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Show thf: salt lake trtufxk Sunday morning, December Soaring Copper Prices ALL FACTORS Production of Copper And Rubber Decline POINT TO 1929 Brightest Note Seen 1928 Market Features (PROSPERITY In Survey of Industry A?G. Mackenzie Issues Statement on Outlook, Showing Improvement in Comparison to Prewar Level. General Commodity Trend Upward, With Wide Differences in Quotations on Specific Items and Croups. While the general commodity price index during 1928 was upward, ex- cept toward the end of the year, the trends of the various commodities which go to make up the general index have been varied and mixed Some prices have shown great appreciation, and others have shown a downward trend which is anything but encouraging. The most outstanding price change 'during the year was in the level of refined copper. Prom the levels of of 1927 it had advanced slowly but surely to the present 16c level. The advance here recorded has been a saving factor in the industry, for it enables the low cost producers to market the metal at a fairly large profit, enables the high cost producers to keep active, and still does not permit either one to produce and market so much as to break the price to a lower level. Copper stocks the country over have been reduced by the continued low value which the market set. During the current year they have been reduced nearly 50 per cent from the high point which they reached last year. Such an occur- rence is, of course, a happening of prime Importance, for it at once re- habilitates an industry which was In the depths of depression and makes it pay once again. The accompanying table shows the manner In which various commodity groups have changed their price levels durine the nast twelve months. The purchasing power of the 1926 dollar as of November. 1928, is also given as an additional means of comparison. Metals und Products Increase. It will be noticed that the metal and metal products group shows a large Increase. Part of this is due to the increase in the price of copper described above. The increase in the 13c-1- dropped sharply in the final months Diffused Purchasing Widely Power and Better Condi- tions Abroad Helpful. - of 1928. Under the miscellaneous heading it is noticed that a big decrease in the level took place. This is due largely to the reduced price of crude rubber, reflecting the abandonment of the Stevenson plan for the restriction of crude rubber exportation from British colonies, and also re- duced prices for pulp and newspnnt. following the vast overproduction which occurred during the spring and summer months, With the quickening of business which has accompanied the final months of the year 1928 it would be not unexpected if the general com modity level during the first months of the new year were higher. It must be borne in mind, however, that a flood of manufactured articles or another big crop year would tend to lower the value of all articles pro duced. This would only result in a lower price level all the way around a condition which should as far as !xssible be avoided. As happened in th? petroleum industry In 1927, such overproduction would only lead to price cutting and costly wars of com- petition which would in the end re- suit in the sale of goods for less than they are Worth. Business Needs Xl,-- r..inM A balanced production, intelligent huvinsr and satin ulMmanshln the factors which business of today neeas in oraer to insure success. Years compared with 1921 ao : Farm products ... Foods Hides and leather Fuel and lighting 104.3 101 Baring rawer. The central fact In the business sltua- t'on during recent years has been the wide diffusion of purchasing power among the manses of the people, due mainly to high This condition has enabled wage levels. consumers o absorb the output of tndus- 11 c,me on th ,r M market. and has thus permitted manufacturers to their without output expand glutting the markets for consumers' goods. The result Is that, although industrial production has remelned at high levels for some time, 5 slocks of manufactured goods have not Increased materially: In fact, guch stocks appear to be somewhat lower than they at lev: ao 5 .114 8 . 82.1 ... 7.S Textile products Metals and metal 97 0 products 90 2 Building materials .. 97.4 Chemicals, drugs 98.9 House (urn goods Mlstelianeettt .. SSI Ra materials .. .. 99.0 totals of construction which compare very favorably with the peak year of 1928. The value of farm products, which at the beginning of the year seemed likely to climb steadily, suf.97.0 fered, a distinct setback later due to Semlrafrd. goods 95 3 the reduced price at which the wheat Finished products Nonagrlcultural crop was finally marketed, and also 94.8 .. .. commodities due to the fact that the price of hogs ah commodities ...96.7 ' izl III 98 4 101 8 100.1 M.3 84.4 118.3 98 104 1 98 104. 3 !, 101.7 9 0 96 0 98. 