The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-05-05
REARISR THE
TENDENCY OF
OIL MARKET.
Mn, April Pipe Line Report Shows
1asrea.ea Production of Crude
Petroleum.
BOTTOM NOT YET TOUCHED
,,,,rtins to the Experts-sketSh Of
tie Field Operations During
the Past Week.

Tho petroleum market at this writ
,- has declined to 81 A. a figure little
I ,,,r,l OF With the opening of spring.
~ gs. neral feeling OF the trade IS that
.so market has not yet touched bottom,
=" =. syrry feature of the industry pro-
.,-,, decidedly bearish aspect, Pro-
5,..io. according to the closest tSbula-
. -, reports, is on the lpcrcass,
I'm. fed conditions argue favorable
%ra eth greater output.
m, export Of operations for the
.,t-.n Of April is the most bearish Of
a ,' report issued in the past year, and
. -,,.s but little hope Of better prices for
s-,H In the Pennsylvania regions
,,-r proved the banner month in the
ar,ognt Of new production and In the
,mrbsr Of drilling wells and rigs un-
S.r was at It's close. More wells were
s,r,p,rtpd than was shown in any re-
s,r, r9r the past six months, while the
n,u PRODUCTION was the greatest shown
S,r a number of years. It was thought
that when the market broke, and con-
,,,rp1 on it's downward course, It
,r,TSS have material Influence in the
..g,silmaDt OF new work, but such was
,,1t tsr case. and instead of falling Of
new work, II was prosecuted with the
greatest vigOr.
Tho ereat southwest has always been
r5ts! lor turning out the largest NUM-
Lar NJ big wells. but in April this sec
lion gurpassed all former records in
his respect. but all or nearly all, fortu-
,5teIy were within the boundaries Of
loaned territory. The old Garner pool
rs1r Proctor in WetEel county, W. Va,
r9cla To the front with eight. or ten big
,glls which helped to swell the new
,rofrctIgn to a considerable extent.
Tsgs result in this locality was not
r5nripi upon n month ago, even by
those who were interested In the devel-
Cnmsnt. and is therefore, surprise.
mo rapJrt shows that the southwest
district and southeastern Ohio were
mo most active of any Of the producing
yarlons In these localities the expert
mental drill IS being pushed with the
greatest diligence in search OF new
territory. The results however, of the
wid cater in West Virginia during
Anil amounted to practically nothing
and no new territory was added to the
producing area.
A Northern Gusher.
To turn from the sunny south to the
POLAR regions. It is found that the unex-
yected happened in the northern field,
where a gusher of the first magnitude
Eas discovered in comparatively new
territory. At FIRST the embellished re-
ports almost created u panic in the
trade. and the greatest CONSERVATION
sreyallad. Reports represented the new
ind was in the Bradford sand, and that
me veil was flowing 5000 barrels a day.
The fact Is, It is n shallow well, only
i50 or COO feet deep, and the formation
n which oil was found Is nothing more
5r less than the Chipmunk sand. The
we'll started of at q 1000 barrel day
mil, but has since greatly declined
nom these figures and In few days, II
win have simmered down to an ordi-
nary Gains well. The well Is located
near Biossburg In advance OF the
G1ires pool, and in Tioga county. Penn
syIvann, 1t Is at present the largest
well in the entire oil region. This We'll
has wrested the sceptcr from West N!r-
giula but Just how long this honor VIII
b. held in Tioga county is another
question. The concensus OF opinion OF
producers is that the welt is freak
Ind in the end win amount to but little
Others think 1t is the forerunner OF n
new pool OF considerable dimensions
Time and the drill alone can only deter
mine the facts Many predictions are
made by the well-Informed oil men OF
he rthern field upon the future OF
The new Gains development, but 1t Is all
guess work. and with only one producer
rom which to draw conclusions. nm at