Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-30
Salt Lake Business Public at
Once Falls Readily
Into Line.
THE COUNTRY BANKS FOLLOW
Pay Rolls VIII he Taken Care OF In
Cash as Hitherto--An Bankers
Interviewed.

common sense which has always distin-
~uished 50 IN times Of financial trouble.
a representative ~ the News" ~ noon
made : visit 10 all the banks ~ tho
citv and found that the new order n
thing. announced in last nights issue,
was not only being accepted with entire
equsnlmity on the part ~ people doing
busincs. with the bauks but that Sc
was the quictest Wednesday that the
banks hai experienced for a long time
past; the receiving tellers windows,
where deposits are taken IN. were I'm
fact more busily pstronized than the
windows of the paying teuers. and m
every institution visited the same re-
port was given that there was no uou-
bic whatever and but little inconvon-
ieucc. everyone recognizing that the
measure adopted 20 limit payment ON
checks 10 500 and 20 allow no dis
bursamcnts n more than $500 in a
week 20 one person. was tho sane safe
and reasonable course 70 pursue under
existing circumstance.
The funds ~ salt lake banks which
are on deposit I'm eastern cities are
obtainabls only In the form Of drafts,
cashiers checks or exchange, and un-
ti this order Of things is changed 90 is
universally conceded that western
cities viii have no other recourse exc
cept 70 fall into line. Under tho
clearing house regulations banks are
allowed q certain leeway i'm eases M
eNigency. and pay rolls viii be met as
usual in cash 50 that the working
classes VIII not be Inconvenience.
At zion's Savings Bank g. Trust Co..
Cashier O. G.. Beebe stated that the new
rule was working smoothly ana with
out apparent inconvenience to anyone.
Those people desiring money were nj
lowed 10 draw out any amounts under
500 but on second Withdrawals tho no.
tice provided FOR under the rule Of the
bank which il 30 DAYS notice on
amounts OF 500, or under, ana el
days notice on amounts between 500
ana sa.500 Mil be enforced. This pre-
vents any hardship on depositors, as u
gives them money Tor urgent needs al
once and provides for the remainder
In 81 or GO days. AL,-
At the state bank. Asst. Cashier
NcEwan stated that everything wa
running smoothly: the new RUE was
about normal
Al the Deseret National bank,
cashier H. S. Young said that busl-
ness was even quiete- than usual ana
people generally accepted me eA-
rlanations OF the bank in regara 10
eastern conditions, acqulescing IN lhe
view that the best thing POSSIBLE was
being done under the conditions.
Al the Desert Savings bank, Cash
Ter T. A. Smith said that that bank
had always maintained the rule OF
recurring notice OF WithdraWals' 80
that no change had been necessary
for that institution. The business o.
the dAy was no diherent from III" q
Of previous days.
Al Mccormick & Companys, W. =
Mccormick. IN answer TO a question as
10 what effect the new rule IN max
inK payments had had on his de-
positors. laughingly directed ne re-,
pertsr's attention 20 the conditloh OF
the banking room. where there "erS
not half dozen people present aha
most OF them we're az the receiving
teller's window. Mr.. McCornick sild
he thought the public generally had
accented the situation philosophicauy,
and that the present system WoAlu
be only OF short duration.
At the Utah National bank Cashier
Nelson said that conditions were nor
mai ana no trouble whatever has been
experienced IN putting the new rule
lnto working force. Their dcposl'olh
ma agreed with them that 81 was the
one thing 10 do 20 protect the supply
OF currency now IN the city.
At the Commercial National bank
Asst. Cashier Sherman said that therc
was nothing whatever 20 report, Every
thing was peacetul ana the nc" tultA
Al The National Bank o. the Republic
the cashiers report was much the same
AZ that given a. other Institutions
there was no sign Of anything except
the ordinary quiet conduct or business
In the bank chamber,
Al the Utah Savings Trust COM
pany. Cashier heber 81. Mells Wht not
in. but Asst. Cashier sloan said the
deposits and Withdrawals were about
normal. considerable amount OF cash
having been received with the deposits
during the day.
Al ths Utah Commercial and savin6s
bank. cashier Groo said that no trouble
whatever had been experienced. Most
people 20 whom the matter had been
explained took an intcll gent view ana
said that 10 was the one thing 10 90
and that q ought no have been put
into effect bsflrc
al walker Efos. Asst Cashier How
ard said the course met with unaui-
NOUS APPROVAL ON kne part OF the hAfl~
ness public There was no stoppage 20
circulation. drafts on the east could be
bought az readily as before Country
banks would have 20 give their deposit
ors checks on salt Lake Instead of the
currency and these checks Tor the time
being would have 10 take the place
of currency with the stores, farmsrs
railroads. TAX collectors, etc.
A the Salt Lake Security a. Trust
60. Mr McGurrin said that a. far
a. his experience went. the new rule
gave sense OF security rather than
otherwise 10 the business public, and
many OF their customers had express a
tha opinion that the action of the
banks would relieve n great deal of ape
prehenH0n Doc fact the course now
being followed would Insure the Cou-
tlnuntion OF business whereas, N peo-
ole wsra allowed 10 hoard money. bust
ness would soon feel the effects Of d.
Advlres ~ the Salt Lake banks state
hat the country banks are adopting
me same precautionary measures Ga
guard their currency supply that the
parent Institutions in This city hnvo
nut into effect In Davis county there
arc four banks. ana Hon. John m
Barnes N KaysYillc states that al "a
meeting held this morning measure
were taken for mutual protection and
rules adopted FOR the payment or small
amounts IN cash on al checks present