Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1882-12-14
ANOTHER DROP In OH.
OPENING OF the saRAND,N /. .GusHER.. :.
Fortones Made aad L6sf N . Day-cIever
Msnipulation OF Heavy Operators-The
MAfket'a DoWnKard Xnan

Fortunes Made sad LSse N . Day-CIever
Manipulation OF Heavy Operators-The
Markets. Downward Kusn.
The utmost CONSERVATION prevailed in
OIL circles on Wednesday over the striking
OF the Grandin we'll in Forest county the
We'll was nearly completed last August :;
out the owners, being satisfied that it
would prove a profitable one, shut down
on top Of the oil bearing sand until they
could sell enough oil to make fortune
out OF it, as they have done. One firm
Davis y Murphy, of Philadelphia, is said
to have sold 81 ,2O0, COO barrels short in an.
ticipation of the opening Of this venture.
1t is understood that the Owners-Messrs,
Grandin i Kelly-had also sold a consid-
erable amount short. Everything then
being in readiness, the well was drilled
into the sand on Tuesday, and started of
at rate that even paralyzed its owners.
The first tw6nty four hours il made I, 800
barrels, and it is now reported 10 be flow.
ing at the rats of 1 900 barrels per day. 1t
II only six feet in the sand.
At the opening of the oil market in
Bradford on Wednesday, wholesale
rush was made to sell, and, though the
market closed firm the previous night at
81 .Oea, the first sales yesterday were made
at 81 .O24. from which, in ten minutes. the
market dropped to % cents. Recovering
to 81, it again broke to 80 cents. and
closed at 914 cents. Several heavy fail
ures are reported, but the most of them
will compromise with their creditors and
be allowed to continue business.
1t il reported that other new wells in
the vicinity of Balltown, near which the
Grandin & Kelly we'll is located, will be
opened soon. The Reno oil companys
well, near Foxburg, which has been re-
ported dry, is rumOred to be producing
over 400 barrels. As the character Of this
new territory is supposed to be similar
though not quite SO large as that i'll fato4i
Cherry Grove district, it is not believed
that it will exercise any lasting effect upon
prices. Though temporary in influence it
is matter of great uncertainty and apt to
cause lower market.
A dispatch from Pittsburgh says Tho
bottom was knocked out of the oil market
by tho bearish reports from the Grandin
we'll, near Balltown, Forest county. In
August last this we'll was drilled into the
sand and plugged. Tuesday the plug was
removed, tho sand penetrated four feet
and the well commenced to flow at a
tremendous rate. In twenty-five minutes
sixty-five barrels belched forth.ATank
connection was then made aud ths drill
pushed further into the sand, increasing
the production of tho we'll materially.
This unexpected news had a depressing
effect upon the market, and the
bears commenced unloading; The
opening sales were made at $1.031 =
5 cents lower than Tuesdays clos
ing prices. The market gradually
weakened, the closing transaction being at
% cents, Is cents below Tuesdays closing
quotations. Many lambs were completely
shorn. During the day telegrams were
received from the Grandin stating that
the oil was flowing at the rate of 1900
barrels a day. In the first 1G hours 700
barrels were put into tank. This we'll is
the largest producer struck since the
famous flowers were born, in Cherry
Grove. Although there was great excite-
ment at all tho exchanges in the region
and in this city, no serious failures were
reported. Several heavy operators, how
ever, are known to be badly embarrassed
financially.