Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1895-04-21
TIE STANDARD IN CONTROL
Of the Oil Market Again After a Short
Struggle.
The Big Company Reduced the
Price Yesterday Is Cents - Oil
offered on the Exchange at SL97,
But There Were no Buyers-Gen-
eral Oil News.

The following special telegram was
received from Pittsburg last night:
The fight between a handful of spec
ulators, controlling a few certificates,
and the Standard Oil Company, for the
privilege of making the price of oil,
has ended. The outcome was what
everybody expected, but the struggle
was very interesting while it lasted,
and sundry Pennsylvania, West Nir-
ginia and Ohio producers are to-day
worth several million dollars more
than they were a few weeks ago, as a
result of the contest.
AS q result of the victory, the price
is now 10 cents a barrel lower than it
was yesterday, the Standard reducing
its figures to 1925. From present in
dications, it will be lower on Monday.
When this news was announced at 10
a. m. there was no response on the eX-
change. In Pittsburg there was not a
single sale, and the transactions in Oil
City aggregated $4,000 barrels cash at
$1.9S. and 5000 barrels May at S216l2.
When the market closed the May op-
ton was offered at S197 without find
ing any takers. The Standard con-
tinued to buy credit balances during
business hours at $225.
The new conditions will effectually
check the producers from taking out
certificates for their oil, and this in
turn viii deprive the exchanges Of
trading in the commodity. for, not
withstanding the public belief to the
contrary, the exchanges cannot trade
in wind they must have the actual
stuff to deliver when called for.
During the past two days no at
tempt has been made TO conceal the
fact that the Standard wanted to get
control Of all the outstanding certiti-
Gates for OIL and that it was succeed
ing. The large blocks OF certificates
sold for Pittsburg holders on the OIL
City exchange yesterday were paid for
with checks bearing Mr.. Seep's sigma
ture. 1t is very generally believed that
he has secured the great majority OF
the 72O outstanding. and so long as he
continues to pay little more for credit
balances than the market price for GER
tifcates, no new ones are likely TO be
issued
a great deal of anxiety is manifest
ed as TO what the price OF crude VIII be
next week. 4 number of producers
who expressed opinions on the subject
said that they thought that the price
would gradually recede to about $50,
and be held there until new field Oper-
ations were under way. If there was
much of decline under that figure, 1t
was thought that it would discourage
new work. and especially validating.
There is no question about the
scarcity of oil, and the Standard OH
Company is even more anxious than
the producer that a new field be dis
covered. or the supply from old fields
be greatly increased. 1t is IN the re-
timing business. and must have crude
oil TO continue that profitable trade
Some years ago it started in to do its
own pioneer work in the field, but
found it 50 expensive that it conceived
the idea OF making the market price
attractive enough to outsiders TO hunt
for the fluid.
THE reported strike of the Philadel-
phia Gas Company on the Spring Hill
! farm. at Turtle Creek, created great in
terest in that old gas region. The we'll
had been drilled for gas and aban-
doned. When the price of oil began tc
advance the Philadelphia company de-
cided 10 clean out the old well and
drill it deeper in the hope OF striking
/ oil. The estimates placed the output
all the way from so TO 90 barrels an
| hour.