Show t THE SALT LAKE TRIBUNE FRIDAY MORNING DECEMBER and burdened by reguheavy taxes the transportation and latory BABSON PROPHESIES with their been quickly the UPTURN NEXT YEAR theForcurrent have systems Statistician Cites Encouraging Signs Sees 1932 as Period of Great Opportunity ?4 By ROGER W BABSON Fla Dec 24—What’s next In the economic world? If by “next" you mean two to four months you have asked an Impossible question? Of course everybody wants to foresee the Immediate future but seldom has a short-teroutlook been so complex and baffling as at present For real assurance Investors and business men must look beyond the Irregular swings near at hand and focus their thoughts on the broader trend A year BABSON PARK Lead Zinc Enjoy Better Markets Strong BANK CREDIT Livestock SHOWS GAIN Ml NORTH a ALT LAKE Deo 34 (UBDAl— Hogg— Receipts 1391 Including 71 (or market 71 direct 401 to Los Angeles packers and 854 to Los Angeles market steady Heights considered no medium or light hogs included 48 strong weight butchers scaling 240 pounds at M 25 weighty packing Official of Midwest Concern Offers Creed to Hit Back at ‘Calamity Howlers’ Increase Compares With Last Week Discounted sows 53 25 Cattle- - Receipts 6 all for market very little on sale earW sales limited to cutters and low cutters II 15&175' common bulls down to $2 00 3853 tncludint 4 for Sheep— Receipts market 517 to San Diego packers and 3132 to Lot Angeles packers practically no fresh the last week supply on offer trade nominally steady OGDFN Deo 34 (USDA— Hogs— Receipts gave the best ac- 2219 878 for market 181 to Pom several weeks mona including paokers 90 to Swanston packers 348 Demand Expected By B C FORBES courage not to cave in these days Courage Is the one thing essential to restore confidence and recovery Fear has preyed and paralyzed too long Today’s lamentable conditions are less the consequences of what has actually happened than of panicky apprehension over what may ’happen Bill Holdings Gain It takes M wM'wior1 b-- - TREND OF BUSINESS CALLS COURAGE QUOTATIONS TOTALGAINS METAL WEEK Copper 21 NEW YORK— In WASHINGTON Dec 24 (P) — The the metal markets average volume of federal redaily count of themselves m credit outstanding during serve bank 410 I nmediately following the announce to Oakland packers to San Francisco marset the week ending December 23 as ment of the agreement on further cur- packers and 347 to Los Angeles one considered steady weights "No tree ever quite reaches tailment of copper production de- generally 14 40 lot 155pound drive-in- s two loads reported by the federal reserve banks South Dakotas with freight mand was heavy bringing about an 160 to 210 pound was a reminder given often-e- r heaven” was 10 $1065000000 benefit $3 packing sows quoted 13 25fr de- 3 75 increase In the price to 7 than once in this column during Wrd bank dtblt 11814104 00 It was an increase of $59000000 Cattle— Receipts 102 all for market killlivered but since Friday consumers ago when looking ahead I predctedT 105 611 00 Same d&y last year the dizzy 1929 ascent “No tree ever ing classes slow steady with week a dewith the preceding week Thurs bank ciearlnci 2i064 057 81 have been out of the market that 1931 would be a year of great were there a civil ?ar cline quality plain dairy bred grass steers compared months I have been insisting must Holiday Same day last year in Both lead sold and have common grade $2 30 3 50 few downward and of $027000000 compared with zinc quite reaches heaven— or the other and the for buying opportunities 12 00 grass heifers !2 503 50 slaughlast thorough cleaning out process Busi- inevitable and the negotiations which the best tonnage since early Novem to week the corresponding year 12 have place" is the reminder tendered now 50 2 60 cows ter apcutters all OOg II expected 7635 00 opportunities with prices firm but unchanged vealers 4 00i and capital shiver at that but The federal reserve board’s week on as I write this article SUver closed I now visualize 1932 as a ness The president of a middle western peared 538 no a at! the at week for market m my opinion whatever is in store for are going Sheep— DeReceipts Issued on ly review today said between the railroad presidents and net loss of lc and tin yesterday year of rewards for holding Not that sales late Wednesday two loads company A W Gutterson has sent early disfraca been has 23 gamed largely reserve total bank already credit cember fed Idaho slaughter lambs 14 00 will unques- tion of a cent for to all his employes and customers a you cannot still find excellent finan- Germany and securities the brotherhood leaders the period to $2 008000000 an inCHICAGO Dec 24 (USDA)— Hogs— Re- amounted a cial and mercantile bargains You counted by business is message worth pondering at this ’20 000 as tionably have only one outcome— Hoover If Mr market here active very ceipts supply politically the tree for week crease of 24 $32000000 CHICAGO Dee (AP)— Christmas Copper Interesting After quoting various doleful certainly can Business failures are well as economically wise he will reduction in wage rates for the time practically exhausted weights below on La Salle street from time down shone lilhis an with increase This corresponds cents higher Xhnn Wedneslikely to be heavy and some being of at least 10 per cent This is Copper has had a most interesting day s fully 2o heavier board of trade windows today and knot of things which “they say” he proceeds on concentrate colossal the problems in of i5 increase in to average welubts mostly $155000000 money rosy toy balloons floated above the grain thus vigorously: buyers will eventually be the really the most important form which week A week ago Wednesday as 25 cents higher pacing sows steady few circulation and a decrease of $51000-00- pita Helping the holiday spirit among the new owners of prosperous businesses of 123000000 American people We may have less to live on—but first aid” to the railroads can take u as