The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-09-01
The Tins and Downs OF oil.

This time one year ago crude oil was
selling at Oil City. Pa, at 81 lGt per
barrel. by this mornings quotations il
sold Yesterday al 81 S0a3 S5. A few days
ago il sold at 81 OS3, the highest point
touched for years. The rise has occurred
within very short time, much Of II
within week. This morning friday
one week ago, crude oil opened at 81 30
NOil City, advanced to 50 G24 on satur-
l,y, and to 81 %! on last Monday, an
advance Of 81 124 in three days-some-
hing that never occurred before in the
history Of the oil business.
This time last year refined oil was sell
IN New Yorkatlli cents. This morning
III, selling at 9jl, and few days ago
it,oll at ~. Asto what il will sell for
next week Is as difficult to foresee MS the
price aext year. The Pittsburgh Mantt-
tt4ure' Of yesterday, commenting on the
market, says that no doubt Speculation
ai manipulation have had considerable
Dio with the rise, as it was entirely too
rapid lobe legitimate" 1t adds, however,
this remark; "There is no question but
the general position Of the market is fay-
Or,bIeto the producers, and unless some
atEHuitOry is opened upwe do not look
h'uuch ofs decline" Further on in the
has article, speaking OF the advance in
Hdnel oil, it makes the following COM
nmt:
-ns npld and unexpected advance has Nc
4Ha akOn the starch outoi the exporters, ana !, y
thsFiat them that they are no longer aoie 70
tstG The market. For some years past they
hlI Tea getting the article very low-below Its
sl lllue. but this year, the market has unex'
PStSiY takeua very sharp upward turn on them
lni pne ot them were not prepared for j.. Tue
litlats however, Is not likely TO cnrtail tho con-
,aaPaoo Ia the leASt rs there Is nothing as 40 u
lHSlSlot 10 compete with Il, even at the advance,
la The consumption Is steadily increAAing every
lai Oar re6nrIIei aIO all busy, working up 10
iAst fall apnty, and, what Is Gtlll more import.
.ul they have a fair margin for profit, Our ship
a,oW " he Seab0arl from January up TO date,
NV Nv Ueta hrGa than during any corresponding
WV ID 'A' history Of the trade"
AVfi!e' in the Oil City Derrick Of last
lae'diy estimates that at the present
Increasing rate Of consumption for oil in
this country and in Europe the excess Of
"OSk on hand on the lat Of January
%Is will not exceed 705,OOO barrels,
Ein'' supply on August lst Of S,0O0,'
""SAFFeIs. lie notes the fact that the
~'SaiN'I the gas companies still goes
o. With no prospect Of discontinuauce,
'aa AIDS that even il the present price oi
vi should he treblCd, at would be the
'aelPt'I light to be had" and therefore
~'ay9 "it is altogether probable that
@s demands Of home consumption will
"Se'' exceed any former year"
Neein' that the exports thus far this
va, !,a, a'e ) 100000 gallons ahead OF 1878,
'%S@V t,i.A ahead Oils75,and only O,5OO,ooC
,s."., %,o* The extraordinary shipments (undeI
S,'i'nalu' p.,,i Of low prices) in 1874. The
,"s0uFSh Ga'e''e Of yesterday, alluding
I,s %.'e 'eaction in the market since Tues,
n y, makes the following abatement.
,ssh'Is, ~ ,tepouel thu, qu,ts A number az p,rtIe,
bniS NY ~ 90 Monday and Tuesday were unable
vi M, ~ neEeialry funds 10 pay for the same,
EI ~ ~ n lot Without its influence In depress'
AI, It,,SA I.,tSL hSL However, some operators still
htsT ~ ~ t.'Ia Ia higher prizes; they claim that
hsps, AZ W consumption being about 10, 900 baF
eits ~ y ~ tIeOs of the RoluctIon. that ii,
sw1I EithItAhdInR thU rerSnI ShGrn a. VHncS
bH ~. fellow It, intrinsic ySIS. ~ Snor ~ oSSrS.
sS Itd X. s,1hng upon realizing IS bctWCeI
Nt h9T,,I. Wy .., Of the year. As StAt6l In Oul
itPNA,u,iy, ite Itsnaen arc buying SpRtlngly, bCInI
aadV 'nA' current rates cannot 10 main
aa IA Si 'SS connection i, i. worthy to not,
m"i.l M 'ae returns Of the various gas com
s.as' ,.., in New York to the Board Of A,
Ss,, Sn show that the value OF their per
Ne, pc Property for this year is estimated
Tbs Tbr.H'SO w against $, e,4S9,Gl4last year
O'N York Ttibsae says this dim