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Show u 1 - $ k 'J, X; ; THE fob mm cm sato. in Diet to 4 DcrJo Gran W - A GcilCD Direct private wtrbo no all leading o tkaaarea Members BaK Lake gtoek Ra- - Commodity Prices Stabilized " UpooJ SonMwbitniif her Lrrsl . General Review Of Trade Conditions, ' " i i " . ' . v Lotnl honkers report moderate do. v:: e. (lrat due. layings banka report loana on real eetate and (or bultdlng pur poana. the Ihnlt being l,Ht from any ana borrower.- r- Banking men eay that commodity prtooa 'are being atabTllxed upon a aomewhat higher level and merchandlae stocks throughout the country are con-ai- d orably lower than they were a (ew montha ago.' The buslaeee situation la eaaentlally aonnder and the country Is going ahead, notwlthstandfeg the coal atrlfca and the setbacks experienced In some sect lea from Inclement weather oondltlona Ten baolo commodities have risen more than It per cent from the low point of last summer and are now quoted at virtually the highest level teuohed sines the recovery began. This Je a good sign sad In the judgment of economists mesas that buelness la get- ting genuinely better. Various branches of Industry are showing improvement, bint there u aaeffort tojover-d- o things, or to engage In reckless speculation again.. On the contrary the American people are pursuing a conservative course and not forgetting the lessons of last year and the hardships attendant upon the forced liquidation during the period of acute credit tension. r Aggregate Reductions. Aggregate reductions of $1 1.100,000 In discounted paper, as againat In , creases of 111100,000 In purchased - ceprancas- and of $7,109,690 in United States aro shown In the N Federal securities, Reserve Board's weekly bank statement issued as at close of business on May II.' 1912. Gold holdings of the reserve banks show practically no change for1. the week, while other e silver and legale, cash reserves, declined by $4,790,000. All classes of deposits show smaller toUls than the week before r members reserve deposits by $49,700,000, Government deposits by $9,100,000 and other deposits. composed largely of cashier's checks and clearing acFederal counts, by about $200,000. reserve note circulation shows an increase of $1$, 900.000. and net liabilities of the reserve banks on Federal reserve bank notes in circulation decreased $1,100,009. The reserve ratio, in consequence of the considerable reduction in deposits, shows a further rise from 77 6 to it per cent. Holdings of paper secured by ernment - obligation- s- decreased - from - $141,109,949 to im.lM.Mt. Of the to- tal held tlll.IM.Mt. or 77 4 por oent were aeoured by Liberty and other U. 8. bonds, HMM.Mt. or t per ceat, notea. IIT.IM.OM or lt.t by Victory ier cent,- - by Treasury notes, and 00,090. or 1.7 per cent. by Trtanrf certificates, compared with 1101.100. 000, $7,000,000, $U.Md.Mt and $11,444-00- 0 reported the week before. Only In the munloipal field .does the market show any eigna of satiety. April was, with the exception of last December, the largest month ,ln. the flotation of municipal Issues on record. The market for municipals Is limited almost exclusively to a comparatively small number of wealthy Investors, savings banks and other Institutions. The Utter now (lad it more protltable to buy Libertys than municipals unless maturities. Curthey desire very long block by rent offering of a 171,000,000 Federal Farm Loan bonds la also a factor In the market Cwtaut By Clews. Clewe baa' the following to Henry say n thia week's trade and finance circular: -The financial situation continue to show unusual strength. Not only does the Federal Reserve System maintain level of ait aimoetunpreoedentealyhlgh the past reserve 7$ per cent during seasonal a even with alight week) but demand for accommodalnorease-- of retion, Its immense lending power mains almost untouched, while the inflow of gold has In a measure stopped, the stock on. hand, remaining nearly the unchanged for some weeks pastIs upevident tendency so far as any lathe banka are ward. In the Interior, in better