West Virginia daily oil review. [volume] (Sistersville, W. Va.) 1894-1902, 1902-06-09
TIL OIL MARKET.

for May should show a reduction In
stocks OF Pennsylvania oil of up
wards of six hundred thousand
barrels, while the runs from the
wells according to figures published
should show decrease from those
of April of about 100 barrels daily.
The reduction In stocks OF Penn
sylvania oil cannot long continue.
The ownership of the oil resting as
1t does with the holders of credit
balances makes little difference
with the Standard OIL company who
use the oil then buy 1t at their own
price. This Is called by some
business sagacity." We designate
It as rank robbery, bat as the oil
producers seem willing to submit to
the robbery 1t Is no ones business
but their own.
The lowest the net stock of Penn
sylvania oil reached since February
1873 was at the end of June, 1895,
when 1t was 4.1oo,788 barrels.
Since then the highest point
reached was at the end of July,
1000 when II was 1920, 6o8 bar
Tels.
At the end of May one year ago
the net stock of Pennsylvania oil
was 12,s7o,o5S barrels. At the end
of May this year the stock has de-
clired to little more than 7,ooo,-
900 barrels-43 per cent OF a de-
cline in one year. The stock of the
Cumberland pipe line amounting
to ia, 900 barrels of Kentucky oil
which sells at much lower price
and cannot be ciassed high grade
oil Is not included In the above
figures: Published reports claim
that there have been completed
during the year ending with May
this year 1851 holes In the ground
seeking this high grade oilof which
2.122 were dry-nearly 28 per cent
leaving $3.50 producing holes
with a supposed initial dali
ly production of 1894 barrels
and yet the old producing holes
amounting In number to about us,
900 added to this last years holes
produce less than $1,000 barrel:
daily. This Is most remarkable
condition to contemplate wher
considering the price at only Sr.2t
per barrel. Al the end of May las
year the daily production was a.,
273 barrels decline regardless o
the new wells of .o8 per cent. Will
the decline of AS per cent In he
stocks In one year, 1t requires NJ
prophet to give information of thu
future price of crude oil whicl
must largely exceed the presen
price fixed by the Standard Oh
company and Pure OIL compan.
purchasing agencies.
The distinguished" members Q
the Standard Oil Company VIII
have so recently visited the o.
fields OF the southwest and VIII
have statistics boiled down ever
day for their inspection, canno
change the facts. The blackboar
quotations for both refined an
crude oils Is made for the purpos
of ''justifying" the beggarly price
paid to the oil producers for the
credit balances, while the sales (
refined oils Ia foreign markets al
made In prices much higher, as
rule, than the chalk marks c
which Is based prices justified
the markets Of the world" -
Standard OH Company seem to CO
troll the prices of Its alleged comp
titor. the Pare OH Company. VII
the same degree of ease that 1t CO
trolls the price for producers cred
balance therefore there Is pra'
tically no Ger: petition.
MALAGA, MONROE Co., O.
The Unity Oil company will DIR
the Harper No. IN tie last OF {
week. Same company has the i
mn for Tones 10. =.