Show THE SALT LAKE TRIBUNE Canadian Cold Writer Says Business Yield Increases Loss Fears ‘Nest-Egg- ’ In New Levy Proposal Effect on Shareholders Will Depend Upon Attitude and Mood of Congress in Considering Measure By CHARLES P SPEARE NEW YORK March 7— The proposed tax on the undistributed profits of corporations may mean little or much to stocks and to stockholders In a group of 30 common shares which reported an average of earnings in 1935 or $300 a share the same companies under the new law woulLhave earned an average ot $400 a share They actually paid in dividends in 1935 an average ef $2p0 a' share to re Whether shareholders eeive additional dividends and therefore prices ®? common stocks are to adjust themselves to the situation will depend on the mood of congress toward the new legislation Already there has developed strong opposition to it from a political standpoint and from business men ard bankers who look with fear on its effects on corporation credit Acts as Stabiliser A logical argument against it is that it takes from a company its backlog of reserves which it should as a careful trustee build up for just such a period of depression as this been passing through sfouiitry-'lias The iqost forceful illustration of the value' of such a policy is that of the American Telephone and Telegraph company which has paid $9 a share in dividends without interruption though taking $140000000 from its reserves to do this Obviously such a performance has been a stabilizing influence in many directions Other corporations have unquestionably withheld from their shareholders a portion of the pro? Its to which they were entitled arid for the purpose of making the income tax situation easier for their wealthy and controlling shareholders A case frequently cited Is that of the Allied Chemical and Dye Canada's gold production last year was the greatest on record amounting to values far beyond thj most favorable predictions The output totaled 3280470 ounces valued at $115413920 according to final figurer 'released by the dominion bureau of statistics In 1934 output of the yellow metal totaled 29721174 ounces and in 1933 SUNDAY MORNING n li three-mont- NEW-YOR- - Czacho-Slovakl- a Figures on 36 STEEL and - IRON Companies gether with of the industry a to- discussion as a whole now available May tie send you a free cofy ? New Quincy 2000 at 2c HOGLE & CO Established 19 IS 132 So Main Wasatch 77 Dakp nsrir1 i s it sai t Lake 4497000 Ounces Pro- duced in January by U S Mines NEW YORK March 7— Production of silver from mine in Bid- 165 00 Amalg Sugar pfd 3 00 Con Wagon A Machine 50 00 Utah Fire Clay Utah-Idah- o 3 22 Sugar com do pfd new 9 00 50 00 Utah P £ L $6 pfd 58 25 do $7 pfd Z C M I 54 00 - Asked 166 00 I 400 330 9 30 52 00 59 00 57 00 8 ALES (Trading Salt Lake stock exchange) Amalgamated Sugar preferred 5 at $165 Utah-Idah- o Sugar common 100 at $325 Utah Power and Light $6 preferred 8 at $50 CURB 8 ALES (After 11 a m) Amalgamated Sugar preferred 25 at $165 Sugar common 38 at $320 Sugar preferred 8 at $9 Utah Power A Light $6 preferred 10 at Utah-Idah- o Utah-Idah- o $51 N Y Bank Stocks NEW YORK March 7 (API—‘Following are the bid and asked quotations furnished bv the New York security dealers on New York bank and trust company stocks traded basis: Saturday on an fiscal situation such as confronts Treasury Report WASHINGTON March 7 (AP— The pothe country They have however March 5 sition of the Receipts become complimentary On Monday S1587054730treasury $35221 Expenditures the treasury received subscriptions 168 06 Net balance $1731983005 46 receipts for the month $5362 for $1250000000 of bonds and notes Customs 31353 The offerings were covered from Receipts for the fiscal year (since July ll $2402671755 72 Expenditures $4 five to seven times or more than the 85327976138 $2260584 Including Ex66351 of emergency expenditures amount sought for in December cess $245060800565 The significant feature of the de Gross ofdebtexpenditures 53051339792113 a decrease f 61670775 50 under the previous day mand was that it was greater for Gold assets $1016714334491 the long term than for the short term issues reversing the practice of the past two years This re- as low a coupon as 4': per cent It is not unreasonable to expect beemphasizes the urge on the part of fore the end of this year a 3 per owners of idle funds to obtain as cent coupon on gilt edged