The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1920-08-04
In THE OIL FIELDS
Office, 6241 VIII PECK Residence 2442


accompanied by Mrs. I.angford, who
has been socretary OF the board OF
the Phoenix Refining company with /.
headquarters In New YORK, IL In
Tulsa, In the interests OF the NSw
York Petroleum exchange, nnd VIII !
doubtless meet with the greatest
success In his efforts, to bring about
n closer relationship between tho
producers, rcfinora and markoters in
the mid continent field. and the new
petroleum exchange In New York.
Mr.. Langford Is the right man IN
tho right place, and has " person /
atty that In bound to win tho con-
fidoncc Of oil men. Ilo has real
mission TO perform. and Ia going
about it In business like manner.
Anyone who has noticed the tro-
mondOus slump IN values In tho
New York Stock exchange and tho
curb market. will be fully convinced
that petroleum exchange is abso-
lutely essential 10 tho welfare OK the
Industry, and that now iB the tlmo
TO get the machinery OF tho new cN-
change In motion so that financing
genuine oil proposition OF merit
can be accomplished and oil stock
no longer be made the football OF a
lot OF brokers who know as little
about the oil business as tho averagel
oil man knows about the stock eNAl
change. "a
II Is Just as necessary that the "
dustry be stabilized, 30 far as stofks
are concerned, AK IL is that tho rGar-
kot for refined stuff bo held within
reasonable bounds, and not subject
to sudden fluctuations. There ls no
protection offered tho man who lists
his stock on tho euro market in
New York, and no banker will make
lonns on any stock thus listed. The
big stock exchange In too large and
too much devoted to speculation on
the bear side. without reference 10
the earning power OF oil stock. to no
OF any value whatever. to those In
terested In the welfare OF anything
originating in oil.
The founding of national petro-
leum exchange Will appeal strongly
to every bona fide Oil producer or
refiner. who desires 10 see the petro-
ieum industry OF the United States
placed on n banking basis, and thus
help remove the stigma under which
this great Industry In at present la
boring. Great credit belongs equally
and vision to undertake tho found
Ing OF what promises and deserves
to become Il national institution.
with the progress which has been
made to date. and with the support
OF our big Tulsa oil men, thero
should be no difficulty In putting
the new petroleum exchange on n
firm foundation, and open its doors
10 tradlnR In stock ana in the ex-
change of refined products.
There has been placed about zoo
memberships, and tho plan OF the
board OF governors is,Nto open a
trading floor when 400 hlgh mem-
berships have been sold. fhe fact
that only some 1s oil stocks out OF
more than 10000. sold In the United
states, are listed on tho New YORK
stock exchange, proves the impera :
tive need OF an exchange of national
scope, confining its operations ex-
clusively to oil security, and furnish
Ing a market place for all petroleum
products and oil leases. The board
or governors is using its own dis.
crotion. and has already refused the
application of several unworthy np-
plicants, who have appeared to be
making this the opportunity for
gaining new fields OF endeavor, and
gain respectabiiity by reason OF
such membership.
at the petroleum congress In CHI
caso, speaking on the New York ex-
change as a stabilizing Influence In
me industry, last spring, a represen-
tatiye OF the petroleum exchange de-
clared, Those OF you gentlemen In
the refining or marketing branches,
who desire any assurance on Tho
point that tho oil industry is looked
az nskance, In the business world,
mlght inquire from your producer
friends how many banking houses
lney can 20 To In n pinch with "A set
tied production and borrow money.
our banker friends are always pleas-
cd TO assure us that although tho
account Ia very desirable, and they
are anxious TO bo OF service, the
board must have personal indorse-
ment, 'just as a matter OF FORM"
ana the result Is that Il costs more
70 raise given sum In tho oil. in
dustry than II does In any other Ie-
climate business; ana this In the
face OF tho fact that tho average
or failures among established con-
Germs is much less than In those IN
dustries which enjoy n credit rating
many times higher.
THE New York Petroleum ex-
change offers tho members OF tho
| INDUSTRY not n panacea but an on
portunity OF self-service and of gem
eral sorvfce---ot lending their sup
port and co-operation to n plan de-
nlgned 10 work for the benefit of the
industry along constructive lines. n
plan that should do much 10 better
present conditions hampering tho
| progress OF an industry upon whose
efficient functioninE depends the
future industrial progress and even
safety OF the nation. An industry
that, In the largest sense, Is tho hub
around which revolve the commerce.
| trauspOrtation ontptanaono