LUCKY OIL SPECULATORS.

Globe, Volume VII, Issue 736, 28 October 1876, Page 3

LUCKY OIL SPECULATORS.

Pittsburgh, August 30. The excitement in oil circles is still unabated, and Duquesne way to-day is alive with dealers. It is announced that there is a giant ring bolstering up the price of oil, and that before many days the bottom will fall completely out. Dr Hochstetter, of bitters fame, it is stated, held personally 300,000 barrels, on which he cleared 2dol per barrel. A number of operators here who held 10,000 barrels sold yesterday at a profit of 3dol 30c per barrel. Schriver, of Oil City, closely connected with the pipe lines, has cleared, it is said, during the past week, 300,000d01. Thum and Co, brokers, are reported to have cleared upwards of 100,000dol. One broker here has 48,000 barrels, which cost him but little over Idol per barrel. He still refuses to let it go at 4dol. Everybody in the oil region who had any cash on hand seems to have invested when the rise commenced, and were made happy. At Oil City, one of the speculators is about 75,000d0l ahead, and several others nearly or quite as much. A large number of outsiders, who rarely, if ever, have anything to do with the market, have been induced to take a chance, and have realised good profits. Young men with limited capital, and board bills to pay, have purchased calls at prices which they little expected the market to reach, and have realised profits ranging from 50dol to lOOOdol. George A. Chase went to the exchange in the morning, and came out at night with I2oodol more money than he entered with. Chief of Police Souse made 650 dollars net during the past three days. Policeman Kane is worth 1500dol more than one week ago. A boy put 40dol in the hands of a broker to be used with other money, and in two days’ time drew out 200dol. Some of the dealers and brokers might report something large. One Titusville operator since Friday morning last has made 15,000d01, another 20,000d0l and another 30,000d01, Others have made various sums from 2500d0l to 10,000dol.