The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-02

Salt Lake City is in the flood toe OF
prosperity. No other Interpretation
can be placed upon the reports that
come to The Herald from every line
of business represented here The
fact crops out in the bank eIearings; it
is seen in the increased volume of bus
mess, IN the small number of failures
In the large amount of building in
progress, in the larger stocks of mer-
chandise, in the buoyant tone and gen.
eral activity in all lines OF legitimate
trade.
The bank clearings yesterday were
1865, lI4.76, as compared with 1851 ,OOI. 96
Tor the corresponding day of last year.
Inc clearingS for the week were 81 126
Oio-3I, as compared with S1,7S5, 1856 for
| the corresponding week last year. The
clearingS for the six months ended
June 30 were So. 723.511, as compared
with S3S,9S9,6l5 for the six months
ended June go 1898. Here is an in
crease of SO, 1886 this year over last,
and there is no better gauge of busi-
ness conditions than the bank clear
| inSs- Here is an increase of 50 per
cent, shown by this best of all tests.
Reports From the Banks.
The condition shown by the elearings
is verified by the statements made by
| the various banks. With very few ex-
ceptions they show an unusual in
| crease in business. the increase vary
ing all the way from 20 to 200 per cent.
| The deposits in all cases are enormous
larger than ever before known in the
| history of the city.
The Deseret National bank had on,
/ hand yesterday Sill, 500 in deposits,
as compared with $1,9S4. 900 July l. 1898.
The State Bank of Utah had in de-
| MOI 70 800,
with S5O2,662 year ago. an increase OF
20 per cent. The earning capacity of
this bank was s693.000 yesterday, as
compared with $4S2, 900 a year ago.
The Deseret Savings bank had yes
| terday Sl,0g3, 256.45. as compared with
S8O6, 015.63 a year ago This bank will
declare its regular quarterly dividend
of z per cent at the meeting of stock
holders and directors. July IL. Presi-
dent Ritter reports business in very
satisfactory condition.
The Utah Commercial & Savings
bank makes a good showing, with de-
posits of 1894, $50 a large increase over
last year. and $12, ASS in undivided
profits. This bank will declare quar-
terly dividend of IL per cent at its
meeting on Monday.
The lions Savings Bank & Trust
company reports that during the fiscal
year ending June 80 it opened 2.191 new
Savings accounts lndL the year mas
been a prosperous one for the bank.
and that notwithstanding the fact that
deposits to the amount of about $780,
900 were withdrawn and used by de-
pOsitors in the purchase of church
bonds. the deposits now aggregate ST.
! $50. 600.
The other banks will make similar
showings when they make their re-
ports.
Money Seeks Investment
The feature of the money market Is
the tremendous amount of money seek
ing safe investments and the difficulty
of finding long tie loans on good Sc
curity. 1t is known that money has
been put out, a large loan on gilt-edged
security, as low as per cent. This is
most unusual. There is a strong de-
mand for money on short time loans
to be invested in mining and other
channels where the risk is considered
great. This money brings from to 10
per cent, and large sums are being
loaned in this way, the lenders depend
ing for security more on the character
of the men than the merits of the en-
terprises.
Demand For Stocks.
The demand for good stocks is still
strong. the quotations ranging a shade
stronger.
Deseret National bank. s217 90
r. I. NJ. l.-.-- ACKNOWLEDGEMENTS 129 90
State bank. Observation-Disclosures. lis 90
Utah Commercial & Savings. Sc 90
Home Fire. NEUTRALITY-SUSPICIOUS.. 80 90
Deseret Savings bank 10 90
First National. Ogden 17S 90
OSuen sugar .....-...-..-.--..... 1za w
Lehl sugar. .-.-.-...---------.. ID Az
Lehi Sugar, new stock. II 20
Local parties yesterday purchased
1000 shares of Lehi Sugar in one block,
for $12, $50. There is demand for bonds
of any kind, or stocks that Will pay or
6 per cent on the investment
Mercantile Business.
The following institutions declared
dividends and made disbursements
yesterday:
lions Savings Bank & Trust
company, per cent ....--.--.-. $4,000
Utah Sugar, 212 per cent ...-..-.-. 9,127
Coop. Wagon company, per
cent .-..-... -.---.....-... 0,OVO
Home Fire of Utah. IL per cent. $3.50
Salt Lake theatre, per cent? 5000
Fl. j. Grant & Co., 212 per cent. $500
This is a good showing, but a far bet
ter one could be made after the direct
ors of the banking institutions of the
city have held their meetings
The general business conditions are
we'll reflected, too, in the statements
made by the large mercantile houses.
Cunnington & Co, a very conserva-
tive house, reports business 80 per cent
greater than last year. They keep no
solicitors in the field. and regard this.
therefore, as a normal increase.
The Utah Implement company re-
ports business not quite so good as last
year, but as last year was an extra
ordinary year with this house, this
showing is not surprising
10 per cent over last year, and collec-
tons better than in many years. The
people are paying off their Indebtedness
and are more prosperous than they
have been in years.
The Studebaker Manufacturing COM
pany reports an increase or II per cent
over last year. They find money plenti-
full among their customers more cash