The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-24
MORTGAGE LOANS
ARE IN DEMAND
Situation in Salt Lake With
Reference to Borrower and
Lender Satisfactory.
SECURITIES ARE GILT EDGE
PLENTY OF MONEY FOR INVEST
MENT IN REAL ESTATE.

Abiding faith in the future of Salt
Lake City is expressed by at least four
of this city's most prominent real es-
tate firms. These expressions are to
| the direct point that Salt Lake is able
to take care of itself and that the day
of borrowing money from eastern lend
ers is past. The Testimony of these
firms is that Salt Lake securities COM
mand going prices and that there is a
marked increase in the demand for real
estate paper. The talks with Messrs.
Houston, McGurrin, Halloran and
Tracy indicate that, far from being all
awry, the financial situation as it re-
lates to the real estate business and
the brokers is healthy.
Below is given an expression of Opin-
ion on the part of those mentioned:
J. w. Houston.
J. w. Houston said: Having been
nineteen years in the real estate loan
field of Salt Lake City, the change of
condition at the present time impreSses
me as a most favorable symptom. In
my earliest experience here we secured
our money from Englash and the
Atlantic states entirely. Later We found
a more ready market for our real estate
paper in Ohio, Illinois, Indiana and the
middle western states. The last few
years we have seldom placed any of our
paper outside of the state of Utah, and
at present we have apparently an in
exhaustible supply of money among the
people of Salt Lake City. At no time
in the history of our business have we
been able to make more favorable prop
ositions to the borrower than the pres
| r,, or ral,1 70 nj
our local customers with real estate
paper, the demand having greatly in
creased in the last few weeks, and bus
mess of this kind done with local pur-
chasers of loans who are fair judges
of securities and signers is much more
satisfactory to the broker and borrower
than passing them to a far away Glen
ellie who may wish to consult someone
having a selfish interest in approving
or disappearing securities.
F. E. McGurrin.
F. E. McGurrin, president of the Salt
Lake Security & Trust company. said
his company has been lending money
right along on real estate, as usual, and
found people interested in good invest
mentS as they always We're. 1.-TWO of
my friends from outside are here now"
said Mr.. McGurrin, looking for good
real estate. One of them has $4,000
to invest. and the other So, 900, and as
soon as they find the right thing both
Of them will place their investments
in Salt Lake. We have sold four
houses within q week or ten DAYS, all
for homes, and We expect to go on
lending money on substantial real es-
tate without any hesitancy. There has
never been a better time for this kind
of investment, and we have never felt
more disposed to show our confidence
in conditions by lending money on good
property. Apparently good many peo-
pie feel as we do, for we have had
lot of inquiries the past week, have
made several large loans and sales. and
found it good time to do business.
Today we loaned $1,000, ard have prac-
tically completed a deal for loan of
$4,000, all of which money is to be
Used in new buildings That shows
what the general tone of business is in
our line"
W. ]. HallOran said: 1T is indeed a
source of great pleasure to see the Salt
Lake public has 80 much confidence in
real estate. For some years past east
ern loan companies have retired from
this field, being unable to secure any
loans on real estate The reason for
this has been that Salt Lake City has
l
center, and all demand for loans has
been quickly furnished by our own peo-
pie in the past five years. This is one
Of the reasons now why Salt Lake is
not feeling the shortage of money like
other western cities. l am glad to say
that there is now plenty of local mon
ey to meet all demands on real estate
loans"
Russell L. Tracy.
Russell l. Tracy expressed his views
/ in these words
The whole trouble is simply a cur
rency panic, due to the fact that New
York and other eastern reserve cities
are unable TO send west the money
which the western banks have deposit
ed with them subject to call. The New
York banks are gradually recovering
and have already imported $50 900 900
in gold, which with the $3.50, 900 600 the
government proposes to issue and de-
post, should enable them to largely
pay the western banks. Our banks
| can then call in the cashiers checks
| pay their depOsitOrs in cash, confidence
VIII be restored and business resEme its
normal prosperous conditions.
In the meantime, while all banks
which have received deposits are tenn
poraT1ly unable to make new loans. vet
] - - - wiz NO Aob ASctlNC QepOSitS
and have idle funds are glad of the op-
portunity to lend them upon real es-
| tate, Tor our confidence in general Son-
ditlons of the west and of real estate
securities in particular was never
| stronger.
For this reason we are glad of the
opportunity to advertise through the
press, as we do from our window
| plenty of money TO loan upon real es-
tate, and every day we file a greater
or less number Of mortgages for record.
congress will convene within ten
! days, and their first duties should be
| to enact some legislation which will
provide a more elastic currency and
| thrrr rorndnr. irn,rorrihIn ...-..i..-..