The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1913-03-20
THE YE&a 1912

Inc year l'lS was HlOoI lhteI SstiS ohe, luii
of Kaleidoscope changes. AT its opening, opinion
as 10 the future outlook was very much mixed in
deed. For about two years business had been tran
sacted from day to day only, because mediocre
crops, high prices, small volume Of business and
slow collections coupled with the constant polii-
cal turmoil, had reduced the average business
to state of absolute uncertainty and trepidaton
regarding the future There heavy demand
for funds from Europe which, events have since
showed, to finance the most active year Eu.
ropean commerce ever saw an activity that per-
sisted and grew in the face Of severe labor trou.
bles and two wars.
Ours is a large and growing country with a
population increasing at the rate of about ZOO 900
per Gnnum. Our normal requirements therefore
increase something like per cent each year and
inasmuch business had practically stood still
for many months, it follows that there had
uated large amount of deferred business to be
taken care Of when real activity did finally com
mence. Not only among the purchasers of steal
but OF almost all manufactured products, buying
had been to the bone in the effort to economic
and by way of marking time until the business
world could decide whether it dared to put much
faith in the future.
notable instance Of the degree to which bust
ness had been deferred was the railroad equipment
situation. The railroads had been pairing their
maintenance accounts numerically and had spent
very little on new rolling stock, SO that they
practically year behind in the ordering Of freight
cars and locomotives, and, in order to escape be-
ing overwhelmed by the normal business which
fall upon them, they began, in February and March
to order equipment in greater volume. The move
ment gathered Roadway and all the equipment
manufactures crowded with business. The
Baldwin locomotive factory, for instance Is employ
ing more men than ever before in its history, and
has business on its books for months ahead. Sim
liar statements could be made Of other kindred
lines.
The forward movement was accelerated to some
extent by the fact that for some months prior to
1912, and in the first part of that year, prices in
Europe had risen faster than those here thus ma.
king America favorable market place for the rest
of the world and consequently increasing our 1912
exports to a point unprecedented Domestic buying
orders of all kinds and from all parts Of the caup,5
try began to multiply and new building picked up
at rate entirely unwarranted by the mere fact
of the coming of spring. As the prospect for rec.
ord breaking crops became more and more a
end OF summer 1t had reached point higher than
had been touched before for long time. In Oc-
tober the railroads gross earnings made the great.
est gain the corresponding month Of the year
before that is known in the history of American
and their aggregate revenues were
larger by many millions than any previously on
record ---..----
The electrical world keenly active 1t is;
that two billions of dollars were
spent in the United States for new construction
and machinery and for service, about ~ per cent
more than in 1911. With the large items of new
construction now going forward and in view of the
rapidly increasing patronage of electrical service
the present year can scarcely fail to
be even more active than the past one along this
line, and the copper producers take much COM
fort in the outlook.
The manufacturing industries of the country
seem to have made their highest record in volume
during the past year, measuring by the movement
Of iron ore on the Great Lakes and the movement
OF other domestic products toward the factories.
II space permitted, there could be instanced the
volume of foreign trade, of lumber sales, and other
favorable items.
However, the past year has not been entirely
rosy, and two dangerous factors visible, /. e.,
the steady rise of prices of most things, and the
extension visible all the world
Fearing general war, Europeans are boarding
gold to the amount Of several hundred Millions and
cash reserves are not at a point where they can
properly assist in great industrial expansion in
addition to absorbing the years losses amount
ing to perhaps billion dollars The high cost OF
living is not less a problem in China and japan
than in Europe and America. Corporate borrow.
ngs everywhere have reached huge totals, and the
simple fact is that the world is over 'naned
1t is no secret that the railroads, except when
the wheels are turning the fastest are having
difficulty in maintaining their net earnings In the
face Of stationary rates and rising charges. The
partial meeting of this situation by some of the
mountain roads through elecrihcation is in its pc.
tentialities for the future, perhaps the impor
tant thing done during the year The Chicago
Puget Sound Railway is busily
engaged in the identification OF $50 mile stretch
OF It's line across Montana The ID. r. G. has
semi officially announced similar intention to
its line across the mountains from Helper, Utah
to Salt Lake City and it is rumored that others win
follow suit. The Importance Of the move in this
region of plentiful hydroelectrc power may be
guessed from the estimate Of the Milwaukee engi.
neers that train operating costs will be cut practi