The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-07-23
STATE IS PROSPECTING
Comment On Tremendous Increase
of Bank Clearings.
MEANING OF FIGURES
LOCAL STOCKS STILL
GROWING STRONGER.
Salt Lake Business Men Discuss the
Results of Trust Formation-One
Man Who Has. Little Regard For
Drummers Mercantile Circles
Were Sluggish During Week.

The one striking feature of the bust
ness situation of the past week was
the extraordinary showing made by the
local banks through the clearing house.
The figures given in The Herald yester-
day morning occasioned much COM
ment. 1t is true that portion of this
tremendous increase is accounted for
Dy the passage of exchange through
the clearing house, but this is a factor
IN all other cities, as we'll as in Salt
Lake. After all the showing of the
clearing house furnishes the best in
oex tnat any city has of the general
conditions of business.
The bank clearings yesterday were
go, 29O.24, as compared with $22S, 4SS o..
For the week the clearings were 81, 1861,
ul.22, as compared with 81, 400. 262. SO for
the corresponding week of last year.
showing an increase for the week of
almost 60 per cent.
The local stock market was sluggish.
although prices on favored stocks con-
tinue to stiffen. A block of 81 600 of
Deseret Savings bank stock changed
hands between local parties during the
week at Sill. Ogden Sugar stock sold
at s135.
Effect of Trusts.
ihe ColSoiiOdlOn OF large business
and manufacturing concerns furnishes
a chief topic for discussion in Salt
Lake, as elsewhere. 1t is conceded that
the formation of trusts is the cause Of
the phenomenal concentration of cap
ital in the large central banks The
buying up of the small concerns, which
were largely in debt is removing a
mass of commercial paper from the
market that is being seriously felt by
.:es.
On another phase of this same trust
question a business man of the city
was heard to say: The fact that drum
mers and other middle men are being
dropped is proof that they were para
sites living upon the body polite and
the producers had to sustain them.
They will now be reduced to the ranks
OF producers, and the people as a
whole will be the gamer"
Another citizen, banker. said.
Trusts are good thing; they are an
educator; they are educating the peo-
pie up to government ownership of all
utilities, where we must inevitably
land
General mercantile business was
characterized throughout the week by !
a slugglshness that extended into all |
branches. Dull and quiet are the only |
terms that would describe it. Collec- |
tons, too, were slow, caused, no doubt, |
by the same influences that took the |
life out of business-the extreme heat. !
The usual exodus to the mountains and i
escorts has had d marked influence on |
business, an influence not keenly felt
until now.
One feature of the general situation
grows brighter as the season advances,
md that is the constantly improving
condition of agriculture throughout the
section of which Salt Lake is the nat
lral center. This condition is remark
lble, because of the almost total failure
If the fruit crop. A close observer, a
representative of an eastern loan COM
'any, remarks that progressive farmers
IN all sides are negotiating loans for
he purpose of putting up buildings,
improving old ones and buying and i'm.
,roving lands.