Show THE SALT LAKE TRIBUNE SUNDAY MORNING Reactions of Stocks in Flood Stocks Bonds Steel Production And Rhine Situations Reflect Lowered by Flood Averages Confidence in U S Recovery Stocks (id MARCH 22 1936 PERCENT Observer Says Industrialized Areas Affected by Deluge Will Return to Normal Quicker Than Dust Drouth Sections Special to The Tribune NEW- YORK March roof 21-P- that the country confident of sustained business recovery is given in the relatively small reactions occurring in the stock market during the acute phase of the Rhineland situation last week and the recent flood tragedy This Is he more remarkable since stocks have just completed a year’s rise amounting to 50 per cent A large proportion of purchases since the middle of March Is 1935 have been for cash This fact explains why there is so little liquidation in response to foreign or domestic events of a bearish nature The flood's toll in lives and damage has been heavy It affects a wide expanse of territory The drouths ‘dust storms and floods of 1934 and 1936 levied on agricultural sections of the United States They left their impression on prices of food stuffs and compelled national relief to a large group of sufferers on the farms Floods in Contrast In contrast the floods of this week have centered on the industrialized parts of the east where manufacturing and transportation are the factors in employment So while Immediate losses may be greater in the present calamity than those in the west and south the recovery will be quicker and the effects outside the zones of destruction smaller This apparently was the interpretation placed by those who continued to purchase the stocks of railroads whose main lines were disorganized by the high water and gf mills whose machinery was rendered idle by it This may have been too optimistic a view when considering the fact that every industrial plant within twenty-fiv- e miles of Pittsburgh and located along the rivers was at one time shut down while operations in the great manufacturing units in the New England valleys of the Connecticut and Merrimack were at the end of the wetfk wholly or partially suspended Compromise Relief Message The larger question of national relief has been placed before the country by President Roosevelt in his supplementary budget message It is in the nature of a compromise and not altogether satisfactory His proposals are not so clear as one There is a might have wished lack of finality in them Taking $1000000000 from an unexpended rehef appropriation for the fiscal year 1936 adding to it $800000000 set aside in the original 1937 budget for the C C C and public works and joining these two with a new authorization of $1500000000 the total but tentative relief item for the twelve months to June 30 1037 amounts to $3100000000 compared with only $400000000 more for the present fiscal year Suggests Deficit This suggests a deficit for 1937 of approximately $2600000000 which While $1400000000 less than that for 1934 & drop of about 35 per cent and tending in the right direction is most serious in view of the total deficit for the four-yeperiod in excess of $13000000000 Last Week the national debt rose to ar V $31440000000 The picture may be slightly improved by the current receipt of Income taxes which appear to have been about 45 per cent larger for the March 15 instalment than a year ago On the other hand the compromises and concessions re- quired of the administration leaders in congjess in order to effect a reasonable tax bill on undistributed profits of corporations might well result in receipts from this measure insufficient to cover treasury requirements In abandoning present sourdes of “ Your Protection in - — V as the $994000000 produced by the three existing forms of corporation tax the administration is trading known for unknown revenues This is a dangerous business Relief Program Demand Apart from its political aspect there is an increasing demand over the country for a more conicienttous and a locally administered relief program The facts of increased employment and of stationary relief rolls do not square even when It Is admitted that exhaustion of resources and the handicaps of age bring a new list of dependents to relief headquarters each month It is obvious that local communities cannot finance their unemployed 100 per cent They can however determine