Show I Local BOnd and Security Dealings I Renewed activity in sugar issues o of the larger sugar companies companies com corn panics of Utah and Idaho cropped out the latter part of last week in the Salt Sal Lake investment field with ih rising prices Amalgamated 8 per cent preferred was especially strong 99 being asked while the offerings were around This hi is a peak for this stock sinco since the break in th the i sugar issues more than a year and a half ago S The Amalgamated no par common also aleo strengthened the bids for the stock getting getting get get- ting above 4 Reports that the company com corn pony pany Intended to seriously consider a a payment on ott the back dividends that tha have accumulated on the preferred stock circulated In financial and and- tradIng trad- trad log Ing In circles circle the tho latter later part port of the th week which had a bullish effect on th stock Utah-Idaho Utah was waa stronger the stock closing the week aroun 10 again after dropping down below 60 The ater 7 per cent bonds bonda of both the Utah- Utah Idaho and Amalgamated are are strong 99 00 being bid bid while the lowest offerings are Investment houses report activity Inthe inthe In Inthe the bonds bonda of local loca rails rais and Industrials according to D. D S. S Draper e manager fa of the trading dl department of the Palmer Bond Dond and Mortgage company company com com- pany ru were vrr bonds o actively IV selling fl flu bought u on ti a 7 Utah e per Con Con- cent t yield Mutual basis bast Creamery were also common active strengthened he states and the Salt Lake and Salt Lake Lak Sc Utah railroad bonds were strong on the market during the week U. U S. S NOTES F FEATURE TUm OF OP lUWISA Cl G. G lAU SAYS VAN The outstanding feature of the th last ut week says Fays L L. P. P Van Voorhis manager of the municipal department ot of the Central Central Cen Con trai Trust company was waa of course coure the offering of United States 4 per cent year four-year treasury notes which was announced by the treasury department department depart depart- ment mont on May 7 These notes note offered at and In Interest Interest In- In terest maturing May ay 15 16 10 1927 are an attractive Investment for tor banks and Institutions S This Tiis new e financing had d very little tt ef effect et- et kett ett etl ke fe on the Investment Ie market as ft has been known for Ien some n time that tha the offering would be bo made early In May and nd it Its Is effect had alread already been discounted die dis co counted un te Investors Investor should t bear ear In mind the Uhe fact that all uncalled e Victory I 4 4 percent per percent cent i notes Oal Salbe bearing bearing- f the h distinguishing hf letters leters O U O. O H II I. I I I. I J J. J K or I L prefixed to their serial numbers mature May 20 1023 All Al 4 Victory notes notes bearing the distinguishing letters Leten A to F. F In in- In Inclusive were called caled for tor redemption on December 15 36 1 1922 on which date dale In Interest interest In in- terest cease ceased Holders of either the called caled or oz the tue uncalled notes note should present the these theae e for tor payment promptly The shrewd In Investor Investor investor In- In vestor realizes the necessity of keeping his motley money morey working at all al times Of Ot previous issues of ot government bonds bonda which have been called there are at this time many millions mIlons of ot dollars of ot bonds outstanding Tote means not only a a. very ery large loss to t the te e holders since ncE the bonds are no longer bearing interest but It also hampers the operations of ot West Md 1st 45 62 61 f Western UnIon Westinghouse Elect Elect Is 1 16 Wilson Co a 5 t f 7 s 's s 98 9 89 S 95 H. H Wilson WIon C Co cv Cs 93 9 02 9 2 9 Total salu- salu Today Toda Yesterday T YeAr ago ago the tre treasury lury department nt which desires desire to get all al of the bonds bondi In promptly Holders of the Victory notes may turn tur them In In payment for tor the new Issue of ot treasury e r notes We are sr handling I g subscriptions for the new note Issue and will wi be pleased to handle handlo for tor any Institution or Individual the cashing cachIng If it I Victory notes or a a subscription sub sUb- for tor the new Issue lesue I During the last lut week there has be been n I an Increased demand locally for tor Investment Invest invest- I ment meat securities Investors Investor are art gradually gradual gradual- Iy ly coming to realize the th attractiveness of tax exempt municipal securities and I I from a standpoint of security stability I and free freedom m from care and the demand for tor this class clas of ot Investment Is Increasing lag ing In this section During the past week there have bave been some attractive now new Issues of ot Joint Stock Land Ian Band Dad bonds offered at prices price to net from 4 to 4 70 per cent cent I LOCAL ICAT CAT RI REFINANCING F ACINO POPULAR BOISE nOSE OF 01 J. J A. A HOGLE I We Wo derived a great great deal deat of ot satisfaction satisfaction lats- lats satis satis- faction facton from the tile reception the public gave cave out offering of Morgan Canning 7 per cent closed cosed first firt mortgage mortgage mort mort- gage gold bonds bond says sas p P. T. T Boise Bolee of ot the bond department of ot J. J A. A Hogle CoIt CoIt Co It J is seldom we have bave had an Issue either local or Yew York listed that has the atra attractive features that are combined com corn In this bond With Wih net assets better beter than three to one ong ant anA anc earnings better beter than four tour to one one practically no current liabilities and a basic baic Utah Industry enabled us to have this issue oversubscribed In a comparatively short time for tor a a local underwriting The he lo local local lo- lo cal buying public j justified our confidence cont- cont dence In them when they absorbed th J Issue so promptly The I last Issue of ot Schramm-John- Schramm son 8 0 per cent en preferred re rest st stock underwritten underwritten under under- written and n sold by us s during ln the month of ot April Apri was very rapidly over over- subscribed The brisk demand for stock left us with wih man many order unfilled on o our r books book which we have been unable to tofU fill fU to date Inasmuch as the present owners owner of the stock both new v and old are unwilling to part with their aI holdings except at a big premium There Is with wih this additional fi financing f- f I- I ng a total of a shares s of t the f stock outstanding According co to fi financial financial fi- fi statement the earning power of Johnson Schramm Inc should be for tor forthe forthe the current year over four tour times the In Interest In- In terest requirements requirement No other local security we know of stood the test of ot the depression of 1020 and 1921 1021 better beter than this preferred stock and It i appeals to us as an exceptional bargain at the tho offered price S S C I VICTORY NOTE HOLDERS SHOULD CASH Sn no BONDS BONIS ns The chief feature tt of ot interest in the bond market the past pUt week wa vas the announcement by the United States state treasury department offering the new ne luu Issue of or 4 4 per cent treasury notes to b bo dated t May IS 16 1023 1923 due March c 15 1027 1927 2 says yIt L. L S. S Trigg of 01 laimer al Bond 0 and Mortgage company The Tue offering is ii understood to be bo limited to the secretary of the treasury reserving the right to is issue Is Is- sue lue Additional notes noles In exchange for 4 per per cent Victory notes It I in is 11 stated that tha this financing will wil complete the governments government's refunding operations operation for tor several y years ars In the future This offering Is Ie of particular interest to holders holder of the Victory loan 4 per percent percent er cent notes note part var of ot which V were re called caled t for r payment on December 15 last the balance bal bal- ance anca maturing the of ot this month It 1 has been reliably estimated that nearly near near- ly Iy of ot the called caled notes note have not been presented for payment on which the holders holer have lost loat approximately approximately in Interest Victory 4 i notes note both called caled and will wi be accepted in payment for the new issue as of ot May 15 16 1 1023 1923 1123 with full fl In In- In I terest to maturity In tile the case cae of ot un up- called calicO caled notes note I GOE O D Furnished by J. J A A. Co I I Bidd j I Ask Argentine H 45 75 71 76 I ID 6 do 47 5 7 75 D Brazil I Is 1900 DO ry rac 1 loan J UJ 43 4 Brazil Is 08 do 08 08 53 r H Buenos A Is h 44 15 I large arge 4 15 6 6 1 do small 61 D Buenos A 06 06 47 He IS ISdo I do 6 co Copenhagen n Cs 01 i 75 77 H Cuban gOV 6 pet pct 29 9 I S large arge 94 do amal U O Jap ls l 47 07 4 01 8 1 Norway 3 02 01 63 U 54 Udo i do 04 0 84 6 I 6 50 Paris Orleans Orlean 6 50 62 52 U 14 Parl Sao Paulo Pauto 53 06 05 6 72 73 do 07 01 8 62 6 do I 8 pct II guiders S |