corpora- Aetna Ins on 57 as return 60 them a possible high 38 40 by the Aetna Lira without risking their capital also tion bonds and borrowing Balt 9 10 Amer 15 on a year Carolina 32V4 the fading fear of that 'type of in- United States treasury 30VI 2 at 2‘i and between 34 Fire Frank 32 per maturity would flation that greatly depre- cent Great American 30l 321 Home Ins 381 ciate capital invested in fixed InThis is in striking contrast to National Liberty 11 10 terest obligations U 8 Fire 59 57 ma were abroad what conditions for It is strange to hear the president few years ago government loans of a large life insurance company that compared with those of the of the policies inveighing against Chicago Stock of this the treasury and the "spending United States 3 At the end rentes week French cent are CHICAGO per March 7 (AP) — Following spree" of the administration and a list of transactions in stocks on the on a 412 per cent baste They then announcing that his concern quotedbeen Chicago stock exchange Saturday: even declining steadily will “subsoribe for substantial have ISiUesI High Low Close amounts" of the March issue It will though the British credit tempo- BastianBlesa 9 9 4001 0H lifted the from the strain rarily be difficult to put any form of taxBendix Aviat 119001 26 25 26 r The I’ ratio 1110 French 10T10 1110 gold government pf ation into effect and thereby reCities 5 5V4 14501 5 duce the demand for borrowing if ef the German Reichbank has fall101 Edison 200 101 101 7 Cord Corp 13150 to 184 low 6 new cent of en a 6m per each tax proposal immediately Co 27 1001 27 M 27 no Crane standard gold Germany's do wave giving a 401130 130 of for the !130 pL protest brings Household 8001 16 16l 16 business interests of the country importance The nationalization of rMarshall 111 00 18 W 17 17 Field 5501 24 23 23 and from the main body of income the Italian banks is only another Swift A Co 1001 33 A 33 33 evidence of the high oost of the Swift Int tax payers 1001 32 alrreen 32 32l war in Ethiopia which is steadily Zenith Radio 17 17 9001 171 Reach Premium reserve In gold undermining Italy’s Stock sales Saturday 45000 shares The new treasury loans already view of these condition in Europe have reached a considerable pre- as well as in the far east and this New York Bank Clearings mium At the same time the low week’s pronouncement of Stalin reNEW YORK March T (API— The week-Istatement of the New York clearing coupon corporation issues have ad- garding Japan it is not strange that shows: vanced to the highest average of there should be continued heavy house Total surplus and undivided profits this easy money period Atchison buying here by all important Euro(unchanged) Total net demand deposits (average) General Mortgage 4s this week have pean markets of the common shares $29970000 (Increase) Time deposits aeragf) $1 140000 (in touched 115 at which price they re- of American corporations crease turn 350 per cent It has become Clearings week ending todav $4635profitable for railroad and indus- Copyright 1936 by the North Amer- -' 899 711 week ending February 29 lean Newspaper Alliance Inc trial concerns to refund bonds with 182 5a Raw Sugar 30 of DIESEL OWNERS F C Richmond Machinery Co INCORPORTED 190 MIIIE HOISTS own two units or more-so- me as many as 20 or more It is satisfactory economy and depends bility that leads these owners to buy a MINE CAGES second a third a fourth or more units HOISTING ROPE LANDES TRACTOR & EQUIPMENT CO MINE AND MILL SUPPLIES “ Distributor ” 0 OFFim Brwat r Hu x Salt Lake Curb Unlisted Industrials T Membkm New York Stock Exchange (UP)— ft I J A T Silver Yield 3 Hits Highest Peak in Years over 1934 while operating numbered 13911 head as compared with States during January was last week’s run of 5509 On the local and general expenses Increased the trucked-i- n market 208 head of for any on month sine highest Interest charges lambs rated at $8 60 with a 2 per cent only $3476025 to ths monthly reallowance A few odd lots of decreased $695196 because of bond 1930 shrinkage According drive-in- s hands at $775 850 changed snd one lot of light feeders brought retirement port on silver production prepared $700 Bureau of Mstal OGDEN March 7 UT8DA)— Cattle in' 21 to California: steady 175 to 230 pound! by the American reives ft 20 xtopi lovxs $S90 SOO Statistics the output 'in ths Unitedf Totgj rfceluta Ihia week numbered T797fiea(T