The daily tribune., 1903-08-03
A GRATIFYING RECORD.


Four wells Is the record for July
Ia the Florence oil fields. In the alb.
stract that statement perhaps has lit
tie Significance. IL the disinterested
il may mean little more than that the
population of Florence increased by
four during the month of July.
But four new Gil wells in one
month is most gratifying record to
the people of Florence and to those
who are financially interested in the
production of petroleum. It's pecu-
liar Significance lies in the fact that
operations in the Florence field cover
only about four or five thousand acres
aid that as yet only comparatively
few companies are active in the devel-
opment OF the field.
Four new wells in one month in the
Florence field looks good also after
reading the New York dispatch re.
Gently published, to the effect that
the production Of petroleum is decreas-
ing in the Pennsylvania and West
Virginia fields and that the STANDARD
Oil company is beginning to fear the
approach of the time when nature
will refuse to supply the demand for
mineral oils.
A portion of an Associ ated Press
dispatch follows:
Inspired by the fear that natures
supply Of oil is giving ont. John d.
Rockefeller has ordered the Standard
Oil company to restore the price of
crude oil to the figure from which it
WAS cut last May, hoping thus o ex-
cite oil speculators to do more vigor-
Gus boring for the mineral.
1T IL AN admitted fact that with
all the new discoveries of oil, the pro-
duction of refinable oil is decreasing
Much of the rev oil in the southwest
is going to waste for lack OF meth
cd OF refining
Consumption of oil is running
barrels per day and the trust has only
!. about q. 5.OOO. 600 barrels of eastern oil
aud lG,OOO.O 900 barrels of western
ahead. Thus the reserve will b,
wiped out in three years At the farth-
est. But as the uses Of oil are grow
ing and the world wide demand grow
ing stronger the reserve is sure to be
gone within q much shorter time.
As illustration OF the extent to
which the oil supplies are disappear
ing it is announced that formerly there
WAS q reserve of 40. 900, OOO barrels OF
eastern oil and "a, 600, 600 of western.
making total Of 81. 900, 600 as against
a total Of 81. 900, 900 at present.
1.-The daily consumption OF oil is
about 90, 600 barrels Of Lima and 00,-
600 tarrels of Pennsylvania.
Never before we're the prospects
of fortune greater for owners of really
good wells, but most of the properties
now being exploited are worthless.
In West Virginia this ID especially
true. Drst holes are numerous there
and not more than half dozen of the
wells are producing more than 100
gallons daily.
''The Standard has just bought the
output OF large wells i'll California 1t
ia the real owner of most of the wells
in Texas, but it Is believed Mr.. Rock
efeller can look ahead and see the
end Of the mineral oil business unless
some extraordinary find is made soon.
Petroleum is a modern commod-
ity like natural gas. The gas has dis
appeared and geologists believe the
pockets of oil will soon he gone, too. -
But the supply in the Florence field
shows no signs of giving out. The
production is Oh the increase aud the
field offors fiattering Inducements to
the operator. More and more outside
people are coming to realize this, and
the incorporation Of new oil compan.
les is n common occurrence. Florence
is destined to be the big oil producing
center of the west as oil City is of
the east