The Grange advance. [volume] (Red Wing, Minn.) 1873-1877, 1876-09-13
49, : ITVIN4- t4SFF tTF7.' q
/ Lucky. Oil Spectators.
Pittsburghs Telegram, Aug. 81. 8

+ The excitement in oil circles is still
unabated, and Duquesne way to-day is
alive with dealers. It is rumored that
there is a giant ring bolstering up the
price OF Oil, and that before MANY
days the bottom will fall completely
out. Others deny this and say the adj
vance is the legitimate demand of Ger
man brokers, who in anticipation of a
still further rise are buying freely, and
now find the production in no way sui.
ficient to meet the demand. However,
be this as it may, reports are in circu-
lation OF immense profits and fortunes
some operators made during the past
week. DR.. Hostetter, of bitters fame,
it is stated, held personally 100000
barrels, on which he cleared two dol.
lars per barrel. A number of OPERA
tors here. who held 10000 barrels sold
yesterday at profit of three dollars
and thirty cents per barrel. Schriver.
of Oil City, closely connected with the
pipe lines, has cleared, it is said, dur.
ing the past week, 100000. Thum &
Co., brokers, who hold large quanti-
ty of low-priced oil, are reported to
have cleared on it's sale upward of
$1,000 One broker here has $4,000
barrels which cost him but little over
81 per barrel. He still refuses to let
it go at 81. Another gentleman bought
quite low, some time ago, paving about
80 cents and sold at 1915. Another
transaction, much larger. was that of
a dealer who sold 8, 700 barrels at So 80.
for which he paid 65 cents, but was
afraid the market would collapse.
Everybody in the oil region who has
had any cash on hand seems to have
invested when the rise commenced
and were made happy. At Oil City,
one OF the spectators is about SIS, 900
ahead, and several others nearly or
quite as much. Many of them count
their profits realized by tens of thou
sands. and few of them by anything
less than thousands. A large number
OF outsiders, who rarely, if ever, have
anything to do with the market. have
been induced 50 take a chance and
have realized good profits. Young
men with limited capital and board
bills to pay have purchased calls at
prices which they little expected the
market to reach, and have realized
profits ranging from $50 to ST. 900. It
is safe to say of the oil exchange that
there was never scene of so much
excitement in three consecutive DAYS.
AT Titusville it was the same. Geo.
A. Chase went to the exchange in the
morning, and came out at night with
ST. 200 more money than he entered
with. Chief of Police Rouse made
$500 net during the past three days.
Policeman Kane is worth $500 more
than one week ago. A boy put $40
in the hands of broker to be used
with other money, and in two days.
time drew out 5000. Some of the
dealers and brokers might report some
thing large. One Titusville operator
since Friday morning last has made
$4,000; another $4,000 and another
$4,000. Others have made various
sums from $4,000 to $4,000. Will
prices stick, is now the absorbing
conundrum to operators in this city
and residents of the oil regions. The
fluid has already reached giddy
height, but the next "a hours may see
a wonderful change in it's figure.