New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-18
THE PETROLEUM MARKET

| NEWS FROM THE FIELD AND RANGE OF PRICES
call the decline of crude petroleum
that panic which h. rnl the trade for four
gave p,ce TO 1t is time that the large pro-
who pofessed faith the future OF their
modify shoul Ike their faith know by good works. ess
they wish to Kill "tho that lays the golden eggs II
time the influence of the great inrg interests
should the lifting o, the speculation from its
demoralized condition There has been break in prices OF
IL barrel The OF the speculation
in nnes has checked Weak holders and traders
beyond limits shaken out and an opportunity
offered for the covering OF large short element Yet the
position of the commodity shows change. The shutdown
contract the profnoers and the STANDARD oil in
hollis for nearly and he's not been weakened OF
late On the contrary zston Of the n in the oil
country making satisfactory progress The pipe line runs
for weeks OF this month have amounted 10
arre daily Of 81 o29 barrels, wsie the
shipments have been l0762S5 barrels daily avera Ut
IL 1853 barrels 'umpi of 6lOs46
barrels AO24 barrels day The charters have far
573ls barrels and while the needs OF Europe are as
great the demand has been restrs ed by high
and the fear that the product OF Lima oil might be
shipped place Pennsy Assurance has been given
the exporters That this will not be done Moreover the
news from field less bearsh the Burchhed well at
Brush Greek being troubled with salt water and the Reibod
being 10 ten barre an hour and not promising
results further The situation did not justify
panic oueht warrant return Of common sense
among scared operators.
dealings in crnls certificates took place
teray at the Consolidated EXCHANGE the record exceeding
100000 bushels The moro favorable reports from The
In County developments opened the market cent
AT 90 cents tiie further But the selling
fever resumed and became aggravated by the
failure large trader 10 resrOud 10 calls FOR do1dl
margin ami vague nd ears o. trouble growing
out Of this Prices 10 TO So. ITS but ia
the there recovery TO above 81 cents.
Carrying ruled 25 normal storage
considering the success OF the bears ald the
wngnes demoralzed bulls 10 have teir oil carried
The default day look If would invOlve
seri.us consequences The market closed down - and
barely Wy require some time 10 regain its
posure ed symptoms Of sir1g cling 10 is feet
again.
range of prices AMI the total dealings at the Conso
dated Exchange were as follows
Openng Lowest ................. 81 a
Highest OO's Final 50 =
Sales BARRELS -'o"5'eo'
Refined quiet but prices held at 10 cents per
gallon that this market has not pro.
pot onatelY 10 the rise In crude
OIL CITY Pena. Jan. l7-Natiena Transit Certificates
opened at 90 highest, 81. lowest SJ's; clsssi, 1874
ciearance. 100000 barrois; char
ters rs 25i barrels shipments l0l,2S5 barrels; rshs
PIffsSaRG Penn Jan l7-Peiroleum fairly active and
firm National Transit Csrtihcatys opsnod At SO4
/ closed at sGs4. highest. JO7s: lowest. S4A
| Psnn Jal. Il y ttipnu rrAIs; tsr;i ict53
openrn al sos SOS u<is,L COS 10 vest
s.. Closrancos. 353S.0DJ rTrolA .,.
TlTUsVIILr. Penn. jan I7.NRtr1l FrtltI El;N's
opened at 90 highe.to9l lowest $50; closet S6'+