We here in Slaterville, as people did elsewhere over the country, felt effects of widespread recession which past history shows always follows war. Prices of farm commodities, profits of business and industrial institutions, and wages, which soared to unprecendented levels during war years, commenced and continued to relapse the fore part of the 1920's, but signs of recovery the latter part of the decade strengthened the hopes and aspirations of people. The future looked so promising that farmers, stockmen, and businessmen were able to borrow money for rehabilitation and expanding purposes, banks were ready and anxious to make loans to assist in rebuilding and stabilizing a strong economy. Then came one day, the 29th of October, 1929, the unforeseen break in the stock market, which struck like a thunder bolt out of a clear sky, a blow from which it took a decade and a challenge to the ingenuity of the best brains in Wahington and a second world war with its anxieties, sufferings, sorrows, and cost of billions of dollars, and saddest of all, the loss of thousands of human lives before we landed on safe footing. In turning at this point to refresh in our recollections the tragic events that took place during the devastating depression years, which were too many in number, it should be vivid in memories of older residents of Slaterville how thousands over the country, who mortagaged their possessions the latter part of the 1920's were virtually made paupers overnight, and how many of the scores of banks that held those mortgages were forced to close doors which in many instances, never opened agin. The Ogden State Bank in our own city of Ogden, the only financial institution in this intermountain country to solicit patronage of the common people, was a victim of that disaster. Immediately following the stock-market crash, Mr. Wooden, secretary of the United States Treasury, and incidently, the best qualified man in Washington on financial matters, declared a three-day moritorium on the Nation's banks during which they were requested to refrain from engaging in business, to allow examiners an opportunity to determine which and how many of the hundreds of them had sufficient assets at their disposal to secure their depositors banks that could qualify were allowed to resume business at the close of the allotted time, while those unable to meet the requirements were denied the privilege to reopen. The State Bank from the time it was organized had operated on a sound business basis, but unfortunately, was one of hundreds caught during that unexpected crisis with hundreds of thousands of dollars tied up in short and long-term loans secured by mortgages, which under normal conditions were considered sound securiteis, but insufficient time offered by the moritorium to allow the bank to negotiate financial assistance that would have enabled it to resume its high-ranking position among the solvent, stable financial institutions of the country, was one of the chief factors responsible for its being placed on the doubtful list, causing excited, worried depositors to run on the bank demanding their money, which not only resulted in the ruination of a business that had for years rendered unexcelled public service, but also in a loss of thirty cents on every dollar deposited there. -148- Chapter 14 CONCLUSION In the world of science and invention the talking machine or phonograph came into existence near the close of the nineteenth century. Following the advent of the new or twentieth century, the horseless carriage, automobile, and airplane dawned the horizon of inventions. The introduction of these new inventions, though mechanically imperfect at the time, were the first in a series of steps to perfect devices to serve the needs of man. The mechanical construction of trucks and tractors which are so indispensible in farming and industry today are designed though on a more massive scale, after the automobile. These inventions new in the field of automation, followed by the most marvelous accomplishment in the world of technological invention achieved in radio and television; the greatest instrumentalities for dissiminating information the world has ever known, mark the first half of the new century, a period unsurpassed in achievements of applied science and inventive genius. Through the medium of these mechanical devices, a slight touch of a button or turn of a dial, programs ranging from those of an elevating to repulsive nature, or new of events as they happen locally or in various parts of the world, are brought into homes. Old and young alike, are thrilled and captivated by the automobile and airplane. the ease and speed with which the auto glides over the highway and the plane floats through the air, has not only revolutionized our transportation system by shortening distance and saving time, but have improved immeasureably the comfort and pleasure and traveling. While intended to serve in easing burden, to promote man's comfort, and pleasure in living, they have, through mechanical defect, miscalculation, or indifference in observing safety rules in driving by some who operate them become monsters of destruction of life and property. Some one said the staggering story of man's lack of an understanding of his higher development and knowledge of the difference between right and wrong, is equalled only by his devastating depravity. The slaughter on the highway alone for the first six months ending June 30, 1959, is equal to or greater than the number killed during a like period in one of our shooting wars, reaching the sum total of 34,090 as reported July 30 by the National Safety Council. (Taken from S.L. Tribune, July 31, 1959). Number maimed, many for life, ran into thousands and property damage into millions of dollars. The man who made the following statement knew what he was talking about when he said it remained for the century of the greatest advancement in scientific research, mechanistic efficiency, and technicological expertness to record the bloodiest page in all the annals of human slaughter. Living as we do at a time worldly wealth never flowed at such high ebb and luxuries become so commonplace, it is difficult to understand how our Pioneer Fathers managed to survive and rear large families under such humble circumstances. Many of the present generation, not of our faith, however, absorbed only in -149-