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Show THE SALT LAKE TRIBUNE, WEDNESDAY MORNING, JUNE 30, 1920. 16 STOCK MARKET DULLNESS . ESTABLISHES NEW RECORD " Trading on Exchange Drops to Unprecedented Low Level; Call Money Easier, but Demand Is Light; Transactions, 250,000 Shares. , Concern Offers $8,000,000 in 7 Per Cent Utah-Idah- o First Mortgage Fifteen Factories, Valued " in Excess of $20,500,000, Are Offered as Security. Announr. merit I made today by the Palmer Bond and Moitaage conipan,' Jamea A. Hogle and company, Ma)1 other Salt L,ak ln'e L Burton and ment houaea of the offering of bonds of In 7 per cent first mortgage Is the IT tab Idaho Sugar company. This the largest offering ever made by a Utan Industrial. The bonds will be sold to Investors to net about 7.76 per cent, and will he in They denomination of fmOO and $600. nlll rim serially from one to ten 'ears,1. July 500,000 of the issue maturing each year thereafter 1021, and $500,000 until 1030, alien the last $3,500,0a0 xMF fall due, time offering Investors boph the short and long term features for tboir choice. These bonds are secured by a ftrKt closed mortgage on the fifteen sugar factories of the oompaany in ItHh, Idaho and Washington, on the land, buildings, $6on,W0 machinery and equipment, except the Delta, purchase money obligations on these so that farm lands, and Utah plant may be transferred to farmers. -- Factories Valued at $20,500,000. The fifteen factories have a value apcompraised by the Dyer Construction pany in excess of $20, Bob, 000. The construction company is one of the largest In the companies sugar construction o world, and has built many of the factories. The bonds are Issued by the, company in order to clear up their floating indebtedness, largely incurred through the purchase during last year ofinthe Brigham Utah and City and Delta factories which the Whitehall factory In Montana, 1 tah, and is being moved to Honevville, In the acquisition of large areas of land suitable for beet cultivation. The company's statement of February 2S of this year showed a net working capital of $8. 781,000 and total net assets which are applicable lo of $32,776,000. this issue. In issuing the bonds the company covenants to insintain 100 per cent of the value of the bonds In net quick assets. Reglsterable as to principal, the coupon bonds will he redeemable at 101 and interest on any interest payment day, upon The average annual sixty days notice earnings of the company for the four tears past, after making due allowance for maintenance, depreciation and taxes, has heen $3,123,843. The Issue is underwritten by Oeorge H. Burr and company of Kan Francisco, Chicago and New York; the Bankers Trust lompany of New York and Halsey, Stuart and company of New York and Chicago. i NEW YORK, June 29. Business on the stock exchange today was without parallel In Paper. NEW YORK point of dullness and general unimportance In almost eighteen months. Total transactions of about 260,000 shares were the smallest of any full session since December, 1918. In all other respects the market was merely a repetition of recent days. Standard shares were alternately irregular to firm, a steady tone prevailing at the close on short covering in rails, steels and oils. Many of the usual favorites In the several speculative groups were altogether and ignored among seasoned or representativegains shares were mostly fractional, in' no Important instance exceeding a point. Moderate withdrawal of fhnds by local banks for federal payments and preliminary shifting of deposits in anticipation of July Interest and dividend disbursements were reflected In tighter time rates. Nine per cent was bid for 30 and accommodations, with few offerings. Easement wag shown by the call money hut this was atrributable market, to light demand.. Earlywholly loans were made at 9 per cent, that quotation holding until the final hour, when moderate sums w ere available at 1 to 1 per cent reduction. , Statements of earnings for May embraced some of the more important railroad systems. These were rather mixed, however, Southern Pacific, for example, showing gain in net, while Atchison and Missouri Pacific reported heavy losses. Trading In bonds was relatively large, the general domestic list. Including Liberty issues, again easing, while foreign h 6s and flotations, notably Belgian 78, were firm. Total sales, par value, aggregated $13,260,000. Old United States bonds were unchanged on call. ...... A. Pacific Kay Con Copper Reading Rep Iron ft Steel Royal Dutch. N T .... Shell Trans ft Trad .. Sinclair Oil ft Refg ... Southern Pacific Southern Railway Stand OH of N J, pfd. . Stiidebaker Corpn .... Texaa Texaa ft Pacific Tobacco products Tranacontl Oil Union Pacific T R Food Products U 8 Tod Alcohol V S Retail Htorea V 8 Rubber V H Steel NEW YORK PRODUCE, TORK, June 29. Butter, firm; first, others, unchanged. extra firsts, Bgge, Irregulsr: 47ft 49c ; firsts, 42(&46c. Cheeae, firm; unchanged. Live poultry, steady: broilers, by express. 45 070c; fowls, 84c. Pressed poultry, steady; price unchanged. NEW WPfrftAc; ........ ...... . Preferred Ttah opj$er SILVER . well-defin- MARKET. TORK, June 29. foreign. 92c. 99c; Maxlran dollars. 69 c. NEW . , Bar ailver, domestic, EVAPORATED FRUITS. FUNERAL NEW TORK. June 29. Evaporated apples dull. Prune, quiet. Apricots, firm. Peachea, .... Flee Wcetlnghoua Wlltve Overfund Snle in hundreds. Total aatea for the day, 200,000 WESTWARD COURSE OF INDUSTRY. In a recent interview appearing In the Philadelphia ledger, Robert Dollar, dean of the ship owners of the Pacific coast, and for years devoted to the building up c of the traffic, declared that the day is coming when "the commerce on the Pacific Is to exceed all the commerce on the Atlantic. Going on, Mr. Dollar la quoted as saying: "Do American business men ever stop Vo think that the Pacific coast looks across at a billion of people? In China alone there aic between VooJiOO.OOO and Bw.ooo.noo people who are ripe for advancing beyond their present stage, a stage which is exactly the samp as it waa before the Christian erH. The Chinese are ready to join the march of Industrial progress. These people are all Industrious; children begin work from the 6. 5 or The mind cannot picture age of the full meaning of the coming development of China, a development that is already setting In most encouragingly. One of my Chinese friends last year ordered $20,)(K),0u0 worth of cotton mill He Is machinery In the United States. over here now to Increase this order. That is only one sample of hundreds and thousands of forward steps now being taken. We ourselves have bought two ships which penetrate 170ft Tiilles- - up the Yang-ts- e rtver to the province of Kzshuen. a 70,000,000 people province containing whose sole communication with the outside world Is by means of these smail vessels. conference attended by "I.ater, in several contractors and our committee, an understanding was reached that conference boards be set up In each trade, that an arbitration board of flv.e members from each side be chosen, they to choose an umpire. The negotiation of an agreement waa to Immediately be resumed and any point on which agreement could not be reached should go to the arbitration board as above referred to. "It was understood that each stde should urga upon their organizations the acceptance of this plan. The Building Trades council accepted same, but the Associated Contractors, carrying out their policy, refused thia plan Involving the arbitration of disputed points. We, therefore, fee that In view of our past experience with the Utah Associated Contractors that nothing can be gained sjong the lines you suggest However, we will hold your kind offer In abeyance, and If, In the near future, we see an opportunity to avail ourselves of your good offices, we will communicate with you. .... .... Northern Pacific ..... Ohio Cities Gan ....... Okla Prod ft Refg ... Petroleum .. Pennsylvania Heady. Special to Th LINSEED. DtXrTH. Jnna $3 88. eed. SERVICE TODAY, Tribune. POCATEI.LO, Idaho, June J9. The funeral of Dr. Steely, who died suddenly of acute indigestion and heart trouble Sunday morning, will take place tomorrow afternoon at the Trinity Episcopal Raislna. scarce. share. DENVER QUOTATIONS, Reported by J. A. Hogle ft Co) tA rolet s Four-Ninet- . y. CHEVROLET MOTOR COMPANY, 157 South State Street. Balt Lake City, Utah. Fhoao Was. 818L Chevrolet "Pour-Ninety- 55,,-rBWr.- Seitn, " -. $1245, f.a.b. Flint, Mich. WKI ,XT -- ITT T now. New York Central N Y. N H ft Hartford. Norfolk ft Western . comfortable and Sedan, will choose Cher fully equipped, you In receipt of your favor of In which you offer your services to conciliate or arbitrate the Issues es existing between the Utah Associated General Contractors and the Salt lake Building Trades council. We desire to state clearly our position In the matter. In the first series of conferences certain Issues arose on which agreement could not be reached. Our to arbitrate these committee offered points. The committee representing the Associated Contractors refused arbitration then as we are certain they will Miami Copper Middle States OH Midvale Steel ft Co.) Hogle moderate-price- d good-lookin- g, part: We are recent date Crucible Steel Cuba Cane Sugar Brie General Electric General Motors ....... Great Northern, pM... do Ore ctfa Illinois Central Inspiration Copper .... Int Mer Marine, pfd... International Mckel .. International Paper ... Kennecott Copper ..... Mexican Petroleum ... Mo If you want a Th. Salt Dke Building Trade council, through Jam eg Hall, it secretary, yea terday replied to th offer of the Industrial commission of Utah to uae its office a the tate board of labor conciliation and arbitration to attempt a Battlement of the differences between the building trades unions and tha member of the Utah Associated Contractors The council says that It feel that nothing can be gained along the lines suggested by the commission at this time, but says It will hold the offer in abeyance and will avail itself of the good offices of the commission, should oportunlty arise In the future. The letter says In ... RAILROAD BONDS, Reported by J. Salt Lake Trades Council Says Utah Board's- - Efforts Would Be Failure Close. cfpenenct TT would be difficult to find car A at any price which is mechanicallj more dependable or more economical in the use of gasoline and tires. NEW YORK CURB STOCKS. Cbes ft Ohio Cbl, Mil ft St Paul... Chi ft Northwestern Chi, R I A Pac Chino Copper Colo Fuel ft Iron Corn Products Anglo-Frenc- (A STOCK LIST. Sale. High. Lo". Tie product (As Reported by J. A. Bogle A Co.) Ann Car ft Foundry,.. Amo Locomotive Ama Smelt ft Befg ... Ama Sumatra Tob .... Amo Tel ft Tel t. Americas Woolen Anaconda Copper ..... Atchison Atl, Gulf ft W Indies.. Baldwin Locomotive . . Baltimore ft Ohio Beth Steel BM Calif Petroleum ....... Canadian Pacific Central Leather 60-d- Utah-Idah- ...... Aina Bset Huger American Can Pricea for both September end December broke level for the first time since last September, t 12.00c December ueliing end the general list selling 39 to 33 points below la at night's closing figures. Last prices were about the lowest of the day. with the market showing a set decline of from 25 to 34 point. Closing bids: July, 18.53c; Septem ber, 12.85c; October, 12.87c: December. 12.8c; January, 12.98c; March, 13 00c; May. 18 06c. Rio 7s, 14 6.14 c; Spot coffee, nominal; Santo 4a, 22$28c. r below the church. The funeral will be under the Masonic auspices, conducted by Archdeacon Stoy. Idaho Woman Educator Criticizes Teacher Dress MONUMENT TO BE SHIFTED. Special to Th Tribune. Special to The Tribune. T POCATELLO, Juno 29. wearing POCATELLO, Idaho. June 29. Superinshoes and georgette waista tendent Walter R. Siders has arranged of high-heelfor the removal of the monument which by the teachers Is not the method of was chosen several years Hgo to mark Fort Hail, from Its present location to the site recently selected as being the true site. the site of old DAIRY PRODUCE. WHOLESALE (Quotations Furnished by Hutua! Creamery Co.) Csss lots. In butter creamery Fresh extra $ 110 cubes tn butter extra creamery Fresh bU4 cartons Freeh firsts creamery buttsr, parchment prints butter la firsts creamery Fresh RSk , cartons (50-lb- . .4 butter tubs) Cooking 48 Ranch cxs 0 Full cream cheeee. triplets 81 Young America full cream cheese 40 Block Bwisk cheese SS Cream brick cheese teaching economy to the youth of tho lands." said Miss Ethel Redfleld, state of public instruction, here superintendent today, in addressing the normal student at the Idaho Technical Institute. Miss Redfleld outlined the responsibilities of the teachers in regard to encouraging production of the necessities of life and their general school responsibilities. The state is doing to get the everything in Its power teachers better salaries, but in return the state expects a higher responsibility from th teachers and a higher standard of training and actual service," she continued, and outlined the ideals of service the young teacher should keep tn mind. Household helpers of the first order are obtained through the medium of Tribune Want Ads. $8,000,000 trana-Pacifi- 1 First Mortgage Serial 7 Per Cent Gold Bonds Total Authorized Issue, $8,000,000 UTAH BANKS AND INDUSTRIALS. BANK STOCKS Reported by J. A Hogle An A to 1929, and $3,500,000 Due July 1, 1930. Interest payable January 1 and July 1, at Bankers Trust Company, New York. Coupon Bonds in denominations of $1000 and $500 reglsterable as to principal, redeemable at 101 and accrued Interest on any Interest day upon 60 days notice, in whole or in series, provided that in hum less all the outstanding bonds shall at any time be redeemed, such bonds shall be redeemed in successive series beginning with the first serial maturity then outstanding. Interest payable without deduction for federal income taxes now or hereafter deductible at the source, not in excess of 2 per cent. Dated Co.) Utah-Idah- 180.00 BONDS. Asked. Bid. $ 9(Tno 84.00 7K.O0 73 t I ft7.0 yean. ITctci tali 6a "There is one thine, and mtlv one will transform China from its thing, that present undeveloped ttate into the great- ton gooi, will he selling cotton goods here est industrial territory and the greatevt and in every ountiv of the world. inin few rni-rve- German Mark Options Ke margin to put up in caws of decline. Option protects eou for the entire period. Issued for 6 Months at Advanced 10.000 50.000 100,000 Mark Quotations Mark Option Mark Option Mark Option $250 $425 fore act guickly. Wire order and let remittance fotlew. WRITE FOR CIRCULAR. Henri & Bernhard Wolf & Co., Inc. B0 Bead Mediae and Feretgn Exchange, Raw York Oity. Arena, o CLEARING chorda HOUSE h, nines l.iv last f,ir - REPORT. ... r . 2,6S; ja NEW YORK BONDS. r don 100111 Cent ref 4a .. 87 reg 1001 Int M Marine 2 emir 6a. A4 I 8 4a reg 87 14 4 K C Bo ref L ft N un 4a.... 78 do or 4 coup. .164 Panama 8 reg .. 77 ftfo.KATex 1st 4a. 52 77 Vo Pac gen 51 do coupon Amo T ft T rv 6 93 Mont Power fta .. 77 N ft Y .. 99 66 French deb fta. Tent Anglo 75 Nor Pac 4a Armour ft Co 4 70 Atrhieon gen 4a.. 70 Nor Pac 8a 80 B ft O cv 41, 68 O 8 I, ref 4a 75 80 Reh Steel ref ft. . 78 Pac T ft T fta t ent leather fta .. 90 Penn con 4 84 Pac tat ... 68 Penn gen fta. 82 ft O cv ft . 73 Reading gen 4a... 7ft 92 Rt L ft 8 F sdj fta 60 t'.BftQ Joint 63 Ro Pac cv fta C.MAStP ct 4 9ft Chile fcp col tr 6t 73 Ro Railway fta 79 C RIAPRr Co cv 6a ref In. 104 ft Pac 76 Itr of Taria 6 . A So ref 4U ( oh 67 I nioo Pac 4 . . . 77 I lT K of (i B A I ft Tt G on 4a . 60 Horn of Canada fta 19371 64 1931 8 Rubber fta... 76 Af 36 T 8 Steel ft, Erie -n H ... 8ft Wabash 1st m Flee ft 79 74 1,1 Nor 2 ft.... ... Hi.no on )m of tin ing 1.4 A to (ot 4... 4s t. b. porled A Regie French of ft fta f , t Oct 1020. . . April 1921. ft anada fta April I9fl! April 1926 ft n Pari 6 1921 1926 Aft 64 turned the liquidation now m prwes-- t it was added FLAX, OATS AND RYE. MINNEAPOLIS, Minn., June 29.-- F1. charged Bran. $51 00 (aih wheal - No f Northern $2 R0 $166f1.66 Ftie fiat - $1.08 $1 ... 184j J 2 $2 No. I. I.i 64 97 91.02 65 40 64.60 6ft 70 64 74 66.44 06 6ft 9ft 9ft . ,V4 52 Ho Jub. caicr; spot and June, $48.00 nomtoal apnt offered at $8 10. Zinc, quiet. East St. Louis delivery, ejrnt. $7 20 Md At 85 15c; elernty. Spot eopp r, T n. tic. 246 10a 32 fte. Lead, iLZ 9 IB Zinc 12 CHICAGO PRODUCE.-CfilCAOfi- , June 29. Butter, higher crcaoi ry, unenanged. Reeetpta, 29,272 cAse. ' Eggs, Toultfr Alive, unchanged. PURPOSE OF ISSUE The purpose of this issue isto refund indebtedness of approximately $5,000,000 created by the purchase of plants at Brigham City and Delta, Utah, and Whitehall, Mont, (the latter now being moved to Honeyville, Utah), and to provide the additional working capital required by the growth of the companys business. ASSETS Ernst & Ernst, The companys financial statement of February 28, 1920, as certified certified public accountants, but adjusted to include this issue with proceeds applied tc reduction of indebtedness then current, shows net working capital of $8,781,028, and total net assets of $32,776,-424- , applicable to this issue of $8,000,000 first mortgage bonds. Net profits, as audited by the same erflfied public accountants, after liberal charges for maintenance and depreciation and after all federal taxes for the four, years ended February 28, 1920, averaged $3,123,943 per annum. The maximum interest requirement of this issue is $560,000 per annum. MATURITIES AND PRICES and accrued interest. $500,000 due July 1, 1921- 99 and accrued interest. $500,000 due July 1, 1922 98 $500,000 due July 1, 192398 and accrued interest. and accrued interest. $500,000 due July 1, 1924 97 $500,000 due July 1, 1925 97 and accrued interest. and accrued interest. $500,000 due July 1, 1926 96 and accrued interest. due 1, 192796 $500,000 July and accrued interest. $500,000 due July 1, 1928 95 and accrued interest. $500,000 due July 1, 1929- 95 and accrued interest. $3,500,000 due July 1, 1930- 94 T 3! m ic i ntbr, COTTON MARKET. 29 Colton June July. 63 15c; OctopcP 32 33c; January, 317V; funrS The bonds are offered when, as and it issned and received by us and subject to approval of counsel Announcement as to time and form of delivery will be made on or before July 12 George H. Burr & Co. and report of lower coat and freight Chicago, New York Bankers Trust Co. Kuinre locd ateadr; July, 37 50c; Rcto her 53 81c; ttecember. SLAV, January, $1.22r, March 80 70,-- . hput cuttoa. Quiet; mlddhag. 38.7$e. COFFEE FUTURES. Halsey, Stuart & Co., Inc. New York, Chicago 33.Ve. Mar h NEW TORE, June 29 The mark at tm eef. showed continued wet karts today few future owing t a further decline I future at Ranto Per Cent All to Yield Approximately 7 snd Reptembr. l9.0r 19 2.ftc. Iron afrady unchanged ntimony. $8 00 .ft I34il 4, i SECURITY These bonds will be secured by closed first mortgage on all 6f the land, buildings, machinery and equipment of the company (except farm lands exempted to facilitate transfer or lease to farmers, if desired), subject only to a purchase money obligation of $600,000 on the factory at Delta, Utah. The mortgage will cover fifteen sugar factories located in Utah, Idaho and Washington, all engaged in manufacturing and refining granulated beet sugar. These properties have been appraised as of June, 1920, at $20,642,000 by the Dyer Company, engineers. As additional security the company covenants that during the life of these bonds it will maintain current assets as defined in the mortgage equal to at least 100 per cent of all liabilities, including the principal amount of this issue at the time outstanding. June 29 -- 'opper. dull; June and Julj, 19 00c; August JO POTATO MARKET. I 'o j ( vo CHICAGO June 29 He Southern Triumpli eeipra, 49 cars. p. kH. barrelt, SILJxft4il2 2.ft, $60O6.O; Virginia Carolina, $10 50ig 1 l.M. 4458. 74 METALS. YORK NFftft ap.i. orgm:tl tocapita: Bi6er. 6' 66 68.40 it Oat. ftO 8ft no 9ft,. ftO ft. 50 Tmic! jeietw as a r mjH of the acinm o' tlCtoik holders and dircior of tiie rnit'd stiim in gra orporat apitahxation Coro. 27 8S 5 SO mg 6 6 TREASURY TO BENEFIT nO,m I! 84 6 i 67 92 64U 97 90 96! 1921 m 1 67 j 92 1921 fc. !f 99 97 86 9?j 6ft o -- ) A$ 99 87 64 1137 west in ahon county. Wvoming The two indhniuaj tenses $o$r 2.'.6h ares CJh and the s.nip,iny lease I.Nfi acre". The Rrnn-Oil Yenning company has secured a lease covering aers in townshb 4ft north range 07 west, m the r Jpd ( A Bid. - K7 rit .... GOVERNMENT BONOS. L. ralhonn of Wash- -v R. Harrunan of New ington. I,J i York an f.e Fbv r Mining Oil Pro du--L- . tlon rompaiiv of Wvoming. all m raWng 24 arid J.' north, ranee lands in townsM, die: It .... 64r fta (A Ul ... 6Tcx 92Te and ga,lure Id granted bv the serre-t-$- r iniennr under the new buy29 4.... ... OIL AND GAS LEASES. $ 60 should Big advance take place in Taltte n f Marka having gone from the lew of I f2 m February to tbe high of 3 16 on May 26. On every advance of lu hMder of fttMTfON8 on lOft.OOO Marks make a or smaller profit ef $1000 larger ametinta la proportion. Only a limited number laauetf. There- 'Foreign MEETING POSTPONED. The .portal meetmg of the stockholdof er? M7rnirk ft Co. hankers, was cfctDrda v for a discussion of reor held ganization plans and was adjourned with-it Jirriounrcmcnt of decisions until July s It iv proposed to increase the capitalization of the lank from $600,000 to and to effect other changes BANK Ni:V U'Rk Mrtte, tr.iUiri Big Profits in 1, 1921 BANKERS TRUST COMPANY, NEW YORK, TRUSTEE regarding this issue and the business of the company as set forth in a letter from Mr. C. IV. Niblev. General Manager of the company, is summarized as follows: United-StatesThe Sugar company is one of the largest producers of beet sugar in the its present production representing about 10 per cent of the total beet sugar production of the country. The business has been in successful operation since 1891. y new market the world. We must crease the purchasing power of the Chinese people. Why, only twenty-si- x years ago the total commerce across the Pacific was 76 000 tons, both ways, and of this only only 7000 tons was exported from the United Htates, Twenty ears ago it hy$j reached 326. 00u tons. tast ear 39,000. ftun tons of shipping cleared to and from the Pacific. What will we he witnessing ten years from now? When the renter of the was in the Mediterworld's comm er-ranean, In the das of the phoeni uns. what would hae heen thought of amnne who had predicted tht the center of the world's commerce would move westward to the Atlantic? a pre. My statement- - it isn't merely diction that the center of the worlds commerce will continue to move from the Atlantic to the Pacific, may be challenged bv thoe who have not enjoyed niy opportunities for seeing the facts and sensing the underlying trends Already China buys half of all the cotton cloth produced in the world The have been exporting a deal of raw cotton, but wll. bv andgrfl bv, Hh ahl to manufacture many times their present production of raw material and. instead of being America's best customer for con July I "Yet the people In this province make almost everything. They have Inalrula-b!M I valuable mineral deposits, and I have Z seen mosquito netting there made of oor-pwire drawn entirely by hand lo as fine a thinness hs anything made by ma- R L Sines Ex ... chinery. We will carry cotton machinery and ather adjuncts of civilization to that Standard ftCoalLI. 6a Pr Utah Is 7O.AO0.6nD population, and just think wiiat Lt ft Pr 4 this whole forward movement will mean ! tub tah Securities 6s a 8600,000 Due Annually TnfnrmHtion Resources Are Vast. in July 1, 1920. semi-annuall- half-billio- n ' Sugar Company Utah-Idah- o New York Che statements herein contained are not guaranteed, but have been obtained from sources which we believe to be reliable ffn i , |