Show 9 THE OGDEN STANDARD EXAMINEE SUNDAY MORNING MARCH 23 1930 Navigating Under Difficulties RAINFALL AIDS BEST PACE rlODERATE AT STOCKYARDS AND N Y IS STIMULATED Brokers Are Cheered By Better Outlook For U S Crops CALL RATE HELPFUL Oil Stabilization Seen Coast Sections By Expert n In er LOS ANGELES Cal Mar 22— What most impressed Wall street and the other financial renters of the east this week was the drop In domestic money rates and the decline in the rediscount rate of the bam: of England To the southwest and lower California however the fact greatest of consequence to their business life was a rainfall of from two to three and a half Inches which extended over wide areas In Texas New Mexico Arizona and In So while the security markets have been booming and average prices making new "hiehs” under the favor of an astonishing easy credit situation covering collateral loans and short time paper sentiment in an important portion of the United States has been cheered by a better outlook for the crops especially in the semi-ari- d sections where water is regarded as the equivalent of gold REAL ESTATE DEFLATION Traveling south andwest through he country one finds In most places lingering evidences of deflation es-of local situations usually In real tate or of the effects of the stock market panic of last November Together these have produced rather serious conditions out of which cities and towns are slowly working their way with signs of Improvement since the first of this month For instance New Orleans has at present a degree of unemployment that presents a problem to the local government and businessmen who to correct it Conditions there arc the result more of local than of national disturbances including the prolonged of street car strik and some homes and apartments indiscretion in the banking world in the way of promoting local securities — all of which has affected confidence so that mortgage money The is almost unobtainable New Orleans stock exchange is said to be the only one In the United States that did not increase its turn are-tryi- ng to-d- er ng av in 1922 In northern Texas development at 0 great speed for a number ofn ara resulted in a state of stagna-- especlallyin the building long before the break in in cotton c'ls orAstheonedecline from place to goes ace it is interesting to find how immonly the market situation has icn made the excuse for poor falling off in retail trade ability to borrow at the banks or loan associations and failure to eet “community chest” quotas ndoubtedly it has precipitated nancial troubles that might have en postponed had there been no ’all street crash but it has every-her- e been a convenient argument use with borrowers: and when tere had been umettlement of because of local weaknesses was the final factor that caused :ch banking trouble as at Fort 'orth and the investment company ilures in San Antonio As land fs sn investment plays a ucli more important part than in this part of the world the 'flaMon of city real estate Is of s finitely greater hurt to communi-pthan the shi inkage In stocks lorlda is held up as a state that cut mad on land alucs but le will prove that her in-ist- oc-irr- col-ctio- con-den- ry ed ns ce se-irit- ics cx-np- was followed to a considerable by nearly every metropolitan ca end suburban area fron thelt tinntic to the Pacific ft Is as Los to move real estate In ngeics today as it has been In lanri since 1127 Here and there snowing gains hiding permltsare er a year ago und compared with rree dlf-cu- inuarv one! February OVERBUILT HOUSING Easier money in Wail street Is a ng time in thawing out the mar-t- s that deal in mortgages rather and while ian in stocks and bonds tere u a strong will m Washing-- n to “sweeten” the situation with low rediscount rates the difflcul-i- s of hous-- g with facilities This will take some me to correct For over 20 years the writer has ado frequent visits to Texas to inand agricultural stigate railroad welopment there Thisin has given a appraising rspective of value esent conditions In the earlier deal of railiys there was ina great progress particu-rl- y ed building by the Frisco whose lines were rojected into the Rio Grande valley here now the