New-York tribune., 1889-12-30
TIE PETROLEUM MARKET.

NEWS FROM THE FIELD AND RANGE OF PRICES
Considered from the standpoint Of speculator' 'ho
petroleum situation presents little feature Of interest
a. the year draws to close. Dulness SO absom'e "s
ruled as almost to earn the description OF stagnauoh'
and there appears to be no prospect that specu"lo
Will turn an early attention to the crude HarAeV'
Neither here nor in Europe does any disposition eAsU
10 utilzc the stiong commercial position OF petroleum
In anticipation of a future advance In values ihc'o
is little mystery after all nj this indifference OF oapta
To the speculative possibilities Of oil The European
operator has Russia at his door, and while nc realizes
better than the American operator the superiority OF
American competition, perhaps he feels more strongly
the possibility of danger from that direction 10 any
attempt to force prices out of the foreign con
suner. At home he power OF the great renhh6 Ut
ganization stands menace OF harm 10 any DUH
campaign to which 1t does not lend Its sympathes OF
from which it at least withholds It's approval Cont
petition in the refining business on any scale OF mag
nitude has been shown TO be practically Impossible
and the terror of the Standards strength parayze7 the
ohtsde capitalist who may cast furtive gances at the
possibility Of bull combination nnder the eAstihs
favorable trade conditions. The policy OF the rehner
has been steadily reduce the intermediate agencies
Of barter between producer and consumer and to tat
end the eAtiE Eguishmcnt of speculation at the OIL ca
changes certainly contributes
But blue" though the atmosphere be in brokers
Offices the commercial aspect Of petroleum is satls-
factory We have heard lately revival OF
some talk concerning Russian competition anu
the equalization Of Pcnnsy lvania and Ohio oil. Ihat
relating 20 the former point Is mainly oased uP'"
consular reports which bclated Government Issue
causes to he back numbers when they reach the
hand OF the public. Russian competition was met anu
mastered early in 1859 and that too paralel "i'l
n steadily rising crude market. The exports OF Amer
lean crude, refined. etc, from January 70 "l'll
few DAYS are estimated at 6l0,i27 900 gallons an
increase over the corresponding period OF 1888 Vi
81 500 600 gallons. An increase OF 10 per cen, III
our exrorts is not consistent with the theory thaV
Russia Is gaining rapidly upon our trade unless VIC
assume that the growth Of the worlds consumption
is So great a. to render this foreign competition oi
little Importance to us Foreign advices also ihdcalc
that the interior shipments Jom the European oo'
tlncnta ports from July l to December D "eio
2G62 900 barrels, increase OF oO''oOO DdrIc9 '0
l8ss with this large consumption morally certain 10
continue and with the visible supply at the seVc"
Continental ports down TO 100000 barrels on DC
cemuer "a loss of Al 900 barrels from last year, the
promise of the coming spring is bright for the eA
mort movement And in considering the
element Of Russian rivalry 1t shoulu
not be overlooked that the stahuaiu l.
gradually ACQUIRING the buk oil ocean transportation
~ ali Europr Weighted by Government handlcaps
and lnsufcien. capta,, the Russian Oil Industry HuS'
creep where Americas can stride. . -, 4.
Where the fear of Lima oil exists IL Is % %naIu 40 ~
arcuc II away But it cannot be claimed tAat lhe
standard IS giving Indications OF any IN ite'O M b ~ he
troduce Ohio refined In manner lkeB 10 crush tle m
market Production Of the first class Is 100 setIve
for the refDcr to discourage field operations ana us
turl the foreign situation by attempting serious ue
preston in crude. bat II i worth nothS ihat WIZ
ibe Eucleye pipe Line ran 4O72 barrels in N"vem-
Ter Iast it, deliveries 7jo702 barrels, leaving
an accumulation Of stocks OF only li5'O DarIcs 10.
tbc month Il the charge that Ohio oil Is beng
mixed with Penn.ylva brands by the standard be
true. then the reduction In PcnnSyNana STOCKS as
eumcs greater significance. But II the claims OF
the infcrori:y ~ OhiO oil be maintained, woud not
business policy dictate 10 the standard the peNerV-
tion Of the Integrity Of it, brands Of Pennsylvania oil
against all rivals
The prolonged quiet in crude speculation would seem