New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-23
THE PETROLEUM MARKET

NEWS FROM THE FIELD AND RANGE OF PRICES.
Although there radical development In the Do
son OF petroleum last week. its aspects In the main con-
tinuo favorable. The from the field failed 10 equal
had been conceded by the bulls and thoroughly ais
appointed the expectations OF those and operators
who looked for material stimulus 10 the new supply
The disappointment the bears has been most acute at
Cannonsburg Washington County, while number OF I'M
porant scattered dry holes have been reported condemn
ing considerable land might been dangerous
The adhesion of the important producers at Saxon
burg the shutdown movement removes oil strain from
situation at that point There was an attempt 70
produce outlying Kane we'll but the char
OF this territory is such that even II this whdcas
should rise beyond It's present preensons It would DC
little likely introduce any important feature In the
question 1t is the opinion Of many conservative members OF
the trade that in direction Of the oil region Is there
promise Of development which would outweigh tho gener
ally strong statistical situation.
1t true that refined markets remain sluggish and
DO said that there is immediate prospect Oh
Improvement But the March statement OF petroleum ex
ports from this country in its general gains In quantity
and value last year. that the prices realized
under the shutdown have not cost US any loss OF taa
The volume exports this year Is reasonably sure 10
equal that OF 1887 and Europe at present Is only post
ponng purchases Tint these expected later on Is
indicated by the sustained advance In the quotations for
refined OIL and this attitude Of the refined market has
greatly encouraged the organized producers last week
brought its usual batch Of Of dssension and dis
rupton of Producers Association but these are los
ing their former influence The answer TO these stories
is furnished by the pipeline movements the addition OF
several outside land owners TO the shutdown ana the re-
ported decision Of the producers organization to increase
the quota Of production originally shut in. There are
many both here and abroad who persist In looking
upon the oil region movement speculative zeal"
instead Of business scheme to profits in the pc
roleum industry They fail appreciate the lamentabe
OF the depression Of the previous years. or
they would realize fully the determined resolue'
almost desperate, spirit with which the Pennsylvania
producers have combined to abolish excessive stocks and
force remuneratve prices for their product year ago
crude prices In the sixties last month the average
reached 80 34 and this month, in spite Of the early
break, the average has been so cents Not one
half the period Of restriction is and the success al
ready achieved likely bear the work TO the end
Tho daily average pipeline far this month
have been only 36520 barrels against daily average OF
0e5 barrels in APRIL 1887 &C. 1853 in 1896; 300 In
1885, and 814 barrels in 1884. The deliveries have
been comparatively light but the average has reached
643 $40 barrels against 649s1 barrels in 1887 e9913 in
1885, 61 326 in 1885, and 54,744 barrels in 1884. The
official figures from April 10 10 charters TO the 20th)
inclusive were as follows:
Total BIB RG7s Rsys 1 Rsys os s
Az per day ........... $500 B4376 1855 $3.50
Last weeks crude OIL speculation bore the ndca-
lions Of Improvement noticed at the close OF the previous
week. and by Wednesday there had been animated adj
vance from s2ds6 I2aS3 4 cents to 80 12 cents The
velocity OF the movement carried It beyond conservative
limits for the and large realizatons and re-
newed bear sales tho high figures produced reaction
to SO "a cents again. Rumors regarding the Kane well
and reports of trouble in the producers union were used
with effect by the operators for fall, but an en-
couragng sign the selfcontr0l shown by Western
holders and the confidence with which purchases were
renewed increased the reactions The result was
late recovery to within IL cents Of the top figure
leaving gain for the week Of nearly cents There
variety and animation enough last week in tho OF
challenge increased attention from spectators
although the is largely confined the oil public
Considering the damage inflicted by the crash OF the lat
part March, the rally close to 90 cents moro
demonstrates what has been the characteristic Of the
since last autumn namely, its elasticity Of
cry after every slump. While the season is one un
favorable excessive speculation the field develop
have fallen far short Of beash expectations a
do much toward renspiring confidence in the trade
while the outlook presents features of promise
The relief money circles ally which tht
bears OF month banking" upon and though tbs
decided change in temper railway share specula
ton may divert the attention Of the Street. its moral ef
certainly the side Of operators for decline
in petroleum There indications OF increasing hor
interest certificates which will supply insurance
against severe break give added strength should thu
bulls retain control The market closed with consdera
bic confidence d..
The range OF prices and the total dealings in Naona
Transit certificates at the Consolidated Stock and Petro
um Exchanges for the last three weeks were as follows