Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-04-09
OIL GOING WAY Up.
The Quotations On Options Jumped
Yesterday From $l17 to $3.50.
The Pipe Line Quotation Advanced
10 Cents Since Saturday and are
Now $40 The Falling on in
Production the Cause-RepOrt
From the Local Fields.

The falling off in production in the
oil fields the past few months has
sent oil up until now the price is mp
again TO something like the Old-time
figures. On Saturday last the oil
quotations started to advance and went
up rapidly from s115 10 $119 and
closed at Sly. Yesterday morning
the market opened at $t.21 bid. and
of it went with an upward tendency
until at 2:30 p. IN. it had reached
s1.25, the highest price quoted for a
long while. When the market closed
at 9 o'clock the quotations had gone
up still higher. and prices marked up
on the boards at the local stock eN-
change. Slagle g. Co. $, were Sl.5O Olu'
with no one wanting 10 sell.
To has been q number Of years since
oil has been as high as aJ present
not since the Mcdonald field was dis
covered. some five or six years ago
When that field was brought IN IL
was such an enormous producer that
oil Immediately started TO go down
until at one time it was quoted at
about so cents per barrel In lts prime
the Mcdonald field had production
approximating $4,000 barrels. coming
in on the wake OF that enormous
field the Sistersville field was brought
10 light with a production OF ABOUT
$4,000 barrels a day. and thus helped
a great deal TO keep the price down
Within the past year however, the
production of these fields mas peeh
falling of at q great rate until at the
present time the consumption exceeds
the production about $4,000 barrels
daily. and this. it will be seen, is the
reason Of the sudden advance IN the
price Of the greasy fluid.
The advance is caused by the con-
sumption being in excess OF the produc-
ton. Last months statistics showed
there were 100000 barrels Of crude
oil in the storage tanks, or just enough
for six months consumption. Two
wears ago the amount on hand was six
teen million barrels.
It was on November 6. 1892 when oil
sold as high as to-day in that month.
The highest market quotation was
S1.20. and with the single exception OF
the month of June when nc went 10
81 24& that was the highest point
reached that wear The difference in
the price of machinery makes to-day S
quotation as good or better than Sl.50
then. The advance is expected 10 re-
vive the oil business to something like
the palmy DAYS when fortunes We're
made aud lost weekly. A great deal
of new territory will now be opened.
To stimulate prospecting the Town
Council OF Butler. Pa, one Of the nrst
oil fields. has recOusidered an ordln-
ance which prohibited drilling for oil
i'm the borough limits. Drilers are
now invited TO put down wells.
This advance IN the oil market viii
be a great stimulus to the producers
To hunt new territory. Already there
Is a great deal of Wild cutting going
on not only i'm this State but also In
Pennsylvania. but mp 10 the present
time there have been few wells OF I'M
portance drilled, and even these that
were brought i'm and made a good
showing were not large enough TO
affect the market i'm any way.
To is the opinion of the local stock
brokers and also of the oil men that
the price of oil will go considerably
higher. and that unless new field IS
discovered the quotations Will so up
TO at least $500 q barrel.
1t is q noticeable fact that all the
peoDle i'm the oil fields Of this State
are holding on To- their production
with expectation that viii go still
higher.
The quotations given in this article
are on options. The quotations fur
rished by the Standard Oil Company
az their Pipe Line Office yesterday
morning were S12o bid an advance
of 10 cents on the barrel since Sat
urday noon.