reported last week business was down to $4 40 240 to 2J0 pound 14 354 45 crowds of brokers were bashful advances It m to 140 160 14 60 Prices 00 14 few treasury currency adjusted pigs 354 Commodity delivered Connecticut pound in price for all the cereals and lor pro- we have Just as much as ever to live When rail wages are reduced I expect done at 6 Many good stocks and bonds are also 4 25 down to 13 50 packing was offset in kinds plainer a of decline well visions n part by Still on the auction block General commodity prices have to see the railroads and railroad bonds ihe day closing with sellers asking sows 13 553 75 few heavies $4 2514 30 transactions to clear the for Evenlng-u6 3 4c took 8000 estimated holdovers $167000000 in member bank reserve road to as untroubled as possible a three It was then well understood shippers Achievement Greatest Nothing could be more depressing been bumping along bottom for four show a significant improvement 1000 $7000-00of an and increase balances business were given chief truce to been that curtailed production had days’ than the last six months of 1931 but months During 1932 the trend Bond Rally Predicted We may own less— but no man is Sheep— Receipts 9000 s price upturns asking sharply for the credit day stock in anmonetary gold reofficial on no for all killing classes few early the good old law of action and re- should be reversed upward The agreed though Wheat closed firm at about the top level rich because he owns something A factor which has also forced the nouncement was forthcoming until higher sales strong to 25 cents higher good to reached tto to c higher than yesterdays action suggests that during the first covery will be repeatedly interruptHoldings Increase choice native and led western ft mbs 15 50 of wild Mtc to Sc up a shade Only those men are truly rich who downward the bonds is oats corn selling at finish 22 December last 6 00 to Tuesday morning quarter of 1932 there should develop ed but when 1932 finally goes into these securities by banks and other packers and small klftrs closely Holdings of discounted bills in- to and provisions unchanged have become something On Thursday December 17 large sorted kinds held around 19 25 and above creased $118000000 at the federal re to aScriseadvance some definite indications of a turn the records it will probably be writof 7c Our cash income may be less — but endeavor frenzied well finin the shippers for institutions competing strongly a to book were able consumers a marked was heavy ished lambs few throwouts 13 504 50 ac- serve bank of New York $24000000 for the better Many hardships are ten that the year by the happiness that comes from sharof extreme RANGE OF LEADING FUTURES condition to a reach 6 most sellers at to 75 2 13 ewes to kind 00b fat still to be borne but according cording though at Boston $21000000 at Chicago rally of wholesale prices Already liquidity As to the banks I believe tonnage 7c — Receipts 9000 ing and serving is just as deeply satclasses closing 25c at which some business to 8heep were at all available statistics the back of some sharp even if temporary gains that at Philadelphia 50c higher active at advance numerous $16000000 isfying as it ever was failures and distress among was was done and before the We seen have scored day loads brok be been well have the depression may already finished native and fed western at Cleveland each at We may have more pressing busipassed the over 7 was generally asked and lambs late 36 0016 35 top paid by all Richmond and $11000000 en Before 1932 is over it is a fair important price advances in petro- these institutions have San Francisco The ness problems to solve than at other now on condi- obtained for a few hundred tons On Interests bulk better grade lambs 36 50? From critical point travelleum farm be 6 and conclusion that we shall silver 25 products tions will be better And remember Including nothing strictly heavy increase at all federal reserve banks times — but these days are teaching also very scarce mostly 14 00i was $213000000 Friday favored consumers were able throwouts ing away from the depths of depres- notably wheat us that business Is the process of 4 50 fat ewes 2 00fr2 75 few choice light The dramatic change in sentiment as panic gives way to confidence you to pick up a thousand tons or so more weights sion instead of getting deeper into The system's holdings of bills bought lambs nominal learning to live usefully and triwill see some of the most astonishing at 6 3 4c after which no one would Cattle —13 00 feeding place in the agricultural Receipts 5000 calves 1500 me- in open market declined $50000000 it Specifically this result would which took has ever sell for less than 7 umphantly that it is not a mere doland that has dium weight and weighty steers 15ti 25 cents Total be hastened if some form of currency regions as a result of advancing prices bond rallies the country holdings of United States securilar chase at decline kinds scaling remained the market ever since lower slow or credit adjustment can be found shows what it would mean to the known of these downward moderately active and ties declined $148 000000 the reducWe may find it necessary to change One days the institutions However from Saturday to yester- mostly steady It being largely a yearling tion of $198000000 due to the retireto reverse the vicious trend of price country as a whole if there should habits and methods— but we are glad light heifer and mixed yearlings be an upward movement of the gen- which have hoarded government day inclusive demand almost com market deflation ment of the special treasury certifi firm to 25 cents higher bulls firm to 10 that character is still more important will pitch them over- pletely evaporated at 7 The cents eral price level higher and vealers 25 cents or more Among the price obligations being partly offset by than possessions and right motives Inflation Prospect The bond market in 1832 total for the week however was well up stockers and feeders scarce and firm cate held last 1932 board in which influences operate may of in increases $42000000 holdings still have more effect on our progress country demand still slow most steers The possibilities of inflation — or are: affair over 10000 tons the bulk of which but demand the seems likely to be a 15 758 50 early top 110 25 several loads Big bills certificates and and replacement of than selfish desires treasury r rather the checking of rampant de- dwindling of stocks in the hands of Throngs of investors banks and cor- was for I1) OOfr 10 00 most of these being light steers shipment in bonds and We may have need for more courtreasury flation — is one of the central points consumers yearling type most beef cows 13 25r $8000000 Custom smelters and large pro- of of speculative porations have rushed into United 4 25 probability notes more bul's weighty sausage selling age and more faith— but the loyalty in the whole outlook Economists commit- States government issues as a haven ducers are alik for the first time in freely up to 13 75 selected vealers to IS 00 in 23 totals (in millions of activity December of our associates and kindliness of As soon as the light be- months in their attitude toward the mostly 17 00 7 50 on choice kinds with capitalists and business men are gen- ments Grouping these factors there of refuge kinds 15 756 50 good to choice me- dollars) with changes from a week our friends warms the heart more consumers in light erally agreed that a rational degree seems a distinct chance that com- gins to dawn United States govern- market Everyone dium weight and weighty steers closed 50c ago and a follow than it ever did year ago of inflation would be desirable They lower grades 25c to 50c off all light CAH QUOTATION in 1932 will have good ment issues will be thrown aside like eluded would like to see 8c copper lower modity prices 2 We may be tempted to be discourDec 24 1AP— Wheat—Ho and long yearlings steadv but light CHICAGO liken this to the practice of adminislife preservers when the emergency on their year-eninventories but steers movements ! upward heifers and red 5510 No 4 yellow hard 63c mixed 25c yearlings higher or tired— but little by little we over to aged a be n at tide of demand over the absence the and will is there the 2 oxygen general No 10 30 mixed 9 same others 35‘ic yellow as tering patient Corn— No several loads steers Salei Conditions h are learning that a sportsman finds was as much as could with weight unsold all other classes well The difficulty seems to the crisis 37o37‘4c No 2 white 37c stampede away from governments advance 7 for the at sales — volume 24Ke cleaned whU 2 2 Nfe 119 Oatsup others toy fun in the playing of the game— not be to find adequate tools The real Looking be accomplished this week The lack same as 10 30 consequent diop in prices Rye — No sales first half of 1932 the prospect is for with the merely In the winning same token during 1932 the of continued demand after the offiBarley— 421 57c RT question is how to set up the machin- some By JOSEPH Dec 24 of 1931 half over last the 00tff4 25 $4 gam seed— 2500 Timothy late trade to packers on ery that will make inflation possible Hard to believe but there is actually outlook for hand picked corporation cial curtailment announcement was Encouraged by Certainty Clover seed— $13 15ttl6 75 and at the same time not permit it bonds will unmistakably improve issued was distinctly disappointing Lard — 5 55 We of may be disappointed at times enormous volume latent an purRibs— $5 87 to get out of control or to function Of course any inflationary measures apparently it had been well dis- 14 00 all lighter weights sold early cm Bellies— $5 87 by the results which we accomplish account at the advance of reas more than a temporary stimulus chasing power now being held back will ultimately make themselves felt counted Yesterday reports —but we are encouraged by the cerfiheep— Receipts 4000 fat lamb t were higher The chief proposals now before in reserve When people once see as a retarding influence m the bond sale of copper as low as 6 KANSAS CITY top 5 75 on four load fed westerns some better that 24 tainty that now and always good ipts Dec signs convincing CITY (AP)— KANSAS 5 to this long term heard but the custom smelters held bid $5 50ft 60 on bulk of westerns market But congress are a sort that would tend times are here 159 cars up H No 2 dark hard workmanship brings better results $6 50 down sheep unsold again that employ- influence I prior ‘ 2 bard 53 look for a material firm at half a cent above that level tives f 67c toward credit inflation The suggest- ment is No No I — Receipts 1600 calve 714c Cattle 200 si vf than workmanship the market poor that 9 52c No increasing 9 red No 48SiH9r ter steers yearling and butcher hi ed government reconstruction finance of deflated and de- is did other sellers 46lk$t53c December We may become impatient for 46Sc May 46c Close 51Vc is getting its feet under it they will strengthening fully steady spots higher Foreign business especially from active corporation would make large gov- spend jected bonds c1p July 48hc rewards— but we have only financial scarce firm vealers killing more Remember that freely 2 Scandito 19 France Italy Belgium and cars unchanged Corn— Receipts ernment loans to support the banks other calves unchanged stockers and feeder Stock Market Outlook to our turn nerves besides thoughts away from our 35Sfcfi96c 2 lower No peoples' white things nominally a few was excellent for navia lacking quotable fully steady days tually the railroads and other weak financial No 3 yellow seeming needs to see the bounteous -- Off No 3 nominally 33if34Wc is wearloads good out tUp fed ateers are Kansas cannot in terrible pesthe I share machinery wearing booked month's Coptotal and the by $7 00 nothing choice offered bulk short fed spots which should help greatly to nominally 37w38c No 3 nominally 35 out and