4 IS Q 98.2 96.9 97 .2 95.4 98.7 Br FRANCIS H. SISSON, Vice President Gaarsnty Trust Compsn of New York. Almost all the important fsctors bearing .. the future course of business Indicate Hat 1929 will be a prosperous year for American trade and Industry as a whole. Trim main considerations support this iew: First, that most of the basic condi-- t ons underlying the prosperity of the last few years are .skill operative second, that i several Important directions lmprove-- . .cut has occurred In recent months; and. third, that very few adverse Influences are operating, and these are having little apparent effect. Among the principal contributory causes oi the present era of American prosperity, the ohfr one .that has changed fundamentally during the past year U the level of money rates. Even this change is not essential as It appears on the surface, since It is due partly to the efforts of banking authorities to control the flow of bcriX credit Into the speculative markets The country's gold reserve Is still ample to support any probable demand for funds for commercial purposes for some time. Moreover, the advance .In rates that has r.lrcady taken place has apparently had very little effect on the volume of trade or on Industrial activity. Tftat It may re-- '. rd somewhat Industrial and building as well as affect the investexpansion, ment market. Is. of course, possible. Masses Rave Wide m i were a year ago. The most significant Improvement that has taken place In the business background during the past year is the gain In agricultural purchasing power. The trend toward larger returns to farmers has been under way for several years, and Is still golnz on. While farm recovery Is not yet complete, there can be no doubt that the crop season Just closed has brought, further pt ozress. Conditions abroad have also improved The restoranoticeably during the year. Hi 0 tion Of UK told standard.ln France marked 104.0 a very Important step rbrw&fS. sad the 103.2 amelsamatlon of the British currency, ac102.9 complished In November. Is of hardly leas The next great task Is the significance. 104.8 settlement of the reparation problem, the 103.4 final solution of which will Immeasurably hasten the ultimate recovery of European industry from the effects of the war. Probably the situation In the security markets Is the least reassuring element In the domestic business outlook. Recent experience shows that a sound business is highly resistant to the unsettling effects of unfavorable developments In Wall stteet. The Indications are that general business in 1929 will surpass the figures of 1921 both in volume and profits. Such reactions as occur will likely prove temporary. The trends are still upward and the end of the present cycle of business activity is not evident. Dec. CHICAGO. 29 (API Buying sup- port gave out in the wheat market today, and with selling pressure becoming heavy a regulation Jack and Jill upset of values took place. Corn also tumbled. Big deliveries on December contracts both in corn and wheat had much to do with bringing about the price downturns, which resulted In all wheat touching within a fraction of the lowest level yet this season, and March breaking the record. Closing quotations on wheat were weak. 1 cent to l cents net lower: corn finished cent to Vi cents down; oats unchanged to a shade decline, and provisions verylng from 12 cents setback to a rise of 25 cents. With as much as 804.000 bushels of wheat over here today to holders of December contracts and with 1,300.000 bushels of porn also thus put forward, it speedily became evident that there was no difficulty In sight relative to meeting the needs of all traders who wanted Actual deliveries of grain specified as due to be transferred to new ownership prior to January t. The bear side of the wheat market was meanwhile given a further advantage by the fact that Liverpool wheat quotations were lower than looked for. and that foreigners were active sellers here. In a general selling movement that ensued, many standing orders to let to of holdings and thus rut off losses were automatically forced Into operation. Bottommost prices of the day were prevailing for wheat In the final dealings. Persistent scantiness of export demand for wheat from North America was a handicap to friends of higher prices, and so. too. was word of free offerings of Argentine wheat abroad. Besides, there was talk In some quarters that Indications pointed to the carry-ovof wheat on the r esent crop being the largest known since the end of the world war. Counter assertions that decided Improvement of domestic mill demand for wheat is expected after the first of the. year failed to act as an offset. Al0 though aa'ea were announced today of bushels of bard winter wheat here to millers elsewhere. Weakness of corn was chiefly In the December delivery. Complaints of drought in Argentina helped give relative firmness to deferred deliveries here. Exporters bought '0.000 bushels of corn today in Chicago. Country offerings of corn to arrive here wera meager, despite favorable weather In" thr corn belt. Oats as well aa corn were unsettled, but oats prices kept within narrow limits, and Dece-nbeoata went to a wider premium over May. Upturns In quotations on boss tended to make provisions prices average higher. RANGE OF LEADING rTJTURXS 'By the Associated Press WHEAT Dec March May '. fl.UH 1 21'. l.im, '. m t .MS 4S'i .41. . I .95 S'. IIS tOK (IS 41S 48 1 ,.1181 11 JtRD . 1 I.SIH 1 07 1 .. T .MA . MaH . l.SJ't ... ..... 1 .! .41 TH M-- v l.im 1.18V 19 .4TH ttK OATS Due v II.IJH l.ttH o Hey Ju' Vwert Close 11 I CORN Dec March M-- II. I. IT'! Ji'y RTE Dee Low. High. MS I 07 H IT Dec .Ten March U" tB8 W 11. U II. ST 11.21 12 13 22 Dec II ' Jsn !t' H I 12 31 l .) " 2. Ha M.T1 TBS. Vsreh Mar U 11 11 II CASH OOOTATION8 Wheat. No 2 hard. l !'.--. Corn. No 4 mixed. 824;IJ',e: No I mixed. TI' UtOr Oata. No. : white. 4';e: No I white-- WWSa. Rye. m Barley. as!" Timothy Clew I3jHc .seed. sited. I23 7II8TI. .riNNEAPOUS. 131 'cash No. 1 no wan hern dart northern. rJMji JN. II per 1 GRAIM Wheat, il" to Ml year -- 31 ears, compared 1 14 AT A GLANCE. (By the Associated Press NEW YORK Stocks, strong; American Smelting crosses 390 to a new high. Bonds, dull; Bethlehem Steel 8s and New York Telephone 6s in demand. Foreign exchanges, mixed; sterUng gains. Cotton, Inactive. Susar. quiet; Irregular. Coffee, higher: European buying. CHICAGO. weak northwest marWheat, easy: kets. Corn, lower; large December deliveries. Cattle. Irregular. Hogs, higher. STOCK MARKET AVERAGES, By the Associated Press ) 20 396 03 255 10 Today Previous day Week ago Year ago High. Low. 20 Industrials. Railroads 347.11 117 17 1M 13 193S 193 155 36 114. 