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Show ' . - THE SALT LAKE TRIBUNE, SUNDAY MORNING, APRIL .. !), 1922.- - 7 .. Construction in U. S. Reaches Highest Point TO WALL STREET Is , and Gloom -- C r wer 1 2, ,e Public, After Long Period of Lethargy .Realize Business TTr TT Crccr NEW lORR. April 8. Building expenditures oflOS cities of th United State during Marrh totalled the greatest amount ever known in any meethin? this to country's history, according Hradstreet. The biggest increases were noted in New York, Chicago, Cincinnati, Philadelphia, - Pittsburg, Roihester, Louisville, Milwaukee, Port Worth, Houston, Oklahoma City, Baltimore, Atlanta, Washington, fionver. San Francisco, Seattle and Portland, Ore. Tha march expenditures, although taken from only 109 cities, were 4 per cent In excess of the total in 183 cities for the largest previous month, April, 1920. Improving. Despondency Prices of All Important Bonds, Including Liber ties, Continue to Riser - Hovering Over Market astray the gain trade waa In Its calculation of a crop shortage two months ago. Maintenance of the better price for Year Ago Disappearing. wheat depend upon a mnMjio longer on short-cro- p' reduction In at home, but yields In otner countrie and the enlarged purchasing ' power derived from BY STUART P, WEST. Improvement In exchange rates. The exchange market is now awaiting t Copyright, 1922. by Salt Lake Tribune.) more anything else to see what hapNEW YORK. April 8. The Will street pens than at-- the economic conference at atate-methe summed in be sttuaLon may i)p , Genoa, IE' 4 mors hopeful of result that the investment movement ha now than it waa before the overwhelming vote of confidence given this week to lout none of it igor, v hile the apecu-- T the British and. this implication lative movement has steadily gained. It to its polkycabinet, of conciliation with Ruseia hae taken nearly four month of rising and milder treatment of Germany. JwicfttL oti the stock exchange for the CLEARING HOUSE REPORT. public to wake up to the truth that genNEW yORK,"Aprlt 8 The actual coneral business Ls very much Improved and dition of the clearing house banks and a was Wall street long trust companoes for the week shows that that right when, bokl$14,661-,95in excess of legal reset about they ; agh as Jrrury. It ha mil quirements,.:. .Tins, is., aa itncreas of. AL- i, d'Jjeoufitijtg thl. impravemen 332 890 from last week. , share days which ihg , The statement follow; market hae now attained mean that ouV--r ' J, . Actual condition: stde buyers who hold RlCior trWne 'pTM1 if Roans, discounts, etc., $4,452,007,000; dewere down are now flocking in as they 7 crease, J)t, UiO.Chm). have not done since the spring of WM Cash in own vaults, members FUR, bank, AH this is oult in aocordhnctr with Still it shoes more7 forue-- l $63,718,000; Increase. $4,433,000 precedent. Reserve in federal reserve bank of mem1 mar-Wall ever the that than htpeet fully ket of a year ago misread stwieral con; ber baqks, - $318,709,000; decrease. $4flo.0o0. owa- - vaults, Mat, banks .and 4.'ru4i,4ti, tho extreme, iLtione dost as ianiia. ee the markets of 1919 had kt the other. trust companies, $7, 643,000,' increase, - Reserve etete banks and liquidation Involuntary. trust $9,303,000; Increase, - $149,-- - ' ' It Is' true that much. of the liquidation 090 -- -companies, . ' " ' which brought about lie low prices of Net demand deposits, $3,929,309,000; deI 1921 was 000. the first six monthabf crease, $12,624 Time deposits, liquidation, -- Individual had to go $270,184,000: Increase, to their strong hozeaLto ohtain. tha mean pgtvMSW to protect themselves against threatened Circulation, $33,9t6,0!0, tnrrease, $150,000. 17. 