New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-06
THE PETROLEUM MARKET

,,r-,,,s rpou 7uE YIELD AND RANGE OF PRICEss
Tomorrow meeting Of delegates OF the oono'eneo ~
tho OIL Exchanges Of NeWYOrk and the western cou~1
will be held In Psburg Penn. for the purpose OF rsns
IN, genera systern Of dealing In futures, under he
clearing House plan The rules OF the ConsohoaNo
Exchange provide for trading Ia oil op4oAS' "
there has never been any business OF CONSEQUENCE,
RecentIy however the feeling has grown mp ID reh,
.uia thu, the scarcity Of certificates would eIhguish
the .urt Of speculation unless some mans "ere saop
N facilitate deveres- Tho volume OF the hnol' n.
eompared with the certificates available In the n
foy IoanIng PURPOSES IL great that bodefs VINO N,
-. - on the noors Of the exchanges have for months
0eDeraly been able to exact premiums rom oorIO..
The sentiment Of tho petroleum country hso -
sunciently ia favor option trading 20 assure INC 80
n nv the Conference Of general scheme ana es
long Il Is probable That BALES FOR future 1enVe' va.
tacor,o an important feature Of crude speeuiauon
Is for experience 20 say whether or not sueh nv ~
n,,,ure will conducs 20 the benefit OF The usae
8, tu,uresa will doubtless sncOurags short opefau0ns
the outset especially the average western p'O
bA. committed himself Q besrish attitude III mAy %
questioned however whsther the short interest "NI -
,bie 10 effect It's Anal relief through THIS netho"
nption 10 not only taking Of all the fresn Oh ms
tina Western aelds producing but IL Is Aos'ro'hs
,o,.v -a, the supply stored above ground whlcn "
already nearly down 70 figures which represent h'~
than the stocks which for prudenua reasons 'ho
ts-esa ara disposed N carry. 1t would require gus
avail Aggregation Of capital % control All mo Oh Nnl
, eIv IN come on the marke,, and in that event mo
sellers Of phantom production might easily VSeIf.s
bears dld with wheat year Sso'
IL is evident that Aprrs yield In tho peroIeuni 49,
,rv has been larger in March, and te prospects
the moment are favorable ~ another increase ns n."
The prneipal source Of the gain 10 IN Brush CreeA pu
County where recent developments hsvc extended sac area
=, n,osc ,.yritory besides uncoYerrg more naeeths
.,;,n,c a, the capacity q the future Fushers mo
strike q, LegtsnvuIs Economy, In tina anH e""n:
holds out hope of the developmenS OF n - $50
~. ,eli. recently opened Mount Morris Oreehe
add In other localities. assure some ne" supply. 40
March productson rose q over $1,000 oa'fels uA'
Irrpa dnIly average may estimated hJm the ineon'
,s,. nine line runs abou: $4,000 barrels ana ths
n,o,ucton to-day roughly estimated o. ABOUT ooVOo
barrels nv some competent judges. Yet the dnaho o'
IN. psnnsyIyanlA grades oil has not been overkeh oT
tns Increased supply, and April viii doubtless snow
,napc.,on IN net stocks OF sone 100000 barrels We
,npsnd the partial pipe line figures reported for las'
! month: . 81,
r,,, barrels ESnt a,i56sao 6se s75 ss!i's
Az per day. 4o,3S7 1880 ZEoo' etr'"
Although 1inng increase In now Aeld Work was SHOWN
nv Aprps report a. compared with March there was
sc-ease In new production decrease In he average VeF
vii and an increase in number OF unprontaoe ven
,pras dry hoIes, But compared with April year ago
(whe! the shutinnondrilnS contracts we're IN lor'''
and even with APRIL 1887. the extraordinary ACTIVITY IN
h al region, under the stimulus Of the good average OF
,os which has ruled for long is best exhibited IN
,.bu,ar form Here are ned reports Of the last TWO
10Th. conY,sted with APRIL. 1888 and 1887;
-, -. Aprr APRIL Mach. April.
rItIu "O'I~ 1880 1853