Evening Star Newspaper, June 3, 1930, Page 12

1980 OUTPUT OF OIL MAY SHOW DECLINE Production of Crude Petro- leum Expected to Be Under d Billion Barrels. BY J. C. ROYLE. It now seems probable that the production of crude petroleum in 1930 will be under 1.000,000,000 barrels. This is less than the 1929 output, according to the figures of the Federal Oil Re- porting Board, but with the huge stocks of crude and refined already on hand, estimated to amount to about eight months’ supply, the technical situation | ©of the petroleum industry does not seem Yikely to be materially improved in the next few months, despite the heavy increase in demand for refined products. However, the position of many pro- ducers shows distinct improvement. They have begun to c¢raw profits from another source incident to oil produc- namely the transportation and tion of natural gas. This by- uct, which for years has been asted in many districts, now is proving most valuable addition to resources. nt developments in long-distance portation of natural gas are re- led as one of the most significant Schievements, not only in the oil busi- pess, but in industry in general. Natural Gas Trend. The trend to natural gas has come about through the revision of ideas as| to the amount of ofl still available in the United States. There have been discoveries of new fields and of oil- bearing sands at greater depths in old flelds, and these show that previous estimates of supplies were far too con- servative. Néw methods employed in these fields are estimated to have added 000,000 barrels to two Pennsylvania . With {Nuch ln“:mt%n;‘ lv;)!; able, ucers are turn y-prod- ucts mflfliflonsl profits, and natural gas is one of the most valuable of these. industrial areas which formerly had to depend on solid or liquid fuels have now been connected with natural mnnn and the demand for gas fuel been amply demonstrated. Accord- ing to ofl experts, the value of gas is greatest when it is delivered at the surrace in conjunction with oil, since gas is of the greatest importance as 8 mlve agent for oil in bringing it surface. Conservative estimates place the 1930 natural gas distribution to consumers at over 2,000,000,000,000 cubic feet. In sddition large quantities will be used for fuel in the oil flelds and other sup- plies will be devoted to the production of carbon black. The principal cost of the dkh'lb&ltm cost of pipe. This is leading to con- sideration of the use of smaller diameter of greater thickness, capable of hstanding pressure of 1,500 pounds o the square inch. The first lines were of large diameter and pressures were held down to 400 to 500 pounds. Some ‘concerns are using telescope pipe. That is, they build their lines of small, thick pipe near the source, where pressure is greatest, and increase the size and de- crease the thicknss as distance lowers the pressure. Improved Welding Methods. Improved methods of welding also have decreased costs, as has the use of tractors and machinery for handling in laying. The extent P in the dependes which steel com- mm;ficm‘mpipeorden. Demand for pipe has been an outstand- ing feature in the steel trade in the last fortnight. Some of the large makers of pipe are already booked for four to six months in advance. Some public utilities have placed tentative orders, even before working out all the details of their dis- tribution lines. (Copyright. 1930.) NEW YORK, June 3.—The following is today's summary of important cor- poration news prepared by Standard Statistics Co., Inc, New York, for the Associated Press: News Trend. Wholesale commodity price averages declined 0.8 per cent in May, according to Dun’s index number. In’ April and March decline amounted to about 1 per cent, in February 2 per cent and in January slightly more than 1 per cent. Compared with October 1, 1929, index has fallen 81, per cent. It is now 10 per cent above the low level of 1921 and 457 per cent above the average of Au- gust1,1914. Despite the large reduction in California’s crude ofl production in the past week, early estimate of output for the country as a wohle shows an increase in daily average production of o and FLOOR Service Hdw. Co. 14th St. NW. Gill, 1 Ave. 8. 3. Jos. Catloth. 