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Show TIIE SALT LAKE TRIBUNE, THURSDAY MORNING, JANUARY V 1, 1920. and Financial Outlook Diecusse Germany Feels Load, Still Is Recovering MMMMMBMi 4 , Net Profits of Her Greatest Enterprises Shrink to Virtually Nothing; Reconstruction' Opportunities of Future Are Is Slow Process. , Awaited Witli Confidence. (Special Correspondence of the Evening PosL Copyright, 1919.) M9TERDAM, NoV. 14, The war A baa caused a radical change in economic proportions in Europa, which has ' accentuated Itself . especially In the past year, when the heavy financial and economic burden was felt for th first time in its full weight. The balance of power which waa ruling the world before the war has disappeared and now wa find that central Europe has become entirely dependent on the powerful western. European whereas Europe as a Whole is in nations, a financial and economic Way largely dependent on the United gtatea, which country, as I heard an Amsterdam banker aay recently, la practically ruling the world. It wlU be Intereating to note what use your country will make of ita favorable position In the coming year. It la expected that a large part of the German banking business will gradually be taken over by English, American and Dutch banka. The enormoua Increase In salaries hag had an unfavorable Influence on the financial result In 191S, and it Is reported that on th whole the net profits of the German bank will be still lower for th year now ending. The gross Income of the Deutsche bank, which in 1917 amounted to 112 million marks. Inmillion marks in 191$; creased to 190 the net profit, amounting to 50 million mahks In 1917, haa decreased, however, to 43 million In 191. Also many Industries are showing bad financial results. The net profit of the n firm of Krupp amounted to 49.7 mil8614 million marks In lion In and, 41 million In 1916- 1 the net For the year 1917, profit had decreased to only 4.9 million marks. A large amount was applied for depreciation, it la true; but, nevertheless, the financial position of the company haa At the end become most unfavorable. of the year the stocks, principally semican hardwhich war finished materials, ly be applied for other purposes, were booked at the enormous amount of 750 In 1919 conditions have million mark become much worse. The number of In the Krupp factories, which worker before the war was 0,000, haa Increased now to 170,000, and for payment of wages an amount of 2V4 million mark a day la necessary. s (Continued from Preceding Page.) who formerly. had clamored for business In this sect ion. In 191 became evident that not It Early . manufacturer ' only were manufacturer not urgently soliciting business nere, but they were, on the slightest pretext, canceling order already p.aced, and. In response to the frantic appeal for quotation fiom local returned distributor, almost Invariably and it bethe answer, "nothing to offer, came evident that theae manufacturers, for reason beat known to themaeive, preferred to contract, or had contracted, with buyer In tn eastern market, or for export, tbe usual amount ol food product that had been heretofore apportioned to thia market , Obstacles Overcome. . In thl crisis, local jobber realized that ff the market would not come to them, they must go to tho market, and by that means solved the problem; and, aa a result tbe year 1919 i now closing without the general public having before been aware of the strenuous efforts put forth by the wholesale grocer to supply the Intermountain communities with the ea , entiala of life. As ha been said, "the call of the stomach is the primary call, and we admin- later to that need, and answer In the most qualified way that we know how. Aa In the commencement of 1919, so entering 1920 no one can have a definite Idea aa to Just what will happen regardproduct ing the trend of affairs of foodthere-rests We do know, however, that upon us an obligation, almost aacred, to continue to practice the greatest economy, not only In the conservation, but also In the distribution of foodstuffs. This la sound business practice In normal times. It is an imperative duty now. Food helped win the - war; food must help maintain peace. , I VO well-know- 1914-191- 5, 1915-191- 6, -- 1917-19- ' ar . rih t, 1919, by Ksw Swk Evening Tost.) In th year 1917 there were 11,367,013 depositors on th book of th savings bank of this country, with aggregate deposits of 5,418,022,274, or an averag of for each depositor. In 1916 the $474 5 average of ach depositor wa 1(78 44. Th number of bank la 1917 wa 19J4. Following I against 1922 In 1911 comparison 0$ th number of depositor th amount el agd deposits; Aggr- Ko. of gate of depositor depositor I Copy i TO9 Th Individual production of th worker . Increasing. . Nevertheless, one should not conclude from this that the pre-wlevel of pro- ductlon in the mines aa well a tn th Industries will bq reached again in.th near future. A S result of th short, working day the production will remain much behind 6 that level and quite Insufficient with s view to the great de. mand. ApRrt from th high working expen and the lack of labor the German Industry had to fight against many other difficulties. Tn steel syndicate which wa the backbone of 4nduatrial Ilf haa baen abandoned by th factories In Luxemburg, by which the economic Importance of this corpora tloiyfia decreased much, 1 SAVINGS DEPOSITORS PILE UP BILLIONS 8,915 $ 8.05 1839 78.701 251.384 683,879 1,810.846 2.723.838 4,258.893 6,102.083 7.696,229 9,143,708 19 010,70 4 10,789,739 11.109,499 11.385,755 11,141,893 11.367.013 jxto i860 - 8 1x79 jkm) jss9 109 1903 1910 191J 1913 1914 1915 1816 1917 ...., 6.873,304 14,051.520 43,417.139 ' 949.377 504 649.874,358 947,748.258 1 513.0 3.9.16 2,38719.954 6,081,077.15? 4,070,416,247 4,451 818,621 4.727,403.97(1 4.919,911,849 4,997,706 011 6,088,587 1,618,022.276 pig-Iro- 1680-191- 3. 1880 1913 .... 3,729 ... 