The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-04-20
THE MARKET TURNS.
OIL Reaches e27o Per Barrel on
the Pittsburgh Exchange.
Timid Spectators NJ OF city Recoms
Scared and the Price Rapidly Drops
TO 80, Closing at se.17--Deai-
ers Excited.

day was the most exciting day In oil
circles since the present boom in prices
began, and near the close a small-Aized
panic was created.
On the local exchange certificate oil
opened at seas bid, and not until s.. 65
was reached was there sale of the
May option. From s2.05 the marke
advanced TO f2.70 and then declined to
s.. &c where il remained pegged until
shortly before the close.
Then all OF n sudden an awful sur
prise came. IL was telegraphed from
OH City 10 Pittsburgh that oil there
was offered down as low as Se.5s, at
which price sales were made
Again in few seconds the quo
tations from Oil City recorded
e.. IS as the price certificate oil was
being offered at ON the exchange there
shortly before the close the market
at Oil City was as low as 81 bid.
and inside OF minute was bid up
again TO S2.l7, at which price trans
actions in certificate oil were made.
The Pittsburgh market followed Oil
City III the price In the latter place
was bid up or offered down the Pitts
burgh market followed without a
single transaction being made.
Not for twenty years has such wild
fluctuations in prices occurred. From
s.. 20 10 s., decline of 20 cents, would
ten years ago have probably broken
many hanks and ruined numerous peo-
pie. The decline, however, is not so
disastrous In this wide range in
prices, probably not $4,000 barrels of
certificate oil changed hands. And
even those that parted with certificates
at Wednesdays extreme low figures
probably bought them at much lower
price.
What caused the big slump from
So 20 TO So nobody seems To know.
United Press reporter interviewed
James 5. McKelvy. one OF the best
posted and most prominent oil brokers
in this city
What caused such a sharp decline?"
was asked Mr.. McKelvy.
"Oh, somebody in Oil City got scared
and wanted To let go their holdings,
probably thinking the Standard would
reduce the purchasing price at the
agencies tomorrow was his reply.
II guess everybody on the exchange
got scared at once ana was afraid TO
buy the oil, and this caused a small
sized panic, he continued.
When asked II he thought the Stand
ard would make the price for credit
balances lower to-day than the price
OF 50. 80 Wednesday, Mr.. McKelvy re-
piled that he thought the Standard
would not reduce the purchasing price
for Pennsylvania crude to-day The
present price OF crude oil,' said Mr..
Melvy, is warranted, for the simple
reason that the production Is much less
nj present than the consumption.
David Kirk, one Of the best-posted
men In the oil business, in discussing
the present boom in oil, said:
petroleum viii be the means OF bringing
the country out OF the period OF depression
that has prevailed Tor the past two
years That WAS the case In 1879.
when our finances were NJ low cob.
OH made the first advance and as IL
went up In price the business OF the country
improved Tho same was true In 1884, The
most important effect OF the increased
price on the finances OF the country will be
the increase in the amount OF gold brought
into the country IN payment for the petroleum
we export There are internal improvements
that are already here and will continue 10 grow
all the year our manufacturers are already
feeling the boom. think the OIL interests will
use considerably more than twice as much
iron OF all kinds this year as they did last
This viii give employment TO hosts OF men,
VINO will become good buyers and 50 create a
better market for All kinds OF merchandise"
GLASGOW, April IL. The Scotch oil
company, at a meeting here to-day.
raised the price of petroleum pence
per gallon, making an advance Of
pence In one week The raise IS equiva-
lent 20 an increase of the revenue by
R1O,OOO or $4,000