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Show I BANKERS OF OGDEN OPTIMISTIC OUTLOOK FOR I 1922 BETTER, I EXPERTS AVER I Statements Given to Stand- ard-Examiner List En- I couraging Signs I NEED OF WORK SEEN I Expense of Running Govern- IB j ment Must Be Reduced, I One Banker Says B "We have passed on to better con- I ditions." H "I am much encouraged by the out- , look." H ! "There are unmistakable signs look'- j I ing to better business in 1922 " H 1 "The New Year has opened under H kmuch more encouraging conditions." H These are expressions picked from H I statements written Saturday by Ogden H bankers especially for the Ogdcn-Stan- B dard-Examlner. H A strikingly optimistic feeling per- H vados all the statements. Both na- H j tlonally and locally. Ogden's bankers H see Improvement In industrial condt- H tions. H The head of each Oprden bank was H t asked for a written statement. These H , bankers responded as follows: H BY O. W. ADAMS : Ice President First National Bank flj and o . Savings Bank H There are unmistakable signs look- a ' ing to better business and cconomlo fl conditions In 1922. More hopeful than H anything else Is the effort towards H otual reduction in government tax- H es Whli h will Come from limitation of H armaments. The settlement of tha H i Irish controversy will aid in the eco- H ; nomlc reconstruction. The submls- H I sion of the first government budge! H -.- !h a mar a: ihe head who Is a real Bj business man. ought to mean a great H j reduction In Kovomment expenditures. Bj I The able business men of this coun Bj try who are also acquainted with the H economic conditions firmly believ e thai BJ In 1922 a substantial stride will have IH : been made towards normal condit,nn. I I The brightest spot of all in my estl- H , matlon is that the American pcopf l j have, found the only method by which H they can get back to normalcy. That BJ method Is by exercising thrift and H economy and rei that no ceo. BJ nomlc law can be ultimately dispensed I with. These laws may bo set aside H ' by government regulations. Ignored by BJ j businesses and individuals to ovcr-ridn H an emergency, but In every case the jl come buck and In coming the price is (I paid m full with interest for having s-:t H ihem aside B ; .MUST REDU4 E EXPENSES I The time must come when tho farm-ev farm-ev will produce at a profit. For son time he has been forced to sell his BJ . products under cost of production. Tho price the farmer has paid for thoso things which are necessary to cany on IB his business is totally out of line with BJ tho price he gets for his products. BJ The expenses of running govern- ment 9 must be reduced materially and. BJ therefore, taxes must be reduced Thu BJ ' might be a hard problem, but It muc WW hi olvcd. and the longer It goes un- II solved the longer it will take to get BJ back to the old conditions. Everyone must be hopeful In spirit. There is H ' eer reason to be hopeful. The as- H sets of this great government are un-impaired un-impaired There every reason for having faith In the future. Faith In H the future must, however, be based BJ on good work, I mean by good' work. H the knowledge of the economic law BJ and the willingness to conform to thoso principles, even though self-de- nlal must be practiced. BJ BY t R AK .) STEVEN8 President Socnrltj State Bank I Witii the Cose Of the year, 1 sco Bs In the result of lhe year's activities, BJ much to be taken as a basis for the BJ feeling that financially we have put BJ behind us the uncertainties and pass- WM ed on to better conditions. Bv The December LSth monthly report to the federal reserve board, covering the period ending December lCih, BJ UJJ. shows - reduction In the borrow - 1BJ ings of member banks to be twenty- BJ four million dollars or over twenty- WM seven per cent, leaving the total bor-rowings bor-rowings on thai date, the smallest re-ported re-ported ut any time during the last two BJ These liquidations in the Twelfth H reserve district ieflect the conditions !n other districts and Indicate a H healthful financial condition through f out the country. Locally the situation BJ h.as been handled and the locul jirob- MM lems worked out and solved success- MM fully, our bankliiK iiist:tutlons having l maintained a strong position financial- BJ ly, enabling them to render emerg- B I ency assistance needed by business and B agricultural interests beyond that ren- HI dered in almost any other locality. BJ it n frei.'ri: I ' I .. BJ I or level, war finance corporation funds Bg released to help the livestock and other BJ interests and the general readjustment to changed conditions, should stimu- BJ lato confldorfce and point to a grad- MM ual and sure return to satisfactory business conditions throughout the MM country during tlio Now Year. BjJ BY WARREN F.. WATT1S W I Managing Ice President, l'th B I jloiiiU Rank. ' I I am much encouraged by the out-- dBj look. During the year I! BJ and Industrial gondii Ions will be greai- H (Continued on Page 1'ho.j Bl 1 Mm OGDEN BANKERS SEE HOPEFUL SIGNS AS 1922 ARRIVES AFTER MANY MONTHS OF READJUSTMENT (Continued from I'nge One) ly improved. Tho change for tho better bet-ter will be gradual and there may be times when we cannot notleo its progress! pro-gress! but a year from now when we come to look back, w e shall sco clearly that our economic position Is much better that It is today. Nimo of my reasons for this are. During the past eight years wo have successfully passed through a great crisis; prices were suddenly raised and our sense of commercial values distorted, dis-torted, 'ind almost lost during the War period. Then came the widespread drop In all prices following the und of hostilities, which Immeasurably added to the confusion and the difficulties. diffi-culties. These elements are too many und too complex to bs enumerated, but they wi re real nevertheless. We have been through a severe training and have learned valuable lessons, and the fruits of this learning are duo to bo realised. The elements entering into the adjustment are world-wide, but a few concrete examples m:i be cited from our local conditions. I : I u 1 11 111 IT. We have derived immeasurable value from the habits of thrift and cooperation co-operation which we were forced lo learn and practice during this strenuous strenu-ous perlnil. In spite of the hard times, people are continuing their saving habits, ond the combined saving! deposits de-posits in the banks of Ogden uro equal to, if not greater, than during the unnatural prosperity of wartime. Our merchants In the main, have readjusted re-adjusted their Inventories and taken their losses. Heal estate prices are back to normal. nor-mal. The livestock Industry, after having passed through the most try ing period imaginable, has readjusted Itself, and there are already Mgns of betterment better-ment In tho prices of catUe, sheep, wool and hogs. The sugar Industry Is of paramount para-mount importance and may be taken as typical lr the purposes ..f illustration. illustra-tion. Evidences are multiplying that during the year 1922 It will be re-established on a profitable basis. The 1 beet growers, the manufacturing companies com-panies and tho banks, both local and II nt, have co-operated and the result re-sult ot that co-operation is shown In the fact that every factory has made land stored a generous product this I season. That product Is yet to be mar-keted, mar-keted, and the law of supply and de- mnnd during 1922 should not fail to bring a price for this commodity that will Insure a fair profit. The same conditions in a measure havo prevailed in regard to the canning can-ning provision, packing, cement and flour-making industries. STCLd HAVE I ItOl Bid -The National government hus recognized recog-nized the seriousness of tho situation I and its obligations growing out of the j fact that national emergency brought : about the disorganization In business, and It is assisting. In the readjustment. I This is particularly evidenced by the . money made available through the I War Finance Corporation, to assist I in marketing at stabilised prices, sugar, su-gar, wheat and other farm products, i and for advancing money under competent com-petent banking supervision to assist livestock producers. Notwithstanding all these favorable evidences, we must not blind our eyes to the fact that our troubles aro not yet over. A proper opening of the I markets for the commodities produced here is necessary to complete prosperity. prosperi-ty. This Involves the re-establishment j of commerce with other countries, but proof is being produced every day that i this Is being worked out on a large ' scale. I Another problem that must be settled, set-tled, and settled right, is the ques- Hlon or wages' and the establishment of cbmpleto harmony between employer- und workmen. All these are big questions, but the American people have been aroused to the necessity of solving them and solv ing them correctly. Therefore It will am uunv, CHARLES H. BARTON Charles H. Barton managing vice president of the National Hunk of 'Commerce, quoted from the banks 'January letter on general business i conditions as follows: 1 The new year has opened under much more encouraging conditions, ithnn those which confronted the na- lion twelve months ago. The country's bank position is much stronger and there Is no longer acute credit tension. ten-sion. Interest rates have declined sharply and legitimate borrowers arc getting what accommodation they 1 1 it for productive purposes. Surplus merchandise stocks have been heavily reduced and in some cases exhausted Good headway has been made in readjusting re-adjusting wages and In securing better co-operation between capital and labor i Average production costs have been lowered and war abuses, to a large extent, ex-tent, eliminated. Investors, instead ofi evincing timidity about making per-1 main nt investments, are showing a preference for long-term securities and I giving out llbrral orders for good j bonds. The