an compared with 1449 a week for week butchers 5c to 25c higher sows States jumped during January to ago The week’a market opened at an active 20 to 25c up 5c to 23c 4497000 ounces from 3888000 in pace st prices fully steady with last week Sheep — Receipts 9200 asking some of With the Future Farmer higher best held above $985 freight paid exception I in Janaiui Boy club fed steers the quality of with last Frida fat lambs 50c December and only 2732000 this week's run was not quite up to last compared to 65c higher vearlnigs steady to 25c uary a year ago In week's standard the steer and heifer lower ewes to 10c higher week's If this rate of production Is main—'" classes Several lots of the club steers rated top fed lambssteady $965 freight paid late bulk at $61507 50 and 30 head of tatned lt will mean that whatever freight paid $800 $9250965 a local feedlot mads the best sers onfrom fed ewes $500 0 5 oO native ewes the general run at $625 The bulk 0850 else the American ailver policy has price spring lambs $9100915 of steers ana heifers moved at $610 and $4000515 memo done tha high prices for ths metal below A car of medium 1006-pounUtah OMAHA March 7 d steers also a load of Utah heifhave boosted productiodn ot Amer1000 fair) ers made the $610 figure Several cars and —Receipts under 240 ican mlnea to about the annual part loads of medium steers and heifers steady to 15 cents lower changed hands at $575 b 6 00 and tha bulk pounds showing decline small supply of level prior to the time when tha of locals moved within this range A short weighty kinds fuliv steady with average worldwide d price slump curtailed Utah feeder steers went or strong to 15 cents over extreme close load of to a local feedlot at $5 55 Plain Itfca) steers Friday: bitter 175 to 230 pound weights production of principal producers and heifers ranged downward to $450 and $990 01000 top to shippers $1000 230 American output reached Ita low lower A load of fairly good Idaho cows to 290 pouftds at $970 0990 290 to 350 brought $485 and medium to good drivelne pounds $94009 80 tows steady to 10 of 20933000 ounces in 1933 The folrated at $4 756 5 00 Common cows went cent of L 4870009Oreoat Friday T9 75 26- lioaUy at $400ft-45and glitter grades at weights $239 pounds compared Friday lowing year aaw an increase to Medium and good bulls brought last week steady to 25 cents higher sows 441000 ounces while 1933 brought $300 0375 $400 0 5 25 The best veal calves were sold 5 to 15 cents higher 1936 for $650 6 900 with plain kinds goiug at Cattle — Receipts 200 compared wlth a figure of 38322000 January 6 25 sate of abeuf -$150 ft'— annual Friday last week fed steer and year output U-tha The 58 ftfi market Utt hog Hogs regained MRtshifhi) tulfiftf lillll WMk'ft- Jam and left price around cents higher cows and bulls strong to 25 30000000 Ounces The last tima any reached was in steady to 15 cents higher than last week’a cants higher vealers strong to 50 cents such figure was close The best local butcher on late sales higher stockers- - and leaders strong Bulks brought $102501040 and mixed kinds for weak: Fad a tears and ytarllnga $700 1930 at 50234000 ounees while in around $1015 dowu Packing sows bulked 0900 liberal sprinkling $910 0975 1929 60180000 ounces were proat $800 0835 top on loada $985 few head $1025 Sheep— Receipts this week outnumbered helfera mostly $6000725 several loada duced last week's arrivals and a total of 13771 $7500785 beef cows $4750600 few Whether the rate of production head registered in as against 3703 a week lota $6250650 odd head $700 eutter ago Several lots of trucked In lambs moved grades $3450450 bulla $550 0 623 recorded in January will be conat $825 6 850 with odd packages of plain practical top v4aiara $900 few at $950 this year dekinds at $7 50 fr 800 Some weighty local stockera and feeders $600 0 775 flashy tinued throughout the course of ewes brought $400 upon pends largely 862 $815 weights pound Above quotations on rail shipments reflect Receipts 800 compared Friday the official price for newly mined variable freight benefits on cattle bought lastgheep— week killing classes 25 to mostly 60 lofor reshlpment cents higher feeders strong to 15 cents domestic metal in the opinion of SOUTH SAN FRANCISCO March 7 American probulks follow Fed wooled cal ailver quarters Closing higher — Hoga — Receipts for flva days lambs $9350975 closing top $975 3050 