New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-30
THE PETROLEUM MARKET.

NEWS FROM THE FIELD AND RANGE OF PRICES.
Speculation in crude petroleum dull all the week.
and the trading was entirely professionals and
showed no any ty outsiders
IN rs condition The market opened Monday dull and
ieaurelcss SO IL, and sold steadily TO SIS, the
ghest price OF the week late in the days transactions
from which time ls steadily declined throughout. until on
Saturday the lowest figure. 70 3s. was reached The
fluctuations all through confined limits.
the extreme figures only showing Of So points
The bears Systematically hammered prices all through the
week whenever small advance had been accorded The
sst decline place Friday afternoon when there
drive the Of the transactions. to
which prices. however only yielded IL cents There
vas little from the fields OF sufficient I'M
poriance 70 influence tho operators but the dsDa
although meagre, generally OF encouraging
The which expected Of better prospects from
Ut Morris. Penn. did arrive although IL is state
that favorable dispatches daily
district One extremely good feature the general
situation is tho fact that there Is great demand for
bottoms in American ports which thoroughly
secured % obtain facilities for export OF oil 70 I'LL
existing foreign orders while the for the future
export trade is good the European markets all reporting
t''anees during the last the American product
writing from London during the week. Mr. Gibson,
o. The finn OF Watson Gibson said OF the foreign p-oduc
t0h; Upon INQUIRY find that the Russian producers
u Nners are pushing their Illuminating and lubrcating
Oils In this market but at the disadvantage that the British
public are slow 70 make change, and as they are
educated the American article they pre,er IL Small
tiaaesmen however find enough difference in favor Of
Ae Russian oil TO Induce them to purchase retail IT.
aud the trade is increasing The present price Of
american refined IS pence and Of Russian pence and
one arthng 70 against 10 12 cents stated
IN American money. am informed that Russian oil has
been laid down here with profit at 1--WE pence The
greatest obstacle 70 the successful Introduction Russian
Oh In this market is really transportation
but this difficulty IS being removed The Era Steamship
company has now bulk called the Era which
VIII this year bring about 100000 barrels Of Russian
refined and this company constructing new steamer
VIII
barrels this year. The Standard on Counanv annears
70 be preparing Tor more economical working l hear
that they have formed company here called the Anglo
American OIL Company with capital OF goo ooo which
Will be In operation this fall ! presume ga np,nosa ,s
TO GO away with middle refined hro,ers shtr h-oEars
ana DINERS VINO have made their percentage on all oil
imported into Great Britain This will naturally enable
the American article to be furnished 10 the co,sa =.
closer figures but ali people with when ha,o s
that sustained advance in the price n, Ao,,
crude would play directly into the hands o, the p
dealers and importers"
The last OF the letter does NJ, .o &,
with the difficulty this side In sun,lyt
the European demand which together with the nom
consumption at the time. is in excess Of IN.
Production reported from the wells Iaidlng OF p,lccs
nay generally looked present dune,
PREVAILS but the market broadens there Is no
doubt that prices Will advance provided that the demands
Of the markets continue at present. and
but little doubt from the outlook that they will be more
The range Of prices the total dealings National
Transit certincaies at the Conso 1a,ed Stock and
Petroleum Exchange for the corresponding weeks for three
Week ending July 81 1885, July 80 1887 July o. 1888
opening Go 81 3S S3l
Highest . 1874 577-s IS
Lowest IS 81 7938
Final CO 7.9 57I4 S0l-S
Bales barrels % $50 600 100000 1855 900
Refined OIL was firm throughout the week at IL cents
vf gallon, Abel test at all points
on CITY Penn. July 2svationa Transit ocrtiacas.s
eepened at sOt; highest. s05 lovest 1915 closet so
s.s Tf7 900 elesraDeea 100000 barrel. char
'fs S1.oI7 Dbls shpne1s 1880 barrels run. 49.3O0
sPirrsBrRs. Penn. July 2s-Petroioun closed steady
saonS Transit certine opened at 80; closed at eOs
''shesi. s07 lowest. 70s.
nsApFoKD Ptun- Jaly 2SEatlons Transit Certificates
esafanees. 100 900 barrels
.mtsvnIE Penn July rs National Transit Certificates
"'eu al 20 highest. oot Low est. 1854 closed. 80