Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-05-10
THE CHANGE IN OIL.
Trading in Futures Discussed by Its
Friends and Enemies.
THE NEW RULES EXPLAINED.
Another Deal in Diamond Street Realty
Favorable to the improvement.
REAL ESTATE BOOM IN THE NORTHWEST

The proposition to deal in oil futures en-
counters strong opposition from four or five
members of the Pittsburg Exchange, but
the preponderance of sentiment is in its
favor, and there is scarcely doubt that it
will be adopted. The various points in
volved in the proposed new deal were freely
discussed pro and con yesterday. One OF
the opponents of the change said:
''The omission of National Transit GER
tifcates from the rules strikes me as having
deeper significance than appears upon the
surface. What can it mean? In my judg-
ment it is an artful dodge-I don't know
weether the Standard is behind it or not
to make it possible to deal in Lima oil GER
tifcates, if they shall be issued, Of which l
have very little doubt, should we adopt the
proposed change. This, by equalizing the
two products on the market, would put
prices down so low that there would
be no money in the business; and this, again,
would deter outside trading and make things
worse than they are. The market is bad
enough as it is, and think it would be foolish
to seek to involve it in fresh dificulties- Be-
sides, trading in futures has such an air Of
gambling that it could never be popular here,
and might involve us in the meshes Of the law
from which it would be hard to escape with
whole skins. If things come to the worst We can
quit the oil business and deal in stocks, but
while we are in it I think we had better proceed
on recognized business principles, showing
something tangible for what we do. II we quit
at all let us quit with credit to ourselves and
with the respect Of the community"
These and other objections to the proposed
innovation were strenuously combated by its
promoters and advocates, one of whom said:
$50 far as deliveries are concerned the strik-
ing out of the words National Transit certif-
Gates wouldn't make particle of difference.
1t is always has been and always will be un-
derstood that we deal in that kind of oil. If
any other kind is meant it must be distinctly
and clearly specified. If sell 10000 barrels on
the floor of the Exchange the purchaser would
be laughed at If he were to ask me what kind
of oil meant. He and everybody else would
know meant certificate oil. A man who sells
1000 shares of Reading can't deliver Lake
Shore instead. Neither can a man sell oil on
this floor and deliver anything but certificate
oil unless clearly specified"
Another friend of the plan said: "The new
rules are equally as strict and explicit as the
U,u OHes 80! tn:.1- s1.o
oHuet sne.. We ss. .1.1..t - 49, ~ +ho
Ia. ,Ios - ,rersD+ nan fron, selling oil
- a.lt,o;,r !, torsa - I;or of it1 The ruIas
are very clear on this point. They distinctly
specify tne Klno ana cnalSceer Oh 'nS cOm
modify to be dealt In, following out the well
estaDnsneo prlnclpie IN commefeial Ia" 'usI
oehVeIles must pe VI Ainu-1nA' 20, q -n1n =
oarIeu Hom sehins one Tnins onu ', 70, Ah .
anotner. onoer tne rules II moulu pe as ilu-
posslple 70 oesl IN Lima OIL WITHOUT SPecinc~-
ton as In coonsn or sootnng syrup.
MI W. 9. Many, Oh tne new torh @ r-AcnAnse, s
VINO was oeiegAte 70 .iie t1Ssou
ana renamed over 70 give neeoLul e1pisnaalons is
OF Lne WORKINGS VI bhe nc" eysScmi sdIu yoSSoI-
oay evening" s.nH -, .ne cnA r. So
80 .o,.o.S;,,r1 ,s,s+ ha do-o =, cot T.
or+ ' -aaiD1 IN frtu-es won,d N nv ;nda'
80. So - t,a dos;rod raI;af 7. 1-o,iS as,.
~ - .s ,,,,;oh 49, -
-a.e - S- w - -. - P.....s:.. ,,..sa -.
,HonId 80 ,,s +,vo handes to ,Tor instead of
ons II v,o1,Id XII, bich nremiums and make II
.-..:lI. e. = -.5nr - ho oor,orod o,,o-,, oA
.,.,~,' 49, $780, Iii - ado-so5
10 . -. ase., ."a,,yS 5a..nS oI ~.
-. J. ..s $50 1s;,'o s-.,e ~
s,.s oo1,.oos It +,,o,, 11o,,Id act y aood
F,s@l nd ~ fhavn IN 0iIff fho lat.
-. "a .te so;-;. ~ .ho r,les fee1 ce-toin +I,o
o,..r.o ,ro,,is rosrlt IN ,ro1t horos+ 80 tho
t-ada, ;,
-
BLACK A. Raird are hustlinr things on Dia
moud street. and if all the property on that
thoroughfare does not change hands several
Wednesday they made 81, 900 sale there, and
yesterday they consummated another, the con-
sideration being S45 0OO but details of the trans
action were withheld for the present. The
property is presumably located betweed Wood
and Market. Both of these deals are believed
to be in the interest of the proposed improve
ment of the street, the feeling in favor of which
is unQuestionably growing.
former East End contractor. noU nlvinS
his vocarion in Tacoma Wash. T. .recentlvyyrofe
to his family as follows: ..Tbey are having a
great real estate boom here. Ihaye never seen
ANYTHING like it. Eyerybodyis crazy for town
LOTS and sales have been made on one of the
nripcipal streets at s.. 600 a front foot. Asst
buildings, they are going up everywhere. Con-
them. At the present rate of growth wouldn't