davidaulloa/AmericanStories huggingface dataset:
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
500-YEAR OIL SUPPLY
REPORTED IN U. S.
New Book Gives Present Extent of
Petroleum Resources and
Traces Industry.
BY j. r. BRACKET,


NEW YORK, August 2s.-Yesterday,
the 72d anniversary Of the petroleum
industry in the United States, found
the Nation with an available supply
Of crude oil from all sources sufficient
to last 500 years. in the opinion of
Ralph Arnold and William j. KEN
nitzeT, geoologists, whose l.000-page
book. Petroleum" was published yes
tsrday.
From the natural reservoirs. the oil
wells and from oil shales and coal,
now scarcely touched the ultimate
quantity of oil available totals more
than 726, 600 .000. 600 barrels. of which
less than $4,000, 900. 600 barrels. or less
than per cent. has been produced to
date. the authors say
This is a startling revelation" MIR.
Kemnitzer said, land it controverts
indisputably the conservation propa-
ganda that has constantly been put
forth since the beginning of the in
dustry.
Just as startling is the fact that
there has not been overproduction. but.
rather, misrepresentation, Of oil in the
United States The huge Surpluses
have been built up BY imports of cheap
oil
1t is true that our natural reservoirs
have been about 80 per cent used, out
of a potential production of $4,000
600 900 barrels But there is certain
to be developed oil production on a
large scale from shale and coal as soon
as costs are economically JUSTIFIED"
1t was - years ago yesterday, the
book discloses, that Col" E. L. Drake,
a railroad conductor, drilled the first
well at Titusville, Pa. Sixty-nine feet
deep, the well produced rs barrels a
day 1t cost $4,000.
Now more than 800 900 wells have
been drilled and the yearly production
reached more than 1000 900, 900 bar
rels in 1929.
Mr.. Arnold has been geologist with
the United States Geological Survey,
petroleum engineer for the United
States Bureau of Mines and chief of
the oil and gas section of the Internal
Revenue Bureau. Mr.. Kemnitzsr an
economic geologist, has long been an
oil investigator.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
". R. B {. BUSL|NES
ARE DOING BETTER
Deficit of Last Year Changed
Into Net Income Since
January |.

Bus business Of the washington Rail-
way 6y Electric Co. is gradually pulling
out of q deficit into a net income, ac-
coTdfng TO the monthly report of the
company today 10 the Public Utilities
Commission, While this July shows a
smaller deficit than last July, the first
seven months OF this year changed the
deficit of last year to net income.
The Washington Railway & Electric
Co. car lines showed a gain both for
July and for the seven-month period
in operating revenue and net income.
Potomac Electric Power Co. showed
an increase in operating revenues, but
a falling off in net income.
The railway lines show an increase in
operating revenue from $375. 1865 81 in
July. 1880, TO 1889 sol 81 in July, 1881.
but a much larger proportionate gain in
net income from So, 1868 TO $33. 472 81
for the same period. Operating revenues
of the lines for this year to date were
81. 1857 .476.80. Net income of the railway
increased from 1896, 627.57 for the first
seven months last year to $l,115, 556 96
this year
The bus figures show the deficit de-
creased on net income from SO .237 "a in
July. 1880, to $4.93338 in July, 1881 but
the seven month figures show the buses
pulling the 1880 deficit of s12 .010.02 into
a net income this year Of S3.788.42
Potomac Electric Power Co operating
revenues gained from 1924 1859 in
July, 1880. to $685., 1851 in July. 1881,
while net income showed a decrease
during the same comparable periods
from $34e. 1886 to S335,143I0.
Seven-month figures show similar
trends. gain in operating revenue
from s6.075, 552.52 last year to $6.252.-
637.67 this year. and falling of in net
income from $2.6S7 ,228.27 last year to
s2,660, 438.7T this year.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
BUYING CAMPAIGN
WINS ENDORSEMENT
Investment Banker Approves Sug-
gestion to Purchase Goods
as Aid to Unemployed.
speclsl pIspatch o rhe star.

NEW YORK, August 28-Americas
dollars must be put to work or our
100000 unemployed viii remain idle,
according to James c. Wilson, New
York investment banker, indorsing the
advice of the Emigrant Savings Bank
OF New York urging its 249, 900 de-
positors to begin program OF wise
buying with their surplus savings IF
this advice of one of Americas largest
savings banks Is followed by depositors
throughout the country it will not be
long, says Mr.. Wilson. before a good
part of our 100000 unemployed find
jobs.
1T is one thing to have merchants
ballyhoo 'spend-now' campaigns" Mr..
Wilson adds, but when great saw
ings institution, with as many de.
positors as the entire popula ton of the
State of Delaware says that 'judicious
spending now will help to set the
wheels of industry turning more rapidly
and restore employment to thousands
now out of work we can only heave
big sigh of relief at this return Of
common sense.
1T Is as certain as the hours In Q
day that until dollars begin to work
again men can't work either. Five
billion dollars are in the savings banks
of New York State alone. They are
not only not being spent in trade, but
the banks have difficulty in lending
them for new building, If every savings
bank IN the country would show the
courage of the Emigrant Savings Bank
in New York. next Winter would not
be nearly as bad as Washington seems
to expect. The Enligrant Savings Bank
does not advise reckless spending. It
wants every depositor to have a six
month salary reserve tucked away. But
it has called halt to timid and COW
ardly boarding. We have seen no
better financial leadership since the de-
preston began"
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
BONDS IN ADVANCE
ON QUIET TRADING
Rail Group Continues in Re-
Covery Movement-Market
Apparently 0versoId.
BY F. II. RICHARDSON.

Special Dispatch to The Star.
NEW YORK. August 2s.-Bonds.
both foreign and domestic, advanced
sharply today in quiet trading.
The third day of the rally in railroad
bonds found many issues running I'D
2 to points on transactions involving
small blocks. Probably the chief fac
tors behind this strength were the mar
ket's oversold condition and the theory
of buying when the bad news is out .
meaning the reduced railroad earnings
for July.
Trading was still thin, but It was
significant that many volatile issues
were as quick to respond to small buy
ing orders as they had been to sag on
small offerings. Missouri Kansas Il
Texas adjustments. for instance. rose
5 points on single bond transaction.
That made an aggregate advance Of 10
points on purchases of nine bonds in
the last three market sessions Earlier
in the week the same issues dropped Is
points on the sale Of Is bonds
There were still few soft spots In
the railway list. Allegheny IS CT 194g
dropped l Il points at one time, but the
IS of 1914 advanced over point. Balti-
more & Ohio refundings IS eased while
the 412s of 1888 reached a new high on
the recovery above 81 and the con-
vertible rs gained substantially Rock
Island 4las OF 1860 jumped points.
Erie general lien As rose y point at
the opening and then ran up nearly 3
points. Missouri Pacific general Is
were more than y points higher.
higher and the AIS gained a point.
Southern Railway 61as. which recently
dropped below "a, sold at SO and then
extended the gain. Wabash 4I2s gained
2 points.
Smaller advances were scored bv
Chesapeake Corporation SIS, st. Paul SIS
Chicago 81 Northwestern ASS. Rock
Island refunding As, Erie SIS. Great
Northern general 5l2s, Missouri-Pacific
SIS and 5l2s. New York Central 4i5s.
Nickel Plate IS and 41as, Pennsylvania
414s and ASS, St Louis Southwestern
consolidated As and Southern Pacific
41zs.
The other group to show outstanding
strength included bends of international
concerns. especially those that had been
sod so heavily Thursday Kreuger g.
Toll IS were sharply higher around rs.
International Match SIS, both the con-
vertibles and the debentures, ran I'D 2
to 3 points American & Foreign Power
IS, International Telephone issues and
international Hydroelectric IS i'm
proved. American I. G. Chemical SIS
gained over 2 points.
The foreign list was buoyed up BY
the quick arranging of new British
loan. the largest private credit ever
granted TO a government. The total
was said to be well above $500 900 600.
British 5 rs held firm and German gov
eminent bonds were steady There were
coed gains in Central European bonds
and in the South American group.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
BROKER LOAN TOTAL
INCREASES Sc, 600, 900

