The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-04-27
GheGntelti9errter.


A BrLMsn VIRw OF THE OIL MAR
REr.-Thcy have a regular Wall stree
Exchange up at Oil City, Pa, where tn
bulls and bears in petroleum daily con
gregate and speculate. For instance, oil
Tuesday last, according 10 the Derrio
newspaper, the bears had possession o
the field. Tuesday was not good day
for the bulls. We arc told that "ihe tx
changcswas crowded nearly all the day
everybody apparently leins anxious !
to sell and none TO Duy.
According 10 our Pittsburgh DIS
patch this morning, the market yesIeF'
dav was still unsettled. But this is no
SIGN that II will not react to-day, and per-
han, go up little. As Dnndreary says
in the play, this is one Of the mysteries
that "no fcIIah can find out" We notice,
however, that putting aside these present
fluctuations, and launching out upon the
sea Of the not distant future, the Titus
vile Herald takes the position that we
are to sec higher prices for oil. Accord
iny to that paper, the important facts arc
that lhercis diminishing supply and mn
increasing consumption. II the demand
continues at the rate now current, the
whole stock Of on hand viii be consum'
ed by the close OF the year. The average
yiCI,I for each well in the entire region is
now about 81 barrels against 6 barrels in
December last. At that time there were
l.75O wells in the Butler, Clarion and
Armstrong districts, producing lG,44l
barrels, averaging o. barrels TO the well.
O0 March there were ,935 wells in these
three counties, producing lG,lSS barrels,
averaging 81 barrels to the well. All the
remaining wells in the oil region averaged
. % harrcls in December. The same
district produced in 1874 an aver.
age Of 23l barrels per well per day,
against 81 barrels per we'll on March
Grst, in 1876. Two years ago
.he fourth sand belt yielded 10000 bar.
rels I,er day. In 1875 the yield shrank to
1900 barrels. On the 3lst Of March
only 5000 barrels were obtained from
this hitherto lirst.class oil territory. Ex.
ira means have been rcsorted to in order
to increase the supply, but they have not
produced the desired and expected result,
and it is estimated that by midsummer il
will require four hundred new wells to be
finished per month to keep the supply OF
oil up to its present production. This i
the condition Of the supply side OF the oil
trade in Pennsylvania. Now as 10 The
consumption and demand for this article
In Europe, from the lat Of January Ia
the 2lth OF March, the consumption
ran as iOllows: 1874, 81 ,433 barrels
1875, 4S9, ,263 barrels: 1876, 607,i0l. In
1874 the stock on hand in Europe on The
9Th Of Marcl, was i57 $50 barrels. On
the 9ith OF March, 1875, the stock had
run down to l97,47l barrels. At the
same time the stock is heavily reduced
in the United States. The total stock in
the United States March 81, 1875, was
5,0S0,OOO barrels. On January l, 1876,
il had been reduced TO 100000. The
daily consumption in 1872 was 10000
barrels; in 1916, 10000, and the estimate
for 1876 is $4,000 barrels. The state
mcnts presented in this particular form
seem to Justify the declaration made by
the Herald in the beginning OF its review
OF the oil business OF Pennsylvania, that
upon the heels OF diminishing supply
comes a rapidly augmenting cOpsnmp'
ton Of this valuable commercial product.