The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-10
CERTIFIED CHECKS
FOR CURRENCY
Will Go into General Use IN
Salt Lake City on
Monday.
WEEKS TRADE is LIGHT
BUSINESS MEN ARE DISPLAYING
UTMOST CONFIDENCE.

Certified checks issued by all Salt Lake
banks will go into general use Monday
as currency. This condition is brought
about by the action of the banks in de-
Gliding to limit Withdrawals of any one de-
position to 500 in any one week.
The Salt Lake bankers will now issue
90 depositorS certified checks i'm lieu of
currency for amounts i'm excess of the
Sz0 week that each depositor is permit
ted TO draw These checks are in reality
new form or currency. They are in de
nominations of from S. to $50 They will
be accepted in the stores at their face
value and can be used anywhere in the
city. When the financial stringency is re-
heved these checks will be called in and
redeemed In coin and currency. The GER
tlIled checks occupy the same position
with reference to the depositors as the
clearing house certificates do to the bank
eTs.
During the early part of the week bust
ness was somewhat dull as a natural con-
sequence of the financial shortage. The
SITUATION was not clearly understood by
ihe public and many of the people decided
that the best thing to do would be 10 be
as ecQnomical as possible and to cut down
expenditures. After the situation was bet
ter underSt BOD, however there was a ten
dency toward investing in the safer stocks
and other business became more nearly
normal For some considerable time vet
1t Is believed that conservatism will pre-
vail to such an extent that certain bust
ness interests will suffer.
Deposits Are Small.
Deposits in the local banks we're the
smallest for weeks. This was because GER
tam of the depositors grew timd. This
idea did not prevail among the local bust
ness men TO any extent and they carried
on their business without any interruption
on account of the financial troubles.
The real estate market continues quiet.
This dizziness cannot be attributed to the
money market, or at least only in small
1uufI
over and until it reopens there will be a
falling off in real estate sales
Home building all over the city is being
rushed in order that the dwellings may be
occupied before cold weather sets in. In
almost every section of the city there are
a large number of moderate homes al
most ready to house their owners. The
NeWhOuSe buildings and the Railroad eX-
change are growing daily. The super
structure of the Railroad exchange is al
most completed while at the NeWhouse
buildings the steel skeletons are beginning
10 take on definite form. The work on
both the Rio Grande and the Short Line
depots has been delayed because the plans
have not arrived.
With the Retail Merchants.
The past few weeks have been some
what of an off season with retail trade.
1t is too late for the sale Of fall goods
and too early for a demand for winter
stock. The weather for November has
thus far been exceptionally pleasant so
pleasant that there is but little demand
for winter clothing. Men and women
are still wearing their fall suits and there
is still, occasionally, a summer suit TO be
seen. Trade in clothing of all kinds will
pick up with the first bit of cold weather
Reductions are looked for in almost
every line Furniture and hardware have
experienced small declines in prices, while
I'm the grocery line the prices of almost
all staple articles has fallen off
WHOLESALERS are receiving advance orders
for spring lines and are stocking up for a
heavy trade. The prices on all spring
goods are expected to be much less than
last spring and the price placed on fu-
lures is as conservative as possible owing
10 this impression.
Stocks and Bonds.
For all the trading done during the
week in local stocks and bonds one might
them at all. There was but very little
trading IN any of the stocks. The money
market was, Of course. responsible for the
small number of trades made The prices
of all the stocks fell Off slightly during
the week, but for the most part remained
firm despite the poor market. The closing
quotations follow:
Amalgamated Sugar Co, pfd. .S 90 90
Common .-..--.-.---.-...-........ 90
Beneficial Life Insurance Co... 116 60
Barnes Banking Co. KaysVille 40 %
Con Wagon & Machine Co., pfd -. 1O7 %
Common 49,. ...................... IS 90
Commercial National bank 10 ~