Show Great reat Development t f Of West Expect Expected d During This Year I Change in ill Railroad Situation Is Expected to Help Hep Ship Ship- J pers Western Goo Goods cIs and Metals l Find Market T in East i r j By Percy M. M Cro Cropper countries the gradual ual n advance CONTINUED demand for metals by forc foreign gm CO in the price ol ot metals the manner in which the tIe old oh that isi is place g e tJ-ng tJ the tho demand for stocks properties of the western states are being beng opened up 0 C in new producing properties nn and the unusual activity tl that is being shown be bo expected this year of what j good harbinger may 1 in rilin mining camps are arc a for the western country Domestic demands for or metal are aro I now flow than they have havo havo probably larger laer wilt will be be- bean an cx- cx It ever been so eo that that there thero for Cor market at homo home this year cr v lead and zinc Silver already has haa reached a ft a position where It It will wi take tako takei will arrangements dl and i care caro of oC itself am cre marketing undoubtedly bo be made me for Cor tho the C- C of oC copper abroad so 50 that there thero will 1 be With to payments payment no difficulty a as is little doubt but these conditions there west will this thIS IntermountaIn wi tho the what hat of or year car see one ono of or the tho greatest revivals r 4 that It R has ever seen mining I ha p. p With the railroads being beinG turned back backI Wih of or building U up tho the owners and bundinG I- I Ito to tho and anda trade relations between shippers shipper o. o companies in various transportation a- a it 1 is probable that that although freight there will 1 be an increase in the rates it will not be as heavy heVY on It wi haul transportation of oC ores Tho The short short encouraged more be will Undoubtedly 11 before and m this can n only bo be bedone than than over oer cn companies transportation done by tho the ono offering inducements that will wUl m bring brInG out a tonnage For the first time timo In the history of it the west it I Is in In a position where need no longer be exploited b by eastern easter for their sole solo and anil institutions money mone is finding Its way to 7 benefit Silver SI er findinG It vay demand the thc orient where the greatest Is through orent San Francisco FancIsco and ad without aid the cast Japans Japan's demand v the of oC cast for br copper is in the the same sae position There Thero Is a greater demand for western products In the far east than ever er before be- be I. I fore tore and our east has Its Is hands full tul of oC its own affairs so that t taking caro cro Is fO politics and business cannot be worked to hold back western ester Industries a Tho time Is at hand band for for tho the develop clop ment of ot western industries In n. n way away 1 that hat has ha never ne er happened before There Thor line of or in industry In- In Is a great demand In every o eI lne and every c new industry that that starts In the west wet at at this time has ha a n great reat future J. J Get Ge Money Hack flack l- l The country should t- t this year ear get Get back some of the money mone it spent during the war and re- re nothing In return Utah took 4 up 7 worth orth of or Liberty bonds h received ono cent In re row ro- ro w and s never never C ont i turn turn turn- It U the tho present condition of or the New f York market can be bo judged from a distance tho the boom bom in oil 01 stocks Is showing signs sigs of ot waning The Tho oil oU stocks haVo o held the attention of or speculators i and ld Investors tors for tor some Bomo years yc now but Ol i. i It uY now w looks as a though mining Is i Inta In InV V ta a position that tat I 1 Ij bound to distract I oil 01 Several Se years ago ao Simon Guggenheim Gugenheim w lle at the tho Hotel Utah made mae the tho statement that after ater tho the war mone money moneyS S would woul bo be offered such opportunities abroad that it would become scarce Inthis in inthis p this country countr He said sai at the timo he was as placing his business interests in such such shapo shape that that they would woud bo be ready realy tor for several years ear to como come como It I now flOW looks a as though with the quick absorption of or tho the Belgian bond issue and the 4 tion ton that tho the Italian bonds are expected expect expect- cd ed to receive that tha 11 Mr Guggenheims Guggenheim's prediction is coming true There Is la stilt still sti considerable co sceptical opinion on the bond situation but hut It It does docs not look probable that all al Europe will V 4 as some somo economists predict f 1 Relative to business conditions Good- Good f C. tody Co of New ew York say MY We 0 are aro entering the new now year car with greatly decreased stocks of goods h IP II t nearly all al lines and nl with curre current t dc- dc mand for manufactured goods greatly I h In excess of oC current production This situation 11 exists elst partly because coun- coun trl tries s ln In n Europe which were ero formerly supporting self aro are calling upon us for I essentials anti and partly paty because hero in I tho United States tho the Increased credit credit facilities based on our oUr hugo huge stock of or I gold have haye boon been so o distributed as to Increase in increase In- In crease creao enormously the purchasing while at tho the power of the Individual at same timo the tho relative efficiency of oC the tho BaIO tm as a producing unit has been individual a unit decreasing Besides this decrease In the average of oC individual efficiency thero there is a gen gel JenI Jen- I and diversion cli- cli cral shortage of oC man power a version erslon of ot this power from the tho r ton of ot essentials to tho the production of or luxuries for which tho the present nt demand Is unprecedented e This state of affairs affaire can Cn continue only to a a certain point poInt Where there lere Is not enough to go 0 someone must go JO without Until surplus stocks aro arc exhausted tho the shortage will wi bo be met met from them Where they aro are exhausted those least leat able to pay will wi ha have C to do without wIthout Where any n largo large number begin begin begin be be- gin to do without from Crom necessity there Is apt apt to bo be trouble The present da day course couro In such circumstances seems to tobe tobe tobe be to sit back and demand deman more moro of oC the wherewithal with wih which to pay This course does docs not increase the available supply of ot goods good which of c course urse Iste is the only remedy te In time timo tho the strain will wi bo be severe sevens ecI enough to decrease tho the demand for tor luxuries luxuries lux lux- uries an and to make more attractive o tho the prices and profits to b bo be had In the tile production production pro pro- ducton of oC essentials Then capital capita will commence to bid for labor and the laor productive pro pro- d capacity for use In these lilies linos and we e will wI get a start In the right di dl- dl Jf Meddling Interference Before this happens however howo we e can Cn expect all al manner of ot futile experiments In the Va way of or legislation Tho The government govern govern- Goer ment mont will wi try In every possible way to tomake tomake tomake make water run rn up hill hi It I will wi say to tho producer of ot essentials essentials' You Tou cannot sell sel your our product for more than tan so much and you cannot make mako more than thana than thana a c certain percentage of ot profit But it will wIl be open season all 31 the year for forthe forthe the pro producers of or luxuries luries While this con condition lon exists exIst capital will wJ bo M more inclined to engage In the pro production of ot tho the latter later than the former toner A good contrast contrast contrat con con- trat between the tho capital raising abl- abl abili I ties of oC a regulated and an unregulated industry Is 15 afforded by tho the railroads and tho the automobile business at the tho te pre present ent time Would that wo might have hav a twentieth twentieth eth et amendment amendment to the Constitution re reading No laws shall be bo made tendinG tend- tend lug inG ng to Interrupt tho the flow row of goods oos from tho the producer to the consumer or tendIng tend tend- Ing InS ng to interfere with ith the the laws la of or I supply supply supply sup- sup ply and demand Tut as F F. A A. A Van Vander- Vander der- der un lp Ip says we are ar a nation naton of or economic illiterates and until wo we have become more educated along alonG these lines we cannot for common sense treatment treatment treat treat- ment of oC our problems Conditions in Europe reflect the tho same Sime shortage of or goods hods but for tor different different differ differ- alfer- alfer ent reasons Capital l which has been destroyed can cn only be b built bunt up again b by a 3 surplus of or production over con con- The Te will wi to work is perhaps greater abroad than here but raw materials materials ma ma- are required for Cor which no means mems of pt payment are at hand band While the unfavorable exchange rates mal make e for tor the tho purchase of or home homo manufactureS manufactures manufactures manu manu- by Europeans they also make mako mae maethe tho the prices of ot ra raw materials which must be b brought abroad almost prohibitive The extension of credit to Europe will m not help matters mator In the United States Immediately aa as wo ivo do 0 not not nee need more moro customers or Or more credit credit but more goods er However It does oes bring nearer the time when the thc European countries can be begin l to pa pay us with goods Gods Bank Hank P President William A. A A Law Lw president o of tho the First FIrt National bank ank of Philadelphia In Is its business busIness and financial outlook says sas The Tho American p people plo could scarce scarcely adopt adopt a better beter slogan for 1920 than Save So and Pro Produce ucc A prison s sentence never yet filled a a dinner pall pail pal and ana finIng finIng fin fin- Ing InS profiteers will wil not not cure high prices But Dut thrift and an enlarged industrial output will wi In a comparatively short time As soon as the tho nation naton becomes Imbued Imbue with this idea Iloa and practices wh what t it preaches the cost cst of sustaining the average family Camly will I go n dd and tho burden of ot high living expenses wilt will wil bo be quickly relieved Reckless ChrIstma Christmas Christ ChrIst- mas ma buying last lat month showed tILt tt more moro people were parting parIng with with their money than ever er was before I tho the case caso This was not n necessarily be because because be- be cause CUfO there were more fools but be beI because because be- be cause causo there W was very cr much more money I to spend send The crying need is to en- en largo production to a 3 point where it approximates the enormous increase In tho purchasing media c x c c The Tho To fact tnt that tho the federal res reserve rv banks began tho the with wih the tho lowest reserve percentage against both notes an and deposits ever reported shows that tho the country's bank reserves reser es are arc likely meely to exercise a n controlling influence upon general generl business conditions for some months to come There will Vm bo be a temporary temporary tem tern case ease following the return to th the thi great reserve centers of or tho the hU huge e sums minis tuns disbursed for Januar January dividend and In Interest interest In- In terest account account but hut tho the world-wide world pressure presure for Credit is so 80 great ear as to In In- In that 1520 1920 will wi bo ho a year of ot rela rela- firm interest rates rates Tho The nations nation's naton's loan I 1 account would bo greatly greaty relieved i VUI to un tho te VIc VIctory Vic VIc- tor tory loan would liquidate liquida their edness to the tho banks with wih the least possible possible pos pos- sible AlbIe delay A good deal of or progress has been made in this direction but tho credit situation calls for for an earnest but patriotic effort b by those indebted on Victory loan subscription sti accounts to pa pay off oCt the tho balance due ciuc h wherever reer It Is In possible to do 0 so BO This will result wi In iii placing the securities In the hands o of legitimate Investors and release a a volume of oC bank bank credit which can Cn be bc most advantageously ad used for commercial commercial commer commer- cial purposes High wages wageS reduced working hours and growing Inefficiency of ot la labor or have created con conditions lons which arc are not only onh adding to tho the costS coat cost of of ot living but but son son- redu reducing ing the industrial output per unit of or worker Germany German an and Italy Ialy 1 Continued on n Following rage Page GREAT IT DEVELOPMENT I OF WEST 1ST EXPECTED Continued From Preceding Page are etho az-etho tho only nations so far tar to lengthen tic c working day ay In tho effort to In Increase Increase increase In- In crease production and lower tho the cost coot of ot living lI If It the whole hole world should talco talc similar action most moat of the tho economic Ills I from which tho nations are arc suffering would bo speedily cured and tho the burdensome burdensome burdensome bur bur- I war Indebtedness would bo be wiped out almost before we we- know It I But the millennium has not arrived and at a time when men are asking for a n. six hour da day and a n. five day week It would be bo foolish to expect such a a. re re- re form tonn Total Co Coit t of ot War nr Tho The Bathe Bache Review makes mattes the following following follow rollow- In ing comment In looking looking- at the situation In the world n. n as a a. whole wo we find that the tho es estimated estimated estimated es- es actual cost of or tho the war has been This Is a stupendous amount amount as as much as ns the tho total estimated value of ot tho the entire United States before the tho war But Jn Sn ad addition there has been an indirect loss to tho the world In the value of things that might have been produced If It peace Ins Instead tend of or war had reigned during the tho four and one-half one years and this Is estimated at making tho the whole cost of or orthe the war to tho the world direct and Indirect Indi of ot 33 All this has borne of or course most heavily upon tho the belligerents outside of or the tho United States leaving an aftermath of or In Increased In- In creased national debt from which It will take taice years ears to recover reco It Is estimated that the national debt of ot Great Britain Is about 4 43 j per pcr cent centor of or her national wealth that of or Russia 63 per cent of or Franco France 5 DG it per cent of ot Ital Italy 5 per pcr cent conti of or Hungary Austria-Hungary 96 lC per Jer cent o of Germany 57 67 7 per cent That of or the tho United States is 18 not much over cent Tho The European nations wore compelled compelled com corn to keep up great purchases Inthis in inthis inthis this country of ot raw materials manufactures manufactures manu manu- and foodstuffs Ordinarily they would pay their debts for such things things' b by sale of or goods for export But their production of or these goods decreased steadily and they now owe the tho United States billions of ot dollars As this continued continued con con- had harl not exchange been pegged it would have o steadily fallen during the war war and when the prop was withdrawn nn it dropped to lowest on record The balance has tipped so BO far down own on onono one ono side that the scale scalo is becoming un un- un usable Limit or of Lending Says SI the monthly letter of ot the Alexander Alexander Alex Alex- ander Hamilton institute There Thero Is little doubt as to n what farmer farmers farm farm- e er ers and arid export manu desire In tho the coming year car They desire e that eHing el mg prices be bo maintained |