New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-16

REACHING s235 OK THE OIL CITY EXCHANGE
FLUCTUATIONS ~ rITTsBURG.

REACHING s235 or THE OIL CITY EXCHANGE
FLUCTUATIONS ~ rrrTsBURG.
Pittsburg. April l5.-Pctroeum had another big
advance to-day and certificate oil on the Exchange
closed at s. % bid. advance Of 30 cents barrel
since Saturday. The Standard this morning posted
s. the price II would pay AZ the different agencca
for Pennsylvania oil. an advance OF p cents upon
Saturdays purchasing price
on tho local Exchange oil opened al 8 o. bid an
advance OF 6 cents from Saturdays closing price
Tho first sale was s. l5 at which price about
1900 barrels changed hands. In Il short time the
market advanced TO s. p. with occasional sale.
From 50 % there was "A reaction TO 81 r. and then
an advance TO s. 2iis. During this wide huctuation
in price few transactions were made. Near the
closing hour the market became strong. and on tho
local Exchange sales were mado at s. %. At oil
City az high 81 81 paid for certificate oil.
and the market closed strong "A g. 81 Dd.
Many think that oil Will sell at 81 higher be-
fore the end OF this week One firm OF independent
producers who have 5000 barrels OF Pennsy ivania
oil and who had intended selling it at 81 80 a bar
rel are stl holding to II. and expect TO get
s. at the least for their crude.
People are wild to speculate. but there few
certificates outstanding that 1t is almost impossible
10 trade in them Brokers will not handle Oil unless
large margins are put up that WI carry certificates
were traded in here to-day. Al OH city the specula
tive business was better. and about GO.o0 barrels
changed hands.
Cleveland April IA dispatch TO "The Press"
from Findlay Ohio. says that the Buckeye Pipe
Line Company raised the price OF Ohio oil again
this morning 10 81 Il for North Lima oil and 81 Is
for south Lima. Indiana Of! IS s. o. Producers are
excited and husting for driers and more ter
rtory. Many new wells Will be pa, down at once
the price OF refined oil has been raised there by the
Standard Company. and 1t Is thought II Will reach
10 cents a gallon.
The advance in the price OF oil has been watched
with great interest by brokers in this city, although
the actual operations yesterday confined to
OIL CITY Penn. which will doubtless remain the
centre OF future transactions in oil In the United
States The price OF crude oil advanced from s. TO
81 2jL and before p. about G0.Op) barrels were
sold a. OH city on Geographic orders from this
market The fluctuations and the strong market
caused no excitement the exchanges. although
began to so up. 10 cents a barrel was asked as
margin This price has been increased until now
30 cents a barrel rs the amount OF margin asked by
brokers.
s. C. T. Dodd. counsel for the Standard oil Com
pany. said yesterday:
There Is no deal with the Russian producers. and
there is no effort 10 crush competition at home
All there Is or IL Is that The consumption Is greater
than the production. The demand Is at least 1000
barrels day in excess OF the output. =,
there IS effort 90 crush out competition at home.
sylvania field. Everybody is happy AT the prospect
as TO whether me field is exhausted. The largest
production is in West Virginia, which Is spoken of
pect of increase In production Is IN West Viz
ginia Pennsylvania has been pretty well bored
over In Europe there IS an o91ecton 10 ONO p,
| Russian oil Is much Ike the ONO oil. There Is
great srsr was sed for m nd for fuel
The Russian oil has almost absorbed the market
G the oil f n al the o9 VII o Viii
| continue high unless there Is an increase In the