Arizona republican., 1921-01-01

should be attractive to the consumer and that depleted stocks of merchandise in many lines should result in orders being placed with manufacturers that will again permit them to purchase and manufacture raw materials into mer- chantable goods.
 Banks Had Big Task
 "The Salt River vaney has not been more adversely struck than has all Of the rest of the producing section of our country. While criticism has been di- rected against the large amount of cot ton which was produced here, it does seem that had all of our energies been directed 10 any other one crop in the same proportion, that we would find ourselves in just the same position. We have been told repeatedly that our cotton ranks among the best which the world produces and, while our market has been delayed, it is the opinion of many who are informed, that the next few months should show a market change for the better. It is also true that the "nimble dollar" passing from hand to han din liquidation of obliga- tions. will quickly show a decided change in our whole situation. We are told repeatedly by customers having friends throughout the east that they
  send them that we have much to be thankful for in the Salt River valley, and that they are glad they are here rather than some place else during these trying times.
 "The banks of the Salt River valley have had an unusual task to face dur ing the past year and they have stood Loyalty by their customers and have extended to them every possible assist ance consistent with good banking. It is my belief. from all the reports that | I have read. that conditions in the east are becoming better both in financial and commercial lines and that the early months of the new year should show a decided improvement in our own sit uation. We have the same soil, the same water and the same climate which | has built our success In the past, and | all of these things coupled with energy ! and determination of our people, as sure for us the future prosperity of this section. Agriculture, after all. is the very foundation of life, and the re- sources which we have. coupled witl
 the energy and grit of our people. art bound to bring ultimate prosperity" A. T. Wingate, cashier of the Valley bank:
 Signs of Encouragement l gent condition, there are many signi oe encouragement for those who ar, not too depressed to take note of them Commodities of all finds are fas reaching a level where the public cal resume buying. Wages are showing some tendency to decline but the~in crease in buying power of the dolla has more than made up the occasiona wage reductions. Labor and capita seem to have adjusted most of thei difficulties and are apparently tryin
 to work together on a friendly basis Most people now realize that this de flation period had to come and tha each individual must share his portio of the necessary inconvenience.
 The new administration is proceed ing wisely and sanely on a program which calls for economy in national af fairs. The orgy of spending is owe and America is settling down to work | Prices Of building materials ar | falling with other commodities an should eventually result in an increas in building activity.
 Locally, we feel that the depressio is only temporary. We have a yer valuable crop. one which the worl