The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-04-18

and Oil City is Bit Panicky--Prices DO
Some Tumb,iug, Not of the High and
Lofty Sort--standzrd Oil Official Calls it
o..Wind Boom" but His Company Puts
Oh Another Cent Gallon and One
Holder Stays in for Five Dollars a Bar
reI--Reports From Other Points.
Pittsburg, Pa, April 1T.-oil has now
reached that dizzy height where spccu-
lators are afraid 10 deal in it and as a
result there were no sales on the Pitts
burg exchange during the first half hour
today, while the sales on the Oil City
exchange during the same period aggre-
gated only 1000 barrels. The Standard
again put up its price % cents TO $3.50
| and May options We're offered here at
the opening for s2.10. Cash old was Of
fered at s266. There were no buyers
and the price gradually dropped to 50,
then to 81. and at 1920 $3.50 was bid.
The market was much quieter up TO
noon than it was yesterday and the
| range Of fluctuations was lower. The
! highest point reached was 1910 and at
! noon the May option sold at $3.50, and
cash at S2.5s1a, bid.
| The Atlantic Refining company today
again raised the price of the refined ar
! ticle another cent per gallon. This may
: have bullish effect on the market
! Oil broke from 1892 to $40 at go
! this afternoon and closed at S2.17.
! Great excitement prevailed on the ex-
| change.
There will be more money lost in oil
this year than for a long time. past"
| This is the prediction of the president
Of one OF the local pipe lines. He said
he did not refer to the result of the
transactions on the exchange, but TO
the operations in the field. Leases.
| bonuses. royalties, material and labor
are all being based on the advance in
the price of crude oil. ''The number of
I field operations last year was IL 500, the
largest total since 1890. Notwithstand-
ing this large increase the production
OF new wells was comparatively small.
Approximately $1,000 0G0 was put into
field work. From reports already re-
ceived from various regions the num-
Der of operations and the expenditure
involved viii greately exceed the total
for last year.
LOSS IN EITHER CASE.
If oil is struck in large quantities the
market price of the commodity will GER
tainly decline. while the cost of produc-
ing will have been based upon the pres
ent high figure. If oil is not struck in
large quantities the loss will be equally
great. In any event millions will be
sunk in dry holes"
The lowest sales were made at s215
and the lowest point touched was $40.
The closing figure was S2.161a. AL
though the market fell 80 cents during
the day it is estimated that but few
people lost. as most Of the oil held here
was bought at figures below 81. Be
sides this, nearly all the brokers have
refused to handle margins of less than
ri Of foil
s2.49 to s215 in twenty minutes. The
brokers here explain the slump by the
fact that spectators in Oil City be-
came panic stricken and all tried to sell
out at once. The alarm was increased !
by the fact that the Standard agent re- |
fused to buy certificates from curbstone |
brokers at the fixed price of $3.50 per |
barrel. though they never stopped TAX !
ing oil from regular producers at that !
figure. That is what put the specUla- |
tive price below that OF the Standard !
cash oil. In spite of the panic here not |
over 10000 barrels Vere sold all day. |
Most of this was by Mondays and |
Tuesdays purchasers, who realized pro- |
fits.
PRICES NOT JUSTIFIED.
A Standard official today said the |
scarcity of oil was not sufficient to |
justify prices above 50. and character |
lied the fancy prices as q wind boom. |
The Standard advanced the prices OF /
refined oil today l cent. This makes :
an advance of cents since last Satur
day.
J. NJ. Guffey predicted that the mar !
ket tomorrow would recover all it had |
lost. saying il had fallen because lot /
of people got scared. It is believed /
here that if the Standard retains its .
present price of $3.50 tomorrow oil will /
so to 50 by 8 o'clock and should the .
a To ,.aIt t.a fAR.. a-b oil,
TO 81 the speculative price will range f.
between s.. % and $40. Two men hold /
ing 5000 barrels of oil announced on /
the exchange during the panic that |
they We're going to hold it until it was |
worth s. barrel.
New York. April 17.-While great eX-
element was prevailing in the oil re-
Sions through a break in the price of .
oil today the New York market held a
similar tempest. prices declining from
So 20 bid to S215 asked and closing at |
$2.l7 bid without sales. The weakness /
developed after o'clock, but resulted /
in no business at this point. The de- !
cline has made the price of spot oil |
even more nominal than it has been.
leaving quotations mere guess work on |
the basis of about 81 q. so for refined in !
barrels and S1150 for case oil: with |
crude in barrels worth $3.50. But no.
body pretends to give close quotations /
IN the present IeFeflSh state OF me mar
ket nor is any satisfactory explanation {
OF the decline given at this point
Bradford. Pa, April 1.-THE oil ex- /
element continues and the speculative |
element is pluncing heavier than ever. /
The pipe lines were paying $50 this
morning.
Flornence. Col. April 1.-THE furry
in oil throughout Pennsylvania and |
Ohio has not affected the price of oil in
The Florence district as vet. Oil men
here look upon the sudden and rapid
race OF crude oil with suspicion. They
think ii may he some new dodge Of the
Standard oil trust.
oil City, Pa, April 11.-Oil opened
There is no question about it. Every
body recognizes Hoods SarSaparilla
as the great blood purifier.