so are clothes tires and simism which prevailed in the closblessings which fill our lives WASHINGTON’ 24 (8) — Com 38l4c No 2 mixed nominally 344fl34c restore confidence The federal home ing per Exporters is now about 27000 steers and yearllncc S24fti8 50 load We may even admit thoughts of Close December 34 ‘4 & No 3 82)413346 This womout merchandise the 1931 heifers other Remember of weeks $4 75 bulk heef cow $2 759 7c was from raised tons ing The liabilities loan bank idea if enacted would ease of the May 38c July 39T4c 3 50 cutter grades $17562 50 bulls up to blned resources and fear and worry— but these flee from be must 1929 that to 7 1 2c c price in said same who replaced 54 equipment to 1 people on car f Oats— unchanged I Receipts Friday morning 32 75 top vealers $6 00 twelve federal reserve banks at the the real estate stringency Large govsales campaigns values would never fall again are the December 18 No 2 white nominally 28l?(u 29'4c us when we remember that the real KANSAS CITY Dec 24 AP)—Sheep— Re- close of business yesterday were re- higher ernment subscription to federal land Later incan1932 No 3 nominally 24ri8c values of life are unshaken is be now that there believe who 4500 ones profitably ar25c pushed to lambs In piobably strong higher 46A 4c ceipts to export maiketing ease up Changes Nominally bank capital is intended fed wooled limbs 15 10 to mostly $5 50 ported tonight by the federal reserve Rye— It may seem that for us victory is mto the industrial centers of the to markets no bottom the 3347e discussed Barley— Nominally security are still being rangements folAll these 65 on agricultural credit three loads Texas clippers 4 — — sheep and board in thousands of dollars as into farming re- - Not only bonds will rally from the thence delayed — but Intelligence refind long been have and feeders lacking over in Copper be Exporters will lows: measures MINNEAPOI 18 haggled minds us that victory does not mereto classic precedent depths of despair but stocks will by Hogs— Receipts 2000 active uneven 10? According be gions to in ipts Dec 34 AP)— MINNEAPOLIS Gold may Resources— reservs with They faderal should agreed be principle 25o higher than Wednesday's average 230 congress but ultimately 70 cars holtdfty a year ago mar- ly happen — it Is made up of many 2 047722 gold redemption fund with the wave of prosperity has have strong upward moves in the effective January 1 but probably pounds down showing moat advance all agents passed and help turn the tide from often tended returning States treasury 66577 gold held ket 54 higher Cash No 1 northern 68V little victories — and each time we win to originate in the north- coming year First confidence will without any announcement buying good to choice official pounds 4 10 United 15 per cent I dark northern No reserve t7M4c moderate notes deflation federal toward hopeless sows t3 15f3 50 few up to 13 65 exclusively against 4 25 over laziness selfishness east corner of the country and spread recover Second there should be in- The chief changes will probably be stags 14 per cent protein a victory 2106 200 gold settlement fund with federal protein 13 25 down stork pigs scarce inflation 13 per cent protein 68411 fear or discouragement board 860 667 cerwe are add7117440! and sold out gold and southwestThird tendencies westerly will be taken operat- that Cattle— Receipts 3000 calvos 800 killing tificates held flationary copper 08 71 No 13 69& cent 4t7154c He 613 per banks total gold protein Political Conditions of cattle fairly active enra'ly rcierves 2 060 by 14 per cent protein ing to the score that will show in the Montana erly This path of prosperity should ing costs have been cut to the bone cut of the nonparticipating class and classes dark hard 861 reserves other than gold 25c on to better hither strong spots final tally reserves 8128432 nonreserve j No 1 amber durum The United States is entering an not be taken as a rule of thumb but and accounting methods have written that foreign consumers will be able steady kinds short led steers mostly short fed 147 57163 total No 2 amber durum 84 It O' 085 We may feel that conditions beyond election year— proverbially a year of rather as an interesting theorem to off much of the previous padding or to purchase copper freely at not ateers run cow scarce bu’k medium to Ch De88 ’4c No I red durum 55T4i 5714e — discounted Bills Secured States United by 50 two loads short fed steers 34 50K7 our control have robbed us of what hesitation and doubt However may watch in 1932 May 06'c July 64140 the balance sheets Fourth some im- more than a quarter of a cent dif- good obligation 661 374 other bills cember 6854c 8 00 medium government 349 steers good Corn— No 8 yellow 38‘44M6c 820 discounted total bills discounted we thought we had — but we are rich it not be that we are so deep in the A number of basic industries provement in commodity prices will ferential from the price at which it weights held higher several toads medium Oil Oats— No 3 white 25)4 (30140 191 bills bouht In open market 257 351 in knowing that nothing can rob us good fed heifers 14 5045 40 few butcher — 40i53c mire Of economic disturbance that should show a revival in 1932 The assist in the market advances is obtainable from any seller in the to United 8'ste (pvernment securities— Barley cow around 32 754 3 50 vealers and killing of what we are 444404 notes 28 058 Pyq— No the presidential campaigns will not outlook is for higher output of autoNot that I think 1932 will see a com domestic market Domestic sellers calves steady to strong mrmtlral top veal- Bonds 318 645 treasury 3954 $1 355 t Flak— No cercertificates-Ottl her Spclal treasury have their usual disturbing influence? mobiles although profit margins will tlnuous bull market It will be ir- will have considerably more freedom ers 6 00 stockers and feeders nominal “Depression" Challenges tificates and bills 411 509 total United OMAHA Dec 24 (API— IIos — Receipts States