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Show , I ". - ' - ,,,,..,- L., . 2 ' . , , ' ' liN10 . of , " .',. . . 4 'i , , , , ... . i - - Orprrew r , e wrrvvrrewi rvrgervyrrvrvri A ryrrl 1 i Tr v. - - . -44 - m t pc, almm - YEARS IN AT PAST HIGHEST PEAK SELL 20 SECURITIES - r . i, S 1- This refusal to meet a different set of circumstances also has been ABUNDANT CREDIT AND EASY MONEY FEATURE FIRST HALF OF YEAR I .1 , 1 r .- ar BY J. IN PAST SIX MONTHS C. . arranted. Perhaps some be w.11 light , noruptohne tchoensiostIolintuaninbyy,nbr,01-Both Rails and Industrials Participate in Sensation- of the first of .14', the market as el Move; Speculation Is at Verge of itiffers ifrxn- that of the first 0, !Januay. Recklessness. The Inc itab'e Twit. 4 i t hoer, .. - c' hsteilAst sa I i t . h impet dng e 1- -e ) hteht heerclutek'e,,tne.at,.th:rsetm.aetuar,e.. time has come when caution a In the first plare. prices aic higher now than they were rie months ago and no p.rt. nlovebusin ess men of the By GEORGE r HUGHES. it the the.r investment port- btoldir- By CHARLES F. SPEA RE ment conenues indellimiey In One who learned a lee son (Spec-tathe end ietween neorrespon dente of The thst and "ohne there must be Peadirection. Some-da- y of the (E?ectal correapondent of deflation i great 19.1; i f News. Deseret nJ'i the 1924 !Ind spring eret New) it to heart a lso. epeculael a t ern and that day iswaa on - eis tors took inCeSIticreased their now hal nearer than it (Copyright 1927, by The bele"' Deeeret they buying has becom e I Eopyt:gbt 1,27 by the Doulttlees this le the !twee tnlell'S from $4.5Eo....)nr),cirit) to over corer $370.000.0isms00. News, the accepted custern in merchanse Ifeare Nevis A s a mutter of fact but at deser s es It 11110 an electrical year and the eleetne industry was one YORK. NEW first June so the trader in circlee. NEW roRg. Jitly : The have been the biggest he Of business. onsideration, nabs lc the of himself been supports ocks 19 remernhas be will six months of protecting Is" t he bell ee ' teestment market, in th e. fir,t hal!, .wis On the bond market this jean market c f The railroads carried a huge volume of frelfht and passenty liquidating' his holdings morel' cent. l'"'"'ll t9utid!'d '6tt bred in finan cial histöry noCieniel or of 1,27 may he dirdert into two thirTh they oveiilifiught last traffic was of record proportions. It27, t:: '4" e.h' "w ley ger and leas The brokcontinued in anundant 'credit expansion It was thea withlee'ns)'-as the period daring sshtch Retail trade did better than In the previous fiscal year. Mott has had its; ter and sprbig. Darts, each of loans. until they have now reilected in tit le tin i ei firet of druwal from the mar early In ers Textiles. the automobile business a and of endden Welt of all net the stocks listed, average apparel spotty. recpeke probatelity. e, nt quotat ion. reached the h!ghest figure on for inveettnent COdhl, oil and the metals suffered from ,overproOn the New York Stock Exchange!turn. This is one of the In the three months to Marcel Ntay that led to the first signs of ord. determined these In authorbetide: The filet week of Jaimare dtlett011. went to the highest poiria on record why the turn war, slow to come. New Yore II bond prices rose stel.lily. tutJ the emu ng react.on, the which raitsine on a bests ity tigaint4 rate, been City The British coal strike. the American soft coal strike. the In the three months to March iP )ikeiy to stand at 4 but for the sustained strength the per cent ..rhtnating at the highei level in more fas oratee to the be rrower leis, Mcinte a Big Factor. of new securities merket ,ahowed during all this' Back' of all the political disturbances in China and Europe and tibe Mississippi eununer. For the the a EgarlY 20 ttttrs. Th n'. was a perl.,11 II, the issues throughout in bleckof of the than years mist. large strength flooda were unfavorable factors. time. The reactions that ordinarily :market and itl first time since broker's loans notables for the volume of new! arfl.;11)rI to over $:.firin.ano,no). cause has its corporate mock This event wee The outlook Is for an agricultural which compared with a little under Will situations which accompeny a prolonged advance teen the ea.' inprincipal of public.- the factor of borrowissues. for moderately easy mon liailed as indicative The money. in the same period, ing against undietrittuted bonds line were shorter and lees pronounced' yield farmers as much cash as last year, for heavy indumrial rates. and strong market foe $2,oco,noncoro pees of mvestment capita i fn et! the trend o f inv ecement seettriti c:s and an annual average of been prMninent. It is now coccethan in any other bull market. activny, large employment at high swages. undiminished buying çt an bende.latel-hestocks in stimulating felt imme.liately its preeence Both rails and industriels Par- - !made when 1.S5iconemou in the three pre- dedthat no small portion of the inpower. easy money, slight drops in budding and steel and autoIn the second gnarlier of the year priees for fixed inierest effect upon e tocks, mobile manufacture and an improvement in textiles during the since February has been due ticipated in the upward rekivement. bearing seeuretee co high that jears. In the majority of erease prite tendencies have been the re. ceding Change In Bond Situation. remainder of 1927. The industrial average went to the: return were no went '4'erse of Move in the earlier pe-- cases the prices at which these to the necessity of ITIVellifilent longer attracieced The eame inference eas driven beet- for all time and the rail av-- 1 etedits from the house!, 5hen.ed i.,,eit In it ',it'd. At the end of it many for- - new rifringcwere listed compar- banks toobtainingunclitiebuted frem tee U. se. government's op- securiin 20 years. Roth, recent 'With 'similar bonlsi erage to the carry issue,. wheiher ra ils or in due- eiations in the Money malket. Ti. eign issues are at the lowest of ed favorably The Les. ere significant of speculative en- - l often4 in purchaser trielsi have been the leaders the year. and numerous high grade outstanding Peng term treasury obligations sine,: Tee government operatione at timent, hut the greater change vial. the domestic bonds show declines of'; en'joed an immedate premium on first acted tieing throughout' at the for all time in in the attitude toward the railroad, favorably on the genld March. highest d tire of the prominent ets. ineestment ine of the ie Th feature buy from 2 to 5 points from the level Ms tic,nd. mark-eelepeatedle it Wilii polneeci and then shares. There have been e tee: wac sudden poputhe confidence. wheel out teat the low yields obtainable to teet,;.-developmenis establehed last winter. The or:final exchange markets in recent years when in- -- much the moneys eaieh went into stocks! on high grade bonds were divert- larity of,Itallan municipal and pub- adversely. idisie for the eeeond Liberty 4 dustiest's have been the objects of of Opposing Influences At Work was thdl was as is generally i ing ini.entment fends to the fitock lic utility development!' sere, this graJe received with appreval, It was a broad confident buying:claimed. in part an cverfw Tho influences that ivere most; sudden popularity of Italian This condition obtained market. a little better than the general none movement. in but which the was also a prat:le:ally without interruptten ui) operative in treaLng the earlier; issues. tee there bend triareet and public utility market at that time demanded. on favor extended to railroad stocks rise were abundant credit facilithe of of deal or equities the first ef June and about to buying which American banking firms bid the other hand, the second basis of has been as conspicuous. Not a nee geed ties. the transfer of funds from ehieli crmr,,,n stoeks represent. !then there was a Fe:Aden' change. and to which the American exchange was lees advantageous the of the I carriers property 'commercial activities into securities ea;erly eat: over long-en the that eThe bond maeket stoppee go- public subscribed i'lwesat then market warranted. ler returned to private control after er the theere the employment of some part of investing A month or two before' prices,the New offerings came F3 ing up. EUREKA. July peried he reseit to the investor: had begun to react and it stand the rather of heavy.expense government management durieg is better than if he C"11',Inc him- t feet that demand was inaiequate the foreign balances located in this! there had hen a very Yeae obviout then that there was to With the transfer of team and railroad and Iron wee thi 1L4s to transportation. just the subsequent King, N. W. self to bercis At any by June to abeore them, uneoni issues av Country in the American invest-- I upward Movement- in all Germatij he no assistance to the treasury in Roberts as that eventu- there been such an exhibition ot the of tee ehehes in iiivesteneei secks tad CUTTItilitted on merit market. retirement of a tine- - bc,Eds. many of which had risenTci the way of official or open market property to the Tintid Standard inrise of owners all naminvestment the clatm In interest railroad !g one :so far that te e rearein of ad- - dea lere ice d finn emu:at:met ter tion of the United States govern- - about their call terests N. W. Roberts, one of the ally with the money rates. ed above. or most of them. either curtties of the prices nor e 'nds had' neeSCnt,1 bends began to yield At i vantatte type. in yicel over ment debt. transfer of capital from German government ha more than So. while the original operation pioneer mining men o! the Tintic sold out or consolidated the:r innee- - me ' lefiany Exceptionan ere enbsientiel y end in :the ease,. time teere 1.,119 rapid ex- seths real estate market into that 4 points above the level at which had an exhilarating ettece-thdistrict. will retire from work I terests a company for formed ce hieln e and eine- rve- .an a a ' r. erekeen leave had ts: fsts While Which to it alit was for corporation mortgages. a a 'snes it he followed has the and the annual enking fund Is opeta- quel average for quite contrary a. throughout 4 idP919 