New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-11-05
THE PETROLEUM M4RELT.

NEWS FROM THE FIELD AND RANGE OF PRICES.
1t seems to be doubted now that the effect OF tho
removal of the shutdown agreement, which expired
on November l, will be shown at once In the current
production of oil. Some Of the producers asking
for week or two, or even month"; before they be-
lleve il Will be safe TO say what the normal output
of petroleum now is. The pipe line reports as they
come In will shed some light the question, but
yet the month is early for the reports received
TO possess much value Judging by the speculative
features Of last week the Western element has been
disposed o look for a decided increase and has ven
ured upon sales II anticipate the gain. IL would
be wise, however, TO remember that we are near tho
height Of the home consuming season, and that the
shipments of the pipe lines promise TO attain to heavy
tal returns from the pie lines indicate the magnitude
OF the movement already The deliveries In October
averaged eOo21 barrels day, against -, la barrels
I'm September "a 225 barrels in october. 1857, 81 493
barrels in 1856, and G6.944 barrels in 1850. On the
so $40 barrels against A. 234 barrels in September
2.494 barrels in October, 1857, 1888 barrels IA
nearly 10000 barrels day behind the charter en-
gagements and me excess Oh aenveres Ne aaly
when the complete reports are received OF between
100000 and 100000 barrels The margin left for
increase in production either from the Old country
or possible new supplies In scattered localities Is SO
large that the future can be viewed with eq1an
nexed the pipe line figures for October 80 far AZ
received:
Total barrels SS2 ISqss3s
The statistical position of crude petroleum unques.
onably possesses strength and although the mont ally
field report showed an increase I'm new production
and greater activity in work, was expected,
ii showed upon analysis fewer beaish features than
might have been looked for from glance at the as
cregate results The territory which offers any rea,
enable prospect TO the driller of return upon me
fully needed to make up for decay in older districts
OF course, a lucky strike Of gusher' is the aim
of many of the new enterprises, bur such results need
possess permanence than the Clarion spoutcrs
| to cut any figure in the production problem. 1hd
commercial phases OF the commodity fairly satsI
factory, and would be entirely were the export de-
mand more active. The charter engagements, how.
ever ought to allay all fear that we losing our
refined market The spirit Of speculation has been
of the political campaign. Most careful nien rcalZo
the import of the contest in its bearings on tho
future business and speculative condition OF th3
country, and until assurance Of what the promise -
comes form the popular verdict. there VIII be hest
ton and conservative adjustment OF personal inter.
! ests.
II IT were not from political influences that the
crude certificate market declined as week, then tho
trade sold considerable oil on light foundation.
The respecting the wells In the country where
favorable TO tho bells and the monthly report. whIls
bearsh was expected TO be- jas, as The ppss
Conservatism undoubtedly dictated some liquida'i1r
W eSt m anr have nrmsrIy attempied 10
anticipate increased production in November.
scs rS CENTS pa To- 81 cents s ea AZ had Sssn ndcn
by the previous weeks close, the recession IN vaues
caused an increased demand nom INVESTORS ana mo
market rallied TO IS 81 cents. fresh attack followed
this recovery and the market was forced 10 - %
cents. In tho hnal dealings a better tore was de-
veloped and attempt to cover shorts prices rose
readily To S6GS5 cents. There was moro hopeib
feeling among the trade at the close and 10 that eN-
tent tho tone may be called firm. All that can 20
added however, pending the settlement OF me iniis-
trial issue and Its consequences Is that oil under cx-
listing conditions considered cheap by en0tgn invest
ors who buy reactions to make tho work OF hani-
mering e down to so cents one OF increasing difficulty
The range of prices and the total dealings I'm Ma
tional Transit certificates at the tonsoldated soc.
and Petroleum Exchange for the last three weeks weo
/ as follows: