New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-07
THE PETROLEUM UARKEE

NEWS FROM THE FIELD AND RANGE OK PRICES
An interview with Thomas W Phillips, one oil the most
active and prominent leaders OF the Producers frooel'e
Association published in The OF CITY IrieF throws some
gh on the question OF the disposition OF tho 6oooooo
u.hel. OF oil set aside the STANDARD oil interests for ths
employers and employees who observe e smut
down confirms tho general terms OF what was san II
TnR OF February In these WORKS; Inc eoooooo
which wero set aside for the Of the organized
when they their coniTactwh Tie standard
oil interests the years shutdown were To be SOFA III no
quantities and at the decided by the producers
1t may assumed with safety that the boOoO0o par
set S;sniarj practically today out OF
tho market either sale or oaning Mr. Philips explains
that be'sro the producers should have tho right TO sell ts
oil the amount OF production TO DO shut III must
have been three months Ths inervie" Then con
unues:
The Producers Protective Association have compiled
with only but have smut III inuch
larger amount required By the written contract
with Standard consequently have right to sell the oil
a. soon as figures given, but II must be bohe ia
rand that ths GO010O0 barrels mentioned Is part OF tho
Standards holdings and ii will be presumed that neither tho
STANDARD nor the Board Of the r. A. wond de-
sire that auy considerable part OF this oil should be thrown
upon the market any In fact 1t IS my opinion
not however based upon official Information In regard 10 'o
disposition OF the oil, that bens part o. TIE SahAr
stocks they will pay from tmo to time at It's market
value and not at all likely TO be sold on any EN-
change IT, however wrong Ia my CONJECTURE tho
trade can assured that considerable portion VIII oe
sold at any enc and that part however small or large
sold h consent Oh any mehOoi Va i0
Board for the purpose OF breaking the market
Tho movement understood distinctly between the
Standard A. not TO be speculative one but 10 per-
nauenlly the condition OF the producing industry IL
was entered upon COOL faith and by written agreement by
both parties every to believe that 1t has
and viii kept in the same spirit until consnmnaSoi'
1t "a not unlikely the idea that there hangs over tho
cert sie market big bundle OF oil to DO sold LAY influence
tho speculative trade until some new phase OF
Tie situation diverts attention But there are
nno months which tho G,OOOOOO barrels may
be SOFA and the curtallment Of the output Will
eat np that amount N AT tho end OF the shut
down above ground will be cht In two anu
the heavy lines that necessity must be carried 10y the re-
nnng interests little surplus available for specu
| istors Who operate Tor depression
Yesterdays crude speculation was narrow and DUH There
absence OF buy ng disposition aud the majority the
room pykers beash and press the market at
every oppor unity In the morning they sold 1t down
light transactions to s8 cents. against 80 cents Saturday
night. but there rally OF over cent when attempts
were made to recover The carrying hero
rule and little long oil seems 10 ont the raids
the existing must be fully sustained by
current trading increased Tho only
feature OF support Is the fact that there Is good supply
vessels in port needed purchases OF products
cannot well yield desired returns to rehners II the crude
article is weak far this will influence the certificate
market for calper for email turns determine
himself The market closed d ali and only steady.
The range OF prces and tho total dealings Conso
! dated Exchange were as ishsNs
opening ........-...ss'. Lowest ssi.
| kGl
Refined oil was but unchanged at u. cents gallon
Abol test at all ports.
mn crry P.np Feb. 6.-.Natonal Transit Certificates
onened at S9a highest o9 lowest Sg1 clogei. 81 y
a. leo 900 barrels clearances Loo 900 barrels; char
ters -. barrels shipmenA, S0OIo barrels runs
PTrsBI'RG Penn Feb. 6.-PetIoleum fairy active and
nrm National transit certificates opened at sai closed
sg.; highest SO si lowest, 81, ,-,. ,,-.,a. -
REApFoHp PENN. Feb On National transit Certificates
opened al sg and closed NJ IVA inquest o'e iOWest
ga, Clearances 629 600 barrels , ,. 49,.
T1r7-srrrr penn Feb 6.-Sational transit certificates
oDene at sos ing hest. 59's; lowest s9s closed sos