| Show Steady Growth of Business But No Boom Booms Due This Year Yeas Local Conditions Improving Dy By GEORGE s S TIco Ico Pres I frat t National 1 Bunk Bank BankAs Aa As one year passes pass I to 10 mak make room for the next wo we find all eyes o of the tho business world sum sum- summing summing summing ming up the results ot of 1925 1926 and manY attempts being made to forecast the tho outlook for lor 1926 It cannot be denied that the year Just past has has Wren een ono one ot or the tho most s satisfactory the Ui s business ness World has bas known The volume or of business was at Its peak and Profits have bavo been generally satis satis- satisfactory satisfactory factory The position 1 ot of the farmer to other groups has bas shown ste steady dy Improvement al- al although although though though his purchasing po power er did not show such a 11 marked Improve Improve- Improvement meat ment In 1926 1925 as It did during 1924 It has shown a fac factory tory lory gain gala Even though the pur- pur purchasing purchasing chasing pur-chasing chasing power of or the th farming communities Is not on a parity as asyet asyet yet with that o of the Industrial sections It is much Improved over two years ago ngo Ills buying power las has been largely Increased through the Installment credit facilities which have reached a tremendous volume Care must be exercise along this line In n ord order order r that over over- overextension overextension over extension extension of credit doe does not lOt result The past two years has given ghen us a generally Improved agricultural agricultural agricultural tural condition Wheat production production production tion In this country n not as a great as In 1921 1924 bolt bat the price was WIl generally higher The cot cot- cotton cotton cot cotton ton section of this country had the tho peak production of Its his his- history history his history tory with the exception of or one other year The cotton farmers or of orthis this country raised Gl 61 1 per cent centor or of the 1925 world cotton crop Although the crop ero rice was low lower low low- lower lower er the Increased yield has hu partly compensated for this During the past year we also tremendous yields In the corn crop and although the price has been exceedingly low the fact that the feeder cattle and hog prices are up has somewhat hat off offset off off- offset set this condition YD ell hi In all TOmay v o 0 omay may IDay say the agricultural condi condl- condition condition tion Is generally genera Rood IN IX INDUSTRIES In the industrial sections we wo save lave also seen steady teah improve- improve nent Production has hils been teen In- In Increased Increased in increased creased and labor is practically fully Cully employed The past P year has shown a continued increase In the tho th output from the steel In In- In Industry industry Railroad have been exceedingly largo Automo Automo- Automobile Automobile Automobile bile production has been very heavy Cotton and woolen mills have been working at their caw ca- capacity ca capacity Building activity has shown a large larse gain Building permits tor for the first 11 mo ot of 1926 weer greater than the tho entire year of 1924 which was as asIn In Itself a record year yearl ear l Credit conditions In tho the past year ear havo have shown a pronounced eX expansion to meet the needs otho of tho Increased volume of business It was predicted at the beginning of last year that Interest rates would show a steady tightening Nineteen twenty-five twenty entered with large surplus reserves and an l the tho federal bank Miscount rate generally low tow During the past year due to the outflow of or gold general increase in fn demand for tor Investment credit as welt w-li as in In vestment capital led to n general decline In bank reserves es and gradual tightening of ot interest rate rates 1020 1926 What will be Le the conditions during the year 1926 1267 This or of course cannot annot bo preC predicted but the prospects of the year can largely be determined 1 by lookingback looking lookingback back over o the conditions of or the I past years ye rs and find our I position In In the tho cycle This witha with n a careful re review V of our present condition will give us a fairly good picture We enjoy a com com- comfortable comfortable comfortable money market and Is 19 plentiful for all legitimate commercial needs We Ve hase e seena seen seena seena a general increase in time depos depos- deposits deposits its Ita of or banks making possible po an Increase In bank credit The out outflow out out- outflow outflows flow flows of gold and the Increased demand for tor capital hae resulted Ir in reduction of ot bank reserves and we should hould not see any slump in interest rates d during the th coming year nor will we have bave a money stringency We e may note noto a general depres depres- depression depression depression sion in two of ot our larce large indus Indus- industries Industries industries tries during the conning coming year On Is the tho building industry True the Increase in population and In Industrial In- In Industrial industrial expansion accompanied by the need for construction which 1 was carried over from the war r years has haa resulted In a tremendous tremendous tremendous dous building boom Ve lVe Ve have havi seen a general perlo period of building activity since 1921 1021 However from the report of vacant spaces and the decline In rents It ap appears ap- ap appears appears pears that the shortage which existed at the close of that hat year has been generally taken care of If H we e do set get et a recession In buIld buIld- buIldIng build in InK Ing It will Ila have ve a reaching far far effect through the slowing down downIn downin de- de dependent dependent de dependent In those Industries directly pendent on It and lessened k Its ened em employment em- em employment employment This will reduce pur purchasing pur- pur purchasing purchasing chasing power power In the Industrial group group- We Ve would set sec seca see a n decrease In Installment selling which has gained so 80 rapidly during the tho past year yeH The other Industry which may show n a a slackening tendency this year Is the automobile Ind industry Production has hai been at such a shigh high rate that the over o overproduction overproduction tion point is being approached iNi- iNi J J I J- J 9 4 Any serious check check In In this thin Indus Indus- Industry industry try Iry would also niso be bo felt In dimin dimin- diminIshed diminished diminished Industrial purchasing power Offsetting Influence to a pos pos- possIble pos possible sible decrease e Influences o In purchasing Industrial Is lathe power In the the- group the prospect for tor continued im- im improvement Im Improvement provement pro In the agricultural group Prices are arc more stable nn and l farming conditions are arc monon more moreon moreon on a n parity arllY with other r groups that Is is the relation or values value between the rhe prices es received for tor farming commodities and ond the prIces paid for or commodities necessary necessary essary for farm operations Is Is Ismore more nearly equal a decrease In our tax will no doubt be felt feit this year vear and ind will hav have havelis Its lis Influence on all groups W Wo We can look for continued Improve Improve- Improvement improvement ment In foreign countries and awell a awell awell well sustained export demand mand for our products There should st be bea bea ba a general continuation of bw busi- busi business busi business ness prosperity during the Ihl present year ear However we cannot expect as much improvement over last year as BS we saw over 1924 W We should be content with rea reasonable profits and conservative e Increase in production We do not called want called so-called boom times but we do want continued activity with Ith long long- longer longer longer er perlo periods of stabilized prices Locally we may lo look look k for gen gen- general genera eral continuation and alight Im- Im provement In conditions The general liquidation In agricultural D credit has put our turn rural com com- communities com communities In a better position Stability in the tho the prices prices of our farm products has hae been doled fl Prices of cattle and sheep are satisfactory satisfactory tory Duo Due to the tho general Increase in 11 the population of ot the bo west and the continued development of of the western market mark t for our products I I a better belter outlet for our t products has developed eloped conditions are sound with bank bauk reserves fairly large In comparing comparing con con- condition con conditions from one year to the ne next t the Increase In in our business shows such a gradual Improvement that we sometimes lose loso sight fight h of the Iho tact fact that our business bu growth has bas shown the development that It has bas our conditions with 10 years ears ago we note that thai the output from our canning industries In- In Indu In Industries du Irles has shown more than a per cent increase This coy coy- cov covers era ct ers s the output of ot Davis and Weber counties The sugar sagar out out- output output out output put of the state has Increased more than per cent to 39 39 n Building permits of Ogden in 1915 totaled to In 1925 they were Ogden Og- Og Ogden den as a livestock center has halso also shown large development From the above above statistics It ap- ap appears appears ap appears pears that we havo every ev ry reason for tor e lg an tc feeling r regarding the fie coming f year ar and I the tho future of ot t this l community conn |
