The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-30

he would have recognized the truth OF
his own words.
Men who would face death braveIy
in almost any form got stampeded over
night by the fear that somebody in
some way was going to do something
that would imperil their savings Men
OF millions and men of dollars alike
let fear take possession of them, and
being afraid they proceeded to their
utmost TO bring about the conditions
| they feared most Now that month
has passed and nothing dreadful has
happened they are returning to a nor
NAL frame of mind. and within another
month, perhaps sooner, they will be
wondering what all the fuss was
about. The stone age man who hid in
his cave when lightning played or
shivered when the thunder grew I'M
bearablt had quite as much sense of
the reason for his fear as his modern
prototype who wanted to hoard money
month ago because a bank and a
II Isl COMPANY anu TIE SlOCh
market went to pieces over night.
Now, after pyrotechnic displays of
financial thunder and lightning, the
storm has broken, the clouds are grow
ing lighter. an occasional glimpse of
blue sky is visible and even the pes
simists have to cOncede that about
half Of the scare was akin to the
fright Of the child in the dark whose
fear is purely mental 1t appears now
that the treasury effort to provide cash
by extraordinary issues of bonds and
Understanding certificates will not be
entirely necessary; that much of the
certificate issue may not be put out,
and that the unusual expedient de-
vised may result in an undue expan-
sion OF currency and an imitation of
values if the tendency IS not watched
and checked. That is to say, instead
of fearing violent contraction of specu-
lative operations and further costly
depreciation of values, the treasury de-
partment is troubled because its addi-
ton t. the circulation may make an
artificial boom in specula ton. When
such al opinion as that gains credence
it may be taken for granted that the
end OF the difficulty is in sight. but it
is almost ludicrOus to recall how short
a time it has been since the treasury
doubted whether an additional $3.50 -
100000 thrown into the circulation of
the country would avail to meet the
emergency.
Meanwhile it is obvious that condi-
tons the country over are lettering
rapidly. The movement of crops.
which stopped dead in the first days of
the money stringency has been start
ed toward the seaboard again at a
good rate, call money rates. the surest
barometer of conditions. are decreas-
ing, the premium on currency has
gone down and transactions have
fallen TO low point, indicating a ces-
satiOa in the urgent demand for cash.
The holiday season, even under re-
stricted trade, will bring out in small
sums large amount of money which
has been Withdrawn by small deposit
ors, and before the first of the year.
possibly within a fortnight, cash trans
actions ought to be resumed.
The moment the New York banks
announce their readiness TO pay cash
it is probable the rebound from ex-
IRENE depression will carry prices of
substantial, dividend-paying securities
upward with a rush, though they will
not go TO any of the abnormal figures
of year ago. Prices viii be fixed bv
actual earning capacity of properties.
but there will be a continuance of the
demand from small investors which
has been the most potent factor in the
restoration of public confidence.