New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-01-09
TIE PE1ROLEUM MARKET

NEWS FROM THE FIELD AND RANJy or PRICES
In last weeks of the petroleum situation
ined length epressos
Of 1886 and tho Larger part Of 1887 and which
have led TO the higher values recently enjoyed The
past week developed essential change the situation but
is natural question TO ask Is there cool ground fof
expecting further Improvement OF This
ton would hardly be put under the favorable conditions
apparent 70 observer had the trade and the public
been stoned for prices that low
but Improbable 10 the producer On tho theory that
lative history repeats itself might without die
credit to his intelligence that tho o OF bette
values would be- prolonged As matter Of
fact oil has not besn touched with the speculative evs
that times In have OF But iAyins
speculative considerations aside the Of the shut
down movement will furnish legitimate cause for higher
II the oil trade coui bush while adii.
lions osnz made TO the Stocks surov there
for optimism when the tendency Of production
downward and when hs vsij supply Is diminishing tho
rate OF at least 1000 barrels month We spoke few
weeks OF the public" which was the market
extent OF burning otherwise using $4,000 barrels
Oil day the average. With production shut dswr
80 per each each day bur
don OF oil to be carried and the vonms Of certificates
resting tho stocks ground. would be
gninc TO cIyec tho early January line reports 10 We
favorable for the OF the MONTH but they demand
tion For five days the have been iol4o3 barrels and
the deliveries 3SO'6 barrels OF 22s623 barrels
in deliveries charters days amounted "a
l6S967 barrels DAILY Of 49, 6l bsres The daily
Of the only 80 49l barrels against s. S27
average 1921 barrels day against a. go barrels In Jan
uary 1897 and So 1873 barrels January 1888 The
daily Of deliveries In January 1885, 5s37
barrels and the January 1887 i04Os barrels
tho exccss this month is %5796 barrels day. Compare
the total development work drilling wells and riga
up buildlns) the end OF the last three years.
Last the hsurcs 1874 att he end OF 1856 3d. al
the 1885, SOL Tho foreign trade s lights subbony
against purchases the higher prices beyond imperative
needs The deliveries from the continental ports last
week 200 barrels London $4,000 barrels total
10000 barrels In round numbers Aad while tue visible
supply at the continental ports In last July
1.3079l5 barrels It Is 100000 barrels This amount
Is but 10000 barrels I'm of the supply In
1871 when 26000 barrels day represented conaump
ton OF the world $4,000 barrels while refined
touched 80 cents against 10 coats per gallon t, present
ruling price.
The of shutdown movement is bound in the
Of time lessen effect likely TO be produced
the Of oil district OF course inipor
tant development OF fertile lands will unfsvoaOy affect
market prices temporarily but the between lie
pro'u ing and the refining interests is for
stocks will have been down IT, 600 10D
100000 barrels aud that extent will reduced
the certificates issued subject issue unreasonable
that thereafter with normal consump
tion production OF 401OO0 barrels
the uncovering Of new Kane Washington will cause the
scares" that have usually attended district the
past AS is the field situation presents obvious points
OF danger Saxonburg shadow OF its former self aud the
sensational of big we'll at Clarion Penn
Last weeks certificate market told tho tale OF the broa
ing tue speculation aud the increasing realization Of the
ia Of the outlook the Of poi directly
iiehthed with the petroleum Industry The u"sactlons
large e aud tue daily fluctuations
tendency
thc The bull feeling rampant
from 80 81 cents,
West beng made al signify better figures blg short
interest accepted Its losses and long
quGaei at profit There followed natural reaction 70
e. and .. he b a,Sund Ds cents IN view 81 the
10 which the reaction confRei amazenont 10
sentative HOUSES but II only What
has been the feature OF The speculation for the last vo
months-theexstepc- OF element OF
OF that hoiers willing sell Carrying es
leralc through there "a
accumnla resa short in crest advance The
market closed with every indication renewal Of
ab nation aii Advancing values.
The OF prces and the total dealings Nation Tran
for a. Il