Evening star., 1923-03-17
RAILWAY SHARES
SHOW BETTER TONE
MarIand Oil Report-To Meet
inAssociation Rooms.
Credit Charters. :
ny I. A. FLEMING.

ny I. A. FLEMING.
There was a little better exhibd-
ton of strength in the local STOCK
market than on the earlier days OF
the week, especially in the traction
shares, which have been inclined to
weakness.
Capital Traction sold at 90 TO 99i
and Railway common at 66. There
was no activity in either, but an evil
dent firmer tone.
Norfolk and Washington Steamboat
shares moved up a fraction to 2lS,
while Washington Gas was sold 1t
6iA, in IA small way.
In the bond section Traction 5s were
easier at 9644, Gas 71a per cent notes
brought 1881 and Washington Gas
5s 97ia.
Railway As sold at 12!s.
Ready to Start building.
rhe Washington Loan and Trust Com
pany is practically ready TO start the
erection of its new bank building on the
corner of 18th and streets north
west. 1t will be exclusively bank
ing home. one story OF the Italian
renaissance, with every facility for
the prosecution of business.
The contract has been placed, Pend
ing the completion of the building
the banking offices Will be removed
one door south or left in the present
structure, matter not decided upon
as yet
Sc muel J. Prescott. chairman OF
the board of the Second National
Bank, is still in Florida. and is eX-
pcc'ed back later in the month.
To Meet in own Home.
The general committee of the Dis
trict Bankers Association having in
charge the fifth annual convention
OF the association. will meet on Mon
day afternoon in the association rooms
New Masonic Temple. instead OF the
stock exchange rooms. as first an
Meeting is called for o'clock. A
fuli attendance OF the members Is de-
sired.
Sentiment seems entirely in favor OF
Iio, Springs, Va, being chosen as the
convention place. Greater satisfaction
was given there than by amy other
place.
In Working order.
Granting three charters to fedora
ldni banks under the agriculture
creIits act. the Federal Farm LoaI
Boird yesterday made progress II
making the new government creol
laws available to farmers.
Charters were granted to fedora
lard banks at Columbia, S c.; st
Louis and Baltimore.
had been granted, Commissioner Lob.
dell of the Farm Loan Board eApresSec
the hope that it would be possible
to have similar action competed
with. respect to the other nine Dank:
wi mn ten days.
The board has begun the drafting
o. The code of rules for the system. anC
upon completion of this work. which
Commissioner LobdelL said was going
forward rapidly, will determine the in
af u-h
made available to the producers or
Ganiza tions or to banks loaning to pro
ducers. Mr.. Lobdell believes the code
would be ready by the time all banks
receive their charters.
II has been determined almost def
nite1y that such banks will be allotted
$1,000, 900 with which to start opera
tions. The law provides total CAPT
tai of $50. 100000, but the board has
decided that not all of the fund viii
be needed at once.
Members of the board expressed the
belief that early demands on the Sys
ten for credit would be small. They
expect the application for loans tt
increase rapidly. however, as those II
need of credit become more familiar
with the new federal facilities.
The MarIand Oil Company.
Col. Franklin r. Kinney, vice presi-
dent of the Marland Oil Company. is
sued the following official statement
today:
directors of the MarIand Oil Com
paay at the meeting just held declared
tn. regular quarterly dividend of one
dollar per share. payable April tc
stockholders of record of March "a"
The annual report of the company
shows the net income of 1922. before
capital extinguishments, of $1,129,000
ard net income of $4,129,000 after capi-
tar extinguishments.. including canoe ed
leases, dry holes and reserves for de-
tinn on In ha
debts and amortization. Balance sheet
December 81. 1922, shows net current
assets OF S5.559. 900.
Estimated earnings for the company
for the first quarter 1923 are $2,S00,000
before capital extnguiGhments, as COM
pared with s395.000 for same period
IN 1922. or an increase of over to /.
Mariand gross production on March Il
was 5o.6s1 barrels daily: this includes
partnership and royalty oil and is prac-
ticailF all of Al degrees gravity or bet
ter. with posted market price of s.. Cd
a barrel, and with over As per cent
gasoline contents.
This production is from well pro-
tected, large proven areas. with mul- =
tiple sands. and, in the opinion of
leading oil geoloGists, will increase
an6 produce an enormous volume OF
high grade light oil for many years.
This is of vast Importance, as there
Is :. decline Of high grade light oil
production in the United States. The
increase being from the heavy grades
OF crude oil, which are not so rich in
the great essentials like gasoline
THE crude oil production of Al
CAVITY or better In the mid continent
f~ld is now 1000 barrels daily, of
which the Marland Oil Company and
associates are producing more than
80 per cent.
The Marland Oil Company is prob
ably the greatest discoverer and pro-
ducer of light oil in America Its
production could be enormously in
creased, but inside locations are not
drilled, and conservative opera tion
and jealous protection OF proven hish
grade il IT. Cnnui,.t.n.