The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-11-12


The banks OF Salt Lake City have on
deposit between SIS. 900, 900 and s16,00O,-
600, the largest amount in the history
OF the city. This is of course largely
the product of Utah's mines and has
been piling up rapidly. especially in the
last year, so that it is not surprising
that it has not yet found its way into
the channels of trade and investment,
but the lowering of interest rates and
bank discounts is proof that this money
is seeking an outlet in local fields, and
even the most conservative men look
forward to great activity next year
along every line that promises a
reasonably safe investment and a
moderate income. The congestion of
money in the Salt Lake banks is all
the more noticeable at this particular
time when there is such a marked
stringency in the money market in the
east
Bank Clearings.
The bank clearings yesterday We're
SAL, 412.25 compared with $3.50. 23002 for
the corresponding day of last year.
For the week the clearings were s., 609,-
922.62, compared with S1,737, 020.15 for
the corresponding week of last year.
This shows a gain for the week of
SS72, 902.47 or 80 per cent. The report is
general that the loan business at the
banks is better than for some time
past, especially in channels of local
trade.
Condition of Trade.
The general business of the week
has had no marked features. There
ok of hat r
tributed in part to the election, but
more largely to the unseasonably warm
weather. A cold snap it is generally
conceded would greatly stimulate re-
tail trade. And yet while merchants
complain of dullness, the commercial
agencies report a volume of business
largely in excess of that of last year
Bradstreet reports an increase of from
so to 80 per cent in the volume of
business in this region compared with
the same period of last year. Dun's
report quotes no figures but agrees
that the volume of business is far in
excess of last years.
No Business Failures.
For the week there is not a business
failure of any dimensions reported in
the territory covered by the local
branches of Duns and Bradstreets
commercial agencies. This includes the
states of Utah. Idaho and Wyoming
This record is remarkable. Local
merchants still complain of the slow
ness with which their orders are filled
in the east. This is especially true of
cotton, steel and iron goods. The fac
tories, although running night and
day, are unable to catch up with their
orders.
The quotations on local securities for
the week are:
Deseret National bank 1921 90
Deseret Savings bank ...-...... 122 90
State Bank of Utah .............. 126 90
lions Savings bank ...--......... l2b w
Utah Commercial & Savings. 100 30
Ogden First National .. 175 90
Iehi Commercial & Savings. :. 100 90
Bank of Commerce .............. 10 10
Commercial National .......... a 80
National Bank of the Republic. 40 90
u. c. NJ. 1872 80
Cunnington company ..... 102 90
Clark. Fldredse & Co.. % 80
Coop Wagon & Machine Co... 113 90
Home Fire Insurance ..... 102 80
r. NJ. b Telephone .. 101 90
Ogden Sugar company ........... 15S 90
Utah Sugar, old series .-....... Ii 80
Church bonds, with interest. 105 90
Street railway bonds, ex-inter-
est -..-..--.--------.. 1Vz ov
The demand for good local stocks is
dency in prices all along the line.
There is found a difficulty in securing
many of the stocks quoted above.
There were a number of fair sized
transactions during the week especially
in street railway bonds. but no one
safe of great dimensions or special in
tereSt.
Real Estate Slow.
The real estate market remains slug
gish, much to the surprise of many
local dealers. The business transacted
is greater by far than that of year
ago, but a boom was anticipated for
this fall that has failed TO materialiZe,
and this causes some disappointment.
There seems to be a total absence of
speculative buying that is surprising,
in view of the abundance of money in
the local market and the low rates of
interest This seeming timidity of
SPECTATORS is explained by many to
be one of the evil effects of the last
boom. Men who We're caught in the
collapse Of 1898 are still slow to take
another dive, and their action natur-
ally influences the action of all others.
The business of the past week was
confined largely TO the buying and
selling of places intended for perna-
nent homes. or vacant lots upon which
homes are to be built. Even in this
line the busine - was not large.
Building Activity.
No new buildings of any size have
been projected for some time past but
work is progressing with more or less
speed on those in course of construc-
ton. And these, together with the
large number of dwelling houses going
Up throughout the city, produce a de-
gree OF activity in the building trades
that is highly gratifying In addition
to this there is a general feeling that
there will be much building next year,
not only of buildings alread planned.
but many others that are demanded
by the expanding business Of the city.