Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-10-19

1OT the year. All Oh Ju6 new NOEh OIL
1895, great as was the amount, failed
to produce enough oil to supply the de-
mand.
Oil at the beginning of 1896 sold for
$3.50 a barrel. which is a good price,
and everybody was anxious TO profit
by it. In consequence 1911 new wells
were finished in 1896. which, with the
help of those already in operation,
swelled the production for the year to
$500, 900 barrels.
With winter coming on, when the
consumption of oil is much greater
than in summer, and when the produc-
ton is checked both by cold weather
and the cessation in a measure of new
work, the natural expectation is that
the stocks will decrease from now I'M
til spring stimulates the drill again.
With all the wells that have been
drilled in the past, and with the 10000
new ones completed since the boom Of
1895 broke over the field, the produc-
tion at the present time is barely sufi-
cient to justify the demand. What is
worse, the new territory TO which the
operator may look for production does
not materialize Old territory has been
drilled carefully and thoroughly and
it is not enough. Explorations have
been pushed into many new sections
and without avail Kentucky was eX-
plotted fer all it was worth, but Ken
lucky is a disappointment. Tennessee
has no hope to lend to the oil men.
Kansas is producing some heavy crude,
but not any that gives much promise
Texas is late candidate for favor. but
Texas is an unknown factor. The vast
amount of new work done in the last
three years fails to extend the oil belt
beyond already recognized boundaries,
which include the narrow strip reaching
from Allegheny county, N. Y, to Par
kersburg. w. Va
The vast number of new wells in Ohio
and Indiana. which, added to the great
eT number in the Pennsylvania field,
makes total of more than SO 600 in the
three years, has been insufficient to get
a surplus on hand that would continue
to increase. The 10000 new wells in
creased the stocks in the two fields
about 8.G00,G00 barrels in the three
years and now the increase is stopped.
Neither the Ohio fields nor the Appa-
lachian wells are adding to the stocks
at the present time. Yet the demand
for Illuminating oil is growing con-
SANITY. The exports in 1896 were
greater than ever before, reaching for
the year 25,000,G00 barrels This year
so far the exports show an increase
But while the foreign trade grows
the domestic demand grows with it.
as is evidenced by the consumption Of
crude oil. In 1884 the Appalachian
fields had on hand almost 100000
barrels of crude. Ohio, West Virginia
and Indiana were practically unknown
as producers at that time. Since then
the three States have given the world
probably 225, 0C0,000 barrels Of oil. the
great surplus of 40,000,000 has been re-
duced to $4,000 COO, of which but IL
500 goo is Appalachian oil, or little more
than a fourth as much as in 1884
Now the surplus is declining. after
having been materially lessened. and
the trade is taking all Of the output.
which more than doubles that of II
years ago.
With an Improvement in the general
business Of the country the use Of
petroleum is bound to increase. The
last eight years has seen the trade ex-
pand by 100 per cent The decade
previous to that witnessed a similar
IApdHolOll. iIiS ltDluly SlONilI Ill
dustry has doubled its output on an
average every six years. That it will
do so in the coming six years is hard
ly to be expected. To double again
would be to put the annual production
over 10000, coo barrels yearly.
If 5000 new wells yearly are good
for but 100000 barrels of crude each
year, it is not hard to perceive that
with much more than the average pro-
ductiOn needed now the amount Of
new work must be Increased at the
same time. In the same proportion of
new wells to the production that has
been maintained for thirty-seven years,
the demand for oil as it stands now
will require that not less than 5000
or 5000 new wells be drilled yearly
hereafter
What of the supply? Absolutely
nothing offers at the present time ex-
cept the old wells drilled in the last
three years. which are merely holding
the production up to the supply and
which are declining daily, and the pos
sibly trifing increase through the ex-
tension Of some tolerably well defined
pools like Elk Fork or the Former de-
velopment.
The future of the oil business? To
a spectator it looks as though Condi-
ton has been reached somewhat SINH
lar to that Of the beginning Of 1895,
when the production was falling be-
hind the supply. Where are 1000
wells to be drilled next year and the
year after, and the next year? Where
are more than that many wells to be
drilled if the trade asks for oil in the
same increasing proportion? If all
these cannot supply the existing de-
mand. and that which will come as a.
natural result Of the growth Of the
industry. the same question confronts
the producer that confronted him in
1895. and which for the past two years
he thought he had answered.
Oil City, Pa. October 18.-Credit
balances 65c; certificates, no bids
Sales. two at csc. Sales on November
option at G5c Shipments. 168628 bar
rels: runs, 49, $50 barrels.
New York October 18.-Pennsyl-
vania crude nOnina}ly at Sic