Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1898-02-13
The OPERATORS BLAMED
For Permitting the Price of Oil to Go
Down to the Present Quotatil rs.

Events Which Have Caused an Ad-
vance in Prices During the Past
Week-A Prediction as to the
Future-The Week in the PrOduc-
ing Fields in This State-General
News from All Sources.
Two years ago when oil was on the
jump and every one interested in the
bus ness was excited the Register predict
ed that if the operators SO willeo it the
price Of oil need never be below a dollar
again. 1t has always peen plainly evident
that the operators are in great meas
ure responsible for the low price of oil
They Will rush into a new held and punch
it full of holes, flood the market, and in
case there is any possible way to get the
best of the big corporation by an organ
ization they will stick together for short
time, but not for long. In reviewing the
oil situation at various times the Regis
ter has pointed out that the supply of
oil must increase or the demand for the
commodity lessen or there would be an
other experience of the times of '95 when
the oleasinous product went UP along the
line a few points. During the past few
days those who have been watching the
speculative market have been gratified by
the fact that oil seems to be getting
much stronger, and yesterday and Friday
the climax was capped when it started
up along the line again. There are quite
lot OF certificates out, and the most Of
the certificates are in the hands of the
enemy of the Standard. AS a result the
big company is compelled to advance very
materially the price of the product in or
der to get the oil necessary to I'LL these
contracts. should the people holding the
certificates rush in and demand their
holdings
The cause of all this is that during the
last few months. d number of the opera
tors, instead of selling their credit bal
ances at the Seep purchasing agencies.
have been selling it through the brokers
on the exchange, and in this way the
certificates have gotten out The stocks
of oil have been very materially decreas-
ing during the past couple of years. the
new work in the fields has fallen off the
new production has not been held up, and
the oil market now shows the effects of
this. At the present time there are three
prices for what is known a Pennsylvania
crude. The Standard Oil Co. s purchasing
agencies are offering one price the indie
pendent people another. and the specula-
tive market is higher than either of the
others. A bugbear which has been
sprung on the producers for a couple of
years has sbeen the rumored competition
of the Russian and Eastern oils, which
has not maerialized The truth of the
ic.t hot hn will
materalize The American oil is so far
superior as an iluninant over the pro-
duct of the eastern countries that there
is no ground for competition. and there
is none.
American is the only one found in any
quantities so far that is Of good grade
and therefore sought in all markets. The
increase in production does not come any
where near keeping pace with the demand
although great efforts have been made
to make ii do so. and also to open UP new
fields which would swell the production
to what ii should be in order to supply
all the demands made on it, 1t is a safe
enough prediction now that oil will be
higher very shortly than it has been for
some time. and also that ii will never go
as low again as it has been for some
it in their power TO prevent oil from drop
ping back to where it is now, if they will
only stick together. but they won't do
this. As soon as they get hold of a good
piece of stuff and the Standard offers
them good price for 1t. they will sell out
to the enemy. and in this way the big
company is able to hold it's own.
The week in oil circles in this State has
outside the ordinary drilled IN, and only
one that has attracted much attention,
and that was the well on the Walton farm
in the Wilson run district. This well has
been completed. and while it is not a
large producer, yet it is big enough to
show there is some oil in that section.
The general impression is that it is on
the edge of pool and there will be con-
siderable work done in that section in a
short time.
Perhaps the well that is attracting the
most attention at this time is that drilled
in by Mallory & Barnsdal on the Abeicht
farm on Whiskey run. in Richie county
The well is averaging better than 600
barrels a day and is attracting wide
spread attention. as it is the general opin-
ion that a good sized pool will be opened
up there. During the past week all the
people having leases close to the well
have been making preparations to drill
their holdings. and there are now half a
dozen rigs in the course of erection. Some
Of the wells located will be started drill
ing the early part of next week.
In the Elk Fork pool there were several
wells drilled in during the week, but none
of them were of any Importance. all being
small wells and in defined territory.
Cobb & Glenn have a we'll due on the
Meyers lease TO the south of the present
production in the southwest extension of
this pool, but for some reason it has not
been drilled in. This well is located a
short distance from their No 1 on the
Meyers, which came in a very small pro-
Queer.
The Eastern Oil Co.'S No. on the Duval
lease nas been completed. and it will
probably be good for 100 barrels a day.
This well is located to the northeast of
the old pool and is on the extreme edge.
The Argus Oil Co. has the rig mp and
will commence their No. on the Snider
farm in a couple of days.
Special to the Register.
ST. Marys. w. Va, Feb. 12.-The oil ex-
element in the Whisky Run field is los
ing nothing of the intensity and in spite
of the fact that it is reported anywhere
from, 150 TO 1 coo barrels per day there is