Missouriol Pacific and the traffic authern Pacific conti hen came the breakup of nearly roads and af-- r 1 the southwestern the reorganization of 12 and 13 ars ago hi reapportionment of eak independent lines to more ical sponsorship Of greatest importance was the over-producti- on new physical of a evelopment andard for the entire railroad 13 the roup in this territory This rcaiest change that one sees now i traveling over the Texas roads h© second phase and the one that now causing the most discussion mong railroad men is the fight for affic as physical conditions and and icilities liave been equalized con-st the ie strategy employed asin one studThis is evident of California 's the movements rizona and New Mexico products om the originating territory on the outhern Pacific to their destina-o- n at Mississippi river points Just ow this will be affected by the ropoeed transcontinental line under an Swcringen sponsorship remains If the interstate com3 be seen- merce commission believes what it documents it will iys in its official ot permit a system of such and if financial history 'is guide such an pro-ortio- ns unco-ordinat- nd unmanageable ed organization ould fail TREND IN TEXAS Cotton corn wheat cattle lum-e- r and dairy products made the ulk of Texas railroad tonnage even tter the railroad reorganizationv ena- d had been passed with bles and citrus fruits from the Rioirandc district adding their growpe-lo- Texas was an essentially agricultural state Now oil sulphur natural gas manufacturing and shipping have supand plemented the oil resources made the state the mostself-con-taine- d of any away from the Atlantic seaboard The trend of development and of population has been from the north to the south and toward the west of Texas The great coastal region practically undeveloped 20 years ago now uncovers some of tha state’s richest mineral treasures With this balance between agriculture and industry between steam railroads and water transportation and with constantly cheaper fuel— as natural gas is now replacing oil as oil did coal— the future of Texas is illimitable One ran no more bo bearish on the state in spite of temporary reactions than on the country as a whole In Arizona the current problem Is naturally that of copper production and maintenance of the price of the metal The mines such as those of the Phelps Dodge group Miami Inspiration and Calumet and Arizona are working at about 60 per cent of capacity This means considerable unemployment and loss of railroad tonnage The producers are confident that they can maintain the metal at 18 cents and see In the past three weeks indications of enough quickening in domestic and foreign demand to justify this policy IRRIGATION PROJECTS The despondency that has been caused by the stagnant conditions in the copper industry has been dissipated by the rainfall this week which has filled the reservoirs and given storage to a sufficient amount of water to develop the earAbout 16000 cars of vegly crops etables and fruit move out of the Sail river valley each season Nearly 300000 acres additional of irrigated land are under consideration in west and south Texas and Arizona has several important projects of the same nature In California the most stimulating influence this week next to a three to three and a half inch rainfall was the decision ofthe superior court upholding the constitutionality of the California gas law This is regarded as the greatest aid to stabilization of the oil industry in the state that has developed in several years It operates immediately and will reduce the California output of crude to a potential of about 610000 barrels dally or nearly 40 per cent from its recent maximum Admittedly the marketing situation is deplorable and will not benefit from the contracted output for another two or three months It is the opinion of the executives of the half dozen major oil producers in California that Texas and Oklahoma production will be reduced relatively with that In this state and that the whole industry is entering a more promising stage top $1000 on 180 to lights bulk 160 to 230 pounds $970 butch990 bulk 230 to avers $950? 