New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-09-02
TIE PETROLEUM MARKET
Jews FROM THE FIELD AND RANGE OF PRICES

Jews FROM THE FIELD AND HAN1h VI ~
The past weeks in petroleum circles "eic
10 mearre In significance that IL taxes the ingenuity VI
writer TO attempt any intelligent presentation Vi VI"
situsron These who looked for an Important pooi q.
Jefferson Centre Butler County, Penn were dsappoh'ea
IL IN. deva,onm,nts ut that point The big 'gushers
nss opened showed drainage as they had heghoos
10 tap the general source of supply, ana INC TWO i'
wells that reached the producing sand last week demon
strated that the body Of oil from which the Ihfysue @
drew the utmost hourly Weld lacked soldy is pos>oe
that the Chryse have struck the heaft OF ,ne s
end OF the pool for not until wells fuher aiFancc' return
their report the importance OF the pool oe luy u
mined But there will be nothing heard from these ven
tu,os for . month 10 come The monthly field report OF
operations was received Saturday but IL is CUES
,onable II 10 win exert influence OF moment on values
IL is generally expected 10 be moderately favorable 70 he
hs I'm, as that bss been talked about for time IL
h probsble that the speculative effect is diseounted
And IL Is not likely that the figures Will snow such uheA
pectedy boaIlsh even II they dsappont the pre-
yous expectaons disturbance among holues'
1t Is probable that the present rate OF production vi" Dc
sustained for time not slightly increased but theie
is little danger serious gain will be MADE upon
the advantage already achieved by the consumption The
complete report Of the pipe lines will not be due until
September TO- but It will show reduction in net stocks
Of from 10000 800 900 barrels according to all present
indications The partial returns to date make the daily
average OF rune 1856 barrels against daily average OF
ss114 barrels in July; 44455 barrels in August 1883
6os2e barrels in August 1897 1892 barrels In August
1855; and 1.77s barrels in August 1885 The deliveries
have averaged 10 67 barrels day against Sd 7s barrels
in July 800 els in August 1888 70 800 barrels in
1887 1926 in 1885, ana GO 039 barrels in August 1885
The pipe line figures reported from August to 30
charters to the sOrh) inclusive we're as appended;
Total sos 1857 S aSss 1895
The refined oil situation continues comparatively un.
interesting owing the liberal stocking up at the Con-
tnensl ports Of Europe and the unexplained suspension
OF business by Of the large NewYOk export houses
two weeks ago caused prudence be adopted
by the foreign buyers for the time being. Prices have
been however and there Is every reason sth
to expect revival OF the export demand In large pro-
portions before winter approaches The Standard Oil
interests still reported be buyers Of promising pero
cum territory and is not credible tC suppose this would
be the there not decided strength underlying
the ruling values for crude IN the nnetes There
is nothing heard respecting the profitable refining Of
Ohio OIL although that commodity while IL lies In the
hands controlling refners probably eXefts mega
tive influence OF depression upon any enthusiastic view
OF tbs future Of Pennsylvania crude recent dispatch
from the West reports that the Producers Protective
Association il 10 be maintained and strengthened. 1t
would certainly that the present uneture OF affairs
every inducement the producing interests to
consolidate their pochs in regard 10 the control and
distribution OF the output in the which the re1ners
have pursued in manufacturing Idle denunestions Of
an organization that mas already attained commanding
position the trade would better be replaced by the
adoption Of similar methods in handling the material
From speculative standpoint the market for National
Transit certificates last week embarrassing and dis
pirtng. Trading shrank into smaller limits. both at
tie option board and the Stock Exchange where the
operations paskS more of the character of cash trans
actions Yet prices ruled about the same
level at the two exchanges actually closing a
trlhe higher at the Stock Exchange than
dated Board The field proved disappointing TO the
bears and there modest rally instead Of
setback which seemed impending az the close Of the
previous week. The final quotations. however showed
only trivial improvement the preceding week Ap-
psrenuy tho desire OF the option spectators has been
up" their accounts prepared new
ventures in any positive tendency is shown by
market. 1t IS difficult 10 sttempt any diagnosis Of
long and snort interests IA the market All the com.
norcal considerations favorable appreciation in
values speculative situation is mixed traders
fearful of selling short and the holders OF Oil unwilling 10
add to their liabilities
The range OF prices and the total dealings In National
Transit certificates Consolidated Stock and Petroleum
Exchange the Stock Exchange weeks
ware as follows: