New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-12-24
THE PETROLEUM MARKET.
NEWS FROM THE FIELD AND RANGE OF PRICE


THE PETROLEUM MARKET
NEWS FROM THE FIELD AND RANGE OF PRICES.
As the recompcnse for the sacrifices they submitted
. IN carving out the agreement the soppage Of
dri and restriction Of output the associated pro-
ducers Of petroleum became entitled after November
10 about coo barrels OF oil which the STANDARD OH
Company has been carrying for them. Ever since ,hs
oil was earned has been much discussion 10 tho
trade n. 10 how the producers would dispose Of H. II
is safe 10 say that majority Of people believed mat 10
would not End Its way into the exchanges ous "ouh
be sold directly 10 the refining interests and this ldes
has been seduouy cultivated by the producers and their
,r,ana. Pecently however, IL conceded that
least part OF the producing organization hal agreed %
place power Of selling their share OF he OIL IN tiS
hands OF one man, who was to be allowed he uIno"
discretion a. 70 tho tine and manner of disposng Of
tho goods There were strong limitations given out
several times last week in The OIL City Derrick the
leading journal petroleum country that THIS oil
was coming upon the exchanges, and hsd on several
occasions nipped IN the bud promising rise In values
1t is open secret that about l'ooooo barrels
OF reserve has been sold but oniciai staVmenn
cannot he obtained The Derrick Of Friday previous
TO the break, remarked There still exists great IN
certainty as TO the status OF the oil held by he A.
and the uncertainty certainly acts as Dig bear. ms
repor,ed sale OF 1t has been confirmed which, Of
course encourages the belief that IL IL st hed a. mere
,ore randy 10 be thrown the market with crushing
enec, whenever the right point Is reached IL IS With
out doubt the greatest existing obstruction In tne way
n, an advance It's Pttsbug correspondent USED evea
stronger language saying Nearly all the selling In inc
forenoon came from the producers clique In OIL CITY,
and the uncertainty what they are intending CAUSES
speculation TO remain stale The trade - becoming
absolutely disguised with the course the producers ARC
pursunp with their certificates IL they nave sofa 1he
let them say so II they intend 10 sell then say tna
II thew have not and intend sell for some time.
let that be known Anything better than the suspense
occasoned nobody being able 70 find out "nehef 'ns
market is under deathtray or not"
The original price go cents plus storage and Interest,"
makes this reserve oil equal TO Of about rs cent
40 that any recent sales would that the producers
were willing accept profit OF 10 70 Is cents by part
ing with an article they have been declaring was cheap az
Al o. The moral effect Of such transaction cannot 30
favorable although there be excellent reasons why
the PRODUCERS were part OF their profs
Moreover It introduces an element OF speculative mystery
which initiates against the statistical strength Ok
petroleum and contuses Legitimate Judgment. The public
have no right TO demand admission 10 the confidence OF
the organized PRODUCERS but these facts clear the
this oil necessarily must be the Standzd
interest," and II early marketing OF the certihca,es 10
to be conducted Independently through speculative eN
changes producers 1t will be natural for the buyer
to lend enhancement o; values which must
come solely the absolute and unassted pressure
OF actual demand and supply. The average professional
Spectator prefers the short side in operations and VIII
unfsvorabe nature The average outsider prefers 70
buy on an Improving situation but he seldom has ss
strong be his belief In the merits Of Els
OIL if any Of the leaders desire broadening the
market
Outside OF the condition Of affair, noted above the
petroleum situation last week presented no new features
ien below an average Of 900 barrels day scarcity
the export demand. An attempt 20 revive tbs
Ohio oil competition made last week. bus
certificates for the oil denied BY authority. Their,
for believing that the status Of the commodity
changed Shipments from the oil country are falling
behind last DEFENDERS but the The stiff,
promises reduction In stocks this month Of over
900 900 barrels The runs a. barrels day,
December, 1886 and SO 27O barrels in 1885 The de-
veres average 1887 barrels aeain. s48 barrels n
barrels December 1886 and 20 SIS barrels December
1885 The pipe line figures from December to 20
Runs Deliveries deliveries. Charters
Az per day 44oi4 1887 3i's7S 2s7s4
The crude certificate speculation was variable and
,ition from Western at the start, which is
sufficiently explained in earlier remarks This oppo
cents, but an easy rally Of over cents followed
halt succeeded, accompanied by evidence that sone
oil developing. Sequel renewal OF Western sales
on Friday which found OF the recent New. York
support, and sharp break to IS 5sd90dS7 rs cents
Stop orders forced large amount Of Wall Street quda
ion and created short ventures, the attempt te
over when restored the market 20 80 cents in the Late
icaings Taking all the circumstances into considera
ton, the smaness OF the decline be commented
upon than any other feature. speculative improve
condition probably resulted from the decline,
outside interest Will be obstrucied by any antsgonism
,anGe may o Of grow out of over the producers
The range Of prices and the total dealings in National
roleum Exchange for the last three weeks were as
oLows: