New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-07-01
THE PETROLEUM MARKET.
NEWS FROM TIE FIELD AND RANGE OF PRICE

NEWS FROM TIE FIELD AND RANGE OF PRrcEs-
Lest week witnessed the completion Of the trsns'
actions competed with the petroleum shuiin move
r,cnt, bc~un on November l. 1887. and lasting ono
yer. The reserve OIL set apart by the STANDARD on
Company rs a recompense for the sacrifices OF the
associated producers in curtaling part OF ther OUT
put WIS sold by the producers to the STANDARD on
Friday AZ o. IL cents. The amount was 100000
barrels ard adding storage and interest chsros To
the original price (62 IL centsl brought the cost 70
about as cents 50 that a profit OF @ f2 cents
per barrel ives realized instead Of the profit OF cents
guaranteed by the Standard January %. No doubt
the nroducers have been disappointed IN not securing
better return out in spite of thst fact the SHUT
down project proved 10 be an economical Success ana
IFS influence is likely 10 be felt favo-aby in the ftur
Net stocks above ground were reduced by the shut
down from 30 oO6.s10 barrels on October 81. 1852.
70 90 576 oe4 barrels on October 81 1855 decline
OF 10 $50 746 barrels, and since the last named dse
TITO natural decline in production with the drl un.
restricted has lowered tho visible supply 10 l5,iA'24
barrels As regards prices part OF the eject OF the
movement has already been felt, Evidently barrier
hes been placed against the extreme declines that Oh
has suffered in the past. Taking the four yesfs pSor
to the shutin year, find the lowest roin's to have
boon: In 1854 81 Ia; 1855, Ga 1os6. 30 "a.
end 1887, "a cents. The lowest price reached In
1858 was ~ "a cents. ard the lowest price In tho
have not yet reached I'm NcwYork at least tho
highest figure of year. yet haxsrd the asser-
ton that better average for current production has
been obtained for the last SIX months.
Tho disposal OF the producers oil last week was
most important occurrence. favorable 10 higher
range Of values The amount Is Insignificant when
taken in connection with the steady depletion IN
stocks et the ratio Of 100000 70 100000 barrels
Der month. Tho existing stock now represents only
~ m and unless thero
Is radical change in the field. Pennsylvania new
OUTPUT will in the future command fancy prices
But tho significance and importance OF last weeks
transaction Is this: That this reserve oil has been
transferred from the hands of Spectators TO the hands
of manufacturers. who need 1t I'm the actual produc-
ton OF goods. We do not use the term specnator
in = disparaging sense but long as this oil was
held over the market ready TO be sold at profit above
s5 cents AL speculative support was rpelisd. 10
Is now held by refners 10 be used as consumption
demands H. and IN view of the rspid disappearance
of accumulated stocks IL IS hardly reasonable TO
suppose that the refner Will assume any risk of
losing part Of his needed raw material. This logic
cannot be disputed when reflects that this hand
full of Ircdrcers oil has saed speculation for months.
VIXEN formerly the trade frequently speculated for
an advance, in the face Of all tho oil held By tho
STANDARD and with the stocks twice their present sze
To the sudden appreciation OF values In crude last
week the refined market promptly responded. hste-
RALLY higher prices established without chschhs
the volume of business after hesitation OF a day or
two on the part of exporters. The movement his
year at low prices for refined has been notorously
large the total figures from January to date amount
ing 10 271 1888 900 gallons gain over 1885 OF 3d.
274oOO gallons. Distinct dissatisfaction has been
eynressed by the Foreign trade with It's experiments
with Russian oil IN the last eighteen months, and
America has re-estsbkhed her supremacy on OASIS
stronger than before. The maximum OF the export .
has yet 10 BE- attained ana succeeding 'nse WIZ
come the renewed home demand -, -
The reduction IN net stocks this month WI rroo.
ably not exceed 100000 barrels, for The rcaSon that
shipments have been comparatively nsnt a''no Is
there Is a small rise in the current output, INC
partial pre line this month have AYERS sedos
barrels a day against AZ $50 barrels IN June, loe5l
"a 400 barrels I'm 1887, 1855 In 1856 AMI osyOI
barrels IN June, 1855. The deliveries have avsrisoa
7Ol07 barrels day, against 816o5 barrels ~ su IIa
iSss: 727O5 in 1oo7 72,lso IN 1886 and $3.50
barrels In 1885. Tho figures from June l to ~
Charters to the 2sth) inclusive are a. follows:
Runs Deliveries. Delysrles cs,ter ,s
T;ta r s sIsl! ssa i'g so5s iSs Ssf
The petroleum market last week was fun OF inletci
excitement and variety 10 asIonin cSn aay vewS
however, have thoroughly coVerei tno 1913 1913
movements, that only brief reference 10 ths Sees
anticipate earlier the general speculative view ma.
after July when the ce %ou Oh ensSe On &oa
day however in rumor that the oil had been alresdy
sold. a stsmpede OF lbc shorts occurgsd The nre
sttsnlpt 10 make purchases started prices upward.
Troying correct the position taken by The Iribnno
that the market wes oHersod In Ir3por'o9 d % 'as
OK cents here aud at the West touched II Ol. lao
market lost activity rear the clos IN con
~ tbc dental OF the rumors On Thursday ne option
exnerdment was begun al the Consolidated Exchange,
bnt it received no support from the principal com,
mission houses, who are Transferring ,hcm o ~ ~
the stock Exchange. On the ANNOUNCEMENT OF uo
sale Of the producers Oh on SATURDAY; prices rose
cxcitcdy TO % l-S cents, from previous resct'on
60, Ok dovn 10 50 IS cents. The marknt Il In q
ecidedy nerv Gus condition, and frequent huctusons
In hflrc.
erest wa largely reduced IN tho early part OF the
yrcck II Is probable that near the close II was ao-
cumnlating afresh. Tho market ended az net gam
of nearly cents. ,.., ,.,,u- l., ,,.,,.,.,
Transit certificates az tho consolidated stocE ana
folrDt