Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-11-23
FAVOR CoRTELYOU PLAN.
Local Bankers Well Pleased With
Policy of the Treasury
Department.
State Bank Examiner Gives Statement
To the "NcWs" Concerning Banking
Conditions Up and Down state.

Throughout the state Oh, banking
| conditions arc most favorable. notuith-
standing tho financial situation prevail
iug throughout the country. While 90
is true that the banks OF tho state are
affected similarly to 0U banks of tho
country, they have 300 great difficulty
iu uteommodatnG the demands of their
customers. although they operate with
more than the usual preoaution They
are losing no money. and when normal
conditions again prevail The bankers
win come out of the panic unscathoI.
Colonel George %. Squir-s, assistant
secretary of state. whose Ollie, roFu-
lates and controls banking business as
regulated by state law. describes the
present panic as being one OF tho stran-
Eoat the country has ever seem. 1t
is the cuecrest panic i5 tho world be-
cause every bank Is sound and has
plenty OF money. Everybody is ex-
rect.ng normal conditions To- prevail
Boa very short time" Colonel SquIrcs
declares in the summary Of conditions.
HANK EXAMINERS VIEW
At the request of the News State
Bank Examiner e.. Albert Glazl7r. who
Is now m Provo making an official exc
animation of banks there prepared the
following statement concerning condi-
tions as De found them I'm his tour up
and down the state;
THE banks OF Utah SD far as [ know
are carrying larger actual cash bal
anccs than for some time This fact
together with the enormous credit bal
aurcs due them I'm eastern exchange, Is
certainly gratifying. and II New York
especially would cut loose everybody
else would follow with cash payments.
"The circulation of cashiers checks
or clearing house certificates, we are In
formed, a. only pf a temporary nature,
and the one bright feature for a very
speedy redemption by the banks Is the
fact that they themselves do not like
the circulation system, as IL opens the
door for duplication ana forgery of
these plain cashiers checks.
PUBLIC Is CONFIDENT
THE public have confidence ia their
bankers aud feel that for a short time
they are more than willing 90 assist I'm
the situatiOui but banks no douhht.
realize they cannot fOr "a very long time
Keep these checks In circulation.
II look for a speedy recovery. espe-
NlHNAh 1T NJ NAAh TESS IN INI pass SOME law
soon after the holidays Tor tho benefit
of the people ana increase our per cap
tia sufficient 20 do the business Of the
country with We need lt.F
CONDITION EXCELLENT.
The condition OF AN the banks Of the
state. generally. Is said 90 be excolleu;
an this time, despite the furry e,es-
where Conservative. business methods
have resulted ia a condition that could
not De shaken easily by eastern money
difficulties There appears from
statements make by baul,-.-s and tho
bank examiner. to be a suffcencv OF
currency 90 meet all demands Labor
ing men wherever they are paid In the
temporary currency are content 20 re-
cciyc their wages I'm this medium Cor
the merchants support the banks by
accepting them as readily as they
would gold or silver COIN The geo-
pie throughout the state. according
TO the bank examiners statement. are
cooperating with the bankers Don pre-
venting suspensions.
DEPOSITS KEEP UP
From other sources 10 is learned that
deposits out of town arc not failing on.
but that farmers and country mer-
chants as well as D rsous who keoy
banking business just as 81 nothing
had happened. Merchants who are re-
quirod 90 make remittancce east for
goods and wares are meeting uO great |
difficulty because their local /
haukug arrangements are SAT-
isfactory to Thorn and the eastern I
merchants have apparently made salts |
factory Arrangements with thp eastern /
banking houses. Trade throughout tfr |
state is progressing much ODE same as |
in former years. Crops ana livestock /
are moving 90 the eastern markets. ana /
the farmers and siockmcn take utue |
account of tho peculiar financial c1udi- /
uors prevailing throughout the coun- |
try.
FAVOR CORTELYOU PLAN.
Press dl.patehos from Washington l
give Secretary Cortolyou's explanation /
of tho Administrations policy with Joe /
gard 90 thr issue ~ Ono now certificates /
uf lnlcbtrlUDeH. aud the announcement /
caused some NtfIo discussion today boz ]
banking circles Bankers iu thls rlfy /
regard thc plan aH splendid ono. b.
Lowing thgt ths beads no The treasury .
department hHVo tho financial situation /
weU Boo hand Secretary Cortclyou's /
ul4u Ia explained iu thr Waahiugton
dispatches Boo this impression Of the
EDH'