The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-12
Great Wealth Awaits the Man Who
Discovers u New Field.

CHICAGO, April 1.-THE Tribune says:
The man who can find a new oil territory
can make fortune. So oil men say in
their discussion of the remarkable condi-
tions now prevailing. There is one man
in this town who is trying to learn whether
new field doesn't exist within an hours
ride of Chicago. He is r. L. Henry, and
he is boring for the fluid at the little town
of Beecher, thirty-seven miles south, close
to the Indiana line. Mr.. Henry said yes
terday:.
II have several thousand acres there and
I am sinking a well. or, as the term is in
the oil country, wildcatting.' OF course
cannot tell what we. will find. don't
have been discovered in Pennsylvania and
West Virginia. The man who does will
make, fortune beyond the dreams of most
Talking of the advance in oil, Mr. Henry
said: The consumption has kept up while
the supply has steadily lessened- Three
years ago the. visible supply of oil equaled
24.o00.o00 barrels Now with the use of oil
with demand which the supply cannot
meet; There is at present visible supply
stock Of 1888 The output is SO far short OF Of
the consumptive demand that the visible
supply Is being drawn on to make up the
deficiency at the rate of 100000 to 100000
s'Will the STANDARD be likely to advance
the price of burning oils If the crude gets
.."The Standard can pay 81 for oil and sell
It low The biproducts Of refining, such as
profit. I am Informed by man long with
the Standard that the latter could pay So
and not not raise rails, the retail price much"
tereSt Is manifested in the advance at Pitts
burg and Lima. Dealers who are independ-
ent of the Standard said they expected
the latter would order an advance in re-
fined oils before the end of the week, but
they believed it would not be more than
fractional
men who have had personal experience in
past oil excftements interest was quite as
great; one whose prospectors are now out
trying to find said
Local belief in Wisconsin, Michigan, Mis-
souri, and parts. of Illinois for years has
insisted that oil lay beneath ground that
was pointed out Perhaps the remarkable
failure of territory in Pennsylvania and the
present boom may cause wells to be sunk
the same as at Beecher. Prospecting for
oil has been reduced to scientific opera
guide prospector in this part of the coun-
try, even if oil like the Pennsylvania oil ex-
lists. There Is a big field in Kansas and
Colorado and in the far Northwest. But the
transportation of the oil is expensive and
makes its cost high.
A high official of the Standard company
said: The oil world has suddenly awak-
ened to the realization of the fact that the
consumption of petroleum has grown beyond
Russian fields. which have for several years
been producing heavily, are now failing
fast. This increases our exports to such
an extent as to force the market for Penn
syivania oil to the highest point reached
for years The price of the refined article
y sure e advance rapidly. Never was
producer Even the discovering of large
new Held Will not stop the upward tendency
counts for nothing. 1t was only the nat
ural reaction after the abnormal jump of
the tine Gay before 5fS -, predict gradual rise
tuations than for several years.