The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-04-28
CONSERVATION
PREVAILS In THE
OIL BUSINESS.
Tho Price of Crude has Gone Below
the 81 so Mark, and Every
body is at Sea.
some new TERRITORY ADDED
npripg the Present Week, But Fortu-
nately for the Small Pro-
ducers no Gushers.

The market for crude. contrary to ex-
r.,,af,ons, passed the dollar and hajf
mart and as a result CONSERVATION
mr,y,us among the producing element.
= WAS confidently thought, not only by
mi. class. but by the trade in general
,botvhcn the market reached 81 so that
halt would be called. But now all
s,sm to have lost their bearings and
s,,,har predictions and conclusions az
IN the future Of the market are no
,onrer INDUCED in, Trading is exceed .
JrgIv slow and but little oil exchanges
hands on the floor of the exchange. The
ola territory along historic OIL creek is
hayrg drilled over again with fair re
sprs Although at the present high
rr,4as for material and oil well supplies
and III, Deprecated market for crude
the profits OF operations are exceedingly
small. Since the market went dowr,
thora is a disposition throughout the
entire oil regions by the corporations
and large companies to absorb by pur.
chase the producing properties OF the
smaller fry. A number OF sales at what
is considered good prices have recently
taken place, but most of the small pro
ducers will not sell even at tempting
offers. believing before the winter
months set in that the market viii react
and better prices prevail. The past
week has been productive Of more good
wells than was recorded in any one
week for months past. While the best
wells were found in the southwest dis
trict other localities were credited with
more than average producers, making
an all around record that has not bean
excelled during the present year. The
week has passed without the discovery
Of gushers In new territory, although
upon the whole 1t must be admitted
tina, production is on the Increase. The
Gordon or deep sand territory in the
Mountain State, Is responsible for a
Number Of big wells. and the large daily
average is still being maintained from
this formation. Southern Ohio. too, is
well in the race in the production of
good wells and has shown more than an
average record this week. Wetsel
county, West Virginia, is still malI-
tanning Its high reputation in furnishing
big producers. the Mills tract being the
most prominent locality in the banner
producing county OF the southwest dis
trict.
Some new territory was added to the
producing boundaries also, bu. fortu-
nately for the small producers no gush-
ers were found. The old Garner pool
west of Proctor, and in the same coua-
ty. shows an increase in production u
well as in activity in new work. All of
which is contrary to expectation a
month ago.
The Big Injun development, to the
west of stringtown, Tyler county, is
holding out far beyond the hopes Of the
most sanguine and 1T now looks as
though quite a production Will be de-
rived from this formation. The n. 5.
Snyder & Co.. No. 2, on the Head'y
farm, struck a short time ago, is stu
making daily production of 279 bar
rels. while the South Penn Oil Com
pany's No .. Tennent farm, has an ottI-
clal production Of over 100 barrels day
since It was torpedoed.
The trend OF events in the petroleum
Industry during the past week have
completely changed conditions and
blghtsd the hopes and antlcIpations OF