New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-09-01
TIE PETROLEUM MARKET.


Whatever fate may befall the speculation for higher
prices Of crude petroleum certificates 1t must be con-
fess ed that more legitimate basis exists in statistics for
advance than existed this time gear ago The aver
price last August 81 Os and for the month 81
September, 1888 81 12l2 Then the high prices were
stimulating production and ignoring the experience OF
former years operators were plying the drill IN every
possble direction Of the competition OF the
Russian petroleum fields was yet undetermined an II
was apparent that our policy would inevitably
lead 10 an accumulation OF That did come and
the result was an addition the surplus oil above ground
1000 600 or so But seemingly he disasters
in the trade OF ast May and June left lesson which the
PRODUCERS have not yet unlearned. Hence we
have seen conccited action LOOKING to more
careful outstanding Of the territory IN winch experience
has that the precious product only can De
found in important quantities. The result Is almost
tota abandonment Of new development wo X, heavy
decline IA The number OF wells competed TINS month ana
abegiuning Of shIinkage i'll production which, under
the restrictive policy. is bound 10 contnu' There -
III e d0ub, that by month reduction OF stocks
vii be reflected in the pipeline reports The "bue-a-
of the Baku oil yield has lost much Of It's terro'
AID Of it the report at the recent producers meeting
well says:
"Al discoveries outside OF this he Pennsylvania an
New-YOrz territory have proven deficient, either III
quantity or in quality. O0tainabe Only AZ such eN
pcnse TO render II almost wOr HESS com et or ID
the markets Of the world For example, have been
threatened with the oil fields Of Russia she has thus far
exported only sample lots, whcl have be N received
win di.favor and we are constantly Increasing GU
shipments TO the ports the Black and Caspian Seas
for the use Of those people surrounding the Russia
Il Ids"
The large transfers OF oil the wells 10 the custody OF
II. pipe lines us tlly end Of every month.
We swollen the pipe line last Mondays table
was pubi he'd The runs show rage daily *
cess over deliveries in August Of 1888 barrels TIL run
average Go 7Os barrels per y, against G6329 barrel, ~
Juiv Gs Ia N
average "a 375 barrels. against $3.50 barrels in in
and 67 29s barrels in August 1883 The daily average
o. charters r ported IS, sol Barrels aims jGll bar
res IN July 10 l15 barrels in June an 1876 barrel. an
August 1888 The lures August 2s charters % Auo
US 20, aIe as sublOIncd;
To,a, hills. H 0Sg s2o ps62, 40 $3.50 Al, 80
Az per dsy ~ 657O3 $50 1883 49jO1
week was really the time that any violent ad-
taken place price of National Transit Ger
III ate since the Improvement began rom ne June de
preston. A marked feature OF he receh
SPECULATION has been the quiet movement ~
prce, and the frequency of the actions. OPERATOR
lave sold deal Of oil. bong back ana resOd
advance. Tuis fact has tend 10 den the circle OF
aders although yet no EXTENSIVE puolc buying M
ben Last week The sales az me Two exchange
we're up the enormo1 figures Of l0d5i4OVO Ia rel,
Prices sila s39 cents to 1914 cent reacted
aud hen advanced 10 93l2 cents ana en- ed az 9Os cents
against sac cents, the previous weeks cJlng quota
ton The nlrket APP RS TO nave absorbed tne neaYy
largely added in the closing days " the week and If
the strong underone Of the speculate N be criterion
control Of the situation remains IN The hands OF the
The range of prices and the total dealings for the
VIVA "'i' a. NY Pet Con FL.
openine. NEUTRALITY-SUSPICIOUS.. 90 go
Hzhos. 90 90
Lo-est....- go eoI
tss. barrels: 5O4sOO0O 5OsG4OO6
ClearaDoes. yesterday. Asl4oVV0 o'90OVVV
On the whole the refined oil market strong last
week and fairy active Final prices were e OF cent
higher than the end OF the preceding week as follows