government securities 758 222 other ItVERPOOL During the last months of summer be very low Motor companies have regular — the nominations and elec in booking foreign business This so called "depression" la not 7500 15c to mostly 25c h‘her some securities 30 44 total bills and securities active LIVERPOOL Dec 24 (API — Wheat closed and early fall many felt that Hoover’s effected substantial operating econo- tions as well as economic hangovers Mines Cooperate s’uggishness on heavy weight butchers top 957 221 due from foreign banks 8815 December 625r March 6540 May 575sC a disaster it is a challenge bulk 44 25 for pound federal reserve notes of other banks 17 871 July unquoted $3 41 cause was exceptionally good — that mies to meet this situation and earn- from 1931 will prevent wild splurges Spot exchange A challenge to tha manhood that mines are averages I4 00£i4pounds Rhodesian 20 light ''hts down to uncollected Items 455 594 bank premises wheat’ Australian 6s 4d No 3 Manitoba he would be nominated and elected ings should therefore show gradual on the upside but the market wUl do The new 13 75 sows mostly I3 60r3r5 few $3 75 5s Id Is In us barll 6s 9 572 cur4d 6s Russian in 5'td total resources average all other the $82W joining That is the old story of not swapping improvement as the year develops far better than it has 6 778 845 pigs mostly S3 50 stags $3 25 down resources A challenge to our courage will produce only Sheep— Receipts 7000 supply all slaughWINNIPEG Liabilities— Federal reservs notes In actual If Merchandising concerns should do As we enter 1932 I see many en- tailment plan and horses when crossing a stream hlcher balk food and ClrruUUon 2 661 206 gameness available capacity An ter lambs mostly 25c WTNNIPEO Dec 24 (AP)— Whett: $5 005 $0 top to however the fickle populace should better in 1932 than in 1931 Among couraging s'gns Some of these I 28 per cent ofhas lambs fed enoleo wiled Clone A challenge to our ability Low High Deposits— Member bsnk reserve account been made between shippers $5 76 for six cars average 5 071 086 government 66 60 foreign bsnk December 8 584 I M'i t 59 change in the next six months I do the more favored industries for bet- have already cited Of course the arrangement Rhokana and Mu- - pounds fed clipped lambs $5 25 other U7 823 o’lr adaptability Roan 10 589 624 tots! de- May deposit not feel that a Democratic victory terment in the year are foods chemi- pessimists can bring forward their fulira Antelope A challenge to our patience virtually short posits 2 19)058 deferred alhbl!Uy items 4 — (the three operating com classes Cattle— Receipts 2000 calves 300 very 415 866 next fall would be as dangerous to cals and electric refrigeration evidence and point to many bad spots cspitnl po'd In 160750 surplus persistence whereby Mufulira which has active slaughter steers and she stock strQna 274 616 sit o'hrr liabilities 20 439 total Fair recovery should take place in the outlook The primary problem panies) business as many old line Republicans much A eha'lepge lo our faith in right 35c higher Indications up 4 itles I 7'1g of io'ti iM yet completed its mill will not mto around r h s e hulls and veslers very later in the jear In agricultural im- therefore is not merely to marshal not I and 10 not hr If profess to believe and right acting Instead stockers tfwrv 1952 in 'hmklng start n production steady 64 4 per cnt contlnsent liability Democratic leaders know that this plements petroleum can manufac- the good and bad but rather to strike Roan and Rhokana will share the steer andand fee(W3 $4penally INDU8TRIAL8 And we are rich In the quietness 000 50 load com- combined on bills yearlings purchased for foreign corre00 is no year to “rock the boat” Too ture and electrical equipment par- a balance between these opposing Asked $5 Holstelns long yearl'nvs mon Bid chore and 238 648 assurance which comes to every to Mufulira thus per- 1027 so spondent! Some of factors and arrive at the basic key- output allottedeconomical pounds $1140 h‘frs $4 504 much is at stake in the business world ticularly house appliances man In proportion to his sincere efoperation beef cows $3 35f 4 00 cutter grades $1 75 t industries like iron note of 1932 Such a summary and mitting more 50 vea $5 ers 2 to Strong efforts are being made to have the 25 measure up to his highest confort practical top of their plants A C Beatty at the Dec 24 (USDA) the Democrats nominate a “safe” man and steel automobiles and accessories conclusion can be found in an actual Roan annual of what Is right and good in London on SOUTH SAN FRANCISCO cept meeting nominal 550 all direct acceptable both to the financial and should show an encouraging snap-bac- measurement of the size of the period September 18 indicated that capacity —Hogs— Receipts Let ua go forward IOCAL PRODUCE top good 150 to 100 pound Califorfrom the very depressing levels of depression thus far unfolded By tnere is 75000 short tons of copper quotable business interests Those who are nia and lntermountaln butchers $5 J5 two (Quotations by NM on Ricks Creamery Co ) 150 steady to weak BUTTER financing the Democratic party are of 1931 (Copyright 1931 by B C Forbes) comparing this with the correspond- annually Rhokana’s capacity has carCattle— Receipts I 29 medium 915 to 965 pound intermoun-tii- Extras cartooned pound not satisfied with Roosevelt's attack ing size of the preceding expansion not been stated officially but on the 28 5 75(r6 0O Employment and Wares four loads 1170 Prime firsts carton id pound steers on the utilities which he might not The year 1832 will see the work- period we can get a logical estimate oasis of 10000 tons of a 4 per cent ore pound local feds $6 00 good young cows (Parchment wrapped c less ) to EGGS 25 common medium $4 to make if the utility wage workers were ing out of some very fundamental of what is still to come Such meas- from its N'kana mine daily would be quoted I up 34 to 1100 Fancy poult-farm down low cutters