the eteeics set up' a new development of explained was due en monees the unwillinreness of his life. Mr. Roberts. who hauled' the fuirther emphaaizedcompetition on the part of h:gh recorre cel sill' e'Y ' reeded to tire. from which contine they property thes carry large bend there were p:enty of exceptio cs I:, houses tor new domestic many small investors la accept a ore from the Iron King i I.... pniiread 11,3)OrtS Excellent. ued shipping. Later the iron deteeesen them es the Stocks To Rcmds To Stocks. St rite hi' retern on their securities forty-eigand foreign issues to satisfy the years ago. ana property' posits near Silver City attracted individual iasues, practieally al! of on :y te re eney es a face: Second ei'aent in stee'e- was a them among the indeetrials. Thee' tor in the !se wait the It is undoubtedly true that a lower than that avellable on a say- been associated with the mine most public demand imprevernent cetreik,re. to that le beees he of Mr. Riter who condition rnade l inessible for a:in the railroad of the time, holding almost- every the attention In the subsequent reaction the great many people who had been ings bank deposit'. Tette induetry:, was!' ueten is just the revere new from. of his shares in what was bear market to in factors: at work were. an from ore hauler to super- disposed exist Futare Outlook is Good seen-operating in the stock market fur certain reeeeese of a record en in leee position memes aee: it nes then known as the "Noon Iron stocks .. hee a bull movenient e le bre, eine car Malin ; 1 suttee as of new issues. the unwillingness; a long tshile. but who felt that The future of the investmeet intendent left the property today. Mine.- - and which lair formed the en Rail Outionts Lees Proenieing pregress in the rest ef the het., veil as :n tee eivi del prices 'roe dane 'market ie. in spite of the' present He will quit niinng. according to! lats'1 anneenee- of the public to buy old issues as the level of stock the Iron for Klmt. although were Tl'is even Ceneider new the peeem'e, ed .no putting their eurrounatnz emditiens. satisfac- a statement made yesterday. with.n den"' le men:. that well as new ones at the low in- seriously high. including thel but C'.4) acres of ground groepe, as heppened lee examede ()re' of eile ael, extra on Atetesen viherh if centime-- I vel'rl,ad The first iron ore ever taken1 there 'were come basis prevailing, shieh re-- ! capital into the bond market in tory. There is no reason to expect t''"f a i0CatiOrIN the by coyeed, from or:gir:al the relea.oeit motorsaz it March the0 hag been ecEperine:e reeserts they 'r 941'! As ii other than a gradual return of the from the Tunic district, and pet--- Noon. ;;A.,77.el ed, suited in a very congested state in Fit DitItoerts. Snsand To a lesser degree it obtaiiied SZock on a $P.' baete: Then 711::.; the irenreverneht ilI :hts itnt13' s!" was another prices of goo a bonds to the level haps the first iron th3t was sent the market for new loan& the lack stocks and that this then eernterley. are the tetter far These first. In this ?",..r7Z.' vas the initiel declaration on among making at which they stood lest sprang. or to the Salt Lake valley smelters of response On the part of hollers of the many offactors the' Co! C. E. Loose came on the also, the 1927 btocic market old Issites and the to change one's views or the into nate; leland and many other favorable i leg': eeeend. elPfetatiene of ileee" Per for etrength St the second Liberty 4 fluxing purposes. care from scene soon after success had at- has been unique. Anal dic of new ones. and consoleat:en. 'third. we kind.! tee e same ldsn' t absorption market deve next yeie leetment the now ready the is which a covering cent bonde to the proposal of the ground part of the his eff'orts In the Grand that 'whenever there ear, irregular- - conelete eve'en e Wax the ability! "h'lms?N. W. Roberts, then tended When the stock market contin- year or so. Iron King. distric't. Treasury that they exchange them! of Centralmine Ile this of are that (lur- The this it) character probabilities witlen a ret- :of the Baltimore teleo to flnance Money is bound to be abundant the spring as em- took over the boy. along with others. for 3 per tent bonds, and un- ued to advance through ground ailed by tain class of steeks It wee eneae.; by an offering of CotritflOn VOCk in Ing th remainder of leel the time day after day established it- and rates for mcney will be low. ployed to haul this ore to the railedand not be as will satisfactory political and financial and in Nouns these infieences company along the hares of the lerger cerpora szeae ef by Mends a higher price area. these Industry ie not requiring the bank- road at Santaquin a distance of Judge conditione in some of the countries self The tions that. stood out active acd 1Vatt with it many other claims. inereases and - l Prlminent accommodation last that did it theming of The railroad bellers became same managementa miles. e' about people at Europe and South America that eighteen in contrast to the stocks of selves eentrieuted