Show I j Review of the Week I In Finance and Trade Tradel l By Ira C. C Tichenor i-f i HE eyes of the oilmen of the country and especially those of I T THE THE 1 the intermountain and coast districts and more especially those I of Utah are on Washington eagerly looking for a sign of a definite definite definite nite move to pass the oil land leasing bill L This bill or a a. leasing bill has been before congress c for several several several sev sev- eral years while for more than a year futile efforts have been made madet t to bring the senate and house together on some kind of a me measure sure that will protect what the government claims to be its rights and j at the same time give legitimate oilmen an opportunity of developing develop develop- ing land which they can be assured will not be taken from them at atthe atthe the whim of some official temporarily clothed with just enough authority to cause trouble The shadow of a miscarriage of authority by reason of the delay in the passage of a teasing bill has been thrown across thousands thousands thousands thou thou- I sands of acres of promising oil land in Utah and it will remain until such a time as congress reaches an agreement as to several provisions which have been the bone of contention between progressive progressive progressive pro pro- and ultraconservative members of each house It It is certain however that when this time comes as it surely must in the near future it will inaugurate one of the greatest oil development campaigns ever by any state It is known that nearly a dozen large companies have their plans all completed for the inauguration of active work in this state In the meantime other companies which have purchased or leased oil lands from private individuals will carry carryon on the campaign campaign campaign cam cam- of development in various fields and thus bring about the birth of the oil industry for the state but the greater movement necessarily must be held in abeyance until the desired leasing bill shall have become a law IN JN THE meantime the oil industry of the nation is continuing its its its' march march of progress and prosperity Oil is the one industry it is certain which has not been compelled to undergo a season of reconstruction reconstruction re re- re- re cOI construction t as a result of the return of the country to peace conditions con con- conI I The demand for oil practically is just as great now as it was i during the height of war operations and this demand depland as previously previously previously pointed out will increase rather than diminish because of the larger use of oil as a fuel and of gasoline in internal combustion combustion combustion combus combus- tion engines operated to a constantly increasing extent in peaceful pursuits inc including agriculture In this connection the following from the Oil News of London regarding the outlook in Great Britain and nd the continent of Europe on future demand for American petroleum and petroleum products is of much interest i We are afraid that those jubilant persons who have been re reading ding in the daily press that petrol is soon to be abundant and who are building high hopes on that statement are doomed to disappointment It is so easy for people to jump to conclusions but to do so safely one must have some expert knowledge We Weare Weare are afraid the latter was lacking when such a sweeping statement as the one we refer to was written for publication Let Let Letus us look at the position and see what deductions can be drawn from it The fighting is over The use of motor transport for combative purposes therefore ceases the same is s true of combative combative combative com com- aviation But what of other purposes for which motor transport transport transport trans trans- port is to serve In the first place there are are the duties of the armies of occupation in the second place there is the commencement commencement commencement commence commence- ment of the long and complicated process of removal and In the third place there is the rehabilitation and reparation of the devast devastated ted parts of France and Belgium It is a fact that will be strong to some people but it is true that the bulk of the named last-named task will have to be effected by bv motor transport We venture to give a still more startling opinion opinio and that is that the expenditure of petrol today for purposes resulting resulting resulting result result- ing from or in connection with the war is greater than when fighting fighting fighting fight fight- ing was in full swing Now it is perfectly well known that petrol stocks were only kept ahead of the demands upon them by the g greatest possible pressure on delivery from overseas and by the greatest possible restrictions on civilian use We may reason that if the demand has suddenly become greater stocks stocks' should have havea a i been depleted That follows as a logical consequence from what L' L we have just s said id Therefore if stocks are being depleted we must have more and larger deliveries from overseas It is true that the termination of the submarine campaign as well as the smaller quantity of naval fuel oil that will not be required are together leading to a larger number numbe of f tank steamers being placed at disposal to bring oil products to this country But the greater part of this new tonnage c consists of vessels that have been carrying fuel oil and these will have to be thoroughly cleaned out to make them fit for such purposes purposes purposes pur pur- poses as carrying kerosene or petrol This will take time and they have then to be dispatched to America or elsewhere to load and make the return journey ey By the time they get here it is quite probable that stocks will wilt have depleted deleted to a still greater extent and ind that the new supplies will wilt be required to bring such stocks to toa toa a a reasonable level L L y SOME COME complaints recently made that in certain instances stock J companies would not refund payments made on stock purchases purchases purchases pur pur- chases or would not issue an amount of stock tock equal to the amount of money paid in and cancel the rem remainder inder recall an article on this point and which recently appeared in the Financial and Mining Review which declared that the investor who buys stock on monthly instalment payments s should live up to his contract and make payments promptly with the same good will that he expects ts I from the company in the th matter of its carrying out out its guarantees The company raises money to carry out certain development plans I Investors buy stock outright for cash or an r monthly instalment terms The officers of the company with the funds on hand and S 1 the funds contracted for from those buying on oa monthly instalment contracts are able to outline a line of work that spells success J I They have hay the cash funds in the bank with which to start work and they have the instalment contracts from a number of stock buyers who agree to pay a certain sum of money each month to help carry out this work The importance of these instalment buyers is readily realized If they fail to live up to their contracts I they are jeopardizing the success of the venture and are absolutely j j I wiping out not only their own invested funds but the funds of I numerous other investors who have carried out their contracts and andare andare andare are naturally expecting the other fellow to do the same During the height of a mining or oil excitement it is only natural that some sonic stock buyers will wilt get in over their heads in the investment pool The inviting advertisements cannot be resisted and the result is that before the investor knows it he has made more contracts than he can carry Then again there is the insincere insincere I cere plunger who ties up all the stock he can with as little money as possible in the hope that one of the companies selected will hit bonanza ore or strike a gusher before the officers of the companies discover his methods and close his account The Theman Theman Theman man who strains himself to buy speculative stocks is generally a novice in the investment world while the gambler never seems to score success Wherever th there re is a chance chalice for big profits there is also a chance for loss and the investor who is a real factor in the development of mines or oil wells is he who invests hi hid hij surplus in well selected shares of these companies and then stands by his investments through thick and thin until success crowns his standard It sometimes appears that company officers and promoters are too lenient in the the matter of issuing stock for the amount paid in on instalment contract where the buyer begs off on his contract Of course where sickness or loss lass of work are the excuses excuses there should be no hesitancy about issuing stock for the amount paid and the cancellation of the balance of the contract But where minor excuses arc are made with no real merit it does not seem right for the company to lose the support that is rightfully its asset The development development devel devel- of new mines and oil wells through the stock company is a cooperative affair and both parties to an instalment contract should I live up to the provisions of the contract if at all possible |