New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-17
OIL TOUCHES THE So 81 MARK
ANOTHER DAY OF FLUCTUATIONS AND OF
ADVANCE IN PITTSBURG.

SPECULATION ABOUT THE STANDARDS POSITION
OH. FIELDS IN ONO. INDIANA AND WEST
VIRGINIA swARMING WITH PRosPECToRs.
Pittsburg April 1e.-Oi made another big jump
toward the 50 mark to-day. on the Exchange the
first ouo;ation was g 40 bid and the first trans
action in certificate oil was at 81 90 After this the
market reacted, sales being made at 81 3d. Ihe mar
ket again strengthened. and oil was bid up 70 - ~
where another sale was made. AT this point 'he
holders Of certificates hesitated and the market re-
mained firm until the close. when an advance
OF ! cents was recorded sales being made at y oi
for the May option. The fact that the Standard oii
Company had advanced credit balances TO y % from
Yesterdays price of s2 would naturally lead 10 the
conclusion that the monopoly is anxious for oil at
almost any price. This was a great stnuihiit 'o
the speculative market. and the price at the Ex
change opened Is cents higher than yesterday
closing price. at 81 20 bid.
The Independent pipe line people and refners must
by this time feel the advance in petroleum. from the
fac, that the amount of OIL outside the Standard
holdings on April / aggregated only sSVo parreiS
When IT is taken into consideration that the dahy
runs OF the two independent pipe lines 40 not aver
age over 5000 barrels daily while their shipments
are over 1900 barrels. it will be seen tnat crude OIL
contracted for by he independent people Is oeconi-
ing dear Many believe the Standard is out atter
the two independent pipe line companies The deai
with the Venture OF Company which was cioseu
Yesterday and which gives the Standard the major
norton OF the production In the Sistersvile Held.
vii. enable the monopoly TO fulfil its contracts This
shuts the independent people out OF much available
territory.
Cleveland April Ca dispatch to THE Press
from Upper Sandusky. Ohio. says that oil men are
flooding the county, and almost everything Is
leased Wells that originally abandoned De-
cause their capacity was less than ten barrels
day will be opened up at once The kin,ey o Wel. Sr
which in last week. Is doing almost l,VO par, i,
raic n da
be In operation this week. Shirley, the successtui
oil man from Pennsylvania, Is In the neishoorhooo
A dispatch to ''The Press" from Portland, Ind,
SAYS that az M result OF the hs IN Started g 0 in
the Indiana field in Blackford. Wells, ADAMS, Jay
and Randolph counties. All leases possible are be-
4 dispatch to The Press from Lima says that
the price OF Lima crude oil shot up 10 cents more
hs m0rnnE h boTrs Tse saSiS EHrtn % aa aDd D
Indiana. 81 H. Tona oil Is quoted at s. 10 barrel.
and Pennsylvania. 81 % The Increased activity In
the oil fields has stimulated the demand for drlers
and dressers The former have been receiving 81 a
day. but Monday their wages were advanced 10
" 81 and tool dressers and Others received CORE
spending increases The demand for new wells is
great that there are not enough drillers in the
field. Manufactures of tools running night and
day and are far behind In orders.
Wheeling. W. Va. April l6.-Since the rise in
oil the slstervllle field has grown alive with pros
pec,ors People have gone wild. and everything is
oil Every man who raise a few hundred dol
lars Is trying locate a well. Prospectors are
running all the country. and they offer cash
bonus on land which by the way Is hard 10 get.
as farmers are holding on Tor more money. IL
Gated for spring operations and the number is in
crcasing. Operators are complaining OF scarcity OF
labor Thousands Of dollars are being sent 70 Oh
City and Pittsburg for investment James Burge.
a 'plunger." invested slco week ago. and Is now
worth over $1,000. investing all as he goes.