New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-03-05
THE PETROLEUM MARKET.

NEWS FROM HE FIELD AND RANGE OF FRIcEs.
The New-Yor Stock Exchange last Thursday
March u began trading in National Transit certificates
in It's unlisted department Considering the yey of the
departure and the difficulties under which the Exchange
labors the experiment favorable and gives promise
OF possible development OF important business The
who effected the innovation influential and
able and In their pride and prestige are com
mted to the making OF the movement success at least
for the time being action Of the Stock Exchange
has been welcomed which may result In broaden
ing petroleum market by the people most vitality In
teested in the trade and every encouragement has been
offered tho Although official relations have not
established between the Exchange and the Conference
OIL Exchanges the newly fedged oil brokers get prompt
and full quotations the Western oil boards and have
plenty good brokers choose from in tho execution OF
orders at the West But the Stock Exchange, by its
policy hostility the Consolidated Stock and Petroleum
Exchange has che assume an unnecessary handicap
1t offer to its customers the advantages OF direct
with the petroleum country and Its ex-
changes and 1t only offer actual markets on three
Western boards The broker at the Consolidated Ex-
change the contrary offers his client not only that
market (Which is the controlling market in oil nine
times en but the markets at Oil City, Bradford
and Psburg directly and officially, and also the actuai
o. the Ncw-Yofk Stock Exchange II he desires
his be executed there There are many large
done at times heavy business In
oil may support the oil market in the Old stock board
tusy they will (or their custom
wilD desire eject their transactions In the Market
an unparalleled observer 1t does not seem to be wise
plan for person treading In paths 10 shut him.
self experienced guides with whom he may nave
dispute growing out Of questions OF different charac
ter than that Of reaching his goal by the best and quick
est way.
The week closing Saturday again was marked by
the scarcity OF crude certificates to borrow for specu
tive purp and high premiums paid y the shpr' COT
rover we're rule. 1t is hard for the average wall
Street Spectator realize that the petroleum situation
to an which
being safest and most profitable side TO operate
on. Sell sell, SELL" Is the cry Of the wall Street
contingent and its members are indignant IT, after they
overseI market they can't End investors willing to
lend them all certificates they want and run the risk
OF not being able them In case OF actual calls
for oil they represent for commercial consumption
It is no matter that only Is, 100000 barrels
now represented certificates while there is an annual
consumption OOO 27,O00 5000 barrels OF oil
a year, that next eight months there is every
prospect reduction in the total stocks OF oil ABOVE
ground from 100000 barrels to about
IL 600 barres in recent years has there
been such little promising territory in sight, and such
little drilling where profitable production may be hoped
for Europe Is carrying at It's principal ports less
than months supply, and that all the trade bug'a
boos Of years have been damaged by actual
facts These conditions are thrust aside by the In
gambler the side Of depression and speculation
still favors general principles the operations
which have proved improbable since Last summer
when producers united TO ls their industry out OF
influences which have given the producer an ad
vance Of 80 per the price Of his commodity since
six months ago, and which have maintained stability
in values without support from outside public not
known long time In the history Of the trade The
tie field last week was encouraging, tho
ventures with drill OF the who are hostile TO
Producers Protective Association disappointing them
at Clarion, SaXonburg, Canonsturg, and other points
most proml sing to new production. Tho February re-
port OF field q bulish showing whether we
take the figures The Bradford Oil News" those OF
The oil City Derrick" The former paper shows 90
wells completed in February, decrease OF II from
January 25 dry number increase OF
o. and daily met output Of e1o barrels de-
crease Of $50 barrels The wells drilling are placed at
So an increase Of 12 due TO the efforts OF wouldbe
market breakers at CsriCn and CanonsturR but the
rigs up building only %, decrease o. a. The
OIL City Derrcks" report less favorable as respects
the new development work. but IL shows decrease OF
$50 barrels per day the average daily February pro-
ducon. We take this report because II enables fuller
comparison with February operations for tho last two
years be male with official Exchange figures and we
Irp.e mt the IA Al