Show PROSPERITY OF UTAH REFLECTED IN CONDITION OF ALL LOGAl- LOGAl BANKS Salt Lake Institutions Wonderfully Sound Financially in Spite of Condition Created Through Stock Jobbing Jobbing Job Job- bing of Wall Street S I. I A WEST EST NOT GREATLY AFFECTED BY STRINGENCY I Reverse of Situation in 1893 When When Eastern Financiers Practically Practically Pra- Pra O Owned Every Enterprise West of Mis S Financiers Optimistic I S BY SHIRLEY A A. A I Salt Lal Lake e banks are aro safe Every cry Institution Is In in prime con condition and will be 3 able le to weather an any financial storm torm that mn may gather and break Interest rates lo legally are re high but hut not beyond n Money Ioney Is not easy but there is pl plenty n of or It t on hand to take care of or every legitimate les undertaking In this city and state Financial l conditions nationally are exactly reversed from what the they were I In 1893 The West Vest is the lender the East Cast the borrower Today Toda the West wt 9 st if It were ere heartless could laugh at Wall street Just as I Wall Wail street tre t laughed at the West In In- those troublous times in the summer of 1893 But the West est will not laugh at Unfortunate un Un- fortunate Wall Vall street Instead of or closInG clos cbs ing log Its ears ehrs ehrs' ehrs and Its pocketbooks to the piteous appeals of Wall street t. t tho the West Vest will give gle financial suc succor or to those poor ml misguided men who have thought themselves dictators of or tho United 1 States anti and its finances The day av of or reckoning is nearl nearly at hand Wall Tall Wallstreet Wallstreet street must be cured of Its ita piracy pirac b by Its own medicine I But the tho West cst need d not be bo f fearful of ot otTE TE results The storm storn will soon oon p pass ss dud and wh when n it has passed p the West Vest will bo ho In better condition than ever evOr before Wall Vall street also will have havo learned to reckon with the elements that have brought about the storm and will therefore be he the better for tot the ex experience EX en- Wall U Street Owned ned the We West t. t i ur r f.- f. MT- MT cJ s L r f V. V t J her 0 gre t p. p th a t CJ r cl r I Jn ing tI up upon n. n Booms is C l' l wore Were experienced al all alf i over O the western c country Xa turn IP enough money mone In great sums was V needed to toC C carry lT out omit this expansion expansion jon But the Tc West rest t had no money mone It Jt pad ad only a 1 future I But there thera was a n section section- lh East Enst- which had and wilch for mone money usurious URU- URU rious rate WD was willing to O o lend on that future The rho West Vest cst went vent Into ears debt ears deep Into debt The East and more par- par Wall VaIl street had a n mort mortgage age on the West est The wares ware and chattels and almost the tho very ery bodies and souls of or the W st st were werA mortgaged to the En East t. t Tho climax was waa ap approached approached ap- ap preached about 1890 1990 when there were two great failure one in Philadelphia and one In London Tho The West est being a new country had hadnot hadnot I not yet et been aLOe e to get the full benefit benefit benefit bene bene- fit of Its resources Crops though good were nt su sufficient to pay ofT off the usury ca called Interest and the principal of or It It-i It debts But tho those e crops raps provided pro a n golden olden stream tream for tor Wall Wallstreet street street- And Wall all street chuel chuckled led and rubbed rubbed rub rub- rUb rUb-I bed Its hand 1 like a n Shylock Eer Every time tho the West wanted n ore mom money Wall street treet provided pro IL It Ever Every time Wall street t provided pro more money mOlle a tighter strangle-hold strangle was gotten on the WesL West Crop Failures Failure Followed cd I And Anti th then n came caine crop crol failures Notes I fell ell due Interest was defaulted The West Vest t was suffering for or Its too great reat expansion Wall all street like Shylock of oC old loudly demanded d Its pound of or flesh flesh- I and got it The West was bankrupt rupt the financial finan unan- cia cial slave sla of oC Wall nIl street treet The summer of or 1893 Is II too recent to have hn been forgotten Misery t r and ruin was sas seen everywhere In everywhere In the West rho ho web had been n carefully wp en by Wall all street and the West est was unable unable- I 1 Ito to o extricate Itself Wall Wail street suffered sot suf 1 f some but hut Its Us sufferings were as I nothing compared with these of or tho the bankers this side of oC the Mississippi Our lands and our houses honses our ouis i and our bo bodies were the property of or Wall Tall street i I Unfortunately the West VeRt was wa blind Just as Wall street Is blind today The West est thought then that there was not enough h mon money y In the tho world It demanded more dollars per capita More of or the circulating medium would right all nil wron wrongs said the West But the circulating me medium was not greatly great grent- ly h Increased ed and conditions condition did rl right ht themselves s First came the Populists with their er cry o of more mone money per capita Next I came William Jennings Bryan Dran with hl his free Cree and unlimited coinage of oC silver r rat at tho the ratio of to 1 I 1 not Bryan Ism nut the We West