Show f Q L £ "it THE SALT LAKE TRIBUNE SUNDAY MORNING OCTOBER 4 MARKETS H 1931 MART tobanshortsales'stays DULL Writer Thinks Exchange Must Act or Else Politicians Will Force System Change B B C FORBES President Whitney and the governors of the New York stock exchange should forthwith ban short selling until this latest spasm of hysteria has passed Let us grant for the moment that the stock exchange governors are not only sincere but are sound in their contention that short selling Is defensible and saluNORTH SALT LAKE Oct 3 USDA7 — tary m normal times But the stock Hog— Receipts 1207 Including 109 lor mar- exchange authorities should frenk-k?- Anueles market and 823 to Loa Anselea iy recognize that se are not at thlSpicker Saleable supply Saturday limited 23 moot luht packina owa at m do moment living in normal times but Recent Moderate Buying of Copper Tapers Off LIVESTOCK Zinc Declines NEW YORK Oct 3 (Pi— Recent moderate buying of copper for domestic and foreign account tapered od last week and the market has Custom smelters become quiet which hate orders booked at the ba7 sis of cents for electrolytic delivered In the Connecticut valley are not pressing to sell ahlle large pro-- i ducers are out of the market at Idaho a nominal quotation of 7 late Friday H8 head 165 to cents llshts 15 85 23 leeder pin 82 pounds 15 35 Buvlng Interest remains restricted for Heeelpts 13 Includlnr Tin prices continue to fluctuate tan DeoDle are much more seriously VrtCattle— nd 7 t0 Antle mrket For eek concerned with current trying classes aenerally irregularly lower Influenced prinkilling ins Steady common and medium (trass 6ters cipally by sterling dltions than with idealistic exchange but IJ40OWS0O grass heifers S3 5041415 grass consumers remain generally Indiffershort selling can be and uf°rles often is com an cutters si 25ft2 50 2 75i3i5 ent owing to trade predictions for wholesome when security quotations bulls S3 00i3 25 vealers stsosieoo Bhee- p- Receipts 4210 Including 307 for further increases in Straits producSire unduly inflated Inflation most market 19 to Utah breeders and 3884 to For ueek receipts 42 107 tion In October assuredly is nonexistent today Rath- Kantas feeders lambs fully steady 64 to 77 er has deflation been carried to d daughter Slightly improved consumer depounds Utah slaughter lambs $5 00i 5 90 mand for October shipment develextremes mixe fat off cars55 to weight $4 35fa4 8S no sheep or feed oped for lead when recent offerings Stock Values Shrink on lambs offer log sources at confrom second-han- d Why the shrinkage in 100 repreOGDEN Oct 3 (U8DA1 — Hogs— Receipts sentative stocks since the 1929 boom 711 Including 371 for market 64 to Oak- cessions had been absorbed With a and 376 to Sen Francisco 20 per cent decrease announced for has been fully 70 per cent Last land packers packers About steady salesable supplv southwestern Missouri mine producmonth alone these common stocks Saturday limited to 16 lights averaging 163 shiiveled in market value five bil- pounds at 65 50 packing sows quoted 43 00 tion excess stocks are being gradu75 reduced lions 700 millions of dollars or more 63Cattle — 104 all for market For ally Zinc declined under dealer presthan 30 per cent Twenty leading week 3673Receipts killing classes 25 to 60 cents instances lower heifers showing sure but grass establishment of lower utility and oil stocks Included in the more decline common and medium steers list shrank almost two billions 63 606i 6 00 weeks top sued 1100 to 1250 pi Ires failed to