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Show -- At THE SALT LAKE TRIBUNE, MONDAY MORNING, MARCH 28, 1921. 10 GASOLINE ALLEY Would you AND DONE BY SILVERSMITHS t KILL a bird, because it sings - KILL a dog because it barks KILL a frog because it croaks klLL a childs joy in life KILL a woman's respect for you BEARS INCREASE ACTIVITIES IN STOCK EXCHANGE TRADING Speculation Is Devoid of Public Interest; Money Market Shows Signs of Easing; Business Day Re- l Awaits Needed Legislation. fleets Trust of Traders One-Million-Sh- Conditions. Better in NEW By ALEXANDER DANA NOYES. JJjorrk Sinttf. NEW TORK. March 27. That the Btock exchange, on the occurrence last week re-of-' day," with rapid covery in price, should have turned for a mood of unmitigated "the day from "gloom In discussion of a coming springr. , rise in the market" was entirely in Wall street has the Athenian eagerness to tell or to hear some new of financial reaction discussions thing; n rand distress had continued without for an unusually long period, and ' the stock market creates as well as re- -' But quite aside fleets financial opinion. "from the question of Wall street moods, is at least undeniable that the spring fit .. season Is about to begin, and the tradition ,is well established that it is reasonably , sure to bring some new turn in the char of a tlnancial situation. s The change has not always been for the better. Sometimes, as In the season fol- lowing the panics of 1S93 and 1907, the springtime recovery was so brief and as to embody mere economic ."delusion, followed by fresh relapse into business depression. Sometimes, also, as in 1906, in 1913 and notably last year, ar-- i rival of the new Bcason has served only -- to emphasize In the most discouraging way the unfavorable nature of the flnan-ctsituation. The first has usually oc1 "curred when forced liquidation was in- complete and the credit position Insecure; the second, a hen credit and prices entered the spring season on a rashly overextend-i.e- d basis and the reckoning could no longer be deferred. u Whether the present situation does or does not resemble either of these (we are certainly at least not on the crest of a rscklesa "boom''), It is worth while to ' sum up again both the good and the bad financial outlook, thus 'points in the some Idea of which can getting the other. The adverse Influences Are familiar. The unprecedentedly rapid , fall in prices for products of industry, i without an equivalent fall in costs of stands first; its Influence In cans- Ing trade stagnatlort is emphasized by the t' fact that no one has yet felt sure when the decline would end. Continuance of an almost unprecedentedly high rate for money, especially on merchants' loans. Is another. power Impaired purchasing hose pay has been , among reduced and farmers whose produce has lost half the market value of a year ago is an essential Influence. Europe's polttl-cdeadlock, combined with her peoples' forced retrenchment on the discovery that will no longer suffice to buy from "credit ! Other countries on the scale of 1920, causes further curtailment of demand, in the last few months even the countries south f ,, and west of us have fallen Into a similar position, and our foreign trade reflects S.U, The case of the railways, with their wages fixed on the basis of a boom in trade while their earnings are reduced by the violent trade reaction, is familiar. ' This Is a fortpldable list. On the other side of the account will first be " placed the fart that thenaturally process of re-- , Inevitable the when wholly adjustment, , wartime inflation of trade and finance had .. been followed by the wild speculation of t the year after the war, has made such - extraordinarily rapid progress that finance and Industry are at any rate now dealing ' with realities. In the matter of home consumption, no one looks for the expurchases of twelve or sixteen travagant months ago; yet the time is certainly after so prolonged and so com- -. plete an absence from the markets of thewhole consuming community, when buyIng for absolute necessities must at least for a season be resumed. n In some trades, such as textiles (where the reaction of a year ago began earlier ' than elsewhere), the revival of consumln demand la already in evidence. It would be greatly stimulated by either or both of a check to the gen- I,, two new influences , oral decline in wholesale markets or a fall to in conform retail with the ef-- i prices t fectlve wholesale on merchandise for " the spring, (rade."cujs char-..acte- lnter--ruptlo- al , -- per-"ha- wage-earne- rs aj . W. S. COUSINS. all these problems so that the business YORK, March 27. Beare can have something to base the stock market ori the community its calculations upon. Just as soon as of the week entirely on these announcements can be made, busitheory that the previous ness will take heed, without waiting for seven-da- y advance was all that the actual consummation. The tariff bill, for instance, should be reported out of was Justified by present economic con- committee within the next six weeks or not would bulls the and two months. After that It will be merely that ditions, adof matter on these t adjustments and comparihesitate to take profits vances. They have not been finding It sons. without altering the general tariff have very easy to depress values in recent program. The taxation bill will alsocounfor the sessions, for It Is generally conceded that been toformulated sufficiently of run we a idea its has have try get in securities what general liquidation course; and, while there is little disposi- in mind. There has really been more tion on the part of the general public work cone on these problems than apto enter the apeculatlve markets at this pears on the surface, so that we are aversion to farther advanced than generally supposed. time, there is a You can rest assured that we fully apselling out o current prices the securities purchased at higher prices In the preciate the necessity for prompt, conmonths structive ago. twelve of to six boom times legislation." It is this absence of public support that is responsible for the frequent sinking Liquidation Continues. spells in the market, and for the inWorld-wid- e liquidation In commodities ability of many stocks to pasd a certain Is still in process, shows mark In their upward course. The pro- the result of tins and each month liquidation in further fessionals work up their favorites to the of wholesale and shrinkage retail prices. point at which they acquired them, but business continued to be spotare apparently unable or unwilling to The retail stores all throughout ted, the a country If forward. them professional push to make special apshort interest extsta to the extent as- findingIn it necessary prices In order to turn over serted, It should act as a barrier to peals stockB. their Drastic cuts from present heavy declines, but it is favorable also are hardly to be expected, and stato the nibbling down of quotations, be- levels now be a matter of a cause, without any public or professional bilization should short time. Employers and buying, the uncertain Industrial and rail- comparatively workers who are unwilling to face presand outlook road encourages liquidation ent conditions are retarding resumption of more short selling. normal business and working against their own interests. Prevailing wags scales are Money Conditions Improve. a deterrent to the lowered cost of many Shrewd traders in speculative Issues Bee commod.tiez of general consumption, and In the action of the market for the past high wages are of little comfort as long two weekk an additional evidence that as widespread unemployment or part-tim- e work reduces Income and Impairs the bear movement has been completed, and express the opinion that the time is purchasing power. the for An stocks to long investigation of business conditions purchase optortune pull, though, of course, urging 'discretion in the wholesale grocery trade, undertaken in their selection. It is Just here that by the Harvard bureau of business reall good advice falls short, for it Is in search at the request of the National Judicious selection that lortunes are won Wholesale Grocers association, reveals some Interesting facts concerning the efor lost In the stock market. Leading bankers hold out little hope fects of recent depression on this particusecure will in lar line of business. Reports were obtained , general that borrowers their requirements at lower rates than from sixty-fowbolesale establishments, to some time which furnish a comparison of their conthose now prevailing for come. But. so far as appearances .are dition In January, 1921, with that In Janconcerned, money conditions are becom- uary, 1920. York These reports show that ing steadily better. Both the Newreserve has proceeded much furtherreadjustment federal reserve bank and the with some Imnks as a system are showing steadily firms than with others. On the average Increasing reserves, those of the New the net sales In the years Interval deYork Institution having advanced from creased about 30 per cent. Operating exThe federal re- penses Increased in about as many in41 8 to 45 9 last week. serve system Is now showing a reserve stances as they decreased. When the exratio of 51 per cent, a decided Improve- penses were calculated in percentages of ment over two months ago. Call money net sales, however, they showed a gain of Is again touching the ( per cent rale, 3 per lent tn January. 