New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-29
THE PETROLEUM MARKET.

THE PETROLEUM MARKET.
NEWS FROM THE FIELD AND RANGE OF PRICES.
The price Of crude petroleum in tho exchanges last
week advanced beyond the dollar line. At FL OF IL
IL touched the best price since 1895, when the highest
quotation OF tho year was ~ IL IL. The improve
ment has been made In the face Of speculative apathy
when actual opposition did not prevail, and solely
because of the logic OF stronger commercial and
statistical position sccptclsm has until but recently
prevaed generally I'm the trade II took practical
pcrience to demonstrate to operators that 20 cents
was a low point for 1888 under the prevailing
dltlOns. A similar method was required TO demon
strate what The Tribune has steadily urged, that
sOcent OF, was as cheap In 1889 as 10 cents proved
to be I'm 1888. There has been no change In the
position of the commodity, and the rise of the week
simply proved that last the Western producers have
berl,n TO appreciate the fact that Ohio crude cannot
rival Tennsylvania II the results Of the efforts of the
greatest refner OF the article accepted as proof
that the competition of Russia has been crippled and
the American export trade restored 10 us OLD SUI
premacy and that the Pennsylvania heids sui snow
their inability to overtake consumption In cohnec-
ton with the recent increase In the Duiish temper
Of the west 1t might be profitable for the producers
to study these questions: Has the adoption OF lhe
ontion system helped or retarded the improvement In
values? Would oil be worth more to-day IMAM al
per barrel II the trading in futures had hoe opcheu
wider door for the selling of phantom producuoh'
The advocates Of the option plan are o'oi
the increase In dealings, and by the Clearing house
figures It IS shown that there has been more aou'V
in the month under the option system than ID tue
month breeding Very good; but was not one OF
the reasons urged for its trial that the volume OF
certificates was narrow 10 sell sn0rt uPon, ,no
holders of them being able to ext0rt hlgh premium,
for the loan of goods? II that restriction mad SIN
rested upon the market, wOuld inc re-nI ouJ 81 "a
the Western operators hayy so not pretend to say
whether not this would have been Ie Sasa "a food
not presume to predict the future Du' 'net' have
S THROWN oS The real test the Practcaoty Of
the present sysem barT be aeRsd before the
closing OF August , aa oil
handsome business was enjoyed IN TinT Ga,n on
last week, and prices were advanced twenty poiiaS
per gallon Transactions were large, even on llo w
ward movement although naturally enough me ca
heme rise and the temporary hliing OF me hee 91 U
exporters caused a dull closing OF the MARKET lSro
is reason, however for not expecting iur s
profitable season I'm the manufactured article IN the
petroleum field the prospectOrs for new sources OF
supply continue to meet with more ~
concerned Tho July exhibit of the pipe lines prom
lses be favorable TO holders OF certincates
than was expected few weeks ago. The incomplete
returns give daily average OF 81 965 barrels 10 date
compared with full returns showing an average Oh
6O554 barrels IN june 1885, and 49, oo barrels 81 u
July 1888; CO., AGO barrels In July, 1887, and 1880
barrels IN July, 1856 The deliveries have averaged
77sl1 barrels day, against 7os77 barrels ls last
rels in July 1887 and ~ ,4e7 barrels in July, 1856
The charters have averaged 62 1853 barrels, against
in July, 1887. The partial pipe line reports from
July to 2o charters TO the e6th inclusive were as
follows:
Runs. Deliveries. deliveries Charters;
4 Sa PER- day 5 S5 ' 4s 1855 Sss6
The transactions in National Transit certificates
100000 barrels At the Consolidated nearly
100000 barrels Of August options were dealt m
with sales of $4,000 barrels of July and 1000 bar
rels of " tomorrow" delivery. The upward stimulus
applied the previous week by tho demand for cash
oh was early followed by freer Western buying,
which Monday carried prices quickly to VI
The succeeding reaction did not exceed cents, and
on a renewal of demand the market dvanced TO
81 OF IL on Wednesday. Reports OF the falling
off In the Russian gusher pOOF gave the cue 10
the bull impulse and It confirmed by the adj
vance In refined and the good business done for
export. Realizaions naturally checked the I'M
proVement (Which has proceeded from 80 cents about
a month ago., and the final dealings were qheter
at reaction TO 80 "a centsG$l 90 IA. There
has undoubtedly been accomplished some widening OF
outside interest and the fairly large record made at
the Consolidated Board gave fresh hope and courage
to the believers In the option scheme OF trading
But there Is still absence Of the old speculative
spirit which produced operations for more than daily
turns or movements looking beyond fluctuations OF
there IS little doubt that IL would carry prices 10
much higher level 1t cannot be credited yet with
share in the recent advance, but the temper OF the
trade IS moro confident, and II IS hoped that the
widening process will be continued. The crude mar
ket closed quiet but steady at net gain OF over
cents ~,
The range of prices and the total dealings IN Ma
tional Transit certificates at the Consolidated STOCK
and Petroleum Exchange and the Stock Exchange Tor
the last two weeks as follows: