Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-10-12

mills, silk mills, machine shops, ship
building plants and great many other
manufacturing establishments, most of
them are more for assembling and fin
fishing than for primary production.
There is nothing in the way Of large
steel mill That's because there are no
ore beds on the coast The Union Iron
Works loom large and have turned out
many good ships, but their province Is
largely in repair work. Practically all
the large industries are devoted to prod
ucts Of the soil and the sea
Their, are mammoth plants devoted TO
the f4cking of vegetables and fruits and
others to the packing Of fish and sal
mon. large feet is employed In the
salmon catch. Through the price gyra-
tons Of canned goods In the last year
or two, producers and bankers and 9TH
ers concerned have had some slsepless
nights. At the beginning of 1921 there
was tremendous carryover and the mar
ket seemed to have no bottom Tomatoes
sold at half production cost Packers
wrote of inventories three times; one
large concern failed Alaska red salmon
sold freely, but not the lower grades
of salmon Canned fruits were q drug
on the market A change came IN May
and by August all the surplus was sold
Together with the disposition Of the ex-
cess prices were advanced twice It is
reported the whole season has turned out
30 well that the Alaska California Pack
Ing Corporation, which owns So per cent
of the stock Of the Alaska Packers As
sociarion, viii have some dividends to
distribute
1t is somewhat the Same story rs to
canned fruits and vegetables Agrieu1-
turists received about one half the
money for their products this year COM
pared with last year Prices opened very
low and went lower and then t1rnsd and
have been on the upgrade since Lemon
growers were exceptionally favored They
got good prices for their crops
DEVELOPMENT OF
RICE CULTURE
a great deal Of rice Is grown IN the
upper Sacramento Valley. The rice grow
ers have been shooting the chutes. In
no other place on this continent is rice
grown so far north. Somebody started
rice culture in the Sacramento country
five OF so years ago on lands supposed
TO be good for nothing. With the proof
that rice fOuTished thereabou a boom
followed and the previously dispised low
lands went up TO $500 or 5000 an acre.
Fine crops followed and then rice mills
the rice yield was 100000 bags. Now it is
IN the millions.
Apparently there was over production
or rice acted in sympathy with other
Soodstuffs, for the bottom dropped out Of
the market and there was woe in the rice
belt. Now tn re is an improvement in
price and the gloom is not so deep but
the feeling is general that the rice bust
ness has been OverdOne herea bouts.
FINANCIAL STATUS
OF BANKS.
While some banks on the coast had I'M
pleasant losses in foreign trade opera
lions and not a few commercial concerns
were hurt badly. 1t is declared that Cali
9ornia's financial institutions had less
prOportionately to trouble them on this
account than did those on the Atlantic
eeaboard.
y leader in financial circ1es-a man
of nationwide reputation-explained it
thuswise; This bank has had the best
gear it has known in long time. There
was a period when every morning when
I came to my desk I had not a few call
srs who laid before me chances to make
q lot Of money. Now, I like to make
money for the bank and for myself. but
experience has taught me that wnel
there are unusual profits, there are IN
usual risks, so at the expense of being
considered a bit Of i fOgy 1 advised my
callers to be moderate, to go glow, n
fact. Personally. 1 confess I don't IN
derstand how we can have large rOr-
eign trade while the exchange is 50
greatly against the purchaser and I !on't
like to finance large operations-with
people across the seas who have not an
established credit rating There were
TOO many people in the field, they seemed
70 bloom overnight, and l just naturally
was determined to stay out.
81 was criticised, oh. yes, and so were
some of my other banking friends. We
were told Indignantly WEE were losing q
great market.
well. those who went in when we
wouldn't lost not only the market, but
their money.