15 JUNE 1929, Page 14


In Denver, Colorado, this week is a conference of a unique quality. It was called by the President, and its purpose is the conservation of the country's oil resources. Its personnel includes representatives of the Governors of ofi-producing States, and the executives of oil-producing companies. The Sherman Anti-Trust Law forbids companies agreeing among themselves to reduce production. The President some time ago announced that he could not lawfully sanction any agreement to that end between companies. Yet the economic necessity for such a reduction is admitted. What is now hoped is that agreement among the States may be made, upon recommendation by the Government and the companies, for the adoption of uniform conservation laws, which would accomplish the same result as an agreement between the companies, and yet leave the Sherman Anti-Trust Law un- amended. The effort constitutes a distinctly novel expedient in legislation, and if it succeeds its results may be far-reaching. Its success, however, is by no means assured.

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