aASetrongerpoai-tio- n generally heretofore and are thud able than to protect themselves and their customers with but little reliance on the Federal Reserve system. All told, there-for- e. the banking machlneiy of the country la in ofextremely good pbaition to take care the steady Increase in business ae well as any foreign requirements that may preaent themselves Business is now In meny lines of inheels; that dustry upon en $9 per cent to pra-wis to say, is practically up levels so far as voluma is concerned. The fact that it has been able to make so good a recovery la remarkable, when the steady liquidation of bank, ing obligations is considered The last bulletin cf the National Ratal reduction of 10 per oent ordered by bettlvq to Freight rate cuts, end ter business." The general horizontal reduction f 9 per cent rdered by the Interstate Commerce Commission should help to improve national conditions of business. The direct i advantages will be felt in those lines of industry such ae con struetlon. where materials utilised are for bulk and weight. Here the reduction in costs, amounting auf- flclentl to influence production Increase fair to stimulate production, increase expand employment and appreciably the buying capacity of the publio. such channels indirect t)ie ef- Through feet should finally be felt in. the dry, trade. goods The direct effect of the reduction dry goodg and othor merchandise It 5 L too ado (or ioshs. Oao reason )tob to tt a between seasons, and another that aheep and cattle men are receiving money (or their wool and oat-tiand are takinar , np their notea many of which had to be renewed when i ChMg ar -- DESERET sol la department sad similar ratal! stores, however, will be alight. Against yearly sales la dr geode at retail amounting -- te aeI7.9M.0M.0M. freight aro negligibly as te have chargee no immediate effect. . ae doubt that a reduction There Is la freight ratea charred for the trans- products Urmach more Krtattodrof raw the manufacturer then to the publle aa It nets as a stimulus to business whlls not greatly affecting the soiling pries, Views of Chicago Bank. The National City Bank of Chicago stsea up the situation, particularly as the agricultural Interests, as rsgards follows: . The greatly Improved position of the farming classes is of Importance te the whole country and especially ta the west. It contrasts sharply with the despondency of lest year and means e Increased purchasing power at Scatly time when it Is most necessaryIt up bualnsss and make healthy and strong. The government's May oondltloa aatlmata of $.$ per cent for winter wheat suggests crop about equal to last year's but from $ to I per cent above the tea year average. The condition of rye shews marked Improvement with a percentage of $1.7 and an Indicated yield of more than 71,000.009 bushete as compared with a final estimate for the pest decade of 47.000,000 bushels The showing for hey le also above the ten yser average, with en Indicated yield of lOt.S70.000 tens The Indicated proshows decided duction of live-stobetterment end the outlook aa a whole for the agricultural states la excellent The lateness of ploughing and planting It is toe has been a drawback end while early to venture 'precise - forecast, there are abundant grounds for taking a hopeful view of the future This means much for the American people as the United States is an agricultural country first of all. notwithstanding the remarkable strides made by manufacturing within the last decade." Local Trade Review. iware trade renorte trade improving, the special call beingmade for builders' hardware and mschan leg tooln Luggage and traveling equipment, automobile accessories and sporting goods are much In demand, while the call tar garden tools Is at Its height Silverware Is a prime seller for June weddings. Household furnishings ere slow. Collections (gw Improving. The lumber trade reports business - and ,,aUhoux)i. demands from the orient ere as strong as ever, the northwest mills are able to keep up fairly well with American orders, onlya there Is,- - aa a