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Show r -- 4 " 9 ' "X $' dW Hi W a r t - g J r , f f . W t , ' c A r A . USSI WS TRADE Tfc' " t Bankers Note Hopeful Sign In Virtual Wiping Out of ' - Interbank - Borrowing General Review. - Local bask, hT hafl a quiet etk la on, way. bat ft, another. .Genpral business has been alow, but making- out annual reports for the the Federal Reserve, state and Clearing House examiners, and the directors and closing up the and, local publnationjiars of re- port have kept ail hands bus,. e A feature week is the change in the method of conducting clearing bouse from the balance to the settlement, debit system Tb.a insures a complete wsreyramment of- - thee financial transactions of the banka a here, a prvittu,yr qqi a few tratUactiona were effected outside of the clearing bouse routine and therefor never recorded Demand for money this week has 'not been unusual heavy. Merchants hate reen busy taking inventory and therefore have given a minimum attention to business, and the livestock interests are being cared for by the government tn way that wn gat anxiety as to finances in that Impnrta are numerous as toindjstr. governmental re qujrements in paying income taxes from people Who are nortecs in tracing out the more Of elaborate Intrfra-cie- s of the blank forms to be filled by ta payer lily ?7V Loan liquidation, practically daring the peer noder review. accessions to gold reeervee or ffoiq of foreign origin, inttedoction by r H Pr cent In the volume of Fed "bThl reserve note circulation, era the" futotandlWg feat area of development in the Federal reserve ben kin a field during the calender year about to close. Holdings of bills purchased In Apes market show a continuous decline from 234 00 00 on January 7 to HI 400 000 on the last 9n July. dnsday y reflects the reduction in the of bankers acceptances baaed on foreign trade transaction, and the larger demand for thin class of paper by the commercial and saving bank a well as corporal and individual investors, caused by the greater abun dance of short-timinvestment fund. Since early August the Federal resicnre bank holding of these bills have hown som., increase, while during the last month of the year there ha taken place a rapid acsumulation of this paper in the portfolios of ihe Federal reserve banka due to the relatively high call money rates in the New York market, and the low rates on this class of .paper prevailing In the open market The decrease In Federal reserve bank holdings of purchased bills from 1324. 4b bWb on January-- ?. to- - $lli2eL-$0on December 74 correpaonda more or lees to the reduction In the volume of outstanding banjc acceptances 'based upon foreign trade transactions. Interbank accommodation during the year 1921 waa on a much smaller scale 'than duilng1 the preceding gear when the credit strain was at its maximum In 193$ the peak of Interbank accommodation, reached in October. Was 1247 4$$$$$. shite In 1921 the peak of $130 600 004 was reached In January. Stnre- - then there- - has been gradual liquidation of Interbank borrowings and shortly before the close of the year all the reserve banks Weekly Utter, i m llw Henry Clew, theaWall street hanker, says in this week trade nd finance s Tnia-de-dln- o sttf-pl- letter. Tn money and banking the outlook as anywhere 'is a encouraging throughout the whole rhnge of com and Financial factors mere!! in the cost cut of borrowdefinite and not'only shoit ing. which habut affected or in term also term long paper vestment securities It has lowered the rate of yield on the latter and n- -hanced the.r price whi! it paa rett- Let your planning for 1922 irw elude affiliation with the dependable National City and'thus make certain that one vital part of financial the- your will have TKe-Nalion- the utmost City Bank al At No. dared possible the Issuance of new se- clssaes of goods bore a normal relation to each other, Some banking men curities at a lower price than w within reach at any time in the recent contend that no satisfactory deductions expect can be drawn and applied to present past There is every reason to to a dow nwrd tendency In money cwi condition, by comparing the present TlnueTntb the near year irprevToui Periods of tirprefor!, some because they bear no haste relation with be should taken to however, The treasury department each other. Conditions obtaining for limitation it Instance in the periods of depression of has large wnaturities to meet eary woik-Ing 1883, 183. 399Fond 1907, not only differ the year and ie well known, to be between themselves, but entirely so upon cannot plans for the refunding of as debt It expect to float greet from those prevailing in current comthe below much of securities mercial crlslses. quantities best figures it now obtains There la Aulato Nate. no reason to" suppose that the bftnks Abolition of the transportation tax will cut call or other rates SAve on Is estimated w 111 sa,ve the moat temporary basis. much balow Jan. 1. 1922, It 000 94)0 the $10 a on public year the figures that can be realised Reaction from temporary traffic in StabiliteJ government obligations enjoyed In money with a rate representing reason,. Jlation generally in November earning of I nlon able but not unduly low costa Is the appears aa In ease of Southern Pa Pacific the la and It for the coming'year prospect cific and other western lines one which 'promises well for the activ November net reaand no of Union Pagross of there the market since is ity son to doubt the abilitv of our banking cific. were at the lowest pomt since necesNovember of In to gross funds July; any system $)S69 46i supply comparing with $14.649 589 in Jul. and sary amount for every legitimate net of $2,566,224 comparing with 156. "Starting with the extremely low During August, September and Ocvalues which had been established at tober Union Pacific earnings had the the close of 3120,. due partly to the stimulus of grain movement wholly bus nes Collapse, partly to safes of se4he depressed level curities designed to record losses for disproportionate-tof Gram shipments, fee general ether temporary dwindled outbusiness taxation, and partly hr theTours of Nnvem--- 1 has factor, trading during the year ber, and extra forces hired to handle been climbing steadily upward in volume while values hive been as steadily the. rush were released advanced The improvement has been Estimating Income account for all particularly noteworthy In the more railroads for 1921, Bureau of Railway conservative preferred stocks and. of Nets and Statistics concludes that the course. In bonds, especially tbs gov- railroads as a whole will fall of earning fixed charges for ernments own issues, whlnh have rrmi back well toward normal levels The 1921, but does so only by ignoring "othThe fact is. th v w i,l cbv er public, which left the market in fright er income at the close of last" year, has of late fixed charges ths year sah a been returning and a substantial de- of something like $15 0u$ oA0( f surplus al regree of Invesetment support is now sult depending largely, upon witnessed in many branches These adjustments conditions may be expected io Continue ' Moae good from the Orient; exclusive during the coming months Erroneous of Japan, entered United Mates in 1320 public policv and unexpected misfor- through Ogdensburg X. Y , gateway tunes to general business may cause than s came In at all Pacific temporary setbacks. but the market-- j of this country. Movement was prso- trend Is now quite definitely upward clpally via Vancouver and ranadlart The extension of the strength of the railroad lines. Entries of these goods situation from bonds and preferred at Ogdensburg were valued at 8 stock to the lee conservative ele465 with Pacific coast ments In the securities list may be districts comparing as follows Washington, looked for the more so as early resSaa Francisco. $7,859 121. Ore- toration of dividend hr a good men - Southern trailfoeni concerns which have suspended or re- - ?n, 611.$419,0141 .Freight for United States ced them ia now to bw predict eA1 from Japan entered at Ogdensburg A Hopeful Sign. 1920 was valued at $55,79t 957 compar-- , Bankers remark that one of the most ing with $40,754 279 entered at Seattle hopeful signs of the times ia the ir and total of $64,850 667 at all Pacific , States tugl wiping out of interbank borrow- - coast ports of United The $12,500,000 5 per cent bonds sold inrs between the Federal Reserve institutions, so prominent a factor In last by the International Paper compaHy These inter- practically close the issue of $2A 0io year's money market. bank borrowings aggregated at thq 0O0, .of which $7,500 000 were Issued in Of this amaunt $604 000 has close of November only $14 fill 000. as 1117. compared-witbeen retired by sinking fund require$152, 90 000 the year beso fore. when credit tension was so acute. ments that total outstanding amount Then there has beenheavy reduction with present issue, wlll be $19,396,000 in commercial loans so that the total r Local Trade Review. borrowings of the member banks have The local hardware'k'ttiaflFf ports been reduced over 5Q per cent during tn more or less of a stagnant The eouAtrya bank position business theyear is considered strong in consequence of condflloh; and the same may he raid About the only line the vdraettc liquidation In loans and of collections. moving is In the house furcaution in not at this of goods line The cause of the slump time The continued advance in prices nishings the cod of Liberty bonds at the highest )eel of la said to be inventorying weather, and general financial strinthe year has caused better feeling genlittle cash What ready gency people bonds been These have absorbed erally by the public to a remarkable extent. have had to spend, has gone for from In to the hanks Passing largely The local lumber trade report busv dividual Investors and their rise value 'has impressed several million ' taking inventory, so there ia not much em . holders with the improvement that has doing, and the cold weather adds with taaen place in underlying conditions. fbasis to the prevailing dullness, With easier money and the general ittle of anything in the lumber trade reluctance of capital to seek new en moving. In ths part of the country the northwest mils are bu terprises under the current system of However, taxation a continuance of this invest- because tbev have found a source of trarfe not Influenced bv conditions prement demand may be expected) the vailing in the UnHed State. IncounIn the matter of general business, Orient. Lumber exports from this the banks say merchants report that have to heen and China Japan try stocks of goods have been used up tn some time for certain lines, creating for the time be- heavy Bur as sonny Th local ing increased production iS demand is satisfied activity the holidavs L? returning ibefora n Hrgely reased. m.kfnff n.c.ary pur-po- sa $131000.-O00aho- coast-port- $24-96- i.k. its great possibility is recommended by well known engineers and geologists. ' WE THEREFORE TA.KE PLEASURE David T. Day affairs to the imesting, public as it Is shown in a government report by That there is les speculation in drilling for oil on proven "oil land ' 1 THAN , In 27.000.O0 , and 307,824.96 OFTON, Mass, , 112.649.77 THE COMPANY , 4.0R9.053.46 5681,322,49 ,$16,981,365.38 LIABILITIES. . U. . . Capital Stork . Surplus andCndivided Profits .t$ '. . ..... . . - 650000 0- Q475.015.94 . Jan 7 is managed by well known business men of this, city, and owns in its own right, 6000 a;res of choice oil land in FosmI F.eld near Kemmerer. Wyoming. The stockholders are satisfied they will receive at least 20 per cent on their investment and fully expect to realize 50 per centon yearly production, as it is a proven field w'ith cruiie oil 98 per cent out of the wells now' in operation. pure, containing 54 per cent gasoline, as it. comes - r ' r f - 20,771 . 