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Show THE SALT LAKE TRIBUNE, SUNDAY MORNING, JULY 30, 1922. runs FOB WE METALS. ..... Cepper, spot sad laMr Bonita silver TeriO ..... lee (is pslter (Zest St. leal a tell very, spot) Silver l tsadsa) . .1JT-4 ' till HU0tlt ilhi Min Cleveland American Lureka Sessions ing Congress Promise to Be Interesting WASHINGTON. July W. The national cxpoaition of mines and mine equipment of the American Mining congress, to be held at the public hall In Cleveland, Ohio, October 0 to 1.' 1M2j to conjunction frith the twenty-fift- h annual convention of the American Mining congress, bids fair to be the largest and most comprehensive laplay of mine equipment and yilne sup lies which has ever been staged. The beet evidence of this statement Is that on June IS, practically four months prior to the opening of the Cleveland meeting, approximately 100 representative concerns have already manufacturing contracted for space on the exposition-floorat Cleveland and are planning interesting and attractive displays of supferent types of mine equipment and plies. As a matter of fact, the value of these of expositions, both from the standpoint the mine operator and from the viewbepoint of the manufacturer, is steadily ing recognised among an increasing group of firms In fact, it is believed that these expositions, if they are continued as will cessfully In the future ae in thepast. furbecome a permanent annual event, nishing the operating officials in charge of mining enterprises the opportunity of studying and comparing the latest types of equipment and machinery in order to base their plans ,for the purchase of equipment. To the manufacturer of mine equipment and mine machinery these expositions are, of course, of even greater interest and value. The expositions are based on the idea of cooperation between the American Mining congress the national chamber of mines and mining and the mine operators who constitute lte membership with the manufacturers who have played and will play auch an important part in the further development of the mining industry. In view of these facts an because of d the cooperation which the Cleveland committees are representative of the plan for to the giving carrying out convention and annual this twenty-fift- h exposition in such a way aa to make It the largest and most representative gathering of mining men which has ever been held, it Is confidently anticipated that this meeting in Cleveland will be- an unusually significant and notable industrial event. While It Is impossible to state definitely at the present time the final arrangements in regard to public exhibits, still It Is evidently known that the United States government will' participate through the bureau of "mines, that the republic of Mexico Is planning to be represented with a larger and more noticeable "display oi mineral resources than that in Chicago; that the territory of Alaska ia arranging o stage an Interesting and representative 'entral- - exhibit at Cleveland, and that there will be a number of particularly Interesting exhibits from several of the important western mining states. T Strength of Jib,' Iron Blot tom and Cottonwood Coalition Features Trades Firmneaa of quotations for three leading trades. Jib, Big Cottonwood Coalition and Iron Blossom, characterised the of activity on the Salt Lake Stock and Mining Exchange after the holiday taken on Friday in order to permit brokers to make the trip to Park City with delegates to the National Association of Security .Commissioners' con vention., Announcement that tha coast syndicats will exercise its option on the Jib property and finance development of the Basin mine affected the pries of the Mon tana Issu-e- favorably. Sales totaling 100(1 shares were made at 1 and as compared with trading around 1.02, 00c a week or so ago. Walker, with 200 shares sold at 63.16 and $3 17, was the only other active expensive issue-Thgreeter part of the activity in Big Cottonwood Coalition was registered at 15c, with the close at Blossom, on the exchange of 1400 shares, climbed from 3c to 38 Vic. Silver King Consolidated held at 35c. Wood lawn traded at 7c, Prince at 7c for 3000 shares, and