The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-11-19
g1TuAT1oN SIZED UP.

The Advance IN oil Come To am End Yes
ter,Iay--stamiHrd's Quotation Is Now
81 5O--Ilensons Advanced for Further
Advances In Price OF the Grease.
For the first time in several days
there was no change IN the credit bal
ancc quotations at the purchasing
agencies, the price yesterday clinSing
TO 81 30. There Is probability that
the market win remain ~ this price
seyeral dnya Ia order ~ cause producers
who nre holding back their production
10 sell ut orce for fear the price Will
take a tumble and oven go below 81 20,
the market price when quotations in
creascd. Then again the price might
advance TO such IN extent that by first
OF December producers Will be selling
81 rs oil.
Seven thousand wells We're drilled In
the past lyear. More than 1900, We're
dry holes. OIL wells have been shot,
many more cleaned out aud still the
production Is less than the corsump-
ton The surplus which was 100000
barrels year agoI IL now only d,GS5OOO
barrels. The new wells and increased
production OF the old wells shot and
cleaned out only increases the produce
ton 5000 barrels over the snne time
last year But the production of year
ago was 9S,10O barrels and was not sutii-
Client to supply the demand, now the
production is $4,000 barrels per day.
10000 less than year ago, and TIE pipe
lines report only 1900 barrels ship
ments per day.
This Is Unreasonable, as the demand
for Pennsylvania crude Is not dimin-
ished. The only logical conclusion Is
that the Standard OH Company Is using
Lima oil or the pipe line statements nre
incorrect, and so reported to make the
producer believe the demand is less and
that there is.no reason why the price
should increase.
These things make the producer
weary He arEues. that with the sup
ply still 5000 Darrals less than the de-
mand n year ago oil should be u better
price Mt the wells. Another argument
in favor OF higher prices is the approach
OF cold weather and the natural falling
off OF production In the wells. There
are only two things that will prevent
higher prices and they are: First, the
substitution of the lower grade oil for
the higher grade, or. second, the finding
of extensive new pools. The first Will
be likely attempted. The second Ia not
to be expected soon as the wildCatter
has spent S3,OOO,OOO in dry holes.
There has been IN average of almost
five dry holes for n year past. Although
$500 wells have been drilled yet there
has been no really phenomenal wells
struck. The largest wells were not good
stnyers, notably the Diest pool wells,
and MS result OF 30 many new holes
the production has been increased only
5000 barrels day, which will not
overcome the loss Of the reserve, which
has decreased 3,3G5,0CO barrels In the
year past.
When the decrease in the production
Ia considered, continuous higher prices
are assured and will be brought about
by the producers holding back their
production and compelling the pipe
lines to pay more for their oil.
on the Pethtle dover the Great Kn-
flnwha oil Company has n we'll down
400 rcet In the Broad Run field, and
should get the sand today. Should the
Welcome In good It Will show an extern
sion Of the field to the south.
l.. N. Billiards. Job Smith No. has
been tubcd md Ia making fifteen bar
rels dry.
Care No, 2, which took a squirt from
fifteen barrels per day TO 100 barrels II
said TO be holding up that amount
nicely.
Tho Belmont OH Compnny's well on
tho Winter farm, II down LOO feet md
Ii due the latter part Of the week.
The Henry OIL Company Ia drilling on
Reynolds run, on the Ohio side OF the
river below Grape Island.