Show 1 Salt Lake Banking mg Methods S Drive Investment Money Out of City L Lawyer wyer Says Says' I Bankers Refuse to Accept Local Securities f rJ Loans Due to Absence of Exchange Listings List- List ings Ordinance Adapted Adapt d Governing Jewelry Jewelry- Jewelry Auctions Auctions DANKS BANKS ANKS of Salt Lake City are driving money out of f Salt U Lake Cit City by their refusal to take Salt Lake Ci City y bu busness bus bus- f ness corporation securities for loans said Attorney Daniel Daniel- Alexander in addressing the city commission Tuesday morning in jn relation to to the proposed auction house ordinances up ut for I passage by the commission r In considering what whet Is the ma matter matter mat mat- ter with Salt Lake If IC there is Ss anything anT any any- thing the matter with it St continued contin contti- I Mr M. Ir Alexander it Jt might b be ba bawell beWell well to see what the banks are do doIng doIng doing do- do Ing to hamper business here I 1 had a client who wanted t to tomake make a loan of 01 about OOOO and eid andI eidI j I consulted a local bank about It St He Ile offered worth of 01 se ser se- se consisting of 01 stock In ln w well ll est established dividend paying b business busi busl- sr ness corporations of ot Utah which do business in Salt Lake City I STOCKS NOT LISTED The banker turned down tJ tb thai loan because ns liS he said the stocks were not listed on the New Tork exchange or any local exchange hence were not readily converti ble bIe 5 When I T told my ray client cHent he r re remarked remarked re- re marked Well then then- will invest my money in Standard Oil and other Eastern stocks I dont don't want wane to invest m my ray money In stocks that I cannot borrow money on Mr Alexander said he was Interested In a a. number of of f. f businesses in Salt Lake CH City and he suggested that It was Just such things that hampered the development develop develop- I ment of business here He lie pointed to the proposed tion house house- ordinances which would prohibit the conducting of ot jewelry auctions I ii the business section of or the city except by old established houses and under certain specified conditions He lie declared that tho th- ordinances w were re out ot of all reason and struck a blow at legitimate business and would tend to hamper hamper hamper ham- ham hamI I per the development of 01 business in the city HELD TO BE PROTECTION E. E A A. A Rogers representing et cst b b. Jewelry dealers who desire the new regulations argued tha th the measure vas ovas merely designed design tl to prevent pre fraudulent sales of 01 jewelry jew Jew- elry dry about which the general pub pub- lie lic knows so little and that It Jt was waa merely a protection to legitimate business and to the public Following arguments by both sides the city commission passed two of 01 the Proposed ordinances One provides that Jewelry aucI auctions shall be held only between the I hours of 01 7 u. u m. m and 6 p. p m. m The Tho second provides that such auctions shall not be held heid except by firms I which have been in business in the city at least one year rear prior to such auction and that such auction shall not continue continuo moro more than fifteen hf- hf teen days in any anyone one year ear A A. license of 25 35 a 0 day is required d for such auctions These ordinances ordinances' do not apply appl to receivership sales The third ordinance which provided provided pro prod vided that Jewelry auctions should not be held at any time within tho tile business district was not passed |