Evening star., 1914-10-13
Directors Elected.
Better Conditions in Oil Markets.

commenting on the present condition
OF the oil industry and the outlook for
the future, the head of one of the lead
ing companies hazarded the prediction
that the worst was over, and that it
would not take long for the Standard
Oh Company fully to recover from its
recent setback.
This optimistic view is set forth in
the following words:
Il think that the worst has nassed
as far as the oil industry is Concerned
Conditions prevailing during the past
Few nor tbs that were brought about
by the immense flush production and
the lropean war are now gradually
clea ing. Except in Oklahoma fields.
the pipe lines are again taking all the
crude oil production.
Il think that the effect of the war on
the big oil refining and marketing COM
panies has been somewhat exaggerated.
Although a few of the COMPANIES doing
big business with Europe have been
hurt, the effect on most of them has
not been very serious. and the big
fected were financially well prepared
for such an emergency. In other words.
the Standard Oil companies generally
are on a war footing financially AS
soon as general conditions show a good
Improvement, it will not take the
Standard Oil companies long to recover
from their recent setback"
Reopening of Exchange.
While many are clamoring for the
opening of the New York exchange, the
general impression at this time seems
to favor closure until the beginning of
1915. To do business. the situation
must be cleared: the present holders
Of open trades would take them up
If possible. as they are the chief
objection to reopening, with the ex-
ception of the foreign holdings that
might come back on our markets The
only way to prevent it is to put such
value under American investments that
Europe will be satisfied with their hold
ings-by giving the railroads of the
country the right to make their busi-
ness profitable.
pany is giving wide circulation to the
needed relief as expressed in the follow
ing:
who possesses the power to restore at
tractiveness In American securities? The
Interstate commerce commission has that
power How shall 1t proceed? BY grant
ing. without 'hemming or having, a lib
eral increase in freight rates such as
will restore the integrity of American
railroad securities in the eyes of in
yestors not only of Europe. but of the
United States. The present is an emer-
greatest ever faced by this
country. A little bridging and the
rock which will hold its position of
first commercial Importance indefinite
ly. Will the government authorities
of the United States permit the nation
to step into this coveted position?
The question is not one of patriotism,
but of business common sense.
Should the commission later discover
that 1t had gone too far in permitting
fat rate increases it could easily right
its error by new rulings ordering reduce
tions. Before now the interstate com.
merce commission has reversed itself. All |
wise men have reversed themselves The
unitd States Supreme Court has re-
versed itself. Before the war the peonle
had begun quite generally to say, to |
themselves and openly. that business had
been pounded enough during the past ten |
years and the last month Of war has done |
more to further develop this more IA
vora BILE attitude than normal year could |
have done. 1t Is not improbable that in |
the same or greater degree the war |
conditions have developed the outlook and |
the practical business capacity of the in !
terstate commerce commission"