The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1898-03-08
WEEKLY Oil REVIEW.

y Oil mon were kept busy trying TO
guess out the market during the past
seven days, says ID. s. W." Early In
the week the speculative market showed
Wonderful activity and bid fair TO reach
the dollar mark, a ng.honed-for con-
summation. Spectators, who had not
even asked for the quotations for many
months previous, suddenly awakened
to the situation, and for the time being
thought they had been neglecttul in
letting the market get away from them,
They thought they had let q good thing
go by without getting any OF It Start.
Ing at o3c on Monday. 1t moved up to
oIhc during the day, and those who had
gotten In below, or a little above 9os,
were feeling In high glce. 1t looked like
so smooth sailing TO the dollar mark on
Tuesday to within n few minutes OF the
close, when 94c was the quotation.
"Wednesday It struck the toboggan.
opening Mt 9ihc. and before the close
had slipped down to s2Hc, and some of
the good things had, for the time being
at least, gone glimmerlng. The knock
out blow was administered on Thurs
day when certificates opened on even
terms with credit balances at SIC. Dur
Ing the day, however, the certificate
market slumped to 7S1sc, but recovered,
closing ut 62&c The closing figure on
on Saturday was A&c. Throughout
the week the credit balance market re-
mained stationary at SIC.
One OF the theories advanced for the
tumble was that the speculative mar
ket had advanced with such rapid
strides that It got so far beyond the
credit balance market that holders got
shaky and allowed It to let so ut once
and there were no buyers, WHICH Reces-
sarlly preclpitated the collapse. The
fluctuations In the refined also exercised
an influence on speculative values. So
far us the field situation prevailed, there
was nothing discovered to cause n de-
pressing effect The February field re-
port was the most favorable OF any for
several years. II showed n decline all
along the line little short OF alarm
Ing, so far MS It applied TO the fields
production OF high grade crude.
There Is no denying the fact that the
old and new pools are declining and
prolific producing territory is fast dis
appearing. II Is true the South Penn
OIL Company secured brace of gush-
ers on Campbeil's run. north OF Mnn-
nington, but there were busters in the
same territory Us we'll. In Greene coun-
ty the same company drilled In q we'll
on the Parry farm, southwest of Brls-
torla, that started at fifteen barrels an
hour. With n few exceptions the Bris-
toria development, and that at Grays-
vile, six miles to the northeast, have
been continuous disappointments for
almost year. 1t was somewhat of
coincidence that the Old Former gusher
was drilled In on March q year ago,
and the same date 4 year later the
Parry well tapped the pay streak and
began to flow. II is to be hoped the
Bristoria development will prove more
profitable than the Former. There will
be two moro wells due at Br!storla this
week and both are expected to give
important information as to n probable
extension of the development.
FINN the standpoint Of the wildcat
ter. Richie county is the most interest
ing territory at this time In the whole
lower southwest. There are two devel-
ments. Whisky Run and Richie Mines,
claiming attention.
a new strike on the Keener farm,
west of the Henderson, pool, in Wood
county. promises n liberal extension in
that direction. For regularity in form-
atioE and uniformity In the size OF the
wells the Hendershot pool has been one
OF the most remarkable OF the past
year.