The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-12-10
M'GRAW DEFENDS
CRUDE INDUSTRY
Tulsa Bankers Address a
Feature of st. Louis
Oil Convention
HE REVIEWED INDUSTRY
Stressed Importance Of Crude
to Universe Since Discov~ 4
cry of Gas Engine

OF the noteworthy addresses de-
liyered before the NationAl Petrol
cum institute at St Louis the past
week. none was more noteworthy
than that delivered by James J..
McGraw. president OF the Exchange
National bank OF Tulsa, the worlds
largest oil bankr-by reason of Its
bold defense of the practice OF de-
clarlng stock diyideuts. and It's
equally CONTAGIOUS demand that the
oil industry be accorded the coop
Grafton OF this national government
in the important work Il Is perform
ing for tho nation and the contri-
buttons 81 10 making to the solution
Of the national transportation prob
lem.
The speaker presented n hurried
review of the important part trans
pOrtatiOn has played ia tho econ
omic history OF mankind. INSISTING
that the perfeCting OF the internal
combustion engine a quarter century
ago had I'm its effects upon modern
industrialism been quite az impor-
tent as the discovery Of the steam
engine at an earlier date and the
application and Inventions which
ushered in the iron age.
In view OF the nature OF tbs ad-
dress II IL not surprising that II has
created a profound impression In
petroleum and financial circles
throughout the country. Mr Nc
Graw said in part:
How OIL Became Factor
"This great industry on which
aa. q 1. .1Fv,F tfHf
overnight. Within our own memoir
les gasoline, benzol--the naphtha
products OF petroleun-were useless
as producers of wealth. Kerosene
was used for lighting, The heavy
oils could not be used. Then came
an expansion In the industry OF
producing, refining and transport
ing this basic material unequalled
in history. Suddenly our cities
swarmed with automobiles; great
trucks appeared at the factories 10
carry the load Of n hundred horses;
tractors ploughed the fields; oil
driven ships sailed on the sea; and
vessels appeared IN the summer sky.
Pipelines stretched out from the oil
fields, over mountains under rivers,
to the coast. A business the Ike
o? which had never been known be-
1dliH tue AtdnFiY WIN 'hAi aNIiI SN'ftF
among the financial giants of the
industrial world.
The nations began 20 seek out
the places where petroleum was
found, and the oil producer sat az
the>council tables OF the world This
expansion this literal creation. Of n
new business. required capital iu
vast amounts. The\ business wa
hazardous, and capital is naturally
timld. How was this movement a.
na1Ced Did the government come
forward with its aid2 We may say
with some considerable pride that
this great business has financtd g.
self AZ late as ten years ago. an
oil financing was considered by the
conservative bankers OF tho country
as TOO risky 10 offer their customers.
And q was risky Not only bcclugo
81 tho inherent chances of the Luai-
moss itself but because ~ the fact
that many men, ~ not too cyart
ideas Of business honesty. as IS tho
case with other businesses also.
sought TO make quick fortunes out
81 the desire OF the public for spe-
culation
But the real oil producer and the
real maTketcr, bult up thor bys-
nesses out of their profits
COSTISUED on PAGE FIFTEEN