New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-06-25
JUMPS OVER TEN CENTS.
mTHE STANDARD ANTAGoNIzED'
= PANIC OF BEARS CAUSED BY "ours1DE" BUY;
.se-rnE PRODUCERS HAVE NOT "Pur'
THEIR RESERVE oIL-AN IMMENSE
DAYS BUSINESS.

"A .raaen change was effected in the appearance
~ ono lons neglected oil ring Of the Consolidated
CO., ana Petroleum Exchange yesterday soon
80. .h. mon hour There had been some small
s..,,nr, At hardening prices, but the general
-.., ~ the department was the same as IT has
-, %, a long time Brokers sat idly on the
S.n.h.s Kindly provided by management that
-. =. rrosneot Of revival Of trade until dealings
q. .,,u,s. had been established, some other day."
m S..-.nce ~ Charley" Nelson. and his bid
s.-. o., few lots Of oil started rapid advance.
r,a .,.te-s which told Of the transactions in the
rs...hn,. and OIL City Exchanges apidly reeled
So .uo,s,ions that swiftly passed the ninetycent
,v,nt A hubbub was started around the oaii
,,no such as had not been witnessed In many
,,.ep, and from the stock department OF the In
.h.nge brokers aed precipitately to execute i'm
no.sibIe stop orders on short transactions
m. crowd and the uproar almost prevented busi-
ns.. and wide aactuations were made at the same
nomert in different parts OF the seethlng group
syben the excitement had subsidized, the market
Lost only mart Of it's extreme advance, and the
latest mice was about six cents above the final
nuotatiou Of last Saturday. The total dealings
r.,. seorsd up on the blackboard-4,9 81 1000 bar
,.l.-s record five times in excess Of the total
husnss at the Consolidated and the Stock Ex.
changes all last week.
Ramors few thick and fast to explain the re-
uSsrkable transformation Of the market One OF
chem said that the producers had decided to ad-
vance the market in order 10 secure better terms
from the Standard Oil Company, which agreed IN
January last to accept 100000 barrels Of oil
from the producers at profit Of five cents on
July /. The producers had received this oil from
the Standard at 62 cents in the autumn OF 1857: !:
and the cost Of carrying charges and interest As
mad hv he which agreed
oil would have brought the price up 20 about 81
cents by July /. The contract was equivalent TO
q guarantee Of 90 cents from the Standard by that
date. 1t has long been argued that the Standard
interests would not favor bull market until tlls
. put had been disposed OF. II the market should
rass beyond 90 cents In the mean while, the pro
ducers might be able to secure extension Of the
> put" at o higher price. II tue oil WAS put at
90 cents before July !, it was argued that tho
70 dispose of the oil at profit. In consequence,
another rumor was to the effect that the put hnd
been anticipated. and this view was generally
Consolidated Exchange.
Inquiry elsewhere elected the statement that
no change had been made in the contract: The
Standard Is ready to fulfil its obligations, but no
negotiations have been opened for a change in the
original terms. 1t was believed by some close OBJ
servers that the " bull" spurt had been started by
combination Of Western outsiders who real
zed the scarcity Of certificates and the fact that
there was big short interest that might be started
into covering The talk Of an outside syndicate
mas been occasionally heard in oil circles for
week or two past; and one Of the PRINCIPAL argu-
nentS in its favor has been the strength Of the
statistical situation and the confidence that the
Standard did not dare TO sell any OF the oil II
held, because OF the excess Of consumption over
production. 1t was believed by many that the
rise in prices had been forestaled by outsiders and
D confident view OF the future was expressed Dy
many commission brokers who have been lukewarm
'r bearfsh on the oil market for weeks past.