Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-10-21

except to the few who have gotten too
far beyond their depth. The process Is
not yet clear and the way Is now
streWn with cripples and indigestible
securities, but business conditions are
sound.
IF there is any class Of men more
than others who should never take
speculative risks IL Is those who are
handling the earnings and savings Of
others, and the seeking Of deposits at
high rates Of interest, which can only
be earned By speculative investments.
10 menace to sound banking, Saw
ings deposltors should carefully shun
such institutions, of which there are,
however happily but few
THE vast majority Of us feel assur-
ed we have had 50 far, all the currency
we have needed and that an increase
of It. just az this time would lend u
further undesirable stimulus tp specu-
lation. The enormous production Of
gold in the last few years has been
either lost sight Of, or II studied, Will
furnish food for thought. The advan-
taFes claimed for the bank circulation
Of other countries over our bond-secur-
ed notes have much merit from a scicn-
tlhc standpoint ana would have more
from a practical standpoint II the Gle
mcnt OF risk could he eliminated which
has brought disaster IN some INSTANCES.
Tho practical question is, could VI be
satisfactorily grated on 10 our bank
ing system, and " 50, how The idea
" 'cctsa bank or a branch bank
ing system h. repuguant 10 our conocp-
ton Of free government and institute
tions ANA unless [ mistake the temper
NJ our people VIII never be accepted,
Neither win any form Of currency hc
accepted which does not cary WIN u
the same confidence Of security Which
our bank notes now enjoy.
"In the formation OF our great Indus
trial corporations 'Nt have been con
froutpd with new and strange condi-
tions Elimluatiug those of a FRAUDULENT
or fictitious character nearly an or
them have been subject 60 criticism IN
the matter of capitalization and the
weak point with all OF them has been
the failure 10 provide reasonable
working capital.
There has been a greater creation of
securities I'm the consolidation OF many
of our railroads than actual values ap-
parently Justify. but the concentration
Of management and control has brought
about stability NJ rates which mas
created an established value for their
legitimate securilies without hardship
to to patrons Of the roads. II Is n SER
lous question whether the aggregate
market value OF all of our railroad So
curitles EQUALS the amounts originally
expended In the construction Of them
with even a moderate return unon me
investments. The reduction In the cost
OF transporta ton has made II possible
to move freight prontably NJ rates
which would have formerly been consid-
cred impossible, | DO not mean To sug-
rest that the roads should be left en-
tirey free I'm the matter of fixing rates
but tho reasonable concentration OF
their management should rather tacill-
tate their control In this respect bN con
servative enactment The enormous IN
crease of business developed by our
prosperous condition has so over taxed
existing, facilities as to necessitate eX-
tensive improvements which have
seriously taxed our resources, but
where these improvements have heen
undertaken on legitimate basis IN
Is apparently little reason 10 apprehenu
any difficulty In carrying them 10
successful completion ana utilization
"A word on publicity, az IT relates
! TO all public corporations. The pubhfa-
| ton, occasionally, Of an indiNiduai bhnk
statement which II subsequently 90
| velops Is not legitimate would pc a
| moor excuse for the suppression OF BANK
suggestion that we do away with hank
statements would be unanimously We
toed. Banks generally bear Intelligent
and fair Information as TO their stand
ing and II the same publicity from other
public corporations could be required
a most important service would be rem
dered the public
LET us turn our faces TO the bright
future of our country and association.
When the rising sun today first touched
the easternmost border Of our coSltry
II looked down upon the richest ana
most prosperous nation In the world
and when tonight 1t shall have cast rs
last rays on the Golden Gate 1t VIII
leave behind the most enlightened ana
progressive people 1t has ever shone
upon
Secy. Branch read his report and was
followed by George +. Orde, the treas
urer. He reported receipts, including
balance Of $l5792l, and expenditures Of
SS5. $50, the largest items being protec-
tive committee, SSS,l99 and salaries
1886 The balance Aug. 81, 1902, was
SI2,SS2