67 2.000 DO 48,414.41 That yourTnoney should eanj Tnorfor you. as you millionaires to receive MORE THAN 6 7, 8 or even 10 per cent annually. is not earning more than 10 per cent you should seek new investment. - If your money LOOK INTO THE EARNING CAPACITY OF THE DESERET OIL & REFINING COMPANY STOCK. For Full Information Regarding this important investment cut out this advertisement, write your name and address in the left hand comer and mail to DESERET OIL & REFINING CO. 533 ATLAS BLDG, SALT LAKE CITY, Phone Was. 5616. cent ower tLan last Woo! ta active and advonetnx market thoagh the floods market is gj ft and raw t strw with reeemler eonaurr.pt! jb slk 1 per cent off from November but u double last years In trade afteb coWee- - weather holidsy tarf coup ed. tn oome areas, hepe dsrHjfin. wearton apparel she and rubbers U aa permanent In th ltfer -- I" th s .th fjut it fnr marked than at th mHh tM tr Texas hiyh temperature ard drrt h ,rta the rain and r s bir I $ 1$ rXv ek y bank r ar rtif istr r vrn f ra vnM YORK jre KT9. f.capfixl n.ike! was the drjXi rk'v of Mr tb rl tn 4 pymJUSr Cvll leans ffM to 2 th c&L pr tint ta4Uwwt rat rnct it July an4 th aecoad quarter of the year were mad at a fraetiow uader 5 pmr rent en aeaaooed 4eilatraL Deallnxg in atoka were aetiv and broad, ttt a cornMnatin of Uquldafoa and short aiihstantfa! receamona tn every branch if the hat Rails wer 'ree from preaaure but the demand for those hum ere so amaJI as to play no part In raud fmrt th 'ho weeks operations ed 5hert inx by tha CHieago nk ere end urnatons of rash sad byr.ck efeeaF Motors and Kob- Indications of reduced j fur ngf '4 Tire n n tee anl iron affbc:d skarea -- L that caa. aiels had a r vn tha arlow iu.wrl wci.w.. datiaa mere rTr,Ssinf t rid e and foreign -- ef har f TF th n yrt ' lfecw J tn roaequen er ss o ard he arrra conference Qurta ten d wan tb d- -late1 to ran t lajMi and Huw a tat d rJMKD he prep f( rtrfrrsierta iRora rTF in Jam.ry n I, at ) Fn tLscusa-In- g Open Hearih Steel Products Increased Facilities For Supplying Light Rail Demands to our line, and can jsteel raiN have lately addilloiuil mill be furnished promptly on order. Ye are1 equipment which will soon enable u to roll Oh1 pound tads. Wc tan i 12.-lai'.o upply and 16-'-k rads and fastening. enable us to OuradvantaKcous locaton and ftivoyaiile freight-raterender a steel sen ice of highest value, and at a mat rials a ing K our Tfenty-poun- d si s ' levels. TliT situation apparent as wc reach thq, bottom vt the prose nt area of depression in 1922, offers the first real chance of the coming period of improvement. Future busmese is now You can on the production counter. ihan you will be buy a oiieapea-aawable to buy it at any tune during the i Uafvi Rant $ Irea M t nrrlNC HillHx n4r;Ilatr 11 ! aalenUt Iran brfU hsaaetn II gn4r l.ihaa44 .blasts 4a all rwmmeerlsl alirs and swe DISTRIBUTORS ( f, . Salt twk HiHnrf (.wtTacher Warhlnvry 4 o. Wlw A bjttltrr Uachlwr 4 , - $ar . Um I th, 4dMk Park 4 lt Rlhi.r Tttcoma A RttXier FttttaSry A Wakto Rla WttVhttli-Wrl- tt ( Jyka sad P'r ?! PanhiHi, 4 ttrritttt. Havdc 4 pirtklftf Trtnr A Htnrtr tovis Attqal Btrgrr 4k Carter C $ Ftoscfa Uaaiaaa Hardware ( Baft. lalaad (a, Irraaq (al 9. M 4 t . 4 $flrhiwBd Mt 4. (, . Iqikj , wr plnwt srr mw Hclc srrsnerd tddlllonm ( ill far ta prwvi4r (kr fnllwntag pddltinn 1 Rnwnd. kgaarf, fwld-- w taied Square and Hefnrmrd Squares Rnaad.K Vgnarr and I taf Vtrrchawt Han Vaxlr wed It takes no little courage to go counter to the popular current and spend jnopey for advertising when immediate returns are smaller than usual but 1 am convinced that the man who has that foresight and courage wii! gain an advantage-- running will carry him through the coining periods of improvement and prosperity 'is the year Nineteen twenty-tw- o to um ths reserve set aside during the fst years. Cut production costs as much as possible, but don't skimp your selling appropriation during 1922. Defer expansion of plant until your advertising. 