The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1922-11-01
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- in1nstfy y not yet ready for
1ehosss n spite Of continued
- $3.50 for crude oil. ~
J feAneries throughout thu
are today running prac.
x II capacity. Nearly 1861
hfrels Of crude oil . day are
fun through the stills. These
R . theoretical capacity Of
S5eooo barrels daily but 1t Is al.
S1 necessary to have some units
G ~ cleaning 20 that present
nftons In reality represent ca.
80 oatput
Dcnestic production has risen
olly throughout October In
- u the immense reserve
80 in storage and in the last
~ has approached 1,5S0,000 bar.
r. sIday. These figures show
oclssively that drastic efforts to
Grtail domestic production since
r. 1rSt important cut was made In
/ ~ oil prices last July have
I'D % far. Stocks on hand were
4 ~ cent greater on Oct. / than in
~ and A PEI cent greater than
\ i ths first Of thu year.
MeA Imports Increase.
Consumption in this country Is
nfnally greater than domestic
nuluction. the deficit being made
10 Of importation Of Mexican oil.
live been steadily decreasing and
|vsss about % per cent less than
u he previous four months.
Consumption and production,
|hkng the Mexican imports into
federation now are nearly equal.
~ oil industry would face no
Apeblem were it not for the excess
1sks in storage which at present
|h4eunt to about five and q half
Ioaths' consumption. II Is prob
|blle that imports Of Mexican oil
uill decrease still further and that
assumption will increase to such
y extent as to allow liquidation
11ually Of the huge reserve
Bring IN New Wells.
Some Mid -Contiental field oper.
1ses in few Cases have deliber-
Rlsly brought in new wells in the
ne Of gaining some slight ,ad-
Aatage before another price cut in
ride prices should 60 into effect,
Ut In general drilling operations
p declining sharply. California
J the chief offender in develop
pant of new production and is now
counting for q per cent of the
lntire domestic flow. Operators
Dese offer as an excuse the devel-
)pnent Of foreign export business.
Crude oils can be still further
sDsessed II necessary but indica-
"a now point to a decline in out
y. according to reports from oil
aters received today. II condi-
eas are not altered, large hold
- of crude face the prospect
huge paper" losses and some
Miners and producers will suffer
)etual loss. ~ >~N~
Gasoline prices are weakening
dsAtly as is natural at the end OF
Pc motoring season, kerosene
eices are rising as expected with
% approach Of winter and the ad-
lanee in fuel oil prices in this sec
pom. predicted by many oil men,
pane Just before noon today.
Flour Prices Rise.
All family flour prices have been
9snced 20 cents a barrel in parts
I tie Pacific Northwest and some
anlsr there also are advancing ex-
Pr grades. Still further increases
p forecast due to the scarcity of
ne harder wheats in the northwest
~ states.
Production Of potatoes isrsesti-
ated at 433.000,0O0 bushels for
country and demand is slack
prices low. Northwestern rail-
oas are considering reduction in
elsnt rates to growers, to enable
en- to get some margin of profit
om their potato crops.
me increase in industrial oper-
,0ns throughout the country 10
.issted by the growing sales Of
s1'pg and power transmission
ltpment. Leather markets are
PCT a both buyers and sellers
ID complete disagreement as to
'ee trends.