New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-09
THE PETROLEUM MARKET

NEWS FROM THE FIELD AND RANCE OF PRICES.
With crude oil selling at prices FAR below the basis
which the producers Of the article declare must be reached
before their industry enjoy legitimate prosperity,
after an important liquidation and shifting OF holdings
have been accomplished It Is worth while bring into
sight again the favorable situation IL
must be conceded that its side
shadows, and II these disposed Of the way will be
paved for resumption OF the impulse upward which be-
gan with the reduce stocks above ground.
There Is no doubt that the general bus and specua
tive situation is Liable exert on the petro
eum trade and speculation. Of the financial
outlook would help TO hasten return OF support to
values irrespective Of the fluctuations IN railway shares
while collapse Of the recent stock boom" and neg
leet Of Congress take action the money question
would hamper oil speculation there continued to
be an improvement In the conditions specially affecting
IT, Hence for little time It may be expected that
petroleum win express sympathy with the larger
speculative interests OF Wall Street In the refined
trade little change is yet apparent in the attitude OF
porers and the movement is likely to be sluggish until
the Of necessity forces heavier purchases The
speculative break In crude has confirmed Europe in It's
scepcism regarding the producers combination and for
eign views not likely to be altered until the pro-
ducers further demonstrated the OF their
work. irrespective Of the money lost made by tho vara
lions in tho certificate market But thero is large
foreign demand morally assumed for the months
confidence renners IN the conditions that will
then pre, al is indicated by theft refusal to make elerances
beyond the early part OF May at present low prices Of oil
and frelghts.
The field situation, while presenting some features
which VIII effect beyond their intrinsic merit In
unfayorabe speculative temper persists contains
nothing alarming when viewed in relation to tho general
movement Of output and demand saxonburg IS too in
consistent and nashy assure any serious addition to tho
supply In Washington County oil
may be looked for at Tdyorstown and Can
nonsburg, tut far the developments
Of mediocre character while the age OF the Older parts
Of the field assures drainage which Will probably
Of ftrsI aHwFfra
direction Of the latest discoveries there But II
the who drilling without regard for the general
benefit OF he Industry are more successful than seems
probable the results VIII not stop the destruction OF the
stocks The Producers Protective Association has been
severely tested by the occurrences IN the certificate
MARKET but the union has been made compact, and
10 is not unlikely that the larger class Of producers VIII
adopt measures % assure control Of the supply, even
when the shutdown agreement expires. The contract
with the STANDARD people Is sustained and the moncyed IN
terest involved is excellent guarantee to hold
all the dishonoralo members Of The association
together Even IS 90 cents, the contract with the
depression last reflects the advantages secured
by the shutdown, aud paints the possibility Of the
future. The complete returns Of the pipe lines for
March due is week viii doubtless record decrease IN
stocks OK 100000 barrels large part OK which VIII come
from certificates cancelled The carly reports for this
month hint az lesser production and creator con-
sumption tLIn In March. The daily average Of the runs
Is S34o5 barrels, comparing with these Ggu'es for Aprl
in preceding years. lo57, GGU65 barrels 1856 OU3 1885,
los5, Co,2yO; loo4 O5oI4 b4s4cIs The daily average
of deliveries 1928 barrels comparing as follows;
1907, Gl,951 barrels; 1855 O15l5i 1855, 6l'S25i
loot, 5l,1lI barrels. TIC pipe limo figures from AptI
70 Charters to the W inclusive were a. follow.
Rum. DEFY > TX: D..N' On~ '.I ie.';;
Total barrels lOrO-3 aOa5oI 1881 -oo'5lo
nh. ii41iiqtlas mo- ercus in the Na o,ai lrl.C
cerauelte speculation, which began th MeeA7 ""',
..i.aite1 Ia, We In ere. ~ s-arg ~, WIZ
d, M, In NO., ~, y e,1 De,n1 rs4e.3i la 2. pro Oh
M T.
Gl1,'..0's N 81 l-2a ia7 1851 3 4a75 - ~ ,
s7G eosl y-3a15 l2l,o -ai5 SAYS 10 cents before
tAo loves. Moth WIS uuch,i, representing la.sly
.As rallies only me co'erlg Of short. Inc |''4yss
M Hallway STOCKS Wa NOR po,eAy I@''o. t--A '-- I've
iiou oil ), aui when refined OIL "as reduced
noenc. u crd long afer ito value a. such had ceased
spread h. impression thai the refining Interests
OF tat Ir1Iuco,s' Ualon WI. freely circuIaed, and
dover rehabilitation OF the Ohio scarecrow was accom-
nv az Lima however are oacay denied by tie general
u'nlger and claims are SUI made that The refinery IS
market II IS apparent n the process OF ensthg SUP,
M Indications O. stitching Of he Quotations OF The
Igas oto ''S Crude can be brought into compeuoa
with tho Pcnus. lyania article. Denas OF
md tre radical change IN tie railway speculation STAYED
the selling impuc around S,4ts sni '' Tn IATSSs a s
Witch are loly to sway future course o. prices now
mat so extensive liquidation Of long holdings has been
sull ranks that would warrant hope In an AGGRESSIVE
,n avd at .b 's cr y which viii End d.
C,itr ~ Ilsurlng those investors who have begun 70
renew modest for rise but Il Is not ~ me
magnitude 10 furnish the basis Of any scare OF me
bears The losses inflicted the western operators TOT
rise viii not be recovered from easily and experience
has shown that from them generally tho FIRST sig.
nal for an advance. But while cautious policy Il sun
advocofod bv many conservative houses sellers OF OH 40
the present basis Of values will find less dhcuiy IN
placing goods and in Erecting any maternal de'
preston II significant that the tumble or the mar
ke bred decidedly active movement on the STOCK EX
change suggestive ~ possible increase In the inpof'
t,rca ~ that body element IN later opera
The market closed steady and without knowledge or u9
recovery Of in the quotations or the rehhci
product. $500, ,.-,,-u. l., ,-o,t,,,t
The prices and the total dealings IN Nouonal
Transit certificates at the Consolidated Stock ana rro
I.m ExcLange f-r thc last Ihroe weeks were as ouw9