The excess production of crude and refined oils in the California and Mid-Continent fields this Spring led to heavy overproduction. Prices declined, but the fall was kept orderly by the Standard Oil companies, with the view of stabilizing the situation. The farming states, devoted as they are to plans for stabilizing wheat, could see no virtue in employing similar methods in any other industry, and Governor McMaster of South Dakota gained considerable applause when he purchased with state funds some 160,000 gallons of gasoline from a...
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