The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-15
OIL MAY AGAIN SINK
BELOW DOLLAR MARK
Operators Chafc Under Tactics of
the Man That Makes
the Price.
Special TO Ii. INDIANAPOLIS Journal

Special 70 the Indianapolis Journal.
TOLEDO. o.. March H-The deplorable
condition of the highways in the Trenton
rock oil fields of Ohio and Indiana, and the
late decline in the prices Of crude oil has
about discouraged the oil man in general.
The present indications are that the crude
oil Will once more go below the dollar
mark. and should such thing happen there
will be but little drilling done by the trade
Now is the time for the Oil men to get
together. form combination of capital and
put in their pipe lines and refining plants,
refine and handle their own product, and
derive the benefit not only from their pro-
ductlon, but the profits that accrue in the
refined product. This can easily be DONE
for there is an enormous capital distributed
among the oil men of the two States and
they are usually men OF nerve and business
tactics.
Anyone familiar with the industry can
see that something has transpired that is
being kept under cover. for there IS no rea-
as the stocks of crude oil on hand are
growing less each day. For the first ten
days OF March alone the stocks of the Tren-
ton rock held have been drawn upon FOR
25l, lob barrels TO meet the demand That
means that that much oil has been taken
from the storage tanks above the entire
production OF all the wells.
In the Eastern fields the stocks are being
drawn upon, while but little can be said of
the Kansas field, although the production
of that field is less than 1900 barrels a
DAY, ana not enough to make UP the de-
ficiency of the Trenton rock field. The
f1elds IN Texas are yielding large amount
OF OIL but IL Is of inferior grade. The
daily output OF that State, at present, is
close to 10000 barrels, but little of that
oil is refined. as it contains only small
percent OF Illuminating oil and Is TT only
for lubricant and fuel oil.
The Kentucky fields are producing close
to 100 barrels a day of a fine quality of
oil. and about thousand barrels of the
heavier grades. In Colorado the product is
refined as fast as it can be produced and
has been for years The California fields
are capable of furnishing any amount of
oil that the country needs in the way of
fuel OIL but the crude oil that is tit for an
illuminant oil is a scarce commodity out
there. There may be change in the
Western fields, as the Kayak fields in
Alaska may open the eyes of the world,
since the product found there is of very
fine quality and can be boated to the Cali
fornia refineries at small cost. being but
six days run from San Francisco to the
new oil Ell Dorado. This field is not yet
ripe TO be opened UP, but 1t will come in
its turn.
The most important point now :. being
watched is the Russian fields. where wells
that are said to yield hundreds of thou
sands of barrels a day can be drilled in.
This oil is also of an inferior quality, but
can be refined and the lower grade illumin-
ant sold to the foreign countries. 1t is
limited that the big concern has captured
an enormous slice of the Russian. territory,
and If such is the case then the decline in
the price of crude oil here can be explained,
for 1T means that the oil operators of the
United States must help pay for the Rus
sian concessions. The real cause of the de-
cline in price remains mystery and in all
probability will remain so unless the man
that makes the price is willing to enlighten
the world. The oil trade in general is up
in arms.