624 7.878 10.950 ..,.19,309 Steel production: I860 1913 1,321 1.725 MU $89 When Roads Are Returned to Private Ownership .They Will Be in as Good Condition as When Taken Over, Director Says. - UHDEHESJliTE of World War Is Greater Than Public and Effect . 1.119.671 ' not help but notice the difference tn value obtained from good breeding. If possible atookmen should hold on to Germanys Deveepment. their cow aa the cold weather 'and short feed condition in the northwest have re th steel Iron and Among producing going out of the countries Germany will In- future b of suited In many cattlemen breeding game and deciding on growing much smaller importance than It used out on To prosteer their the range to be before the war. The following fig- duce these gteer someone must keep n ures show the rapid growth of the . cow and steel output - in th United It may be Interesting to some of the States and Germany during th period tockraisera to know what the relative The countries left the other of beef, "fair to jcboke native large producers (England and France) prices have been In January, steer Chicago," far behind them. April, July and October from 1013 to 1919, n prod uctlon (In million- - ton) ; Inclusive. Germany. England. Franc Fig-iro- Rail Control Problem Is Discussed by Hines u 10.170 7,26 7.78 4.635 81,802 ....18,9.15 However, the high degree to which the German iron Industry has developed in the course of time and the enormous These prices are wholesale and as near consumption .resulting from this has ex- correct aa possible to obtain, and aphausted a good deal of the iron ore rethe Commerce Monthly for Deserve In 1913 the country consumed peared In1919. at out 60 million tons of Iron ore, of cember, which 14.1 million tons had to be Imported from abroad. From the domestic YEAR ore 104 million tons of Iron were extracted, and from the foreign ore 7.7 SEES million tons. So the country Is dependent for 43 per cent on the supply from CONFUSING IN MINING OUTLOOK BRIGHTER By WALKER O. HINES. of Railroad (fcopyrtgtrtr tot, by gtw Ten gening fort) EV YORK. Deo. It. The New York Evening Post has asked me the following question for th purpose of In clarifying materially aiding thought on the railroad problem; 1. - To your mind, tha desirable wljat and certain method assuring an adequate financial return to the railroad after fed era! control ends; do you favor a perm, nent guarantee of minimum earning specified by law?, division of 1 Do you approve of abov stated maximum, beearning tween thk railroad corporation th government and labor! 3. How can' rate beat b adjusted to guarantee an adequate return to "weak roads," without resulting In excessive earnings for the strong systems; do you favor elimination ef "weak road through merger with stronger 4. Would operating efficiency be reduced or Increased If all roads were merged, as has been proposed, Into from twenty to thlrty-fl- v ytemT, 6. What method Can be employed after return to private ownership to -- reduce excessive operating costa! 6. What, in yqur opinion, 1 th beat method of adjusting controversies with railway employees over wage and work. ing conditions? 7. What Is th physical condition of th railroad Including roadbed terminal and rolling stock, compared with their eondi tlon when the government assumed con Director-Gener- 1 ytm7 trolf rate charged by tha railroad than In the prices charged by private industries. However, just aa b the ease of operating costs in other enterprises, there Is room for much Improvement in the matter of ral.road costs (which would have beenoperating for under prl called equally vate management of the railroad). I rail part cular attention to thre branches of thia matter; U) A, great deal can be accomplished In a taigo number of epectflc instanced g through th mitk ng of improvement by providing larger and more modern Experts Expect (Continued from Preceding . Fag) and especially fancy spring As a result of the drougat and the extreme heat, tho spring wheat crop matured prematurely. As pemlt, the berry waa small and light and certain essential properties wer lacking, there b log In many instances a gieat scarcity of desirable gluten. Hcnc wheat was by no means popular, and, and terminal reduction th shops therefor millers were compelled to pay Of grade,forobtaining of locomotive beat exceedingly high premiums In order to Imthe aervic etc. These adapted 1 A provements will call for large capital occur the choicest description at a reBuch could consequence, premiums advanied expend tures. 1 dark northern No. not be made during expenditure rate. markably rapid befederal control filially selling as high as $3 40 In tha cause, before th arm slice, th shortnorthwest, it was almost as bad In th age ef materials 11m ted capital expendiwhere choice hard winier was tures to thus calculated to aid In win- southwest, sca-ce, and hence some millers ning th 'war, aipl, sine the armistice, decidedly the abeence qfapproprlatlona haa pre- pa'd over $2 75. In fact, a lew lots wer vented the government from furnishing reported a high as $3. the money for such expend tures. (2) There la room for Important re- The Year in Corn. duction In operating cost through imIn the corn trade It was poor year. provement tn various practices of th Roughly speaking, the main difficulty public. Heavier loading of equipment means an Important saving In operating ha been th inadequate supply. It wa cost. If th buying and storage of coal apparent that the yield in 181$ wa too can be so developed as to Insure a small; 2,52,914,000 bushel was approxistead.er movement of coal throughout the mately BoO.OoO.OC-bushels less than w year. In place of the seriously unbalcould have used. means that our anced movement of th past, there will requirements wer This roundly S,OOO.OO9,0C0 be an important gain from the stand- bushels, chiefly because or the There are enal needs of Europe growing phenompoint : of railroad operations. out of various other Instance where Improvethe terrible war. ail over Fraetically ment in the practices of the public will that continent ther was a lamentable help In railroad operation. It is believed srarcity of food, and particularly ol tat that by degrees there w.ll come a clearer unquestionably the destruction of k appreciation that what la saved In these had been Thl great respects represent an Important saving wa demonstrated shockingly the fact our bv that to the general public and bene there exports of provision especially of will be a gradually increasing support lard and meats, broke and, all previous recfor Improvement in practices of this ord In one week alone our clearances character. of meat reached the amazing total of 99.000,000 pounds, or almost five times tha Efficiency the Same. rustoniary average. Because of th exports ths price of hogs In ($) As to tho matter of efficiency of cost-savin- Ins-stoc- with great rapidity, Chicago advance reaching $23 59 per hundred pounds on tho hoof, which Induced farmIN The first step In thl clarification er to feed theirnaturally corn with r marks bio 1 freedom. to (recall th condition a they xlated Hence It wa not surprising that th Id th late fall of 1917. At that time receipt of corn at primary points were the eastern carrier were seeking an Inconstantly Insignificant, much to the kwa nd disappointment These carrier .vividly crease In rate of millers and handler of corn shipper, By W. R. WALLACE, throughout tha which they reth difficult! portrayed There wa almost Invariably country. Utah has a total area of E4.28h.B44 garded as then existing, th continuing a tendency to fight the rising trend and acres, of Which about 1,250,009 acre are Increase In Wages. to almost constantly sell the future deIncreases' In cost of labor and materials, Irrigated." liveries at and Inability to pay high enough big .discount under' cash or Other Industries also had to make bead No statistics are at hand, but it Is the secure efficient Intrinsic values. As was to have been to necessary labor, the many difficulties resulting than 150,090 against estimated that not more and this maintenance almost always resulted disdecurtailment of expenses expected, the and from the Increase of wages acres are "dry farmbd " The total culti-vat- crease the deferred maintenance, astrously. This was demonstrated by th consequent In production as a -- consequence - of acres, is less Of the eight-hocondition area, that fact unfavorable with, scarcely an exception th work-daparticularly Under these future contracts gradually moved up to than of, the total circumstance equipment on account of usee being so the manufacturers had to i manufacturer, and dealer. constant as to area. materiaHv" genin preclude higher plain than at tho the adequate considerably Increase their prices ar carrying email stock and, aa pro- eral repairs, and th general condition The citizens of Iowa brag that "every outset a delivery day approached. th price for part year. In the steel trade so curtailed, further that rates had not been Increased to duction ha Therefore thus who persisted in stayquarter section is a good farm." Utah Is Iron amounted war the which before improvement la looked for In both the take rare of tha Increasing burden of the pioneer state In modern irrigation and to 97 bar. In ing on the short s!d until the eleventh marks a ton, had Increased to 235 S50 demand for th their metal and should be able to brag that every iebond-fotn a predicament, hour found themselves price. operation. 1918, whereat It waa recently placed at of wafer makes a good farm; for a marks. being compelled to pay big pnpes tn orDuring the two year of federal con For coal the price has Increased second-foCurtailed. of water, properly applied, Copper Output der to cover or liquidate thetr transtroh when many enterprises, particularly considerably In the past year as a result will mature sugar beets upon seventy' actions. In order to prevent further conpublic utilities have been undergoing the of th higher wages and other working Up to th present tlm all report In severest five to I'M) acres. But Utah is forced to expenses railroad th financial gestion and to stop further important In the course of strain, mine th of the are unfavorable. copper industry say, if alia says at all, that she la sadly 1919, the Increase In wages In the Prus to meet advances, tho Chicago board of trad Around the first of the year the world' companies have been enabled dtv'denda decided that no dealer would h and wisely neglecting her water resource. usual interest with the charges sian coal mines In comparison supply ef refined copper, not counting their to accumulate Inordinate? permitted metal In process, was about 700,900,-00- 0 through a guaranty from the government; In 1914 amounted to 285(4 per cent the level no when private control of the rallrada large quantities, in other word Empire Awaits Water. tn upper Silesia, 183 9 per cent In lower There has been curtailment and resumed pound 147 dealer wa permitt-- d to bo Interested In on March 1, they will be, Of production of about 35 par cent lor the I We are all familiar with the Bible ref- Silesia, 202.7 per cent In Dortmund, In 200,000 more, than bushel below 165.1 over as on on an mine explained. states night In averag per cent tbe to entire erences to the granary of Egypt and have per year. Contrary public belief, either side As a further restriction, no the aales for 1919 will run probably be- substantially as good condition as they marveled at the agrieu'tural wealth of cent In the lower Rhine regions, left dealer was permitted to accept deliveries mines (Mansfeld) tween 200,000,000 and 300,000,000 pounds were when taken over on JanuaryV 1, the valley of the Nile, The basin of the bank. In the copper on current month rontract unless he . In more than the production, and if this is 1918. Colorado is potentially almost as great an the Increase was 176.9 per cent and In had a license. Obviously, thl waa dona ore mines 218.4 per cent the case, instead of there being a surplus empire. When the valley of the Nile la the other 148 1 for the purpos of preventing Important 135 GeneralIn cent Increases Siearti, of 1.000,000,009 pounds, as generally supper fully developed, It will have 6,000,000 Oberharz, Notdealing outsider Rhine by acres of Irrigated lands; when the basin per cent In the region of the rightIncrease posed, there wlU -- be- between 400,000,009 held to the widely' Impression Contrary withstanding all thee wise plan price In the aalt mine th of the Co'orado Is fully developed It will bank. and 99,900,009 pounds at th end of the the increases In cost for labor and ma- May Revive Competition. to continued rul A at 148 cent I to amounted generally hlgit known that manufacturer per have 4,0o0,000 acres of Irrigated lands, one year. It Making New Fanners. A constant Improvement tn operation level. ter!!, have not ben out of lineandwithin those In the beginning of the yea Where dealers and speculators are carrying prac- In million within Utah's border It la estiboth Inst no so aa method avert waste enterprises, and to communications large private For a was Although to thl positive a coal long time, which ha had mated that 2100, 000,000 will reclaim theae the great lack of tically no stock and it is a characteristic rases have been due to war conditions motirtn, should be practicable under the rank and fil and It took puzzling to this effect, it Is ex- of an result for the general eco- have been made the metal none market 4,000,000 acres, which Is $25 an acre. Let copper that of to not The control. or and It or control federal will private be public either to control, possible tlm for even regular trader pay them buys on. a weak or falling market. private only me put it another way: The expenditure nomic situation In central Europe, was pected that tendency to entertain such erroneous Im- and in either event will be largely In the to awaken to the fact that th high valu by making use of the reserve ' of $100,000,000 will develop an agrieu'tural prlnctually due to the shortage of labor In dividends in regard to the transportation hands of th same local off cers. Pripressions corn of was 'cxtenslvV'pfana"havk''beeu Nevertheless, almost ntiraly based on have conditions Improved the mines, and ortv Industry as It might in some mysterious vate control through th empire more than three times as great somewhat In the for the future, arid the united the high price current for box great tLn Sarnsrt To existing past few months aa far projected s that Included within the entire comhold Itself undisturbed unfashion the will railroad d of by number a German chemical few which companies are dealers It was clear factories, 2hJ,w4'.rn ISrtmA Is As concerned. as labor conaequenc raorrt of monwealth of Utah. all other Industries, and doubtedly develop to abandon that as long as bogs ruled high com in the con- changes affecting Farben tendency Lnn huf offerIn represented 4 the rise wage of tbe Important 11 Vhat more striking Instance of this of unified operation could not decline as1 are Increasing their fwdfm the tendency t regard certain fact as economic method Afterward From th eern. (dye concert tlih ing of labor haa Increased. neglect of opportunity could there be than month measure of th relative merit of puhti and o return to competitive and more price for hogs andessentially. eg- their product as wed of July up to October, the number Capital (including debentures) to aresFlrngon la shown by the present status of water the In and when. fact, of activities. control; TV? Anv. Aiis they costly method amount of as reduplicated for 1.000,000,000 private mark other commoditie ,55151 were th of forced In coal mines gregate Ruhr of worker ra In the Salt Lake valley? NOt development are not so, is one of tfe principal facThe method down, temporarily at least, by th of these enterprises will past Whenhabwn Replying to question six: by 30,000 men, and The share capitalwill metid m2rkt?iJ more than of the waters of gions haa Increased, In obscuring clear thinking on th es tors n-wide Hi controvers with of b and doubled on. amount to thereafter la railway labor the new still adjusting of against agitation going high cost the Provo and Weber rivers are utilize! the offering tbe railroad problem. The moat Important of living. Various committee war in For the building of n5 j6c0,me wlu Ou0 lllto manufacturer mptbyee over wages and working average wag of the mine 718,000,000 marks. W in Irrigation. There are 720,000 thirsty In October distinction between market, of course, new dependent session in enterprises largely 27 private will factories amounts nitrogen at marks S day. by which certan large acres within fifty miles of Salt Lake City, worker waa estimated between now nd summer there la and th railroads under federal control Is I upon the general solution of th railroad Prominent Washington, interest Identified with to to the labor contract, which be necessary, to which thia water could be conveyed. According substantial rise In the price that the private enterprises, generally problem. apt to be In German In and bad were exRhenish other concluded condition was trades the provision agriculture recently of metal modern of and the the a construction By Irrigation good advance sneaking, have Increased tbelr prices to I believe that provision for participacoal districts married laborers were prevailing already before the war. In most of th copper fairly and, furthermore, in order ta works and the careful and efficient use Westphalian stocks. Condition tho public dnougl), nd frequently much tion of labor in the management would amined, relief a inAs of th 120 result and coal their the of for of bring army receive navy hundredweight development departre admittedly unfavorable, but If in- more than enough, running from, say, 60 of the water, it is possible to Irrigate far toward removing many misun- ment sold to the public large quantilf mark dustry labor flowed from the country to vestors lnsftt on watting for conditions per cent to 150 per rent or more since go from these rivers more than 200,000 acres own use at the price of only In existed the have n that ties the of stocks (twenty-seveindustrial their In which derstandings of October movement meats and a hundredweight. anrplu centers, In addition to the lands already Irrigated, to become favorable It will bo necessary 1914. to pay the Increased operating costs, believe other foodstuffs. step Ione-haall past. Along with such chosen working days) the coal production Is demonstrated by the following figure Notwithstanding for them to pay much higher prices for while sine 1914 tho railroads have In provision lf for a tribunal, these praiseworthy efforts, prices did not had Increased to 6,637.000 tons, against showing employment of individuals; Treble Near-b- y securities. Farms. these $2.8 per by labor and cne-ha- if rates about creased their th only representadecline by tf 8.111.000 tors (twenty-si- x any great extent. working davs) permanently I 1882. 1907. 1805. will settle A great On of th cent, on an average, Including tha in- tives of the owner most potent and. commendable This development In Salt Lake valley in the preceding month. So In October the crease mad during federal control. , h bulk ef the disputes that arise. taken In this effort Wa the reto the total Irrigable dally production was 242,109 tons, against Agriculture .119.225,456 18 801,307117,681.178 Silver Should Hold High. would add steps In case of disagreement, I believe promoval of tho restriction on Importation A an ndutry, silver production tnow area In Utah and would treble the Irri- 235.000 In September. Nevertheless, the Industry . .. 16,058,080120.253,241 26.386,637 ) 4 63 1.0001 6,966 846 of corn from Argentina. viding that uch tribunal of equal 8.278.239 Of lee lit that counTrade , gated area within fifty miles of Sait coal situation remains very bad with importance In this state than Advances Come Late. an select arbitrator itself shall Ls cost more but The view to the large deliveries to the entent interest taken by $15,000,000. try there waa a big surplus and largo I,ake. It would In tb! oonnertlon, It Is proper to point or have become much worse copper, Condition tn settling most of sales will result were made umpire, for western in silver. 200,000 acre to be developed thereby have Is To It people many shipment to tftlj out that if th general rat Increases view to th Incomprehensible that th rcord during th war. With a present value of not more than $15 per to Work, rise In mad during federal control, hsd taken th remaining dispute country orat approximately 60 sent per slackening of industrial activity after th th acre. Add together present value of the Returning of th metal ha not yet to effect January 1, 1918, the beginning of bushel, occasionally slightly more, and price The Industrial unrest,' which severely war, there is a surplus of labor now In an appreciable hence large sale were made hero at land and the cost of the water and you extant affected th mar- federal control. Instead of approximately Upkeep Average, Good. the large c'ties. The Insufficient food ket price of llvr $1 30 to $L35 on the 0. t. f. basi around ba e a total boat of $10,000,000 for 200,000 checked general production In Germany stocks. Adverse labor believe 7, I at to th months would there have six to later, question bean, Replying plan to extract labor year under review, ha de- supply gave rise acres of tbe finest land in the finest cli- during the and high mining cost have cut Instead of the deficit so much discussed, end of federal control roadbed and ter which was much lower than Prices curmuon lately. The reports from from the Industry and place It in service condition mate on earth, worth at least $200 per creased down th production, and thero will prob- a, net Income of class 1 railroads of about mlnal will, viewing tho railroads as t rent In Chicago, which provided an as well from a of the mines that the Industrial the with purpose agriculture, be no great market Improvement $14,000,600 for th aere, or a total of $40,000,000. What centers continue to b favorable and. If two bills were passed In th of opportunity for hedge 01110 ntlr period of federal who. compare favorably with their beginning ably would It mean to gait Lake City If 10,000 no serious disturbances May. Several million buvhela arrived from upward In silver securities until earnings control from January, 1918, to October, when tho government assumed conit Is of the yearr the one favoring the fallow- and twenty-acr- e a to dividends show not the decidedly large effect there, begin percentage instance have intensively cultivated farms expected that the comingIntervene, some there Inclusive. both being trol. In 1919, year will be ing of waste ground, the other guaranwere developed In five years within fifty The bulk of it went of the metal. ConflictBv way of answer to your first four been applied to the properties the full of prime quality. much more prosperous than the pasL teeing laborers similar working condi- of the high price miles of the Utah capital, producing every The although soma wa used ing opinion are expressed on other met- questions. I summarise as follows mv amount of Important materials ilk rail to Industrie those in effective to realize tions worker that the industry, especially domestic ia dealers aual It but hy to due owing to th groat year crops of a value of $20,000,000? universally have agreed which short and by this views being tlea, repeatedly expressed partly I wild (unorganized) strikes are namely, limited workday, high wage and thorities on metal prices that silver will In public addresses throughout the coun age of material and partly to shortage of scarcity and h.gh cost of old I stive. Durnot at all promoting thetr own Interests. good house It is hoped that in this way continue to sell the business diminished this summer, ing Is for believed labor. In other Instances It many trv during the last twelve months: relatively