Sioux at Quotations follow; lJ14c. 5c. USTEIY STOCKS. Bid. jAnfced - Anaconda Copper Company to Erect Zinc Oxide Plant Anaconda Copper Mining company will of its alnc provide a new outlet forto some erected for be output In two plants will be oxide. of alnc They production centrally located to supply two leading Industries requiring large amounts the tire trade at Akron, Ohio, and the paint manufacturing industry at Easton Chicago. copper The company's . campaign reshingles has met with encouraging makfor sponse. Eventually the capacity increased. be will materially ing shingles With production estimated at no greats er than a 60 per cent basis. Anaconda cannot turn out enouh copper to meet the demands of lta own manufacturing sub- -' Brass company, sldiary, the American Even if production were forced to capac- -meet requtrenot could company the lty ments of the" brass mills which it conthe war, conand during which, trols sumed 00.000,000 pounds of copper a year. could probably be made Any deficiency but up from its South American mines, the Anaconda management Itshae several before properties putting "years to go on that continent on a commercial production basis. At all lta mines south of the equator Anaconda has approximately 200,000.00 tons of ore below ground; but new financing will have to be done before the Anequipping the principal project,News Budes Copper company. Boston reau. , . RENO, Nev., July 29. An Important announcement wemade last night by Robert B. Todd of Reno, Nev. He states that the "recent purchaee of the Nevada Eureka railroad Is under the option held by Eugene Davie and that the road ia to be turned over to the newly Incorporated Eureka Smelting end Milling company. "hii company was recently incorporated with 10,000.000 shares, par value sum of The Nev. 61, at Caraon City. to 62000 wae paid by the Incorporators satisfy the demands of ths Nevada state were James treasury. The incorporators E. Barrett of Boston, Mass , Otis K. Newell of New York, and Theodore C. Le Fevre of FrancaIt ia announced that F. L. Torres ia to be the president of the new company. It la possible that Robert B. Todd of Reno will be a director, Mr. Todd is already president of the Eureka Prince, Some two years ago Eugene Davis secured an option on the Nevada A Eureka railroad, which runs from Palisade to the old camp of Eureka. He had V. plana Well 'Under "way when "Henry Winched made a report on the Eureka-Croesin which he in substance said that the ores of tha Eureka district were the result of descending mineral enrichreport ment The publication of thisEureka-Croese followed by a deeline In 1 to cents share a from Then Dr. Weed was secured and he made an exhaustive report which was quite contrary to the Wlnchell report. Through the efforts of M. H. Brigga, attorney for Eugene Da via, the option on the railroad was renewed and later taken up. The. first payment was made about on month ago. Then followed the incorporation of the Eureka Smelt, ing and Mining company. Thi incorpo- It ration papers on the oompeny permit to own, control, operate mining properties, build and operate mills or smelters and to enter Into other dnea of Indus that gives the try. It la this last clause company the right to own and operate the railroad. F. L. Torres, the president of the new the company, wee many years with comAmerican Smelting and Refining was elected he Some time ago pany. Later president of the Eureka-Croesu- s. Robert Todd was elected president of the Eureka Prince, which is controlled by Mr. Davis. Aside from these two companies Eugene Davie and wife are credited with holding heavy interests in other Eureka properties. It Is stated that the Eureka Prince, Eureka-Croesand other properties are to be merged Into the Eureka Smelting and Mining company. Mr. Todd la now securing consent of many of the larger stockholders of tho Prince, which toof Mrs. Dav is, gether with the holdings wid give the needed number of shares for the transfer of property. Aa soon aa the railroad has been taken over formally attention wid be given to completing the plans for the building of a smelter. The smelter wid be designed to handle the ores from ths companies forming the