The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1922-03-18
STOCK RA1sERs OBLIGED TO TAKE
LossEs-SI-UATIoN IS RAP
IDLY R1aHTINa ITSELF
Copper Apparently Has Turned the cor
ner-Snver Situation IL
Much Better

Continuing his personal survey OIL
business conditions throughout lhe
country Roger W. Babson economist
furnishes the following exclusive state
muat 10 The Intclljgcncer on condltlohs
IN the Mountain States.
Up to recent weeks one could not
honestly write enthusiastically Of cohui-
lions in the Mountain States. Conul-
lions now look better, however from
several angles. With the exception OF
Colorado the situation is pretty spo't!'
The emergency tariff is helping to some
extent the wool growers. but AL stock
ra!scrs have been obliged TO take ire
mcnLouS losses on their herds. Inc
banks In Montana. southern Idaho wy
uiniuE, Eastern Colorado. Southern tan
Northern Arizona and Eastern New
Mexico are forced to renew nearly az
their paper and are very tortuliate ~
get interest. The situation IS l"p'"'S
righting itself however, and from pres
cut Indications stock raisers ana WOOL
growers will get very favorable prices
for their products this year. Ihc!r poS-
!tion will also be strengthened by re-
duccd operating expenses and ~ AVOID
ing speculation
The mining situation WIS cACccu44'e
ly dull throughout 1871. The copper
mines Of Utah and Arizona nave pee"
almost completely shut down whlIo inc
lead. silver and other mines nave oeeH
running at n very low ebb. Tho. only
activity has been III the coal and IRON
sections Of Colorado due 10 the persist
emf operation Of the Colorado Fuel and
iron company. Today there Is not on
GipNk OF conner
that there was year ago. | really De-
l!cvc tho copper situation mas tuFheu
III, corner and am bulliSh both on tho
price of the metal and the price OIL 'no
good copper stocks.
silver Situation Better
zine and lead have not progressed
So far In REIMBURSEMENT rs copper. Gold
production is at 4 very low level on &C.
count of the small purchasing power
Of the metal in terms Of other commou-
itlss Favorable congressional action IN
the form Of n bonus, may help the goia
producers, but this Is probiematcal'
Tho oliver situation Is much better,
owing TO the sustaining influence OF the
Ifttman act, which provides Tor the
purchase Of 2Il.000,000 ounces or ne"
domestic oliver at one dollar an ounce
10 replace Z similar amount IN silver
dollars melted down during the war. IL
Will take severa! years to complete
these purchases. Most producers OBTAIN
silver as a by-product Of copper, Soid'
lead, and zinc. Hence the favorable rae
tors surrounding silver will DO over
Swallowed IN most cases BY the weak
ness in other metals
The worst conditions arc found to be
in Arizona and New Mexico. Manufac-
turers and merchants cannot expect TO
sell many gods in these states during
1922 All money which these people get
they must use for paying their oills.
Being a director OF a very large land
company operating In these states,
know that many Of these stock raisers
have not the funds with which to pay
for the rent Of the!r lands. or course
K Is very sad that these men VIII not
save money during good times tor GER
;ainly they made great profits only
few years ago. However, the only bus
mess thing to do IS 70 extend credit 70
these people. They come up quickly a.
they go down quickly. They some day
will be making money again and VIII
Loyalty remember those who have been
Ientent 10 them during Lhis period OF
stress. Moreover. the condition Of the
range Is fair and 1922 may he good
rainy year.
"One OF tho important industries OF
tho Mountain States Is numbering. Like
mining and stockraising, however. lum-
bering also is very dull. There has been
Il great drop In the price OF lumber at
the mill like the price Of everything
else. There IS no immediate outlook for
higher lumber prices. The lumber 2eo-
pie, however, aro greatly reducing their
operating expenses. Labor has been cut
NOco in many sections and the efficiency
Of the men is much greater. Tho Boz
shevlst element which SO upset the
camps n few years ago has largely sub
sided. The entire labor situation has
greatly improved building, however.
Will pick up and the demand for lumber
will increase. More lumber should be
sold in 1922. than wa" sold In 1921
Hence. lumber people should keep their
organizations together and not got dis
couraged Ono thing Is certain, timber
IS growing all tho time. This means
that tho tracts will gradually become
moro valuable. Everytimo / take trip
.