The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-30
SALT LAKE BANKS
SHOW INCREASE
Volume of Business Deposits
and Clearings Greatest in
History of the City.

Bank clearings constitute one of the
best tests of the prosperity of a COM
munity. The circulation of money in a
community has been likened to the-eir-
culation of blood in the human sys-
TEN. If the blood is pure and circu
lates freely, growth and good health
are the results. If the money of a
community is sound and if it circulates
freely in legitimate business, nothing
will retard the growth and prosperity
of that community. The parallel might
be carried still farther pointing out the
importance of the heart in the circulat
ing system of the human body, and at
the same time pointing out the impor
lance of the clearing house in the
financial system of the community.
The functions OF the one are very sim
liar to the functions of the other.
Record of Clearing House.
The record of the Salt Lake clear
ing house for the year just drawing to
a close will be a revelation to many
residents of the community to saw moth
ing of those living at a distance The
total clearings for the year approx
mate $3.50 900. 600. This is an increase of
$50, 900 900 over the clearings of the pre-
vious year-a gain of 81 per cent. It
IL
cities in the United States that made
such a record. It is certain that in this
important particular Salt Lake during
the year outstripped every city of equal
size in the nation, and took position
among industrial and business centerS
of three and four times the pOpula-
ton.
Causes of the Great Increase.
The causes for the tremendous in
crease in bank clearings are perfectly
natural. Without q single exception
they spring from an increase of legit-
innate business. The number of banks
has not increased; there has been no
fictitious boom in any line and yet
there has been a phenomenal increase
in bank clearings. the best test of a
city's growth and activity. The real
cause for this condition is to be found
in the increase in the dividends from
the mines, the increased activity in all
the mining camps depending upon Salt
Lake City for supplies, the upbuild
ing of new smelters; the opening of
new mines; the rapid growth of the
beet sugar industry, the unusual activ-
ity in all lines of local business; the
general prosperity manifest upon all
sides and among all classes of citizens.
members of the local clearing house.
For this reason the record of the clear
ing house reflects credit upon every
bank of the city. Every bank in the
city has shared in the prosperity of the
community. Every one shows increased
business at the close of the year COM
pared with any other period of local
history. The capital of these banks has
increased; deposits have increased i'm
mensely as have also the loans and dis
| counts. The total deposits of all Salt
Lake banks are $4,000, 900 greater at the
| close Of the present year than they
were just year ago. The loans and
discounts are s6,000.0OO greater now
than they were year ago. These facts
| in themselves tell an inspiring story of
the general prosperity of the commu-
nifty. The total deposits of the twelve
banks of the city are $37, 100000.
What Clearing House Shows.
! Herewith are given the clearing
/ house figures by months for the past
! three years. These will show that the
| growth of this city as a financial GEN.
/ ter has been uniform. With the same
rate of increase it is not unreasonable
! TO look for grand total of bank clear
/ ings for 1907 of $500, 900, 00O The build
| ing into the city of new railroads and
the tremendous impetus given to the
mining industry in all the territory
contiguous to Salt Lake may make it
possible to exceed even this enormous
! figure 1t is even now recognized
throughout the land that Salt Lake is
business center Of no mean proper
| tons. Here are the clearing house fig
ures for 1904, 1905 and 1905:
re Clearing House.