Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1898-10-09


Is Now Expected BY Many Of the Best
Posted Oil Operators.
BELIEVED THAT A STEADY UP
WARD MOVEMENT WILL BE
SEEN-STANDARD OIL COMPANY
Said TO HAVE DEMAND AT aOME
AND ABROAD FOR ALL THE OIL
THEY CAN SECURE, AND THAT
EVERY EFFORT is MAKING TO
BRING ABOUT AN INCREASE IN
PRODUCTION AND TO FORCE OPP
TRAITORS TO LET GO OF WHAT
THEY HAVE.
Sistersville, w. Va, October g.
The one event of the week was the
oil market, as has been stated several
times previously in these columns
When the market went up one cent
the first of the week a great many OF
the croakers were of the opinion, and
they expressed 1t freely, too, that it
was as high as 1t would go, and when
this paper made the prediction that it
would 20 to S1.10 before the 10th OF
the present month there was a great
deal Of pooh pooling and it was said 1t
did not know what it was talking
about. On the next day there was no
change in the market and the knowing
ones thought this a good indication
that it would not go any higher, but
in this they were very badly mistaken.
On Thursday the credit balance mar
ket was showed UP one cent more ana
on Friday 1t went up two cents to $llO,
the figure which had been predicted
for next Monday. The price of oil is
now at figure which will encourage
the operators to do a great deal OF
work not only in the partially defined
territory but In wild cat stuff as well.
A little wild cat work can be done at
the price credit balances are at the
present time, and some of the larger
independent companies which have
been laying on their oars all summer
are making preparations to do some
work this winter and are getting the
material out into the field.
1t is now believed by great many
of the best posted oil people that the
price of oil will advance steadily for
drop of a few cents is liable to occur
at most any time, but their explanation
Of this will be that the Standard is do
ing everything in their power to get
hold of the oil which the operators
have been holding and which the
great CORPORATION is greatly in need Of
and which they must get in order to
fill their contracts not alone in this
country but in the foreign countries.
The object Of marking the price of
oil down is simply to try to scare the
people who are holding their produc-
ton in the line to sell 1t. There is no
reason on earth and no good plausible
reason can be advanced why the price
of the oleagineus fluid should not go
up, and it will do so. While the great
amount of work in contemplation at
the present time may amount to some
thing in the way of opening up some
new territory in the near future. 1t Is
not generally believed that it will, and
the operators are not getting scared
particle There is nothing to scare
them unless it would be the price of
oil dropping, and those who know
anything about the matter are well
aware that if oil should decline it will
only be done for the purpose of trying
to induce them to sell. One thing
which makes the writer believe that all
grades of Gil are destined to go much
higher is the fact that at the present
time the low grade product is higher
than it has been in the history of the
business for a great many years
When the low grades of oil are being
pushed up along the ladder you can
make UP your mind that things are in
pretty bad condition and that the
great corporation is in need of the pro-
duct
OF course, the fact that the Lima
and Indiana oils are at 20 cents, the
highest figure they have been at for a
long time, will not worry any one a
great deal. There is lot of work be-
ing done out in those fields, and there
will be more now just the same as In
the territory which produces the better
grades of oil. but 1t is not believed that
this will hurt the business here nor
will it be the cause of the price decin-
ing, as great many seem to think
The Standard is using great deal OF
interior oil for refining purposes. but
not as much as formerly, for the simple
reason that the people will not buy
except where they cannot help them
selves, and that is in very few places
now. as the independent people are
making great inroads on the territory
of the Standard and are furnishing a
better grade of oil at lower price than
the other concern is, and for this rea-
son the other people are compelled to
keep the standard of the refined I'D to
a better grade. and they are doing it
at this time. Of course. In the foreign
shipments the Standard can send the
refined Lima out and still furnish a
better grade of oil than can be made
from the petroleum produced in Russia
and some of the other foreign coun-
tries, and they are doing 1t right along.
The demand for the high grade oil in
this country has become so strong that
they are compelled to work I'D more
of the low grade stuff. and this is be-
lieved to be the reason why the price
of the low grade credit balances has
been advanced so materially during the
week and to a point above where it
he's been for long time.
This has been one of the most excit-