Harper's New Monthly Magazine Volume 34 December 1886 to May 1887 . ere para-lyzed with the overwhelming disaster thatswept aAvay margins, capital, and the past few months the strengthof the statistical position has made crudepetroleum firm in price at $1 per barreland upward. In tlie early days trading was donewherever men congregated in the oil re-gions—at the Avells, on raihvay trains, intelegraph offices, hotels, streets, and pub-lic places. As early as November, 1868, anexchange was organized at Petroleum Cen-tre. In 1869-70 there were common mar-ket-X)laces, though not regu
Harper's New Monthly Magazine Volume 34 December 1886 to May 1887 . ere para-lyzed with the overwhelming disaster thatswept aAvay margins, capital, and the past few months the strengthof the statistical position has made crudepetroleum firm in price at $1 per barreland upward. In tlie early days trading was donewherever men congregated in the oil re-gions—at the Avells, on raihvay trains, intelegraph offices, hotels, streets, and pub-lic places. As early as November, 1868, anexchange was organized at Petroleum Cen-tre. In 1869-70 there were common mar-ket-X)laces, though not regularly organizedexchanges,in Oil City and Pittsburgh. In1871 an exchange was established at Titus-ville. The first successful Petroleum Ex-change was created in Oil City on Febru-ary 7, 1874, New York followed in 1877,Pittsburgh in 1878, and Bradford in within two years Oil City exercisedan autocratic influence in fixing the priceof oil, and its quotations were the stand-ard of value. It is a singular and uniquefact that an interior town, with a small. BITS FOR DRILLING WELLS. 242 HARPERS NEW MONTHLY MAGAZINE. 0 population, moderate banking fa-cilities, and no longer the centreof any important producing in-terests, should so long have heldits commanding position. As arural speculative centre it is pos-itively without parallel. Vir-ginia City, Nevada, located im-mediately above the colossal sil-ver mines of the Comstock lode,and four or five times as large asOil City, never aspired to anypretensions as a market-place forshares. Up to the winter of 1882-3 theoriginal New York PetroleumExchange was of no influencein the oil trade. It then movedto enlarged quarters, and trebledits membership to 600. At thistime the National Petroleum Ex-change was organized, with 500members, and simultaneouslythe New York Mining Stock Ex-change, with nearly 500 mem-bers, began trading in April, 1883, the latter two ex-changes were consolidated, andon M
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