New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-09-06
THE PETROLEUM MARKET.

NEWS FROM THE FIELD AND RANGE OF PRICES.
There no material falling of In the business
done IN crude certificates yesterday, compared with
Tuesdays activity and prices little more than held
their own at tho close The opening was strong and
advance Of "a cent to o5 1-s cents was scored
carly. The buying element suspended operations
considerable and this encouraged realiza-
lions and renewed selling by the West with the re-
suit Of late afternoon break below "a cents. There
no pressure to sell at the reaction and more
than full recovery in figures was established.
There was pretty general expectation early yes
terday that the closing would be weak and lower
and 1t evident, also, that the average trader
looks for further setback In spite of the final
rally. such a speculative view IS natural one to
take, as % cents is figure which Provided reali-
cations by those operators who expect h. cher
prices later and induced new selling by bears VINO
have been punished more or less IN the advance rom
the eighties to the nnciicS Tbs only trOdDle with
such view is that the marAet had reaction OF nearly
cents when II fell OIL TO 93 IS cents lin the West
sales were made down to 80 30 cents aud that
the recent downward fluctuations have been measured
by no more than "a few cents In CONSEQUENCE
The Increasing confidence OF holders. But without
auemptin. the roi: OF pfophet which is outside
consider some 0. claims of the opc. ators for
d fall Chief among these ma b. placed tAc eApcia-
contract expires tai, week. hat III producers who
have bccn comforting on the subject al the West have
doac witch ies ..d ~ tn fu'un W. ha'e ben unable
10 learn. Bui W. thluA that IN, leading y. odure.S
Of tie OIL country VII confirm TIE ASSERTION That
In GIT that WOulI warrant extensive operation, IS
cXiremc. limited while 70 i morally certain that
tn teaVicst owners and operators arc not Likely 10
follow policy which might mprrl the -ro" ny
success Of the movement permanently 70 b'neht the
Pc lcum industry. The fear OF serious Increase
10 production l. not an Gumcut thai can d. given
mu'h weight when the testimony OF the producing
trade IS thai there Today yir ually no RESTRICTION OF
output But even II possible to raise the current
yed 10 about the figures which ruled prior to the smut
down Of last November. what supply luid be Obtained
An .Xtrcmc estimate would pur II al oO,OOO barrels
day against 81 .4J4 barrel, In October. 1857; 10000
tarrcls in April 1857 1.-THE highest mon hly rate of Yield
last year1: 60 1866 barrels In Dccemb r. 1855, and
79.54j barrels In June, 1850 the highest monthly r1e
Of yield for that year mcr. glance at the actual
figures given above In contrast with the hgures OF bear
estimates Of possible y production next winter shows
the declining tendency OF the pennsy ania output most
vividly. We omit here ali ference 10 the probable
later rate OF deliveries Of $4,000 barrels day ana
10 tho fact that stocks have ben reduced nearly
5000 barrels since the shutdown became operative
II may afford comfort 10 operators who are short In
IN. eighties or traders who anxious TO get cheap
oil 10 cons truc fabric OF suggestions NJ rock
less drill ng and big discoveries after this month IL
over: Il Is not clear that such gloomy prophecies or
mprobabtes bring within the reach of wonld-oc
BUYERS goods that h. Id with generally uninp paired
confidence. The certificate market closed only steady
here and shade under New York prices at thu West but
IL exhibited no symptoms Of weakness
Range Of prices and the total dealings were As
follows: