The Idaho Republican. [volume] (Blackfoot, Idaho) 1904-1932, 1921-03-14

147.S7, with total deposits of $780,
74S.94 while the third bank of the
city has resources of $646,434 with
deposits of S367,391.75. These
statements are the last issued by the
banks in the fall and are of the date
of November Is. They were not
given at normal time, and under
ordinary conditions the amounts
would be much larger than shown in
this article. But under the adverse
conditions which the west and the
northwest has been facing almost
| thruout the entire year of 1929 and
part of 1921 the reader is able to
judge the ordinary financial stand
ling of the county and to know that
there is never any fear, under normal
conditions, but that there is ample
money in this section to finance any
undertaking which is meritorious
and tends for the development of the
future resources. When three banks
in city of this size under adverse
conditions can show resources of
more than four and a half million
dollars and deposits of two and a
quarter million it is bound to dis
count any doubts that prospective
immigrants might have as to the
financial standing and possibilities.
we anticipate one of the largest
business years in the history of the
state thruout 1921" was the express
sion of one Of the leading merchants
of the city as he cautioned the writer
to be careful and not let this article
become impregnated with any Of the
feeling that the county and city are
going thru period Of hard times.
1--WE have found in our business" he
continued, "that there is class of
people who do not pay their bills in
normal times and are using the
present financial conditions as a new
excuse for avoiding payment of ac-
counts and this class in the main are
the agitators. Those with sounder
judgment, who have been our patrons
for years are looking forward to the
are reading when the statement Is
made that we expect a larger busi-
ness than last year."
All the merchants of the city have
taken the reduction in prices as
necessary evil and have adopted the
proper course viz, instead of trying
to dispose of their surplus merchan-
disc in accordance with the high
prices which prevailed a year ago at
which time they purchased this mer-
chandise, they have invoiced their
stocks, charged off their losses and
reduced the prices of merchandise
down to the present market quota
tions. In every instance it meant
heavy loss to the merchants as many
articles have reduced at least SO per
cent while all merchandise has come
down at least 33> 1-3 per cent below
the cost of merchandise a year ago.
This means to sell this merchandise
on the present market that the mer-
chant has lost at least third Of his
original cost, but by taking the loss
all at once and charging 1t off his
books it has brought about the
reorganization of commercial busi-
ness much more rapidly than in other
communities, where the merchants
are trying to get cost out of their
surprul which is at least a third
higher than the present retail price,
Blackfoot has a class of merchan-
dising establishments which would
be credit to a city several times its
size. The owners of these stores are
good business men and being men of
the new west they are familiar with
reverses and know how to take them
and to make the best of them. The
stocks were materially reduced prior
to the first of this year and no new
stocks we're put in. In fact one mer-
chant stated to the writer that he
would not buy paper Of pins for his
stock until the market had become
something like staple. The holiday
business was much better than was
anticipated and resulted in the
stocks generally being reduced. That
-is to say the high priced merchandise
has been disposed Of. As spring ap-
proaches the shelves of the stores will
be filed with new merchandise pur-
chased at the new prices which means
material reduction in the high cost
of living and will be the first stepping
stone to a phenominal, successful
financial year in Blackfoot and Bing-
ham county.