Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-04-09
A GLOOMY OUTLOOK.
State of the Great PittSburg Oil Ex-
change, Past and Present.
LOOKING FOR HUMBLER QUARTERS.
The Speculative Fraternity of Other Places
in the Same Boat.
NEWS FROM THE PETROLEUM FIELDS

1t has long been said that the speculative
trade in petroleum has gone to the dogs. 10
this assertion the public most generally in
terested in the industry have paid but little
attention, at the same time realizing how II
affected their interests. THE DISPATCH
scout Yesterday dropped into the Oil Ex-
change, and the Transformation apparent
was wonderful to behold. In times gone by
this floor presented an animated scene, and
the Pittsburg Oil exchange bore the distinc-
tion of being one of the first in the land.
As the reporter stepped inside the railing,
one of the old officers slapped him on the
shoulder, saying:
"Do vou remember in 1884, one bright
morning in April, when this Exchange was
dedicated to the use of Pennsylvania s great
est industry amid eIcitementands solemnlty?
This beautiful speculative temple was then
given to the trade in the most solemn invo-
cation BY one of the most noted divlnes in
the city of Pittsburg, and all felt that its
life and usefulness to the city would be as last
ng as the industry itself.
The Scene. Far Different Now.
But look around and count the half dozen
brokers present, the empty seats and not a
dealer in sight. l tell you III ngs have changed
nightly since those days. As ! said before,
This beautiful temple, which cost us Sl6SOOO in
lSSi. now goes begging for good tenant. The
Chamber of Commerce has an option on the
building but whether they will take il or not is
: question.
I'VE had lively times here once and many
fortunes were made and lost on this floor. In
those DAYS corporate power did not control the
market, and everybody had show Our light
IN II
barrels. and our membership sold at Sl,2oO
When we were in our zenith it numbered over
800. Ne havs done no business here Tor some
slime. and we haze concluded to shut up shop
The Speculative Spirit Dead.
The speculative trade will soon be thingof
the past. 1t VIII only be few short days un-
iii Bradford and Oil City will follow in the
wake of the PIttsburg Exchange. The signs
OF deterioration are already manifest in the
New York Exchange, and the end is nigh. We
do not expect TO go out OF business altogether,
bur viii look up some more inexpensive
quarters and drum away as long as there Is
Show.
In speaking of the trade in general, every.
thing is changed from the speculative days OF
yOTe, and the situation is controlled by clrcunl-
Stances that are irrevocable 1t is not neces-
sary to 60 into detail on the matter, for every
well informed gentleman il the business under
stands whittier we are drifting. The reduction
in stocks has sounded this death knell of the
speculative trade
PittsburG VIII Be Headquarters.
That Pittsburg is destined to become head
quarters for all the oil business cannot be de-
MED. Capital from the northern and middle
fields Is daily being invested in Allegheny
county, and il is only question OF time when
all Of the heavyweights, so to speak, will be in
our midst.
The latest purchase is by H. Suhr & Com
pany. of Oil City, who bought from John VI.
Patterson and JenIing, in the CHARTERS field,
l. producing wells and one drilling well This
embraces l64 acres. and includes the May
Ward, Mckee and Brown farms. The produc-
ton is about 450 barrels day, and the consid.
Grafton is