The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-03
PUBLIC SUPPORTS
POLICY OF BANKS
Action of Clearing House Has
Little Adverse Effect
on Business.
RETAIL PRICES ARE LOWER
WINTER GOODS NOT MOVING AS
RAPIDLY AS HOPED.

The action of the Salt Lake banks in
protecting Salt Lakes available supply
of money through the issuance of clear
ing house certificates and the adoption
of the limited withdrawal plan had little
effect on Salt Lake business. The bank
ing business. which might be expected
10 suffer tile most under the new ar
rangement, was carried on as usual and
almost normal amount of business was
done.
Prosperous conditions prevalent in Utah
and the west have tendency to counter
balance any effect that the eastern finan-
cial condition might occasion and to re-
assure the public. The shortage of cur
rency caused the action of the Salt Lake
clearing association and as soon as II is
relieved depositors will be paid as usual
With reference to the adoption of the
certificate plan Salt Lake is in a similar
position to that of every other city in the
country 1t was a precautionary meas
ure and caused absolutely no alarm in
Salt Lake.
The confidence of the Salt Lake BUSH
ness men in their banking institutions is
well Illustrated by the action of the
board of governors of the Salt Lake
Commercial club and the board of direct
ors of the Manufacturers & Merchants
association. These men, representing the
largest and most influential depositors in
Salt Lake banks, passed resolutions en-
dorsing and commenting the precaution-
airy methods adopted by the Salt Lake
banks until after the present financial
difficulty is safely passed. 1t Is be-
ieved that the situation will be relieved
during the coming week and that the
bankers will resume business under the
old system.
Winter Goods a Drug.
The retail business, which showed a
falling off the early part of the week,
strengthened up the last few days. A
particularly heavy trade was reported by
all of the stores yesterday. In dry goods
and clothing the fall weights are still
selling well. The continued warm wealth
er has interfered with the sale of the
winter goods, which are moving slowly.
In groceries. produce and meats a cut
in prices went into effect last week. 1t
had the effect of increasing sales but
the profits of the merchants were mate
rally reduced. Similar cuts will soon be
made in all lines and dealers are prepar-
ing fol these reductions by special cut
price sales in order TO make room for
new stocks at the reduced factory price
The week In real estate was a quiet
one. But little business property was
sold, although a large number of small
residences and sites for homes changed
hands. In line with the reduction in the
cost of commodities, a material reduction
is looked for in rentals. which are now
in many cases exorbitant.
In all the lines of business in Salt Lake
practically the sole effect of the money
stringency is to lower the prices of com
modities and to reduce stocks Of mer-
chandiSe on hand because of the fact
that further reductions in the wholesale
and factory prices Of the goods handled
are not improbable.
Local Securities.
slight reduction in the price of stocks
and bonds was probably due to unsettled
closing ia