The Washington herald., 1919-05-18

notice to see the new oil field wonders.
OIL just now Is one Of the first OBJ
tects Of fnternational political and
colonizing interest In every important
chancellery OF the world. Next to
steel the oil business OF the country Is
now regarded by people intimate with
Its development as leading the Indus
trials. Dewn TO the beginning Of the
war America produced here about 90
per cent OF the worlds petroleum.
and had wasted II in scandalous
fashion to boot
II Is so important now that II has
moved governments to establish varf-
Gus degrees OF control over II, HoI-
land having even set aside great
area OF the richest oil lands In the
Dutch East Indies as a sort OF gov
ernment reserve. much as the United
states has done with the naval oil
reserves In California.
The careers OF the oil magnates are
rich with romance. Harry r. Sinclair,
head Of the Sinclair OIL Company.
started with nothing but enthusiasm
and capacity. Edward l.. Doheny,
head of the Mexican Petroleum in
terests, was just a grub staked pros
pector and was many times without
a dollar. Henry Il. Doherty was a
newsboy in Columbus, o.. and with
out college education.
The Curb Market Is filled with
stories of quick fortunes In oil. OF
course the fake stock promoters wefe
busy. The immortal phrase coined
years ago by Barnum-"There's one
born every minute''-has taken on a
new meaning In the financial world
and 1t was recently used with refer
ence to new oil companies instead of
suckers. Almost every owner of
property in or anywhere near the
proved oil districts OF this country
and Mexico has formed a new COM
pany for the development of his land.
More of these new concerns have seen
the light of day within the last six
months than during any correspond
ing period in history.
The oil shares on the New York
Stock Exchange have risen I'm price
until they are, with few exceptions,
at unprecedented levels. The same
is true of the shares on the New York
curb. to say nothing of the scores
of oil stocks sold in the unlisted
market"
Almost without parallel in history
is the wildly excited speculation in oil
which has been at its height for the
last few weeks in the stock markets
here and abroad. Stocks are soaring
To new record levels. whether they
be the stocks of some oil producing
company. some potential oil producer
or some entirely different company
whose properties happen to be located
in or near a proved oil district. Con-
trary to the general run of a boom of
this kind. however. the small fry
have not as regular thing made
fabulous fortunes on shoe string
margins. Big profits have been made,
it is true but most of these have gone
to the so-called big fellows and while
the small speculator has. in many In
stances, turned over a big percentage
of profit, the net gain i'm dollars
and cents have not been tremendous.
Stories of large profits on small in
vestments are often recorded, but il
is rare indeed that a group OF men
are able to turn over a clean profit
of 5000 each without having invested
a cent of money or a minute of their
time. This actually happened. how
ever, when some Wall street hangers
on with scarcely a dollar among them
were let in for 1000 shares each of
new oil stock which was being
brought out. and who cashed in their
holdings within a comparatively short
space of time at $3.50 a share. 1t
happened in this way: These men. a
majority of whom were Wall Street
'drifters." going about from one COM
mission house to another dropping In
here and there for drink and without
the price of good square meal among