Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-09-23
Venango County Producers Disheart-
ened at Their Condition and
Looking About to Devise
MEASURES TO BRING RELIEF.
Speculative Business Badly Depressed,
With No Immediate Prospect
Of improvement.
THE FAMOUS WASHINGTON FIELD
Presents Anything But Cherry Look, Except in Fifth
Sand Developments
ESPECIAL TELEGRAM TO THE DIspArcH.I

ESPECIAL TELEGRAM TO THE DIsPATcH.I
OIL CITY, September 22.-The apathy in
the oil business generally in Venango county
is apparent on every hand. The reduction
of premium by the Standard, together with
a deprecated market has not had a ten
dency to fill the hearts of the producers with
lofty anticipation of glorious future. In
fact, they are in the dumps, and like the
producers of other sections, are discussing
ways and means to better their condition.
The spirit of revolt is as manifest here as
elsewhere against the Standard, and it is
quietly hinted that combination of the
more aggressive and progressive producers
and independent refners is among the posi-
oiIities. In all the old pools of Venango opera
tions are limited, and the figures at the end of
the month will show a decrease both in new
work and production. The speculative trade
has gone to the dogs" and the Oil Exchange
presents sorry sight compared with the busy
scenes and fourlshing times in davs of yore.
In the speculative oil business, so far as sur
face indications show, the chances for imme-
date Improvement are slight
The failure of the big spectators to take
hold of the.business has apparently, at least,
thoroughly discouraged not only outside spec
ulation, but the floor traders Also Several of
the old-timers, Kline PorterfieId Bolard Betris
the Chicago Board of Trade and are doing
good business in grain with prospects of hay-
ing several new additions to their ranks before
snow flies. Other old time high flyers are en-
gaging in mercantile and insurance business
and nearly all of the present membership have
"other irons in the fire" in the shape of pro-
ducton or refining business. 1t is doubtful if
tnere has been time in years when the entire
membership of the Exchange were in a more
solid financial condition, and this very fact re-
stricts speculation, as better experience has
demonstrated the truth of the old saw that "a
blrd IN the hand is worth two in the BUSH"
MONEY TIED UP.
The high rate paid for carrying cash oil has
caused considerable discussion and the gen.
eral impression seems to be that some one in
particular and the trade in general is heavily
long on the market. but the more conservative
traders claim that the business is really as dull
as 1t appears on the surface, and the following
is the theory: 1t is well-kDown fact that over
quarter OF million barrels of Buckeye oil
was bought by this trade above IS cents which
was placed in the banks. and the extreme dull
ness In that commodity has given the holders
no chance TO get out. The option system prac-
ucally did away with the bulk of the business
that the banks formerly did in carrying oil for
the Exchange members, and their money was
tied up in other branches of the business The
stringency of the money market in the East
caused what cash oil there was to be shipped
here and the rate was advanced in conse-
9uence. yhe introduction of the Semple and
wildwood helds while causing more than a
superficial change in the situation, has practi-
cally caused no change in the speculative busi-
ness, and no attention is being paid to field
news.
OPERATIONS ON OIL CREEK.
Along Oil creek the volume of new work has
been curtailed as compared with previous
months. ]. W. Watts has finished Nos. 30 and
81, on she Steele farm, both of:whlch are small
bumpers; he has No. 30 rig up and will start the
drlll in few days On the Buchanan farm
Joe Robson completed two small producers,
and McCombs & McMullen finished a two
6arreler Saturday on the Hood farm. IThe
Continental Refining Company are drilling one
well on their own property. At President
kahle Bros. have rig up on the Clapp farm
and will bounce the drill Tuesday or Wednes-
day. The North Penn Company are not doing
any work here, and in fact have about wound
up their operations. At Kane City Jacob
Neely, on his own property, will commence
drilling well about the middle of the week
Meyer & Siple, on the Dempsey farm, are
building rig, and Kirk & Co., on the Kirk
farm, finished a small well to-day, and have an
: other rig on the same property ready to swing
well on their own property. McCracken has
just completed a 12-barrel well on the Brown
farm. Baker & Co. are starting two new wells
on the Rynd farm, and Banksor & Co are drill.
ing another on the same farm. Gibson Bros.
are building rig on the old Gibson farm. Ram
age is getting ready to drill his No. on the
a well on his own property at $50
feet, and an OIL City Councilman is
drilling another on his farm at $50 feet,
Hon. William Hasson recently completed a
fair well on his own property, and Edward
Laughur got q 25-barrel well on the Laughur
farm a few days since, and has another rig
ready for business on the same farm J. b
Smithman is drilling two wells on his own
property at Pin Oak, and Fisher & Company
are drilling one in the same locality on the |
Fisher farm. ]. H. Webb.has a fishing job IN |
his No. well. on the Cooper tract, and the |
Keno Oil Company, on the Reno lands, recently |
completed ten-barrel well. At the front in |
Gray Sand district Judd & Geeser are running |
four sets of tools and have lately finished
several good producers. At the mouth of Two |
Mile Run there are two or three wells drilling,
while between this point and Reno there are as
many more under way.