Evening star., 1922-03-05

Gasoline is the key to prosperity in
the oil industry.
Year after year new high records of
it's production and consumption are
set up. To this rule 1921 furnished
no exception, in spite of the slower
trend of general business. Gasoline
is the one commodity that shows a
steady increase in demand in the
United States.
A consistently progressive gam IN
the use of this new monarch of mo-
tion'' is revealed in figures just pub
lished by the United States bureau OF
mines. Last years output was nearly
four times that Of 1915 in volume and
more than eight times greater III
value.
The ive-billion gallon mark in the
production of gasoline was passed
for the first time in 1921. The total
amounted to 5,153,549,31S gallons. as
the previous year. 1857 ,S57,097 gal
Ions in 1919 and 1,344.000,000 in 1918.
Last years output represented
gain of 271,002,669 gallons over the
preceding twelve months. 1t was
equivalent to a daily average of IA
34O,291 gallons daily in 1920. 10,s43.-
z44 gallons in 1919 and 3,6S2,l9l gal
Ions in 1915.
Consumption in 1921 Makes Record.
Gasoline consumption in 1921 totaled
5,067. 7.660.027 gallons and exceeded
1920 by 260.0O0,000 gallons and 1919
by 1.0S1. 100000 gallons. Stocks on
hand at the end of the last year were
5S6,OS7,132 gallons (forty days sup-
Cthirty-five days supply on Decem-
ber 81, 1920
Demand for gasoline is constantly
encroaching on the proportion OF
crude oil output reserved for other
products. In 1921 gasoline produced
in American refineries represented in
quantity about 26 per cent of the
petroleum consumed. This ratio.
which has increased steadily each
year, compares with 13 per cent in
1915.
Gasoline became the chief deriva-
tive Of crude oil as to value in 1918.
Three years later it was worth $6S4.-
0O0, 900 and equaled the value of all
other products combined. Since then
it has become an increasingly impor-
tant factor until now the gasoline
market goes far toward determining
the status of the oil industry as q
whole.
The Washington, Baltimore and
Annapolis Railroad Company earned
dividends on all its outstanding stock
for 1921, according to preliminary
figures for the year, now available
The income of the Annapolis Short
Line Company is included for COM
parative purposes in the figures for
both 1921 and 1920, although the
Short Line properties were not con-
solidated with the Washington. Balti-
more and Annapolis until the spring
of last year, and the latter company
only derived the benefit of operating
economies resulting from the merger
during a few months of the year.
Total railway operating revenues of
the company for the year We're s.
$3.50. or a reduction of only $6S.690
as compared with the preceding year.
Operating expenses were S1.s10.454.
or s137.6 less than the year before.
making net revenue from railway
operations S702,0S5, or an increase of
$6S.990.
Earnings from auxiliary opera
tions increased net operating reve-
nues to Ss0S.9s0. or s115,527 in excess
of the amount reported for 1920. De-
ductions of taxes amounting to s157.-
liz left operating income Of s651.S7S.
as against s554.S94 for the previous
year. Total incorporating income
was s13S,621. which, added to operat-
ing income. made gross income $780,
s9g. an increase of sl53.S1G. Total
deductions amounted to S559,96S,
while net income for the year was
sSS0,0Sl. or QecllDe OIL only S6.U9S
when contrasted with the year be-
fore.
Bank Boys Sent to Night School.
THE boy who has stopped growing
from the neck up is Of no use to the
financial world"
This is the dictum that has SEN
fenced every boy employed as a run
ner or page in the New York Stock
Exchangey to night school. No boy
is employed who will not agree to go
TO night school, according TO Cameron
Beck, head of the exchange personnel
department, Wall Street division
New York University, and the boy
who gives; up school autoniauIca.ls
gives up his job.
We frequently have boys come in
for positions who have just stopped
night schol," said Mr.. Beck. Some
times l am able to persuade them to
go back, but in case we employ them
they are obliged to go to night
school.
"A short time ago several of the
boys came to me and said that they
were not getting just what they
wanted from the night school. We