Good news for the U. S. oil industry came from Washington last week. The Supreme Court upheld Oklahoma's rigid proration law. Leaders thought that with the assurance of this decision behind them other States may act to prohibit "physical as well as economic waste."
While the Supreme Court was pondering the test case of Champlin Refining Co. v. Oklahoma's Corporation Commission, President Charles Edward Arnott of Socony-Vacuum Corp. was playing host to a party in Manhattan's Waldorf-Astoria. It was not a big party. The members all sat around comfortably in Room No. 2604. But...
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