The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-04-18
OIL SPECTATORS Scared
Prices Are So High That Spectators
Are Afraid to Move.
STAGNATION IN PITTSBURG
No Sales Arc Made at Opening of the Ex
change Will Lubricate
Financial Depression Through.
out tho Country.

Pittsburg, April 17.-Oil has now
reached that dizzy height where specu-
lators are afraid to deal in it, and as
result there was not sale on the
Pittsburg Exchange during the first
half hour this morning, while the sales
on the Oil City Exchange during the
same period aggregated only 1000 bar
rels. The Standard again put up its
price 25 cents to $3.50, and May option
was offered here at the opening for
$270. Cash oil was offered at $3.50.
There were no buyers and the price of
May gradually dropped to So, then to
81, and at 1890 S2.65 was bid. While
many brokers are predicting SO oil this
week. few of them have sufficient faith
in their own prediction to invest. The
Standard Oil company through its pur-
chasing agents, has secured possession
of several more slices Of oil producing
territory. The Southwest Pennsylva-
nit Oil company, a Standard concern,
has bought the remaining three-fourths
interest in the Warrington and Fair
view, w. Va, territory. containing
about 5000 acres and 300 wells, with a
production of 5000 barrels per day.
Inc iihS diSO Il
three-fifths interest in the Carter Oil
company, of Sisterville, w. Va. at a
price in the neighborhood of 5000, 900.
The Carter company owns about 100
wells with daily production of / 900
barrels.
David Kirk, one of the best posted
men in the oil business, in discussing
the present boom in OIL said: "Petrole-
um will be the means of bringing the
country out of the period of depression
that has prevailed for the past two
years That was the case in 1873 when
our finances We're at q low ebb. Oil
made the first advance, and at is went
up in price the business of the country
improved. The same was true in 1884.
Oil VIII Bring Gold.
The most important effect of the in
creased price on the finances of the
country will be increased in the amount
OF gold brought into the country In pay
ment for the petroleum we export. Oil
Is paid for in yellow gold, and is one
of our most important exports. We
ship something like 2OOOO,OOO barrels
annually. and with the price hanging
opout W NeltS, tut uSEIesdie receipts
from this source only amount to about
10000, 600 Now with oil at the present
prices we would receive something like
45,OOOO0O for our exports. This would
be clear gain of $4,000, 900 year.
which would go far toward offsetting
the exports of gold during the past two
years.
But that Is not the only influence at
work. There are internal improvements
that are already here and will continue
to grow all the year. Our manufactur-
ers are already feeling the boom. l
think the oil interests will use consider
ably more than twice AZ much iron of
all kinds this year than they did last.
This will give employment to hosts of
men. who become good buyers and so
create a better market for all kinds OF
merchandise"
The highest reached was go, and at
12 o'clock May option stood at 6.62 and
cash oil at 2.5Sla bid. The feature of the
oil market this morning was the an
nouncement that the Atlantic Refining
company had raised the price of the
refined article another cent per gallon.
This may have bullish effect upon
the market this afternoon, as 1t was
not known until nearly 12 o'clock. The
total advance in the price in refined oil
in the past two weeks is cents per
gallon, or So per barrel. The sale of oil
on the Pittsburg Exchange this fore
noon was about 10000 barrels.