t ha k on Its financial feet teet Wc Yc t t. Hack Back on Its IN r Feet t. t Free coinage would have ha be bEen n onby only only on on- ly by a momentary relief and could never havo have worked off of the great load of or debt Even Coin Harvey IIan-e that erudite exponent of or bl hl m has lon long since seen the error of or his bis ways After the thc deluge of or crops crop be began began be- be gan to get better bettor were wr filled to overflowing o er c every year yea Demand Domand De Do- mand for or the products of tho the We West t be began an to Increase l began bogan to tot get t t back to the tillers of the soil The i I little country countr banks Instead of or shoving showIng show how howIng Ing their d depositors in the r red beI began hegan be he- gan to put the tho figures meR on the other side I of the ledger Money Ione accumulated l lra ra fast t. t the farmers wore were happy happ- and ana thrift thrifty They lher be began an to pay y oft oIl their debts First t It wa was the mortgage on r Im Implements Then hen n their stock I Th h ir r Fm rr d d f the r r b nd t fr p F FI I J JI I i i C c AI C gradually 1 th their Jr own ses s. s They did not I seek eek Wall Vall all street And AmI above nho nil all el elthe eie the West Vest was as cautious for lor Jt it had hart learned the le lesson on of ot caution from a 11 bitter experience of or years year of or hardship penury and starvation brought o on through Over vol eit in that much much- abu abused ecI Institution cre Toda Today the West is wealthy wealth Th Time The communities throughout Town Iowa Xe- Xe Kansas Utah and In tact fact the entire West s are pro prosper pcr ous Otis Tho The old CI cry of more mone money p Pl pe capita I is no longer heard hemd Bf ra raIs Is a thing of the past d dead nd anti and hurled so far ar as the Wet West est Is I concerned Th The western farmer Is ts riding around 1 In hL automobile Ills HIs debts are arc paid ant and anthe he has a n balance in the bank banI Million On Ori After 1 the West Vest the fact tact that It had lo lost t millions But It lund had not The fhe millions wore fictitious values value the children of oC booms The Tho values today nr ore b based bc c 1 eu on real worth productiveness and income not future rut fuI fu ru t I ture U re Not more than eighteen months ago ngo there was a huo huo and cry crr set et up In InWall InWall Wall Vall t street that the country needed more money mono to con conduct its affairs affair The Tho did ask for tor that count country count at largo large not nor or monc money but W Wall ll street did It was 11 i Wall street not tho the United States Stats that tha needed more mone money That cr cry sounded sound sound- oun ed cd a good deal deai like the cry set et up b by bythe bythe the West Ju Just t about bout 1893 Wall street has been expanding It has been making millions fast But those millions have hae been made In Wallstreet Wallstreet Wall all street and represent only paper Cad and future A million dollar concern was ivas r reorganized or 1 by hy a few le financial pirates The stock stoel of th the concern w was s increased to ten million Bonds Bond of or a alike alike alike like amount were vere Issued And all nU this was done on future Every E concern In iii the East has been making money Or Orders ors were vere coming in n fast Because business s was abnormal abnormal abnor abnor- mal a few tew Wall Vall street pirates bellev believed d that thc they could make the people be- be hove nil all time tho time that mat it continue continue con con- abnormal So now securities were manufactured and many of oC them sol sold 1 The Time thing was continuing In Indefinitely indefinitely In- In definitely Just jut as In the days s 's fifteen 11 or more moro years ears ago Money Soon Cave u Out It lt was not an unusual event ont to bear henr of or a half dozen men congregating in one ono of the big buildings In New York and seated around a mahogany table reorganize a company compan in half halt an no hour Those half halt dozen men would go Into the with a small sum sUm and would woul 1 como come out fabulously rich richon richon rich rich- on paper Tho The supply of or money in tho the Ea East t soon gave C a out The East could not buy raity more watered stocks And the tho West rest soon reu refused ed to buy tho those e securities Undigested securities so- so called calle 1 r resulted Wall all street Is noi now digesting some som of oC tho those e securities f There is a n story told of oC a boy who wile visited d a n United States mint He lie was shown a bar of gold weighing a good man zanily many pounds and valued alue at nt nearly nearl Th The The- assayer u ael In hi charge told I the boy that he ho might have p havethe the bar barIt if It he ho could carry it out of the door IThe The little follow began legan to lug and pull at the bar He lie could not lift it off oCt the table upon which a t rested And nd I that little hoy boy went ent home to hl his mother moth moth- er that th night and toM told her hr how ho had lost narl nearly It Is a n good g deal the same with Wall Wallstreet Wallstreet Wallstreet street toda today Just t A Am Much Mitch Money A I 5 Before Defore Millions of dollars which never really real real- ly by existed have havo been heen r lost The rhe I shrinkage