83 111 .11 146 86 157. 8 138 36 171.14 Total stock sales today. 2.683.300 shares. a r si rstil MS cent protein cent protein. II US Cityward Trend Aids Vegetables Producers Enjoy Prosperous Year; Low 1928 Prices Hurt Potatoes. During the old year of 1921 the vegetable producers enjoyed prosperity. Those farmers who are happily situated within easy marketing distance or Important centers, and those who raise diversified crops, exlittle difficulty in selling their perience products at prices that on the whole are quite satisfactory. With the metropolitan population ever increasing, and with the relatively smaller Increase in, truck growing, the Increased demand occasioned by such situation portends that 1939 will prove as profitable to this division as did 1921. Pel a tees Rank la I92D One of Big fielders. Potatoes rank in 1921 as one of the big yielders, and a crop of about 484,000.000 bushels was harvested. This compares with a crop of 406. 964. boo bushels In 1137 Losses by decay were not more than average and the general quality of the crops appears to be good. The price, however, la unsatisfactory to the growers. It being much lower than during the previous season. In the seasons of heavy production the chance of sharply rising prices is often more a Sweet potatoes hope than an. actuality. yielded about 81.000.000 bushels, which la a decrease of 12.000.000 bushels, or nearly 14 per cent less than In the 1127 crop. Onions Only A beat Dec. 39 (API Extensive readjustment of speculative heavy accounts turned the course of prices Irregular In toda's market, after an early outburst of strength had carried more than a score of Issues to new high records. Although many of the popular industrials closed 1 to 4 points lower, final quotations also disclosed a Ions list of net gains, some of which ran from 3 to 13 'a points: Trading was unusually heavy for a half total sales aggregating holiday session. 2.683.300 shares So swift waa the inrush of orders that the ticker fell half an hour behind the market In the last hour, the Two-thlrest Previews Year. usual last minute rush delaying the printOf the other vegetables, onion yields were ing of the final quotation until 53 minutes of the light, being only about after the closing gong had sounded. The shortage In this crop previous season. seemed to be mainly In the east. Cabbage Money Expected production waa also light, but prices in Ta Torn Easier. general were double those of the previous There was no call money market today, year, as Friday's rate always carries over until Celery thus compensating for the leaser crop. and tomatoes yielded about the same It would not be surprising In as In 137. Monday. banking circles if call money turned easier Thus. 1128 ended with a situation that on Monday, because Tuesday, being a holiwas mixed, and not as evenly distributed so day, banks will not be required to make far as prosperity went aa the year previous, their seraiweekly adjustments at the fed due largely Undoubtedly to the vast yield reserve bank Con eral until Wednesday In the heavy" vegetable crop, potatoes. tinued firmness of time money is a source of concern In many banking and speculative quarters St Joseph Lead. Toungstown Sheet Further advances In copper and brass Tank. Tube and Safeway Stores. prices, the former now being quoted at 1IH the purpose of establishing inSelling cents a pound for domestic delivery, were come tax for losses waa practically negligible the only Important trade developments of was the last dsy In which such this although the day. Another series of annual reviews could be cleared in the ordinary man end forecast made their appearance, and sales ner. "lax Any selling on Monday must most of them were optimistic in character be for cash, aa ordinary transactions that American Smelting was one of the spec not will be cleared until the first busi day tacular features of the day's trading, soar ness day of the new year. ing 13 j poln's 'o a new high record at Selling pressure In today s market was 293 V Cerro de Pasco advanced 1U points particularly effective against Case Threshand Anaconda and Chile Improved fractioning, which broke I points, and Allied Chemally, but Kennecott and Greene-Canane- a ical. Ooodyear and Vanadium Steel, off 4 yielded 3 and 3S points, respectively to I'v points General Motors. Montgomery Ward. Radio American Can and Sears Geweral Eleetrle 1 Roebuck declined to 4 points. Teaches Record Establishment of new high records by General Elertne touched another new Chesapeake 8c Ohio and New Haven high record at 221. and then eased to 1U-tradln in railroad shares Union up S. Among the many other industrial Pacific also stood out with a gain of 4 issues to sell at new peak prices were Savpoints. Anns. Moage Chicago Pneumatic Tool. Foreign exchange trading was quiet, with hawk Carpet. Splrer Manufacturing. AmerSterfluctuations narrow and ican at Foreign Power. Electric Power At ling cables ruled slightlyIrregular. lower, around Light. Johns ManrlDe. Oeneral American MM'i NEW YORK. week-en- d a lnH POTATOES. per eer.t proieta. 'in-- 1 IDAHO FALLS. Idaho. Dec. 31 Market dark hard Montana. 14 pet on cent protein, n 3wSrl 37t4. rtLOtationi to potatoes. V. S Ha. arrive. 1 28S: No. I red durum. M treat: Drrem-sc- r. Ide0 shipping PCNrrts: Idaho Falls district Haullncs moderate. H.MV May. I2S July. II US Increas-ne e demand, moderate market, fin. Tom, No 1 re now. Carloads f. a b. caah track: Russets, Oats. No I white. warehouse Barley. Wtimc. regraded. 75ec, but mostly Me. occasional medium or dark, lower. Rye. No I. as'. Flax. No. I. S3 M'-O- I irers offering M cents far mrsja: taw J7', few sales reported to quote wagon loads cseh to grower: Russets, bulk out weight, I rvxmrooL cents few beat Urge. M mostly LIVER FOOL. Dec. 29 AF Spat wheat: cents. Twin Palls district Demand moderVjwraliaii. Ia 4' id per Ml pounds. II market silently stronger earloads per bushel-- . No 1 dark soring, la 7',d per ate: Russets. 754rM cents, rssb to growers co pounds. MM , per bushel Roaafe. la but iew best pack higher, bursts, too few :d per loo pound- - 1133', p sales reported to utKe. Passings of Idaho potatoes: Through inNXFAPoij Vi-oDenver and Cheyenne to points east and 3 MLNNSAPOLIS AF - Flour 1 outh. 33 ears through Salt Lake city. crnta sewer, m eecsad ma. raaaiiy Twin Falls to points west and south. II ears, at S4 Ml 1 aa luoled to southern California II ear;, to north81-- penenu 43 114 barrets. ern California. I cars: throusb Omaha. I M. Bran pt cars destined Ch lease. ('lit: ll1. No 13 I t'.e?l $' I8I4S HtNF..rll Dec IRREGULAR MARKETS Br JOHN P. BOIGHAN. Associated Press Market Editor.) re Mn 5ss lower and zinc about 4 per cent lower than in 1927. The production of these three metals was less than in 1927, due to market conditions, but the ln- - creased copper price and production made the aggregate nonferrous met al output and the aggregate value of it substantially greater for Utah than in 1927. "Increased foreign production of minerals and the prospect of much greater foreign production within the next few years is a matter for serious consideration by domestic producers and by domestic governmental agencies. The national government is already cognizant of the International situation and has recently made public the results of investigations conducted through the department of commerce. These statistics show that the British empire occupies the Commanding position In the production of the principal commercial minerals, although the United States is the largest consumer. Recent developments in Canada and Africa are of especial interest here. These countries have greatof ly augmented their production copper, lead and zinc and promise within the next few years to be much more formidable competitors of the united States in the world's markets for these metals. Fewer Bonds, but More Stocks, Offered Investors During Year New Capital and Refunding Issues Increased Sufficiently to Bring New High Total Corporate Output for Twelve Months. their curenough to take care rent needs, and many of them could even finance extraordinary expenses Extraordinary Fart la Total of New Offerings. The extraordinary part of all financing done during 1138 la to be found in the total of new stock offerings. The bull market of the pail four years, tremendous In Its scope and the rapidity oFTtt a vances. has taught millions of Investors the value of having at least a part of their holdings In common stocks. Hence, a real Investment demand has originated and baa grown by leaps and bounds to Its present magnitude. Several factors have materially aided It; in the first place, bond flotation processes being so difficult corporations have, when necessary. Increased their working capital through stock offerings; this has had for them the advantage, than, of easy sale, of not adding to fixed capital charges, and of satisfying their own stockholders. As far as the Investment public Is concerned. It has been able to buy the stocks of the sound companies which It wanted without having to compete for it by bidding In the open market. The changes In the totals of new financis clearly ing and refunding operations brought out by the accompanying table. The Uat figures available before going to press were aa of the first of December, but reliable estimates show that the total of corporate, municipal and governmental financing for 1928 will not be more than 4 per cent leas than In 1937 and may equal that record year. New financing during 1928 showed mixed (rends. Offerings of bonds and notes fell off. while offerings of new capital and refunding stock increased sufficiently, not Foreign CsDdltiens Are Improved. 104.3 103.7 GRAIN UPSET STOCK PRICES TAKES PLACE This year's production of copper is seen as the brightest note in the Utah nonferrous metal mining in dustry by A. O. Mackenzie, secretary of the Utah chapter of the American mining congress, Mr. Mackenzie's statement on the outlook for the new year and the outstanding metal developments of 1928 follows: "The bright spots in the nonferrous metal mining industry in 1928 was the Improvement in the copper situation. The copper price attained its prewar level in the latter part of the year for the first time since the depression of eight years ago. production, which had been well below capacity In the first part of the year, naturally responded to the improvement in the market, which has held up well in the face of an increase of production that will probably constitute a new record. Expansion of uses of the metal, in new and old activities, is expected to continue and to assure, for the near future at least, substantial production at fair prices. The average price for 1928 was about 12 per cent higher than the 1927 price. "The silver price was about 3.2 per cent higher, but continued too low to make silver production profitable of itself. Lead was about 7 per cent only to make up the deficit, but to bring a new high total for the year In corporate