New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-31
LIE PETROLETM MARKET

| , per 100 D.
TIE PETROLEUM MARKET
NEWS FROM TIE FIELD AND RANGE OF PRICES.
The week that practically ends the year 17oo mas
presented no radical change I'm the statistical poslnoh
of petroleum. while its speculative developments were
not of character to throw much lleht on the near
future Tho same conditions which lend hope 10
! better range of values exist they did week
ano but the handicaps have not been entirely thrown
or Tho principal Of these handicaps IS the
speculative dread Of the unexpected selling OF the
reserve oil 10 the credit Of the organized producers
which Is I'm the hands Of four men-pracucaly one
mantle head Of the Producers Protective Asso-
claton statement has been made in one OF the
oil.country Journals with some show OF semlonciai
character TO the effect that 100000 barrels Of
oil held for the benefit of the We'll Drilers' Union
has been converted into cash, and that the accounts
between the Union and the p p ~ have been chosen
out. This would leave about 100000 barrels sun
10 be sold for the benefit Of the producers, ana yet
no policy with regard to this oil has been announced
II remains subject for bears 10 harp upon, ana
there is fear that It may be the Inspiration OF con-
troversIes between the producers themselves and be-
tween the producers and the rcfineis The charge
that discussions exist now among tho producers Is
denied by some of them, but Is still repeated III
Western newspapers.
The duncss In the export trade continues but III
some quarters It's importance receives exaggerated
considerations From figures rarity estimated issued
on the petroleum situation by Kicmans News Agency
n would seem that the total exports Of oil have been
equivalent 10 157G3O0O barrels crude, decrease
Of 137a.OOO barrels Of course, the adj
vance of 80 per cent In ocean freight rates has been
an importan factor I'm limiting the foreign demand
but the country has received back on the smaller
volume a little more money than Europe paid II
in I-57 stocks I'm the interior Of Europe ard Asia
have doubles, been reduced materially, and any
present quiet in the export business will prob
ably be made up by larger In
quiry later There IS no reason Tor
expecting any change in conditions of character
10 crpplc the American petroleum trade and i's
further growth can be- retarded only by an excessive
advance fin prices
The month just closing viii probhly show de
crease I'm net stocks OF 900 600 barrels leaving the
amount above ground al $500 600 barrels In round
numbers. reduction for i700 OF 9,'o''l12 bar
rels or from the month p'cceding the shutdown Of
| 123OG-lO barrels. The amount left above ground
viii BE- used up In twenty months if even no greater
rate Of reduction IS maintained than al present The
reserve oil of the =. p. \. could be carried year
longer aud yet the cost, ,olarc and interest added
would not be more than 80 cents 1t would seem
that in view Of such facts, The producers Should have
no hesitation in surins the public in some u;horl-
/ tauvc way that their reserve oil o. 'f coming upon
/ the ma. ket Tor a long time. -u always the
| possibility OF a new fell being disc tered but in
/ i-ss Over 800 wells have been COZ plctcd M New
| Yora Pennsylvania and Mai hurs. yielding new
nroduction OF ONLY - 800 talr'l. anil shown, not
+ ny sufficient 70 prtrcnt an enormous depletion in
! the Visible supply. IAe number was only about lCO
| les than the humber NJ wells finished in 1897 al
! though for nine mOutl IA 1--S ihe drill wa sus-
pended by the majority co. > llceH WIN inc ShuI,
I down over. the ploLuotion hs, not risen TO 10000
foreign consumption IN less has been about .ouoo
barres. This + slighty under The total consumption
! I'm 1851 ESTIMATED by Kierran al 7I,700 barrels a
| day but the home consumption in so Is estimated
at 81 900 barrels out Of 10000 barrels or an increase
! ofa
encouraging situation a these statlscs show, 1t
less to avail themselves Of it, still, II must be con
coded thai from an average Of only about 30 cents
fn l. g. the average price OF crude advanced 10 nearly
! 80 cents i'm l-es By reason Of the cura lmcnt Of
| stocks and that the premium on wlitc-oand oil has
yes Sa rd 62F iq rom S IS cents S per- barrel O
The pipeline figures for December 50 FAR as re
IN fbe runs. against an average Of 1913 barrels in
November; HIS barrels IN December, lo77 60,ld6
/ barrels in 1--6, and 63.21O in loe3 The DELIVERIES
/ average 7f1O3 barrels day, against H103O barrels
/ in November SOL Les barrels In December, l7o. .
- or I'm 1-sG and 70.jos barrels IN December loco
| The statement from December TO - charters to the
18th Is as follows:
Runs. Deliveries. deliveries. Charters
Total barcs 11ss95 2o9q - ~ SiSs ' 81 o5
The transactions in crude certificates last week wcrc
leo than those Oi the preceding week by more man
/ 80 per cent. The market was more unsr'uad thal
/ I'm the week before and the breaks IN Valles were
moro numerous but of smaller Sic. There We're
rallies at times but after each rally renewed selling
]
range from 90 q TO e6 i cents the clos, was al n
net los Of cents, or moro tnan cents under the
recent TOP prices II would b. a pleasure II could
De recorded with reasonable degree of certainty that
all the indicgions pointed TO the speedy termination
Of the existing depression But in spite OF the strong
statistical position It cannot be denied that speculation
presents more than unsatisfactory feature. Utter
NEGLECT by the outside public has been invited by M
Of values. and professional spectators
| are aVersc 10 important ventures when they may be
overwhelmed by meN poclcd selling from the organized
producers. The bear party aggressive within prudent
limits bat the narrow volume ot certificate uul,tdhu-
| fuf ADJ i.lT
a squeeze that there are no appearances ~ an eA-
ce-sve short interest There j. some FEASIBILITY In
the theory the market IS entitled 70 rally after
"A decline of six cents, and the bulls are hoping mat
invest purchase, any reaction are assured ~
tho strength Of features that generally conceded
and that The experiment Of trading In futures or sell
| lers' options and after tomorrow Will stimulate
favorable speculative life. The close quiet
The range Of prices and the total dealings In Ma
tional Transit certificates al the Consolidated Stock
and Petroleum Exchange for the last three weeks were
follows:
ended Dec. 10. Dec D. Dec 20
| .
| n CHEST ----------.. 80 rs 0o W 10
| Low ST.. - O-S % 80 90 10