8. deposits deducted. $33,339,000. business losses, Corporations caught in to Aggregate reserve. $535,656,000. j- the traffic slump, and needing money rover a huge depreciation in Inventory Excess reserv e, $Mt6el,05o; Increase, accounts, had to unload their security -sort was left. this It holdings right and eSammary of statO banks and trust in Greater New York not Included , of forced soiling which brought Liberty bonds down to 8) .and .perfectly .sound In la r i bg hh - rt s trme nt - - 8 7, eveu. securities ttnd to a corporate dlsootmte, ete,. $628,034,900; Inper cent basis. $3,5.36.700. crease, blueStilR looking hack do theGold, 637,700; deorOase, '$161,300 days of last summer, these excessively low quos Currency and bank notes, $15,818,900; tations did not misrepresent the sentl-me- increase, $346.3oo. , time. The attitude of the IXeposIts w Ith federn V'reserve bank of ono; man was one- of average-busineToorrfnerenecT'Tlrtn $49,626, Njsw York, Prominent bank- Itetal deposits, $6. $,623,609,. Im revise, discouragement. ers were privately quoted as most pes--' snniatfa: "Tririsr - eirmm rrfrf5m jrrfni7mn renerne depoaitortes and other banks and Gloom Disappears. New York in trust companies and 1 nltrd , 6 d( posits, $610,727,209; Increase, As for speculative Wall street! it had W a tea' 000, a picture of the whole world outside this Banks' in vault, $26,277,690. Cssh country going bankrupt, of a consequent nt 5 T -- tt-- $393,-0O- -- Invol-tinta- AMERICAS UVEST CREDIT STORE By ALEXANDER DANA NOYES. NEW YORK, April 8. An interesting week on the stock exchange closed tor day with the trend ot the five preceding In both stock and days maintained. bon markets the days" transactions wer Satexceptionally large for a urday market, and in both the forward movement of prices continued. This was notably true of the investment bond market, which ended the week In its best form, with three of the Liberty bond Issues at new high prices for the week and the fourth passing all previous records, with half a dozen foreign government bonds. Including the 8s and all the United Kingdom bonds at high record prices and with numerous advances of considerable scope and industrial securiamong railway ties; comparing Today's final prices with those of ,a wek go.th,r)e., ia, bend market prices is striking, tlx net gains ranging from to I points in a long list, of bunds, among wbtdh are many of tjfis IA most substantial on the market. number of liberty bonds have movedAip $S to 1 point during the week, The stock market, as was to be expected afterthe series of daily advances, shows even of valnes fop.' the larger enhancement -,E5 r For the first time during the week the foreign exchange marks t .. had, a part In the upward movement. 'Aft advance of J !id brought sterling to $1.41. 6 rate not touched since March 3, the second day of reaction from the .period s high level of iUU. two-ho- WORDS (WAKE jm 4s Czecho-Siovaki- an xe you awake to your opportu-nlt- y on our wonclothes-- " derful buying plan? - - I j: I - r- -- - wmt&miwmm week-r----- 14.44.. Easter Clothes f g.- - ; Now! -! went to 9.16c French-exchang- for the first time since March 8: it has been as low as STc during the intervenwas the highest ing period, and 8.24 flgure-oj't- h season. Whether this means that speculation is now taking a hand in the exchange markets, on the chance bf someshlng of Importance' actually being accomplished at the Genoa conference, width convenes next week, is sia Inter esting question. There is a possibility that the state of the InVestrnVpt market, and th opportunity which that condition may openfor-to Kuroean governments whom will mally assent to the terms of the experts at Getmep wP4 play a tergee part to- - the ill ussion." than - l.lovd George's vague proposals of revaluation.'' How 4rtrte4he grwHt" trade wnirpip-priseor excited bv the deportment's favorable reHrt on Friday afternoon on Hie condition and prospects of the grow- -' Ing winter wheat crop was shown by the rise in wheat which occurred today, after a momentary pause of uncertainty. . Trust companies; Cash in vault, For the day rf lc to 2c advance, current belief that abandoned acreage will (be targe was one possible explanation; hut WEEKLY FINANCIAL. j supply and demand for the grain left NEW YORK, April S. Dealings Involvover from the harvest of 1921 remains ing no less