Eastern Utah advocate. [volume] (Price, Utah) 1895-1915, 1913-07-17
Wall STREET ALONE
Is THE Blue spot
THIS GENERATION HAS FORE
SWORN GAMBLING.
Next Decade Non-Spcculativc-will
Have n Better Banking System
Period Of Road Building and Nd
vance In Agriculture.


the finest wheat lands in the worlt
(almost equal TO the entire present
wheat acreage OF the United States)
lie within a 3OO-mile radius from
Salt Lake and are tributary TO s.
This ia the chief Of many causes
for Salt Lakes greatness to come.
The above Is a quotation from IN,
National Copper banks monthly
trade and finance letter Just Issued.
Tho letter deals In general with the
present financial aud business out
look, particularly In the intermoun-
tain country, but also throughout
the world. II says In part:
Thinking people do not fear the
future. though puzzllng business
situation has developed. Interest
rates have risen: money Is hard TO
obtain; prices OF stocks and bonds
have dropped very materially and Il
~ difficult to borrow money upon
tho choicest securities We have
had wars. floods and strikes each
destructive OF actual money values,
and the whole world suffers In re-
sponsc, yet with all OF these there
has been commercial and Industrial
prosperity. Such conflicting condl-
lions cause a variance OF opinion
with regard to the future. and pes
slmlsm prevails beyond a point that
IL Justlflablc.
Political action or legislative
changes are not responsible for the
present condition. our condition 81
a replica OF that existing all over
the world, and the causes therefore
lie deeper.
THE primary cause OF tho Euro
poan stringency has been the con-
version OF large sums OF liquid capt
tai into fixed Investments OF various
kinds. During tho last five years
this movement has almost doubled
that Of tho five years preceding.
and Il was Inevitable that the ao-
cuuiulating demands should be felt
In tho money market. Additional
stress was caused by the Balkan
war. with It's attendant possibilities
OF a general strife.
Nothing Ia really wrong with the
business situation. Railroad ton
mage, manufactures. foreign trade
balances. copper consumption, steel
output, Immigration figures, etc.
all show that business Ia being con
Quoted successfully. profliably and
In healthy volume.
with regard to local conditions,
We have Interviewed between forty
and fifty prominent business houses
In Salt Lake City and. with scarcely
an exception. they report that their
business for the months OF May and
June. 1913. was from per cont TO
30 per cent greater than during the
same months OF the year previous.
Really the only very blue spot In
tho United States Is Wall street
tho speculative center.
The effects OF tariff ehanges
have been discounted In the public
mind. Tho important thing 20 re-
member Is that American energy,
aud manufacturing ability are win
ming markets steadily. not because
OF tariffs. but because OF superior
quality and low prices.
out OF the present confusion.
doubt aud indecislon three facts
stand clear The first Is that this
generation OF the American people
has foresworn gambling. Human
nature does not change much in ten
years and We Will doubtless again
have periods OF Wild speculation and
Initiation. but that will remain for
mother generation. This one will
never try Il again. There has not
been a spring season Ia recent years
when the banks were asked to fin
nee more meager demands from
ock market borrowers than today.
Another thing certain to happen
s the reform OF our banking sys-
EN-. Il will provide a better mass
ng OF reserves and more elasticity
n our currency. The result Is GO
ng to be better than the ~ stem we !
low have.
The third great change will be |
he lowering OF the tariffs. We at
empt no prophecies. but at least
70 know that the tariff Is going to
e revised downward, and that the
eneral result must be the estab-
lshment OF our industries upon a
.ew. more equitable and less infla-
ed basis. and Is a step In the diree-
lon Of permancy and stability in all !
Industrial conditions.
"Tho fundamental conditions are
ound. Crops have been good for
wo or three years all over the |
Vorld-last year they We're Inn
nense. and this year promises favor
bly,. Business Is not inflated, but
...HA. A.. .anNwav., CluaA TQnG xua l