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Show i TIIE SALT LAKE TRIBUNE, THURSDAY MORNING, JANUARY 1, 1920. ME W YEA R PROMISES. INCREASED. PROS I The Worlds Financial Outlook, for 1920 Harvest in General Many Forces United Was Under Estimate to Produce Disquiet j riiiudil Influences Which Will Shape the Course Of Events in the Coining Economic Twelvemonth end How They Are Likely to Operate Witi Us and With the World at Large. Economic Period of Uncertainty Is Followed by THE Sure Indications of Better and More Editor New York Evening Post. By ALEXANDER DANA NOTES, (Copyright, 1919.) Fuji Extent and Effect of World Struggle Failed of Realization Alike by Public and Experts. will bo and how rapidly brought about. This increasing after the ending of the war has brought foreign production (which- - had no ehsncs te show its many surprises in the movement" of economic events actual capacity in the tirst year after such a war) will , sail markets that prediction of what la to happen in ancertainly restrain the movement of depreciation in our exother year is a more than usually precarious business. change rates on Europe. Whether it will stop that deThe fulfilment of any prediction which may be made it preciation, however, may depend on the scope and characAs a result ) In a few ditvs In Argentina. to depend oa the question whether this first twelve-month-ter of the credits our own community arranges for its own (Copyright. 1911, kj New Trk Pnln 5 per cent and on Roms 1 per cent, likely of these developments price for Argen--tin- e By ALEXANDER DANA NOYES, ia hardly transition a In was it confused sSloi ease, lo of merchandise merely returning Europe. In peace aspects, IE WED tta Austria any and broadest on rates with Uermany and, Australian wheat soon advanced Financial Editor N. Y. Evening Poet. cent period, in which the influences of actual wartime, though possible that the United States should achieve auch a at a discount of mors than 90 the past year In comnydltjr mar- to such aNdegre that their wheat was aa Poet ) and . the rats on Russia not per 1919, by New York E renin of exports as jji 1919. quotable. still seemingly paramount, were being steadily removed; desurplus h main gh In Western Europe as ours, and as kets has been In. th of exchange or whether-tb- e tendencies displayed this year hsv indiThe course of prices, and with It perhaps the attitude , HE year which ended yesterday will Much smaller depredation a result In due time our farmers deterto practiIn such markets cated a on cidedly however. reunsatisfactory London, to In which extent will the on of This of trend described event. mined not to sell, excepting at h gher be questiog applies labor, depend iiyosUy permanent undoubtedly where as Stockholm and Amsterdam, cally all concerned, excepting per- pr.ces, and consequently the-deliveries ef commodities, constructed Europe I restores its own productive energies. haps the associates. hia and farmer retrospect aa A period of political, sterlisg was quoted this year at much to such very practical matters as prices and receipss at primary That process, even in 1 ranee, has been going on mors Broadly, and having In mind the great- began to fall off wages of labor, foreign trade, export or import balances, financ.ai and economic confusion. mors favorable rates than In war time. advanco-owas folThis diminished. again r 'decline of foreign exchange, expansion or rapidly in the last few months than most people seem to est good for the greatest number, one of points Continued refusal of Europe to release It is doubtful whether even to gold and lowed by repot is that our farmers had asatiefactlon course sources d of ef the the be will of also inlluenced the of know. But and contraction leading In course of trade Indebtedness, money by settlement prices paper currencies, sold a large pert of their surplus, it day It would be safe to say what will except for events in the European paper money issues. All of them d sappointment was the exceedingly high being estimated gold shipments to rates. What are we to Idok for in those quarters during had parted with that be assigned by future history as the real pay for food.Germanys ruling fur foodstuffs generally, aa much as 95 per they reversal the con- prices was by .the United 1920$ or movements cent in nearly all increased of this Continuance of the Export 1919, vear, exactly although past heavily gento the which . and tbs America twelve-wholly contrary to South chief. y th of States, and achievement 't trend In ths meanof them! trary had been expected. What will happen hereafter im-to eral expectations following th s.gmng states exceptingbadMinnesota. east, of 1309,000, MO gld. caused by been large and further is conRussian it exports German of somewhat a month. Its events have been made up to (far to the and Austrian and add the time, Three currencies, difficulty things of armistice. the exceeded tha facts that largely which was anticiA- of conflicting exports In our Imports At the outset there were various Im- b g reduct. ons bad been made in tbe visvery unusual degree trade with those coun- fident answer the fact that the events which happened possible to predict. But if the reduction, trade ible supply. 9 portant influences mentioned by the and unfulfilled expectations, pated for 1919 in western Europe, should occur in 1920, tha as tries, and that New Yoik exchange on in most of those directions during the past rear did not , movements well calculated to bring about a steady n a general way. It may be asserted that their markets was adverse to the United happen as had been expected; the fact that what occurs in general range of prices could not fail to be influenced very return Wheat. Government and to more normal conditions, States. In connection with the oriental one of them next year may determine what will occur In considerably. neither International trade nor the move exchanges, to appreciably lower cost It At this time it was estimated that export of 1200,000,000 silver What the story of the next years money markets is to especially and the fact that the events even of 1919 have Is wholly safq to say that the most vital Went of prices of commodities nor the by the United States, following last year s others, In the visible busiforvolume of whether on been confused be the The both and question largely depends and still one that was wholly practically all of th wheat contradictory. yearscrossblunder, course of the stock exchange nor. It may export of 1197.000, OH), the eilver- being ness activity is to increase or decrease and on whether o t excusable, was the general underestima- supply belonged to the government and eign trade, for instance, has been full of bewildering and obtained up melting largely through conown bo added, the legislation of our not the stock markets are to repeat the speculation of last tion, or misconception, respecting would be speedily shipped, or as soon as selling $260,000,000 worth of stiver dol- currents. As against a heavy balance in our favor in our to follow In the train of the sufficient tonnage could be obtained This gress lias been at all what experienced lars held by the treasury; the rise in pi Ice trade with Europe, the balance has moved heavily against autumn. 'I he government will be increasingly loss of a that to We wars aftermath. say ventuto naturally created a strong tendency, factor in the money market; ns itg demands relax, capital there was no human Judges would have predicted a year ago. of silver having made the silver dollar ns in trade with South America and Asia. While Englands being, no matter wh ch was increased by the receipt of $1 vi or higher. reAs a matter of fact, this bewildering Intrinsically exports to us have been increasing less rapidly thaa her will bo progressively released and the strain on credit Nowho could less favorable nop reports, deterioration exhow wise or on stock A the decline (7J general duced. But repetition of the events of October and Uncertainty, this upsetting of confident change until late In February; then an imparts from us, exactly the reverse has been happening have imagined th terrible conditions that being feared owing to alternate thawing v ember in the stock exchange would probably force th from day to day became more apparent and prophecies, has occurred almost in her trade with other countries. Foreign exchange, which fteexlng, which caused the soil to In the first year after the termlna-tlo- n uninterrupted advent which converged on has moved crack." Therefore, dealers end buyer violently in our favor in transactions with federal reserve to cooperate openly in the tightening of the world over, but especiallyin intheEurope, of an exhausting-wa- r. The reason the newer industrial shares and which awful had birth that their merely generally became far less hopeful of deEurope, has moved so heavily against us in transactions money. doubtless Is, that, the abnormal exped- culminated in a Violently extravagant clines. and especially when the bill apIn the autumn. Whatever the result in these various directions, the Abrupt and with the east that we have exported more than (500,009,000 ients and unusual machir.cr, political or speculation propriating $1,000,000,000 was passed to speculation In No- gold. economic position of the UniteJ States, in its relation to economic, created during such a conflict, seveer collapse of thisstocks Meet. to Problems carry out the guarantee. This created a having hardtwill always dirguise the real conditions vember; the railway world at large, will remain wjiat it has been in 1919. Nfw economic confusion and uncertainty of the this Out of the downward Slow tn shared all. it at feeling on all sides, buyers not ly "which the war has caused, We are, and we shall remain, the creditor nation of the Assuredly these ward problems o gigan- strong v AU that we know with th the bond market almost ah past vear, a few reasonably sure probabilities seem to only giving up the idea of a break but the certainty even movement of to reserby will be as come. almost its central the to final world tic at the unthought money market, large, Europe produce emerge regarding year becoming more conf dent 6f greater steadTiow Is, that the financial and economic the year. more for herself next rear; will, on the whole, need less voir from which other nations must draw both, the capital ordinary dealer ln wheat, flour, etc. Nat- iness, arguing that the passage of the exhaustion of belligerent Kurope had been ,S) Tightening of alt 1"the monev marlargeA big