Show LOCAL BANKS MAKE WONDERFUL GAINS Business of 1909 Over Eighty Millions in Excess of Pre Preceding Preceding ceding Year INCREASE OF DEPOSITORS NEW INSTITUTION TO OPEN HERE IN NEAR FUTURE The business of the banks of Salt Like during the past year was far in excess of the most sanguine expectations expectations The number of depositors was increased about 20 per er cent and the vol volume volume ume of business as shown by the report of at the Salt Lale LaJe clearing house was ahead of that of at 1908 In 1909 exactly ex exchanged exchanged changed hands through the banks of this city During 1908 the bank clear clearIng jugs Ing amounted to which was less than 1907 with a total of With the exception ot of 1905 1903 there has been an Increase for tor every year for a number of at years past In 1905 the clearings were or less than 1909 The bank clearings continued steady and strong right up to the last day of the year On Friday December 31 1 changed hands through the banks of the city No comparison wit with that day of 1908 Is possible because ot of the fact that it was observed as a holiday holi holiday day dayNo No new banks have been added to the e list during the past year but during the fore part ot of the present year the Copper National bank already incorporated incorporated with W W V Armstrong at the head will open In Its palatial quarters In the Newhouse building The new bank will have a home of which any bank might well feel proud The fixtures fix fixtures tures alone represent an an outlay y of t over Within a few weeks or perhaps soon sooner sooner er the of McCornick Co will wUl take place For many years the McCornick bank has been a private p concern but with the incorporation it t twill will come under state jurisdiction Toward the end of at 1909 the Merchants bank which had llad until then occupied quarters In the Judge building moved into the St Elmo building In the nex nexe block north on Main street This bank banle has been practicallY reorganized Inas Inasmuch inasmuch much ns as It has received new blood from the Commercial Nation National al bank has hns increased Its directorate to fifteen and the capital stock from I 6 67 00 to Show Splendid Growth A feature of the banking situation which shows the splendid growth of Salt Lake Is the increase of about 5 in the deposits at the local banks The total of at the deposits In all the banks a little over a year ago was slightly In excess of while today the de deposits deposits posits aggregate about Not Notwithstanding Notwithstanding withstanding such an Increase in de none of the banks have an un cloyed reserve In fact the reserves are lower on account of the strong de demane mane mam for money for building purposes The surplus accounts of the local banks have ir by about The loans and ard dl discounts have increased nearly and other cash re resources resources sources have increased over During the He year the name of the Com bank was changed to Continental National but still under the management of the f Interests The change was made at the expiration of tl the e years charter in May Manager R R Sharkey of the local clearing house Is i of the opinion that thaI clearings of 1910 over 1909 will amount to or over most probably over because of the rapidity with which business is Increasing all over the Intermountain country countr The next annual election of officers of the Salt Lake clearing house will willbe willbe be held this month This organization tion came Into being on March 5 1890 with J E Dooly as president L S SHills Hills vice president M 11 E Cummings secretary and treasurer The original incorporators were the Deseret National bank McCornick Co Walker Broth Brothers ers Commercial National Utah Com Commercial Commercial mercial SavIngs National Bank of the Republic and Utah National |