The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-12-27
THE OLD AND NEW YEARS.

a study of the facts and figures pre-
scented in this annual edition Of The
Herald conveys most gratifying assur-
ance of Salt Lakes growth during the
year, its financial stability and pros
perity under adverse conditions, and
the certainty of its continued onward
march in every department of activity
that contributes to the making of a
great city
When the last New Year Herald was
published. everybody was apprehensive
as TO the future, not only here. but
throughout the country. The October
panic. with It's tremendous shock to
public confidence, had brought TO a
standstiIl every project involving large
sums of money: it stopped the con-
struction OF the Western Pacific, shut
down numerous mines. compelled others
development work, curtailed bank cred
its. even for legitimate commercial bust
ness. and neeessitated retrenchment in
operations everywhere.
their regular output. the smelters which
were closed by court orders have re-
sumed, one enormous new smelter is in
course of construction, development
work is active and growing more extern
sively. In commercial lines the mer-
chants have been encouraged by an ex-
traordinary and unexpectedly large
holiday trade. approaching in volume
the record of 1906. and far exceeding the
sales of last year. Money for substan-
tial projects is plentiful at reasonable
rates, building is proceeding on a big
scale, labor is beng more generally en-
ployed and the outlook is altogether
good.
= :; x
Naturally. as employing large num-
bers of men and affording an index to
general conditions, the mining industry
comes first in the thoughts of the OBJ
server. If the total production were
considered without regard TO recent i'm
provement In conditions. the figures
would be appalling in their showing of
the state produced only 1913, OOO, 900 in
metals for 1908. as against $50 900. 900 for
1897. The difference. about S27, 600. O00 is
represented by a loss in prices as we'll
as in tonnage. Copper. for instance. is
figured at an average of 1874 cents per
pound this year, as compared with 20
cents in 1907. bringing practically only
60 per cent OF the 1897 figure. The cop
per output dropped 100000 pounds,
the mine owners preferring to hold their
metal rather than sacrifice it at the
low price prevailing earlier in the year
Lead dropped off $4,000. 600 pounds. Sill
'ver was less by nearly Sc 1000. 900. and
gold showed a decrease of about the
same amount.
At the same time dividends for 1908
were $500 900. as against $4,000. 900 for
1907. a smaller difference than might
have been expected from the decrease
in output. The bare fact that the min
ing industry stood up under such a sud-
den and terrific depression shows the
conservatism of the states mining op-
eratiOns and the extent of its reserve
resources in such an emergency. OF
course the worst Of the crisis came early
i'm the year: with the gradual better
ment in copper prices and the assur-
ance OF some sort of stability in the
market, mining has been resumed on a
large scale. and all the big properties
are back to almost normal output. The
return of the United States smelter to
the field by the modification Of the
smoke injunction has been an impor-
tant factor in betterment: the opening
Of the new Knight smelter has also con-
tributed to the Improvement so that
the new year opens with every ;ndica-
ton of substantial production and earn
ings.
As usually happens. the collapse in
the mining stock market. due to the fall
in metal prices. turned the attention of
speculative and investing capital TO
realty, either urban. suburban or agri-
cultural. The Salt Lake realty market
has never been better. though there
we're no indications OF imitation in prices
or over-construction. In every direc-