Show t Review of thre Week t In I n Finance Fo at and d Trade T ra d e By Ira C. C Tichenor tl t pROBABLY j Y the most remarkable not to say gratifying circum- circum p f f JL stance tance in connection with the participation of the United EStates States States in th the great world war is th the fact that g general business has r been far less disturbed by war conditions than reasonably could ba bave ve been expected v Soon after Americas America's entrance into the struggle frantic appeals S were made mad in som some newspapers that business should be be continued continued i as usual It was pointed out by The Telegram at that time that it f would be an impossibility to prevent a greater or less disturbance 1 the of f the war of ordinary business during progress t At At the same time it was declared that under the rule of good 1 American Am rican judgment and common sense sense it would be possible for forr r business to be conducted along lines near nearer r the usual than had been I i or or would be experienced in in any other country directly inv involved in int t th the world catastrophe That such a rule was adopted adopt d and continues in effe effect t conclusively coni con- con i- i o elusively is proved by trade reports from all sections of the country T 4 Naturally there has been a slump both in production of and the demand nd for nonessentials Were this not a Jact fact the rule would not have been followed v. v On the other hand there has been no de decrease rease in the pur pur- purchasing purchasing chasing hasing of essentials other than that caused by the departure Jorr for Jor 0 r 1 the front of so many of Americas America's young patriots 7 V f That conservation and conservatism m are working in harmony V Zis is shown by the fact that bank clearings are up to the normal J. J while business mortality is at a lower ebb than the average durin during y the past decade J Certainly in so far as legitimate and essential business businesses is conno con- con J no one in this his country has just cause for complaint and v ith th the continuance of the rule of good judgment and common l i sense F-sense s sense nse this condition will prevail throughout the duration of the war o IN C CONNECTION with the latest registration for the selective c it draft fears are being express expressed d. d by mine and oil op operators that l- l Ol iere r will be a further restriction i m of of labor which has been felt to a vt considerable extent by bJ both industries nes 1 f rk n There is IS no question that both metals anc and oil are of the utmost 1 importance as factors in the conduct of th the war var ar arid and it would seem to tobe be most essential that these industries sho should be insured a labor that would make possible the continuance of a maxim maximum m of production t 1 Not only must there be no l lessening of production of metals I i and liquid fuel but in order to meet the requirements of f th the 37 American lle government and its allies new mines must be opened f 1 and additional oil fields discovered i In view of the importance of Utah's mining industry industry industry-at at the theof head of the list in the production of or silver sUver and near th the top in the output of it copper copper it is most to the government that Yf manpower in m the mines mmes should not be further decreased i I Fortunately the selection of men for the army will be in the hands bands of local draft boards the members of which will vill fill be in ui a aj 1 4 j position to jud judge e the registrants in reference to their capabilities in industrial pursuits and and it would seem that experts in mining operations operations operations' opera- opera 1 should not be compelled to give up their work the honest conduct of which in the production of an absolute war war essential f S just is-just s. s j st as patriotic as as the sh shouldering ulde ing of f a gun 1 1 l tT HE oil industry in Utah still is i in its infancy and this offers e y I Van an aIded added reason for consideration on the part of foca draft l' l boards in t the le selection o of men under the h latest draft draft orders orders' r ers f This applies apples not only to the companies operating in in n Ut Utah but II those formed in m this state to develop lands In in adjoining districts Already complaints have been made of a shortage of labor on acc ac- ac f c of the dr draft ft and fears are expressed that conditi conditions ns will r become worse instead of better I Most ost certainly oil is one of the t chief essentials of opera opera- no and the fact that the government nt is insistent in in its requests r tor an n j increase crease in production should have weight with draft boards li in making selections from elL eligible ible lists of registrants v v 1 I r j I j T 1 T IS lS S considered consistent in this connection n again to ca call l t fc Hention to the campaign now In in progress progress' against new oil 1 1 companies s. s y t J It is IS most surprising g as well vell as as' discouraging to note that r t pr practically practically-in every method used to discourage ge investments in new oil companies the stand is taken that all such concerns are of f the r r I rich quick variety i Even some some well known periodicals periodicals' which have b built up clienteles of magnificent proportions by reason of their fairness ll f Jn in editorial expressions seemingly have gone out of their way in 1 n effort to cast reflection upon all new new oil companies Vi Repeatedly it has been admitted in this column that there are t j in il existence many purely stock stockS selling oil concerns which should be put out of business t At the same time it has been claimed that a cloud of sus- sus j- j unjustly has been cast upon many new oil companies whose operations are as conducted as those which because i i j of greater length of business life have proved to be successful 2 A As' As previously pointed out several companies were t. t ei ca Cd and began preliminary operations ns previous s to any hint being wn ou out that their efforts might be curbed be-curbed at a later period j j X As a matter of fact some of these companies planned camj cam cam- j as much from a patriotic motive as for personal gain 1 b By Bv means of f only a limited amount of investigation the legitimacy of any new oil company J can be determined v i and it would seem to be the duty of those in m charge of the enforce- enforce t ine regulatory rules connected with financial observation t tomake to make a a distinction between the good and the bad in order that J legitimate companies may continue to ex exist t and eventually add to i the production of oil so badly needed by the government and also t for forthe the protection of many small investors t 1 i T action rHE-action HE action of New York banks at t the request of the government government govern- govern 1 ment in putting the financial bars up to prevent excessive speculation on n. n the stock exchange is surprising only from froni the fact r that it jt was unnecessary until now now- tf Months ago it it was claimed in this column that conservatism J had bad been so generally adopted ia in this country that it would be imi imI impossible im- im i I possible to start a runaway market in either direction and that 3 prices would be regulated more by actual value than f t by war news 4 3 v good or bad or the prospects of early peace a These conditions have prevailed t to a great extent practically I during the time in which America has been in the war but it is isI 1 I not strange that the necessity should hould arise for curbing some of tile i professional traders who vho are accustomed to taking taking advantage advantage of i 4 every circumstance to cause c use a rise or fall faU in in prices regardless of to others consequences Such men however comprise a very small number and the trimming of of their financial sails will help the market as a whole |