Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-09

floor, and that by the first of next month
the Exchange would be doing a daily
business that it has not known for years.
DIR. NJ. C. Egbert, at one time one of the
heaviest spectators in the oil country and
man who is thoroughly posted, even to the
minutest detail of the business said: sit
will revive speculation. Certificates will be
re-issued, and speculation boom. 1 would
want a guarantee, however, that premium
would not be put on again before going in
very heavy. There is no necessity for the
Standard paying two prices for OIL 1t can
Just as well allow speculation and pay only
the market price, as to shut off speculation
and put a premium on certain grades of oil. "
WANT oTHFRs TO CARRY IT.
W. L. Mellon, the operator, refner and
pipe line owner, when asked for an opinion
as to the probable result, said that in all
probability the Standard wanted to get its
oil carried by outsiders and took this
premiums he believes business on the ex-
changes will be terminated and spectators
will carry the Standards oil
Jacob Pfeffer, of the kanawha Oil Com
pany, said that the oil business now looks
brighter than it has for some time, and he
believes that with the revival of specula-
tion the producers will get better price
for their product.
John Galloway, the phenomenal walker,
and one of the most unique characters in
the business, was more hopeful yesterday.
He also is connected with the Kanawha
Oil Company, and when interrogated said:
80, there is not the remotest doubt but that
the present move of the Standard will bene-
fit us. We will have our rights and
what we want is fair price for our product,
and believe now we are going to get it.
When the Standard puts oil down to 80
cents it might as well say, Gentlemen, we
will give you SO month to work for US,
and we would have to take it. Yes, would
much rather have no premium than a !
premium on all oil. "
OPENED TO ALL BUYERS.
C. W. Pratt said that in his opinion the
Standard had listened to a general wall
from the producers that there was only one
buyer, and that it had decided to throw the
market open to all and let everyone buy
who would.
w. S. Gufey said that he did not see that
1t would help speculation particularly, be- |
cause there is not enough merchantable oil |
above ground to speculate with. If there |
were $4,000, 600 or 80. .000 900 barrels in stock
he believed it would be different, but with |
only 5000, 0000 or 5000, 900 it would be hard |
10 Set up Soou active udue Oh Tie EA-
changes
W. p. Logan, of the Royal Gas Company, |
which first called attention to the McDon |
aid field, said he had given up guessing the |
market several years ago, ''The ways of the
Standard people are as inscrutable as those |
of Providence, and as 1 do not know what |
their next move will be, l have nothing to |
saw
There was not an oil man in Pittsburg |
who even hinted that the big wells which
have been completed lately had anything
to do with the fluctuations of the market.
No one engaged in the business believes
that they were in the remotest way con-
nected with the slump of Friday, or the
Jump yesterday. In the first instance all
attribute it to the equalizations of premiums,
and in the latter to the abolition of the
same
THE MARKET IN OIL.
A special from Oil City says: The oil
market took an unexpected turn to-day and
The session closed with gain of nearly 20
cents from yesterdays close. 1t was an
that all premiums had been taken
from oil, and that started the rise, which no
one seemed to be able or willing to stop
There was bullish feeling on the floor at
the opening, which was so cents,
anu lrOln lnaI mOHenI Intre was
hardly a stop before the 7OH mark
was reached. The removal of the
premiums is certainly in the interest of the
speculative market, and is said to have been
brought about by the increasing value of
he products of the heavier oils, while at
he same time there is q decline in the value
# the lighter oils and their products owing |
@ an oversupply. All oil in Pennsylvania
except Tiona, which remains unchanged), |
New York and West Virginia fields, is now
certificate oil, and the market is thrown
open to all buyers. The last two days have
brought large number of speculators into
he market, and the trade augurs good re-
suits from the important step just taken.