Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-04
A BOON FOR OIL MEN.
Spectators on the Local Wall Street
Preparing to Plunge.
THE PROLIFIC M'DONALD FIELD
Responsible for the Fun the Bulls and
Bears Are About to Have.
PRIVATE WIRES NOW BEING SECURED

Every speculative habitue of Fourth
avenue, near the Oil Exchange, will have
cause to feel glad within the next sixty
days. The old-time scenes on the floor will
be re-enacted, if the maneuvers of oil men
and quiet goings-on of prominent brokers
materialize.
From very authentic sources it is learned
that the speculative gentry on the local
Wall street are preparing to handle oil
certificates again. Several brokerage
houses are now negotiating with the West
ern Union Telegraph Company for private
wires between Pittsburg and Oil City, among
whom are Morris & Brown. Henry SpToull
has all his arrangements made to be on the
floor at the sound of the gong. Old-time
brokers who have tabooed oil oD their books
are quietly buying back seats on the E1-
change, and Frightening up their uniforms
in readiness to do business.
NUISANCE TO BE AVOIDED.
Considerable speculation has been done in
oil by local lambs during the past week, but
it is necessary to transact all deals through
Oil City. This is inconvenient and ex-
pensive, hence the movement to re-estab-
lish the petroleum speculation market on
the Pittsburg board.
The prolific output of the Mcdonald field
isproving itself an important factor and
impetus to the resumption. AS is fairly
well known, the Standard Oil Company
sought to gain control of this territory, and
offered s., 500, 900 for it, but the influential
owners, such as j. NJ. Guffey, Barney Forst
and others, refused to accept that sum. In
the field the independent producer has
taken a stand against the monopoly, and
every indication shows that if the Standard
wants Mcdonald a much larger price must
be paid. The infancy of the field warrants
this, since there are hundreds OF
acres yet undeveloped. If this COM
pany gains control of the field
no power on earth can revive speculation
on the exchanges, as it is heartily opposed
to the commodity being sold as certificates.
And again, as Standard man said yester-
day, if the Mcdonald field is controlled by
the big concern, the oil market of the world
would be governed by its dictation.
BULLS AND BEARS IN READINESS.
Notwithstanding this, there is every en-
couragement given out that the Exchange
will once again echo with the bids and offers
of excited bulls and BEARS
There has been some inquiry for seats on
the Exchange, and several have been taken
at the market quotations. Those familiar
with the facts know that j. r. Nc
Kee, who is now in New York, has
the most shares of any individual member,
but it is said a prominent bank (the Ale
gheny NationaD is the real owner, and Mr.
Mckee was simply its broker. Some Of
these shares were bought when the price
was above $780,
1t is also understood that the carrying
rates are to be reduced to % cents 1000
barrels and no premium. This will be an
other inducement for people to come in and
speculate.
Henry Sproull, when asked if he thought
there would be a revival in oil speculation,
said: "Indeed do 1 have been doing
quite quantity of business this week, and
in my opinion, the Exchange floor will be
as animated as ever within few weeks.
NOT AFRAID TO SPECULATE NOW.
fHeretofore the people were afraid to
touch oil, because the Standard whipsawed
them so much, but now if the Mcdonald
people hold out against the company; there
is no reason why we should not resume
Let them issue so, 900 or 100 900 certificates,
place them on the market, and see how
quickly the speculative Pittsburger will put
out his line"
Mr.. Sproull has his private Oil City wire
in readiness to do business, and has in
formed his representative there to prepare
for unusual activity.
Several Fourth avenue oil men said that
in their opinion there was no doubt that
resumption in petroleum speculation would
be but a matter of q short period.