975 260 to erage $9250950 280 to averages S900H925 packing sows $850'' 860 Cattle: Receipts 100 calves receipts 123 compared to a week ago most killing classes 25 to 50 cents lower lower grade cows including cutters fully steady s Lockers and feeders unevenly 25 to 75 cents lower bulk for the week: Fed steers and yearlings $107501275 numerous loads light steers and yearltng3 $130001350 weighty steers 13S3 pounds $1360 light steers $1365 heifers $105001150 few loads up to $1223 bulk beef cows $075 825 bulk all cutters $473375 medium bulls $675 723 practical top vcal-er- 3 $1300 odd head $135G1400 stockers and feeders $105001175 light stockers $1270 Sheep: Receipts 180 compared to a week ago: Lambs 23 to 50 cents lower sheep steady feeding and shearing lambs 5 Oto 75 cents lower closing bulks fed wooled lambs $900 it 915' top $1000 fed clipped lambs $850fi885 good and choice lambs cline ing total year by year SUGAR NEW YORK Mar 22 — (AP) — Raw sugar was easier today Sales were about 210000 bags of Cuban from store to local refiners at 352 to 358 according to delivery 260-pou- 200-pou- nd 340-pou- nd nd 280-pou- nd $865 925 KANSAS CITY March S D A)— Hogs: Receipts steady to 19 cents lower than Friday’s average offerings scaling down showing decline top $1020 on 225 pound weights desirable T70 to averages 250 to $97501015 few packing weights $925 960 sows $775® 835 Cattle: Receipts 400 calves receipts 100 for the week: Fed steers 22-4- AP) — U 1800 230-pou- nd -- 240-pou- nd 300-pou- nd yearlings and fed heifers mostly 50 to 75 cents lower cows steady to weak bulls 25 to 50 cents lower week’s tops: Light mived yearlings $1350 vealers $1300 heavy and light weight steers $1300 no strictly choice steers offered bulk prices for the week: Fed steers $1075® 1225 fed heifers $900 01125 plain dogies steers $900 1000 stockers and feeders $975 1175' Sheep: Receipts none for the weew: Lombs 25 to 40 cents lower sheep fully 50 cents higher top wooled lambs $1000 others mostly $923 985 best shorn offerings at $900 most sales $8500890 top ewes $635 others largely $5750 810 few good grade feeding lambs $850 D 865 CHICAGO March 22— (AP— U 8 A) — Cattle: Receipts 400 pared to a week ago: Fed steers and yearlings 25 to 50 cents lower lower grades closed weak better grades strong to unevenly higher than low time dressed trade conditions biggest bearish factor making for declines in the face of smaller 50 receipts fat cows lost 25 to cents best cutters and most butcher heifers held about steady bulls 25 to 40 cents lower and vealers 25 to 50 cents higher extreme top fed steers $1500 practical top $14425 bulk $110001300 average cost fed steers and yearlings around $1200 lowest of season stockers and feeders unevenly 25 to 50 cents lower meaty kinds off most Sheep: Receipts 2000 receipts all direct market nominal by the week 168 doubles from feeding stations 28500 direct receipts the largest of the year eastern dressed lamb trade slow compared to one week ago fat lambs and yearlings 50 to 75 cents lower fat ewes steady late bulk prices fat lambs 84 to 96 pounds $100001025 few choice light weights $1040 0 1065 early top $1100 shorn lambs $865 950: yearlings $850 900 fat OPENING SALES ewes $525 600 top $623 feeding Alta Tunnel 900 at c lambs scarce prices unchanged Colorado Con 1000 at 70 to few feeders $950© Emerald 500 at 10c 1000 odd choice loads $102501035 Eureka Bullion 500 at 28 4 c early Kearsarge Standard 7500 at 7c 2000 at JOSEPH March 22— (AP— U Iron King 500 at 32c 500 at 31c S ST D A)— Sheep: Receipts 5500 Little May 1000 at 3c trade steady 82 to Lehi Tlntic 1000 at 4 c 2000 at today’s 103 wooled lambs $985 pounds 5c best clippers $875 for the Moscow' 1100 at $160 New Quincy 100 at 52c 100 at 51c week lambs 10 to 25 cents lower Futures opened unchanged to 4 points lower under liquidation and selling by houses with Cuban connections Shorts covered on the Initial decline and prices rallied a little although trading was not large and operations consisted mainly of and exchanging between the near over distant positions Uncertainty developments in Cuba relative to the continuance of the single selling agency seemed to restrict operations and prices eased again near the close" under commission house selling Final prices were 1 to 4 points new’ lower There were no transactions in the No 2 contract with prices easier in sympathy with the No 1 and closing at 3 points net decline Sales in the No 1 contract were 24300 tons including over half in the form of exchanges Closing prices: No 1— Mar 168 May 168 July 2100 at 49c 1600 at 48c 1100 at Jan 48 Vic 174 Sept 181 Dec 189 190 May 193 No 2—July 362 North Standard 1500 at 9 Vic 3000 Park Bingham 2000 at Sept 371 Dec 380 Refined was unchanged at $300 at 6 Vc for fine granulated Park City Con 100 at 36c Silver King Coalition 144 at $990 Sioux Mines 1000 at CURB Silver Shield 100 at 14c NEW YORK March 22— (AP)— Tlntic Standard 700 at $765 50 Curb quotations close at $770 30 American Super Power Monarch Lead 200 at 95c 500 at 38V $100 Cities Sendee 101 S Electric Bond & Share Tlntic Lead 500 at $185 100 at 107 Electric Bond 6c Share pfd $200 148 Gulf Oil of Pennsylvania Annie Laurie 300 at 63c 124 Hecla Mining Park Konold 85 at 18c 600 at 20c 2 New Bradford Park Premier 600 at 2Sc 15 Niagara Hudson 99 Standard Oil of Ind 27V National Investment 49 Trans American Corp — 44 OMAHA March 22— (AP— U S D A)— Hogs: Receipt 5500 slow BVR SILVER NEW YORK Mar 22 — (AP) — unevenly steady to 15 cents low'er Bar silver 43 heavy butchers showing most de 4c com- 75-pou- nd 7c 6c 3c UVESTOCK V 92-pou- nd $9-5- 0 LOS ANGELES March 22— (AP A)— Hogs steady to 15 —U S D cents higher three loads 150 to 209 for pound weights $1163 1225 the week receipts 2700 at 25 to 50 cents higher top $1225 bulk $1160 1260 sows $8 50 9 50 Cattle Receipts for the week 3600 strong to 25 cents higher top steers $1235 bulk $11001200 fed heifers $11 A0 others $9 50© 1073 top cows $935 bulk common to medium $700® 875 low cutters and cutters $400 685 bulls $700 900 calves receipts for the week 900 steady practical vealer top $1650 bulk $11001575 cutters down to 3333c y SAN ‘FRANCISCO March 22-- Dairy Market— (UP)— Butter: 92 score 38c 91 score nominal 90 score 37c Eggs: No 1 extras large 28c mediums 25 Vic ' smalls 18 Vc California fancy flats Cheese: 21c Oregon triplets 21 He 44 POTATOES CHICAGO March r 22— (AP— US DA)— Potatoes Receipts 73 on track 244 total U S ’shipments cars trading Just fair market firm Wisconsin sacked (round whites $235 2 AS Idaho sacked Russets 822 $315 ©325 IDAHO FALLS Ida March 22— Idaho Falls (UP)— Potato market —Demand slower market slightly stronger Russets U 8 No 1 $233 240: occasional car $220 large U S No 2 $1600163 $245250Falls— Demand fairly good Twin market stronger Russets U S No 1 $230 250 mostly $2350240 U S No 2 $160 SALT LAKE Mar 22— (AP-U- B D A) — Potato shipments March 21 —total United States shipments 822 Principal states — California 22 Colorado 41 Florida 17 Idaho 114 Maine 317 Michigan 56 Minneapolis 88 Nebraska 16 New York 31 North Dakota 17 Washington 16 for the week 5050 directs 1217 closing 25 cents lower week’s bulk $1175® 1200 packing sows $900 today’s receipts 360 all direct Cattle: Receipts for the week 2100 direct 257 largely fed kinds steers steady to 25 cents higher heifers fully steady cows 23 to 50 cents lower low cutters and cutters unchanged two loads fed yearling steers and heifers $1200 1250 extreme tops three cars 900 to central California $1235 bulk medium to good $11751225 others $10851100 load fed Idaho heifers $1050 four cars eastern cows $900 9A0 two loads 1050 to 1075 pound weights $875 nine cars $825 8 A0 common cows today 540 direct 116 steers steady 12 cars Idaho-Orego- n $120001225 yearlings $124001250 two cars Nevadas $1123 she stock scarce Sheep Receipts for the week 5400 direct 1605 wooled lambs New strong about 550 fed Mexlcos $1200 bulk 82 to Nevadas and Idahos $10000 1050 shorn Oregons $825 1000 ewes 25 cents lower $100 spring lambs weak undertone lower others $1325 closing $122501320 924-pou- 835-pou- 1155-pou- nd nd nd 74-pou- nd 83-pou- nd f- - BONDS NEW YORK March 22— (AP)— U S government bonds close: 3s 4s 4s Liberty Liberts 1st Liberty 4th Treasury 4g $350 Treasury 4s for week the Sheep: ‘Receipts Treasury 5100: lambs unevenly higher top $1125 bulk $985 1100 fresh shorn Treasury $965 ewes steady top $300 32-4- 47-5- 44-5- 35 3s $10010 10115 10207 7 2 4 46-5- 6 43-4- 7 f4 