down $2 50i 50 wage movements in employment Every- urements have been made with very about 100000 tons of copper a year calves 31 organized like the railroad receipts none food 250 to 600 pound 8alccted white doen NEW YORK Dec 34 (AP)— Investment 30 Mediums poultry farm doiea This means that a dark body recognizes that we are having exacting care and using the most Roan’s costs in November were quoted $6 50 down workers BANKS rust seeurit'et hold150 CHKF8E basis 850 Including Bheep— Receipts If a hard wmter but in the distance complete statistical data obtainable 30&38 61 horse may win the nomination Conliurutal National 10 cream decks Full long two overs about pjund triplets pounds sterling per steady upper grade Dfsrrrl National so the candidate will probably be there is light ahead The almost uni- Taking into account both the depth ton of copper not including interest medium to good wooled Oregon lamb 15 50 Pull cream longhorns poind Shares'"1 Basic Industry 17 rsfr?t Savings c'esni sundMi t loaf pound per cent $4 50 package common25 Full conservative and especially friendly versal spread of wage reductions is of the depression and its duration to or depreciation Corporals Trust Shares This is in depre- sorted 10 wooled 30 First Security Corq Tack c heese 6 pourfG ach pound ewes quoted $2 $3 50 do AA 28 Utah S’ulncs As Trust d blot to the railroads It is very possible putting industry and business in a date this terrible period can be con- ciated sterling and compares with the down Block bvviss pound do Ace hi! ki pound j8iUtah Slate National old political theories regarding the position where it can do something sidered well over half completed averages of 38 pounds sterling for IOA ANOFIRH Dec 24 (USDA)— ipts Llmburger Fixed Trust ff hares A Walker Bank brick 5 pound brtr! s pound do series B 250 holdover 186 limited supply Cream 6 pounds each Republicans and good business may to relieve the situation Further wage Expressed in terms of 1932 before standard and 41 pounds sterling for about Roquefort pound Fixed Oil Trust Shares steers $5 00 few BONDS be discarded in 1932 Indications of cuts will appear in the large mass of the year is over there should develop electrolytic in the London market mediumsteady to good cows $150 4 35 cutter Full cream datsl s Wuconsn cured Trust A 23 a Democratic victory with an able smaller firms late Wednesday many pound JPet Par Pet Par Diversified Trust A It will take time to an upward trend and I base this that month g grades $1 503 74 B do little calves Trust $4 75 down very steers feeder reeven Federal-stato Democratic president may BAN FRANCISCO Dee 24 (AP)— deflate the high scale of wages and thought upon Newton’s great law of Improvement in sterling exchange offered quotable about steady do C ifldx 6 market news service net wholesale Oon do D sult in an upward movement in busi- general living which was built up in action and reaction mediam 7 and reassuring reports from abroad 1(134 glifFp— Receipts 240 no sate Chltf Con prices F nd Trust Shares A lambs quoted $4 25 6 50 ness and finance The political situ- the past five years culminating in One thing which the depression on the status of the international tin to choice Creamery 7 Butter— 92 score 29c 91 scoria 38ci 90 Mutual 110 do 150 holdovers Hogs — Receipts 9 L Ogden Ry 6s 1934 score 27f ation Is different in this depression 1929 Low Prtced Shares which has has taught the whole country is fear- oool and the curtailment agreement around The 25c lower quotable top $5 00 two 1939 Ml 0'4 Pack Rocky extras large 28)46 States Mass Invest Trust 143 in $4 136 the to Nebraska 601 to face the facts People have caused prices to strengthen and the load Hall Lake Term 6s 1735 been going on has been like a sur lessly pound past year from any medium 244c small 226 Nationwide Securities 4 76 178 to 103 pounds $4 76 Teilurlde Power 6s l'38 Ghcess— Flats 14 c lallonal gical operation and the next stakes learned to desire data Instead of dope market for straits tin advanced about Indust Shares Foreign Conditions V 1930 5s Coks Utah Oas 24 (USDA)— Dec North Am Trust Bhnres The DFNVFR bene- and Information Instead of inflam- one half cent during the week 2100’ on load direct seven to CaliDec 34 (AP)— Eggs— V do 8s 1936 KANSAS CITY In outlining his program for check will be the beginning of the some mation It is Am 't'ru-- f Shares 'itnndsrd 1937 39 Bids Clift 64s 25 15 cent to cent this spirit and attitude tin pool has increased its holdings fornia fairly active fits from this surgery namely Firsts 2 Op 2hth Century Fixed Trust Bug 6s 1912 40 14 40 on around 200 to 210 lng depression President Hoover has increased demand too 164fc2tn higher Butterlat— dis F is which xed the for with United thia forecast for labor presented and raised the price limits Uah Lt Ac Trac fls lfJ4 Bprtshares bulk 180 to 320 pound I4 25&4 4G aatd that the major steps are domesOther produce unchanged United Iniurt”cp Lt 6s 2022 Utah Pow General unemployment will show We are entering a year which will posal of accumulated stocks De pound parking sows sLeady H 003 50 25 United IUnr Trust tic: that action is needed in the home most do 4S 1744 100 market calves Csttle— l most altve— 24 not was Receipt Dec free from CHICAGO next two U be months 8 Flee Lt As Pow A quiet grief but the light irmnd for tin here severely in the state origin week s receipts Colo- Receipts ) car 21 trurks (owls and youngi field that we must depend upon ourdo B and ts coming and those courageous peo- of the week On Tuesday however nominal both rado 35 cars Texts 17 Wyoming I tom turkcre wen’ bahnre Itrm (owls 13 selves and that by so doing we can but pickup in be inemployment — Janu1300 run for include about 1931 who before survived have Hheep 10c evidence have Receipt should i 15c a fair inquiry developed young ple rooe'ra prini28 17c 750 through accomplish a large measure of im- payrolls fat lambs strong to 10 cents hen turkeys young toms 24c o'd toms