New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-09-17
THE PETROLEUM MARKET


monthy statement Of the National Transit Company.
whose certificates the only ones OF COCA de.ses
az the Exchanges because 1t rejected an ISSUE III usu
Of 900 barrels in new certificates In spite OF ree
,oaucton in the merchantable oil held by tho company
Vet tho amour, of Gil represented by the whole volums
OF certificates August 81 was only loooo'oo p~iei>
or but wo-thirds Of years consumption. ine s~'~
ment OF all the pipelines holding oil showed the net mer-
charitable stock to % s3ses6 barrels or less than
wears requirements consumers The decrease rom
July was s7oO3S barrels amount that In OLD days.
wou have seemed prodlgous but which looks Moderate
after heavy reductions last winter "heh ene smut
down movement got under way. The enormous reou'-
ton I'm stocks on hand last has added an ee
ent Of decided strength to the petroleum position ouS
the expiration OF drilling contract OF the assocaed
producers September g. on the other HAND has NOS
unnaturay raised the question as TO whether the freeing
Of the drill may not uncover new produ ton which VIII
check the downward tendency OF the supply ard hence ms
eriupt rapid depletion Of the visible stocks Any Slack
ening Of which the goods above ground arc
being diminished would without other ofstng conaons
bring prominence again the large stores oi Ono OIL s
the problem of their for refining purposes when
the be able TO solve more easily than tne
leading refining interests say they can ANY hea'J ur
her Whining out OF stocks OF course would
the other hand, pave the way Tor weicomhs ireSA
sources OF supply the preservation OF the Industry
The possibilities Of the drill still remain possibilities bus
the large producers generally agreed In public oec
tons they do not fear the probable results OF my
exploration territory now In sight 1t Is certain
that 20 far there successful Developments
which given any anxiety to the trade Inc opers
depression that as the premium PAID TOR ms
oil being produced ranges up TO 20 Genus
above the certificate price, the margin for future advance
In certificates diminished and decided stimulus 70 tns
drill is Afforded The answer given to this Is that tn'
premium Is absolutely permanent ana cannot IN 'h'
absence Of new features be relied upon by producers 70
warrant heavy expenditures in deepwell drilling under
doubtful conditions As matter Of fact outside OF theory
the pipeline statistics this month are favorable TO tho
holder goods The have averaged for about t"o
weeks 81 barrels day. against barrels 6eea
barrels against ss2 barrels hast last month s n,rra ss d aa
eating curtament Of stocks in September Of abOu:
ssrrs as SSgs or Tor
in stocks OF nearly 100000 barrels The Official plpens
figures from september to IL Charters to the l4hl wef'
A Ay. p esr day. 1850 1874 1871 4s,49s
The daily average the charters 4o5 barels) COM
pares with an average of s94l9 barrels last month TAs
present movements Of the export business however az
Vessels and the quotations for refined which were ad
yanced week s ago Ss 5ns a more plentiful
uppy Of Carrying facilities may be expected later and tho
"a d
sss sen ss m hs hs
S Sn previous week The volume trading abou,
the ss sD.nn e nse % the o lSs
the Increase in National Transit certncates when reda
N 0n net esa stocks SssS 0O1 element
apdity of the rally from 81 7S cents TO 90 "a cents
near the previous Its rrst assault net
condition OF the market in which the short interest hs
been largely eliminated by the vigorous jump Of over
cents the indications CT reaction brought ous
speculative holdings that were (by previous programme
minds of the buyers to be sold from % cents up
commercial position OF OIL however, offered decided
the efforts at depression. ana t nos
market had disturbed holders that any material
rewarded the bears There few real oil
certificates a0at In the petroleum exchanges that oppor
mites exist for sharp twists excessive selling 81
phantom goods and this fact is worthy OF carrying n
is unfortunate that railroad compIicatons foreign 70 no
in crude speculation but the fact cannot be denied has
speculative benefit has been derived quda
niable, but the market closed unsettled.
The range OF prices and the total dealings National
Transit certificates at the Consolidated Stock and Pc
roeum Exchange for the last three foIows
Week ended Sept l. Sept s Sept. IS.
Lowest a. so l.. 81 ~
FINAL ssSs 9ols gilt
sales at the Stock Ex. 64ss,oOO 100000 4549.coo
Total barrels l2.ssI, 900 IL 2l4oOO 1897 100
The refined petroleum market still feels need Of
essel room and In sympathy with reaction IN crude
quotations reduced is 80 per gallon.
Abel test, at NewYork, Philadelphia and Baltimore
Sales. s22,n00 barrels cearances S27O.000 barrels
charters barrels shpments $50 So $50
barrels
PIrrsnrRa. Penn. Sept i5-Pstroenn dali and heavy
National Transit certificates opened OIL A. closed 9l
highest. 92k; lowest. p0s@
BRADFORD: Penn. Sept ls-Nstons Transit certiac,,es
opened at OyA closed at 81 highest 02a l0wesL e0b;
olearances. 1904 900 bba
TirusviLIE Penn Sept Is National Transit Certificates
opene t9la highest 92L lowest s0a closs' 81.