11228 10830 10606 10014 — A— METALS SAN FRANCISCO March 22-- CAP NEW YORK Mar 22 — (AP) — — U s D A)— Hogs: Receipts Metals nominally unchanged Money Is Cheaper In U S Than It Has Been For Five Years GRAIN By JOHN P BOUGHAN (Associated Press Market Editor) CHICAGO March 22— (AP)— Influenced In some degree by belief expressed in various quarters that reactions would be natural after re- A' South California Edison Southern Pacific Standard Gas 6c Electric Mutual (Quotations by Creamery Standard Oil California Company) Standard Oil N J BUTTER Oil N Y Standard 39 Extra pound $ Warner Stewart $ 38 Prime firsts pound Studebaker 4 EGGS Texas Corporation Fresh extra poultry farm dozTexas Gulf Sulphur 30 en Timken Roller Bearings 27 Mediums poultry farm dozen Union Carbide CHEESE Union Oil of California 21 Full cream triplets pound Pacific Union ‘22 U Full cream longhorns pound S Rubber Full cream sandwich loaf U S Steel 23 pound Westinghouse Electric Union Telegraph Western But-ter 22— CHICAGO March (AP)— Overland Willys steady receipts 9909 tubs Woolworth Co creamery extras 3840 stands §s General Foods 38 4 c extra firsts 3738c firsts seconds 31 32 tic Standard Grands irsts Eggs-easreceipts 26352 cases extra firsts 25 25 14c graded firsts 24©24c ordinary firsts 2323Kc storage packed firsts 26 c storage packed extras 2Sic By STANLEY W PRENOSIL (Associated Press Financial Editor) NEW YORK March 22— (AP)— The stock market enjoyed a tempo- 1930 peak prices United States Industrial Alcohol a recent weak spot jumped more than four points Western Union broke 18 to a new 1930 low at 185 on the statement of President Newcomb Carlton that January earnings were the worst of any similar month for 15 Manville years Johns dropped more than six points National Cash Register and Woolworth were hammered down more than five points to new 1930 low prices Westinghouse Electric Eastman Kodak and Simmons yielded three points or more and American Car and Foundry Auburn Auto American Can and Youngstown Sheet and Tube sold two or more points below yesterdays final quotations The closing was weak Total sales approximately 2350000 shares Ryn2 Butter and Eggs MADE BY BONDS vance was checked by profit-takin- g Vanadium Steel cross 107 to a new high Hershey Chocolate Western Maryland second preferred Texas Gulf Sulphur and Houston Oil advanced two points or more to new 4-- Skelly IN WALL STREET rary outburst of strength in which several oils and specialties were marked up to new high records today and then turned reactionary under the weight of a large volume of profit taking and short selling Mont of the early gains of one to nearly five points were substantially reduced and a rather long list of Issues sold down two to 18 Vs points below yesterday’s final quotations There was nothing in the day’s news to explain the sudden change in speculative sentiment The mar-ke- £ however has been moving into new high ground almost daily in the face of recurrent weakness of many specialties and the technical position of many issues in which pools have been operating obviously has been weakened Meanwhile business has shown few signs of a general recovery United Aircraft which recently published a favorable 1929 earnings report was run up 4 points to a new high at 79 before the ad- pfl00 this state supplying much needed moisture atthe season of the year over-buildi- Heavier V Special Correspondent of The when It will do most good 280 64 1 Charles r speari: Standard-Examin- NEW YORK STOCKS (Closing Bid) ed Chemical 6c Dye Allis Chalmers Mfg 34 61 124 115 63 68 cent sharp upturns wheat developed a downward trend today Winnipeg price declines were a bearish factor during the late dealings with notice being taken of snowfalls in Canadian wheatheavy territory where moisture has been deficient Complaints of dryness In the American southwest were virtually ignored Wheat traders gave considerable attention today to British advices 0:! saying that the huge volume supplies remaining in North America will force selling whenever opitself Meanportunity presents while likelihood of scares In regard to United States winter wheat were asserted to be at least for the present more than Counterbalanced by a crop