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Show RE ON EE re Her sixteen panks have Commercially she is strong and substantial. stood like rocks when financial institutions from ocean to ocean were Her ruercanbent or broken by the fierce winds of adversity or panic. tile establishments are generally in a healthy, prosperous condition; Utah, her wholesale trade extends throughout the entire State of into Colorado and Wyoming on the east, Idaho and Montana on the In her factories and mills the manunorth and Nevada on the west. facture of hats, shoes, overalls, hosiery, cloth, clothing, dress gocds and blankets in woolens, and on a lesser scale that of silk, is carried on. Near her doors is a beet sugar factory producing millions of pourds of this staple each year, while the several smelters in her valley return Surrounding her is a terto mine-owners millions of dollars annually. ritory producing every kind of grain, vegetable and fruit and abounding in cattle and sheep, mountain ranges whose surfaces are hardly or scratched, yet have developed mines rivaling those of Mexico, Peru and South Africa. Her natural gas wells furnish a cheap light and fuel, from her canyon streams has been developed power sufficient for a city Near at hand are limitless deposits of coal and many times larger. The natural center of a vast inter-mountain mountains of pure iron. , region, her claims as a commercial mart are just being recognized to ¢nnand trans-continental railroad lines are only now beginning a - eede what her advantages and importance should have commande various ing construct in engaged actively are citizens Her long ago. wealth independent lines of railroad that will open regions of vast which only require means of quick communication and transportation to become populous and Erireprous: * * Flattering opportunities for the safe and profitable investment of The credit of her merchants is capital are presented on every hand. of the best and the stability of her financial institutious is tnques- OF VIEW LAKE SALT CITY—LOOKING of Salt Interests Lake City. their The credit of Utah’s banks is practically unlimited, To rah ~ ae one date, of Salt which City Lake occurred : . is ungestioned. stability in has the had ’70s, but two during the bank great failures, panic other early which swept the financial world like a tidal wave, and themuch weight in the ’80s. Neither of the foundered institutionswn.had They were the during the several years previous to their breakdo Two fimited. First National of Utah and the London Bank of Utah, T. F. Tracey & and l Nationa City Lake Salt the other small houses, the former going into Co., became somewhat involved about 1873, voluntary liquidation simply dwindling counts. and away paying its depositors to a mere nothing, CITY FROM COUNTY AND in full, and the but paying nearly other all ac- City National; Hooper, Hooper, H. S. Eldredge Eldredge & Co., and L. S. Hills; BUILDING. the London Bank of Utah, Limited, promoted by Anthony Godbe in Both the First National of Utah and the England; and Tracey & Co. London bank proved ultimate failures, and made up Salt Lake City’s In 1872 the Deseret National succeeded only real banking wrecks. Hooper, Eldredge & Co., President Brigham Young being the first president, and the first board of directors being made up as follows: Brigham Young, W. H Hooper. John Sharp, H. S. Eldredge, L. S. Hills, Captain Hooper succeeeded William Jennings and Feramorz Little. Brigham Young as president of the institution. and he in turn was sucJohn Sharp and L. S. Hills, the present head of the bank, thus leaving but two of the original directors who were never the bank’s president, they being content with vice-presidencies Walker Bros., later the Union National and now again plain Walker Bros., as first did a banking business in connection with their mer cantile institution, which has proven such a factor in Utah’s commercial world, but in the early ’70s they organized as regular bank- ers. Under the firm name of A. W. White & Co., A. W. White and-T. R. Jones did business of a banking nature, to be succeeded some years later by McCornick & Co. T. R. Jones soon organized T. R Sie & Co. During the great panic of 1873 Salt Lake City had six bankin houses, the Deseret National, Salt Lake City National, First Netional of Utah. Walker Bros., A. W. White & Co. and T. F Tracey These all stood the test of that year, except the Salt Lake Cit tional, which went into voluntary liquidation. In the year follo & Co Nafig the First National of Utah failed, and Tracey & Co. did not remain much longer in the field. The London Bank of Utah Limited haa 4 parr very checkered career and finally failed early in the 80s * * * ° Salt Lake’s banks slowly but surel built up a splendid reputation for solidity and conservatism, and as th is inter-mountain country grew Pi seein J” . * * * Then came the Salt Lake composed of Captain W. H. ceeded by H. S. Eldredge, that of no other Salt Lake has built up a banking record second to so has been due done has it That world. the in city in the Union, if of the banking to the very conservative, though energetic, methods out the business people, who as a class are taken as models through also, in a What is said of this city’s banking interests may world. ions in the institut l financia other the of said be least, at large measure and state of Utah. transcontinental To the business attending the operation of the great is due the credit stage line from the Mississippi river to California City, and in for the establishment of the first bank in Salt Lake It was not a very pretentious institution, however, and Utah as well. ion with their was conducted by Holliday, Halsey & Co., in connect tor between contrac mail the was firm This . overland express business g the line Atchison, Kansas, and Salt Lake City, another firm coverin Old timers will remember the famous west of this city to Sacramento. the guards with old coaches which run east and west, loaded always to of olden placers and mines the from treasure and ers mail, passeng establishment California, Nevada and Utah, although at the time of the producer, its of the stage lines this State was not a heavy mineral Then Wells, vast wealth of mineral not having yet been opened up. a capiwith York, New and co Francis San in ng operati Co., Fargo & the both ng absorbi here, house branch a shed tal of six miuions, establi This branch banking and express business of Holliday, Halsey & Co. institutions. is still here, one of the city’s and State’s heaviest banking one of the It has grown with the young commonwealth and is today and sale e purchas the For . bulwark l financia Utah’s in strong pillars California, of gold dust from Montana, and incidentally from Utah and in the late several small houses of a banking nature were established this Nounan, Orr & Co. and Kiskaden, Kerr & Co. were among 60s. Nounan, John being firm amed first-n the of Nounan the number, These brother of Major Nounan, whom Salt Lakers know so well. succeeded two houses combined as the Miners’ National bank, and were of the by Hussey, Dahler & Co., who did business under the name First National Bank of Utah. SOUTHEAST No city in tioned. Her people are sociable, hospitable and patriotic. the all the world can offer better inducements to the home-seeker, inerease to bound are industries Her capitalist. the or pleasure-seeker in variety and extent; her population is certain to zrow in the future es; her glory in a measure commensurate with her splendid possibiliti her name will and day, succeeds day as grandeur new on take will of her children. be spoken with love and pride by all generations HAROLD M. PITY. Banking 29 ARGUS. THE |