The Ogden standard. [volume] (Ogden City, Utah) 1902-1910, 1909-01-27
BUSINESS OUTLOOK


says:
~Just now our own money market is
being subjected to number OF unusu-
al demands. Gold has recently been
exported to about s7,O00,000. and the
current movement is expected to
reach s25,o00.oOo to s30,o0o000. The
trust companies will shortly be OBJ
liged to withdraw s40,000000 to $50,
100000 before February 1 to comply
with requirements Of the reserve law.
Much of this will probably be provided
for in advance; nevertheless consider
able sums must be temporarily with
drawn from the money market In such
deficit necessitates the withdrawal OF
public deposits from the banks, and
about S15000,000 will be surrendered
on January 23 also another s10.000,000
on February 10. If to these require
ments we add the obligations incurred
by. recent heavy bond issues, it will be
found that the demands upon the local
money market have been unusually
heavy. The offerings of the $3.50. .000.-
900 Russian, the s30,000,O0O Canadian
loan and other foreign issues show
that the demands upon capital abroad
| are also on an extensive scale. So far
as the banking situation at home Is
concerned there Is not the slightest
| cause for concern. Our banks are ex-
ceedingly strong, and the great expan-
sion in loans which has taken place
during the last few months Is shown
to be amply protected by the large in
crease in resources. Owing partly to
the Quietness in business and partly to
the expansion of our currency, our
banks are almost surfeited with idle
money.
"a most unsatisfactory feature at
the moment is the universal dullness
of trade. January Is proving a decid-
ed disappointment in this respect and
the volume of business will unques-
tionably be considerably below that of
, December. The iron trade is exceed
, ingly quiet, and not employed to more
, than half of Its capacity. Railroads
have ceased placing orders mainly be-
r cause they have satisfied urgent re-
, quirements and are inclined to post
pone further orders in expectation Of
securing further concessions in values.
= Railroad traffic returns. moreover, are
: not satisfactory. as shown by the con-
K tinued large number of unemployed
l. cars. Tariff agitation is also a deter
rent upon business, much more so
d than deserved, but there are many
n who hesitate about making future
l. commitments so long as there Is un.
s. certainty in this respect 1t carries
l. little weight with many that no tariff
8. changes are possible within six months
& and perhaps even twelve months, OF
,r that the tariff will be revised by It's
O. friends and at time when our indus
1t tries were never so little in need o.
ot protection. Some OF our Industries
have been so overcoddled for year,
that the mere suggestion of the with
drawal Of support causes shiver
Time, however, will show that no In
furious changes will be made and tha
an ample period will be given for re
adjustment. With the 4th of March
new administration will come In. an
MrTaft will undoubtedly call specia
session of congress to consider tarii
changes, this being imperative for tn
redemption Of party pledges. Discus
Sion may easily last until June or July
and new tariff acts do not usually &
!: into effect until six months after pa,
sage. Judging by the development
at recent tariff hearings a stiff figt
, will be made against Injurious redu
tions. and because Of weak Democrat
, opposition such efforts are likely 1
succeed Nevertheless, In the eyes
many 1t will be period OF uncertai,
ty and postponement. and right
wrongs such IDEAS will temporary
govern Meanwhile. some Of our lar
est industrial concerns dependent 6
the tariff arc going along accepting a
tho orders they can secure witho,
regard TO tariff possibilities. It is al.