outlook above normal Wheat closed heavy 1 to 2 cents a bushel lower than yesterday’s finish Corn closed to 1 cents down oats to cent off and provisions varying from 2 cents decline to 5 cents advance ST LOUIS March 22— (AP)— Cash Wheat— No 2 red winter 34 41 42V 56 66 83 97 45 233 28 187 182 190 9 59 49 24 By BYRON SELLER (Special Correspondent of The Standard-Examine- r) NEW YORK March 22— The progress of the investment market during the past week is best measured by giving a few figures On the stock exchange oonci transactions totaled close to $125000000 against $77834000 last week in the same week of 1929 On Thursday the volume was the heaviest i four years The average of fifty bonds representative of the whole list rose to 9480 against 9133 two weeks ago The immediate cause for this of course is the fact that money Is cheaper than it has been In five years A contributing cause la that large sum of money have been held out of the market awaiting favorable conditions and the market is now getting part of the reinvestment demand that should normally have come Its way in January TIME MONEY LOW Time money dropped below the 3 per cent level for the term as a resuli of the dropping of the New York federal reserve rediscount rate the previous week and eight consecutive drops in the acceptance rate since the beginning of the month Then the Bank of Eng land lowered Its rate to 3 per cent and-$471600- 00 90-d- ay on Thursday Another cut in the New York rate was indicated but’ the street feels that if stock market1 activity continues on its upward course it may not --take place Just now I Another factor that aided the rise in prices was that lor the first time since 1928 there was a hint of a scarcity of bonds especially high grade municipal and other legal descriptions Despite the slowness with which new offerings were moved in the past qujrter the first few days of active bond buying gleaned the dealers' shelves of every attractive offering Quick to realize the situation speculator cam into the market and picked up second grade descriptions to hold for a profit Investors not able to buy Just what they wanted for their portfolio turned to the higher yield types Foreign issues were brought out and marked up Life Insurance companies and savings banks were both large buyers The net result was that bonds of all classes advanced to their highest levels of this year and at the end of the week were approaching their high levels of 1929 Many Issues as a matter of fact topped their best 1029 prices and are now on a basis comparable quoted with strong bond market of early 1928 For example the eight active long term United States government isj sues closed the week4 at an average of 101623 against 204322 last week and their 1929 high level of 103882 These issues were most sensitive to the lowering of the rediscount rate and by their behavior at the end of the week pointed to a further rate cut Ten high grade railway bonds stood at 9545 com- Eared with1 9448 last week and their In 1929 of 9503 Many popular public utility issues touched par or better for the first time since 1928 but the average of ted t of these did not quit© reach the ( 1929 level standing at 10003 compared with 98 SI last Week and the 1029 high of 1009 The advance of the junior railroad bonds brought a group of them $116 No 2 hard $105 to an average of 9071 against 883 90 $ 115 Corn— No 2 mixed 83c No 2 yel- last week and ten ) Amalg Sugar com do pfd 4500 5000 low 83c No 2 white 84c Individual issues reached 8712 comCon Wagon Oats— No 2 white 4646c No pared with 842 a week ago This 375 400 62 2 mixed 4dc 58 Ind Coal last group tl the only one that is 20000 21000 Cl0S6 Layton Sugar still far belpw Its high level of 1929 Mt Sts Tel & Tel 13900 14400 Wheat— May $106 Vi July $105 which was 9602 Industrial bonds Schramm Johnson Corn— May 84c July 86c apart from foreign credits reacted V0450I 10600 pfd more widely than did the rest of the 55! 