Everyone may not be familiar with the works of Alfred Edersheim but this quotation comes from his momumental two volumes [url=http://philologos.org/__eb-lat/book507.htm]The Life and Times of Jesus the Messiah.[/url]
Another archæological inquiry will, perhaps, be more helpful to our understanding of this Parable. The 'lamps' - not 'torches' - which the Ten Virgins carried, were of well-known construction. They bear in Talmudic writings commonly the name Lappid, but the Aramaised from the Greek word in the New Testament also occurs as Lampad and Lampadas.3 The lamp consisted of a round receptacle for pitch or oil for the wick. This was placed in a hollow cup or deep saucer - the Beth Shiqqua4 - which was fastened by a pointed end into a long wooden pole, on which it was borne aloft. According to Jewish authorities,5 it was the custom in the East to carry in a bridal procession about ten such lamps. We have the less reason to doubt that such was also the case in Palestine, since, according to rubric, ten was the number required to be present at any office or ceremony, such as at the benedictions accompanying the marriage-ceremonies. And, in the peculiar circumstances supposed in the Parable, Ten Virgins are represented as going forth to meet the Bridegroom, each bearing her lamp.
The first point which we mark is, that the Ten Virgins brought, presumably to the bridal house, 'their own6 lamps.' Emphasis must be laid on this. Thus much was there of personal preparation on the part of all. But while the five that were wise brought also 'oil in the vessels'7 [presumably the hollow receptacles in which the lamp proper stood], the five foolish Virgins neglected to do so, no doubt expecting that their lamps would be filled out of some common stock in the house. In the text the foolish Virgins are mentioned before the wise,8 because the Parable turns to this. We cannot be at a loss to interpret the meaning of it. The Bridegroom far away is Christ, Who is come for the Marriage-Feast from 'the far country' - the Home above - certainly on that night, but we know not at what hour of it. The ten appointed bridal companions who are to go forth to meet Him are His professed disciples, and they gather in the bridal house in readiness to welcome His arrival. It is night, and a marriage-procession: therefore, they must go forth with their lamps. All of them have brought their own lamps, they all have the Christian, or say, the Church-profession: the lamp, in the hollow cup on the top of the pole. But only the wise Virgins have more than this - the oil in the vessels, without which the lamps cannot give their light. The Christian or Church-profession is but an empty vessel on the top of a pole, without the oil in the vessels. We here remember the words of Christ: 'Let your light so shine before men, that they may see your good works, and glorify your Father Which is in heaven.'9 The foolishness of the Virgins, which consisted in this that they had omitted to bring their oil, is thus indicated in the text: 'All they which [aitineV]10 were foolish, when they brought their own lamps, brought not with them oil:' they brought their own lamps, but not their own oil. This (as already explained), probably, not from forgetfulness - for they could scarcely have forgotten the need of oil, but from the wilful neglect, in the belief that there would be a common stock in the house, out of which they would be supplied, or that there would be sufficient time for the supply of their need after the announcement that the Bridegroom was coming. They had no conception either of any personal obligation in this matter, nor that the call would come so suddenly, nor yet that there would be so little interval between the arrival of the Bridegroom and 'the closing of the door.' And so they deemed it not necessary to undertake what must have involved both trouble and carefulness, the bringing their own oil in the hollow vessels in which the lamps were fixed.
We have proceeded on the supposition that the oil was not carried in separate vessels, but in those attached to the lamps. It seems scarcely likely that these lamps had been lighted while waiting in the bridal house, where the Virgins assembled, and which, no doubt, was festively illuminated: Many practical objections to this view will readily occur. The foolishness of the five Virgins therefore consisted, not (as is commonly supposed) in their want of perseverance - as if the oil had been consumed before the Bridegroom came, and they had only not provided themselves with a sufficient extra-supply - but in the entire absence of personal preparation,11 having brought no oil of their own in their lamps. This corresponds to their conducts, who, belonging to the Church - having the 'profession' - being bridal companions provided with lamps, ready to go forth, and expecting to share in the wedding feast - neglect the preparation of grace, personal conversation and holiness, trusting that in the hour of need the oil may be supplied out of the common stock. But they know not, or else heed not, that every one must be personally prepared for meeting the Bridegroom, that the call will be sudden, that the stock of oil is not common, and that the time between His arrival and the shutting of the door will be awfully brief.
