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Petroleum. In 1924 President Coolidge appointed an oil conservation board, saying: "The supremacy of nations may be determined by the possession of available petroleum and its products. . . . Over- production in itself encourages cheapness, which in turn leads to wastefulness and disregard of essential values." Fear of anti-trust prosecution has retarded oil curtailment in the U. S. In certain states there seems no legal way to coerce small producers. The Federal Oil Conservation Board has suggested a six-day refinery week; the American Petroleum Institute since its organization in 1920 has championed curtailment; California's law prohibiting the waste of natural gas has been a way to force reduced production. Now many oilmen hope the conception of an oilfield as a mutually owned unit will be the solution. Production by Royal Dutch-Shell has increased overproduction, but Sir Henry Deterding stoutly maintains he has reduced his production in proportion to U. S. curtailment.
Steel. Last week the European Steel Cartel renewed itself, but has abandoned an ambitious program, will concentrate on settling Franco-German differences. In the U. S. steelmen cooperate as shown in the recent price raise (TIME, Dec. 15). The fact that most steel companies are completely integrated units is beneficial.
Copper. Many an effort has been made to stabilize the price of copper. Copper