New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-04-02
THE PETROLEUM M1RREL.
NEWS FROM THE FIELD AND RANCE OF I

| NEWS FROM THE FIELD AND RANCE OF PRICES
At the present iunetue of Affairs when the process Of
liquidation IL making such progress in the eertln-
cate speculation It is well take many view
Of the situation possible. In the desire Of lear
speculative operators compel holders their
goods and the willingness OF bulls who have realized
pronts 10 prices beaten point they will
confidently purchases, there is danger
commercial features OF petroleum may be overlooked
This column has within the weeks recorded tho
Influences which have changed the speculation
and it has desire belite the arguments Of those
who believe in still lower range OF prices. In tho
first place. the export trade is dull the purchases OF
Europe have for time been conducted on as
narrow a scale possible. Through all the winters
variations in crude-ts sharp bulges and occasional
bfeaksthe price Of refined oil has been sustained
"a per gallon. The foreign trade has refused
to accept the fact OF the shutdown movement end
has bought of American oil than necessary.
1t is not likely to Increase its purchases any material
extent for the time being unless is encouraged by lower
figures. Yet hazard little in saying that the vastly
superior quality Of American oils and the steady expansion
OF consumption the word over will doubtless u.s.
when the years accounts are made up, fully large
volume OF exports and the reluctance
Is shown in replenshng light stocks Of petroleum
abroad the keener will probably be the inquiry later
the The weakness OF crude, however coupled
with the small demand and the scarcity OF room,
has compelled reduction of lis in refined noted
below.
Another feature the situation which is depress-
Ing power IS the activity OF the drill the weather
modeiaes and the tendency toward expansion
production We printed yesterday the advance
OF development work I'm the oil country, showing
in the daily average output 3SSS barrels
The field last week bearish in many respects
Apparently through political nnue. the lands Of
Pennsylvania at Morganza in Washington County. have
been opened up the der, and perhaps the chances
favor addition TO the supply In that locality
SaxOnburg has acquired fresh prominence by the opening
81 the Crawford cusher," but the yield well
has rapidly its start, and it does nos
fout AaShv
and unstlbe character already shown By that pool.
In Greene County, also. there IS mystery
working" well, and the trade Is watching
the developments there with Interest But much Of the
land which might he opened up by any Of the recent
Strikes" is controlled by the Producers Protective
Association and will ntt be developed until the reduction
OF stocks has established hrmer basis for the price Of
Pennsylvania oh Moreover the dangcr u overdrllins
will checked by certainty It will result in
Improbable depression and many OF the
oil lands who not parties to the shutdown scheme
pledged to conservative designed
profits for themselves by avoiding smashing Of tho
market But even allowing for reasonable increase
the yield the restrictive policy Of organized
poducers will ri,'nue to force STOCKS into consumption.
The decrease In March will probably be 900 barrels
and this moderate rate Of reduction will wipe
nearly 1000 600 barrels Of the surplus supply before the
expiration OF the shutdown agreement We think that
correct in asserting that the net results Of
their cOmblaon have teen gratifying TO the producers
who have united FOR the common good and IL is moro
leading operators and companies OF the petroleum
regions will prepare replace 1. by scheme OF control
Of their output which will prevent the oversupply
that the past has unduy depressed the petroleum In
dustry The which has attended the harmonious
operations Of Pcnnsylvanas great anthracite fields is
likely be duplicated In that other great product Of
the State petroleum
The pp line runs the large deficiency under
deliveries has been the rule since last November
The average daily March acking four days.
b. s95 barrels against barrels In February 1928
barrels January 1888 eoo12 barrels In March, 1887;
barrels in March. 1885; and 64o9s barrels in
March. 1885. The deliveries have averaged o9,S22
barrels against SOL barrels In February. and
barrels January 1888 1855 barrels in March.
1885, ga barrels in March, 1885, and 81 025 barrels
In March, 1855 The figures from the daily returns from
March to n Charters to the Goth, crew as follows
Runs Deliveries Excess depvs Chsrten
Tota, bbls.,. o42I77 1,72a1s9 7s1,ooo 99s.s2S
Ave. per day.. 34.s9b 90, 522 22Se27 3l,Ae
The National Transit certificate speculation last week
the degree Of activity as In the week
previous and the proportions Of trading between
The the Stock Exchange were preserved
say az four-ffths to one-ffth. The story Of the
market Is easily told-k mporary nrmness In the early
dealings around 30 1-4d91 81 cents break 10 81 -
cents on field scares; rally to 80 cenh and thea
another drop 10 $685. centa Besides the disturbing
character Of the from the drilling wes the DE-
preston railway stocks and the general unfavorabe
developments In the railroad and labor situation lent
support to bear party. and compelled oonsdersoe
ss stance to prices minimum, owing 10 the dunem
Of the season. aggressive operations on the bull side
have been suspended BY number Of important leaders,
tho covering Of shorts being left a. the main buying
support The future Of speculation 70 likely 10 -
governed largely by the news from tho oil country anA
further ucpidaons may DO necessary. But DE marhee
has been relieved Of , pressure OF considerable long
stun is disposition toward short sales deve
,ping Wall Street which VIII doubtless hser furnish
The basis for reversing Che present tenipef 1hs marx"
closed without confidence the rally.
The range Of prices and the total dealings In National
Transit certificates ct the Stock and Petroleum
Exchange for the last three weeks were a. folowsi
wsek ended sMsreh ~ Exch q Mareh sh
Opening W. N, 80
II ighest-- H7t XII ~
H, "a
" cM
Sales barrels. ze2s0O0 ltSiSvW Ada09toonX
sales at the Stock Ex-. l.l7oO0o o.Sol,Voo a'Ap'Vw
lf.aias 4