New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-03-01
TIE PETROLEUM MARKER

Without passing upon the question whether
or not the commercial features OF petroleum, the
whole justify higher range for the crude article many
prominent oil men look askant at the temporary specu
atiOn because of the uncertante, yet wrapped up In
the Kane and Washington County fields. In few
words "a brlseye glance at the situation be gwen
follows: The latter district promises to be OF
importance than the former No wells OF startling mag
nitude have been struck but those found
Of excellent capacity and appear 10
possess lasting qualities II is nearly three
miles between the Dyer and the Gautz and Thayer wells.
aud not only is tins intermediate territory yet 10 be
tested but The limits to the northeast and the south HeS
or west need defining. About two miles covers the
distance Of the Kane oil belt from the extreme north
eaterly to the south westerly limits, but the field needs
to be dehhei fuy In s0uthery ana westerly dlrectiol
The little scattered p1uls In other places where the drl
~ at WORK are Ot coseteu o. a'1 I'm @ -, to
trade Inc development WORK Ia lhe Two districts
named IA active but l. looks RS II It would take some
time before accurate idea can be obtained as tn their
SIZE and Importance so long as these operations
the market It will lack thectIyc support Of
should be introduced elements born other drcc
tons. Possibly more attractive outlook may be pre-
persons who feel confident that tue Continental nations
lonsr suffer their stocks 10 be depleted without
liberal purch uses TO repenlsh them. The monthly re-
port OF development work for FEBRUARY promises 70 DC
6earsh pr TINS - 1atnra conSIderms inc totviy IN
ceiving.
over 900 barrels behind the deliveries. The daily
average OF runs has been 81 s47 barrels against an
average Of So 1s6 barrels in January 1920 barrels in
December 1885, 54.997 barrels February, 1850 and
G707s barrels IN February, 1884, The deliveries have
averaged 7l,l3l barrels, ~ compared with 66ls3
In January 7O.5s9 barrels in December, 1852 6S2l6
barrels February 1883; aud 59.i22 barrels IN Febru
airy. 1854. The ca rtcrs average A. 40 6arre,s
December 1885 IS 9G6 barrels IN February, 1885, aud
- 800 barrels in February, 1854 The figures from
February to % charters 10 80 are as appended:
T;s4.s Ssr day 5tJ,a 55i i5Gss ' .i5S
decided snrinkise activity last week kept the
record OF dealings 10 cerhclt's IN NewSork down 10
20 600 900 barrels against 1890 900 barrels for tho
week previous 924 900 barrels FOE the week pre-
cedtug that. Mondays holiday OF course, made tho
week day short but the decline IN transactions Was
almost continuous from day to day. The speculation
was q waiting one. IL would have required keen in.
the speculative situation aud there undoubtedly existed
Al the Saturday large short interest fortified
profits and having the ADVANTAGE OF pubic in-
difference the market, while the holders OF oil also
seemed TO De possessed OF strength and satisfied
with general features OF the commodity IN spite or
the OF fresh bearsh news from the Western
fields. TO all appearances the opposing 10 rces
the bulls displayed signal for attack their foes
seemed to be pursuing Fabian tactics under the har-
assing weight OF carrying charges The extreme adj
vance early in the week only L cent; a decline
from sll 7S dSO cents WAS succeeded by further
RELAPSE 1883 Thursday; the rest OF the week
the business light to strip the fluctuations OF
much significance. The net loss for the week was i y
cent but the final dealings showed stamina IN tho
market not to DO ignored in guesses TO the near
future
Tue range of prices total dealings at the Con-
soated Exchange fer the last two weeks were as fol-