New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-27
THE PETROLEUM MARKET.

NEWS FROM THE YIELD AND RANGE OF PRICES
Much TO tho ehagrn Of its advocate tho scheme Tor
dealing In futures IN National Transit certificates vas
killed last week by tho negative action OF tho P1sburs
and Titusvlo Exchange the plan falling for lack Of
tho necessary three iourths vote IA the Conference OF
OIL Exchanges. The measure vas opposed BY tho
lars, commission houses OF this city which arc not
now enjoying any important commission business. IL
was advocated by the traders who IA umcs Of ACTIVITY
con tribute an important share to the dimensions OF
speculation, and by many large producer, IL was
defeated by virtually minority element Of the peuo-
lcum trade that Is not particularly concerned Ia 70
yiyal Of SPECULATION without discussing the merits
Of tho option scheme at present, Il Is probable that an
other attempt will DC male later 10 sccuir tho intro
due don Of IL a. icaiuru Of crude speculation and that
preceding this Will probably be agitation TO
change do relative voting weight Of the associated ex
changes.
Eager a, The trading element may BE- 10 revive spec
ulaon By some change Of methods, experience proves
that artificial Of creating activity IN markets can
never b permanently successful Tho lesson
has Just been taught by tho revival Of
intoro,t iu ho railway share market which
came f,,u natural causes after the manager Of
tho stock Exchange hal vainly cudgelled their brains
for over a year 10 find aud remove tho causes
Of depression" IN the brokerage business broad
marlDt for crude petroleum must como from legitimate
impulses wiz the petroleum pSdo or all Street cap
Ha DO the nrsi AZ Irectato the significance OF eN
listing cOnditlonsi That Oh worth eOa 20 cents TO
day instead OF ruling ten cers lower Is not due 10
a support that one might naturally expect to cOmc
Interest A. rls has operated TO assist deprosslom and
tho average trader Is sceptcsl OF tho value OF crude
and worked With the miner OF tho article to supply
= cheAp material for tho principal fohniug consumer
Tho Standard Oh interests naturally favor Iow.pHced
Cruio, except when tho necessity OF stimulating The
ybh and preserving tho basis OF The trades OK
stenco becomes apparent hut how Is q Win the
Western producer When al enormous Stock cNlslSd
above ground and wheal the limits Of possible mr'lc
territory wero almost mhonndoi high prices and bull
whcL stocks have fallen to an amount equal 10 htIiN
Arlo viROr In exploration EXISTS Without raising the
output 10 within 1000 barrels daily OF tho average
cornered and must remain So tho force OF sentiment
OF the Western producers IS constantly hung on mo
has entord factor IN the question OF alucs tn
tho last few yeeB, but after all what has Il accom-.
pllshedl The export figures show that America has
for months been rogalnmE her old trade that the
pcTlmentcrs with Russian refined In Europe have
t ISo" Amoraan Srtri. row enjoys ali OF It's former
prestige Ocean freight rates arc higher and yet The
seasons, last weeks business causing an advance hi
tho prices conceded by tho manufacturers. Tho e1-
January amount to COS O5l 900 gallons, Increase
Of 1T354,OOo gallons over the corresponding period
prcsvlr Of demand from abroad viii set in fm.
peratlyoly at early date. Suryey Of the position
facturer should he disposed rcpress bull spccu-
laton and TO acquire existing stocks and promising
tha T tie financial Strength Of the T proiuo'
Ing interests should not be directed In unison acquire
that control itself or al least alarm the buyer into
AL advance for ssfprotectlon.
Tho field news last week not important al.
though 20 still psced that thr output OF crude
will reach a higher ratio later In tho summer. The
a daily average In runs Of fO,147 barrels, against
averages Of complete returns OF 5J,7E barrels day
In April; 40 ISL barrels in May 1888 $4,000 barrels
in 1887; 7O,G75 barrels in 1885, and 5T,lil barrels
in MaN 1896. The daily average OF tho deliveries
IL ~. 5bO barrels against 74.761 barrels in April
81 ga barrels In May, 1888 $50 barrels IN 1887
Tho Pipe line reports from May to 90 Ccharters 10
tho GATH inclusive arc as annexed:
Runs poiyc-rcs. dPTs. Charters.
I St' per e Say tS i9 os go 1913 "a ISL 81
The same story OF staFnSuon must be told re-.
spocug the cndo certificate speculation Of last week
as has been written through tho month transactions
at tho two New-York Exchanges only reached total
that In active times would have bcen done in day
at tho of board alone But tbs nrnness which had
been shown around 30 conts IN the preceding wrek
increased somewhat aEgrcsslvely Tho defeat Of tho
option plan caused some buying by nervous shorts,
which advanced prices from ~ l9aSO 7-s cents 10
a. 7-sas3 7.s cents. Premiums for tho loan Of
certificates were paid throughout and At times they
rose high figures. The steady cancellation OF GER
tlfcates and the constant sqeezcs In loans restrict
short interest yet 10 relieve IT, position Tho market
! closed dull but steady.
The ran'yc OF prices and the total DEALINGS in Ma,
honL Transit certificates at the Consolidated Stock
and Petroleum Exchange for the last three weeks
% Ss.s e Fsd tSno"'i mavrl. M.yrs May IS.
E E'sss;' ..::sscs3ss s sSSs S!s
Sssos a, Stock EI.......iSSSooo SoSaoSo $4,000
Total. bbl.. ..5,41IO 900 S2oiO0o $4,000
The refined market was strong and active, and Il