St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-01-27
CAN'T BORE FAST ENOUGH
Fifty-Seven Hundred New Oil
Wells Last Year.

New York Herald.
While there was little speculation in
crude oil last year all other branches
had a veritable boom. In Western
Pennsylvania, Western Virginia and
Eastern Ohio the search for new terri
tory and the sinking of new
test wells progressed vigorously.
and of these test, or "Wildcat,''
wells and other wells there were drilled
800, resulting in an increase of 10000
to 1900 barrels in production. AS
against 1883 the total number of wells
completed shows an increase of 1900,
but the suits in the way of discovering
new prolific territory were surprisingly
small. so that it is doubtful if, after all
the work done in the fields, there is any
more paying territory in sight now than
at this Date last year, and if the produc-
ton, is to be materially increased the
producers must redOublt their efforts.
So plain is this that even the Stand
ard company has gone into the field as
an active buyer of territory and oil pro-
ductiOn in the states above named. The
competition has been so keen that oil
lands have advanced 25 per cent in the
Pennsylvania districts.
Last year the total output of the wells
in Eastern Ohio, West Virginia, Penn
sylvania and Western New York was
22,O59,000 barrels, which was consid-
cradle increase over the previous year.
The daily average for January, 1880,
was about $1,000, and for December
$500 barrels. The shipments from the
oil regions were 29,S35,0 600 barrels.
These figures are the largest in the
fully employed during most of the year,
and the exports of refined Illuminating
oil, lubricating, and crude oil, etc..
reached the enormous total of GIL ,246, coo
gallons. an increase over 1888 of 10l,-
$4,000 gallons. In crude equivalent the
Increase was 8. 361 900 barrels.
In Europe, to which the great bulk of
the export was made, there was no in
crease OF stock of consequence. but in
Eastern Asiatic ports there was I'M
doubleday considerable increase in
the visible supply, as the exports
thence were very heavy. Broker
George 81. Lincoln. who does the great
er part of the business in case oil, says
that no exact figures of the increase of
the stocks In the far East are obtain
able. but that it has been large. Some
of the exporters in the case trade esti-
mated the increase at all the way from
$4,000 to 10000 barrels.
Producers and refiners are feeling
1ubilant over the immense increase in
consumption. In 1886 the total home
and foreign consumption of the
product of Pennsylvania and near
by portions of other states was 73, 500
barrels daily; in 1887, 77.700 barrels: in
1888, $4,000; but in 1889 it bounded up
to $4,000 to $1,000 barrels daily. In order
to supply the demand it was necessary
to draw on the stock Of crude to the ex-
tent of Z, 750, 600 barrels, leaving on hand
Jan. l, 1889, but 9,S00,O0O barrels, or
about four months supply.
The inferior oil of Western Ohio and
Northern Indiana has not yet found its
way into consumption largely. but it
has nevertheless been extensively of
fered to consumers and has made some
inrOads on the market for Pennsylvania
oil in the home trade. On the other
hand Russian competition in West
ern Europe seems to be dying
out, whether from the inabil-
ity of the Russians to furnish
a good article or on account of an agree
ment with the refiners here 1t is difficult
to say as yet, but it is believed that
such an agreement has been made.
During the four months ending Oct. 81
last, there were exported to Western
European ports but 2SJ,000 barrels of
Russian oil. In the same months there
were exported from Batoum 1869, 900
cases to ports in Eastern Asia.