New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-08-19

There is deep significance in the fact that while
In 1856 the value OF the exports was nearly equa 10
those OF 1889. the amount was materially smaller
Yet in 1856 crude oil was weak at an average tor inc
year Of Il Ii cents, while this year the price has
| ranged from 30 to II o. II. Here IS a sug-
ges.iOn that emphasizes the strong position OF the
crude situation and is worth bearing III NINA III
considering the possible future of values. The held
news at the moment indicates increase in the out
put of the Washington district, and it Is expected
that the production OF the Pennsylvania helds VIII
remain at 10000 TO $4,000 barrels until the winter
months. The daily average runs In july repOrle1
from all the pipe lines was 63114 barrels against
44,GsS barrels in July, 1855; 60,46O in 1857 and
full reports show daily average of deliveries IN july
OF s4!7e barrels against 81 ol4 barrels IN July 1871
net stocks Of all lines reduced last month q. lo13
barrels to 14,O17625 barrels compared with 23'o2.-
024 barrels In July, 1855 32Ol432d barrels III 1907
and 80. 49, 230 barrels I'm July, 1856.
The partial returns of the pipe lines for August TO
date show an average of daily runs of A SOD Darl'
against 44,455 barrels dull report in august, l5o9
d0326 in 1887; 75.502 in 1856, and 54.77S barrel. IN
barrels per da;, against 7l.,92 barrels In August
1855: 1923 in 1s95 732l6 in 1850 ana 9 90 l9
barrels daily. against 30410 barrel, in August 1855;
and :@.l3o barrels in August 1851 The appenlen
pipe line figures from August 20 IL chaileIe ~
the 10th inclusive
Average per day. 47.s53 1872 299O9 1910
A market that suffers a break Of over cents with
ont Generalization and that RECEIVERS nearly The lu
extent Of the decline within few days, is certainty
entitled 10 DC sNlcl strong Anu Udl va w i'N"A"
Of last weeks dealings i'm National Transit cerlhcaes
The break came on Tuesday, when prices for ecpiHh
Der options fell from II 90 IA a. cent under The top
price Of the week. to % ! > cents In snort uine
Trading had opened dull with sort Of resile s. eN
hibited by long holders at the slugGshncss or me
speculation. and "A reaction 10 80 cents wOuh nave
been accounted natural The decline below tat
figure represented mild panic on the part OF the
bulls and rading OF bear pykors The consequence oil
the shifting of accounts speedy recovery OF a
frmer tone. and values hardened with occasional
Spurts OF excitement TO 90 7-3099 IL cents. or only
"a cent the close under the final figure OF the pre-
VOus week. At he Consolidated ENchang" thefe was
an Increase in ping operations, with tendency to
deal at times in options other than for september de-
livery But the most significant feature was the
quick speculative response made to buying of cash
oil originating through the stock Exchange. opera
tors are prone to forget the fact mar
only SAB certificates arc outstanding, ana
that these certificates are constantly own
ding at rate Of 800 representing 300 600 barrels a
month Hence even a moderate short interest finds
IFS ATTEMPT, to cover Of more influence on dun and
unsupported speculation than when the speculative
spirit was more active but the supply of available
goods wa, larger. And while occurrences constantly
tempt ventures to short sales on one theory or the
other the basis on which the speculation rests IS
steadily diminishing i'm size through the imperative
demands Of commercial consumption. The strong
the trend of values will be upward under natural and
ordinary fluctuations. The only impeachment to an adj
vance lies in the possibility OF unexpectedly large de-
velopments in the Pennsylvania fields.
The range of prices and the total dealings IN Ma
tional Transit certificates al the Consolidated stock
and Petroleum Exchange and the Stock Exchange for
the last two weeks follows