The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-11-13

Production In PennsyIyania..--The
sic, stock ON Hand.
From ne 1Ttfisrt7e tPsgsn.l Hsruld, Eop s, J
We give this morning AM accurate
and comprehensive statement of the
production of oil In the Pennsylvania
oil region. Every: producing district
and farm Of any Importance has been
visited, and the facts carefully collect
ed, and no pains have been spared TO
make this statement as,perfect as pos
stbls. We shall hereafter give a month
~ statement of this character, together
with such additions as from time TO
time may be suggested. 'g'..s. -.
That there has been an increase in
Pennsylvania region during the
last three months there is littl Q doubt.
This increase has been greatest in the
districts in the,vicinity of the Stevens
son and Benninghof's Farms, and
on Upper Cherry and Church
Runs, The average daily pro-
duction of the entire region is nearly
10, 600 barrels, and the increase during
tho last two months reaches nearly ], 500
barrels daily. AS compared with this
time last year the production shows but
slight increase, which will scarcely
more than cover the additional con-
sumption. Whether there will be a
further increase in the production in
view OF the coming Winter, there Is
some doubt, buff thereis it VIII not be
large. The increase during the past
two months was caused by the compar-
atively high price which oil reached
during July, August and September
last. So long as the price remains
where it now is, there is but little pros
pect for an increase. s-..,.
There are in prospe ctof drilling in the
oil region over 200 wells. Some of these
wells are located on what is known as
are located on Territory which is
known to be of the producing order.
In view of the approaching cold season,
when it becomes dif1cnlt to tn be or test
u we'll properly, the work on these wells
is being pushed forward vigorously,
and within the next forty days
the most of. them Will be completed.
The store of oil held in. the oil, region
on the 1stinst., amounted to G55, 600 bar
rels., This amount includes ali that Is
IN iron tanks, wooden storage tanks,
bulk boats and on the hands of pro-
iucers and speeulRtors. Nearly 100, 600
barrels are always req uired for a stock
on which to do business, and nearly
this amount is always on the hands Of
During the past three weeks the stock
in bulk boats and iron tanks has been
considerably reduced by shipments to
the eastern markets, and this reduction
isistill going on. The principal cause
Of this stock being held in the oil region
has been that the Allegheny river has
remained too low for navigation much
later in the season than it uRuallydoes.
Along Oil Greek and the Allegheny
River there are 7l7,000 barrels OF iron
tankage. OF this amount 269,200 bar.
rels are empty. During the last eight
months the e'tRnkage has been ubled,
andithere are not less than 100, 600 bar
rels being erected. The large amount
of empty tRnkage Will in all probabilt7
" act as a olieck on any decline which
may take place in prices.
For!the past week or ten days the
price of oil here and in the outside
markets has been steadily declining;
at present the price Is weak at 81 S5.
The speculative rise which commenced
in July last was kept up throughout
August and September, and now there
lis reaction taking place. The highest
price reached wasltn the early part of
September, when several thousand
barrels changed hands at 81 30 TO ~ go.
The home and foreign markets have
been undergoing series OF manipula-
tiOns at the hands of brokers and pro-
dimensions have been formed. and all
the principal markets have been bought
up and sold down, and the market
seems to have been entirely in the
bands of SpeouIators. The following
have been the prices on every Wednes
day during August, September and Oc-
tober: Aug. !, 50 %, 8ths s. 65; 10Th $3 40;
,22d, SS 25; 10th, IS Is; Sept. s. s. 80; 18th,
81 80; l9tli, 81; 26th, ~ %; Oct. 8, a 25;
lOth, 81; 18th, s. 20; 24th, $; 3lst, s. 80.