Evening star., 1925-07-24
PROSPERITY ON RISE,
MONTANA TENDS
TO CONSERVATISM
Continued from First Page.)

vatism firmer still. Yet, IL the pendu-
lum should swing violently in the op-
posite direction. the foundations would
undoubtedly be shaken, and some.
thing resembling radicalism might
again raise it's head.
Most Montanans believe they can
keep the pendulum moving in the
present direction largely because of
what the recent past has taught them.
During the years 1920, 1921, 1922.
1928 and 1924, for instance, there were
649 bank failures in Montana, North
, Dakota. South Dakota, Idaho and
Wyoming. About one-quarter of these.
or 165, were in Montana North and
South Dakota had the lions share.
with 391 failures between them. 1t is
now conceded by authorities that at
least half Of these Northwestern
banks were compelled to close be-
cause of combination of bad bank
ing and bad farming. Mistakes were
made that are not going to be made
again.
OF the 757 banks in the United
States that closed in 1924, 49O, or 65
per cent, had capital of $25,0o0 or
less. Only II banks that closed, or
about 10 per cent of the total number,
had capital of 800 900 or more The
first-class banks of the Northwest
withstood the storm like sturdy oaks
The net result is that the banking
situation today, through wedding out
of the weak sisters is sounder and
stronger than ever. Unsparing tribute
is paid to Federal financing agencies
like the War Finance Corporation. the
intermediate Credit Bank and the
Agricultural Credit Corporation for
their generous and we'll conceived aid
in restoring the economic equilibrium
In Montana special gratitude is ex-
tended to Eugene Meyer, jr, the
managing director Of the War Finance
Corporation, whose understanding of
the Vests problems is acclaimed on
all hands.
Bankers Are Optimistic.
1T was my good fortune to attend
and address the Montana Bankers
Association annual convention this
month. Conservative optimism was
the keynote of the meeting. In the
speeches of Trevor o. Hammond of
Helena, president of the association,
and of all his confereres there was the
ring of confidence that the period of
stress is definitely over, and that
nothing in the discernible future can
undermine the solid basis on which
agriculture and business in Montana
now rest.
Ever and always such expectations
are founded on the keen desire for a
! minimum of interference by Congress
or by the State Legislature. Only a
few weeks ago the banks of Montana
were threatened with a deposit guar
anty law, whereby they were to be
! assessed for a fund to indemnify the
depositors of bankrupt institutions
President Hammond stigmatized that
project as type of the legislative
meddling that is designed to injure
business in general and banking in
particular. That 1t may be spared
from attacks of this sort is the PRAYER
| not only of the Montana banking com
| munity, but Of the State at large
They are very genuinely tired Of the
political medicine mems prescriptions
Diversif1cation Has Helped.
Montana is a splendid example OF
the "diversiflcation" program now In
wide swing throughout the West
Once upon a time the State produced
| little but wheat, cattle and copper
Today its soil is bearing a great va
rtety of things and nourishing new
| industries. Wheat and copper are
still the great staples, but Montana
now has big and growing oil indus
| try, budding sugar and canning In
| dustries, an expanding wool trade, q
revived live stock industry, a. most
! promising dairying trade, billions oi
| feet of uncut timber, water resources
of 100000 horsepower awaiting de
i velopment, and tens of thousands o1
| square miles of arabic land beckonine
| the settler along several thousand
miles of great railroad lines travers
ing the commonwealth in every di
rection. Montana, like the rest OF
the open spaces, is hungry for popu
| lation. 1t is, therefore. not overly
| enthusiastic about restricted immigra
| ton. 1t has only round half mil
| lion inhabitants now. But being a,
big as New England. New York, an(
part of Pennsylvania combined, Il
| could accommodate five million with
! out danger of congestion. Some day
| Montana hopes to have such popu
/ lation, and 1t Is easy to believe tha
| there is ample opportunity within hel
borders to support and enrich it.
G. o. p. Prospects Good.
Although Montana voted for Cool
| idge, it has two Democratic United
| States Senators and a Democratic
governor. The State Is normally Re
publican. A visitor is told that botf
| Senators Walsh and Wheeler ant
| Gov. Erickson were elected mainly
because of the inferiority of their Re
publican opponents, and that som'
| day, when better G. o. P. candidate'
| are in the field, Montana will return
| to It's regular Republican allegiance
For a good many years 1t has beer
the political fashion to assail bis
| business in Montana, as typifiet
mainly by the Anaconda Copper
| Mining Co. More than one Statesman
has ridden into power on the anti
/ Anaconda platform. Today publi,
men and the people at large seem tt
recognize the folly of harrassing in
terests that are vital to the State
economic existence. The Anacond;
Co., in it's mines at Butte and at it
smelters and refineries at Great Fall
and elsewhere, employs $4,000 men
| It pays out s25,ooo,o0 annually ii
j wages. One-sixth of all the take
paid into the State treasury every yea
comes from the Anaconda In
very real way. Montanas prosperit.
is wrapped UP with the welfare o
the great corporation organized b.
Il Marolra Dalv.