Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-07-29
THE WEEK IN OIL CIRCLES.
1t Was One Of Anxiety, and Yet, Lit
tie Occurred.
The Operators Watched the Dog
Skin and Dye-Brooks District
Very Closely-Two Wells Dr1 lied
in on the Ohio Side-One Dry
Hole and the Other in Doubt.

Little or nothing of Importance
transpired during the week just
closed in the oil fields of the State
h'he week was one of expectancy for tha
reason that quite number OF wells in
importana sections were due, but for diff
ferent reasons the majority of them did
not come in and will not be due until
some time the coming week. The prin-
cipal event of the week was the sudden
decline the three last days OF the
week in the market price of the COM
modify. The early part OF the week the
Standard announced its price to be
$1.521a for credit balances and the price
remained at that point until Thursday,
when. without any apparent cause, 1t
commenced to drop, and by the closing
hour had slumped to S1.4512. On Fri
dav it was not any better and when
the market opened Saturday morning
another drop of ~ cents was marked
up By this time the producers mad
commenced to loose all hope of the price
recovering again, and many OF them
closed out their oil at the best figure
they could get. When the market
closed Saturday at noon the market
had fallen off until the price had reached
$13012, at which point it closed.
The producers and operators are at
loss TO account for this sudden drop in
the price of the commodity, when it is
known that the production of the world
is continually falling off, and the indi-
cations are that within six months the
stock on hand will be very little in eX-
cess of actual consumption, unless there
is a very profitable new field opened
up. The old fields have all been gone
over since oil went to such an enormous
price several months ago, with the re-
suit that the production has been in
creased very little.
The slump in the price of oil the past
yeek will be a great detriment to the
operations now going on, for the reason
hat in most fields the drilling of a weA
s so expensive that it will not pay now,
unless enormous flows are struck, and
should the price go any lower much of
The work now under way will have to be
abandoned.
The field events of the week of more
than ordinary Importance were very few
In the vicinity of the Frieden well on
the Ohio side of the Sistersville field.
there were a number of wells due during
the week, but only two of them were
drilled in-the Norris well, Bradley Oil
Co., three miles north of the above well.
which came in a rank buster. and the
Ramey q Co. well. on the Hillman lot.
which was at first reported to be a
very small well. A later report was
received from this we'll however. to the
effect that it would make a good pro-
Queer, and it was estimated that it
would make from 80 to Is barrels day.
The Kanawha Oil Co.'S Nos. / and 2.
on the Lohri farm, in this district. were
also due last week, but for some reason
hey were not drilled in. It Is the COM
panys intention. however, to drill them
IN the early part of this week, probably
to-day or tomorrow, and it is expected
they will make good producers, as the
indications yesterday were all that could
be desired.
On the West Virginia side, in the Vi
entity of the Dye Brooks well. there
were several wells due the latter part of
the week, but up to Saturday evening
none Of them had been drilled.
Jones q Cos Nos. / and 2. on the
Thoburn, were reported drilling in on
Saturday, but up to a late hour last
night nothing had been heard from
them.
The freak of the week was the action
Of the Carter Oil Companys No. 2. on
The Freeland farm, out on Sancho.
This well was drilled in several weeks
ago, and after various reports had been
circulated to the effect that ii was a
dry hole, a gasser, etc, it finally turned
out that it was a small gasser. Last
week the flow of gas played out, and it
was thought the well was done for.
Friday night, however, the unexpected
happened, and the well, which was I'M
able TO hold its bonds any longer, broke
loose and made flow over the derrick
which lasted for some time, and at last
accounts the well was still flowing and
will no doubt made a good producer.
The oil men are completely nonplussed
over the actions of this well, and are
unable to account for its actions on
Friday.
At the present time there are quite a
number of wells drilling in the Dye
Brooks and Dog Skin districts, and
there are about fifty wells in the two
districts that will be due within the
next twenty days. Some of these wells
are due this week, and a great deal de-
ponds on the worth of these whether the
other wells are to be drilled in or not.
Outside of the Sistersville field there
has been practically nothing heard from
the other fields of the State. There is
considerable work going on in the Man
nington, Doddridge county and Wetzel
county fields. and also in Peasants and
Wood counties, but nothing of impor-
lance has been reported from any Of
these during the past week.
Last Monday the Register published
~ I fra0