Issues. The bond market entered 1928 with a larie Hat of offerings. November and December of 1931 had established new high record totals, and January and February of 1938 were ahead of the corresponding months of the previous year. On dealers' shelves, however, there were many Issues which had not sold well, no effort being made to sell them when new Issues went so easily. The break in the stock market carried the bond list down to lower levels, and. despite the fact that stocks recovered rapidly, bonds remained at or near their Iowa. Dealers Farced to Liquidate leasee. Dealers were forced to liquidate the issues which they had carried down at the lower prices, a long and costly process, seand, naturally, this superfluity of good botcurities kept the whole list near the tom. Of course. It is understood that the break in the market waa merely the excuse for the bond list sagging off; the real cause waa to be found in the higher money ratea which became necessary at that time. Slackness in new offerings waa to be expected during the summer months, but the fall should have aeen a better tone. Aa It turned out, however, offerings did Increaae but not nearly ao much as they should have. All in all, 1331 waa a poor year for the specialist in bonds. Sammary ef Financing Another feature of new financing during Per Past Three Tear. In offerings of notes the year waa the let-u- p Following Is a summary of corporate, securities. This may be and short-terlargely explained In the fact that moat of foreign government, farm loan and muour large American corporations have huge nicipal financing for the past three yeara, caah surpluses and reserves. They have ten months' totals: Corporate Domestic bonds and notes Short term Preferred stocks Common stock Canadian Long-ter- m bonds and notes Short term Preferred stocks. Common stocks ........ e ... Other foreign Long-terbonds and notes Short term stocks Preferred Common stocks 1121 t3.8M.l8l.ai0 Long-ter- Total corporate Foreign government Farm loan Issues Municipal Csnadlan . United States possessions a rand 213.IM.I0O 1.048.204.241 1.317.705.388 . GOOD FUTURE 3SI.04S.SOO 75.783.325 585,281.712 24d.5M.000 2.000.000 47.500,000 8.811.400 1.000.000 l.MO.000 478.070.000 10.0tw.ooo 342.575.000 48.500.000 14.O3WI0J 45.764.2SO 10.0S3.125 l5.M4.Mt, 142 1138 12.499.901 500 3M.33I.MI 447.594.700 503.769.418 196.I50.0M 1.250.000 4 Z5'!55! 27i.7m.om jf.. ooo.ooo 3S.340.0M 37.IM.0M 1.181.100 1.307.031.358 1IJ.OM.000 7,818,000 14.271,013.393 42, 19.2000 137,575.000 149.106.018 1M.7M.0M .10.MI.0M I". 789.658.472 8.105.583.600 8.1M.I7I.411 130.120 000 40.8S0.0O0 1,01.722.010 38.720.2SO total 53J77.87J.20O 187,172,090 ....tS.M4.082.713 .... 1127. 171,778.300 171,135.000 per cent. Such a gain will result In production approximating M 3 billion kilowatt hours, aa compared with M.3 billions In no, ms. and Dairy Kvestock Fare Well FOR YEAR TOP RAIL PROFITS 1927 FIGURES Iela.tr Report Sharp Gala. The year IMS was one In which both the electric and gas industries reported sharp salns in gross and net revenues as compared with 137 From the beginning of the year figures wen materially hither than in the preceding twelve months, and when the total futures are compiled tney will probably approximate a sain in net earnings for the group of II per cent, while many Individual companies will show gains of 30 per cent During the year InIn furtherance of expansion prograsaa. crease were made in capitalisations, gait, are returns share per this, despite larger indicated In most cases The average annual increase In electric power demand In the United Ststes since rr7"trTner,rmn.i! o'ai, ?bT cent, as a result of the downward trend of industrial power need Th first as sag ter of IMS saw a continuation of lower in- duatrtal needs, but electric power consump- As tlon Increased sIKhtly the secoruJ ion Competition Special lo Trst Tribune y . nt Has' Brought Generally Good Producers Re- Cattle, hogs and sheep; grains growing for fodder on broad sweeps of farm lands; the trip to market; By SAMUEL O. DUNN. then distribution to millions of peoWhat a tremendous industry Editor, Railway Age. ple. The frpteht. huslnosje anrl eimlnsi has developed in the United States the days of the bufalo that of the railways, both current and prospective, were somewhat better lu5"lca Prom time immemorial, the three than tney were a year ago. Develop- ments in the Industry have been so great needs of all civilized people different within recent years from have been food, shelter and clothing. those before the war that prewar ex- Those portions of our economic life pertain to these perience must be almost completely which most closely abandoned as a basis for postwar great necessities are bound to weath er economic changes and cycles that lorecasts. However, in at least one eliminate businesses of other respect, experience in the two peri- - may cds has' been similar. An Increase of kmds- because they are not founded WCl n DBS. freiffht hlline In the Iptt.r narf f a year usually is still a reliable Indi- Livestock Industry cation of a large freight movement Well Balanced throughout the first half of the next The year 1937 saw the livestock ln- year. Freight business increased durcondi dustry in the of 1938. ing the last tion it has held for many years. Passenger Business Increase Strength vas present in the cattle 300 Per Cent in 35 Yean. market. A decline In receipts of cat tie at markets, coincident In the quarter-centur- y ending with with a primary heavy demand for beef, re-- 1 1930, railway passenger business in In a suited situation that was most creased 300 pr cent. Since 1930, owProduction was ading