The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-07-10
Demand for Raw Material
Keeps Pace With Production
MUST INCREASE IN VALUE
Production Doubles Every Decade, and
Increase Will Go On-Many Oil
Wells Drilled in the Ken
lucky Field.
Especial to The Times-Dlspatch.)


the enormous consumption of iron in the
United States as indicative OF an inevi-
tably large increase In the values of ores.
and. consequently, in the cost Of iron
and steel, by reason OF which some En-
glish authorities are claiming that twenty
years hence England may regain her
lost supremacy in the iron trade, the
Manufacturers Record In this weeks
isue says
THE fact Of the matter Is that for
some years we had so little appreciation
OF the true value of our ores that we sold
our iron far below its real value. Recent
ly this has changed, and the ironmakers
realize that 1t would be far more profit
able to leave their ore in the ground
that to turn 1t into iron to be sold at
about the cost OF production. 1t Is con-
coded that many a large timber owner
would have made more money during
the last ten years by leaving his timber
uncut than he has made by selling 1t
as lumber for the great increase IN TIM
Der values In that period exceeds the
profits made on the lumber. and SO ore
left in the mine will be worth more ten
years hence than IL 1t had been made into
iron and sold at a merely nominal profit.
WONDERFUL INCREASE.
In the manufacture OF cotton goods and
many other things where the raw mater
al can he indefinitely increased, the con-
d.tions are different, but in using coal
and iron ore we are consuming the raw
material which can never be replaced.
and to some extent this Is true OF timber
Even at the present rate af consumption
we are using up about 3d. 900 tons OF
orc year, but the consumption In twenty
years will far exceed the aggregate OF &C.,
100000 tons estimated In some quarters.
Long before that period has expired we
must consume not 100000 tons, but
e., COO 900 or 60,0O0,0O0 tons year. or even
more. We are now producing pig iron at
every decade for half century our pro-
duction has about doubled. At the same
rate of increase, 1913 will see US making
100000 tons.
These figures are SO enormous that
wc can scarcely accept them as safe
forecast, and yet during the last ten
years we have made an average increase
OF about 100000 tons a year. Certainly.
VIC can hardly do less during the next
ten years, and at the same time add to
this In part the relative growth based on
larger total increase in population and
the accelerating rate Of consumption per
capita throughout the world.
II is not so much aquestion whether
England may twenty years hence regain
its iron trade supremacy by reason of the
increased cost of production IN the United
States, as it is question whether all
iron-ma king countries can increase the
worlds output rapidly enough to keep
up with the worlds demand for iron.
There may be temporary ups and downs
In the iron trade, but in the long run
consumption will inevitably crowd pro-
dustion with an ever-growing scarcity OF
tho cheaply mined ores on which low
price iron has been made possible.
OF, WELLS,
About fifty oil wells were drilled in Ken.
lucky during June, not including the dus-
tiers, and the business Is settling upon
systematic basis. A correspondent at Bar
louisville OF the Manufacturers Record.
referring to the central field, says that
now that the wells are being pumped
regularly their lasting quality will soon
be demonstrated. When drilled, many OF
them showed up to be big producers, but
In the absence Of regular pumping their
true capacity could not be determined.
and as yet there has been no perceptible
falling off In production. an average Of
FIVE barrels daily each being a fair ests
mate of the production. In these fields
a large number of producers OF heavy
grade of oil were drilled In and few
wells of the Illuminating grade were found.
In Wolfe county. which is a deep we'll
field. one good producer was drilled in
last week. It's depth Is about $500 feet,
and 1t has a capacity Of fifteen barrels
daily. In the adjoining county Of Morgan,
operators are also very active and are
going after the deep sand into which a
number Of good wells have already been
drilled.
STORAGE LIMITED.
In the Southern fields, where market
Ing has progressed regularly for some
time, storage capacity is getting very
limited as result of the constantly In
creasing production. The total runs from
the Wayne fields have now reached near
" 100000 barrels, and as this has to be
kept tied up until the completion Of the
pipe line to West Virginia, some trouble
is being given in caring for 1t without
the heavy expense of erecting additional
rampage.
During June more wells were completed
in the southern part Of the State than in
tho northern, for the reason that the de-
yelopments are more extensive and the
sands more shallow In the seats of great
est activity, The Wayne county field held
about thirty wells completed during the
month, several of them being good for l50
barrels each At one point in Clay county
we'll was drilled last week with such
an enormous gas pressure that 1t was
some time before tools could be lowered
into the hole.