New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-09
BOVLING OYER OIL PRICES
LIVELY SCENES AT THE ExcHASGrs AND EVERY
BODY WANTS TO KNOW WY.


BODY WANTS TO KNOW way.
There was q comparatively small crowd In the oil p"
of the Consolidated Stock and Petroleum Exchange
when business was begun yesterday. Most OF the
brokers had supporting orders and the evident desire
of every ono was alay the pancky feeling developed
by Tuesday, heavy business and the tall in prices from
80 cents to 70 and 73 cents. The bears wan'cd
better prices to sell on and the bulls wished 70
prevent a complete decapitation OF the reasoning
faculties Of Themselves and their clients Hut Iues-
days shake up" had been too bad TO preven, - =
further extension OF the decentralization OF the
and before the selling craze was resumea aIu
the oil pit became crowd OF howiing, yeinng shro ~
inc and struggling brokers' The electric indica,ors VI
the Exchange could net record the changes III Proo
fast AZ shey were made by the swayng mus .,
traders, and almost before heap OF stop ornere
could be executed prices had run down 10 VI cen. ,d
Every i've minutes Chairman Peters hammereu
az his rosirum 10 call attention to the announcement
the failure OF small dealers tn put up margins, o
the crowds that surJed around to hear him sri OUT
the los that had been from holders ~ fhe cx-
haustion of margins small when compared Win
the throng that was busv engaged in dealing IN on,
In the afternoon the market gave the brokers' somo
reef for il rallied sharply from the lowest poins au
became less violent in its fluctuations People began
then to wonder WHY evervbod hed soid on hews
from the oil ields which two or three weeks ago
would have been taken as the usual course o Things.
" bear brokers shoos their heads and rredictcn
% market to 90 ySeps thew had laid in
certificates sold by people VINO didn't possess thsn.
The grrat bear" exclamation heard Tor the decll"s
was Russian competition; the bulls nonten, anu
the wreck OF prices to the strong statistical SITUATION
Only two failures were announced-these OF rrsnh
Ellison and Stephen Lane. jr Several deianlt] IN
putting W margins were announced, nut announcer ual
is allowed TO the deinqnents belOr" they are snspchus
from the Exchange. Most of the oil failures on the
Cousolda board settled pri yately Mr. EiiS0n
has failed once before, but he settled up In full no
from the Stock Exchange. The failure OF Mi'
Ian. is q small one. A.,
While still nervous over .he unsettled situation, the
sentiment generally expressed after the close yeser
day among oil traders WIS that the panic had beeh
taken out of the speculstinn."
PIrrsBURo Doc s.-There was another panic at the
Oil Exchange this morning and prices dropped to 6oie
cents decline of nearly cents since the opening yes
terday The oil trade this city is entirely at sea- ana
old dealers who passed safely through the great break OF
1882 and still later the panic following the failure Oh
the PENNSYLVANIA Bank OF 1894, unite In saying that
In their recollection was decentralization =" com
plete No able 10 give satisfactory expai-
ton for the sudden break. number OF local banRs
are calling In their oil loans and others refuse 10 a
cept them without heavy margins The market opened
feversh 72 cents and after lowering In that neigh
boorhood for some time suddenly broke and in few
minutes values had fallen OIL TO 66is cents slight re-
action then followed. and at so cents was bid At
that hour all the sheets had passed the Clearing House
but that of C. e. Leslie and 200 barrels OF his OIL
were sold under the rule meet his contracts. The
amount of his failure is not known but Is estimated 10
be small
In the afternoon considerable strength was developed
prices rallied Ia 70 closing firm at 20 Toward the
closing hour dealers In Oil City began buying heaViW
and this had the OF stenng values here and else
where feeling that the worst Is over prevails IN on
circles this evening bnt it will he time before tne
trade RECEIVERS fro the severe shaking sustained mere III
the last forty eight hours. -
Jacob H. Walters failed shortly after His short
only 81 CO. and 5000 barrels OF his oil weroso
to the Indebtedness. He will be able to resume az