The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-14
Advance of 81 Cents Recorded Yes
terday, Making a Net Gain of 81
Cents a Barrel Last Week.
REFINED OIL ALSO HIGHER
PRICE INCREASED 1 CENT A GAL
LON BY THE STANDARD COMPANY.
OId-Time Activity Among Brokers
Field to BE Further Explored.

filled the predictions of those who said it
woald go to 81 before the week was out.
At the opening, the Standard put its price
Up % cents, to 1.75 May options opened at
s1.75 bid and the first sales were at s1.95, an
advance of rs cents over the closing quota
ton on Thursday. From s195 it broke to
$1.9s, and at 1890 o'clock was $1.921s bid. In
the first five minutes of the trading $4,000
barrels of May options were sold and there
was some trading in cash oil at s1.91s4.
From 1890 until II o'clock, the closing
hour, the market was strong and active.
Just before the close 1000 barrels of May
aoption were sold at 81, and the prediction of
many oil men was fulfilled. 1t then reacted
: to $685., but rallied and closed at s199 bid
The net advance for the day was 81 cents,
and for the week, 50 cents. The Atlantic
Refining Company, which is the refining end
of the Standard Oil Company, to-day ad-
vanced the price of refined oil l cent per
gallon, or so cents per barrel. This advance
made on a basis of $3.50 for crude oil,
and as the Standard to-day put the price
of crude up Is cents, to $175, there will, no
doubt, be another jump in the price of re-
fined oil on Monday.
Although there is great interest in the
upward trend of oil here. there is little ex-
element, for the reason that nobody has
producers association as competitor of
the Standard in refining interests, is having
a rather hard row to hoe at present. 1t Is
obliged to buy crude oil at high prices and
sell the refined product at low prices. A
meeting of anti-Standard producers was
held here yesterday and discussed the mat
ter but the result is not known. The solu-
lions of the present movement may develop
in the future course of the refined market.
Speculation Mt Oil City.
OIL CITY, April 13.-The advance of 25
cents in Lima and Indiana oil yesterday,
was followed. this morning, by notice
from the Seep Purchasing Agency that it
would pay s1.75 a barrel for Pennsylvania
credit balances. This is an advance of %
cents a barrel from Thursdays prices and
had prompt effect on the speculative Oil
market. The long period of stagnation pre-
ceding the present advance of nearly SL05
per barrel for the commodity had driven
the majority of the brokers and spectators
into other business and to other portions OF
the country, but the half hundred Of the
old guard that have stood the speculative
battles and storms of adversely from 1870
until now are reaping a wonderful harvest
of good roundsdollars in profits and broker
age, as this is the only oil exchange left
of the many established at New York,
Pittsburg Bradford, Petrolia, Parker, War
rem and Titusville. From all over the eoun-
try orders are coming from Would-be specu-
lators, attracted by the unprecedented
steady and great increase, in prices The
limited number of certificates, about $50 in
all, prevents dealing in extensive lots, but
the width of the fluctuations more than
make up any discrepancy in the excite
ment and uncertainty of the business, and
the game is heavy enough to suit the most
hardened speculator, gambler or spendthrift:
On Monday of this week the Market closed
at s13O, and at HIS to-day was selling at
$l.s6, an advance of 66 cents ;;u in SIX days.
on Thursday and to-day the majority of
the buying to-day was for speculative in
vestment. Oil opened excited and strong,
with sales at 81 80, or 81 cents higher than
on the eve of Good Friday. In less than
ten minutes after the opening sales had
been made at $195 and at $1-92l2. There was
a fair volume of trading and no signs of
break in the bull movement. At IL 80 prices
advanced to S1.961a, and at la a. M l5,OO0
barrels were sold at y; me close was