appropriation would serve to stabilize per cent call from outside markets than in 1919, and will bo able to exthey lack and the industrial resources they need. This is urally, therefore, they were merely greater than most of the worol a year kets of theon world. New York stock exthe ly Influenced by an Intimate knowledge pr'ces. assurance of real and fundamental prosperity. . ago supposed; that Europes re'lance on loan rata port mure. The real question is, how great such changes still higher bids beSoon afterward 30 cent ruling the as of the as and fact that high prices per June, the re urcea of the United States during change early for so long a time were chiefly caused came necessarv as -- tnfttrr were com- 1919 was greater than had been expected; In November. Heavy resultant drain on asadditional to auk advances, mainpelled by the war, and hence they naturally of economic recuper- our federal reserve resources, bringing the that the 'yet sumed that when the war was over prices Iv because they found itt Increasingly ation has made more headway, even In the ratio of reserve to note and deposit liathey difficult to obtain wheat lm regular terwould aoon recede. Undoubtedly 'European countries which hail suffered bility In tha whole system down to 4t4 were encouraged In this reasonable no- ritory and therefore must buy government moat, than we of America seemed to per cent at the end of November, against to wheat from elevator sown at (big primary area 4h tion $0 the and ratio fact cent a the that a very few weeks ago. Hut the year by per year before, winter wheat wa the largest 'on record, points, for which they had to pay prem.ends, .in She economic as In the political of the New York reserve bank down to 20 over 10 to cents the official of which Was much bigger iums t fleid. with a very the November 49,(27,000 sere great number of very 19$t per cent, against 4674; all basis, or approximately $2.40 or over than generally anticipated, practically rates being the lowest on record. As a grave prnUrma waiting to be solved. 6 for prime hard wheat, whicM necessitatmembers having counted on from 46,000,-00The years events are grouped, so tar as primary cause for this fall In the reto 48,000,000 acres This was certainly ed an advance of 60 to 75 cent per barIt is possible. In the subjoined summary. serve ration, an Increase In total re on flour This latter in demand, rel reserve of a outcome, banks especially .AS Is usual In this supplement, the simithe federal at highly gratifying when contrasted with the former record as flour stocks had been greatly relar grouping of events In the few preced-lu- g $703,0O0,)ki0 since the close of 1916 I'vith Of 1918. It turned duced. out the consumpthat of 42,$00,000 acres sown in a 370.0o0,0b0 increase In loans on govyears is added. fact that this tion of flour had grown appreciably as course. It is a and an Increase of ernment increase was largely brought about a result of the elimination of substitutes. In federal reserve note circulaA919 The Year of Economic $222,(00.000collateral) huge start to bear, rfve proper attention to city might well have been expected. This, bv the loyalty and energy of the farmed, It became obvious that the Increased tion. Fractional increase of rediscount ! both pruning and spraying, and then however, to not the case. On October $X who was stimulated by the administraConfusion Following Peace. consumption of choice straight or patent rates In the closing weeks of the year, but the combined deposits of the tion and various organizations to sow flour was partly the resultiof tha exin fagathering correctly are getting 1 unusuallyof last vear i Tha groups of events bearing on the only to remove the discrimination on banks totaled while land. $52,114,000, to. front returns their citys knpw large suppy ceedingly high prices ruling for other-- , every acre possible In order financial year may bo thus sum- vor of government collateral. , past tuany fruit growers in the atate who have tiie same dale this year the hanks shewed our allies with abundant supplies of food. foodstuffs, notably meat, egg, poultry, marized: os of $2 Increase acre an dei $6S,797,0O0 is of rerout'd ns high as $M)0 gro&s per On top of this the condition was re- etc. In the meantime iarte quantities y ( 1 i The signng-- of of pesos Feel War's E ff ects. from peaches and as high as $12vt gross per cent; this, too. In the face of a high. $8.5 per cent. On th.s of wheat and flour were Being shipped of one and one-ha- lt ,St Tarts, with the league of nut'ons eove- ($) Harvests for tha world as a whole million dollars markably per acre from apples. Then,- a crop of winter wheatwas sug- to .Europe for the relict at Ihe hungry basis, in do of banks held ia gested of 765,000.000 bushels, or 80,000,000 or starving, and hence miliar were payalso and pears bring large returns, as depos.ts than In 191$, but a much 'r,ti:AU)ama?''f'abV er?,a,.y: at?,,11 probably larger 7 smaller fruits, such as strawberries, rasp- salt Lake City. bushels more than th record crop of ing still higher premiums to secure govt nts of Europe, its rejection bv the United smaller total yield than before the w ar; berries and currants. ernment wheat from large elevator 1914. States senate, after prolonged and of continuance Gain in