| Show II Loca Bond and ad Security Dealings I I Conditions i in the Salt Lake bond and security market duing during I the last week weck have had an extremely favorable effect on both the bond bonds common stock and preferred stock of the larger sugar companies of this section The excellent condition of the tile sugars in general together with favorable impressions of better beter business conditions in financial circles and better money rates is certain certai to I hold out the made that early this year business would 1 be begin in approaching chig normal in Utah and the intermountain country coutry A Another no th er i important ann announcement announcement announce announce- ment of local interest in Salt Sal Lake financial circles is that of James A. A Anderson Aderson of the Morgan Morgan Morgan Mor Mor- gan Canning company company to the effect that his hi company intends to call cal In all al of the preferred stock I Issued two years ago at a 9 S per cent dividend yield and to reissue In In Its I I place peace 7 per cent first mortgage bonds This bit of refinancing bi Indicates a a. decided improve condition In this sec eec tion ton of ot the country which Salt Sal Lake Is the center At A the time the Morgan Mor Mor- Morgan gan Canning company Issued tho the preferred pre pre- stock stock stock-a a. a Issue issue It Issue Issue-I It was necessary to pay the abnormally high rate of 9 per cent but conditions at atthe atthe atthe the present time makes it possible to call cal in this preferred proton stock and make a first mortgage bond Issue at at a smaller rate and these bonds will wil no doubt be as popular as the preferred stock J. J A. A Hogle Co have underwritten ten the 3 OOOO bond Issue which will willbe willbe wi 1 be dated April Apri 1 I 1923 and mature April 1 I 1943 and Walker Brothers Bankers will wil be trustees The bonds will wi be sold at and accrued Interest inter Inter- est eat est In order to Insure a good marketability mar mar- for these liens Hens lens the trustees will wil be authorized to make purchases I to the amount of 3 per cent of outstanding outstanding outstanding out out- standing bonds at 1021 and accrued Interest 1 If I at any time the market price for them after the Issue is circulated circulated circulated cir cir- cir cir- Is at that price The preferred preferred preferred pre pre- stock of the company will b be called caled In March 31 at and accrued dividends The Morgan Canning company company com corn pany operates two pea nea factories one at Morgan and the other at Smith Smith- field The factories are the tho largest pea canning factories In fn the tho world smith smith-I and the product Is almost at a a. premium on the market The common stock of the Utah- Utah Idaho Sugar company Is reaching the highest prices that It it has In several months It sold Saturday for Cor and heavy trading tadIng Is reported In the stock The rho Te Amalgamated preferred has not strengthened t to the e same n extent but t nf the sellers f el In th tho market e are scarce The common stock of this 1 I company has showed sharp advances this week There have been practically no new bond Issues this week b by local bond I houses but there is reported brisker trading over the earlier part of February Feb Fob and a a. 1 big demand 1 for municipal bonds b n with ha a dearth e of them on themar the mar market et Houses that normally have havea havea a a quarter of a million dollars of these thes bond Issues v now have only a few thousand to offer Two Twi new tax- tax exempt municipals appeared last week I the Nebo school district 5 per cent I refunding and some American Fork ForIe I special Improvement 6 G per cent bonds I sold on a 10 per cent basis Major Alva Lee manager of or bond department of J. J A. A Hogle Co states that the stock market has reached the stage where It ignores the European situation The general opinion is that the economic loss Involved In the oc occupation oc- oc of the Ruhr Buhr will wi not be felt In InthIs Inthis Inthis this country for seve several al months However low How ever this situation Is bad and eventually ally It must be reflected in the stock aly market and in our conditions here hero In Utah The foreign buying power is certain to be very much curtailed not only In Germany but In fn counties countries that border borderon on Germany and trade with wih I her This will affect the farmers who depend on world markets for the price I they receive for their products and will seriously handicap the producers wil of copper In marketing their product abroad Both of these results will wi be he ad adjust adjust ad- ad felt in Utah unless matters quickly just themselves abroad He continues continues con con- Aside from Europe nearly all al factors factors factors fac fac- tors are favorable Labor is fully employed employed em em- at record high hIgl high wages Prices are rising and the demand for goods in In- In creasing FreIght car loadings are making new nev records and optimism is 15 spreading s so rapidly that there is danger danger danger dan dan- ger of inflation We expect optimism and momentum to carry us a a while hUe longer but would not be surprised to bump against n a wall a at any time We can fg ignore Europe o temporarily o rl but t not permanently Without her trade trace prosperity prosperity prosperity pros pros- cannot long continue We think that most stacks stOcks are still sti In fairly strong hands otherwise the market would not be so impervious ImperIous to bad news The technical position is getting improbable weak and not at any time In the bond market we find an abundance of money for Investment purposes We Wo expect to see somewhat higher prices d during the remainder of this month I It I It has been reported that the Nor Norgan Morgan Norgan Nor Mor gan Canning company will wi call cal In and retire its Issue of preferred stock stoel which we e underwrote two years ago on March 31 11 this year at and ac accrued accrued accrued ac- ac dividends This Issue put out ona on ona ona a 9 per cent basis has proven to be the I most popular investment we have hav ever handled At the time the preferred stock was sold to Investors time money I rates ruled rued at the peak peale for or fifty y years ars Now that thi the reverse conditions ob obtains rb- rb ob- ob I tal s and money e rates s. s are again nor nor- I I I I I I I 1 mal ma canning company Intends In- In in intends tends to retire Us its Is preferred stock on which it pays dividends of 9 per cent and issue a first mortgage bond paying 6 61 per cent or 7 1 per cent We predict that this bond boriC will wl be even more po popular popular lar than was as th the preferred stock I I I IThe The Tho Central Trust company has pur pur- purchased purchased chased an on issue of 5 G per cent refunding bonds of the Nebo sch school ol olI district of ot Utah c according to toI announcement mo made I by by L. L P. P VanI van an Voorhis manager of the municipal deI de- de I Nebo school district Includes ap approximately approximately ap- ap proximately the south half f of Utah county It adjoins Provo voh on t the s sI south and ond Includes the cities cUes of Spanish Fork Payson and Santaquin as well wel as other communities The bonds will willbe willbe serl ll l- l be dated April Apri 1923 and mature In instalments n on January 1 andin and andin l iv ly in each year vear as follows 1 sa 1924 e 1926 1925 1926 2000 1927 1000 1328 1928 1929 1029 15 5 1 1930 1931 19 1932 1953 I The bonds are Issued to retire like amount of bonds Londs of the school district Which are optional for tor payment this v ear car ar The district will wm according to Mr Lir Van Van Voorhis effect a substantial saving Having In Interest payments and at the time is adopting a sound Round finan- finan I same policy In issuing serial bonds cal The poley bonded debt of the district at atthe atthe atthe the present time Is less than 3 of 1 l percent per percent percent of the assessed valuation of taxable taxable taxable tax tax- cent able property affording an e extremely able M margin of security The bonds bond wIde will he be offered o ered to the public In the future near ner S f I I I MI Central Trust Truet company reports The Tho S bond market during the thea good a ery very B S Industrial Issues are Ine and eele the market for far t r bonds of the movIng has been very companies Eoal vot local Iu sugar ar slight strengthening In Inactive with a h active a sl bonds are In deKind de- de bJ Municipal of attractive Kind mend d but the offerings s ond Issues are not p plentiful C C S 1 has been a very cry persistent There hal demand for tor all al sugar Recur Recur- and the week according Ito to I during Rica between Ites i T L. L Burton Durton and mi Eward shares of Utah Idaho caman common com cam shares an and l 50 Pt ea hands brinda among the themon I c has hns mon thIs week veele Approximately Approximate- Approximate lionel ond houses of sugar bonds of the I worth I ly 50 and suar OO oo Utah Utah- aho been handled p panics have ar bonds are the th most mOlt sugar T ese su that has eve ever told sold in la Utah bond nd cUve b and they are ore Justly justy entitled to It I. I The preferred stocks of these companies especially the Amalgamated have not been so active but the reason for this is because sellers are not in evidence but the tho demand is 18 good goO at the prevailing prevailing prevail prevail- ing prices price Dt Bunk Bank stocks are remainIng remaining remain remain- Ing l g about stationary Even with raw sugar at the present prices with wih no nomore nomore more noticeable advance vance a-vance In the market market mar mar- local ket leet the common stocks of the larger sugar sugar companies are consIdered considered considered consid consId- ered by me the best speculation on Industrial stocks In the market today The common stocks have advanced between 10 and 15 per cent cent Utah- Utah Idaho has gone from at the first of the week to while Amalgamated Amalgamated Amalgamated Amalga Amalga- mated common is as com coin compared compared pared with wih the early part of the week Tho The activity in the tho bond market locally has centered mostly around local bonds this week says L. L S. S Triggs sales manager of the tho Palmer Bond Dond and Mortgage Mortgage company with wih the Utah-Idaho Utah and Amalgamated liens Hens lens probably the most active There is considerable strength in the local municipals due to two reasons one the agitation for legislation that will change the law making these bonds wH exempt from federal taxes and to tho the shortage of them on the market The two new Issues we have brought out outI this week week week-SinclaIr Sinclair Crude Oil on 6 S per percent percent percent cent purchasing bonds and the Pacific Pa Pa- I Gas Qa Ga Electrics Els have have been going strong S t. t S S Fred Fed A A. A Boyd manager of ot the Salt Lake office of E. E E H. H Sons I sums up up the tho weekly weely bond activity in inthis this tiis market as good rood Ho He has had one new offering this week a G C per percent cent first mortgage bond series B B. B of the Southern Illinois Light and Power company which he declares is findIng findIng findIng find- find Ing favor among Salt Lake Investors The he series A bond of this company is held to some extent locally which makes maes this issue no stranger The se series series so- so ries rica B bond Is selling to yield about 6 per cent The Tho company a c covers southern th Illinois tr Including g the be bec South f St. St Louis district It I is due In 1942 The Tb HOBS floss Beason Season Co has purchased purchased purchased pur pur- chased 1500 American Fork special improvement 6 per cent bonds which will wi yield per cent They are tax exempt The bonds will wil be on ott the local market in about s seven ven days daya |
