The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-08-28
! I |ME LOANS ARE
ZOOSEN|NC Up
New York Financiers Have Let
Go Strangle Hold Upon
Money.
SCARED BECAUSE FARMERS
PURCHASED AUTOMOBILES
Discover That TilIer of Soil Has
Great Crop With Which to
Make Good.
BY PRESTON @. ADAMS.
.ased Wire to The Tribune.


NEW YORK, Aug. 27.-The New York
banks are now ready for whatever de-
mands may be made on them for NOV
ing the crops and that they do not an
tlcipate any serious money squeeze is
clearly Indicated by the fact that they
are loosening up In time loans. There
is no more timid man than your New
York fnancier. He Will shy at the
slightest thing and at once oegIn TO hoard
his dollars. The fact that the automo-
bile sales 10 the farmers had gone TO un-
usual proportions frightened him half 10
DEATH and in five weeks the bank sur
plus account jumped from S9,0OO,OOO TO
S0o.O0O.O 600. \ jimmy was almost as ef-
fectual in getting money from the banks
as a request for time loans tirst-class
collateral. The refusal 10 need appeals
for accommodation, however, was be-
ginning To create fears throughout the
country that grave trouble brewing,
deduction not wholly unjustlfiable. in
asnuch as business firms were being
charged almost panicky raycs for legiti-
mate facilities, 1t has become virtually
Impossible TO negotiate commercial pa
per; although the output was kept down
10 minimum, the absorption so
poor that supplies were accommodating in
lnconvenient quantity, while loans on
high grade stock exchange collateral were
not usually procurable under per cent
All this has oeen changed,
The effect OF this volte face on the
part OF the leading eastern bankers can
not fail 10 be widespread and 10 allay
the uneasiness that the extreme precau-
ionary measures had aroused Conh-
dence is now felt that our crops can be
markcted without unduly straining our
monetary. resources. What mas hereto
the interior will naturally become an
outflow. yet the country banks have been
7so polntedly and repeatedly told that they
must set their house in order tliat tnelr
demands unlikely 10 pe abnormal
Then Europes resources are srll open
10 us, Already we have i'ien some
SIS. 900 900 gold. Money is plentiful
and cheap In Paris that influential bor-
rowers here have been obtaining credits
there by means Of issuing finance bills
We will have to send more or less gold
TO Canada within the next month. but
conditions there are such that the de-
mands will probably fall below the aV-
erage Altogether. therefore our none
taTy position has undergone gratifying
change for the better.
Not Being Ruined.
In face OF the walls from the New Eng
land cotton mills that the high prices
OF cotton are running them. some figures
which nave Just been made pubic would
seem 10 indicate that they are not so
badly OF after all For instance, cot
ton manufacturing companies. having
head officers in New Bedford and capi-
laIized IN the aggregate At $S4,565, 100
have during the first six months OF 1910
paid out 81, 1876. 100 In dividends, or nearly
months OF 1903 the same companies dis
bursed 81 io3.Oi7 In dividends. For the
four years ended June So 1910; the
American Thread company pnid dividends
agsragating SG.5T5.I67. For The hrst six
months OF 1910 a group OF eleven New
England companies paid dividends as
follows;
Amoskeag Manufacturing company. -
American Thread company .,-..'..,.'' u
Peppcrcll Mills company ,........,... IL
Massachusetts Cotton NILS com
Boston Duck company .,........:.,. 10
New England Cotton Yarn company. )
WampauoaS mills ..-....-,-...,sa.'.
american Linen company >>..-.''-.>' % .
Corl.s mills NEUTRALITY-SUSPICIOUS., ~
Warwick mills Observation-Disclosures b
Marlboro Cotton mills ,.-..,.....ss., b
Not one OF them less than 6 per cent
and three OF them more than double tnat
amount. What other American Industry
can show like earnings?
What Is a Fortune7
This recalls the testimony of Henry f.
Lipp.tt. a Providence cotton mnnufhc-
turcF, before t.lc iyays and means com
ini,tSc M. LiopitI nal been n asked Is, ioi II
ton n:,Ln"fac!urImg That depends on
what yt.u cnli a !mrge fortune replied
A. Lpein II do not ho .hlT5 IN 5na{ II many caty
''Whaf dc you call large fortune?
ashGi n" commiitcemnn; n,, caI' nhr.ou,r,ere O,
a billion dollars n large fortune was
tho frank answer.
Probably most people will think tho
RHODE islander did not underestimate iT
his definition.
Big Apple Crop.
e. II Shepard. vice president OF tn
Hood River Apple Growers association
and ono of the best posted authorities o'
apple conditions. in the Pacific North
west Is making his first visit east pri
martly with the view of studying condi