Salt Lake Tribune | 1920-10-31 | Page 53

4 V I THE SALT LAKE TRIBUNE, .SIIXD AYJlQftIXQ. . OCTOBER 31. 1920. QUOTATIONS SHOW STRENGTH -SESSION jUatkite Below Barren Zone , of Shale to Be Explored for Extension of Deposits. Boectul to Tbo Tribune. Nev-- . Oct. JO After GOLDFIELD. threo month of preliminary preparation, .. the. jaoldflel!l.POP .Mlnes company 'haa commenced sinking of its deep shaft to reach the Goldfield Consolidated ore The shaft is I channel In the alaskfte. and will be carried to a depth of 00 feet with the temporary hoist. An eighty-fohas been ereoted and MerInstallation of the ger hoist 1 proceeding. When the 500 level is reached the Merger hoist Is to be the temporary placed in commission and level. hoist will be Installed on the 500 workThe Merger hoist has an effective Gen4040 and vertical of feet, ing depth eral Manager A. I. DArcy believes the shaft will enter the ore channel in the alaakite at an approximate depth of 2400 feet. That large bodies of rich ore will be found In the alasklte is the firm belief of Deep Mines officials and many Goldfield engineers and geologists. The barren shale, which Intrudes between the latlte and alasklte, cut off the deposition of rich ores, but failed to break the course of the ore body, which maintained Its strength throughout the oreless sone. Goldfield geologists point out that barren belts occur on the Mother Lode of California, and In the famous Grass Valley section of that state, also on the Comstock lode and in most of the Important gold districts of 'Colorado, Australia and South' Africa. In all these Instances the richest ore In large quantities has occurred below the barren Intrusion. The shale Is the barren belt of the Goldfield sone, and the work of the Deep mines marks the first comprehenever made In this district to effort sive seek the ore bodies believed to exist in nt ot er S' What Will You Tell Your Grandson? Latest Turn in Mexican Situation Contributes to Advances in Southern Pacific and Subsidiaries; Sentiment Continues Pessimistic. NEW TORK. OcL SOi Stocks wore firm to strong In the early stage of todays brief session, a moderate Inquiry for the more representative raUa, shippings and oils imparting stability to related Issues. -- The. latoat -- tura of events- - in the- - Mex-icsituation contributed measurably to the strength of Southern Pacific and on its Important subsidiaries. Associated OIL American Smelting, also benefited tor similar reason Further buying of United Fruit at a substantial advance evidently had Its basis in the belief that action bearing on the dividend is to be taken at next week's meeting of the director Steels, equipments and other industrials of the class most often favored by speculative interests were more or less neglected, while motor specialties, particularly rubber issues, yielded to pressure Induced by adverse trade oondltlons. An irregular tone ruled at the close. Sales amounted to 225,000 share There was little In tbs day's news to change sentiment from its recent pessimism. Comment on business prospects by tfie commercial agencies referred to an expansion of the retrograde movement, and foreign exchange was weak, reflecting industrial advices from and Belgium. I raneedisturbing The clearing house statement was favorable In that an Increase of almost 138.000.- 000 in actual cash reserves effaced last week's large deficit and left an excess of 114,000,000. conAnother structive Item was the further reduction of actual loans and discounts by almost 562.000.- 000, a total of about 5155,000,000 in the last fortnight. Liberty bonds and other active domestic Issues were steady. In the foreign division Mexican 6s were the strong feature, European issues showing little alteration. Total sales, par value, 38,675,-00- 0, Old United States bond were unchanged on call for the week. William Howard Taft. -- NEW YORK STOCK LIST. 4 6l.jHiglKLew.jCloaa i , r an My friend, suppose you were a senator, or Suppose you had power to influence' a senator, and you influenced him against the League of Nations. Suppose the League came in and worked those benefits that we believe it will work, and twenty-- f ive years later, after that had been demonstrated,; your grandson should come up and say, Grand-dawhy did you vote against the League? -- d' -- f . lowing yourself to be influenced by a man you you would otherwise support. Just think, you sonal feelings toward him and his influence on do not examine the merits of a question which the world. hate, to oppose something magnify and allow your peryou to be so great that you concerns your country and Suppose, then, this grandson of yours, .twenty-fiv- e years from now, should come to you (and you had voted against the league because you hated Wilson), and when he should ask you in the light of the beneficial operation of the league, Grand-dawhy did you vote against the league? What will you tell him? You will do one of two things, you will either say, Run away, Grandson, you do not understand those issues,' or else you will lie about it. s the alasklte, The winze of the Spearhead company has gained an approximate depth of 1150 feet from surface and continues to show a strong vein in the alasklte, with sections of the ledge showing excellent ore. Sinking continues and preparations are being made for extensive lateral exploration. The management states the ore conditions of the Spearhead are more encouraging at this time than ever before in the annals of the company. The crosscut being driven by the level company from the of the Merger shaft Is calculated to Intersect the St. Ives vein before the end CLEARINQ HOUSE REPORT. NEW YORK, Oct SO The actaal condition of clearing house banks and trust companies for the week shows that they hold 515,995,090 reserve In excess of legal requirements. This Is an Increase of 537,972,270 from last week. The statement follows; ACTUAL CONDITION. Loans, discounts, etq ......5 6,545,273,000 Decrease 4L749.UOO Cash In own vaults, member federal reserve bonk 59,745,000 Decrease 5,527,000 In 'federal Reserve reof November. The St. Ives parallels the serve bank of member Goldfield Consolidated ore channel and banka 544,315,000 ore to a depth of 500 yielded high-graIncrease 57,049,000 feet, but has received little attention be- Reserve In own vaults, state low that point. The Kewanas Is seeking banks and trust comthe ore body In territory leased from the 5,986,000 panies Deep Mines company, and opening of the Decrease 13,000 anticipated shipping product would mean Reserve In depositaries: a new era for this portion of the field. State combanks trust and The Florence Goldfield Is prosecuting 0,374,000 panies Important work near territory under lease ... 63.000 to the Cracker jack and Red . Jacreaae demand 4,137,884,000 deposits companies, with long crosscuts entering Decrease 3,889,000 the ground of exceptional, promise. The Time 274,807,000 deposits Goldfield Development, Great Bend and Decrease 17,418,000 Silver Pick continue to develop large bodies of profitable ore. but because of Circulation 84,781,000 90,000 the hlgl cost of fuel oil, labor shortage U.Increase S. deposits deducted.. 28,840,000 and low purchasing value of gold the DeAggregate reserve 662,665,000 velopment company ha decided t cease Excess reserve ..... 15,995,090 milling activities for the winter month Increase 37,972,270 As soon as the cold weather ends several Summary of state banks and trust comunits of the plant will be placed In commission and the management expects to panies in Greater New York, not included place the company at the head of all Ne- In clearing house statement; vada gold producers in the course of the Loans, discounts, etc ....3 619,890,900 Decrease 617,300 coming year. i Suppose you were a man who voted against it because you hate Mr. Wilson men have told me that they hated Mr. Wilson and so they were go ing to vote against the league. I said to one the other day, My dear sir, .dont you see how utterly illogical and .absurd you are ? ...Why, - you areal- - d, , , es 525-fo- ot . But there are certain issues that rise above party, that transcend all This issue (the parties and party triumphs that are merely temporary. league) is as- fundamental as the Declaration of Independence, the constituFrom an address tion of the United States, or the issues of The civil war. by President William Howard Taft, before Wisconsin Bar Association, July de . - Hllls-Floren- ce A. Gold - NSW YORK Decrease MONEY. Prime mercantile Mew per dollar. York exchange on Montreal, 9 cent discount. per LINSEED. DULUTH, Oct. 50. arriro, 42.74. Linseed oa track and to 8,011,500 84,600 16,953,300 188,000 .... Currency and bank notes.. NSW YORK, Oct. SO. paDecrease per, unchanged. federal Exchange, weak. Sterling Demand, U 4814 ; Deposits with New York .. bank, cables, $3 44. Decrease francs Demand, S 59c; rabies, g 31c. Total depoalta Belgian franca Demand. 9.61c; cables, 9 9c. Decrease Oniidera Demand, 80.35c, cables, 80 45c. Total deposits, eliminating . Lire Demand, g.ior; cables, 3.73c. Berts Demand, 1 29c; cables 1 30c. amounts due from reserve Greek drachmas, 9.54 per dollar; Salt Lata, depositaries and other 10 30 banks and trust companies in New York City and U. S. deposits Increase Banks: Cash In vault .... Trust companies; Cash In 61,218,200 1,441,700 632.717,200 6,499,200 690,791,700 waults 916, 000 25,483,100 2,1919. Pioche Mine Output Continues Normal Special to Tbt Tribune, . . GOVERNOR COX Says: I favor going into the League. SENATOR HARDING Says: 1 reject the League. 1 have no program. x HERBERT HOOVER Said: If the League is to break down we must prepare ; to fight. 7 PIOCHE, Nv Oct, 50. Or shipments from the pioche district for the week ended October It were up to ,the recent No definite word has as yet averag been received by the larger shippers In regard to the Increased freight rate but officials of the 81 1 Lake Route, who are In close touch with the situation locally, continue to assure shippers that the rates will be reduced In the near future. Step will not be taken to close down the properties while faith to attached to these ( DEMOCRATIC NATIONAL COMMITTEE. assurance The following mines contributed the to. Prince Consolidated, 1750; Virginia Louise, 650; Consolidated Nevada-Uta- h 00; Bristol corporation, Silver Mine 160; Black Metal Inc., 105; Bristol Battles lease, 46; Bristol Campbell leas 46; total, 5955 ton A Vote tal tons shipped: for Cox Is a Vote for Peace (Paid Advertisement.) EVAPORATED FRUITS. NEW YORK, Oct. M Evaporated apple doll; proM uuetttlad; apricot and peache 60,699,900 quiet; raleta steady. Ing In leading Industrial particularly steels and equipment Ralls also were of because disappointing sold, probably but some of th September earning transcontinental notably Southern Pacific, were active and strong. Outstanding features of the Industrial Gold And Enid certificates.. 3 164.149.000 situation Included the favorable quarterly Gold settlement fund, federal statements of th United State Steel reserve board end Bethlehem Steel eompanle a sharp Gold with foreign agencies.. decline in pig Iron prices and production Total gold held by banks.. as labor and Indicated of by liquidation federal reserve Gold with 1175,11S,0w th voluntary aooeptanbe of lower wag ifsnti 172,604.000 Gold redemption fund ...y.. 3,003,120,000 Total gold reserves eUver. note Legal tender ate. ifi,Tii(vOO OGD OE0B inn i.m4i4a Tots BUI GOOD used car is a good investment. But a good used car is likewise hard to ' find. And after youve found what you consider IS a good car and a good investment how do you KNOW youre safe?' THERE I St ONLY ONE WAY. Deal with responsible dealers. We have at all times a complete stock of good, dependable used Fords. They are all in Tirst-clas- s mechanical condition and you have the word of Utahs Oldest Ford Dealers that whatever is told you at the time the sale is made will be rigidly lived up to in every detail. Whether you live in or out of town, it will pay you to visit our used car department. rmw6i tMiire-f.'.idiscounted, secured ?in !U is 1? M Report Made on Idaho Quicksilver Deposits by war oblige- government . . tlons Bill dtsoountsd, aU other... BUI bought In open market. Total bills on hand U. 8. government bond U. 8. Victory notes U. 8, certificates of Indebtedness Total earning assets Bank premise Uncolleoted items and ether deductions from gross deposits Five - per - cent redemption fund against federal reserve bank notes All other resources WASHINGTON. OcL 30 Although Idaho has never been a considerable producer of quicksilver, It has from time to time yielded a few flasks enough to arouse Interest in th character of th deposit and their possible economio future. Th district In which the most activity has In valley 169,434,009 been shown to th Yellow Pin 3,369,043.000 county, about fifty mile northeast of 13,992,000 Cascade. This district has recently been examined, under a cooperative arrangement, by EL S. Larsen of th United 742,976,009 States geological survey, department of the interior, and Xk. C. Livingston of th Idaho state bureau of mines and geology. 12,954.000 Their report, published as Bulletin 7I5-5,708,000 of the United States geological survey, describes briefly the geology of the dis38,141,807,000 trict end the principal known deposits of Total resources LIABILITIES. Mining dvelopment,al-thoug- h quicksilver or some of the deposits have been 9 97,151.600 Capital paid In known for 164,746,009 nearly twenty year to etlll Surplus 18.764.000 In an early stage, Th ore, mainly cinGovernment deposits acoccurs reaerve member to Du nabar, chiefly In limestone near 1.805.861.000 the contaot of that rock with quartan count No Deferred availability item.. 671,807.000 large masses of ore have yet been blocked cut, but th prospects for future Other deposit Including for21,307.009 production are regarded aa fairly good. eign government credits... most serious hsndloap to develop2.417.629.000 Th Total gross deposits ment has been th remoteness of th disFederal reserve notes in act.lSLI0t.OOO trict from the mala Unea of transportataal olroulatlon tion. Th Federal reserve bank note wagon road from Cascade 214 991,000 to seventy mile long and has steep grades In circulation, net liability. 95.514.000 and a generally rough surface. AJ1 other liabilities Th report, which to entitled "Geology 36.341.607.000 of th Yellow Pine Cinnabar Mining DisTotal liabilities Ratio of total reserves to net deposits trict, Idaho," may be obtained Ire on end federal reserve not liabilities com- application to the director, U. 8. geological survey, Washington, D. C. bined, 43.1 per cent Ratio of gold reserves to federal reserve notes in circulation after setting aside 56 per cent against net deposit 47.1 per oenL ......... s 47 WEST FOURTH SOUTH STREET 1,203,905,009 1,697.392,000 193,375,000 2,099.672,000 26,865.000 99,900 ....... ,..,,, ,,, ......... ...... .............. ....... ,,,,,, tle WEEKLY FINANCIAL REVIEW. NEW YORK, Oct. 50 Widely divergent course were pursued by the financial markets this week, many share of the speculative variety giving way to further liquidation end professional pressure, while additional capital Issue were confidently absorbed by Investor embraced Latest underwriting Industrial and utility prelects and approximated Other 373.000,000. loans, for fully double that amount. InSouth credit te Amerlos, Cuba cluding and several European oouaurle are said to be tn prospect, Movements of foreign exchange were wholly In fnvor of this center. Fools In certain1 stocks made tentttlv efforts nt the cutset of the week to promote a advene hut such were nullified by th firmer attempt tone of money and the detached attitude of th publl Bhorta seised Upea thee adverse as a reason for eateadtng their eonoentrat. already large commitment ' X DEALERS TAS. 2G0.4. January 1, 192L officially sanctioned The walkout was not by th union Cerro de Pasco Plans to Refine Own Metal The Cerro de Pasco Copper company, expiration of Its present contract with the American Smelting 4k Refining company the last of this year, will switch th refining and sale of its product to the American Metal company. Th production under capacity operation will run above 190,060.0119 pounds of oopper per annum. Cerro da Pasco under Its new arrangement will be more cloeely affiliated with the American Metal company. In which It has ownership bf about 4500 share representing an Invaetrasnt of 3747,000. Interests Identified with the company have Investments in the American Metal company which swell the total to above 10.000 share Thto constitutes the largest and moat Important change among the copper selling agencies In th pest few year on of th most recent having been the withdrawal of th Copper Rang company from th United Metals Selling company and th subsequent establishment greup of Its own sales department Boston News Bureau. at the B trans-portatlo- x, WTMfe OLDEST S2-G- 0 VJ 4S2fSCUTife A. 6 RESERVE SANK STATEMENT. WASHINGTON. OcL 30 The condition of the twelve reserve banks t the close of business October 29 wee es follow.: RESOURCES. A ... . - een-dltio- na Virginia City Operator Announces Wags Cu VIRGINIA CITY, Nev., Oct. 30 Alex Wise, superintendent of the Consolidated Virginia, Ophlr. Sierra Nevada and other Norihend mine be notified the miners employed by thee companies that the was scale will be reduced to 35 per day ooromencing January 1, 192 L The employees demanded a raise from 13 t 31 per day September 8. and upon their demand being refused they quit work. Three days later I he Consolidated Virginia and Ophlr mlnea granted the Inc re, as. The Oold Hill mines operated by the United Comstock Mine company stood pat and have continued work, though with a smaller fore at th old scale. The Consolidated Virginia and Ophlr are th only on mlnea th Comstock producing lod. Other properties deelr to start develop, ment work, but feel that they cannot afford te do so end pay the 59 scale. At th time of th walkout the mining comclaimed th existence of e conpos! trast with th miners union at Virginia 55 goal until City and Oold HU lor Judge Smelter Crew Employed in Mine pedal to The Trlbaa PARK CITY, OcL 0 While th big of the Judge Mining cloeed tight due to ' recent company decision of the state utility commlenion, the head carpenter chemist end one or two othere ere still on the pay roll w experimental work end to keep things tn readiness for resumption of operations when normal conditions exist. again Al the old employees of this plant were given employment et the mine end mill of thle oorapany. ' shown eny bolstering influence. Dull- ness continues and prices are repeatedly marked down, without takers. Antimony to quiet and unchanged. RAILS -- one-side- preceding week. Western Maryland surplus after charge 3154,832, September against 183,993 In Union Oil Wan No. 9 brought la with Initial flow of 80.000 barrels dally. International Harvest company declared th regular quarterly dividend of 3L7S per cent on preferred, payable December 1 to stock of record November 10. Pur OU declared tha regular Quarterof I per conL payable In cash, ly dividend and 2 per cent In common stock, both payable December 1 to stock of record November II. Otia Steel quarter ended September 20; surplus after chargee, but before federal taxes, 1,059,279, against 31.024,763 tor th previous quarter. mltr NEW YORK U euper-intende- WEEKLY TRADE REVIEW. NEW YORK. OcL 50 Readjustment Of steel prices baa become so radical that many large interests are at sea as to future policy, Mr. Garys plea for lower tha absence of new business quotation and sharp slumps In fuel costs have upset the confidence of the mak. ers in holding prices In any way steady. The overturn to becoming more nounced each day, while operations pro. and shipments make strides to normal itnto. Revision of pig Iron prices Is now gomore ing Into effect with radical cute by the largenotloeably, aa a reeult of a break In coke.operators In copper it Is claimed the market now prevalent is net a. on below the prewar level, but under the ooet of produotlon the market has grown k. The open trade la shading substantially without Interesting buyers. Tin Is the firmest of the nonferroua metal The epot market to not as atrvns aa future owing to large stocks ou nd. he Expressing the belief that lead imports will cease, now that London prices and ateritng are steady, th largest domestic makers hold prices at ft cents a pound New York, though th open trad Is ofof fering concession cent. Th suspension of sine Is aver sad th curtailed outputproduction ha not yet AND INDUSTRIALS. (As reported by J, A. Hogie A Company.), Twenty industrials 85.09, up .97. Twenty railroads 5157, up .47. Member banks of the federal reserve system Increased their loans about between August 0 and October IS. according to the monthly statement of tho reserve agent of the United States federal reserve bank. , Duo's report laS. eommercial failure this week, 213 last week and 109 tost year. against Bradotreets says the trade and price movement to more irregular, but, on the d whole, rather leas than la the LISTED 5TOCK5. Reported ky J. A A Hlk r.) rtea. (Low 3 91 87V et 81, to ! 49 8 84t h 0 MW V, 1 tot, ; M 6 prac-Uoal- ly KANSAS CITY PRODUCE. OcL SO Batter-Craea- ery, KANMS'CITY, ?e; 8.. Km uobioiti rink. 41643c; toeno, cll. 49 to He; fprlafe, 24c; tauter FouiuyOeM, CNII, - PftODUCC. CHICAGO CHirAao, Oct to. Bettof, tojr. 0 Cr- K3c - Doe. tuirhAfttftd. ItecetpUk Tit Fveltrr Alive lower, fnwle, apfiifl, Hr; trkrt Etc. Mml fertl nd, MMiawanoawM-- POTATO MARKIT OrU 90 i PoUtoee Rpwlpte, Northern wfckt, tore, Urfc. 4irrmttf twill Minwaota amt Mclrrit to per North tfekota Jt4 Him thlue, HN petoite. CHICAGO, AND FLOUA wnfNIUPm! Bra 58i.UVu88.Wl. fv-- t 90 I BHAN. rkmr, hfehinfr.