compared with last Friday butchers good andch olca yearling eligible to $825 ducers now receive a high premium fully 35c lower: packing sows uneven 0 900 good and choice ewea $4750 over the world price and producweek's top $1150 early 565 closing top $565 good and ehotce mostly weak more profitable for them closing top and bulk 175 to 225 pound leading lambs $823 0865 fleahf lamba tion is faf Callfornlas bulk packing bows up to $015 $1115 than it is for foreign producers As few smooth $850 $875 lights $900 KANSAS CITY March 7 with a world price of Cattle— ‘Receipts for five days 2125 Hogs — Receipts 800 nominally steady compared cents an ounce U S procompared with last Friday fed steert most- compared with week ago butchers uneven about 44 ly steady to strong better grade she stock 10 to 20 cents higher bows around 10 ducer! of newly mined domestic sil- - ' fully steady low cutters and cutters weak hi to 25c lower hulls firm two loads top calves 400: for ver are able to dispose of their out1000 Clattle— Receipts d to good Nevada fed steers tha week: slaughter steers and yearlinrs 7757 cents an $750 bulk medium to good under 1100-poun- d ot all weights unevenly 25 to 50 canta high- put to the mints at fed steers $6 75735 two loads er aha stock 25 higher: extreme 50 up ounce 1000 fine which works out common to medium Nevada $550 0600 vealers steady t Ktavy killing calves 25 or deduction load good Nevada fed steers more higher stockers and feeders strong st about 77 cents after $710 three loada medium to good helfera to 25 higher' tops for weak choica 1315 of all costa bulk 1250 steers bulls Kansas $1040 $6250635 $5250575 pound fed The extent to which the domestic Calves — Receipts for five days 250 round fed Colorados $900 helfera $825 $625 practical top producer has taken advantage of compared with last Friday little changed fad Colorado cow good to choice vealers $950 part vealers $900 good heavy feeders $825 the paokage higher price is evident when load common slaughter calves choica stockers 6650 fancy steers calves bulk abort fed steers and yearlings comparison is mad with production $475 — $900 Sheep Receipts for flva days 4000 com- ‘‘7 000875 better grade helfera $7500 of the other two of the Big Threa beef cowa $5000575 cutters pared with last Friday fat lamba very 800 scarce nominally steady sheen firm good $350 0 475 producers Mexico and Canada- ’ fed wooled lamba absent under Sheep — No receipts for the week: killing mines are prohigher top fed Whereas American quoted around $10 25 01050 according classes 10 to 15 cents to last representative salea deck medium lambs $960 week's bulk red lots $925 during 829 per cent more sliver than 9 60 shorn lambs $7 4007 65 most to choice California awes $525 in the low year of 1933 (all of which natives down from $925 fed OS ANGELES March 7 ( finds a ready market at the mints $8250850 top awes $550 Hogs — Receipts for week 700 25c to 40c lots $515 0 550 s — Cat- at the high premium over the world higher top grain feds $1125 truck-in-— 7 CHICAGO March 51030-0110- 0 tle — Receipts 300 calvaa 100 compared price) Mexico has increased its proCattla— Receipts for week 6100 steers last week: all grades steers and duction weak to 25c lower other classes steady Friday by 10 per cent and Canada sold higher most of weak but choice fed steers $8 50 medium to good yearlings on lata downturn closed barely steady 6 per cent by steers $025 fj 7 40 common down to $525 better grades but strong to 25 cents higher heifers $5500725 cows $5250585 on lower grades extreme top $1200 on Imports of 'silver into the United Decutter grades $325 0475 bulls $500 medium weight and weighty steers heat States ran high in January 0610 — light ateara $1170: long yearlings $1165 Calves Receipts for week 1800 50o to heifer yearling! $0 25 red heifer market spite the fact that the United States 75c lower late top vealers $1150 calves 50 higher numerous loads $800 0875 is reputed to have bought cows atrohg to 25 higher bulls weak to 25 treasury $7256800 London during Sheep— Receipts for week 1000 fully lower and vealers 50 lower on light kinds but little metal in steady local fed wooled lambs $9 85 with better grades $105001150 lower grades December and January the vrithJ " cost 4 per cent shrink steers wooled Utah lamba 98 50 (h 950 average during $975 Imperial lambs $860 0900 plain week approximately $870 againston $700 a drawal