The Conservative. (M'connelsville, Ohio) 1866-1871, 1867-08-22
fF'Spfe'slUE qryiFs1

7 tDS pfOSpeCtb OF tne petroleum tfHoe,
! his We've being shared BY dealers here
sSee 1O.0AT-
&,After tw6nysearsdeclina. lhb brick Of
petroleum reached it's lowest point dur.
ring the month OF june, when It was
shld- in philadelphia as low rs nineteen
cents per gallon, q strong reaction
took place during the present month
which brought the price again-tor thir-
~ apptsthifty I've odfts. labnd which
will lead, in Pll probability, to q con
tinilpps and stepsIS ad sahsS ss toe
present production nnd-consumatiOn
ppItoo much out Of PfSsrtioh with
each other To- allow the, vpusaent low
rhteA TO 20 Oh any longev.. -
Three or four years ago tho country
lwsIs wild diwitbf oit te1cicinent Millions
aid millions We're invested in oil stock
In adj regions Or Western RonnaylF 6nia
Virginia and EastOrn Ohio. prospect
tipgApdsb sboriEg wells were going on.
\ Lirge,trae Of II storritory were thus
diseovered ana Ebfought to yield, but
ut whit. expenseHs On an average
only one wei out Of twenty became d
pumping we'll; and Of tho nnmberless
'ljomt stock eouphbies started for oil
operations, but very few succeeded and
are still IN existence Yet the enor-
nous yield Of 1866 is mainly due to
the hrge sums spent by those oon-
pan'cs, and the great efforts they made
to disc OILS At tumes during tho
year 1866. the production Of Western
] .PennsylvHnia lone amounted to not
/ loss than ffiecn thousands barrels of
crude oil per day, and that of the Uni
ted States to not less than eighteen
thousand. But tho general nature Of
an oil we'll seems TO be that it exhausts
itself, and the average life of we'll is
estimated at one year, " IL is Ms much
us that. ADD jnsta a'single well ex-
hausts itself SO with an entiro district.
A visitor passing through the oil ter
ritOry viii see moro ruins Of flowing
and pumping wells than actual wolls
he VIII pass through entire villages OF
abandonSd derrieks and tanks, where
once, thousands and thousands Of bar
rdIs were produced q day, and where
now not an enigma, not living soul,
;lhpt one working weHis to be seen, but
only the ruins Of passed greatness
Thore is the celebrated MrClin iock
farm, the Steel farm, the Rynd farm,
4 the Blood fnrm. Tar farm, and many
Others, once famous, but now many OF
them abandoned, and others only pro-
ducing small fraction from what they
formerly did, and klstgdying out. But
Tot alone on Oil Creek is this the case,
but also furtlicr upand down the Al
leShenv. There is Reno, at QUO time
4 famous for tho amount ofoil produced
in its neighDorhood, BUT now abnnd-
loneds hre is Pithole, ten ior fifteen
J. miles above Oil City, at one time yiel-
ding tiye md ak thousand barrels
kday, now. no t,yielding over sevenshuD.
dred Still further up the river .thore
is Tidloute, from which, at times last
year not less than four or five thous-
and barrels found their way, into our
market, but where how the production
is reduced TO less than seventeen hun.
dred barrels, and where it ia declining
now faster than in any other locality.
, A hundred barrel well was struck and
half OF its interest, ,offereJ for five thou
sand dollars without fndinga buyer ;
a proof that even for forty days rtha
production could not be rehed upon.
The total production. Of tho oil re-
: gions Of fifteen thousand barrels per
, day during September, 1866; haS been
: gradually declining till now, and isto
day, not over eight thousand barrels
Yhish,i in eaualtolaregulardecline
that mo Of seven hundred barrels per
i month, ,or 0po,hpIdred and sixty bar
4 rcls per week. -
No new territory is developed. The
general bad success OF joint companies
has frightened away fdpitalists, and
J. the, wells, now boring, are not on new
d grounds lbnt IN told 1territoriss iiiF
/. tho midst OF other wells already work
!. ingJ 3They only serve 10 exhaust the
territory, so much tne. quicker. "A ter
. ritory will yield the Same amount o
B. oil with ten wells as with twenty; on
It " twenty wells will pump it out il
y half thSlti9s 1, !, iiASdedinP Nail Naill33ohhly 33ohhly b
/" What then will become Of our OF
ie supply No new oil territory develop
IS ihg,Nand tho. oil Territory. declining a.
d the rapid rate Of 100 barrels per week
I, which decline will even be accelerated
70 during the cold ofnext wintcY.o u Ohf
i From these diseontaging facts in re
ID garl tQ tho supply, lot us look at tn
!. Consumption. OIL is Of a too. recen
:. introduction to have come 10 Fagu
10 lar yearly consumption, Every yea
a WITH csses an Increase over the. prcce
ding Wear, ana tho low prices Of tat
nj times have'made ~ tho fayorite iigh
lore ms well as in other leouG tries,- =
y Two years ago the consumption OF thi
as country, was IN the, yneighborhpod {
al 100000 barrels. In consequence of
IN larger southern and western demant
3 the consumption has INCREASED, ~