Show takes optimistic view of the future thinking people do not fear tho future though a situation liis de doped interest rates hao money is hard to obtain prices of stocks and bonds have dropped ery materially and it is difficult to borrow money upon choicest 0 o have biad wars hoods and strikes each destructive tive of actual bonev values and the whole world suffers in response act with all of these there hai been commercial and industrial prosperity such convicting connic ting conditions cau a variance of regard to the future and pes prevails biond a point that is tumble political agitation or changes are not responsible for alie present condition our condition is a replica of that existing all avei the world and the causes therefore lie deeper nor arc they to be found among the records of trade and manufacture no matter where ou turn in germany industrial activity is m in spite of engli interest rates and the lack of available capital lias been a large gain in alie volume of lier trade as well as in profits by lier industries so in england in switzerland france and all of europe and in india and japan the volume of ocean shipping is enormous tho primary cause of the european stringency has been alie conversion of largo sums of liquid capital into fixed investments of various kinds during alie last the cars this movement has almost doubled that of the five scars preceding and it was inevitable that the accumulating demands should be felt in the money market additional stress as caused by the balkan war with its attendant possibilities of a general strife it is not surprising therefore that bon owing became difficult or that european in threw upon the ew york market their of american securities our prices to sag abnormally nothing is really wrong with the business situation railroad ton age manufactures foreign balances copper consumption steel output immigration etc all show that business is being conducted successfully profitably and in healthy volume with regard to local conditions we have interviewed between forty and fifty prominent business houses in salt lake and with scarcely an exception they report that their business for alie months of lay and june 1913 was from 5 to 35 greater than during the same months of the 5 car previous really the only ver blue spot in the united states is wall street alie speculative center the effects of tariff changes have axen discounted in the public mind the import mt tiling to remember is ali it american energy and nunu f picturing ability arc winning mar acts steadily not because of gariffa but because of superior quality and ion prices recent investigations of the DC of commerce and labor slung tins clearly and that the bugaboo of high and living coats as to our manufacturers ability to comp tc with of foreign countries is no at all the figures show that our wage scales abc considerably higher than thoa abroad than of england for example alie total proportion of wage cost in the price of alie fini bcd article iq actually much ecsy thin abroad even kb than in japan ahey show further that it requires I 1 M em aloyes to turn out alie same volume of manufacture that d handled bv people in the united that though our wago scale is nearly twice that of england her total libor in the finished product is for each fiat the united states his hid to spi nd ot only that but england 2 more power thin the united states in doing a riven amount of work the figures aro similar for other countries these statistics prove thai our high wage rates do not need to be balanced b high tariffs in order to protect our industries aiom being overwhelmed by a flood of cheaply manufactured foreign goods that flood simply exist alie fears of scars hae no foundation in the facts for specialization standardization and skill have made their mark in good earnest out of alie present confusion doubt ind indecision three facts stand clear the first is eliat this generation of tho american people has forsworn gambling human nature docs not change much in ten years and we will doubtless again ibave periods of wild speculation and inflation but that will remain for another generation this one will never try it again not only that but the gambling feature of alie stock exchange business will be eliminated wo real izo the benefits derived from the existence of stock exchanges alicy will become more numerous instead of so but they will exist in the futura only as marta for the buying and selling of securities tho day is passing when the prices of stocks can be wildly pushed upward and aa wilda anen back again when no business condition warrants a fluctuation that is only made pos by a reckless uso of alie money of alio public borrowed from the binks alie evidence before the pujo investigation committee showed that huge sums have been habitually loaned on the stocks dealt in upon alie exchange the haigins were small proof positive that alie transactions were those of gamblers n the future banks will continue to lend upon stock exchange collat brals but the margins will be large and alie borrow era will be bona fide purchasers tins will icleane to the channels of industry large sums of money and the benefit to american business will be direct and appreciable the new situation 13 evidenced partly by alie fact that there has not been a spring season in recent v ears when the banks were asked to nuance more meagre demands from stock market borrowers khan today another thing certain to happen is the reform of our banking system we have no idea of alie final form tins legislation will take the new plan may not be complete or very scientific but it will provide a better massing of reserves and more elasticity n oui currency the result is going to be letter than the system we now have the change will bo in alio right direction the great change will be alie alie banns we attempt no prophecies but at least we know that alio tariff is going to be revised downward and that the general re suit must be the establishment of our industries upon a new more equitable and cs inflated basis and id in alie direction of perman ancy and st in all industrial conditions fundamental conditions are sound crops have been good for two or three years all over alie world lait year they were immense and this car promises favorably business is not inflated but quite alie contrary binca we have been huby deflating it and alio work is about done we may sec still otlien downward changes in the prices of stocks a few more but chege things vu be only i alie nation stirring before beginning ltd maroli again hie next dicelo mill be a non one during it e arc going to nork under the of a better banking it still bo i period of road building a period of in and farm marketing methods of tho growth of bo ond anything M e iivo tt known and ol 01 alio groth of foreign commerce in short america is about to enter upon huch a period of prosperity as she has belr acin TI tiie national Nat iopal copper letter |