The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-08-18
TROUBLE CAUSED
BY WIRE STRIKE
Business Halted by Telegraph
Trouble, but Week Makes
Fair Record.
BUSY TIMES IN REALTY
GOSSIP OF THE WEEK IN THE
FINANCIAL WORLD.

Trade conditions in Salt Lake have
experienced an excellent week. despite
labor troubles and the feeling of ur-
easiness that is steadily drifting
through from the east over the finan-
ciaI situation there. The strike has
Unquestionably caused local business
men considerable inconvenience, to
say nothing of a deal OF worry. The
situation is not clearing up as rapidly
as was hoped, and merchants are pre-
pairing for a siege. 1t was not gen.
orally realized here before the teleg-
Taphers went out what the result of
the strike commercially would be.
Banks especially have suffered. Bank
ers are looking more closely at the
paper rendered them these days than
they have for over a year or more.
This is due to the reports that are
coming from the eastern cities on
prospective hard times and a panic.
The reports have led to conservatism on
the part of bankers. Money rates in
the east and in London have stiffened
up perceptibly the past week, the Bank
of England raising its rate of discount
to AZ per cent, the mark below which
money will not be loaned to anyone,
no matter how good his rating or cred
il. A large amount of money is COM
ing west TO move the crops, the New
York banks alone last week sending
over a million and a half dollars into
the interior.
Realty and Building.
In the movement of small residence
property, the smaller commercial prop
critics and for inquiry on real estate
and houses. the past week has been
the best of the entire summer, and for
the greater portion of the year, in
fact. Every dealer has a goodly num-
Der of small transfers 10 his credit,
and the values are holding firm.
Taken all in all, it is the best week
for good volume of a fair business
we have had this year." declared How
ard Stowe of Stowe & Palmer, yes
terday. I'VE have moved about S29, 500
worth of small residence property this
week at good, solid, substantial values,
and the inquiry along this same line
has been unusually active" Other
dealers voiced the same sentiments
yesterday, and it is evident that the
dealers are due for a very active fall.
Three years ago practically every
dealer in Salt Lake had a long list of
property for sale, a string of empty
houses numbering from ten to twenty
that he was trying to rent, and any
number of demands for repairs TO
houses by tenants who threatened to
move out. Today there is scarcely a
rentable house or fiat in the city va
cant, and the dealers have waiting
lists instead Of house lists.
Big Deals of Week.
Two wholesale concerns from the
east have located in the city the past
ten days, and the Crane company pur-
chased the old Baptist church corner
at Second South and Second West
streets for S4S, 600, with the announced
intention of putting up a four-story
office and store building for them
selves. Five years ago the company
erected and moved into the three-story
building they now occupy on last
First South street. They have COM
pletely outgrown their quarters in that
time.
The visit of z. H. Hartman here