merger.; also other proper ties In the district High freight rates and lack of smelting facilities have long held back the progress and development of Eureka. us us 61-7- Balt Lake men owning interest e In Eureka have received information that Mr. Torres Is planning to visit the camp with a party of eastern capitalists. It Is understood that the first payment of 625,000 on the option is due this week. The Second payment of the same amount is due efxty daye thereafter and the or earlier, final payment at the option of the purchaser. The purchase price is said to be 6500,000, pos session to be given when final payment is made. are Conditions at the Eureka-CroeeAbout 1500 reported to be gratifying. tons of 6100 ore is piled .up at the mine The company, It la awaiting" shipment. understood, has requested the Eureka, Palisades railroad to supply seventy ten, ton care for the shipment of accumulated e ora. Lack of adequate transportation has handicapped development at the camp It Is believed that efficient greatly. operation of the railroad and erection of a metallurgical plant at Eureka for the treatment of the enormous reserves ores developed In the of various properties will put the district on a prosperous tasks. In December ua high-grad- -- low-gra- Denver Oil Geologist Visits San Juar. Field Tintic District Mine Special to Tbs Trlbaae, MOAB, July 27. W. H. Carmen, geolo- gpeetsl to The Tribune. gist for a Denver oil concern, has completed sn extended in trip over the Elk San Juan county. mountain section the Accompanied by a guide, he made circuit from the Blue mountains southColorado river. of the breaks west to the With the exception of the canyons cuthe pronounced ting ths Elk mountains, most perfect oil that section one of 'the domes in the west. In the past Awelve months this section has been gone over workby three other parties of geologists deing for companies Interested in oil velopment ASSESSMENTS LEVIED. An assessment of M cent per share has been levied by the Price Mining comAugust 23; sales date, pany. delinquent Beptember 18. 4 Mining Operator Says Purchase Has Been Made, by New -Company. gpaeial to The Tribune. whole-hearte- f MID DHL SEW YOKE PRODUCE. , NEW 'TORE, July 20. Butter weak; eream--er84 fc.l5e; creamery higher than extra. 3 Vic. creamery tlrata, 11 extra, I, ateady; receipt. 18 210. T,ff. i f heeae, weak; receipt. 6000. Lire poultry, weak; fowl. 22 25c. Dreaard poultry, irregular end unchanged. 8494e; fr CITY 4 Shipments Near Norma EUREKA. July 29. Shipments of ore from the mines of the Tintic district for SATURDAY'S SALES, the week ending tonight totaled 137 car nir Cott. Coal., 2300 et 13c; 868 it 18c, loads, ae compared with 149 carloads for 10O at 1314c the week preceding. Chief Consolidated Colorsdo, 1000 st 7c; 8000 at 7e; 1000 at and Tintic Standard were the leading shippers. How elf, 170 it 55e. Production follows: Chief Consolldat Iron Bloaaom. 1200 at S8c; 200 at 88c. ed, 64 carlo aria of ore; Tintic Standard, e. Leonora. 5000 at 30; Grand Central, 14; Victoria, 11; Eagle Mlchiran-Utah- . MO at 29cr 1600 at 28c. and Blue Bell, 10; Iron Blossom, 9; Tintic New Quincy, 1000 at Drain Tunnel, 3; Swansea, 2; Colorado, 1 North Standard, 2000 at 8c. Sioux Consolidated. 1; Centennial-EurekPrince, 3000 at Te, S. K. Conn., 200 at 85c. 1; Gemini, 1. Total, 137 carloads. Slnox 1000 at 6c. 7r. 8r. a, Tar Baby. 2000 Bt yr. Utah Con.. 1000 at 114c. Walker, 100 at 88 15; 100 at Woodlawa, 1000 at 7c UNLISTED STOCKS. Jib, 500 at $1.02; 500 at 81.00. $3.17. Eastern Engineers Tour Utah Carnotite Districts gpeetsl to The Tribun "MOAB. July 29. William B. Pornacher mew Toix curb market, and G. W. Swanson, both of Massillon, NEW YORK. Inljr 29. -- Traaaactlofia m thf Ohio, were in Moab during the week, con New York Curb Market today were ea fallow; are feiring with, carnotite miners They the carnotite districts of west- touring; ern Colorado and eastern Utah, making a study of the fields and getting authentic Information" regarding the outlook for future production. They are connected with a cqropany whtch is contemplating either the pur, chase of carnotite properties or the pur chase of ore in large quantities. bostov coffer close. OF