New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-13
UP GOES THE PRICE or OIL.
ANOTHER SHARP ADVANCE IN OHIO
PRODUCT.
SPECULATION AS TO WHERE THE TOP WILL BE
FoUND-ACTIvITY IN THE PENN


sYIvANIA FIELD.
r,r,a Ohio Aprll 12-Great excitement was Gre
ated this morning by the standard oil Company
advancing the price of oil again. This time they
qave II a big boost making North Lima SV''
South Lima, 81 05, and Indiana cents
Oil City, Penn. April l2.-What is going TO be-
como OF the oil market? That IS the a"eSUD'
that above all others is now ag!tatlng tne minus
NJ the neople who have oil production or
u,,jo money 10 lose or make more win IN
specuIative deal. About two wears ago OIL was
selling around - cents a barrel and the supply was
so much greater than the demand that pfou"." "oi'
fell off on account OF the low prices. Ihihss ha'e
changed wonderfully since then, anu OIL mas D'e'
gradually creeping up In price. At the opening OF
tho nresant year the dollar mark was reached
Yesterday Il sold for 81 50 a barrel The decrease
of the stocks and the continued draih VI p'V'"e
had begun TO excite comment, ana 'ne "o''u "" ~
ered 20 the situation. IL was seen 'h'' an ~
nous demand had been created Tor fehhSy yi'""'',
oil which demand had exhausted the supp'y anu
outgrown the ability OF the country 10 sausiy VI.
rho heoIs Of the failing production. The STOCK OIL
oil on hand at the present time is 5Vo"" oarre.s.
The monthly consumption Is hoI I'd, "o"' ''V1V
barrels IL Kill be seen therefore, thdt the 9uPp''
on hand II no more were produced' "ou' "0'
two months But the production o. the '"iio""
oo,t, :, po,,svIvanIa is about 100000 barrels a
ror,h so that at the present rate OF prouucuo"
and consurnption the stocks will last the Da'ance
of the year. However. this is not iea"S -
for the present consumption - Hsh'ei 10,
months before and at the rate OF co'''r raI,
has prevailed all winter. the stocks Wouu 0a'e''
run to midsummer. +, ,,,ra,re
WHAT win oil 20 to- is a question that is supreme
above everything Just now. The wise man "no
has followed the market through It's pre'to"' -.
prises coufesses that he does not know" i"' ,,S,,
hd-nt man has an opinion; come p' conserSative
vew say that s. will be- the limit ne MAJ, III ~, ,he
high prices bases 15 n,T he decline OF the
St%cks Certainly that has brought s?eeuy fd IT,
in ,ho market OF late But there Is the other siue
III mh'cb ia hacLed by a respectable following. Many
oj wells are beng relrilled, and they say Pru 10
nov territory may be found. Should OIL c0n'luf g ~
20 higher there IS thing else that VIII teilt ~ ~
lessen the consumption and keep the produe,tios
Of fmcrlcau petroleum, which has no equal any
yybot% in the world. 80 doubt, when certain am
,icc II vii become too high for the foreigner 10
whom price H. consideranlc OF an opJeC'' a. a.. nres
IT. so me aare2 man y this country exports an
raii,, nearly 40 OOo go gallons OF refined oil ana
ronrfh as many gallons Of crude and lubrlcat;nS
oil This product goes to all sections OF the globe
vord have great effect in keeping the price where
The American consumer wouid not find mis- lsht
distressing him in cost seventy -hIe per csnt III, ~
the Pennsylvania crude can be used for lllutn1, m a.
material that cannot be used .or SOM put p.h oil
uroIucel can be used FOR Illuminating purposes. ai1
Tho balance Is only good for fuel Inc iussian OH
is n a sti poorer quality The value OF the Penn
sylvana article and the hign price have excited me
entrc olproducng territory IN me state ana sue"
activity has not existed for many years
Pittsburg April l2-As an indication OF the ac-
tivty In the hunt for OIL 1t may be said that there
were ii0i new wells drilling and rigs in course OF
construction on April /, against a monthly aV-
erare OF 232 last year II is estimated that about
100000 il being expended in new work IN al the
fields Mon are In the field d9v and night looking
for possIbe Developments. Derricks are being built
wherever there Is the slightest possibility OF dis,
covering the greasy fluid. and the standard on
company people are ready 10 buy any wells ana
leases at good figures .
This being holiday there were no dealings In
oil To-day I, is pred.cted that prices Will open
higher tomorrow than they closed Thursday