The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1891-08-10

IlTIAIl hbIt 4ANta'
mo order was posted in the National
Tr,p.i, office on Fourth avenue yester-
DAY morning:
On CRY, Aug. 8.
Commencing to-day, all premiums
viii be withdrawn and the price for the
,,,Ii, balances will be the same as GER
,jec,,cs, excepting Tiona oil, which will
rom,in tbe same. JOSEPH SEEP.
oil producers, operators and cx-spec-
ula,ors read it, rubbed their eyes, read
il again. and, like the singed parrot,
asked; "Wonder what they are going
ia do next?" To say that it created cx-
element is putting it mild. For a time
The trade was stunned, and then it be;
,q,n 10 figure out how the order would
affect the oil business.
For the past three days oil men have
hspg in a state OF chaotic nervousness
witch they haze not felt for nearly ten
yrsy.. Thursday an order was issued
fir 'he National Transit officials equGt-
inc prcmiums on all oil produced IN
New York, Pennsylvania and West Vir-
rinia. The premium was to be fifteen
ecnts barrel all round. This went
INTO effect Friday morning, and when
the gong closed the market Friday after
noon the price OF oil had dropped from
ISL to 70 cents barrel. 1t was tlicgen
craI belief that the premiums had been
cqpalilcd ior the purpose OF killing.
speculation by stopping the issue OF
certificate or speculative oil. As u con-
scQrcncc brokers becanlepa panic stricken
and producers set up u prolonged howl
from one end OF the oil country TO the
other. Bankruptcy stared most otthem
in The face. and there were those who
believed they could already see their
property in the hands OF the sheriff.
They asted like men without hope, and
threats loud and deep were uttered
against the powers that DO in the oil
business.
The order Yesterday morning came
libc thundcrbolt. Hope revived.
Gradually it began 10 dawn upon the
dalcd intcllects OF the producers and
spectators that there was still u straw
to which TO cling. Their faccs bright
encd the panic had been hverted. The
corpse Of tho last year which has been
iying on the floor OF every oil exchange
from New York TO Pittsburgh has al
ready commenced to breathe, for yes
tcrlay, although the market was open
only two hours, prices jumped from so
cents to TOI, where it closed. Fortunes
we're made in that time, and perhaps
thousands were lost This is the biggest
jump the market has made for many
years, and the like may not be seen
again this century.
on TIE EXCHANGE FLOOR.
The scene on the floor of the Ex-
change was intercsting-the first time
for months.
tits So long since there was even
"sPlash-iIood' in the exchange that the
ola.iime jamboree was hard to raise,
and when Secretary Chaplin announced
that there had been 4 jump OF Ole in
OIL City during the shades OF night the
brokers looked bewildered like Il cap
tHrcf hare suddenly released in front
Of Il pack OF hounds and given the
chance OF the gauntlet. For time
there was silence profound. This was
followed by gurgle in the throats OF
oil present, and it seemed as though
their whistles needed wetting, like the
sucker OF weather.craCked wooden
pump. Their joints were rusty and
their vocal organs from long disuse
emitted discords, but after time they
struck the old-time swing and there was
din the like OF which has not been
heard since the shutdown movement
was organized.
No one had any oil to sell, rs for
many moons past even q shilling chaser
rarely saw reason why be should buy
oil for tiye-second Investment, and no
Ole wanted to but wind unless it were
oil scented. No one would buy except
Oh immediate delivery. Later news was
received that Oil City was paying 81
cent? Tor all the oil in sight. The mar
EGt closed at 7Oi cents Tor September
Down on Fourth avenue, which might
appropriately be called the general Office
oil the oil trade, the scene was almost as
animated rs on the floor above. Every
zen or twelve feet were groups OF Oper-
a'ors eagerly discussing the situation,
AMI each backing up his stand by log
lc2! arguments. There were few OF them
VINO had recovered from the eounliza-
ton OF the premiums and 5O.cent oil,
" mad been atime OF trial and sore trib-
u'auon TO the trade, and they recovered
SLOWLY IRON the shock. When the full
meaning OF the order knocking of pre-
MiNns became generally known, there
was scarcely man TO be found who did
NOT commend it as the only move on the
Part Of the Standard which would avert
the Threatened panic.
WHY IT WAS DONE.
There was one reason assigned for the
move by gentleman connected with
The National Transit company.
=, There was such universal wall from
he producers he said, cover the equal
-" W premiums ana panic threat
t .i on he market by the belief that
mere is only one buyer of oil, the STAN
Ha0i, that it was decided to knock off
.Ie premium and let everybody buy
WHO wanted TO do so. Now thevll have
az equal chance and no cause 10 com.
pun They can make their own mar
a ,.I and blame it on whomsoever they
v, WV Il It don't 20 just to suit them, but
@g iact remains that the chances are
l, Sohn NJ. Patterson, the wealthy pro-
g " =, who holds the prize for opening
I, 1. NleEurdy field, said; There is not
~ Question OF doubt but that no pre-.
,;. VIII help the trade. 1t Wilt re.
u Nv, =, speculation and cause iluctuation
~; !" ' ,. market Which We have not known
~, w.! years. II willput money in circula.
AANll Ntl0 FRNsie4n