natural- - conaequenee. tendency for prices to stiffen, and local dealers are notifying patrons of the fact The calls-armostly for cottage and moderate home building material. Cement and plaster are moving rapidly, owing to the number of new cellars being put in. Collections aro Improving. The local wholesale dry goods trads reports no change from the conditions of the previous week. Prices ars stawith a tendency to adtionary, though naa advance The price of jute vanced 100 per cent in India, the jute raising country of the world, and wool bags are now just double what they were early in the spring. The resumption of the great cotton fabric mills at Manchester, N. H., is welcome news here, but it will be several weeks before the benefits to the trads can be felt at thie distance. The class of goods now going out ars summer pies in a wide range of light weight tissues, as voiles, organdies, glhghams, percales, etc. The local retail dry goods trade reports busy times, with manynowpeople that purchasing in all departments,has come settled summer weather from the east, who Many visitors chance in town en route to San Fran- cisco, have been buying to supply trav-o- n . sjlng needs, SATURDAY JUNE 10 1922 NEWS CMT PAT T ANNUM t ck never-.bette- . , hares $1M sock. Internet parahrequertsrly on March If. hui if. $Pt lb and Doc. It. very dollar la vested In first mort- - ar writs (or particulars PRUDENTIAL BUILDING SOCIETY. CaU L Cessna, PteaUcwO Teat pie I treat N Bast Math wnxat xAtur err back. It. With earlf perfect eeadltleas te accelerate the harvest ef the wtater wheat eras eat with a geverameat re pert confirming hearteh eetlmatea ef yield, the wheat maryet has sadergeae a saeterial Wheat this setback la price this week. a week age wee manias compared with eon wee a shade te up. down It te eats eft II to t, and prevltleas showed salat sf II ts ft. Optimism regarding the domestic crop outlook, especially for Kansas, put the bull elds of the wheat market at a pertlealer dlsadvantaso la the first dare ef the week, and aa iaerease ef the United States visible apply total counted also es a faster giving Impetus to the lower tendency ft prices. Good rains in India and Australia, together with a forecast that India weald have en exportable eurplas ef 40.004,000 baskets tended further to weaken values. Aarlely over dry weather complaints from northwest of Chicago lod the wheat market te rally somewhat during thu last half ef the week, and although apreheaetoa of drought wea relieved by general showers, the market continued te turn mere la favor of tho bulla because- - of a better demand which developed en the part of exporters end millers. la addition, shipments out of Chicaso attained liberal proportions, whereas arrivals hsra dwindled to almost nothing. Aggromlva loaders In tho eora trads took !?? orn bad ceaeedto be of sufficient volume to act any ioager as a wstsht on valuoa Oats, hawevar, ware weakened by the government estimates ef a larger yield thaa had been leaked for. Improved call for meats was gtvsa as a n for an nptnra la tha valne ef . . , -. . CHICAGO. June t, - HCK Ml BUTT r, e imurt WEWvYORlC.'-tluh- REVIEW. . e or unsettled throughprices were irregular out the week. A majority ef tha mere active lanes were plainly disposed to give way te professional pressure as euUlde waned. Very much the earns condition prevailed In the bond market, elthonsh eeveral of tho liberty group stained to high records and now underwritings offerings of domestlo and foreign origin wore easily absorbed on public offerings. Despite the enormous expansion ef broken' loans, call money rates fall te lowest renewal quotations In four yearn, concusaccomsions were -- made en 40 and 44-dmodation. and commercial paper was In better demand. Eliminating tha coal strike and the prospective strike vote arising from another ent In railway wagea Industrial developments were on the whole. mainly encourMay production In the automobile aging. trade wee a record-breake- r, according te authorities and additional advances were announoed In prices ef meuls, raw end refined sugars, textiles