New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-06-24
TIE PETROLEUM MARhE1.

NEWS FROM THE FIELD AND RANGE OF PR1cEs
Speculation in crude petroleum may be said to HAYS
ceased to exist and there Is little prospect OF an early
revival. More than one influence Is responsible Tor
the dulness OF the trade The controlling renn
ing interest has naturally been ndisposed to favor
higher prices for crude so long the putt Of tho
associated producers 100000 barrels at 90 cents
had expired. The Standard Is under agreementt 10
accept this bundle Of al July l, at net profit TO
the producers Of I'VE cents per barrel which Is about
equivalent to the standard taking the oil at 90 cents
While the producers not unit in advocating
putting this oil month, there is very little
doubt that the transfer will be made The Standard
will in that have practical monopoly or the
visible supply Of Pennsylvania oil. and will then have
no motive for discouraging speculation higher prices
viii stimulate the failing supply
Eut more serious influence restrictive OF activity
was the adoption week by nearly all the exchanges
embraced in the Petroleum Conference Of the plan for
dealing in options with daily clearancos. The date
for putting the plan into operation will be fixed later
by the president Of tho Conference. II Is unfortunate
that in the new rules under which option trading will
be made regular" the pipeline certificate is not
specified as being National Transit, *.
c,pt when otherwise stated Even II It is
the sense Of the exchanges that National Transit
certificates understood the omission from tho
rules excitcs suspicion, especially many OF tho
prominent advocates Of the change bear operators
whose dealings usually tend TO furnish cheap crude to
tho manufacturer Increased speculation is the hope
Of the leaders In this change How can II come when
the refined brokers' the exporters and many prominent
commission houses hostile to the plani How
can the public be expected TO increase its operations
with such an important sChlsm In the trsdel IL is
sometimes said that tho crude market is suffering from
the scarcity Of certificates 10 speculate In. DO the
bears expect improve their position By increased
facilities To manufacture phantom certificates .
rapidly dwindng actual SUPPLY We cannot believe
chs 4, fhp me- ~ Is and
to prccede u surreptitious introduction OF Buckeye
pipe.l line certificates the floor OF the exchanges.
We would like TO believe in the efficacy Of any art
hcal method Of breeding speculation, but experience
T. against IT, More than one conservative Eastern
broker predicts the failure Of this scheme II can
hardly prove attractive to the public when II Is
Initiated under bcarsh auspices and without the SYM
patty Of fhs trade element whose cooperation has
always been necessary In bull campaign-the pub
lies favorte side Of operating.
But whether not the new plan will aggravns
the existing decentralization In the crude market it
cannot nvaldate existing contracts based
on National Transit certificates. There was
important reduction In the volume
Of those certificates outstanding last month and they
continue TO DO steadily cancelled The total production
OF oil has Increased this month, but without gaining
materially upon the consumption No Important
field Is In sight, tho output might almost safely DO
said TO be at It's maximum for the year. and the season
for Increased deliveries Is steadily approaching Ina
export trade has been remarkably fouIishlng since
last winter egainlng glound temporarily lost from
Russian competition and making further strides. Tho
statistics and field position cannot be said to be other
than bullish, but the speculation is handicapped Is VIC
have shown above and dares show no life.
The partial returns Of tho pips lines for the nrss
three weeks Of June exhibit daily average OF ruhs
Of so co. barrels, compared with 400 barrels ID
June. 1858; "a 300 barrels In 1887, 7oo4o In 1850
and 90 O07 barels In June, 1885. The deliveries 10
date have averaged O0,.55 barrels daily, against
63 663 barrels In June, 1883 72IO3 In 1857, ,.Loe
I'm 1856, and 81 800 barrels In 1885. The charHn
almost equal the production reported The incompio's
pipeline returns from june to 20 Inclusive arc %
follows:
Rvns. Deliveries dslirsrieA ShssssSSs
/ Total bbs.....l Ol3S35 1.3SS0QS SLG09 LUZ ,eY
/ Aver. por day. $1,000 69,s5S ls,ooS oo''''
The transactions In crude certificates at the new
| York Exchanges last week dwindled TO isNcA
amount Of less than 200. 900 barrels Mer On enS
rally from 20 liza 81 To "a IA cents prices u nsmer
almost stationery between SO i9 ana 81 80 cents
The dealings were utterly devoid OF speculative sss
hcapoe tho only buying being occasional purchases ",
certifc ates needed by actual consumption me shyr
! interest has not been reduced. a. Is SHOWN by "a.
renewal OF loans through the week Hat The mAfAe
might be quoted rs closing almost worthy Vi
reQuiescat ..., ..,,,u, ,n y.,,onsI
Transit certificates at tho Consolidated STOCK and Pet
ieum Exchange for the last three weeks ~eee -