Indianapolis Times, Volume 40, Number 272, Indianapolis, Marion County, 3 April 1929 — Page 18

PAGE 18

CHIEFS OF OIL INDUSTRY MAP SAVING SCHEME Three Members of Cabinet Sit in on Conference at Washington. BI .JOSEPH If HAIKU United Press Start Correspondent WASHINGTON, April 3.—Four cabinet officers and representatives of the American Petroleum Institute sat around a large table in the interior department today thrashing out the nation's oil overproduction problem.

The oil men. representing controllers ol 72 per cent of the country’s petroleum and 88 per cent of that in South America, have mapped out a program to cut 1929 oil production to the 1928 level. Plans of the institute, it is under - stod, are based on intrastate agreements between the various companies. In California an “oil rar" lias been appointed to probate production among the oil interest;; on the basis of their 1928 output. Similar supervisors, it Is understood. will be appointed for Texas and Oklahoma.

The, administration, it definitely is known, places no laith in controlling oil production by federal legislation. The federal oil conservation board, the administration’s official body for dealing with the petroleum problem, has no powers. It purely is an advisory and an investigatory body. However, it may make a verbal or written report to the President approving or disapproving “of the institute's program, it was learned ai the Interior department Secretary Ray B. Wilbur has asked the atomey-general for an opinion on the legality of the restriction program. Tuesday a communication was addsessed to Wilbur by the justice department on this subject and it will be read to the meeting today. The institute’s plan, it is said, contemplates no restriction on gasoline. Refineries may run as much

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Going to France

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Miss Elizabeth Cheatham, English instructor at Agnes Scott coliege, Decatur. Ga., has been awarded one of the two Franco-American exchange scholarships for study at the university of Toulouse, France, during the 1929-30 session. It amounts to free tuition and living expenses for the academic year beginning Nov. 5 and extending through June 30.

as the American motorist will buy. It proposes only to hold back unneeded raw oil in its natural underground storage tanks where evaporation is far less than in artificial reservoirs. Allowance for an increase of between 9 and 10 per cent in the amount of gasoline consumed this year over 1928 is made in the institute's figures, it was stated. At present, the reserve stock of gasoline is sufficient to last forty-eight days were every refinery closed. More than 500,000,000 barrels of petroleum, enough to last the nation’s large refineries six months should production be stopped entirely, now are held in storage, according to the geological survey. BARE CANDY ‘RACKET’ Hoodlums Paid to Break Windows of Chicago Stores. Bn T'nitrd I’r< CHICAGO. April 3.—Twenty-five dollars was the price paid hoodlums to smash a window of a tobacco store which sold candy and refused I to join the Chicago Association of Candy Jobbers, the former business manager of that organization testified in federal court. Vincent Pastor, the witness, recalled that windows in eight stores were smashed and that several stench bombs were tossed into other non-member stores by hired racketeers. SALESMAN EARNS TRIP Gets Two Weeks’ Vacation as Prize in Contest. Maurice L. Bass, 549 Madison avenue. a salesman for the Varney Electrical Supply Company, Madison avenue and Merrill street, has returned from a two weeks’ trip in the cast which was the award in a recent contest conducted by the Westinghouse Commercial Investment Company, New York City. The contest was based on constructive salesmanship and a number of salesi men throughout the United States were given the trip.

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THE INDIANAPOLIS TIMES

expensive posts in American foreign service. Alanson B. Houghton has definitely resigned the London post and there are reports Robert Woods Bliss may be shifted from Buenos Aires. One of the men most prominently mentioned for the Paris embassy laughed when questioned. “I would be bankrupt in three months.” he explained. Another American diplomat with long service at home and abroad estimated $5,000,000 as the minimum private fortune which could sustain an American ambassador in Paris. He said London and Buenos Aires were not far behind. He and others as the state Department described the situations as a paradox of democracy in which poor men were shut off from the finest diplomatic positions. Royal governments, they explained, enable men of moderate means to undertake big diplomatic jobs, whereas, the United States, by refusing to provide funds for house rent, an automobile or even for founal dinners to foreign officials, reserves important posts to men prepared to dig deep into their own pockets. A partial remedy, however, was seen in the program for construction or purchase of embassy and legation buildings abroad. Herrick’s death at the moment Hoover and Henry L. Stimson, secretary of state, are pondering re-

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APRIL 3, 1929

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