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Show MAY- - THE SALT 'LAKE TRIBUNE, MONDAY- MORNINO, - ;' 23,-1921- TODAY DEFINITE PROGRESS MADE IN BUSINESS RECONSTRUCTION .INI.. MADE REPORT al; Chino Copper companys quart erV re port stator that the operating wus the frst quarter of the jea. of 1 $122.940 34 Miscellaneous Income, ino'ud for Irg payment precious netils, wo loeo $69,812.40, which left a net Of toJ.1',6 94. Total gross metal producUoi was 13,405 pounds of copper, or an average monthly output of 1,971,136 pounds Other details of operation are given as folio In the reiiort "The net production of copper after smelter deductions was 8.670.034 pounds, as compared with 10,467.861 pounds produced during the previous quarterly period , "The total amount of ore treated for the three months was 345.660 tons, which is an average of $840 tone per day. This average dolly tonnage was 611 tons per day less than for the fourth quarter of 1920. The average copper content of the ore treated by the mill for the quarter was 1.69 per cent copper, as compared with 1.74 per cent copper for the fourth quarter of 1920. "The recovery per ton of or milled for the quarter was 25 78 pounds gross, compared - to 26 64 pounds gross for the fourth quarter of 1930. There was produced a total of 20,731 dry tons of concentrate, averaging $1 60 per cent copper, compered to 88,149 dry tone of concentrate averaging 19 311 per cent copper for the fourth quarter of 1920. "The cost per pound of net copper produced to? the quarter, including fixed and general administrative expenses, bui excluding plant and equipment depreciation and federal taxes, for which no reserves were set up, was 14 66 rents, as per pound for the preagainst 13 93 cents ceding quarter on the same comparative bast These costs do not Include credit for precious metal values and mtscelton-eau- a ear nines. whlob, for the Quarter, were equivalent to 0 81 cent per pound, aa compared with 1.83 cents for the previous quarter. "The per pound cost for the quarter, as stated, does not Include charge for plant and equipment depreciation. Heretofore this Item has been charged as an operating expense, but for the current year depreciation wtH be treated as a charge against the surplus from opera tlona. "The operating loss for the quarter ts based on' a price for copper of 13 13 cents, as compared with 14 46 cents per pound for the' fourth quarter of 3930, "During the quarter there was removed at the Santa Rita min by steam ehovels cubic-yara total of 646,076 of msterlal, or an average of 216,358 cubic-yarper month, compared to a total- - of $26,887 a per quarter, or an average of 275,298 cubto-yarper month, for the fourth quarter of 1920 Of thq total mawere terial removed 474,364 cubic-yarstripping, the remainder being equivatons of ore an lent to 330,607 of average grade according go mine sampling anti assaying, of 1 616 per cent copper. s 'Effective April 1 the mines and of the company were closed down and will remain rlosed and the production of copper will be entirely suspended untH market conditions warrant resumpt tion, or f ope.-atin-- By ALEXANDER DANA JNEW NOYES. Sinter. SfeiJje BW YORK; May Very definite progress has been piade In the past thirty days in the solution of perplexing economic and political problems, domestic as well as International. As a result the principal barometers of business are registering w more favorable outlook, while continued evidence of general- - reouperav tlon are to be fourtd on all sides. It Is natural that the stork markets should not become overexcited over the final settlement of the Gefmftn reparation, as matters in that particular quarter have long been shaping themeelves In the right direction, amt, in the last analysis, Germany had very little to dcr but sign on the dotted line It is, of course, a far cry between the German signature and the actual placing of the gold payments on the table, but France and the other allies hold the whip, and will not hesitate to snap it forcibly if necessary. As for the stock market, it has for nearly a year been conducing its sideshow for its own exclusive benefit, Its movements dominated almost entirely by the operations of the professional operators, and the general public a long way removed from the market Stocks have been churned around bv the professionals for the past few months without regard to general economic conditions, and with little or no bearing upon the factors that usually determine market movements The rank and file of small traders feel were tietd up, robbed and thatthey swindled In the bear raid of last December, and since that time they have shown great timidity tn approaching the apecu-tiv- e center. Some of them have in fact never returned, and it is doubtful if the Stock market sees them for many a day. 22. YORK, May 22, Last week's of outstanding significance from events the financial viewpoint were the setting In motion of the machinery for Germany' .reparation payments and the announcement of the railway labor boards policy on wages. The significant incident in the market was the rise in exchange on western Europe to practically the highest rate since 1913 and the gain by the New York federal reserve bank and- the system as a whole of much the strongest reserve position since the middle of 1918. It was noteworthy that neither the stock market nor the open money market gavq what might seem to be the logical response to these occurrences, whose larger Importance, however, applied to the longer economic future, whereas the price of stock and the rate for money are evidently still governed by conditions of the moment, the result of influences belonging to the past. Wide fields for conjecture are opened rethrough the preliminary cabled details Intigarding Germany's payments. The mation that Berlin will make a substantial part of its cash remittances in the form of exchange drafts on other markets, Including even England and eh curiosity; ntrt- beceruee-eumode of payment is unusual, but because It does not on the face of things appear how Germany could have accumulated such foreign credits. To a certain extent It Is possible that they represent prewar balances of German merchants and international bankers, or remittances of their own capital made by- - German firms to foreign markets since the armistice. It is none the less probable that at leAst the greater part of the one billion marks cash payment on or before June 1 will be effected through delivery of the gold now held by the German relchs-banLast week's intimation from Paris that the physical transfer of such gold from one European market to another is not contemplated and the reported use of American banking houses aa intermediaries, Indicates at least a contingent purpose of shipping the gold direct from Germany to the United States, to establish credit balances on which the allied governments can draw. If this should rehappen It would have three obvious sults further rapid Increase In the refurserve of our federal banking system, ther recovery of European exchange from Its long depression " and substantial enand economic of credit powthe hancing er of Franca and the other entente countries. The labor boards decision that the railway wage scale should be reduced was simple recognition of the rights of ths , situation and the purpose of the law. No working man likes to have hie wages cut by government order, but tf the theory of the statute was that the railway s should be required to Increase his of particular circumstances paybecause at a glven period, It followed as a corollary that if those- - circumstances were to change, the boards authority should equally be used to approve reduction. Imagining such rise in all kinds of pricesa as have occurred in Germany, with resultant' fivefold or tenfold increase of wages by government labor board, and then supposing return of prices for whatever cause tothefr old level, nothing could be more monstrous than to imagine wages kept at the maximum level - k. Decline Foreshadowed. But the blame for the "ilnaster of December" cannot be placed entirely upon the shoulders of the professionals, as many factors entered Into tHe crash that ended on the twenty-fus- t of the month. The forthcoming business decline was clearly foreshadowed, selling to establish losses for purposes of taxation was an absolute necessity for many people, while the repeated refusal of many small traders