Evening Star Newspaper, June 4, 1930, Page 12

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A dessert set—6 sherbet §) cupsand 6 servingplates. sells a tiny bottle of | DRILLING PROBLEM FACES OIL TRADE Engineers Find Necessity for Extending Shafts to Great Depths. BY BENNETT WOLFE, Associated Press Staff Writer. | TULSA, Okla, June 4—As the ofl industry digs in, burrowing deeper and | deeper into the earth for the magic like | liquid which has come to be a social and | industrial necessity, new problems are encountered. | _An exampie of one of these problems— that of crooked holes—was presented today in the rich Oklahoma City fleld, scene of a fervish scramble for deep | “pay,” where two adjacent tests deviate so much from the vertical that they ;ne& at nearly 5,000 feet below the sur- ace. Pointing out that much progress has been made toward assurance of straight hole drilling, engineers familiar with the field were inclined to blame haste for the convergence of the two wells. The tesis were in a town lot area where holes are close together and the race for oil is attended by a frenzy that may cause caution to be disregarded. Mechanical Problems. ‘Within the last two years, since the |.prospect of 10,000-foot wells became apparent, petroleum engineers have de- voted much study to the mechanical problems of deeper drilling, with the |result that machinery now is being manufactured expressly for drilling to depths of 10,000 feet or below. (4 Ten years ago 5,000 feet was consid- ered a great depth. Twenty years ago most wells were between 1,000 and 2,000 feet. Today the average depth ranges | between 4,000 and 7,000 feet, and in |the Big Lake field of Reagan County, Western Texas, oil is being produced from below 8,500 feet. Many wells in Oklahoma, Texas and California have been drilled below 7,000 feet. Increased drilling expense is & big item in_the exploitation of the deeper THE EVENING STAR, WASHINGTON, D. C, WEDNESDAY, HENRY J. STERZER, Who has been elected to the board of the Franklin National Bank. actions will be similar to those of the discovery well. The deepest test ever drilled in the Southwest, an 8900-foot wildcat, in Irion County Tex., was temporaril: abandoned a few weeks ago. The well was drilled by Pete H. Williams, San Angelo, Tex., operator and contractor, in the hope of picking up the oil and gas producing horizon found in the Big Lake Field. Hot salt water was en- countered in a sandy lime formation at 8.885 to 8,900 feet. The test, the deep- est cable tool hole ever sunk, may be extended to a depth of 10,000 feet, if plans_for resuming operations are com- pleted. —_——— INVESTMENT TRUSTS NEW YORK, June 4 (#).—Over-the- counter market: o Bid. Asked. Am Util & Gen Allot 4 41 Corporate Trust _Shares Crum & Foster Ins B. Crum & Foster Inc B. Diyersified Trustee S) xed Trust strata. In the Oklahoma City Field, the oil largest single pool yet found in OKl homa, the average cost of drilling a well is figured at $125,000 by the Indian Ter- | S48S ritory Tlluminating Oil Co., the pool's discoverer and largest operator. The company reports having spent $33,750,- 000 in drilling 270 wells in the fleld, 137 of which are present producers. Development of the Seminole area, in Oklahoma, which three years ago held the spotlight as the world's “wonder ! pool,” brought depths that for a time were regarded as extreme. The drilling | depths in the prolific flelds making up | the greater Seminole district approached ‘the 4,000 feet level, and in one case the producing horizon was found at 5,000 feet. The average cost of drilling & ! well in the Seminole sector has been es- timated at $60,000. Then came the di covery of the “Deep Pay” Oklahoma City pool and drills were grinding their way 6,000 feet into the earth. { World's Deepest Well. Recently the Big Lake Field has come into the deep production picture, the Big Lake Oil Co’s C-3, which was drilled to 8572 feet, being recognized as the world's deepest producing