Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-06-27
presidential Year. Depression
Fails to Materialize in the
Financial World.
MARKETS GENERALLY QUIET.
Warm Weather, Like Its Colder Ai'e-
cedent, Causes Absence Oh Any
Meteoric Imitation

The local commercial SITUATION con
tinues generally unchanged over iast
week. In banking, the Market Is re-
ported by local financiers as uosoiu'e-
" hare of features. The sudden onset
of warm weather seems 10 nave put
damper ON any ususual ACTIVITY. How
avsr there is a strong demand for
mo,a, for investment in buildings. In
facr never in the history of Salt Lake
CIV have there been as many buildings
nroiected or in course Of construction,
nc y, nresent. The most gratifying fea-
,uro in the local situation is the uni
versal report of good crops. The ship
mont of gold to Europe, together win
The demands of the treasury depart
ment preclude any undue accumulation
of money in the great centers. So rates
may be expected to be no lower, while
in the fall they may be higher.
A local banker made the following
comment today:
The absence of any unusual activity
in the stock market following the nom
nation of Secretary Taft for the pres
idency Indicates that event was expect
ed, so the ordinary sentimental effect
minimized this year that it may be said
scarcely to exist
"Financiers here say the country does
not care so much who Is elected presi-
dent, as everything is presumed to be
IN good shape to meet any emergency.
Local bankers say lumbermen in from
oregon report an increased demand for
lumber, with business not as active as
last year, though it is believed that in
the fall the ordinary movement win be
resumed.
L.oWRY's SUMMARY.
A little booklet entitled How Ma
tional Banks are Safeguarded" has just
been published by Russell Lowry, for
merly a well known newspaper man
of this city. In this he says:
From Oct. /, 1907, to June /, 1908,
period in which occurred the great
est financial disturbance experienced in
the United States in 30 years, just four
national banks west of the Rocky
mountains Were closed by the govern
ment. and three of these were reopened
later without loss to the depositors.
They were: The Globe National bank,
Globe, Ariz., closed Nov. s, 1907. but
reopened May 20, 1905: the First Ma
tlonal bank, Globe. Ariz., closed Nov
Y, 1907. but reopened Feb. 80, 1908; he
Peoples National bank, Aspen, Colo.
closed March 16, 1908, reopened later;
the First National bank, Bisbee Ariz..
closed March 20. 1909.
''Tho Union National bank of Oak
land, Cal, and the Merchants Ma
tional bank of Portland, Or, we're
closed for short period during reor-
ganization. but We're able to satisfy
their depositors of their entire solv-
ency. and soon reopened The fact re-
mains, however. that not one national
bank in California, Oregon, Washing
ton, Idaho, Montana. Utah, nor Nevada
was forced out of business by the
stringency.''
HARDWARE.
The hardware trade reports the cur
rent month gratifying in fact better
man was expected, with prospects
looking better all the time, so a return
Of prosperous times is considered as
not far Distant The fact that lead
is advancing is also n sign of en-
"ouragement, while the continued in
crease in the demand for mining ma
chlnery causes the trade to grow OPP
tlmistic. There is great jump in ihe
demand for automobile supplies, ow-
ing TO the steadily growing number of
machines in this city, for there are
now over 500 of them in town, with
the number growing greater every
month The demand for garden hose
has sprung up with the advent of
warm weather There is a growing
and healthy call for hammocks, re-
frigerators. gas and gasoline stoves
anglers 9nd hunters supplies. while
the call for builders hardware beats
the record. The sales of paints win
dow glass, putty etc, are large.
LUMBER.
The lumber trade reports an uncer-
tainty In the information received rela-
tive to the recent decision of the inter-
state commerce commission as to when
the rates under the decision go into eff
feet July 10 or Aug. Is. This can not
be settled until the receipt of the full
text of the decision of the commits
sion, There has been very little change
from last week, though the wholesale