New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-03-03
The PETROLEUM MARKEE

rug From THE FIELD AND RANGE or PRICES
Tbc,e we're none of the sales OF pipe line cerih-
,aic, on sellers options that were such feature Oh
rbu,sdavs tradlng at the Stock Exchange yesterday,
tlc liberal dealings of the DAY previous having pcen
made without clear idea of the relative position OF
So. and seller AT the oil exchanges the practice Is
~, SELLERS onions 10 be made fat" that Is, the con-
tract price covers storage charges and frc assess
nents M to the tire of delivery 10 the puyer, inc
selI,r having the right to deliver the Oil at any tmc
within the thirty sixty days and be compelled to
dcllyer il al the expiration Of that period But this
sv,eu i. not that under which the stock Exchange
conducts lis transactions In mining shares, for ex-
.,,,lc In that case the buyer Is charged with In
tecs and possible assessments In addition to the con-
tract price whcn seller makes the delivery TO tho
buyer If this must be applied to option dealings in
oil the price made on Thursday on sellers options ut
was generally / cent below the spot maihep was
good If the seller - obliged TO FURNISH clcai
Certificate IL points the speculative sceptcism OF
stock brokers regarding oil article If commerce.
II j. probabs that au official ruling Will have 10 be
made TO cover this point at the stock Exchange.
There was particular feature to tie news from the
oil fields yesterday. The pipe line runs for February
Oot wholly completedl amount TO IiI3,lOS barrel,
daily average of 4O52l barrels The deliveries have
amounted TO 2,115,2O3 barrels, or 1888 barrels
day, tot vi deliveries over runs OF gfOl
barrels, Or 324l7 barrels day. inc Charter, HI, IN
February amounted To 1,l9J,lOJ barrels or uily
average of 4l.351 barrels 49,,
The oil speculation yesterday was less active than
on Thursday and the fucuaton of prices Was confined
10 cent In the eaIlj trading ceitmc az az me me
Consolidated Exchange sold down nom 10 o-4l ~
Stock Exchange the lowest price daily was Ok Ia
cents rally followed on the covering OF SONS
shorts AID for the greater part of the day the marker
at the oil boards kept little better tha nan
al the Stock Exchange. Toward the close there was
renewed heavness and final figures were at pIac1Is
cally the lowest Of the day. The leneWaiS
maie at The Consolidated Exchange were at rom 10
10 90 cents. Int the end there was be'~r uo-
mand and premiums for The use Of ceniicaes were
run up 10 ~ per 900 barrels. Loans al The STOCK
EXCHANGE were made "fat." Tho market closed
heavy and weary looking .
The range of prices and the total dealings in New
York yesterday were as follows
Stock Exchange. Consolidated.
Il
Low 81 US
Sales bsrrels...--.... O"S.soO l,S"o.oOo
Refined oil hcld firm at "a cents per gallon,
Abel test al all ports Abroad there some little
Improvement in the markets.
or CITY Penn; Mar loNat;ona Trr1st Crr,dncat ns
saes. $4,000 barrels clearance S20oo 9arrels
runs 1881 barrels; shipments. 1890 Dares charters
s2,77s barrels. .,o.
transit certificates opened at 932i closed %
BRApFoRD Penn. Mar 2-Nstonal Transit Cert hcates
opened 93i2 and closed al 49, highest 'o+' "Nos"
o.. Clearances lGOS0O0 barrels .,s...
opened 93s4 highest. 9S'.; lowest 92's closed 70