Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-10-30
Low PRICE OF FARM
PR0OUCTSSTANDS IN
WAY OF PROSPERITY
Producer Must Be Paid More for Crops and Pro-
duce Before Country Enters Another Era of
Big Business, Says Colfax; Americans Hoard
Money in Banks, Government Figures Show.

who are somewhat concerned with sur
face factors, which they are inclined
TO believe will act to postpone the
peak of approaching prosperity for a
time, perhaps until the fall of next
year.
Chief of these factors is the stu
alton with respect to the farmer. Re
ports to the department of agriculture
show concIusively that the American
farmer has not shared in the business
revival SO much as the industrial
worker.
Farm Prices Too Low
LAS prices stand today. all commo obi
ties averaged at a level Of about IS
per cent above the 1913 line. analysis
Of the figures shows. But wheat, corn,
oats, hay. hogs. beef and dairy prod
ucts-almost everything the farmer
produces-are below the general aver
age. Only two farm produets-eggs
and sheep-are above it. On the other
hand, such commodities as iron. steel,
clothing, shoes and building materials
are far above the general average.
There must be a leveling off, de-
partment of agriculture officials say,
before general prosperity will be at
tanned. Those commodities which are
high must come down and the price of
farm products must rise.
Two features of the larger indus
tries, building construction and the
manufacture of automobiles. are eX-
periencing seasonal decreases. accord
ing to reports of commerce.. These
were noticeable but nevertheless their
decline throws men out of work and
shrinks the volume of prosperity. In
neither case, however, has the recess
sion been SO great as anticipated.
Building construction, thanks to the
banner spring and summer, will I'M
doubtedly attain a volume hundreds of
millions higher than during the pre-
ceding year. And the automobile
mand for closed cars in excess Of
expectations, are aiming now at a
record year, too.
Steel Business Brisk
TO offset the decline in these two
industries, there has been a substan-
tial increase in iron and steel produc-
ton, due largely to railroad equip
ment orders and in the production Of
bituminous coal.
Traffic over the railroads is at its
height. Railroad executives do not ex-
pect it to remain at present proper
tons for more than five or six weeks
longer, at the most. The car short
age in all probability will be short
lived. Before the first of the year.
according to present calculations, it
will have disappeared.
Notwithstanding the recent epidemic,
stock dividends in general are far from
satisfactory. Recently advances have
scored in crude oil. but there have
been cuts in gasoline. A drop of an
other cent or two from the retail price
of gasoline probably will be announced
within 80 days.
Citizens Hoard Money
The prosperity Of the country is
written in large figures on the ledgers
of the national banks. According to
to the federal reserve board,
the American people have $1,000
600, 900 more in the banks to their
credit today than they had a year ago.
while their loans have decreased dur
ing the same period $175, O00. 900. The
figures concern only national banks in
the chief cities. Considering all banks.
state and national. and all trust com
panies. a conservative estimate of the
Increase in deposits is 5000, 000, 600.
Of that increase more than 81
600, 600. 900 is in the vaults Of national
banks, subject to demand, and $500
DOC. 900 is deposited in time accounts.
The federal reserve banks statements
show that gold reserves are almost
twice the amount required by law.
The percentage has almost doubled
within two years.