The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1900-05-26
WALLACE WELL
THE SURPRISE
Of THE WEEK.
conservative Estimate Of It's Pros
auction is 5000 Barrels a Day,
says "Ths Scout"
THE PRICE OF OIL DECLINES
Ct, Points Tnis Week, and the. Small
Galore Producers Are Conn
PEELED to Suspend.


The trend of olenglnOus events the
49,, week has been marked BY another
~, Of six points in Pennsylvania OIL
.- .s four points in the Trenton rock
".o5pc, This depreciation, however.
n rs. generally anticipated, and a still
S,,,1sr reduction is looked for. The
, ~ market, as predicted, has al
..,sy had Its influence In curtailine
n. Grll in small calibrc territory. Had
W.. ~. market remained at 81 6s, or even at
:, 70 per barrel, the hills and valleys in
',,ry locality where light territory
hounds would have presented bee
S,ys appenrance and a season Of activ-
@y and prosperity not Witnessed in the
oi country for many years, would have
s,.yauad. AS 1t is, the little producers
~, compglledto suspend further opera
tlogs as they cannot pay the high
Drlcss demanded for oil wen supplies.
There is an unstable feeling existing
r. of circles, especially among the
Dro5ucInr element, and as a result, they
will hang up the drill, unless a reac-
Hon In values sets in at once.
The Gaines Annex.
The past week has been. characterized
nv the development Of a number Of
.,,d wells, one or two of which bor-
S.,s closely on the gusher line. The
rsw Gaines annex, located in Tioga
county. pennsylvania, is not pnnning
snt tbe big wells that were confidently
srected when the first gusher made
Il. advent. In fact, Gaines is turning
an, sorry disappointment, and the
gauge Of the three big wells for the
mas, twenty-four hours is less than $50
s,ues. and the new wells that have
rstsu,ly been completed conclusively
indicate that the territory is light and
,r,ttsa From present Developments, 1t
dies not look as IL the Gaines well
srsr produced a production Of material
consequence, and all fears in this re-
sOsc. have passed. Excitement has
cooled down, and things in general at
Gaines have assumed their normal con-
dltIon. So are the big prices and heavy
ROYALTY for territory thing of the
past. and the half royalty craze no lon
ger exists. The report that the Stand
ard people had paid the Blossburg OIL
Company $500, 900 for their possessions
has no foundation whatever, Gaines, IL
anything, is on the downward course,
IS is evidenced by the completion of the
W,lsboro OIL company's No. Z to-day,
and which is located only 175 feet to
ha north from the Blossburg OIL Com
mny's gusher, and found only one foot
apay sand. A big well was looked for,
but at best, the late venture will not do
better than eight or ten barrels a day.
And to make matters still worse. with
this small amount OF oil the well has
developed a heavy vein of salt water.
This result has given Gaines a dIscolor-
cd optic, and completely changed the
aspect Of the pool. According to the
story Of the drill, the only outlet to
the pool is to the south and east. A
number Of wild cats, located far in ad-
vance and at almost every point of
the compass from developments will
soon be due and the value Of the ter
rtory fully determined. Many investors
., Gaines are on the anxious seat,
awaiting the result of these ventures.
Those who paid fancy prices for terri
tory with the first excitement are
heavy losers. Many will never see the
color Of their money again. and all they
have Invested is simply dead loss.
To Be Thoroughly Tested.
The south, east and west theory of an
outlet from the pool Will, IN a very
short time, be thoroughly tested. Mr..
NJ L. Lockwood has located well on
lot No. Il, to the southwest from the
Blossburg wells and is pushing work
as fast as possible. He win have the
drill bouncing by the time this ac-
count Is in type. The South Penn OIL
Company, too, are in line with an eX-
psrmentaI well, located on lot ID, and
to the SOUTH and a triiie east from the
same development Both OF these ven
lures are regarded as highly important
and upon the results will depend much
Of the future operations In this section
Of tho pool. DR.. styner has conceived
altogether different ideas Of belt and
At outlet and has located a wei! on
The Potts lands, directly to the north
from the Wcllsboro we'll. This venture
Is also invested with much interest and
will pretty conclusIvely test the value
Of the territory In this direction from
the producers.
Just at present, the Gaines Annex is
very interesting locality. The big
Wells In the shallow sand, digging In
Morgan county. Ohio. and In the ches-
tor mill pool are showing more than
ordinary staying qualities. This with
out quar,ion demonstrates the richness
Of the territory and indicates the pro-
aGcnrs arc drawing their supply from a
"antain head OF moro than ordinary
capacity The Ynrnell from wells Nos.
ian1 2, are stlll credited with n pro-
aaci.on oi dfteen and twelve barrels an
hour in the order named. The Murdoch
'aFm veil No. Q, owned by A. j. Lock-
afl, ,5 cIassed In the same category
ana has an official record Of thirteen
0ar''T an hour. The Van Law farm
producer. perhaps, Is the best Of the lot.
having a production of twenty barrels
AR hoar. Burns g. Company have re-