New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-12
CRUDE OIL GOES Up TO 81 50
THE HIGHEST PRICE Oh THE OH. CITY
EXCHANGE SINCE DECEMBER. 1871
WILD FLUCTUATIONS ~ THE CLOSING HOUR
PRODUCERS TROFITING BY THE ApvAN'E-
r,t-.,Nr, ron orr -t-uprrCuv

WILD FLUCTUATIONS ~ THE CLOSING HOUR
PRODUCERS rRoFITING BY THE ApvANrE-
GREAT DEMAND FOR OH. TERRIToRY-
SOUTH PENN CoMPANY's PURCHASES
Oil City. Penn. April 1.-THE fourth con-
secutive day Of the ph .nomonal advance in th"
price Of petroleum oil was passed today. ami the
boom in oil markets this week stands wi'hou; q
parallel n many years. Tie first quotation On
the certificate oil market to-day was 81 joi. and
the first sale at 81 60 an advance Of 10 cents
over yesterdays closing price. The market
broke 10 81 IS at 1870 a. m. then advanced TO
81 63la at ll:l5 a. and TO 81 50 at l2f5 T. 3D..
the highest rric, since December 20, 1871 when
81 slH was touched About l:3O O'Clock this after
selling orders came In from Bradford and
other places sent by persons who have been
carrying certificates since the market loit GOu1D
cents and the price declined quickly from 81 80
fuctuated Wildly during the .d~t hour. rcaC hing
81 - bid at $50 p. m. declining to 81 GS near o
D. m. and closing at s. 60 BID.
An advance of five points a gallon on refined
oil quoted from Ncw-York Ciiy at noon.
which was the cause of advance IN May option
oil to 81 50. Refined oil in barrels IS quoted at
S1z cents a gallon and cents "A gallon In bulk
Producers. and not spectators, are rcaping the
benefit Of this advance In 81 Prior - 1880 tn
oil exchanges wer, the curse II the oil producers
In 1sA2-S3 when the last 'ig adNan'" IN prices
occurred. the Oh country went mad over gamb ing
on the exchanges. OIL producers would s'.l th"4r
credit balances to buy certificates on margin
and the large producers would deposit their GER
tifcates with brokers t. buy options. Now
they selling their crude oil and banking the
cash. There viii be unparalleled activity In the
fields this month. Scouts are now out leasing
anything and everything that remotely resembles
oil territory. All the small well territory in
the Bradford and Allegheny field is being drilled
and old wells being cleaned out ana shot
with nitro-glycerne 20 increase their output
It is rumored here tonight that n conference
Of some sort Is in progress in New-Y9rk between
officials Of the United states Pipe Line and the
Standard OIL Company people. just what the
conference IS about. no one seens - venture an
opinion. but It seems obvious that II has t" do
with the Big advance in prices.
The sale Of the Rose & Byron hfty-nine acres on
the Bingham estate lands in the Bradford hcld.
with thirteen producing VOLS. to the South
Penn on Company was completed yesterday, the
cash consideration being $4,000. The same com
pany also purchased yesterday at $j55.0D. The
property Of the Venturr OIL Company. In the Nc
Donald field consisting Of eighty wells. with
900 barrels daily production. and considerable
territory.
Pittsburg. Apri 11.-Not for seven or eight
years has there been much excitement In oil
circles here as that created to-day, when the
market reached 81 80 a barrel Early this morn
Ing the Standard announced that II would pay
81 30 n barrel for oil delivered at It's agencies.
When the Standard makes a price IT holds good
for at least one day. Outsiders however. think
the crude article Is worth more. and on The DIFF
than that Of the Standard. For the first time In
years there was some trading to-day In oil on
the local stock Exchange. and il Is estimated that
about 40 900 barrels changed hands Heretofore
a few thousand barrels would change hands
now and then. but nothing worth mentioning
passed through the Clearing House While EX-
change prices were 20 ,ents higher than the
Standard to-day 1t took little selling to break the
market II cents.
The statement published to-day that the stand
ard had purchased the Venture on Company
nropertv OF . 600 acres of leased land I'm the Nc
Donald field with production Of 1000 barrc's
day. was premature. While negotiations have
been pendlng for some time. the deal has not
been contaminated
Lima. OHIO April 1.-THE price Of Lima oil
made another advance Of five cents to-day. max
Ing an advance Of Is cents a barrel In three
DAYS North Lima oil IL now S212 cents a barrel.
and South Lima OIL TN cents
William r. WardwelI. the treasurer of the Stand
ard on Company. when seen at his home, No. q
West FYfty-eighth-st. last night by a Tribune re
porter said that ne knew nothing whatever OF such
a meeting as reported