Show BUSINESS PULSE PLSE FROM SALT LAKE Local Lo al Banker Writes to Brother Bankers From Coast to Coast THEIR TIIE FUTURE Condition I In hl And I t Nevada In lit Particularly load Good t A prominent pr local bank official he be became clime came somewhat apprehensive recently us as to the commercial outlook In hi the country amid sent the tue following letter to banking men In San Francisco Chi COBO cago and Nl York for tor comments comment on 01 the thc samo same train from th m Dear Sir The shrinkage In values of stocks and bonds for fat the past I six months seems m to have caused e a n general uneasiness throughout the country countr und tind we would be lie very ery glad to have your our personal opinion for or our use and guld guid unco upon the prospective condition With mills mauls and ant manufacturing plants everywhere apparently running at full capacity with last years crops crop throughout the agricultural regions region heavy hea much of ot it yet et and amid prices good can It b be possible for us 18 to have hove a n money mone stringency during tills this summer slimmer or coming tall fall will approach a panic In Iii severity You may bo be b Interested In lii knowing that local lucal conditions In Utah hail western Wyoming Wy southern Idaho and amid Nevada seem excellent During the past winter we have hao hail had very vcr heavy IllJa snows insuring water for tor irrigation and Rood Hood range for Cor the tho stock Time The prIce NIce of ot wool Is 18 20 O per her cent higher than last I III t tear year ear with an equal advance in tho time set sel thIng prices of at practically all metals In an aim increased output of or our mines So all In iii all nil tho the country Is certainly In such financial condition that It call can only bo ho disturbed by b with less favorable condl elsewhere re reNO NO UNEASINESS THERE m The following reply came from San Francisco l Dear ear Sir We are mire not aware of ot any of ot which you Ol speak This FimI coast Is enjoying nn an era cla of ot ox ex extreme prosperity Money Is abundant and amid the tile volume of business Is large e es As s to the lie antics of ot tho the stocks on Wan Wall Wallstreet street we WI do not stoma seem to bi Ill affected by l them horn here Our outlook is ery very good Prices of ot lumber and prices of at products are arc very ery cr good go d and In California espe espo especially cia dali II abundant rains will ensure un an abundant harvest Of course money mone stringencies ore nr always possible and we lire are firm finn believers In getting gelling fright frightened ened in Iii advance of ot a n panic having our cash reserves in ill such lIuch shape that our heads hoaas may ma be lie cool when the till panic does docs come conic CHICAGO BANKERS DA VIEW The he Chicago reply came from ono one of ot the tho heaviest banking Institutions In the tIme city and said Dear Der Sir Your opinion Is to so absolutely In accord 11 with mine that I hardly need neel say eay en that lint I concur In your 1 t I think a money stringency gooey gency approaching n a can be ho avoided If the tho banks would only con concert concert concert cert their action In a t conservative way ny from now until fall fail 1 I think the pee pes pessimistic pe feeling pervading Wall Willi street 2 Is II entirely due to conditions existing thor and awl Is hI based on the th stagnant con condition of ot the market for securities of ot which too many have been be n Hooted floated So Sotar fur tar as I can learn the commercial heel busi business ness of ot the lie country li ll I in lii a healthy con dillon Our western banks ore lire In a tea rea reasonably good Icod condition for tor this season of or the time year Many lallY of them nrc still buying commercial paper In this mar market market ket and even new Issues of ot securities that tha taro are unknown to western Investors have found n a ready rendy market here h re We Weha have ha ourselves within th the past month successfully handled two new Issues of ot bonds of ot ono one million erich each In com corn commercial mercial lines linen demands mands lI for tor money are moderate There Is no doubt that the business of the country has hns been ex ox expanded handed to such euch an nn extent as ns to absorb our financial resources and the tho banks III In the financial centers arc are feeling tho time strain We must all go along on a con conservative conservative basis basla this year discouraging large IorIo borrowing and maintaining high hl h rates ratos for tor our money mone during tho the sum summer mer mH even een at al the sacrifice of ot profit and und prepare ourselves for tor the regular fall demands for currency This we will vill have an so opportunity to do Io as In the or ordinary course of ot business money will vIli return to us during time the next two or three months If H however as noon soon as nB the time banks get geta a little surplus reserve rc ere they lower the lie rates and push their money out they will go 10 Into the he fall fail business In bad shape The New Nein York batik bank deposits from the vest VC t will naturally Increase during tine the summer commencing to do doto doso to so shortly after acter lake navigation opens hilt but they will be withdrawn again in inthe Inthe Inthe the fall especially If It we get a II big crop croll for tor which the conditions are encouraging ing lug New cw York banks should bo ho care enre careful careful ful tul how they use their th lr temporary money under present expanded condi condl conditions lone This applies equally to Chicago banks Janks only they are nr likely to turn over their surplus to the tue New I York banks in order to get 2 per er cent on their bal hal balances sliCes ances and they ther will be lie a 1 drain on New N NewYork w York along with the other uther western rn banks whenever the fall fail demand begins Just nt at present our Chicago banks are arc not riot strong in reserves but there are none of ot them at nt least none of or the na nn national banks that are very ver much Inter cited In carrying liat Mr Morgan 1 calls undigested securities Our banks here with the time exception of ot one or two trust companies confine themselves to commercial business b we lire are not feeling nt at nil all nervous We are all san sanguine guine that money must soon commence to return to us UR and that wo we will have some fome accumulation of ot It during tho the summer If It we can handle h it Judiciously and conservatively we ve can prepare our ourselves selves elve for the fall fail campaign and work through the year ear with satisfactory re to results suits SEES NO PANIC The president of one of the oldest national banks In New York city thus wrote Dear Sir SirI I do not know whether er Cr I can state my opinion In regard to the future muck much better than you have The country countr Is on a good sound substantial money basis with prosper prosperous OUR ous business and more than fairly good outlook for abundant crops Our balance of trade Is growing largely in our favor and I nm am sufficiently optimistic not to look for any an panic the com coin coming lag ing fall |