New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-11-08
THE PFTROLEUM MARKET

NEWS FROM THE FIELD AND RANGE OF PRIZES
An Incident at the ConsOl dated Stock and Pc
troleum Exchange yesterday calls attention 10 ohe
of the dfsreputable features which now and then
bring Wall Street into disrepute II was the fapld
Offering down OF December options from 81 05 ID 10
81 O6 Id on sales of 900 barrels The transactions
cannot be called washed sales0 aud therefore may
not be- within jurisdiction of the Governors Of the
Exchange. But their LEGITIMACY cannot be cha-
lenged. Advantage taken of an interval of du
ness in the market when only few brokers were
around the bull ring" and the seller made his sales
In 5000 barrel lots without attempt TO get good
price for his client II required but few moments
of time and the purchase of only 20 900 barrels 10
put the price back from 81 o6 IA to 81 o5, and the
final quotation 81 90 rs. As All influence on
the true market the deal7 was rather bulilsh than
orders IN the options were not around current quo
tatons. If there had been any important orders OF
ena' %aScfT po'i mH ave seun c
But the object OF the raiders doubtless was accom-
pished-narnely. the making OF figures on which some
bJcketshop proprietor might be abe 10
wipe cut the margins of those persons who
are so foolish as TO gamble IN thoe pelclou, 49,;
meiosit. Of the traders at the Consolidated Boa4d
II IS u be regretted that no legislation can reach s
emphatic sentiment OF conservative brokers rcpT0bd
g then is not sufficient to prevent teir
The directors Of the Consolidated Exchange hay'
approved the report Of s.ecial committee favoring
tie continuance of the Exchange in the Conference OF
Oil Exchanges but providing Tor separate post on
the floor of the Excia and separate indicator to
record the transactions which may take place in
cash oil or oil for tomorrow delivery The
regular way" still is 10 consist OF offerings OF
sellers options for the month following that in which
efe!s made.
true index OF the actual crude certificate market
was afforded by the operations the stock Exchange,
and there the lowest price of oil ii OF 5-S. when
the bucket shop RAID was made on tho options
Nothing in the situation was developed, and the
increased transactions and higher prices simply told
the story Of awakening by the shorts to the danger
they stand in regards tue securing Of certificates
10 deliver. An adVanceW2S rccOrded in refined OIL.
both hore and AT tie chief European centres. Stocks
at the European continental ports substantially
the same year ago, while the shipments to the
interior materially larger. The forthcoming pipe
line report VIII doubtless show a large cancellation
of certificates The short sellers Of National Transit
certificates are in the position Of operators who
would sell railway stock whose capitalization
constantly being diminished at the rate of 10 to 10 per
cent month. They may resis, al advance or they
delay accepting the logic of the situation, but
al price they must accept losses By uncovofins
some phenomenal oil field afford the poet VI stay
Ing the steady cancellation OF the represent aives OF
goods which is now going At the stock Exchange
certificates opened up ga cent at ~ OF IS and
quickly 10 81 90. Sellers scarce, except for the
short account, but those operations forced lowering
Of quotations TO u OF 5-s. in the late dealings an
attempt TO buy caused rapid rise OF cents. AT
the Consolidated Exchange options ran up 10
III 10 is, rise Of rs cents from the farcica quo
tatlOn In the early afternoon. There considerable
excitement near the close OF The markets and the
temper Of speculation aggresslvely bulish
The range of prices and the total dealings were