achievements of th Disarmament Dis-armament Conference at Washington I have exceeded expectations and Insure a mate-rial reduction b the Allied nations na-tions of armament outlays. Tho de- vnlnnmoTila are h 1 1 h 1 V r. , la 1 1 r I n c 1,1, f there is nothing in the situation to justify reckless speculation anywhere t si STENT CO-OPERATION Team-work and hard work will b needed to vvln out In this might interesting' in-teresting' ear of heroic reconstruction reconstruc-tion effort, The nation has benefitted enormously from the abandonment of I extravagant buying and reckless thinking Steel production In November Novem-ber was more than double the July rate and finished products are now only about 30 per cent above the 1914 prices. The drmand will broaden materially ma-terially as soon as structural Inquiry Increases, for ordinary day to day consumption con-sumption Is showing up well All pig Iron buyers are conservative but, with the release of new rullroad orders, output out-put for tho whole Industry will Improve Im-prove materially. The low price of corn hus been a sorlous drawback In the business situation of the West and explains the heavily reduced volume done by tho mall-order houses. The situation has been helped however, by the largo advances made by tho W ar Plnanco Corporation which have saved tho farmers Immense losses and have been of griat a .-istance to ulher interests. 1 I KOPI RESTORATION' Economic recovery in Europo is progressing pro-gressing and the number of men under un-der arms has decreased 1,000,000 within with-in the year, Pressure of tajcution and unl Llanced budgets is assisting disarmament dis-armament und making it easier for all nations to agree to thi proposals of tho Washington conference. All countries coun-tries excepting Rur.sla are showing gains in political stability and Bolshevism, Bol-shevism, which was a serious menace last year. Is on the wane everywhere. Tli" degradation of Russia with the lorrible suffering of tho populace during dur-ing the period when e-ondltlons elsewhere else-where were on the mend has emphasised, emphasis-ed, as llttl" else could, the folly of exchanging sound government for the communal system. While the Euro- T pean situation Is still fraught with I great dangers, eondltlons are gritting I better and. with the reparations dls-1 dls-1 pute adjusted the outlook will be vastly Improved)) Governrn.nt.il finance is the sore spot with the weaker nations, that are deluged with paper Inflation, I but the probability is that the new I year will Witness far-reaching reforms In this direction. Many foreign governments gov-ernments are seeking loans In the United states and fully ?2.f.oo.ooo,ooo I of such securities aro now held by j American Investors HI SUING hi ELDING More ban ten billion dollars of now construction work Is waiting to be done ns soon as employers and workers work-ers agree on a proper wage scale This lltuation Is heitfg gradually relieved and within tho last few weeks real progress has been made In launching launch-ing heavily capitalized projects. The building shortage Is still very great I however, and the probability Is that a carefully planhod building campaign I of lrnmense proportions will provide work for several hundred thousand I men this spring Average rentals are j still very high, judged by previous I standards, but no higher In many cities than the excessive demand 'for accommodations,' ac-commodations,' has warranted Pull I returns w ill BhOW 1911 to have been a record year for estimated building expenditures, as pressure" for new construction con-struction during the last tew months I was very great everywhere. There Is now an abundant supply of capital I available for such Investments provld-j provld-j fed they can be made at a cost level I sufficiently reasonable to Justify the I expectation of a fair return on the money employed. Tho country Is still .short more than 1.000 000 homes and I until theso are supplied It will be dlf-i dlf-i f leu It to depress living costs to a normal nor-mal level. WEAIni PRODUCED Tho Amorlcan farmer has Just ended I an exceptionally trying year, but his position Is Improving and. In the Judg-I Judg-I ment of Secretary Wallace of the De-I De-I partment of Agriculture, the "worst Is over" and further betterment may be I expected. High freight rates, together ' with excessive production costs, were a heavy burden for the farmers last i year More Intensive agriculture with jlnrger production per acre and lessened cAst are necessary to meet foreign .competition and maintain our living at present standards. Tho government i will put forth unusual effort this year to assist these developments, for tho i farmers are still the predominant class and sustained prosperity for the country coun-try Is Impossible when the farmers are not able to make both ends meet. Since t'.he armistice food production has suffered little curtailment compared com-pared with the sharn falling off In Industrial In-dustrial output. Taking average