New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-06-08
TIE PErROLEUH MARREE

NEw-YoRK. June z
Much is heard in the discussion OF the petro-
eum situation OF the absence OF public buying and tho
handicappfng Of speculation by the dull times in bust
meas and the depression In railroad stocks Operators
who admit the strong commercial positions Of the COM
modify are still cont dent Of lower prices because the
poverty aud dstrust people rob Wall Street OF its usual
speculative life. 1t be denied that the stagna-
ton in element going far to neuraze che
buoyant forces to in the statistical phase of tho
oil situation In fact IL must be accepted as the only
rational explanation OF the low OF values. unless
manipulation credited with preventing the market
from rising Yet glance backward shows that the oil
speculation has INDUCED in very eccentric movements at
times For instance in 1879 the commercial outlook Of
oil not only depressing but many OF the railroads OF
the country bad rats and the stock market asa
whole tended downward in November occurring sharp
and pancky drop in the prices OIL stocks increased
from 5,06I.693 barrels in January, 1879, to nearly
800 900 barrels December3l. The new production
rose 10 figures which had before been reached aud
operations the fields every were en- geafr
gus scale The temper Of producers was Dest ressV%
june "Wheeds The shortest way TO - oil Is throush
pushing of the drill rapidly and diligently ms possible
until the goal OF % OIL is reached" And diligently
the dril pushed yet from 63ls cents on June l6
1879. price OF crude oil Sl 2S2 ON December
or there is direct connection between this
Renaissance and the condition OF the petroleum specu
aton to-day. II is interesting 10 recall these facts how
when one tempted to oS Ssaw only
history. The reviewer, however, must
content himself with glance over thc commercial held
aud he can but return the old report Nothing new
but the outlook remains good ever, even II IL 10
consolation the holder for advance. EOr tho
rst four days OF June the pipe line deliveries have
amounted TO 297.s24 barrels daily average ~
barrels compared with OF 209.6ol barrels
or "A daily average OF 6l9l3 barrels The deliy
the four days Is S.l73 barrels average
excess of 543 barrels day The charters from june
,. amounts to 2S4.2S5 barrels, daily average of
56.s57 barrels. The production OF the Thorn Creek
field is again declining.
The market National Transit certificates enjoyed
fair ma afa
the later dealings confined 10 small ngufeS tho
record for the week Is nearly o.oOOOOO barrels IN
holiday A vigorous push against prices was made
by the hears and following the weak close OF the pre-
cedRg Friday night prices declined To - cents Ino
drop accompanied by be3rsh reports from the Wcls
which. however, c0ntradicted subsequently, and
first attempt OF the shorts TO corner caused an easy
rally To 1913 cents After that point had been reached
the market drifted back TO excessive dulness prices
vihraed between 1873 and Io4 cents without nhch
significance and finally closed at 1888 979is cents, net
the week preceding OF only . ce Inc close
WAS dull and easy Carrying rates grew easier as inc
week advanced but the borrowing demand Is aDOut a.
great as ever the difference being IN tue Iaet hat lo
bulls are oaning certificates more freely Whatever the
ductuaous of few cents may mean 10 room plAers,
there ia no indication that the position OF either me AR
long interest which Is probably concentration strongly
or the heavy shorts who few In NUMBER put power
ful las materially changed by the operatiohso hs
The range Of prices and total dealings at tho
Consolidated Exchange for the week were as i0iows
Opening minimum. 70li Iowest....-..-...-.. Is
Highest. 1913 finai.. tyS
Clehraces Dares'
<E xcuding Mondays cearances; not reported.
The refined market presents new features; q faf
volume of business Is being DONE but quotations ara
held firm aud unchanged ut ~ cents per gallon ID new
York and rs in Philadelphia and Baltimore Abel test