high of the Berlin metal work- the production of cereals will be inThe EXPERIENCE to come. Morton Frewen, a Brit 1 believe the best solution of the railhave been put In better rapidly, owing partly to th excellent the ers strike and the strike of the tramway creased considerably In the future. The years properties and for our ish economist and one of the world's road problem would be to reconstitute condition than they were at the beginning weather bright prospect staff in Rhineland and Westphalia has import of foodstuffs could thereafter be foremost YEAR expert on sliver, ha of federal control. The general average crop, and consequently bu. era became etat the railroads Into a very few large contributed much to this acknowledgment. limited to th lowest possible degree. a ed in an interview that there just much timid, averloner will be they from the expected not far will prim vary general of (he adequate representation big movement In silver during the next and of labor on the boards of age condition at the beginning of federal for our new corn as soon as It became available. was business few vears. H estimates a probable de- public afterkrill Moreover, locomotives Is believed be directors. Provision should be made for control. It production, and 'that European purchases dry sections, and the younger and lighter mand of more than (OO.OOO.thjO ounces a a definite rule .that rate shall be suf- in better condition than at the beginning ward reduced still further by the much By ANGUS T. WRIGHT, will tncrease, thus increasing demand. cattle have been disposed of to a much year, while current production is not more ficient to of federal control. It is believed the more active European buving In Argenon the average for th President W, H. Wright A Son greater extent than formerly. 0., In 1914, the rec- railroads Inyield cars will be In substantially a tina. which was said to have been mad than 176,000,000 ounce each few of terrifreight large number Are a the of UnwarranteExtremes Despite forcing larger Ogden, Utah, d260,000,000 ounce hy a loan of 1 20ft ftilft 0)0 by Arwere torial groups enough Income to admit of good condition, taking into cons. deration pos-lbon the market and the fact that ord year, about of A remarkable feature in silver (A) distributing The past year has been a strenuous In' the way the fact that It has been Impossible, on gentina to Great Britain and Franco. produced. a And- there are others, who, we hope, thecattle fair return federal trade commission haa had the since spring ls the fact 'that not an ounce A a consequence, practically all of th one for the retail Institution that has kept are right, predicting that-ou- r local trouof Interest and dividends; (B) making rea- account of conditions growing out of the under investigation for the greattonnage available was taken by shippers of silver has been shipped to India from sonable outlays, which will not abreast of it. The past year has forced bles are near an end and that European packers be capi- war, to make sufficient capital expendihave er the been of prices year, part to in since to business a States to different the United do things Europe, and hence freight rate adtake the place ah May, and India talised and which will take car of nec tures for hew equipment demands have been largely supplied. In fairly well maintained and the producers with great rapidity, rising from ls the world's largest consumer of siler. essary ron-r- e of equipment wearing .out. way, and this different wav la one that the meantime conservative business men have Passenger vanced expendion sustained loss not account of the has called for all tbe alertness and orig- are not gambling on either proposition, market conditions that Considering tho condition that tho metal tures which cannot be charged to operat equipment, so far as Howbhity to render $10' to $50 a ton In a few seeks, but had .every they Is afterwards Into Is and could safeservice convenient market executive that the failing back to 840. tin acmuster. but are keeping safely in the middle of in, and account the Ing expenses, and C) creating and main concerned. taking inality this upturn exporters began to fact that silver securities in Utah are tatning adequate reserve The effect of this enforced activity prom- the channel and will continue to proceed reason, to expect. funds to main- Is In quite as good shape as at the be- count of more ises to be productive of permanent good with caution until there la something deffreely. It being stated that selling on the average at 1 much lower tain item (A) and (B) In period of de- ginning of federal control. It is true that buy here Handicaps in Northwest. to the business that has been able to inite on way or the other. tlie extraordinary demand made upon the over SftO.OiO bushels had been contracted Juatifled In figure than formerly, one enhancement In their pression. cope with the situation passenger facilities on account of the for (Including 100,000 old), mainly for Winter conditions in the northwest are predicting a marked Aa for Utah, she has profited by the and also abnormal December. January and February loadng, Under giotmal conditions the long es- stimulated cortimerdal activity In a way troop movements values, and conditions now discernible Public Is Considered. from favorable, owing to short feed indlcat civilian travel, have made it ImpracticaTh tablished retailer hag been able to go to that will fee permanent. A very large ma- far a unexpectedly larger business wa coming epecnatjye movement - corn, on of tbe ranees, price high in order to rtimalare efficiency, each ble to atop the passenger equipment to brought anout partly by the met that hr,-on In silver securities that will approach the the established sources of supply and, jority of the new commercial and Indus- cottonseed cake and meal, the these railroad forcing should of fre same be In as companies extent for painting the without a great deal of effort, supply the trial activities