New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-11-02
TILE RUMORED OIL SYNDICATE.

NO GENERAL MOVEMENT CONIEMPLAIED'
LANDOWNERS CONTEMPLATING THE CURTAuMENr
OF oPERATIoNs-wHAT OIL MEN IN THIS CITY
SAY.
dispatch from Titusville, published yes
tedav stated that of the strongest syndcate ever
oroizsd was about 10 be formed among the oil pro-
ducers OF Pennsylvania for the purpose OF pulling the
market The scheme described as an agreement De
tween all the leading producers in the oil country 10 dis
continue the drilling sinking Of new wells for the SIX
months from November l TO May, 1888. The dispatch
mentioned the names Of Mckinney Co.. the Union OIL
Company. the Tidewaer Pipe Company, John j. carter
and IL. B. Porter as being among ths pLooeIH o. tne
scaeme. An investg CATION made by IRBCNE reporter
yesterday disclosed tue fact that no suen
movement as thai described IL lno ulHPatcH War ~
trmplaed Evidently the circumstance wlch gave rlse
10 the report effort on the part OF he owners OF
the oil lands in what II knOWn as Jhe Sheneiu qslct III
Forest County TO suspend drilling III tract WnlcA tney
have only recently tested rms tract Is known az me
Cooper tract. The largest owners are ulg
Anchor and Union Companies, but the men mentioned
above are also interested The Underwater IlDe Com
many however ia not an oil producer and has no line
within tweptv-fve miles the wells that have been
opened in the tract IN question: Ihls tract Is Two ana
thrce-Quarter miles long, ana OF an unknown capacly
Three wells have been drilled III II one at either emu
and one the middle, These are the test wells ana
their united yield al present Is aDout ~ i ~
crude petroleum per day II one owner oeghs 10 uIi
others on TIE line VIII De 3Dnge1 70 I8O" m oragI
rt5r and this compes unity Of action in the effort to
stop he production Of oil n order 10 await better mar
Iet Ia the promotion OF such united action meeting
~ the owners OF the Cooper tract held at Warren,
contemplated agreement could not be learned here
lasf evening Efforts Of the kind on large scale have
been frequent heretofore the OIL producers but
tbev have failed uniformly because OF the praccGI -
pOssibitv OF securing complete concert OF action,
l. a. Suith who is the president OF ne New ork Pc
troeu Exchange and also president OF the Anchor On
Cmupauy, SAID yesterday in response 10 the question
whether oil producers were comb ming 10 discontinue
the drill for six months IL order 10 force up the pree
- know or no such thing being agltated, There mas
bcen some talk among the landowners IN the Sheeld
district In Forest County oil their curtang operations
hut T. IL not as yet cousummated. AS TO whether huch
a combination would have material effect upon the
price OF petroleum, Mr.. Smith declined 10 give an
opinion , . e.. r.
eoufite Committee Of he standard Oh Com
many said that II essful, the plan OF the
Sheffield district owners would have oulilsh effect
on tue market though II Impossible 10 say 10 what
extent tine the price or OIL nom - cents 10
% cents within the last sixty days. added MI 5rews
ter has checked the export demand and holders OF
cce oil especially IN the oil region. believe 1at prices
viii he maintained. The exporters on tne Ojhef hand
and the foreign correspondents believe the price 10 be
speculative Onf which cannot be maintained ana SO are
holding off THIS movement of which You speak would
of course tend to in the maintenance OF advance
Another officer Of the company added; The United
pine lines have to-day in store 30OOOOOO barrels OF OIL
and thereis fully 10000 barrels OvcrprOductlon eacD
dav II would therefore be good thng II the producers
would enter arrangements Of this Kind ana govern
Them production by the law OF supply ana demand,
which they now ignore