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Show i r, s - V) THE SALT LAKE TRIBUNE, SUNDAY MORNING; MARCH 20, , General Improvement Noted in Market Sentiment; Net Shown. Advances Price curtailment of prdtl act loll and price "deflation in these and kindred staples. The mo-- t encouraging feature was the passing of the rritli al federal tax payment, period without theIn slightest disturbance to money rates. the open market 6 per cent was the minimum quotation for call loans, but In private negotiations free supplies at 5 per cent were obtains able Smaller bank tearing and reduction of commercial loads were barometers of the more cautious position adopted b the consuming public. Preliminary futures- point to another large, decline ot for the current mouth imports Gold continued to flow into this market in large vomme from all parts of Europe and more remote ceiiteiiM The strengthening of remittances to certain war ertttera, imludmg italv and no relaneutrals, seemed io have littlo or to the tion German situation, j RESERVE BANK STATEMENT. WASHINGTON, March 19. Combined resources and liabilities of the reserve hanke were .as follows at the close of business March 18 RESOURCES. NEW YORK. Match 19. The slock mar- Gold and gold certificates . . $ 266.431,000 Gold settlement fund, fedket was firm for the most pail anti aft he eral reserve hoard . There was In this Total gold hr VI by hunks .$ 780.503,000 notable strength in manyjof the aptomo-bll- e with federal reserve shares, and Oofieral Asphalt went a Gold 1,257,807.(610 agents little higher, reaehjng at one time an 187,729,000 Gold redemption fund of more .than 15 points from Its reserves Total gold $2,206,039,000 news little With week. this lowest price tender notes, silver, of financial Import aside from the railroad Legal etc 209.250,009 labor wrangle, which is still in too early . $2 415,389 0)0 Total trenes a stage to admit of definite conclusions, dismantl'd. enured ty prices reflected mainly the familiar strug- Bills U. S. government obliga- some with within itself, gle tions 1,000.388 000 counteracted by some short covering foi 1,224 613 (too and new purchases by per- All other the week-enJ32.7SO.oOu sons who somehow felt that, with the tax Utils bought in open market. payment period now defimtelv out of the Total bills on hand $2,347 609,000 way, the market may do something next U, S government bonds..,. 25,815.009 week. U. S Victory notes 19,000 In every day of the present week the InThe railroad U. a. certificates of indebted- dustrial stocks advanced. some on ness 284,951.000 toks were irregular, davs, falling on others, but the net result was a slight advance for the week, though Total earning assets... . . .$J,658,514 000 $ 20,465,000 they are still on an average about two Bank promises points below their levels of two weeks ago, Five per cent redemption before the break which accompanied, or, fund against federal reserve to alter the meaning, was accompanied by . bank notes 13,428,000 the pessimism over the railroad labor sit- Gold abroad In custody i..or in 2 300,000 uation. transit The pessimism has not altogether dis- Uncollected items 715,882,000 appeared, hut it is better realised now All other resources 9.891,000 than it was at the end of Inst wetk that the condition is not as ominous as it then Total resources $5,836,769,000 ' seemed, and It is beginning to be appreLIABILITIES , outiook the evn that also, ciated, though $ 101,058 000 Capital paid in,..., is not as hopeful as could he desired, It Sin plus 202.(1 16 0 8) may have long ago been discounted In Government deposits 58.789,000 the price of shares. When the industrial Due to members' reserve account .change came about, everyone knew that 1,677,771.009 wage reductions were inevitable, and if Other deposits, Including forany seriously expected them to be ac3S 072,000 eign government credits... cepted without resistance on the part of labor, that pervin has learned very little Total deposits $1,774,635,000 from his exiierlenee in this world. Federal reserve nqles In acImprovement in industry is painful and tual circulation 2,926.880 000 Slow. Nevertheless, Bradstreet perorts Federal reserve hank notes that the jobbing trade sends fie best rein circulation, net liabilithe ports since the summer of 1920 . ties 179,260 000 retail trade the best since pre-- e ,u . ,..ius Deferred liabilities Items. 570 457. 0'i0 days. The February trade figures, on the All other liabilities 46.063.000 other haild, revealed a sharp decline in exports, which were the lowest for any Total liabilities $5,836,769,000 month in three years. This has been Ratio of total reserves to deposit and looked for. Early improvement In our federal reserve note liabilities combined, export trade is not likely. 51 per cent. Ratio of gold reserves to federal reCLEARING HOUSE BANKS. serve notes In circulation, after setting NEW YttK, March 19 The actual aside 35 per cent against deposit liabilicondition of clearing house banks and ties, 60 6 per cent trust companies for the week shows that they hold $5.410. 02(1 reserve in excess' ot WEEKLY METAL REVIEW. legal requliements. Tills is a decrease 01 NEW YORK. March 19 -- A slight imfrom last week. $51,21,1,900 provement is noted in demand for steel The statement follows: products, principally from builders and ACTUAL CONDITION. automobile manufacturers, hut geneialiv $ 4,951,627,000 Loans, discounts, etc the market continues dull, with buying of Increase 33,130,009 character, sporadic production continues Cash in own vaults, memto diminish. bers reserve federal Is Iron dull and weak. 1 Pig bank 7S.586.000 Copper has developed a steadier tone, Decrease 1,456,000 hut wttuont Improvement in demand Reserve In federal reserve Fresh business hss been restricted bank of member banks.. 481,070,000 and soexport far the recent price cut doe not Decrease 84,956,000 seem to have had anv stimulating effect. . Reserve In own vaults, state However, the announcement that the banka and trust comhad of nearly finally panies t 8,81,000 thirty million pounds disposed of brass cartridge Increase .2,000 case to had a favorable private buyers Reserve In depositaries, effect on sentiment, and there haa teen state banks and trust less pressure of offerings from smaller 9,094,000 companies since the decline to 12c levels Increase 52,000 producers Sales to consumers In February are estiNet demand deposits J,740,42o,oo mated at about 74.000.000 Final pounds Decrease .... 2J,6!4,ooo Time deposits 236, 725.000 January figures show exports of 54 986 616 of 39.770,182 pounds and pounds Imports ooo .Increase 2,18, Lead is easier owing to lower London " S4, 698.000 Circulation .... Light proIncrease eo.ooo prices and reduced inquiry. duction is somewhat offset by fears of U. 8. deposits deducted ... 162,493 000 weak holders hy Aggregate reserve 499.04a,euu unloading Tin shows due to the unExcess reserve 3.440,050 certain trend irregularity, in London and the Straits Decrease .... 31,243,900 is Zinc easier for sllght'y prompt and Summary of atat banks and trust com- near-h- v shipment, business being small. panies in Qreater New York not included Antimony is more or less nominal. In clearing house statement: Loans, discounts, etc $ 696.740.7w COFFEE MARKET. Increase 9,6al 5wt Gold NEW YORK. March 19 Report that 6.880,500 Decrease 29.7uu the Rraxllinn government was considering Currency and bank notes v 16,776,900 measures for stabilising coffee prices, Decrease 1,535,400 combined with sharp advances in the priDeposits with federal remary markets, led to more active coverserve banks. New York.. 51, 191, two ing. trade and investment buying In fuIncrease 2 42.noo tures here today. The opening was 18 to Total deposits 619,78,300 21 points higher and tlve months sold Increase ; 35 to 53 points above last l.,945.bOO night' cion , Total, eliminating amounts figures before the end of the morning due frd;n reserve ricpoal- with May touching g pv and Hej.tember 6 85c. tarles and other banka add Thia made an advance of approxl-inateltrust companies In New lc a pound from the low records York and United of last Wednesday, and the close was a City States deposits 571 KM, loo few points off from the best under realisIncrease 4,459.000 ing, but showed a net advance of SO to 88 Banks cash In vault ..... 26,4u9,!0V polnta. March, S7L--: May, 5 96c; July Trust companies" cash in 6 35c, September, 6 74c, October, 87c vault 48,659,300 liecember, 7 12c; January, 7 24c. Spot coffee, firmer; Rio 7a, Sc; Santos 4a. WEEKLY FINANCIAL REVIEW. 