of which buying precipitated week earlier practical top late ewes $400 the collapse in the London market sauag( Tate bulls $625 bulk vealers $7500800 ) PORTLAND March 7 7431000 ounces of In December 2000 for endini week Rheep— Receipts — Hogs Receipts none: for five days 3225 1900 directs compared Friday Iasi arrived in January comcompared with a week ago 40c to 60c low Friday week: killing classes around 50 cents high- bullion er early bulk 165 to 215 pound drlve-ln- a er and shearing lamba 25 to 35 pared with 67233000 in December $10 60010 75 load lota largely $1080 centsfeeding week's extreme top $1015 month of one load $1090 late safe! drive-in- s $1060 paid athigher close several loads 96 pound fed and 87730000 In tb peak down to $1040: 230 to 260 pounds $1000 western lamb at $10 10 best wooled November 01025 heavier weights downward to offerings early going In week eholce fall Official figures have not yet been $950 light lights largely $1000010 25 shorn yearlings $875: $900 ewes best feeder piga $560 bulk natives $4500550 packing sows $850 0900 released regarding the silver im75 $1000010 3000 Hogs— Receipts 4000 Including is thought Cattle— Receipts none foe five days direct with Friday's average top ports for February but it 3100 calves 270 compared with a week $1045 steady London are 160 to 250 pounds $10 1501045 from such that imports ago most classes around steady plainer 250 to 300 pounds $975 01915 sows Feb100 at $240 grades decidedly weak at close vealers quotable at $900 0935 shippers took declining some estimates for largely $150 under a week ago bulk fed 400 holdover 500 compared with week ruary running between 23000000 to 00 steers top $700 plainer ago lights and butchers 5 to 15 cents $61507 00 30000000 ounces steers $500 0 bulk heifers $500 0 higher sows mostly 10 up 6 00 few $6150 6 35 cuttery kinds down to $400 low cutter and cutter eowa $276 0 375 shells down to $225 common to INDUSTRIALS medium grades including fat dairy type cowa I Bid $40004 75 good beef cows $500 Asked 05 50 bulls $4730550 early $575 Utah Oil Refining cutters down to $400 practical top vealers 7 S 8 65 00 $ Utah Home Fire Ina 125 00 150 00 $900 common to medium $50007 50: Utah Southern Oil 175 190 slaughter calves $450 0600 choice 4800 and over BOND8 Sheep— Receipts none for five days 2670 compared with a week ago steady 105 00 Amalg Sugar 7a 37 106 00 to strong few loads 84 to 05 pound fed 103 00 Holly Sugar 6a 104 00 lamba $975 0 10 00: choice drive-in- s 8 L A Ogden 5a 1930 $975 9 50 12 00 8 L Term 6a 1935 30 00 33 00 sparingly bulk toppy kinds $9 50 common shorn to medium lambs Hotel Utah $7 5009 00: 1941 104 00 106 00 scarce few yearling wethers $6 000700 medium to good slaughter ewes $350 0 475 choice $500 8T JOSEPH Mo March 7 — Cattle — Receipts 100: for week slaughter steers steady to 25c higher cowa strong NEW YORK March 7 (AP) — Raw augar to 25c higher stockers and feeders 25c d and 1296-poungood waa firm aud active again today making higher steers $9 50 bulk short feds $6 75 0825 new high levels for the year with spots ad- straight heifers $725 bulk beef cows cutter grades $350 0475 vancing 5 points to the baala of 355 while $5000375 lipment sold as high as 365 stockers and feeders $7 00 down of for week fat 2000 bags gneep— Receipts Sorted included 22000 ehlpment t 3 55 121000 lamba and yearlings fully 50c higher late Puerto top lambs $975 bulk $96009 75: bags of Philippines and 30100 Ricos for March to May shipment at from $935 down: few fat yearlings $850 357 up to 365- bulk ewes $5 000565: lamba New high records for the season were 0900 choice light weights absent Ipur established In the futures market on an steady carloads 94 to 106 pound Nebraska and active buying movement by Wall street Colorado 60 $950 09 and commission houses At best prices Hogs— Receipts 500 mostly steady top showed gains of A to 10 points on active 10 bulk good 150 to 250 pounds but heavy realizing checked the $10 positions $9 7501000 sows steady bulk $865 upturn and there were partial reactions with 0890 final prices 4 to 6 points hlghar on present Cattle DENVER March 7 crop positions and 1 point higher on new — Receipts 50 calves 25: compared with crons Sales were 26900 toss Closing: last Friday beef steers 15c to 25c higher March 261B: Mav 264B Julv 266B 50c higher 267B: November 263B Jan- $6 2509 00 heifer 25 35c to cows September beef 25c to $6500 