New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-02-27
TIE PETROLEUM MARKET

~
An interesting. incident Of last week was tie adoption oY
the Governing Com1.sS Of sne stocS Exchange oil Tao
rules viii g0verI Ito leaiinBs IN N''oh- 4rh7is
certificates unlisted department oil That institution aAh
te fixing OF next rhursdlT Cdsfch A. the d1te "nen
trading begun. The step ihken by the Etshahs7
an IMPORTANT aai IL testimony 70 tis pre- AheHSe
achieved uv the specE. oa after long period o.
depression o1scsrtv. Tho nnova ION - receiver Win
.tfacton By OF tho % the oil trAIs An INC
system deliveries " hand adopted by Tie tx
change doubtless eRi 10 LESSEN tao facility WIN "'
.uctor under system. enabled al Iiss
todepress W By 1ngng heavy amount phantom
O. trusting Oslore the end Oh the a~y
nil they have sold iIqudats previous csatracth The
weak point Of clearing system Is tntt Wns adef Fi
ing may parlvey ie~ dfersloes ~ he settled 'ae
day Following pressure OF Certificates manu-
featured carry evan strons buyers ~ Inc
tina.
Tie foatur, OF tne speculative position Of crude
oil last week the large demand TO borro" Ger
ncatss tina lad % DO PAID 10 lonirs
The rates accepted By the spccl!s trade a. t"e
product OF pulln 4a1 doubtless influenced fresh sell
II. or checked the idea shat N unloading
of ous oil d. one answer 20 this view ought 10
lie prices vsnced the most dnder the s"e'
carving aes But The broader ;lnd It has teeh
referred 20 DO tn ~ tie very satnre Oi
the present position DerOen certificates must be scarce
They represent much merchandise In store and a
merchandise being he ratc OF lOoOOJO barrels
OF out OK tho eutre 2OJOOO) barrels 0.
OF above ground whcn ceIUacatcs might be issued
600 be denced Ss Unavailable Tor roc.
Native uner tho agreement between the Producers
tAe sian ara Oh iut1resA lie.
that must &c considerable amount o. Oh hst -s 20 De
carried Or orYdtrtia business rslnlZ
n erests cannot siord to sntfu't 10 spec
ultors future OUTLOOK - c s. The short interest -
Of gntude beyond all reasonable DOUBT .ni IL has to-day
under conItons voune OF available eertd
Gu es 10 less Than tue year ~ two
ago However the average spocuat1r may - On
the subject members OF the producing
interest plsised the shutdown tchene they as-er
that thsy have entered into IT. not a, a device
to further speculative WONDER bur rs business
plan for permanently 5euehtng their Interests Iler sn
csrty has by mouths results A
couHden uitmie OUTCOME Of their vYrN they are
holding csrtAo4t.s prccI5ey 10 snsirO railroad
shares repr believed 70 oe streu-h'niag
ana developing II nu-r be r'e inferred th.t the
shutdown iaOgsnslt Is essentially uHefeht rom 01'er
schemes OF curtals output the SAX OF deDetns
stalks go'ds that the emooyrr has provided Tor
the emnioye must remain ine lii me enc - -cco
D. isbed Ana moreover movement sprnng not ron
standard out from the msh who arc interested
in an actual indus tT and men t'o Who have Dseh
htteroppon-nts OF The controlling refining comDn' IN t'
past who are suspicious o. che new 1io' repre-
s,nted by the al thai c4u be SAID < Ia,
the will te benefits Of the su cess o. t'
scheme and naturally mast Do hsI To good i~h ~
the adj, great o,dT u oprSducor' H
friends harssng enemies To descend 70 par
tcuars II can 10 demonstrated that o TIE nrms Who
have been Ip crtncats have through
then history but course "ei car
rying o-namely carrying II In bank aud not lending
Oh the floor" except perhaps. IN particular ID
stances actual favors 10 borrowers Am
other concerns winch aave follow general DocT
are to-day lending that except fer the premiums
paid Dy borrowers would n0s DC ayal4jio 10 the ioor
We nave -vote hi. mon question Of clrrv
ing rate. only created sIch general
discussion NOT fair that ta- co urci
noson o tho suffer from MISCONCEPTIONS arl-
ing out y A specul tive The week
has developed feature IA tns statistical outosA
From d,d the more bulish toward ths end
the washin gton that stimu atei by orpeoes
showing natural saTlnEage following such V,ent treat
vel sat
Opera thai Ocl y AMI -ArJn ouFS presenting DO MA
tera hange. Ire "wdcsuor ssh Is at WORK ana new
strikes production b. the danger from IFS
source has reduced d minimum by the producers
organization question opeanE lands OF the state
Of vanla.to MorganEb in washington
County Is work began tAero III
opposition to the args % the o-troenn regions
II will not become f-tsr OF importance uh' hiuh inter W
IN. European OF rehnet oil remain sun
stanay low ami little squeeze in spot OF Al
Antwerp lstrsed the critical position In when
foreign buyer, persist keeping the nselvsa At home the
o. The Producers Organization Is "reh
pipe The daily average Of rms to dale Is
agai.-t 645SZ barrels day IN February
1887 81 7il barrels in February 1886 and o495I Dare
in February, 1855. The deliveries have averaged 7sl7
barrels aay against 7l.ls3 February, 1887
7e February, 1885, and es.2l5 barrels IN
February 1888 three tie IA fallen
1874 35e short charter Tor twenty
four days pipe figures. far reported frem
February to 20 charters TO the @4h) Inclusive were as
f0lloSs' -
Runs. penyeries. Deliveries. Charters Chart ,rs
Ave- yer day. Ss.I47 74.l77 5000 AZ l56
The aggressive side o. the speculation IN pipe line csrn
cts last week was that OPERATOR, for fall Vigorous
hammerng vas indu efforts used to dsmem DeI
the producers aud there was free circulation
ruuors Mated disturb holders The success thAl
followed irregular aud un-
settled which also showed for the nve business dAy
slightly volume transactions tIan on the previous
week. Tao PttsDur= failure wa uli1e'
scare in1urncr brought prices To ~
q cents. tbs lowest The we,E but only Is cents
under the hn4 quotation OF tue prscedh"
saturday in NewNork amt ~ un Ter the O'Clock
closing AZ the ssern exchanges, But tIe long oil Aa vas
shaken out "a the small deprrS
really Lshe by Of shorts selling 70
another IN the at- trading cover previous
contracts started prize rap Iy upward 20 tht the MA
alton nearly above OF the week.
2s cents h CHER tAau Re Nor and ever
cent above the ma figure preceding that Inc
commercial position is reviewed work OF I'M
mediate prophecy nay be e be sad no."
that the reflected signs VI alarm Oh
the par. OF tho short interest anh a. r
West Oeing At the uniform usonl strong -ad
. excited
The range OF price, and tho total dealing. IN National
Transit eerdates at the Consolidated aud Petroleum.
N LIrhAnge FOR tue last thee were follows
c Heek ended Feb IL Feb Ig. Feb 20
!. | Opening ----- 80 30 90