Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1901-07-21
OIL MARKET ON THE BOOM.
AN ADVANCE OF TWENTY CENTS
PER BARREL IN THE PAST
THREE DAYS.
snIe of Considerable Magnitude
Closed at sistersvilIIe Friday
Evening-Entertain of Dr.
ferent SOrts--Ali the Latest News
From sistersSiilc and Vicinity.

Special to the Register.
SISTERSYILLE, w. Va, July 90
There has been one most satisfactory
happening this week and that has been
the action of the oil market during the
past three or four days The price oil
the oleogenous fluid remained at one
dg5re 81 .05. from May Is until July 10,
when the unexpected happened MOST
Of the operators were OF the opinion
that the price would go down lower
fhau the figure mentioned above ana
were doing very little work ana seilihs
as fast as they had anything IN .ne
line. Some few who we're thorousniy
familiar with the situation were OF
different opinion and held on TO their
production with the result that they
are now reaping very substantial re-
ward, There is no more reason why
oil should go up at the present time
fban there has been for the past SIX
or eight months. The amount OF high
grade oils above the ground is even
less now than it has been for some
time The Texas oil fields do not come
into competition with any OF the OILS
produced east of the Mississippi river,
even the low grade sulpherous oils OIL
indiana being CT a much superior quail
inv. Taking all the matters mentioned
above into consideration, the average
person wonders why oil has advanced.
The Standard has never been known TO
do ANYTHING for its health, and 1t has
net nut the price up 20 cents at this
time for such a reason. There is an
other and more potent reason, and IT
is generally believed TO be the correct
one.
Some time ago your correspondent
mentioned the fact that an independent
ptDe line company was laying line
into the southwestern fields and that
already quite lot of the pipe had peeh
strung and a large force of workmen
were pushing the construction as 1ast
as possibIe Here is food for thought.
Some wears ago the Mellon Pipe Line
Company. OF Pittsburg, built line into
this field. erected tanks and bought oil
for a while. The Standard did not pay
q great deal of attention TO this com
many for a while, but finally decided IL
had been in business long enough,
whereupon the price of oil was forced
i'm to such a point that the Mellon peo-
nle cot a very hard squeezing and were
compelled to sell out. That is the
scheme they are working this time
They will force the price up to such
point that 1t will be possible, after scar
ing the producers by dropping 1t sud
denly. TO sell out their holdings. Then
after they have secured all the produc-
ton obtainable in the territory where
the new line is being built, they Will
make oyertures and possibly buy the
Independent line out. At least, that IS
their usual way of doing business and
they will hardly deviate from it now,
since the plan is far beyond the expert
mental stage. The price of oil Will
continue to advance and it will go TO
z figure better than $3.50. Just so long
as the spectators hold out the big octo-
pus Will be compelled to advance prices
in,-srder to get hold of the territory
51hey are after. Oil is a good invest
ment now and will continue SO.