Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-04-17
Oil So High That Spectators Fear
to Touch It.
THESTANDARD AGAIN RAISES THE PRICE
Many Brokers Predicts Three Dol
lar Rate This Week.
EFFECT ON THE COUNTRY

PITTSBURG, Pa, April 17.-Oil has now
reached that dizzy height where specu-
lators are afraid to deal in 1t, and as a re-
suit there was not a sale on the Pttsburg
exchange during the first half hour this
morning, while the sales on the Oil City
exchange during the same period aggre-
gated only 1000 barrels.
The Standard again put up it's price %
cents to $3.50. and May option was offered
here at the opening for $40 Cash oil was
offered at $3.50. There were no buyers, and
the price gradually dropped to g., then
e., and at 1890 am. $3.50 was bid. While
many brokers are predicting s. oil this
week. few of them have sufficient faith in
their own prophecy to invest.
Standard Oil Purchases.
The Standard Oil Company, through its
purchasing agents. has secured possession
of several more slices of oil-producing
territory. The Southwest Pennsylvania Oil
Company, a Standard concern, has bought
the remaining three-fourths interest in the
Warrington and Fairview. w. Va, ter
ritory, containing about 5000 acres and
300 wells, with production of 5000 barrels
per day.
The Standard has also purchased a three
ffths interest in the Carter Oil Company
of Sistersville. w. Va, at price in the
neighborhood of s2OO,OOO. The Carter Com
pany owned about 100 wells, with a daily
production of 1000 barrels.
The Market Quieter.
The market was much quieter up to noon
today than 1t was yesterday, and the range
of fluctuation was narrower. The highest
reached was go. and at IL o'clock May
option stood at 262 and cash oil at 25S1s
bid. The feature of the oil market this
morning was the announcement that the
anti PnGn IoI
price of the refined article another cent per
gallon. This may have a bullish effect
upon the market this afternoon, as It was
not known until nearly II o'clock.
The total advance in the price in refined
oil in the past two weeks Is cents per
gallon. or 81 per barrel.
The sales of oil on the Pitts1urg exchange
this forenoon were about 10000 barrels.
Colorado Is Suspicious.
FLORENCE. Col. April 1.-THE furry
in oil throughout Pennsylvania and Ohio
has not affected the price of oil in the
Florence district as yet. Old men here look
upon the sudden and rapid rise in the price
of crude oil with suspicion. They think it
may be some new dodge of the Standard.
Cause of the Rise.
BOSTON, Mass, April 1.-THE Standard
today publishes an interview with Foster
D. Edwards. agent of the Commercial Re-
>
leading representatives of the independent
Oil interests, concerning the rise in the
price of OIL Mr.. Edwards said in part:
THE immediate cause of the advance is
that the supply is not equal to the demand.
but the scarcity was brought about by the
attempt of the trust to crush it's COMPETE
tors out of existence. The reason the
Standard Oil Company has been able to
manipulate the oil industry as it has is
because it unites in it's business all three
neutrality-suspicious.. refining and dis
were not combined i'll interest among the
Independent dealers. My idea at first was
that the Standard people were afraid that
If they continued to keep the prices down
the producers, refinerS and distributors
would unite for the protection of each
other. and don't know but I am right"
The Price Abroad.
GLASGOW, April 1.-THE Scotch Oil
Company at meeting here today raised
The price of petroleum I'd. per gallon max
ing an advance of Sd. in one week.
ANTWERP: April 17.-Petroleum Is
quoted at 34f.
BREMEN, April 17.-Pctroleum firm at
"a marks.
HAMBURG, April 17.-Petroleum firm at
Is marks.
q LONDON; April Recommending upon
the boom in petroleum the Standard this
morning says 1t would be serious caIam-
tty If oil were run up to high price. The
poorest classes would be the first to suffer
from a sudden rise. 1t may, however be a
merely speculative movement. ard in spite
OF trusts ard monopolies the consumers
interests are certain in the long run to
prove victorious.