New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-08-13
THE RECENT OIL DLSC0HERLES.

THEIR INFLUENCE on THE PETROLEUM MARKET
VIEWS OF PROMINENT DEALERS.
The discovery, since Saturday, of several
large oil wells in Butler County, enn promises to de-
yelop a region, which was before regarded as OF
little value but which is considered perhaps the
richest and most abundant OIL field yet found Two new
wells discovered since Saturday reported yield
ing from 800 barrels daily and SEVERAL smaller
wells from 700 barrels This has already brought
the price OF crude petroleum down from 81 AZ TO 81 10
per barrel on tho cars at Parkers Landing, without
buyers the probabilities are that II will fall to much
lower figure The expense Of transportation TO this city
ia 81 40 per barrel, 80 cents than the original
cost of the oil according to the above quotation The
quotations OF crude and refined oil Aug H. for the
years from 1859 TO 1s79 inclusive in Pittsburgh
follows 1863 crude oil, 1IS cents refined, Sl cents
1870 crude s3 refined 23i 1871, crude, Il; refined,
1872 crude % refined, 10 1873, crude refined 49, In
New York for the dates the following the quo
tatons 1862 crude ISL refined sl 1870, crude, III
refined 27 ls crude, 14i refined, 27i 1872 crude, ns;
refined, 23i 1873, crude, GU refined 10
TRIBUNE reporter called, yesterday, on several
prominent oil men this city ascertain the probable
effect OF the recent discoveries upon NewYork dealers
and re1ners.
VIM A. Byers OF No 1s1 PeaIl-st, formerly Of Oil City,
but now interested the refining business here said in
substance that the reports concerning the discovery OF
new wells in Butler County, PENN were probably some
what exaggerated although since July Is there had been
several important discoveries of oil IN that region,
which lies between Oil City and Pittsburgh, short dis
lance back from the Allegany River. The supply OF
crude petroleum had in consequence been increased
from 5000 to 1000 barrels per day and the price had de-
cned rs cents per barrel In the Parker district crude
oil on the cars which sold at 81 rs per barrel before
Juy 2s was now offered at 81 10. The total daily pro-
duction was from $4,000 to 5000 barrels
The producers appeared to have struck the
hfCAnu nj
although there was trustworthy information to show
that the new wells yielding than 1000 barrels
per day. Two wells appeared TO be yielding LOCO barrels
daily and number Of small wells from 500 to 700 bar
res The tankage facilities would probably prove I'M
equal 10 the flow, stock had been increasing TOT sew
eral years Last Fslcrude oil sold at OIL Creek for
about a so per barrel against 81 10 now and refined
oil which thep sold for rs cents per gallon In
has declined cents The reners margin, now was
very small The ppeage from the wells 70 the railroads
was 80 cents per barrel that oil at the wells was selling
so per barrel These prices would have tendency
10 put down small producers, who could not compete
with these figures and pay for labor Notwithstanding
than those of any preceding year. the production
would probably, he thought, exceed the demand ior
some time to Prices in fact were lower now tnan
at any previous time since petroleum mad been ihro-
duced into general USE ~ r,,.
tnat firm had Just been informed BY private
dispatch that well Of theirs. which had been struck on
Monday the 1rOutndu lhIiD III nc" ahu
which at rst yielded about barrels. flowing
at the rate Of 1900 barrels per day He added that re-
ned oil In lots was offered on Monday at cent?
per gallon, while crude petroleum In New YORK was
worth cents including insurance loss by LEAKAGE,
&c This VI things might work inurously 10 small
Producers and foreign who had
Their supply but his experience had shown tuat tne de-
mand Increased proportIOnatey with the supply III was
probable that oil would be very cheap but he SHOULD not
nke 70 estimate how cheap AS yet Inc market wa. ae
bOTazed now. and the price OF oil would undoubtedly
20 10 still lower figure This might work iiJariously
for the MOMENT to producers and othera but always
when Oh was at low figure consumption was largely
increased. thus creating dem and for the future which
an advance ~ price would Their shipments
tins ear hAh been 80 per cent greater than In
previous year. and more had been shipped 10 China
anu Japan Than Ia All previous years taken together
Rc:.ncd oil now sold at 10 cents, aud was as cheap
years ago. when petroleum. was first introduced
The market tbon became Hooded and consum pton
small. TIE renDeisl IA general would hose nothing and
tn 81 who would suffer must would be- the small pro
duters, who were pumping epiy n xsH Aaxxsls q dsF