| Show i REVIEW OF THE WEEK I IN FINANCE AND AND TRADE By Ira C. C Tic Tichenor enor VER r VER the th top OVER U This might plight apply to the Red Cross drive for Know now nearing a successful and glorious culmination I Also it it might apply to the third ird Liberty loan drive for fr i loyal Joyal Americans oversubscribed overto overSubscribed over- over and nd which more than Subscribed subscribed to an extent exceeding a billion dollars recent successful fin nc- nc f A Again Oain it could be in reference to the ban in g of the governments government's t s imig im- im im- im nig ig by b Y the federal reserve banking mediate monetary needs without causing more than a ripple in and still leaving billions of t the he he financial stream of the country f dollars in the strong shong o boxes of the national banks J It might apply as a matter of fact to any anyone one of scores of ill ing ng g b by the federal reserve banking g system of the governments government's immediate immediate im im- mediate past in connection with the business in which tie Ameri Ameri- American can can an government is engaged and which is the greatest undertaking of which any country ever assume assumed the responsibility the responsibility the pre- pre t the he l loss ss to the people not only of this country but of the the entire world of their liberty It has however reference even to more than all of these favorable and highly gratifying conditions combined and to the one thing hing which has made made them possible It applies to the American people in relation to their ps psychological psycho psycho- cho- cho logical attitude In this respect they have ha gone over the top in as decisive a manner as when they were appealed to to invest in the third Liberty loan the loan the safest st investment in all the world and again when th they y were asked to supply the means of sending another phalanx of angels of mere mercy r across the seas to administer to the flower of American merican manhood fighting over there to preserve the honor of nations the honest honesty of business relations the sacredness sacredness sacredness sacred- sacred ness of religions and the purity of homes I c SpHERE S- S pHERE HERE can be no question as to the patriotism of the American America T 1 people as a whole They have given given proof of it too often t to toha 0 ha have ve even the shadow of a suspicion cast upon them in this respect It is an undoubted fact however that many but not all b bany by y any means have mistaken dot duty for patriotism They have invested in invested invested in- in vested in Liberty bonds as a duty they have subscribed to Re Red RedCross RedCross d Cross and other meritorious war war funds a as a duty and they have hav e Conducted their business affairs in the same spirit They fley bel believed e ed d they were patriotic and they were in a way tout but ut evident evidently their thoughts extended than their immediate imme imme- diate acts which gave them a sense of satisfaction n that they ha had d performed their duty toward their country to their friends an and d neighbors who were on oil their wa way to to give their lives if necessary and nd to the liberty loving people of the world as a wl whole ole Now all aJI seemingly has changed From one end of th the e country to the other there has been a transformation in the minds of f the people The patriotism of duty has disappeared and its place lace has been een taken by the patriotism born of inspiration and th the e intense desire of accomplishment Truly the American people have gone over the top psycho psycho- logically There is s. s preva p prevalent eya nt a spirit of unit unity of purpose and a 1 determination to o. o dig dl in whatever line of endeavor that each o othe of f the hun hundred re million citizens may be following I This is demonstrated demonstrated by the spirit of cooperation evidenced by men who ho are conducting the greatest financial and industrial tasks a ks required b by the g government down to the humble workmen t r in shipbuilding plants who are vying g with each other as to the number of of et rivets that tha can cars be driven in in a given length of time I It is being demons demonstrated ra ed in the the great trading and speculative market whose hos activity is increasing under the magnetic influence of what has been been termed termed a better belter feeling it is being sho shown til s in m factory and field in the mine mille the business house and the home I IN If TO 0 BETTER R evidence could t be c desired of the true truly y patriotic tk L IN spirit of th the people than the demonstration which took place jn in in Salt Lake City last Tuesday in honor of trench heroes of several nations on their way back to the firing line and in connection on with th the Red Cross drive fl Between the ten thousand women men and youths in line lne and A the tens of thousands who lined the streets through which pe ie he war var pageant passed there was displayed a at bond of sympathy high either cither was shown b by enthusiastic cheers i or intense silence orn rn of determination P In addition to this wonderful demonstration on ever every hand m ere is is noted a desire for renewed or increased activity in every e every profession and all walks of lift life Seemingly there has been dissipated the shadow of lethargy thigh A WaS noticeable in sell SOI some le c quarters and in m its place has a apt apH ap- ap P t reared ared a genuine desire to do to do-to to speed a up in the varied efforts of fe H and ana to conduct business as near nearly as possible as usual as a deans eans ns of attaining the success for which the nation is struggling This change is is noticed noticed n not of only in ill the increased giving giving but butS lIthe j the increased buying S and ad in the