New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-11-23
TIE PETROLEUM MARKET

UnreasOning panic was let loose at the oil ex-
changes last week. with the result Of break in prices
TO below the dollar mark though on October 20 crude
certificates sold 81 l2la We say unreasonng, because
for three days the week holders OF oil flung their hold
ings the market without thought OF anything except
desire to find buyers aGd the state Of mind into which
operators had fallen the direction OF values would bavo
been the same whether the basis had been II 2J or IS
cents The interruption of the Sunday holiday however,
may TO quiet the nerves or many persons and
able them TO look with more cOones pon the situation
And certainly tue outlook not such to warrant the
sudden chan in the OF speculation resulting from
the great nght caused by the weeks news from
the'O country. Without going into details (Which
given far as they could be ascerained in The TRGB
NF daily reviews or it, news columus N is enough to
say that the phase OF the Developments at
kUZua and Kane Penn, Is simply that a prospect IL
ouene of pos.ibe Increase Ia TIE new supply OF petro-
lrum vigorous drilling carried on IN some OF the
virgin lands those points. But, IS there cause Tor
great alarm in view OF such possibility when the stock
OF petroleum above ground has been reduced over
100000 barrels IN fourteen months and the rate OF ex
OF deliveries runs Is continuing nj nearly 1000
barrels dayi The old production has for the Last
falling of more rapidly than the new supply III
Ghe daily runs this month are less tnan
$4,000 barrels the average for the year In 1854 was
Gi7Si barrels while the average daily deliveries were
6jG07 barrels and IN spite VI the Wall street panic IN tho
Of that year he average price Of crnde was 81
cents. The IN lss3 were 66,sO9 barrels,
price was ~ o. To-day the average shipments arc
nearly $1,000 barrels. The home consumption OF tho
commodity Is increasing every month ana the exports
reflect growing demand abroad IN the face OF Russian
competition amt severe duties directed Dy many 9l tEo
European states against the american aicle But IN
addition these general buish contrasts OF the present
position or the commodity, TX i TO
considered that the Interests o, producers are aIsyed
against low prices aud IN the knzud district the terri
tory that may yield production IL not divided
among numerous owners. who might DC competed 70
dr their lands because their ncgIOOrs were draining
their pools reckless operations Eyfn IN the absence
OF motives conservative action, the approaching cold
weather will throw the obstacles Of nature IN the way
OF aastefu deN eOpmcnts. Experienced observers look
for the Anchor well near hinLua 10 decline from lts
opening output OF 1000 barrels day even more Than
already done As regards the Clcminger wei, near
Kane the dry holes the vicinity would seem u con-
nne possible extension or that field To limits
The upe line runs for November have averaged
557 barrels per day. against daily average Ot % III
barrels IN October CLOS barrels IN NoyemDer, 1854,
aud 50 3OS barrels IN November. 1883 The lily aver
age has been o. 74S barrels, compared
with G69lI barrels In October, 69i9l in November.
1884, aud Is. S33 barrels In November. ls73. The
charters 39O3S barrels against 1921 barrels
last month. 4O,l23 barrels in November. 1881, and
p 3Ol barrels in November lss3. The figures from
November to 10 charters TO November 2O are as ap-
pended:
Runs Deliveries Deliveries. Charters.
Average per dly $50 02TIS GEES Sg,03s
The week opened at the Consolidated Exchange with
every promise of renewed advance In crude based on
the statistical situation aud the generally buOydnt feel
quotation Of the preceding week established. when
heavy sales from West stimulated 10y eXagger-
ated reports regarding the Cienlhgcr wei A brle.
panic swept prices down to 81 OOs Wednesday, and
after a DAY seadiness the market again broken
by speculative sales coming from operators who had
early advlces OF the big now the Anchor WELL
KIuIua The scare renewed aud the decline swept
into It's course additional speeul I'VE holdings which
had been carried margins which were sac.
rihced stOporders." Tho VIVID excitement was con-
tiuued to the end and uudl quotations re the OWesI
of the week and showed loss OF IS cents de.
cded the short Interest mas been created by
the drop aud reaction upward would DC tue hItufdI
result OF a queting Of the fears Of TRADERS.
The range prices and the total dealings AZ the Con-
sodated Exchange for the last two weeks were as FOL