65 Standard Coal CHICAGO March 22 (AP)— list to the forced selling of last 375 440 Wheat — No sale Symphonic Radio autumn-an- d have been the last Utah Fire Clay 7750 8000 Com— No 2 yellow 84c to come back 0 group Utah Oas 6c Coke white 82 c Foreign bonds having advanced 1st pfd 9500 9300 Oats— No 2 white 4444c No 4 strongly and steadily during the past Utah Idaho Sugar white 41 c or five week naturally did month common 80' 100 Rye— No sales not improve so markedly but a 400 600 pfd Quotable range 55063c group of thein reached an average Utah Oil 111)111111 775 850 Barley— Clover seed— $975 0 1775 of 10071 compared with 0975 the Utah Home Fire Ins 29000 29750 Timothy seed— $540635 i previous week and the' 1929 high Utah Idaho Cement Lard— $1022 level of 10198 83 pfd 10000 10400 Ribs— $1325 New issues during the week did Utah Power £s Lt Is Bellies— $1362 bulk large enough to have an not 10750 10900 pfd 6S pfd effect on the market’s 9000 10100 appreciable TOLEDO Ohio March 22— (AP) rise The total of about $210000-00- 0 Walker Bros D G 0200: 9600 —Wheat— No 2 red 113U4 compared with $175000000 the pfd Com— No 3 yellow 84© 86c Western States Seeu previous week However it is inOats— No 2 white 9750 10000 teresting td note that $35000000 of Corp 7s pfd Clever seed— Cash domestic new the week’s flotations consisted of Z C Ml 7500 7800 and March $1080 December $1130 foreign bonds The city of HelsingBONDS" cash Imported old $900 choice fors Finland issue successfully Bid (Asked March $1115 marketed on Wednesday was the Alsike— Cash and March $1060 signal for the release of a number Amalgamated Sugar 7s 1937 of foreign dollar credits The most 101 50J 10350 Conti Nat Bank Bldg important item was a $40000000 wneat: Receipts 75 cars 6st 1930-19to 9950 10200 Royal Dutch petroleum issue of 4 cents No 2 da Chief Con 7s 1934 10200 10400 down 1 to 1 per cent debentures with stock ophard 99c$101 No 3 nominal Mutual Creamery 7s tion warrants These debentures 9000 10000 98c$105 No 2 hard 99 c No 193p were offered at 89 and at once No 2 red nominal Nlbley Stoddard Lmb 88c$100 a advanced above the offerpoint 7s 1930-199800 10000 $1120114 No 3 nominally $108 value foring (Another interesting St L & Utah R R 6s was ai $20000000 eign offering 1044 c 3000! 4000 Close: May 09 c July 99 C Electric Power corpora( 6s Mtn Pack Rocky Com Receipts 45 cars tone doi tion O’ put out at 93 An out- 1939 9000 9600 1 to 1V4 cents No 2 white 79c: issue of the same company standing 2 78c No 2 yellow 79 c No Valley R R Sumpter of term coupon and comparable 1930-196s 9000 10000 79c No 2 mixed 77c No 3 75 stock feature declined two option 0800 10000 78 c Steptoe Livestock 7s to meet the price of the new points S L & Ogden R R 5s Close: 79c July 82c Be debentures I 1934 4100 4400 tember 83May c Municipal loans totaled only S L Term Co 6s 1935! 4700 5200 Oats Receipts eight cars tone not nearly enough to reMapleton fiprlngville 1929-29to cent lower No 2 lieve the acute demand for these se9500 9950 unchanged Sugar 7s white nominally 44045c No 2 curities New York City and state Telluride Power Co bonds and those of other states 6s 1938 9700 10000 44c v considered legal for savings banka Rye: Nominally 68069c Utah Gas 6c Coke 5s in New York Pennsylvani and New Barley Nominally 53 087c 1936 ' 0200 9400 44-Jersey were forced to new high do 8s 1936 10450 10650 levels The current yield range in Utah Hotel 7s 1941 10200 10300 high grade1 municipal runs from Utah Idaho Sugar 6s 170 to 4:30 per cent compared with 1830-198000 0950 380 to 440 per cent a week ago Utah Lt & Tr Co 8s! Domestic finance of a corporate na1934 ' CHICAGO March 22— (AP)— 10275 10400 ture during the week aggregated Utah Fr £s Tt 1944 9250 9450 about $100000000 Of this the largest item was $25000000 Missouri do 6s 2022 10300 10500 Pacific 5 per cents which were rapVirtue Cliff Bid 1930-1910000 10700 idly distributed For the future the market has BANKS little in view that seems likely to I Bid jAsketf change its course Money rates are Bankers Trust 20000 started on what the street believes SOOOi to be a comparatively long period Columbia Trust 8300 of low levels New offerings of 14000 14500 Conti Bank Deseret Nat! 30300 30800 sonds although heavy are not Jlke-l- y 20800 21000 Deseret Savings quickly to dry up the present 13500 13700 First Secty Corp demand Speculators are in the 18000 20000 Utah Savings market it is true and temporary 30000 81000 Utah State Natl reactions may therefore