Improve demand 10 $2 50fa4ft0 are Consumers at $6 grass heifers holding off owing to Amusement stocks fell over 35 per poundscows $2 7Vn3 76 all cutters $176 of Increasing supplies cent motors 38 per cent electrical grass 2 50 bulls $3 50tfl3 35f vealers $4 50 to reports 50 Trading in antimony Is restricted manufacturing and mining and re- $6 Sheep — Receipts 687 Including 288 to of fluctuations In tail and chemical stocks approxi- Omaha maiket and 399 to Kansas feed by uncertainty Prices were advanced slighters For week receipts 30 351 slaughter silver of their value mately classes fullv steady medium and good 06 ly but quotations are nominal Nobody can claim that there Is to Idaho end Utah slaughter Placing of a few large awards $3 50fa4 75 need today for forcing securities still lambs $4 50fi?5&0 drlelns feeding lambs 50 to 64 pounds S3 50 stood out in an otherwise quiet steel farther down and that is the sole range 50 fa 4 with the failure of demand puipose of the professional bear — to CHICAGO Oct 3 fUSDA) — Cattle — 600 market so calves 200 compared week ago better grade to improve generally during Septemprecipitate fresh demoralization ber The trade Is now looking for yearlings 35 cents lower that he can rebuy at slaughter prices long grade weighty steers 35 to 40 comparable no decided change In conditions vhat he sold higher up The people common and medium steers Including the stock exchange governors should r rassers steadv to 25 cents higher on kill during the last quarter While structural awards last week of about have solicitude for today are not the ‘d 7mihedn25 To ’so lower only choice little cattle holding up 126 000 tons were the largest since bears but the many millions of in this class she stork generally 25 to 50 March they reflected chiefly two who were induced to put sav- cents higher bulls 15 to 25 cents higher substantial orders for public conand vealers 50 cents to $1 00 lower ings mto stocks and bonds At the same time sevtop weight steers $10 40 long year struction Certain stock exchange governors lings predominated topping at $10 00 argue that the forbidding of short strictly choice heifer yearlings absent best eral large orders were placed for cast sales would help th£ market only39 50 bulk $7oofa&oo heavy bullocks in Iron pipe and rails but buying In Without 50' SjJwrJ’Ynd Short Ved" l&oo general was characterized as cauattempting temporarily ttous with consumers pressing for 8 00 here to admit or rebut that assertion oproximteiy 12000 western rs- 16 45 following the recent I would like to submit other and !prlce conces-'5l°a- s od" nomine announcements of wage reductions veightier considerations Aside from easier scrap quotations For wek J2i double from icdin Exchange In Disfavor non Kiuin cinse 15800 direct a reduction In tin plate prices Whether they know it or not the ititiie 3V0rktcJSpLenrtbu'ie'd general list held unchanged Pig Indisputable fact is that the stock close following Thursday break closing iron is quiet and steady exchange and all those intimately gjod f"“" identified with it have fallen intorna $6 501 7 so bct 7 60 Weeks top range lambs $7 75 natives $7 50 native IFoman Finds Gold Erave DUbllC disfavor A very large bucks 5 50fa00 throwouts $4 00fa4V) Dumber OI citizens hold Wall Street ranee throwouts choice fed $5 00tr5ft0 00 the Ore Near Lovelock Nev fat ewe cluefiy blamabie for the nation’s yearlings S5 756 lamb154 $5 feeding are convinced range piesent plight They Hors— 7000 quality mostly plain mar- 7 "1 LOVELOCK Nev Oct 3 P — A! rightly or wrongly that Wall Streetiket steady to 10 cents loner than Fridays woman prospector Mrs W C Pierce from J concerns and individuals 5 50ft5 65 200 to to choice top l (5 no to & Co all along me ss 3545 50 fw of San Diego Cal has made what Morgan Mooi appears to be a rich 4154610 ui4 strike line of Investment firms and pro- - no50 to 15 254 Packllll light In the moters foisted upon them billions oo "ndboV Imlay district of Pershing iRhts si shipper took ?ouo and billions of dollars worth of se- - 500 tmwd holdovers 229 ivrwe county A carload of ore averaging pounds about $70 a ton already has been curities during the stock market cost Friday $5 21 weight KANSAS CITY Oct 3 (USDA) —Cattle — of these Receipts 300 calves 600 For week Good extracted for shipment boom and the sponsors countless pieces of paper must have to choice medium weight and heavy led According to surface Indications higher comparable kinds the ore shoot is 500 feet long and the known that the buyers would be bad- steers 25®'50c yearlings 35c higher week a early decline free gold black on western steers more than recovered on quartz contains ly burned As days short fed heifers weag to 26c nietal horn and native silver Many people go further m their late lower other fat lower steady 1 anger over the ruinous losses they grades cows strong to 15c higher bulls high as 84 ounces of gold and 298 have suffered they ak- "Tf It was fully 25c lower vealers and killing calves ounces of silver have been obtained mostly 60c lower stockers and feeders fiom general samples across the vein right for all these Wall Street peo- steady to 25c lower vteeks tope yearlings ple to move heaven and earth to lead and medium weight steers $9 75 heavy farmer Oliver Bollard 8 00 25 bulk native grain feds $9 their steers us— Into purchasing fa 0 00 short fed grassers $6 25fa 7 50 grtf'5-er- s of Ionia Mich is using a bone hansecurities isn't it their bounden duty $S60fa6 00 stockers and feeders $4 00 to move heaven and earth to protect fa5 76 few loads feeders $6 00 and year- dled razor which has been In hla stockers $6 00fa6 26 family 200 yeais the market value of these same se- ling Sheep — Receipts none For week Slaughcurities?” ter lambs 25fa35c higher sheep steady lambs steady to 16c higher top 7he argument is that there was no feedinglambs but low rrtde he lock low poislbly $7 00 best offered late $6 fl(L agolittle rang® good grade steer lower In pot lack of leadership during the infla- closing bulk $6 25® 6 60 top natives $6 16 6 504x7 00 top for outstsndlng quality has $1 movement there but that twtft 125 others tion off 5 00 88 00 50j daughter 110 grde feeding lambs $5 15 mo&t alti aradas down to $4 00 hmitad numbaf of been a scandalous lack of leader- 2$40075 top 5 10 $5 00 medium to around account faadar movement deflation — 860 Hog® ship during the around steady with fairly good haliers 4 76'aS50 few out-- 1 Receipts that the mighty banking firms and Friday®no cloaeor 10® 15c lower 76than best standing grad? $8 00 bulk dcsirabla co ®hlPPr tm on $5 top 00 n 4 60 ft faw at $4 76 low rut tars down $4 and that fathprod institutions stead' pminds bull( drrhle pound to ll so common to medium-bulowe it J0 35 15 5 30 old stocks so aggressively ralers nd calves $8 50 down parking sows acaroe average $1 OOfa 3 75 to $4 on and below to their millions of uctims to show cost rridT )5 25 wlht 216 pound with wck Market mostly stes-dthe same aggressiveness in buying I os AVGEirs on j ojsdai— Ho— aoghccsN— bulk good to near choice lambs $5 0000 lor erk 1000 mostly 25c lower at $5 s 26 choice clipper and in every other way possible up- Receipts including s early top 16 15 dosln top S6 50 bulk de- in between gradrs $4 00fa4 76 and holding the market for these securi- sirable welht 55 90s 6 50 heaylri 15 00 medium to $3 60 and below to down to choice 4 00 cull 00 a $3 ties now that wreck and rum are 8 5 50 psrkinr sow 14 504 4 16 choice Cettle— Recejpts tor werk 4400 mostly ewes $1yearlings 00fa2 00 threatened steady no ood yearling olfered best 1664 HOVTH SAN FRANCISCO Ort 3 MT$pA) 14 56 6 60 load steer me bulk Imperial di1700 — Receipts for fl'a days — Statesmanship Needed Cattle dlura sleers 55 75 16 40 Mexicans 55 25 rect 340 five cars 900 to 1100 pound fed 3 168 5 00 Wall Street firms and institutions 5 84 few loads stockers and steer two cars 960 to 960 pound mediums 4 50 doan 575 16 medium heifer ran and do make this reply "Oui feeder 75'i7 00 12 cars 900 to 1060 pound me-business Is to dstibute to sell se- - f'f' S curities not to buy them to sood it 6 00 p 8 so ehe etock eieidy o4 50 rahea week 2100 ready to three 5 244 5 50 ISO pound heifer That mav or may not satisfy their weak medium toforrhoire vealers 6 50 i8 50 four cirruegood row S4 004 50 four load own conscience but it most certain light calve $6 60 a 7 00 bulk 2sn Pounds mrdum loeds low cutter 3 35e4 op three 4 008 8 24 4 14 doun etock clcei $4 00 1 does not satisfy those they per- UP 182 40 forfewfivebulls for weefc 3000 lamb ISownCftlCcgRwleptV davs 20 Sheep — Receipt suaded to buv to medium medium low 3clwer good direct 150 package 396 pound f‘LJ?ady wooled lambs $5 25z(L26 cholre quoted (4 00 closr dull The stock exchange governors our to di$6 60 common $4 75 dock feeders $4 00 Rhrap — Receipts for ftv day 14 550 8 15 foremost intei national bankers re- g'od ewes $2 60 top rect 4140 lambs early ateady 8 40 firms’ and OMAHA bulk gwl investment 15 to 25cloer top close sponsible Oct 3 (USDV— CRttle — Re6 50 u 6 14 und r under 16 pound shorn verjone else occupying a position In ceipts lOOi calves none Compared with 15 pound aoolecT 4 804 6 60 four deck week ago Fed steer and yearling unVail Street should not be blind to even common 54 00 26 decks 60 to 10 pound mostly about steady except choice feeders 4 258 5 40 yearllns stedy at vhtit is occurring in the minds of the long feds strong and bulls 2444 40 ewe 25o lower keven deck American people regarding them strong to mostly 26c higher vealers steadv $23 20 fa 2 25 for week 3860 direct 830 moderately uneven Tven should the banning of short stockera and feeders Ho—50Receipts mostly steady bulks for week fed steers to 60c spot 76c lower curly top soiling be regarded as of scant prac-tn- and yearlings $7 00fa9 00 numerous choice closing $6 25 week s buk WlVl $6 50 value the authorities should loads $9 25 q 9 85 choice weighty sreer pound closing t40 to 150 pound at $5 50 $6 0nMfl50 1373 pounds 96 $9 sows medium steady $4 00614 60 and fag 50 packing give weighty consideiation to pub- Pert load yearlings $10 00 weight Ted heifer Oct 3 tUBDAi— Cheep — For DENVFR lic opinion and should not frustrate $ OOfri 8 00 few sales $8 75fo9 10 gras week mostly steady spots on Fat lamb cow's $3 25 4 25 4 few toad 60 it if any other course be available cutt-605 in strong to 25c higher between grade r ftrariee $2 00 3 00 medium nuhve inn $6 75 bulk good to choice ranger buch a course is available in this bull $126 3 76 western 50M 00 to good $5J5'n6 00 medium QO&i 6 06 mailer of piohibiling short fcollmg pi aefical top vealers $8 00 fw $8 n mminon to medium $4 50fr5 ewet25 4 6f'i67 and feeder Meer frw to 25t higher tyilk 'I 2'TIT6 few' Unless Wall Street teases (o flout Mocker strong lends including fleshy lerders gft 6 50 feed common 00 cull 5fhn$l00 and $2 will an incensed public politicians Jeirliuf8 ff76 stock calve $"50 r lamb steadv to 25c higher bulk Reoeipu 2'° not hesitate to take up the cudgels flheep feed u 5 76 few load 00 lh timhle flehy h 25 3a 35(h rp’rd It is high ek RUnfeeders rrs $5 45 5 50 mmmon to medium $4 00 t on the publics behalf giver $6 00 4 on wethers feeder yearling to bulk for exercise rk tune for Wall Sheet good and rhour rxiif Trd Reketot 100 mostly nominal on Hnj o o '''f '“n’h fk lot steady wil Frlrir close top sUtesmanship not shortbighted stu- too ratgoTinlambs 00 Ird hi pod lamha true 5 25 few 1R6 210 pound Iv bulk $$25 pidity good 300 pound $4 75 few packing sows $3 SO and choice ewe $l50n2W) good and $5 04 weight cost 3J5 average Friday choice range feeding lambs J5 00W5 76 229 pounds (Copyright 1931 by B C Forbes) QUOTATIONS i ab-ur- Qne-thi- c£ citi-Ten- s'" 0XDAr 7 d J K DIRECTORS E O HOWARD 5 - gold-silv- Prruld-- Walker Bank President Trust Company Vlc W&lker Bank As JAMES INGEBRETSEN J RADDATZ E President Tlntlc fitandftrd Mining Co - FRANK A FISHER Vice Preeldent Welker Bunk St Trut Compsny S AUERBACH Generil Manager Auerbach Co Department Store HERBERT J R VAN EVERA J L FIRMAGE DUtrtct J C Penney Co MALCOLM A KEYSER M A Keyeer Fireproof Store® Co TOTAL CASH ASSETS Other Securities Capitalist Ogden Utah GEORGE A STEINER President American Linen Supply Co “SAm J C WFETER Lumber JAMES J BURKE Prealdent James J Burke Co JOHN M WALLACE Furniture and Fixtures Safe Deposit Vaults Real Estate Customers Liability Bnk A Tout Company OFFICERS ft n LIABILITIES JOHN II WALKER Ice Preeldent he FRANK A IISIILR (M)& Vice Prealdent r ravers 'b’ua' s5 rnpy ''7's iifrr 'v ¥lIoOil!f?it?Lr tr K i ill ukar ¥ 14 5U K M Every investor should benefit by our timely compilation of 23 stocks which appear to have un- usual long term profit possibilities These 25 represent a very cartful sifung by our ataff of unbiaaad ooKitmats of tha 423 atocks rwcantly Each of sold under $12 par ahar tha 23 allowed good average earning in the four years prior to 19IO Each company it in aound financial condition Beajdea tha valuable lat you will receive "Tfi 10 Met! Attractivt DindmJ Paying Jlofh” ” Sound In vtitmmt Knln" and an aigfil wall’ trial tubienptton—$2 taint for f Jtrlurn thu "ad” mth your addrtu and $1JOO today Jamaanm 3 I)i ram rrk FIaR A JHifWn Wnktj Nrw iork las detruble scarre ow cutlers $1 76 123 top vealers feeders '"uTiiiN odd iota’ medium 75175n Hog l''1 ts to good1 kmnl T (raa hetfi m hehlfbeep Vice Preeldent ARTHUR C SULLIVAN Vies Prealdent JOHN M WALLACE Vic Preeldent J J nd Truet Officer 3 4 76 7 3 75 ' 5°‘ J B $150000000 65000000 12928956 -- Total Invested Capital Reserve for Interest and Contingencies Acceptances and Letters of Credit Demand Deposits $ 988559546 1093253121 Time Deposits tMHhl0n“l 3ftr 1 60 3ft vealers head upward 10 $ 227928956 29541218 27531662 KELLY Cuhler REED E HOLT Aeeletent Capital Stock Surplus Fund Undivided Profits TOTAL DEPOSITS Trust Officer Totnl CHRISTENSON am 2081812667 $2366314503 M Aeeletent Cuhler M of the grade to sell vr bulked rf and all (Utter Bulla have moved at $l (tool ‘t J laL derline' ini' vlr'uy 00 360 poondr 13 20 40 180 viii"4o'v"d!" i":r eot Frldqjr Opened EDGAR A BERING 2 76 $8 60 6 16 