The Birmingham age-herald., 1920-01-19
EFFECT OF VISIT
 OF SIR GEO. PAiSH
By HOLLAND

By HOLLAND
 New York, January S.-(SpectaD-M has been reported which professed to explain the purpose of the visit of Sir George Paish, England's foremost theor- etical and expert economist to this coun- try But not until a day or two ago did Sir George speak in public and this speech seemed to be intended as a full explanation of the purpose which led him to come to the United States at this time. He suggested with emphasis, that perhaps the most reasonable and most practicable manner of extending to Europe the aid which is needed if Eu- rope is to be rebuilt and international trade become normal without any falling off of our export trade, would the sale in this country of bonds issued by the European nations, at tempting rates of interest free of all taxes, both in the United States and in all other countries. The sale of bonds of this kind would en- able the American producers and ex porterS, he said. to secure prompt and re- liable security for their own accounts.
 Curiously enough it so happened that. upon the day when Sir George spoke in this manner arrangements were perfected whereby twos of the European nations will place notes and bonds in this coun- try for sale. For announcement was made that syndicate of which the house of J. P. Morgan and Company is the head has been organized for the par pose of offering for sale notes assre- gating twenty-five million dollars issued by the kingdom of Belgium, bearing. per cent interest and payable in gold. The syndicate which is national in it's scope. has no doubt that these notes will find ready sale n the United States They are not exactly bonds, for the life of them is. in the case or one one issue one year, and in the others five years.
 Supplementng this announcement came another that the Italian government, aided by a syndicate of Italian banks, win soon issue, and attempt to sell in the United States dollar bonds of the Italian government. Only one detail re- mains to be completed and that is the approval of the United States Treasury Department. Of this approval there Is no doubt.
 Therefore almost at the moment when Sir George was advocating investment by Americans in European bonds, Bel gium was in the market for the sale of twenty-five millions in notes and Italy il was announced will soon be in the market for like amount These two negotiat tions may set an example whlch will hereafter be followed by other na- tions who will seek to place their bonds in the United States and in that manner secure the aid which is necessary
 THE FUTURE OF OIL
 Some of the experts in the employ Of the government have recently ventured 10 say that unless there is vastly increased production from the American oil fields we shall within a few years reach the limit of our production of oil. A state ment of that kind was made at least two years ago by Dr. k. c. Acheson. He had given profound study to the ques- ton and felt justified in making a pre- diction that our oil production would be exhaused in sixteen years, unless there be great increase in new production or unless there beg reat conservation In the manufacture of oil products. 1t was for the purpose of urging conservation of our natural resources that pr. Acheson made this statement.
 Now at last some of those who are leaders in the oil industry have ad- mitted the truth of these predictions The Standard Oil Company of New Jer sey has within a day or two asserted through one of its publications that '*we know that the domestic output of oil does not meet present consump- tion and that the amount of this deficit will probably continue to increase Therefore a diminishing output with increasing consumption will make the United States to a considerable extent dependent upon foreign fields. If the development of foreign oil fields were carried on properly then there would probably be enough secured to meet the worlds demand for the next ten years After this assertion comes this some what ominous statement: Prediction beyond the ten-year period is not safe for too many uncertainties are in- volved. In order to meet the worlds needs, oil from the United States will continue to occupy a less and less dominant position because within the next five years the oil fields of this country vii reach their maximum pro- duction and from that time we will face an ever decreasing decline Nc admission of that kind has heretofore come from any of the leaders in the American oil industry.
 $115,OO0 SEAT
 A day or two ago statement wal made that s115,00 had been paid for 9 seat in the New York Stock Exchange l That is a long jump from the quoted 1 price of seat year or two after the 1 war began. Occasionally predictions | have been made that the time is not l far distant when these seats will com mand as much as s15o.000 each, in case any member of the exchange is | willing to sell his seat. This price sug- SeStS the lOTcCdSt or greatly business in the securities market. It often happens that the owner of a seat in the stock exchange never avails | himself of the privilege of going upon the floor But if he is member then he is compelled to pay the broker with whom his orders are placed no nor than the customary brokers fee, pre- {, sumably s for each 100 shares. But he 1 can charge his own customers the geg-i ular fees and in that way make prof l and if his dealings are large, a con siderable profit so that even though l he pays sl15,000 seat his gains vii, | fully justify investment of that kind.
 OIL AND REAL ESTATE
 Many almost sensational reports | come to New York of the amassing of | millions through lucky ownership in | real estate where oil fields have been l discovered. These reports, however l can be matched if the story of the dealings in New York real estate were | told and compared with the recent oil |