Business: State of Oil

Delegates to the American Petroleum Institute convention at Los Angeles last week were presented with 1,000 gardenias and 3,000 carnations as they alighted from their trains. Adjourning to the Los Angeles Biltmore they heard their chiefs: demand that the Federal Government keep its hands off the oil industry; scoff at predictions that the U. S. oil supply would be soon exhausted; bemoan petroleum's annual tax bill ($1,000,000,000). Then they re-elected President Axtell J. Byles. Vice President-at-Large Kenneth Raleigh Kingsbury, some 85 other directors.

Only controversial note was struck over the unstabilized production of...

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