Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-04-23
THE RUSSIAN CRUDE.
May Cause a Further Decline in the
Price of Pennsylvania Oil.
STANDARD OFFICIALS VIEWS.
Their Producing Departments Advised to
Curtail Expenses.
CHANGES AT M'DOSALD YESTERDAY

CHANGES AT AD0NALD YESTERDAY
The outlook is not encouraging for bet.
ter price for crude oil. Even though the
shut. down dream of some of the operators
should become a reality it is probable that
the average price for the present year will
not exceed that of 1891.
Such a view could only be taken after
reading the following statement made by
an officer of one of the Standard producing
companies. He has just returned from the
monthly meeting of the presidents of the
Standard companies held in New York.
| When asked by THE DISPATCH repre-
sentative what position their companies
would take in regard to the proposed shut
down movement, he replied:
| 'That matter has not been placed before
us, and consequently was not a subject of
discussion at the last directors meeting
am sure that when the proposal to shut
! down is presented by the producers COM
sideration which has always been given to
| snch matters.
"The question of an advance in the price of
| crude petroleum was discussed by the diff
| ferent producing companies, and they were
informed that it was not expected that
prices would average as high during the
| present year as during 1891. Tho President of
the companies urged that everything in the
| way OF extras in rentals, and wildcat opera
tiOns be cut on. Leases about to expire,
and those which require operating either by
expiration or in the protection OF lines
made necessary by operations on djoinfng
leases, will be taken care of.
Russian OIL the Cause.
'"The reason urged for this was that so far
during the present year Russian oil had
made greater inroads on our foreign trade
than during the same period Of any previous
year. Within the last 80 days the Russian
dealers have shipped oil into several OF the
South American ports, and are selling it
there considerably less than the price at
which our people could put it in.
''fhese facts have been given to the Stand
ard producing companies for their guidance
and information, that they might be aware
of the possibility of lower prices and the ne
cessity for economizing in the cost Of pro-
ducing in view of further inroads likely to
be made upon our interests by foreign COM
petition"
1t will be seen from the above that Russian
ing the Pennsylvania product at a point
below 80 cents a barrel. This is and has been
secuted secuted by many operators. but they hey
fact s that A there '' are ''I about il 600, 900 ,ooo
barrels of Pennsylvania oil in stock, and
over 20, 600, 900 of Ohio OIL The latter is being
refined. and is shipped to all points through
answers all purposes as an illuminant. I'm
til this immense stock is reduced and a
heavy duty placed on foreign oil. it is
product will again go above dollar.
Features at Mcdonald.
The estimated production of the McDon-
aid field was reported to be 1000 barrels
yesterday morning, decline of 500 barrels
since Thursday. There were several
changes in the list of big wells. Greenlee &
Forst's No. l, on the National Coal COM
pany's property at Noblestown, was agitated,
and restored to 20 barrels an hour. Jennings,
Guffey & Co.'s No. 4 on the Heron farm, and
No. on the Bell each fell below 20 barrels
an hour and were dropped from the list.
The Forest Oil Company's No. Jane Stew
art increased from As to 80 barrels an hour.
shot its No. Martha Wright and increased
it's production from 20 to 80 barrels an hour.
Brown Bros, Robinson & Co.'S. No. 2 Nc
WsD s0' it starte to oW at short
walls from the Gordon. They we're expecting
to reach the fifth sand late last evening.
sb. SS to gea bs
Coal Company's property.
Guffey, Patterson & Co.'S No McMichael
was three bits in the fourth sand last night
and should get the fifth to-day.
McGinniss & Co.'s No. 4 Henry Shaffer
will not be better than q 100-barrel we'll.
Patterson & Jones' No. g. on the Leonard
Shaffer farm, did not improve under q shot.
1t is better than 100 barrel well.
Their No !, on Terrence tarm. may get tho
fifth sand this evening.
Working the Mystery Racket.
The Columbus Oil Company's we'll on the
Smith heirs farm in Independence town.
ship, Washington county, is being worked
as a mystery. The derrick has been boarded
up, and visitors are not welcome. They
were still drilling yesterday at depth Of
over 2 100 feet, but no information as to what
sands they had passed through was
obtainable This is the we'll which
sand some days ago and to be making any.
where from 40 to 400 barrels an hour
Hairy & Co. drilled a duster about a mile
year ago, and two years ago the Wheeling
Gas Company finished up dry hole on the
Hare farm, two miles south of it. Both of
these wells were drilled over $500 feet deep,
and no regular sand formations were found.
Judging from these the indications for
well on the Smith heirs farm, are far from
bright.
Murphy Bros. are drilling at 1900 feet on
the Verschuren lot half a mile west of Mobiles
town, and in the same locality they are down
200 feet on the Mitchell tarm.
Preston & Co. have started . we'll on the
Ewing farm a few hundred feet north of
Jennings, Guffey & Co.'S No. Bell.
The Kanawha Oil Company has four wells |
under way at Sistersville. Their No. on |
the Rose is due in the sana'M Monday. and |
they are drilling No. l Rudolph, No. john
son and No. l Bradfield.
Shay s. Co.'s we'll on q town lot is In the |
sand and showing good. |
Connolly Bros. town lot we'll is in the sand. |
Murphy & Co. s well on a town lot is in the |
sand and showing light.
There is more nitro-glycerine being used |
at present in tho Mcdonald field than was |
ever used before in any district in the same |
length of time. A. F. Denniston, of the |
High Explosive Company, said last evening |
that during the present month they had put |
in l500 quarts or 5000 pounds. AS the |
average shot is less than 25 quarts there |
must have been from 60 to Is wells tor |
pedoed. |
The Mcdonald Gauges
The following estimates were submitted |
by the gaugers of the Southwestern Pennsyl-
vania Pipe Line Company: a.
The production of the field was 1900, 500 |
less than the day before. The hourly gauges |
were as follows: Matthews No. 8, 20; !
Oakdale Oil Company's Nos. and 3 |
Baldwin, co. Forest Oil Company's No. l |
Jane Stewart, 80: No. NJ. Wright 20; Guffey l
& Co.'s No. 2 McMichael, 40; Forst & Green |
lees No. ! McMurray, 25; No. ! National |
Coal Company, 200; Deyonian Oil Company's
Nos and Boyce, IS. Stock in field, s., ,001.
The runs of the Southwest Pennsylvania |
Pipe Line Company from Mcdonald Thurs |
day were 1864; outside of Mcdonald, 1854.
The National Transit runs were "a, 337; New
York Transit shipments, 81, ,l2a. Macksburg
4SS. Buckeye runs, Al, S26: shipments, 81. 116;
Eureka runs, 509l: shipments, 2,2l3. South |
ern Pipe Line Shipments 1908.
Yesterdays Market Features.