Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-08-31
BY JAMES b. CLEWS.
.iAl DisDatch to The Star

NEW YORK, August 31.-Failure of
all. investors have viewed with a SEN
sible eye the results of the process of
reorganization through which European
countries have been passing. They have
taeitly, at least, recognized that the
final results of what has been in prog
ress are likely to be beneficial to Ameri-
can finance and business, and they have
not been frightened. much less STAN
peded" So far as the stock market is
concerned 1t has held up rather we'll
At home, business conditions have al
tered but little, but what has been done
has been of constructive nature Some
progress at least has been made in
solving the commodity question. Finan-
ciaily speaking, the Summer has thus
been . hopeful, rather than a discour-
aging, period, because it has afforded
the beginnings of the fnal clearing up
that Is necessary to complete the re-
adjustment growing out Of the depres.
sion. This clearing up Is unavoidably
costly. but had to be accomplished at
one time or another, so that the ground
is Smoothed for the accomplishment of
results that would otherwise have prov.
en- impossible. There Is still something
to be done, of course. but the results
duedOy dttdAIICO Will hldhS Vic ICSt Vi
the work much easier.
Setting Our Own House In Order.
Attention has not been so exclusively
centered upon the British difficulties of
the moment as to obscure the necessity
OF setting our own house in order. One
of the matters that has long called for
attention has been the restoration of
the oil industry to q profitable basis. AS
statistics show. certain progress is
being made In that direction and there
already taken will prove to have been
only the beginning Of the restoration
process. Restriction in Texas and Okla
homa has had sufhcient success thus
far to encourage belief in the ultimate
effectiveness Of oil conservation. The
opposition to such control has largely
died out, and the week has seen de-
cided advance in the plans for placing
the industry on a footing OF proration
and adjustment Of current production
to current demand. As consequence,
Of crude oil and of gasoline and other
products has been noted in most of
the chief oil fields and the industry Is
today on D more satisfactory footing
than for q good while past.
Announcement OF progress toward sue
cess In the negotiations for two or three
oil company mergers Of FIRST importance
indicates the organization Of the In.
dustry on O firf1er and more economical
footing and gives promise Of better
conditions in the investment side Of the
Oil business fact which has been rec
oEnised BY stockholders In the better
prices paid for the tavorite oil shares.
Progress has likewise been made In the
matter of improving the outlook Of some
of the other basic commodities. =. The
plans for restriction of cotton produc-
ton In the South have not as yet
reached an advanced stage, but what
has been done promises better than
anything that has been attempted by
the Farm Board since Its inception. If
to these can be added campaign for
the production OF more long-staple cot
ton in place Of the cheaper variety,
which has been preferred Of recent
years in order to eliminate the boil
weevil, stu better results may be ex-
pected.
Wage and Earning Problems.
No announcement has come from the
large companies which had been ex-
pected to take q definite stand on the
subject Of rates OF wages. The failure
of the Executive Committee Of the