Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-12-27
OIL STILL RESTING.
More Feeling Than Business in the Mar.
kct-NnrrOw All Through.

More Feeling Than Business in the Mar
kct-Narrow All Through.
The oil market was dull and expressionless
yesterday until just before the close. when it
frightened up little on q small amount Of
buying. Trauing was light, however, all day.
The bull movement originated in New York,
but an attempt to follow it up here was entirely
unsuccessful. Brokers had no use for the stun
and outsiders wouldn't take it. The opening
was @ 81 OS highest 81 OS11, lowest 81 0S. closing
81 03SS. showing range of nc.
Certificates were reported scarce. but the
apathy which prevailed and the narrow range
OF prices had contrary appearance to an out
slider. Wednesdays clearances were 364, 900
barrels.
]. NJ. Oakley & Co. received the following
from their New York correspondents, Watson
& Gibson, yesterday: Evidence continues to
accumulate of q very important expansion on
the market for Russian petroleum in the far
East and of increased energy and enterprise
in developing and marketing the Russian Pc
ment of petroleum, on the Black Sea, is reached
by the Transcaucasian Railway, $50 miles from
Baku, the seat of the Russian petroleum indus
Try. As we have frequently said before, one
obstacle to the expectation of Russian oil has
been the cost of transportation over this line OF
road, particularly owing TO the heavy grades
over the Suram pass, 1900 feet above sea level.
1t is perhaps not generally known. however,
that pipe line is constructing, which will be
ready for operation early in the coming spring,
that will overcome a large portion of this diff
Guilty, and consequently increase the capacity
of the railway and cheaper the cost of trans
portation overit. =.
Consular statistics show that the exports Of
Illuminating oil from the port of Batoum last
year were l09. 100000 gallons against 100000
gallons the preceding year, and az large ship
ments were made by railway to Austria, the
actual increase of exports from Batoum was
considerably greater than the figures show.
The Shanghai Mercury for the 22d of August
last says that one of the most striking fea-
lures of China trade statistics is the rapid
growth of the import OF Russian kerosene into
that country. 1t saws that while previous to
January l, 1889, no Russian Oil had been re-
ceiyed at the port of Ningpo during the first
quarter OF this year the receipts OF Russian
oil. which then first began. amounted to 81, ,000-
600 gallons against 2S7. .240 gallons Of American
oil, while in the second quarter the Russian
receipts were $4,000, against the American
235 100.
Russian oil was also introduced this year for
the first time at Manila and the energy with
which Russian refiners are pushing out for
trade has resulted in q lowering of prices in the
far East for American oil. and as the trade in
that region is not SO fastidious in its require
ments, we are inclined to believe that in order
to proftably meet the. growing competition of
Russia, American refners will be compelled to
utilize the cheaper grade oil of Ohio.
In this view OF the case We are compelled to
believe that there must be closer approxima-
tion Of the market value of Ohio ana Pennsyl-
vania crude, and this is perhaps as likely to be
arrived at by a Lowering of the price of Penn
sylvania oil as by any exceptional advance in
the Ohio product.