The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-09-02
TIE OUTLOOK,

Last Ioll the country was 0vertaken by
financial panlc,'' and every day since mai
tiers have, as a matter of fact, been
desperate. Never, before, we believe,
has there been put forth such a deter
mined and united effort on the part of
bankers, fnanciers and business men gen
orally to prevent crash and avoid the
awful consequences which usually follow a
beginning like that of November, 1890.
Had there not been this united action, the
big financial institutions from New York
10 San Francisco working harmoniously to
save themselves and others, it is believed
that the experience OF 1873 and the years
Immediately following would have been re-
peateo.
We say that matters have steadily grown
worse since the autumn of last year, and
this is true as to the actual financial condi-
ton; the elements of panic have all the
time existed, and that the crash has been
STAYED Off is due solely to the action men
toned above, which has inspired conf
dence that the country, by pursuing con-
servatlve course, creditors being lenient
aud borrowers being restrained, would be
able to ''pun through
Now begin to appear the indications that
the tide has turned the evidences bein
that in little while prosperity will sue
coed the period of depression, nervousness
and anxiety which has been with US so
long. Last week the New York Tribune,
in an article On this subject, noted the more
hopeful outlook, and stated some of the
visible reasons for believing that better
times were at hand. 1t said that grain and
stocks cannot boom at the same time with
out disaster to some of the people engaged
in the operations, and that the monetary
obstacle is the most serious. 1t requires
millions to carry through a successful bull
movement in grain, and millions more 10
make successful movement IN stocks. If
all this money is taken from Legitimate
business at season when 1t ought TO be
most active, trouble follows. Unusual sums
viii be required this year in legitimate
business, TO move the largest crops ever
grown, the products of the mines, and in
handling manufactured products. There
was an advance in stocks last week, also in
corn and oats; but there was slight de.
cline in wheat, pork and oil
Our New York contemporary found alst
that the cotton crop win nearly equal the
enormous yield of last year, and this will
require an unusually large sum to carry i
for the coming two months, inasmuch a:
the manufacturers stock is much larger
than ordinary. Foreign trade has set in il
favor of America again, and for the com
ing few months our surplus farm products
will go abroad at good prices. Indeed, the
indications are that Americans may fl
their own prices on wheat and corn, the
short supply in Europe and Asia giving
the United States control of the worlds
markets
Utah. as matter Of course, has suffered
with the country generally, but we believ,
there has been less of depression and les
of financial distress in this territory thai
elsewhere; and now there exists more
hopeful feeling than has prevailed since
January, when a good many OF our finan
ciers and business men were little less thar
desperate. Our merchants say that while
collections are still difficult and they are
compelled to carry extraordinary loads o
credit, the tendency is in the direction o
better times and money is somewhat easier
On the whole the outlook is beginning t
be encouraging and hopeful We beliey
the setting in of winter will find the CON
munity in pretty good fix to encounter tn
two months of slow business which W
always expect.