Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1895-04-14
Oil Closed Yesterday on Exchange at
St99.
The Standards Price Was Advan-
ced Again Yesterday IS Gents.
The Octopus Seems to Have
Lost Control Of the Crude Oil
Market-News From the Local
Fields.

its highest pitch Wnen the price
touched 81 per barrel just before the
market closed at noon.
Great interest was felt in the course
the Standard would take, and before
the market opened the lobby of the Elk
change was crowded with producers
and spectators, and the stairway lead
ing up to the rooms was blockaded. Al
the tap OF the bell S1.75 was bid for the
May option, but the price almost inn
mediately bounded up TO $195, at which
figures $4,000 barrels changed hands in
the first five minutes. Then the Stand
ard price Of S1.75 for credit balances
was announced. This was an advance
of 20 cents on the price of Thursday.
The Exchange Immediately bid the
price of cash oil up to S1.91&, or 1914
cents above the figure set by the Stand
ard. A reaction Of 3 cents occurred in
the May option, but the loss was al
most Immediately recovered, and from
II o'clock to the close the advance to
81 was uninterrupted. The close was
$199 bid.
The advance for the day over the
closing price on Thursday amounts to
81 cents, and for the week 81 cents.
Throughout the session the telephones
on the Exchange were continually ring
ing with inquiries from all quarters,
and along Fourth avenue the market
was the one subject of discussion.
THE Atlantic Refining Company
which is the branch of the Standard
which handles the refined product, has
advanced the price of refined l cent a
gallon, or so cents a barrel, to jobbers
and wholesale grocers. This advance
was based upon the price OF crude on
Thursday. Since then, however,
crude has gone up 25 cents, and an
other advance in refined is certain to
be made next week. The advance to
consumers thus far amounts to about 3
cents a gallon, or.S1.50 per barrel.
No one is guessing what the future
course of the market will be. Any
predictions that may now be made
would not sound ridiculous, in view Of
the events of the past week. There are
no bears" on the commodity, but
warnings were sounded on the Ex-
change that it was now unsafe TO trade
in oil on the ordinary margin.
For a moment the Standard seems
to have lost control of the market for
crude. Every advance it has estab-
lished has been betttered by 20 cents
by the exchanges, thereby realizing
difference of from $3.50 to 5000 per
thousand barrels. If the Standard
should suddenly drop its price it would
shake out" the spectators, and this
is what the latter are afraid OF.
"The greatest activity prevails in
field operations. The statement is
made that within two weeks there win
not be an idle driller or boiler maker
to be found in the region"
The New Kensington Oil and Gas
Company, a "tenderfoot' company or
ganiZed by a number of New Kensing-
ton business men for the purpose of
prospecting for oil, has made a big
strike on the Abe Reimer farm, near
Logan Ferry, Pa, which is likely 10
cause a sensation in oil circles. The
well. which is an abandoned gasser,
has been cleaned out preparatory to
pumping, and it is said to be good Tor
from % to so barrels a day. This will
open up an entirely new field, and oil
men are making a great scramble 10
get hold of territory in that vicinity
The following special was received
from New Martinsville last night:
THE Carr Bros we'll on Long Run
made forty barrels per day for We'd
nesdav Thursday and Friday, not
witbstanding the oil is flowing
through 200 feet of collapsed casing.
Three more rigs will be completed in
this field in a few days. An effort was
made to clean out the Carr Bros
well after it was shot, but nothing
can be done until the strong flow OF oil
ceases"
The Colerain Oil Company COM
posed principally of Wheeling people,
who have a large block Of territory
near Colerain, o.. awarded a contract
Yesterday to Gallagan e. Tague to put
down a we'll on one of their leases.
The rig timbers are already on the
ground, and drilling is to be COM
menced in ten days.
The following are from Mannigton:
The South Penn Oil Companys b. r.
Blackstone No. Is is in the sand, but
has no showing of oil yet.
The South Penn brought in a gusher
in Doddridge county Friday.
r. J. Straight & Co. are starting
their Henderson No. 2, near the Free
land gusher that came in last week.
The Delmar Oil Company are start
ing their VIM. Teagarden No. near
Earnshaw. Wetzel county.
r. C. Coulter & Co. are building the
rig for their Michael No. l near Downs
Station.
The Burt Oil Company's ]. NJ. Hess
No. /, on Burganon, is rigging up this
week.
The South PENIS Thomas No. !, on
Flat Run, is in the sand, but had not
reached the oil at last report.
The South PENIS E. A. Blackstone
No. 3. which was dry in the Gordon,
was drilled to the fourth sand and got
a big gasser.
Special to the Register. -, % on
Sistersville, w. Va, April 13.-Oll
sold here to-day at S175.
Runs from this field the past "A
hours were 1880 barrels.
Producers are not selling much OIL
at present. Sales are mostly made by
the royalty people.
How money is made on oil is eXem-
plified by the fact that on oil in the
lines held by J. B. Mccoy has netted
him about $4,000 a day the past week.
He has 1000 barrels in the lines.
To-day it would have brought S54'-
coo. He is holding it for $500 mar
ket
Harry McLure, Of Wheeling the
Friendly oil magnate, has located two
wells on his lease and the work OF