European scarcity causing Big reputation, RUE to Savings. . Receipts for a time wsr Tiesvy and througaout the west. debate, during which many and famine, despite our own unprecedent1919. At this time the Australian governfor durwas Shipments increasing, and, Included in these figures is an Increase the vial bis supply Utah has "kept up her end" amendments and reservations had been edly large export of food. An American moreover, crop prospect were generally ment fixed the guaranteed price for 1919 there were of $6,0oo,o00 in savings deposits. the When season state of and 1919 the During proposed. greets During all this time, a (he ing new wheat at $1 3k ln dqmeatic marplanted to 73,062.000 acres, lj.'O the purchases of war savings certificates gratifying, owing to good snowfall virinhlHhie effort of Russian Bo,hevlsm lo wheat crop shipped from Utah approximately kets the most bewildering state of afdawn of the new jear with tiie carloads the highest previous planted area which and V ictory notes are taken Into consid- tually all over winter wheat territory, fairs of Liberia peaches, Overrun Europe; an elfort defeated In whereas was acres to the the aa 60,511,000 was obtained, as mtbers . were complanted timelv, This prospects, of decldely stimulus regarded brighter brought the grower In round numbers, eration, this increase in savings deposit .Germany in the early spring and In Aus- crop of 1916. A'l Indication In the spring as the weather had become exceedingly peted to pay as much as 0 cents per Inert by conservative estimate, about $300 per is indeed f atterlng. tria in the summer, and repudiated politi- of a crop of 1, 150,000,000 bushels, break- stronger courage and firmerof laith chhibushel virpremium to obtain supplies, notIt would be well If all people realised cold, xero temperature prevailing the car gross. me cally in England and France in tbs ' As a conse- withstanding the latge --vlidbie ing all records; this expectation being have been supply, , that Hus Is the time that they should tually all over the west.were about Trop the short Notwithstanding r educed by "bad mldsumn.er' weather" to ;';0.;17tnl'he1'dtvta.pmenorthe wdiereas, on the other hanp. stocks of estimating totsr- 50 carloads of apples were raised this exert themselves to save, while wages are quence, the enthusiastic (2) Prolonged of the 941.00u.000, which was, however, the secuncertainty flour low. wei encommonlv winter wheat yield at probably 'Bespits this W hole world as to whether jear, the varieties consisting mostly of at their present standard, and further ths prices of comond largest yield In our history. A to- mmmtam empire. mlllert still found bushels At this time it was also peculiar situation, modities were-t-o fall rapidly from their tal yield Not at all unmindful of, but by no Jonathans, Wlnesaps and Rose Beauties. that it Is. a very good time to get out of estimated in a predicament bm.a;ise they for the five, great American themselves would have Australia that debt and a war-tim- e bad were 250 time to carloads of There also very incur debt. about heights, or rise further. As a cereal crops of 5 SJI.000,000 bushel as could not flour sell a bushels for export. Therefore, sufficient) high to With the shrinkage In values and wages fiuits of assorted varieties, result, a dechne In the Economist aver-as-a against 5,384,000,000 in ISIS and a high which must Inevitably come, obligations, large majority of the trade expressed the show a profit. Additional corfusion was Utah as as went east far ( 6094 of Engl ah prices from th peaches recoid in 1913; the gov , that we would not be able to ex- created by tbe discovery that stocks In Maine, and Into vlrtua.ly all of the states contracted at present levels, must be paid fear more n March,? and eminentof 5.822,000,000 1 ya, to estimate on the agrgegat than a moderate proportion of private stores, elevators and mills were ' port between Utah and Maine, as sell as into for In fifty-cepieces rather than In our $1 4.0b2.74u,UOO, I va,ue nt huge surplus unless prices were low- exceedingly large, 197,000,000 barrels, tor dollars While high prices minimise the the to 17.224 in the same interval. Following Utah southeast and aouthwest, 000 three times as much as a year ago. v ill 1918, the ggainst $12,600, 525, this decline, however, a steady and rap.d peaches, pears and apples were also purchasing power aif present inci eased ered appreciably.high figure. " recorded in history has shipped into California cities and a hen savings, those savings will now do double Food r.e, which brought the average of DeWhen In public! V,e reduction the Turn Came. (10) Administration. Very 'rapid in Californians want quality apples, especi- duty paying off previously contracted cember to 985 In England and to 20.175 expenditure bv all the lately belligerent done its duty well. debts while now debts, Ae of the contracled must on In .in the United Btales; which compared states; the Jonathan variety, they buy of the most sigally the year spring progressed there was still Early disbursements e Utah apples, which are recognised on the be paid fordo the 'future out of decreased nificant with maximum averages of (exclusive of government's and gratifying changes that Is greater buovancy, largely resulting from loanstdvr the ablest decreas-- 1 State LSCapCd iiaPPUJ . a western time to Its coast savings as of continued best out the good In connec,6267 and 19.162, respectively. got very quality light primary receipts, coupled eome-dfrom $13,600,000,000 during the caien- i it wa. 0f course. Inevitable that lng from a wholly domestic viewpoint was with continued that reaches thosa markets. In view of debt and stay ouL tion with tb's movement of prices, an which exports, ear 1918 to $9,700.000 000 in th 'thing the fact that the food administration had brought about a heavy of business and Industrial chaos this, I consider th future of fruit growin outstanding paper currencies reduction of over present calendar year, and Englands consented to discontinue the use of subhQuld fol.ow tne cessation of hostilities In Utah as one of the most stable in. of bushels in the ing visible $1,000,090 000 la- France, from $13,500,000,000 to $6,000,000,000. dur.ng 1919 two supply tne It stitutes. In other words 'after much two weeks. On account of these occur-in n the conflict that diew into dustries could b entered into This in Germany, of $175,-(0of $3 bOO.OjO (11) A railway situation left in great brains, eaeigy, blood and treasure of so does not that pressure rand grumbling by distributors, rences millers found mean will ail 009 in England, and of $225,000,00 In make that necessarv to civilized world, but Utah, a success, but it does entering by the failure of congress bakers, etc., and having in view tbe still higher premiums,it as much as pay uncertainty mean that tnose tbe l n:ted btatea. 60 to take up the new legislation until much of the more than g far a outlook for bright crop, accompuauing who Into cents in bushel fruit although the with soma go Instances In per object raising the last weeks of the year, but s decision htr i.uota" of obligations, fared it was decided thst It was no longer necof care World Is Extravagant. meantime it the and proper were millers attention giving finding It the roads should be returned to well from a material essary to use any of tha various substiwill get large returns for their money, Increasingly difficult to market their owners with temporary continuance Ceptionally tutes in conjunction with wheat f four flour (3) In connection with this rise of Business failures glowing out of- taking Into consideration that there JAMES feed on and a are By ASTLE, basis and It negll- bound to be Tha removal of this drastic restriction soon became evident paying conditions have been a infill. personal of the government guarantee of earnings. poSt-wprices, an eranotof extraordinary o ea" years and years of Secretary that drastic steps Wholesale Grocers was, of course, exceedingly none ofthe great only In the United expenditure, pleasing to must be taken to prevent more seriou with good markets, for In sum-tnquantity, plenty gile Association. to has been cmpelleu almost everyone" who had become thorStates, but in many parts of Kurope, due troubles Consequently, the administramln)f up ln ,ny n. of bu.,in.M a perlod enterprise Aa we bid farewell to 1919, there are oughly tired of ths war bread, tion decided botn to abnormal war profits of one to stop exports of wheat and suspend operations for any c"slrked to- - of years must always be taken into of the community and abnormal while wholesome itand to while many lnfluemea which, whom undoubtedly has alderaUon flour to neutral countries in Europe, but part many brought happinese, war wagts in another. 1ersistent dewas aa towards unity, consolidationIn and nutritious, regarded nqt palatable instead gether contentment agreed to furnish them with ry, and prosperity, while to the most people. mands for Increase In the pay of labor, flour and barley. Consequently, large harmony for tha ensuing year Expanding Facilities. others tt has carried a tinge of sorrow, byAs the winter progressed there was rye bring'ng the advance since 1914 In many world of affair. exports of rye and rye flour were anticimanifold and d.sappointmenL This, of continued grumbling on all sides, prac- pated as they Arrangements should be, and, I be- discontent, industries, but not all, to a larger ratio of Utah's marvelous resources, d vantages were popular abroad, Is course. lieve. are the Inevitable canone made the of Increase even than the Increase in cost Identified distinctive contribution with being ths trade by tically every larger In middle and northern opportunities and ail the passing years. than neries to take care of the Eurqp. more attention are of living. Resultant conditions In which fruits and that dissatisfied. decidedly puzaled being The are receiving May official report as to winter today not sultab.e for At its commencement, no on could This applied to every one, from the miller wheat area skilled and partly skilled laborers in Shipping; ever belore. And deservedly so. The pres abandoned was highly gratiand ln a form definite this to idea as acre in would will to the returns be consumer. smallest way city what down made the be per This was eery many trades were earning more than the entatlon shou.d loss was placed at only LI occur regarding food products in general. still attributable, as stated at the out- fying. The to the larger than they would otherwise be. average worker in the