Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1898-10-17

AND AN INCREASE IN PRODUCTION.
THE SITUATION IN THE OIL MAR
KET AND THE REASONS WHY
BETTER PRICES ARE PROBABLE.
THE WORK OF THE WEEK IN
THE DIFFERENT FIELDS RE-
VIEWED-GENERAL OIL NEWS.
There have been several events in
the oil world during the past week
which have been of more than ordinary
Importance, from the drilling in Of
some extremely important wells to the
advance which has taken place in the
price of credit balances. since the last
review was written. The fact of the
matter is that it has been extrmely
interesting in that line of business dur
ing the past week, and the outlook is
that during the next week it will be
even more so. The week started off
with the ushering in of the first line
fight that has been ON in this field since
the original Sistersville field was open
ed. 1t is between the Henry Oil Com
pany and the South Penn Oil Company
between the Gorrell and Cunningham
farms, in the northwest extension of
the Elk Fork pool, and at the present
time there are about a dozen wells in
the affair with the indications that be-
fore it is over there will be more. Both
of the companies engaged in the fight
are determind not to give up.
Credit balances have been the most
important thing during the week. An
advance of four cents in week when
oil has been way down at the bottom
of the toboggan is enough to excite
even those who have no oil to sell. The
early part of the week there was on
advance Of two cents. There is at the
present time hardly an operator in this
field who has not some wildcat terri
tory. 1t is believed to be fact that
should oil go to one dollar and twenty
five cents there would be a great deal
of new work started in territory which
believed that is one reason why the
Standard is advancing the price of the
oleaginous fluid. 1t must needs have
the oil in some way to fill it's contracts,
and as there is no other way of getting
the operators to work they are COM
PEELED to advance the price. 1t is a
fact that during all the time the price
of crude oil was at the lowest figure
the price Of refined was advancing right
along, and it is still doing so. The
cause of this is very patent. The big
company has not the amount of oil in
stock to fill its contracts, and it is rails
ing the price of the refined to such a
figure that while they are making the
same amount of money all the time the
consumers are more careful Of the
amount of oil they are using, and in
this way they are helping themselves
out until.it is possible to get the oper-
ators in the harness once more and get
the stocks back to where they were.
The statements of the pipe line COM
panies published the first of the month,
while very misleading in a number of
ways, show that the amount of stocks
in crude oil above ground are away
below what they have been for a num-
Der Of years, and other statistics show
that during the last month there was
very heavy falling off in the amount
of new production despite the fact that
more wells We're drilled than during
the previous month. The bugbear
which has been frequently published in
the leading papers of the country at the
instance of the Standard Oil Company
to the effect that the use of gas and
electricity are hurting the sale of oil
Teflned, does not go any more. There
has been a pamphlet of statistics pub
lished recently in regard to this mat
ter which shows that instead of the
consumption of oil falling off on ac-
count of the elements mentioned above,
that electricity and gas have not had
anything to do with it at all. Instead.
1T is asserted on good authority that
the consumption of oil Is on the in
crease, and this latter is what is scar
ing the big trust. AS matters stand at
present, they are unable to fill the hog
glsh contracts they got hold OF some
time ago, and they are very badly
scared for fear they might lost a few
dollars, and of course every one knows
the Standard Oil Company is a very
poor concern and coG,d not afford to
lose any money. If the most people do
not know this they are aware of the
fact if they have ever had any dealings
with that octopus that it will not lose
any money
That oil will go even higher than it
is at the present time is conceded on
all sides. There is every reason to be-
lieve that during the winter the price
OF oil will go great deal higher than
it is now and the prediction is again
made in this paper that before Christ
mas there will be an advance which will
bring the price of the oleaginous fluid
to or above the $3.50 mark. This pre
diction has been made before in these
columns and the writer is candid in
making the assertion. 1t is fact that
all indications point in that direction.
The winter weather is coming on now
and in cold weather it is we'll known the
production falls off very rapidly. The