The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-04-30

tcgrlty of the industry In the eyes
OF Queen Finance.
"She is n flckle queen. and Is
fret TO leave questioned company.
She is always on her guard. ana at
the first warning she takes flight.
She IL best pleased whom In the
presence OF tho safe, the sanep and
the conservative.
Knowing this, one Of tho won
dcrs Of modern business to me Is
how oil ever passed through its
early stages and found anchor NJ
last In tho harhor OF tho sate and
sane Investment class.
"Oll mon have bccn too busy trying
to bring rude to tho purfaccotnoin
much attention 20 the financial end
of the business Of course. thero
have always been far-sightcd mon
who realize tls importance of IL
nance, hut in large measure the pro.
duer Of oil has taken finance as a
hit and miss proposition.
ny assuming this attitude no has
not always boon careful in the sc-
lection of people he permitted TO
take part In this phase Of the husi-
ness Thieves and crooks. wliosc
last desire on earth was 10 be tied
bONl ny h'luNl IlbNutllNlt lllN-
claimed themselves oil men. sold
stock to- widows and orphans. and
swindlcd better mon.
"All this time tho practical oil
producer was too busy to pay much
attention TO what the crook was
doing. Maybe he did not think II
would hurt him. hut hc quickly
awakened when legislators began 10
q IA
which great wealth came for no ct-
fort or Investment Cas per fake ad.
vertlsing), and TO so tax &c; and
again when Queen Finance began
to frown and demand extra large
profits from all oil operators be.
fore she would loan hcr wealth.
Like most people, we oil folks
can't take a hint. Even In the face
of restricted national finances. even
In spite OF tho growing reputation
for bad cast on us by the presence
OF promotion crooks among us. and
even in the face OF growing crude
production and n falling OFF In de-
mand for refined products: we Kept
our eyes on tho hole. and went mor-
rlly on doing the thing we know 80
well how TO do-hringlng crude to
the surface.
Most any other industry would have
suffered more than did oil. hut
goodness knows It suffered enough
to satisfy the most OF US
"Six months have now passed
from the low ebb Of oil and oil H.
nance. During all this timo we have
been slowly but surely recovering.
Thanks to the falling off OF foreign
production and other pure luck ait
uations, our demand and market has
held much stronger than world con-
ditions OF commerce and finance
| justified.
During this time We have learned
one serious financial lesson, one
that should prove OF value 10 tho
oil business in tho future. This
lesson IL that the oil business can
| be conducted on as safe and sound
n bnsis ns any business undor the
sun. and tho rules which apply to
financial safety in oil are the same
az in any other business. They
are not based on get tho produce
tion" no matter the cost; not based
on selling more and more stock. or
more and moro bonds. but in keep
ing quick assets within reasonable
distance OF quick liabilities. A REM
| edy go simbie and so universally
realized I'm most lines Of business
that 81 seems strange to have cs-
capped the atte atlon of 40 many en-
gagged In the production, the refin-
ing and the marketing OF oil.
I'VE have also learned that we