Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-10-03
Story Of the BANKS $ business They HaQe Done This Yea1

gether with the proposed expenditure
OF millions in suitable terminal faCli-
ties by these railroads, insures a pros
porous business, and large increase Of
population for several years to come.
The approach OF the Mohatt road. and
the prospect of the building of the
Western Pacific will make of this city
great railroad center, and keep things
moving here for a long time. This
justifes the prediction that we viii
reach the 100000 mark In our popula-
ton before the close Of the present de-
cade
The conservation Of the waters OF the
state by the Federal government viii
largely Increase our agricultural area.
TINS work VIII begin as soon as there
is quarter of a million in the fund
applicable to the work in Utah. An
agricultural interests are prosperous
except the sheep industry which suf-
fered considerably during the past So
we're winter But even this interest is
fast recuperatlng There is an aprnr-
ent shrinkage in the bank clearngs.
But IT. Is not shrinkage IN reality.
II IL accounted for by the fact that two
banks have retired from business and
the clearngs are merely the transac.
tons between Banks Another reason
is that one OF the largest banks now
cashes It's balances each day instead
OF carrying over It's clearing house ball
ances to be added to the clearlngs OF
the next day. All the legitimate fea-
lures of the banking business are
growing. our shipments out Of the
state which produce exchange are
greater than ever, especially the ore
and bullion shipments, against which
drafts are drawn.
WHY CLEARINGS ARE LESS.
Cashier w. r, Adams, National Bank
OF the RepuDlic-The clearing house re-
ports nave been less during the past
eight months than those Of the same
period of last year, because of the less
amount OF speculation In high priced
stocks. There were no deals in large
properties and blocks of stock as last
year The real estate situation up to
Sept, |, has been unsa tsiactory be-
cause Of the uncertainty up to that date
I'm prospective railway developments.
But since that date the certainty of
terminal facilities for two competing
lines has perceptihly improved, and
transactions have become more numer-
Gus. Local conditions as regards stock
investments are good, although requir-
ing considerable employment to recoup
last winters losses. Deposits on the
whole are larger this year than last, and
the country banks seem 90 be generally
prosperous, In merchandising, the
wholesale trade is larger than last year,
The retail trade has not been entirely
satisfactory, but with good, seasonable
weather conditions will improve. West
ern banks are becoming more and more
independent Of speculation and trade
conditions, particularly those obtaining
in the east and when Wall street is
in the throes OF n panic the perturba-
tons cause hardly more th0h a ripple
in western financial waters.
The west is establishing It's own
money centers, and when seeking large
loans, western borrowers no longer
consider Wall street as their Mecca.
Western banks are able 20 furnish all
the cash needed. Chicago is encroach-
ing on New York az a reserve center,
and appears TO be more closely in touch
with western conditions than ever be-
fore
NOT A TRUE INDICATION,
Cashier Geo. NJ. Cannon OF Zions
Savings Bank & Trust company-The
daily figures published by the Salt Lake
Clearing house do not by any manner
of means indicate the business of this
country as the clearings to certain
extent only represent money trans
ferred through the different banks to
others embraced in its membership. A
recent statement published by the
banks OF Salt Lake city through the
clearing house shows that on Sept, 3,
more money was on deposit than at the
corresponding period Of the previous
year and the amount of deposits in the
lions Savings bank on Sept, Q, 1908,
was $685. 615 more than on the same day
In 1902, the day on which a statement
was called for by the secretary of state,
During the IL months ending Sept. 2,
1903 there were 1904 new savings ac-
counts opened. | do not know the ex-
act increase of all the banks In the city
and state; but the prosperity shown
by our bank has in corresponding de-
gree been shared by all the others. The
demand for money this year Is better
than. during 1902, although the demand
has not been abnormal only indicative
of good business conditions. Parties
with desirable security can get all the
money needed for legitimate business
propositions at reasonable rates of in
terest. The outlook Is very favorable
Utah has been easier In money mat
ters this year than for the correspond
ing nine months OF last year; and this
is evident by the ability to obtain
money from our local financial institu-
tions at as low a rate as can be OBJ
tanned in New York,