Show H REVIEW OF THE WEEK IN N FINANCE AND TR TRADE TRADEL DE' DE L By Ira C. C Tichenor Tichenor- J TED the announcement in Ia last t Sundays Sunday's T Telegram h that a company supposed to be je e a subsidiary of Standard Oil located a promising oil field less than twenty-five twenty miles from froni s iL f Lake had acquired a number n of leases shipped in expensive e machinery i and had begun drilling operations created intense interest a among anong ong citizens generally general y and oilmen in particular r r than hundred automobile It was not surprising that more a auto parts parties totaling several hundred people visited the scene of opera- opera f. f ions on the day the story was published shed r f v Doubtless some of the visitors made the journey out Sandy W- W Wy vay ay y to East Crescent to satisfy their idle curiosity uri sity and ind nd pe personally fa f b verify the that an outside corporation had seen things ere which people did id not beI believe eve existed and had demonstrated its I confidence by expending tho thousands sands of dollars in preparing to send a af f in search of f liquid gold r i 1 Undoubtedly however the great majority of those who visited the he scene of constituted a few of the of Salt Lake Lak who as oft often n has been predicted would pass through s ch an experience h had d awakened to the fact that an oil boom had 1 li reached ached Utah practically over night c. c Others among the visitors were a comparatively f few w who had been been cognizant of the developments and these feverishly increased ft their heIr efforts to obtain in leases on land in as close proximity as possible possible possible pos- pos sible to which the derri k is s located a and with the purpose of V t l forming development or explOItation t tF y F ROM whatever cause actuating those who ho made the trip in a FROM FROM 1 desire to witness actual actual drilling operations it is certain that f the oil leaven is working and that the long tong predicted oil industry i has has had its birth in Utah regard regardless ess of whether its advent is is t the e signal ignal for a boom in any sense of the word i I And it would be very strange indeed if the developments constantly v increasing in importance and each development bringing cringing the subject nearer home during the past few months did not have havethe the effect of a arousing the interest of th the residents of t the e. e state of Utah in general and Salt Lake in m particular in m the oil all industry I I wh whose se se com coming ng has been re regarded as a certainty by those who h had d I made f a study of the situation and had acqUIred even a superficial knowledge of the geological conditions of certain portions of the t. t state I Overlooking the proven fact that the natural gas opportunities ties were here ages before the advent of the first intrepid pioneers S and before the beautiful city of Salt Lake even was dreamed of and also the fact that many years ago oil in at least small quanI quantities quan- quan I titles was discovered in various sections of the state the present day industry gradually has been drawing closer to Salt Lake until how how it has reached its very vey gates J J v r Evidences of this have been shown hown by the i increasing creasing activity 1 i d in the great Uinta Uinta basin the extension of development work in inS S V rC Linc Lincoln ln and nd Uinta counties just fust across ss the line lirie in Wyoming but S 'S Seven even much nearer than the Uinta- Uinta basin of Utah the resumption of operations S p rations in the in the Virgin field of Washington county the deal which i means means means' the development of the assured oil fields of Millard county S' S the development operations begun less than han two weeks ago in the theS the'S S 'S f 1 f Salt Lake valley a few miles to the northward and now the coming of of an outside company to develop a promising oil field only a little littie t 7 more thore than a score of miles to the southward of the city A The declaration is repeated that if an ap event like that chronicled Ain t i in l the paper paper last Sunday had taken place in almost any other city in inS inthe int S the thousands instead of hundreds would t country have rushed to the on the following day nd a boom that would have resembled S ra a veritable explosion would have resulted S v H y v T fr THE HE HE company which came cam unheralded d d tp to Utah from som some other 5 state is to be congratulated ate i upon having the foresight sufficient sufficient i to take advantage of the opportunities neglected or overlooked by residents by residents of Utah and also upon the fact that it h his has s at its command com corn mand mand- manda a sufficient supply of money with which to proceed with its enterprise without placing its stock upon the market 5 These congratulations however do not extend to the residents residents residents resi resi- dents of f this city or state except in so far as the advent of company to operate in ip this immediate vicinity may arouse the people to an appreciation of the fact that they are in danger danzer through inaction of robbing themselves of the opportunities which 1 invariably are present when oil is discovered Most certainly it would be unfortunate if the general p public publicS S which includes the investors large and small overlooked the oil oilS S industry as it did the mining industry in years gone by y The history of practically every bi big mine in the stats state shows S that the company was compelled to go East to obtain m money ney with which ch to develop its holdings S i. i 5 The result is that every year millions of dollars in dividends vv are sent out of the state to financial Concerns and individual investors investors investors in- in who provided the necessary funds for the development of L 1 the property The extreme exam example le in this connection is Utah Copper with its mountain of ore at Bingham Everyone had the greatest dence ence in in the integrity and business acumen of Colonel D. D C. C JackS Jackling Jackling Jack- Jack S ling yet that confidence was not backed up by financial investment investmentS S in 1 his his mining and smelting g project and and it became necessary for him S to appeal to the financiers and investors of the East S For For several years the Utah Copper company whose stock went i begging in the local market has been paying an average of 20 S oo annually in d dividends Of f this magnificent amount only a paltry sum comparatively speaking remains in m Utah Practically all an is sent East as velvet to those who backed ih their ir confidence confidenceS confidence'S S 'S t with I capital in in a project handled by a man who knew his hs business and nd transformed it into a science I S SS F T TEL Y however the opportunities in connection with the he oil industry of Utah have not been S Sit S dissipated by the coming corning com com- 5 ing of one producing concern which does not require financial v assistance from local investors f r Many opportunities still remain remain but they will decrease in proportion proportion proportion pro- pro portion to the coming of e each h out outside concern or with the necessity of each of-each each local corporation being compelled to go outside of the state v for lor necessary capital with with which to to conduct d development nt work S It is not the intention to advise the promiscuous investment in S oil companies It is an easy matter to inquire into the honesty of c Concerns which for various reasons are compelled to solicit the support of individual investors S fj fi i S If they control holdings in promising fields and their officials f r T are men of integrity they are deserving of support a and d their success success suc- suc SS' SS cess means mens comfortable fortunes for those who are willing to take a reasonable reasonable chance with a moderate investment I SS S 'S S or I j S S I |