their teettmonyi higher expenses are Iliveiy to cet tract was increased from time to Gold reserves Sear or in 1925. At that time there were a num-- , Urns until t became one of the strong have been large borrowers of the bonds and buyers of stocks. In the are steadity increasing and the down net inceme to Sqril extent. the smaller orearleatie ns., E xam-- . tri a chaege In the , on the iron first quarter of the year. lords of lotations bet United Pgates, are course Gf distr:ct. the pies Generel in the &us; their winineness to indulge in coin- - i There will be individual ens .3 abet largest in and etocks advanced together: in amount of interest payments to its in the eastern end of the pf r reP rt higher earnirgs country on balance will keep trict L. E. Riter. who later owned that was before the Chief Consoli- tortobile group and Le Si Steel in petitive nitying of the stocks ofi tt Easy Money Started Boom the ;second quarter they have this be will exception!. they the reservoirs of credit filled for dated and Tintic Standard PeoPle its ela. emailer roads whice were regard- - seare, butnot Iflasy money prorribted the buoymoved in opposite directions. propother and the railroad ie. to This mining Dragon say l income. a tong time to their present extensive ed as desirable additions to their cc me i 8 Commodke PriCes Decline. ant bond market in the March ..- -' e us n erties in the scluthnd of Maio. acqutred Oversupply Reaction. toeing t o d ec lire ,in 1in terests. Some judges of investment con- located and rePectiv This to leads quarter of the year. It wan dur:ng some the "In of another is meget. worked kind ef that Nothing The primary causes of the reacAn or.ginal theory was that the which this market has twttire for ditions expect to see a steady !mthis period that many individuais Con now embraced in the Iron been re- - gdrawing up but stork market speculation neeks blow-outin bonds. In the Past two provement in bond prices of East markable The for sev- ground Other tending the discouraging attitude and institutions shifted their in- months were numerous iron f irst claims of the futere. net the past. There the adjoining The been King. have of of the interstate ftspecially. the presence indicated eral years, and ultimately. a level owned Tintic was vestments to increase their ratio year Le fatha rot So much to "dirceountn as by Peter Roberts; the of new issues. the fail- that will approximate that of a other metals at depth. although declining cnrittnc'd't!! byPrice generally ' miseein. persuaded the investment' th of long term maturities and re- oversupply Wall str"t Phra" is In the W. and level' Roberts. N. Henry, er It of Reserve of ure the Federal banks locafirst op-of and a the Thte the made who that seeculative ITIPrt ago. quarter century has the teen pehlic duce their short term notes. Call, eituatien as subject of wonderirng to reduoe their discount rate. and may be a too optimistic view. The Ditterley and A. E. Snell. both of tions there probably considered the cernrnent the f r P refit t 1 raileead railway earnings 4 over below fell cent. Time and over aga in that letee money per the misjudging by the Fecretnry of bond distributing organization of Salt Lake, as well as Judge Noon ter than ana s es waL le "Good News" :till out? because of the eterks wre grea valuable ....I:d 4 only was at were 1.4 on obtainable ground keep ol per these parties Money ' going up e f farrIng !none WO : i id indicate. was whee emotatiens for treasury of the temper ef the the country hAS been speeded up of Provo. All rent El!scount rates in Germany! the iron which presence of the iron ore. It into were cernmolltiee tt,, ye,,r. e.1; ,n,...t,,,Lt public in the matte,r of return on etre' much in the last few years s.ble to mine high grade and not until the c:a!ms passed down: Necessarily lee - Probaely tnis wee ere of tne reel- '''." France and Great FlritAin were going surface to tstnthe s'IrsadY l''' it new a to lead wile eeeceeceve cropped bonds and the witi,in in the may etdaeks Senaro:- er commodity priees mean oe government greater supthe hands lowered. The Federal Reserve are to for inest of local mining many 'f...nd eni-feeowed ey SO t''' Hew many mere aee dee!er Pi replace the maturing second ple of new ivmen than can be ab- the early days and assonates that. deep procnicere a roar:teen:le a.; Smoot Sank in New York Wag deliberating-e- 4 margin of brief a reeeeen 'in re iiroad steeke cerne I" How mare' 'fee eorbed even by a eurr.ry that is thousands Of tons of. this c,re some distInce from the profet which, under eir-a reduction in its discount rats pr,speet.ng district by of the d one are ye t to tw teeA e There out ordinary so taken much team.' :ron newewealth each Of these factors the first has creatire The eWbeeling Incident"' cumstanres, tend make their from 4 per cent t. S are only a few large Feetweee re' per rent year. being of sufficient value to steeks le..s attractive. United States Government bonds been the most serious. Mi,hereas The aellity ef tee market te paying eernething en theie steel,. If