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Show II THE SALT LAKE TRIBUNE, SUNDAY MORNING, JUNE imCIALTO nULElU. F. 12, I 192f. 9 RAILROAD FI .Western Curriers Give t I f a Re- - t 7 Utahns Object to Paying Net Income . of Carrier Is imports Indicating .Return on Both Agricultur Given as $36,936,937.94 ; ' &1 and Mineral Values.. to Norma! Conditions. 657,695 Carloads Handled Goodrich Tiie Prices f t t jf I , . The ancourgglng April report of the earning of western carrier Indicate gradual return to condition of a fair gompenxatloh to the road, together wltl the assuranc thi trill give of the ability of the railroads to carry Out their of development- and betterprogram - ment ' Ot the four principal line serving Fait Take, two, the Southern Pacific and tha t nlon Pacific, show net earning for - April, 1921, considerably in excess of the same month In 1920 The Union Pa rifle in April, 1921, reported net of 12,374, 2 9$, more than double the net for April, 1920, which wa 81.10J.to7 The Southern Pacific ehowed a net for - April of thi year of $1. 926, 254, wherea a year ago April they had a deficit of tnore than this April net, or $1 853.379, The Western Pacific and the Denver f .Kio Grande both show smuller net earn 'Inga for April of this year than for April 5 of the year before The considerable shrinkage Id the net of the Denver A Itlo Grande is attrlbut- able in considerable measure to the drop tn tonnage of ores and coal carried. In 5f April of thi year the Denier A Rio Grande reported net earning of 983,322, ' as compared with 3253,944 for last year, net dropped , and the Western Pacific -- 1 y from 944,204 in April, 1920, to 990,945 In April, 1921. v Gradual increase in the movement of ears being shown by these carriers, and when the result ot the wage de- which will be put Into effect Creases, shortly thereafter, begin to July 1 or show It 1 expected that the Income p Will display material , the western goads , t .betterment The carrier must, have revenues ad to meet the transportation needd 'quate of the communities they serve, and until f ' they do have such revenue they kilt find Jt Impossible to carry out program for - equipment additions, brbncn extension and other development which are need- ed In the west. I It will take some month yet to see the . results of the wage cuts, to determine the course of freight the rites and to de- -termine the position of the railroada aufficiently to permit anv extensive conBut at the same time i' struction work. the showlng-o- f better earnings, coupledassurance the at hand of a continwith ual Improvement, gives added faith in the ultimate ability of the" carriers to to fulfill properly thetif economic servir v 5? 1 - the - country.- F0HEI81 OOTEBX1CEHT BONDS. by 2. A. Bog). 4 Col Bid A.ked. C 'i 1921 , Jtuexlxn T do 4s 192 X f do 1919 ...... 4 Currency . . (As reported 8a f Iftnnda do 4s 1917 do Cs 1920 ItsUau' fix 191 British Ct 1932 do Cs 1922 . Co 1931 do v... .. .. 1929 Cs . i , do Tlct 4s . do ref 4i jftrlgian restoration Y do premium Os Germ as W L 0s Berlin 4s Hamburg 4s - V As . . 70 IP 4s leiptig fttta do 6S dO Jfaalrb ..a .M...44MH..M 4s do As 4s e, Frankfort Jap 4s do 1st 4tya .......... ........ . do 2nd 4 . Baris 6s - Cn Kingdom IUl ", do 64 1W2 . 78 12 U 1SS 14 14 14 I5 16 144 uv 14 13 1ft 15 17 HY S lAi el 5s do RU-- s do ASS do . ..... llOft li7 f' 4Hs 1941 (imalD.. 4Hs 19.H lamiilll As 1&4A Argentina Province Buenos Aires rarts-Orletn- ft 6s s 11 ps, VI . , . , BAX fSANCUOO KIHIM 8X00X5. CAS repArted by J. A. Hog! A 1,0.1 The. predicament of seuthera Utah owner of grazing and agricultural land beneath the surface of which, are mineral of known value la being brought to the attention of the attorney general tor ah opinion. . The state board of equalization has presented the question to the- - attorney general a to whether the owner of uch land can give to either the state Itself or to some state Institution the mineral rights to land they own and use for it surface value for grazing or agriculture. Iron county representatives called on to determine how land the board recently owners there can avoid paying taxes both on the surface value and the mineral values of the land. The board has felt that assessment must bq made on the land having valuable mineral for both the agricultural and the mineral values, whether the user-wathe mineral tal ues or not. Some of the owners have expressed their willingness to deed to the state the mineral rights of land they use wholly for grazing. The board of equalization is desirous of protesting the state in the matter of taxes, but at the same time le willing to see the state acquire title to mineral - ' right. In some part .of Rmery county, in Iron, Kane and prubably in Osrrield oouti ilea there are considerable tracts of land which are now used almost entirely for graslng while at the same time thev have mineral values, principally coal. The owners have protested against paying taxes on both classifications of value, surface and mineral But the equalization board has no choii e save to assess the real values of the land for whatever purpose valuable. Hence the attornev general has been called upon to determine whether the land owners who do not want to or who cannot pay taxes on both the surface and tho mineral worth of their land can dead the mineral rights to the state or to state institutions, thereby escaping taxation on the mineral content of their land, protecting the state s property and preserv ing their surface right. WKKKLY METAL REVIEW. NEW TORK. Juno The volume of new busineee In teel this week . was smaller than during last week and the market continued easy.. Buyers appear to have little confidence In the stability of present price and are limiting their order. Values a a rule have I held about unchanged, but competition growing keener and some Independent companies are showing a disposition to make concession to attract orders. The demand for plgidron Is also very slotr. orders are confined principally to single vir lots to fill Immediate needs and the tone of the market I easy, Copper has remained quiet. Lower foreign exchange rates have continued an obstacle to export business and it is reported that taiail lots of American copper can be picked up abroad at price below the domestic market, taking exMeanwhile, change Into consideration. domeetlc consumer ar buying only in small way. and it 1 reported asking prices hale been shaded slightly by some smaller producer or dealers. Estimates that available supplies were reduced by about 20,000 009 pounds during Mav have had a sustaining influence on the general market, however, and the larger producer are still holding electrolytic for 13 4 on pot. Tin eased off to 29 cents for straights following the slump in London, and tn sterling exchange. Demand remain in different. Lead wa cut to 4 cent thi week by and independents, large producer In London being ignored. Zinc wa quiet as the decline of about 20 points sine June 1 failed to stimulate fresh interest. Galvaniaers and bias mills are well atobked and ther ha been further' curtailment by western producers. Antimony Is slow and recent arrivals could probably be bought at slight concessions. li ' RATE REDUCTION PROMISED. LOS ANGELES, Cal., June Reduc tions of 22 cents a hundred pounds in transcontinental rates on orsnges and 19 cents on lemons by- November I were promised yesterday by the .Southern Pacific company, the Atchison, Topeka St Santa Fe and the Los Angeles A Salt lake railroads to citrus fruit shippers If they abandon plan for further development of water transportation facilities. The railroads' proposal was declared by the California Fruitgrowers exchange to lie- an attempt, to have 'the citrus industry boycott the Panama canal and throttle the development of 31 V - coast-to-coa- traffic by the Amencan meruhunt marine. Tile California Citrus league also voiced opposition to the railroads' proposal. CLEARING-HOUS- BANKS. E NEW YORK. June li. The actual condition of clearing-hous- e banka and trust tompnnies for the week shows that they hold 4S 2SS.420 reserve. Ih exces of 'legal This Is an increase-eo- f requirements. 32:1.191 330 from last Week. The 'statement followsACTUAL OONTHTION Lnans. discounts, etc., 14,499,007,900; crease, de- 361,253,000. in own vaults, member federal bank, 179,976,000; increase, 456,-0- Cash reserve Reserve in federal reserve J.' 25, 920,000, member banks, 124.356.000. bank of Increase, Reserve in own vaults, state hanks and companies, 19,084,000; decrease, Reserve in depositaries, state banks and trust companies, S,434,OO0; decrease, $45,000. Net demand deposits, 13,737,158,000; Increase, I12,5S.000 Time deposits, $238,231,000; lnoreaae, trust boston coryta clow. (As reported by J A. Hole . A Oo. Bid A.ikd. 102.000. $417,000. Circulation, $32,873,000; increase, $11.-00United State deposit deducted, $lLe 187,000. , Aggregate reserve. $543,412 000. Excess reserve, $48,286,420; Increase, $28,191,830. Summary of state batiks and trust com. panics In Greater New York, not included 9. in statement; e clearing-hous- Loans, discounts, etc.. crease, $613,821 400; de- 81,373.900. Gold, $6,940,300: increase, $63 900 Currency and bank notes, $17,876,700; increase. 8386,700. Deposits r with federal reserva bank, New York, $58,927,400; decrease, Total deposit, $848,978,400; decrease, '- - $844,-50- 0. $206,600. Total deposits, eliminating amount due reserve depositaries and otlier banks and trust companies In New York and United Htates deposits, $610.4$,400, from decrease, Ranks; 1fi,900. Csh In vult, $72,738,400. Trust oompantes: Cash in vault, vOO. 005, . $81,. , All DAIRY HOOPOE, j WHOLES ky Mutual Ciesutry laoipany.) (QooUtivu (A. Reported liberty lt SAI . by J. A Rol $ ... do 4. do 2nd 4 , , do 1st 4ti. do 2rd 41.. ' 1 do rd do 4ta4 4H. i ,tnetsry-do 4U If t totter fat 86 Freeh extra crMaery $ pooad rnboo Fraoh extra ereomery batter, la Mttooe A Co 1 Freeh exra certmery batter, parciuoeut print. Bitl Ake Freeh flrat. ereomery butter In eartmis p uvfe. butter, HRTSjji 68 82 Frehe flrat. c.raaiery ment print. .... , 87 An BJ 8f m 86 84 Cooking butter t cube. 87 60 87 64 fKtorted tree. $ 84 62 86 96 Ranch eg. 61.A0 91 64 Full ereota then, triplets Full cream ebeeoo. Toon America. ... 87 10 87.14 88 M 66.42 Fall cream cboeao, fire-poaaaquona... ebeaaa Block gwlaa M Mtt. -- i mam 1.1 lots. ,i ,8355 The net income of the Union PaolflO Railroad company, aa reported to tly public utilities commission yesterday, Of thi amounts to $36,936,937.94. amount, $26,$10,900 was paid in dlvldanda and 810,T2$, 987.94 transferred to pro lit. Th grand total of operating expense for th year 1 given as $98,087,818.49, the ratio of operating expense to revenue being 73.48 par cent Railway operating revenue are totaled at $130,746.14$ 06. Agricultural products come first In th classes of freight handled by the road, Of thi with a total of 5.823,662 tons mount, 3,831,247 ton originated on the a From connecting carline. company riers there were received 2,002,415 lohs. Mining products ranked second in importance. The total number of ton hauled during th year reached an aggregate of on 6, 270.493. There tha originated respondent's line 3,732,487 tons of this amount. Shipments received from connecting lines reached 1,638,00$ totia. Next In importance are manufactures and miscellaneous goods, with a total of 4,143.26$ tons, of which 839,809 tons originated on tho Union pacific and $,368,844 tons were received from connecting carriers. 'Forest products have a total of l.T$8,478 tons Th amount originating on the road of the respondent ia reported a 40,667 tons, while 1,762.821 tons were received from other carriers. Animal products have the Smallest total of any of the five commodities given Of in the report, with 1,107,399 ton. this amount, 733,399 tons originated on the Union Pacific and 374,000 tons had their origin on other roads. The total number of carloads handled amounted to 687,985, with an aggregate of 18,813,(27 tons. iFrtlght originating on the Union Pacific is reported at S00.816 a car, with tonnage of 9,823,221. Revenue freight received from connecting line reached a total of 357,170 carloads, con' taining in ail 9,190,408 tons. The average number of employee i a ware paid 84,695. Employee given reducedQ) per cent' The last wotd in Quality The best word in Price - 88,447,508 Fabric Tires 30 .ngu je -y Safety tread gnti-iki- d Effectiv fabric tire ,g j86 r anr-toq- . Goodrich3px3! 5 2330 May! 2. one quality only. Like all other Goodrich tires this 30x3 1 is one quality. This standard is a fixed principle, and that quality must be the best our resources, skill and xtra size w 3. Specially designed CLEARING HOUSE REPORT. $ 1,561,447 96 Saturday's clearings Sam6 day last year 2,573,650 $6 Week's clearing 10,973,844 61 ,... Same week last year.,,..... 17,207,141.72 4 oAnti-ski- d Fair price FOOTWEAR PRICES DROPPING. WASHINGTON, June 11. High priev of footwear which obtained during 1918 and were increased in 1919 resulted from abnormal conditions of supply and demand, both economical and psychological, arising from the war, the federal trad commission today reported to the house of representatives. The report was sub milted in responss to a resolution. Inaldent to these conditions. the r port added, "were large margins of profit taken by tanners, shoe manufacturers, wholesalers, jobbers and retailers, whose large earnings were declared to he "out of all proportion to the increase in their cost per unit. The advance in the price of shoes finalbuyly waa terminated by the ers strike in the spring of 1920, accordw the report, ing Fxllut-of th leather and shoe prices to decline as extensively as did hid prices after the "buyers' strike was attributed by the commission to a tendency to base selling prices on actual rather than replacement costs and to the fact that other prices had not declined as much as had raw materials "In any event, the report concluded, BeDifferences the present prices of hides and sktns and the conditions existing in these phases of industry justify an expectation of still farther declines in the quoted price of leather and shoes- y Refinery Earnings of 361 reporting shoe manufacturers. representing 82 per cent of the 18 2 per cent 1919 production, averaged on their tetal investment, according to Probably the most important news of the commission' figures, which asserted typical shoe th week In Utah mining circles wa ths that earnings of thirty-tw- o wholesalers and jobbers averaged about the contract difference 22 per cent on th Investment m 1918 adjustment Silver King Coalition Mining and about 81 per cent in 1919.. company and thd American Smelting and LIVESTOCK CREDIT CONFERENCE. Refining company. 11. June WASHINGTON. Secretary Mining men in Utah have been watchMellon announced today that a number of bankers In the livestock growing sec- ing the outcome of the case with close tions had been asked to meet in Chicago Interest. Adjustment of the contract on Wednesday to decide on the beat methnew basis by the parties involved waa ods for meeting th livestock loan situa- a consummated Wednesday, when officials ' tion. J. R. Mitrhetl of the federal reserve of the smelting company formally told board and Eugene Mever. Jr., managing th mine ' offlclas that the American director of the war finance corporation, Smelting and Refining company had enwill represent the treasury. It is understood thst th conference tertained no desire or Intention to abroof will consider the feasibility forming a the existing contract or to violate banking pool to extend credit to the cat- gate tle industry, somewhat along the lines it terms. ' of the cotton pool formed in the sooth The mine official contended that the in 1914. action of the smelter In notifying them that no shipments would be received after Good May 15 under the contract had left no Other Inference than an Intention to break in the contract. assurance that the smelter on Development work being carried on th hadButsoughtthean adjustment rather than a Pennuva Copper Mining comnanvs orop-ert- y violation of the negotiations is encountering excellent condition, wer resumed and contract, the question was setaccording to J. B Christensen, foreman, tled to the clear satisfaction of both the was in Salt Laks City ysnterdav on who smelter. husiness , The Pennuva property ia sit- min and thth term new the of Under agreement uated In the Sliver Zone district, about will pay an additional two doltwo miles from Arnold, a station on th th mine ton treatment chargee on Its lars per Western Pacific railroad what tha smelIn th south shaft sixteen Inches of crude or In order to meet ter company declared to be an actual loss ore, which will sveraga in value seventy-fiv- e on , th prevtou charge. been ounces, has opened up recently. Ths smelter In turn agrees tVhavs At the present depth- - of the shaft, th run until contract 1, an 192a. ths January which previously wa dipping about or, of two year. They furtherfortv-flv- e degrees, has turned Until It Is extension more sgrss to accept and pay for certain almost .vsrtioal. standing lava of ths low grade iron sulphide ore for which Drifting on th sixty-fomine has hitherto been unable to find d th north shaft has been temporarily hv encountering of gas, report a market. Mr. Chrlstenaen. However, this handiBAB gELTZ. cap can be overcome without much trouble or expense bjr Ihtallmg za air WWJJ TORIVJus' IV--Blf (fries- Donna 11 ' - 5. five Tomb ofExcellence The name of Goodrich on a tire means 1. One quality j. experience can produce. . THE B. F. GOODRICH RUBBER COMPANY vtkrsm, Ohio subsequent partial reco vary, a daily exin th past week's foreign change market, was repeated today. Except for Berlin, however, non of th ptinclpal European exchanges touched the week' lowest rates. decline, Bterllng, after a Ith-oe- a nt cents. It ended 4 cents above Thursday's low point- of $3.68 Vi bankers have (some quoted $3.6916), but V) cents under the previous w salt's closing and 2659 cents under tha present years high leveL readied on May 1$, 35s - Contract Volume of Exports and Im Week of Violent Move- Tintic District Outlook Pleases Mines. Inspector, tween Silver King and ments Ends Without Spe-- H. G. ports Continue Decline; Snyder, state inspector of metal returned Friday night from th Are Adjusted. Balance Favors the U. S cial Change in Character. mines, third of his official visits to Tlntld dis- Ore Opened Up Pennuva Property - - ! N 33-- 4 V de-ay- if Safety Goodrich 30x3 FINANCIAL REVIEW. ' NEW YORK, June 1L Financial market war in commotion this week. , Selling for both accounts and many quarters forced more than 109 stock to lowest prices of the yean Among and stcela, equipments, oils.' shippings sugars minimum quotations for two to three vear and more were established. Rails alone ehowed some steadiness on relatively moderate liquidation. Deflation attending by confusing movements In the leading commodity markets resulted primarily from frozen credits, dividend omission or reduction and adverse industrial condi'tlons. The fewest unfilled orders for more than two years were disclosed in the May tonnage reported by the United States Steel corporation. Pig Iron production fll to th lowest rate in more than twenty years nd price cutting in the baslo industries became more general. A disquieting development for which convincing explanation was lacking was the slump in foreign exchange. In disinterested ircles the theory that this originated mainly from Germany's indemnity payments was accepted with reserve. Assurance by banker that few. If any, new loans to Europ would b mad th rest ot th year directed renewed attention to railroads financial requirements. The opinion was .expressed that In tha next few months many junior roads would be put to their severest test in the last decade. Perceptibia relaxation of many rate wa shown, but conservstlv banking interests believed interest and discount rates Would hold at prssent quotations pending drastic liquidation ot grain and cotton loan at western and southern centers. '.WEEKLY ot rv 324 2590 67. v ,30 1. 13.45 Safety trict during May and June. Mr. Snydsr has Just completed his Inspection of nil th Tintic properties. H said yesterdAv that he found condition in the camp as good as could be expected under the existing market. I am satisfied that th Tintic propNEW YORK. June 11. A week of exerties will show a vastly Increased Oucessively' violent movements in ail ths tput as soon as metal prices regain their markets ended today with early weak- normal state, Mr. Snyder said. 7 also ness and subsequent recovery in Euro- found several good prospects that should into steady producers befor th !y pean exchange, with another very gen- develop close of the current year." eral decline in the industrial stocks, Snd with a further advance tn wheat which BOBTOH CURB CLOSE. brought th markrt for July deliveries 4 4s report! bjr 1 A. Hoglx AC) cents - bushel above the last price before Wednesdays government crop estimate waa published. The department f commerce gave out the country' foreign trad returns for May. which wax innot for dec'in fourth the only teresting of exports, but for a precipitous decrease of the import trade to the smallest f of any rr.ctuh sine February, ID 6. On the stock exchange th soiling 24,686,000.000. reached large proportions with a number Gold exports for the eleven - months of industrial shares, in which th day's from one to five points. ranged ending with May, $132,761,290, compared declines no change whatever in th was with $481,100,731 during the same months There character. share os market's last vear, while imports smounted to a rule held reasonablyRailway firm; it is one $602 817,925. against $123,775,217 ot the many anomalies of the present Silver exports for Mav totalled $2,353.-60market that thi group of etocks, reprecompared with $6,862,1,70 in May, senting companies whose position might 1920, anrl imports wer $6, 956,077, as exsily enough give food fop the imagination of th pessimist, should have against $8,082,895 )n (sy year ago. Silver exports for the eleven months least in the past week' deprecia$51.112 161. as Comtion of values. But prices do not seem period segregated pared with $174. 881.646 In th same period to hav been moving lately on the basis last year, while imports sere $'5,305,359, of what la either feared or hoped or exas against $,937,935 for the eleven pected for the future Wall street has months ending May, 1920. been especially engaged in discounting the psL The weekly statement of th associated DEHTES, IXDDOThlAt AHD UTILITY BONDS, .ink showed further reduction of Special to Th Tribune. in th loan account; which is (Aa Reported by J A DENVER. ( olo. Jan It Cattle Kerelnta, now lower of laiit than th high point 900' market JOr t2ltc higher. Beef tera, October the sum of prodigious by and heifers $7 0041890; reel $5 5007 00; It must not bs forgotten, calvea. $6 OOkJO 75- - bnlta. $8 9094 50; itock-aand feeder. $0.0000.75. hoasver, that this ascount In the weekHogo Reee'pto, toO; market 15 to 26c highly bank statement Include holdings of er. Top, $8 00; balk, $T 6007 85. securities as well as market loans and . WASHINGTON, June 11. Both exports and Imports continued to fall off in May, but tha months trading resulted In a favorable balance of $122,900,000 for the United States, figure made public today by the department of commerce showed. totalled $330,000,909, Exports for s against "$34j 000,000 In April and in May, 1920, whll for import the month wer $208,000,000, as compared with $258,000,000 in April and $431,000,000 In May the year before. For the eleven months ending with Mav, exports totaled $6,180,000,000 against $7,490,000,000 for the corresponding months of 1920. while Imports aggre-fcate- c $3,472,000,000, as compared with By ALEXANDER DANA NOYES. Sinter $746,-009,0- t- g-- 9, xul-fer- td gheep Receipt 2000; aiarkat ttoaiji |