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Show GOOOWTIOfi State Commissioner Sees No Probability of Panic Here SALT LAKE, May 22. Utah Is not facing a financial panic for though -there is a tightening of money. Utah 'is in splendid shape, according to N. T. Porter, stale bank commissioner for JJ tali. 1 "There is no reason for Utah to j worry at the financial outlook, for although al-though other communities may have hardships, there are many reasons wh this community will have much clearer clear-er financial sailing. While seaboard and eastern communities live from the manufacture of luxuries, Utah produces pro-duces staples and necessities. The industries in-dustries that have made' Utah famous are the manufacturing of the things 1 that meet the world's everyday needs, !and although the world is turning from the use of luxuries, the demand for Utah's necessities will daily increase. in-crease. Hard times will have no terrors ter-rors for. the Bee Hive state's industries," indus-tries," said Mr. Porter. 1 "If Utah were to be cut off from the rest of. the world tomorrow, it could support itself nicely. Our people peo-ple have shown a desire to economize, and during the last few weeks, the same thrift that helped to win the war, is creeping back into notice. ' The most Helpful move that is coming from this agitation is the thawing thaw-ing out of frozen loans, spoken of by W. P. G. Harding, of the federal bank system. Few of the great mass of the people realized to what extent speculators specula-tors were using their credit to buy foodstuffs, placing them in cold stor-ago stor-ago warehouses, thus forcing the prices up. and causing much suffering among the poor. The directors of the Tederal banks were quick to notice this practice, and pulled in these frozen loans which will force thousands of tons of cold storage roodstuff upon the markets. And although many innocent, who have purchased at high prices, 1 will lose when the influx of foodstuffs J emerge from cold storage, yet the free- j ing of the cold storage crop will be a , great blessing," said Mr. Porter. "There Is no cause to worry. One may read of the financial disturbances elsewhere, but hero conditions will be sounder and more secure than in most; places. Utahns may rest assured that if Utah does come to the lower floor of a financial flurry, there will be no people peo-ple In the galleries," continued Mr. Porter. 00 |