OCR Text |
Show Utah Banks Report Many Loans During 1940 Fifty-per cent of Utah's commercial com-mercial banks made more than 36,000 loans totalling $48,000,000 to business firms and individuals throughout the state during the first six months of 1940, according accord-ing to the semi-annual survey of bank lending activity made by the American Bankers' association. The A. B. A. loan survey was participated in by 29 Utah banks, or 50.9 per cent of the 57 commercial com-mercial banks in the state. These 29 banks reported that they made between January 1 and June 30, 1940: 24,890 new loans totaling $22,096,075; 9,586 renewals renew-als of loans totalling $21,184,507; 1,544 new mortgage loans totaling total-ing $5,277,608. The survey showed that business busi-ness firms in the state used only 55 per cent of the "confirmed open lines of credit" maintained for their use on the books of banks. Seven banks in the larger centers of the state reported that they carried on their books $7,-217,200 $7,-217,200 in "open lines of credit" offered to and kept available for regular borrowers for use as needed by them. Of this amount $3,988,031 or 55.3 per cent was used. The average number of new loans made per bank during the six months period under review was 858 and the average size of loan was $888. The average number of loans renewed per bank was 331 and the average renewal was for $2,210. The average number of new mortgage loans made per bank was 53 and the average new mortgage mort-gage made was for $3,418. |