Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-04-11
ANOTHER ADVANCE IN OIL.
The Quotations Jumped Five Cents
Yesterday on Exchange.
The Standard Advanced Its Price
Eight Cents During the Day.
Producers Holding Back to Reap
the Benefits of the Boom-The
Decrease in Stocks Shown by the
March Report.

/ Special 10 the Register.
Pittsburg. April 1O-The Standard
Oil Company made another advance
in the price of cash oil, opening up
( the day with quotation of S1.35. This
/ is an advance of S cents over the price
of yesterday. and an advance of %
/ cents this week.
The exchange price opened at
s1.49A, an advance of Az cents since
last night. and in the first half hour
/ $4,000 barrels were sold. Then fol-
lowed a reaction, and the price fell TO
/ 81. 10. the closing price of yesterday.
There is nothing else spoken of
among those interested, and about 10
a. m. on Fifth avenue the most fire.
ouently- asked question was: What
is it now? How far up has it gomez
No reason was assigned for the drop,
but the speculatively inclined think
it was caused by disappointment over
the fact that the Standard did not
make a bigger advance, and also re-
suit Of the sales of those making mon
ey by the advances.
The monthly report for March shows
that there has been an increase of
$4,000 barrels on certificates. In 9TH
er words, the producers are not selling
to the big corporations, but putting
their oil in the lines and holding it
there at the cost of storage. They
mean to take advantage of the rise in
price. The result of that is shown by
the credit balances have decreased
413.OOO barrels. The report makes
the total liabilities 100000 barTele, the
decrease in gross stocks 111,OOO, and
the gross stocks Of all lines, including
sediment and surplus, 5,94S,000
The fact that there is no stock on
hand TO speak of, and that oil must be
gotten at once, will start a rush of
new wells and the development of old
ones that were not productive enough
to pay while the dull prices of the last
few years ruled. Two hundred new
wells are to be drilled at once in the
Sistersville field, the latest and most
productive of the oil districts. This
will have a most vitaliZing effect on
other lines of business, and perhaps
the rise in oil could not have come
at a more Opportune time.
The cause of the excitement is gen
orally admitted to be sheer eXhaus-
ton of the known fields for what is
called Pennsylvania OIL The price is
expected to keep steadily rising dur
ing the summer, and some producers
are sanguine enough to believe that
1895 will see SO oil The price must
stay up now until the production eX-
ceeds the consumption, and unless
some at present unknown field is
struck that cannot be. The opening
of new wells and the developing Of
old ones will only have a slight effect
on the production, and even If new
we'll is found it will be months before
the supply can be tapped and put on
the market in quantities sufficient TO
affect prices much.
The Pennsylvania oil, over which
this excitement has been created, has
a parafine base, and that property in
it is as much responsible for the ad-
vance as anything. Oils produced in
other parts of this country and abroad
have a black asphalt base, and Of that
kind there is enough. The paraffine
properties makes the Pennsylvania oil
distinctive.
The monthly statement issued by
the Standard Pipe Lines to-day shows
that the entire stock of merchantable
oil on hand is 2,103,109 barrels, of
which amount 10000 barrels is rep
resented by certificates outstanding.
This shows an increase of $4,000 bar
rels in certificates in the last month.
The report also shows the daily con-
sumption to be $500 barrels in excess
Of the daily production.