professions. Resittlemeot the country over, to cent, or only 94.000 acres, said to be The middle western and southern states Tna war brought unusual conditions. set, to a misunderstanding of the funda- per the mancurrent and strikes to exact with money to invest, the on record. smallest This contrasts n Koodlo-catiosre not as well adapted to the raising ot Immense quantities of foodstuffs were mentals. In short, virtually every one further advances, m which conflicts the ufacturer who is looking for a with the record loss, 31 per cent, e fruits as are th western diverted from the usual channels of do- was laboring under the erroneous Im- sharply governments had to take a hand; the and to everv family seeking a OoO or acres 12,583, In 1917. On the restates and therefore the middle western mestic trade to supply th needs of the pression that prices were far too high a home. steel strike, tne bituminous coal strike, maining acres. 48.811,000. a crop was Ingood place to establish In the land owners are turning their attention fighting forces across the seas. Added and must speedily fall to a lower plane. dicated and the threatened trainmens str.ke be- Gold 91 qualified experts, leaders 699 i.OOO bushels, the condiof Highly industo was other (crops, leaving the growing of to this the fact that Europe, even in This feeling of discontent was augmented tion ing the notable Instances in this country. various fields of commercial and duties being 100 5 per cent. The Jim resuperior fruits, especially red apples, to normal times, while an exporter of manudaily (4) Slow recuperation of industry in largely by further high estimates re- port was less favorable, trial activity, men whose the condition bethe factured an their mountain with is touch states. th articles, enof food close Importer probable Europe; the hindrances In England being into specting members production, ing lowered to 94. bring thim of work, are best fitted to per cent, indicating The area Including Provo and Utah and raw materials, and, with the cessathusiastic a crop of 893,000 chiefly trade d'sputes, and on the contiforecasting lines 000 chosen Owing largely to exwhat has been county generally is recognized as the tion of nearly all production, other than at least 800,000,000 bushels winter and cessively bushel nent d.splacement of labor and destruc-tio- n state clearly and concisely ocheavy rains, with high winds, center of the or diversion of Industrial plants. All section of that of war materials, by Europe, th need 4 no, 000,000 spring, or a grand total of the Increase. ln the year ln the sphere thatforedone was much report worse, the conJuly to Utah and although parts of Brigham Cttv and for Immediate and largely increased de- 1,200,000,000 bushels, whlchj In their opinHesitancy in this country until it was dition having been lowered to 83. per cupies their direct attention In prices was keen that the dechne for th Immediate fu- Bovelder county are well adapted to mand for supplies from America was ac- ion., would yield in exportable surplus of cent, sugghstlng the prospects cast 839 000.000 only bushels. fruits. Virtually all land in Utoh county centuated. over 600,000,000 bushels; and It was fur- To make checked; then rap d Increase! which, ture. matters worse, the wheat con be used for fruit raising and the reWith peace apparently assured, and the ther estimated that only a small propor- area however, did not restore the maximum (Cftprrlfht, 1919, by New York tuning Poat.) was placed at 22,593,0ofl spring er apacres, acre turns for show from of per could be our this tion own of war time, the largest American iron than opportunity export JU. Views. NKW YORK, almost unless it proximately I 000,000 less than The w My tuts exported Ier. larger Present shores undisturbed many had tons tppui of thp federal fleaerv banka during 1919 Experts any other crop grown. by the submarine was offered for export as low as $1 50 expected production of 1919 being the 3,302,0n n ,v7hTranIlnbJh?v Moreover, the condition was how an almost continue ns iaers menace, it was naturally expected that, Naturally, therefore, With this thought all handlers of in gold of January, with a decline to 2 108.000 80 9 per cent, at men placed 81.1 only mind in from the needs flour the having of against distributors, in Maw as against $,5oS,OoO In October holdings. redMK'Ottnts and note circulation. urgent nrenii jobbers, bakers, etc. June. of the various subjects, BANKS INCREASE , Tha three principal items la tha statements of 19l. peoples in the devastated areas of Eu- were decidedly conservative, generally re- in This representative of In the year a 822.000,-00buslnes suggested the of make crop 0 for the a aeries of fallowing comparison only rope, outgoing steamers would be, fusing to make reasonable bids, and con(5) Very great Increase In the volume bushels, or decidedly less than anticiand were, loaded with enormous quanby ft statement aft to of international trade, a consequence of weeks (000 omitted); 1919, jirrompanled sequently millers were In a bad predicaFed res ants Unfortunately, the August report scare-tttities of American foods. ment, aa they could not buy their wheat pated. of supplies caused by the war, was based 1019 Total cask. Dtsermnts. circulation. upon worse, as It placed tha spring of the turning, of production from war Dec. Boundconservatism, anything like aa low aa they had fully wheatmuch 2d .,,....