New-York tribune., 1886-05-19
A BIG BULL FAILURE IN OIL.
THREE MILLION BARRELS INVOLVED.
CRAIG LowRIE FORCED TO sUsPEND-sENi-PANic
IN THE MARKETS.

CRAIG LowRIE FORCED TO sUsPEND-sENi-PANic
IN THE MARKETS.
Petroleum circles were startled yesterday by
On. announcement OF the suspension OF Craig
a Iowrie, brokers and producers. Of Pittsourg.
Penn and this city. The failure was the
rcsult OF the depression In crude OIL anu
is one Of heaviest that has occurred IN the OIL
IN long tmc The senior partner In the PItsDuig hr"
was member OF the Consolidated Stock and Petroleum
Exchange and did business in his own name through
Charles W. Baker. whose Office is at No 81 Broad""s
The news OF the failure threw the certificate speculation
into a state OF excitement that has not oeeh """o
.incc the heavy break of last November. Inc tr"ns"
f,ois amounted to nearly 100000 oafreis anu p'
fell from 7O7a7l cents 66ls cents. closing AZ r'
OF lit;e over cen.
W., Nr Rater sent word TO Chairman Peters OF the
,nablty OF Mr. Craig to meet his engagements the mar
ket was given to scmpanc ana more o'saS'.o"'
decline was stayed by heavy purchases 10 cover '"o
contracts ana for the long account MI 'rag h'u
bcn orerating both sides OF the account here ana
while 327 600 barrels sold against his long con-
,ract. 100 600 barrels bought against his con-
tracts TO deliver The result IS that the differences IN
Nev-York against him are said to be comparatively
,maL Mr.. Baker said that the losses were
well distributed and he thought the heaViest
wound fail on the firms best able to stand
them lie added tnat the suspension was un'
expec,ed to him. The market had been falling ara IN
the or ing he Informed his principal that more money
was nee ted TO protect his margins AT ii O'Clock MI
Craig who Is at West. teegraphed to Mr. Baker 10
announce his inab iy meet his contracts NJ Baker
rond give no idea extent OF the failure incohs
Western accounts but he expressed strong hopeS 'h"
creditors wonld he paid IN full
In sdf N TO the sales made under the rule here ana
nj the West for Craig Lowrie and Mr. Craig lndlvio
usllv IL is understood that large settlements
were made privately. The amount OF oil lnvoveu
Altogether believed to be not far from 23OOoO0 or
pr barrels As nearly as could ne learneu III"
total Losses reach from 100000 10 $3Ooooo ereas
deal of oil carried by the concern IN DANE was harecu
down TO 60 cents and has been taken care OF Dy strong
operators --., -, ro.onh W
tember after Mr. Craig had dissolved partner-hlp win
= g. Fisher 4 Co. OF PittsDurg. Mr. Craig Is only
twenty.six years oli. lie entered the service OF
FISHER AZ Co. as a telegraph OPERATOR then became
trcl a couple OF years ago lie acheNeu
pronnencc the successful operations OF his nIm on
Arou II OOQSl O5 the firm realized handsome prohis
on their long OIL and dissolved partnership. Joe
Craig every called him. Joined the bear ranks,
fought the to 81 l2l2 AMI reaped much money on
covered All his shorts under 80 cents nearly as can
be learned turned bn and Dought on the decline that
followed the Unexpectedly good results of the Kane ana
The Wasnn County oi developments IN Pennsylvd-
MA II general supposed that he operated heavily
for the Fisher brothers,. G. ana Frederlck-
and other followers of his in his preceding cam
oil - lands ami the persistent weakness OF the
commodity, combined probably win other business en-
cagcmcn,s forced them to the wal at last MI Lo"fle
is so a vuung man.-under fOrtv-and WAS formerly IN
The on Civ firm of Lowr & Dufur. Mr. Craig was a
frequent visitor to NewlOrk and his GENIAL manners anu
honorable dealings won him many friends. Mu'n sym,
patty expressed by brokers WIN MT CIalg anu
position of his popular representatives, Mr'