Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-26
Financial Tumult East Leaves
Utah Banking Institutions
Unscathed.
RESULT OF TRUST METHODS.
lesson Of Past Week WIN be Beneficial
10 People and Bankers Alike
The situation Locally. .


sts apprehension lest something UNI
toward might happen like "a suction re-
sgtiou at the rear ~ a cyclone But
,ssr This was only momentary In tho
banking field the local situation Is
rrstifying 90 nnanciers ana moneyed
mon generally, as II Is net thought
that a single bank ia salt Lake Guy
90 ecriously threatened boy conditions
q, the east. and these eastern condi-
tons. 800 fact. are not of such "a serious
nature AS many imagine. In order q
understand tho cause Of the trouble
there one should be somewhat con-
yersant with tho history Of the growth
81 trust institutions. They do a styl'
cf business quite different from the
regular banks. and what has hap
yorad to them is only what prudent
men had long since foreseen. Until
recently trust companies were not COM
PEELED to keep any reserve at ain. Their
argument was that their deposits being
largely trust accounts. and other in
active accounts il was not necessary
TO keep any large reserve
lul INC regular ndllNH hS.'ub-
ing to the Clearing House
association IN New York. had long
been nervous over the situation. So
about two years ago pressure was
brought TO bear on the New York
legislature TO require the trust COM
panies % keep reserves the same as
any prudent banker would do. Tho
result was that the legislature passed
an act requiring the trust companies
10 keep per cent In cash in their
own vaults. 20 commence with. ana
iu a short time to add per cent
more-whioh might De I'm exchange.
and later TO add anoth ar 3 per cent
Notwithstanding these requirements,
~ appears that some Of the trust
companies were caught with too
slender reserve. The prospects are
there will be no great loss. If any,
TO tho public by the failure Of the
trust companies and very valuable
lesson Is taught I'm trust banking. Tho
storm. after 10 clears away viii leave
clearer skies I'm money matters. So
taking the situation as a whole at
home and in the east everything looks
hopeful and the shaking up that tho
banking community gets, viii be bene-
fetal 90 them and the public az
large. Tho country Is entirely too
prosperous 10 think Of any serious
disaster. Rates are stlffening lit
tie, with Z per cont on call loans,
and and 10 per cent ON time
REALTY STILL QUIET.
The real estate market for the past
week does not present any special
features. However. the realty men re-
port 50 many minor OF moderate
transactions that the aggregate
amounts To very respectable sum.
There have been one or two very mar
now escapes from $40 900 or $4,000 deals.
by sudden timidity on the part of I'M
tending purchasers. but there Us
chance OF their being eventually car
lied. through--at least the dealers i'm
terested hope So The continuance OF
open weather of moderate tempera-
ture has kept building on the Qul vive
Operations are as active as ever in tine
First precinct where moderate sized
homes are still going up as n by
magic, with building also i'm progress
In other parts Of the city. Now that
material RS arriving from the east for
the Newhouse buildings. the steel coll
umns are rising rapidly in the air. but
there have been VcXatiOuH DELAYS ON
account Of the slowness with which
stone and steel have been moved west
There are also harrassiug delays on
the Judge building owing 20 the
inability Of the contractor TO
secure th0 Gre brick used for facing. I'M
the quantities AZ desired. So the south
up with the inferior steel. leaving The
north and west fronts am open gap The
Baptists hone to begin soon ON their
rev church edidce at Second South and
Fourth East streets. and the Danish
Luthertns are doing the same thing
A. y street and First avenue. New
people SIN keep arriving and the
Weather ones. whore they can not find
houses to rent buy residence properties
outright How they an get aCcOmmo-
dated ls more or less shrouded in mys-
terry Contractors report plenty nf
building material at hand, with the
probability that prices Of material and
labor viii remain unchanged.
LUMBER UNCHANGED.
The lumbcrmen report conditions
practically unchanged. There are mo-
cars on chances To- get cars appreclablc
90 even the approximate vision. and
NO one knows when there win be any
cars so there is uttlc buying whole
sale, and local yard owners are con-
graduating themselves that they took
time boy the f1rclock and lali in heavy
stocks when there was % 30 days luu
in the car shortage The salt Lake
yards are well loaded up at present
with quite "a variety OF lumber Tho
demand at present Is mostly Tor Or and
pine STUFF
HARDWARE TRADE STEADY.
The hardware trade reports "a very
good steady business for thf week
great deal of builders hardware and
such stun generally as hardware deal
crs SOIL Go builders. De- going out at
good rate There ls also an unprceo-
dented demand for sporting goods, I'M
Guiding AN kinds OF guns and equip
meut football and basketball goods.
stoves and heaters are selling particu-
luly wen iu advance of thc arrival of
cold weather which at present seems
200 be- holdin- back. Tho cali for stoves
ls greater. not only because there are
f1 many now houses to bo equipped. but
because 10 rs being realized th8t
house can bee heated moro economically
hy stoves than by furnaces which cone
sumo a great deal of coal The trade re-
PORTS many axes being sold. Tor cutting
Deafness Cannot be- Cured