New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-02
TIE PETROLEUM MARKE7.
NEWS FROM THE FIELD AND RANGE OF PRICES.

NEWS FROM THE FIELD AND hhN"H VI
The situation of petroleum may be summed up Nj I"
few words a dull export business ana IeaVy o'erP'o
ducon Of the crude article The competition OF Russia
is still felt seriously By the American rchhcr anu '
refined product is moving to Europe in smaller Voiu'
and at lower rates than at the same period III iooo'
Compared with a year ago refined OIL Is lo"cr oy i
lie cents per gallon. With this condiuon Oh uaue
II would be reasonable to expect conservative Poh''
on the part OF the men who produce the raw maOciI
on the contrary, the activity In the newer ana i''
prolc fields may be characterized almost reckless
some restraint exercised by the owners OF older terri
tory but in Southwestern Pennsylvania tho aim OF inc
producers would to be to rob the earth as quickly
as possible of the wealth IN its bowels. The NC
Donald pool has furnished wells that challenge inc s
prcmacy OF the mighty fountains Of the Baku hed'
IL dwaris Cherry Grove almost TO lnsignhcance Inc
work OF extending the field makes progress 1t Is stu
underlined as 10 its limits, and there is no reasonable
hais for trying to guess when It's zenith will be reached
other beaIish news from the Oil country came from
another southwestern pool-the McCnidy: several Hd
alsc indicated enlargement OF the fertile territory.
Prospects Of a heavier Yield are snfeiy assured.
The daily excess Of pipeline runs over deliveries
averaged in October 23l4 barrels, against an excess
Of deliveries in October 1890 OF 71I bar,
barrels In 1885 The probabilities are that the com
plee report Of all lines will show an increase In net
the stocks have been raised 100000 barrels The
stocks larger than they were ut this time In 1889
years consumption based upon the heavy deliveries
of 1890. The monthly average increase In stocks this
year has been $4,000 barrels. Unless there are I'M
ex pected radical changes, this year will close with
production of Unprecedented figures.
The partial returns OF the pipe lines for all but two
days in october show daily average of runs OF 1885,.
746 barrels against full averages Of 49, barrels
day In October, 1890, "a ,043 barrels In 1885, and
42711 barrels In 1888. The daily average of de
Ilveres has been s3,432 barrels day, against 8,449
5000 barrels in 1883. The charters have averaged
81 500 barrels day, compared with 34,073 barrels In
october 1890; 40,630 barrels I'm 1859, and 1850
barrels 10 1888. The figures from October TO 20
Cchartcrs to the 30th), inclusive, were as follows
Total barrels. $50 2ilo,5sl 1910 1902 COZ
Average per day. 10G,746 S3,432 233li 50,9o6
The Buckeye Pipe Line reports for the same days:
Runs, Deliveries. deliveries:
Totil b1rrels.. 1,1s545S ISst,d5s 225 $50
ANersg, per day......... 81 10 aa,o4o oool
caused last week by the bearish outlook and in
the producing regions. There Is an unusual tmidity
on the part of the bear faction Notwithstanding the
tremendous flood Of new oil and the larger supply OF
floating certificates speculation Is held In check by
the Important developments in the southwestern fields.
speculative positions Investment purchases In the
ffcs may be held with some confidence. even II lower
prices arc suffered Temporarily, but for those holders
whose oil averages them much higher cost, the strain
OF the existing situation Is q severe Saturdays
sales of 100000 barrels mainly to switch cash
commanded for December contracts was 3.oG1 "a
cent.
The range of prices and the total dealings in Ma
tOna Transit certificates at the stock Exchange and
the Consolidated Stock and Petroleum Exchange for
the last Two weeks were as follows:
.fnrk Efxehau (oDg Exeha n0