oil well. Four other wells in the fleld are pro- ducing from depths below 8,000 feet. The Big Lake Field’s discovery well, completed December 1, 1928, had an initial production of only 150 barrels a day, but its flow increased until the daily output reached 3,000 barrels of oil and 27,800,000 cubic feet of gas. To date it has made 2,225,000 barrels of oil. The C-3 is a comparatively small producer, but operators are hoping its Union, Pinandi United N ¥ Bk & Tr_Sh U 8 Elec Lt & Pow Sh A, United Oil Trust Shrs H. Others unchanged. s The new Corsair, J. P. Morgan, owner, is the world's largest private yacht. | Real Es Redemption Fund—U. S. Treasurer Customers’ Acceptance Liability . Less Amount in Portfolio UTLITIES CONPANY N BLLION CLASS Electric Bond & Share Re- veals Market Value.of Its Investments. BY JOHN F. SINCLAIR. Special Dispatch to The Star. NEW YORK, June 4.—Another cor- poration entering the billion-dollar class is shown by the annual report of the Electric Bond & Share Co., which discloses a market value of its invest- ments on March 31 of $1,278,000,000. Adding $232,000,000 to its invest- ments during the year, this public utility holding company, with its 13- 759,543 shares of common stock out- standing on March 31, earned $1.97 a share on the common shares at the end of the period and $2.22 on the average shares during the period. Sidney Z. Mitchell, the head of the company, is one of the least known of American big business leaders. He was born at Dadesville, Ala., 67 years ago. His mother died when he was 3 and his father, a physician, died when Sidney was 12. He graduated from the Naval Acad- emy at Annapolis in 1883, but the life Emved too slow and uninteresting. So e went West to organize electric light plants for the Edison Electric Co. His district included Oregon, Washington, Idaho, British Columbia and Alaska. His friendship with Charles A, Coffin, then president of the General Electric Co., brought him back to New Yorl in 1905, and, with an office force of a bookkeeper and a stenographer, he began to build the Electric Bond & Share Co. Today this company owns 16 per cent of the common stock of the American Gas & Electric Co., as com- pared with 9 per cent in April last year. Other increases during the same period are: Thirty per cent of the common stock of the American Power & Light, as against 24 per cent; 30 per cent of the common stock of the Electric Power & Light, as against 21, and 40 per cent of the common stock of the National Power & Light, as against 31 per cent. But this is not all. Now the Electric Bond & Share Co. also owns 50 per cent of the common stock of the Ameri- can & Foreign Power Co., as compared 4s | With 45 per cent last year, as well as 76 per cent of the second preferred stock and 64 per cent of the warrants. But Mr. Mitchell, now one of the world's richest men, whose interests cover ‘the earth, keeps in the back- ground. With a home on Fifth avenue, New York, and a Summer home on Long Island, he specializes in flowers, yachting and work. o Wednesday, June 11, has been the date tentativély agreed upon for offer- ing on nine financial markets of the world' the $300,000,000 reparation loan bonds. The committee of four, which has been working on the two or three dis- puted points—Arthur Anderson of J. P. Morgan & Co., Montagu Norman, governor of the Bank of England; Dr. Hans Luther, president of the Reichs- bank, and Robert Masson, director of the Credit Lyonnais—are understood to have completed the job, and tomorrow the larger group will meet at the George V Hotel in Paris to approve it. ‘The rate at which the bonds will be sqld may be even more attractive than has been so far announced. Reports have it that the bonds will be offered at lt price from 85 to 86, to yleld 64 per cent. But this point only remains to be cleared. ‘The statement of Thomas W. Lamont, denying the charges recently made by Representative McFadden, was expected. The Morgan partner was severe. “No more