The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-04-11


ei.emsn. hero begins to resemble In
mild way the halcyon days Of the Pitts.
barsh oil exchange. Tho Standard nd.
v,acsd i.s price cents to Sl.S5 this
morning. making m advance Of 25 cents
in the last three days. May options
opened on the exchange at Sl.45 bid,
sad advanced to sl.47l on the first sale,
Il then went up to Sl.49t. and then
broke to sl.45. which was the quotation
st II o'clock.
The monthly statement issued by the
Standard pipe lines to-day shows that
the entire stock OF merchautablc oil on
hand is 2,l0S,109 barrels, OF which
amount 10000 barrels is represented by
certificates outstanding. This shows an
increase Of l55, 900 barrels in certificates
in the last month. The report also
shows the daily consumption to bo
5000 barrels in excess OF the daily pro-
duc.ion. The speculative market ran
up TO Sl.50!, aud closed at SL50.
The fact that there is no stock on
hand 10 speak OF. and that oil must be
gotten at once, will start a rush OF new
wells. and the redevelopment OF old one,
tba. were not productive enough to pay
uhiie the dull prices oil the last few
year. ruled. Two hundred new wells
are 10 be drilled at once in the Slsters-
vile held, the latest and most produc-
tive ol the oil districts. Tais will have
4 most vitalizing effect on the other
lines Of business. and perhaps the rise
in oil could not have como a. q more
opportune time.
CAUSE OF THE EXCITEMENT.
The cause OF the excitement is gener.
Lly admitted to be- sheer exhaustion OF
the known fields for what is called
Pennsylvania oil. The price is expect
ed to keep steadily rising during the
summer, and somo producers are san.
cuius enough TO believe that 1895 will
zee So oil. The price must stay up now
until the production exceeds the con-
sumption. and unless some at presen:
unknown field is struck that cannot be.
The opening OF new wells and the de-
veloping OF old ones will only have a
slight effect on the production, and
even il a new well is found it will be
months before the supply can be tapped
and pu: on the market in quantities
sufficient TO affect prices much.
The Pennsylvania oil, over which this
excitement has been created, has par
atine base, and that property in it is IS
much responsible for the advance rs
anything. Oils produced in other parts
Of this country and abroad have black
asphalt base, and OF that kind there is
enough. The parafiine properties make
the Pennsylvania oil distinctive.
THE NEW YORK VIEW OF IT.
NEw YoEx, April l0.-The Evening
Poat says: THE advance in the prizes
Of national transit pipe line toil) cor
,ifcates ia causing considerable inter-
es! among former active oil Spectators
oa the consolidated exchange. Tho
break in the price oi oil in 1884. when
II fell from 81 p To s. cents. did not
cause any more excitement than when
the price advanced yesterday to 81 As.
The days OF the Bradford, Wildwood,
aud other prolific field. OF years ago
we're brough. TO mind. when the sale OF
from 100000 to 100000 barrels was
considered an average days business.
Tho gradual draining OF tho hitherto
prolific fields Is said to be the real cause
Of the advance. but aside from that it is
very generally believed tina: the higher
pricea being paid for credi. balances bv
the buyers of the National Transit Com
pany is 4 schene on the part oil tho
Standard Oil Company to encourage By
higher prices new operations. Some
weeks ago it was announced that tho
Standard Oil Company would pos.
definite price that it would pay for tho
credit balances dus producers. Pro.
vl0l-lv when an oil well was struck
connections wero mado with it BY tho
ppo lines, and when 1000 barrels had
been pped into tho storage tanks OF
Tho Standard company certificate wag
i.'ue to tho producer for the oil. aud
ne cond Immediately sell i. on any OF
the oil exchanges, and in turn it was
ihs p'actice OF tho Standard Oil Com
plny to afterwards purchase tho car-
Hhcal1 at tho prico e,tnbl iahed by tho
Exchanges. Officials OF tho company.
however. statSl TINT trniing on the
various oil exchanges had fallen Of to
such an extent tha. the true market
value o! tho certificate could not he de.
tefmined IN that way, and thereafter
inc coinpany would establish the prico
through its various purchasing agencies.
ies'crdays price. 81 Is bid, WIS tho
hlghest slnco 1873.