there is moderation :n the .. Tbe explanation for the in the tirst were than at the higheM prices in the new asscurities them being the elisseeire withstand shecks was aptly tiles- seeming; matter Of new iseues, the Other were 22.500.020000. three months is that paradox the stronger tors' trated in the Wheel:rig cii Lake Erie Pacific. New Haven ant St. Pere their history with premiums of factors relating to the investmeer to 34.374.020,0da had risen with ',oration!, they abundant ineident ie Feeruary. from S to nearly IS per tent on The rapid Of these on!Y the :!nee"rt'Par resources and the ablete to capimil the end of May and for the half market will be sufficiently fermrise In that eterk due te tee pur- - is in a pr.sit ion to sle aneteene fer int the long treasury issues. Wale at to eontinue the trend of pr!cee , effete sweeping ecenornies. putcollet chases of ',erect' year will be approximately $4.30).- - at :amee svsieres en- - its sliareholders. art teat nn.y fee bonds were selling on about a sarn in the direction thnt it wee or erate at a eatisfactery 31 000.020. It is true that of the latier beaded un"il the end of the Maie!ii profit. ceuraece fi .short intor,ost e hich Ihe enveeric f the prefeeree. The per cent bass. and all but schtle their weaker amount around 21.ti'..0 200.Yoi. es leere,- itinef trapped v hen it "les- - i Reek Islert is fX; ...tee le thin of compete,' poorer geades of northern quarter year ore wii! cent of the trout, ovcr o unahis 1,', to .0o per r !mai on or Al.:, an; I, go,ra accormo42(.. t.ce weistern rlCunielpais were rapally , thombo;ves ta f rre ,,, refundirs TY," , coriditi,inz The mar- operations. í ket al 1.,,,.. represert in three' tlie 11.;t.:nore 4 t,i drspping down to a 4 per cent re- However. the domestic aupplies of . ; recognized tills d:stincvom the crisr that ina) not c ;me L. J.A.WKALK,HION ft? '.ay. that ensood 7turn hass. Conditions seemed to capital have not been sufficient v as ro'irn. was renlri-i,7sttu Market rf saaes the rnf.at Turnoter transpettat t1, r ,:c ,, r 0 recent ma,kst Is I al th, the,. LOS ANGELES. July 2A Huge he very &miler to these that had absorb raw securities at the rate fl n :oca:.ed Ncrih-rtbp and retailers enikellie. the stocks CoOCO!Oft: rr,,.., a'read, T1 2re ts one l',cf,-announcement has been made that terns more fatter that ,cias,n obtained between Me and 'See at which they were being emitted. at distant It was smaller cemtritinit!es commission only as it hare reflected at Of the poss.- the Interstate commerce initiated wben first mortr,age railroad bonds, so that there are a tr.u,h brc.aft.-- variety- may deserves notice in any review of t d the 'impori4nt strength , t ine toit-ean has points volition own proaably today of tmd,r1ing its acalah i by local tnanc miint tot mkarrl tall shops and trohre fl th be to eold very much above par and mu- 2400.000.000 to 2500.000,000 unrtr carred relation in a al brokers. extensive hearing Now turning te the merger situ the .seigatmtionlnetshisappSapreecnut;ysithloas trarzke..t vorsltluanda:.The market chi many .econotmes effected :n 10.1i exnicipal& then unaffected bo- - tax free distributed and in rather poor de,: ation, the striking tscc Is tho tb ea,. l'' t western livestock and meat food at travagant cooltng systems by car- verged upon reCkICSMIWIS. Stocks quickly recoeral itself. INDUSTRIAL& directing partictf covenants, were in demand around mand although they are obtainable shelving product rates. hich contmssior have may interidate comMerce been bid up the rying a sma,..ler sup1y B,d A41,44 attention to the situation in coast a 3 2 per cent return. ta Arna.gamatad Sug. cern at prices anywhere from 1 Many &Hens have been violently . fluctu- - that the for ,es. werklng for the still t'2 to pass torero', be regularly. replenIshed upon and Pacific 1.Sn 2.14 intermountain were wide too At this time also a great many 3 be advance to extremely' the strong times this is accomplished by points below those at whi,a Amalgams:el Sun ptd. 7S 66 81.41 secnons. the turnover has been hugs. checkmated. on, Colt. of the prept.s:tions subcovcars ears. these situof use, moderately high coupon bonds were they were originally offeredta the Column, 51.1 cnni, 7.64 peddler rate livestock On in rat:rosl mitted to it. Advances The western certain Sztel S7 Sa Cs,untbia tirrit 40.44 ation has more or leas "jut,' grown ering regular ec'nedoted routes over there have days during this into public. Market Leaders Confident. berg' cal:ed and refunded4 stocks based On consolidation pr,,- been more single 0,11 5 11 retail 4.74 wt.n Cosi pfd. honds with a coupon of original striw the railroads and s'ipplymg Issue, per like Toney. The to of Ftocka .111 Too up' in dealt Cos Underwriters .41 High. Indepandynt Influences way. than ever l and twisted meat markets along .hish operaitd pats- - .P!rtee:313,,rve.,117.en,"2.1'ree.e..u.a: been added cent or 4 per cent comnared 111.1.1 Layton of a faith that ts yet to 104.44 lure has Authoritie s differ as to before.' erful y in the a high:y were the otNaturally. tranortat!en