unfounded nor unjust ac- cusations than these directed against a friendly people can well be imagined,” said Mr. Lamont. ‘With money cheap all over the world, and a strong syndicate back of the bonds, there is no question about their quick absorption. ‘When John T. Flynn, American econ- omist and writer, said recently that President Hoover did a wise thing when he sought “to reroute the credit re- leased by the market crash into the building business again,” Prof. Gustav Cassel of Sweden, one of Europe's greatest economists and financial ex- perts; took vigorous exception to the statement. Prof. Cassel belongs to that school of k | economists who believe that the ability to keep the general level of commodity prices even is the test of a central bank’s efficiency. When the Federal Reserve system, in its endeavor to strangle the speculation on Wall Street, restricted its supply of means of payment and caused a general depression by a drop in the price level, it committed blunder No. 1, and when the Federal Government stepped in to better the situation by aid of extraor- dinary capital expenditures it commit- ted bllundzr No. 2, according to Prof. Cassel. “The extension of official activity be- yond its natural limits was both, in the case of the Federal Reserve system and in the case of the Government, dic- tated by the theory that the Stock Ex- change drew capital from productive use and the collapse of the speculation set capital free and made it available for productive purposes. This theory is absolutely wrong,” says Prof. Cassel in the June Forum. And this is his final shot: “I leave to you to draw your own con- JUNE 4, 1930. clusions as to the wisdol leial interference.” i (Copyright, 1930, by North American News- paper Allls e.) U. 8. TREASURY BALANCE. ‘The United States Treasury balance announced today as of close of business June 2 was $104,602,545.26. Customs receipts for the month to date were $4,126,737.83. Total ordinary expendi- tures, $10.878,229.57. CANADIAN NATIONAL=TO EVERYWHERE (ANA Vh crct RADIO SALES INCREASE SEEN IN U. 8. SURVEY By the Associated Press. Retail sales of radio equipment should approximate $645,000,000 in 1930, based on first-quarter sales, the Commerce Department announces. Sales during 1929 totaled $590,000,000, based on re- ports from 7,153 .dealers. The average return per reporting i UA_ Biqldlowsrise - Bring your whippiest red, your favorite lines and lures and flies, your utmost skill with the cast and the strike . . . for Canada’s waters breed wily fish that battle to the finish. Canada’s Atlantic Provinces, Ontario and Quebec, offer the sportsman a real rejuve- nating vacation. Their waters abound in salmon, speckled trout, bass, ouananiche, pickerel and muskies dwaiting the cast. Or try the Canadian Rockies for steelhead and rainbow. Guides and equipment always available. Canoe trips through unspoiled country. Booklet “Fishing in Canada” and full infor- mation from local Canadian National office 5 o !m ¥ Dl or Manager, Tourist & Convention Bureau, Canadian National Railways, Montreal. GEO. L. BRYSON 901 Fifteenth St. N.W. Washington, D. C. Tel. National 2333 gaA.l&“rgmf IAN Railway On jtme and, 1930—The Chase National Bank, The Equitable Trust Company and Interstate Trust Company were formally merged as THE CHASE NATIONAL BANK of the City of N ew York Statement of (ondition at (lose of Business, June 2nd, 1930* s RESOURCES Cash end Due from Banks . ... . . Loans end Discounts . . . . . . . U. S. Government Securities . . . Other Securities . . . + . . .« . OtherAssets . « 4 « & « « & . ALBERT H. WIGGIN JOHN McHUGH CHARLES S. McCAIN ROBERT L. CLARKSON WINTHROP W. ALDRICH . FRANK ALTSCHUL VINCENT ASTOR $172,184,069.87 ._20,018,289.14 .$ 592,458,308.83 . 