Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-03-07
OIL MEN DISAGREE
ON REFINERY CUT
Six-Day-a-Week Proposal
Starts Controversy Among
Leaders.
By John z. sINCLAIR.


When the Federal Conservation BoarC
suggested to the oil industry that it re-
duce to a six-day-a-week basis all re-
finery runs of crude oil in order to cleal
up the present glut of gasoline, differ
ences Of opinion Immediately came u
the surface among the larger oil leaders
The Rockefeller group, leo by the
Standard Oil Co. of New Jersey, agreed
quickly to the suggestion, although max
ing it plain that -eductlon on account
of its own operations was not neeoeo,
I,,,t that A. was interested in uniting on
a program which would bring about q
more orderly balance between proouc-
ton and refining.
r q Holmes. president, Texas Cor
,,oration dissented, on the ground that
regulation of refinery runs would APP
pear to lead into almost insurmount-
able technical and legal dithcultles.
Mr.. Holmes, in his statement, Hlaus
reference to the economic program OUT
1;red al Houston a year ago, in Whlcn
# was decided that the 1929 productlon
should he kept within the limits OF the
nroduction of 1928 Had this been real
lied (the Government prevenCeo Sucn
action there probably would nave
been no cut in the price OF cruoe OIL
Mr.. Holmes says. =, +no
THE fact is that the increase in the
oil production of the entire on W, 81
states in 1929 or 1873 alliouilVeU "
1O4 600, 900 barrels. ,,,. hoer
still. overproduction has always peeh
n problem in the oil industry.
4 few DAYS ago 1 asked Walter Tea
ole president of the Standard on q
New Jersey, for his views on the present
oil outlook. .,.o e so-
inr forward a steady gain in sales, ne
said. 1--WE look for an increase OF ABOUT
3 ner cent in gasoline consumption over
the entire country for the year 1881.
sIJnfortunately, overproduction, potn
IN crude and gasoline, has resulted IN
competitive price making to a polnI
where earnings are not at all IN Keep
ing with the volume of business. am
SIRE that the industry appreciates the
unsatisfactory relation between costs
and selling prices and that this VIII
result in gradual improvement as cur
tailment makes progress.
Today President Thomas G: Masaryk
of Czechoslovakia celebrates MS eignt-
ieth birthday anniversary. 1t has pc
come more than local event. For TINS
son of a coachrAan, who Tor the last
10 wears has presided over the affalrs
of one of the most prosperous ana IN
telligent nations In Europe, IS one OF the
outstanding world personalities OF tne
present century.
MAS conceived and brought into exist
ence bv three college professors, OF
whom one was President Masaryk. the
other two were DR.. Eduard Benes, pro-
fessor of economics at the university
of prague. and Dr. Milan Stetanlk,
well known exiled Slovakian professor
of astronomy, who lived in Paris.
With funds raised largely IN the
UnIUed States, these three men formed
the Czechoslovakian National Council IN
Paris, which eventually the allied gov
ernments recognized as the de facto
government.
Those who believe that one should
retire from active life at go might be
interested in knowing that Mr.. Masaryk
was "a when he began his great work OF
restoring government to Czecnoslo-
vakia, which had been destroyed nearly
800 years before.
For this man the life struggle has
not been easy. He began as a lock-
smiths apprentice in Vienna, then be-
came blacksmith, then school teach
er, and finally minor professor at the
ur''ersity.
Under his leadership and that of DR..
Benes, who. during the past IL years,
has been either prime minister or for
eign minister. the nation has developed
into one of the most substantial in Eu-
rope. 1t is tribute largely to the work
and the craftsmanship of the aged
President.
President Masaryk symbolizes the
truth that ideals are the most practical
realities" in that he has carried into
the world of politics the ideals of civili-
s.f. ~. ~,
pher and teacher" says Prof. Felix
Frankfurter of Harvard University.
A fitting tribute to great idealist
When the Bank of England cut its
discount rate from Az per cent to 4
per cent yesterday, many expected the
New York Federal Reserve Bank to
follow suit, but it didn't.
The New York governor, George Har-
Yison, one Of the most efficient students
of finance in the United States, is in
London and has been for some days.
It is not believed that the Bank of
England would take the action Of re-
ducing its rate without some assurance
that the New York bank would cut its
rate from to 31a per cent
So the world of international business
Is entering a test week. It's the first
time that the bank rates of these two
nations have been the same in many
months.
Can England, with the pound already
at heavy discount in New York, main
tain the same discount rate, without
being forced to ship gold to square her
accounts?
For a week-or even two weeks
yes. But for a period of weeks, most
well informed observers shake their
heads obviously.
Either the New York rate will drop
TO 312 per cent or Great Britain viii
see new export movement in gold.
And that would not be so good-for
England.
Copyright, 1880. by North American News