Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-02-02
RESTRICTION IN OIL
PRODUCTION URGED
Further Conservation of Out
put Declared Necessary
as Industry Aid.
By JOHN F. SINCLAIR.
'ecial Dispatch to The Star.


up the situation in the oil industry,
more drastic restrictive measures in the
oil fields must be worked out this year.
either voluntarily or arbitrarily" said
an oil leader in New York this week.
The year 1929 broke the record In
that the production of crude oil In the
United States for the first time In
history surpassed 1000, O00, 900 barrels
" per cent more than the 1923 record.
Inis IN spite Of the fact that some
100000 barrels of crude oil was
shut IN by different proration agree
mentS
World oil production in 1929 was
1,46O, 100000 barrels. So the United
States produced more than two-thirds
Of the world total.
The year closed with total oil stocks
on hand OF $4,000, 900 barrels new
high record. Sufficient to supply
american requirements for seven or
eight months.
SO today, the United States, produce
ing $500, 900 barrels daily, is far in
the lead In oil production, followed by
venezuela, Russia, Persia, Mexico,
Rumania, Dutch East Indies, Colombia
and Peru, in the order named.
venezuela, second on the list has a
production of but IS per cent of that
of the United States.
Labor and Management.
Just before Thomas E. Mitten, the
great Philadelphia transportation genius.
was drowned q few months ago on his
estate near Philadelphia, he declared
that the huge industrial units in the
making were In danger of losing their
conception Of the labor problem as
active management is further removed
from the worker.
Said Mr.. Mitten:
I've must give the worker q full
voice, equal to that Of the manage
ment, In all matters that affect his
wages and working conditions
I'VE must give the worker as
surance OF fair rate in wages, and
also added reward In accordance with
the success of his efforts.
IS. We must see that the worker Is
given full opportunity to invest his own
capital In the workshop in which he
earns his daily bread, and see to It that
this investment Is of such q nature
that will give the worker so great an
influence in management that Amer
lean industry will always be assured of
Q management In sympathy with labor"
Since his death, the principles which
ne laid down have been continued by
. loyal staff, built up during his active
business career.
Sprague's Appointment.
why 60 outside Great Britain for
banking expertS2" ask leading British
newspapers Of the powerful Bank Of
England.
The recent appointment Of Prof. O.
M. w. Sprague Of Harvard as economic
advisor to the Bank of England to
replace much younger American.
walter Stewart, A, who has been acting
In that capacity for the past two years.
Is characterized by one London paper
as an unpleasant shock" For CEN
turtles the British have been the in
ternational bankers. Their word has
banking.
But with the rapid rise of the United
states as the greatest of world creditor
powers new situation has developed.
The Bank Of England, ably managed,
knows banking talent, whether It hap
pens TO be English or American.
The appointment of the American.
Prof. Sprague, to the stan Of the Bank
OF England should be q cause for real
congratulations, because he Is consid-
cred by those who know as among the
half dozen ableSt banking economists in
the world.
Evening Schools.
When people talk about New York
being pleasure mad, they often forget
that there are more students attending
evening school in New York every night
than there are people who attend thea
ters. The average attendance In the
theaterS Is approximately 100000 a
night; in the schools, 14O. 900.
WHAT Is the meridian age for achieve.
ment? Prof. Thorndike, noted psychol-
og1St, found by examining q group of
successful men that As for scientists
and 81 for men Of business are the
prime ages for achievement
The New York Central Railroad
when 1t changed over from steam to
electrified engines, did not replace the
old engineers by electrical engineers,
but taught the old engineers to run the
newer type Of motor-propelled trains.
Cato mastered Greek at S." says
Thorndike. George F. Baker, at IS, q
business giant today"
ITS not the number of years. but
the burning FIRE within each individual
that matters"
Agricultural Exports.
One Of Americas bright spots at the
moment is the export Of agricultural
implements. The latest figures, those
"a 6CSCk4lbCAp SA1OW al increase OF Ais
most 100000 over the exports OF De-.
cember, 1928. Then they amounted to
So, 426,000, while this last December
they totaled $12,273,00O.
Tractors were largely the cause OF
the increase.
Europe. with her credit easing, turns
more and more to machinery to do her
work. It's only q, matter of time when
her industrial machinery will be mod
ernized as it is in the United States
and Canada.
Then WIN come the real contest for
foreign trade.
Honduras Business Depression.
Honduras, which specializes largely In
coffee and bananas, suffered from q
slight business depression during last
year. Late reports show that during
1929 Honduras exported 28,24l,OOO
punches OF bananas, compared with a.
402, 900 punches In 1928, although dur
ing the month Of December the total
export amounted to 2,059, 900 punches,
as compared with 1,544, 900 punches in
the same month of 1925
The coming coffee crop of Honduras
Is reported to be good; but with low
prices, advances and credits have been
greatly restricted.
This picture indicates about the gen.
eral trend OF business throughout South
America.
(CopvriSht. 1880, by North American News
paper Alliance.)