who are the “chlselers” and root them out It is the element which President Roosevelt describes as those "who are so constituted that they 'do not desire to work” who in many Instances are aliens who cheat in many ways in order to obtain relief that the taxpayer now Insists shall be refused assistance Within the flood area lie some of the most densely industrialized sections of the- - country so it is evident that the effects of high water will later be visible in the record of manufacturing output power production and car loadings It will also contract retail trade in the devastated regions Consequently we may expect less flattering commercial reports for the second half of March income Recovery Continues The reports this week indicate a continuation of the recovery that set in toward the end of February Iron and steel output this week has advanced to 61 per cent of capacity a rise of 4 points due to buying in anticipation of price stabilization bringing the figure for the industry to the best since June 1930 March output of automobiles is estimated to be above that for the same period in 1935 Electric power advanced 10 per cent over a year ago Car loadings up 20 per cent were the highest 1931 since October February statements of carriers shaw a decided gain in gross revenues The report of the Chesapeake Sc Ohio for the first two niontha of 1936 is typical of the trend with its 25 per cent gain in operating receipts and a 75 per cent increase in surplus after charges Retail trade to date is 10 per cent greater than in March last year In his budget message President Roosevelt passed on to the business world the responsibility for encouraging employment and thereby relieving the strain on the national treasury for relief bjr the Induet - 3 S2 4 82 7 80 4 SO 9 82 8 73 4 76 3 49 5 Associated Preeel — Daily Metal 15 60 Rail 8tocks With atel-maktn- g - 3 - 3 Saturday Previous day Month ago Year ago 1036 high 1936 low 1935 high 1935 low 39 435 fissrsrMj low 79 4 1902 low 45 8 1928 high 101 1 xNew 1936 high COPYRIGHTED pamphlet "Your Protection in Inflation" is now available for distribution A The pamphlet explains inflation r and answers many questions regarding this subjects 92 2 40 0 98 9 84 5 64 6 102 9 BONDS Hsttirdsy Previous dsy Month I sgo I II 1 1 1 1 0Kw 1936 1935 high 1935 low 1928 high 1932 low Dow-Jon- Averages es 65 5 42 (Furnished bv J A Hogia a Co member New York etock exchange) Low Close High 20 Induat 1572 16620 16646 off 97 20 rails NEy YORK March 21 (AP)— TradingIn 4729 4700 4710 off 23 20 utllltlss 3198 3162 3176 oil OT cottona llttl more actlva than held recntly Frier Saturday 40 bonds 10224 up 07 gnerally adshowd the maximum steady July vance closing et 1072 or 10 points net higher with Ihe general market closing at uat gains of 1 to 10 polnte Futuree cloeed steady 110 higher Low Close High Herch 11 41 11 30 11 41 11 03 May 10 09 11 09 10 72 10 62 10 72 July October 10 29 10 22 10 24 December 10 29 10 20 10 29 10 26 10 22 January 1026 Spot steady middling 1146 ORLEANS March 21 (AP) — CotNORTH SALT LAKE March 21 (U8DA) tonNEW 7 points higher futures closed — Cattle and calves — Total receipts in the to 3 points lower steady cattle division numbered 1013 head to Low Close High 1128 with last week The best March compare 1 1 32 11 39 1133 stock offered thii week s showed some 11 02 11 02 10 94 over last week's eupply and May 10 64 10 57 to 64 moved at prices whTcn looked steady to July October 10 20 1018 1019 !troL$ift1 good focal steers wers sold for December 10 18 1016 1016 nJ the bulk of common $635 675 to 10 10 18 1018 good steers and heifers at $500 6 25 January cotton closed19 7 Spot steady points up plain kinds rated around $500 and un- - ealee 1096: middling 1167 der medium and good cows made a range of $450 5 00 and lower grades brought $425 downward to $2 50 medium and to 25c butchrre good bulls rated at $430® 525 and me- weights 5c to lOo 16c aowa highertoother 35c up 2c dium to good veal calves at S05O&9OO higher common calves ranged downward to $5-2Cattlo— Receipts 200 with compared -The of Hogs— price hope for the week Frtdey of last week fed steers was steady to 15c higher than last week’s and heifers unevenly steady to 26cyearlings lower close A late extreme top of $1075 was best weighty kinds off most cowa mostly made on the best choice butchers with the 25c lower bulls and vealers weak etockere bulk rated yet under and faedere steady to atrong 1050® 1066: Bulks for weights and heavies ranged from $1040 week Fed steers down packtng sows buLked at $800 8 25 9 00 several loads and yearlings 8700 0i5tt035: weighty with an extrsme top for the week at $850 steers 1399 bounds 1000 heifers Jts25 “L in the sheep division 725 few Toads 1730 tf 775 few choice ss compared with halftre 8600: beef cows 8450 Most of the week's run heavy 550 few S575tt62A cutter grades 325 billing and local sales W'400 medium bulla $475fift50 praca package of tical top vealere 700 eelecte $750® 800 lambs at $825 etockere and faedere several 650 ©775 OGDEN March 21 (U6DA) — Cattle and $825®8 50 etock calves $875 calves—1 The week’s run of cattle numbered Sheep— Receipt 1500 with 3076 head as against 1700 a week ago A Friday of lait week lambscompared ewes wethera 15c to 25c lower steady feetfera 40c fairly active market prevailed on the early and to sessions and prices were steady to stroug 50c higher Closing bulks Fed wooled on most all classes The best prices on 1000 closing top $1000 stsers were paid for few good lots at JfJ nd choice ewee $6 40® 6 50 but medium to good eligible 75ft575: good and choice and heifers moved generally at $525 960 shearing lambs up 625 two cars of Utah heifers made $610 to $975 and a load of weighty Utah went at $575 KANSAS CITY 21 March plain steers and neffers rated at $400 ft Hoga — Receipts nominally eteady 525: medium and good cows bulked at Compared with 500 last Friday $450® 625 and lower grades went most- seating 240 pound down 5 ©15cOfferings higher-heaviely at $300® 425 with some shelly low 15 ©35c higher ow cutters at $2 50 down bulla turned et $4 25 35 ft 50c weights higher’ ft 5 15 and the best vealers at $7 50f Caitle — 700 calves 200 For common and medium calves made ‘he week: Receipts 9 50 Fed steers uueveti steady to 25c lower choice heifers $400 fr700 steady to easier Hogs — The market on hogs for the week other 25c to as much as 50c the best with prices lower vealers 50c©$i00 lower stockers averaged about steady The best local butch tnd fesders of last week’s close weak to 25c lower spots and 50c off on ere late bulked at $1050® 1060 grade stockcre week’s down mixed kinds ranged from $1040 load choice 1297-poun- d steers packing sows went mostly at $800® 8 25 oad teers of all 2i 5ver£l with a few to $850 weights $900 yearling helfere $825 late Sheep — Receipts In the sheep yards were top vealere $800 stockers $625 stock light with a total run of 1090 bead to steer ealves $8 40 compare with 6205 last week At the none For the week: Sheep— Receipt 88close of last week's market a car of Desirable weight lambe steady to 15c highat $876 er pound Utah lambs changed-handheavy lots fully 25c lower aheap firm and one load averaging 65 pounds at $860 week’s top fed Iambi $1025 no choice trucked-i- n A lot of lambs brought handyweighte offered at the close week’s 9 25 and a few lots in feeder flesh made hulk few heavy lot down $985®1015 ewes went 8 few at A of 00 lots $750® to $925 shorn lambs $775® 800 best $475 5 550 ewes $550 feeding and shearing Above quotations on rail shipments re- lambs offered ©985 $900 flect variable freight benefits on cattle CHICAGO March 21 and sheep bought for reshlpmeut 300 calvea 100 Compared SOUTH SAN FRANCISCO March 21 Friday last week Better yearlings five and for )—-- Hfgs — Receipts steers strong grades light to 25c Most' 3950 last days Compared Friday lower £rade light offerings and ail higher grades week’s top $1090 paid dally ly steady bullocKs steady bulk of week's butchers $1076 to weighty bulk tMr receipts selling at $900 down to mostly $1090 averages few strictly good and choice very averages offerlnga $1000 upward mainly $1065 extreme top $1040: bulk packing sows $850 steers $1135 next highest price Cattle —Receipts for five days 2250 weighty $1125 best light yearlings $1110 best Compared last Friday: Beef steers roost- - light yearling helfere $875 practical lop iy heavy helfere $850 few specialties $900 weal 25®35c lower cutters 10® cowg to common kinds bulls steady to weak fat 15c down bulla steady choice weighty d fed steers and year-Hug- s vealers load good 25c higher light vealers 25ft 50c d $775 short load good lower steers $7 65: bulk medium to good under Sheep— Receipts 2000 for week ending