The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-07-12
OPTIMISM IN THE
BUSINESS WORLD
Salt Lake Participates in Gen.
eral 5uOyant Feeling.
TRADE IN MOST LINES FAIR
LABOR TROUBLES HAVE DE-
PRESSING EFFECT ON REALTY.

Although the dullness OF summer
pervades all lines Of business to a
considerable extent. the feeling in salt
Lake IS optimistic. though conserva-
tive. There are numerous local reasons
for this. but to a large extent it is a
reflection Of the feeling all over the
country ON the general situation the
Wall Street Journal. in an issue last
week, said:
AS the new fiscal year opens there
are various facts Of the situation that
impart more hopeful feeling among
those responsible for the loanable funds
OF New York. These facts may be
briefly summarized as follows: First,
the successful placing OF the immense
offering Of Pennsylvania stock, thus
relieving the market of the heavy loans
made 20 that corporation; second. the
liquidation that has taken place. and
the general lowering of prices of Sc
cnrities. thus making the burdens upon
the credit market easier to carry; third,
the dullness OF speculation. thus max
ing Il possible for the banks to hu5-
band their resources for the crop and
trade requirements; fourth, the absence
of new underwriting schemes of mag
nitude and the reduction of new incor-
Dorations to the lowest total for sew
era1 years; fifth. the making OF time
leans extending over the new year, Dy
brokers, thus protecting them against
any emergency of the crop-mOVlnS
time, and acting as a safeguard against
any undue Wall street demand Tor
credit at the time when the resources
of the banks viii be required for the
harvesting movement: sixth, the pre-
paredness of business men who nave
for months been confronted with the
possibility of trouble between July ana
December. and thus warned, have DeeA
putting their houses in order; seventh
the prevailing sOundness on the trade
situation.. eighth. the large liquidation
OF our foreign Indebtedness. which IS
an assurance that there Will be no
sudden call OF money from that direc-
ton at time when such call would
add to the seventies of the market, ana
which so increases our strength ABROAD
that we shall be able. if there should
be need TO call upon Europe Tor I'M
portations of gold: ninth. the likeli-
hood Of favorable action on the Pana-
ma canal treaty, by Colombia, ana
while the treasury surplus. outside or
the banks and redemption fund, is not
large, il is certain that most OF the
canal payment viii come out of the
treasury direct, thus adding to the
credit capacity OF the money banks.
There is disappointment that the att
tudc of Spea ker Cannon makes the out
look for financial legislation more du-
bious, but this is the only disappoint-
nent Otherwise, the situation is much
better than any dared to believe II
would be a few months ago.
This does not mean that there Is
any idea that there Is to be easy money
during the crop demand. What is
looked for is that the situation viii De
much less serious than had been APP
pretended. BANKERS feel like knocking
wood when they talk this way for fear
that something may develop to change
things for the worse. They parucu-
larly wish to discourage any revival OF
speculation. The safety of the situa-
tiOn is largely in the hands of the lead
ers in the speculative markets, and the
brokers for the speculative public. II
they will continue to preach conserv-
atism. it is probable that the next six
months win be passed without the
crisis that has been so frequently pre-
dicted."
In salt Lake there has been tair
business. Jobbers report orders coming
In at a satisfactory rate. Numerous
special sales have stimulated retail
business. Money is in fair supply am
demand with rates firm.