The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-01-24


From the Neic York World.
OIL CITY, PA, Jan. l3.-The second
month of the oil producers shutdown
movement has ended and it shows a net re-
duction of stock Of nearly $500, 600 barrels
and an increase of SOC. per barrel since the
inception of the movement. Judging by
present results the scheme has been the most
successful ever attempted by the producers
TO fatten their bank accounts The original
agreement between them was to hold out
until the stock ran down TO a few millions
of barrels and the prices raised TO 81 30 a
barrel or over
There had been considerable doubt ex-
pressed a. 10 whether the movement would
hold out. The most sanguine of the bulls
claim a brilliant victory, and to strengthen
their assertion say that for the first time in
the history of the oil industry the producer
has found out what his real strength is and
will hereafter he able TO control his own
prices. The old oil fields are rapidly being
drained, and the white sand pools viii not
be able TO supply the demand much less IN
crease it. In addition to this they say Lima
oil will never be good for anything else but
fuel, while the great Russian wells viii only
be able TO supply the increased European
demand, thus leaving American exports
about the same.
The bears, on the other hand, claim that
the price depends more upon the wishes OF
the spectators than upon the amount of
oil on the surface of the ground. In
1879, when the stock was about 100000,
the market went as low as 63c. per barrel,
the highest being 81 %, while in 1881 there
were 2l,0O0,000 barrels, and the price
ranged from 79c to 81. In 1884, with 40
OOO,OOO barrels, the market ran up to 81 ID.
This argument would seem to show that
the bears knew what they were talking
about when they claim the speculative
trade made the price. Even now, the bears
say, many members of the Producers Pro
| tective Association are wild eating in the
| most reckless manner hunting for new
| fields, and that before long Russia will cap
! ture the entire European trade with the aid
of the pipe lines now building. Lima oil
| can be profitably produced for pc a bar
| rel, and some genius will find way to de-
| odorize it, thus bringing out a new and
productive field. In winding up their ar
gument the bears predict an early opening
of the old melodramatic show of everybody
| trying to get from under at the same time,
while things go to eternal smash generally.
Few people can understand why oil pos
| sesseS such a subtle fascination for specula-
tors, and of all speculative tigers the pc
| troleum tiger is the widest, yet the tamest.
There are hundreds Of men in the oil cOun-
try who have made big fortunes in specu-
lating yet there is but one on record who
has kept his money. In the great rise of
1885, Henry Fisher, OF Pittsburg, cleared
81 300, 900 III very short time, and since
then he has twanged the strings of the spec
| ulative harp with very delicate and gen
tie touch. His side partner, Joe Craig,
made over 100000 at the same time, but
! lost it, with several hundred thousands, in
| 1886
The producing business is the most profit
able, and gives larger returns in proportion
! for the money invested than any other
| speculation. There are many men in the
| oil district who have made big fortunes in
| few years. John McKeown, of Titusville,
can draw his check for 5000, 900, and yet
have enough to live comfortably upon.
| Twelve years ago he was a contractor in
| small way. BY hard work and sef-Sacrifice
he scraped together a few thousand dollars
and went into business for himself. Fortune
| smiled on him from the very start, and now
! he is considered the wealthiest producer in
the country. He is quiet and reserved and
| takes personal charge of his business. In
| the dress of a common laborer, he can be
| found every day on his property in Wash
| ingtOn county overseeing the work. Last
summer he complained that he had injured
his health with overwork, and at thai time
! his income was $1,000 day.
William Phillips, of New Castle, is prob
ably the largest producer at the present
| time His check for $4,0O0,000 would be
| honered anywhere, and every night lie goes
| to sleep conscious of the fact that $1,000 has
| been added to his fortune. He is large,
| fine looking, jolly man, and bears the title
of ing the champion wild-catter of the
country In 1880 he was comparatively a
poor man. Capt. j. j. Vandergrift, of
| Pittsburg, is worth 81, GOO 900 and made
every penny of it in oil. He is the picture
| of generosity, and cannot bear to see a
| friend in distress. In 1884 he spent nearly
| S., 000, 900 aiding friends and relatives. A
relative borrowed $5,000,000 and different
friends took another $1,000, 600 during the
| panic of that year.
| A quiet school teacher in New Jersey gave
up his profession in 1868 and came to this
country with $1,000. Seven years later he
left with 81, 800, 600, which he lost in unfor-
! tunate speculations. Three years later he
returned to the oil country and now George
| V. Foreman is one of the leading citizens of
Olean, ~ Y, Is worth So, coo, 600 and when
he goes to California he rides in his private
car. Satterfield and Taylor are worth
$1,000, 600, the result of their experience
with oil. They live at Fredona, n y.
State Senator Lewis Emory, of Bradford,
has made over $l,500,000 in oil during the
| past ten years. When George ID. Boulten,
!
little money, and now his roll amounts to
| S2,O000O0
F. w. Mitchell, of Franklin, while only
worth Sl,5O0000, has the reputation of
| being the only man who ever beat the
Standard Oil Company In 1881 he under
took to start little bull movement in oil.
The big company objected and went for
Mr.. Mitchell's financial scalp to mingle
with the many at adorned their wigwam
pole. Mitchell raised every cent he could
and took all the company unloaded. Then
he bulled the market up 2jc. and made
the Standard people come in and cover In
some later ventures Mr.. Mitchell has been
unsuccessful.
A merchant tailor in Titusvile was
dong a very poor business few years ago.
He scraped together some money and oper-
ated in the Bradford oil fields Now j. j.
! Carter is worth S500,000 From the oil
fields about Tidioute F. Il. Clapp, of Pre- i
dent, has taken 100000 d. II. Boulton,
/ of Franklin, can draw a check for S500OOJ.
all of which was made in the Bradford
fields since 1873. In the past eight years
David Kirk of Bradford, has made 5000
600 Mr. Kinks only hobby is a scheme to
wipe the Standard Oil Company out of ex-
lstence. John Clapp, of Tidioute, has
picked up $500, 900 III various oil fields dur
| ing the past five years while il has taken
the Grandid brothers only few Years
| longer TO make 81 500 900 Half n million