For - and here begins the second scene in the Parable - the interval between the gathering of the Virgins in readiness to meet Him, and the arrival of the Bridegroom is much longer than had been anticipated. And so it came, that both the wise and the foolish Virgins 'slumbered and slept.' Manifestly, this is but a secondary trait in the Parable, chiefly intended to accentuate the surprise of the sudden announcement of the Bridegroom. The foolish Virgins did not ultimately fail because of their sleep, nor yet were the wise reproved of it. True, it was evidence of their weakness - but then it was night; all the world was asleep; and their own drowsiness might be in proportion to their former excitement. What follows is intended to bring into prominence the startling suddenness of the Bridegroom's Coming. It is midnight - when sleep is deepest - when suddenly 'there was a cry, Behold, the Bridegroom cometh! Come ye out to the meeting of Him. Then all those Virgins awoke, and prepared (trimmed) their lamps.' This, not in the sense of heightening the low flame in their lamps, but in that of hastily drawing up the wick and lighting it, when, as there was no oil in the vessels, the flame, of course, immediately died out. 'Then the foolish said unto the wise, Give us of your oil; for our lamps are going out. But the wise answered, saying: Not at all12 - it will never13 suffice for us and you! Go ye rather to the sellers, and buy for your own selves.'
This advice must not be regarded as given in irony. This trait is introduced to point out the proper source of supply - to emphasise that the oil must be their own, and also to prepare for what follows. 'But while they were going to buy, the Bridegroom came; and the ready ones [they that were ready] went in with Him to the Marriage-Feast, and the door was shut,' The sudden cry at midnight: 'The Bridegroom cometh!' had come with startling surprise both to the wise and the foolish Virgins; to the one class it had come only unexpectedly, but to the other also unpreparedly. Their hope of sharing or borrowing the oil of the wise Virgins being disappointed, the foolish were, of course, unable to meet the Bridegroom. And while they hurried to the sellers of oil, those that had been ready not only met; but entered with the Bridegroom into the bridal house, and the door was shut. It is of no importance here, whether or not the foolish Virgins finally succeeded in obtaining oil - although this seems unlikely at that time of night - since it could no longer be of any possible use, as its object was to serve in the festive procession, which was now past. Nevertheless, and when the door was shut, those foolish Virgins came, calling on the Bridegroom to open to them. But they had failed in that which could alone give them a claim to admission. Professing to be bridesmaids, they had not been in the bridal procession, and so, in truth and righteousness, He could only answer from within: 'Verily I say unto you, I know you not.' This, not only in punishment, but in the right order of things.
The personal application of this Parable to the disciples, which the Lord makes, follows almost of necessity. 'Watch therefore, for ye know not the day, nor the hour.'14 Not enough to be in waiting with the Church; His Coming will be far on in the night; it will be sudden; it will be rapid: be prepared therefore, be ever and personally prepared! Christ will come when least expected - at midnight - and when the Church, having become accustomed to His long delay, has gone to sleep. So sudden will be His Coming, that after the cry of announcement there will not be time for anything but to go forth to meet Him; and so rapid will be the end, that, ere the foolish Virgins can return, the door has been for ever closed. To present all this in the most striking manner, the Parable takes the form of a dialogue, first between the foolish and the wise Virgins, in which the latter only state the bare truth when saying, that each has only sufficient oil for what is superfluous. Lastly, we are to learn from the dialogue between the foolish Virgins and the Bridegroom, that it is impossible in the day of Christ's Coming to make up for neglect of previous preparation, and that those who have failed to meet Him, even though the bridal Virgins, shall be finally excluded as being strangers to the Bridegroom.
3. Jer. Yoma 41 a, line 24 from top. 4. Kel. ii. 8. 5. See the Arukh, ad voc
6. The better reading in ver. 1. and again in ver. 7, is not autwn 'their,' but eautwn.
7. The word autwn in ver. 4, 'their vessels,' is probably spurious. In both cases, as so often, the 'improving' copyists have missed the deeper meaning.
8. In ver.2, according to the better reading, the clauses should be inverted, and, as in ver. 3, 'the foolish' first mentioned.
9. St. Matt. v. 16. 10. quæcunque, eæ omnes quæ.
11. So especially Goebel, to whom, in general, we would acknowledge our obligations.
12. Mhpote. See Grimm, ad voc. But it is impossible to give the full force of the word.
13. The better reading is ou mh, which double negation I have rendered, for want of better, by 'never.'
http://philologos.org/__eb-lat/book507.htm
Edersheim indicates that these were a kind of combination of oil lamp and torch. The were affixed to a long pole to be hold aloft and had a built in reservoir to hold the oil. Edersheim says that this attached reservoir is what is being referred to as a 'vessel'. The language would support this. The Greek translated vessel here is capable of a wide range of translations and 'reservoir' would certainly be one of them.
BTW I am not the 'philologos' whose website this comes from. :-)