CCPEKHAGEN (As Reported by Per Cent Bonds of 1901 J. A. Bogie A Co ) Due May IS, 1949. Interest payable May and November 15th at fixed rate of exchange, 64 85 per Pound Sterling. Cumulative Sinking Fund of Annual Drawings In August, payable on November 15 each year to retire entire loan by 1943. Interest and principal secured on present and future resources of city and the entire receipts from taxes. Price 7t'i to Los Angelos Pocatello By ALEXANDER DANA NOYES. YORK, July 29.Thn eontinued NEW and rapid decline of the German mark waa again "the event of outstanding imThe stock portance on today's market. change, whose attention waa still abroad in the labor attuation, ended the wjiek with a Showing of strength which reflected Wall streets continue! belief In the settlement of tha strike It has been a somewhat peculiar fact In the situation that the stock market has shown auch absence of intereet and concern In this fall of the German currency's valuation to unprecedentedly low depth Measured in hundredths ot.a cent, tha mark's lowest price before the present year waa 33; the 39 price of March wae the low point until June, when it reached but has now fallen with accelerated 18, rapidity to todays figure of 15. It la impossible to measure such a movement on the basis of Intrinsic aiua-tlo- n for th reason that a paper .currency Increased week by week - on auch a scale admits of no intrinsic valuation. The weekly Relchabaok atatement-o- f July 23, given out today, repeated the familiar story. Paper circulation had increased 1,689,000 marks in a week, 18,407,000,00 in a month, and 2.984,000,000. or 6614 per cent, since the beginning of the year. The fail in the mark's gold value which has accompanied that inflation was as inevitable aa anything could be In aa economic situation. In the light trading of a midsummer half holiday, such noteworthy advance aa occurred on today stock market were mostly In ths Industrial shares; but railway stocks also showed strength, a few of them rising a point or mors. Comparison of the week's dosing prices with those of a week ago shows the extent to which the market's attitude has been changed by its belief that the labor troubles will not be of long continuance. The bond market also shows a preponderance of advance for the week, although (as perhaps was natural) with YOU GAIN from Our Diversified Service The six departments of the Central Trust Company Investments, Savings, Trust, Mortgages, Insurance and Real Estate to give you a financial organization which is complete, reliable and : . i.:,.:: conservative! Through thia wide, specialized organization we are able to points out opportunities to increase your income through wise investments, through the purchase or sale of real estate and in other way 'With the financial advantage of our euatomere always first in 'mind, ws place the specialized information and expert service of every department at your command. COMPLETE INFORMATION Technical knowledge gained by a study of fiotn. eial conditions through a long period of years, and detailed current information not available to the average layman. in the considerably more Irregularity European securities. French exchange again declined along with the German mark, but its low rate for the week la etiil considerably above what was touched when thek- market was failing in the first wee- of January. Sterling exchange closed today slightly above Its final rats of any preceding week this month. CLEARING HOUSE REPORT. NEW YORK, July 29. The actual condition cf the clearing house banks and trust companies for the week ahows that they hold 639,(25.600 in excess of legal This is a decrease of requirement from last week. The statement follows; ACTUAL CONDITION. Loans, discounts, etc. 64,443,594.000 Increase 32,945.000 Cash in own vaults members federal reserve bank Decrease Reserve in federal reserve bank of member bank . . . Decrease Reserve In own vaults state banks and trust companies Increass Reserve In depositaries state banks and trust companies Decrease Net demand deposits .. Decrease ... . ...... Time deposits Increase ... Circulation Increase . U. S. deposits reduced Aggregate reserve ..... Excess reserve Decrease . . . Summary orstate banks and trust com panies in Greater New York not Included in clearing house statement; Loans discounted, etc ,) Increase Gold Increase Currency and bank notes Decrease ... ..... . . Deposits with federal raerve banks of New York Increase Total deposits Decreaee ... Total deposits, eliminating amounts due from reserve depositaries and other banks and trust companies in New York and United States; 6 744,970,500 Deposits Increase 449, 900 cash in 11,230,200 vault Banks, Trust companies, cash in 11,931,700 vault .... WEEKLY FINANCIAL REVIEW, NEW YORK, July 29. Developments In the weeks financial and Industrial markets left little doubt that all considerations were being made secondary to the coal and railroad strikes. Prices k the stock market were Irregular, the weakness of the first few dav being followed by a sharp recovery, final week-en- d prices being at or near the Rail shares, several of higher level which made new highs for the year, led the list. June earnings, with few exceptions, were regarded as highly encouraging. while latest available figures on car loadings of revenue freight Indicated that the shopmen's strike had not greatly affected car movement. Quarterly reports of the United States and Bethlehem Steel corporations reflected marked betterment in the leadSteel Common ing lines of manufacture. earned the better part of Its dividend In contrast to the previous quarter, when not sll of the preferred .dividend, was " earned. The general business situation obvious-l- y has been retarded by strike conditions, but leading authorities believe that conditions have not yet become alarming reenough to seriously threaten an early sumption of th Industrial revival. "Met I cantlle, authorities reported actual curtailment of production, due mainly to slackening of demand. Monetary renditions were unchanged from the previous week save in that the rate for call monev showed an easier tone. Borrowings of time funds were comparatively small --because of the uncertainty prevailing in the commodity market The foreign situation was again the cause of much anxletv a denoted bv the extreme demoralization of German marks German money has sunk to a level where It practically cease to have anv value as a medium of exchange, and the' Austrian rate almost has reached the vanishing point. Bankers In touch with European conditions see no hope of Immediate improve ment In foreign affairs. Private advices from London and Paris etatnF that no change from the present critical situation was ilkelv, pending a definite understanding between the heads of the "British and French governments - We Offer You DEPENDABLE ADVICE The reputation for ability and good faith thie, or ganization hae long maintained indicatea the sound judgment and long expert- - once of its officers and employees. , COURTEOUS SERVICE Your interests are always given first consideration here courteous, willing service ie yours in every department, i i Through which is operated EdDSmithtf Sons Main at First South Wasatch. 155 Investments Savings Mortgages Trust 1 Xnsuranca Beal Estate gsinniiiiiiininiiiitimnnintinnminiuimiiiiimimnimniiitinititiminmniinittiitiiiiiniiiiiiiittiiniiniiiiiiiiimimiiiiniiiiniiminiis Petroleum and Merritt Oil both sold off tn the last few day Skelly waa actively traded In prior to listing on' tha New York Stock exchang There waa marked improvement in the mining stocks, Boston and Montana Consolidated being a special feature, with heavy trading at 70 cents a share to Mother Lode moved up from 9 to 10. There was a special movement in Alcan Oil, a stock that a short time ago ranged In tha first few davs It around moved up to 15, but had sn abrupt break on Thursday to Yesterday, after rallying to 6 It fell back to 1. 1. 2. 3. XEW YORE LISTED STOCKS. Putter Market Week on Increased Stocks 29. mand. 1715; Swede, demand, M10; Denmark demand, 2160; Bwltaerlaad, demand, 1003; Bpaia demand, 1333; Greece demand. 110; Poland,' Caeehe-glerademand. 227 ; Ardemand, gentina, demand. 