| Show - - I 1- - -4 ' -- ''ISS'" 4! - - ' ' ' k - ' ' '-- - ' THE SALT IAKE - TERM t: 1953 Sunday Yam -- --- I - :0: - Crews eet 'Defeat Obstades ' ransmission Job - Ctias 7 i f - i '': - -- - - ' : ----- - - - At 1 I 1 '- ' 1' 11 - ! - - ' A ?-- ' - ' ' ' 7 '' ‘ N: '''' ' 'L setdk fa: '14 11 i 4 ' i i :'" ''' i ' ' 'e ' :NZ aA A tot ' :l: - 4 ic '''' ' T "' :''' - - -7 3 - " -- 4 - -- 7 1 4 ' - t - 1 '''' 1 7- - t " 4( - — i ' 4 ) - 't''''''' ' - 0: i --- ' ' ' 'Y - ' '- s' '- ' - ' ' r'4'''''''''-"'v-7 '''- : - '' ' - : ' ' - !s9 ': :"a - A r '' '" e3 ' - -- ' 1o ' ''"- - ''''' ):::-- -- ' P t :':)k 4:': :' ::: ' — - ' ''''' 0 ' 4 ' - 's '"- - 'i s - ii" ‘ - - '' :' - ''' ' ts'" - - - - - ''' ' d ' ' el ' '''- - t 'LI - : - 1''' ?: ' x:''' S f '" ' - r ' ' ' : 1' ' " - ik :''4l: ! i 44 404' "I 4i f ::' 4 k 1 : i 4t - Tk:'ft 1 44 N 1t'''' 1 I -- 1 4 1 4 ' v 4 -- - 41' iP - 7 ':t- 'a - '1 le' ' '' maw '!:04:446tullibmiwalmonthoonnowei The lino Is welded First a bead weld then s tiller and finally a cap weld as &barn Welds must stand pressure Tratooadous terrnin difficulties taco Utak Natural Gas Co la laying Ikatch transmission line Provo to Clear Creek UP DOWN THE STREET Guest Speaker Listed for Finance Meet plomONONOMMINO Tight Miley Market Pinches West ' By Robert W Bernick Wherever bankers and lineneial leaders 'congregate they talinow of only one thing—the tightness of the money market The discussion is not confined however to money-lender- s It is fast becoming a major political issue And the ramifications will affect 1 The pace of home building and business : ' ' Jlt 1120V I NO 414441moktiosit otoommusa i MO 64sik to — 4-- Special to rho Tribuno OGDEN—Among the nation- 441 ally known figures in the savings and loan and financial fields who will address conference sessions of Gwprel the Pacific I ' ' - :0 - 4r:'- '4 '''( Ct11 ' : E'lodot 4'4 ' llitlitili ia! : ir- - '40911001ifife :PP ‘ S'' SP 14 t:7e: — 'Z"04 - i ' 'IP laity Silo " If AtNflet" ii:i s1 t ''::47: t ‘r :4 Il4'' - CY -- A a LIONAROWWIRONOWANNEINO041001111 Sideano boons on "cat" is used $o swing welded pipe in to trench Contractor has completed 15 miles of trenching pipe-layin- Coal Industry Plight Shown in Figures rs 30-ye- m - Industry Jobs Up in Utah -- Sparkman Sees Slash in Home Building TERRITORIES OPER the PM ' NEW CHAIN protests n liBroker of pipe laying and ditching to near North Orem Mr McElrath says the pipeline should be Connection completed by with the transmission syptem of Mountain Fuel Supply Co will be effected on or before Nov 1 according to present schedules Reverse Circulation M F S will reverse the circulation of gas from the Salt Lake area to Provo acceptipg about 50 million cubic feet a day from Utah Natural Gas Co's new facility instead Mr McElrath believes that in the crossing of the Wasatch Mountains into Clear Creek field he may become superintendent of one of the highest natural gas transmission lines In the world The greatest elevation along the line will be around 9600 feet he said "I also think that this pipeline is going through some of the roughest terrain ever crossed by a transmission line in the country" he added m snort-matte- Utah's latest "Rig Inch" swings around curves up and down mountainside It may he highest gas pips lino in world Firm Begins 63Mile Pipeline Project Laying of the 83mile transmission lino of Utah Natural Gas Co from Clear Field Carbon County to near Provo is under way it was announced Saturday W G D McElrath Provo superintendent at operations for Utah Natural Gas Co said contractor R H Fulton Midland Tex now is engaged in welding coating and laying the h pipe into the ditch About 15 miles of ditching has been completed near Indianola on U S 89 Mr McElrath said One large work team is eng gaged in the project he added Will Work South This team will work south toward the Clear Creek field nestled high in the Wasatch Mountains After connection is made with the field gathering system also being