The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1882-11-07
THE RiGGESr DAY ,OrALL. si,.
PandriioninnI In Petroleum nn,l piicu,
.'Vl i'sI' Oiutiinl Trau usnctlUus. ~.

PITTSBURGH, November G.-At noon 10
day between seyen and eight million bar
rels OF oil had changed hands ut the OF
Exchapge, the largest forenoon's business
since the opening Of the Exchange. Th,
noon rcrort'0f the Western Union Office Al
the Exchange showed over 500 message.
received, tho largest In the history Of iht
Office. September 10Th tho full days ru
port was 40 message received. Three
tourths OF these messages arc from oil
City. arJ H. Vii, ~ :" 80
The opening price this morning was
Sl.ej and this was followed by rapid nd
vance 10 Sl.G amid such an i,proar as was
only parallcled by the noisiest tlemonstra.
tions of Saturday. In ihe hour following
The first, transaction, It IL estimated TIM,
nearly five million barrels OF crude changed
hands, md itjwas regular harvest for all,
prices mounting steadily und rapidly, A
single block of $4,000 barrels changed
hands five times in Il few minutes, leaving
n neat little profit with each Of tho men,
through whose hands il passed no quickly.
a merchant cleared nearly sid.
600 during this forenoon md satur.
Gay afternoon, AMI cases where
5000, 81 900 and $1,000 were cleared In a
few hours, were not wanting. A report
current that Mr.. Il. VI. Kennedy was heav.
lily Short was denied by that gentleman
very cmphatically. The scenes in the lobby
to-day would be dillicul: 10 describe. The
presence OF policeman prevented the
crowd from absolutely blockading the nar.
row doorway and trampling Nathan to
death. y square opening into the Tx.
change, through the wall iacing the lobby,
was surrounded by another ever changing
tlirong. Meanwhile tho bowling about
the oval could be heard square away
and the excitement was 80 intense
that hut Tor the rest Of yesterday, the more
nervous. brokers must have been prostralctl.
As il WIS, several Of those gentlemen were
obliged 10 retire 10 the quiet precincts of
the smoking room and endeavor 10 calm
their ieyered pulses. When the price
reached 81 -33-l5 cents above SATURDAYS
close-the yells were appalling and the cx.
element at its height. 4 reaction then
followed, with heavy sales ut 81 - and
81 10, and at 81 20l, which was the closing
price when the noon gong sounded The
strain on all subsidized quickly, and 10 one
seemed ready to hazard IN opinion regard.
ins the latter session. n
The afternoon session opened at 81 o.
Offered, and Il break ran the price down TO
81 2t, aitordiUg the shorts Il glorious on.
poriunity to cover, which they did. THEN
came bound to 81 %, and another big
uproar. Again the bears rushed prices
down TO 81 2S, 81 27, and Mt Bis 10 81 oGI
bid at Oil City. A wet blanket seemed
thrown over the dealers by the decision OF
the banks to increase the margin for loans
on Oil collateral, from the old rate OF 10
cents per barrel to 20 cents. This is OF
course. a perfectly justtiabe measure Of
protection, inasmurh AS the fluctuations
are now wide as well as frequent, Tic
situation is us bullisll rs ever in the re-
gions, and s. 90 oil is confidently talked
OF. The most liberal estimate Of produc-
ton is GG,000 barrels.
OH. CRY, November 6.-This has been
the greatest day in the history Of the oil
! Exchange, the market havin. closed Snlur.
day ut 81 l9l and opened ut 81 %. Sale.
were made at all prices from that to 81 ~
the first ten minutes; then il went TO 81 ooSl,
broke TO 81 81, then went with a rush 10
81 3G, the highest point OF the day. From
this point it fluctuGled and dropned 10
81 o5i at,the close. The recorder rot the
record Of ll,GOO,0OO barrels, while probably
several millions escaped his notice. We
are all tired.