The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-08-24
LOCAL BANKERS
ARE TIMISTIC
DeCry Eastern RumorS of In
pending Financial Crisis
Throughout Country.
PROSPERITY TO CONTINUE
WALL STREETS TROUBLES DO
NOT WORRY WESTERNERS.

Salt Lake bankers and business men
do not believe that a panic of appre-
ciable size is imminent or that hard times
threaten the country.
In spite of their confidence in the ma
TONS affairs, these same men never
watched the financial journals of the
country, the crop reports on prevailing
commercial conditions more carefully nor
more thoroughly than they do at the
present time, for from Wall street and
other eastern financial centres contlnu-
ally drift westward rumors of hard
times, a tight money market and finan-
cial straits generally
Banking and other businesses here are
running their prosperous courses so lar
undisturbed by the fOrebodings from the
east and the bankers assert this will con-
tinue, that no matter what happens TO
the Wall street brokers general pros
perity is to continue.
Yesterday The Herald asked numerous
bankers and business men their opinions
as to a possible period of hard times or
different views:
Walker OPtomistie.
NJ H Walker. president Walker Bros
bank: I cannot see how this country
can run into a period of hard times at
present. If it does it will be under con-
ditions peculiar to no other panic in the
history of the country. Merchants are
prosperous, manufacturers tnTOuSuoul
the country have more orders than they
can handle and l think it is i'll advised to
even take seriously the predictions that
we are coming to any such state of at
fairs. l anticipate nothing of the kind
A few Wall street brokers may be
pinched for specializing funds before long,
but that will not effect the general findn-
cial situation throughout the country
F. z. McGurrin. president of Salt Lake
Security and Trust company: Il believe
that the Pacific coast states will within
the next year experience some hard
times. There is not money enough In
San Francisco. for instance. to carry
out the rebuilding projects started there
and people have spent their insurance
money foolishly in many cases. Money
is scarce along the coast and during the
past few weeks talked with num-
Der of prominent coast bankers who told
me they are drawing in thetr loans, max
ing few new ones and preparing Tor a
temporary period of tightneSs. L nave no
fear of anything of the kind occurring
in Utah or Salt Lake CITY. Neither do
believe the country at large will expert
ence anything of the kind The country
is too prosperous. Money may tighten ur
scarcely believe hard times or panic is
imminent
Says Panic Is impossible.
William w. Ritter, president of Deseret
Savings bank; In the first place, L dc
not believe it would be possible TO have
an old-time financial panic in this coun-
try today. I do not think a panic OF
any kind is coming. Crops are fairly
good and their increased value makes vi
fer what they may lack in quantity
Wall street may need specializing funds
but the panic. if there is one, will start
and end there. and it won't hurt the
country any. Labor is employed at good
wages manufacturers cannot get hell
enough and are a year behind in orders
all over the country. l believe banks gen
10
coast have been careful about invest
ments and are more fully protected to-
day than they have been for years.
G S. Young, cashier of Deseret Ma
tiOnal bank: 1T is, folly to talk of {
| panic or hard times. The country gen
| orally is too prosperous and business l:
on too solid basis at present A few
stocks may shrink a little, but that won
1 hurt anything.
Local Conditions Good Criterion.
| J. W. Houston. president Houston Rea
/ Estate Investment company: L can Onl.
/ Judge things by local conditions, but L
! me they are a good criterion of condition
! elsewhere. Salt Lake today has no
| enough houses to house the people com
| ing into the city. There are not enough
stores here for the goods demanded b,
| the people of this city. If the balance o
/ the cities throughout the west and othe
/ parts of the country are in similar stu
4 alton we cannot have a period of har'
]
/ happen to Wall street spectators. Time
| are good and everybody is flush"
/ Frank Knox, president National BAN
| of the Republic: Talk of hard times q
/ OF a panic is folly. There may be a shrink
| age in a few commercial stocks, but lOol
! at the general conditions throughout tn
| land. We have got more money than W
| ever had. Manufacturers are way benin
on orders that have been taken at goo
/ figures; railroads have more traffic tha
/ they can handle; there are no idle men o
| necessity in the country, and those fha
| are employed are employed at good, re
| munerative wages indications are ina
| there will be a good average crop of ev
! erything. Money is little scarce in som
| quarters because of the enormous I'm
| crease in the general business of the land
W. HalGn3 b president FTo 6eS salt LAX ak
servations made the past few months
cannot see how this country can possihl
experience anything like hard times or
| panic. Even should the east feel tn
| tightening of the money market material
| W. we never will in the west, and last o
| all places Utah. Our crops are good, on
| mines are running to capacity and ever
| industry is booming. Men are putting
| thousands of dollars of profits back int
| their businesses in this section of tn
west today. There are no grounds 70
| talk of hard times or panics."
Adams Advises Caution.
| w. r. Adams, vice president Otdn Nd
| tional bank: Il feel that the country ha
! come to a place where it should go care
| fully for a time. Not that l feel nervOu
| over the present situation, but a presi
Dental year is coming on and the outcom
NAV only be surmised. Aside from tina
| the country is running along prOsperOusl
| and richly. Everybody is making money
| Crops look good. values look good an
| generally speaking | believe no panic
at hand nor are hard times. The countr
| is wealthy and what happens or doesn
| happen in Wall street is of little conse
! quence The brokers there may b
| pinched for money, but that won't affec
| the country at large.
| o. c. Beebe, cashier lions Saving
| Bank q Trust company: Il take no stOc
in the talk ] hear now and then of har
times. The country is too prosperous. w
| are making loans at the same rates we a
! ways have and just as many as we a
ways have l feel perfectly safe and Sc
we about the Immediate future"