New-York tribune., 1885-02-21
"BOOM" IN THE OIL MARKET.
BROKERS TALKING ABOUT HIGHER PRICES AND
CONSOLIDATION SCHEMES

BROKERS TALKING ABOUT HIGHER PRICES AND
CONSOLIDATION SCHEMES.
The new rules drafted bya committee of the Pro;
duoe ExGaange regnatnE cerieates among
members of the Exchange have been adopted ahd
Yesterday the first transaction was made Jameson,
af ISL ceats per barrel TO Griffith q Goadoy.
The rules governing trading III petroleum are SIM
lar to those other products dealt IN on tho HA-
The action of the Produce Exchange caused no
special comment at the New;York Petroleum TX TX
change, as the idea OF consolldsstiond proninent
members of the New-York Board ana the HeM,
York Mining Exchange however, are woihlns Itu Tba
to bring. these two organizaatiops oSeI SorI petro.
lenm Exchange has appointed H. III ohiaH' p'
ii. E. Hssford, Frank Tack, II. A fat. no
terso to eonfer wit With the Mining Board plan to be
submitted to the members of the exchanges. IN
few days The Governing Comnteoe nreSident ot en
Wilson to appoint committee IN their oehaIl. III
is asserted by some members that the plan OF union
has been practically agreed upon oy 1ho eaeiS AZ
the two boards 50 that the event is assured AS
no official action has been taken, however, thc
situation may be changed by further consWlta-
tions between the Mining Board aud the New-lorK
Stick Exchange. -
The members of the oil exchanges however,,
were allowed little time to discuss consolldation
matters on account OF the sudden aetaN,uy ioa
sharp advance in prices developed in the market.
The dealings were larger than they have been III
many days and prices rose nearly cests per par
rel Ne failures were announced, nut some are
expected if the advance continues although the
heaviest losers on the bear side are wealthy
houses which are the principals back or the opera
ions of all brokers who do not trade for ight pro-
fits to be reaped before the day closes. lhere was
no news from the oil fields TO stimulate buyers out
the #" bulls contended that the market was SIM
py responding to the favorable situation as regards
the relations bet tween the present receipts ana dc-
liveres of oil from the wells TO rennerS and othcr
consumers.
THE MINING ENGINEERS LAST SESSION.
Yesterday was the last day of the session of the
American Institute of Mining Engineers. IN the
morning a meeting was held III one OF inc IcCiulc-
rooms of the School Of Mines Columbia ol!egc'
Papers on me etalurglcal subjects were READ by J.. -
Laureau and y. LienbcrQ, OF this city, ana Dy L.
f. Witherbee, OF Crown Point, y. \. These were
listened TO with n crest and ihc merits Oh lhe pro
cesses and appliances described in them thorough
y discussed by the veteran Iron mas
ters present. Professor Eggleslon announced
the receipt of letter containing information o the
deaf in Paris on the 1st of February, ot sidney
Gilchnst Thomas, member OF the Institute. and
metallurglst famous for the invention oi the ba'lc
process of manufacturing steel, which bears MS
name. Professor George W; MAYNARD VINO was ioi
years intimately acquainted with Mr.. Thomas, ana
who int reduced his process Ill this country. gave
short biographical sketcn of his lie IN the iorn OF
a memorial address. The report of the secretary
showed the sOcicty he in tiOurlshlnR condition,
with / Al members III full standing, over So,OuO
in the treasury. and an income Of Tl7uO-
against an expenditure of $l7,3Sl during the last
year. James {. BayleS was again CHOSEN pTeSideht'
with Dr. X. W. Raymond as secretary.
The afternoon spent III visiting various points
of interest and in viewing the building, ald APP
paratus Of the School Of Mines. \ second party
explored the caveTns under Hell Gate aud SIN! an
other inspected the dynogIaph ear OF lIoies,0T
Dudley now under tue shed at the Grand CentTa
depot. In the evening the house OF Edward
Cooper 30. II Washington Square was thrown
nreu IN