Sistersville oil review. [volume] (Sistersville, W. Va.) 1896-1901, 1898-10-05
be watched very closely by the tall
ent in all parts of the field.

making preparations W w great
deal of work in this part of the
field this fall and winter. They
have made the locations for a num-
Der of wells and in some instances
have placed the rig timbers on the
ground for the rigs and are getting
the other necessary material out.
This company has some first rate
looking leases in that section and
it is believed they will get some
good wells.
The Henry & Mcdonald Oil COM
pany, which drilled in the good
we'll on the Margaret Gorrell lease
short time ago, is making prepa-
raeions to test the rest of their hold.
ings very shortly. They have al
ready. made the locations and are
building the rigs for couple of
wells on the same farm, but have in
contemplation quite a lot of work
on the outside which will be taken
up in a very short time.
As is always the case the most
interesting things during the week
in oil circles, was the two changes
in the market, the first one of
which occurred on Tuesday when
the price of credit balances went
up to $1.o6 for the grade of oil
known as Pennsylvania. This is
the highest this grade of oil has
been for a long time-at least
twenty months-and of course the
operators were very happy and were
congratulating themselves on the
good things in store for them, pro-
viding of course that the market re-
NAMED at that figure. On Wednes-
day there was no change in the
market, although one was expected,
but on Thursday the change came,
when the market broke and went
down peg on all grades except
the Lima and Indiana. Of course
when the market broke, as has al
ways been the case, there was
number OF people who made rush
for the pipe line office to sell their
oil. The more level-headed opera
tors and producers did not do this.
as they are partly on to the tricks
of the great octopus, and knew that
the decline of one cent on the bar
rel for petroleum on Thursday was
only a scare. They knew thatthe
Standard would be compelled to
pay more for oil now being pro-
duced before the winter is over and
the more prudent operators and
producers are holding on to their
production and will continue to do
so for some time to come.
That there will be an increase, id
the price now being paid for crude
oil before the winter is near over,
is conceded by the best posted men
in the oil business at the present
time. They all know that the
Standard does not have near
enough oil each month to fill its
orders and that it is running be.
hind each month. If there is any
thing in the claim of these people
that they will pay the market price
for oil created by the demand for
the product oil at the present time
should be worth at least fifty cents
more on the barrel and it is the
candid opinion Of the writer that
before the winter is over oil will
have advanced at least to fifty cents
better than it is at the present time.
There is decline of not less than
half million barrels this month In
the stocks above the ground and
how is the trust going to make that
up. The operators have been do
ing very little work during the sum-
mer and they will do less this winter
unless there is a great increase in
the price of the commodity. They
know they cannot afford to drill
wells in the deep sand territory OF