resumPtion of various kinds kids of f vestments ts t r And M this S going ls oyer over ver the toP lop mental mentally bodes well for the Continued nt i slued prosperity of r the co country even even- during g a period of pation atron of wealth by means of a destructive war and at the same Mme le insures the winning g of the struggle for peace and liberty r rg ri more 1 i than by the ad adoption Pt on o of f a letting down program in an any of e s 's s act activities T I ELECTING an individual ual illustration tion of the over ocr the th top lop idea it is confidently believed that the oil ell industry of 0 the now note is nearing that much desired goal boat in so far as national t 1 rl station is concerned Additional laws laws con ing g out of Doming Coining out the national capital continue convey the cheering information that under the insistent de- de I E of the administration for the speeding up of the production petroleum the the thc in congress g an and those who ft eve leve in in m throwing g theories to the thc winds when the liberty of the he t r ire re world is IS at stake are nearing an all agreement in connection h the oil i 1 i. i land leasing lensing bill t The fhe I he indications now are that within a comparatively brief e e there mere will be enacted in into to law a measure which not oil only will ill o 1 ore ure i ih thc e i speeding up of the thc oil industry but will not lot 1 permit cr nut of dissipation of the country's supply of liquid li old gold bold g t The extent to which the in congress have e. e em in their theorizing b in the face of necessity has Ilan been rebuked the J journal of the American Mining g con congress ress and which has tj Continued on pogo page 3 if REVIEW OF WEEK IN FINANCE F AND TRADE Continued from page pac 1 1 adopted the plan of conservation a as one one of f its three cardinal principles principles principles prin prin- the other two being eing safe safety y and ald efficiency Declaring that oil production is IS a war necessity an editorial in the latest issue of the Mining Congress J Journal said in part War Var Var conditions have created a necessity for greater stimulation stimulation tion of the production of petroleum products than than has heretofore ever been g given ven The falling g of off of oil production through natural causes which cannot be a avoided vOIded is to be expected but the shutting off of production through foolish controversy b between tween the war navy and interior departments as to whether certain oil areas shall be developed or whether they shall be held out as a naval reserve for the future use of the navy is well calculated to exasperate those who appreciate the need and who foresee the extremely serious effects of governmental interference with the natural course of devel development enterprises s. s It i is high time that that people forget conservation conservation- and turn their attention to rendering the most practical practical practical assistance in the conduct of the war N THIS c connection the following excerpt from a recent address I IN by Thomas A. A ODonnell O'Donnell assistant in charge of production to Mark I. I L. L Requa director of the oil division of the federal fuel administration is given as being both pointed and prophetic The liThe federal fuel administration eventually will take lake an important important im im- P part in furthering a sat satisfactory settlement ettl ment of the difficulties difficulties of oilmen who are interested in m legislation in con congress ress It is time tune that some definite policy should be adopted which will stabilize the oil industry Without discussing the merits of the pending bills I feel that the present is the time to end controversies which vitali vitally y affect the oil industry and which tend to injure the commercIal commercial com corn mercial life of a large part of the country In California my own state we are confronted with a great reduction in our business life ife owing to the restrictions imposed upon the production of oil which is the only fuel we ha have vc Our railroads our factories and even our farmers are arc dependent upon oil and nothing should bedone be bedone bedone done which will further furth r restrict the production tion of such an important commodity as oil 1 The he fuel administration cannot engage eng in the formation of a legislative policy but it can show and should should should- show to the officers of the government go who can influence congress that a consistent and definite policy should be maintained toward the oil industry X I IN N RESPECT to the local cal oil si situation lalio the outlook constantly is growing brighter According to the representatives of companies which arc are advertising stock issues for the purpose of conducting development operations there has during the past week been a material increase in n the amount of sales and also in the number of inquiries received not only from various points in Utah but from other states of the Union There can be no doubt that big interests operating in other sections of the country are acquiring holdings in the various promising prom prom- ising sing fields of Utah and are arc laying plans for active development I operations The oil exchange and board of trade as expected would be bc bethe bethe the case began operations in a hi highly successful manner and it is anticipated that the institution will be instrumental in increasing interest in the oil industry as a whole and especially as relating a athe to the industry in Utah Taking everything into consideration both locally and nationally nationally nation nation- ally it would appear that America not OI only ly has gone over the top but will continue to push forward instead of ordering a h halt or permitting permitting- a retreat |