pay a situation will be corrested UntintalnSugar with 5 St, Tat & T.L 1711 64 147.44 about until it has become per cent and 6 per cent. in This course most important part in th.t cost of tent of puhlic participation . but it of courso, of This. the directors of U. S, justiftsd. That the Incirkt in hat, affair. n of the time. intrinsic 44 complicated Tte 144.40 IS, on sates retired nista:at:ono that movthe l'aool both is is;messt 7...ached phethe darter stage the through difficult to for Steel ce,naccounted The by and General define Jusi what is S!andard Coal ...... .74 is readily deheld the aecond Lihertv 4 live ammais to mariLeting meant by t aail emt of and p,r value of most of the new bondx is !Utah lemor,EratEd Tiro C;av 7S 74.40 nomenal growth in consumer "pubic" as distinguishec fidence these 1,a...1ers in the indus- finof the d;str:ilit:ori a centers) coast rents wlilingly accepted the Pr0P- - unquestioned. The trouble lias been of ((Mowing Pacific which in from 64 sort any Sucar 1.88 mand on the 4ilyi.iend the way professional speculation. The trial field displayed have had a 14 4.44 the shifting Of populatton .n that ished products frrn these .enters. Ilion that they turn them in and that underwriters rf I S,gar point is tilaL the thing has been acCon they took on their respece combination rumor ga.ris a hearcutomer time 01' old The of & rather part!cularly idea 11 'Utah Lt whst 114.44 extravagant 5 3 yeatake in exchange a direction and in'transportation done Mr an extraordina:.,y tive stocks dirt much to persuade ing In Epeculative quarters. & Lt-- ofd 14 en the coast bee been thz scatS4.110 44.44 large they are worth and' their views did itab P,. it has been diff,cult toto keep o per cent note Horne !no 844.44 6es 2t1,.1H) say tering of slaughtering thrnuerhout scale- - Now all history teaches that speculetors that the business skies Money Rate Controliing. not onincide with those of the Ilof the development abreast Adele this diffused of Goods at sort Co Dry to form- the country exctternent leads to a were clear. It was late in IiilA Corporations Wert Big Buyers There have been eorne unfaNcrlt.trive consumer. Furthermore. no nothing of settitng downinto 11 44 fris enna-Psif4 fuWere this that st11direo!orS 14.0Q the syStath the retoritineld points. or later. and y e" ed uite a policyprolected turns in the industrial siluaCorporations tql,Me4 Very large concession was made by the 104.,Ot 1117. centers th,, 14.27 ,ZCM1 th 4 0 P r cent stork dividend able in present day m.?tr,p,.,litan ture. at June passed an the Last few months also, amounts of idle funds when thty inc. house to changes tion ' which was rat. hove ocmeat were formed answered the purpose. was most market BONDS economy Of centralising . the. by The free arti.on frotn Such of of eme be taken it in first whiciiimtist account. a the coaca.lzaton commenced quarter curred In the laat fen' nionoz,, strateg and in of stOckhiders this d April year. Askd- packing demand repECrious in their balanee trvde conditions. S otks, to Ito;i;t, An.ssar-ae1627 to puhlish located points has been amply an immense consumer 17 rate on the There is of ontinuaon the izally five trffliii over west. people resented by Speculators Learn New Caution. and midd:e oil. no recovery in copper. s nev,: ?OS 1577 frc rr of 1.1 sheets Subsegitenfty some of this is the price a t proven in the eastresult sock. the additnal wiis however, alone such in requtements California de7 from Ott and 101 in 101.54 The 0q1tIntle1 nts! Ina P,ettack sugar orrMany benatits explanation ia that the,mar- capital was put to work in the the borvit of it' proAtiHog thA car:y day prar portant deye7tymeni. st1, Bk, B:dg some centralization meaning sa it does have outstrIpped textlies. v Week after ipao:og teen brott;-;h- t pretsion Investment market. out. to the ket has been really more conserve- S's 1373.34 Is 04 103.00 the greateat return for tires and have made neessary Along the same, line was the in- - stocks of companies !:1 th?st trade,. tive than it marketweek the figures of- the Federal the midst of the most serious a.t- i Chia: Con a 74 1034 of I,vestock 100.04 103.04 economies expense centralation appeared. There was in of th regular rate on (lenbuying been adversely allected. bu at given almoet no trading on thin mar- - crease Eoe'les 404 137-3140.00 lot.es Reserve member hank a reveale uation n crude oil in the histor; Motors to 11 in March and the have purchases at a giv- ing and .packing operations through Lurking a 157-3Kn!ant Sus, 100..40 104.001 en gins. the potential danger of the erial not the general market. There is' were of the industry. the atardtpilist points. Through the bringing tofrom and the fact that these Institut-innextra dividends 14 in of point Montan Conatte Ta 1030 January tio certainty, however. that these 0406 100.00 e situation had been universally re- - and of $2 in the finished product szther at focal points of these 1 distributing a )102;41 Cream. May. Willingness to troubles va.00 laa.aa of COUrSe the entire wf5tmore Sat teliCtOry operamay not spread. etwilipn-S. and ther4 had always pass along a generous N!bity 1,4ad. Lb,'. Co 3' a 10..04 10300 a much the been dies- cognized. has structure share,of rate trn been is not the Intention to forecast a results. it more or less Caden Pon. C 117442 100.06 103.00 tion barge. hear to interWas stockholders parnot ap, tortertr a major market declIne in the forety At first glance it might ,Sa!t Lait & Ogden Ry. the advance with great- - profits It is tirney now that such a hear- er fighting proted by the market as highly going 5'3 1134 a. aa pear economical to ship 11, animals 67.44 etr lessusually lessanceese. summing up. It is amply to hal and a disposit,on Other in favorable. 