New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-04-19
TIE PETPOLEUM MARKET

The rally In cruue OIL last week has, lot tlo
first year, seriously called the attention OF the
mass OF Spectators the commercial position occupied
by the commodity. one hears again more talk about
figures and less about the Held and 1t Is almost uni
versally conceded that crude is low on the general
principle OF analogy it would seem that the margin for
an advance 75cent oil far greater than thas
for decline The lowest price this year has been IL
cents For the eight years the lowest prices have
oeen AS follows: 1878. ISIS cents in September 1879,
3Is cents in June 1850, 7Oas cents in April 1881,
do cents IN july 1882. 49i cents in July, 1883. s3
cents in January; 1854 81 3 cents In june 1882 6S
ents in January In only three years out OF the eight
i'd the price fail fall below the lowest point reached
so far this year, the decline from II
cents was limited few centa on tho
other hand here are the highest prices at
which certificates sold in the foregoing eight years:
1878 81 s67s February 1879 81 2sis IN December;
1880, FL 243s June; 1851, 81 Oll2 In September;
1882 81 SO In November; 1883, 81 "a III June; 1884,
81 January 1889 81 l2la IN October II Will be
noticed the exception Of two nssi and
1882 there has been steady lowering OF the extreme
level to which been carried each year since 1879
Such paralelism of movement OF values as Is shown
by the foregoing figures would he decisive IN almost any
other article that subject TO speculation in Inviting
largo and confident purchase but in OIL even when
prices are low heavy buyers often deferred by tho
carrying etc. add, roughly speak NJ two
cents the cost, while the bear operator has ia
his favor the OF accident in the field Tho
absurdy Of bull pancs in oil unfortunately docs not
lessen their liability TO occur
IL short time While all the rosy-bded reports
about he Kane district may be Literally 'discouBted
the e opinion OF the trade seems to be that II VIII
never prove controlling factor in the market But
be defined and deve.oped: the Washington
County and the shOusetown regions. Cnless
development work in this direction through tho
influence unpro aby low prices these fields promise
be thorn in the side Of speculation certainly no
will not be wise Who making an investment III crude
because his faith Ia Its commercial merits shal eH-
pect hear disturbing news IN the next few mohth1
However the new production the western OH ,Ouhty
may Obj or flow with the collapse or discovery OF pools
districts the course OF CONSUMPTION appear. 10 %
destined to keep IN advance OF the yield Apiil ba
opened with better pipe line show M than March made
barrels against 62.555 barrels IN March. barrels
in February, ISL barrels In January Go2oO barrels
deliyercs have averaged G POP btrrels daily
pared with 663l4 barrels March, $500 barrels IN
April ls-5 and SALTS barrels in APRIL ISL Tho
charters averaged 55.7O9 barrels day against
3s'I7s barrels In January, 1880 barrels In Aprii.
1885 and 33,5ls barrels in April l-'i TN pipe Loo
figures from April to - charters to tho l6;nl were "
I2tp a ga 5aS f S54s A 5s5s 4s5 553s
The speculator in National Transit certificates last
week unsatisfactory to attempt to describe. Waas
there was at much OF what IS called gool buy
ING there was considerable selling Of an equally good
cboracirr MANY shrewd observers OF the market pre-
diet higher prices before serious setback oc-
oil men who when they connie themselves 10 the Dul
side because Of faith the article, Operate for in-
am and decisive rise. The arguments In favor OK
the rally Dig exports excess OF consumption over pro-
ductiou, prices. disappointment at Kane. etc arc
we'll enough far they co. nut no one VIII deny tbas
health 10 wanting In such sgns tue audiences OF
the movement, the "pOntgyln2" and the exaggerated
character of the favorable" that poured III from
the oil fields. making the wires hot for time me mar
ket was opened Monday 2 cent at a. snd rusnsd
with barely reaction 1s cent? tue consequence Do
inc a reduction OF heavy outstanding short Interest,"
The day after sharply reduced volume OF business
nrices fell back 75 and for the rest OF the week
IN. maj ket ybrated with moderate record OF activity
mo, yeen II - and 75ls cents The nua dealings wero
sustained II cents and the last price records mes
.dy.nce of 30. cents The market closed reasonably
'rno and Iguer prices would little surprise
,Ie trade Perhaps the advices from tue Warrington
ssId where several important wells are due and several
dng) this week may throw more liSh on the cnarac-
~ M the oug by testing It's stamina and may
al .o nut phase on the held situation, about
rhieh the oldest operators are not ali agreed.
Te range prices aud the total dealings at the Con-
.oii,ed Exchange for the last three weeks were -
follows;
Week ended April .. April II" Aprrii h'
Opening. ..........-...--.I1.s 80 -.
Highest. -........-......-. .o.s IoS
Inv