750 top $8 uary 2 36N: March 1937 236N B — hid 50c higher bulk $5 00 575 top $625 N — nominal 25c higher $3 50 0 450 bulls Refined waa firm and unchanged at 4 65 cutters for fin granulated and notwithstanding the steady $4 7505 60: calves and vealers recent heavy movement at 455 there were steady top vealers $1050 stockers and Indications of a better Industry developing feeders steady to strong $6 000700 lop promoted by tha further rise In tha raw $7 40 steer calves $810 art trie 2000 9 singles direct Hoga — Receipts List of 36 leading steel and March t RALT LAKE March (U8DA) Consolidated Oil corporation today — Cattle and calves — Receipts In the cattle to head reported its 1935 net - profit more the raised total 1918 week's yards compared with 1055 a week ago Very little change was made In the quality of than 19 times that of 1934 and its the week's supply and prices held about chairman Harry F Sinclair in an on a steady basis Medium eteera in a car of Utah cattle rated at $5 50 600 and nounclng it termed the oil industry odd lots of local steers made $485 575 in th soundest position statisticalHeifers moved wlthta the same range Medium and good cowe went at $450 525 ly for some years and lower grades at $250 425 A few The corporation in 1935 had net bulls moved at $400 4 75 and the beat veal calves at $7 00 $9251 Plain vealers profit of $11306904 equal to 73 cents a common share In 1934 the rated around $6 00 Hogs— The market on hogs this week was steady to 15c higher than the cloee a profit was only $553282 which afweek ago Prices on the beet local butchers ter allowance for preferred divilate ranged $10 25 1040 and on mixed dends resulted in a deficit of kinds around $10 15 down Packlog sows cents a share on common stock rajed at $7 75 0 8 50 Sheep— The run of sheep and lambs this Gross operating earnings rose Week was larger than a week ago and NORTH V analytical study iron corporations East Crown Point going to 3)4 cents and closing at 3 Ottyer stocks closing with small gaihs were Clayton Silver Colorado Consolidated Combined Metals Eureka Bullion Kennebec and North Lily Silver Standard slumped to a half cent off three quarters Tintic Lead yielded to 50 cents off 5 and Park City Consolidated to 30 off a half cent and fractional losses were suffered by East Utah and New Quincy Big Hill Bristol Silver Columbus Rexall Horn Silver Iron King MoS' cow Park Bingham and SilveF King Western closed with positions un' changed Amalgamated Sugar preferred led volume Stf eet Brief sr in a Large Gain Shown By Consolidated Oil NEW YORK A large part of the mining list moved higher in fairly active trading uring the past week with a few issues making substantial gains' Prospects of individual Issues continued to exert more influence on the market than outside newe Seventeen stocks closed the week with net gains ranging up to 22 cents six suffered small losses and eight closed with positions unchanged Eureka Standard led In percentage of gain closing at 75 cents up 22 during the week Tintic Standard traded last at $620 up 20 cents Mountain City Copper at $520 up 20 cents Walker at $240 up 5 cents Mammoth at $170 up 5 cents Chief Consolidated at 91 cents up 7 Eureka Lilly at 63 up 4 East Tintic Consolidated at 40 up 5 and Zuma 294936jKounces mtkrlo’s gold mines produced holders It may use its free ballion to the value of $6210577 in ances as it did In 1929 in the call loan market or It may give employ- January compared with $6894686 ment to them in buying up com pet' in December and $5551388 In Jan1935 The average recovery Ing properties or for other kind® of uary In any cabs it does not was $1029 a ton in January against expansion consult the majority owners and $1161 a ton in December The Kirk' ths unlisted Industrials advancing not Infrequently commits mistakes land Lake belt was the greatest con' $15 to $165 Utah Power and Light to trlbutor the production of judgment that are costly If it at 12 up 3 to close at $7 preferred recovered distributed its profits to such an Su- East Crown Point and Bonanza l$5875 up $125 and Utah-Idah- o exgqt-tha- tWall ltWoutiTbecompened establiahetf new 1936 highs on heavy gsr common to $320 up 5 cents to borrow from the stockholders LISTED STOCKS Week Week Bid Asked Year Year when expansion was contemplated By Associated Press Low Low High High YORK March 7 — tljjs occasion would give the latter NEWcompany plans a recapitalisation opportunity to vote as they felt the Sugar which will involve a decrease of 100000 “tax” should be in opposition C IS Tintic Stocks Lead Week’s Trading Livestock Market Eureka Standard Soars to 75 Cents Quotations of 7 per cent cumulative preferred proposal warranted and from pas- shares an increase of 120000 shares in 4 per sive objectors become a vital ele- and cent cumulative and participating preferred ment in management Each share of 7 per cent is to he exchanged for 1 shares of the 4 per cent preferred and 75 cents in cash Effect on Market The second type of temptation Important dividend meetings scheduled next week Include Air Reduction AmerIs that more frequently faced and for Howe ican Brake Shoe Continetal Oil Sound Pacific Gas 6 Electric and United to of the by yielded corporation Fruit moderate financial strength only whose controlling stockholders — Sugar company plans a which will involve a defrequently the banking interests recapitalisation crease of 100000 shares of 7 per cent identified with Iham — urge higher cumulative preferred and att Increase of shares in 4 per cent cumulative dividends both for the income they 120000 and participating preferred Each share of cent preferred Is to be exchanged provide and the effect they produce T'per shares of the 4 per cent preferred on the market prices of stocks For for instance in the late 20s many of dividend meetings scheduled the railroads were paying high fftFImportant nsif weak include Air iieduCUm Ameridividends They couw not afford can Brake- Shoe Continental Oil Howe Pacific Gas 4 Electric snd United the 6 7 and 8 per cent rates on SoarttS Fruit common or capital stocks to which NEW YORK March 7 (API— Standard they committed themselves Had Statistics company reported today that fadividend changes during the week they paid half the average of that vorable 40 totaled compared with 41 in the previous period the amount saved for re- week There were two unfavorable changes serves would not have spared them against none the week before The total 12 Increases 8 resumptions 15 the subsequent collapse in their Included extras 11 initial and 2 reductions credit Perhaps they might have The Transit Journal Indicator of transit deferred somewhat longer their revenues for the week ended February 29 visits to the R F C figured from reports of a representative of group There have been suggestions in cent of a companies stood at 1058on ihe year ago “Large gains the movements of certain common ADaniic seaboard kapt The Improvement in revenues up” It was stated ‘‘although stocks in the second half of this the Increase was off somewhat from that week that speculators had their eye of last week” on the “equities" of corporations known to possess large capital asMetals and Money sets The proposed tax as generally understood is on the profits of one Settlement prices at Utah smelters 8melting I year and would first apply to those reported company are: Lead 4558c company of 1936 It is not in any manner Reining copper 80Oc a pound pound There are other considerations to It Is recognized that NEW YORK March 7 (AP) Bar sil be taken into account in the event retroactive of the undistributed profits ver — Nominal no quotation that the new tax law is supported much of the past are now in the form of LONDON March 7 (AP)— Bar by congress Dividends of corpora-ion- s or buildings and are not Firmer (U S higher at 19 5161 are now exempt from the nor- machinery 43 42c) equivalent for stockholders available It may Bar jld- mal tax The effect of this in past 8 quivalent $3520 perhaps be that a tax on capital The Bank of Engl years has been to build up a large will come later It is not now on pounds in bar gold body of small shareholders to whom the program but the Idea has capMoney— per cent Discount rates — 8hort bills 0 this exemption is of vital concern tured some men’s minds bills cent per cent An Important element in this group Business Confused NEW YORK March 7 (AP) — Cop are the holders of preferred shares and future 9 Business is somewhat confused —Quiet electrolytic spot — notably those of the public util950 export 910 Other metals n ities They will have n'othing to gain by the new tax proposal The argu- Inal and unchanged by the proposed measure and will ment that this means an "end of — Sfftrcn' T (API— 1 lose the benefit ortax exemption on Ihr bfeathlng spell’’ for business is