to cash in their profits left the market in ft weak technical position, ready to tumble when the flood tide of selling set In. Finally, the hears were not slow to take advantage of the golden opportunities offered by the combination of circumstances, and; "when the ball started to roll, they were ready to furnish the needed additional momentum. It Is said that some traders, in one week's slump, lost the profits that hai taken ft year or more to accumulate. Acceptance of the reparation terms by the Germans raises the question aa to whether American resources will in any way be Involved in tlie financing which this settlement will entail. The agree-mecalls for an Immediate payment In gold marks, to be followed in July by the delivery of the first In the series of bond issues. Naturally the French government will be desirous of marketing some of these bonds, and there is active apecu- - latlon a to the terms under which they may be offered in America. Beyond the oirect sympathizers of Germany, it is obvious that dew would be willing to pay real money for German bonds, without the Indorsement of the English or French government. Perhaps a. more desirable method would be for the French to issue their own bonds against the German reparation issues. Financing Needed at Home. Thft, suggestion that the American government would accept German bonds In lieu of the money owed to ua by the allies is not taken seriously; neither is it thought, that- - any considerable amount of new foreign bonds could be absorbed here. Some of our bankers were inclined to set $200,000,1100 as the limit, but this is doubtles underestimating our willingness end ability to cooperate. In tn event that Such bonds are taken up here, they would, of course, to that exent tend to rectify the balance of trade and help to correct the exchanges, providing also goods for further reconstruction work In France and elsewhere. In so far as tha proceeds were employed In paying Interest on debt already Incurred in the United States, they would have no effect upon the balance of trade, but the assumption is that during the first period of reparation payments the proceeds realized from any such sales here would be used In defraying the expensee end meeting the pressing needs of reconstruction and other requirements, , One Important factor must be taken Into consideration In estimating our ability to absorb foreign loans, and that Is the great need of new Industrial financIning here at home Many of our dustrial and railroad corporation big which have held aloof in order to glue ths government free access to they money market, are now finding themselves compelled fo look for funds for needed expansion. Domestic capital for various easons, will be requirements, given preference over foreign bids for investment funds The need, is so urgent, and the demands will be go heavy, that rate will be kept abnormally high,money and only those who can bid high can be expected to be accommodated at once. Railroads Ar4 Problem, 7 ,i Selected freab egf Ranch gs Full erean eheeaa, triplets Full cream ' chccae, Young America. ,, Full cream chccaa. flve.found aquaras,- Block ftaria cbeaa ....t....,-...,,.,.- , Crease brick cbeaae nt .17 prop-ertie- EASTERN STAR OFFICERS VISITORS. 22 Msv PARK CITY, Mrs. H C Nichols of Ogden, worthy grand matron and Mrs Roxanna Seapon of Balt Lake, grand lecturer of the grand lodge, paid - " -In f THROUGH THEJJACK DOOR .18 .82 - . , 24 - i i j Master Pictures of Super. PAUE KLEIST & CO. NOW PLAYING CHARLES RAY- - BRITT WOOD THE OLD SWIMMIN HOLE PERMANE & SHELLEY Prom James Whitcomb Riley's Immortal Poem. MOLERA REVUE KINETO REVIEW "Boy Scouts of America,11 America's Delegation to the International Jamboree at London. Slow' and Fast Motion Picture i Shewing - BABE RUTH AT THE BAT S hote from hi many famous yarn HINKLE & MAE - WHITE BROTHERS Next Sunday "THE SKY PILOT" Coming !7 COMINO GEM "The Theater " Its th Presented WEDNESDAY ONE WEEK NOW PLAYING Beautiful" Unexpected Which Happen In Force' Unaeen cubio-yard- By far the most pressing problem is that which la concerned with the readjustments of the railroad systems of the country. There are indications that the railroad labor board will shortly announce its Important decision, and that the reduction of labor costs will eoon be followed by a similar revision in freight rates. t Last July, when announcement of ft wage Increase of $600,000,000 was made, followed by rate advances figuring $1.. 547,000,000 in additional revenu for the carriers. It was felt that at last a solution of one of the nation's most vexatious industrial problems had been solved. The weakness In the rallrotfd board's decision was In not being able to foresee the result of these incresses upon the shipment of freight and of passenger traffic. How railway wages have mounted in under the new conditions. This Is no the last ten years is shown In the foldoubt en extreme case, but it Illustrates lowing table, which also gives ths average yearly pay of the workmen: the point at issue. In our own case If remains to be seen Yearly Total wage what reduction the labor board will deem payments 648 1905....... .$ 839.944 680 $ It Just to grant. Their decision might be . 717 based on the estimated decline in cost of 1910.,... 1,105.444. 865 1916 810. 1.190.223.756 since -' living wages were raised year, 1004 or on the reduction of wages last 1.739.482 142 in other 1017 1419 2 613 813,151 industries not subject to government re- 1918 - 1919 148$ ? striction, m O'kl mo i2o ft ft ft $.808.386, 000 Railroad traffic has also STABLE DOLLAR, WANTED. but not in the same proportion Increased, as wages, Chicago Tribune Suit Lake Tribune Leased Wire. as the . following WASHINGTON, May 22 An important (Rales per mile) comparisons indicate; conference of bankers, business men And Paeeenger. Freight, economists to discus means for check 1907 7 8.014c 0 407c Ing the great upheaval and depressions 1912 0 647 ,1.987 of the price level which play havoc with 1910 Representative 045 .t 0.720 business at regular Intervals is sched- 1919 529 0.974 uled to take place In Washington next 1920 865 1.104 A large Michigan ,Tanu-faeturThis is an advance of 42 Saturday. Over 100 hading business men cent In and economists pill attend the conference, passenger and 120 per cent per In freight desires to make, a out of which Is expected to grow a rates, while railroad wage are nearly n-wide movement to be known aa the 200 per cent higher than in 1907, In connection with a manufac"stable money league" and whose pur- keeping with the general revision down' will to be stabilize of ward the pose and who-prices waga purchasing 'railroad scales turers' representative rates and railroad wages must sooner or power of the dollar. The list of proponent of the league later fait into line, and the quicker the is now selling the .automocontain such well known names as these. better. ft ft ft Frank O. Lowden, former governor of Iltive and metal wo: king linois! George Foster Peabody, director pf WATER SHIPPING SYSTEM BOUGHT. Alfederal the reaerio bank. New York; trades to handle the!r prodton B. Parker, former chief Justice of Chicago Tribune Balt Lake Tribune Leaeed Wire A a result May 22 uct throughout Utah; Wyocourt of appeals of New York; Irving of WASHINGTON, the high freight rates the California FisheC of "Yale university; J. R. Commons, and ming, Idaho and Montana. fruitgrowers the exchange northwestformer president of the American Eco- ern are combining to launch nomic association; Jeremiah Jenks, econ- a applegrowers Willing to pay liberal comgigantic water transportation system H. Wlgmaro, dean of law, John omist; ' mission and allot exclusive lay their products down In Northwestern university; . Benjamin- Ids which will markets by way of the Panama Wheeler and David Starr Jordan of Cal- eastern canal. territory to Uhe right inifornia. American Even with coastwise dividual. State clearly how ships restable The proposed money league is to pay Panama canal tolls this the outgrowth of nearly 100 year of sci- quired water lon you have handledyour will be rhea transportation per than entific criticism of civilization's greatest the coat of rail transportation If present vola statement issued money, lines the say and tool, by congress should exempt American present ships the league. from payment of canaltolla the water ume of business you are "Its one object will be the ultimate route would be still more advantageous stabilization of the dollar. Wtth this educaalso to the Pacific coast shippers, and detridoing yearly ; aim It will seek to investigate all possiAdcompetition of all tion and references. ble methods and only when necessary to mental to the niidwestem apples with water take a definite attitude toward proposed dress Tribune. northwestern transported apples In east, on need It policy ern markets. it decide legislation t wuh regard to any plan. The plana will be perfected at a meetcommittee on waing of the ter transportation In Seattle, June L Verbal promises of 1000 carloads of ap$484.00 ples, oranges and lemons have been made Win purchase the following Investment: and it Is expected that this tonnaga will Pet. Par. be guaranteed shipping companies who Cost. Yield. Income Value. Name, Rate, Maturity. can supply the needed facilities $ 91 1100 09 Morgan Canning 9 pit. pfd. $9.00 .$101.00 of the north and citrus grower 8 07 8 00 . 99 60 1100 09 Kelly Kpringfivld $ rat., 1931 ...... of the south have pledged tha 8000 . 98 60 8.00 8.1$ $100 00 American Power A Light $ pet . 1911 which, according to steamship men, 8 28 . 85,09 7.00 $100 00 Utah Power ft Light 7 pet pfd is sufficient tonnage to keep a number . lUO.OO 7.60 7.6 $100.00 Dupont De Nemours 7 pet. 1931 ... of boats in active service for the period of a year. $ 17 $184 00 $39.60 $500,00 ft - V' $590 at S 17 compounded semiannually wilt' amount to $2900 In IT yean BOND BIDS SUBMITTED. .26 .16 (lAM ER1CAN Hom ' MARY PICKFORD ' 19-- By W. S. COUSINS. Have Special Significance - ,.,, .... r L pC TUESDAY LAST . --TIMES - WHOLESALE DAIRY YJtODUOE. by Mutual Creasmry Company I ( aaa lata. Freah extra creamery buttar la 68 $ 27 pound cube Freeh extra creamery butter in eartona.. .291$ Freeh extra creamery butter, panhmaat Ml ; print Freah Ural creamery butter tn rartnna., .2614 Frrah f inf IB craamary buttar, parchmeat -- 26 , pebats- .20 rooking butter tk fubea (Quotation - Leaders, of Finance Optimistic; Stock Markets Narrow Readjustment Decision and Rail Board Problem. Railroads Qf Pressing First - Reparation Move and-Profession- AND' an official visit to Mountain chapter No. 2, Order of Eastern Star, Friday evening After the ceremonies a banquet was served. Superb Cast. In all tha realm of th great Un. seen Force toward which th world looks with expectant gas for a glimpse of th futur there are no more startling disclosures than in this unuaual picture. " Christie Comedy "SCRAPP4LY MARRIED" CHESTER OUTING All-St- ar by PANTAGES Coming Next Saturday GEORGE BEBAN tn "ONE MAN IN A MILLION" ZZZZZ3EZZZZ7 -- . ''' an VantedHanafachirers Sales FRANKLIN ARDELL Aral er In "King Solomon, Ruth natio- r- - Jr.," a Kerr Helen Goodhde Comedy of 1960, with Grace White. and TABERNACLE 6ELBINI ft NAGLE EVENINGS MATINEES WEDNESDAY TO SUNDAY, INC. 15o to THURSDAY TO SUNDAY, INC. ISc to 60c. to J. A. HOGLr & CO. 169 Main St. Wasatch 77 Cait Lake City, Utah INVESTMENT SECURITIES Eeclei Bldg. Ogden, Utah Telephone 322 MAXTI, May 22. The Palmer Bond and Mortgage, company of Salt lake and Keeler Brothers of Denver. Colo., submitted hid for 127,000 worth of city paving bonds at a special session of the city council hld Friday. 11 ALICE JOYCE COUSIN KATE And Marcus Laew VAUDEVILLE D$&tJ K,emCgntmcntal Bank 3uf UafE City Utah Boxes and logos.... .91.50 Body of House .....91.00 ...75c Upper Circle 60s Balance of House ...... SEATS ARE IN . DEMAND THEATER Evenings, 35c ( except Sunday) , 20c Children, 10c - V -- V -- g - ir- t 1 RitSCiV . Get Your Tickets Today Performance given by University of Utah for benefit of Commercial Clubs Utah Publicity Fund. Tuesday, May 24. ORPHEUM gfHon 11 Tomorrow Night Only -- In- Matinee ' Magnificent fantasy featuring 300 performers In elaborate ballet-dramSpecial music, brilliant color effects under personal direction of Mis Dorothy Bell of Marian Morgan Dancers. NOW PLAYING to The Tribune. $1,00, $1.50, $2,00 miect fnwsG.luKe .CeheralManaMr The Unseen Torch Losvs State Continuous, 1 " TONIGHT Apple-growe- Special Of Loi Angelss By EDWARD HAROLD CONWaV TOPICS OF THE DAY PATHE NEWS 6, s, Philharmonic Orchestra MISS LOLYA ADLER & CO. THE BEAUTIFUL LADY - E-2- Wsren, . C |