8W4o, NEW YORK, March 19 Compared HEW YOKE LUTED STOCKS. with recent perloda the week n tr (A Reported by J. A Hsle A Co stock exchange and the principal comwas markets even modity fairly stable, 'Hlfll. Lew. idol though further liquidation pric depreciAMU fhalmrr 87 6 '4 MU ation occasionally assumed formidable Amq t bsmtril Atr 80S (Ml proportion do preferred . 76 H Recoveries of 5 to 15 point were made Calif rack 89 4 MtNi Mt, by a number of prominent industrials and Uerro IU Pane , 28V 24 ;s specialties. Rails were dull when not re- Cha A Ohio Ml j 50 act lonarv. Chile io ou Financial and Industrial conditions were Godrlch (ti(ir Robber 7 87V 87 Pierce Arrow rendered tnor uncertain by poor rail8i s irot. 91 ,,,, ftteei Car , road earnings and an expansion of the . . , Rtrousbrrg labor ptoblcm. 85V 85U 8.9 Uj VtrvinU Chemical .. A comprehensive survey of the 824 82 4 821 general I A K G pfrt . .. V 2 S 2' business situation disclosed Increasing C A HrnHt cotumoD ! SOU 80H backwardness In the steel, copper, oil and Inland Oil ......... 4 4,l 4 HI 10b tobacco trades, coupled with addition OM i 10'.' 101, Hlnrr By ALEXANDER NOYES. DANA l twelve-Jrd-era- Se&or JJxrrk Sfontf. I moniitifi's.-.-seNeMiri- piofit-takin- g -- . 1 i I i E CUT IS POSTED . . I Mi I -- Pr-a- . NINE BUICKS LAST Low Metal Prices, $ay Operators, Force Reduction of Scale for Mine Work.- - Notices will be posted today at the various mining campB announcing a reduction of 25 vents per sllift in the wage scales of all the underground metal mines of the state, effective April 1. ,Tbe mine operators point out that they are confronted with the choice between keeping a partial force employed at reduced wages or suspending ofeialions They say it is no longer possible to produce metals at a profit, and, unless the situation improves materially in the near future, they expect to shut down their properties "The mine orator greatly regret the necessity of reducing wages agam, but the step Is absolutely unavoidable," said A. (1 Mackenste, sectetary of the Utah chapter of tile American Mining congress, The action has hei n decided last night. only after the most careful consideration and with a real.zation that costs must be reduced if operations are to be continued, "The operators believe It best to make a frank statemint of the existing situation for tlie information of a interested end have authorized mg to make the facts i We Are Now Ready With New Spring Goods One extrerne always follows another. Prices were ridiculously high. operate-profitabl- of its on sliver. "The Impending wage reduction wllr not enable the mines to oper'afe at a profit It should he viewed only as a step foiced upon them by the existing circumstances Unless otlur items of cost come down, or the markets improve speed!. y. the operator wtl soon have to choose between further wage reductions and complete sus-- l elision of operations '".High cost of mine supplies suck-Tarecent powder, cap, fuse, steel, ete.-ibenormous increases in power rates, and, more than anthlng else, the high freight rates which hit the Industry at every angle, are chlefiy responsible for the present crisis. The mine operators have made i vei y effort to obtain reductions in these Items, but they are still so Inconsistent with the metal market situation that wage reductions are absolutely forced "Many of the mines have already suspended ore shipments and the others are getting tilings In readiness to shut down In the near' future unless a radical improvement takes place." . Then-th- ' f Realizing that a smash had to come this firm took the bull by the horns and made a genuine effort to clear our shelves of all old goods and to get our house : in order. , and we 'a re now ready with a complete stock of new spring merchandise. rears. Our Prices w The Public Responded f in no uncertain terms. The tre- mendous volume of business we did exceeded our greatest expectations. It was without- - doubt the greatest sale of its kind ever held in Salt Lake, which speaks volumes for the confidence the public bas in this - firm. CHICAGO, March 19 Liquidation was on today with support lacking, and was a for responsible sharp break in wheat at the finish which caused other giains to descend. Wheat was down 2V.C to 3Hc, with March $1 52 to $1 Si's, and Mav 61 42'. was off $1 42 to Corn tye to lc. Outs were down He to 8.C, while lard was higher and pork and ribs lower are on the new low level, based on as small a margin of profit as it is safe to do business on. No finn will, or can, undersell us. As always, we carry only reliable merchandise and give personal service of the kind that cant be excelled anywhere. 1 if Buying against bids was the main factor in hacking the decline in wheat Crop reports generally were excellent lines Indicated that the whole southwestern wheat belt would get a wet. ting down over Sunday. The market was generally verv hear'sh, the bears covering early and encountering very llttie difficulty in obtaining wheat. After the shorts had completed their covering the market collapsed and finished near the low. Corn was quiet. The feature was the buving of July on resting- ordeis. There was a good trade In oats. Frit es, however, averaged slightly lower Strength in hogs was responsible for a firmer provisions rimrket early, but prices eased off on selling of lard by commission houses. ic ilfi&aniwuiobe satisIec v PRESIDENT SUGAR MARKET. NEW YORK, March 19. Ther wa no change In th local market for re sugar, with Cuba quoted at $4c coat and freight, equal to 6 27c for rentrifugal. The committee reported ealee of 6000 tone to Tnlted Ktatee Interests at 64c cost and freight, and 15,000 tons old crop at 5c. KANSAS GXTT PRODUCE. KANSAS CITY. March firm a. ?Oc: etconda. 10c Butter tad poultry, unchanged-- . ; IXOUK AND BBAJf. MINNEAPOLIS, Mina., March 10. , 8c lower; Flour, Brao. $28.00 VEV Y0SX PRODUCE. 10 YORK. March .NEW Butler, firmer; creamery, hlfher 4haa extras. 45446; ex traa. 45c; first. 41to44cA Ejj. weak: fresh gathered extra flrata, 81 if .VAr: do flrata. SaiStc Theca, Irregular; unchanged. poultry All?, aot quoted, d retard, dull sad unchanged. There a New Store in Town New Merchandise New Prices No. I mixed, low Mi to 6V. Oaia-- No. 2 whit. 3lfc444c. Hro-- 60v491 41Viti43c; No, 9 pork, nominal, , $11 7 . Hlba, $11 0Ufel2 00 lard, ap-plt- a, lifts i4 LIXBEED Dl U'TH. March to arrive, $1,714. 19. OIL. Unwed, os track and New Methods H Opening Monday9 March 21st EVAPORATED FRUIT. NBW TARK, March 19. Evaporated iiteadv. 1runen, quiet. Apricot and tiches, fairly active. Hfttnin. firm. , - Variety Stores9 Inc. 9 $141fcl4l4. ditto TXe. Timothy teed, $4 00 1 30. Clover w4. $14 00620.00. N. Y POTATOES. m THICAOO March 19 potatnc-Recei- pt, cam. Market, weak and unsettled,, price about 5c loner. Wisconsin, $1.25 cwt.; tacked, $1.20 ewt ytl No. 3 wlilto, Harlev Y 6- We Cleared Our Shelves . in one dose, instead of taking them by degrees. Moreover, we gave our, friends and customers the greatest values they had seen in s . neces- - e We Took Our Losses , e Baro-meti- e - "Copper production ceased Jo be profitable in this state months ago. and recently tlie lead price diopied far below the coat of ptoductlon. Even our richvst sliver-lea- d mines are now unable to as their losses on lead offset the-- sity of turning merchandise into cash made thern ridiculously cost of prolow far belovi'-th. duction. other merchant, found ourselves last fall with vpr.y heavy stocks and the bottom falling out of prices. The losses to both wholesaler and retailer were sickening. .We, like every unite. MR. BARRONS WEEK-HE- RES Iir fcMii M , v 1 1921. Betsy Ross STATIONERY, BOX PAPER, TOYS, DOLLS, CHINAWARE, GLASSWARE, HOUSEHOLD HARDWARE CANDY EASTER NOVELTIES Pure Silk vV TOILET GOODS, DRY GOODS HOSE NOTIONS, POPULAR PRICED MILLINERY Opening Price . . . 98c TM la t 92.25 Yxlu. Positively not more than three pain to a Shop Early Monday Morning, and Take Advantage of Opening Values Titan 14-q- t. Double-coate- Opening price The Benjamin Barron, proprietor of the Leader Clothing oloro ot Bingham, was ona of Iho nine Bulck purehasera last wools Auto company delivered this elegant Bulck SI aedah to Mr. Barreg. Randall-Dod- d . - DISHPAN enameled. S8c V S.1, SS1 ,1 tX? RELIANCE Heavy aluminum Opening price i Percolator1, PI IQ ylHu - |