New Britain herald., 1922-03-18

Continuing his persona survey ol | business conditions throughout the country. Roger W. Babson, economist | furaiuhes the following exclusive htstemcnt to inc New Britain Herald on conditions In the mountain states, ! Conditions are bright, he reports, for all but Arizona aud New Mexico.
 Conditions Changed
 Up to recent weeks one could not honestly write optimistically Of con litions in the mountain states, Con ditions now look better however, from several angles. With the cN- ccption Of Colorado the situation Is pretty spotty, The emergency tariff is helping to some extent the wool growers, but all stock raisers have been obliged to take tremendous losses on their herds, The banks in Montana, southern Idaho, Wyoming, eastern Colorado, southeastern Utah, northern Arizona and eastern New Mexico are forced to renew nearly all their paper and arc very forum ate to get interest. The situation is rapidly fighting itself however, and from present indications, stocis rais- CTS and wool growers will get very favorable prices for their products this year. Their position will also be strengthened by reduced operating expenses and by avoiding speculation.
 Coal And Iron Good
 "rhc mining situation was exceed ingly dull throughout 1921. The cop per mines of Utah and Arizona have been almost completely shut down, while the lead. silver and other mines have been running at d very low ebb. The only activity has been in the coal and iron sections of Colorado due 10 tho persistent operation of the Colo rado Fuel and Iron company. Today there is not on hand the tremendous stock of copper that there was q year ago. really believe that the copper situation has turned the corner and am bulish on the price of the metal and the price Of the good copper stocks.
 Zine And Lead Slow
 Zinc and lead have not progrc ssed l so far in readjustmcnt as copper. Gold production is at very low level On account of the small pur- l of other commodities. Favorable congressional action, in the form of q bonus may help the gold producers but this is problematical. The silver situation is much better. owing to the sustaining influence of the Pttmar act, which provides for the purchase 1 of o7f.00n,000 ounces Of new domes tic sil;er at one dollar an ounce, tC replace similar amount in silver dollars melted down during the war It will take several years to complete these purchases Most producers ob tain silver as a by-product of cop per, gold, lead. and zinc. Hence th' favorable factors surrounding siNe will be ovcrshadowed in most case by the weakness in other metals.
 Arizona And New Mexico
 "The worst conditions arc found t be in Arizona and New Mexico. Manu facturers and merchants cannot ex rect to sell many goods in thes states during 1922.
 "Al money which these people SC
 they must use for paying their hll'
 Being a director of very large Ian com pany operating in these states, ; know that many of these stock rais CTS have not the funds with which t , pay for the rent of their lands. c , course. it is very sad that these me will not save money during goo
 times for certainly they made srea profits only few years ago. How ever. the only business thing to do to extend credit to these people. The come up quickly as they go dow quickly. They some day will be mak , ing money again and will Loyalty re member those who have been len tent to them during this period c , stress. Moreover, the condition 0 the range is fair and 1922 may be
 good rainy year.
 -- numbering Profitable
 } One of the important industries c } the mountain states is numbering Like mining and stockrai ising, how ever, numbering also is very dul Th@e has been great drop in tn 5 price of lumber at the mill like tn price of everything else. There is n } immediate outlook for higher lumbe prices The lumber people, however are greatly reducing their operatin
 expenses. Labor has been cut soc in many sections and the cfticienc
 Of the men is much greater. The hol
 shevst element which so upset tn 5 camps a few years ago has large'
 subsided. The entire labor situatio
 has greatly improved. Building. how ever. will pick up and the demand fo 11ly, oA