The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1921-01-18
I'm THE OIL FIELDS
off;ess sa4i ". H PECK Residence 2442

panics with their fares and rates
fixed by laws and ordinances which
could not be easily changed, were
fast going into rccoiverships. Many
figured that the big cities service
tcompany must suffer Ike thN rest,
and many New York banker had
| his BYE on that big juicy plum await
| Ing It's fall. But one morning
flash came over the wire that the
| Empire Gas n Fuel Go. had made
a rich strike at lfldorudn, Kan. nd
Immediately wall street gave up
hope of making a killing through
the reorganization of MIR. Dough-
| crty's company. Hardly had they
recovered from their surprise when
Mr.. Marston of Blair a Co. an
| nounccd the opening OF the north
central Texas field, The lightning
had struck twice in rapid succession
| in the very midst of Wall streets
| banking houses. No wonder the
street woke upl No wonder bankers
and brokers by the trainload lctt
| New York for Oklahoma. Kansas
and Texas. No wonder the business
of wall street was tied in not Tor
several weeks and months while the
inha bitants OF the street sojournod
| in the southwest.
But life In the oil fields was n 1T
tie too rough for New York bank
| ers so they rolled back east after
leaving their cards in the offices
and bunkhouscs OF the oil men. VI
course the oil man was urged 10 re-
turn the call. Therefore. when an
oil man went to see New YORK
banker he was shown TO seat IN
the outer office to await ms turn
for an interview. But now all was
cha,,ged. EXCUSE me. Mr.. Jones'
but Mr.. t has very important
engagement with me and has come
All the way from Texas to keen. IT,,
IN see YOU at 4 o'clock" AS Mr..
Jones left he brushed shoulders win
r an flustored and out OF breath
over the excitement OF the COMING
interview with the big New YORK
banker.
For two years the New York hotels
lwere filled to overflowing with peo-
lple from Oklahoma, Kansas hnn
Texas. and for two years one couid
lhear nothing but oil and oil STOCKS
lin Wall street. The oil game now
became the oil business ana no
Ilongor was the oil man ostracised
because he was a gambler. Inc .NuM
York clubs were thrown open TO MN
land in some instances ne anu ~"
family were actually invited TO func-
| tio.s given by the four hundred.
In the meantime the public was
reading about tho riches being taken
from the oil fields. Correspondents
land photographers were sent 10
Nansas and Texas TO write up OIL
land TO picture 1t. The correspond
lent of n leading periodical spent Two
weeks IN Texas. then wrote serial
lstory on the oil business. Think OF
lin two weeks In Texas. and most OF
Tho article was written on the train.
THE public gasped when they tead
Tho tales that came out OF those
lstories.<
IN some way the idea became
prevalent that all one needed TO sue
lcacd in the oil business was a Tease
Il m n niece Of land in iOklahoma'
Kansas and Texas. anu enough
money to drill well thereon. Nat
uraiiy the larger lease the more
lhoIes one could drill and the greatef
would be ones profits. SO III put,,
ting together new oil companies :,
soon became a matter or riVairy IVY
TO which one could show up the
Largest acreage held under lease:
One company announced that IL heid
snno A50 600 acres under lease IL
raised some S6,000,000 In Two Gays
through the sale of it's stock on the
., rength OF the ENORMOUS holdings
The climax 10 this large aSrease
scheme was reached by ano,ne'
company that put out some .;Vvv,,
600 shares OF It's stock. NOT peins
abIe TO lease enough land In the
United States 1t went to south
America. where "A concession was
obtained on something over a mil
lion acres.
The amount of a new company
. capital issue was dependent Amos
, entirely on the extent or ts ieaH'
. holdings. Wall street mace iH
lprofit through UNDERMINING wv
Istock issues. In many cases, housu'
received large blocks OF SION s,at,, tn,
| liz was a case OF make market ioi
! lthis, stock to enable the promoter
, land bankers to unload and thesnar'
lket was made. -
But the street In its wild org9 o.
nromotion failed to realize that OF
wells producing from lime lorna
4 tion are soon exhausted anu VI"
: wells drilled On town lois VIII ue
cline more quickly than weiis urHe.
say four to six on forlN. ~ ma
Instances too, Wall street being TX
norant Of the business accepted re
morris on properties made by SO
called experts brought east by w
: lowners of the properties. soin
instances Il later developer S.na
= these experts" were actualIy , lh.eI
! estcd In the properties on "h'c'
II lthey reported. , .., i
y There was time In wall Stree
: inst before Christmas OF l'iv--tha
{" bankers and brokers had options o'
nroperties in the northwest Burk
lhurnctt extension. totalllns ", PIo
:, duct,on over 10000 barrels pc
: doy' Think of It. That was IN
: first thing that led Wall street U
lhelieye that II was having sometnlh
"nut over on It," Then the produc
;. ,,on of north central Texas besn.
K to drop and on top of tins bad new
Q came the thrush Of water at liome'
n la The end was In sight The pri,e
8, ~ stocks Of the new companies DC
J. gan to slip. then to slide ana sou
6 ali wore plunging down the siaiho
I, vss or oil-somethin else mus
now be found to whet the PUBIC az
netite for speculation,
y In the early days of Weidener an
e Ellins and Ryan II was traction
J. and public utilities, then came MOI
who made steel KING ior P',
ron. then Hartman took the rai.
: roads. lawson and II. ~. Nos.r
:, made copper rule for awhile sul'
-. IN