71 R. 6 a ing should IL 03 100.00 from the country .to the packind potnt out that conservatism at this words wha: the speeulators including centers and ship the finisbA Prtd- ts evident in all gnarterc meat Orti,1,:7la Mapleton - Sugar Stocks Boomed Utility call of the market is advisable. " rm,kthe stage 710 th railroads. producers, technical ... JULY LNVESTMENT SUGGESTIONS 03.04 1.0.00 Oct back to the country. However. no: been impaired asposition" had The investrnent demand allw was In the last analysle, everything deand' al e! or,le Pow Co. S. 11311 SI 03 )41.00 tht has demonstrated itsef in the erg, livestoc.k markets or as much to the to often a cooperat..., nt.Ot e Liseatook SIAM 104.00 east and middle west and touch in the pends upon money. If the ad ance gs In other parties mar- - ' represented brrhe strength C:th Mntel 1's 1041 1.4.15 147.10 benetfit has been derived through fullest extant in maktug proper reutilities company atockL These o ere of the bond market is resumed. if or this pan. advancing 4 a t Co. 0 3.,o0. 04.04 4 N. Y. 1.0.50 Oil to of Standard the highest in their histori we continue to import gold and If t's 1951. yield 4.9', The fact Is that reducing of duplication of faci- adjnstrnents. 75 le of trrterest was not only sold at the ttah i.e. & Pole. 4 s 030 97.:4 the lities more economical and efficient 14 This Is mattr that Atte tiom 3ust pa...std. there is no boom in bUelnesa which during ab Traccon to. .1.;toah Li the I the ,,veryone alorg the -, methods from a sanitary were one or two extreme draws credit away from the specuThere 00 es 144 Inspection Co. 1939 5.35strIrt Petroleum due les to 5!.'t's consumer end an ' yield to the Phillips covering, was Busing's.' more and producer thorough & !Utah Poa. Lt. a. 1044 103.70 104.04 standpoint advances based on of con- - lative markets, there la little pro', ten small A r,zate to should be mals t, rt, a the research eff,-rUtah Po. & suirust trot. but In the main change ra 3033 1.3 00 104.00 laboratory and scientific in this ability of any important decline.in the invesItnent commission Ino w as commerce dernan,1 interstate made Oregon-WasV:no Water Service 5.8 1957 to yield 5.40c-- , possible. Issiing 140.40 playing 31,34. -45's 101,00 program considerable part, A really group refleeted steadity increasing stocks of investment grade. coordination between' the broadest poss:bla hah,With proper b striking' testimony to Wall street's e arning s. In fact nowhere else In BANK& Depression in Special lines will in the rattrolit. ow.t000k the entire gtock list were prices so still Erie Railroad Company 5's due 1967 to yield 5.4O' 15 A ss be reflected in falling prices !Sank., - . 140 44 in to acisone. to two per high proportion of earnings leon'ideaee of the certain stocks but granted reaTraat 81.00! 5.04 elec.. in share the of stocks its the Chief Cons. Mining Co. 7's 1934.... to yield 6.50, merger sonable 'I he tact ,ihat prosperity and low money N,,egat -1- 0.04 140.001 the later- trig light and power , Sas an d te- le - rates a stable t,ose-eNar-13stock market ought state certneree Commission 2;0.40 210.04 not his belle? The phone 200.49 311.90 'foiind companies. na..ngs to continue the balance of the year, 7er,. Utah Power & Light $6,00 Preferred to yield 6.20", it possihts to Fleet t'.71 Nttosal 00 100,00 100.00 its be to was reemed that the business are There in Just decisii the Chesapeake and Ohio so enoUgh unknown e !nla Ogded 100.44 340.00 stable that no such high t.lited to discourige factors. Just enough doubtful sit134.04 144..00 F. SPEARE of gin of safety for dividontts C'oppar CHARLES Utah Power & Light $7.00 Preferred to yield 6.45, buying By Tii33 the rattl. an at uations. however, to make predic350.04 140.00 7,74onal The Deseret Another Incident that attracted n esarv as with the IndUskrials or tions even more than normaliy Ulan Sa,toas & Trost 110 130 170.00 (Spcial Correspondent of Un- Pfd. to 1441.040! Watker Brre the ra ll it attentioa way the 04 Walker Bros. Dry Goods 7Association. Consolidated 19 Press 27. !Ali. yield 7.40'7, iate(Copyright. Int n till as to the 00v, ga é Trust .3.:5.04 221.041 Outlook for Second Halt and tire I outlook. This has ra,iler long becn a sore h akt fhoars thhaecvcecnoendi ,e prIce s as regarded as merely Cnnviele Infr,rmaLrion en ttl above menti,re4 vocuritt0 or irt:ItN1IN.EA.POLIS, WALL ETREET. New York, July pot. ot so