Los Angeles herald., 1907-10-20

The current number OF the Literary Digest
contains what appears to be the most compre-
hensive and reliable review Of the financial
and business conditions Of the country that
has come to the attention Of The Herald.
Based as IL is largely upon Interviews with
members of the American Bankers association.
consisting of over 1000 delegates representing
all parts of the country, which recently met
in Atlantic City, II Is Of special value just at
this particular time when Wall street and
some of the supposed '1<ings of finance" whose
stock and security issues the people will no
long . buy. are complaining so bitterly of tight
money The Literary Digest says:
Despite pessimistic grumbings from Wall
street and James j. Hilrs assertion that rail-
road building has stopped, there lis no dearth
Of expert testimony in proof of the country s
present and continued prosperity.
While the two Thousand delegates to the
American Pankers' association-men from ev-
cry state in the Union-were in convention in
Atlantic city the New York Times took adj
vantage of the opportunity to gather SYM
postum of opinions on business conditions in
each section The result affords overwhelming
evidence that the gloom which seems to have
settled upon Wall street does not extend over
the country at large. The feeling among the
bankers is one of cheerful but sober confidence.
and as the Times points out they ARE in
daily and intimate contact with all sorts OF
interests from the most extensive to the most
minute, and their own prosperity. and even
safety, depend upon accurate Information ana
sound opinion All are agreed that while the
actual yield Of the principal cereals may be
smaller than the bumper crops of the past two
years. the money return. owing to better
prices, will probably be greater.
Especially optimistic the spokesmen for
the west and SOUTH and. as the Times re-
marks mot the least interesting feature of
their statements ,s the large measure of inde-
pendence IN money matters at (which these
sections have arrived Thus p. c. Kaufman
vice president of the Fidelity. Trust company
Of Tacoma, Wash, shows that the banks OF
his state alone are creditors of the east to the
extent of $40, 600 0c0, and that the deposits of
Seattle, Tacoma. Spokane and Portland are
more than three times the deposits of the two
entire states of washington and Oregon six
years ago. 1t is recognized. however. that
in the country at large there has been sonie
undue extension of credit in the effort to i'm
pi owe all the opportunities presented, and that
this was necessarily followed by some restric-
ton. To quote further:
Outlook Is Encouraging
'aTae general testimony is that the re-
etriction was aided, IL not imposed by the
banks themselves in pursuance of policy of
prudence and foresight. But the testimony is
equally general that this policy has had the
cooperation OF business men and has been
efficient 1t is especially to be Noted
that only in a few instances is any reference
made to the depression in Wall street, and
then in tcne the reverse of timid or discour-
aged. 1t is also to be noted that there is very
slight reference by the bankers of the interior
to the disturbing influence of legislative or
judicial intervention in the business OF corpo-
rations railway or other, which has been so
markedly felt and discussed in the east"
In the middle west the general outlook is
described az ''good" and encouraging" al
though as the vice president of the CONNER
cial National bank of Chicago explains mon
ey continues tight owing to the large volume
Of business and the high prices prevailing,
with the result that "a modest curtailment in
manufacturing is going on. which will result
in considerable liquidation and lower interest
rates during the coming year. From the
Mellon National bank Pittsburg, Pa, comes
the assurance that conditions were never bet
ter than at present"
Turning to the south, we learn that there
business conditions are good, in spite OF the
money stringency: THE conservative bankers
of tennessee" says President Watts Of the
First National bank. Nashville. have tried
to impress their customers with the disposition
to curtril rather than extend along business
lines; but ''this has been very difficult
undertaking. because of the very prosperous