Sistersville oil review. [volume], October 05, 1898, Page 7, Image 7

About Sistersville oil review. [volume] (Sistersville, W. Va.) 1896-1901

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OIL NEWS.
From Wednesday's Daily
The lact that the oil market is
growing gradually and not by sud
den jumps, as is usually the case, is
a source of great satisfaction to a
great many of the producers and
operators. In this sort of a rise in
the market some of them seem to j
think they see a bright futuie for
the market during the winter. They
agree that suclf a rise in the market
is productive not only of good re
sults in the field, but it makes the
operators more confident and they
feel more like investing their
money.
There has been no happening in
the oil world during the past few
weeks that has given as general
satisfaction to all classes as the
rises in the market, which have oc
curred during that time. For a
long time while the market was
down, the operators were feeling
depressed and did not care whether
they did any work or not, but now
that the market is advanceng, they
are becoming more spry, and are
looking around a little to see wheth
er there is anything they can get
hold of to do something with.
The northeast extension of the
Elk Fork field is attracting a great
deal of attention at the present
time and well it might. During
the past month or six weeks there
have been several nice wells drilled
in there and what is better, these
wells are holding up to the regular
production in good shape. The in
dications are that a pool of some
magnitude has been opened up in
that section and the people who
have territory in that part of the
field are making preparations to
test it this fall and winter. At the
present time there is a great deal of
new work under way up in that
part of the Elk Fork field and a
great deal more is contemplated.
Nichols & Barnsdali's No. 7 on
the Hawkins farm in the northeast
extension of the Elk Fork field
still has the broken bit in the hole
and there is no telling when the
well will be drilled in. The lost
tool is just on the top of the sand,
but so far they have not been able
to get it out.
Crawford & Treat's No. i on the
Thomas farm in the southwest ex
tension of the Elk Fork fielcf which
should have been in the sand sever
al days ago still has a set of broken
jars in the hole just on top of the
sand and it may be some time be
fore they are gotten out.
At the sale of the Cameron Oil
and Gas company's property by the
sheriff yesterday, by which quite a
lot of property was disposed of,
Treat & Crawford, of this city,
bought a quarter interest in the
Bonner lease. The Fisher Oil com
pany bonght the Grodhaus lease of
about 80 acres, on which there are
two wells, for which they paid
$2,500. A number of other small
interests were purchased by differ
ent parties, but the whole amount
realized from the sale of the prop
erty did not exceed more than a
quarter of its value.
The Wilson Run Oil company's
No. 1 on the Edwards farm, which
was drilled in a couple of days ago,
has been cleaned out and is good
for about 25 barrels a day.
Yost & Co.'s No. 5 on the Reed
farm in the Wilson Run territory is
fishing at 400 feet. Their Nos. 3,
4 and 5 on the Poulton farm in the
same vicinity have been located and
the rigs will be started at once.
Their No. 3 on the Nolton farm
has been located and the rig will be
started the latter part of the week.
The Fisher Oil company has the
rig up for its No. 1 on the Snod
grass 200 acres and will commence
drilling the latter part of the week.
From Thursday's Daily.
Over in the Elk Run territory
Cummings & Co. have the rigs
building for two wells on the Smith
farm and have made the locations
for two more wells, the rigs for
which will be started in a few days.
The Carter Oil company is build
ing two rigs on the Moore farm,
both oi which will be completed
the latter part of the week.
McMullen & Shay are building
one rig on the S. Bohlen lease, and
have the location for another one
made. They have also made the
locationsfor a couple of wells on
the Schmeltzerbach farm, the rig
for which will be started in a couple
of days.
Alford & Carner have the rig
completed and will commence spud
dingat their No. 2 on the Snider
farm, in a couple of days.
The Carter Oil company have
put their No. 1 on the Musser farm
to pumping, and it will be good for
about 45 barrels a day.
Despite al1 indications to the
contrary, there was a decline in the
market this morning of one cent
which affected all oils but the Lima
and Indiana. It has been generally
conceded on all sides that there is
every reason for the market to ad
vance and it was believed that it
would do so, and the impression
still remains. The fact that there
was a falling off of one cent this
morning should not scare the oper
ators and producers with making a
break for the purchasing agencies
to dispose of their oil. This is a
bad thing to do and is the very
thing which the board of managers
of the Standard expect them to do
when they reduce the price market
down a cent.
. They think they will scare the
operators and producers into be
lieving that the market will con
tinue to break, and in this manner
they will be scared into selling the
oil which they have been holding
for a long time. . While no doubt
some of the operators and produc
ers may do this very thing, there
*re a great many of the old-timers
who are onto some of the tricks of
the big corporation, and they will
continue to hold their oil for the
higher market, which is bound to
come before the winter is over.
It is a fact that along towards
the end of the month there is gen
erally an advance in the price of
credit balances, when there is any
advance, which has been a very
seldom event for some time, and
then shortly after the new month
has been ushered in the market
will commence to fall off. This
fluctuating of the market is done
with no other purpose in view than
to scare those holding their oil in
to selling it, and, of course, in some
cases the bluff goes.
The Review is candid in saying
that it believes there will be an
other advance in the price of credit
balances in a short time, and it will
be a very substantial one. There
is no reason why there should be
an additional decline, and every rea
son why there should be an advance.
The stocks of American oil, which
is the best in the world, continue to
decline, and in the meantime the
markets for the product are increas
ing and will continue to do so as
long as there is any oil to be sold.
The great bugbear story about the
fields of Russia, India, Sumatra and
other countries cutting any figure
in the sale of American oil is all
rot. None of these oils can come
near the American product in quan
tity ? the tact is. the majority of
these oils are about on a par with
the stuff produced in the sulphur
ous oil fields of Indiana and in the
vicinity of the Li mas in Ohio.
Then again, another thing is the
fact that despite the increase in the
use of electric and gas lights, there
is a steady increase in the use of
the better grades of illuminating oil
in all parts of this and other coun
tries, and of course taking all these
things into consideration with the
fact that the production ot the best
grades of oil is falling off each month
to such an extent that even the big
monopoly ? The Standard Oil com
pany ? is getting alarmed and has
to resort to all sorts of expedients
to get hold of the oil, is it any won
der those who are fairly well in
formed on the subject think there
will be some more advances in the
price of credit balances in a short
time and that they will be very
substantial ones, too.
Treat & Crawford have suc
ceeded in getting the broken jars
out of their well on the Casandra
Thomas farm in the southwest ex
tension of the -Blk Fork field and
the well should be in some time to
DRAWN BY IIENRY MAYER.
day. It was expected in this morn
ing but nothing had been heard
from it up to a late hour. It will
probably be in this evening or to
morrow morning.
Brown & Co. have the rig com
pleted for their No. 3 on the Duval
farm and will comence spudding
this evening or tomorrow morning.
The Henry & McDonald Oil
company are drilling at about 400
feet at No. 3 on the Lloyd Gorrell
farm in the northeast extension of
the Elk Fork field.
The Sun Oil company put the
10-inch casing in their No. 1 011 the
Addii farm yesterday and are drill
ing at about 400 feet.
Treat & Caawford have made
the location and are building the
rig for their No. 2 on the J. T. A.
Hawkins. The rig will be com
pleted in a couple of days and it is
expected drilling will be com
menced the early part of the week.
Henry & McDonald have made
the location and are building the
rigs for their Nos. 2, 3 and 4 on
the Margaret A. Gorrell farm.
Their No. 1 on this lease is holding
up in production nicely at about
150 barrels a day. i
Nichols & Barnsdall will com-|
mence spudding tomorrow morning
at their No. 8 on the Hawkins
lease. The rig was completed yes
terday and they are rigging up to
day.
The Eastern Oil company has
made the location for their Nos. 1 1
and 12 on the Margaret A. Gorrell
lease. The rigs will be completed
this week and the wells started to
drilling the first of the coming
week.
The South Penn Oil company
will case their No. 4 on the Cun
ningham farm with the 8^ tomor
row.
There is a change today in the
oil market, but it is the wrong
way. There is nothing alarming
in this change, as it is only done
for the purpose of frightening pro
ducers into selling their oil. The
Independent Pipe Line Companies
are still paying $1.06 for oil, and
the Standard will have to come up
to the mark again.
Beside this, the shipments will
exceed the runs this month by
nearly a million barrels. When you
also consider the fact that the time
of year is nearly here when there
will be a greatly increased demand
for refined oil, coupled with the
fact that there is no new field
opened up yet of much dimension,
and the summer gone, there is
nothing to indicate a decline in the
price of crude, and this mark down
in price in oil is only to scare peo
ple into selling. It is a gauzy
move to get oil. Hold on to every
barrel of oil you can is the advice
of the Oil Review and time will jus
tify our assertion that oil is going
away up before many weeks roll
by.
The fact is, we have been ex
pecting just such a turn as this.
The producers for a wonder have
not gone wild over the advance in
oil. They have been robbed so un
mercifully they lost all heart and
almost all hope and seemed deter
mined to stand off and let the
Standard do its worst. This action
on the part of the producers has
caused the production to run away
down and no prospects of its in
creasing very materially. We con
fidently expect two dollar oil before
spring.
We will not be mistaken, unless
a very large field should be opened
up soon, which is not likely. The
talk about the "activity" in Ritchie
and Wood counties is nothing but
bosh and blow. All the oil the two
counties produce would not supply
a small city, let alone the world or
any great part of it. The stocks
are going down at a wonderful rate
and a big price for oil will follow
as sure as night follows the day.
Hold your oil.
From Friday's Daily.
The southwest extension of the
Elk Fork field received a black
eye yesterday when the No. i
Thomas, Treat & Crawford, was
drilled in and was dry. This well
was located about a half mile
ahead of developments to the west
and south of the other develop
ments in that part of the field and
was a good test of the territory in
that direction. It looks very much
now as though there was no pos
sible way for an outlook to that
part of the field. On all sides to
the south there has been either a
dry hole or a very small producer
found and as a result the operators
do not think very well of that stuff.
The Thomas well was a very im
portant one and had it come in good
there would be quite a revival of
work in that part of the field.
The White Oil company located
their No. 2 on the Bills farn near
St. Marys yesterday. It is a short
distance ahead of their No. 1 which
was drilled in last week and was
dry.
Over in the northern extension
of the Elk Fork pool, the Little
Muskingum Oil company have the
rig up and will commence spudding
today at their No. 2 on the Martha
Thomas farm.
Keeler, Kohl & Co. are building
a rig for their No. i on the Harvey
and will have it completed by to
morrow. They will probably com
mence spudding by the early part
of the week.
The Carter Oil company is put
ting the timbers on the ground to
day for the rig for theii No. i on
the Day farm.
The expected juggling of prices
for credit balances has materalized.
On Thursday morning the prices
for Pennsylvania oil were reduced
from $1.06 to $1.05 per barrel. It
was on Tuesday that the price was
advanced from $1.04 to $1.06. Now
it is quite possible that the "mar
kets of the world" may have chang
ed in the short period intervening
between Tuesday noon and Thurs
day morning to "justify" the reduc
tion, but in the absence of "self
explanitory letters" from Mr. Seep,
the trade are quite in the dark as
to the true conditions. The Re
view has predicted that manipula
tion of blackboard prices would
take place and an effort be made to
shape out credit balances and cer
tificate oil, which is being held for
higher prices. Just how far the
manipulation will be carried de
pends entirely upon the extent to
which the Standard Oil Co. will
expose their cheap methods.
Every producer is well aware
that for months the price for Penn
sylvania oil has been too low, and
even with the recent advance is not
commensurate with present condi
tions. It is not probable that a re
duction in price at this period will
frighten holders into selling their
balances, nor is it probable that
such unwarranted manipulation of
price will tend to inspire producers
with such a great degree of confi
dence that the will blindly rush in
to reckless drilling operations. It
is always to be presumed that there
are a certain line of small producers
who usually are sellers of their
credit balances about the first of
each month and it is for these cred
it balances that the Standard Oil
company demonstrates their cheap
methods of manipulation. It has
happened at the end of many
months and probably will be con
tinued.
Oil exchange prices were also
becoming disagreeably high and
prevented the purchase of any con
siderable amount of credit balances
by the purchasing agencies. On
Wednesday the price for certificate
oil reached $1.07 which was a
cent and a half above the credit bal
ance price. Considerable outside
inquiry is being made for the cer
tificate oil and a few buying orders
have been executed.
Further reductions in prices may
be accompanied by apologies and
"self-explanatory letters," but even
these will not change the opinion
of the producers and holders of oil
that prices are much too low. For
cheap methods the great Standard
Oil company can close the eye of a
three card man at a country fair.
With the demand for export re
fined oil still growing and the fail
ure to open any new pools or ma
terially increase production from
present operators it is quite prob
able there will be a merry dance in
oleaginous circles before the winter
is over and the Standard Oil com
pany will be large contributors to
the funds for furnishing the music.
The Choice.
A inerchunt, seeking for a clerk,
Addressed two boys as follows:
"Bay, boys, which would you rather be?
Domestic ducks or swallows?"
"I would rather be a swallow, sir,"
Replied one hoy, with vim,
"For swallows 'soar above the earth,
While ducks just walk or swim.
"And duck9 are such slow, stupid bird?~
Such clumsy, waddling things?
They have hard work to walk at all
And seldom use their wings."
"I'd ruther be a duck, 1 vow!"
The other boy replied,
"Fer all the needs o' ducks, yer see,
Are easily supplied.
"They never work ner worry much;
They jest trus' ter ther luck,
A gently floatin down the etream?
Oh. 1 wud bo a duck!"
The merchant turned upon his heel?
What need to question more?
And now the boy who first replied
is head clerk m his etore.
? Rufus Clark l^andon in Christian Work.
A Patriotic Mistake.
Pastor Tompkins ? Bredder'n, you
will find do text dis rnawnin in de? first
chapter ob Philippines. ? New York
Journal.
Tutt's Pills
Cure All
Liver Ills.
Perfect Health.
Keep the system in perfect or
der by the occasional use of
Tutt's Liver Pills. They reg
ulate the bowels and produce
A Vigorous Body.
For sick headache, malaria, bil
iousness, constipation and kin
dred diseases, an absolute cure
TUTT'S Liver PILLS
11 "' J ?? I >
* ?' ? -
A Driller Flffhta Six Tramp*.
Lou Williams, an assistant lease"
foreman for the Seneca Oil com
pany, at Chipmnnk, had an excit
ing experience with six tramps yes
terday and incidentally carved a
name for himself among oil country
heroes. Williams entered the boiler
house on the lease in the morning
and found six men in the building,
all lying snugly in every comfort*
able place that could be found.
Williams ordered the men to get
out but one of them, the biggest
and ugliest of the sextette, told him
to go to Olean, a station located 6
miles below Hades. Williams did
not wish to go to such a place and
he walked out of tbe boiler house
and picking up a big stick of hard
wood, he hurled it at the big tramp
who had wished him such hard
luck. The stick hit the tramp and
he jumped up and rushed at Wil
liams but the latter had picked up
another stick and at the proper
time brought it down upon the
hobo's head with a dull and sicken
ing thud, The tramp dropped to
the cold ground hors du combat.
Hobo No. 2 made a rush at Wil
liams, but he, too, bit the dust with
ease and dispatch. The four re
maining hoboes did not stand upon
the order ot their going, but went
at once and Williams went to work
as if nothing had happened. When
the two fallen hcboes awoke from
their dream they gathered them
selves up and sneaked away.-^
Bradford Star.
Farm For Kale or Rent.
on the pike at foot of Pursley Hill.
For further particulars call on or
address
Geo. Holmes,
Woodfield, Ohio.
Allegheny
College.
Founded in 1815.
Good Tvaditions.
Strong Faculty,
Unsurpassed Location.
Reasonable Expenses.
Catalogue sent free of charge
to any address upon appli
cation to
President Crawford,
Meadville, Pa.
Fall Term opens Sept. 20.
7-20-e o w-5t
E. STEWART
&C0.
Wish to announce their
First
Grand
Fall and
Winter
Millinery
Opening
OF FINE PATTERN
HATS
i AND FRENCH NOV
) ELTIES.
! TuesdajiWednesday
October
1 4th and 5th
| Call and see the Latest
I UP-TO-DATE MIL
| LINERY.
Yours,
E. Stewart i Go.
AGENTS FOR
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