Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-08-10

regard to the conditions of supply and
demand by which prices are determined
when trade is left free to follow a natu-
raj course, unhampered by arbitrary ar
tifcial influences. Although the ship
ments of crude oil from the Eastern
field. which embraces Pennsylvania,
New York and West Virginia, have
largely exceeded the production during
the past three years, it took nearly two
years for the price of crude oil to rise
from 80 cents to $1OO per barrel. Then,
with no more evidences Of decreasing
supply than had existed for three years
the Standard Oil Company forced the
price up from SA11 TO $40 per barrel
inside of eleven days. The highest point
was reached on April II Of this year.
and having worked the trade into a
high fever Of speculation the Standard
people began TO cut the price down
again almost as rapidly as it had risen.
On June the rate had fallen to Sl.o5
per barrel and on August it had reach
ed S125.
If it could be shown that there has
been a large increase in the production
or a marked decrease in the consump-
t.on of oil during the past three months
the tremendous decline in price might
readily be ascribed to the natural laws
of trade. As a matter of face however
shipments are larger and production Is
smaller than when the price OF crude
oil was at its highest point. In the pre-
sence Of conditions which usually signi-
fy advancing values, the Standard Oil
company is turning the course Of prices
downward in the oil markets. The
whole influence of the sudden advance
and rapid decline in the price of oil has
been demoralizing to an extreme. OPP
orators who bought or leased oil lands
when the rise was on have lost tremen-
dously in the decline. Leases made
when crude petroleum was selling at
upwards OF 81 per barrel involve the
payment of rentals or royalties which
ere heavy enough to swamp the produc-
er when oil is down to S1.25 per barrel.
As the production of oil in the Eastern
field is in the vicinity of $4,000 barrels
per day. the difference of 81. As per bar
rel between the highest point and the
present rate represents a shrinkage of
S116,O0C in the value of the daily output.
Every cut Of 5 cents in the price of
crude oil means a loss of $4,000 per day
to the producers. The whole course of
the petroleum market during the past
six months has been an example Of ar
bitrary manipulation by the Standard
Oil Company, without regard to the ma
tural laws of trade, the interests of the
producers or the rights of consumers.
LARGEST CORN CROP ON RECORD.
The luck of the Western farmers,
which seemed to have deserted them
last year has come back with reinforce
ments this year. and they are destined
10 get their full share Of the prosperity
that has come to all branches of trade
and commerce. There is promise now
Of the largest corn crop that has ever
been raised. estimated to be between
2.25O 100000 and 2.5OOOOOOOO bushels.
In two years only has the crop ever ex-
ceeded 1000. 100000 bushels-2,O 900, 154,-
600 bushels in 1891, and 2,112,S92,OOO
bushels in 1889. Last year the quanti-
ty Of corn grown in the United States
was only 1,212.77O,OOO bushels, the
smallest crop. with one exception, since
1874. It is estimated that Kansas, Ne
braska. Iowa and Missouri four of the
largest corn growing States, will pro-
duce this year about 1,15O,O00,00O bush
els, or nearly as much as the corn crop
Of the entire country last year. These
four States harvested only 253,OOS,-
GIG bushels Of corn last year.
As the corn crop is greater in bulk
and value than the total of all the other
cereal crops. the promised abundant
harvest of this year is Of the utmost i'm
portance 10 the railroads Of the West
The moving of this great corn crop will
furnish an enormous volume Of business
to the railroads, and already the suffi-
cheney of the rolling stock available for
this purpose is being questioned. Some
Of the Western railroads have placed or
ders for more cars. and it is anticipated
that the car builders will receive much
additional business from this source
between this and fall This means an
additional stimulus to the iron and lum-
Der industries. and thus the effects of
the large corn crop ramify through
many branches of trade This promises
TO be a banner year in many respects;
and one of the most important of all the
broken records VII be the enormous
crop Of corn-the greatest in volume
and value Of all our agricultural pro-
ducts.
TWO BAD ACCIDENTS.
Special TO the Register.
Fairmont, w. Va. August 9.-While
crossing the Monongahela River rail-
road track at Watson Station, above
here, this morning. the Fairmont Laun-
dry Wlgln WIS strnck hv 2 train and