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Show PANIC TALK AND BUSINESS. The warnings of eminent . bankers of a possible pos-sible panic, of a certain panic unless the present rage or speculation slows down, will have the natural result to cause careful men to withhold anything like speculative investment and to cause many men now loaded up on margins to try to get out from under a possible crash. Still, it is hard to decide what can be classed as speculative investment. We have in mind the common stock of a railroad that is about 20 per cent above par, though the road is mortgaged at perhaps two or three times the amount of money that would be required to parallel it with a fully equipped new road. It would look as though such an investment invest-ment would be a good one to let go of, but, looking look-ing a little farther, the stock is yielding a dividend divi-dend of more .han one per cent per month on its present quotations. Of course it is possible to bring on a panic. There are limitations to the amount of money in the country and they may be reached. But there is about one thousand million mil-lion in the country that was not here a year ago, and probably 15 per cent of that is in cash. So it seems to us that, should a panic come from overtrading over-trading or stock gambling at home, it would necessarily be a brief one, and would not much retard general business. Of course, at the first note of it, the banks would want what is due them and would be charry about extending accommodations, ac-commodations, and many men would be unable to do what they are contemplating doing now. But if a real extended panic should come, it would not originate in this country. It would be from a pressure in the old world which would cause financiers there to realize by wholesale on American . securities held abroad. That would cause gold to drift in shiploads from New York, and should this come just when speculation is at its height, there is no telling how wide-spread the disaster might be. Still, we cannot see why such a strain should come now upon the old world. Of course, Russia has lost much money during the past two years, Taut it has in turn been paid mostly to her own people. She has paid no indemnity, She doubtless needs funds to put down her agitators and revolutionists, and to set in motion her productive interests, but so far the Berlin bankers have been able to supply her, and probably she will not have to come further west for help. British and French trade is prosperous and England is receiving steady reinforcements of gold from the Rand and west Australia. There ought to be no special demand for money in Europe, and any losses in this country should be confined to the plungers on the stock market. The 'H business of the railroads and the condition of the 'H steel market are the best indications of the state of business. The railroads have more than they can do, and because of excessive orders, steel is 'H advancing. So we should say to business men, there are no dangerous present clouds in the sky, but all the same the old business rules should govern. Do not buy on margins. That is only a respectable term for gambling. Do not begin to build this year until you have all the needed money provided for; but do not be afraid that any careful and legitimate investment in this city will not pay good interest on the money. Salt Lake is great advance in values in the very near future. going to have a great increase in people and |