Special Dispatch to The Star.
NEW YORK. August 2s.-The weekly
statement of the Federal Reserve on
brokers loans showed an increase Of
$4,000, 900 during the week ended Au-
gust IS to a total of 81 SAG e00. 900. This
compares with a total of s1.343 ,00o, 600
last week, with the record low of ST.
329. 900 900 made on August IL and with
$500, 000. 900 on August 81, 1880.
Loans for own account were $780,
100000 compared with S950.000. 900 a
week ago: loans for out-of-town banks
totaled 1928, 900, 900 against s228, o0O. 900.
and loans for account of others
amounted to $166 000. 900 contrasted
with SI65. 900 900. Demand loans con-
stituted $953 00o. 900 of the total against
s945, 10000 a week ago. and time loans
were 1896, 100000 against 5000, 900.
The New York Federal Reserve dis
trict rediscount rate remains unchanged
at 1 Z per cent.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
WHOLESALE PRICES
APPEAR STABILIZED
Moderate Upward Movement
Predicted in Statistics
Co. Survey. =

Special Dispatch TO The Star.
NEW YORK, August 2s-Broadly
considered. average wholesale prices
have been maintained at close 70 cur.
rent levels for nearly three months.
says the Standard Statistics Co Of New
York, in current survey, which con-
tinues in part:
With full allowance for the greater
time element required in completing q
major depression, we believe that pres
ent indecisive fluctuations in commodi-
ty prices represent a broad period OF
Sterilization from which moderate
upward movement should ensue.
Commodity markets on the whole
are showing relative stability and
fluctuations save in two or three ex-
ceptional cases. have been confined
within narrow limits OF 40 major
commodities IA declined last week from
the week preceding, II advanced
is were unchanged. The bulk of de-
clines were Of minor scope and were
most noticeable in the farm and food
groups dairy products and provisions,
on the contrary. we're generally un-
changed or slightly higher. Cotton
was by far the weakest of the major
items. and declined to below ST. cents.
as the significance Of the supply situ-
alton was realized more universally by
the trade. Prices of spot hides have
reeeded cent from their recent high
Of 1879 cents. despite continued ac-
tiyity in the consuming trade. Rubber
made a new low record
"On the other hand, forced curtail-
ment in the East Texas oil fields has
caused the first increase in bulk gaso-
line prices In many months. and fur
Their advances in both crude and re-
fined products are possible Metals as
group are holding quite firmly. AS
compared with the individual lows,
mostly established in the early Sum
mer, 81 of 40 commodities are definite
ly higher and 10 approximate these
levels. Only nine signally failed to
adhere to this trend
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
Baltimore Markets

