Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1920-08-09
WALL STREET FOREsEEs
| END OF THE OIL BOOM
GASOLINE Industry Has Passed En-
hryonlc State and Become IL
Regular Business.
Trade BALANCE AGAINST u. S.
High Prices, Making Export Almost
Impossible, Arc Attracting Goods
and Products Here From All
Countries of the World.
ny I,I,oADAN WALL.

NEW YORK. August S.-A growing
urpius OF petroleum is the latest
marvel to intrude Itself on the Wall
trcet horizon. Promoters OF little
omihnics stand aghaSt as they re-
!!fc tina. before many months gaso-
ire and fuel oil VIII be selling at
eaSonablc prices again. The old cS-
ablishcd concerns Viii be glad 10 see
ne business settle down TO IA rca-
onabic basis %! profits. hut the pro-
noters VIII have difficulty in getting
he public excited over oil stocks
Nuatlon emphasizes the wisdom OF
nvcst!ns and specializing only in the
locks of companies that are cstab-
Ished Wall street still has cons!d-
rabic mopD!ne up TO do before the
IL mess Is cleaned up.
IN" oil boom rs ended. Tn" indus
~ ia no longer a boom but a bust
ltsu THOSE WhO have been fortunate
nough TO buy stocks In the really
:ood companies viii be made richer
~ inc d"HclopmcntS Of the next fcw
months. while tn. hy-hy-nightccs Will
abe away Into noth.nEncsS some OF
ne new companies have valuable as
cts which VIII naturally fail into
ne hands OF the standa "a companies
not necessarily Standard OIL Compa-
i!ts. Tor there ar" several concerns
MY az strong as any OF the Rookie
Teller progeny.
OIL Speculation Irregular
Osls therefore promise 20 be high
~ Irregular in Wail street for some
inc. with the dritt OF speculation
ne ola ones. Seasoned oil stocks are
pow probably TN. safest things In the
lharhct TO buy-that IS. stocks Of the
oncst-tO- = o uhneeS oil companIcs tina,
| =. "a. aI s.,l- hi
tnt.
European events OF the past week
.hye drawn public atten;io. TO the
fhrcign trade. one after anoth.f the
[tHportlng companies ar" admitting
hat they ar" beaten Tnc trade bal.
me-, once billions in favor Of this
States before the end Of 1870.
the high price, IN this countr.,
nhnc " impossible 10 export TO ai-
'ah'aGe even II the foreigners had
|,hc credit with which 10 pay. IN.
|high prices here are attractlrg fran
f'!I parts Of the world products ina,
|hre needed At tho places OF origin.
|'ut whlch 2r. being sold 10 the pco-
PIC OF the United states in constantly
increasing volume. American ,Suort
PRS have about abandoned the idea OF
serious competition with the British.
Crops Emharrn..ingiy Good.
Millions OF credit thar were intend
|'H IyI IpftlEH enterprises III be H.
lN'f'tI - a more intensive develops
Pn"nt OF the United States. and PERHAPS
En view OF tn" worlds unsctt!c,ncrt
nv may proHc ia. wise thing Tor
ms generation. The british look gu,
[ior the next generation. but the next
generation of American business men
must look out FOR itsclf--and look
sharp.
Crops continue to Dc EMBARRASSING
~ good and promise such "a bulk OF
irc!sht that II wiil be difficult To keen
inc railroads clear The Federal Re-
scrN" hoard announces that there will
be no trouble financing the crops. In
spite OF that announcement high au-
thcritics in Wall Street expect stag
Eerlng rates FOR call money this cl-
tu'nn The credit strain has brought
so man? business cnteTpr! ses 10 the
verge OF Bankruptcy That the country
enters the cror- moving period with a
feeling OF apprehension.
Captains Of Industry talk optI,nis-
tlca!!E IN puhlic and secretly sen their
stocks The stock market Just now.
seems 10 be q hcid in which multi
iuG" O! conflicting interests struggle
~ an cNort 10 prepare for something
Acisurcd IN the terms OF current
earnings and assets. stocks are chcap
Ihc railroad stocks and bonds seem
particularly attractive.