9406; Brasil, demaad, 19T0; . Montreal, W 01; Increasing accumulations of butter brought about exBOND. ENLISTED rOBEKUf QOVEBNVXNT tremely weak market conditions, but the (Aa Bepertad by J. A. Bagle A Co.) demands of speculative Interests brought about a reaction toward the end of the wee, says ths weekly report of the United States bureau of agricultural economic for the week ending today. Because of a curtailed demand for storage,- the report oontinuea, receivers hav been burdened practically since July 1 with heavy accumulations. When consuming outlets failed to relieve the situation dealers during the week slashed prices and managed to clear away part of the accumulations. The lower price however, brought a keen speculative interest end prices reacted to a higher level. With higher price buyers again disappeared and the market became very unsettled. CHICAGO, July M0XET AKD XXCBAXQE. YORK. July 29 Foreign exchange. Great Brltala, demand. 444; cable May; bill ea banka, 442; France, d 444; a. mand.913L,cabl,JU.ai Italy, demand-- 437; Belgium, demand. 772; cable cabtea. 779, Germany, demand. linl. land, demand, 3800; cabin, S803; Norway, de NBW 13; 13; - rty- - S LORPOM-- ounce, Short bill Money, bill, 1 1 per rent. Dtaronat rate l per sent; throe month', per conL 11 il (r David Eccles, Company 77c- nrYXBTMurr First Mortgage and Collateral Trust Gold Bonds fEorrmims. Reported bj $. A. Hofflff BANK BTOf'KR. A Co. Dated June L 1922. iAnked. (1160 00 $100.00 01 .00 Bankers Trurt Colombia Trnat 288.00 Beaeret National Birat National of Ogden 20(1.00 Proaret Baring 125,00 National Bank of Republic 145.00 Natl Copper Bank At muias 4, Security 4utNational ino.no Utah fltata Utah Barings A Trnat 22A 00 Walker Bra Bankers , . 207 on Ykm'a Ravinra A Trnat 1S1H ATRIAL STOCK. a ooj Amalgamated Sugar on 501 do preferred ..... o..00 Con Wagon .... 20..ooj Home FUf In . Coal Independent . . Morran Canning Tel A Tel Mt State a 27. OO 10,00 100.00 1.VV00 $00,00 130.00 40JV.OO 235.00 .io 71.00 2.0ft 27 .00 afiO 10. 00 104.00 Due, serf Ally, 1921 to 1932, incL I Bid. Because of the high degree of security and the attractive yield, we belie vejthia bond ia an unusual investment value. The security consists of a mortgage on improved real estate and a pledge of bonds and stocks hav- ing a fair market value of approximately three times the amount of the bond issue. In addition to this specific security, the bonds are the direct obligation of the company, which, according to an independent audit, has total assets of and net assets of $7,253,320. ,,, -- An opportunity for profit is presented the re- demption provisions of the issue, which may be called, in whole or in part, at a premium of 1 for e&fch year to elapse from date of redemption to maturity date, redemptions, to be made in inverse order of maturity. e Price, according to maturity, to yield From 7 to 7.35, " yield S.79 J. A.HOGLE & CO. Salt Lake City Ogdtn GfeJ&ttr $ink Sinte. a Copenhagen is the chief seaport and leading commercial city of the Kingdom of Denmark. It la a free port . and situated on one of the largest harbors of Europe, at the entrance to the Baltic sea, being a strategic position for world trade. t aper Circulation Increases $63,000,000,000 Nearly Since Beginning of Year. POTATOES. July 20. potatoes, CHICAGO,1 firm on bar. reis, about ateady aa sack; receipt, 83 ear: total r. 8. shipments, 562; Ksst Bhora Virginia rothtera. 62 8tt(a3.10; Kansas sacked cobblers. 11134(123 ewt, ; early Ohtoa. sacked. 73683c ; Miunraota sacked and bulk, early Ohio, rut 1 0001.10 cut. , 2. rtonr. anriiangad, XINNKABOMB. July 67 808(7 75. Bran, unchanged, 6100017 00, ( CURB REVIEW. NEW YORK, July 29. The market on the curb, exchange presented many Interesting features during the Past week. Those who were concerned In the affairs of Allan A. Ryan devoted special attention to the recreation of a market for Ptutx Motor which after being bid up from 10 to 20 reacted o 11 and then moved up to 24 on tranaacHolurlip to the close yesterday of 2800 shares, Durant Motors continued upward, ranging from 40 to 43, a new high, and the Indiana shares rose from 13 to 15. Cities Service was one of the weakest feature falling from 20 to 191. Simms Write your name and address on the bottom of this ed, and we will send you complete details. - PALMER Bond Mortgage Co. - - ? 412-1- Walker Bazik Bldg. Wasatch $883 i |