much can ble said or W8hatmuch of tt;ru tel 00iT' Je;y 2 I A P one th g has the sugar trade a Th., Neimore :se Ivigher. le rArlead lots family es,. cheerful an) othr leauts will be gladly giree,upt,n ',quest. sabere Markets at a Glance I 2CPA)The ihe of As of was recovery the n aqua-Vowit! been entire year? het the Prices has been delayed overhanging n marin financtal the by prosisghtbited one srsdsoes;,:tint.isettaoto $ueltaktierl reason for the above. the of pect of an increased'Euroman has been tne 4 ing em enblterri e., beet tallied etrength of the market has kets Friday was again iti evidence new bond offerings and if info is competition. NEV.' del,. in rectlfied it cannot out have a stim,Ur yr", there Brea. 2431.21.0e. sympathy In the of aittuttmn. any been the cautious attitude of the tlrM- Pasuas ftrn, The (4'17 happening of effe,t upon stocks as well as and file of speculators. It is qta,t. The outstanding incident 'slit ulating .. Foro..an 'ea,?...nr, ready; Jarslave tr. .7,,netnnot tank It is sell known that a in the foreign bonds. 1110,41) DIRSIX.Re tli3 wirtwK tilltnhEtts.. eeeret that the soctErr BOLDS HALL advailee Wf'll. to .1...1 al..afica furthar escheages was the th closing of the syndicate I.,rge proportion of the increase in drop of over a paint Dirbet Pvfwate Ulf. In the Italian further than thlse closest to the t.,,t1'.1 V.ad:, flay eoevier had brought nut one .if thy largcr brokerI' which lira. so loans. about touch .tc' aellreetill Tbt oltf: au;c: 113 1141 ST. m an.t elff.va. ha;Ilay S,Ear to be reECCLES BLDG. bond.issues nf the past few inonths has beert tad. was this to the bor- flection of tieeme, tiver:rant,lelt tottedh,. 0Icilinc t'r; CHC.4.v0 ! Aro -th siiiiouneed tardy Jtey decision e ,m The establishing of a free marOirden., ttrm ruav ...,"...,o ,. a of unbold to have re:essary rowings the Italian finamlal carry , f, seating stock i hie ow ket in this instance. as in C.,,..1 Illatir. ,Irl,.;01411.1 tarter.tewdl'wl --, bonds. voaThav not to seek a higher level minister 4r, ye: the the i;ellitet that tnbecomarkraett:otrieti ,,t, for Cat!'.. ieceetic did : othts much ,gg..,.. The ,lava advance aincke was preseet in his currency stabiliseihiNt , aient.iment. Tk tasmediatie :rve. he.d Outrun It, value. 4oubt14,10 tll lftroo 1001 1.. tioa dad the saint In other seve.ral ce Ihoehanadciltuebriuoupstell:lobr . e 1,r, ( , rk ... Direot, I . , ,. , ' a, rcbzrneeirtdh'ebrzt. The brines were the Wilder'. result shoes that this akepticam authe as to the justification for - II AS RECORD ACTIVITY BOYLE (Copyright. 1927. by The Deseret News.) The stability of business made the 192647 fiscal sear one of the most advantageous business periods ever knouts. Price levels were loner but steadiness of demand and lack of unexpected fluctuations in quotations permitted Maillteriante of profit, margins. tileThal kMployment at a high level of magesosas a1rtio-and buying power was extraordinarily hight COTISIttletiOn a still Actual building b at rate 'molting over Mx billion dollars annually. Money was easy and in the last six months the public has absorbed over three and a half billion dollars worth of new financing. There is over S4.609.000.000 in money in the plied States and the assets of the country ouudde credit and currency total e: , r NEW YORK EXCHANGE in Fiscal Year Business Chain 4! Funds Being' Transferred From Commercial ActiviReview Shows ties Into Market; Mid-YeRecord Achievements. - link responsible for the slowness with which some of the foreign bonds have moved out in the last few u eke In view of the sharp decline that occurred recently In all Ger. man tattles, a numoer ot wheel the lowest of the year. dropped-tit will be interesting to note how the market takes the new German securities that are cow berg prepared for it. Brokers' Loans at New High. Had the Federal Reserve banks reduced their discount re:e to I 2 would ptr tent, the bond ma-kat least have been stabilized around the h:gh level of the year in spite of the strong flow of new issues into it. Instead. money rates advanced during the spring, with a long period of day to day renewals at 4 14 per 'sent and with 'time loans Working back to 4 per cent front 4 per f.- ..... r non-ferro- I rea-ten- . . . i be-ta- I e 4 r Y '. 1 r t-e- , - - l : Roberts Retires From Iron King grl . ! -. r , ' 1 tee: i Shipped Ore From Mine 48 Years Ago , I r , l I - 9. re i ice- - i , i - r ttt : under-Writin- g ' ! -- I - 4 i tr,- ' over-suppl- y 1.131 i ,e ' ! Stt-e:- lts 4 i , . 3 r I se: ' , equatihi , , t e. I ; . tto notterttencee-- ? - I , I ' mat-lie- 0 )'4 q ' t hf s thr. J e-- ,i t be-i- ! ,n..,f dirt-In- l e - ' 1 d 2 i , , Westock Siituaitions 4 4 1 . re-s- , -- rv:-e- n , , tri . Local Securities , It 1 1 2 I I - 4 2 Syttratsm-Jonnan- Mot..-4-s- 1: IT:tan-Idah- o ITthoh-Idah- o 1 in-t- h -- r-- st tt ree-cito- , l (.! I . 7 3 s i "AP- Illut-4a- 3 SJr-p- 1.31-1- 4 I , 7 , ls 11124-4- 176 , ss - , t h. re T- -- , T - were Ft-- !Nntl-44- - ! . ' - Daily Financial Review - $ zls J. 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