The Washington times., 1919-12-04
BoeTsioner's
Comment
on Business
ny DOERsIANER.

die West. with foreign exchange
staggering under the weight Of bin
offerings and with the Mexic1n and
the coal problems apparently mot
nearer solution. stocks advanced
yesterday.
II the days commitments were
largely investment of q long-range
character. those made In the rails
and in the oil shares are not inexplic-
have the better of discretion. assum-
ing that short covering did not pre-
dominate.
Sterling exchange at 3.S71s made
one wish Godspeed to the Edge II.
II the passed measure were to do
nothing more In. the way Of immedi-
ate efficacy than to allay the increas-
ig nervous apprehension. II WI
have done a signal service, for the
farther foreign exchange falls the
more bills come on the market.
Currently cotton. turpentine, and
lumber bills are pressing. The South
10 evidently taking what 1t can set
for Its exports. In the North there
are as yet no signs Of a stampede,
though sales are freezer than q week
ago.
More Attention Fer on.
-
extent. it is natural that more atten-
tion IL accorded oil-and sequentially
the certificates of oil companies. But
too much Of an alleviating nature
must not be expected from the in
dustry per sc. The average yield 10
only four and . half barrels q day.
The low percentage IL caused by
thousands OF wells in the older fields
that produce less than quarter Of .
barrel. OF the total number Of wells
IN the United States four-ffths do not
yield more than barrel Of oil daily.
The United States Geological Sur
vey makes the pessimistic report that
the underground reserves are 20 per
cent exhausted and that the country
probably ID near the peak Of domestic
productions. The consumption OF pe-
troleum 10 increasing far more rapidly
than domestic production. During
1918 39.00o.Ooo barrels OF oil were Inn
ported from foreign countries and
stocks.
The need for petroleum reaches
every citizen In the United states.
There are In service some 6,OOo, ,OeO
automobiles and trucks using case.
line. The number of motors 10 In.
creasing at the rate Of 1000. eco to
100000 q year. Through pleasure
cars, trucks. farm tractors, etc, every
family Is virtually interested in gaso-
line.
Essentials sf Civilisatisa.
Through lubricating oils every per.
/, son has direct interest. Lubricating
oils are one Of the three essentials
Of modern civilization and IL in eQual
Importance to steel End coal, for
without these no machinery would be
possible.
Prominent men have stated" says
Knauth, Nachod & Kuhne, shat the
time Is fast approaching when the
burning OF oil for fuel will,he crime,
| SO valuable will be considered the by
prodncts contained In the fuel oil
which are not now recovered. A re-
fection of the acute position in the oil
trade is indicated by, the advance in
PennsylvaniA crude This 81 the SEQ
ond increase since February, 1918. A
general advance throughout the coun-
| try 10 expected.
1.-THE situaf on; in the opfnion ct
some Of the shrewdest oil men. war
rants q further very substantial ad-
vance in the price OF oil and oil
products. Such an advance must in
eyitably come. but it will be grad
uaI,"
| The question is asked: "who will
| replace brick in the, Big -Four in the
Steel Corporation?'-Aess Gary.
Frick, Farrell, and Mather were thus
designated. The description was un-
| doubtedly well taken. These men
constituted what may be called the
effectively directive committee In
the. company. Perhaps none was
more forceful than Frick, who COM
bined financial power and sagacity
with a consummate technical knowl-
edge of the industry.
He was probably the largest indi-
vidual stockholder.