New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-07-26
LIE PETROLEUM MiREEL.

There is little to say about the petroleum sit
uaon that could not well DO SAID month ago Is to-
day Production Is In excess OF consumption the good
export business that exists Is governed by low values
and the speculation in the crude commodity is almost
dead Yet objectionable that large share Of the
pressed dtion Of prices due mainly TO sentiment
which liable be altered without any radical change
In conditions 1t IL less than two since
tue trade grew to the idea that values could
not rise unless the stock OF oil above ground was con-
tnusy decreasing Some OF the largest advances
recorded IN crude oil made when the output was
far In s1cess Of demand and taking series OF
the na. shown steady Increase and favorable
development The new sources Of supply discovered
saV ee had their speculative influence largely dis
% tine M tn 81 So IL.
OF pools aud while the rst effect OF any addition TO
s Of I tns i business sctes tlst reaction viii
follow VIXEN the relation Of consumption to
the proe. ys sure to occur sS m
ton generally steady progress Ws.re approach.
70 be Increased by the opening OF many new wei. and
las. ssoTD c a epS 10
isss i! E iS5ss iss. y iss:
ss 1907 July 8; $3.50; July TO- e,747i July y.
Inc Preparations made at the. Taylorstovn
wen several miles southwest Of Wasainxton9,
PRODUCER and 1t would not be surprising II another
Docket OF oil found there But there uoneed for
ineton field e. busters being opened ssnsside OF big
en.hers and vice puts the value OF each WE'LL
s anectipg position the independent
OF the particular amount OF the product found In
each narticuAr we'll Ia other words. dozen owners
nav res good pronts out OF the fertility OF their lands
anG another dozen may l0se all the money
thsv nave put into their ventures The figures
IF the National Transit and the Tidewater Pipe
iinss allowed last week about the sans differences bc-
runs and delveries they have done snce June
The renort from July TO 81 charters 70 the 23j ~
follows: p
Buns. Deliveries runa CharterA
Total barrels l.492.364 I463,9J6 2s.4os 800 53s
lveraSe per day -. 7l0S3 637lc 1858 42032
Eo announcement for expecting any revival OF
,psculatve improvement, tn crude was Afforded BY the
rpe.ser iast week Yet holders mad o great deal TO
,hs in the with which the unfavorabie
sNct of An yield the Washington district Was
r.sstHa Ths McKeown Nc. vel opening ut the rate
os OOo barrels day early In the week was surprise
70 the Yrnde and caused break TO 65ay cents. AFTER
ssss had been mss ~ high - 50 centa fet that vas
the lowest point touched, and the closing
uatston was actually shade above that OF the pre-
ttsN,nS week The Significance OF the market lies In
sSs fsct that prevailing values long oil comes oos
nIv from Aistsd speculative hoIders and after
h. calling Of stuf has ceased prices exhibit not
ma resilienoy. The market rule however, was
nssr Tho bulk the stocks above ground 10 IN strong
nS. M ANY serious decline will not b brought Aoous
~cent nv extremely bearish newa We can do no better
49, e. ren our remarks Of last Monday In speaknG
~ ths clos,px: duh bus there was an undertooe
% rsnSe of prices and total dealings ut the Ccnso
the Ia st three weeks were ss iooW