zinc futures closed dull no sales thin conclusion rather The the of that portion of their income repreNEW YORK May 7 (AF) Forei — Easy Great Britain in dollars sented by dividends There is no spell of bad weather over the change cents ottffers Great Britatn demand has brought in a rush of 4 984 Incables point in their switching to bonds country bills 497 4984 cables 664 for they now harve more return on delayed orders which is reflected France demand 664: De cables 801 801 demand in bank clearings at such widely Italy their stocks than they could frei 17 04mauds Germany Belgium as cities Buffalo Atlanta commercla 60 travel 2675 40 separated reg reg or of debentures mortgage's Holland 6856 Norway 2506 Pittsburgh New Orleans Chicago 2310 relative quality 22 27 Finland 25 72 Denmark San Francisco and Omaha of about Sweden Switzerland 3293 Spain 1377 222: Adjustments Expected 12 per cent to over 41 per cent Portugal 454 Greece 96 Poland 1908 418: Jugoslavia 232 It is quite probable that some above last year A spurt has oc- Austria 18 98 nominal Hungary 29 75 easement of the tax percentages on curred in building in more than nominal Rumania 76 Argentina 3327 undistributed profits will be made half of the federal reserve districts as a concession to those who affirm The automobile trade held back by 2785 Montreal In New Y( with reason that the present ratios the cold and storms of February York in Montreal 10000 are too high and will jeopardize the has experienced this weeka decided Montreal Silver standing of the paying corporation increase in sales MONTREAL March 7 (API — Sil closed steady 5 higher to 20 lower In that event the estimated income 9 Railroad car loading are now ben- turessales March 4335b May 4335b from the new tax' of $1600000009 efiting from the delayed traffio July 4335b bBld cannot be realized Other adjust- with 700000 loads the latest total ments will be required to cover the Iron and steel production this week deficiencies caused by the cancella- was at 56 per cent of Wool Market capacity a tion of processing taxes and the gain of a point over the week preMarch 1 AP — Salea ct do BOSTON added demands of the soldiers’ vious and while electric output did mestlc wools in Boston were light were unbonus If the theory of give and not compare favorably with that during the past week Quotationsyery although largely nominal in view take is consistently carried through of the week before it was about 10 changed amount of business of trie small this would mean a revision of the per cent larger than a year ago The Mill purchases were confined to Imme-fill requirements whlrh they could brackets now relating to corpora- elevator strike has not affected bus diate fiom the1 occasional small Jot that became of previous tion income and capital stock taxes iness in greater New York The available at prices within ranges small The available quanprices and to the excess profits tax which journal of comrjjprce estimates that selling tities of strictly combing Ohio and similar realize to the treasury about $1000 Industrial profits in the march fleeces had little callot at 34 $36 cents in 64s and fitter at the grease for fine 000000 a year blood and quarter will be an average of 10 per 36 4? 37 cents for 58s 60s refits for 56s blood and 48s There are two types of tempta- cent above the corresponding pe- a 41 ©43 blood 50s tion that face the corporation with riod of 1935 with numerous comsubstantial undistributed profits panies showing a gain of 40 per cent One is represented by the concern In February dividends of corpora- Trend of Staple Prices whose management considers its tions and of institutions were 30 per NEW YORK March 7— The Associated policies to be none of the business cent greater than in 1935 and the Press wholesale price index of 35 basic commodities today declined to 75 23 a new of the rank and file of its share- - largest for the month since 1932 1936 low Previous day 75 54 week ago 75 85 Borrow and Loan r mrth ago 76 82 year ago 7558 ) Range of recent years To borrow and to tax that is the 1934 1935 1936 78 17 78 68 74 94 program of the Roosevelt adminis- Hrh 61 53 75 54 71 84 tration The terms “borrow" and Low(1926 average equals 100) Facts and MARCH 8 1936 Lot Avon Mn Du on Ogden ( w 320-32- - 6 WEST 2ND SOUTH SALT LAKE CITY Headquartn — 24S Wsst South Tsmpls Sait Branch— American Fails Downsy Malad Lak City Tromoatoa ss3 |