New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-01
TIE PLTROLEUu MARKET.

uarwood Campbell and Parsons, Of Kngsbridge.
TIE PETROLEUu MARKET
NEWS FROM THE FIELD AND RANGE OF PRICES
without the aid OF speculative support, In iact
in The face of hostile rading, the range OF prices lor
crude, certificates last week was better than inc
rrrvons week and nearly up to tho best figures
NJ the autumn. Tho strength Of the market under
cvistipr speculative conditions IS astonishing, ana
II evidently rests aono on a commercial OASIS IL
Is neither bull leadership nor pubic craze "hicD
bos kon, values so stable above 90 cents 1t Is the
movement of actual consunption when Is absorbing
all tie new oil produced and depicting rapidly
the amount Of crude which IS stored above ground
There are no circumstances apparent now which
,-I lead 10 any heavy calling upon credit balances,
so nat In spifc Of the small increase in National
rranr,t certificates I'm August, the winter mon'hs
arc morally certain to lessen tho volume OF Roods
available for good delivery at tho oil boards.
The forthcoming report of the pipeline companies
for September ought to indicate reduction In net
stocks not far from 100000 barrels. Tho excess
Of deliveries to date amounts TO 092,39o barfels,
daily rate of 3G.755 barrels Of excess consump-
zion. brt the complete returns may reduce thls
rate somewhat Tho deliveries for tho month uach-
ing three days. average daily 15,2O3 barrels Ss
compared with daily average OF 1882 barrels IN
August; 1880 barrels in September, 1887 ~
ss3 barrels in 1886, and II 206 barrels In Sep
3s.4fs barrels day, compared with 44,455 barrels
in August: G296i barrels in September, 1887
70 900 barrels In 1896, and 5s,7la barrels In sep
tember 1855. The charters are far ahead OF the
fatal average Of reported production Appended
arc the partial pipeline statements from scrtem'
Der to - charters to the 2Shl, inclusive
Runs Deliveries deliveries. Charters
Total Dds OsS4Ss sS5
try here
tions of new field which promises to check the
drain upon stocks caused by this steady excess OF
consumption Tho Clarion pool has actually fallen
of in yield in spite OF the opening OF additional wells
Activity (, reported In Elk County, Penn ana eiso'
where but the pDspect of any important return IRON
most Of the OF the drill started since the
expiration OF the drilling contract Of the organized
nroducr,s are slim aud dependent mainly upon
luck II VIII he conceded by unpieludoed OBJ
servers that at present there is no menace OF a ne"
dangerous field In sight. The monthly report, now
ever of development work viii record a material In
crease In september, and the bear operators arc
hoping r the abandonment of the shutin to increase
! the current production in November The trivial
merit, Of these expectations and arguments against
existing values arc confessed practically 10y the bears
themselves for they brought out last week another
story Of the of chemist in dcvsng process
for cheap manufacture of Ohio oil into tho ilIumina
Ing article Only acceptance hy the general trade
and the public of the belief that the fooV'oVo oa'fc'
Of oil held by the Buckeye Pipe Line could be added
for all practical commercial purposes to the stocks OF
PENNSYLVANIA crude, would nuilify tho effect OF th'
viulng out of Pennsylvania stores at tho rate o.
| OOa 600 barrels a month The story printed In thu
Eastern and western papers boc all the earmarA'
! OF speculative purpose. Any process trumpcted II
tho press as tho power that would crush PennsyWanli
prices 30 per cent need not be accepted bilndiy as
| factor I'm controlling the present market The under
! iplf hp
ohio crude as fuel in that city, and by higher rates
tbcy arc rc,ardng It's progress. The Standard In
icfc, had been rapidly extending the use OF the fue
oil up To tho time they met this opposition II TIT
insurance interests are beaten In the contest In whcl
they do not appear 10 have the sympathy OF would-D
! Consumers of fuel oil important increase In th
consumption of the Ohio product would result viii
q BENEFICIAL moral effect lneS liable Eastern pctro
| ieum
| Last week the operators for fall in crude certit
ca.cs saw once again tho market snatched away jus
! a, n loulcd be ready TO fall prey to them b"ii
| .h results I'm the active producing localities "er
about the only live news OF the week. But the Dear
/ circulated many alarming ana sens"'lo"ai ru'no
and theories a, they could and yet the course of value
wa. nom 90 7-sd00 "a cents to 06 3-o"oaa9' Il
cents Tie speculation is narrow 10 discouragn
extcu and sensitive light operations on either sid
Of the account Bat 70 rallies under purchases VIII
more ca~e than It yields 10 pressure OF sales ana TN
underlying features of The commercial situation hav
served a; an important barrier against more than
small and temporary success Of the bears. On IN
other hand Tho export demand for refined which oesa
] ast y:eck on fairly largo SCALE ha'
! Ly 10 means reached The dimensions "lcl
would carry crude up through sheer sympathy. IN
market IS bare If certificates: the sh0rt interest
probably Of larger size than Is commonly believed an'
wcr, not FOR the fact that 05-cent oil Is generally
looked upon as high. the speculative position M2a'
ur. elt ,Sraeticns likely t. be seized by a brtan
( bull leader The closing dealings were somewhat un
setled but possessing more strength man weakness
The rlarbet. however. needs for any new upward I'M
pulse the touch OF speculation or the stimulus OF
new commercial feature. Its features OF strength
! existing arc such a. invite good buying on an,
reaction. 49,, ,,, =,
National Transit certificates at the Consolidated stool
and Petroleum Exchange for the last three week
tof1..