The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-04-19

Profits OF tho Standard since tho
Risc Began.
BRADFORD, Pa, April 1S.-As FAR as
speculation in oil 10 concerned. Brad
ford was not 10 tue hunt 10 any extent
to-day. Information was received from
oil City TO the effect that ell outstand.
Ing oil trade, must be closed, as no
more orders would b, accepted on any
kind Of margins and that businesss
would not be transacted in the Oil City
exchange until there was aome money
in sight
1t began to dawn on the people in
Bradford to-day that yesterday's slump
was movemanipulasei by the Stand
ard to gobble up what few certificates
arc In circulation, and it is said taat no
le,, than 500 Of them were dumped on
the market during the week. There
are but $50 OF them outstanding aud as
soon 4, the remainder have been sold,
speculation In oil will be thing OF the
past. The field operations continue
brisk and will probably remain go as
long as the pipe line prices remain
above the = mark. Refined oil has
advanced TO l2s cents per gallon ia this
city by retail.
PrrsBURoH, April lS.-lhere was a
crowd Of eager aud excited people in
the lobby OF the stock and oil exchange
when the gong sounded this moruing.
The disastrous break in oil from s. e.
to 3 IL at the close yesterday had SO
staggered brokers that they were pre-
pared for anything to-day. But the
surprise was an agreeable one to hold.
era oil certificates, for the opening quota.
lion was - % and this wa, Immediately
followed by sale at s. 10. an advance
OF % points over yo,terday's closing.
From this i. sold down to 81 81! aud a.
1870 was quoted at = Il bid.
Tho Standard again raised its prico
but only 10 cents. Il now stands at
g 20 and for the first time since the
boom struck the market the exchange
price was below the Standards.
From 1890 until noon the market
was quito active aud il had nearly re-
covered from the big break OF yester-
day. The, highest poin, reached this
forenoon WAS So 81 aud the lowest 81 81.
At noon oil was quoted a. = 55 bid.
The market was steady and active all
afternoon, but took slight slump near
the close. The highest point reached
during tho day was g 81 and the lowest
S235. It closed at - a bid.
Speculators were getting over their
scaro OF yesterday and were gaining
confidence. The activity in the oil mar
ke. /, having a stimulating effect on
local securities. Philadelphia Gas,
Westinghouse aud other local stocks
wen. up this morning.
Reports from all tho fields indicate
that there Is no cessation in activity
and the prospect for new territory goes
on with unaba,ed zeal.
The great slump in the market yester-
day, which was iunprecedentcd for its
Buddenuess and extent, was still the
main topic on tho exchange and in the
Offices. The cause at fra. most general
ly assigned therefor was the reported
refusal OF tho Standard to purchase
small lots OF credit balances from other
than bona Gde producers or their nc.
credited agents. The subsequent nd.
vance in the price represented a prof.
Of from Is to 40 cents per barrel to the
purchasers. The refusal oil tho Standard
10 buy from the speculasora startod tho
panic, which is now pronounced wholly
groundless.
The point Is made that neither tho
Standard NOR any other .pipo limo may
refuse to issue a storage receipt or Ger.
tifcats for every 1000 barrels OF oil per-
mt,ed to remain In tho line. All that
the spectators who have been buying
Up credit balances would have to do
would be to buy enough oil to mako
1909 barrels and then demand certil.
cate, 40 would then bs able to either
sell his certificate OH tho exchange or
hold i, until the price reached the point
al which no wished to realize his profits.
The allegation that the advance was duo
entirely TO tho manipulation oil fow
spcculatora on the exchanges is Glso
pronounced groundless. Brokers say
thati. is magnifying their influence In
me trado TO assert that, with only I2O, :
o9o barrels at their disposal. they could
dictate the price OF 100000 barrols OF
penn,,ylyaniR oil and 20,000,0OJ barrels
oil ONO and Indiana ola. It's q noto.
worthy TACT tina. tho Standard hns put
up the price Of tho latter, notwithstand.
ing tho exchange, do not deal In tho
COMMODITY. tho only certificates handled
being Tor Pennsylvania oil.
r, Ooncernlng the enormous profit the
standard company is getting out OF tho
nae. the Oil City Derrick says:
lt-lh6 Siandari-owns tho ontiro
stock oi Lima oil In tho Ohio fields
Which amounts to close pon 20,000-O10
barreln. The advance Of nearly seyon.y
cents barrel In ,hs price of tho Lima
produc. has incroas ed tho yaluo OF this
oil alono nearly slA.OOO,OOO At tho
.Ame time 1t produces nearly three.
!ourths OF tho daily yield OF TINT field,
or ht least ~, 0O9 bnrrcle. Tho adrance.
snerefors. will increase ts rocoipts from
siis item s2l ,0Oo a day. In tho Penn.
,ylvaniu fields tho Standard Oil Com.
pany produces at loas, one.,hird, or %.
yn barrels day. Tho advance of
81 70 In the price Of thi, product In.
ctnasosi its receipts from this source over
$4,000 day. These are rwesping ilg.
nfeS, and aro hardly compatible with
million dollar mortgages.
with an advance OF Mt leaqt $l5, O0O,- :
OyJ IL tho stocks Of oil II holds above