Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-02-29
Gale of S5o,oO0,ooo Of New York
Bonds oversubscribed
Six Times.
EXPORT TRADE BEATS RECORD
Former secretary shaw Gives His Idea
On currency-situntion Locally
Very Encouraging.

rho mast week has been n good one
a.. General business interests, though
IN ,ome quarters the unseasonabIy high
,no,uometer is retarding trade, The
hanging situation has been quiet. with,
reviewer assurances Of rapidly re,
.,r,ine confidence. The cashiers
ssools and clearing house certificates
have disappeared, leaving currency
.ran,actlons as before the financial
,,rsss Advices from Ne wYork re-
wort interests there centralized on the
saio NJ the New York municipal bonds
80 s5o 600 GOO with bids amounting to
,ss notwithstanding the issue nearly
six times The weakness and low prices
81 the Gould stocks occasions consider
III comment But there are slight
sains in trade conditions, though the
S,rotal markets are reported lower. ow-
ne IN attempts Of sellers to find ba-
lie an which moro liberal trades can
he made. The outlook for copper Is
Considered not particularly favorable.
nd the home trade Is narrow and for
eign buying small
Fxport reports show that since the
manic the United States has sent abroad
nrodncts to the value of S376,S42. 000--a
record claimed never before paralleled
in any three months of the country's
history. 1t is prophesied that the mon
az markets over the country are likely
to be comparatively dull and features
loss until uncertainties as to coming
crons and the presidential election are
cleared w.
eECY. SHAW'S IDEA
Local hnanciers are interested in a
recent statement on the currency situ-
alton by former Secy. of the Treasury
Leslie NJ. Shaw, in which occurs the
following paragraph:
'The plan which to my mind presents
the fewest objections is to allow our
national banks to Issue limited vol
ume of supplemental currency subject
TO tax of per cent or 8 per cent
during the period of Its maintenance.
deem it important that the supplement
tai currency shall be Identical in form
with some money regularly in circula-
ton otherwise its presence would
alarm, and do more harm than good.
deem 1t important, also, that Its ul-
innate redemption in gold be guaran-
teed by the government. l realize that
this Is Illogical, but the American peo-
PIE have been schooled to believe in
government guaranteed money, and any
departure therefrom would meet with
very general distrust fatal to com
merce. | therefore deem 1t wise to
supersede the statement on the present
bank note, this note is secured by
United States bonds with the state
ment, this note is guaranteed by the
government With this change the sup
Elemental currency to be issued by the
.Ire. a.ar, hA
that which Is secured by n deposit of
bonds So generally, so well nigh uni
versally solvent are our banking insti-
tutions that the government would be
taking slight risk to guarantee the ul-
tllnate redemption of all this supple
mental currency and the proposed tax
would MANIFOLD cover the risk"
CLEARINGS INCREASE.
The local clearing house returns con-
tnue to improve, showing n steady
volume Of business, and the Increase
Of bank accounts and revival of saw
ings deposits are a good sign. The trout
BE at the Utah National bank has ceas-
ed to attract any special attention, the
disposition of the public being to drop
the matter until some positive step Is
taken in uncoverlng the long standing
mystery President Knox of the Bank
Of the Republic is on the ocean en- route
TO Europe on a trip. and President
Ritter Of the Deseret Savings bank Is
spending some time in southern Call
fornia.
EVENT IN REALTY.
In the real estate market, the event
OF the week was the placing of a $780,
600 mortgage on the Railroad Exchange
building, by Mrs. Mary Judge. the
owner, to secure means to complete the
structure, according to the plans for
so elegant an interior. At the New
house buildings the steel Is nearly up
for the eleventh story, and the brick
and stone work for the lower stories Is
well under way. j. A. Earls has
bought the Clawson corner on east
Brigham street for $4,000 where he is
expecting later in the year to erect
an apartment house. Their is need Of
ouch accommodations. as. judging from
the number Of inquiries In local real es-