New-York tribune., 1884-03-31
THE PETROLEUA MARKET.
NEw-YoRK, March 80.


A year ago the average price of United Pipe
Line certificates March 81 81 100 cents per bar
rel The highest price that month 81 10s and the
rowes SO cents Refined oil ranged from 7a to = cents
per gallon, the average for the month being l9lOD
cents Last certificates sold down 93 aud
refined oil to SIS cents Tie total pipe line net stocks
amountld to 3J,532 2l4 barrels on March 80, Iss3
while to-day the nat stocks cannot be much
So 100000 barrels But he Cooper year ago
raady increasing production the weekly gauge Of all
the wells risiHg from 500 barrels February 2s 20
3339 barrels March 81 The Ballt0wn district, more
over beginning 70 excite the apprehension Of the
trade To-day the wok OF the drlll practically sus-
pended or at least the occasional wells that il brings In
Serve only make up for the decline in the output Of
the 0ier fields. In March, lss3 the daily average
OF pipe line 6440t barrels, against
an average OF shipments OF 52,737 barrels. so
far this month the have averaged
only 60 III barrels while the deliveries tread closely
upon this average per day Of 6l0l3 bar
rels. must be sscrbed, then tho coatn-
weakness OF the petroleum speculation since the be-
ginning OF the year, with the steady decline in prices
from 81 Is 99 cents Does lie in the condition OF
the forsgn. tradei Certainly much alarm was felt
over the competition the Russian OIL fields year ago
as there feel to-day and the course OF
ports year reflected serious inrosd Ia the Amc
trade The daily charters reported In March 1888,
averaged 80 O93 barrels, while this month the
rsen 1881 barrels against % $40 barrels in Feb
ana 3OSOO barrels ln January lSc8 Inc cOncln-
scn be- unavoidable that the petroleum market.
irrespective Of statistical situation suffering simply
from the indifference OF the publc to every io OF sp.
ulaton which makes the heavy carrying charges con-
nected vita the ownership OF certificates an mwelcoms
burden offering recompeuse In the promise OF future
demand at hisE> prices There ate important consider.
ations however 10 be remembered In the depression OF
prices. The decline Increases our power to compste
with foreign markets, and guarantees, at tgure.
the certainty OF renewed large demand fsom
invest by lessenng the risk OF an Improbable esyu.
OF the storage charges on the product.
The pipe line Il ,uFes from March arc follows:
Runs TO March 27............l l,e94,slO 62,El
r,,.o.. rim. A. 4Ga I75s
Charters 10 March 2s....... 905.274 Sz.S5i
For the frat few days last week the petroleum specus-
son dragged slowly along with fluctuations in pricss
week however witnessed enormous dealings which
record for the whole week sOSll 600 barrels
Thursday the market broke, and when Il Is said thas
practically without reaction the price fell 80 a94x
against II GOA az the close OF the preceding satur
day, the course OF the speculation Is sufficiently te-
seribed The decline was simply the result Of
a liquidation 81 the long" interest; the
at higher figures The from the oil regions was
uninportaut and the further weakness In tbs refined
market was not sufficiently accentated 10 be called
new phase ol the situation When the market closed
the short interest had been largely reduced but there
were no indications Of an immediate reaction. That
rally n inevitable finally, without saying. hut thero
Is 40 difference In the speculative situation likely 10
bring blood into the market from the position pFicr
10 the astprsvious break The temper Of traders Is
usually the case under the circumstances, was
! "bearish" at the close.
The range OF prices and the total transactions for
| the week were as follows.
0pesing sgts 100
] hlgneSt- loOs lQut
sales barrels ..... '..... as 34Seoo ICED
Cearancea Yesterday j4AO0O 5243ao00