New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-08-24
THE PETROLEUM MARKET


In the absence of full particulars regarding
rsnorted strike of oil Washington Penh.' little
- h sa,d as TO it's bearing upon the petroleum speou
-, The best-nformed members CT the trade yesler
= ha mn satisfactory information about the matter
.o,oa dispsches indicating good now OF OH anu o'n
..atiug that the well gas we'll Judging from INC
associated Press dispatches it would seem propaDie 'hs
n boring for natural gas deposit OF crude petroleum
nas pe hen snnk to depth Of nearly 2400 feet There
rs NOT been much drilling for Oil III thls
pa. WILL nd in the hunt for the fluid Development
work AT the depth Of the reported Soruon s'iho ne
saIy St ~ understand the nervousness felt by the
trade over the prospect of new field. OF course no
n ear foreten what Decentralization might for the
one no cansed 70 the speculation certificates by
now discoveries But the unprecedented rich
Of Thorn sfock, above GROUND in less than
nesr did not prevent large reduction In the total
Visible supply within the time; And this decline 70
would take another Thorn Creek 10 disturb tns I'M h
,iouai transit Company and the Tdewater Pipe Line
togetner held net mercnantable mud 10 the amount oi
barrels =. tae ec Of 9o57s barrels
Tho Pipe Line figures reported SO FAR TINS month n no
reduction stocks in August some Where near ~
barrels But coucns.n can be reached ',a IN
contemplating such statistics: either tney
eytrpt or the widest hopes OF the bears hungerng Tor
be strike OF oil If realized should not sunce 10
check Tie natural enhancement OF the value OF crude
ms denand Of Europe for the refined product sun Is
iagoard vet the stocks abroad much less than the
srss,ve Of strong holding OF crude that, handicapped
by comparative quiet in the expor. tape ,as peS
close to the point reached in the speculative doom Oh
last June. . A.. ... , O. on
The daily pipe line runs from August 70 70
were 5i2O5 barrels. but no deliveries were re- re-
ported for the goth. We carry the snoJoih ha,,
sSs the runs have averaged 5os7e barrels day.
against 229 barrels In July 59sO7 barrels IN June,
in August, 1888. The deliveries now average oo,3l.
barrels per day, compared with daily average Of
S3794 barrels in August 1884. and 1922 barrels In
August s o %s Sn heavy
the latter part Of year, which resulted III big
decline IN Of sSs Of he for
1885 VIII be found In the falling OH IN the receipts
averaged daily 4s662 barrels. against 1920 barrels
last mouth 1892 barrels In june and 4sS2 barrels IN
1gres from August 10 charters to the 2is are as
appended: r
Runs. Deliveries d tfSss' Charters,
JSin y sSsse SSH tli 1862
An increase Of nearly 100000 barrels in the
suit Of the trading in National Transit certificates
last week Up the last day the movement OF values
was the same as for tue week before irregular and
errac at times but gradually toward better quotations
The previous week, after Illustrations from soSsg9
week the rise was FROM 90 s99 to 81 04 and IN
spite Of the late sharp break net advance OF cent
Tivscoas advance at II oi fhe best price made
March 1884, and caused weak ending at a reaction o
2s cents were OF the runors respect
Ing the new Washington well. but AS regards this 0nl
opening remarks the ground Iht
recent trading has borne evidence o.
and the daily fluctuations were in harmony with what
probably their were process OF qusty
aceumulatng certificates in few hands being carried
The high carrying rates ruling are not IND catye o.
weak long in the market. Since New-Iork De
came the centre Of the oil speculation there naturally
larger supply Of certificates needed here To-
the conduct OF transactions and only when rapid al
boxing OF certificates this changed
condition nuhed The temptation offered by the heli
and trade outlook to investors in crude never was 81
great AS now There Is food for thought In the fact tina
the entire quantity OF petroleum 10 but ntti
more than the amount Of common stocl
Of the Milwaukee and ST. Paul Railroad AM
only ouethird than the stock OF CeDtrs
or Western Union. What IL sometimes done at III
Stock Exchange Ia the OF putting stocks In sr0n
boxes could be accomplished with National Transit Ger
tincates with need OF much less money, credit o
nerve" IL would not be unnatural IL the narke
opened the ne with further reaction In case th
news from the Gordon we'll Ia confirmed but there seem
~ be no ne outside Of manipulation importa
enough to compel revision OF opinion AS TO the ut
OF speculation to the favorable CONNER
eisi position OF OIL . -, ,,, A.. a,
The range OF prices and the total dealings for tn
week at the Consolidated Exchange we're as follows;
Opening ............. 997s Lowest..... %