larger prODls IN ler
possible that permanent measure OF rehei VIII re-
anl