The Cleveland leader. [volume] (Cleveland [Ohio]) 1865-1865, 1865-05-05

Four years ago OIL City numbered one
hundred Inhabitants. NOwit contains ten
thousand.
Thenet profit on all the crude petroleum
produced in this country is not far from
$4,000 per day, or nearly $ll,oo00OO
yearly.
The present rate of wsges in the oil re-
gions is moderate. Drillers and engineers
get frem 50 to 50 80 per day and boardi
mechanics, from So to So.
The petroleum excitement in lows is in
creasing Companies have been formed
In Des Moines and at other points, with
capital sufficient TO give the section thor
ough test
In Mahoning county the Hilker well
BTisr HID, are progressing fspIdryfii
with sure signs of success. The patent
cylindrical driller, at work in the former,
attracts considerable attention
The Oil Nst0s and Mining Journal states
IS follows relative TO the petroleum buHl-
ness at present:
There is much activity at the wells, but
the production is probably not more than
one-hAlf the yield Of 1858, in proportion
/ to the number of wells worked We no
longer hear of "big strikes" The ers OF
/ large flowing wells In the Nensngo region
sppears to have passed away. The present
| daily yield of the Venango region Is estl-
mated at 5000 barrels. Nevertheless, an
immense capital is being invested Over
| 5000 wells are in course Of digging or con-
trAeted for. These wells will cost an aver
age of $4,000, which will involve an outlay
of $40, 100000.
But it is not likely that the army will
receive any considerable additional supply
from this source, under three months Iha
price of labor and fuel continues high at
the wells, $l0l 25 being paid for coal 1t
ls no longer profitable TO work small wells
at the present cost Of production. 1t Is eV-
ident that there is to be no excessive sup
ply. which warrants the expectation gen
! ersily held out by oil dealers that the price
of crude oil must advance The receipts
of crude oil st Pittsburgh, by river and
rail. from the 10th to the 25th of April,
inclusive, was 30,9I4 barrels, to which must
be added 1859 barrels, recovered from the
flood; total, 49, 900 barrels. Receipts from
January Ist, 1865, "a, SO; total 73.4l4
barrels.
The present prices of petroleum are re-
| garded rs low in contrast with the prices
Of last year, whereas tney are Te'ssiFsly
higher that at the corresponding period
last year. In April, 1864, the prices oi
crude oil in this market ranged nom 81 tC
Al cents per gallon, with gold at the ay.
erage premium of 734 for the month; and
. during the present month. with the average
t premium Of gold st about AZ, have ranged
3 from 81 to 81 cents, showing absolutely al
r advance of $3@5 cents per gallon on las
g wears prices. A like result is shown st tn
, wells on Oil Greek. In the early month
0 of 1854 prices st the wells were as low q
' as So Is pr barrel, but during the Presen
r vesr, notwithstanding many depressing IN
!, auences, have at no time been below 81 8
Q per barrel.
= It is not probable, without great an
! unexpected scarcity, that prices viii sttaI
i the present year anything like the hig
i rates to which they were forced last sun
Y mer by the advance in gold; but there
2, no reason to anticipate that they will at so
le time fall below q point afording amp
70 compensation for sl the cost Of production
a. The trade indeed, is assuming strengi
h and stability that WAS never before know
v and the extraordinary fluctuations Of 70
mer years are as unlikly IS they are une
g sirRble.