The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-14
OIL MEN ARE LOOKING
FOR ANOTHER ADVANCE
Pipe Line People Want the Oil, as
the Production Still Falls Be
low the Requirements.
LATE FIELD STATISTICS

Special TO the indianapolis Journal.
TOLEDO, o., Dec. 13.-The advance in the
credit balance market continues to be the
feature of most importance with oil men
and the Standards oil buying Offices all
over the oil country are being watched daily
for change in quotations. For the past
year the changes have taken place at the
opening of the market in the Trenton
limestone fields of Indiana and Ohio at 8
oelock a. m. In former seasons changes
were made at any time during office hours.
The pipe lines want the oil and their domn-
ating minds are made up at the New York
end early in the morning. hence the changes
take place at the opening. Early in the
year the credit balance market began to adj
vance rapidly and is certainly destined to
continue in that direction if the present con-
dition OF the stocks are any criterion. The
pipeline conditions in the two fields for
November show decline in stocks of 1922
$40 barrels. The runs from the wells
amounted to 1s64,145 barrels, and the
shipments 2157,015 barrels. For the
eleven months of the present year
the shipments of oil have been over
100000 barrels more than the wells have
produced, showing that the stocks have
been drawn upon to an alarming extent.
1t Is admitted by all that the present is
a good price for all grades of oil and
the only discouraging feature is the scarcity
or new producing territory and the light
productiveness of the new wells in nearly
all helds near development. Some have lost
sight of the fact that ii was this condi-
ton that brought betterment of the in
dustry to the producer in general through
out the country.
1t is the first time In many years that
the producers in the oil fields have not
stood In of the discovery of some new
and prolific producing territory In some I'M
expected quarter to be followed by another
depression in the market The Indiana field
Tor the past two years has kept outside
producers in a state of anxiety. Many
times the oil man has looked forward to a
period of prosperity only to have his hopes
shattered by the discovery of a large field
or succession of small pools prolific in pro-
duction. The developing and listing of
large areas of territory in Indiana and Ohio
has so reduced the chances for increasing
the production to point that 1t will not
come anywhere near the demand for high
grade crude, that owners Of old wells in
old territory almost forgotten are begin
ming to feel their importance and believe
we are the people"
The effort In the Trenton rock fields the
past week closed were no more satisfactory
than has marked others Of late. Taking
the most promising undeveloped districts
In the entire territory of Indiana and Ohio
there Is no new discovery to indicate a re-
versal of the conditions that have pre-
vailed for a long time. The much longed-
for territory in southwestern Indiana has
not materialized to any great extent. To
many who invested heavily and who began
active operations some months ago ii has
lost Its charm and incidentally a snug sum
OF money with it. The heavier losses were
made In Martin and Dubois counties 1t
was there that showings of oil caused a
rush. The desire for increased production
spurred operators to put forth the greatest
effort to start new work and rush Ii to
completion. expecting to find spouters like
those in the older producing areas in the
early days. In Martin and adjoining coun-
ties out of at least forty completed wells
less than half a dozen producers were found
that had any showing of oil to speak Of
The field In Dubois county Jared no better
Now the trade Is making an effort to open
up a new pool in Gibson and Pike counties
In southern Indiana. What 1T will amount
TO vet remains to be seen. The oil there
is of very fine quality, and is found in the
corniferous limestone, the same formation
| in which the Petrolia field in Ontario, Can
| ada. gets it's supply. The new field south
| east of Fort Wayne, in Allen county is be-
| ing watched by the trade. In that field the
| oil Is being found at a greater depth than
| in any other portion of the State.
| In the Trenton rock fields the past week
| 227 wells were completed, with only thirty
| dry holes. The first days production of the
| producing wells amounted to 6,240 barrels.
| The wells in Indiana for the week were
| divided among the leading counties as fol-
lows: