New-York tribune., 1885-10-19
TIE PETROLEEM MAREET

| reviewer of the crude oil market OF last
week finds for the first time in many weary days some
thing Of interest to write about the speculative
we'll as the statistical side of the situation. Transactions
In certificates at the Consolidated Stock and Petroleum
Exchange that probably exceeded In amount (compar
ing the most active day Of the week with that OF any
other previous week. any record made at the Ex
change and advance prices to 81 10 the highest
point reached >nco February, 18S4) sufficiently In
they not tell their story well in brief And that story
simply Is that speculation manipulation, whatever
values. followed haltingly after tho progress steadily
made In the commercial position OF oil. And the
81 0la August 22 Interrupted by occasional
tons limited to afew cents TO 81 10 on last saturday
has closely resemblcd the previous of oil from
among the seventies aud its rise the dollar The
advance has been bitterly fought al times the oppre
sion OF carrying has crippled speculation that
orion Is glad to push up railroad stocks which nave no
promise OF dividends I'LL larks are to be caught from
falling skies and the high prices comparatively speak
ing have spurred producers to the hottest endeavor 10
ma new sources OF supply Yet bearing these burdens
export trade was increasing and the visible supply
OF the product disappearing at the rate OF several
millions Of barrels year, with new field In sight.
People have often said You can't put up OIL for the
that speculative buyers not needed when
commercial consumption absorbing more OF
under the industrious OF the drill IL is idle TO
talk OF the possibilities Of speculation, for oil labors
aton among spectators by some OF the cruelest and
most iueNcusahie manipuatiOns that ever dlsgraced
wall street operations so long. however. as figures
he accepted guides to the investor until they
change their story mouotonous as 1t may seem must be
There no from the oil regions last week that
calls FOR special comment The pipe line daily reports
FOR October st show excess OF deliveries over runs
although tho excess great II has been for the
last two mohths The runs to October Is. average
3i9jj barrels day, compared with 5S,7lS barrels
In september 5i,1s barrels In August aud 6307l bar
rcls October. l-S aud 67675 barrels in October
sS3 The daily average Of deliveries has been go S66
barrels. against 7l2Q6 barrels In september, 100
aud 1923 barrels IN October 1883. Tne charters have
averaged 1887 barrels day against 80 sol barrels
last month 1900 barrels In August and 393S3 bar
res in October, lS-4 and 4i747 barrels IN october,
1883 Tho average exports from New-York have been
10 October IL 1924 barrels crude equivalent as con-
trasted with 3s,1J5 barrels In September and 33040
birrcls IN August. The pine line Ggures from October
10 10 charters to tue lGtil are as appended:
TG Gyeas er a 'S55 55 '555 55 S5Sfi @ 1852 1885,
The table given below Is almost sufficient to tell the
tale OF tho Grade oil p'cnis.ioI The market opened
win y record OF business for the last day which has
probably never been cqualed In the history OF the
- ZOO barrels For the st three days prices hest
lated about OF on Wednesday OPS ras reached.
the close that dIy was at 81 O154 The the week
ubt witnessed an Increasingly UuOyant speculation and
price, moved almost without reaction, from 81 O2e
81 OF - to ~ Such advance cOurted enormous
Hood of rcalizations yet the uninterrupted rise OF
cents followed by n reluctant reaction OF only
cents And II Is questionable whether the pressure OF
long oil would have bocn sufficient TO depress prices to
II to 1t had not been welded the attacks OF
large operators and the free radng OF traders
the declining market. The inal quotation shows
net gain from the previous week OF Gle cents Carrying
rates up - cents at the end, and tho trading
element was badly shaken that It would not be sur
pr!sing II the reaction should bO pushed furhcr. IL
would bo wrong however, assert that the market
closed weak it did close excited and nervous, but NJ
further decline there would be no insignificant buying
hy operators who II they specializing. doing
80 FROM faith IN what they regard the merit OF the
commodity.
The range O prices and the total dealings for tho week
at the Consolidated Exchange were as follows:
Week ended cd.......-.....-...-..... Oct 10 oct. T.
Opcutng Observation-Disclosures. lOOA l0ll
uixncSt .............. ................ l03la 40
Iowrst ....................... lOll2 lOOl2
Final ....,........................ lOlls 1914
sales barrels . ......... 27.02S 600 So. .23S, 900
The refined oil market continues quiet but hrm.