Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-24
OLE LEADERS AIM
, /, TO REDUCE WASTE
]. Jersey Standard Oil Head
Points to UneconomiC
Production.
By the Associated Press.

BY the Associated Press.
NEW YORK. March 23.-w. c.
Teagle, president Of the Standard Oil
Co. of New Jersey, said in a statement
today that the sole purpose of discus
sions among petroleum leaders Of the
Western Hemisphere concerning restric-
ton of production is to limit waste
through uneconomic production.
His statement followed upon publica-
ton of an article in the London Daily
Mail. which said that the worlds oil
kings expected to make arrangements
at the annual meeting Of the American
petroleum institute here next week to
enable them to control the output and
price Of gasoline throughout the world.
Charges World Trust Aim.
"The object of the conference" said
the Mail, "is to establish in fact, If not
in name, a world oil trust"
The London paper said that this
scheme had been made possible by a
recently concluded agreement with the
Russians at Moscow which eliminated
competition of chAaply marketed oil
from the confScated oil fields of Rus
STA. The paper said it all began with
a mysterious meeting in Scotland last
! year of Teagle. Sir John Cadman and
Sir Henry Deterding, head of the Royal
Dutch Shell group oil companies, who
is to attend the institute meeting here.
Teagle said IN his statement today
that 1t was reported to general COM
mittee representing producing COM
panies which met in Houston, Tex, on
March Is, that production in the United
States for 1928 was more than ample
for the consuming needs OF 1929, and
in all likelihood SUFFICIENT for the re-
QuirementS of several years to come.
1T would be disastrous" he said, Ito
the public'S interest to allow overpro-
duction to increase as in the past few
years
Economists recognize" he said,
that overproduction means an in
evitable shortening of the life of our
crude supplies and the waste of valu-
able natural resource at the expense of
the next generation. This situation
cannot be remedied if curtailment is
limited to domestic producing areas.
Crude oil Is so easily transported that
any oVerSupply In foreign countries mas
the same effect on the world situation
as though obtained in the United
States.
Invite Sir Henry by Gable.
at is hoped, therefore, that whatever
cooperative plans may be adopted by
American producers will not be rem
dered ineffective by the policy followed
in foreign producing fields.
Since the Royal Dutch Shell COM
par1ies have substantial production
here, he said, officials of the petroleum
institute and the chairman of the gen.
eral committee cabled an invitation to
Sir Henry to attend next weeks meet
ing.
II the general committees recon-
mendation for restricting production to
the 1928 basis is adopted by the direc-
tors of the institute it will be submitted
to the Federal Oil Conservation Board,
and If approved by that body the State
authorities will be so advised and their
cooperation requested. a
The meeting is to be held March 81.
At that time the general committee,
headed by r. C. Holmes, president Of
the Texas Corporation, will hear re-
ports of regional committees of recep-
ton of the curtailment proposal in
their localities