Hutchinson gazette. [volume] (Hutchinson, Kan.) 1895-1902, 1895-07-04

producers were surprised to read in
various publications a circular signed
by Joseph Seep, chief purchasing agent
of the Standard, that thereafter the
company would disregard the ruling
quotations Of oil in the speculative
markets Of Pennsylvania and pay
whatever the markets Of the world
justified. Some of the producers pre-
ferred to store their oil when the cir
cular was issued, and 100000 barrels
were actually stored and certificates
issued for them. The majority, how
ever, believing the Standards then
price would be lowered subsequently,
hurried their oil into its hands. The
effect was what the Standard expected
and desired, and soon it owned prac-
tically all Of the small proportion Of
the visible supply remaining outside
Of its tanks when Seep's announcement
was made. 1t had the supply cornered.
There were men in the oil country
who suspected what was intended, but
the general public had no thought Of
1t. Therefore, three weeks ago, when
oil awoke from a lethargic sleep Of
three years and prices on the Pittsburg
exchange began mounting skyward
there was surprise and interest from
one end of the country to the other.
Oil was sold at the highest prices
touched in years. The contaglon of
speculation has spread with great ra-
pidity, but Notwithstanding that there
has not been as heavy a volume of
speculation as people at a distance
might suppose. There are said to be
fewer than 1000 pipe line certificates
outstanding. The Standard has ceased
issuing certificates. 1t is said to have
secured part Of those outstanding in
the slump engineered in the market
few days ago. 1t is after those re-
maining-the representatives Of the
small quantity of oil yet remaining out
Of the Standards possession, guam
tlty too small to cut figure in the
general supply.
Though the methods of the Standard
have been in the direction of stamp
ing out speculation, in this instance
they have been changed. The market
has been pushed up, allowed to slump,
and advanced again in the same fash
ion that would be followed by the
manipulators of corner in grain.
Yesterday the Standard sent out no
tees Of an advance of 4 cents a gallon
on naptha and az cents on gasoline.
That means the prices to jobbers are
liz and II respectively. Both COM
modities, though largely used, do not
concern the public so much as kero-
sene. Refined oil has advanced to 9
cents in bulk-a rise of cents gallon
since the Standard began to put the
screws on its corner in the crude prod
uct. AS shown before, the total stocks
in its hands, counting the Pennsyl-
vania and Ohio supplies, aggregate ap-
prOximately 25,OOO,OOO barrels. Five
cents gallon on this means $3.50 a
barrel or $67,5OO,OOO on the whole
quantity. Deduct $17000,OO0 as repre-
senting unseen expenses and contin-
gencies and there remains $50,000,0 900
as the profit Of the corner that can be
counted in one direction. It is not ALL
Prices Of naptha and gasoline, as said,
have been boosted, and the quota
tions Of bl-products are all firmer and
in some cases have been put up. The
returns from these sources, though per-
haps cast in the shade by the ransom
Of a kingdom which is in sight from
kerosene, will be large undoubtedly.
There are men who do not hesitate to
say the ultimate profit Of the whole
scheme will be nearer $75,OO0,O00 than
$50, 100000"
Fifty million dollars profit" from
the monopoly of a single industry
turned into the Golfers Of a single in
dividual, mainly; forced contribution
Of 70 cents from every man, woman
and child in the United States.
The mind of man fails for the mo-
ment to grasp the immensely of this
gigantic hold-up, Of this vertiable rob-
berry Of industry by the highwayman,
Greed.
This $5O,OOO,OOO made" by one in
dividual in a few weeks by cornerlng
the market in crude oils exceeds by
SIS, 900 the proposed capital Of the
celebrated United States bank, the
squelching of which made Gen. Jack
son the second democrat in the history
Of that party.
This S5O,OO0,000 tax unwillingly paid
to John D. Rockefeller would give en-
plyoment for two months at dollar
a day to the 1000 900 men now out Of
work and scarcely knowing where their
next meal Is coming from.
This s5O,OOO,OOO forced from the con-
sumers Of kerosene and gasoline By
that "piOus" fraud, John D. Rocks-