to motor vehicle competition, It encouraging. conhas declined, until last year It was justed more nearly in line with the smallest since 1909. Travel In sumer demandto thus assuring reasoncattle producers. It able profits sleeping and parlor cars may In- was not until the year 1937 that marcrease, but there seems no reason for ket of cattle were reduced supplies expecting that the decline in day Mliiiiiriuiy iv muse a iiiatciuu isow coach business will stop, and total in the general level of prices, and earnings from passenger business the twelve months Of the year probably will show a further decline (hiring just ended the eiiect 01 tnat curtailIn 1939. was ment apparent Owing to Increased competition by Based on averages of 1933 to 1937. highway and waterway, and to Im- October of 1938 showed cattle receipts portant changes in Industry and that decreased 8 per cent; cattle commerce, freight business has Indecreased 15.5 per cent creased since 1930 relatively much slaughtered Prom the long pull standpoint, the less rapidly than before. In neither cattle Industry appears to be In a very 1937 nor 1938 was It as large as In condition. prosperous 1936. are Indications Present that in the first half of 1939 it will be Hog Raiser Get larger than In either of the last two Strong Prices. and that If crops and general An optimistic situation prevailed Sears, activity are normal It will the raisers of hogs. During 1937 continue to be larger throughout the with the hog market was in the doldrums, year. If this shall be the case, the decreased demand and heavy shipnet operating income earned by most ments causing a lowering of prices. roads undoubtedly-- will be greater But 1938 an entirely difthan In either of the last two years ferent story,brought a direct antithesis to the and may equal or xceed that of 1936. twelve months. Current The economy of operation Is con- previousof hogs were on a basis more prices stantly Increasing that Is, the labor nearly In line with what would be employed and the fuel and materia Is when production and de used to produce a given amount of expected mand were on an even keel, wnue conare freight transportation being the no movement to market stanuy reauceo. me average num- - iu m 1927 uteat vtijM)ie ber of employees last yrtr was 90 000 the Mttt up to tne 12" le2SMJ.,n middle of November at 39,718,000 1926 and 300.000 less than in 1933, five better far hogs, the demand kept up years before. than during the previous year, and Falls as Whole (e prices were on a high level, With stabilization present, raisers Attain "Fair Return." of hogs have much to look forward The Important question is whether to In 1929. the economies in operation effected will be offset by reductions of rates Sheep Receipts and increases in wages. Huge econBeat 1917 Total. omies In operation have been effected Running a little heavier than In last five years, but 1937, and heavier than In any year throughout the so been offset have they constantly back to 1923, market receipts of sheep by losses of passenger business, adto the middle of totaled 15 531,000 vances of wages and reductions of November, 1928. up During the last two rate that the railways as a whole months of the year, as usual receipts have never been able to attain the were lew In volume because by that "fair return" of 5 4 per cent, and time most of the bug's flocks have earned a smaller percentage of re- been marketed. turn in each of the last two years that With the storage facilities than in 1926. United States, the dairy The effect that disappointing fi- exist In the Is helped materially In Its nancial results are having upon the Industry tea cn of large production. Generaldevelopment of railway properties Is ly favorable conditions prevailed this Indicated by the fact that the InIndustry. vestment In improvements and en- past year for theanddairy the returns to were Prices good largements exceeded $1,000,000,000 In than were better relatively 1933. averaged about $850.000 000 In producers other leading the four years ending with 1937. and ttsose of some of the of roughwas onlv about $850,000,000 in 1938. farm enterprises. Supplies were large, and despite Unless financial results improve, the age and hay for concentrated feeds, decline in railway development win high pricesreceived a margin of recontinue until the roads will become dairymen costs over feed that compared unable, as they did before and dur- - turns with previous years. Allng the war. to handle the country's favorably was about milk production though commerce satisfactorily. the same as in 1927. output of cheese, a . s. dry milk and Ice cream Increased, while that of condensed and evaporated milk and butter decreased. A steady upward trend In the consump tion of market milk and cream was put on the records. - & one-thi- Foods. U. S. FOREIGN INVESTMENTS ATHIGHMARK Than More Added Billion Brings 1928 Total to $26,000,000,000. rd Ti7, . 01 la main Problem.'. 