Sistersville daily oil review. [volume] (Sistersville, W. Va.) 1902-1905, 1902-10-06
THE OIL MARKET.

reAhsylVdaaH s.-.--..''.'-..1 -
Corning. %
s.. North Lima .........-........ u
South Lims-.......-. s6
!, white House, ss
1 fndiane........ So
summerset rs
Lacv. =. 80
Al advance. ef-3 cenfs-per. barrel
T TO $I.25 for Pennsylvania oil took
place saturday morning. The
nfoye Is II the right direction and
the Dan O'Day's pumpers, ever
hopeful. felt that. perhaps better
rriees may rule for time The
| market Is much too low to be profit
liable except TO the very few more
forfunate operators In possession
Of prolific territory. The increase
10 operations for considerable
period has been corfiped TO terri
:. t1ry that Is inexpensive to operate
such as that of the middle fields
where he average of wells Is little
| better than a barrel or two bat
where territory Is reasonably sure
and wells do not cost more than
$500 To ST 900 each. This class of
territory does not swell the average
production to any material extent.
Drilling In the southwest fields HIS
become an expensive proposition
especially Is this the case In the
deep sard territory where the av
erage Of the wells Is each wear
growing smaller. The pressure Is
! off the rook. The gas from the diff :.
ferent formations Is being exhausted
Virgil ia territory does not exhibit
the Shaving qualities" it did in for
mer wears. The Derrick's monthly
report Of field operations for Sep
tember gives the remarkable aver
age offs barrels per welt
This is remarkable because 1t g
guessed at such high figures even
when the new wells of the Big Knot
prol are considered.
Month after month the average
Of the completed wells Is guessed
at high figures but no one except
the guessers themselves are being
fooled.
The average of the total wells
producing Pennsylvania oil Is less
but trif1e more than three QUAR-
tiers Of barrel per we'll and the
great number of wells drilled with
out increasing the production
lessons the average per we'll and
increases the cost of production
per barrel. Texas Is no longer to
be feared, salt water having made
Its appearance In the former eush.
ers.
Russian competition" should he
pretty we'll frozen by this time, wa
ter shipments In that country being
impossible during the winter sea.
son.
The great coal strike Is causing
an increase In the consumption of
oil for fuel. reports\ from the larger
cities saying the demand for I'll
stores cannot be filled. Stocks Of
Pennsylvania oil are nothing be
cause they represent little else than
tank bottoms, although In the pipe
line reports that convenient account
of receipts and deliveries from
"other sources" may be a basis for
twisting the figures so real condi
lions may be a little longer covered.
The export oil trade Is splendid
If government reports indicate any
thing, Even the Pure Oil company
shipments to foreign markets are
larger than they have been. rus
sian competition" of which Paddy
Boy1e's organ makes so much evi
IDENTIFY cutting but little or no figure
with the Pure OIL company.
The time for higher prices for oil
may be delayed by the buyers OF
credit balances, and in this there Is
no competition, the Pure Oil COM
PAW at all times following the lead