The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-13
FLUCTUATIONS IN OIL.
With the Price Under IS Cents Pro-
ducers Do Not Care to Drill.

With the Price Under IS Cents Pro-
ducers Do Not Care to Drill.
Special to the Indianapolis Journal.
MONTPELIER, Ind, March 12-The f1uc-
tuation in the oil market is mystery tc
the trade at large. The price did not adj
vance far enough to create a very great ex-
element and as it has been descending the
ladder for the past few days, it will cause
but little new work to be done. Indiana
operators are willing to chance few wells
with a 55-cent market, but they do not want
any more Accent market, as they claim
there is no money in it for the investor.
The now most important point is located in
Washington township, Marion county, where
some fairly good wells are being opened up.
The White River Oil and Gas Company and
Mcknight & Murphy seem to have about
the best of the pool. This company is MAX
ing preparations to put down half dozen
wells at once in the Broad Ripple district.
They will naturally be located on line
between the Hamlin and Mitchell farms
where good producers have been completed,
and which farms are producing the present
bulk of oil in the field The White River
Company will drill a well on the Jane Jones
farm, and another on the Hilary Morris
lands, also one ion the Ellen Bradley farm,
near the Ohio Oil Company's producing
wells on the Hissong farm. The same COM
pany is due in the sand on the c. Hamlin
farm in Section 2, Washington township.
This is the third we'll on the farm. Nc
Knight q Murphy are also due to drill into
the pay on well No. on the I: \. Mitchell
farm, in the same vicinity. Well No. on
the Mitchell farm, that three weeks ago
started at thirty barrels an hour, is still
don y $50 barrels ARE foa day This is bH wondf
east from the center of the pool is the
we'll completed on the S. " Johnson farm,
that did $50 barrels in two days and is con-
sidered very good find. The Gilchrist Oil
Company's' well on the Mary Clark farm is
reported to be showing for q paying ven
ture. The Ohio Oil Company is pushing
work on the William Dawson farm, as there
is well drilling and two more rigs up
and ready for the drill. The Broad Ripple
field appears to be the center of attrac-
lions at the present writing, but how long
1t will remain is question, although the
wells show better staying qualities than in
any other part of the State. In the older
districts of the State the drill is not being
pushed to any great extent S. w. Taft 81
Go. have completed well No. 3 on the S. E.
Huffman farm in Section Is. Washington
township, Backford county, and it is ten
barrel producer. The Ohio Oil Company
has drilled in a good well in No. 8 on the
township, Grant county, and it started off at
better than hundred barrels a day. The
same company has completed well No. on
the Mary Rupel farm, in Section 4, Jackson
township, Jay county, and it did fifty bar
rels. The Green Oil Company has COM
pleted well No. on the William H. Myers
farm, in SECTION, %, jefferson township,
barrels. $3.50.
In the new field near Hartford City the
Manhattan Oil Company has completed a
failure on the French farm. In the new
field at Keller's Station IN Wabash county,
there are three new wells under way, but
the territory is more like that at Peru,
than any field opened up in the State. The
daily output of the Peru field is put at a.
trifle over a thousand barrels a day. In
the field of Delaware county, and east from
Summittville. H. M. Gilchrist has finished
up ninety-barrel well on the E. Brady
farm.