7 OIL WEALTH In 1131 the American people sent abroad sum veil In Meeal af 1 MM. 000.000. to be sdded to the estimated Investment of 125,000.000.000 which they already have at wcrk In foreign countrieg. It Is scarcely fifty years since other and older countries were pouring their Investment funda Into the yet undeveloped United States Great Britain, In addition to the task of building up it industries and opening up its colonies, found enough extra to lend huge sums to the railroads and factories of the United State. Holland also sent vast quantities of extra capital over here. Now the tide hag turned the other war. It started turning at the beginning of the war. when a great many securities which had been held for yeara In safs deposit vaults on the other aide of the Atlantic were hurriedly dumped on th New Tork stock exehsnc. It will be remembered that the deluge waa go great that lb exchange s as forced to clot before prices broke end started a panic. After th war, the countries which had sold their securities her were in such an Impoverished condition that they could not buy them back. War Largo far Easll Investment Abroad. The war Itself was largely responsible for the fact that th United States (assay has such a lsrge Investment abroad. The war 0 loans form a large portion of the total. Loans made since the wsr contribute most of the rest, tit loan to South and Latin America being excepted. These "after th war' loan war necessary In order to tin th chance to build up the terriccuntrles tories which hsd been rsvsged by the conflict and In order to permit European industries and railroads to rebuild plants and rolling stock for peace-tim- e pursuit. Saath America Alwsrs In Market far Fends South Ametics has slwsys been In th American market for fund. In th past her credit record hss not been too Mvory, but of lte, under more stable government, and with the aid of numerous commise sions and committees to liquidate debts, she ha regained favor as a of American Investment surpluses. Our financial relations with Canada are moat cordial. As a matter of fact, the Canadians aeen to prefer to float their securities her rather than In Greet Srtt-aiwhile, as far as w srs concerned. Canadian investment houses an member of our bond syndicates ss often a not. For th nine months ended In SeptemIMS. over tl7t.M0.00l was lent to ber n Increase of tll.M. foreign borrowm, 000 over the year before. These figures do not take Into account that then wen other bond and note Issues floated lien to replete old bonds of boriowrt than outstanding. The emount of 975. 000. M0 net, the sctusl amount of new money sent abroad for Investment. Stock Shipped For Finishing Special to The Tribune. WENDELL, Idaho. Thirty-eigcarloads of beef stock were shipped from the Sand Springs farm here last week, 34 carloads going to Grand Island. Neb., where they will be finished for the market, while 14 carloads were sent to Crane. Ore., for finishing. The Grand Island allotment consisted of 904 yearlings and weaner calves and the Crane shipment comprised 397 cows sod calves. There are still about 2100 head of steers at the Sand Springs farm, all of which will he practically shipped to Grand Island within the next month. ht Weather Favors Beet Growers To Ogden Exhibit BURDENSOME Idahoans Coming Special to The Tribune Special to The Trtbwne IDAHO FALLS. Idaho. Idaho Palls and Bonneville county will be well represented at the Ogden Livestock show, beginning January 5, according to present indications. Sevhave already eral local stockmen made definite plans to be in attendance. Reports from Swans valley are that a dozen will go from that section with the Intention of buying beef stock. Black and her brother. Earl Black, the who own 440 acres adjoining Ooodrlch farm. The rush of royalty the to buyers, promoters and others Black home became so great, night and day. that M1m Black was taken to the hospital suffering a nervous breakdown. Her brother. In order to obtain rest, closed the home and went into hiding. Caution Carpenter Continue Work. O. W. Pinson, a neighbor of the Blacks, who got $3500 for a half Interest in a rovalty on a ten acre tract and who refuses to sen his remaining hording, u continuing to ply his caroenter trade In Wichita, going back and forth to his farm, on which Mrs Plnaon raises ducks and Pinson la Inclined to be chickens cautious in spending his nw wealth, en years ago. The farm, wmcn was but Mrs. Plnaon says. "We're going owned by the wife, was left to Goodto have a new house.' They probrich and the two children, a boy and ata v Trill. Oood-fic7 h a Ctrl, then 4 and yearsnd At the home of A P. Wcsterville. reared his childrert doing bis father of children. Mrs. own cooking, housework end even vho did hrr waging thi? the family washing. He was am- wee: on two tubs placed on top of kitchen chairs, is strong for buying bitious for his children to be well educated and made every sacrifice to a v.i'Wnj machine. But her daufrh- tec. Mary. 14. is lnsiJting that th that end. Before the oil came, he had acfamily "movp to town at once Th cumulated enough to secure his chil- Westtrrville children can sit on their dren's education, but now he can do back porch and paddle tMr feet in far more than he had planned. He the oil which flows from the gusher, is calm and matter-of-faibnut his only s few rodt from their house. sudden wealth. "It means a lot. esThe well has been flowing at the fellow to a rate of 5000 barrels a day following children." with pecially Its initial is hi only comment. production It The oil riches have brought tem is attracting visitors and speculatrs from throughout the southwest. porary discomfort to -- en BURLEY. Idaho. Winners In an essay contest sponsored by the Clare-mogrange have been announced by the judging committee. Subjects chosen for the eassaJS were varied Laurena Mathls won first place In the ninth grade. Lenora Roberts Was second and Donna Bodily third. IB lh eighth grade Robert Coleman was first. OUbert Stewart second and of 1W Esther Harding third Helen Ha iter increased, and with larger demand durlns was first in the seventh grade Dorothe final quarter, electric power production for the past rear will probably he teen to thy King second and Bobble Cooper have exceeded that of 137 ay at least M third. - th Prices aild Prosperity to Nation's Other Forms of Transportat- 