production pro-duction for the five years prior to 1914 I at 100. wheat production last year was !l06 per cent, and the corn yield 115 : par cent as compared with 59 per cent I for pig iron and 96 per cent for cot-' cot-' ton manufactures. This is very significant. sig-nificant. CHRISTMAS BUSING Holiday trad last month was not sensational, but better balanced and more sensible than In any year sin. e tho world war began It was done at a relatively harrow mat gin of prof!., but the undertone was good and the demand chiefly for useful merchandise. Luxury outlays for the country as a wh.de showed a marked falling off. Relatively high temperatures curtailed buying of winter merchandise in many sections an'! naturally affected the general gen-eral volume of holiday business. But with he country's purchasing power restricted, as it was through unem-1 unem-1 ployment and reduced business activity, activi-ty, the results were distinctly encourag-' encourag-' Imr Important selling campaigns i were organized by some merchant! to I stimulate business and many of these were successful because of sufficient price revisions to attract buying on a j large scale. At certain centers an un-i un-i usual buslne?s was done when the extent ex-tent of Industrial depression was taken j Into account. Readjustment of retail e" " " J .... unci; to be an Important factor this year. IN B81 MI N I DEMAND Enormous buying of bonds carried average prices last month to the 1921 high level. This demand showed great breadth and reflected the revival of Invcrf.nK nt confidence to an unusual extent. All types of securities wore In demand, except the highly speculative specula-tive variety which the publu largely Ignored. Tax exempt Issues were bought in quantity by people of large Incomes and also by traders who looked look-ed for response to the President's warnings against fresh Issues of hat type. East year was In some respects a record one for the bond market In that the new issues of several loaru reached unprecedented totals and the Investing public evinced a growing demand de-mand for securities of foreign origin. The Indications are that ChiS demand will continue for some time to come, provided, nothing develops In the situation situa-tion here or abroad to unsettle confidence, confi-dence, or further disturb tho bond market Thanks to .'he Idberty Ionn campaigns, and our great banking ftrength, the I'nlted States ha.s today the best organized and most powerful bond market In the world. This has given us prestige und will be of great future benefit BY A. P. BIGE&OHV Coidilcr of the Ogdcn State Bank As we close tho door on 1921 there Is hardly a man who does not breathe a sigh of relief for It has been the year When the tull effects of reconstruction have been tell The war with its cost of 21" billions In money so upset he financial affairs that the U fc. Is tho only . ountry in the world today whoso currency Is at par Nations were our customers and production was devclop-I devclop-I ed on a scale, never before undertaken, but this year we have been paying for all these easy times. Our western lndu:rlcs have suffered the lull effects not only of a big reduction re-duction In price but a slowing up of demand Tho condition through tho country became so critical that tho administration in a strong and practical prac-tical way came o the support of the agricultural Interests, first by enacting an emergency tariff, which stopped the Importation of, great Quantities of wheat wool, etc . and later by the revival re-vival of ill' War Klnanco corporation, which lias been loaning millions to the live Stockmen, farmers and Industries dealing directly with them This aid has already been f.-lt and the sheep Industry has been the first to recover. Secretary of Agriculture Wallace recently re-cently said the prices the farmers have taken for their products were below the prices of 1913 and 1914, but the prices they havo paid for the artloloi thoy had to buy have been lf.9 percent per-cent of the 1913 and 1914 prices for those articles But eventually prices will seek a level and be In proportion as they were formerly. With the new year wo got a substantial sub-stantial reduction In freight rates on the principal products raised here. Ogden's Industries aro making the best market found anywhere because of our canning factories and sugar fac tories our farmers can raise u diversity diver-sity of crops with a higher return per acre; our grec mills ond elevators take grain from a wide territory and send It forward after grading or as flour and by-products to all parts of the nation. The packing house and otockjards i havo built up B market here which is an advantage to the entire Intermoun- ' Cain country. i There Is prosperity her as is evl-denced evl-denced bv the lr reuse of savings deposits de-posits In tho banks." Our people have faith In the future growth of the city, tho development of her Industries that Is a big thlnr;. i We aro entering a new ear, times ! will gradually Improve. |