The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1896-12-02


There was another slump In The oil
market yesterday, the price going down
three cents. The principal feature OF
the oil business for the past two weeks
has been the changes In the price and
1t looks as II the decline was going to
continue until 1t had gone below the dol
lar mark. The present prlcN is the low
est al which oil has been for more than
Two years, and the producers and opcr-
atOrs are at Il loss to find any reason
why the bottom should fall out OF the
market at this time. II has been a well
known fact that the supply OF Pennsyl-
vania oil has not been up TO the demand
for more than year and yet despite
this the price OF this particular brand OF
crude petroleum continues 10 fall. The
oil market In the past fifteen days has
fallen fifteen cents, an average Of pen
ny Il day, This Is a very lively decline
for any kind OF commodity and II Is
no wonder that the people who are en-
gagged In this business arc feeling lit
tie queer.
The decline yesterday was moi cOniin-
cd entirely TO the Pennsylvania pro-
duet, but all the known oils In this coun-
try We're marked down three cents. IT,
ona. the purcst oil produced, which Ia
always several cents above what is
known as the Pennsylvania product,
Is quoted at 81 Il. while Pennsylvania.
h worth 81 o.. The oil produced at
Barnesvilie Is OF poorer grade than
either Of the above named oils, and this
brand was reduced this morning 10 80
cents. New Castle oil is quoted at so
cents under the new price list, decline
OF two cents. The oil produced at North
Lima. Ohio. is also different from that
found in any other field and II is s.
cents. one cent below what 1t was be-
fore the cyclone struck It. South Lima
and Indiana oil are much the same and
the new price qusted for these products
is IS cents. which Is reduction OF two
cents from last week. None OF the above
named oils except Tiona and Pennsyl-
vania has been participating in the
general cutting that has been going on,
and this is tho first time for a long
while that any of them have been re-
duced even a fraction OF j cent. The oil
men do not know what to think of the
general mark down and :hcro is every
reason 10 believe that II will have the
effect ot stopping a great deal OF the new
work in all the fields. 1t is a fact that
some of the work in This field which is
already under way. will be held back
for While 10 see how the market will
act.
There is not ere2.: deal to report
from the fields, asst here are practically
no wells due. or course there are many
nearing the sand. but at the present
time there is nore that will be in the
sand within two days. The eyes OF the
world are centered on the fields in the
vicinity .of Sistersville. The Hebron
and BenwUod fields are attracting the
greater part of the attention. Perhaps
the most interesting thing in Tyler
county at present is the deep sand ven
lures in the interior. There are sever
al wells being drilled since The South
Penn opened that field with the well
drilled in ION the sly" a short time ago.
1t is the concensus Of opinion among the
oil men that there is a Sood Gordon
sand pool in that part of the county,
and that those who have territory will
reap rich harvest from their holdings
The majority of the territory is held by
the South Penn Oil Company, but there
are few outside people who have ter
r!tory.
The Hebron pool has been coming to
the front lately with some good wells.
So far there have been but one or two
dry holes drilled in this section out Of
the twenty-five or thirty wells drilled.
All the wells SO far. have been good
producers, and what Is more important.
have been good stayers. There is a
great deal Of work being done row and
1t will be but a few days until several
important wells will be due. The COM
panies holding territory on the extreme
edge OF development are making prepa-
rations TO develop their holdings, and
within the next thirty or sixty days
the pool will be largely defined.
In the back part of Tyler county there
Is considerable excitement in the Sancho
territory. The Carter Oil Company has
done considerable work for more than a
year and has been rewarded with some
very good wells. Other people who have
been drilling have also gotten good wells
and It looks now as though a field OF
good dimensions would be opened up.
The latest wells drilled have been show
ing UP good gassers and as has been the
case in this section before this is an in
dication OF 4 good big pool somewhere
near. The latest well heard from out
in this section is that OF the Carter Oil
Company on the Clarl. Smith farm
II was drilled to the top OF the sand on
Saturday and developed into n strong
EETI q