Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1886-05-19
OIL DROPS.
Failures Send the Market Down a
Whooping.

n
whOoping.
PIrTsBURG, Pa, May ls.-Thers was
panic in oil to-day, caused by thefAilure o
Craig L LOWEie, one of the largest oil firm
in the country. and reports that the Van
dergrift well, Just opened, vas doing from
so to 200 barrels an hour. The marke
opened weak at 7O!e and quickly declined
to 68le on the bearish 6eld news Th'
announcement of the failure uss ther
male and when l55. 900 barrels of long OF
was sold under the rule for Craig K Low
RE account values dropped like lead tc
664c There was q slight reaction afeel
tins and at noon 66sc was bid. Their on
sold bstveen 66 and 81. They snDounc'
ed that they would deliver all OIL sold this
morning. Mr.. Craig, who ia wealthy
psoducer. states thAt he viii be able 70 pay
all kablliriss. hafseling in oil circles
was little better at noon. For tms
this morning. however, there was the Wild
est excitement at the Exchslgs, and
sysryhsaf wanlsi nsslE 10 additiou@tc
the l55. 900 barrels sold under the rule tor
Craig and LoWries account, $4,000 bar
re!s were sold there at prices ranging be-
tween 665 and 77i. There are about 200.
900 barrels more here aud coo O0I bar,
rels at Oil City, for which eoDsignments
have been made to carry II for the firm az
one o'clock. The market was 6rm at GIL
r-afzs. Eailnra
New York, NAV Isl. W. Craig, one
Of the largest oil traders both in New York
and in the West. has failed. About 500 0OU
barrels of oil have been bought in under
rule for his account.
Mr.. J. W. Craig, the oil broker, who
failed, was alleged to be the heaviest op-
orator on the bull side, and is credited with
having been the power that made the late
advance from 10 to III. He turned bear
and sold the market down to 80, where he
is believed to have tried to ball again, and
has kept up an unsuccessful fight against
the falling market until two new wells,
which came in to-day, overwhelmed him.
On CRY, Pa, May l9.-J. W. Craig,
the well known oil broker whose failure is
announced, WAS long" about 100000 bar.
rels in this city. There was great excite
meut on Change here to-day.
The Liabilities of the Firm.
PITTsBURG, May lS.-Jos. Craig the
head of the oil firm which failed to day,
since be has been in business for himself,
has been at times the most important fac
tor ia the oil market His transactions
we're enormous and broad, and well planned
As near as can be estimated the firm was
long about 2.5O0 600 barrels, and the diff
ference will smont to from 800 900 to
Sl25, 900. The members OF the firm. say
that their sheet will go through the clear
ing house all riyht tomorrow, and in 6
few days will be able to resume.
The firm has large interests in
the Hsne field and in Washington county,
as we'll as other property, and will be able
to meet sll claims upon it in time. Six
months ago Mr. Craig was worth half q
million. de made $l35,000 in the bull
last year and fally $780, 200 in
The bear raid which began in October and
run through the falL lie lost heavily
when oil advanced and began buying al
from 78 down TO Y cents Such oil as Is
held here is well covered and the local
banks will lose nothing.