The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-06-09
0ILD0M'S
WEEKLY
REVIEW.
Tho Past Two Weeks Hayo Baon Re
marka,S9 For the Extenslve
Field Developments,
THE SUPPLY MEN IN DISTRESS
And Say They are Having to Garry
the Producers In Light CAL
ibre Territory.

,rso past week in oiIdom has also
,,,r productive of-a large number OF
,y,ls above tho average callbre, and
,.sfrs we're located In nearly every
,,r. d, the broad domain of Oildom. In
,p,e respect. the past two weeks have
hapn remarkable In the history OF field
N,ya8pmcnts, and 1t is record that
ronrot be duplicated in any two weeks
Ar lht past twelve months. While
,bc wells were fnr above the average
sizo Of producers, the number was cor
rrspsadlnsly large, while their dlstrI-
,n,yon was found'in embrace every lat
rpda of producing territory, and which
also abounded in all the different for
nations
The general complaint and protestu-
ZION Of the producers throughout both
tho eastern and western oil fields
against the manufacturers Of OF: we'll
upplles and machinery for arbitrarily
maintaining high prices has at least
had It's effect. and II now looks as II
their pleadings and demands may yet
oroduce results. Tho manufacturers
are beginning to realize the true situa-
lion. and are finding out their suueez-
ing policy cannot, II persisted in, but
eyenuate in their own disadvantage,
ne well as forcing the small producer to
hang up the drill and suspend further
operations. While they are beginning
TO loosen up d trine, there has been no
appreclable reduction in supplies, or
any radical cut on machinery On
several articles in the past week. a
slight decline from former prices is to
be noted, while the reduction in the
price Of cordage was perhaps the
greatest, but nothing near an equitable
basis with the price paid the producer
for his product. 1t is the general opln-
lon OF the producing fraternity now,
hat tendency to reduce high prices
has set in, that the manufacturers
will, from the force Of conditions, put
prices down to point where the own
ers OF light callbre territory can resume
operations again. Conditions from near
" every view point tend to q stu low
er figure for crude. and the average
producer may as well make up his
mind to this fact, and meet the situa-
ton In as philosophical manner as pos
sible. There must be cuEtailment OF
production instead of Increasing the
runs and a pillnE up of stocks. AS
long as stocks show the present large
gain. and corresponding discrepancy
between shipments and runs, 1t is only
natural that the market VIII follow In
.he wake OF such conditions. The pro-
Queer must bear In mind that over
production always entails a low market
and the only preventative for these
results Is to stop the drill until the in
disputable principle of supply and de-
mand regulates It. Producers them
selves are mainly responsible for the
present situation, as is shown by the
figures of operations for the month
Just past. This Important and inter-
esting document clearly presents this
stubborn fact, showing an increased
activity in almost every locality Of the
oil regins. This, 1t should be remem-
bered. is applicable to the regions pro-
duclng Trenton rock crude. ns well as
to the eastern fields.
Increase In Field Work.
=. The report shows that there is not
only an increase In completed wells
but that in the volume of new work,
the percentage of gain is quito large.
As compared with April there were
completed in May. over half a hundred
more wells, ulthough In the aggregate
there was FILLING off of about SIX
hundred barrels In-new production. But
while this ls fuct, the producer should
not fail to understand that this falling
Of Is chargeable alone to the Gaines
pool in Tioga county, Pennsylvania,
which failed to maintain its big pro-
ductlon established In April. 1t was
like "A fash in the PAN" but the iis-
urcs show too, that the deep sand ter
ritory in the sunny south more than
KEEP; up Its lnrge production. And 1t IS
pertinent to add in this connection, that
II the record OF big wells and good pro.
duccrs is anything near maintained
throughout the month, MS has been
shown in the frst week, June's increase
in new production will undoubtedly be
surprisingly large, when all the returns
ore footed up. Producers can. II they
viii, regulate the price of crude by the
drln. and command fair and equit-
able figure for their product. They
Themselves hold the key TO the sltun-
ton II reason and concord OF action
should govern their operations In
their arguments and reasons asserted
Tor the present declining market they
have attributed every reason but the
right one, hut now they are forced to
admit that the drill must be curtnlled'
and stocks reduced before better prices
can be hoped for. To-day, two OF the
head officials Of thr Independent organ
izl,ous, one OF the Pure on Company,
and the other Identified with the Uni
t.l States Pipe Line Company before
their consolidation, said to the writer:
There Is no use OF talking and specu-
htlrg upon the cause of crude being
marked down, for 1t is oil as plain MS
he nose on your fact rushing the drill
and oyer-productlon lie the real cause