The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-07-10
GREATER PROSPERITY
FOR UNITED STATES
National Copper Bank, in
Monthly Letter, Says Moth
ing Is Wrong.
NO REASON FOR FEAR
Banking System VIII Be
Changed to Provide Better
Massing Of Resources.
NO REASON FOR FEAR

The National Copper bank. in its resu
lar monthly finance letter. says the 70
lowing in regard to the banking situa
ton OF the country:
Thinking people do not fear the flu
ture, though a puzzling business sit
uation has developed. Interest rates
have riseni money is hard TO obtain
prices of stocks and bonds have
dropped very materially. and il is DIFF
ficult to borrow money upon choicest
securities; we have had wars, floods
and strikes-each destructive OF ac-
tual money values. and the whole
world suffers in response: yet with
all OF these there has been CONNER
cial and industrial prosperity Such
conflicting conditions cause a vari-
ance OF opinion with regard to the
future, and pessimism prevails beyond
point that is Justfiable
Political aGita ton or legislative
changes are not responsible for the
present condition. Our condition IS a
replica OF that existing all over the
deeper.
Activity Intense.
Nor are they to be found among the
records OF trade and manufacture.
no matter where you turn. In Ger
many, industrial activity is intense
in spite Of high interest rates and
the lack OF available capital. There
has been a large gain In the volume
of her trade. as we'll as in the profits
enjoyed by her industries.
So in England, in Switzerland,
France and all OF Europe. and in In
dia and Japan. The volume Of ocean
shipping is enormous
The primary cause OF the Euro
pean strngency has been the conver-
into fixed investments Of various
kinds During the last fi~e years
this movement has almost doubled
that Of the five years preceding, and
1t was inevita bic that the accumu-
lating demands should be felt In the
money market. Additional stress was
caused by the Balkan war, with its
attendant possibilities OF a general
strife. It is not surprising therefore
that borrowing became difficult. or
that European investors threw upon
the New York market their holdings
OF American securities, causing our
prices to sag abnormally.
Wrong.
Nothing is really wrong with the
business situation. Railroad tonnage.
manufactures. foreign trade balances,
copper consumption, steel output,
immigration figures, etc.-all show
that business Is being conducted sue
cessfully, profitably and in healthy
volume. With regard 20 local condi-
tions. we have interviewed between
forty and fifty prominent business
houses in Salt Lake and with scarce
ly an exception they report that
their business for the months of May
and June 1913, was from 5 per cent
TO 80 per cent greater than during
the same months OF the year previous.
Really, the only very blue spot in the
United States is Wall street.-The
specula tive center.
The effects of tariff changes have
been discounted in the public mind.
The important thing to remember is
that American energy and manufac-
steadily. not because Of tariffs but
because of superior quality and low
prices.
Recent Investigations of The de-
show this clearly. and show that the
bugaboo Of high wage and living costs
(as related to our manufacturers
ability to compete with those Of for
The figures show that while our
wage scales are considerably higher
than those abroad-than those Of
England, for example-the total pro-
portion OF wage cost in the price OF
the finished article is actually much
less than abroad. even less than in
Japan They show further that 1t
requires 255 English employees to
turn out the same volume of manu-
factures that is handled by 100 peo-
though our wage scale Is nearly
twice that Of England, her total labor
cost in the finished product is S119
for each 500 that the United States
has to spend. Not only that, but
England uses 172 per cent more
power than the United States in do
ing given amount of work. The
figures are similar for other countries.
These statistics prove that our high
wage rates do not need to be bal
anced by high tariffs In order To pro-
tect our industries from being over
whelmed by a flood of cheaply man
ufactured foreign goods. That flood
simply doesn't exist, The fears OF
years have no foundation in the facts,
for specialize ton, standa ardization
and skill have made their mark in
good earnest.
nrsl1 m c