$2,133 tad fi. 70 X0 $S,067 61$ every condtlon at onlv 53.9 per cent, characterize Must Consider to and of the trained Judgment, peace purposes, anticipated. Imports. purooses 2 1M911 Dee. 19 2 VII S7K who know 225.000.000 men, suggesting bushels. Thts enorstatement made bv these release of sh pping from transport ser- Dec. 12 By CHARLES H. STEWART, 2 100.405 2AX0 967 In these mous the it to circumstances, about, was yet question ar shrinkage almost Wholly aswriting in they Sentiment. vice; England export and import trade fcc. ft just what 2154 003 2ft.2 227 he determined bv local distributors was: A Change to protracted drought over each recribed that noted a wida permeating in eleven be to combined months being Not. 29 is 2.150 404 2 7W dauntfor Whether th Toward end of and would reach In export purchase area, and winter of and A optimism Montana. ereclally a early In $3 OoO.OnO.OOO greater than In 191$ and the Not. 21 view is a spirit 2.14 072 2.M IWO such vast proportions that the require- - th spring there wa a gradual change volumes. vield the Every in result, to Inspeaks 000 that many decreased $2 places less faith 2 200,104 2 50271 American trade 0t)0,00 greater. Not. 14 ments of our local communities would be sentiment, weakness be.ng followed bv a over 50 per cent per acre. There was crease of $1,400,000,000 ini our own ex- Not. 7 one realizes that the new year will bring have faced a 2423075 country condition lmpnre(i, and this to exactly what did firmer tendency, .which was at and tributary an exceedingly Important first at- a! 2 2(13 503 loss In 2.322 902 to the state greater opportunities ports during the same eleven months Oct. 21 during th past year which might easily occur. The Intermountain section IS tributed to contlrued light primary re- winter, the total being placed at only 2 214 &4U 2 4M1.0H5 prospects than were in evidence and of $890,000 000 In our surplus of ex- Oct. 24 brighter ! to an of food and one 715 uneasiness for ceipts have proven embarrassing. 000,000 largely 1919; every of importer buhels. created products, Thto 17 2 Oct. 45 the 2.10913 reduction both by 44 over all beginning big the at Imports, breaking ports ,h raon ,hRt the number of items pro- - scarcity of snow west and colder weather was attributed largely to exceedingly go hv the 2 22 100 2 4U)7fT Increase of $1 $00,000,031) In Oct. 10 confident that as the months of records. I mnie-- 'a te rele- - Moreover, th administration announced wet weather at harvest The 2 23 51 1 ,,t)r',:d Oct. S growth territory will aceeerate its rate state i, England's exporis also,in and a decrease ftept. of Teeord the 24 that there was no warrant for tha weaker report showed little or no changeSeptember 2.17 55 2.FJ4 773 and that when tn win-tbe in borne must mind bust- that her surplus of and of nearly $500,000,000 progress reta.l into the require- - undertone, as no official pries changes able variety that enters 9 009 40 have advanced ness does not Increase bank deposits 112 Of409T wheat, but there was a further 1920 is written Utah . It Imports over exports; inbutheran excess of Htpt. .a. v,,i. 2K14 2 1141 even been considered. in had Kept. J2 At enviable among more this the" Juncposition shrinkage the Is even spring, of condition fa! lng with hv an trade to Increases production goods England Imports ft 2 11470 2 202 0K5 American table. On ture the. administration stated that all to 48 6 prr cent, and the qulrements of yield to 9 2 the United States alone, greater by ftept. her sister commonwealths than she to- the wealth of the community. 2 133 076 2 174 272 29 for other the Aug. outlet the be would of hand, the needed surpluv n to supplies bushels, save verv Th fact that nrices ot suggesting only 208,000 000 hush- --$6JdOJiiiu than In JSlS day occupies. with- - The An. 22 the hungry or starving in Europe. factored articles, ar, excessively high" greatest lose was nc; n ,, j y it Bkrwly, day by day, began to b un- hstd spring bu also In hard winter, the means that, in so far a. these articles noVth;,11th, east and 'west.' b.Ved' Why Exchange Declined. a derstood blunder thst gross of soft had winter bflpj comparatively upm yield been are purchased by the retailer from out- fretoht rates lo (4) As a consequence part'y of this po'nts that may abe mad when the trad In general formed large. Consequently there has been a side, to that extent the drain on local re-- !. IS of to Indebtedness conclusion trade' 1: that the because Europe large merely there , sourres is increased and that two dollars ,pr,r',d scarcity of choice hard wheat, ,f been armistice the United States, and partly of further ah had imthere would now aresent out of the dirt net where LAND anlv one n (ConUn qd on Following Page ) and Idaho on theone aide and on mediately follow e prompt return to the of Europes paper I very large expan-iorequired formerly. paa of a highly Ae Invariably the case dur ng the jrstnhutorft beyond our sensational normal currencies, the zrm The wealth ia cthe other maincommunity on of New York exchange 'j and after a war, there was a great growth By william m. roylance, sJtea-iiL- and eprea(of inflat on