are of a kind that will be eastern markets larger shipments of both mining boom gold stocks that spread ghts here were comnsrativ ely low formerly, allowed to participate in excess earnings, 0 that. In many Instances, there may be $19 to $17 a ton. Th's naturally served kinds of merchandise that his clientele permanent under normal condition New oattle and sheep than usual at this sea- over th country fourteen year ago, it believe but I to strengthen domestic markets, and esIndispensable to provide some deterioration in it appearance. Until now it ha been a good markets have been created for the proddemands. of the .year. The redeeming feature that a substantial and progressively Indeal easier to- buy merchandise than to ucts of our land- Our pay roll nv been sonfound pecially as receipt of new at primary In the large quantity of hay and Faith in Park City. ahare of the excess earnings shall Obligations Met. were disappointing. In other creasing sell It. Durln (lie past year the condi- largely Increased. W have ad led to the ponts In the on t os. feed eta into takes consideration When rough th be to benefit feeding devoted the of th general words, farmers were srthng loss than tion has been simply rev creed It has been state' population. Land value have been I believe the The most for . Is silver livestock and. th 1 speaking, generally equipment, of prices and unless ls f re,-- , v this don pt production Inclined history to feed do not to public, ant sell ciliated, belrg merchandise than to buv Increased .Intrinsically. easier It la my opinion especially hog products, will b th mining camp In Utah ono 1 atem-believe any will be applied of course more than two year older than to hogs, portly because it was considered It. The retailer has found hf old sources that Utah can look forward to the coming products, well some maintained for tlm The of the the depression confidence by sufficient Park with moveand falry seeming of supply able to supply him with only a t the beginning of federal con more prohiablo. furthermore, tho It wa with great hop, October decline in the price of hoes was City district. There has been no great to produce the deetred results. liberality 1 believe ment from tha Interior was checked by small percentage of his usual wants and year an unexpected catastrophe hard to believe rise and comparatively little activity in thia Is true, because If the ent're excess troh Thl deterioration due, to age will the great scarcity ef coal and of caret wants have now been considyet these, hart-po- t and the silver most tho Park of public producers are natural; City for reserve securities to, cared for under be all circumgo, the d Meanwh le, th weather became intensely depreciation earnings by erably Inrrea-cby the greatest demand Been a corresponding decline In the more than fifteen years. Sooner or later stance to the railroad rompanle there which have been created by the govern- cold, be ng below zero over a id a a. 011 the part of the buying ppbllc. had conditions will reason to of these and products a s pork they price change, wl'l a'ways be fear that both the public ment. probof bad order with moderate to heavy snowfall. Tt.s The percentage INLAND exrect. ably aome of the- best opportunities ran and labor may be exploited for th bene- freight cart will be substantially the same mad tt more than ever patent that farmHustling' Was Demanded. We look To th farmers and livestock still bSTaken advantage of In the securiwith of aa hog fit a capital, private of federal aa at the ers would feed fre-- y, control the end resulting at the GOOD YEAR producers to keep things steady and lend ties of a few producing companies In that hestahon In imposing upon the public Bo that the retail Institution hg not the beginning. It happened that a large num- had rail ed from $13 75 10 $14. been able to sit in comparative ease and their beet efforts toward bringing normal dlstriaL rate to protect the situation, ber necessary had toward ears of steel the end of see Its wares come tn and .go out. but condition to cur country. The most notable event of tha past year ( be, lave there would be gain rather federal control just about reached the , By H. K. PARSON 9, Tha writer Is pleased to note that the )n western mining was the uncovering at than a loss in efficiency through hss been forced to literally scamper for borne by the govern, In their life when they, needed to be control ha be-- n this A M. K. Person Co, point Of ' of Utah and surrounding T.ntlc Of one of the largest allver-lea- d merehandse. Its buving organization has rtockgrower plan. ment. The givernn -t hid n ob. .it,, reconstructed become alert and this enforced activity Btstlstlcs would seem to Indlcat a con stales are producing higher grade anl- - deposit tn the United State to In rethese cars of in Judging fly ther is reply the question to at Tbe maintain properties presence awaiting pro.l union mala of a'l klnda and there is" still room from th deve opmenta In other mines of present great m sconoeption as to the construction, which was no part of the tlnliy ss good c"t d t on ha tv,v wirn pi will. In my opinion, result in good to the elderable Increase in eatt, Institution long after condition become during t7.e last four years, but the fact I for vast improvement akin these lines that locality, and taking Into account the matter cd of excessive operating costa Op- governments d on over, taken tilt obligation, when gal m .1 sidings normal. is that cattle for 1919, at the big markets, Was p.eased to learn, while In Denver geological condition known to exist, the- - erating costs in every line of business, throughout the country, ha created an been or wil be ru'?U! Hie c as fay as th1 show a decrease of about 1,000,009 head, recently, that John Beeley of Mt. bodies and whether private or public, have been exaggerated in.preaslon as to the Is no doubt that other or Tq forecast ucn' in ik ng ad u, ions old the fact that drought ant purchased a lull at tbe