New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-09-10
THE PETROLEUM MARKET

.
NEWS FROM THE FIELD AND RANGE OF PRICES
There has been no substantial change IN the cor
ditons GOVERNING the petroleum trade since our last
review 1r variable movements IN the crudo mar
ket arc NO. below and the operator who trusts MS
ability 70 secure bottom prices when he buys ana top
nrlces when he sells must Of necessity De more vi
less dependcnt on speculative and personal eieme"''
which can have place In summary Oh Ne''"
conditions apparent to any dspass'onate opse''0'
So far as tho field Is concerned, the news OF the week
was encouraging To that element OF inc usuo "'''
wants to secure profitable prices for IT'S commonly "
has taken the steps requisite to obtain thom-hahes
a policy Of temporary selfsacriflce which poih's "
An nit rnato large reward. The high prices az wh'ch
oil rules and the stability that has been main'aicu
on each recent gradual advance are the resu' Vi al
organization among the producers OF OIL ~ "'' ~
match the sodlty malnta by those WHO suppl
the article I'm a refined shape tn the consumer M"
IL must be confessed that the success Oh ethor "'s
citation of interests can hardly fail 10 DO mutuaiy
beneficial without creating any distress on che par
NJ the consumer For the last year the commerc'a
to,.o 90 nctroIeum have been increasingly favora'
blo 70 better prices for tho commodity, but there Is
utte doubt that this situation could not nave pcc"
awaited OF II radical measures had moi oeeh ahpn "
relieve the market OF stocks on hama mat spooua
so, ~ THAR own advantage and the detrment OF all
the interests connected with the supply OF hino' "
oil. On Saturday the ondflIilhs c"n'iao'
Producers, Protective Association EXPIRED ana ""
November tho agreement for the shutdown Vi
rroduction will terminate. The question OF no"
much PRODUCTION can be increased by the opening Vi
shutin wells and the resumption Oh ciearih6'ou',
humping, ETC.. is one only to be answered Dy ao'u"
experIcnce 1t Is claimed by the bears that 'ho i'
crease can be considerable, but tho testimony VI 'no
bulk of the producers is that the gain viii DO h''c
more than perceptibIc 1t Is apparent that tho men
cto1
with the view that the expansion OF supply VIII DC
unimnortant Last week the organized producers
were In session in bradford Penn, ana they reache"
an agreement with regard TO new drilling opeiauoh'
that we are Informed IS conservative In character IL
ts inevitable that the men who have poem plra'cu
upon by people who sought to obtain all the peho-
fits of the shutdown without enduring It's sacri
fees should wish TO be allowed, when the year
restriction was lifted, protect themselves with IN
creased production in available territory and IL Is
right that this should be so. But these very mon
NAV be relied upon to do no work which would I'M
peril tho final success Of the plans to when they
are committed II may be well here 10 CAT th'
attention Of the Producers Protective Association ~
the fact that they cannot afford to throw too deep
veil Of secrecy about their proceedings, for they VIII
excite I'm the public mind suspicious that their methods
are no higher than those which their members have
often rallied against If the oil market Is 10 DC
broadened I'm a wholesome way, information must not
he locked IN with a secret junta, whether 1t DO ono
~ nroducer or rener or kept the outset to favored
localities.
The refined market has been handicapped py inc
scarcity of ocean freight room we'll by the hesa
ton of foreigners caused by hopes of new strike OF
production in the oil fields the disruption Of the
producers organzaton-boh of which have been dis-
appolnted big business is believed 10 lie ahead OF
the trade and the price OF refined has eagerly followed
every development OF strength in crude. Tho avalaoe
figures OF production and consumption still show an ex
cess OF demand which promises this month to cut down
the stocks on hand about 100000 barrels From
September l charters TO the 7thl the pipe line
figures are follows: ,,,....
Runs. Deliveries. Excess Charters
deliveries
Total barrel. =. 24417s 4oi7c9 1924 2s2elI7
Widening interest in the certificate speculation was
indicated by the ransac lions OF last week. me dealings
falling but little short of the record OF the previous
week. in spite of the stOppago OF trading on Mohudy
H.ahOr Day. The buying Impulse or inc previous
from the final price OF that week, but PLANTATIONS
effected a reaction 10 81 - cents. The bears wer,
prophets OF a ascr TO the organized producers ana OF
a big gain I'm output IN the winter months, Dut lhcE
mel Of values. When demand for goods was dc
yelopcd near tho end OF the week the old story OF
scarce supply vas ctOld with the result or sharp tufl
n sentiment that carried the market 10 80 4a9o i
The hears for 65ccnt oil" refused to cover around ~
cents. The final tone OF speculation showed some
hesitation In accepting the net results OF the week as
pcrmauen but the market stlll remained IN me CON
irol Of investors who believe In buying on inc reac'
Tho range OF prices and the total dealings in Ma
tional Transit certificates at the Consoldated SocB
and Petroleum Exchange for tho last three weeks were