d fed steers $660®750 three 1500 directs Compared Friday loads go5d 1120-1- 1 fed steers Friday last week: Choice handywelgnt lambs 30 medium down steers weighty $735ft750: others ®15c higher unevenly steady to to $050: two load medium to good 760 25c ewee lower fat lower: week's 780 short-fe- d heifers 875: few top fat lambs $10 40 fully $660® week’s and closing common to megood range cows $578 choice $9 75ftl025 dium $4 50ft 525 sausage bulla $500® bulk lambs $950 late good wooled yearlings 575 few $600 ewes best bulk natives $925 fat $575 — Calves for five days 250 Receipt 50 ©550 last Friday: Steady medium to $4 Hogs Compared — Receipts 2500 steady to strong choice vealers few 1000 good $700® several lots choice 180-21pounds calves $800 common to medium $500 average the top $1085 package 260 pounds ft 600 three loads $1045 around for 3900 davs five gheep— Receipts heavies $1035 sows fully steady up Compared last Friday: 8pring Iambs closed to with week ago 15c compared around 75c lower: two decks good 72 to $975 25c week’s top on closhigher mostly three decks sale pounds early $1010 later ing high $1085 15 good weights $925 fedsorted NT Mo ) JOSEPH 21 March cent at wooled medium $825 per —Cattle — Receipts 100 For week: Slaughlambs very scarce: small lot medium ter steers and yearlings mostly 25c lowweight $900 good quoted to $9 50 er medium light yearlings 15®25c off cows 65 freshly shorn yearlings $825 ewes strong to unevenly higher ©75c lower stockers and feeders steady: week’s top $975 Jor load strictly choice medium to good gallfor mixed yearlings bulk fed steers nlas $525 and yearlings $725®860 best heifers L08 ANOELEfl March 21 cutbeef cows bulk $825 —Hogs— Receipts for week 1100 steady ter grades $275 ©375: $400®500 fleshy to 15c lower: grain feds $1075® 1125 d feeders $80© around stockers trucked-tns closing top $1115 $1000® $775 1065 1900 For week: Lambs Cattle — Receipts for week 5800 steady 96 pounds and under about steady: othto 15c higher choice fed steers bought to ers & 75c lower: late top $1000 25 mostly arrive $900 mediu mto good steers $685 bulk lambs pounds $975 ©10 00 heifers 112-11®7B5 Mexicans $600® 6 85: pounds $9 00®925 yearlings cows few weak $600 ® 710 $510G590 sales $925 down ewes most$600 cutter grades $350ft475 bulls ly 25c late lower late top $575 week Calves for $500® 610 receipts 2&0 Hogs — Receipts mostly steady: 1100 vealers fully steady calves stroug to unevenly higher vealers $1000® 1150 food to® near choice 170 to 240 pounds 1040: quotable top $104 calves $9 00 down sows $925 ©940 Sheep—Receipts for week 1175 mostly steadv good Imperial spring lambs $1000-sortefed wooled at $900 lambs $975: few wooled ewes $550 shorn Livestock Cotton Market Jarket Quotations f) 275-37- 5 May we send you a free copy J A HOGLE & CO Mimuxi Niw York Stock Exchange Eitablithed 1915 OFFICES T B I- Hi! I 9 d Krrii LAKl hAI T Jrti ANrrt rs San Iuho Ogdf n Investing Companies Plan The proposed merger of principal companies operating in the Manhattan Nev district has virtually been ratified says the Nevada Mining Journal and probably will be effective soon Companies Involved in the con- solidation are the Manhattan White Caps foremost producer of the district the White Caps Extension Nevada Coalition arid" Manhattan Consolidated VARIETY SOufK- CHAINS PERCENT GAIN FROM CORRESPONDING C- STAf&LAO NEW YORK March states 21— Twenty-tw- o now impose a sales tax varying from 1 per cent to 3 per cent according to an analysis by the Standard Statistics company of New York It is further pointed out that if all the states are included which levy'leither directly or indicow $5 25 ft 5 50 hulls $4 75 ft 5 50: few rectly on sales the number is inlo $5 65 cutters down to $4 00 good creased to 30 In addition New n choice eaiers $850ft0 50: selects York City has a 2 per cent sales $10 00: rommon down to $550 none for five davs tax and St Louis and Kansas Sheep— Receipts 2900" Fat City Compared with week ago: By DR DILWORTH WALKER Professor of Economics University of Utah As we proceed along the road toward general industrial recovery there are many variation in the way different types of business respond to the economic forces at work Sales of retailing organizations have varied in a most interesting manner depending upon the trade areas and the type of customers served as well as the type of