Ilnval enow other mine will be discovered there duris conIncreased hr war vend tinn and ni r, state of equipment. It should evr. Is a co- -r chr, u to particular phase of greatiy cerned is about as s'mple as predicting court. tlon force hundred of thousands of In Kansas Citv for $"00. Aa' Mr. feeley ing the coming year. .! a I do not believe the increase has beep hifrdlv be necessary to mention that the d 0 ,c c on, 1, in. :.in 1 bow far the iwoverbia) frog will jump. cattle to market and that cattle have de- haa been for v. rs a breeder of thorough1 . ; n ; The outlook for an adianr in the case of railroads than question of wiaititr nance On v la vnrttr Utah 11, ecurt tie In general la better greater states, bred cntIc, It' Is evident that he appreid-al- e silver-lea- d Thor's are those who declare that costs creased In tbs droughi-strlcke- n in tbe rase of other large enterprises d'scusslun , the t icnti 1. Ni w difference be. fa here, yet iicimu! th fact that w cannot get anjmala than It ha been for year, end if one The deficit In railroad operation hss not tween maintenance and addit'orm ami . will continue to rise, and that large ad- notably Montana and Wvomlng, below , . r ot , lew in; ... . pro Cattle too good forotir farms and ranches. vance orders shod-- he placed now. These any period tn the last decade , will confine his purchases to attuk of been due to operating costs being relat unv r t is sli not at ail betterments and apparently tor no who are those who prtdht that --capital and that have been shipped to market this farmer I hss doubt in th wrlt- - tively greater for th railroads than lor derstood. The tost of maintaining equipAny strakrs's'r high grad 5 l'i MV'C f 10' , rt O, 1 eou-pl- o labor wi continue to Is have l.ke i no 01 k ff ment and way and structure Is an o; year average less tn weight than for a tended th fat stock show held tn North Industry, but ha been da to private . t of strange bulldogs, fhu lowering long tlm 00 recount of short feed in tho Balt Lake for th past three year can- (Contlnued on Following Fog.) much smaller Increase in prices, that (a. mat, and as xii'-- during VAST ACREAGE STATE AWAITING WATER REDEMPTION -- abroad. The country pos'tion will in thl respect gridual y become worse. It Is exIf the consumption reaches it pected that former level again in the coming year will the or reserve be entirely exhausted within fifty year With these prospect In view the mining and steel magnates urged upon the military clique to bring new ore regions within the German frontiers; In other words, to try for the annexation of the French Lorrainean Iron This wa on of the criminal agitations, behind the ecenes, leading to If the German armies had not had the luck to be able to occupy from the beginning of the war , French Lorraine, the country would most probably fouV the' fivt moUhs supply of or from abroad wa entirely topped. The annexation of French Lorraine waa the question of Ilf for Germany and the future of th country rl ty was at stake. The new large industry of "Stapel-fas(artificial cotton and wool thread), In which large capital wa Invested, and which derived It raw material from bywa product of the munition industry, suddenly deprived of these raw material Moreover, the Industry had to face a quickly decreasing demand as a result of the Import of natural textile product The large chemical factories which had been working almost exc'usively for the army during the past few years were, by the sudden end of the war and the Impossibility to export In a large volume, placed before unsurmountable difficulties. the-wa- r. ed abut-2,uu0,0Q- 0 y. ur oTar See ot By JAMES' A. HOGLE, President Salt Lake Stock 41 Mining Exchange. In mining the past year haa been confusing. Th metal Industry and mining securities also have passed through a period of liquidation and depression. While practically 11 other commodities and securities have been selling at record prices, copper, lead and sine have sold near the cost of production. Even those companies which produced considerable silver were unable to arouse much public interest In their aecurltie However, a turn ,or th Occurred In Higher Rates Sought. 1 wai ur -- ' 1 bn pro-pe- ot railroad management and railroad labor, 1 do not believe the methods wh.ch will bo employed by private ownership will be uubrtantlally different from t hoe e emFor th ployed under federal control. ample purpose, the purchasing agents of the railroad whether under public or private control, will endeavor to secure cheaper price for materials and supplies as far aa practicabi 1 do not believ th exsting general wag levels can be or ought to be reduced. Tho Increase which ha taken place In the number of employees ha been du principally to tha eatabl ahment of th gight-hoday and therefor wiU continue to a large exabolbe tent, unlexa the eight-hoday ished, and I do not believe this might to bo or can bo don Improvement being had, end will continue to be rad, under either public In promoting or private management. greater experience and attentiveness to their work on the part of the employee The railroad have suffered l.ke every other Industry from the d.sturbing influences of war condition. Experienced employees have been lost, a greater tendency to change In employment ha developed and a psychological unrest has been more general. These conditions have not been duo to federal control. They will gradually bo less disturbing as normal peace cond tions return. To a large extent tho success to bo realized will be dependent largely upon the degree of mutual understanding, confideno and good will existing between tho management and th railroad, employee er uncon-sclona- , hJXt fPLv ichean broad-minde- oC it natio- one-quart- er con-d'ti- 1 - -- one-ha- one-sixt- reprs-aentatl- j . con-diti- -- , DEALERS REQUIRING STRICT ATTENTION l 1 1 le venue-produci- - - 1 rate-maki- STOCKGROWERS IN EMPIRE ENJOY 4 e- 1 1 1 -- unfa-vorab- .o 1 , , 1 s, .1 1 -- -r- . therl 1 rnc o- - |