New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-06-25
wild SCENE IN THE PTTTSRURG MARKET.
SLEEPY BROKERS RUDELY AWAKENED IN AN
RISE CREDITED TO DloSATlS-
FACTION WITH RUSSIAN OIL

INSTANT-THE RISE CREDITED TO DISSATIS-
FACTION WITH RUSSIAN OIL
Pttsburg, Juns "a (Srec!aD.-Insde OF thirty
minutes to-day the price Of oil in the PitbburS EH
ehaR1e advanced from 81 cents 10 81 03 barrel.
This without parallel I'm the history Of petroleum
speculation. Todays market opened sluggish, and
at noon was g. at which point nearly everybody
seemed to think It would remain for some time. A
group Of brokers playing domnoes in the NOM
ters gallery when they startled by the cry OF
s5. bid by John r. Mckee, who was quickly fol
lowed by Charley" Holman with a bid at Sc. The
maske. had jumped to OIL before the domino players
could reach the bull ring, and at that figure
they could not buy g barrel. The excitement was
Tremendous The shorts were making desperate at.
hmpts 10 cover, while the shouts OF the brokers and
the rapid movements OF an indicator in front OF a
brokers' Office down the street caused such influx
Of sghtsters that the lobby packed 10 suOcston
In less tine than It takes 10 tell II the market had
jumped to 81 Of, at which point Morris Brown
bought 10000 barrels. This was followed by sale
Of 10 900 barrels by Tommy Hacket at 81 OIL IL.
This the highest sale OF the day. although It was
followed by bid Of 81 OF by Morris d. Brown aud
unknown bid Of Sl o. Then tho reaction be
gan, caused by New.York's heavy sellins. The
market dropped 10 o. advanced TO O7 and then fell
to 81, at which point there general demoraliEs
ton, which continued till the gong sounded at .
O'Clock; the market first dropping to 50, afterwa
advancing to 81, and falling again to 90 Is,
at which point 1t closed for the day. Undoubtedly
there were heavy losses but II there any failures
It Will not be known until IL 30 a. m. tomorrow,
when the clearing house makes Its report
One theory Of the advance is that It was en- gncerod
by the Standard Oh Company TO punish shorts who
helped to swell the majority in favor OF dealing In
futures, q measure which passed the Pttsburg Ex.
change at IL O'Clock this forenoon The home market
was much eight ahead OF New-York and teu
ahead Of Philadelphia, and the scalpers" reapcd
harvest
The rise represents an increased valuation OF
o. 4Os45 the quantity Of merchantabe oil in the
custody of the National Transit Company on June l.
Tho big monopoly scooped In the bulk OF to-day's
profit as It owns much the largest proportion Of the
pipe line certificates outstanding. Pttsburge made
comparatively little money on the advance, as the
public has been out OF the markets for several months
vhe professional spectators have been bca.ish and
Of course among the losers. The fact that
the advance almost Immediately fol
lowed by ten cent drop gave the
shorts chance to cover at about 90 cents and there
may be no failures reported tomorrow.
Tips were received from New-York early this morn.
ing that oil was . good purchase, but little heed was
given them. private dispatch from New-York stated
hat European traders wcre much dissatisfied with
Russian oil and that large orders for American crude
ware anticipated. This statement fully borne out
b. the charters which have beon incr asng usy
o. late. Yesterdays chart amounted 70 81, 500
barrels and on two days Of last week they amounted
soeiing up ct current prices. Thus far this month
the daily foreien engagements have nearly eQualled
the daily average Of the Pennsylvania oil neds The
IN the fece Of the bulish statistical situation. how.
syer that the PROFESSIONALS have studousy coppered7
"a bun tips. Yesterday they did 1t once too often.