Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-04-10
END TO OIL WAR
seen BY DETERD|NG
Head of Royal Dutch Com
s pany Stresses Need of
Reduced Output.
BY JOHN F. SINCLAIR.
Special Dispatch to The Star.

special Dispatch TO Tne star.
:: NEW YORK, April 10.-Sir Henri
Deterding, head of the Royal Dutch
= Shell OH Co., who arrived yesterday in
New York, believes that the oil war is
nearly over and that the American oil
companies-in fact, every oil comLany.
d. whether American or European-w1ll be
: benefited.
: Here are a few of the crisp comments
he made an hour after landing:
4. Restrict drilling; it is foolish to pro-
: duce twice as much oil as can be USED;
{. too much destructive competition. Com
petition is largely a matter OF vanity
4, don't you Think"
Sir Henri sums up the present situa-
-tion in these words: II think American
oil producers are beginning to see rea-
son. You cannot make money ut pres
lent prices"
- Crude oil prices in the mide ntinent
field are expected to advance in me next
10 days.
The giant Niagara Hudson rower
Corporation is making progress. The
election of L. K. Thorne, president OF
.....Bonbright & Co. and of the American
Superpower Corporation, this week to
the directorate of Niagara Hudson
Power is another indication Of the closer
"tte-up of the Morgan interests to this
new huge utility holding company:
Look at the board: Floyd L. Carlisle
chairman; Arthur v. Davis, chairman
:of the board of the Aluminium corpora.
ton of America Ca Mellon company;
George H. Howard, president Of the
United Corporations; George Roberts
New York attorney; Jacob F. Schoell-
.kopf, jr.; Paul A. Schoellkopf, Alfred
H. Schoellkopf, all three of the Buffalo
Niagara Power Co.; Harold Stanley OF
~. p. Morgan & Co. and John E. Zim-
norman, president Of the United Gas
" Improvement Co.
This week the stockholders OF the
Niagara Hudson Power Co. met and ap-
proved the plan to consolidate that COM
.nanv and the Mohawk Hudson Power
CORPORATION. Soon the stockholders OF
1.-The Northeastern Power Corporation
will meet to consider the sale OF all OF
Its assets to this new huge corporation
e. Another company which will be taken
lover as soon as plans are completed Is
the Buffalo Niagara & Eastern Power
Corporation.
a. mot this year-perhaps not IN f1ve
wears. But some day the United states
will be supplied with power and light py
half a dozen or less huge public utlllty
,.corporations. Niagara Hudson Corpo-
ration will be one Of them" said new
,,..Yor. public utility leader.
So the simplif1cation OF its holding
structure goes on. Yes. watch Niagara
Hudson Power Corporation! It's emery
ing as the giant public utility corpora
.tion Of the East.
Thomas E. Murray, New York inven-
tor and engineer, who died last year
was little known outside his own pro-
',fesSion.
posed to have received large royalties
.from patents used in public utilities,
but no one realized the extent OF MS
fortune.
-. yet this utility magnate and engineer,
according to his attorneys, left an estate
estimated anywhere from $25 100000 10
=4S9,000,000. 49,. T.,
the United States today? man, whose
earning assets bring him IN $5O,OOO 70
100000 a year, Is in the mllllonalre
class But there are many men whose
Professional income is from $4,000 TO
S100 600 a year, with little of it coming
from earnino assets. These men, TOO,
are considered living" millionaires.
Today there are supposed to be IN the
United States approximately 25,OOO mil
lionaires. If all facts were known, TINS
figure might well be increased by at
least so per cent.
money.
The Federal Reserve officials have
been working for years to make bankers
acceptances popular with American
banks. The idea has not had much
success.
Robert H. Bean, the executive secre-
tarv of the American Acceptance Coun-
eli. declares that American banks
bought less than 6 per cent OF the
American acceptances created in the
United States in 1929, while foreign
banks absorbed more than so per cent
while new in the United States, the
bankers acceptance Is recognized IN
EUROPE as an excellent investment Tor
banks In the United States commercial
PAPER is more in demand than the ac-
ceptance. Why? Because It's better
known.
'"The foreign banker understands
.eyery angle Of the acceptance; he knows
about the bankers bills as an invest
ment; he wants security, and the rate
Il not Of the first Importance" says MI
Bean. TITS about time the American
bankers face their responsibility to the
bill market and to the acceptance buSl-
mess in its entirety and act accord
,tngly"
Enlarging the acceptance market is
ons way to cooperate in the building
ND OF American foreign trade. Fifty
wears from now 1t will be so recognized
But today In the swift-moving busi-
ness panorama 1t Is passed by as more
ar less incidental and unimportant.
Scopyright, 1890, by North American News
: paper Alliance0