The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1882-12-22
A /" GUSHER."
Opening Uy Of a Thousand Barrel Oil
Well In Pennsylvania.
The Market Subjected to q Fierce
Bear Raid in Consequence.

Prru .URa, Pa, Dec 14-The report Of
the Grandin well doing 50U barrels per day
caused bad break and an incipient panic in
oil When the market was opened yesterday
1885, was bid, decline Of sc from the closing
of the night before, and in ten minutes prices
dropped to 81, quickly recovering to 100, but
declining again to Sc at noon The greatest
excitement prevailed when the drop occurred,
and large blocks Of oil changed hands.
Throughout the session the clamor was
deafening, aud the scene was one of the Wild
est ever witnessed within the walls of the
institution. On the outside the excite
ment was intense, the lambs experiencing
just such another shock as they received
on that memorable Friday three weeks
ago. In the afternoon the market opened at
95 cents bid, but this was quickly replaced
with bid of 9415 cents, then 81 cents, and at
$3.50 O'Clock the price had rallied to IS cents.
An hour later the figures were down to 80
cents, the lowest of the day, and when the ex-
change closed at o'clock the quotation was
92% cents. There was very little trading, ev-
cry one appearing anxious to SELL
An umxl ected "lay-down" in the exchange
yesterday was that of A. G. Duncan promi-
nent operator. The market just now is in an
extremely critical condition. Should the new
well, from which great results are anticipated,
turn out to be gusher, it is predicted that oil
will fall to 60 cents and that number of big
@lay-dovns" in this city and elsewhere will
follow
BRADFORD, Pa Dec 14-The utmost con-
sternatiIn prevailed in oil circles yesterday
over the striking of the Grandin well in Forest
county The well was nearly completed last
August, but the owners, being satisfied that it
would Uove profitable one, shut down on
top of the oil-bearing sand until they
could sell enough oil to make for
tune out of it, as they have done. They
are saidto have sold 100000 barrels, in an
ticipatin of the opening up of this venture
1t is understood that the owners Messrs.
Grandma Kelly, had also sold a considerable
amountBhort. Everything then being in readl
ness thu well was drilled into the sand yes
terday, ind started off at rate that par
alyzed even its owners. The first twenty-four
hours itmade 800 barrels, and it is now re-
ported lowing at the rate of LOCO barrels
per day 1t is only six feet in the sand At
the opeling Of the oil market wholesale
rush was made to sell, and, though the market
closed firm last night at 81. 0S3s the first sales
yerterday were made at $10215; from which
in ten minutes the market dropped to % cents.
Recovering to q it again broke to 80 cents,
and closed at 81 u cents. Several heavy fail
ures are reported, but most of them will COM
promise with their creditors, and be allowed
to continue business 1t is reported that
other new wells in the vicinity of Ball
town, near which the Grandin & Kelly well is
located, will be opened soon. The Reno Oil
companY's well near Foxburg, which has been
reported dry, is rumored to be producing over
two hundred barrels per day AS the charac-
ter of this new territory is supposed to be
similar though not quite so large as the i'll
fated Cherry Grove district, it is not believed it
will exercise any lasting effect upon prices,
though its temporary influence is a matter of
great uncertainty and apt to cause lower
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