than 7,000.000 shares, mostly at the outstanding question. highest prices for the year or a much longer period, and a corresponding degree of activity and strength In tho bond Met. epitomised a noteworthy week in the sec .Titles market. FWtnr on which the broad foundation of hellish enthusiasm seem to be laid, notably the mailed improvement In general economic, financial ami industrial oond"MloiiK are now so widely recognlxed.' even In conservative circles, a lo occasion 111 lie, lUiii'ul Almost He ,im dissmtioni only cloud on the financial horison was the susivensinn of operations In the etwil fields, but the strength of coal shares, almost collectively, brought to mind a n Kraultmn that Wall streot never eelle on a strike '' Many other railway shares besides the anthracite and bituminous issues, gave of Bullish Na- of strength, impressive demonstrations these being aepnmpnnlel by rumors of e spern-l.itivor Increased colored dividends, but Interest was most keen In steels, Buyers. oils, motors and equipments Krom these groups netivlty ovtenrted ta shfiitnga eoppprs, - mbbet- ttnd textiles, most of which dcrtveil their strength from the better market pos.tton of these com- GQpcagjjr modities while food spectaltiea reflected By CHARLES D. MICHAELS. the further r.dvance of farm piodmts. to poor CHICAGO, April 8. Bearish Influencea A few special storks reacted statements of earnings and a more or leas m the wheat market have seemingly but the been fullv discounted by the recent devulnerable technical position, movement of the great mass of Industrials cline. While the government report waa tn l,e hased on indubitable eviconstrued - as bearish and early prices dence of trade revival and cheap mono, generally- weie lower, short covering and - Call loans in the open voseket ruled at buying hv housts with eastern connecwere tions made a 4Mt pit cent, but many private loansoollal-erstrong rallv The finish made at 4 per cent mv waa at net gains of -- 94211 cents on The sn mc dispn rTTy oppthdt 90 time wheat. cent on corn, MiftH cent funds, mi ornmodations for the longest on oafs and of on $t cent re. . d.rtt-living privately offeied at a Prices fluctuated In a- - most erratic from tha 4 por cent qvKitatton, manner throughout the week. While liqEngland a notce to her erstwhile allies uidation was on the offerings for payment of Interest on war advances passed Into strongat times, hands. The rally in threatened renewed unsettlement followed which values up quick luiterf aspev ts of the ly. The week's earned extbangbs.' Gone net gain showed Genoa meeting, however, forthcoming cents for wheat, while coarse more than neuti allied that development. of Remittances to central and eastern Eu- grains held within narrow limits, corn 3&15s cents, oats cents rope Improved on the suoress attending gaining cents. Provisions loan here and in and rve the showed a strong undertone, with lard Indon and Amsterdam gaining -- 52Jf60 cents and short ribs 60Ul 0 cent's, STEEL PRESIDENT SUED. A more bullish sentiment was noticeBBS MOINES, Iowa, Abril 8. Judg- able among wheal traders, who had less ment for approximately $575,000 against favorable crop reports from the southR. R. Hlwav. president of the Selwav west. Private suggested a deSteel corporation, and H. H. Budke, crease of 3,01,009reports bushels in on' treasurer and manager of the company, ocean' passage, in the face of supplies was granted to Thomas Tobin, receiver, world's shipments of around prospective 14,300,000 of the Polk bushels. by Judge James C Hume comment on- the Kancounty district court, In an accounting sas wheat Smileys was outlook construed as very suit brought by the receiver in the inter- bullish. It was a factor tn inducing ests of the - stockholders and creditors buying, as about S.OflO.oOo acres failed to against the concern. germinate until thts spring, and the outlook is problematical; Export demand showed no signs of inThe milling call creasing materially. TffiiS rom-pani- i nt of-th- e -- -- ss repudiation of all indebtedness,' both public and private, incurred by Europe to America during the war years, and with this. atotal loss beyond recovery nt the foreign trade. As these evils pass Into economic history they will carrv with them the comment that July. 1921. was quite as foolish and extravagant a period In the era of liquidation and deflation as was October, 1919, In the era of Inflation and wild speculation which preceded It. do far as present security prices are concerned, they are bark pretty well to normal. This ia true of the Investment bond list, of the better grade of dividend paying railway etock a and a majority Of the representative industrials. The whole recovery, of tha lant nlea mbnhsEas teen fir anticipation of just such an improvement in outside trade conditions as now is occurring. Caution Advised. engaged in it on the inside, most oer-tainly for .those drawn Into. It from the ou tslde. , The time has come where caution may well be the better part. Some of the performances which have beern staged , during the last few dav in the industrial ahare market are decidedly reminiscent of those which had so unpleasant a se- There are quel in the collapse of 1920-2no immediate indications of danger, per- haps, The apenilattv movement in iu present shape may easily be carried farther, hut the advance has in most direction been a pretty generous measure of the present trade recovery. All experience teaches that it is at such times that the shrewd investors and traders who . bought. whan evorylhUig .looked starts. tvorst, began to slip ouLdf their hold tigs. T Strike Ignored. , ( -- ", . able indiffeience displaced both in th business and financial communities to the greatest strike that ha ever occurred In the country's coal mines, and in fact- - one of the greatest labor struggles on record. The governments April wheat report. Indicating a yield only slightly below the J final harvest last year,- - ehows how- - far PAYMENTS as We are absolutely on a cash basis,- with your., money hack if you can. buy cheaper anywhere ' else under the face of the sun. Thats the NORD policy! And look at the new names it is putting oa our books daliy! uriforanmi Traders With Private Crop Reports ture Are .Chief 1 i d rxexho-Slovakla- Tomorrow Continuing Our Big gale of : Easter Suits m v Specials $4490 the quality and price being right if you buy at Auer- adjusting within a year, a there is no charge for the service. ex--tr- bachs. READINd GLASSES BIFOCAL LENSES Our ' test for rending glasses are both oh.vpotlve arid subjective each ey being tertnd separately and fitted Individually. W will make you a pair of reading glasses with, spherical lenses. In gold, filled frame, Monday, Tuesday and Wednesday foe If oii aie around forty, your eyea probably require glasses . for both" distance ami close work. Let us make you, a pair of Bifocal lenses two pairs In one tn gold filled or Shell frames, 4o exactly- suit votir aye. Monday, Tuesday and Wednesv day Special - I ' X weeds, Homespuns, Twills, Fine Serges m smart tailored or charming Dross Styles Suit every beautifully made and '.Richty- - Silk, Lined sizes for women, misses and juniors. e, NORDS NEW SYSTEM OF. CREDIT MAXES BUYING PLEASURE. . TOMORROW . -- Wonderful -- Values - No- t- Duplicated . Elsewhere. And this sped I purchase of New Easter Hats will further Increase our reputation for having the beat hata tn Salt ak City at this price. OPPOSES P. APPLICATION. PHILADELPHIA. April 8. Opposition to the application: of the Southern Pacific railway for permission to opciate a steamship line between th North Atlantic ports and the gulf was expressed today by Emil P. Albrecht, president of the Philadelphia bourse, who appeared at a hearing on the application, before Raphael D. Schmafelt, examiner for the Interstate commerce commission. The (southern - (steamship company's line, which Is not connected with the rai'road. but which operate Jrom Philadelphia to Houston, Texas, would be at the mercy Of the railroad s line, Mr. Albrecht said, and eventually' might result in goods lielng shipped from Philadelphia to New York or some other poet to make connections, instead bf the steamship present direct service. CENTS. FARE FIXED AT CHICAGO, April 8. After a Jong fight street car fare beover video go's fore the Illinois commerce Commission, that body haggled down a decision today Pxlng the fore icftcv Mar 1 at 6 cents. There will be no extra charge for trans- Lovely hata of Haircloth, Condycloth, Vises Braid- and All Transparent materialsthe new eprlng colors, all th new trimming effect!, To- morrow, $4.95. JS New Wraps for Easter ; Unrivaled J24 i H Jj I Tomorrow Most Unusual Sale of Easier Dresses at Values 29 ' N- Swagger wraps, expressive of tha spirit of th season, are hers, priced most moderately. W have them in all of ths most wanted fabrics and colors. Variextraordiety and values nary, Your- - wn terms of payment will satisfy us. Dashing New - Real . Opportunity that ought to bring You and Your Neighbor and ovary otheg woman In this town who wants to buy a brand new, high grad $29.90 and $34.90 Esater Dress for $19.90. . ' Normandie, , Valour Polos, Twssdt, ate. In all th latest colorings. Richly Jined sn beautifully .fin- ishsd. Value without a pser in the city on our terms. , No ( matter what the t, m: , Courisi Other Dresses, $10.00 to $89.9G Tomorrow Extra Special Offer J aunty N ew TWEED SUITS Kelly Tweed In the mixsnsppelst tan and gray nd notch tures. Tuxado Knock-out collar style. valutal Att-wo- si, Credit to People Out-of-Tow- n Welcome Conference Visitors. - - Mi r ee- - youll find th hra tomorright Dress nc at the right row price. $t9,90. 5, Canton Crepe, Taffataa, Crepe de Chlnaar Geor- Chargettes, Krepe-Knlmeues and Trlcotlnee, in dozens of charming stylos and Just $19.90. and Your Credit It Good Of Welcome Conference Visitors. T. ff cation Out-of-To- wn -- j 1000 Credit to People 4 a Tf.v-v-e.- 1149024 29 : . fers I I t i Sport Goats i.' SCORES ' OF NEWEST EASTER HATS S. - need mft ' are sold with a guarantee of satisfaction. If lenses- or mounting You 4jV elevator Interests at Kansas City buying Mav and selling July around 8 cents difference. The May-Jul- y spread here widened slightly.. Bales of 109,000 bushels were made to go to storage. ic t trade' .was on ..in coarse V broader wet weather, With further qralns. strength in wheat andshorf c.overtqg, prices advanced' leadfly. The close waa firm, especially cm oats. There were numerous report 8 received during ttie dav suggesting a great reduction tn the oats acreage, due to the great delav in seeding. Domestic and export demand la aiow, - , Strengthen other grains and reports if export demand had a bullish effect on rve, and prices advanced readily, trade was not large. Auerbach Glasses has iu i J QO. $3490 34 J24 - Since 1864 Store Auerbachs gtood for honesty That Were Featuring as Extraordinary - - n Optical Department, main floor, Broadway entrance Consultation Is" free1 Charge customers may have glasses charged Broken lenses quickly duplicated Wo save you time and money ) astor al STORE ITI .1 n. LO. V EJ XG r nn I' tlnhoxv BROADWAY THE " - i 10 t YOUR 0. sdtW merefaandisin?. ' .may depend PREAD for-eig- m The statement of the steel trade that the milk) are now at 70 per cent capacity on the emraged average is equivalent to saying that thev are back 'to what would have been 100 per cent before the war, for the productive Unit in tha steel industry have multt-- , plied greatly since 1914. This rapid up- -, turn most of it writhin the last month t the BtecJ renters is ttie most inter-- J esting feature of the Industrial situation at tha moment Next to It la the rma.-k-- ; STATS -S- rtf time-wor- But Inasmuch as nobody anticipates an Immediate trade boom, there Is no jueti-f- i cat Ion for any big speculation of dorks If the Wall street pools, flushed by their recant successes, attempt an imitation n the markets of two years ago It wilt an expensive experiment, if not i for prove those ; you. -- om-.plete m . Instead ofgivin(fIyou. only 30 days to settle your account, we let 'At j; T |