New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-08-06
CLOSING PRICES OF CALIFORNIA sr0OKG ,
eAN FRANcnco. Saturday. Aug 4 1884
THE PETROLEUM MARKET.

Nnw-foRK. Au& 5.
A great deal of activity marks the develop.
msut work which IL going on In the newer dstic
Of the petroleum region. IL has been several wee ncs
20 many new wells came In or reached tho poat when
when their arrival be looked for soon. Compared
with year ago. however, this work light and b,
ing carried on within Q much more limited unsxpsrsl
area than existed last August Tho result fas de-
yclopcd through these experiments have not been sa
factory to produeers who arc hoping for an unea
in the sources Of tho oil supply In th(
BaIltown district last week six wells were
completed, but the new production amounted
only TO l6lo barrels. Most OF the newas<ella
moreover. do not maintain tho rate OF production 4
winch they started. n Mehlens report OF the Baswl
tract was as follows Production go barrels iron 81
wells; rigs up and building IL; wels drilling g. against
IA wells drilling and rigs building the week befora
The pipe ine figures for the two days OF this month
cannot % taken indication Of their future chsrso
ter but the runs we're 1864 barrels, and
tho deliveries l32.400 barrels, aud excess sl
runs Of only 3,2l4 bayreA Tho chartsn 10
August represent lsA0s7 barrels daily average
OF "a 696 barrels The margin between the produottoa
and tho snpply IL small that any gain In the
deliveries shown by the figures will probably produce
more acute bullish feeling than will be felt the
bear" side II q reverse movement 10 indicated
later on. Tho season Ia approaching whep the
home consumption generally increases, while the
foreign demand necessarily VIII % greater uness
stocks abroad are larger THAI many conservative
persons estimate them TO be.
Owing to the bearsh news which has recently bean
received from the Oil fields and the indisposton Of thu
public speculate heavily ct presentprces the trssfs
last week watched for decline In prices But the
market displayed strength that was surprising. The
fluctuations were frequent, and no settled tone va
discovered but after opening 1t 81 067 the lowest
price the touched, was 81 054-17s only below
the closing price and size above the lowest price Of the
previous week The tendency OF prices was TO establish
for themselves small gains the days went by and the
close Was strong at 81 O9isosl o. The situation spec
uatisely Is peculiar There several clques In the
market which large holders Of OIL aud apparently
the general trade has released most Of their hodnsl
The absence Of direct induoement in "buish" news
checks wide buying, and the general disposition 10 e
wait for lower prices. There 10 heavy :" short"
interest In the market and o large element that ap
parently would become purchasers were manipulation
10 show its hand favor Of advance The istentons
Of the cques are OF unknown and impossible
TO Indicate The duness of business last week caused
by the state OF afsirs described naturally woadte
followed by lower prices but the conduct OF the market
encourages the idea that IL Is being sustained until
for higher prices could be fed by possible
supporting change In the statistical situation.
The range prices and the total dealings for the week
in New-York were as follows: