The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1874-05-05
A Great Movement 10 Advance the
Price of Carbon OIl-The HhnttInp

A Great Movement TO Advance the
Price Of Carbon Oil-The Shutting
Down Of the Wells.
(From the OIL City Derriek)
"Nearly every drilling well in Butler
county is shut down" is the gratifying in.
telligence from Butler county this morn.
ing. The result was fully expected by
those who understood the temper and
character ol the men leading the move
ment TO save the oil business from hope.
less ruin. Quietly and without prolonged
agitation one ot the most important un.
dertakings ever attempted in this Region
hos been successfully accomplished, and
producers are now complete masters Of
the situation.
This great purpose means that the men
Of Oild0m fully realize the critical aspect
OF affairs and are prepared 10 avert the
disaster certain to follow excessive devel.
opment, Again have the producers shown
q Willingness to submerge Individual in.
terests tor the benefit Of the whole frater.
nifty. The suspension indicates unmistak.
abIy the folly Of an outside combination
ever attempting to acquire control Of the
petroleum business, no matter 10 what
method 1t may have recourse. II dem
onstrates that operators will not repeat
the experience Of last year and continue
to impoverish themselves for the enrich.
,nant ~ 0nnonlotnra aithan ~ ka..n =.
abroad. In word, the cessation of drill.
ing for ninety days means that oil is 10
advance materially; that the supply is 10
be below the demand; that better times
are once more to return to the petroleum
districts, and that the days of ''dollar oil''
shall hcnceforth exist only as memory
Of the past.
1t is not to be expected this movement
will be carried out In Its entirety and ex.
cite no opposition. The desperate efforts
made to discourage It's progress at every
stage were too persistent TO preclude the
idea Of continued hostility. Antagonistic
interests will doubtless make active ex-
ertions to render II TO some extent inop-
erative and belittle lis probable effects.
To the assertions Of such parties no atten.
ton whatever should be paid. The duty
Of producers Is faithfully 10 adhere to the
terms ot the pledge, giving mot the
slightest countenance to adverse infu-
ences. Now that the wells are actually
shut down, the greatest difficulty IA over.
come. To let them remain inactive ia
comparatively easy, nor Is there the least
reason 10 fear the solemn compact will be
violated In solitary instance. Let ali
attempts TO excite mutual iealousies be
promptly resisted, aud there is nothing al
evil TO anticipate. Operators arc lIkewise
under binding obligation to provide ior
such workmen thrown out OF employment
as may need assistance. That thew viii
also faithfully observe this stipulation il
morally certain. The true hearted toilerl
have shown themselves deserving Of The
most generous treatment, and II Is only
fair to ask for them a liberal share Of the
advantages the movement will eventually
bring their employers.
The effect OF this fitting sequel to The
South Improvement agitation cannot cas-
lily be estimated. Before the expiration
OF the period during which operations
arc suspended, the production will de-
Cline lar below the average demand. Al
result stocks must be reduced TO the
extent Of the deficiency and decided ad-
Vances take place in the market An i'm
portant per centage Of the oil now held II
iron tankage, was purchased at prices
which prevent Its becoming available fol
purchase under four dollars o barrel
Until then It will, therefore, moi entel
into competition with the amount offered
by parties unable or unwilling 10 holi
their product for q heightened time. nv