throughout the BANNER YEAR these European markets to a level, far sold e sewncre President WIIHsm M. Roylance Company, goods to a nicety what will be th rea- - civilized to below the of wartime; the rate world; a huge d str.but on of flgurmf brar elsewhere good produced and Utah, Provo, on London failing In December 24 per sonatle. normal requirements of their money in the? shape of paper old hers. FARMERS WAS 1919 In 1e Utah of grown as fru'ts the no or tra scant cent orion normal - parity, on Paris usual, added to the demoralize.! period during Without ques'lon, which, and make bases their pnr end ave sunerlor In flavor and .color to those tion by further enhancing suffering production, on , Dependent Agriculture. in states of They are duty bound to the h'gh cost living. This In turn (Copyright, J919, by New York Keening pest ) grown ln anv ot 'gr of the .western makeup of the soil in Manufacturing has not jet become' si bend every effort to do this, If'thev are was further augmented bv the spirit nt It seems that t " th. farm vslne of on th confidence of revolut or distributors revolt material resource in Sa.t Lake worthy wh'ch the fruits are planted is such that compare ind throughout the civi ef follows for City, series of th consuming pub-th- e lised world, and especially and out better the general flavor, or ssiue from the production of our mines. the , trade, the amung It brings LARGE ' Com. or.e big mainstay of the d.stpct to He. ' AttwFimt Then the high altitude, wrjth laboring classes, which had tn numquality . refused to. berless Instance exwarm days and cool n gilts seems to give agriculture. The past year has tee a W1 .. 8 '''Se'H fiO a much h ghor wags. wrk. Difficut to Anticipate. siul color as well aa ratter discouraging on from an agriculTo make vtfl7. iiilft, by Xtw York Eml 4CTsyr$afct, cepting atworse. the fruit good Ff$t 1 .. 8 ') - OOO It was resu t a As matter of setural the standpoint. tli TeRM States Juittss 4a the w!rh conkeep'rig quali'les, for need th IKKl .. 2 making Unfortunately the Utah acreage planted to vere drought which visited Utahand tracts for these requirements came at a difficult te bring l.beral supplies fntm IfMJ fa th al 1 72 fir$ws. Tyy ar WO from eastern Idaho last summer, crop yields to the continued H14. 1 7nj tn owing Australia, estimates of th tm rains partly fruit Is not large, it y Is ir.creas'n no one I have ss'ci. as could time when, ) prrsfefisi end th4 resultant tUn of reel adapted local- were materially reduced. vear to vear in epe-fall11. .. 1 Id- scarcity of tonnage property 1 4be ears of what occur would dor n.te a form rates Moreover, a lung 11112 , f Ji 444 04 rate of plantInasmuch as Balt Lake Is the financial fltea: ities, and under the presentfew food product During tho war. h gh freight fiH'i "M niQ years, will anl trading center of this d strict it D regarding drought in India necessitated large Im- imi ing Utah, srlih'n the next In th Intrrext of the 'conservation of port Austral a. On tho, heels of from not the of affected kinds bv all in by produc?4 kki17 0 fruit, shortage of manufaca number I,, nhtnplng large t dlrert'y In rt&es-roThis tion In any part of It tributary country. turers reduced their selling force rerV this, formers Argentina, as well as fin .a l.rtfi carend, hot tiy the trertfitoadr 1 614 145 became in rto In m to be can raised th decrease Added dissatisfied, Australia,, mi an that fruit were mad agricultural nraterlal.vr and offering 1 3 W fi were not receiving proper pro-ng ! toe d.strteis of Utah, because such I not production Is the fact that during the largely by mail or telegraph. With th that theyfrom th government, and prae--t- u 104.., 11 ,14f 4if? the Css, but the Valievs that are properly past year Sait IAk- flty suhstribcd ard I sn.ng of th srm'eTire, end a return of tection went on a S'rike t mt ally oi.i'ed ant have railroad facilities are lt d for over $7,0o0,0'0 in Victory notes, to Its former functions, It ws (M not willing toannouncing Increase their 101.,. 1,17 4H1 an Influx they wereunlsea htolt Ditft y.rtiisilv a. I adapted to fruit growing; end all of which money was sent out of the presun rd thst there solid received higher acreage they 1 on of (H7 of ef part ef the ) wderal grow era who ars g'vlng proper attention city, tl'.is market g. si.ea atm, eons Into representatives tn- Thto resulted. In on In the face of these facts, rJbsfan- Reserve hanta anrared ztrtuatly eg te fora I to the parulng of trees, proper pruning v d r i , t r9 first-yea- r Stable Conditions. Pt "apj-r!b- ' -- - devel-opmen- ta inva-rtab- ....... ly real-Ga- broad-minde- d, , Utah Sustains Her Excellent Reputation e, J & 3 Awaits Opportunities With Confidence the-treet- well-kno- se -- n. Vi0--!.1- uT. I nt - , war-tim- ar JOBBERS WEATHER PERPLEXING PERIOD WITH GOOD RESULTS 0. ex-th- at view--the- ir record-breakin- Utah-Idah- al I . d. hy long-distan- eap-ital.- st high-grad- Holdings, Rediscounts and Note Circulation Show , fruit-growi- IN FUNDS DEPOSITED DESPITE HANDICAPS 14 ; J ,,.al:i!,rl,ewUratd.f voX l er L tht I BEEHIVE STATE'S FAVORITE FRUIT THROUGHOUT ! I - its w-- sst FOR PER CAPITA WEALTH HAS GROWTH ', -TT: sj found-remarjtal- 4 1 1 1 1 man-powe- r, 11 . F.. - man-tow- 1 ' wi-s-- -. -- 'Thwrr yi a, (f'i r2 - 1 H (! .. |