goods handled During the past year mail order houses and general merchandise chains appear to have made the best gains whereas variety stores seem to have made the poorest showing 3he remarkable increase in mail order sales is undoubtedly due to the substantial “’rise In farm purchasing power dur- ing the past two years General Former Utahns Ship merchandise stores have likewise felt the force of Increased consumer power as measured by Concentrates to S L purchasing an advance of more than 10 per cent In industrial payrolls during 1935 But with the expansion of conBlake Thomas general manager sumer buying bopwer there Is of Sierra Nevada Ltd was in Salt usually an accompanying shift In Lake City the latter part of the buying habits During periods" of week having arrived with a ship- unemployment and low purchasing the average family is forced ment of gold concentrates from the power to curtail spending in almost everycompany's property at Virginia thing except the bare necessities City Nev Mr Thomas’ father Ar- And even the choice of necessities thur Thomas former Salt Lake City must be shifted to the d broker is president of the company fields usually found in variety The company is milling 125 tons chains Consequently variety stores of $10 ore dally Mr Thomas re- probably suffer less from effects ports shipping concentrates by of the depression than any other truck every two weeks to the Mid- merchandising group unless it be vale smelter the grocers Similarly when conMr Thomas reports increasing sumer purchasing power expands activity at Virginia City The town it is not surprising to see the buyhas seven mills in operation he ing shift back into clothing and says milling 1000 tons of ore daily other replacement fields carried more extensively by the mail order merchandise and departNew York Bank Stocks general ment store groups And while the grocery chains NEW YORK March 21 (AP— Following are the bid and asked quotations fur9 per cent gain in 1935 nished by the New York security dealers showed a on New York bank and trust company over 1934 lt was more than acstocks traded Saturday on an counted for in the 12 per cent adcounter basis vance in retail food prices — tonBANK AND TRUST nages sales having actually deovsr-th- e clined However drug chains covering a wide field experienced a net gain of approximately 9 per cent over the preceding year with pricea in this field remaining fairly constant Handling all types of specialty goods as well as many lines of semiluxury products drug stores have been able to weather the economic storms unusually well 57 and as consumer purchasing power 39 9 expands they should likewise be in 31 H a position to get their share of the :m4 low-pric- INSURANCE 54 Ki 37 ‘4 8 4 29 Ml U 29 37 9 Mi 55 Ml 39 11 57 4 Ore Shipments increased business A similar shift in the restaurant trade has been noticeable during the past few years Reduced purchasing power during the period of industrial contraction forced many changes in eating habits While the higher class cafes and cafeterias were suffering from lack of busl- ess the variety chains and drug res were expanding their lunch e restaurants inters into BINGHAM United States Smelting Refining a mil Utah DelaMining company 8610 tons ware 900 American 8meltlng and Refincompany 560 Utah Metal ind Tuning nel (A E Kipps lessee) 350 Utah Delaware 900 Utah Apex 300 Combined Metals 250 Bingham Metals 50s Utah phasizing Copper company dally average of 140 ton cars lunches for life-siz- special low-pric- weary shoppers underpaid clerks and s ( 10 MONTHS ) TitSy Markets at a Glance New ork Stocks— Easy specialties withstand dull selling Bonds — Steady rails lift slightly Curb — Lower prices drift off In quiet trading Foreign exchanges— Soft golds and sterling lose ground Cotton —Quiet trade and spot house buying Sugar— Higher trade and commission house buying Coffee — Quiet Brazilian selling Chicago Wheat— Easy beneficial moisture predicted Corn— Lower May liquidating sales Cattle— Nominally steady Hogs — Steady to strong top $1085 What the Stock Market Did sprung up past years have all played a part in enticing folks to go out for lunch or for dinner It is one way to get diversion and variety in a strenuous troublesome world A comparison of the percentage gain in retail sales for the first ten months of 1935 over the correspondany