The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-07-07
Commercial Giants of New
York Predict Immediate
Prosperity.
SOME CHOICE INTERVIEWS.
Strong Feeling Displayed on the
Money Gus stion.
Sound Reasons Given For n Revi-
BY Practical Business Men.
written for The Herald.l

ness prosperity. Subsequent events
hav largely shown these prognostica-'
tons to be premature.
Within the last few weeks, however,
there has been such a unanimous
change for the better and the business
people OF New York have taken on
such a hopeful look that TO the careful
business student il seems as if the
commercial millennium were at hand.
Interviews with the ablest business
and financial minds of the metropolis
have been gathered on the subject.
They speak for themselves as follows:
Washington T. Conner, who repre-
sents large Wall street interests, said:
There can be no question but business
in every direction is improving, and
that the outlook is very promising. II
is not the silver lining that appears il
the cloud, but the cloud has utterly
passed e.Way; the advance in the prices
OF iron, cotton and grain represent SO
much additional wealth for the whole
country. The advance in wages, which
IS perhaps as striking as that in any
other commodity, is also an excellent
test Of the times. That advance repre-
sents the immediate benefit which la
Dor is getting from the changed situa-
ton, = benefit which in turn makes the
consumption of the country greater in
the end.
While the change since last Febru-
ary has thus far been very great, [
believe it would be even greater and
more permanent had il not been for the
silver agitation in the west. People in
this country know that it is simply
impossible TO pass any free coinage law
during Clevelands administration, but
this is how the injury of all this agi-
tation has done: Foreigners, who are
not so Wei acquainted with our pOliti-
cal situation, are influenced by the
continued agitation of the subjecc and
it prevents them from sending to this
country the amount of money which
we would Otherwise have from them
When foreigners buy American securi-
ties freely, that money enables the
various corporations in their turn to
buy equipment, and TO make large ex-
pendltures for supplies and general i'm
prCVements. These purchases increase
the business of the various manufac-
turing industries whose owners are
also compelled to employ more hands
and to give better wages. One interest
thus depends upon another and all
stand or fall together. The corpora
uons are perhaps the first to suffer;
they understand how important it is
4hat this country should maintain its
credit and its character, and so have
the benefit Of foreign capital
I have great faith in the common
sense OF the masses OF the American
people, when they have had their at
tention once called to the true situa-
ton, and this, 1 am glad to say, is
now being done by the advocates of
sound currency and by the press op-
posed to free silver. Our continued
prosperity depends upon the success of
this course, and it is gratifying to
dnow that every contingent interest
has become awakened, and what is
more, every interest has demonstrated
before its eyes the fallacy of disturb
ing the even flow of the currents of
trade. The farmer has learned that
grain could go up without having sill
Yer legislation; the business man has
seen his receipts increase pleasantly
under our present system; there is
NOR demand for the necessaries of
life at the corner grocery; the laborer
has seen that wages can advance with
out free silver, and, in fact, the masses
are beginning TO realize that arguments
heretofore used, that without adjust
ment Of the silver question the country
could not prosper, were false and with
out foundation; the masses are also
beginning to realize that more than
nine-tenths Of the whole business Of
this country IS transacted on a basis
Of credit and of confidence, while only
a very small portion is effected
through the actual handing over of
cash of any kind. whether gold or sill
yer. Therefore, if we had four times
the amount of cash in circulation that
we have today, it would not prevent
hard times OF obviate business depres-
sion. unless we had an abiding conf
dence established at the same time.
l.
nous financial operations Of England
and the small amount Of gold upon
which they are based to appreciate
how lar the vital element of confidence
Is necessary toward producing, and
making permanent this revival in
trade. in wages, and in the transaction
of all American business affairs.
there can be no security, and in the
absence of it the present return of
prosperity must be ephemeral and
transient. England's reputation for
sound financial views IS the very
foundation stone upon which her i'm
mense commercial greatness rests,
and let it be once understood that we
in the United States are as firm as
England and our influence would be
as great as hers. if not greater, in the
commercial world today, I believe that
the silver craze viii soon come 10 an
end. and when It does, l feel sure there
will be such an outpouring of foreign
capital irto this country that we will
all see better times and a greater in
crease in business than we have ever
experienced since this government has
been in existence"
President williams Views.
George C. Williams, of the Chemical
National Bank, when questioned on
the state of business, remarked: !
.aThere is a better feeling everywhere !
within the last few months, and If
heaven only gives rs good crops we
are certain of a long spell of good
tines
When shown the interview of Wash |
ington +. Connor, given above, Mr. Will |
Iians. who is one Of the Rothschilds of I
finance. said it was one of the most /
1,,ci1 s+atpraenfS IN Tho si+71@ -'0r1 - Z
had vet seen. He remarked that the |
interview was very important, and be- |
ing assured that the great Wall street |
l,-ts1-c- n.y., whom Tow Could nSad 70 /
RELY for guidance in the days gone by |
had revised X and kept tvnesvriften |
ronv of il IN his office as a check upon /
the writer. Mr. Williams added: 81 /
5eei,-a "a % 4lo0n record indorsirg /
every word of the interview; it has
the true ring about it, and is worthy /
Of great attention
John CIaGfn's Ideas.
In7- "a f47iu heed IF the IT = |
rIafiin company, remarked: Business
e am glad 70 say. improving every
Y and we look forward to better
al this year than at any time since i
800 Great corporations and manu- (
foot,,rers ara inclined to make more I