New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-09
NEWS FROM TILE FIELD AID RANCE OF I

NEWS FROM THE FIELD AND RANGE OF PRrcEs
Two weeks ago The Tribune, in conccdng the feat
ures OF the petroleum situation which a tempo
rarly bcarsh color pointed out the radical differences
! IN the statistical position OF the commodity and
what Il year ago, and asked II there Is any
logic In figures and omparisons f. not Recent oil fully
as cheap GOcenf oil year ago undcf less favor
able general conditionsl II must be borne IN mind
| also that big fail demand Will In with any
possible new uoo or field, since that time the bcars
for G5-cent oil7 have succeeded IN breaking values
shade below 72 cents and rally Of nearly cents has
followed The Improvement was nearly all embraced
n last weeks market and was the logical outcome %
increased activity in the refined trade and less bcarish
news from the petroleum regions. The importance OF
the latter influence perhaps will not be reflected In
the market for some time. Probably the Ba@Stown
developments have not been fully tested, and u 10
possible that tho territory prove to BE- more dangers
later than II looks to be- But even should
the drill gain richer rewards further the probable
cccs Of this the situation must be viewed in ron
nection with expanding movement Of consumption
and large depletion OF stocks hand. For tho
present however n must be admitted that last weeks
news from Bakerstown surprised the trade, who had
looked for big gusher territory The early wells have
not improved deeper drilling; in fact, one testers
has suffered by r. and present indications not favor
able 10 much than moderate pool OF wells
likely start a few hundred barrels day and fall
of TO less than hundred
With the field disappointing the expectations
o, the bears the refined oil position is likely 10 re-
ccivc more prominence than has been given 10 Il Of
late. The demand last week was excellent and
prices readily responded 10 II. Indications multiply
Of the approach Of active 7eason and the aggard
buyers Ct Europe may he forced tc confront the
necessity of heavy purchases without having their
side a new big pool Of crude. they expected few
weeks ago 20 have Stocks nearly everywhere
abroad below the low figures which excited
comment last autumn Present deliveries look small
ard the record 10 date falls behind that Of year ago,
but the investor who looks beyond what lies hinder
lis nose change In figures which Is bound %
come through the execution Of delayed, reluctans
orders. The lighter the deliveries have been tho
first half Of the year the heavier Will be the press
ure in the last half. for member Of the trade
can pretend that consumption Is not naturally
the increase. Eighty thousand barrels day II de-
liveric, with the output only 10000 barrels daily.
means burning up OF 100000 barrels Of stocks
month. with the production at 10000 barrels
the probabl, movement Of deliveries promises 100000
barrels month taken out OF the visible supply.
Even discouraged producer must see that there Is
pretty good degree OF sodlty in the situation to
sta"d on. granting That there Is 10 be waiting
and more patience before the day Of reasonable
profits arrives.
Tic pipe line deliveries for the first few days %
July have averaged only 5G,766 barrels day.
against daily average for the same month in 1887
Of Gl.G75 barrels. in I566 of 72467. barrels IN 1898
Of Gs.7l2 barrels, and in 1854 Of GO413 barrels.
But the figure out the trivial average OF a9,O73
barrels day, compared with these amounts
daily In July Of previous years. In 1887, 6O,4GO
barrels; I'm 1886 1885 barrels; in 1ssj, 1929
barrels, ard in 1854, GO, oO1 barrels The charters
exceed the production by than 100 per cent.
Here tho reports from July (char,ers 10 rhs
9TH inclusive.
Excess
Runs Deliveries Deliveries Charters
he P PSF day 4So7a 5SS5 $d5 S5s 5ss
The week opened with the crude certificate marked
;angulI and almost lfeeSs around - 7-s674 lea
20 - cents; 1t closed with a decided stir in trading
and with prices above IS cents. Although one day
short by the interruption Of the National holiday.
the record Of the weeks business up TO that Of
the previous week The late movement brought QUE
remarks like this from prominent commission
house broker. who generally operates, too on tho
short side Wen, I'm glad 10 see oil start up:
can't make any money out of stocks, and would Ike
10 do something in crude again. II may be too
early. however, to expect that any important move
mcnt IS under way, for at It's best the speculation
was contracted and mainly professional The rally
came a natural revusOn from the extreme depres-
sion Of feeling into which nearly all operators fell
short time ago. after persistent hammerng by room
pyker had tested the hardness Of 7Ocent prices and
only when the BalerstOwn bear gins Gad popped In
stead Of laundering. Whatever OF manipulation
there has been recently has been against values tho
market rallied Just spring Will rise when
leved Of a weight. Some OF the buyers who wers
sneered at a week or two ago took profits around
top figures. but without staying the advance. In
the fnal dealings undcnable strength shown,
and the impetus Of the rise, If unOpposed by bearish
field news may carry It further. The short interest,
however has been reduced and speculative chances
where the market is so narrow may favor a back
after bulge OF or cents. The undercuuent OF
strength TO values. however. IS derived from the
quiet attitude Of not few important operators,
who believing commercial basis exists for legi,i-
marc advance OF importance or later, are GER
rain 10 make investments all the reactions Willie
perhaps not now urgent for " BOOM
The range Of prices AMI the total dealings in Ma
tonal Transit certificates the Consolidated STOCK
and Petroleum Exchange for the last three weeks
were a. follows;