Mail Tribune 100, Feb. 10, 1920
The following news items were drawn from the archives of the Mail Tribune 100 years ago.
Feb. 10, 1920
WHY THE PUBLIC ARE SCRAMBLING FOR OIL STOCKS
The boom in oil stocks which has taken hold of the entire country is the result of a combination of circumstances. Following the ending of the war there existed a real and substantial basis for a rise in the market value of oil securities. The close of hostilities found the petroleum industry in probably a more favorable position than any other of our basis industries. It needed no particular liquidation or readjustment. Prices of petroleum products had not soared to the dizzy and artificial height which characterized certain other important commodities.
Moreover, stocks of petroleum had been depleted to a low point and because of the denned state of European neutrals and enemy countries and the certainty of a revival of activity in the automobile industry there was every reason to look for a continued large demand for most oil products. At the same time war conditions had caused a shrinkage in market values of oil securities and they had not reflected the favorable conditions prevailing within the industry. These factors furnished the incentives for the beginning of the boom.
But the public had little interest in the shares of the substantial oil companies and did not enter the market until later on. It is hard to explain exactly what caused the public to turn to the oil stocks. Perhaps it was partly because of the record of oil in the war, already referred to. People who had never given a thought to the oil industry could not help being impressed with the wide-spread newspaper and magazine stories of the remarkable war work of the motor lorrie in France. The installation of gasless Sundays last summer brought home to motorists the enormous demands upon the oil industry and called to the country’s attention the fact that the United States was supplying the bulk of the world’s oil requirements.
20 NEW MEMBERS JOIN BOY SCOUTS
Yesterday was new member day in the Boy Scout anniversary week. About 20 new Boy Scouts were recruited. This brings the membership of the local organization to over 80 members. Tomorrow evening at 6:30 is the big Father and Son banquet. The ladies of the Christian church are preparing a sumptuous chicken dinner for the Scouts and the dads. Following the banquet Dr. Boozer of the Presbyterian church will address the fathers and sons.
Indications point to a very large audience to hear Arloine Andrews-Scutti, soloist, and ladies’ chorus of 25 voices in the long looked for concert, which promises to be the musical event of the season, tonight at the Presbyterian church. The concert begins at 8:15 o’clock.