New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-03-07
TIE PETROLEUN MARKET.

NEWS FROM TIRE FIELD AND RANGE OF PRICES
The from the OF country yesterday was encour-
aging to holders OF oil. The stcry" workers at Can
nonsbug, Washington County Penn. have 50 far made
poor showing and reports from the well that were re-
ceyed indicate dry hole although these ddyees cannot
be relied upon entirely But repeat our remarks OF
yesterday that in the changed conditions Of OIL as com
modify the mystery" game is not often winning one be-
Of the daily strengthening Of the statistical position
Of the commodity The organization OF the producers
kept intact and the pipe line for the first four day
Of March 116919 barrels, daily average OF
90 229 barrels. The deliveries comparatively Hight,
but they amount 226GO4 barrels &C. 651 barrels
day. showing OF deliveries OF 100 Gs5 barrels or
OF 27422 barrels day. The charters for five
days 207 Gl9 barrels Al 524 barrels day,
excess the whole current production Of - 30
barrels daily the however, being for five days
OF charters and four days Of Assuming that the
for five days will be 7 900 barrels the daily aver
would fall Lelow that OF the charters foreign TO-
Quiremcnts about IL, 600 barrels.
One Of those hurrcs occurred at the Stock Exchange
which the spot refined have recently en-
joyed % at times. The European markets have refused
believe in the for reducing and have
carried ridcuousy low supplies The been that
any delay In arrivals Of supplies the few people
had the stock I'm have been able big
prices from buyers who had contracts to m Some OF the
traders the bear side Of oil In the Stock Exchange found
then unable TO del at the proper hour q Il M
80 coo barrels and the certificates ordered to be
bought In under the rules the cash price from 90 IA
probable losses all the transactions small but the
incident called attention to the dangers Of the actual
delivery" system adopted by the Stock Exchange compared
with the clearance system Of the Consolidated Stock and re
troleum Exchange which has worked with remarkable
smoothness in times Of terrific panic II also empha
sized the fact OF the general scarcity cs certificates through
absorption by investors TO which The Tribune has ire
quently directed notice The established fashion OF
selling oil which doesn't exist liable be modified IN
the course OF time by the process going or an es
unPushmcnt Of 100000 barrels O actual goods each
month under the agreement between producing ana
refining Interests, especially IL buyers Insist reason
able security for the goods they Immediately re-
Quife.
cents anu began TO harden almost It had reached 10
cents by the early afternoon but the trouble I'm securing
certificates az the Stock Exchange stimulated covering
OF shorts at the oil board speculative furOre swept
prices near the close % 81 alatlons carried the la'
hgues back !" 70 Ia cents at She and "a net gain OF %
cents from Monday night There continued the same de-
msnd for the use Of certificate, that has been feature
for weeks but most OF the days renewals were made at
20 cents There were few goods lend close ana
oilers OF so premium were made without response. The
maf' closed In shape 10 defy prediction, except hh
inc evidence "as clear that the prevention OF bear PANE
which might seriously nurc the future prosacts Of the
petroleum market II II carried OIL extravagant figures
depended upon the clenency Of the owners Of OIL
The range Of prices and the total dealings a.
follows:
Stock ENchanre-opcnine, % 81: highest 90 lowest
92 IL final, 30 Corsoii i!tcd-OIennp 90 "a highest
IL 90: lowest % 80 final, - IT, Sales barrcl--Stock
Exchange see 600 Consolidated : 5000
Refined Oh finn aud unchlngri a. : 81 cen,. per
gallon, Abel test at NewYork, phadc phin, baltimore
AMI Boston.