New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-07
THE PETROLEUM MARKET

NEWS FROM THE FIELD AND RANGE OF PRICEA
There will be meeting to-day Of tho Conference Of
oil Exchanges at the Consolidated stock and Petroleum
Exchange The object is to discuss means for reiev
ing the excessive duness from which brokers have
suffered for more than q year. We have the best
Of dispositions toward the conference. but We strongly
doubt that anything practical Will come OF II. The
experience Of the stock Exchange alone furnishes
justification for disbelief in the power to stimulate
business to healthy activity by artificial means. The
adoption Of the option system expected to revive
the fortunes of oil brokers, which, every one knows
il has failed to do The long-continued sagnation in
the oil speculation has been the natural result Of
the statistical position Of the commodity Cnul
within the last two months the steady decrease in
stocks tended to discourage short selling and markets
are inevitably stagnant when there seems to exist only
one side to speculation. Probably the absence Of
large short interest has had much TO do with The
severity Of the late declines in prices IT, how.
ever the tide of production is to overrun consump
tion there is likely be return Of courage to tho
bear party and it is possible that through natural
causes greater activity may ere long be enjoyed IN
the crude market
The incomplete returns Of the pipe lines in March
showed runs amounting to 2,036,j1j barrels. ana tho
deliveries to 2.O35,GO9 barrels. an excess OF runs
Of sos barrels. The complete returns VIII. With
ont doubt show that there has been an increase In
the stocks above ground, and some authorities es'i'
49, the vsii.l, supply at 10j0OOOO barrels
against 1898 4 barrels AZ the close Of February
speaking strictly, there has been no IN
crease in stocks since July. 1857, when they
r,,,c about loOO cO barrels to 32o14,326 barrels
falling of in the next month nearly 3ooooo par
rel, and steadily decreasing ever since uhti the as'
month The March production Will probably ahoun'
10 10000 barrels day. an average that has ho'
bccn exceeded since October, Io56. Compared with
March a wear ago the increase in the production has
been about % 900 barrels day over March, lo-o'
33 600 barrels: over lso1, 10000 barrels and over
l--6. $4,000 barrels, in round figures. IL may 20
urged that stocks very moderate compared WIN
previous periods but even at eighty cents Tor cert'
ncate oil the producer receives 81 Oo In the heid'
The March report OF development work reflected
no conservatism on the part Of producers. Inc
Bradford Era OF last Wednesday however. says
At the present rate only few months VIII be re-
Quired to bring it (thc profucuon) above the ooooo
mark In view of these facts isn't IT about time tho
conservative producers called halt on the drilli
Captain Jones, Of the Bradford on Company, VINO
has made extensive preparations Tor drlhls III Mc,
kcan and Clarion counties, has already MADE moyo
in th, direction and will shut down all active work
At once. Ills example should bc considered by every
man in the business and followed as closely as
practicable. II j. the greatest folly In the world 10
continue to rush the drill ara depIecate every noI,'
the value OF producing PROPERTIES when nave rh '
volved The outlay OF vast amounts oi eaplai. ~! i
producer has it. in hi; own hand to determine se
a stable ana profitable market - long as he shows
desire 10 do all in his power 10 create lower ana
still lower prices Eleven hundred RIGS ana dnllns
we'll, and increasing output II crude OIL are very
poor arguments upon which to base hopes OF an adj
Vancng market
Ne need only add that several months ago The
Tribune pointed out 10 the producers the imperative
If they hoped to maintain prices above the dollar range
Figures Of the hcld report printed b, Us last week
dated Exchange places the number OF wells completed
in March at $50. increase Of 81 from February
and 20. from March. l~S9. The average daily ncw
production last month $3.50 barrels. decrease u
3O-9 barrels from February but an Increase OF LIS
barrel, from March. lsso The total new WORK under
way AT the end Of March was LILO. an increase 81
20 from February and :,.I} from March year ago.
II i, unfortunate for the refined trade that the break
checked the foreign trade and European buyers are
likely to withhold their purchases m the expectation
production and probably lower prices "a consequence
The export, of refined crude, etc., from
date ns naTs am s'aiSs lT to- on
decrease from the core ,pondns period OF lSso 81
goo gallons me sa s ,S Sees do rod msi
in the Iaku territory is still sustained which pre-
foreign refined markets. however. are trife above
the figures Of year ago and prices here are about
Is gSnt hshSr ss% (" .i Apr in 1ss cash oil at tn.
stock Exchange last week. and the volume OF options
Gus. in spite Of the Good Friday holiday. The mar
ket steadily declined from - pa 50 "a TO 9'-5
for options The price Of cash oil did not break
below 10 | > cents. The final prices OF options were
:. 5.sa Il - and for cash oil Il 5s@ 81 b cent;
rhc decline was the result Of steady liquidation ana
the principal buying support came from the taking oi
profits by the shorts. The field news was by no
mean, sensational and possibly the weakness of val
hi, week II must be confessed that The markets ex
hIht neither viSor nor rayins power but they wS~
fully steady AT the end with the impression p'v
vains that recovery was overdue. ~.
The range Of prices and the total dealings In Na,
tonal Transit certificates at the stock Exchange ana
the Consolidated stock and Petroleum Exchange for
the last two weeks were follows:
Wool, ended MAJ - AM ) Mar 30 Apr 5.