Arizona republican., 1921-01-01
Brightest Of Outlook For Salt River Valley For Year 1921 Is
 Opinion Of Bankers Of Phoenix

mat the Salt River valley despite me effects of after the war readjust- ments, the slump in the price of long staple cotton and tho lack of a ready market for this chief product of the Naliey. faces a new year of prosperity IS tne concensus of opinion of the bank CTS and financial men of Phoenix. All ot them agree that in long staple cot Ion the valley has a product that can not be permanently depressed, while it is believed that the lesson of 1920 will result In such a diversification of the crops of the valley that it will never happen again that the prosperity. or lack of it, in the Salt River valley will uepen dupon a single product
 Attention is also called to the fact mat the depression, so-called in this part or the country is but a part of that which has affected the nation and the world since tho ending the war. With this difference. That other parts or the United States have felt the ef- tectS Of readJustment more keenly than has Arizona. Bankers also lay stress upon the fact that the orgy of ex- travagance has passed and that the people of this country have settled down to steady work
 A Spirit of Optimism
 The spirit of optimism apparent in the minds of bankers and concerns not only in this valley. but the rest of the country. They are mindful of the fact that agriculture is the basis of all prosperity and all wealth. and that in this great source of riches there can he no permanent disarrangement. They are looking forward to the future with confidence. certain that the coming year will bring back 10 this section ol the world it's old time prosperity. and of hn cra rrrfg md s,I it's people.
 The following statements give an ac- curate reflection of the thoughts of 6 few of the leading bankers concerning the financial prospect for the ney year,
 W. Fl. Thomson. vice president of tn, Phoenix National bank:
 Year An Unusual One
 The year which has just closed ha, been one of the most unusual ones il the history of the United States in tn, commercial and productive lines Tn, beginning of 1920 found us sti1l facing rising market in commodities and in, deN figures of commodity prices fur nished by one of our reliable mercan. tile agencies is interesting to study il connection with both a backward view and a forward view These figures indicate q steady rise in commodity prices from a figure of 222 and a frac. Atou OH T. Ia1os lO 200 anu fraction on May 1. 1920, when the peal of high prices seem to have beel reached There is a steady declin from that figure to one of 211 and fraction on Dec. 1. 1920. These figure would seem to mean that all of the in flation which took place from Januar. I, 1918. to May 1. 1920, had been en tirely eliminated through the drop il prices taking place since May 1 of thi year and in addition we have gone bacl to a lower figure in commodity price than that existing on January 1, 1918
 There have been a great man, causes tributary 10 this drop in prices but principal among them has beel the demand of the public that some re duction must take place in the livins cost. This violent decline in prices hai been a source of disencouragement t' everyone who has been affected by i and i'm the Salt River valley it has struck throueh-the medium of our prin cipai crop. long staple cotton. both through a decline in price and a lacl of ready market There are many wh are of the opinion that prices have nov reached a point where they are, oI