'Take the aggressive course There will be considerable busffiess this sum merr more- - the coming fall and win ter; more still next year. --Hut the man who goesafter it now to the man who will get It. In general business tlie alight seasonal reaction which I forecast three weeks ago forJanuary is already apparent. The Dabsonrh&rt Index shows business running 1? per, cent belong ' customers. Write or wireTyr quotations. , Jra UtahSteelGorpgration imnnnnMnaniiniiiliviiiiinill!lllll1TPIlll'llM'!'iii,!;ltl,:,!,i,i,i,Hilll OT F1CU BOSTON BUILDING .SALT LAKE CITY, UTAH WORXS ' M DVALE DISTRICT SALES OFFICES : SEATTLE i PORTLAND, L05 AMOELE5 , SANRANClSCO r UTAH-SAL- m 4 rf JE 1 15.785,163.36 L THIS REVEALS A FACT counter-curreiD- e about the coun-tr- . his recent statistician and W. Habson, Itoger business authority, outline th first opportunity of the conung period of prosperity as follows. 0n $his recent tup which took me into practically evety large industrial center in the United States, I talked to business men, large and small, about tlieir business, and we discussed both the presenrsituation ari&Tut'ui e'pU 'll is very apparent that the executives of America have been busy since January, 920. even if the businesses themselves have not. in fact American business 'men bave probably done more reaj think ing since the depression set jn than they did in the whole period of prosperity which preceded it. Almost every man I talked with has a plan for a new budding, a new product, or the development of a new sale field The project is on paper, the details have been worked oul,and he is Just waiting AH of for condition to get settled. these plans man potential business acor afterthe year for year tual orders wUT bwptaced just as soon as price and markets reach stable . . p . $1,592,269.03 .--.I , - JSpccial to The News DU1.630.42 T V 4 or Bankings Farming, Stock Raising, Merchandising 4 915,160.71 . . in presenting its norma! per Courage to Start Campaign week FuhH.ifon For (Al Now Main Requisite teirinlv Success in 1922 Say Famous Statistician. 9,743.777.00 bF - i While, Advertising Key to Better Business, Declares ElaBson RESOURCES: Reserve for Savings Interest Deposits r' UTAH e- -n Close of Business, December, 31. 1921. - - . UxlS'Zll of raw ailk ,out with co",'r'',l?m.,Jfch,e th. course of this condl- - 1 now renewal How.v.r, market 1, pretty n ore of good. h.ve llxed, but cotton I.fat present an un- and low Inventories reduced I lunnm, are Which ta beginning again to ettr up efrlklti fCTor ".. v.L York. production. It Is contended that th. likuring on JS cent cotton " situation would be more encouraging good If activity in certain genersi'f-eifd up by a price table ?nW;rhe,chaC.k,I , h. tn for the Walker Brothers Bankers :. 'BY THE PERMISSION OF THE SECURITIES COMMISSION BKn?Trrrs sepobt. inventory taking toUow.ng a very eat--of, Ufactory bolidav boxlness In NEW TGRK. Jan. t reels tomorRalss It far exceeded those of the prerow will ) vious yea. Buers are getting ready rch of sprmg goods Port holiday quiet features trade and Into go saatv to ties are the order of tha day, Special aa a whole but the influence or for the present, to clean up earlv win- dustry in retail trade end In ter stocks New spring line, especially some of th big Industrie relieve the wit In hats and dresses are beginning to nation of son of the usual ear:? windows. Taffeta activity Thus while rexotia of Inventorize coming hopeful Men, ls pr,dll.ted as tne feature of thstor preparations fr seodma salesmen oe the road occupy who eaaers. the- - is same trade Prln has The local retail trade completed m cotton geuwts at larc pumsrv life .Jrc,V,nlB nF? oa.. STATEMENT OF CONDITION Dividends- rt ear-en- d r Loan. Federal Reserve Bank Stock ' Sloths and Securities Rcal Estate . McCornick Building Furniture and Fixturts. l'.k S. Liberty , Industrial Municipal Bonds Cash and due from Banks Total Cash Resources f is offered for sale. J msmm Trust Funds. 3 Offers to the public a real opportunity, of merit, and its security $2,-1- 1hrui)tenT..elTr-trrtr-o- f moditiM. as in th. The Only Bank oh Stole Street'' 22S- - SATURDAY JANUARY 7 3922 -- Planning tggmssross NEWS z F f r THE DESERET " "" JN ES -- TC HHf - |