The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-04-18


OF Sonsations.-Morc Big Gobblcs
by tho StRndnrd-Tho Iiisc an lndl.
cation of Ronowed Prosperity In
tho Country-Will Bring Millions
OF Gold to tho United States From
Europe Another Phase Is That
Millions Will DO Sunk In Dry Holes.
PirrsDURGH, Pa, April 1.-THE break
In tho oil market came at $50 this
afternoon aud 1t descended upon the
Pittsburgh exchange like thunder
storm. The market had been hovcring
about So c. all afternoon with light
trading aud from the fact that the price
Of refined oil had received another lift
to-day no big break was expected. In
fact 1t was believed that oil would close
higher. But at 2:30 tho slump began
and inside Of ton minutes it had gono
from s. 62 to s. 81. The brokers stood
about dazed by the suddenncss Of the
blow and each quotation from the Oil
City exchange brought lower figure
until 50 10 was reached. This was
within few minutes OF closing time
and it rallied seven points, closing at
s. II. The excitement was more in
tcnso than at any time since the present
bull movement began. The break was
feared, but not expected at this time.
Operators scarcely know what to mako
OF the situation, though many predict
that the slump is only temporary and
that the market will recover tomorrow.
A QUIET MORNING.
The market was much quieter Up until
noon than 1t was yesterday and tho
range OF tluctuation was narrower. The
highest point reached was s. 20 aud at
l2 o'clock May option stood at - 62 aud
cash oil at s. 5St bid. The feature OF
the oil market this morning was the an.
nouucemens that the Atlantic Refining
Company had raised tho price Of the
refined article another cent per gallon.
Thototal advance in the price of refined
ull III tuc past tWo Ntth1 IL lOuI Ccuts u
gallon, or S2 per barrel.
Tho sales OF oil on the Pittsburgh ex.
change this forenoon were about 10000
barrels.
The lowest sale, were made at - Is,
and the lowest point touched was s. 10.
The closing figure was 81 l6l. Although
the market fell 50 cents during the day,
it is estimated that but fow people lost,
as most OF tho oil held here was bought
at figures below -, The market fell
from s. 40 to 8 10 in twenty minutes.
Brokers here explain the slump by the
fact that spectators in Oil City became
panic.stricken and all tried to sell out
at once. Tho alarm was increased by
tho fact that the Standard agents re-
fused TO buy certificates from curbstone
brokers at tho fixed price OF 81 50 per
barrel. though they never stopped TAX
ing oil from regular producers at that
figure. That is what put tho specula-
tive price below that OF the Standard
for cash oil.
In spite OF the panic here, not over
10000 barrels was sold all day.
STANDARD GoBDLEs.
The Standard Oil Company, through
its purchasing agents, has secured
possession OF several moro slices OF oil
producing territory. Tho Southwest
Pennsylvania Oil Company, a Standard
concern, has bought, tho remaining
thrce.four.hs interest in tho Manning.
ton and Fairview,W. Va, territory. con-
tanning about 5000 acrc1 and 800 wells,
with production OF 5000 barrels per
day. the Standard has also purchased
three.fifths interest in tho Carter Oil
Company. Of Sistorsville, W. Va, at n
price in tho neighborhood OF 500, 000
Tho Carter company owned about 100
wells with daily production OF 1000
barrels.
ONE OF THE BENEFITS.
David Kirk, one OF tho best posted
men in the oil business, in discussing
the boom in oil snid:
Petroleum will bo tho means OF
bringing the country out OF tho period
OF depression that has prevailed for tho
past two ycar.. That was tho case in
1878, whom our finances were at low
ebb. Oil made the first advance and as
it went up In price tho business OF tho
country improved. Tho samo was true
in 1854. The most important effect OF
tho increased price on tho finances OF
the country wilrbe tho increase in tho
amount OF gold brought into tho coun-
try in payment for tho petroleum we
export. Oil is paid for in yellow gold
and ia ono OF our most important OK
porte. We ship something like 10000.
600 barrels annually and with tho price
ranging about so cents tho aggregate
rccoi pts from this source only amount
to about Sl0,000,000. Now with oil nt
tho present prices We would receive
somothi ng liku Si5,0O0,0O0 for our OK.
ports. This would bo clonr gain OF
100000 n year which would 90 far
towards oilaetting tho hoavy exports Of
gold in tho past two years.
''But that is not tho only influence at
work. Thore arc internal improve
mcnts that arc already horo and will
continue to grow all tho year. Our
manufacturers are already feeling tho
boom. | think tho oil interests will
uso considerably moro than twice rs
much iron Of all kinds this year Ms they
did last. lhia will give employment to
hosts OF mon who will become good
buyers nnd 30 create bottcr market
for all kinds OF merchandise"
ANOTHER PHASE or 1T.
"Thcre will bo moro money lost in
tho oil businos, this year thnn for
long .timo pnst."
This is tho prediction Of Tho prcsi-
dent Of ono Of tho local pipe lines. lIc
said that ho did not refer to tho ro,ult