Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-17
LATEST IN OILDOM.
REPORTS FROM ALL OF THE PRINCIPAL
FIELDS

is DOING 3,OOO Barrels Day without
Being Agitated.
ESPECIAL TELEGRAM TO THE DISPATCH;
OIL CITY, November 16.-The specula-
tive trade for the past week has shown more
activity and animation than has been
noticeable here for some time. Everybody
connected with the trade are on the qui vive
and the gensral feeling is that the market
has not yet reached bottom. The depression
is still further augmented by report which
is said to have emanated from an authentic
source that the Standard contemplates
further reduction of the premium in the
near future. Selling has improved trading
to q limited extent, but the absence of out
SIDE orders is lamentably felt. About
the only orders have been the selling
orders of the Standard and stop orders given
by holders of long oil. The general feeling on
the Oil City floor is hopeless indifference. The
trade keeps close to the cushions on their plays
and as a general thing even up their private
accounts at the close of each days business 1t
is currently reported that a prominent Brad
ford producer is long three-quarters of a mill
lion barrels, and that the octopus Is after him
with a sharp stick. The Standard has Deen
big sellers here from so cents down, and has
had Billy Fisher selling all the suckers would
| take in the New York Consolidated' Exchange.
| the conservative dealers, was not due to the
manipulation of the Standard, but was purely
the results of the squeeze in money and the
| panic in the Stock Exchange. The big wells at
| Wildwood, together with the prospective terri
tory in the Butler county l00-foot and West Vir-
ginia, has added much toward bringing about
the depression. There is no end of bowling
among small producers, who, If prices do not
soon revive, will have hard shedding.
THE LATEST DEVELOPMENTS.
lad ppr. Tla t0i
pany are making preparations to test the
quality of 100 foot sand in the old Phillips
well on the Hartman farm, laying off to the
right of Reibold and in advance of develop
ments on the Mckinney and adjoining farms
The well was drilled in during the early ex-
element The record of the well shows that
good l00foot sand was found, but not tested, as
1t was third sand they were looking for at that
time The result at No 4, Eli Geohring, owned
by the Forest Oil Company, was!not strictly in
accordance with the predictions ventured and
expectations entertained by her actions when
drilled in. The well after being tubed and
started to pump very clearly demonstrated the
fact that appearances are oftlmes very deceiv-
ing, the best showing the well could make being
about 20 barrels Still she is a nice little well
and is doing this naturally, never being shot.
Campbell Gantz & Co., No. G. Marshall farm,
brought in few days since as 75-barrel well,
did 100 barrels in l9 hours on Thursday, and one
of her owners informs the writer that they ex-
further exhausted. Campbell & White are
started to spud on their No. !, Martin Behm
farm.
CAILEY-The way new rigs are hustled up in
this field reminds the onlooker of growth Of
mushrooms after an August or September
shower. The writer can't figure out satisfac-
torially to himself whatthe particular incentive
is. as there prolific market breakers
brought in. The Mckee we'll on the Cashdol-
lar, which made such showing at the start.
has settled down to 40 or so barrel well. The
lx-N o4ndR
l and 2 George Murburger, will not tend to
materially increase the fields production. The
wells are both light, probably four or five bar
rels each. Guckert Co.. on the Davis are
still bouncing the drill, but the outlook is
decidedly blue. Next week there should be
several new wells in. The attention of the pro-
ducer is now turned toward the recent arrival
on the Jake Dambauch, away off toward Brush
creek. The well was making 80 barrels per day
with the tools in her, but yesterday they got a
hold and got the tools out, and are drilling the
well further into the sand.
CONSIDERABLE ACTIVITY.
Mt. CHEsTNUT-Thursday's gauge of the
Shuster well showed her as doing ten barrels
per day. And still, regardless of her capacity
as producer, there is considerable activity
manifested by scalpers in taking up leases,
while real estate owners have the usual bee
in the bonnet and are asking fabulous prices
on all lands leased. If the Shuster well proves
to be an edge well, as is claimed for her, there
is a reasonable chance for the future prospects
of field. But it seems just a trihe early to
guess. Detrick e. Co. have located well and
are building the rig on the Barnhurst farm,
LOCO feet northeast of the Shuster, while Oil
City parties have a lease and are expected to
begin operations within a few days. On the
Cranmer farm other operations are expected to
follow in the near future, as considerable land
has been taken up in the vicinity of the well.
RENFREw-T. w. Phillips No. :, Pierce
farm, has started to spud. On the John
Weber farm, O'Hara & Co. are in the 100-foot
with their well, while below town Rigney d
Co. have completed 2-barrel well on the Pier
sol farm.
AMBERsoN-Considerable work is being done
in this vicinity, Notwithstanding the horrid con-
dition of the roads, which are almost impassa-
able. A good deal of interest is centered in the
result of Markham & Co.'s No. J. on the Vo-
geey farm. which is now 20 feet in the sand.
But though the drill has about reached the
proper spot, there don't seem to be any of the
have nice well on the Welch. which is doing
40 barrels per day. Farquar & Co., on the Nc
Donald, are down LOCO feet, while Schlegel's
well on the same farm would have been in now
but for tough fishing job The present irdi-
cation looks as though the well was plugged
with two strings of tools fast in her.
WuDwooD-The Governor Pattison well on
the Rolsehouse 80 acres is still holding up at
5000 barrels day without being agitated. The
Roth Oil Company's No. Z is making 70 barrels
and hour tonight, with the chances of improve
ment by deeper drilling. AS predicted IN Sat
urdays DISPATCH, the Barnsdall & Company
Zeigenheim well found the first pay Saturday
night and is making 40 barrels an hour at this
writing. The Forest Oil COMPANY and Gaffey
& Queen will get the sand tomorrow in their
No. 2 Rolsehouse. H. Nc.