Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-13
A GENERAL REVIVAL.
Reported Agreement Between the
Standard and the Rothschilds
CHEERS BROKERS AND BOOMS OIL.
Several Think the alleged Combination
Means Higher Prices.
ABUNDANCE OF NATURALG GAS PROMISED

Oil brokers and the local oil trade gen.
orally have been stirred up recently by the
indications of general revival OF the oil
business, and it is asserted on all sides that
the bulls and bears will within short time
be struggling in their old-time warfare
about the Exchange ring
Next week dealings are likely to be active
in petroleum certificates if the details of an
agreement signed yesterday at the Standard
Oil office become public.
The above paragraph, clipped from late
issue of New York financial paper, un-
doubtedly contains much of Importance to
everyone interested in either branch of the
petroleum business, as well as to those who
have been looking and longing SO long for
q revival of speculation in petroleum GER
tifcatea 1t is an innocent-looking little
paragraph, but to those who nave been keep
ing close tab on the general situation in
oildom, it is full of significance. Briefly,
according to the oleaginous oracles, it means
that the Standard Oil Company has con-
cluded some sort of an agreement with those
in control of the Russian oil producing and
refining business which they say will tend
to enhance the value of crude oil, stimulate
production and revive speculation.
An Oil Man Explains.
Just exactly what the agreement is that
is referred to. in the above clipping is not
definitely known, but some light was thrown
upon it yesterday by j. w. Craig, than
whom there are few men better posted on
the oil business in Pennsylvania
When shown the clipping he said that it
undoubtedly referred to q deal with the
Rothschilds, who are the financial
hackers of the Nobel Bros in the
producing and handling of Russian oil.
"There is no doubt" continued Mr.. Craig,
'sthat Russian competition has seriously
interfered with the American product in
foreign markets, and has had much to
do with keeping the price of crude
in this country at low figure. In
1890 the Russians mad secured one
third of the English refined trade,
and a fourth of the Asatic market
for Russian oil. They had also made heavy
inroads on the markets of Europe, and in
1891 they had considerably increased their
trade in those countries 1t seemed only a
matter of time until the American oil
would be crowded out entirely, and short
time ago John D. Archibald, of the Stand.
ard Oil Company, went to Paris, where
I think he had conference with some of
the Rothschilds and possibly entered into
an agreement with them at that time.
Giving Americ IN Oil Chance
"When he returned to New York he was
accompanied by q representative Of the
Rothschilds to sign the agreement for his
firm. Just what this agreement is do not,
of course, exactly know. 1 am only sur
missing. but it may be that the Standard has
induced the Rothschilds to keep out of GER
tain territory or markets and give the Amer
lean oil full swing.
"Whatever was done it is apparently pro-
ducing an immediate effect on the price of
American crude, and will have beneficial
effect on the producing business, and will
no doubt tend to revive speculation.
J. A. McKelvy, President of the Oil
Exchange, said he did not know of the
agreement, but from what he had heard he
thought it likely that the Standard and the
Rothschilds had reached an agreement
either to curtail the output of the Russian
fields. or to divide up the European and
Asiatic refined business. He also said he
thought there would be steady advance in
oil for some time to come.
A Brighter Outlook.
'.It is beginning to look brighter" Mr..
McKelvy said. ''Ihere were sales to-day
at the close at 57% and the market was
strong all day. From 15 900 to 20, 900 bar
rels changed hands. New orders are COM
ing in and it looks very much as if we
would soon get back to the old run of
things"
H. E. Wilson said: 'There is one en-
couraging feature about this market 1t is
not going up by long jumps, but in steady,
solid way that gives faith to the timid. It
is a speculator's market, and has been for
several days. 1t is working up gradually,
and I believe it will soon be in the upper
sixties"
Company, and who, with ]. NJ. Guffey and
others. had the largest production in the
Mcdonald field, was feeling good over the
outlook. 81 believe it will not be long be-
fore we have 75-cent oil, and it may posi-
bly, go higher. There is every reason in the
world for it to advance. The Nc
Donald bugbear has disappeared, and there
is very little work being done in the old
fields that is adding to the new production.
Another factor, believe, is the new pipe
lines, which are being built One has al
ready started to pump oil, and another will
be completed within the next three months.
These have . strong tendency to bull the
market" .
Always Room on Top.
DR.. NJ. G. Egbert, who has Sold actual oil
for $14 barrel and thousands of it at that,
said, when asked for his opinion: 'I am
Just like Mr. Rockefeller. When, in 1928,
oil was down to 40 cents barrel Sam JUS |
tice went to Mr.. Rockefeller at Oil City and |
said: Mr. Rockefeller, don't you think oil |
ought to go up?' and Mr.. Rock kefeller re- !
piled: There is plenty of room for it,
Samuel also believe there is plenty of |
room for it to so skyward."
M. Finegan, President of the Devonian |
Oil Company, was little doubtful, and did |
not want to place too much confidence in |
the stability of the present advance.
1t has been reported that o representative |
of the Standard is to be placed on each of |
the exchanges, and this alone would indi-
cate that there is to be revival in specu-
lation.