the end of the first quarter of 1932 every assurance that they can sur- ary shipment higher quality considered two loads fairly 18c heavy white ducks 19c sms 17c provement irrespective of foreign Meanwhile as the year a for 4 84 market mount 77 of to on the the 90 wears entered tdahos M71 it good successfully pound problems Buyers NEW YORK Dec 24 (AP)— Trading This sounds a keyheavy colored ducks lie small 16c complications choice quotable 15 ftO 8 25 few 15r cotton Thursday was quiet and mostly of CHICAGO Dee 34 (USDA)— Dressed turbe easier to find Jobs Living 1932 The difficulties of this new good tonnage of lead during the last strictly native $4 56 bunch tood to choice gete note for 1932 and I believe that it will a prehollday character but offerings were CHTCAGO Dec 34 prices 3 75c New w4U the of that to Instead costs be worker key market steady with prices umhaneed the the week favor 00 96 continue indicating diminishing year were unchanged today and trad was slow light w pound yearling wethers steady at $4 will find the public responsive Peo- usual ‘nU un'u1'' writ x co er!nr will prlcC lim wU5 York basis again was accepted with odd aged wethers $3 00 seasonal increase in food prices Increasing in severity and qilet buyers apparently having satis of hopelesstired listening are SMifrall Dee 24 (UflOA)— Next to (led requlrum nts earlier In the week ple ’fdy Mrrh wild up to 1 3D and cieftrc1 rly IL “'P'1'' modtral not having taken place this year favor under present conditions by PORTLAND Reassuring points' nations of 92 29He 6 72 making net advances of 3 t other to more 3fc troubles to In offered Fr for the to the market 30c July open nothing ly L Business and commodities are most large consumers totals continue heavy and we 89 24iC 80 23'4c 01 2Jc 9 points and the mulalternoon market was' all classes quoted steady 91?(L 9f 25‘j any department and it will be a relief to give our Strike PORTI AND Dec 24 (UflDA)— Turkey entire rail supply 331 hogs all on contract rallied carious — 90 score 25c 89 24c steady within a point or two of thru Cnt Week may expect more of them as the an- at lowest levels for Sales to and rslusing further and remedying 23 156 uies Futures dosed steady 11 to 15 points dealers well supplied a few to under energiea except kil!er88 thoughts pound pits 2 in and Bank the nual contract! are failures except at ow nprtcea Clear weather receipts 6 44ftf64& extra hlrher building hoarding wage F - Receipts 3370 cases’ steady January 627 March The sales for the week totaled at 14 50 practically nous of ths expected firsts our own troubles conducive to good retail demand and 0 0Oftj0 82 today 0 60f6 43 25c current May 27i firsts fresh (ctober July drives arrived come for graded early decreasing up readjustment Prices senarahy 7 19 This does not mean that European industry f brisk trading In prospect slightly more than 4500 tons which 21ft'Jlc Spot steady refrigerator firsts 17Wc7 04 December 3 England is improving unchanged ranged from 21c to 27c for young Farm Outlook idlings 0 40 rUerator extras 18 c conditions will suddenly right them easily took care of the current in than in gome week past though virand hens loins Retail rang 32i to prtre 4 197 21 Railroads on total track are out Potato'— inreworking Receipts One of the keynote points of 1932 take of leading producers and selves and cease to be a retarding NEW YORK Dec 34 (AP)— Cotton fu 35c for large toms with lighter tom aqd fl ste shipments 416 dull trading! This 5 Farm situation has passed the sulted in steadying prices in all di tually all classes of consumers par- United Prcv bans 95o to 40c closed Wisconsin round lures slow rkrd rwl fluence on American business How- will be farm improvement prr in the business booked worst Close white No 75$80c few 85c unclassified! rections The market in the St Louis ticipated ever England's troubles in my opin- means benefit for approximately eon-- 6 RFATTTE Deo U 15 Most zinc sellers report an ex 70i 71’ c Idaho russets No I kl Ahni 58 January There aie 6 Quotations on stocks and bonds district held at 3 55c on two previous of our population 3o tinned ion are largely water over the dam 2 March steady under good demand and w 90c No l commercials 1160 AOftiOjc dull but total market the have to tremely levels minimum small of Laras shrunk sieea 47' light fell fairly supplies M Of) fsw $Hfcted cars higher May occasions this year When lead We shall gradually adjust our trade logical reasons for this expectation' is nevertheless 0 66 s'rci burdtvome With prices to retailers the Futures 10410 1931 russets March ft 65 fuly Publishers Finan- tr the 3 75c level the demand picked reported forgold several weeks re htccd 24c to 30c In an effort to clear October relations with England and other Congress is likely to provide some (Copyright cial Bureau round whites 90c Thit highest ) f ors Fancy small sites 33c to 35c to recountries on a price basis that fit help for the federal land banks the up remarkably welt All is not muth however fu- - tail trade saying 34 Dec NFWORIEAN8 (API— Otton 24 Dec NEW costa a in YORK cut curtailment and are The news on copper the new foreign exchange conditions farmers have toe metal December and sold 17 439 tubs Irreaular creamery and the decline in production of lead vas at 313c but Januiry England will be in no hurry to re- position to profit by lower farm on Tuesday there firsts 68 to 91 score 25tilOSc t pfsc— Recdps 22J 553 pounds steady tnat was revealed in the November vas also a fair demnnd store the pound to a fixed gold basis wages and lower prices of agricultural Februfor unchanged The effect of the depres-aioDee 24 BOSTON are statistics released during the week With England and Japan officially off machinery 17Rc and 3 20c 10 607 cases wcs— Hrcelptg Irregular sale nUh low and closing price of were regarded as factors in stimu ary and Manh at 3 has been toward diversification th mixed cnlnrs premium marks 33V'15r tha gold standard and Germany