New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-08
TIE PETROLEUM MARKET

NEWS FROM THE FIELD AND RANGE OF PRICES.
II IS well to separate as distinctly as possible inc
commercial strength Of petroleum from any spe0uia
tive influences which for the time being assume more
or less prominence. The task Is, In some respects
hard one and credit Is given TO reviewer ior any
attempt TO picture the features which persist through
all the varying fluctuations OF values IN
the speculative market disbelief in the
sincerity Of tho relations between the
refining and the producing interests prevails TO such
an extent that the followers of the or the other
party are not trusted by the general public when
they issue statements which not Immediately fol
lowed by some speculative manipulation. The idea
Of any radical alteration Of the oil industry not TO Dc
measured by the recent bases of picessay 40 cents
to II per barrels foreign to both tho commercial
dealer aud the speculative operator here and In
Europe Broadly outlined and given for what 1t IS
WORTH the arguments of the petroleum trade are that
ruling prices are high they can reasonably be
expected 60 the future presents an activity In the
drilling line which Will debor all new investments ;
the termination Of the shuLin agreement on Novem-
Der will result in rush OF new oil that the Stand
ard OIL Company Will not take except at material
recession in prices Europe will persist in its policy
of buying only for instant wants, and the talk Of
tighter money and election disturbances Will suppress
speculation on the bull side units materially lower
range of values is reached All these influences
would tell declsvey in favor OF decline Of magnitude
If the considerations ofsettng not those which
rest upon narrow basis Of actual goods and the
moral certainty that the refining and the producing
interests Will reach an agreement of mutual benefit
before the height Of the consuming season Is over.
The September figures Of the pipe lines will be re-
ceived in complete shape this week So far put
upon the blackboard the runs of oil amount to
ISL, 4s2 barrels, or daily average Of 1888 bar
rcls while the deliveries aggregate 221os76
barrels, or at rate OF 1905 bar
rels day. Tho Of deliveries for
the month by this showing IS 1,029,3 1894 barrels,
34,3f3 barrels day. Tho charters amounted to
LAST, 45o barrels, 1882 barrels day. The pipe
line reports for the first four days OF October aggre-
gate 164G76 barrels in runs, al ,169 barrels day,
while the deliveries 32G.45s barrels. s1.614
barrels a day The excess OF deliveries Is 161, 752
barrels or daily average excess Of 40445 barrels.
The charters this month amounted TO only 124,2o5
barrels, making daily average of 24,s57 barrels.
The news from the scene Of activity with tho drlll
last week bearish in its character and Indicated
more supplies Of oil In the Bakersown district.
The monthly report of development work showed a
decided increase in operations, but tho average daily
new yield only modestly Increased, falling below
the output OF the summer months. Within the next
thirty days the =pccts Of reliable production for
the winter will be subject 10 accurate estimates
The crude certificate speculation last week showed
a late tendency to increased activity, although u
at The lensc OF values. Prices fell from 90 Is
cents TO 81 cents, and at that figure they above
the lowest quotations Of the two preceding weeks.
The general Of traders bearsh In opinion,
either rejecting the fears which the bears IN rail-
way stocks FREQ I'm manufacturing respecting
higher money market anticipating freshet
OF new Oil The refined market hung fire, and after
the tumble in crude, prices were reduced is cont:
The machinery OF manipulation directed toward
a lowering Of values, and II In good working
order IN the final dealings. The selling By the Western
operators hi crude, which hos been continued for
50 long. persisted in TO the end. Every surface
indication pointed to lover prices, but absorption
of sales made without any serious setback In
figures. The market closed practically at bottom figures
ana heavy IN tone TIE future dealings Will undoubci-
y be affected by field the influences Of the gen
cral financial situation, but there viii probably be
better class OF buying any slump than there will
le Of selling any rally.
The range of prices and the total dealings in Ma
t.cnal Trens certificates OF the Consolidated Stock
and Petroleum Exchange for the last three weeks
were as follows.