The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-04-14
ANOTHER BIG JUMP in OIL
The Old Guard of Spectators Reaping a
Rich Harvest
Net Advance on the Week Ninety 1.-TWO Cents.
The Bull interests Standing
Firm

OIL CITY, Pa, April 13.-The advance
of % cents in Lima and Indiana oil yes.
terday was followed this morning by a
notice from the Seep purchasing agency
that it would pay $1.75 barrel of Penn
sylvania, credit balance. This advance
of % cents from Thursdays prices had a
prompt effect on the speculative oil mar
ket. The long period of stagnation pre-
ceding the present advance of nearly
Sl.05 per barrel for the commodity has
driven ma jority of brokers and specula-
tors into other business and to other por-
tions of the country. But half a hundred
of the old guard that have stood the
speculative battles and storms of specula-
tive adversely from 1870 until now are
reaping a wonderful harvest of good
round dollars, as this Is the only oil ex.
change left of those once established at
New York, Pittsburg, Bradford Petrolia,
Parker, Warren and Tltusville. From all
over the country orders are co ming from
would-be SPECTATORS attracted b., the un-
precedented, steady and great increase in
the prices. The limited number OF certi-
ticates (about $50 in all prevents dealing
in extensive lots, but the width of the
fluctuations more than makes up any dis
crepancy i'll the excitement and uncer-
tdlilN Vi Vic DuSlutSS. VII MOuudN luc
market closed It 1.30. and at II 10 today
ii was selling at $l.S6, an advance of 66
cents, more than 10 cents day far the
week. Although there was some realiz-
ing of profits Thursday aud today, ma
jority OF the buying today was for specu
ative investment. 1t opened excited and
strong, with sales at S1.9U, or q cents
higher than on the evening OF Good Fri
day. In less than ten minutes after the
opeuing sales had been made at ST. and
Sl.92H. There was fair volume of trad
ing and no signs OF Il break in the bull
movement. At II 80 the prices advanced
to $780, and at ii 80 a. IN. Is. 00o barrels
were sold at So The close was steady,
with sales at 80.
PITTSBURG, April l3.-Oil continued
on the upward course today and seemed
to pe fulfilling the prediction OF those
who sid it would go TO ~ before the
week was out At the opening the Stand
ard put its price up - cents to III. 70.
Many options opened at %i.75 bid and
the first sales were al $l95, an advance
of 26 cents over closing quotations Tues
day. From $1.95 it broke to 81 81 and at
1850 Sl.9215 was bid. In the first five
minutes OF trading 1900 barrels OF May
options were sold and there WAS some
trading in cash oil at $1.,131. Although
there is great interest i'll the upward tend
of oil here. there is little excl emcnt. for
the reason that nobody has certificates on
which to trace. The new Producers asso-
iaton. competitor of the Standard in
refining interests, is having rather hard
row to hoe at present. They are obliged
to buy crude oil at hieh prices and sell
the refined product at low prices.
From 10 80 until II 80 to the close the
market was strong. Just before the close
1000 barrels of May options were sold at
s. and the predictions of many oil men
were fulfilled. 1t then reacted to $l.9SM
and closed at Si.90 bid. The net advan &C
for the day was 81 cents; for the week.
90 cents. The Atlantic Refining company
today advanced the price a barrel. The
advance was made on the basis of $1.50
for crude oil. and as the Standard today
put the price OF crude oil up % cents,
there WILL no doubt. be another jump in
the price of refined oil Monday.