sales tax fails indiscriminately ing period for 1934 by various types of stores is shown in the accomon all purchasers Regardless of the merits or lack panying chart The data were comof merits of the sales tajf the more piled from the reports of the Standvital consideration is the reckless ard Statistics company spending which requires increased revenues for the operation of Share Earnings state governments The relief emerNEW is YORK not sole Msrrh 21 rAP)—Tnr-poraithe of cause gency larger annum: statement during expenditure on the part of 'the the week showing profits release'! per share states: the amount disbursed has eluded Year ended December 31: grown entirely apart from emer- Mining Included also in the plan are several groups of claims title to which is held by Charles F Wittenberg John Connolly and others interested In the companies involved or in trust with the purpose of jointing the proposed merger Incorporated late last year the Manhattan PrerAter Gold Mines Inc with 2500000 shares of $1 par takes over all assets of the component companies and assumes nominal Indebtedness All originally were assessable companies and small assessments lt was stated will be assessed to meet corporate ex- penes It was stated that a contract had been entered into with a brokerage firm to market treasury shares in order to provide funds for a broad development program Metals and Money prrM tlth amlt ra a by th Amrlcn Bmeltln snd company re: Laad 460c pound: copper 890c a pound nuotd vrNE5Jo2ORK’ LONDON Mreh 21 no quotation March Unchanged at 140 equivalent to J34981 1- 21 (API— Bar sold— lid 4428 cents) ‘(Sterling Money — Bar ( Sterling prlc nd unchanged price equivalent t to and dllcount ratee— Unchanged NEW YORK March (AP) — Cooper ind utur’ 21 9u5o!:x'£Hto:Jpo Other metal nominally unchanged NEW YORK March 21 (AP)— exchanpe— Eaay Great Britain to dollarZ others in cents: 4 9: 6o3ra'yatba'4V5emaD4 France demand 661 cablea 861V Italy demaud 799 cable 799 Demands — Belgium 1694 Germany free 4043 reg: travel 2850 reg com! "’‘KlAl 214° Holland 6823 Norway 2493 Sweden 2558 Denmark 2215 Finland 220(4 : Swltierland 3275 Spain 13 I2: Portugal 452 Vi Greece 9514 Poland 1902 Ciecho-Slovak416 Jugo-fjfv231 Austria 1882n : 2965n Rumania 76 Argentina Hungary 3307n 8591 Tokyo 2S89: Shanghai 30 12(4 : Hongkong 3285 Mexico City 27 85 Montreal In New "York 996844 New York In Montreal 100 31 U nNomlnal Montreal Silver NEW YORK March 21 Coffee MONTREAL March 21 (AP) — Silver fuwas quiet today with price (API— changes nar- ture cloeed eteady unchanged to 3 lower row Santos opened 2 points lower to 1 Sale (wo contracts point higher and closed unchanged to 1 point low 4472: cloea 4472 May high 4472' higher sales 2000 No 7 opened 4 points lower and rloaed 1 point lower to 1 point higher sales 1000 Closing quotations: Santo — March 837-Ma844 July 850 September 855 DePACK THIS GOLD MILL No 7 — March cember 859 479 iday 4 91 July 502 September 510: December 516 ANYWHERE! Spot coffee quiet Santos 4s Rio 7 6 Eaelly portable heavleit piece 285 Ibe Goea 869 Wool Market "Anywhere a March 21 (AP) — Few spot greasy combing domestic wools were moved in Boston during the past week The lit tle wool that wae sold brought prices most for the past month l3L?lWn quoted Mill were not Inclined to make commit ment on raw wool in anticipation of A spot sale of fine requirements Ohio delaine was closed at 36 cents in the Nominal quotations grease ou strictly combing Ohio and similar fleeces In grades coarser than 84s were 36ft37c In the for 58a 60s blood 41 ft 43c grease or 56s kfc blood and 48a 60sand hi blo6d Mule Can BOBTON Go” ONLY $220— Order Now! m H P capacity neede only and little water — Other up to 500 tone Send for large catalog giving detail! and pictures of completa milling plants — Free STRAUB MFG CO 662 Cheetnut 8t Oakland Calif (FGQPQIULAQ is the oldest and largest manufacturer of tractors track-typ- e TINTIC However with increased spending St&ndara and Eurtkt Standard ids U 8 Mines 14 Eureka power among most classes a revival eat-tn- g Lilly 7 Utah Fire Clay company (silica) of business in the higher-price- d Yankee 3 Consolidated 3 Plutua 2 FurOodiva 2 Eureka Hill 1 Gemini places is quite noticeable 1 Mountain view i Empire Mines 1 North thermore there appears to be a company 1 marked increase in the habit of The autoPARK CITY “eatjng out” nowadays Park Utah Consolidated 1631 tons Park mobile the picture show and the City Consolidated 1309 Silver King Coalition i concentrates) 974 Park City De- many eating places that have velopment company 420 in the few ewes unevenly higher load have small turnover taxes Inti Nickel of Canada gency outlays lambs $9 Kodak Co The amounts of sales tax in the This arbitrary disregard for even Eastman ft 9 50: shorn lambs Air Reduction Co $925 mostly NEW YORK March 21 (AP)— Following $8 25®935: odd head Palmolive Peet spring 22 states follow: Colgate most the of busisound — d and asked quotations furnished elementary New lambs $950 1100 no criterion good to Twentieth Century-FoFilm One per cent— Indiana Maryland ness York Security Dealers association: by choice ewes $500® 600 common to mepractices in the operation of Int Tel and Tel dium $300® 500 Missouri Co Oklahoma Magma Copper 163 state is Bid the reason Packard Motor Co governments Asked Cat-ti- e DENVER March 21 Two pe cent— Arizona Arkansas why taxes on — Receipts 100: calves 25 beef steers Bullock Fund have Inti Printing Ink consumption Colorado Idaho Iowa Mississippi been Dodge Cqrp Can In v Fund $9 00 others $650® 8 80: heifers $790 required If the individual Phelps Air Brake Westlnghouse bulk $650® 765: beef cows $5 85 bulk New Mexico Corporate Trust North Dakota South states had adopted a sound Phillips Petroleum do AA cutters $3 25® 4 25 bulls $440 ft 550 policy Standard Oil of Ohio $4 50ft5 35: vealers $10 50 steers $825 Dakota Utah Washington West by reducing their heavy expendi- Columbian do AA mod Carbon Con bulk $640® 776 steer calves $8 00 Dividend 8hrs tures during the more acute depres- B F Goodrich Co Fund Investor Inc 1700 not enough on Vriginia Wyoming Hogs — Receipts Oil Skellv Co to A sale Three Fund Tr Blue establish market per cent— California Il- sion years sales taxes would ot Texas Gulf 8u)phur Co do B 9100 fed lambs linois aheep— Receipts Union Bs anfkRaper Michigan North Carolina have developed bulk $975®!0 10 $10 10 freight paid Maryland Fund xNot available Nation Wide Beo freight paid: heavies $9 50® 9 90 freight Ohio Having failed to retrench when do vto paid few $900ft9 85 flat one load Wyy is It estimated state that sales the situation Ino was critical the states 8hrs mlngi yearlings $1000: $800©875 Quarterly Treasury Report wethers Super of Am Tr D $7000775 ewes $4 75®575: taxes are now providing revenue of are not likely to embrace ihore March 21 washinoton U 8 Elec Lt ft P A ap— Th shearing lambs $9 60 9985 freight paid $400000000 a of the treasury March 19 position year do B judicious spending practices now — Hogs— OMAHA March 21 $732452649 expenditures do tc technical Many Receipts 1000: unevenly steady to 10c lower 4M objections to the that recovery forces are strengthbalance $2886833 043 47 than Friday's average Instances off more sales taxes month $21543may be raised and nu ening Before reforms cart be ex- - 031 08 rePt t0T Ml light weights better 180 to 240 pounds $1025 ft to 30 packer top $10 :w ho shipReceipts for the fiscal rear (since J ui Tribune-TelegraWant Ads can per In: 240 to 2SO pound $0 90® 10 20 1) $2Kti29290 3) expenditures 3 01 296937 83 $10 00 up 280 to :no pounds mrludfiiK find someone for you who will buy generally $2 298 43H $o 75ft 10 10 choice of emergency exrtfndllnre 88043 exweight uawvs ayj 20 other light sows $9 25 nominal your business or realty that is for $10 j should be taxed in pro-- 1 bewildering ft o rs late packer top Kridiv jin' overlapping of direcliros$3 debtSruiftoJfiMriecreasf sale compared with Friday of last week under 'portion to their ability to pay since Jland indirect talfei 072337 75 under the previous day gold assets $10173539446 41 lambs strong lots fed drive-in- PERIODS ( Mail Order Houses ami Gpneral Merchandise Chains Show Greatest Increases Aetna Ins Aetna Life Balt Amer Carolina Frank Fire Great Amer Home Ins Natl Liberty U 8 Fire 1934 THAU S SECUtTI£S Burden of Mountingo Taxes Saps Public Buying Power 155-16- Virtually Ratified Contract for Stock Sale Signed cent Prior to the flood Pittsburgh district mills were engaged at 50 per cent of capacity slightly better than 111 5 111 6 12 per cent of national capacity At 5 ‘ 111 Wheeling operations were averag110 ing 76 per cent or around 3 per llJ 2 cent of national capacity In the !?: 4 Ohio