New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-02
THE p. TROLEUM MARKET.

| NEWS FROM THE FIELD AND RANGE OF PRICES
There is little that is TO note in the petroleum
situation since last weeks review. Less done in
the speculative line in the week then under con-
sideraton, and while prices sank still nearer 70 the
70ccnt mark, they rallied quickly and closed practi-
oay unchanged 1t is evident from the reports to the
trade here that the petroleum country accepts as mora
than probable that around the present Baerstown de-
ycopmens territory will be found that will increase
the supply of oil to an important extent. II good
field is not opened up there the calculations OF tho
bears will be badly upset But there ought 70 be no
serious alarm the prospect that Bakerstown VIII
stay temporarily the declining tendency OF production,
for 1t has been shown and over again how hashy
and ephemeral tho more modern pools have been, and
how little they have figured enduring element
I'm the crude situation. Surely the arrival Of new
"gushers, has been partly "discounted' by the fall
in prices to near 20 cents 1t may do for the room
pyker turns to play his daily cards on tho
accidental of the hour the attitude OF some
large operator in either buying or selling But the In
weston ought to bear in mind that 1Ocent Oil IS nos
far from the points touched in all except seasons
OF severe panic that only unusual trade conditions
have ever Kept the average price OF certificates long
in the sixties There bulwarks TO the position OF
crude that were lacking year ago. and even II spec
ulaton sick unto DEATH 1t has been SO before
and has revived again.
There arc some favorable denied
Primarily the production has fallen of naturally TO
such an extent that the producers say that full re-
sumption of the yield of shutin wells would increase
the current but little Well, call the full proJuc-
ton $4,000 barrels day; suppose a new held adds
10000 barrels day for the rest Of tho year. mat
would be an output Of only 60,0C0 barrels, ana tho
trade Is at the threshold OF season which IS mofay
bound to advance the OF deliveries to 10000 or
s5 900 barrels day. 1t Is reasonable to expect then
that the present rate at which stocks are being
reduced-5OO, 900 barrels a month-win DC SUSTAINED
even through possible Bakerstown gusheis,' WHO
there are excellent chances that before september
arrives curailment of the supply above ground VIII
be making more rapid progress. At present tho
bulk of operators refuse to the big deliveries aheao
NJ the trade and dwell upon the bearsh features OF
the moment-the apathy of public speculation, the
unsetting influence of tariff reduction agtaIon'
the increase in new production and new operations
In tho field promised for the monthly report ior
June. and the dread Of oil at Bakerstown
But there are many investors who carry the future
IN mind when the bears hammer prices with occasional
success and they will be glad to avail themselves
of any opportunity for cheap purchases which some
of the dear CD friends of the producer are seeking
TO offer them. There was a spirited oenahd ior
refined oil late In the week which promptly rallied
the refined market from the decline that the break
IN crude gave it. This demand may yet waver ana
hold hack before actual necessity forces 1t forward
but there IS big growth in consumption OF OIL
alongside of Russian competition and the fact hae
through the " off season" purchases OF rehned "ere
lighter that usual ought to increase tns rate Oh tno
later purchases when the delayed business mas
come to hand ,,. H.. T., lima
The nine line figures for twenty-eight days ID 1uns
,a,cote that the reduction In net stocks In the iuii
month will probably not be mucn o'or 1'o'''"
barrels Tho daily average Charters ho"c'oi.
have been slightly in excess OF the repu'ed rate Vi
nroduct,on. From June 1 to IS Charters TO mo
Doth, inclusive the reports have been as ioho"s'
Total BIB A-.......lis30sSs 1as iS 800 sosil
Dulness and feverish movement Of prices briefly
summarizes last weeks speculation in crude certin'
oates Bakcrstown hung like milestone arouho 'ho
neck OF the trade all the time and the pessinils"o
view of the future taken by the professional pShcr
has extended to many conservative men, who usually
strive to resist the influences that FAVOR depreciation
IN values Whatever be the real cause, 1t must
DO admitted as fact that not for many months has
there been such a general tone Of bearshness among
the trade and the only activity is shown by the
onerators for a fall The market early rallied from
20 "a 10 "a So cents but the moment the buying TO
cover shorts renewed efforts at depression wero
made and prices were broken below .. eehrs. ~, ~
movement hack to IA IA cents followed bnt thc
anal dealings were marked by another tendency 10
wrakness Ii is difficult TO point out at the momeno
speculative features 10 encourage operators put tho
cei,t of tearlsn news Is likely 10 less effect On
values than the average trader may expect inc
market closed narrow and without much slgmncanee'
The range OF prices and the total dealings In Ma
tonaI Transit certificates at tho Consolidated stock
and Petroleum Exchange for the last three weeks
were follows; az
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