be expected 202 00 20600 Walker Bros from profit taking but dealers are Zions Sav 6s Tr i 370001 38000 satisfied that 1930 will be remembered as the year of the big bond ' market FLOUR m ivllUvU a New loans expected in the near 1037 1037 1035 1035 MINNEAPOLIS Mar 22— (AP)— May uture include $15000000 or 1060 1060 Hour 15 cents higher In carload July federal and bank bonds No ribs lots family patents quoted at $675 which will be put out at around 4 685 barrel in 83 pound cotton Bellies: 1315— sacks per cent basis according to advices 1315 Shipments 41009 ' Bran Llay from Washington 1322 I22502300 July semi-speculatl- ve 1 lt 4843c - 34 40 Ithlne-Westphah- 44 $11-80000- 34 FUTURES 34 4s 6s 39 - - 10-6- ‘ r 7 $20-0000- 10-5- ’ 4 i IIUGEPROGRESS GAINS DEDUCED NEW YORK STOCKS 148 American Can 83 American Locomotive Receipts 74 American Smelt 6c Ref 107 American Sugar pf Than Those of Last 244 American T & T Week American Tobacco 228 73 Anaconda Copper 74 Armour Del pf By STEPHEN BRAY Atchison T & S 235 (U SDept of Agriculture) 112 Baldwin Locomotive pf Summary of the Ogden livestock Bamsdall A 27 market for the week ending Satur- Bethlehem Steel 103 47 Burroughs day March 22: 28 & Hecla Cattle and calves — Business moved Calumet 203 Canadian Pacific at a moderate pace throughout the Case 37ft week in the cattle yards Reoeipts Cerro De Pasco 62 LL were slightly heavier than last w'eek da Ohio 231 Chesapeake with a total of 3124 2607 head C M St P & Pac 23 Vi were received a week ago Prices C R I ds Pac 120 on matured cattle were not changed 40 from last week’s quotations The Chrysler 172 Coca Cola best quality of veal calves showed Colorado Fuel ds Iron 79 about 50 cents advancement The Congoleum 19 best price for steers was made on Com Products J 95 two loads weighed without feed and 1 29 water at $1125 they averaged 970 Coty f 45 Vi Cudahy Packing pounds and 1074 pounds Numerous Davison Chemical 41 mixed lots and part loads of good Delaware 6c Hudson 176 steers were sold for $9 25 11 00 81V Drug Inc Common and medium feeders Du 135 Pont brought $725875 Good heifers Eastman 234 In car lots went at $925 940 with 78 & Power Electric Light a few good and choice light kinds Erie Railroad 57 at $975 Odd lots of medium and General 64 good heifers brought $7 00 9 00 General Asphalt 76 Electric 25 8 25 was $7 the range of value 47 on the bulk of good cows and $600 General Motors 42 Gold Dust 700 on the common and medium Goodrich 52 (BF) ones Low cutters and cutters went 9 Paige Motors’ at $3 :25 6 00 Medium to choice Graham Great Northern Railway bulls brought $6 75 8 00 Veal 68 calves cashed mostly within a range International Cement 94 International Harvester of $9001200 41 Nick International ocHogs—Very little fluctuation 63 curred in the price of hogs this Int T & T 4 week with about an average price of Kelly Springfield 58 Vi Kennecott on best the medium weight $1050 4 Radio butchers Occasional choice lots were KolsterPhen 47 sold aL‘$1060 and $1065 and mixed Kraft 31 light butchers as low as $1035 A Kresge (SS) 104 few underweights below 455 pounds Lambert6cCo Myers Tobacco B 110 Vi brought $975$1000 Most pack- Liggett 75 Vi Loew’s ing sows were sold at $8 00 8 25 Miami 39 Copper $1050 was the week’s closing top on 39 Ward Montgomery butchers 47 Sheep — Receipts of sheep and Nash Motors 61 A lambs were materially less than last National Cash Register 6c 45 Power National Light week but a larger proportion of the 96 Surety j run was sold on the local market National N Y Central 186 Prices closed steady to weak com- N 123 Y N II and Hartford pared with the low level that has North 119 American Two weeks several toy prevailed 94 decks of wooled lambs averaging 85 Northern Pacific 22 pounds were sold for $1000 early in Packard 72 the week and several loads weighing Paramount Famous Lasky 83 Railroad Pennsylvania 97 around pounds brought $935 82 Near the week's close eight decks of Pullman 50 of Amer Radio Corporation 91 pound clipped went at lambs 55 300 Medjum and good trucked -- in Reynolds Tobacco B lambs cashed at $750900 and a St Louis San Francisco 8 Schulte few w'ethersiat $600 87 Sears Roebuck 27 Sinclair Con Found STOCK MARKET I o ‘4 00 ' |