The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-05-04
AMONG The BANKS.
Millions of Money, but Millions
More Wanted.
MANYBANKS REPORT ONEY EASY
Outside Capital Seeking Investment = One
Bank Promises a Million Dollars
in a Week.


estate
To ascertain the fiscal relations between
the broker and the banker a HERALD re-
porter made the rounds of the different
banks and to the questions, SIS money
tight or loose" received as many different
variety of an swers as there are complaints
against the policy pursued by the money
lenders of this city.
Salt Lake is certainly well supplied with
banking institutions, and many of the
nnest corners in the city are occupied by
their handsome offices while number of
large business blocks in course of con-
struction, reflect the enterprise and pro-
gresslve spirit of the bankers of this CITY,
The strong banking concerns that have
given Salt Lake financial stability at home
ana credit abroad are to be supplanted by
three new banks which will open their
doors to the public within the nextsthirty
Gays, and which will compete with the older
institutions for share of the increasing
business of the city. This influx of new
capital cannot but have a temporizing effect
on the present Stringency of the money
market and afford relief to the men who
deslrs to negotiate loans, both for the pur-
chasing OF property and for the erection of
new buildings.
what will be the policy of your bank in
regard 10 loans on real estate,m asked The
HERALD man, of j. M. Stout president of
the Utah National bank, which will shortly
occupy the elegant room at the southwest
corner of First South and Main street.
Nauonal banks, as you are aware, are
prombited from making loans on real estate
security. l think there will be plenty of
chances here for the national banks to
loan out all their money on what is known
TO bankers as merchant paper-that is.
among their customers on promissory
notes. There are, however, a number Of
private banks that can accommodate the
real estate men. There are also great
many men, absolutely good, who will make
loans, on their own account giving their
own paper with the mortgages they re-
celve as collateral security"
NATIONAL BANK OF THE REPuBIrc
MIR. Knox, president of the National Bank
OF the Republic, with MIR. Karriclx and
others interested in that institution. was
found in the Progress building inspecting
the new fire-proof safe To the questions
OF The HERALD Mr.. Knox replied:
My impression is that the present strin-
gency IN the local money market has been
caused by the large amount Of money in
Xolved in the purchase of real estate
Ihere is quite good deal of money coming
IN taaU may ease it up to a certain extent
Partles from Springfield, H., have been in
correspondence with me in regard 10 loan
ing out large sums of money on Salt AXE
real estate. My own idea as to what is
needed most Is that we need more eastern
capital to be loaned out at a low rate
OF interest on real estate nlortpaGes
not Tor the purpose of buying real estate
but to put up buildings. This wouId helm
the general improvements of the citv and
greatly stimulate the building boom. At
Kansas City they have no difficulty in Sc
curing long time loans at from to per
cent, anu tits not local capital, but money
that comes in from the east
The other cashiers were very anxiors IN
Know what Mr. Hill, cashier of the Deseret
National bank, had to say. one cashier
querying: He says its tight, eh.'' An
other said, You can put me down as saw
ing what Hill says, as he generally saws
what he thinks. while l don't care to have
my mind quoted'
THE DEsERET NATIONAL.
Mr.. Hill in curt business telegraphic
brevity, said: Good demand at 10 nor
cent More demand for longtime loans
than short ones. No material change in
the last thirty days, though it is lighter if
anything"
THE COMMERCIAL NATIONAL.
Mr.: Donnellan, cashier of the CONNER
mercial National bank, said: Very active
demand. Much more stringent thar IL was
thirty days ago. Have had abundance of
money TO supply our own customers.
1here IS no question that money is more
stringent than it was month ago. with a
tendency in that direction. Our deposits.
however, are much larger than they were
at Last call''
What do you mean by last call?n
The last time the United States inspec-
tor called on us for statement, which was
the 18th of February
Mr.. Donnellan went on to saw that there
was large amount of money in his bank of
eastern capitalists for loaning on real estate
mortgage security, the rate of interest
oelng 10 per cent Tor one or two years.
NOT VERY PLENTIFUL.
Money is net very plentiful, though /
think 1t is little easier than a month AGO ),
said NJ. E. Cummings, cashier OF the Utah
Commercial and Savings bank, 1.-The de- |
mand is still larger than the supply We
loan on real estate security at not less than
10 per cent, and the longest time is two |
years, though we prefer a shorter time. IL |
a man wants it for thirty or sixty DAYS we 4
might charge him little more Deposits |
keep up very well considering the demand |
for money!
!. SIS there much outside capital seeking
Investment 9''
"a man came here from California the |
other day with so, 900, and he is putting 1t |
out at per cent, and of course finds no |
difficulty in placing it''
STATE BANK OF UTAA.
Heber ]. Grant, president of the State |
bank of Utah, which is to open for bust, |
ness in the Amussen block, No CO. Main |
street, on Tuesday next, to the questions |
OF The HERALD replied
We are not yet legal entity and CON |
sequently it is a little early to outline what |
the policy of the bank will be- 1t would |
be better TO wait until the child is born |
before deciding what will be the color Of |
Its hair. You may say, however, it is my |
judgment that loans on Salt Lake real |
estate are good. A heavy proportion of |
the assets of companies in which | am |
directly interested is in Salt Lake real
estate and 1 wouldn't have it otherwise, if
1 could. The province of a commercial |
bank is, in my Judgment, to exert its ener-
gleS in building up commercial business
rather than to tie up its money in realty,
and were we engaged in a loan and trust |
company instead of a commercial bank. |
would want no better field for operations
than this city. When, therefore, our saw
lngs department gets into running order |
shall favor judicious loans on good prop
ertv.'
MILLION DOLLARS TO LOAN.
lar. Bacon, Of the Bank of Salt Lake. was
sporting the first straw hat of the season,
and he took straw bail ON the reporter by
getting off his answer almost before the re-
porter put the question: market stiff
none TO lend; loan at s to 10; can loan a
million dollars next week if we get the
right kind of security for it.''
UNION NATIONAL.
M rbaa,av,,~ of +lo r-..;1.. Nr4:., |