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Show THE SALT LAKE TRIBUNE, SUND Engineer Points Out Vital Need of the Diver-sification of Investment. f Proper Perspective Must Be Maintained if Mineral Industry Is tp Prosper. j HENRYM, ADKINSON. By Copyrlght. 1922.) , my chances for developing a profitable mine. If I venture Into your bualneaa of mining? asked a euoceaeful business man of New York of me recently. "How do I know, he continued. , wbethtBr.lhe. cbancne e Jn my .ravqr. or against me, and bow shall l proceed In order to have the percentage of auc-eT In my favor? Answering this question, I quoted a I heard on this very subject in lien between Clarence King and E. deters. An expression from men eo prominent and eo successful In mining as these two should be convincing to anyone weighing the possibilities of the mining busmesa. Clarence King for many years before his death In 1801 had been accepted as ths leader of the mining engineering As the organiser and first profession. director of the United States geological survey he won wide recognition through his mining and geological-- investigations end hla technical writing. At the tune of which I speak I was engaged as assistant to Mr. King, on hit last place of mining work. In the examination of a mine In whloh It D. Peters, famous In metallurgical circles as the author of Peters on Copper Smelting," was an Interested partner. . Both King and Peters were wealthy through successful and operation of mines and purchases of they were discussing this very point for and against profitable invest.chances ment. "What-ar- o ee I. Diversification Advised. ' In expressing himself on the subject of mins Investment, Peters, then somewhere In his sixties, said. "I have made many successful mines, and my experience la that when I select four properties which I believe will make real mines 1 find that three of the four may prove either unprofitable or simply mediocre, but the fourth will return profits so large that It alone will pay for the whole four of the group I have bought." That was the experience and opinion of a mining engineer whose operations proved very profitable, and with this opinion Mr. King agreed. Reduced to the phraseologoy of modem conservative ln- -. vestment, this expression simply means that safety lies In the diversification of. investment. which le always recommend-ed by the banking houses, even when the investment is to be in bonds of the most case" of putconservative type ting the eggs in mxnjt baskets, although It will be remembered that Mark Twain humorously-tnod- lf led thie-t bought by say lifg that he found it a good rule to "put all your eggs In one basket and then watch that basket. If It Is good judgment to diversify In in high-clabonds, where the seeks "S per cent end safety, surely is equally judicious whan the le to be made in the more and mors profitable when sucleld mines. Surely no man goes cessful, Into a mining project with the Idea that la he buying a 6 per cent gold bond. He recognizes the Increased risk In the speculative field, but he takes It for the sake of the greatly Increased profit and the comes from the property large profit which has yet to prove its merit. Shares of Utah Copper are suggested to investors by the conservative houses In the east now when the stock Is selling at 565, per -share, but the original Investors, such as the late Senator 'Boles Penrose, made their great wealth by going In when the shares were less than $5 each. the forefront of their thought as the search is made. Recently a very attractive proposal. Involving the development (ft a mine, waa laid before a large operator. but at an Inopportune time, because two development plans had recently gone badly with him. Forgetful of the percentage which both King and Peters had experienced, this No more development operator said: programs for me. We will buy a mine, with ore already developed, at any price, but we will not start any mere developments." At s moment of pique he thus threw away the speculative prpfit right at the outset , Too often ths examining engineer turns down a preuerty which has the making of a big mine simply from the desire to safeguard hla own reputation. I heard recently of an engineer who boasted, T have turned down seventy-fiv- e mines this year, and thus far I have not recommended one for purchasa This comment, in its phrasing, indicated that he was of the type which will not take any chances. Nor will hla cllenta make any rqoney. Unless he was the unluckteat of mortals. It Is hardly likely that seventy-fiv- e examinations would not Include some property which might lead to the making of a real mine. This mental attitude may be oongenital or it may be induced by cold, matter-of-fac- t, selfish calculation. In either case, whatever the cause, the same. Is result the unhappy The -- ultra conservative -- engineers' argues that it he turns down a mining property It Is very unlikely that hie clients will follow Its future history; If it subsequent ly becomes a very vnlnAhln. they will give only a cursory aUetpSSff9 the fact On the other hand, tr he recom mends ths purchase of a property which falls to become a profitable ro Ine. be ply bis. --reputation wiU Chances Part of Venture. The man who hestitates to accept refinds himself in a sponsibility situation, and seeks safety In rejection, Aa a matter of fact, he is wrong in not accepting the responsibility. It was precisely for this duty that his services werq engaged. He was expected to see further into the ground than his client could, and he surely was not engaged simply to reject any and all fish that came to his net. One of our most careful engineers recently reported favorably and advised the for purchase of a mine. He waa a group of wealthy men whichacting included several nationally known mining engineers. Under operation the showed a continual loss, and the property report was very blue and dislng engineer couraged so much eo that he expressed his deep regret to the managing director. broad-gaugThis man, experienced mining engineer, slapped him cheerily on the back and said, "Forget ltl .We cant all be right all the time. Recently the manager of one of the large investment houses In Chicago which deals In mining shares said to me: Our cllenta do not ask for a aura thing every time. All they want le a strong possibility of winning' and to be told In advance that their money is going Into a prospect, not Into a mine. But they do object when they are asked to Invest In a prospect at the price of a mine and on the statement that it Is already a mine." My own experience la directly In ime with this comment The experienced man of business knows the chances that run with new ventures, not only In new but in new undertakings of every mines, kind. If he is told freely and frankly what the relative chancea are, both for and against him, and if he understands that the opportunities In his favor outweigh .those against him, he will swing into line and cheerfully play the game. . -- FOREIGN "N the NEW YOXX STOCK LIST., SU-High. bow. lUoae. . Amr Css Asisr Csr A Ed jr Inter Carp Istr cm A ". Chine topper-;:- ; Corn Products Crucible Steel Cobs Cane Sugar . Erie . (fbn Electric General Mstorn , . ... ... ... Croat Not pfd Uliaola Central Inter M M pfd ... Inter Nickel Inter Pnper Kens Copper ... ... Max Petr Middle ' States 0U .... N Y Central N T N H A ... . Pennsylvania Pitta A W Vn Bay Con Cop ,. . Petr . . ..... . . Southern Pacific .. Southern Ry ... . St Oil of N J pfd . Studebeker Corp Texas Oo Texas A Pacific Tub Products Trane Oil .. ... . ... tnlon Pacific 8 Food Products ft Ind Alcohol .. ft Retail Stone 8 Rubber .A . S Steel do pfd tteh Copper ... . Western Union Electric . Wealing Willy Overland Biles in hundreds. U U U U U 1C 48 84 th 4SM.I 53 63 68 as 4 85 117 ms 62 m 62 90 80 8 43 86 86 85 BOW 60 Ik 6l 62 90 60 8 NEW YORK CURB. Co.l (As Reported by J. A. Hogle A Asked. 1 Bid. OOVERNKENT BONDS. .... ...... X .......... Sweet Amer Export Us Prof Bbnr ..... Un Retell Candy B 8 Ship Corps So pfd ... Wtllya-- 0 Cities Service com do pfd do Bkrs Atl Peto ,- o Boone Oil Carlb Syn . Coeden Dominion O Federal Oil G lac rock later Pete P Livingston Maracaibo O .. Merrit ........... ........... ............. Northwest Peaoork Prod Ryan Ref ......sea. . ... Cp9r a.... .... ...a .... .... Kerr Lake Tenia Bat CHICAGO. 28. (United . State BONDS. EXITED STATES GOVERNMENT (As Reported by J. A. Hogle ft Co.) ..... .... tS 25.,,.. .... is... pfd..... ......... do Bid. 98 H - HM 104 102 102 MU 112 103 4ked. H 100 108 lVfc 102 118 103 90 loot 100 !H 105 106(4 105 100 loo im 100 91 94 194 106 109 92 95 194 106 POTATOES. NEW YOKE PRODUCE. CHICAGO, Jan. 28 PoUtoea, dull: receipts, NEW TORE, Jan. rare; total Patted States Butter, firm; creaa-ir- j. thirty-eig8o6 care: Wisconsin round wkttee, hlghar then extras, 39ti30c; creamery 1.95: illghtly to badly froaea, 11.90 aerked. extree, Eire, eleady; fraah gathered extra firsts, 41 11, 5p1.75; balk badly froaea, one car at $2.10, Michigan lacked round whites, $1 65g b Lr ; firsts. RiHt 40c. 1 96, Idaho sacked rural aeoati 82J25; sacked Titeeee, IrragdT.it live and dressed eonltrv. antes isaeta, $2.65. 8c. r year- - Walker Brothers Bankers c h V2"'isV. .4? Founded 1859 . . Member Federal Reserve System , hag ee e Soldier Bonus Disturbs, With the merits of tha question on the moral side, the financial crltlca do not concern themselves. From the standpoint of the business and financial position of the oountry It can scarcely be doubted that It Is a bad thing. Inasmuch as tha great bulk of the taxee are paid by It per cent of the population. It la easy to understand where ths majority In favor of this measure la derived from. Th man In tha street only sees that ft Is not ha that Is directly bearing the tax burdens and ha la therefore perfectly willing that the other fellow shall be assessed for the bonus or any other cause.. doee not see how mn Increase in taxation at a time when industry Is struggling to its feet reaches out Into every section of .the community, hitting the poor harder than the rich. It means of business recovery and delay retarding In settling the unemployment problem. It Is an Influence against reduction of prices and consequent lowering of the cost of living. Would Affect liberty Bonds. How the soldier bonus bin will affect investment conditions depends upon how large a cash sum has to be raised, and no Idea of this can b, formed until the bill Is actually law, and ths veterans havs a ehanoe to show their preference, aa between the form of compensation which offers money and that which offers other forms of property. It la pot aa yet dear how targely the government WIU have to borrow In the market. The secretary of the treasury has estimated an Increase of at least one billion dollars in ths national debt, to serve which new taxes will have to be created. If such a bond Issue of this kind should ooraa upon tha market within the next six months or year it would most certainly have e depressing effect upon the present UbdMy bonds. It would probably cause an advance in the Interest rata and In this way would produce a more or less extensive reaction in ths entire lnveetment list.' sven-tual- ly t July, monthorao. LBtd-iJUkod- N-$ 8a 1st 4s liberty DTDUBT&IAL BOYDS. Reported ly J. A. Hogle ft Co ) Ama Smelt Ref 6a 1947. 19 OH Anaconda Copper 7a 1929,. Armour ft Co 7a 1920 1 erro da Plica Ha 1981........ Dupont 7Ha 1981 Goodyear Hr ft Knk 8a 1941 r Kean Copper 7 1930 Kelly8prlnf field Tire 8a 1981. Morrii ft Co 7Va I960 1930 U 8 Rubber Btd Oil of Calif Ta 1901 Btd OU of N Y 7a 1981 ftwtft ft Oo 7a 1926 I ntted Drug Co 9a 1941........ Buh Term Bldg Co 7a V Car 5a 1928 Weat Bee 7a 1928 Wee ting house Te 1961 SPECIAL IMPROVEMENT . . OBLIGATIONS OF UTAH MUNICIPALITIES tells of this desirable form of Investment which U exempt from the federal Income already last weeks movement on the stock exchange was inspired so largely by the merger rumors, It Is not surprising that the' market should have bun sensitive to reports that theee negotiations In the case of the Independent (teel companies had struck a snag. The fact remains, however, that It lal the logical thing to form these combinations In a business situation like the present, where the outlook is for low commercial prices and a narrow profit margin, and thla consideration must in the end prove strong enough to overcome the obstacles. The market baa already had some tut of how It can stanti( up against the 1321 earnings statements with the ravages which these are showing In so many Instances upon the accumulated aurpluau of the past. It will have many more tuts of the same kind during the noxt 6e Nor Se 1988 Nor Pac-G- t 0 8 L 4 1929 Penn 7a 1980 6 P PL 4a 1950 gt L do PL 6a 1950 Bo Pan coot Be 1964 do coat 4a 1929 do ref 4a 1955 Bo Pac-fta- n Fran Term 4a 1950 U P let 4a 194? do eoor 4a 192? do ref 4a 9008 . WoaVPao 5a- - 1948 (A whloh made Itself gelt curtailing Investment buying, and which may In the end prove a still more disturbing factor. This la the proposed soldier bonus, admittedly certain to pass at the present session of congress. -- Since ........... I960 uncertainty has arisen In Future Tests Likely. ft Co.) At4? Top ft Kan 4e 199& 1089 Belt A Ohio coo 4 Te IM5 Caa Natl Ry Caa Nor O K A fit Paul roar 44s 1932. . Itfttd.. ('Nl taloa Btartun Grand Trunk Par 4a 1968 Grand Trunk 8a Gt Nor T 198(1 Gt Nor of tan 1938....,., NIOTi OuLvaults haverecent- ly been enlarged, and proved .facilities -- added. Boxes from $2 to $60 the aa tha period. Th. market bay. exhausted the wUmulua oi The janUary' rilnveatment domaind and tiie easy money condition, regularly occurring alter the turn of the new year. They are waiting to get a lineup on the trade ituatlon aa It would be In the aprlng, and It is not until well along In February that It la possible to site up the probable volume of aprlng orders. An investment or a speculative market which has had a considerable rise In the first three weeks of January la Inclined to tag off during this Interval of waiting. It very seldom happens that the second month of the year tees Wall street attempting any fresh tha HAILftOAB B0HDS. Reported by J. A. Hogl (A Jaa. do 2nd 4s do 1st do 2nd do 3rd 4 do 4th Victory do 95 98 90 90 90 . .. 4s 4s 4S 3s4s.... . mt '..4? Cnh.. com ud 40 00 00 08 97.10 '90 21 , . 100 24 100.241 SUGAR NEW YORK, 84 $ MARKET. 93.88 90.44 90.04 90.64 96.12 97.14 90.90 100.28 100.28 . It n. 2. Th. rw ,uir lHfc-iud wolwH t to S 5? (or r-w freight, equal with uleo of 15.000 bag. lor Rob-retr- y shipment te aa operator. The raw sugar futures market opened unchanged to 2 points lower under resewed liquidation. hat steadied up on covering for neev with final prices unchanged ta the week-enMarch closed at 2.29; 6 points act higher. May. 2 38; July, 2.57, and Bepteoiber, 2.71. There was no changes Is refined sugar with fins graanlsted Hated at 8 10. There waa ealy a moderate inquiry. Thera wars no transactions la refined future, duped unchanged at 6 50 for March, 6.89 for May sad 5.80 for July. COTTON MARKET. NEW YORK, Jan. 29. Cotton futures opened firm; March, 1666; May, 1036; July, 1002; Oe tober, 1646; December. 1530. Cotton future closed steady; March. 1066; May, 1841; July, 1010; October, 1680; December, 1581. Spot set ton. quiet; middling, 1696. ; such, a calamity. By STUART F. WEST. (CopjTlgiht, 122, by Salt L&A. Tribuna.) NEW YORK. Jan. 37. The last weak tff til last wMk ltTT'ebruary la commonly known in tha buslnaas world WE HAVE CLIENTS WHO WILL TRADE AS FOLLOWS Eubject to Marks? Changes and Prior Rales and Purchase OIL Bid. Ask. .35 .47 Advance Oil .0114 A Ref .02(4 Drill, Apex (new).. .01 .0174 Art Oox-S- ...... . Boe Big Six Oil Big Indian Cox Realisation .2? .... .73 .11 .30 .71 Offer " ej Carbon OH Capital Petroleum ., Crescent thgle ..... Edmonds Ember OU Fargo Oil Famham Dome Pet. Ouetgveeon Kinney . , ....... Uncoln-ldah- o McOerry-Hedge- . . e Paradise Oil Chief Cone....... Mexte Eldorado Mexia Terreon Out Real Owenwood Vfexia 700 ........ ...a....,.... ( WEEKLY METAL REVIEW. NEW YORK, Jan. 2 The volume of rew bualneee in the steel market Is not Impressive from the point of production, the market Is about noldlnr Us own and the trade Is very confident that conditions are shaping themselvu for 'an Improvement. Export sales are larger, with an Increased demand, both from Japan and the far east, as well aa from South America. Domestic buyers are holding off, on account of uncertainty over partly rates.' freight Pig Ison Is quiet, and, while girtcee are tone not much changed, the of the market Is unsettled. Competition la keen for new business. In the copper market no lmprovemetn has been reported during the week. A UtUe business has been put through the export association for shipment to Germany and France at prices equal to about 14 cent, c. 1. f. European ports. Otherwise, no revival of export interest has been noted and very few buyers for domestic consumption nave been In the market. Competition for the small business offerings nas led to price shading by second hands and some of the small producers So far aa can be learned, however, the larger Interests are not pressing for business and are holding their quotations fully up to the level. Tin has beea weaker In response to Chinese Interests and by setting heavy What Is th Next Move? Up or Down? THE MARKET INDICATOR WILL TELL YOU Ever since our organixatlcn was eatabllshed we earned a reputation with our customers of being 95 per cent In our advice. Readers of Our Market Indicator know What stacks to buy snd what stocks to sell and learn the facts by following our Market Review. If you are Interested In the stock market you cannot afford to miss a single copy. If you are not on our mailing list write us at once and copies of Our Market Indicator, and our Market Review, will be sent to you free every week upon request. No obligation on your part Just cut this aa and mail to ua your address. WM. B. LANQHORST A CO. Stocks and Bond 34 Wall St., Nsw York City t 00 Baw Ore Discovery -- ! be checked and Silver Silver and Silver and ' Complete lists, aacka yours for should Gold Gold, Gold, d Magma Copper Mother Lode Uotbff Lode new do Coal Nipieftng Ray Here Va Beat la OGDEN. Jan. 28. Cattle Receipta, 236. Choice hearj steers, $8.006.65; good steer, 608 00; fetr eteerm, 84 5025 00; choice feeder steers, $5. 0950.25; choice cow sad heifers, $4 505.60; fair to good cows and heifers. $4.0Oft4.6O; cutters, $2.008.00; censers, $1.0t)f2.00, choice feeder cows, $3 694 60; fat boUar'gft 95r 80r bptofas 4mtts, 4.0&tsd90; real calree, $7OOtg0OO. Hog Receipts. 1891. Choice fat hog. 175 to 250 pounds, $8 25; bulk of sales, $7.76488,36; feeder hogs, $7.50408.00. Bheep Receipts, aooe. Choice Iambs, $8 B04J 9 50, wethers, $7.00fe&00; fat awes, 5.00; feeder lambs. 7.0948 90. $6 , ical insurance against Uintah OU A Exp...... Union Cona, Oil Cal. Oil Products.. which only a month ago was 71 per cent, Utah Con. Oil OMAHA. stands at 7714. the highest since April, Utah Dome Oil Virgin 1517. State Neb . Jaa. Sterling exchange has passed Us Western Oil Field OMAHA, Bureau of Markets.) Hots Receipts, dnrjO; best figures of either 1421 or 1530; It Is Y OU Gas back to where It was In the fall of 1311. fairly actlre, 10g20c higher than yesterday butchers, meetly Inasmuch as Oreat Britain has been able MINING' arerage; 180 to P to more than offset Us export losses by $0 004 8.80; bulk of sates, $8,26696; American Leasing . . $8 80. down Its and Inasmuch Imports, cutting Cattle Receipts. 850. Compared with week as the excess is undoubtedly leu American Con. Mines. ago. beef steers 15 25c lower; aha stock fully than theImport amount of the Invisible Belierophon . ....... steady; bulls weak; mala 25c higher; stockers credit that Is credits derived fronv Bristol Silver ....... ship Etta gad fender strong. on from arid Investments with week Interest My tolls, ghaep Receipt. 600. Compared Eureka Metallurgical expenditures abroad by American travel- Glenallen ago. Iambs 25c 6 36c higher; yearlings 60r$ Mining .... higher; 4tep and feeder mostly 50c higher. ers It la not tasy to set limits upon the Globe Cone. recovery In the English pound. Certain- Ktmmel Mining ..... KZW YORK LISTED STOCKS, ly the condition In the American exMining changes from the British standpoint Is Louise Mutual Metal best It has beetustBce 1314. sea. . Caledonia Cal Jerome . Can Cooa Copper Creeeoa Dundee Hecla Bollinger Howe Bound 00DXX. Special to The Tribune. KANRA8 . ... Cona Silt Clt Prod Slmme Bmeiley Oil Sapulpa Mine Big Ledge 006 . Are they exposed to theft, fire or loss? A safe-t- y deposit box is econom- Soldier Bonus Is Disturbing Element; Tax Increase Certain; Banks Improve. KANSAS CITY. 28. (Called States CITT, Jaa Cattle Receipt. 850. For Bureau of Markets to 25c tower; top, steers weak beef week, $8.10; canners. cutters, bulla, stockers. feeders sad stock calree, steady; fat aha stock, steady te 25c lower; calree, strong to 60c hlgbter; stock caws and heifers, 15c to 25c higher. Hogs Receipts. 800; fairly actlre; mostly to ship-per- . Bonds Show Gain. steady te strong; one lead 199pounder $8 05; hulk of sales, $8 00$ 8 66; packer While there has been little contribution top, $8.56; mixed load, $8. 10 8 28. Bheep Receipts, 209. For week, sheep and during the week in the shape of trade higher; fat lambo, news, the banking position has continfeeding lambs 25c to 50 75c to $1 higher; top. 18 80, ued to gain. The federal reserve ratio, Midwest Ref do Oil common Mutual Oil (Elk Baln Okmulgee Omar $8 00427 00. Hog Receipt. 854; market steady. Choice prime top fat hog. 170 to 200 lb., $8 75; bulk of sales, $ft.26Q60; feed era, $8507.60. Bheep Receipt. 4367; market steady. Good choice lambs, $9,0049 60; choice yearlings, $A fat wether 00; $4.50$ 6 50; tat awes, $3,600)4.00. Bursa of Markets.) Cattle Receipt. 600; compared with a week ago, beef steers and better ''grade fat aha stock mostly steady; good sad choice beery steers about 5e higher: canners, cutd beef cows and bulla, strong to ters, 76c higher; 16c higher; real calree, most! atockera and feeders. 25c lower. to 25c 10c M)0; .mostly Hogs Receipt, arerage; . closing weak; higher than Friday modof Indication about 4900; shippers bought erate holdorer. Top, $9 25 on 140 to arerage; bulk, $8 60$9 00; pigs, alow; few strong weights np toC9 36. Bheep Receipts, 6000; today's receipts aearty all packers direct; few leads on sale weat steadr at $13 60616.76. Compared with a week age, bed fat lambs, 40c to 80c higher: fat yearlings about 6oc higher; fat sheep, feeder latabe sad medium grade fat lambs, aseeUy Xc up. Oils Allied Oil Allen OU Boston-Wy- NORTH SALT LAJtB, Jan. 28. Cattle 412: market steady. Choice weighty item. $6.25 6 75; good steer. $5 00ft00j fair steers, $4 00$ 5 00; choice cows sad beery helferw, $4 0Q5 00; fair te good cows and heifers, $3 2ft 'j 4 00 ; cuttera, $2 00$ 8 25; caa boaera, $1 50412 00; fat bolls. real , calree. logna ball, $2.00Q2.60; light CHICAGO, Tob 50-pa-ge 8042 ... ... .1 Reeding Kep 1 A S Royal Dutch N T Sinclair O A Ref Hndlo Radio pfd a good municipal can pedal improvement district bond or war -- - booklet rant. Our Wasatch . Pacific Mail Anglo-Am- a ROSS BEASON A CO. INVESTMENT SECURITIES Felt Building Salt Lake- - City ... Norf A Western Nor Pacific . v Okie Prod A Raf ccun apply In describing Your Valuables With Certain Conditions. loss of 518,890,000 reduced excess reserves to 520,736,000. A contraction of 121,414.-00- 0 was shown In reserves of members at start. the federal reserve bank and net demand Market Moderate. deposits decreased 122,867,000. There le no reason to believe that this Tear will be any exception In observing this precedent. All that has to be noted la that the January rbw In the stock market was altogether moderate. Involving very little increese In speculative activity. Consequently such reaction aa Is now occurring should be correspondingly small. In the bond market there has been much mare of an expansion, and hence there is room for more of a retrograde movement than In the case of stocks With the course of the week, moreover, a new ... ... ... . H .... Midrale Steal Ms Pacific Nevada Copper Perfection Paid From Taxes tax, and return the inveetormoce--fhaI per cent annually. Write your name j and address across this advertisement J madl to us, and we will eend you this booklet without cost or obligation. The principal foreign exchangee retained most of yesterday's sharp rise, notably sterling and French franca Oer., man marks relaxed slightly, but quota-tlotvs on neutral countries were lrregu-- i iarly higher. Betterment In South Amer I lean trade conditions caused another brisk rise In Argentine bills. o Actual loans and discounts of clearing house banka were again decreased by about 528,000,000, and the actual cash A Pulp Phil Morris Taxes, -- Because ? 37S.OOO. N as OPECTEO old-tim- a rtra-- N-- NEW YORK. Jan. IE Bualneaa on the stock exchange today wae duller than session of the new at pny week-en- d year, the severs storm interrupting con- nections with southern points. Trading waa unusually professional, ft number of relatively obscure issues developing strength, apparently under pool Among these were American auspices. Ioe, National Bieoult preferred. Remington Typewriter. Associated Dry Good, Kreage and .May department stores at gross gains of 8 to I points. e Home favorites of the steel, equipment, meter- - and shipping .divisions also Improved, probably on short cover lng, but most of the Investment rails and Industrials held within fractional bounds.' Bales fSi.OOfl shares. Dealings In bonds were light, the market continuing to ease especially for Liberty Issues and some of the rails and foreign war flotations and municipals. Total sales," paF vaiue,' aggregated Bill, Aiutr Loco Ames Smelt A Kef American Sugar Amer Sumatra Tob Ainar Tel A Tel , Arnaf Wsulea Amer S la A 8 ... Anaconda Copper Atchlauo AtiOoif A W-- led Baldwin Loco ,, Belt A Ohio ... Beth fltoel B . Butto A Bop Cop-- ,, Lalit Petr Canadian Pnclflc . Central tea ther Motors ., Chandler Poerlees Fundamentally, : this Is the which both the capitalist and his examln lng engineer should keep constantly In TO o' .... i I SNOWSTORM Business Transacted Lightest Since Opening of New Year and Is Chiefly of Professional Moderate Rite in January - ' ' Character. Business in Accordance Industrials Since then these shares havs paid in 71 each. dividends approximately It Is this phase of the business that makes mining so attractive. It Is my experience that the speculative Investor In mines asks simply, "Shall I havs a better than even chance to win? I do not ask assurance of suocess, and I absolute ehall be glad to have as big a chance as possible, but at least I favor in my want more than an even break." In their search for mines many engi- neers demand conditions In ths properties they examine which preclude successful ventures for their cllenta They reore In the mine and quire developments of terms of purchase which brlrig the venture eo far Into the field of Investment that they eliminate the profit which goes On the basis of aswith speculation. sured and certain results, mining becomes an investment end cannot be bought except on the terms of an investment. A famous and wealthy mine operator of Denver, speaking of a prominent engineer of his city, said to me: "I would not hire that man If he were the last engineer on earth I He would deny me the oppor-- . tuntty of malting a hundred thousand dollars for fear I might lose a 'thousand. Recently one of our eminent mining enhas 'cleverly, summarized the congineerswhich should govern a mining Indition vestment In these words: The conditions are reasonably promising. and careful Investigations appear to warrant the speculation, the rospect of winning le proportioned to the chief After Is all. the factor that tk. o be considered Is the ante too big for game or Is If not? Mining operations of hls kind are ess of gamble than poker and lees of Investment than Liberty bonds; they in ikhlch represent healthy speculation, a large gain may be won at the risk of a comparatively small loss. This essential feature of a sane mlnin As Certain U ? BY SLOWED Aetna Allied Pk c Csr.. L A Cleveland Mo Durant Mo Pic Goldwyn Profits Enormous.! MORNING, JANUARY 29, 1922. ITRADING ON STOCK MARKET s-a ss AY- - by accurate assays. Ltad ... 31.00 1.60 Copper.. also sample mailing the asking. 0 R. H. Officer & Co. 149 ASSAYERS AND CHEMISTS For 29 Years at South West Temple, Salt Lake . . Montana.-Bingha- Little May Naooxarl Copper ..... North Bwk ......... ........... ........ ...... ........ ....... ........ Rye Patoh Raima Mines Sliver Reef .10 Southeastern . .03 .... Monarch Spruce 07H .02 4 Pope Shenon .01 Sunset Mining .02(4 TlntW Davis .06 joa J08 .11 Vtpont Sliver INDUSTRIAL .02 0214 Baker Steam Motor 1 30 2.50 Beetgrowera Sugar John T. Clark Tire Offer .0044 ... Fireside Coai .11 02 Gen. Red. A Chem .06 Little Cot Trsnsp. pfd,. .30 Mab Mfg. Co. .60 Mutual Coal 4,00 7 00 Mutual Creamery 4,50 Bid 1 75 2 25 People's Sugar Pan Motor . ,30 1,00 Security State Bank, Ogden ... 103.00 ... 13.00 Salt Lake A Utah Ry Silver lie Products .20 TO U. 8. Fuel .75 o 2 00 2.50 Sugar Utah National Products... 1.23 Utah Imp. A Vehicle 77.60 Victor Motor A Clutch Co. 02 The Attention of Banks and Bankers Is merited by our new booklet, SPECIAL IMPROVEMENT OBLIGATIONS OF UTAH MUNICIPSALITIES, because) It describee and discusses bonds and warranto Issued In payment of special improvements. Banks accepting these securities as collateral or purchasing for investment will find much of Interest In this booklet, which will be sent free on requesL ROSS BEASON A CO. INVESTMENT SECURITIES In (Utah And Idaho Felt Building Salt Lake City WssstCh 4042 Utah-Id&h- Z. C. M. I..r..x 107 50 112.00 Stocks sold on margin, monthly payment and buyer and seller sixty Can handle any etocU in any marketdays.If yow etock Is not quoted, write ns Tor quotations. C. S. GODDARD LOSSY ATLAS BLOCK Phon Wasatch 2233.2254 Salt Lake City, Utah In London consequent weakness and Domestic traders became buyWrfli Fw 00 FBEE BOOKS Oa Singapore ers on Thursday, but consuming Interests are not In the market Lead was quiet with traders pretty well sold up to the end of February and asking premium for March and April deliveries. For line there la very little demand " from consumers and with competition SAN FRANCISCO, CAL Hobart BoUding. keen prices are the lowest since last fall. Tower Building, CHICAGO, ILL, Antimony continued easy under scat- Softstlfto Americas B,dg.. WASHING TON, D. 0, tered local pressure. Wool earth Building. 4r 3 W YORK. hMunnITCo. |