River district the rate was 104 666 placed at 76 per cent or about 2 per cent of national capacity 230-26- 1936 Almost Complete 100 Frequently Made This is a challenge that has frequently been made without much result The reply of private industry is that it cannot expand its operations when there is so much confusion over tax matters and so long as the financial policy of the government carries the implication of inflation and of damaged national credit The fact that there are at present on the relief rolls 5300000 families and unattached persons emphasizes the slackness In the durable trades where occupation is still between 60 and 70 per cent of normal though in the consumers’ goods industries it is about 90 per cent of the 1929 level The study of the national industrial conference board on emshows ployment just completed that it is in the field of manufacturing that the greatest absorption of the unemployed has occurred in the past two years Between Jainuary 1934 and the same date in 1936 unemployment in manufacturing decreased 22 per cent A similar investigation today would reveal some improvement in the first quarter of this year in'the number of jobs provided by the durable Industries Still Idle Money There is still a great glut of idle money which is withheld from private industry for various reasons The bank statements published this week as of March 4 indicate a persistent policy of liquidity Cash and government obligations represent about 70 per cent of total resources New offerings of refunding bonds carry 314 per cent cou- ewes $4006440 pons and sell at a high premium — PORTLAND Marsh 21 f There is less worry over the possi- Hogs — Receipts none for fiveAPUSDA) days 3000 to 10c week with Compared ago strong bility of inflation drive-inhigher: bulk As a matter of fact a general ftl060 negligible lots sale $1075$1050 load lots mostly $1075 pounds $1000 condition of stabilization has de- ft’ 10 25: $9 50ft 1000 pounds veloped in wholesale and retail pounds $975ftl025: tip to $10 50: parking sows $8 25 priceSj and the cost of living for pounds ft 8 50: feeder pigs $1000ftl0 65 some weeks has been downward Cattle — Receipts rone for five davs 2220 calves 130 Compared with week This is to the advantage of the ago: bulls only Generally 25c consumer and makes the lot of steady: vealers 50c uphigher bulk fed steers 7 15: few $725 750 for top those whose weekly wage is small $650® five loads weights: comdown to $5 50 fed heifers as well as those who have a legiti- mon steers ft $550® 60 light cuttery kinds $4 00 mate tlaim to a food ticket much low cutter and cutter cows $275ft3 75 shelly kinds' down to 200: common to easier as the springy season opens medium grades $400 ft 500: good beef Copyright 20 15 Ohio March 21 Trade today aald: steel-maki- TIN 115-15- 1 10 61 9 62 2 62 6 36 3 63 6 9 9 8 7 2 2 5 s INFLATION” Merger Program GAIN 0 operation In 4 MAIL ORDER I GENERAL the Pittsburgh dlatrict severely cur 39 tailed by flood water the national merchandise chains 19 teel production rate early this 39 30 55 7 week placed at 60 per cent ef ca31 66 1 18 34 pacity has been sharply reduced In some quarters it is estimated 2 DRUG CHAINS YEARS Recent 1932 low 7 17 5 8 23 9 9 1929 high 148 9 153 9 184 3 15? 7 steel plant shutdowns necessitated 1927 low 61 6 81 8 95 3 61 $ by the flood have cut the national ingot rate at least 10 points or beBonds tween 15 and 20 per cent Finish(Compiled by the Associated Press! ing mill operations are believed sim"10 10 10 10 b GROCERY CHAINS Rails ludust Util For’n ilarly affected Net changa 2 1 the district Roughly Pittsburgh 02 5 102 6 El 0$ 5 Saturday 70 4 10 2 6 102 4 703 accounts for about 25 per cent of 104 O 101 714 national Year asm 79 2 92 7 capacity 87 7 66 4 1936 hh 94 3 104 I 72 0 Wheeling for about 5 per cent and 102 5 1936 low 86 9 102 I 99 2 69 5 the Ohio river STORES district about 4 per DEPARTMENT 1935 high 87 8 102 2 99 8 70 4 1935 Nat change 15 Manhattan Mine Gain in Retail Trade Over 1934 1935 CLEVELAND (Compiled C -- "Caterpillar" Tractor and the first to build a successful Diesel tractor More than 10000 "Caterpillar" Diesel engines are now in operation 7510' “Caterpillar' Diesel Engine LANDES TRACTOR & EQUIPMENT CO " Distributors ” 245 Wait South Temple Salt taka City Ameri can Falls — Downey — Mated — T remonton HEADQUARTERS: BRANCHES: |