in in- stocks has been something something some some- I thing tI tr tremendous so Wall Wail street says But the tho shrinkage e represents something that was wag ele created out of nothing There Is Just as much mone money In the tho world today toda as M there has been but It Is tight hl because of or reckless s expansion Money Ioney Continued on t Paso Pago u Two Tuo 1 PROSPERITY OF UTAH REFLECTED i IN CONDITION OF ALL LOCAL BANKS I I Continued from front Page c One I does not disappear Into thin air but stock Inflated many manO times beyond their tru true value fall nil to low levels ls when the public understands high finance As On as the West Vest understood th the true truc condition of affairs It refused ll to buy more of or the tho Inflated stocks As Asa Asa Asa a result these stocks were vere lumped dumped ump hack back onto Wall all street There was no market marJel for many securities some good gool but motI mostly bad R So Wall street has hasset 5 sot set t up a D. hue and cry r that there Is not enough money In tho tie country countr to do dothe dothe the Ow business burners S of the United States R. R Doubtless many worthy concerns are arc suffering Such concerns will not long ho In want for there Is alwa always 8 plenty of or mone money for Ic legitimate u uses es There Then has hn been but never should he be one li penny nn for wildcats Wall Vall str street t Is I trying to lay the thC blame on one man Just as though one man has been the tile financial mentor mentor men men- tor of th the whole world Useless s expo ex ex- ex- ex po ure prosecutions o of great reat corporationS corporations corporations cor cor- and anti a lot more such ex expressions cx- cx are ari being used But exposures exposures expos expos- ures ure and prosecutions hurt only the guilty A As President Roosevelt has haslId said lId within the last few lays days he has turned on the light hut he has haJ not been heon re responsible for tor v what hat th the light has ha hassh sh shown o wn ine lIJO Things Brought Out Omit Graft greed and rottenness have been unearthed in the great groat reat corporations corpora corpora- DI Dishonesty honest has been shown In nearly every ery act o of the great financial pirates XO Co Noc Cothey they seek seel to lay their upon tipon one olle man by saying he ha has eaI d confidence to flee Thereal The rh real lies III in the fact that Wall Wail Wallstreet all street treet has be been n found foun out It has hns been bean going oln on that old but criminal principle principle prin prin- ciple ciple- You Vou are arc honest until you are discovered Prosecutions and expO exposures ex ex- pO have o undoubtedly squeezed out A n great deal of oC water from Crom stocks leaving them Indigestible but hut If Ir the stock had b been jen en of real value niuE If JC the themen themen themen men who stood as sponsors for the stocks were cr h honest n l. l there would not be bo u mm qu J-qu t necessary The Wt-s-t Wt has tho the mon mont money Y anti and Wall all Wallstreet Wallstreet street hn has the stocks The West Wen lt has experiences and Wall VaIl Wallstreet street is to t learn The West ha had its Us boom and Wall raIl Wallstreet Wallstreet street Is jU just t getting over o Us its own The Tho West Vest will be the creditor and Wall Vall all street the debtor It was different In 1893 Recently Wall all street got down on lt Its hands lands and knees and begged loans from Crom Western banks bank Any Interest rate asked ed was paid Securities of th the hl highest hest class heretofore held only by New Vew ew York banks were offered And the West Vest went to th the aid of Wall all Wallstreet street street but but in a great reat deal more philanthropic philanthropic phil phil- manner than Wall all street did when tho the West was hard pushed J noting these facts it U Is easy to see sec that the storm in Wall Wail street will not lot hurt the West cst to any great preat reat ex- ex lel tenS I Local Condition Fine Locally it Is doubtful if there is going tob o be any result from the storm Bankers here hero sa m say that the failure In InWall Wall Vail street and New York will not extend beyond the trust companies These companies are affected only because because be be- cause they he w were e unwise enough h to lend lenel lends securities s 8 aVA avo Salt SnIt Lake t to fl op n of f backwardness but the thc wisdom is seen now Every Even local ocal bank has plenty of mone money in Its Hs vaults read ready for an emergency emergency but but but there will not be an emergency call unless It he be from Wall all street banks It seems a little heartless but it Is just to sa say that the West Vest may sit back and laugh at nt the discomfiture of or orall Wall Vail street Following aro the tho sentiments ex expressed ex- ex pressed h hy iy the leading local bankers on n the present situation local and na- na national ional Honal W. W S. S president enl of McCornick McCornick Mc- Mc Cornick Co I 1 I do not believe the financial disturbances in New York will vill extend beyond the trust com corn panics Local banks not being of or the trust rust company nature will not be bo affect affected af at- fectea at all ll Tho New York trust companies have carried small email reserve reser funds and were unable therefore to meet the demands of or |