and leathers Disclosures connected with the propose 4 three - company steel merger dampened speculative, ardor In shares of that type but goaetp continued to deal broadly with possible combinations In ether Industries and some of the minor railroads of the west-en- d southwest. Severe declines In Mexican government bonds suggested failure of tha plan to readjust the external debt of that country. Abandonment by tha Paris bankers' committee of negotiations for an International loan to Germany was followed by reversals In ell the European currencies at this canter. . CHEAPER MONEY WILL BE - AVAILABLE FOR LONG here--abou- ts -- . PREFERREDtSTOGK of the UTAH POWER & LIGHT CO. This stack hue paid dividends rqgrulorly, promptly and surely every three months nines the compsay wan (orated alao yearn ago. Yea get Tl per ceat ea every dollar you taveut la stock at this price." If yon The shares sell for gPd aad dividend for a 10 shore. Yoa eaa take r ten months te pay for a share stock. wish. We pay 4 per cent ea all defaults yea snake while paying or ealesme Tk proceeds of tkla loans go Into property oot Into promotion expense for-you- Get the mot out of your savings Invest them in this safe stock and receive a dependable end In ibis coupon It will bring you in llluetthtod booklot end toll you how to buy this stock for $19 a month. , , ,, (Without Obligation.) Vu.lt Power A Light CO., Kearns Bldg., Balt Lake City. Utah. an- - Opportunity- -; Btorv-e- f Please eend me book4atr-uTh- eHome,'' containing (I) Mora Information about your stock. ($) Details of easy payment plan, ($) How to Judge an investment. Name. Address. . . .. . BY ROGER W. BABSON. home builder is affected. It takes hear, WELLESLEY HILLS, Mane, June 10 ly s year for cotton to gst from ths to the shelves of the departRoger W, Babson iasued the follow- plantation store. Hence, tt may be several ing statement today regarding the ment months before the retail eotton goods Money situation: For the pant few years banka, trads gets ths advantage of a decline In the prloe of raw cotton. It la the mortgage companies, and others en- same gaged in the loaning of money have soma with money as with cotton.In It la months after the decline the been educating people to pay high rates of interest. Manufacturers, business wholesale price of money before tbr man business and the home builder gel men, horns builders and others are toadvantage In the decline of rates day paying high rates of Interest where the a few years ago they believed never The bankers are not to blamo for this. would be paid. NaturUly this has It la economic law. As U takas sons for the bankers to raise the rehandicapped employment, especially tims interest rate for money after the tell building operations. These now wonder whether this is to people be a wholesale rate advances, so K takes a pro-farr- ed icomc Come la today and talk to as alSont If yoa ren't thla anuoaol effrr mm. la today, dont pat the mattrr-Of- f clip aad mall the coupon for farther particulars. It will pat you oa the way to financial ladepend-t- f yoa want tt to. The Commercial Bui- BOSTON, June letln tomorrow will at the eastern seatho market While board hae tapen only moderately actlce. At been very tlrm. In the west has nevertheless the new clip le moving steadily at firm mills are generally woolen prices also. The well occupied, while the worsted manufacturers still find business rather slow. The foreign primary markets are a bit easier on merinos, while good combing wools are firm?