New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-06-29
TIE PETROLEUM MARKET.

NETWORK. June 2s.
Perhaps the newest fact to note in regard to
the petroleum situation is the purchases OF Ger
tifcates for European account. They have not been
very heavy yet but their significance lies IN the fact
that they may he sYmptOmatc OF widening OF spccula-
tive interest resulting the strong statistical position
OF the commodity There is no more reason for accept
ing iufalibc the that the public or invest.
be attracted to oil because the speculation In
railroad stocks has been languishing than there for
arguing the basis that grain cotton show
no response TO the independent conditions governing
it. Commercially petroleum shows con liuued improve
while the pipe line statements still Indicate an
OF consumption, foreign buyers OF refined oil who
have been delaying purchases In hope OF decline ara
being forced to repensh depleted stocks The refined
product has firmly held, and late advance OF q
cent per gallon yesterday makes total gain from tho
previous week Of a cent The situation, as whole,
challenges comparison with that OF 1876. when crude
oil rose to 81 % per barrel and ruled through tho
year in tho neighborheod OF "a. Yet 1T that
time, with the worlds consumption averaging about
10000 barrels daily tthe production ruling at
about $4,000 barrcs the stocks in the seven Continent
tai ports OF Europe some 100000 barrels For
this year consumption Of oil estimated censerva-
lively at 10000 IL 900 barrels day the pro-
duction far below figures and the visible supply
OF Europe little 100000 barrels Unless there
decided change in the reduction OF stocks Oh crude
1885 will above ground equal to less than
fifteen months consumption.
to ~ the activity ,ii Of explorers. when the out
put OF crude ought to be about at the maIimum.
there is an actual falling of In new production We
have reason to believe following figures for tho
month ont Of the hume way will wsn the be on 20
auction report published in few y DAYS. lays;
S %f a5s Decrease 49, rig. up and 1885,
q PER h Sl S1
e DAILY average a pipe line amount to 5s2
barrels asain. 574l barrels in May e9Sso
aud 70,450 barrels in June. 1888. The
barrels in June 1884 and 5s249 barrels in June, 1882
The charters average 53;679 barrels daily, againso
1915 barrels in June 1884 4s barrels In June.
1883 The figures from June to 20 charters to June
26) arc as follows
g... aF; R;E;5; ie;|;;
In nutshell the market National Transit certin-
Gates last week may be described as speculative 70.
spsnse TO the commercial conditions which have for
mouths been staring ng Wa. and
with no reaction Of Importance prices advanced from
preceding Saturday the closing quotation shows gain
OF 7s compared with the week preceding that te
eeeded without ample warning to the bears or timid
bulls, but with every rise Of ,,t or
the prices touched last week preyosedheavy reazaons
of long oil which the market absorbed with remarkable
though willing buy, delayed their purchases In hope
OF decided reaction downward The market languished
4
second nature for operators to think aud say: The
market can't 20 up, anyhow" Yet the statistical
trenoth of thc article has been impossible not 10
recognize that should have been constant source OF
wonder why values did not leave basis that In times
OF any speculative activity would under
the same conditions, have been REGARDED
overlooked that the prices of oil prevailing for long
were made "A In financial crash born or out
aide causes such the trade does not suffer from IN
many years Deductng the stock that reDners muso
carry from motives OF prudence and the credit balances
likely 10 increase rather than diminish. In view or the
outlook and the amount OF certificates available for
SPECULATION can readily he to be dangerously small
for a market of increased dimensions. The market
ended buoyan at the best price OF the week and OF
the wear $50 far but Notwithstanding the profits freely
taken ON the advance there every promise at tho
close barring accidents of further upward movement
and one not unlikely to he rapid.
The range and the total dealings Tor the week
nj the Consolidated Exchange were as follows:
Opennq ......... s2Ia Iowcst............ STA
Highest............. 90 Final. 30
Sales. barrels.
barrels oo,o-V'oVV
There is an increasing demand from exporters for re-
fined oil aud the final quotations for the week were y
cents IN New-Yor aud cents IN Philadelphia and Bal
tmOre, Abel test.
OIL CITY Penn June 27.-Crude oil-saes. 3,Sl5000
hills: clcarances, 6isO,0O0 bbis.; runs 65523 bbls.
.hipmens 562sl bbs charters. 60 sol hbls. National
Transit Certificates opened at s135 and closed at S9s
highest price, 90is lowest price. 81.
BRADFORD, Penn, June 27.-Crude Oil-National
Transit Certificates opened at s7s and closed at s9s
Highest price. 80; lowest .price. sis.