The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-03-03
The Bullish Tendency Continues,
Production sHll Being un-
equal to the Demand.
new BELMONT COUNTY FIELD.
Is Attracting Interest, and There
WIN Be ExtsnSiys Operations
In the Spring.

point is bullish. and the producers have
the best OF reasons for looking for an
advance in the crude market, OF late
there Is a noticeable tendency among the
large companies and corporations to
absorb the producing interests Of the
smaller producers and as consequences
production has materially advanced. It
Is safe to say, that at no period has
producing properties commanded such
high figure. nor time when SO little
production was in The market. The
average producer has at last learned
the real value Of producing properties,
especially at a period when so little
available territory is in sight. And It Is
safe to say, also, there has never been
a period when the experimental drill
was so active and covered such a vast
amount Of territory, extending as 1t
does from the state Of New York to
Kentucky and Tennessee, and embrace
ing a large area Of territory in Kansas,
Colorado, California, Wyoming and
Texas. In all the above states the e1-
perimental or rather the wild cat drill Is
diligently oil work upon every belt theo-
ry known to the craft and yet nothing
Of moment has been discovered and
production fails by a large percentage
to meet the worlds demand.
It Is true. that in one or two localities
a slight extension to old territory has
been found, but this amounts to but 1T
tie and the new output viii scarcely
keep pace with the decline Of the old
producers. The recent cold weather
has materially curtailed production in
the northern and middle field, which 1t
is.expacted Witiba shown when the re-
port Of the various pipe lines handling
Pennsylvania oil Is complied The pro-
ducers are becoming educated more
thoroughly upon the situation and have
come to the conclusion that Pennsylva-
MIA oil Is good thing to hold on to, be-
lleving that, unless new territory is
soon discovered,it win bring premium,
and that a famine is likely to prevail.
That they are acting upon this well
grounded theory is seen in their relue-
tance in parting with their production,
which they do only when compelled by
the force Of circumstances.
The situation, abroad is no better than
It is ut home and the foreign producer
finds 1t hard Job to keep production
up to the point Of demand. The great
cry In the past Of an over production in
the Russian field is no longer heard, and
no longer used as a bear upon the
American product.
Increased Activity.
During the past seven days reports
show that there is an Increase IN sctiv-
ity in some quarters. which may be said
is about the only new feature in the
situation. This Is noticeable more par
ticuIarly in wetzel, Lewis and Pleas
ants counties. When the late spouters
at Campbelrs run In MonongalIa coun-
ty, West Virginia, made their advent,
the volume Of new work was Increased
at least hfteen per cent. but this pace
hus not by any means been maintained.
Campbells runs new lease Of life was
of short duration and It's brilliant re-
cord of q. few weeks has been abscured
this week by the finding OF a non-pro-
ducer when success seemed sure. About
one month ago the Battelle OIL Conn
pany drilled In a gusher in the north
east extension, quite way in advance
Of production and which had q record
in the start OF 1000 barrels day. The
spouter has held up remarkably we'll
in fact SO well that the company took it
for granted that the digging to the
northeast was all good and that failure
in this direction was out OF the ques-
ton. So deeply were they lmbued with
this idea thnt they banked heavily on
their test well, drilling 1900 feet still
farther to the northeast and in advance
OF their big well. But right here is
where they were fooled, rs the venture
came in the fore part Of the week q
light gasaer. This ID certainly sud
den change of base In the northeast ex-
tension at campbeil's run. and the own
ers Of the spouter and gasser have
painfully learned the truth Of the old
adage ''All that glltters is not gold"
Their No. I, however, is holding up ut a
80 barrel day pace and is one Of the
best wells In all this section Of the
southwest district. The unexpected re-
suit In their No. has condemned many
acres OF territory which until Its COM
pletion, looked reasonably sure. The
saIonie fluid was found at the same
level and spot where the big pay was
found in No. /, and for this reason COM
pletely puts aside all doubts which may
bo raised as to q thorough test Of the
venture and territory. The question has
been raised by several well posted oil
men that the we'll was not deep enough
to reach tho pay streak, and that the
owners were playing the mystery racket
to help them corral additional territory.
All this Is mistake, as the writer has
positive knowledge that the drlll has
told the whole story and that gas was
found In the debated venture at the
same level where oil was found in No. l.
In Greene County.
Greene county. Pa, this week has
furnished tho trade with an important