-- Yorkshire refleeta-4h- esame- condition of affalre-tope to B4 pence for a plenty being down Beptember-Oetobe- r delivery. The Commercial Bulletin tomorrow will as follows: Chlo publish wool quotations and Pennsylvania fleeces: Delaine unwash ed STe to 680: fine unwashed, 44o to 48c, half-bloo- d combing, 60c; combing, 46e to 48c Michigan and New York fleeces, Delaine unwashed 82c to 64c: fine unwashed, 42c to 44c: half-bloo- d unwashed, 47to48c; unwashed, '45c to 46c, unwashed, 48s to 44c. New Wisconsin, Missouri and average 44o to 46c; three England; Half-blooeightbe-bloo44c to 46c; 4I0 to 42c. Bcoured basis: Texas fine ft months, $1 8 to 1 86; fine 8 months, 1 ft to $1 W. California .northern, $186 to $136: middle county, $120 to $126. southern, 16c LIGHT CO. Efficient Public Service. considerable time for tho retail rate to decline after the wholesale rate declines Being asked how this ta to affect the average man during the next year Mr. Babson replied as follows: This means that ths average man will be able to borrow money much cheaper during the next few years than he has been able to borrow during the east five years. It mean that borrowers should now avoid borrowing for ratea It means long terms at high decline in the rehat there will be a same as there of the tail price money has been a decline In the Wholesale prtce of money. It means that money will he more available for tha building of homes, roads and construction work -of every form. Most of all It meansAs ths hanks during ths paet few years have educated the nubile to high rates, ths public must during the next few years oducsts themselves back again to tho lower rates of some few years ago General business es reflected In the Babaonchert I running 14 per cent below normal an Increase of 1 per cent over last week. It le holding well In face of the bearish factors relating from the railroad ruling. school-house- s Exports during April, tnotnd-inproduction. to Canada, amounted to 02,-Srhipment ooo pounds, which with the exception months ef March, represents the largest shipments since May, 1120. Tin advanced early but subsequently reacted Except for freer offerings of Chin- ese tin there was little feature to the mar' ' ket. Lead wes advanced by the lending producer to 6 76. following the lead ef outside Demand continued active, parInterests. ticularly from battery and pigment concerns. Orient have been somewhat larger. Second hands offered eomewhat mor, freely th past although mostly In small iota Praducera arc aaid to bo fully maintaining their quotations and It la reported that the ouoout of ameltera le not Increasing aa rapidly as sxpectad, whlls Bellvsrlss-edomestic and foreign account are believed to ba still rusnlsg In excess of refined few-day- e e Pwk XTtfttl Zifi(5was0tronrwpHh e e e e I 4 Dlr. My WNt esnsenssno 99i9$9eet 497 9 Total tMM9 e crown point Ofncnt, (Special to'rhp N,wa.) 1A BAIT y BURNKA. Juba Thera was. fmt eaaugh stock represented ts ' permit , HR holding of the annual meeting ag (Mipg Cruqn Point Mining oempuny, abjaR 3 aehadulsd for last Monday. Tha Sd bconsisting of Charles Esbrlskie, y,Kimball, C. R. Hulah, Ralph Bat WUford Baeslsy will hold ovar Iwl Ths oompeays hag boon i sad all expenses ground contacted with Am- IZI government title have boon paid depleting tha treasury. Bast Crown Point Is wsll In rated sura ts profit by dsvsispmaats ta i Srtles as ths Iron King mad gu t. , p-h- g' - Hi h WILL 1490 10 KLL Natl. Bank Utah Mate Natl. 4 Das. u. a ou UtAh-Uah- o, ' . ...$$H-s- e ..... t$7 7.79 prof..... f. th r. r iT$ Ranch; ...... ltd . a Ellison WILL BUY t 149 Z. C. M. 1. Utah-Idah- - ' ' .common o, Lata y 9 Mostgagrss v $112.4 , to ML t u, Barnes Bros. Inc TO Doossod Baak LI STOCK AND BOEIM Flto aad Abas Iaamraass. bm-.-J- . j X'estern Llincrc! Survey , roamaa of stocks aad astata. sU aad shaln nows. It cavsxa tho field. 1 , , Yr. $2, 6 Mos. $1, 3 Mob. 50c SPECIMEN COPY FREE - SALT LAKE WESTERN MINERAL Dept. D. SURVEY. i a. T CITY, UTAH seme producers sold up for June. Consuming demand hss boon mostly fo t Juno shipment but Included orders for July and August as well. Antimony was dull And rather easy. BRADSTKEETS REPORT. carding, METAL MARKETS. NEW YORK, Jun 19 Stral ha. vary firm with an sotlv demand eapaelal-l- y from rxllroada. automobile manufacture era and for structural materials. Production la not Mrloualy affaotod by th coal atrlka but producers aro cautious about booklpc too far ahead. Ptc iron ! firm with furnaces well sold ahead and nervous ovar tha fuel situation Copper has been leu active for domestlo oonsumption and Europe but' sales of both last week. ghlpnaeats la tan ths vartaaa astaas