308 415 St S.W. Loveless Ha 703 K Service Hd W. F. Andrews Sons, 1804 1ith St. N.W. orch Furnilure Paul W, Le 5111 Ga. THE EVENING 22,662 barrels over the week preceding. The day’s corporate news included unfavorable dividend announcements by Chickasha Oil and Consolidated Steel. General Motors declared an initial divi- dend on new $5 preferred stock. Acqui- | sitions were reported by United Gas gflpll'ovement and Chicago Pneumatic teel. The Cempanies. Atlas Utilities extends deposit date under terms of proposed merger wif | All-America General to June 15, Atchison, Topeka & Santa Fe presi- dent estimates May earnings to be 74 | per cent below year ago. Auto Strop Safety Razor grants Probak Manufacturing license to trophy blade. Bethlehem Steel reported negotiating for acquisition of Pickands, Mather & Co. Brazilian Traction, Light & Power earned $2.67 on common stock in 1929, against $2.56 in 1928. | Chickasha Cotton Oil omits dividend | action on common stock due at this time. Chicago Pneumatic Tool acquires | Cochise Rock Drill Manufacturing of Los Angeles for about $1,000,000. | Consolidated Steel omits action on| quarterly dividend due at this time. | Continental Oil purchases site for re- finery near Denver with capacity of 2,000 barrels daily. Cooper-Bessemer Corporation received | Special Offer Limited Time One Gallon Can $3.79 Regular $5.00 Valne fo Renew A Y el Ray. Beattie's Eect: iison Bivd., vy, Ave. NW. - Clarendon, Va. orders for compressors vhlued at $522,- 000 in week of May 17. Electric Bond & Share earned $2.22 on average outstanding shares in 1929. (Includes stock dividends at par or stated value.) First National Stores earned $5.30 on STAR. WASHINGTO N, D. C. TUESDAY, JUNE 3, 1930. that of same period in previous year, or $1.23 on class B shares. General Motors declares initial. divi- d;:& of $1.25 on new $5 preferred | stock. Houdaille Hershey ident ¢ Apid A pres eports net exceed e for entire first quarter of $80,365. N. Y., plants, idle since November, re- | Standard Oil of New Jersey purchased Tampico development. sume operations at capacity. for $21,000,000 by officers 0’1 Tidewater Pullman, Inc., April net after taxes | United States Radiator, Corry, Pa. | Co. off 52 per cent; four months, 40 per | plant closed indefinitely. cent below year ago. ‘Tidewater Associated Oil 20 per cent Thatcher Manufacturing, Dunkirk, ' of outstanding common stock held by ' matic and port to spend $10,000,000 on North turers un remote control patents. th | & year ago. common stock in year to March 31, 1930, against $4.13 in previous year. Pirst National Stores had 2,549 stores in operation on March 29, against 2,002 Hupp motor car May shipments were 5,329 in May, 1929. comme $1.21 in 1929 period. Pan-American Petroleum & Trans- Florsheim Shoe chairman estimates net for first half fiscal year to equal G R 0§ N ER"'S 1325-F:- STREET A Great Twice-a-year VALUE EVENT! Semi-Annual SALE of our entire stock of KUPPENHEIMER and GROSNER Regular $40 & $45 Values . . . CROSNERY 1325 F STREET 3,348 cars, against 3,248 in April and | |iii North American Car earned $1.07 on | [Hill on stock in March quarter, against |} ONLY 10 MILES FROM DISTRICT LINE NEW TOWN SITE VIRGINIA MANOR MARYLAND ON WASHINGTON-BALTIMORE BOULEVARD BUSINESS LOTS—RESIDENTIAL LOTS SMALL ACREAGE TRACTS AT AUCTION TUES., JUNE 10,3 This magnificent 116-acre estate owned by Senator F. M. Simmons has been laid out into a new town site. Choice busi- ness section, residential area together with large home sites 2nd small acreage tracts. A great opportunity is presented to get in at the very start. 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Just so OLD GOLD cigarettes have grown from a baby brand to a giant brand in record time=because they delivered a new enjoyment . .. with a cigarette that thrilled the taste and comforted the most sensitive throat. Better tobaccos—free of all irritants. That’s why OLD GOLD has sold more cigarettesthan three leading brandscom- bined, in a like period of their existence, L W0 Years ARBDY VALLEE WA A SHNGER N ASMAL- CAFE - BuT -TRE BOY PIWWWT STAY TERE LOMNGE ov - e T o A0 ~ ¥ . BETTER TOBACOOS } § § THAT'S WHY THEY WIN j ; WAS SOLD AT RETAIL IN BOSTON. : NINETY DAYS LATER QLD GOLY HAD BECOME ONE OF THE FOUR SELLERS THROUGHOUT NEW ENGLANTD H DT A COUGH IN A CARLOAD"™