Oil exchanges were exciting markets during the last quarter of the 19th Century. The Oil City, Pa. Exchange boasted a hectic day in 1884 when 29,006,000 bbl. of crude were sold. But trading was precarious when crude prices, notoriously unstable, often jumped from $2.75 a bbl. one year to $20 the next. When the Oil City Exchange, last of the big markets, closed in 1892, oil became the third of U. S. industry's most basic commodities not traded on any exchange.*
Last week oil returned to market when the New York Commodity Exchange inaugurated trading...
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