and not obtain However was that stork on traded Stock th Boston price Thursday e 'los-ly tJe extras or average however ird of Consumers business countriea crops technically lating fxrh nge all deliveries i a dozen other able for forward 29 by f 29 Scat SJfjlJr extra firsts rU ' I8I The rally in the closing months of are not well covered against their sellers and Might Low k off It the United States cannot now poorer 18c yesterday the market wag M 25ljc md urns firsts endbrowns Interest quiet enred well BpeeulaUta RAW At GAR QI'IFT fnnev Am ?uuniler h“itnry January requirements and the pre generally 3 13c with futile attempts nearby and weeern 14 afford to drastically lower her tariff 1931 added on paper at least half Am odey aw Dcc m her 24 YORK extra fanrv 15 fJt7c esherrd extras or i 's na lVj14 vailing price no doubt has been re ‘o get a little more on far forward toavers' rates To do so now would have a a billion dollars to the value of agri And PM e best f irate no salex1 as as extra and Jlf3Jc lodey gathered quiet Tha reorganisation division of Ford In spite of sharp Copper Nana were reported prices wers urn hanged at 1 1U sponsible for a good part in the ton shipment Galvanlzers have shown lOft'!!’ c disastrous effect upon American in- cultural products has been exBaron As Davis engineer Poult y dressed -- Irregular and bn- - for snots duty paid Sales of viigin lead a littlo more Inteiest In the maiket aa r tariffs reactions fiRrirulturnl prirea should rge purchased to supply service to cnn'watUm panded d was dustry although ultimately and In futures light sugsr Trading rhn A re elvers Mva the December committee for and so of far One made shipment work over the all down higher prote The gradually Pot Pry must be scaled by nuittly of a pnholiday rhaiac er chtekeng Ur i Increase this year In tha number of Silver Fluctuates amount to about 39 000 Ions Sales most beneficial of all the risulU of rin riw freight 124? K' exp’ena II4MUr broilers undertone however was steady and with defaulting comth world caused corporations wee H fowl IV olteiitiga comparatively light price com- pany to cnlaiga this rvloa mra Silver fliirtuations during ths past hr riht for January shipment constituted the '“J’"' France at the moment is playing rising agricultural prices should be (nr lrIht Uii lBo firmer on covei lng and soma trade and sum lJnlc hulk of the tonnage sold for the week wk have been small with the tend Pinal prices wete mission house buying for position in tha midst of world a lessening agitation for artificial n “£ m tt New bond offering In the past week now ency if anything at the best of the h y and from lo 3 points toward and the ended view from In fact slightly farm producers relief has yeterdav She political many dud compared with 19 On oi 0 turmoil AU told only U 0 ion disused totaled net "rl higher In than Interest more lark The of bonks rates lower a the woist' on their economic have In of is tha preceding week any $9 JMD OOQ lu the sound sucre be was would the in a of if she deni point tmrl and hand that good enemies Oulnry UH weeg — year sain to Isfer " 4 fm m of tons for shipment in the first lie silver markets thioughout the 0'— Amu xrhafiln from tha near ful she must act with reason and evil menacing the farmer lias been hawinut on ft Webster RONTON DC 14 (AP)— Tha approach of'Pueltbmi Operator generally were tnrliued world Is probably rained by tha lm of the new year month A R Erskina of tha Htudebker President f moderation in the matter of repara the threat of farm “relief” development Ilia Tirflnstnn holiday wa attended bv to limit ppaiationg and await le tluri The January sales figure indicates pending holiday season Prices seem xenerellrlslinaa of Unit'd Founder corporation today announced the of slerkmlng of trade In tha woo1 over tha a tended ( hi Is! ina holiday tlons Germany is heading frankly Among the notable examples lit Lulled Fruit lead remain to bkelv to fluctuate in relatively nar market today New b is lies wns onflnad uary cUed UJ Mauh Id) May In12 of J‘ii a Uoffmsn a president little extreme in that this dlrtress quite The Hitler An depresgreat revolution er!r it for polltlial (nrptrathm Hbo Mkih slrnm entirely to a faw sampling order jjuly 110 ftrntemhrr 126 Deeember - Unit It he purchased for that month C able row Jtmlts In the Immediate future vuol Jtea appear likely to win by the vote sion is the railroad situation Ham- Utah MMsI prices howgyer wera unchanged andi Th refined maikrt wa quiet and uu the fttudrhskcr marketing organisation tjoiiuciljr cUvt buycis (Lngmcciiug and Mining Journal) xaUu jun Uhmed at 139 iw un iratiuiateOi nukcri wem xnurt rather than by the rword but evenpered by inroad from motor and air Tot4 Ml Thursday 3142 tiiaisaT G®ny ID masses of well paid rails unable to turn employes have when the scene themselves affluence of 1929 to changed from depression advised against years I general holding of railroad Stocks If any cream rises it is not the stockholders who get it’ and when there is only skim milk as at present everyThe most asbody Is dissatisfied tounding spectacle of all is the 1931 debacle in railroad bonds The decline has carried the general bond averages to depths before unknown in times of cheap money and low commodity prices Relief for the railroads depends fundamentally upon an improvement in general business Until that time the rails must expect to meet thinner revenues There is however one extremely Important problem which meantime must be solved before the railroads can have any chance of 25 1931 r keen-sighte- d 0 ft p c c two-side- d second-quarte- d ft d -- ahlp-pi- c Wheat-Rece- " d st Wheat-Rece- 1 fan-wis- e d 1 1 1 0 0 whole-heartedl- y 3 Local Securities iio d k n Investment Trusts y Cattle-Rece- Five-Ye- cost-cuttin- g E’tra-Uni- tfd ipts Utnh-Idgh- o Ac Cotton Market I (AP)-Bu- tter ' s- mld-re- one-thir- d (U8PA-Mar- ket W Boston Stock List C f ‘ (API-R- Ft sllve-fllea- t 1 1 1 4 rttud'-bake- iu 1 |