The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-20
NAY BE1N on FANNIE.
II 900 More Barrels Ussd Daily Than Pro-
duced.

PITTSBURG. June 1f-The Independent
oil interest has in the past few days
partly retrieved itself from the blow
dealt IT by the Standard in the purchase
OF three Independent refneries. The IN
dependent oil Interests have secured
two new reineries, which they are now
supplying with oil. The two are the Fo-
gan and oil Creek refneries at Titus
Vile. The FOgan refinery was owned by
Rice. Robinson * Fogan, but the last
named has purchased the interests of his
two partners and the refinery is now
considered link In the chain OF indie
pendent plants. The independents have
not however given up the plan OF build
ing one or two brand-new refireries near
OIL City.
The three refneries bought in by the
Standard will probably be shut down be
fore long. owing TO shortage Of oil.
They are still in operation, but an an
nouncement of their being closed for an
indefinite period is daily expected.
The Standard price Of credit balances
remains at Si.45 a barrel despite the
continued decrease of stocks ana no IN
crease in production. The production IS
now said to be nearly eleven thousand
barrels behind the consumption daily.
What the situation may ultimately lead
TO is a matter of conjecture, but at the
present rate II appears as II there might
he an oil famine within year. In the
light of this possibility the low price
seems very strange. Although stocks are
lower and production is no higher than
IL was during the oil furry couple OF
months ago. the prices have been held
down by the Standard with an iron grip
The increase in the production OF Lima
oil by no means offsets the shortage OF
the Pennsylvania product. Pennsyi-
vania oil refnes at about eighty per cent,
while Lima is poor OIL refining only
al about twenty-five per cent III WIN
be seen from this that the future increase
in Lima oil will have TO be enormous. In
order to offset the failure 10 increase
Pennsylvania production.
With the Comparatively, low price of oil.
and the almost unbroken succession OF
busters found by oil PROJECTORS. field
operators are becoming discouraged and
the number of new wells being put down
is not as large weekly as 1t was one
month ago.
was 2267 4S barrels. leaving i.Sla.0J0 bar
rels in the custody of the various pipe
lines. AT the present rate of shortage
II Will require about eighteen months 10
wipe out stocks. but a steady increase In
the daily shortage is looked for, rather
than a decrease, so that II is by no means
improbable that there Will be an oil
famine one year hence. The total stocks
OF Ohio and Indiana, or Lima oil, were
20,0o2,t27 barrels at the end of May.
Owing TO the increase in oil prices with
in the past six months hundreds of man
ufacturing establishments in Ohio and
Indiana have given up the use OF Lima
oil as fuel. With Lima oil at It's pres
ent price manufacturers find II cheaper
TO use coal. Until the last rise In oil the
Lima product was generally used for fuel,
II being considerably cheaper than coal.
With the present outlook IL is likely that
Lima oil as a fuel has seen its end for a
long time The shortage OF Pennsylvania
oil Will continue 10 keep up the price OF
the Lima product beyond the reach OF
those who might use IL for fuel.