Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1882-11-05
OIL ON A RAMPAGE.
Wild and Unprecedented Excite
msnt in the Oil Market.
The Bulls Toss the Price Up to S.20 and
Claim it will Go to Si.50 This
Week-Scenes in
Pittsburgh.

"CCh SNClC0
Pittsburgh.
Special Dispdtch to the Sunday Reylste'.
PT1TSBUBGH, November 4.-This has been
the greatest day ever known in the Oil
Exchange. Oil sold all the way from $l.09
to $l.20. The excitement was intense
throughout the day, the building and
street being thronged with speculatorS, The
total sales were 9, l57 600 barrels, represent
ing $lO,OOO,OOO
Fail Account ofthe Scenes.
PITTSBURGH November 4.-The last
figures on the Oil bulletins last night were
'$l % aSked-s1 O4I bid" The rpbieon
had been passed, and there was no telling
thought that it would go back TO the other
side of the dollar line, but none were con-
fdent enough to enter the short" lists.
Others thought it would keep very close to
the line and finally establish new
basis, but all were curious to know, how
the market would start off this morning.
Long before the hour for opening an en-
cited crowd had coll ected in the halls and
on the stairways leading to the Exchange.
Some were eager to sell and others just as
eager to buy. 1t was plain that q big day
in oil had dawned, and the brokers, set
themselves down for season of trial and
tribulation.
Ten bid, ten bid, who takes it,
Take it. Any more?'
Here you are"
This was the first dialogue over the brass
rail after the tap of the gong opening the
Exchange had partially died away.
This was surprise, as, a clear Jump of
six and quarter cents in oil is,among the
rarities OF modern times. AT first it was
thought the
Bulls Were Making a, Big Blum,
but when the figures began to swell and
large blocks moved off at l.l0h it looked
as though it was not all blaff: Only the
and it was soon played out. The price
then settled down to 50, but soon rallied
and went rapidly to Is, then settled back
TO II. from which it bounded in three
strides to llA, whe7e it stood when
the gong called the fierce bulls
off for an hours rest. Bears were scarce,
and very quiet, evidently waiting for the
bulls to spend their fury before they began
their n. IuC1 LsaA uObhAAB w soy
cent there were better grounds Tor this
boom than any of the previous ones. 1t
was also noticeable that some OF the most
chronic bears had grown fully developed
set of horns and the defiant groxl had
been changed TO a threatening below.
The excitement during the entire fore
noon session was intense. Telegraph in
struments ratified and clattered furiously,
brokers Yelled for Clients,
and clients yelled for brokers, messengers
rushed hither and thither, bareheaded and
breathless, bidders and sellers screamed at
each other in oil lingo, wildly waving
while the old solid fellows, with
big blocks of low priced oil in their pockets
calmly smoked the fragrant toby, or the
! soothing Havana, and discussed the p0ssi-
| bilities of sales being made at $l.25 before
| the close of the afternoon. The "lamb'
that had escaped from the shearer with
fair fleece would enjoy his freedom but
| moment, then return to the shamble' ;ain
| tp nibblc at the yellow slips SO temptngiy
| displayed in the racks around the pen.
| Capt. Mclaughlin, President OF the FIX
| change, said he would not at all be sur
prjsed TO see oil go TO Sl.S0 next week. In
| fact he wouldn't be surprised ut anything
because he had been in the business for
I twenty wears and more, and had seen a
great many strange things in that time.
What is the cause Of this boom, and
where does it come FROM
ut Was Started by the Banks
in the oil regions letting up on money:
The CARRYING rates have suddenly dropped
from 50 TO IS cents, and the last reports
show that the production is just about
equal TO the consumption, which means
that oil will rapidly rise t. Its intrinsic
value"
Has there been much sold at the ad'
vance to day?
II do not know, but think it will run
into the millions. Some very big blocks
were moved when ii went above 10, and
don't think anybody about mere got hurt
either, Us there are very few shorts any
| where at present
The afternoon session opened with sales
at $l.17. a clear jump OF three cents. Tue
scenes of confusion which characterized
the morning session pale before what fol-
lowed the bid of IL. Up it went with a
bound until 81 20 was reached within bali
an hour When the latter figures were an
nounCed, a grand shout was raised which
led those outside to think political meet
ing had been organized inside. At last
The Roaring Bulls
apparently became tired, the hubbut
ceased, and but little was done for few
minutes. During this time the bulls hsc
recovered their breath, and at o'clocs
started up grade again with firm deter
mination to touch Sl.25 before stopping
and many of the cooler heads be
lieyed they would do it. Those who
wanted TO get into the current organ
ized squad Of bears and forced the mar
ket down to tSX, but were unable to ge
any big blocks on board at those figures
Those who had bought for a day were de
terrnined to hold until the last moment
and would not heed the advice to drol
their loads even at 20, as It looked then a
IL there was q possibility Of consideraol!
more and no danger OF less.
Bets were offered on the cu-bstones tha
oil would reach $1.25 before 5 o'clock, ant
| that it would sell at Sl.50 before the close
| next week. Curbstone brokers did a oil
business, having their pockets full
greenback margins. Owing to the crowd
ON the stairway and in the hall they ha'
10 almost tear their clothes of to get II
and out, but they rushed through, regard
less of their own and other peoples gar