1921. over the same with scattering reports of per cent In month In 1920 Purchases of merchandise the outside market. Time funds are In declined more rap dly than sales, thus In- urgent demand, at 7'4 and 8 per cent, with scarcely money to meet all require- INVESTMENT FOREIGN j. SECURITIES EXCHANGE A. HOGLE & CO. SALT LAKE 1S Main Wasatch . OGDEN it Ecdea Bid. Tel. 123 77 There Is now arising an interesting speculation as to when official discount rates, both here and In Ixindon, are to be lowered. For some, time it has been thought that the. Bank of England would announce a concession in its minimum rate of discount, and that this would be followed by similar action by the federal reserve tanks In America, with the approval of the federal reserve board. The agitation for lower money rates, both here and in England, is based upon the erroneous Idea that Interest rules control the supply of capital available for Investment. As a matter of fact, the situation la exactly the .reverse, for it la the aupply of capital that determines the interest rate. Just now there Is a world shortage of liquid capital, prices are 70 per cent above pre-wdays, and It la not logical to look for low borrowing Room i. Continent el Sink. lawT Lax City Utah il V.'C71 tfVcVvVgjf TODAYandTUESDAY ULTRA-BES- T HOWARD & ROSS THE KILLER DOLL FROLICS FOUR BELLHOPS does all these things before he meets BALDWIN-BLAI- CO. R REDMOND Ss MELNOTTE WELLS DUO CONSTANCE TALMADQE his In doom. You'll GOOD REFERENCES. see him' DOORS OPEN 12 NOON COME ANY TIME at VANTAGES WEDNESDAY TEMl IF YOU MISS SEEINO ' ERNIE GORDON AND EVELYN DELMAR OR IN FACT ANY OF THE SHOW PLAYING LOEWS SALT LAKE THEATRE 3 COM. THUR., MAR. 31 MATINEE SATURDAY Seat Sal Today at 10 a. m. . DAYS, The Bohemians, Inc., Announce A colorful manifestation of th notions and tha a m a 1 ens, tha sthlcs and th antics of Now Yorks Quartler Latin. Today and Tomorrow YOU ARE GOING TO MISS ONE OF THE BEST VAUDEVILLE SHOWS OF THE SEASON ALSO rates. While tht present banking situation Indicates that a continuation of the high rate of discount Is desirable, business feels keenly the need of easier credit. . Nevertheless, a reduction of rates unde, present conditions might Involve n return to the troubles Incident to Inflation, speculation. and high price from which the rountry la Just beginning to emerge. The chief element of danger Ilea in the possibility of io t ! tampering with me central banking ina.hlnery. Much a danger ig leag Imminent now than It was last fall, but It is not wholly removed. Business leat era ar look ng to Washington for a number of revolutionary enactments that will remove many of the uncertainties that ar retarding both production and distribution of American commodities. Foremost among them ar th changes In tariff and taxation, to sav nothing of th growing recognition of the Imperative need of government economy. It mav now be generally accepted that tb administration will give prompt attention to th revision of the taxation system, though with th heavy expenditures which the government must face In the next lira or four year It Is recognized that the changes will b those of method only, for funds In huge quantities must to pour In from aom source. The situation has thus been eumrpar-lae- d by a prominent senator to the editor of the New York Commercial, who recently visited Washington In order, to secure Information on these Important points. "No one wants to make a move our until tariff and taxation policies have been clearly outlined. The same la true with regard to our foreign relatione, both aa to treaty and commercial development. Our need for a budget la also fully understood. Ws are bard at work shapin' first-han- Oneral Manager a man who crossed your will ments Lower Rates Expected. ontinue II dlcating a reduction of inventories. There was also a reduction In accounts and notes, both payable and receivable, thus showing healthy progress tn the adjustment of liabilities.' The reports further reveal the fact that many wholesale grocers have been suffering actual losses in making their readjustments, and that even in cases where firms show a profit this is much smaller than It was under normal conditions KILL & Easy Credit Needed. BONUS - well-defin- In some quarters there la a disposition to lace the blame for the persistence of high money rates upon tha federal reserve board. Buch criticism la based on the idea that the rediscount rata charged by the reserve banka determine th ordinary commercial value. Aa a matter of fact, only abnut 10 per cent of th bang loans are rediscounted. The rediscount rata of the reserve banks does affect the Is of not th governcredit, but It aupply ing factor. Rather It reflect the prevailFor Colds, Grip or Influenza It la ing rates on commercial loans. and as a Preventive, take GROVE S tax. pointed out by spokesmen for the banks In discount the rate that alive BROMO QUININE Tablets. many The parta of genuine bears the signature of E. W. the country, even before the war, was the sure than you- get BROMO.) 30c. higher Grove. (Be present charges by the eystem. (Advertisement.) GOVERNMENT The United States bureau of, mine announces the Issuance of feuH'etin 195, Underground Conditions in Oil Fields, by A. W. Ambrose, chief petroleum technologist, containing a completa treatment of the subject of petroleum engineering aa applied to drilling and producing problems. The bureau of mines has for years urged the conservation of petroleum and its products, and has pointed out that such conservation should start before the oil is brought to the surface rather than after It la in storage tanka. Losses of petroleum underground have undoubtedly been far greater than losses in storage. In transportation and in refining. The quantity lost usually la indeterminate, and hence difficult to express in terms of money, but by remembering that entire oil fields have been ruined by invading waters some Idea may be gained of the importance of underground waste. The petroleum engineer is coming to be recognised as an extremely important aid in the intelligent development of oil fields, In thls paper an efTort Is made to outline for the engineer and producer a field of 'wbrk whereby science and engineering not only can be, but have been, applied practically. The mining engineer has been the directing hand In the development of mines, and It is being recognized more and more that the petroleum engineer ra'j a Bimilar function in developing proper-tle- s. The paper alms to show the general method of procedure in studying underfields ground conditions in producing oilcorrect and how auch study may not only but even prevent great, unnecessary Buch work provide the company losses. with maximum insurance for the field and la accomplished at minilosa against mum coat and minimum risk. Throughout th paper reference is made to oil wells and oil fields,, but to a Certain relating degree many of the suggestions care and to oil wells are applicable in the in and gas well. of solving gas protection problems. information much contains bulletin The relating to the preparation of maps, well locations, cross sections and peg models, and describe methods of collecting and compiling all kinds of data pertinent to the solution of oil field problems. Many concrete examples of the solution of drilling problem, water problems ahd other production trouble are included. The paper contains a description of 'the pee de-of water analysis as well as the use of tectors for tracing the source of underground water, and In particular it describes the kinds and comparative values of various organic dyea used as detectors. .The subject of determining the source of water is completely dealt with, as well aa the protection of oil and gas sands, the proper locations and apaclngs for new wells, uses and methods of individual well gaging, and the use and value of fluid level data. Copies of bulletin 195 may be obtained by addressing the Director of the Bureau of Mines, Washington, D. C. d EUGENE OBRIEN IN WORLDS APART EVENINGS AMERICAN THE HOME OF 8 J PICTURES Theater 20 Famous Artists' Models 20 $1.00 to $3 00 ' Nights: Sat. 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Path New. WING TOY- - FRANIjCLYN FARNUM In a Big Western VENGEANCE AND THe GIRL AGAIN TONIGHT with exotic A Robert Frank Mayo KIDDIES 10c THE WOMAN IN HIS HOUSE Par Cant for War Tax LAST TIMES TODAY FIGHTING MATINEES 20c WHY PAY MORE ( NOW PLAYING FOUR MORE DAYS A MASTER SPECIAL PRODUCTION Original Greenwich Village company and production, with Jamas Watts; Ted Lewis, Jazz King; Al Herman, Sylvia Jason, Varna Gor- -. don, Hlckay Brothers, and th 35& markable cast. THE USUAL GOOD MUSIC SENTERS SYNCOPATING BUFFOONS at-- Bonneville |