New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-05-19
TIE PETROLEUN MARKET.
NEW YORK. May Is.

NEW-1ORk, May Il.
1t would serve no good purpose to attempt to
Disguise the fact that cshngbow was given to spec
uaon in United Pipe Line certificates last week by the
decentralization caused by the Wall Street 1urry and the
sudden stringency in money The extent of its effect
may properly be discussed, but there can be
no denial that the trade has been
greatly injured financially. In some direc-
tons a benefit TO the situation undoubtedly will be
the outcome OF tine Losses inflicted These will stop, in
all probability, from sheer financial inability TO raise
capita much OF the development work in the oil fields
In addition until there a decided improvement in
prces the low figures for oil viii be srdcient to dscour-
age new work Of the dr the part Of those who st
have the means open other territory The result will
be the conservative policy on the part OF producers
for some time 10 come, thus giving an oppor
tunitv for the legitimate demand for the commodity
to exert an important influence the normal production
But the crash IN prices and the iqudaOns which VIII De
forced holders later will unquesOnaDly curb the
speculative spirit and handicap still market that
laborng for months past under the Indifference
of the public to speculation Yet even here the conse
duence gathering Of oil in the hands OF strong
parties while range OF values MAJ be established which
will furnish basis for a legitimate advance wnen the
statistical conditions call for It. Unless experience
goes for nought prohtess to look Cor anything but
slow improvements wiz lue ' ma az - 80
ZION. prices that viii be dscJuragng % tins carrying OF
oil except ample and real margin -
From commercial point OF view he situation IL not as
hone mi a. could be wished The export trade has not re-
covered from its depression and buyers will naturally
not be tempted to increase their stocks after
The experience of last week with the uncertainties OF
the future before them The first two weeks or May
however, show only rifng accumulation Or OIL Inc
runs now average 62096 barrels day, against bv41O
barrels May 1888, and S6.9j7 barrels In May les@
The deliveries show daily average OF 6l75l DlTre :,
against 64314 barrels In May 1893, and 5s947 barre
IN May 1852. The daily average OF charters reported
this month is 5O,OIj barrels against 40459 barrels IN
May $50 and AZ 100 barrel, in May, 1852. The 1sures
TO MAY 10 charters TO May 16) are As follows:
Runs Deliveries Excess Runs. Charters.
Total barrels .93l al 026ZjS 5,l-3 suO23V
Average per day 81 O08 81 ISL 845 6OOl5
All the interest in the petroleum speculation last week
was centred IN the decline that began "Wednesday:
The market however had opened heavy, and prices fell
when the furry Wall street began there a rapid
break 10 81 cents. The next day. after a rally
10 sag cents, prices declined 10 73la cents, and
Friday the lowest points cents-was touched. 20
low figures have not been recorded since May, 1882 NO
failures OF any importance publicly announced.
Yet u Is fact that OF the largest houses IN the
trade not able meet their contracts during tue
panic and only by liberal money assistance from inter
ests connected with the Standard OIL Company and BY
general p0stpOHement Of actual settlement or
Liquidation OF accounts the clearances at
dead halt because OF the Inability OF most operators
TO raise margins loans TO carry OIL The week closed
with wildly huctustng market but tho last price re-
corded so cents against 942 cents the previous
Saturday. The coming week will probably witness wide
fluctuations while gradual liquidation OF accounts must
be carried on.
The range OF prices last week follows: