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Show a 7 - THE SALT LAKE TRIUNE, SUNDAY MORNING, JUNE 4, 1922. 12 msam Rowland Hall Graduates Number Nine OF IDLE Hi s ? ' Amount of Unused Credits Reaches Highest Mark f in History of the Country . 'U v of Securities, Foreign and Domestic, Promptly Oversubscribed V k or'" f vV Issues All - us:sj ""T" A Conftsmses Tomorrow BY HARDEN COLFAX Copyright. 1352, by Bolt Lake Tribune.) varies rili: h f'i B)on2 The farm loan board's offering of of 4 per cent title free bonds, Pffered a few weeks back, was so heavily versubsertbed on the day It was offered hat the board Issued a few days late, nother $12,000,000 to take up part of ths verflow. The Canadian government 100,000 000 bond Issue, put on the mar-about a month ago, disappointed lit that They could thousands of Investors pot get a share In- I -- et it industrials Go Rapidly. Industrial offerings of prime value meet the same response. During the present beck the New England Telephone and company offered $11,000,000 of feegraph first mortgage I per cent bonds. The books were opened gnd closed Immewith an enormous oversubscripdiately ar tion. The Virginia Carolina Chemical company's $22,500,000 of first mortgage T per cent bonds was absorbed Within an hour. Tho comparatively small concern seek-n- g money likewise Is embarrassed by the profusion of offers. The Utah Light and Traction company offered a few days tro an Issue of $12,500,000 In 5 per cent bonds. It had to turn away dollars from It doors. Ths Philadelphia Electric company put out a $7,500,000 Issue of 5 per Cent bonds and many Investors failed to obtain as much of tho offering as they wanted. With the horde of Investors. Individuals and banka clamoring for loans, inter-erates ara dropping fast. Borne of the borrowers who hsd to pay high retea a Short time ago are peeking today to pay bff their old loans and Isaua securities at lower rates. An Instance Is the application of the New York Central Railroad rempanv this week, made to the internets commerce commission, for the opportunity to wsv book at a premium of I per cant $21.303, 300 of Its notes Issued In September, 1329, at a 7 per cent Interest rate, and Issue Instead a similar Offering which will pay but 6 per cent. at high Rates Prevail. The affect of this tremendous pressure Idle funds has been to cut bank earnings materially. The federal reserve nka for tntanre,-pal- d the government About $03,000,000 in exeats aarninga as a franchise tax last year. In 1320 the payment to the government was about the ifame amount This year, however, due to ;mwered Interest rates and the great of funds seeking investment the derei reserve hanks will pay i'ke $5,000,000, a drop of moresomething than M per cent. , I 'Notwithstanding the excess of Idle money, high rates have to be paid, generally, on second trust loana on real l?ket explain jhla bv aaylng that $ha building trades are reefed activity at price levels which appear to the hankers to ha Inflated The bankers to heiteva there l at excellent prospect that houses sailing for. say $10 003, In eomd localities, today will jell In a year orso at loWer figures. The charged oh account of the Jlgh rate is fctafted. On irfme first Mrd, It is normal Cates prevail and demand or this class 6f security Is difficult to Satisfy. I of It continued Easy money and to help buslnelsa further back to normal ? re according to ivea here, The movement report or freight ver the ra'lrpads continued to gam. The iron and stepl industries were reported tunning at about $0 per cent of capacity, labor BhortiVges In certain lines becams more marked and In other tines the employment situation continued to improve. WILLY CLAIMS CONFERENCE. TOLEDO, Ohio. June U. With a view settlement of claims of the -- ,Vr,nCrn Ulya Corporation and the Wlllvs-Ovend eompenv. Federal Judge John M. called a conference of all t emits today Parties for June 13 The action fotlowed the filing of ati Inlate yesterday bv the tervening petition receivers of the W Hive Corporation against the W company Involving more than $5,0M,000. This suit was an ln- Jt?" flt,r of A proof of lm ,r,ult by tho company for $5,107,733 (, It is said. The petitioners are asking for a hjdg. fcent of $135 (40 71 end the return of th, Lch th wn: Corporation t10???,In the stock of the d H the largest single Stockholder. The court also is asked to gave an accounting ordered so that damages which the Wlllyi CorporatUm ahecea H. hav aufferad may ba definitely deter-ine! Of vol-W- -- exper-enctn- mort-gage- s, rU-ht- f r- fT J Willys-Ovorla- WtUva-Overlan- 1 d. i j HOO PRICE. ADVANCED CHIfAGO. June Th "Big Five Chicago packers, Kwtft. Morris, Wilson. Armour and Cudahy, and many of th amah ackers have agreed to pey in cents a hundred above ths market price on all kogs shipped to the Chicago livestock are free from tuiiarket, providing berculosis and comthey from a farm where both cattle and hogs are not infected with disease. thtw 1 This agreemetit.wag rcached today at a session of packers and representayint tives tor livestock exchanges and was lyrged by Everett C, Brown, president of ttne National Livestock exchange. 3. UsBU! .Jpass. Crowds of Pleased Customers All Day Saturday No Man or Woman in Salt Lake City Can' Afford tq Overlook the Wonderful Values and the Competition-Defying Easy Terms. Come It's Too Good to 7 Miss. DRESS UP THE WHOLE FAMILY sues Snapped Up. Week. - You'll Thank Your Lucky Stars! v it Every Issue of securities, big or littls, fered the nation's Investors by reputab s ouses within the past month or so has een scooped up with an eagerness born hunger. Foreign and domestic Issues ,f alike are oversubscribed again and again, For Instance, a 121,000.000 Issue of bonds pf the republic of Bolivia was offered yesterday. The subscrlpt'on books ere opened at 10 0 o'clock. Five min-te- a later they were closed. The Issue ad been heavily oversubscribed. The treasurv'a offering of 1200 000,000 n securities paving t per cent interest eras oversubscribed in every district this nspsvBimewiA'Twrv,taiMii MWiaMmdt c and weefc WASHINGTON, 'June billion dollars of unuaed credit Mee t American bank vaults today, according to jhli weeks etatement of the federal re nerve board. Savlnge and atato banks have another huge fund which they are pioet anxloue to lend. While triers ie BO method of measuring that sum. the nation's banks probably hare all told an bntapped total of forty bljllons of credit ki.l. able for buelness entsrpr.e. f Today s great reeervolr of unused credit has been filling rapidly with In the pant end stand today St the highest fear (nark ever reached In the h story of American banking. It has brought about ' A situation virtually without parallel In economic history. The man or firm pur Who wanted to borrow money a year ago bad difficulty In obtaining It at high interest rates, today be ie courted by banks and investment houses. Hungry dollars Top, left la right, Katherine Claire Ellerbeck, Isabella Hscvellle and Nathalie Mare Jacobs, Second raw, Ruby Surgoyn May, Nell Savlll Olsen and Rowans Al. are etrenuously seeking hi employ and llson. Bottom, Josephine Marriott. Retha Marguerite Abramson and Myrtla low rates of Interest The only thing Glenns Read. he need have to get all the money be loan. his for la ants prime security WHY USE YOUR CREDIT NOW. WAIT? Lowes; Down Payment amd Easiest Tern Always America' Urest Credit Clothiers. Liquidation On in Grains; July Goes to Discount; Heavy Undertone Noted. Think of It Exercises Commencement of Rowland Hall Will Be Held Next Wednesday. ONE DOLLAR OPENS AN ACCOUNT HERE NOW st A Sale That Will Be Remembered for Many Year. Speed Right Into NORD'S, Drew Up The annual commencement (Trflncxe. exercise pf Rowland Hall will be held Wednesday morning. The following memBy CHARLES D. MICHAEL. bers of the school will be graduated; CHICAGO, June 3. Liquidation was on Retha Marguerite Abramson. Bowens AlIn grains, and with heavy selling of lison, Katherine Claire Ellerbeck, Isabella wheat credited to a local Jong which fan tiar v leu,. Nathalie ilaryjecoba, Jueeph-i- n the market into stop osa orders today, Marriott, Ruby Burgovne May, Nell Glenna Read. ' Prices dropped sharply to a new low on Seville Olsen and Myrtle The baccalaureate sermon will be dethe present down turn and closed about livered Sunday morning at U oclock at Ht. Mark's cathedral by Dean W. W. tho bottom with net losses of 3 1 Monday aven'ng the annual Coarse grains were rather firm Fleetwood. seaior "The Amatone." will b givta early, but weakened In sympathy with on the play, new Rowland Ha:l stage. Tuesday wheat and corn, closed with losses of will be Junior day at the hall. At this e and oata were off l cent Rye time ths Juniors will present a burlesque Plsy. closed I lowers The senior breakfast will ha given St The passing of the May delivery failed Rowland Halt Wednesday mornlatg at I to bring tho speculative buying oj the o'clock. Mrs. Mr J. A. W, W. new crop futures and less favorable crop Fleetwood and Mr. C. II. liarv'eUa wn reports were also Ignored. The undertone have charge. Last year's sen'nr class was heavy a good part of the ween and this year's senior clast and their parthe finish was at losses of 5 of the Junto- - class, faculty members ent, as compared with the previous week. Corn members, members of the advisory hoard, dropped 1 oats and th dean and the principal of the school 3 S will be Toasts, singing and adJuly wheat, which a week ago cloeed dresses present th program, Ths over the September, went to a dis- breskfastwUwillcomprise I be preceled7 by holy comcount under that delivery today due to munion In the 30 o cluck. at chapel the liquidation by longs In the nearFollowing .the commencement exercises by futures At no time were prices higher By CAROLINE VANCE. the annual alumnae lunchthan the previous day, and atop loee or- Wednesday, eon will he given at Rowland Halt. (Copyright, 1922, by Bolt Lake Tribune.) ders were uncovered In volume on the WASHINGTON, June I. If, as a way down. There was a lack of support throughout excel such as came from of ths topsyturvy condition existshorts who were evening up for the weekIn American politics, a woman ehoi-iing end. be elected t th United States senate There was nothing in tho character of ths crop or cash news to induce any Chairman William Bailey of th state tills fall or In 1924, will she, as sh crosses material buying. board, of equalisation, has received from tha hallowed threshold, find "Welcems" win and-Foreign markets were dosed A. of the National on the mat) not reopen until Tuesday and export de- TaxE Holcomb, secretary the followlhg new 1 put this question bluntly to a bloc of mand was flat. Deliveries on June con- - Item,"association, with the comment of Mr. Holcomb hou? that this is no use at all," and a refer. senators today and they all answered ,nd wh. grain nce to the arUcle tn th May inue of "Tea" What sis could The poor things on contracts offered th June freely. th Journal of American Bankers, peg answer?. Coarse grains were Influenced mainly 727. Sehators hare progressed fartrotn that small-bo- y by tha action of wheat and a decline was lack of control when they would News item. May 21. 1922: easily attained after a small showing ot handed out black looks and bven have on committee cur'The and banking ere-tustrength early. Praatically all of the rency today th report of its Jeers to th leggy, ptgtalled little-d- ri trading waa of a local character. July subcommittee, accepted who would have dared to invade their which waa appointed to oata sold at a new low on tha crop and consider H. R. 973, the McFadden bill, pirates cave. . September equalled the old low. Domesto place national banks on A Nevertheless, under the veneer they tic demand for corn showed Improvement. designedwith state banking association In hare - acquired, some remnant of that parity Little change was noted In th basis as the ou will, of state matter taxation. The feeling, call It sex antagonism compared with the July In either corn It sticks out even In thrs recommends that ths bill be remains or oata favorably reported to the house when senator who are loudest in lauding the While rye was easy with wheat, there amended efforts of women who are trying this year as folio we-- ' waa some buytng by houses with seaboard senate. 'Section 5219. Nothing heroin shall to fight their way into ths feminine connectlona which offset liquidation to prevent alt tbo shares In any association Thu far the two leading some extent Crop reports generally were from Ole (on are Petar Mrs. for toga being Included hi tho valuation ot very favorabla th personal property of the owner or of Minnesota end Miss Belle Kearney of , are P i half a sco-- e holder of such shares In assessing taxes Mississippi, but there RAILS AND INDUSTRIALS. Imposed by authority of the state within others' dlpptn' their timid toes in the which th association Is Incated, but the political pend to see Just how cold the ( Furnished by J. A. Hogle Co ) Twenty Industrials 3 3 up .32. legislature of each stmt may determine water la Twentv rails vs n, off .09. and direct th manner and place of taxMore than- - 2oo 00!) 000 pounds of copper ing all the shares of nattbnkl banking as- Senators Talk About It. were sold In May for domestic and for- sociations located within the state, sub"Should any ladles be elected to the eign accounts, the largest total In any ject to the following restrictions, of office, 1 shell " '1. (a) That th tax imposed shall senate during my term month since March, 1920. be polite to 'em, blurted out' extern Electric preferred stock de- not be at a greater rat than Is assessed have to Moses New of Hampshire, and clared an Initial quarterly dividend ot upon other moneyed oapttal In the hands Senator la perhaps Indicative of th general $1 75 per share, payable June 30. of the individual citlsens of such state this attitude of the senate. v coming Into competition! with th busiAs a matter of fact, senators are lookness of national banka 1(b) That In any ACCEPT RATECUTS. forward to participation by women BAN FRANCISCO, June 3 A Joint state where a tax In lieu of a property ing In th affaire 'of th senate with about agreement to put Into effect In California tax Is assessed upon th iI net Income de- tho earn happy antldpatto that most Julv 1 the 10 per cent rate decreases dic- rived from such other moneyed ospltal men look forward to ladle night" at tated for Interstate rail carriers by ths such state may In lieu 'of a tax on th th dub. Interstate commerce commission was shares impose upon the bank an Income Ashuret of Ariaona, beginning Senator reached today by the principal carriers tax. eeeeseed upon the net Income of falls to se where tha digand th state railroad commission. It was th hank, but such ehaii not be at 'a alphabetically, In thf "moat august of th nity estimated In the agreement that the re- greater rate than ie assessed on the net world" would bo lowored by body th entrance ductions In both state and Interstate ship- Income of. such other moneyed capital. woman. a of ment would be between $7,000,000 and 2. That the shares of any national capable "Th world has seen eom $8 ono 000 annually. banking association owned by nonresiEltxsbeth and Victoria of EngThe order reduces ratss established for dent of any state shall be taxed in the queens Holland.' So why of Wllhelmlna land end the carriers In the elate August 3. 1920. city or town where th bank Ie located, not sot a woman senator 7" hs. questions, not elsewhere. Nothing hereta shall without some degree of redeon, . tnd to STANDARD OIL FEATURE. construed exempt th retd property lock of training la publle Ilf and even NEW YORK, June I The feature of of associations from either state, eeunty a profound knowledge of publle affaire t the week's curb trad was th heavy trad- or municipal taxes to th same extent, not necessary to th success of a woman ing and record breaking movements In according to its value, as other real prop- In th sonata, avers th senator from Standard Oil Kentucky had the widest erty is taxed.' Arison a. Woman's Intuition will balance range, moving up front HV to 10$ and what she tacks In other way. . COAL MERGER PLANNED. then reacting. Indiana ranged from 115M "Th senate has changed greatly from to 12414 and then feQ tack to 1104. Imago, said Mr. contem-plate- d the eenate of fifty year pa., jun .rrrrsnvnuH. perial Oil of Canada rose from 115 to of thirty independent coal Aahuret. merger "Today It , is crisp, cold end 12794. from which It reacted to 124. InterIrons Pittsburgh businesslike, with no time for th ptetn companies In th national petreleum was traded In at 254 te Wheeling, W. region Va., (he line of Mid gentleness of Ufe. A woman woud to 27K. In the Independent oils, epecial the Panhandle division along of the Pennsyl- add a touch of life, a flavor of romance Internet was attached to Mexican seaboard vania railroad became known yesterday to the eenate. Furthermore, die would which ranged from 44 to 47. Fen land through John A. Bell, Pittsburgh banker help to make the sens ton behave." oil moved up from 17 to 1344. Kirby pe- end chairmen of the board of directors of troleum was exceptionally weak, with a th Carnegie Coal company. The merger Women Qualified. further break yesterday when it sold down may take place In a month or two," Mr. to Senator Shortrldc of California v Bell said. th Idea that woman's Intuition Many Issues were admitted to trading Tho consolidation would bring under one anything to do with her auc-oduring th week. Including th new toapproximately 50.000 acres of wouldtnhave bacco products shares. Th new common corporation th senate. coal land, most of which la under develop, stock was traded In at (3 to 58 take knowledge to be efficient In and the ment, he Mated. The corporation would Apreferred ranged from $4 to 10. have a of about (35 boo 000. the senate. Work on commute requires Glen Aklen coal was a strong feature, Mr. Bellcapitalisation mind and Impartial Judgment," trained a stated that the deal had been moving up from 52 to 54. Gillette rose under consideration tor about alt months, bBuVrth from 210 io 14. senator Is quit sure that there but that th time was not yet suitable for Ye'tsrday. there wee initial trading 1). Iforth Americen Steel sharer, (belor-dU.that''Utera - ar p)enty ntxromen with kea gantxatton tnrwhteh thlhree steel com- of the Carnegie Coal company, and Wil- mind who would b omlnently qualified pany merger is included. Nearly 50,000 liam S. Henderson, president of th Hen- for th senate. shares of common sold within a couple of derson Coal company, axe also mentioned was rather surprising to find Senahours at (1 to 50. A sal of preferred was in connection with the proposed consoli- torIt Ladd of North Dakota, who has almade at 9. v dation. ways been a staunch friend of the wom forty-fir- mmm?r. mmm&v . and Pay Only rag at N0ED&- - $1.00 Down Pay Only $1.00 Down ltj c. 11 lh(i, o. re-s- Bill on State Taxation of Banks Chen Sanction d re v -- -- 5. pooh-pooh- It jaaTes.rxdIljHl L SOCIAL PLANNED IN COMPLIMENT TO YOUNG MISSIONARY MANTI, Jun Old Guard of Chamber Just About Reconciled.to What Appears to Be Inevitable; Various Views Expressed. c, re Senatorial Togas May Fall ' Upon Women's Heads Soon $. A farewell program will be given in honor of Allen Jensen of the North ward of this city tomorrow eveward ning at th chapel. r, Jensen will leave Jun 7 on a mission for th Mormon church to the and social en, warning them Against running for th senate. northwestern states "They wilt Injure their cause by going A number of other too fast," he dissuaded. "There should be social affairs are benow for women a period of training It Ie better for them now to seek municipal ing arranged In comoffices like places on school boards, eta' pliment to Mr. Jensen, who is th son He makes exceptions, however, tor the of Mr. and Mrs. J. J. women of hi own state because they Allen Jeneen. Jensen of this city. hv voted forty years and have bad that training "Women should become hardened te BONCT PRICES HESITATE. political life before they try for such high NEW YORK. June 9. Real!tnr Incidenplaces as the senate," he remarked with tal to th week-en- d occasioned further finality. hesitation tn price of leading bond Issues moat of tbs liberties holding of today, Kins Speaks of Home. yesterdays levels. loans were mixed. RepubSenator King of Utah concede the International lic of Cuba 5 rising 9 points, whll Cuba right of women to run for office, partic- railroad 5e with additional reverseased, tenularly the eenata but deplores th We need women now in th als In Mexican governments British and dency. French were not benefited by ottering home more than w ever needed them th of exchange. United Kingbefore. It la lack of homes that Is th dom strength 1927 of easing a fraction. matter with th world today. There are York Central (a, Reading general too many apartment houses, too many 4s,New Norfolk and Western convertible ( homes. not enough boarding houses, and Wabakh first 5s showed firmness, The senator does not insist that wo- and while recessions junior mortgage man's place is wholly In tb home, but Issues of several ofamong western and southhe thinks a "back to tho home" move-me- western rails held th within fractional on the part of women would be deTotal sole (por value) aggregated cidedly beneficial In th race. $(,941,900. man. his not will for rA boarding fight Th coming week Is expected to house," be eeys. out many new domestic and foreign bring unSenator Walsh of Massachusetts em- derwriting. th letter probably Including a woman has just another Brazilian phasised tb point loan. ss much right as a man to run for the senate: that sh was apt to be Just a man, and that he should capable as be considered exactly as a man la th nt 11m-It- a. ' eenate." , Senator Du Pont of Delaware declared for equal rights, but not preferential i rights." "I really should have asked Carrie Chapman Catt and Alice Paul to collaborate on th statement which 8enator La Follett was willing to have mad for him In respect te women running for the eenata He was anxious to get back on the floor of th eenate to vote on some question, and so he gave me earte blanch to make a statement tn favor of the proposition "as strong a you have a mind to, young lady," he said. Senator Spencer of Missouri was willing to state that a woman might be k hi some .Instances to greater acquisition, man. tbe senate then a Senator Capper of Kansas disagreed with Senator Spencer tra that fotnt He does not believe that a woman can bt o( more us tn drawing certain kinds ot a legislation than n man, hut If there is woman witnin th state who has outsh service for public standing ability O-R- Utah Finance Director . Revives Economy ' Plan Under th direction of John H. Glenn, tat director of finance and purchase, the ststq of Utgli is Again establishing n printing office. The plan is to use machine for the printing of departmental bulletins, circular letters and similar matter that can properly be handled in that manner. Hitherto several state departments and offices have had equipment fo multigraphing or mimeographing, and these have handled their own work; while others hxve had such work don, by hire, or printed. Now work of this character is to- be combined in the one office, and Mis Alda Silcox, who has had charge of the work of the industrial commission and the state insursuce fund, wilJ have charge of all work of this character for the capital offices at least. , A mulHjjrsphhijf nnnnnnnnnnnnn n n n feet by rods, with n right ef way. and turn around, on 8th East Street bet, let arft n South StreetsN n n 5 $3250.00 Cash n tb This property worth 9th East St., n quire t or phon Wasatch n 0 n n n ATTENTION 42 20 2d $8000. ' V AvI J S nnnnnnnnnnnnn A ' Bargain a i ' V, y 4r t 4 5 TN evfr'li'3- V -- I. i - A- Z lalethcr and prevent conipanvr dissipated by many InTromllngIn state courts. dividual suite Them 71 BAX SEtYEX. KTW YORK, Just A rereiga bar e kisxlcsa (rbore, kc. Dvw, Hr ' - should he elected. SKINNER CASE IN COURT. Acting on appliOMAHA, Jun cation by counsel for Keith Neville, former governor, and receiver for th Skinner Pecking company. Federal Judge J. W, Wood rough today granted a temporary order preventing stockholders of the concern from using stats court in an tffort ta defeat notes signed by them tn part payment of Skinners stock, or to recover money already paid for stock. Application will bo mad to th United States circuit court of appeals at St, Louis, It was said by counsel for on of the stockholders, for a bond, which, 11 granted, will dissolve Judas Woodrough's order and permit stockholders to sue In Mate courts. Th receiver application, it was alleged, was made to keep the 0 314-- j V In-- 110 So. Dungaloiv oofn r2-fo- .K U i 4 ' I J. MI ..n: Jk. W'1 VF Fire Bnck Hardwood floors, paving Price $3750 $500 paid; southeast; close in. c&sh, balance easy. SALT LAKE REAL ESTATE CO., 336 So. Main.' Wasatch 4032 Aik for Mr. Murray. 5-Ro- |