wfljhl JJ8 imindi Vl 3 'VDAI IIir! for lower rhaeri 76 lower coorj ared with 41618 reieivcfi the ajme Bn fr slauthter rUx'e biitjdav last week 1 ha market for sheep and feeder steady bulk ilthl butrhers Mon llamba on ttie 1m al trade developed on tha I 00 trip $6 26 for two deks topifioaig session and niupand with a week wnd hulk threnfter Ift 7ft over amt under ed fullv steady A aim slaughter lamha week Vies PlMldCDt 1 orally steady Clijt tnrit H M CHAMBERLAIN Livestock Summary 11754 75 oo bi'k '5 nrasaVlnds NORTH 8A1T I AKK DRDA - Rumrparv of the hvaatock market for the week ending October 3 1911 follows 1100 noun d Saturday Ile'hy 10 Cattle and ca burr Kockera $4 50 u 6 00 eipt for the week Choice 416 pounds $8 36 l(o d1 total 1176 as compared with the or I1 Sheep- Receipt 34 500 davs last week corresponding sheen steadv choice range Hvighter aged lambs I6 9o'No mater al price changes were recorded In nfrLld $3 00(0 huI L°w -- FINANCUL WORLD lralght irasAer O HOWARD President r !'80 27531662 1126288774 $2366814503 2 Puo and Acceptances Total LOUIS MARCUS Cptullt i 3000 Hogs— Receipt active to all Inter Cattle Receipts one load direct For esia strong to 10c higher than Friday Fed rlB6es steady to strong short week bast lime top $6 58 on choice around 2°n weak steers $7 50 Ji 40 mixed year TOf PISTOL DIONT HELP pound weight bulk good and ehoire imi feds $8 60 o 8 50 heifer J 1J n I grsv ling 3f0 85 5 40 sows largly $4 00 fed steers pounds $4 (UP)-Ar-rai- gned Mass ateady lo weak at $6 25 down CAMBRIDGE $3 0081 3 75 icp 14 ?? ' feeder beef to 25c lowrr $4 60 Weak James hi cum 4 on hoLaM pi oa a robbory rharge SO steadv at) culler grass 4 65 cot protested aelght 24b ak to 25c or mure Inter hst Iisnmbe arul Tony 10 hold-u- p Id 25 many $4 50p 6 50 bull 26' low tn the used Lhev thst the weapon er calves and vealer SOrfallOO lower J?srrH fet S 'Usda i -- rniiif p week v as a toy pistol Nevertheless they ceipts loo caivea none s top $9 50 stockcr at d feeder iteer Firwek Grain Md steers 25c 6 00 00 at $3 and to lover heifer ten vek yearling fully years v eie jailed for higner and iiaaari fully glean y Oiaiing detllne at 93 004i5 60 vow steily he-t- x k lo W(ak at $2 00 3 r0 stock caikc 26t to 3$c strong hills higher weak rhoic ve Jerv fto0 hLher bavy or more lower at $5 73 down stale ong n ower steadv ft eorts rf week s run Colorado 247 cars Wyoming 40 lower fop choue New g Mexico Nebraska 9 Iexi 51 d esr'inw $9 86 steers I9 60 bulk fed steers arc S Kansas 3 Idaho 1 fejlyaarllmrI 00 $8 369 25 few bet weterti 4 4 JK othr fed graaser inotr 6 V 1 Truet Officer Walker al A 37602883 7500000 8500000 27746035 Letters of Credit Loans and Discounts k w $1131645149 W H SHEARMAN 1 ? Super Isor Cash and due from Banks $447090767 U S Government Bonds 252710000 State County and Municipal Bonds 178923141 and Notes First Mortgage Railroad Industrial Bonds and Securities 223193616 29727625 Foreign Government Bonds ls throw-out- 71 RESOURCES Attorney k no-2- o SEPTEMBER 30 1931 Trust Company At JOHN H WALKER er ead Condensed Statement nt ft fc'J UllTAmllJ j 1 ftth weights $6 60 down to $4 60 p king moat lv $4 (Hi qi 4 26 few rough he te 13 60 f w pig s to k lie r lftOOft?ft feedersprao tjf(Ur )wnl qunf(lrt $s Oo 6 r Cattle Must claes gttafy wl'h tvrek $iali (onsiannunt of 64 to 77 pound uh tjer lambs made 6 00 to $6 90 weiai ed off tears while ftft to 67 pound mixed fni and eeder turned at i4 25 to 4 66 rra n (aiU no iauij l r twr ha t bcio tm uffer r Member Federal Reserve System $ 4" r'K 15“ |