Special Dispatch to The Star.
BALTIMORE Nd, August 2s.-Po-
tatoes. barrel, 1.50al IS; sweet potatoes.
busheI. LOCAL as: beans, bushel. goa
1.4o: beets per 100, l.50a2.5o: cabbage,
bushel, 30a40: carrots. per 100. 2O0a
ESQ: corn, Per dozen, 5al0: cucumbers.
hamper. 25a4o; eggplants, hamper, 3Oa
IS; lettuce. per crate. 30a35: lima
beans, hamper. 1.25a3.00; celery, crate.
l.50a3 so; okra, buslel. i.50a2 90: pep
pers. hamper. 15a30: onions, per 100
pounds. i.75a2.0O: peas. per hamper,
2.50a2.T5. squash. per bushel. 40a50: to-
matoes. bushel. 25a40; apples, bushel,
25a1oo: blackberries. per quart, 1919;
eantaloupes, per crate, 25al.5o.
Dairy Market.
Poultry, alive Chickens. young goa
81: old hens. 1Sa25: Leghorns, i3aI7:
pair. 15a25; Guinea fowls. pair, 3oa65.
Eggs-Receipts, I.204 cases; current
receipts, 20a22; hennery, whites. firsts,
20s27
Butter-Good and fancy, creamery.
26a31: ladies, lea20; Process, 2la22;
store packed. 15a16.
Hay and Grain Prices.
wheat-No. 2 red Winter, export nc
spot. domestic. 4924; August, 4934
September, 5ih4
Corn-No. yellow. domestic, 58a59
cob corn. 3.00s3.25 per barrel.
Oats-No. white, new domestic, 80;
No. s. 20.
Rye-Eearby, 4oa45.
Hay-Receipts, none General hay
market is quiet. Receipts ample and
outward movement slow. Competition
of pssturge making itself felt. Fair &c
good timothy and clover mixed hay
(cldl ranges from 1900 To 1900 per
ton. Between seasons now and situa-
tions very unsettled.
Straw-No /. white 900ap.50 PEI
ton; No. 2 oats, 9.ooa1o.o0 per ton.
Live stock Market
Cattle-Receipts. ! 500 head; light
supply; market dull.
Steers-Choice to prime, S.00a5.25;
good to choice. T.00a3.00: medium to
good. 6.25a7 90. fair To medium. 5.50a
6.25; plain to fair. 5.00a5.5o; common
to plain, 450a5.25.
Bulls--Choice 10 prime, none; good
70 choice, 4.5Oa5 90; medium to good
400a4T5, fair 10 medium, 350a4.00i
plain to fair. 325a3 so; common &c
plain, 3.o0a3.25.
Cows-Choice to prime, none; good
10 choice, A.50az.75, medium 10 good
4O0a4.50; fair to medium. 35oa4,00
plain TO fair. 25oa3.50 common Il
plain, .50a2.5D.
Heifers-Choice TO prime. none; COCO
to choice, 6.50a7y0o; medium 10 good
6.O0as.50; fair to medium. 5-50a60o.
Sheep and lambs-Receipts, ,o0f
head. light supply: market steady
Sheep, 10 GOA 800: lambs, 4.00as75.
HoQs-Receipts. 500 head; light sup.
ply, market spotty; lights, 6.s0a7 30
heavies, 625a7l5 medium, 70oa7 20
rougi1s. 4.o0a5.0o: light pigs, 6.3oa6.75
pigs. 6.65a69o.
Calves-Receipts. 200 head; light sup
ply; market steady: calves, 400al0.0o
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
NEW OIL COMBINE
IS HELD POSSIBLE
Bankers Mention Standard
of Nebraska as Link
in Hook-Up.
enecia1 Dispstoh TO The star.

Special Dispatch to The Star.
NEW YORK. August 28.-Standard
OH of Nebraska may be the next former
Standard Oil Co. unit to announce
consolidation, it was learned from oil
men and bankers here. Rumors Of
merger of the Nebraska company follow
hard on the heels CT consolidation
agreement between Standard Oil OF New
Jersey and Standard Oil of California.
Action of Standard Oil of N-braska
on the New York Curb Exchange tape
does not indicate any specific buying
of the stock in anticipation OF a mer-
ger. Only 200 shares have changed
hsnds recently, though the stock SOLD
up 5Ts points on that small turnover:
This gain, however. was due to lack CT
offerings which compelled raising OF
bids, according TO curb traders.
Merger Held Logical.
In the opinion Of oil bankers, Stand
ard of Nebraska, q marketing company,
would logically fit into Standard Oil OF
Indiana. Prairie Oil-Sinclair Oil. Stsnd-
ard of California Standard OF New Jer-
sey. or possibly Continental OH. Owning
ani operating about $50 bulk and 200
fl ing stations In Nebraska, the COM
pany handles the products OF Stanaarc
Oil of Indiana, of its subsidiary. Mid
west Refining Co., and of Standard Oil
OF Kansas.
Standard of Indiana, through Mid
west Refining. whose marketing ma
chinery it brought under direct control
in April, 1880, now markets its prod
tlcts in i3 States Indiana Standard
at the year end had 4,T83 bulk and
1l.0T4 owned or controlled retail sta
tions, besides additional outlets through
several thousand independent dealers.
The extent to which, If at all, Midwest
Refining has gone into Nebraska to
compete with Nebraska Standard and
others never has been determinable
here.
In the case of the Prairie Oil e. Cas-
Sinclair merger, Nebraska Standard
would fit in nicely, for 1t is well known
that when this consolidation is COM
pleted it will endeavor to extend its
territorial operations.
Marketing Agency.
At present there are only two oil
COMPANIES that enter every State in
the Union They are Shell Union Oil
and Texas Corporation. The merger of
Standard Oil Of New Jersey with
Standard of California, which have al
ways respected each others marketing
territory, probably will be accomplished
by a linking UP of the two companies
through coast-to-coast properties
Any coast-to-oast expansion of the
Jersey California Standard consolida-
ton might logically consider additional
marketing facilities through Standard
Oil of Nebraska. Standard of Kentucky
and possibly Standard of Ohio which
recently acquired Solar Oil Refining
Similarly such an expansion program
could take in few producing and re-
flning units, Standard of Kansas being
among those so mentioned.
fCopyrisht. .s5I)
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
POTATO MARKET.

