The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-17
SPECULATION IN OIL
MARKET EXCITED AT PITTsBURG.
NEW YORK AND OTHER CITIES.
One Sale Made at the First Named
Place at $2.54-Indiana Petroleum
Now Quoted at fI.15.

PITTSBURG, April 16-The oil market
opened active and feverish this morning
The Standard made another advance of 25
cents in its price, putting it up to s. 25 The
May option opened at $40 bid and the
first sale was at $780, 1t then dropped down
ten points, and the third sale was at 81 4O
Then 1t started up again, and sold at 81. .47ls,
but soon broke, and at 0:30 was offered at
81. 4S. Between 1890 and noon there was a
great fuctuation In quotations, ranging
from S2.35 UP to s2.i71a. and at noon stand
ing at 81. 43 bid. The market continued wild
after noon, though not active. The high
est point reached was just before the close,
where a sale was made at s2.54. The mar
ket closed at $3.50 bid. The excitement was
higher to-day than at any time yet, owing
to the wide range Of prices.
nra,,s Ieatnfe ffsd OF to-days trading was that
one-hundre d-barrel lots, the idea being to
collect enough in small lots to get thou
small producer who holds only few hun
dred barrels has not been able to take adj
vantage of the advance in the price.
The continued upward movement has in
spired confidence in operators and producers
and no one now cares. to predict when it
Will stop. Field operations are progressing
lively, and wild CATERS are prospecting
with great eagerness for new territory. The
Atlantic Reinng SomRany ann9nnced an
fined oil this morning, which makes total
Of cents per gallon the refined product
This advance aggregates $3.50 per barrel.
The fact that the price Of refined oil is
going up with crude is considered by many
as evidence that the present furry is not,
as has been claimed by some, a plan of
the Standard for the purpose Of squeezing
price of refined oil is kept up in proper
ton. to the price of the crude the inde-
pendent refiners are not put to disad-
vantage.
Great Demand for American Oil.
CLEVELAND, O.. April 16.-Alfred Whit
aker, president and manager Of the Brooks
Oil Company, an independent refinery, said
to-day concerning the big bulge in oil: 1.-THE
present price of crude oil is higher than it
has been for seventeen years. The truth
is that for long time the market has been
below what it should have been. It never
should have been below 81. The large sur
plus stock of crude in existence for term
of years a menace to the market. This
surplus stock, in connection with the pos
sibility of new fields opening up. has kept
the market depressed and all refiners have
been able, well the Standard Oil
Company. to buy their raw material at low
low prices for their finished product and
sell in all markets of the world. An enor-
in all parts of the globe for our petroleum
products, especially those made from Penn
sylvaflia crude
Two cents a gallon was added by the
Standard OIL Company to-day to the price
of all grades of refined oil 1t made an
increase of three. cents within a week. and
four and one-half cents since the upward
turn in the market began last December
Urder the scale the prices for refined
oil per gallon; are: Ohio State test, 91a cents:
water white Ohio State test, cents; head
light. It's degrees, 1ia4 cents: Eocene, u
cents. An increase of one cent per gallon
was made in the price of all kinds of
nrprtha and gasoline. except gasoline
tested to 81 degrees, which is used in gas
machines.
Predictions at Bradford.
BRADFORD. Pa. April 16-The oil mar
ket continues to create excitement enough
for q country circus Women, men and
boys are taking oil. The scene at one brok-
er's Office was like old times in Bradford.
Ladies. merchants and men in all walks
of life were there buying and selling. Short
~ after dinner report from New York
to the effect shat the Standard Oil Com
pany had raised the price Of refined oil
/ cent gallon was the means of bringing
in new buyers and those who had disposed
OF their holdings on the morning market
We're free buyers again. For time to-day
IL was thought the market had seen it's
top. but tonight the prediction of 81 is
again ventured and there are some who