The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1886-12-09
SPLUTTER IN GREASE.
TnE pIrrsRUReu aXonANaE
A Scene of Great Excitement Yesterday
ANumbsr of Lambs Lay Dowu-Pricss
Rssoysr In the AftsraoOu-Ths
Worst Supposed to be Over,

I'ssOysF In the Aftsrnoou-Ths
Worst Supposed to be Over,
PITFsHuRGH, Dac, s.-Ths 0ilExchange
presented gloomy appearance this morn,
ing as the lambs went To the slaughter,
Oil opened at 72ic, the closing figures ol
yesterday, but the bottom fell clean out,
and 10 less than half minute 1t fell to
zoo, where itatsyed few minutes without
any transactions, Then 1t started down
again, aud apRlly landed at G6IC, the bot
TEN price Of the morning session. Between
724n and 6SIc only one 5000 lot changed
hands OF Csc, not another trade heinz re,
ported, A sale is said 10 have been made
on private, terms at 98ic, but the lowest
sale recorded was at 08tc.
One well known bear operator said as
he stepped down trom the building:
swell, know when l have enough, Pm
q bear, but I'm no hog" The Jolly face
Of Mr., Fink was siCklied Ger with the
pale cast Of thought as he watched the
undeTpinningS 60 one after another, and
the bulls generally didn't show enauVh
animstog to Yhisk the 1Ies OF,
Asking q broker Il tho men were not
holding out well considering the pressure,
he Tepliedl "lhere are mighty few men
on this floor who don't feel aa II thew
were walking on paper roof to hadss
No one knoWa whether he ia safe hlmssI
or not. Everybody hqbes the weak hrsth,
re1 aye shaEen out; and perhspa this drop
ID az good q thing az could happen Ia
bring things back 10 stable footing. The
oil Exchange is not a philanthropIc insti.
tuition, sndonthe principle Of dog eat dog,
the big dogs must have eo4a chow Tor a
lFeeh tioCk q lsHie W " come In, The mar.
kst WIsE sAfen aRoItly OF the disaster
will drag business 0i all kinds into the
vortex, know Of men now who are
hypothecaling everything In the way Of
securities to tide this over, but II Is IksEs
much longer the consequences would be
tS cripple tradein every department"
SUsFRNsloNs.
The announcement was posted this
morning Of the suspension Of +. NJ, Hayes,
liabilities $500; Of O. NJ. Leslie tor i52,.
600 barrels at g8o. This was In ths nature
ot surprise, aa Mr.. Leslie was no! known
TO deal himself and the cause OF his isil.
ure is said to 20 lila efforts 70 protect bis
customers
NMr, Bennett, Wha. Is the cause Of this
amashPn
N suppose oil was too high-had a fic-
tiLious value, think SO.cent oil ia high,
er now than dollar oil 0 abort time ago.
The slump is a very cruel one, trade Ia
pAraly . ID and demoraliasd. No man can
predict anything as 10 the future. An
hour might bring down fifty firms or
might set the shREy ones OH their pins
again."
Hero the President announced BY dl.
roctlon Of the Clearing House Board he
had TO inform the Exchange that Jacob
II. Walter had failed TO make good $3.50
on q cash transaction. Immediately al.
terwards he sold 5000 barrels cash oil on
account OF Mr.. Walters, which was taken
by Beggs 4 Go. at 0Ss,
Captain j. X Barbour was OF course
the court Of appeal for opinions IS to how
she would Jump, hut could only say that
the drop was q most phenomenal one and
without precedent In this market on &C.
count oil suddenness, which caught even
the most thoughtful ones mapping, He
said: "Tho clock OF net oil on hand Ia |
80, 900 900 barrels, and that she shrunk
3,60O000 since yesterday morning, That
will mako considerable dsdcit In tue |
pbristmas present appropriations. A
great many men who might do little
business are deferred by the report that |
the banks have raised their marglns, and
to do anything on this floor to-day, a aman
wants cash or oil, and plenty Of either. |
No, could not venture prediction,
anybody might make Gs cloEe guess as |
under the present Clrcumstances.h
Just then jolly young broker passed |
singing, "WaiE till the clouds roll by, |
Jennie" and gsEing up into the gallery,
which was well filed with ladies, who
viewed the bull fight with much interest. |
stopping him, the reporter asked his |
opinion Of the smash:
at is the worst on record" aaid he, |
land in my opinion the Standard Com,
pany 10 tho solo cause oil the trouble. |
ThefD Ia no doubt that some negotiations
are In progress TO secure the control OF |
the Russian fields. II oil in America Ia |
high, the Russian operators would be ex.
lblbGh W LAbAC NlkOlOup pdpNulOpll0ubrl Auu
hence the necessity OF Encouraging them
with low prices here. Qt course denials |
haYe been made about the deals regard
ing the Russian deldP, but they are In
progress all the samO."
THE MARKRT MENDs.
After the furry had partly subsidized the
market began to mend somewhat, and at
1925 p. m. showed 7Ot bid. This revival
cheered up the operators somewhat, al.
though but few transactions were reported
at that figure. The shorts at 80 were jubi.
liant, but were the only mon on tho floor
who could eat their lunch with an appe.
tite.
In the afternoon considerable strength
was developed, and prices rallied 10 70t,
closing firm at 10. Towards the closing
hour dealers In OIL City began buying
heavily, and this had the effect Of stiifel.
ing values hero and elsewhere. A feeling
that the worst 10 over prevailed In oil cir.
cles this evening, but II will be some
time before trade RECEIVERS from the severe
shaking sustained here In the last 4S
hours.
NEWS IN BRIEF.