Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-08-11
OIL MEN ARE HOPEFUL
That They Will Soon Have an Active
speculative Market.
PIPE LINE REPORTS BULLISH
Two Fifth Sand Wells We're Struck in
Mcdonald Yesterday
NEW NORTH BALTIMORE PRODUCERS

The price of oil closed yesterday at 561s
cents barrel. This is an advance of 81
cents since Monday and higher than it has
been for months There is strong bullish
feeling prevailing, and the general i'm
preston seems to be shat the market will
continue on the upward path for some time.
1t hung SO long between 81 and 30 cents
that good many operators and former
Spectators have almost come to belive that
it would never leave that rut. They have
been agreeabiy disappointed within the last
two days, and are hoping for more such dis
appointments. 1t f1uctuated less yesterday
than on the previous day. 1t opened at 55,
fell off to 547S, and then turned upward
and held that course steadily uutil the
close. On Tuesday it opened at $50.
jumped to 561z and finally slumped off to IS
cents.
Among the brokers there is large bullish
element, and this was further strengthened
yesterday when the summary of the pipe
line statements for July was posted in the
Exchange. There is an increase during the
month OF 297 900 barrels in the gross stocks
OF the National Transit Company; 81, 600 bar
rels increase in acceptances; and an increase
OF AZ 900 in credit balances. There was an
increase of $4,000 barrels in June, or
2oo.0 barrels more than in July. which is
considered very large reduction, and
clincher for the bulls.
Expect an Increase in Speculation.
There was also falling off of 150, 900 bar
rels in the gross stocks Of the Buckeye line:
decrease of q, 900 in certificates, and a de-
cline OF 6S,000 in credit balances. In the
Tidewater line an increase of 81 barrels was
reported
The brokers expect an increase in busi-
ness, and base their assertions on the fact
that many of them have just received
large number of new orders. 1t is also be-
lieved that the Standard is going to shake
off the lethargy which has encircled it for
the last year or two, and take q hand in the
speculative business once more. II it does
the producers are confident that they will
soon be getting better price for their prod
uct, and the men who once gathered daily
about the bull ring expect to do so again.
The producers as a rule credit the new
pipe lines with the advance, claiming that
as the Crescent is about ready to commence
business it will need to buy large bulk OF
oil at the start, and the bulls are taking ad-
vantage of this to bolster up the market.
The men engaged in the oil business are
desirous of seeing good active speculative
trade in general. which has been missing for
the last two years. 1t put money, they
claim, into circulation which is now tied up
in various interests, and was continually
out which it is bound to flag.
Two New Mcdonald Wells.
There were a couple of new wells, both
fifth sanders, reported in the Mcdonald
field yesterday. The Forest Oil Company's
No. 8 on the McCleiIand farm, east of Oak
dale, reached the sand in the morning, and
at noon had made one flow. It was still
drilling late in the afternoon, but had not
The owners expected to get the
oil in the top of the sand, as it was &C this
point they struck the pay in their No. 2,
which started ut 65 barrels an hour
The otter well is three miles southwest of
the McCleliand farm. 1t is the Royal Gas
Company's No. l on the Mark Robb. 1t was
reported to have struck pay at f1ve feet in
still flowing according to the latest reports
from 1t last evening. The location is about
mile north and west of Mcdonald. There
have been number of other good wells
drilled in the neighborhood, also some small
ones.
The Devonian Oil Company's No. 8, on the
W. b. Moorhead iarm, south of Mcdonald, is
due to reach the Gordon, the pay sand in
Mcdonald Bros. property i. in,the bottom OF
the l0Ofoot and standing full of oil. Itfiows
every time they pull the tools.
The Peoples Gas =Company's No. on the
Kelso, little northeast of the Meise No. /,
Is duster in the Gordon, and is being
drilled to the fifth sand.
Steelsmith & Mcconnell are building rig
on the Brown Iarm, mile west OF McDon-
aid.
The Victor Oil Company's No. on the
Wells farm, just below the station at Sis
tersvtlle was reported to be in the sand yes
terday and flowing.
j. NJ. Patterson & Co. were drilling in
their we'll on the Lutz farm, back of Glen
shaw, yesterday.
duction of Mcdonald yesterday, and only
one well was reported to be making over 20
barrels an hour. e. D. Greenlee stated last
evening that Forst & Greenlee's No. Nc
30 barrels an hour during the afternoon.
The runs of the Sistersville field afe given
below.
North Baltimore Producers.
NORTH BALTIMORE, O.-The Eagle Consoli-
dated Refining Company has completed No.
II on the r. H. Rahmey farm, situated on
section %, Henry township, Wood county.
It is showing for a lO0-barrel producer.
j. II. Van Wormer has shot his well on the
Lyons farm. in Portage township, Hancock
county, and one and half miles south of
the Denver pool. The production was not
Increased much.
The Ohio Oil Company has completed and
shot No. OH the Henry Swope farm, in Sec
tion IL, Liberty township, Wood county, $50
feet from the east line and the same distance
from the north line OF the farm; it is good Tor
about so barrels. The same company's No.
on tne d. Watnalt f6rm, section 25 same
was shot, and is showing for q
good producer: also No. on the P. Dorsey
Iarm, in section 2S, which is showing light.
The Gauges.
The production of Mcdonald was 1850
The hourly guages OF the larger
wells at Nc Donald yesterday were as follows:
sinclair Oil Company's No. l and 2, 40;
The estimated production was Is, $780, stock
IN the field, $4,000.
Runs and Shipments.
National Transit Company runs on the 9th
v ere 81, l27: shipments, IA ,6s3.
Southwest Pennsylvania runs from Nc
Donald were 2O,593 Outside OF Mcdonald,
9S9. Buckeye runs, Macksburg division,
) lS6; shipments, none Shipments from the |
Lima division, 46, 449; runs. 1861. The Eureka |
runs We're IL, l55; shipments. l,5S3 Southern |
Pipe Line shipments. 1883. New York |
Transit shipments, 81, PAL. |
Tho Tidewater Pipe Line runs yesterday |
we're 4, 365: total, 80, ,643 average, $685. Ship
nents, 26. .109; total, 81, ,297; average. $685.
Tho runs from the Sistersville field yester-
lay were $3.50, an increase OF 1,547 barrels |
,ver the day before. |
The Oil Market.
nj. ~y-ok ~k,.on