The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-10

the slope and saw before e the
manufacturing period OF the sue
ceeding generation; as after 1S73
when though suffering from the
most severe liquidation following
time ut over-expansion, there was
just ahead the period OF railroad
Improvement and foreign trade; as
after the darkness OF 1898 there
came the years of quantity produc-
ton, made possible by those great
combinations Of capital, then. de-
nounced as evil trusts; SO, after the
liquidation OF 1929 there IL coming,
we hope, the still greater volume OF
wealth production, and undreamed
OF improvements In transportation
and communication.
"ThA Amanufacturers Of the early
nineteenth century added greater
wealth to the world than could have
been produced by many times the
population, without the necessity OF
supporting a greater number The
revolution in transportation Of the
middle Of the nineteenth century
made world trade as easily handled
as a nations trade had been han
died before.
\ Transportation Revolution.
THE quantity production Of the
dawn OF the twentieth century has
increased ,usable goods in almost
the same proportions as steam ma
chiuery had increased them at the
beginning OF the preceding century.
And now we are facing revolution
in transportation, that makes COM
municatiou throughout the world
almost independent OF time and
space.
"The cycle comes again. The
prosperity OF the nineteenth cen
tury came from increased produce
ton Of usable goods. and a revolu-
tion In transportation. The pros
perity OF the twentieth century win
come from qBantity production and
revolution in transportation. The
vast combinations OF capital are
making possible the one; and the
expansion OF the petroleum industry
Is creating the other. without vast
capital, quantity production would
become impossible; without the
lighter products of petroleum, in In
cShaustible quantity. the improve
ment in transportation could not
come.
THE painful process of readjust-
ment is not yet complete. But
though there may be breakers
ahead the tide Is surely rising. The
basic industries must and shall alb
sorb a great part of the capital of
the world. They should and viii
have large profits. Aud part OF
these profits must be retained and
used for financing the extension Of
business. The government In its
taxing powers must recognize this
fact
Above all industries, the pc
troleum Industry must be financed
from its accumulated profits; ane
these profits cannot safely be taken
in too large q measure through tax
alton. And 1t is not alone from
selfish reasons that the industry
should be protected.
oil Banking.
I'm financing a unit OF any in
dustry, a banker must examine the
problem with twofold vision. The
near view, or the character OF the
men and their assets. This is the
problem of credit. But also. the
larger view; the right of particu-
lar industry to use the capital II
demands. In time of peace a war
industry should not expand; In time
of war non-essential industry
should contract But the basic ma
terials and the Industries producing
them must always be financed.
:"The oil industry is now stable
business. Its problems are capable
of intelligent solution. 1t must alb,
sorb in the coming years a great
measure Of the worlds ca"' !
which must be massed in great
units, and II r.'e'
cooperation OF the worlds bankers.