Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-10
THE OIL SITUATION.
OPERATORS BELIEVE THEY ARE
GOING TO GET BETTER PRICES.

Operations Still Active in the Mcdonald
Field-A Light Well Completed in the
McCurdy Pool Saturday-Some Wells In
the sand Down at Moon.
There were few oil producers to be found
yesterday, but those who were seen were in
the best of spirits. As fully stated in The
DISPATCH yesterday morning they believe
thatthe knocking off of all premiums on the
part of the Standard will revive speculation
and bring a better market to producers.
The business which now is one of the biggest
industries in the country is on better foot
ing than it has been for years.
gentleman who is interested in oil said
yesterday: There are few outsiders who
have any idea of the magnitude of the oil
business. They fail to realize that it is the
second industry in the Uniten States and
and iron industry comes first and then oil.
Ihere has been produced altogether
over 1000, 100000 barrels of oil, and
miles a t9is IN within radius sen OF rev
altogether about 40 900 wells, and these at an
average of s5 900 each would amount to $780,
100000. Counting besides these the bonuses
and the money expended in pipe and re-
fneries and we have an industry that is al
most second to none. 1t must also be
remembered that all this has occurred
within the last 30 years.
Anything which depresses the oil business
will be felt in Pittsburg and vice versa"
There were no Developments in the oil
fields yesterday which would cause fluctu-
belief that speculation will be good and
prices go up. The Mcdonald field is the only
one which is now attracting the exclusive
attention of oil producers.
In the Mcdonald Field.
The well of the Royal Gas Company, on
the Mary Robb farm, is still making about
40 barrels an hour, with indications that 1t
will do better when drilled into the sand.
The we'll of LaCombe & Vallilee, on the
Short lot, is doing nearly 90 barrels an hour
and shows no signs OF decreasing. The
shaffer Oil CompaHy's well on the Smith lot
is drilling between the Gordon and the fifth
sands, and will get the latter the first of this
week. Weixel Co. on the Smith lot is
without doubt in the fifth sand,
and is practically dry. Garland
& Hays well No. l, on the Miller
farm, is doing about so barrels an hour and
Guckert & Steele, on the Merry farm, located
l,0OO feet northeast of Garland & Hayes
No. on the Miller, is on top of the Gordon
sand. Garland & Hayes No. on the Mil
ler has reached the same depth.
pany's well on the Cook lot has
not yet reached the fifth sand, but expects
to do so about Tuesday. The Royal Gas
Company did not succeed in getting a shot
in their No. 8, on the Sanders farm Thursday
and consequently it is not flowing yet. The
Royal Gas Company finished a we'll on the
Barnet farm Saturday. 1t is located about
five miles west of south from Mcdonald
near Venice, and will make a 300 pound
gaSSer.
The McCurdy Wells.
decentralization & Jones No. on the
McCurdy farm has been drilled deeper and
has apparently struck second pay, as it in
creased from $50 to 80 barrels day. Their
No. on the Adams farm is in the 1OO-foot
sand and their No. l on the HARRISON is
drilling in the Big Injun. R. G. Gillespie &
Co.'S No. on the Jane Riddle was reported
in the sand saturday night % and making six
Riddle No. 2 and their Dougherty No. 8
should get the sand to-day.
In Moon Township.
MooN-Grace & Murphys No. 2, on the
James Springer, reached the sand Saturday
and is showing for fair we'll. +. E. Boden
6 Co.'S No. 2, on the c. A. Stevenson, is drill
ing in the sand
Pipe Line Statement
W. L. Mellon issued the following state
ment Saturday: Stock on hand July l, 1856 80
barrels; runs, 40 1854; shipments, 40O42. 81;
surplus, 37l.39; stock on hand August |, 69l.s7
barrels.
The statement of the Tide Water Pipe
Line Company for July shows: Total bar
rels SSS 007 OIL; sediment and surplus l63 391 81;
net quantity of barrels, 724 6l514; received
lines, 5S,24.99; total held for delivery, 724,-
6l5 Il; acceptances, certificates, etc.. 20OOO;
credit balances, 704,6l5.4.
New OIL Company Incorporated.
CHARLESTON, W. VA.-The Cumberland Oil
Company was incorporated to-day, with the
principal Office at Wheeling, with 5000
capital and the privilege of increasing it to
81 000, 600. The incorporators are n. B. Scott
and Charles Burdett Hart, of Wheeling; j.
Buchanan, John NJ. Patterson and George
Heard, of Pittsburg, and 7. J. Vandegrift of
jamestown, n. Y.
In Advance of Mcdonald.
A well was located Saturday by Pittsburg
operators near the Washington and Bur-
gettstown road, two miles north of Mt. Pros
pect Presbyterian Church. The well is
about six miles in advance of the develop
ment at Mcdonald. and is on the 45o line. 1t
will be drilled to the fifth sand.
Personal
P. NJ. Shannon left yesterday to visit
friends in the upper oil fields.
Captain j. I. Bishop, an old-time oil man,
was visiting Pittsburg friends yesterday.
Captain Bishop was a charter member of
Post No. l. G. A. r.
Colonel j. NJ. Patterson has returned from
a trip down the lakes.
Captain Peter Grace is visiting his family
in jamestown, n. Y. He is operating ex-
tensively in the Moon field.