Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1939-04-08
THE MOST CONSERVATIVE
INVESTMENT :.

the more gasoline they burn. Thus the
oil industry has great future. The man
who buys oil In underground storage need
have no fear that he will not be able
sell it IN the future. He can be positive
that this. oil win grow In value.
Last week we quoted the text of an
article on the oil industry published by
one of the worlds most conservative
banking houses. 1t shows that bankers
realize that the oil industry is one of
safety and with an assured futare.
We recall an address made by Charles
f. Rosser, president of Independent Pc
trOleum Association of America, made
at a meeting of the Texas Bankers
ISOLATION in Forth Worth, in which he
commented along this line. He said:
The petroleum industry and the bank
ing interests of the country are becOm-
ing more closely related today than
they have been in the past. There was
a time when the wildcat operator and
even some other members of the petrO-
leum industry were looked upon as be-
ing much like the rowing prOspectOr who
sought a grub-stahe. 1t was a good deal
of a gamble then In loaning money to
a man who hoped to discover or to de-
veIop a new oil field. 1t was even con-
well in a known field. One cannot blame
the bankers of that time for hesitating
very often before they advanced the mon
ey necessary for these operations of the
petroleum industry. Many of the loans
which the oil industry obtained at that
time were character" loans granted be-
cause of the known integrity of the
operator and not because of the sound
ness Of any security he might offer.
Today the situation Is quite different
The petroleum industry is established
upon the soundest economic basis.
Science has made it possible for us to
locate and to block out underground with
much OF the same accurate detail as is
used I'm locating and blocking out de-
pOsits of ore minerals. When the
banker makes loan TO an oil firm to-
day he can ascertain with reasonable ac-
curacy just about how much oil is un-
dergrund as a reserve and as security
for his loan.
The petroleum industry is in the realm
of big business. It ranks second or
third I'm the list of the nations indus
tries, depending upon whether agricul-
ture is counted an industry or not.
Its product is an indispensable article
Oh COFHHiOn uSes IneFe IS not a phase or
our national life which is not affected
by conditions In the petroleum industry.
While gasoline and lubricating oil are
the most commonly used products of
the industry, the increasing use of feel
oil has made it one of our prinaApaE
sources of heat, power, and transpOrta-
ton.
The highways of the nation are fill
ed with 2S,OOO,OOO cars, trucks. and
busses consuming petroleum products.
The railroads are developing an increas-
ing demand for the use of fuel or dies
ell oil. Factories are operating with pc
trOleum as their source of power. Ser
vice stations may be found at ALMOST amy
cross-road. With the exceptions 0sAA Sous
ing, clothing, and food, the Rroauels of
the petroleum industry have & saEler dis
tribution than those of anSsother branch
Of the nations business. approximately
$4,000, COX, 900 Is invested i'm this busi-
sod Odd Aa1f