The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-04-06
PLEASE Be SEATED
IT IS ONLY SMOKE
Engineering and Mining Jour
nal RidicuIes Country for
Losing Its Wits.
A SENSELESS REIGN
OF PESSIMISM ON
Markets Setting Up SpoOks
Then Proceed to Run From
Own Creation.

Is this country shying at shadows, and
do VIC need little moro ginger TO our
courage. or what Is the matter with the
markets, might be fitting title 10 the
following editorial of the Engineering
and Mining Journal:
1.-THE markets OF the east are sub
merged by a wave OF Dessimism. Bank
ers, brokers and especially Investors,
seem TO be scared out OF their wits.
What excites their fear is unknown even
to them. They are terrified by spooks
that they think may exist, but WHEREOF
manifestation. one specter at least has
been laid. namely the prospect OF labor
troubles anticipated on April l; the day
Of the proleiari2t. or this there was was
much danger The times are nos pro-
ptious Tor strikes,
1.-The most dreadful ssecter is doubtless
the coming decision In the monopoly
cases II adverse the big fellows are
going TO precIpitaie q panic, and out of
revenge dcpreciate the value OF the ir own
property etc. ad nauseam, and also
bosh. The supreme court OF the United
States is composed of conservative jurists,
who are also patriots. 1t is senseless 10
believe that they will destroy the foun-
dations OF our Industrial structure and
veleGate our business To barbarism and
chaos James j. Hin talked sanely upon
this subject,
another spoot Is recession in business.
With wise shakings OF the head, VI is
IS the evil effect OF the blowing OF bub-
bles In the latter part Of 1909. and is
the aftermath of the sunshine move
ment,' which persuaded folks In 1909 that
Z boom had come once more. There was
1--WE had two years OF industrial de-
preston. During that time but little new
work WAS luagurated; maintenance was
neglected But the population and It's
needs kept on increasing. and must be
supplied. Railway facilities are notori-
ously Inadequate and must oe increasea.
The wear of existing plants must be
made good. The improvement in busl-
ness In 1909 did not become noteworthy
until after midsummer II is inconcelN-
able that In the brief period OF the re-
mainder OF that year the deferred devel-
opmcnt OF two years was consummated.
II is vet to be done. and this means m
7ustrial activity. In fact, the consuInp-
tion OF raw material is increasing stead
lily. The pessimists ought TO go west
and witness the population there puy-
ing and selling and making money with
out thought OF CalamitieS.
The world is never free from evils.
There are some now. one of them is
extravaganza. Another is the greed that
accompanies prosperity and manliests II
self in the financing OF accumulations
10 extract from consumers the last penny
they will pay The status OF our for
eign trade resulting from these factors.
Is detrimental 10 welfare, but this VIII
be corrected. Producers all want TO sell
frecly but conditions must be adjusted
so that consumers will buy freely, The
present tendency to readjust prices is
wholesale.
''In the metal industries this rcadjust-
ment has already made good headway.
Our index number for February was l2i
against l27 for January and 10! as the
average for 1909. In copper there was
no large decline. but that metal has not
lately had any rise worth mentioning
Copper is now the center Of pcssimism
The talent regards II as hopeless: can't
see anything that Will INT II out Of the
slough of despair. About year ago the
same prophets were talking about the
speedy coming Of a, l?c market. The
fact that the accumulation was then in
creasing cut no figure in their estimation
Now that IL is decreasing. the prophets
are hopeless.
THE present wave OF pessimism Is not
likely to last long. Such scnseless fright
may end in a day