New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-06-26
INSURANCE. or THE MANHATTAg BRASS wOuRs.
| Tho insurance on the Manhattan Brass Work..
TEE PETROLEUM MARKET.

| NEWS FROM THE FIELD AND RANGE OF PRICE.
There q subsistence yesterday of the remarkable
excitement and activity developed suddenly In the
National Transit certificate market Monday. Never
theess the record Of dealings the Consolidated Ex-
change 100, 900 barrels, making excess
over the whole amount Of trading IN oil at the New
York exchanges last week. First prices at 81 cenn
showed gain Of 1 cent from Mondays close,
but after sales at OIL IL cents the tendency toward
. reaction the market yielding 10 30 o-5 cents thon
rallying Q trife and closing at 30 cents Tho move
ment furnished further confirmation OF tho theory
that Mondays advance was the result OF snmulant
applied tho West by interests not connected with
the Standard in anticipation Of the course Of values
that generally believed would be taken after the
associated producers had put" their oil to the
leading reHners on July at the socent fgure.
late rumor from the West asserted that an outside
syndicate headed BY some Of tho producers who sre
conducting an Independent refining business was In
negotiation with tho associated producers to receive
their oil. 1t is surprising that tho mon who
interested in securing better values for the yield
OF their mines have not before this realized the
strong position which crude petroleum mas sansa;
more favorable TO o challenge OF the Standards sup
q the drill has not brought any new supply Of Penn
sylvsns oil into sight the prospects are that tho
stion by the future developments in tho commercial
aspects Of tho industry.
As regards the speculative market, uncertain ele-
nent exists the method Of dealing In futures,
with daily clearances which VIII % Put N force 70
shortly be determined that It ussloos to argue the
question now The rules governing the con-
ference Of oil exchanges In the dealings n pipeline
certificates are as follows;
Fourth--All public offers and BIDS shall b for
Pipe Line Certificates, and unless specified to the
contrary at the time Of trade shall be at Sellers option
for the following month.
Fifth-No public oner or bid shah be made for .
than twelve months and the actual sale
and delivery of the oil SHAH be contemplated BY tas
parties In all transactions
sixth--An transactions In Pipe Limo Certificates
options shall be cleared through the Clearing House,
unless otherwise agreed upon.
seventh-on all options not borrowed or loaned 81
3 D. m. notice shall be given to the Clearing House
before D. M except on saturday. when the same shall
be by 30 p. m. default Of which penalty Of two
(o) shall be imposed.
Eighth-The Pipe Line Certificates balances O. shown
by the notices clearing shees shall be contracted
for with any member notified by the Clearing House
for his account and risk.
Tho contract time contract notices shan begil
10 a. either party shall have the right b can
for margins which shall be responded 10 within thirty
minutes.
Nmth-The Clearing House COMMITTEES, or msnaesr
shall post each day the blackboard the clearing
prices for each month and the TO be sent
over the tape At the close Of business each DAY.
TenthAu rules or part Of rules. inconsistent WITH
the foregoing hereby repealed
The range Of prices and the total dealings ware q
fOlOwa