1,435,359,900.64 228,710,596.93 106,580,632.51 34,771,643.58 386,825.00 152,165,780.73 o toierlio s 1,001,374.98 $2,551,435,063.20 LIABILITIES. Canitall . o ol v o e ae ey : L T e AR P Undivided Profits . . . . . Reserved for Taxes, Interest, etc. Dividend, Payable July 1, 1930 07 S A P CirculatingNotes . . . . . Acceptances: . . . . . . Less Amount in Portfolio . Liability as Endorser or Maker on Acceptances and ForeignBills. . . . « . « . . Other Liabilities . . . . . . dealer applied to the total number of known dealers’ queries for this infor- | mation would indicate, according to the | department, this year's quarter sales | were approximately $144,500,000, as | against $182,000,000 last year. SILVER QUOTATIONS. NEW YORK, June 4 (#).—Bar sfi- ver, 34. IN CANADA e, f’”‘fl & =7 NATIONAL System in America . $ 148,000,000.00 148,000,000.00 60,723,478.27 . 9,744,827.59 . 5,550,000.00 . 1,916,236,313.91 '$176,775,899.86 7,736,500.00 20,018,289.14 156,757,610.72 e 94,501,162.90 4,185,169.81 $2,551,435,063.20 Each Shareholder of Tws Chass NaTionat BAxx is also the holder of a like number of shares of CiAsk SscuriTies CORPORATION. Capital funds of Cuass Sxcunities Corroration, which are in excess of $125,000,000, are not included in the bank statement. T his statement does not include the statements of any of the affiliated organizations mentioned below Responsibility for Policies and Service is vested in the following Board of Directors ). 8. COFFIN HENRY W. CANNON NEWCOMB CARLTON WALTER S. CARPENTER, JR. MALCOLM G. CHACE HAROLD BENJAMIN CLARK HOWARD E. COLE T. M. GIRDLER A. H. GRISWOLD FRANKLIN D'OLIER FREDERICK H. ECKER HALSTEAD G. FREEMAN DAVID M. GOODRICH EDWARD H. R. GREEN JAMES T. LEE L. F. LOREE H. EDMUND MACHOLD JOHN C. MARTIN CHAS. G. MEYER LEWIS CASS LEDYARD, JR. THOMAS N. McCARTER FRANK L. POLK ROBERT (. PRUYN SAMUEL F. PRYOR LYMAN RHOADES REEVE SCHLEY ANDKEW W. ROBERTSON FERDINAND W. ROEBLING, JR. CARL J. SCHMIDLAPP EDWARD J. CORNISH HARVEY C. COUCH FREDERIC R. COUDERT CLARKSON COWL PAUL D. CRAVATH BERTRAM CUTLER GERHARD M. DAHL THOMAS M. DEBEVOISE RICHARD DELAFIELD CLARENCE DILLON GORDON AUCHINCLOSS EARL D. BABST HOWARD BAYNE AMOS L. BEATY HUGH BLAIR-SMITH HENRY S. BOWERS E. N. BROWN FRANCIS H. BROWNELL KENNETH P. BUDD H. D. CAMPBELL Head Office ~ Pine Street corner of Nassau Forty-five other branches in Greater New York Fluted glassware of the fashionable pale green color. The last word in ) style. Attractive and use- ful. Surely you'll want this fine set. To get it, just ask your ocer for “Octagon” every time you buy laundry soap, soap powder,scouring cleanser, toilet soap for the basin, floatingsoap for the bath, and chips for your WILLIAM E. S. GRISWOLD HENRY O. HAVEMEYER CHARLES HAYDEN JAMES N. HILL ARTHUR G. HOFFMAN RALPH C. HOLMES GEORGE H. HOWARD DANIEL C. JACKLING OTTO H. KAHN ALBERT G. MILBANK JEREMIAH MILBANK JOHN G. MILBURN GEORGE M. MOFFETT GEORGE WELWOOD MURRAY JOSEPH D. OLIVER HENRY OLLESHEIMER EUGENIUS H. OUTERBRIDGE THOMAS 1. PARKINSON CHARLES M. SCHWAB ALFRED P. SLOAN, JR. ROBERT C. STANLEY JOHN C. TRAPHAGEN CORNELIUS VANDERBILT THOMAS F. VIETOR GEORGE P. WHALEY F. EDSON WHITE HENRY ROGERS WINTHROP This is but one premium of hundreds obtain- able for coupons from Octagon Soap Products. Forillustrated catalog, write to Octagon Premium Dept.,17 Sussex Street, Jersey City, N. J. e washer. Then save the coupons. Soon you'll have enough to get this premium. Equitable Trust Branch ~ 11 Broad Street 14 BUY FOR QUALITY SAVE FOR FOREIGN OFFICES Cristosar, Canal Zone Panama Crry, Republic of Panams Rome RepresextaTIVE: Piszie Mignanelli, 3 Lowvox, Englend (2) Havana, Cubs Beaun Rerresentative: Unter den Linden §7 Present coupons to agents below on or before August 31, 1930 Washington, D. C. St. Baltimore, Md. Brentwood, Md. Affiliated Organizations: AMERICAN EXPRESS COMPANY ' THE CHASE SAFE DEPOSIT COMPANY Premium Store, 516 G St. N.W., 521 North w i Hill 5 Va. 'St.. Fails Church, Va Main, Front Roval Va. ‘redericksburs, Va. lle, Md. EQUITABLE EASTERN BANKING CORPORATION THE CHASE BANK (pi2%,.) CHASE SECURITIES CORPORATION [ AMERICAN EXPRESS BANK & TRUST COMPANY . St k! ry Goods Store, 3604 34th 8 e G SN e Y . 152 ‘Furnitire Go. Main