New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-22
THE PETROLEUM MARkEI.
VIEWS FROM THE FIELp ANp RANGE or PRICES.

NEWS FROM THE FIELD AND RANGE OF PRICES.
IL the values of crude petroleum rested entirely upon
the relative prosperity Of the refined trade there could
De httle doubt of an important improvement in the
mahet surprising the best figures of the year 1885
1851 That they not a much higher basis
man 9Oa05 cents is doubtless largely due u the alb
sence Of the old speculative spirit at the West The
pronucers In the petroleum regions heavy dealers
I'D the crude market when stocks above ground were
TWO and three times their present size; when produc
uoh was rapidly rising. and when there had not been
the condemnation Of territory which has taken place
III the last few years. The power OF their operations
was frequently shown when prices advanced I,
high figures In the face Of adverse field statistical
conditions. and against the wishes of refining in
forests OF course there may be some excuse for the
ihdHercnce which the West now shows To the specu-
hton In certificates, for costly experiences we're
at times imposed upon the buyers of crude. II may
DE me part Of wisdom for the producing element to
confne Its energies the legitimate search for the
commodity and trust the influence Of actual demand
To enhance the value Of the supply I'm the field
what little speculation been INDUCED in for months
past by part Of the petroleum country has been di-
rected toward depreciation of market quotations
fet here could hardly be imagined better condition
than now exists for the extension Of speculative aid
~ lit the price OF crude Less than 14O00.000 bar
rels OF Pennsylvania oil will be above ground at the
end Of this MONTH while the control Of the entire
ah""hb vi certncaWs tof4lb5Jo
to-day would require on a 2O-cent margin, less than
s2OOOOOO IN capital. The present prospect of pro
duction does not promise maximum yield of more
than $1,000 barrels day this summer or from 10000
10 1000 barrels a day under the requirements Of
consumption As II IS now the July pipe line figures
are disappointing the expectations Of Increase and
the estimates of the reduction in net stocks this month
are from 100000 TO 200. 900 barrels.
In the refined trade a most satisfactory condition Of
pY ~ baa *
tained and It has been restrained by the advance
Of thirty points I'm the last four weeks. In fact,
last week the price at Philadelphia rose to the
Newiork levd-7.2O cents per gallon. 1t IS ALMOST
safe TO say that the foreign demand this year IS IN
precedented. The terror OF Russian competition was
virtually destroyed in 1888. The European continent
reason that consumers not satisfied with their eA-
perience with Russian refined IN 1857. The COM
mercal Bulletin recently analysed the export move
ment from the United States TO various countries tnd-
ing that America had regained tie markets OF Emope,
outside of Great Britain and Ireland, and mat eA-
/ Guiding China and the British possessions In Aus
trala, there had been important losses 70 our eX-
source OF Russian supply. the British East lndles
actually showing a decided increase rank steamers
formerly employed I'm the Russian trade nave Deen
pressed into the American service, and the Russian
/ pipe line project has received fresh disbursement
from the Government whose interests centred In
the trans aucasian railroad. The Russian wells dr'
constantly requiring deeper drilling and the Baki
deposits have been showing the same characteristics
of decline always attending gusher' pools TEST
mony Is general 10 the favorable OUTLOOK Oh the IT,