New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-20
THE PETROLEUu MARKET
NEWS FROM THE FIELD AvD RANGE ~ ,

NEWS FROM THE FIELD ANp RANG" ~ rNi ~
sncculat,on in crude certificates still lang'ish's'
and the operators for fall at times iasi "ech ""
news from tho petroleum country to give thon' u"
couraecment. II IS not unlikely that for thr "no
beine the trade will give more attention to the ne
vcopmcns the front than 10 the strong features VI
tho commercial position In fact. there Is dlsro'i
uon to cxarceratc the Importance OF tho field news
and the bear PARTY Is encouraging this disposition W
It's utmost power. Clarion still forms centre "
attraction, although the results OF tho WORN vi 'p'
drill in that locality far below the sanguho ca
pcctatlons tanned at the start OF the eA''o
over the old Normal School Well" This week ough.
70 produce developments moro or less c's'o "
Clarlon's Importance to the trade. At saxohou
there have been no radical developments pnt VI,
outnnt * larger by rine than short tlms ago anu
tbe production shows decided stability. NJ hc''''"
the schlegc we'll was drilled deeper and donbic" W
flow for day or two. but y is now back 10 INC r"'.
prevous TO the drilling. Around Canonsbnrg son'o "
tbe produccrs who have adopted policy OF sciiiS"
ness In opposition to tho Producers PROTECTIVE No.
citation are active with the drill and at Nash''s'o
several old wells were shot with nitro glycerhc anu
gave out larger flows ali
As a rule. however, the oil country IS PROXY A..
shut down. Evidently the bear party Is aiming "
disrupt the producers organization II Pesspie anu
one of tho means used IS to induce INC "sno"
onsIde OF the agreement to stimulate their output ny
with the drill Fortunately the men VINO refuse ~
pnie with the great majority of the producing in'ereS
in their plans for materially benefing me lnuu'"'
are liable to severe losses when their new "o'h ~
suits in dry holes, and the process OF torpedos o
wells is a wasteful one Nevertheless there wiz 10
men whose dispositions will lead them 10 Iooh oo
seadfasy at tho dollar before their eyes that 'hoy
ora Hind IN larger coins back Of that, especially II
tberc he collateral speculative interests TO be scrVeu
NV posslble depression and depreciation. oh 'no
other hand despite the desperate efforts OF the enemies
OF the Producers Protective Assoclatloh' tha' "
ganization is still Loyalty held together ana INC "
terests at stake are too important to credit tho bclei
I'm failure Considering the present apathy VI sPo0
u,aton and the attempts Of the bears to create .ron
b,c and dependency. the current price OF cernhcae
oil for the last few weeks has ruled with reniarhao'o
stability Certificates have not been lorcou wv" "
the hands of those who purchased them ior al u"
vestment running beyond few months specula''on
The general decline in production ohtsiue vi 'n''
shutdown. the expansion Of consumption and the
certainty Of large purchases by Europe In the course
90 tho next few months are general influences when
have led to ar absorption and close holding OF cer
ufcates Some criticism is levied against the carry
Ing rates which have recently prevailed inc noo,
loans in New York being made at small FRACTIONS Vi
the storage charges, and premiums even bcng pau
for the use Of goods for delivery. The carrying Vi
certificates in bank the purchase outright ana STOW"
inc away OF certificates docs not appear any moro
artificial than the buying OF railway shares and the
locking up OF thcm in tin boxes shrinkaeo VI
million barrels a month In stocks above ground must
obliterate great many certificates from necessary!
and as the volume curtailcd those remaining ought
N become moro valuable, always, OF course, within
limits that Will not check the free movements OF COM
MERGE Can the bears with reason expect cap
ltalsts who have faith in the ultimate prosperity
Of the petroleum industry, when the visible supply
shall have been robbed of an oppr ssive maSn ude
10 fac tatc the temporary speculations for ia-to
furnish a club for their chastiscmentf
Is IL not Significant that the refined oil MARKET Is
held with such stability and frmness certainly inc
outlook for the American trado cannot be otherwise
than hopcful when the charter engagements rom
February to II have amounted to 1880 oarreis,
Or 1s1374 barrels in excess of the pipe limo runs
Tho runs for the first sixteen days OF the month have
amounted TO only 594 ISL barrels, daily average OF
~ &c barrels while the daily average OF the charters
for only one more additional day have been 4o,coo
horrols The deliveries from February to 10 have
been 1144443 barrels, or 549462 barrels IN excess
Of the current production, and showing an average
nov d.v of II 5o8 barrels. he daily average excess
~ dsliveres over runs has reached o4,542 pdrlcis
For the next thirteen days OF tho Hohth lno 'n0
I6h 10 the 29thO, similar rate would give i" rcuuo
zion in stocks nearly 100000 barrels IL y, Pretty
Safe ia look for a reduction In net STOCKS TOT inns
short month of about 100000 barrels: Inc Ppo
line figures 50 far this month show dally ucHVeiIcs
equal 10 the average of February FOR ho Iast thee
wears lille the average OF the runs SO lar hd> pco
81 s57 barrels day under the daily average In tebr-
ary for the last three years. In the loHOWlhs 'dpo
the relation of the daily average production 10 lho
copSumptlon as repTescnled in the PIPE line hguresl
for February of the four years from 1850, inclusive
1 ola