Pine Bluff daily graphic., 1919-08-17

It is doubtful if there has ever been such great movement of in- vestors and spectators into any class of stocks as that which is now pour ing into the petroleum industry. This Is especally true of the shares of new cOmpaniet formed for the purpose of producing oil.
 Within the last six months Wall Street and the public throughout the country generally have turned to oil stocks with a simply amazing fervor. The "oils" have become the tavorites not only of speculators, but of many who consider themselves conserva- tive investors, and of brokers and ap- parently of the most solid bankers. The name of oil has become magic, and the financial community which few years ago knew nothing and cared less about the oil industry is now working overtime gathering in- formation and compiling statistics regarding the position and wonderful possibilities of the new industrial and financial giant-Oil.
 The completeness of the change IS we'll illustrated by brief conversa- tion which the writer had short time ago with the vice-president of one of the richest and most conser- ,wative banks in New York City. This bank is synonymous with all that is supposed to typify the best and most solid traditions ot Wall street. l had just told the president that l had recently visited the new oil fields of Texas, Ranger and Burkburnett.
 "I am gong down there in a few days myseif,' he replied. We ex- pect to invest down there. It's absurd that we should have waited so long to get into the oil game. Think of all the years handicap those people at 26 Broadway (Standard OiD have had over us," and he looked out of the window respectfully as if he could not forgive the older men in the power full group of capitalists to which he belongs for not having sooner follow ed in, the paths of John D. Rocke- feller.
 What are the reasons for this al most tidal movement of investment money into the oil industry? A very moderate estimate places the capitali- zation of new oil companies in this country from the beginning of the year down to the end of April at $500, 0,OO0,O00. Another estimate places the total number of new com- panies down to July 1 at 5000 and their capitalization $1,500,0O0,000. It is impossible to obtain exact figures, but the organization and Notation" of $1O0,O00,000 companies does not at present cause ripple of surprise in Wall street. Yet the combined capi- talization of all the Standard Oil group of companies is only $55O, ,000,- 600.
 Competition With "The Standard"
 The attitude of Wall street and the 4usoe1 U! sYoo4s 10 paeMo4 o!Iqnd years would certainly furnish an interesting subject for study in psychology. A few years ago both Wall street and the public had no interest in oil. They were we'll aware that the Standard Oil companies had been remarkably successful and that their stockholders had received hand some profits, especially in the years subsequent to the dissolution of 1911. But this success of Standard Oil was linked up in large measure with John D. Rockefeller's wonderful business ability and foresight, and prior to 1911 with the monopoly which he and his associates were supposed to have.
 Furthermore it was felt that the Standard Oil group so completely controlled the oil industry that there was little room for outside partici- patton. MT. Rockefeller did not need or want either Wall street or the gen. eral public in the work of oil develop ment. The Standard Oil company never had to call upon outsiders for financial aid, being almost a bank or money trust" in itself. Then too it was felt that all the really worth while things in the industry would be taken by the Standard, that anything else was risky in the extreme. The little fellows who went into the game