New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-15
THE PETROLEUM MARKET.
NEWS FROM THE FIELD AND RANGE OF pRrcEa

NEWS FROM THE FIELD AND hANtE or rHiOh~
An outlook in tho oil country more encouraging 10
tho producer has been created by last weeks deveE
opments. In the old saxonburg field, which has been
almost abandoned a gIshcr of decided magnitude was
struck which Will set the drill again in active motion
and permit this territory probably to add consderaDD
To the new supply OF crude petroleum. Inc enormous
activity Of the explorers for Pennsylvania oil Is plhH
ing into sight every vestIge Of fertile land ana "hc'
II may be doubted that the results as wnoo WIZ
prove profitable TO the general producing interest," ,io
strikes OF the lucky operators Will help cheek he us
anpearance of The stocks above ground Inc Pc
,roIcum situation to-day IS unquestioDaby unique
speculation is at a low ebb and the bulk OF the Po
ducers appear to have cschewed ventures IN tne mar
ket and concentrated their energies ana capita upoh
the search for sources OF yleiu' lno9 "
abandoned all attempts to use the speculative inaA
rs lever for lifting the price OF thelr cohno'' "
nrobaby are trusting to legitimate considerations "
sustain the value OF their properties This
70 the open market is an excellent thing ror inc ro""
, ,pterest which, organized as It Is, and massed
rncinslIv I'm one monopoly thereby has better con-
troll Of the values It is forced to pay for the raw ma
terial 1t is excellent condition Tor consumers
also as they in less danger OF being con'penou
nav high prices for their light their lubricants e,c
The production in the Pennsylvania fields has stead
y risen I'm 1880 In consequence of the extraorunarS
alacrity OF tho drill With the exception OF only ono
month february the daily output Of each month
this wear has shown an increase over that OF inc
nrecedng month 1t is probable that the current
Yield of the fields is fully 900 barrels day. ana io
the number of wells drilling and the promising o-
caty OF many OF them, 1t Is reasonable TO look lor
nroductlon Of IS 900 barrels day before the summer
Is over This would bring the figures up TO those Oh
1887. before the shutn movement had torn such an
immense hole IN the supply above ground Inc pros'
pect of an expansion in the output threatens 10
ra1uo bacau Of
Of the Industry Consumption IS onsa large scaie'
and the disgust OF Europe with Its experiments win
Russian refined oil is reflected in the heavy export
movement OF the American article so far In 1882
From January / 10 date the total shipments nave
amounted to 900 900 gallons gain over the cor
espOndng period of 1883 of "a ,23o,OOO gallons Inc
demand from abroad has continued excellent at the
higher prlces asked by refners and promising pros
meet lies before the refined trade for the next six
months. strong and pretty uniform pace mas Oecn
kept ND by the deliveries since January i the tota
amount of deliveries up 10 June 30 has been 10 'ol
O52 barrels or a daily average for the Isl days COM
prised In the first half OF the year of 1886 barrels
The deliveries for the first six months OF 1888 were
10 269 "a barrels, or G77e9 barrels day The
same period OF 1887 showed deliveries amounting to
- Oj6 go barrels, ~, 1876 barrels daily ii TINS
years consumption be placed at last years figures,
the last six months of 1889 will be assured OF de-
veries 760 SOB barrels 60, 400 barrels daily
But IN 1895 tne ucHNcrles "erc uNluou a. iO'''.'
First SIX months IL SOD barrels; last six months
IA, 200 sol barrels; total, 26,470.655 barrels Inc
daily average of the deliveries IN the last half OF 1888
77,17s barrels. As our export trade Is now IN
creasng while it falling off in 1888, there is every
reason TO look forward TO a larger division OF this
years consumption In the last half The daily av-
crage Of deliveries in the next six months Is more
likely 10 be so 900 barrels than 10000 barrels. Hence
If the prodGc ton should rise TO $4,000 barrels
day there would be an assurance of a reduction I'm
stocks of at least 45O 900 barrels monthly or 2 700
600 barrels for the six months, thereby beginning
1890 with net stocks OF less than IL 100000 barrels
the amount on june 30 was only 14.6s0478 barrels
The amount of outstanding certificates was reduced
in June 525.662 barrels, to 9,416,390 barrels.
Appended Is a table showing the daily average pipe
line and deliveries fol- each month In the first half
Of the last three years: