New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-02-17
THE PETROLEUM MARKET.
NEWS FROM THE FIELD AND RANGE OF PR

NEWS FROM THE FIELD AND RANGE OF PRICE,
Perhaps the most significant feature Of the petroleum
situation IS the evidence of restessness the part Of
producers at the dominance Of the refining monopoly
IL Is readily realized that the Standards sympsties
naturally are toward cheapening OF the cost Of the
raw material used in its business. Exceptions
to be noted, OF course, when prolonged depression
threatens the life of the producing industry. and then
the refining organization is DESTROYS of assisting an
advance for the purpose Of preventing decline in
the output. But at the present iuncture Of affairs.
when by their unprecedented activity with the drill the
producers lay themselves open 10 the charge that they
are satisfied with the ruling basis OF values, the
standard hardly be expected to exert itself in
favor of advancing the crude market On the con-
rary the indications have been too numerous I'm the
last year be ignored that the refining interests have
been hostile to speculation and that by every
at their command have sought to reduce the trade to
q simplicity which involves merely the purchase Of
production from the producer and its sale. refined,
direct to the consumer IL lies with the men who
own the Pennsylvania fields 10 adopt measures which
will Weld them better returns for their product and
il is gratifying TO know that the most important pro-
ducers of the West already carefully considering
the best means to achieve this end. The construction
of a new pipe line and the establishment OF sesboard
refneres would be the most radical method for In
creasng their prosperity But this is open to ooiec
on the score OF Improbable competition at tho
start although the which attended the Craig
Elkns rivalry in the refining line Is not to be despised
one plan is to form syndicate or trust Win the
necessary capital TO carry OF the market one-thin
onehalf OF the current output or such an amount
as would be required to increase the terms offered by
the rehnerS. The schemes Of the Western producers
have not yet reached definite shape, but 1t may DO
accepted that satisfactory project is likely 70
be the outcome Of the consultations now going on
The hunters for oil have met with some unusual
good fortune in the last week and in consequence pro-
ductOn is on the increase. The West Virginia helds
have shown signs of good promise and in Pennsylvania
several valuable extensions Of territory have been
secured The complete pipeline reports last week
showed an Increase in the January runs, as compared
with December, 1550, OF 1880 barrels. making the
daily avcra. for January Go,OOS barrels, against
60g07 barrels in December. But. nevertheless, the
deliveries attained the handsome average last month
OF oG42G barrels day and the reduction In total het
sOc h Of all lines 40l go barrels. Inc CONTRAST
January with former years Is fun OF interest snow
Ing OF course decided rise in the yleld from INC
shutdown movement and It's effects, but e1mDiths
the growth Of consumption aud the remarkable FeduC-
ton II stocks above ground Annexed are the pipe
line figures for January In the last three years ~