New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-06-11
THE PETROLEUM MARKET.
NEWS FROM THE FIELD AND RANGE or ppy

NEWS FROM THE FIELD AND RANGE OF PRICES
The petroleum situation at the moment seems to b
largely influenced by the outlook In the field. It
not be said that dangerous developments arc ahead
but enough doubt and uncertainty exist TO unfavoraby
influence values The principal point Of interest and
anxiety is at Bakerstown place several miles SOUTH
east from the Rebod pool A fair producer has been
found in this locality, but the geological character Of
the sand Is still matter Of dispute The owners Of
the well have made 1t mystery and full informs-
ton regarding IL will to the outside SPECTATOR
probably too late 10 be Of any benefit to him. 1t IL
possible that pool of any importance may be devel-
oped at Bakerstown, but even another Relboh wero
uncovered 1t ought not TO exert much effect on values
at their present low ebb At Washington unfortunate
activity still continues and the advices of Saturday
indicated the chance of finding quite little more oil
In that field Added to the effect Of nervousness over
possible developments by the drill has been the gen.
eral speculative blueness7 of the atmosphere Of Wall
Street, and the unsetng effect OF political contro-
verses
But while these elements have affected values and
must Dc weighed In any estimate of the future, the
situation has many encouraging features The shut
down mas not yet helped the producers much. AT so
cents barrel, the daily yield Of 10000 barrels nets
only S3o 00o and II we add SO oOO as about rem
resentlng profits on the trust oil distributed as daily
production, the total return TO the producer is only
ABOUT what was received for the daily out
put Of 10000 barrels a year ago, when
the price was 6Oa65 cents The Of the schema
as an effort 10 improve industry has been retarded
by the activity and recent good fortune OF the CLIQUE
OF producers who have refused TO unite with their
nelghbors in the work for trade Independence Never
theess, after having endured tho tests of the past ths
organized producers are not likely to dsntegrate on
the eve Of the active refined season Russias trade
has reached the limit of transportation facilities
and consular reports SNOW that her mdch-talbed-of
Pipe limo certainly two to three years the future
Nor have We heard of any change to justify considers
Ing Ohio oil as competitor. II seems hardly possiI
bic that the business promised in refined within thirty
days come without bene1ting crude, in the abb
sence Of any radical change in the petroleum country
The charters this month have reached daily averages
of 56,2S3 barrels, II 900 barrels in excess
Of the June production and nearly equal to the daily
Of the total deliveries. The deliveries still
far below the daily average necessary equal tina
movement OF last year but they are larger than in
May and enough ahead Of the production to again
run the reduction of stocks up to large figures
There Is reason for supposng thai the light de-
veries of the last two months represent lost instead
Of deferred business II this be correct it is moral
certainty that the stocks above ground at the end Of
1883 will have leen cut down by consumption to
100000 barrels, and by next May to 100000
barrels. Even should Bakecstown develop into a
large leld it would hardly be likely to increase tho
above given figures by more than 100000
1900, 900 barrels. Should the worst view, there
FORE Of the present situation and the nearby prospects
be taken, there remains strong ground for the be-
lief that better prices for the producer may be post
poned but cannot be prevented
The pipe line figures from June to Z charters
to the stA) inclusive, as follows: