402 THE PENNSYLVANIA OIL TRADE. 
STOCK ON HAND AT NEW YORK, JAN. 1, 1865. 
1864. 1865. 
Crude, bbls. ..... 7,933 14,512 
Refined 18,718 64,448 
Naptha 417 6,073 
Petroleum 100 676 
It is a frequently expressed opinion on the part of oil speculators 
that the oil springs of Pennsylvania are giving out, that they are ex- 
hausted, and that we must look to other and remote quarters to keep up 
the supply. Others are confident that the oil wells of Pennsylvania are 
inexhaustible, and only need to be regularly and properly protected from 
the influx of water to send up their lucrative fountains for ever. 
Forty-six thousand nine hundred and eighty-two barrels of crude oil^ 
were received at Baltimore last year from Pennsylvania, and 1,117 from 
"Western Virginia. The supply has now been sufficient to meet the 
wants of the refiners, but a much larger quantity is expected from Vir- 
ginia in the present year. There are nine refineries in operation at 
Baltimore, and three new ones will shortly commence, and their united 
capacity will be 3,000 barrels a week. The receipts at Baltimore during 
the last four years were as follows, in barrels : — 
Crude. Refined. Total 
1862 ... 13,813 ... 14,764 ... 28,580 
1863 ... 43,626 ... 19,563 ... 63,189 
1864 ... 36,467 ... 19,573 ... 56,040 
1865 ... 48,152 ... 12,409 ... 60,561 
The resources of Pennsylvania are not yet exhausted. Venago 
County — which produces nearly three-fourths of the oil that comes to 
our market — still pours forth its golden current of petroleum, if the 
streams come less copiously than of old, it is not owing to a lack 
of oil, but the decrease is occasioned by an overflow of water 
forcing the oil from its natural beds up into hills and peaks which have 
not yet been perforated. Thus an oil well lies in a valley, between two 
hills. At first the supply is ample. It spouts gallons per minute and 
barrels per hour. But presently the production decreases, until, at 
length, it ceases — becomes dried up — altogether. This is owing to a 
flood of water, rising uniformly through the land forcing the oil on its 
top ; and, as the valley has been bored, it, being the lowest portion of 
land, is, of course, first deprived of its oil. If more is wanted, of course 
you must perforate the hills, where according to the same theory, the 
water, with the oil on its surface, lifts it upwards to the acquisition of 
man. We hear nothing as to what would happen after all the water 
was also expended. Is there oil below it, or what will be the nature of 
the next product cast up to view ? 
The usual mode of protection against water is by means of u seed 