fsUsw:, e e a e A Ontario eas a t liver King CesUttea 791 tons s, NEW YORK, Julia 14. Bradatreeta morrow will ,aay: - Retail trads ta betferr thls being reflected In more confident buying by retailers, who show more dlmoettina to hup for ths future, the Industries, especially troh add steel and automobile lines, era more active; building has taksn smother surge forward: factory activities In she snd leather marking hav enlarged at tha east, whlls bslng rushed to capacity with some wasters polnta stimulated being by higher hide prices: crop 00. $1 hsvo improved, more eipeetnlly the Oregon eastern No t staple, 1 20, to 81 25, reports feed staple surplus snd additional measbig and fine medium to 20 fine combing, $1 ure! of monthly tndnstrlat movements re$1 26, eastern clothing, $1 10 to $1.20; valley ceived go ts confirm tho Idea that May No 1, $1 lo to $1 12 eaw a very pronounced forward step All Territory fine staple eholce, I 20 to It 21. these developments. It should be rumembor-ed- , half-bloo- d combing. $1.1$ to $1.10: "three have occurred la the face of a fifty per etghthe-bloo- d combing. 06c to 00c; one cent tleup tn all coal mining And ef the four-bloo- d combing, 76c to 78c threat of a possible strike en the country's Pulled delaine. $1 16 4o $125; A K, 111 by what mlsht be called the aux-tiler- y railways te $1 IS; Asupero, $1 10 to $1 15. classes of railway labor. Mohairs. best combing, 85c to 680; best 17 101 479.999. bask elea-in- ga Weekly 6O0 to 66c. bh UTAH POWER & 1M x LOANS 0CC0RD1NG TO BABSON permanent condition or whether these high rates are only temporary. Statistics lead me to believe that the high money rate period of the past few years has passed for many years to come. Already money rates nave declined greatly In the wholesale market. Where a year ago the banks were loaning money on call to tho brokerage houses at from 6 to $ per cent they are now loaning at about 4 per cent. Even 'three to six months paper can be sold at from 41 to 4 per cent discount. These are tremendous changes within a shortsoperiod of time. In fact the change Is great (a decline of about 69 per cent) that it would not be surprising If money rates now strengthened for a short while preparatory to - another downward movement. ' "Money is a commodity the same as It eotton, wooL lumber, or copper. has a wholesale market and a retail market A wholesale price and a retail price. Moreover, as with commodities, market the retail price in the money lags, about six months toof a year, behind the wholesale price the money market. This means that the rates In the wholesale money market go up and down from six montha to a year before the average business man and - BOSTON WOOL, MARKET, VERY January st, April 1st, July 1st and October 1st, hundreds of folks are getting these dividend checks dollars earned for them by the money they . , invested in - BUTTER MARKET. CHICAGO, Juno 19 Butter market, wars Irregular during .the peel week but were tesdy te firm at tho close, according ts tha weakly report of the United Atatea bureau of markets. There was heavy etotege buying, aUhengh many buyers feel that the risk Is great at present prices HoCdlnge In storage Incrsaaad over six million pounds in four eastars markets since una week ago Closing prices, tt score : Chicago, delphle and Boston, J7; New York. St) cents PARK CITY OMHHOWdBNOa Park City ore shipments totaled 4.1)1 tens this peek, an advance of rtrtons ever last week when 1444 tons were shipped. Moot sf the Increase was due te heavier shipments of tailings from the Ontario. Park Utah Increased Its output to I7S tom com pared with ttf loot week aad Silver Klag Coalition shipped 1)1 tons tampered with FIRST H0RTGASI BONOS Have tIOSS V a This It kawl Brat IMN sa sae of payment ear Inst. Purchase Certificates tie kts year pfna Until matures. Then yenll a a 91,900 ptn Real Mortgage Geld Road. boar. lug 9 par rent lalpnl annually. Aeh for Erse Investment . Rookies ..plains the antrvd Way. bolts tod CUft Mdfe Phone Was. tUA' Hull City. , Utal GUARANTEE) SKORflO coata: o nott Ml Was. A. , IdlR C?,- .X w; |