CHICAGO, August % ZAP, UNITED
States Department Of Agricultural -
Potatoes Receipts. 70 cars: on track,
26a; total United States shipments, sos:
weak; trading slow; sacked. per hun
oredweight, Wisconsin Cobblers, l10a
lis: few lao; Triumphs. 1.l0a1.l5;
Idaho Russets. No. /, Local IS; COM
nasrcials, 1.t0ai.2o: Idaho Triumphs,
/ z5al 40; occasional higher.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
RAIL CONTRACT AWARDED.

CINCINNATI, August % tH9. COM
tracts for steel rails and accessories
costing approximately $500 600 were
awaroed by the Cincinnati Union Ter
minal Co A total q 4.6l6 gross tons
were for steel rails at the new passenger
terminal project OF this, the United
states Steel Corporation was awarded
1852 gross tons, and the Inland Steel
Co. Chicago, l.454.
The Rail Joint Co II Chicago was
awarded the contract 10 supply 1900
steel rail joints; the Carnegie Steel Co.
the contract for 276,00o tie plates upon
which the steel rests. and the Bethle-
hem Steel Corporations plant e. Steel
.sn, Pa, fer 2,e4o kegs Of railroad
spikes.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
NEW PIPE LINES.

NEW YORK, August % LA9.-Stano-
Standard Oil Co. of Indiana. is to re-
ceive bids August 90 for construction Of
q series of loops along its main line
from Healdton, Okla, to Chicago. The
loops consist of 100 miles of l2-inch
line, 90 miles Of 10-incn line, and 100
miles of 8-inch line. The addition of
these loops will increase the capacity
Of the line to 100000 barrels daily, FRI m
the present capacity OF $4,000 barrels.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
Washington Stock Exchange

0ALESs
Capital Traction 5s-5500 at s4Is.
Capital Traction Coo at 35i., l at
1884.
Liberty National Bank-l0 at 100.
AFTER CALL.
Washington Gas IS "A"-Si 900 at
1884,.
Capital Traction Colo at $751;.
Mergenthaler Linotype-i0 at 7734.
Potomac Electric 5I22s pfd.--19 at
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28

Talkies In Chinese have Just been in
PRODUCED into Halikow, China.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
SILVER QUOTATIONS.

NEW YORK, August % fA).-Bar
silver, quiet and = lower at 279s.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
INTEREST RATES.
BY the Associated Press.

BY the As8oclateo Pfetss
Time money strengthened slightly
last week as the change was calculated
hy the Commerce Department, but cali
funds remained at the level prevailing
for several weeks In the totals that
follow the average is given for both
classes Of funds for comparable periods
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
Unlisted Department.