137. -By VINA LINDSAY, Oata la Earn ins Per Cent. WICHITA. Kan.. (Universal). Werase With demonstrated ability to translate Those persons who used to consider in power outputs Into relatively what they would do if distant relagains In net earnings, net electric nd power company earnings should show tives died and left them fortunes, sn average gain for 1928 as compared with and who later built their air castles 1127 of at least 30 per cent. about mythical oil wells, are strangeAs the new year enters, there is every reain this newly-rlc- h vicinity. son to believe tint an equally favorable ly missing The flow of black gold from Sedgshowing will be made In 1131 wick county's 7000-barr- el gusher, The gas Industry, although less spectacular in growth than the electric light and which came In recently, has brought power Industry, Is making consistent progsome to even of worry perplexity and ress 1921 wss an excellent year, and Indithe recipients of this wealth. It has cations at the closing days of the old twelve month period ended were that Industrial caused one woman to go to a hospital consumption of gas would show at least a and her brother to hide out from his 10 per cent gain over 1137. in order to avoid a rears, home, like offugitive, tors on his trail. During the past two and one-ha- lf the hordes specula ths Industry has experienced rapid physical expansion Capital requirements during one led It has family. In which that recent period have been greater than there are eleven children, to become large-scain the previous twenty-fiv- e years, and over whether to move to expenditures art anticipated over the agitated next few years There is a marked trend of town or to buy a washing machine. conaolldatlon In the Industry, ss with other It has started a discussion between larse-sral- e with Industrie, generating a and his wife as to whethplants and the stimulation of both tndus-- : ercarpenter or not they shall replace their rial and household consumption. ramshackle house with Coal prices during 1921 were favorable, two-roo- m and the Increase In consumption demand, modern bungalow. enabling plants to operate more efficiently, has reduced operating ratios to a subslsn Promoter Active tlsl degree The new year. 1939 therefore, enters with On Trail of Etch. promise of continued gains In net earnings, And It has made every citizen with to relatively greater degree than gsins in a title to a few acres in the neighsross revenues. And. at the months pass. It will be seen borhood of the gusher a constant tarthat the public utility industry aa a whole get for speculators, lease bounds, is reducing the burden of human toll, bringdrillers and promoters of all kinds ing increased ley of living to the population The well was brought in on the 0f America eighty-acr- e farm of Wlllard Oood- irlch. a widower, whose wife died elev Grange Announces Essay Prizs Winners Throughout Year 1928 Last FORUTILITIESi But fifty years mark the magic transformation of electric light and power from a laboratory experiment Into an Industry that is in the front rank of American And as each year business enterprise passes in review It Is more plslnly sppar- social ent that progress and Industrial ex pansion hsve become Increasingly depen dent upon the supply of electric energy Thus la aeen one reason why tne vitality and service of this great Industry have be come matters of public concern Electricity has become a very part of the dally lives of the people. It Is Indeed a "public'' utility, m the sense that it Is of tremendous service to the Individuals that make up our country. Amaxln efficiency In production Is present. That I the reason, perhaps, wby the about money value of products or services ll.75O.8t)0.0O0 as estimated In 1127 does not at sll represent the economic Importance of The tremendous amount of the Industry machinery and power at the disposal ele-of the people In the United Ststes has vated this country to leadership of the world In that respect Widespread Interconnected electrical systems, enormous reservoirs of mobile power that I reliable. have bexa developed 1 ct e, IDAHO PALLS, Idaho Sugar beet growers believe that the temperaturer! which have prevailed fur the teat freedom from month guarantee white fly and other destructive insects, and larger numbers of farmers are on this account signing contracts for the coming year. Men who have raised bstts point out that subzero temperatures which have prevailed for some time until the recent thaw have frosen the ground down to where the Insects have deposited their eggs. Four New Boys' Clubs Projected in Butte County Special to Th Tribune club BURLEY. Idaho. Three that have completed their year's work be In Butte county will reorganised for a second year's work, says J. W. extension agent for district Barber, southern and southeastern Idaho.. Barber, who has been interviewing local leaders in Butte comity, say that there will also be four new clubs He has assisted in getorganized one ting two sheep clubs started and new pig club. Members of the fourth club have not vet determined what pro'ert rhey vrlRtafcetto, Local leaders, of two organizations that have already started work are A. L Quit of Arco and D. O. Tweedy of Moore. 4-- H Elko County Schools Advance Health Work ls', t The Tills, METROPOLIS, Ner --Health work county school is among according to vaneing the latest report of Count? gattaoo sent Helen Stimaton. Tnls sMaon shows some 33 school and 57 pupils enrolled In the work as against 17 schools and 500 puptls for test year. Tribune Want tram tne ranks eve lifted many -- o.' the tHs1 placed them in the forefront of who actua.a. Xitom |