The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-08-19
Prosperity Is Expected After
Fall Elections, Regardless
of Results.
COPPER CONDITIONS
ARE BULL ELEMENT
Extravaganza of People Is Rec
ognized and Is Now Be-
ing Reduced.

There Is a striking unanimity OF opln-
ion among the majority OF the Salt Lake
bankers in regard to the inherent sound
ness OF the general financial and indus.
trial situation. although none oyerlool,
the few signals posted along the route
Of prosperity which, II not red. have d
speck OF warning as n reminder that eau
ton always Is in order The question.
What are the industrial and mining
chances for the fall and winter? was
asked several well-llnown bankers by The
Tribune on Thursday, and the situation
as they size 1t UP; is as follows
All agree that the crop question pre-
sents the same old problem. in that
money is required TO move 1t. All re-
ports point to this seasons crop being
a good one. for which the farmer Will
receive satisfactory prices, For the past
SIX months the eastern banks have been
slowing down with loans, and the last
New York bank statement was very fay-
orahle,
The banks are in good condition. The
way In which the drastic liquidation oi
securities during the past six months was
handled by the financial centers of the
country illustrates the sane management
of the big banking establishments. which
were forced to discourage the ridiculous
" quick recovery from the panic of 1907
and then to regulate without precipitat-
Ing worse calamity the casting back
upon Wall street of countless stocks on q
receding market.
There has been some criticism of the
eastern banks on tholr programme of dis
couragins a too generous extension OF
western credit. One Salt Lake banker
said yesterday that someone must OF
necessity take a seat on the safety valve
The west, while not moDopolizlng this
phase of the situation by any means, has
been spending too much money toolishly
There Is less OF this being done today
people have been recalled TO their senses
by eastern money centers. Local bank
ers appreciate the fact that the west Is
more independent OF the east than II
once was. yet there is no warrant tol
saying that the west is capable of go
ing il alone financially. AS one put 1t:
every bank seeking 10 do business
must keep q balance of cash in some New
York bank. When Il new bank starts III
in Salt Lake, Tor instance. the first thing
determined is the New York correspond
ent, Merchants paying their bills do sc
by New York drafts, the term New York
being Synonymous with ready cash. This
Is one country In which We live. and this
is especially true with banking"
With the elections over, and barring
labor difficulties the coal miners situa-
tlon being one uncertain spot indicating
that there has not been the needed read
justment between employer and employee
TO meet the increased cost OF living
practically everyone expects prosperous
times. In Utah, it Will prove TO be the
best season In history for the dry farm
ers, and one well-known banker said yes
terday that within ten years there will
be such. an interest In dry farms, and
their production will so exceed that OF
the mines. in spite of the logical growth
in the mineral output, that there will be
more need for a dry farming page than
a mining page In the Salt Lake newspa-
pers.
The coming winter. from mining
standpoint, is especially bright. There
is no question but what there Is an un-
derstanding between the copper produc-
ers OF the world in regard TO curtail-
ment. and that a copper combine cor
responding to the steel combine will come
as soon as the legal difficulties have beer
removed. With copper under control as
steel is, the mining industry. from pros
pectlng to smelling. will be highly pros
porous
With less extravaganza on the part oi
the people. with n needed reduction ir
the cost of living or a corresponding In
crease In wages. with the elections over
no matter which side wins. and with the
trust cases once out of the hands of the
supreme court, the country should enter
upon a very prosperous period, and then
the public should demand a cessation OF
Inflated values and unwarranted bul
market movements.