CThese securities not listed under Exchange
rules.l
BONDS.
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
Bid and Asked Prices.
BONDS.
PUBLIC UTILITY
STOCKS.
PUBLIC UTILITY.

Amer. Tel & Tel tsi ......... l72s4 49,.
S %I.s TT TraG iloRt CO CAt,s, ,2s !"
n a. W. Steamboat Q2D..,... $50 400
Pot Elec. Power &c pfd III Il3
va Wash Elf Rwg Power FL &c, com pfd as 49, ~
Wash. Rwy. 4 FL. pfd t5l.... '9s 100
Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-28
NATIONAL BANK.

continentsi Trust is, -. ' .'..
Natl. Saw & Trust l2D 49,. $40
Prince GEORGES Blk & TT. t6) 49,. "a
Union. Trust fesl .;:;........ 200
The Daily Alaska empire., 1931-09-19
Stirring Drama Vies With Gay Romance
COLISEUM HAS
 GAY R 0 M ANCE
 FOR TOMORROW
Fast and Loose Tonight F ollowed d by Prince
 andPlumber' Sunday

Fast and Loose" smart and funny, will be shown tonight only at the Coliseum theatre. "The Princess and the Plumber" rol- licking romance. will be the head line attraction tomorrow night.
 Fast and Loose" is taken from the play The Best People" a laugh and love drama of middle aged conservatism versus youthful light-footedness. It presents a new angle on present-day youth, its laughing gayety, it's scorn of con- ventions, it's freedom and constant joy. Edged with Frank Morgan's wit, Miriam Hopkins beauty and Carole Lombard's pert prettiness, Fast and Loose is a festival of mixed situations and laugh-pro- voking gayety.
 The Princess and The Plumber has as it's locale picturesque lit tie Balkan principality The story concerns a young American plumb ing engineer who goes to Daritzia to look over the heating equipment of a castle, and falls head-first into a gay little romance with the lone ly princess of the country.
 Among the interesting features of the photoplay are a highly so- phisticated william, an American millionaire who unsuspectingly has tens the love affair, case of mis- taken identity, hurried marriage under false pretenses and a kid naped airplane. Everything comes out right in the end.
 Charles Farrell and Maureen O. Sullivan have the title roles, while H. B. Warner and Joseph Caw- i thorn also contribute noteworthy portrayals.
The Daily Alaska empire., 1931-09-19
CAPITOL H LAS WAR NURSE AS
 HEADLINE PLAY.
Three Who Loved' Will Be Presented for Last
 Times Tonight

With Three Who Loved' show ing for the last times tonight at the Capitol theatre, War Nurse will be the featured attraction to- morrow, the first presentation be- ing at the afternoon matinee.
 Three Who Loved" is story true to life It knocks Illusions into the old tri-cornered hat. The plot is from an original story by Mar tin Flavin, famous playwright. It deals with the rivalry of two men for the love of a beautiful Swed- ish immigrant. Betty Compson is the immigrant. Conrad Nagel and Robert Ames play opposite.
 War Nurse, Director Edgar Sel- wyn's picture for Metro-G -Goldwyn- Mayer, is a forceful, romantic and dramatic presentation or woman's part in the war
 The scenes show with realism the sort of thing which nurses had to undergo at the front.
 Nature of Plot
 The plot is woven around the TO- nance of two nurses, June Walker and Anita Page, and two aviators Robert Montgomery and Robert Ames. Scenarist Becky Gardiner has contrived fast-moving melo- dramatic plot which embraces love scenes the night before men are to go forward to almost certain death bombs dropping on a hospital emergency operations and other incidents of warfare on a stupend- ous scale.
 Scenes are Spectacular
 The spectacular scenes are big but they do not detract from the sheer drama of the parting between Miss Page and Ames, for example or an epsode involving the reputa- tions of Miss Walker and Montgom- cry.
 The supporting cast includes East Pitts, Marie Provost, Helen Jeromt Eddy, Hedda Hopper, Edward Nu- gent, Martha Sleeper and Michae Vavitch.