Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-04-09
1FNAND EXCEEDS
LOCAL SUPPLY
, animate Enterprises Of Wide
Variety Make Call on
Banks for Loans.
STATE BANKS IN CLOVER
- Laws Prohibit Loans ON Real
,,.,o and Large Fraction Of
pcmand Is for Investment

o. ,bs local banking field, the de-
Ind for money is the heaviest in
ii banking history. A peculiar
,.o,nre Of the situation is that the de-
- are an for perfectly legitimate
-.oses for building, for live stock
,ssl estate investment for farm
49, orerations. for manufacturing. and
- other things indicating solid
"a substantial growth. The home
..a,ly Of money Is entirely inadequate
:. meet the call National banks are
,.,,biblted by their charters from
-,,ting loans on real estate, as when
once tied up in real estate, money may
remaln thus for q long time before
,hat class Of property can be realized
an and the policy Of the government is
!, have the national banks invest only
d, sucb properties as can be converted
hack into cash within a short time
Even officers Of a national bank can
nat borrow from the banks funds for
real estate investments. and the notes
occurred on such investments would
mi be allowed by the examiners SO
STATE banks are the only institutions
tbat can thus loan their funds.
Tbere is not a sufiiciency Of moneys
in The local banks to meet every class
Of demand now being made; but II is
believed large sums OF eastern capital
Mini be shortly, il not already. avail
able FOR this purpose. There are repre-
ssntatives IN this city Of large eastern
investment companies which are pro-
posing % turn loose large sums here
for various investment purposes. so IL
there Is any stringency Il Is nothing
more than temporary The failure Of
the state bank in Eureka, New, has
affected % some extent salt Lake peo-
ple and interests. a failure that has
caused a great deal of annoyance and
some suffering The city school funds
we're deposited there. and now the
teachers are waiting for their pay.
HENRY CLEws' LETTER.
Henry Clews says in his latest cir
cular letter: There is every prospect
for another season Of good business.
provided we have good crops II there
is one thing more than another which
the country requires, IL Is a much Iarg-
er product Of all agricultural neces-
stiles This would insure continued
prosperity 20 the farmer. and afford a
much needed relief to the masses by
lowering the cost Of living and bring
ing Il nearer 20 the level which pre-
walls abroad. II is. OF course vet too
early 70 form any opinions regarding
the crops most Of the reports OF dam
age 20 early wheat and cotton having
proved 10 be exaggerated. II is quite
certain, however, that there will be a
larger acreage Of cotton, wheat and
corn The outlook for meats, how
ever, Is not so favorable. since IL takes
more than a single year to raise a
large crop Of beef, mutton or pork.
High prices for meats may be expect
ed for some time 20 come. unless some
relief could be obtained by abolishin.r
the duties on cattle and satisfying "A
portion Of our needs through importa-
tons The iron trade, which is stiU
our chief industry. Is In good condi-
Ton There activity prevails and prices
are not unreasonably high. Moreover
many orders are held back, partly be-
cause Of the difficulty which the rail-
roads are having in adequately financ-
ing uer requirements and partly be-
cause some buyers are holding off in
lhe hope OF obtaining concessions. SO
iaf as this branch OF industry is con-
.eFned there is every prospect OF con-
uhued activity for months TO come,
especially as soon as easier money en-
sOles railroads to buy more freely. The
textle trades are suffering somewhat
IRON nigh prices, which has checked
consumption and made buyers tlmid.
causing more or less difficulty In the
Ieadlustment between high prices for
raw material and selling prices for the
In5ishea product There has been con-
siderable curtailment amongst both
sy.soh ana wooden mills. the effect Of
Su.cn Will eventually serve 10 steady
49,, 49, markets. The dry goods trade.
49,. 0.eT anticipates some improve
80 e resulting from the advances I'm
wages which have occurred i'm monv