New-York tribune., 1889-11-04
ISS9.-TWELVE PAGES.
THE PETROLEUM MARKET

NEWS FROM THE FIELD AND RANGE OF PRICES
IL statistical strength counts for anything IN
speculation, the basis Of petroeEm values mas
been, as matter Of course. benefited by anoiher
weeks reduction I'm fhc stock of oil above gr0unn'
The exploration for fields Of supply still con
tInucs disappointing and no better evidence Of this
could be afforded than was given by the monthly
report An Of over 10 per cent was recorded
in the number Of wells completed IN October, but
coincidcnt with this the average daily new production
decreased about per from September 1t Is true
that the new undertakings in the field arc much
larger than at the end OF September, and two good
reasons DO given for this. The further improve
ment In prices good profits to the fortunate
striker Of oil, and again, there doubtless are some
producers or practical oil men who are looking for
oil TO enable them 20 meet speculative short con-
tracts considerable proportion OF the new develop
work is in old territory, that can only be ex-
pectcd make up part Of the daily deficiency of the
general production as compared with tho consumption
In direction learn of any indications that
a field be uncovered to assure a s'oppase
Of the sc2dy reduction in the visible supply OF Penn
,yvana petroleum. Present prices and the possibility
Of more Improvement VIII maintain high rate oi
activity I'm drilling this winter, especially as 'heIe
are no signs Of weather severity yet But, never
tlclcss the wnter season will impose some handicap
upon the oil hunters, and will be OF moderate influence
I'm lcssening the chances of an important s'rihe''
Tho full reports of pipe lines for October VIII
not bo published until next week. Tho pafuh Ie-
turns would indicate a decrease in stocks OF nearly
100000 barrels, but the actual falling of VIII proDaoy
be about 100000 barrels. The October figures now
available show:
Runs. Deliveries. dry: Charters:
Total bbls... 1o55,753 2,425,3l7 749,4e4 1,259,1n
Az per day. 5l,oGo 1926 24,1fo 1880
depctcd. the cancellation of National Transit certih-
cae wch form to- basis OF tae csgI G IT, Peca9R ,
uf Oh wcc l4,6oJ,4io barrels; on september 80 tho
amjuut l2.cjl, 40 barrels, decrease IN three
months Of 2,O32, ,3.9 average OF 443 barrels
mouth. Certificates outstanding OIL Jurp 30
for 9,47G.306 barrels; SEPTEMBER 30 for G33D905
harrcls an average OF 1O45,4I6 ba.rcls per month
A similar relation is shown in the !ears nsdreGs,
december 81 I-o5, the net stocks were 1o,oO4474
barc on september 80, 1852 12.d5l l49 barrels; ;
decrease IN nine months, o,94i 30 blIeis, or
monthly average of GdO,oI4 barrels. Coricates on
pccemDcs u, lo81, iep cse4ted l339i ,,.,d 019 0,
Larcls; on September %, 1883, O33D9Go
barqels decrease Of 7.45l,O90 barrels
or an average OF ,oJ9 barrels per month. II We
iako the average red.ction IN stocks each month OF
1889 Il Will require only twenty more months to wipe
out Pcunsyyana's stores above ground and MAKE
petroleum fancy luxury for the extremely wealthy.
II take tho reduction in certificates for the last
three months, it could reasonably be assumed that BY
next spring not an actual paper representing value
would be ahoat for the sellers OF phantom oil 10 make
deliveries With. These the conditions which are
now confronting the oil trade. They tend naturally
to cOnfine speculation 10 minimum limits, but they
also strengthen the tenacy Of holders Of oil or OF oil
producing property. They explain the adv anclns
given to speculation by unfortunate experience, under
radically different situation and b. the Interests
which are concerned In securing low priced mate
rial From spectators standpoint the dScoN cry OF
field would be most beneficial in relieving the
paralysis of market which Is constantly threat
encd with the danger of a corner
The export demand for petroleum Is still go0d
with slsckening due the hesitation in crude Specu
lat0n The circular of kicrnan d Co. estimates the
total exports from January az j27,6jO000 gallons
Increase the spending period Of 1000 OF
$3.50, 900 gallons.
Last wrecks certificate market was less interesting
and less active than that Of The previous week
Prices up TO 81 OS IL at the stock TX hange and
10 al "a for the current options at the Consolidated
Board. Each day presented good range OF huc-
tuatiOns and the lowest figure for the week only
shade under the final quotation of the previous
week Profits freely taken, but Il IS doubtful II
the short interest obtained material relief. There
increasing tendency to bear' ventures In the
last days and times. little support appeared ID
be given values. The developments I'm Wall Street
were favorable any of bull speculation. and
the crude market is be credited with significant
degree Of sieadness, under all the circumstances
Nothing In the sense OF broadness' be credited
TO the trading and the natural disposition OF holders
is 10 take profits on the bulgeS' Prices have ad
vanced from the impulse of merit and their action, after
decided improvement as that from 80 cents to III
and from 81 to III o. IS likely to secure buying on
all reactions ~,
and Petroleum and the Stock Exchanges for the last