The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1911-01-28
J. E. Cosgriff, Prominent Bank
er, Gives This as Chief
Cause of Shortage.
SEES PROMISING FUTURE
IN STORE FOR SALT LAKE
Agricultural Development Is
Bound to Bring Prosperity
TO Mountain Metropolis.

!. E. Cosgriff. president of the Con-
tinentaI National bank, has returned
from trip to the Pacific coast, where
he spent some time in San Francisco
and Los Angeles. He is optimistic over
the business outlook for Salt Lake ana
in the steady growth of the city 10
Tribune reporter Mr. Cosgriff said;
"Every business man ! meet who
is student of the resources tributary
to Salt Lake saws that the city viii
enjoy a rapid growth to a greater
extent than many Salt Lake people
might think. A greater part OF tne
country from which Salt Lake draws
is classed with the best agricultural
territory in the United States, and af-
ter all it is upon the agricultural re"
sources that the basis Of growth must
be calculated.
HIdaho has doubled its population
in ten years and almost solely upon tne
great development of the agricultural
industry of the state. When one stops
to think. it is something TO be consid-
cred when a state through no big MIN
ing boom or other extraordinary In
short space of ten years. Idaho g
rapid growth means that Salt Lake will
derive great benefits, as no other city
can count as much Of Idaho territory
tributary as Salt Lake.
Great Agricultural Development
cit is difficult to estimate the agri-
cultural development Of Idaho. That
state not only has the soil and climatic
conditions necessary to rapid develop
ment as we'll as an ample water supply,
but also the farmers appear to be In
advance in approved methods regard
ing the growth of farm products. L
believe these conditions cause the pro-
duction of crops nearer to perfection
than In many parts of the west, For
instance, Idaho apples are displacing
apples on eastern markets in conlpetl
ton with eastern grown fruit There
are reasons for this. The trees are
cared for properly and the fruit ls
honestly and reliably packed. The same
is true of other crops grown in the
stale.
HWhat is true Of Idaho is in a meas
ure true of all the agricultural terri
tory surrounding Salt Lake City. l
say in a measure. true. because the
the pace for other western states in
the modern ways Of farming and the
progrcssiveness of the men coming into
the state to develop this resource
Spend Fortunes in Europe.
"From my observations the causes
for the general depression We feel are
nation wide, There are many things
held as causes for the depression that
may contribute III way to the condi-
lions described as general depres-
sion. | believe that the chief cause
is the great hordes of American tour
lists visiting Europe and foreign coun.
tries annually, It has been estimated
by men with means at hand to get toll
cradle authentic figures that American
tourists spend S300,000,000 annually in
foreign countries. The vast sum OF
$250,000 900 is expended with foreign
transportation companies for passen-
gers and fenght each year. Interest
on foreign held American securities
leaves The United States annually to-
gether with money sent away by for
eign labor in a sum large enough. it is
estimated to bring the grand total of
money sent to foreign countries up to
the startling sum Of 100000, 900 each
year.
Recovery Hard Work.
"Therc is only one way to get this
money back and that is by sending our
products TO these countries. and that
is a slow, hard way to get it back.
The amount returned by tourists from
Europe, the same authorities say, is
hardly to be considered.
81 spend considerable time in the
east and have visited time and again
some of the big mills of the east-cot-
ton and woolen mills, and thousands of
the laborers employed are foreigners
who send their money back home. This
money never sees the shores of this
country again. only as at comes back
by our hard labor in exporting prod
ucts. Why, American securities held in
Europe that draw interest. alone, is
an item of consideration. The interest
we pay on them is turned into more
American securities. When we stop TO
consider these things we must say that
the United States is at a disadvan-
tage."