, 1908-09-02

of the available capital of the country
into fixed investments that q period OF
necessary, the shock and iemorallza-
ton which the community suffered en-
tailed Il heavy loss that would NOT
have been suffered IL the situation had
not been complicated by a currency
famine, but had worked itself out by
the natural process. The country has
passed through the intense strain of
which 1t was suddenly subjected with
astonishing ease. The credits Of the
country are shown to have been on a
safe and conservative basis. There
has been no EPIDEMIC OF failures as
feared last January. In the last quar-.
ter of 1907 and the first quarter OF
1908. the number OF commercial fall
ures was larger thar In corresponding
periods OF recent years, but that
could scarcely be otherwise, consider.
ing how suddenly the reversal OF trade
conditions came and the unusual strain
upon credits. 4
THE first half of 1908, in short, dem.
onstrated that the country is in a very
different condition from that follow.
ing any previous financial panic. Dur.
ing It's years of prosperity, 1t has been
accommodating actual wealth. The enor.
nous investments of the last ten years
have been more promptly productive
than those OF any previous period OF
expansion. Indeed, 1t is not too much
to say that there has never been a
like period in the history of this OF
any other country in which its ener-
giles and capital have been SO effective.
ly directed and completely employed
as during the last ten years in the
United States"
The entire report Is an exceedingly
long one, exhaustive reviews of the
condition of all staple crops and bust
ness interests in various sections and
cities being presented. Under the
semi-arid group OF states conditions in
our own commonwealth are written
of as follows:
Wyoming.
"The banking situation is reported
state came through the panic in the
best of condition. There has been a
general decline in deposits, but the
turn of the tide is in sight. Money is
in better demand than for a number OF
years.
Mercantile business generally
throughout the state is reported as
good, and in many cases better than
last year, due largely to the fact that
there Is little manufacturing and few
pay-rolls. The state is growing rapid
ly, and new money Is coming in con
stantly and mercantile interests suffer,
ed little from the panic. Some de.
cline was noted In towns where the
railroads and coal mines had large
pay-rolls, but these companies are ali
rapidly getting back to normal con
ditions. Collections are reported o
little slow in some localities.
1.-The output OF the coal mines is
less thar at this time last year. bu,
gradual improvement is looked for
Notwithstanding the effect of the pan
ic in retarding the investment of out
side capital for development. some
mines have been opened on a fair
scale.
"The cold backward spring was un
favorable for young lambs, and the
crop was decidedly short. On the
other hand, the excessive amount Of
moisture had made pastures and
ranges excellent, and live stock
should go to market in good condition,
The price Of wool is from five to
seven cents lower than a year ago,
The mutton market is also from $1.0C
TO S1.50 per cwt. lower. The democrat
ICED condition of the early wool mar
iket was very diseouTasing to grow
ers, but as prices have improved great
ly of late shipments, they are feeling
very much better. Cattle are expected
to be in good condition when the time
for marketing arrives and good prices
are anticipated. Horses are also sell
ing at satisfactory prices.
RStiSoitui Va loltAl4olAy
on the increase, and the crop Of wheat
oats and sugar beets is larger than
ever. Good rains have produced fine
hay and forage crops.
Several large irrigation projects
are under way, but may be proceeding
more slowly on account of the depyes
sion. Including projects constructed
by private capital and by the govern
ment, several hundred thousand acres
will be irrigated within a verv few
years.
DRY farming experiments are being
carried on in various parts of Wyo
ming by the government and state
authorities, and in some cases by cit
les. Much of the arid land Is being