The herald., 1896-03-27
INTERESTING OIL FIGURES
SOMETHING DEFINITE AS TO THE SUPPLY
OF PETROLEUM on HAND
Not 10 Exceed 100 900 Barrels Held in This
City-What May be Expected as Regards
Prices - Great Reduction In supply
During the 7onth

As has heretofore been stated. the con.
ditions just now governing the price OF
petroleum in this state, and especialiy the
local field, are somewhat anomalous. FRO
ducers will not sell at present quotations,
and buyers are also holding oil, thinking
that the well owners have overreached
themselves, and that the prices, instead OF
going up, will drop as soon as the vacant
tankage has been filled and there Is no
place TO store the oil. In VIEW OF this fact
the following data will be found of interest
10 both parties, and the figures are approx
imately correct. BY them it will be seen
that, SO far from filling up, the tanks are
plus, and that. taking the consumption
into account, not over 500 barrels per
day are now available as a source of
supply for points outside the southern end
of the slate.
The total tankage capacity in the oil
field proper, not including the large tanks
situated i'll various parts OF the city, but
only those at the wells, is some 10000
barrels. On or about the first OF February
there was held in them nearly 10000
barrels of oil. At the present time these
same watts contain not to exceed 81 900
barrels. This shows diminution OF
nearly one-half during period of little
over a month. Southern California now
consumes some 1900 barrels of petroleum
per day, while the total product of all the
wells in the field runs from 2oOO TO 1000
barrels. Thus it will be seen that but 500
barrels ars left per diem TO supply all out
side demands.
Now, as to the total supply in all hands
of petroleum available for market. The
Standard Oil company has two tanks, one
of 10000 and the other of 100000 barrels
capacity. The smaller of these is full, but
only from 5000 to 5000 barrels have as
yet accumulated in the larger. The oil
IL.
Vista street which are now full. holding
300 barrels in all. From 25,OOO TO 26,-
900 are held in storage by the Union Oil
company, while the Lacy interests, the
Puente company. the Producers Oil COM
pany, which includes the DDheney and
Common supply, and smaller holders will
bring the total amount in all hands to
about lOO, 900 barrels, divided as follows:
On hand in oil field, $1,000; Standard,
10000; exchange. 300; Union Oil
company, 10000, and the balance, some
10000 or 900 barrels, divided as above
stated.
From these figures it will readily be
seen that, so far from there being any hope
of oil dropping just at present, all indica-
tions point to decided advance in the i'm
mediate future. The BOARD of directors of
the oil exchange meet next Monday. and
it will cause little surprise to see the price
set at 90 cents at that meeting. Oilers
were made In plenty III the ucll yesterday
of IS cents at the wells but they met with
no response. The Standard still adhere to
55 cents as the price they will pay for pc
troleum and as a consequence run abso.
lutely no oil into their tanks. No local
selling quotations are made and with them
everything is at standstill. Their only
market is in San Francisco and they are
holding on to, what they now have, waiting
for the price to touch $1.30 in the latter
city. at which figure they may decide 10 let
some of it 90.
Nora would be given by the Union Oil
company, but they stated that very few
sales were being made at less than so
cents fob. The report, as stated yester-
day exclusively by THE HERALD. of q large
operator having been severely pinched by
the recent rise in price has been definitely
confirmed, one large low-priced contract
having been repudated by him. Should a
legal enforcement of several outstanding
contracts be enforced it could hardly fail
to seriously embarrass him or force him to
the wall.
Dispatches received from San Francisco
report that the bark Enoch Talbot, now
unloading oil there, is seriously damaged,
and may have to go on the dry dock for re-
pairs before she can again essay another
trip. All of her cargo has been sold and
every effort will be made to return her TO
the south for another cargo as soon as pos
cihIn