built by Utah Natural Gas at Clear Creek under contract to R H Fulton the crew will complete the north end of the transmission line This latter task will cell for about 35 miles 14::-- 04 ' 0 opt It gakt &hunt BUSINESS NEWS - ( :40 '' !4 Northwest Conferenee of SayI ) I ings and Loan 41 3 Municipal state and school Associations in board construction - 4! ) Ogden Monday The situation also has very and Tuesday aossol moothly animal swiftly 0 particular relevance to the West will be William yv toq-1and to the Southern sections 0 K Divers chair- el the nation as well Mr Divers man Home For these areas historically Loan Bank Board Ilxve had to rely on the Eastern Money is commanding higher Interest rates (on left) while As chairman of the Home money market for all or part of corporate and long-tergovernment bond market hits skids Loan Bank Board he occupies Jit the capital for industrial ex in Washington D C a position pansion And the treasury of course previous week But time depos- similar to that in the banking must keep on refunding the its (savings) were up $1 million field occupied by Utah's MarInteresting Discussion A discussion with two men debt of the United States as well from $112 million This is not riner S Eccles when be was who' have much to do with lend- as raise new money for the de"bond market money of course chairman of the Federal Roing money on housing mOrt- fense program but it does indicate that individ- sette Board 'Sae's in the Intermountain Theorists on the board beNINES PRODUCE STOC Clarifies Position irv est is trend of our uals and commercial operations lieve the long-terrevealing Board Loan Bank Home The vs ti Stettensen senior vice economy is inflationary—that are following the trend has supervision over the Fedpreeluent of Find becuritY Bank despite the present deflationary Wiped Out Advantage eral Home Loan Bank System oi QtaheNA who handles tendencies interest rates even-Wall-y It is Mr Steffensen's view and the Federal Savings and for Utah the and big will go back down &Age that the recent "hardening" of Loan Associations said J H and Idaho chain banking °manik- money will become cheaper in:On believes things will get money rates—probably attribut Andrews Ogden president of to is better have it They argue wotse before they get better situation the Pacific Northwest Conferan adjustment now than a bust able to the below-pa- r 'Prom a housing standpoint later It is obviously a question of the recent government bond ence of Savings and Loan Assns Mr Divers has had wide exmuth of the current 'boom is of the "calculated risk" offerings—has wiped out an ad in the fields of finance Atlantic Coast and the MissisBy Observer tufo result of commitments on perience All this is highly unpopular vantage offered by the hike in secured by builders among people who advocate rates on veterans and Federal and home loans which will Discussions concerning the sippi River This enormous added demand eblier this year" Mr Steffen- easy money And some econo- Housing Administration guaran- prove invaluable to delegates current plight of the °coal inattending the conference from dustry have been pretty gen- on coal in World War II was "What will happen mists believe that in any event teed home mortgages stiv said aier that money is used up is the board should be more flex- Even at 44 per cent these the Northwestern states which eral in character It remained greater proportionally than it bard to say But a severe de- ible i e things are bad enough mortgagee are selling below par make up the organization for a witness for the industry was in World War I despite the ebne in spetulative' building now to waFrant a "watering To liquidate them on the Sponsor of the conference to protesting against continued strides made in the intervening seelns inevitable unless more down" of the 1952 slogans for Eastern money market means be held Monday and Tuesday at dumping of foreign residual oil decades World War II demands mortgage money 13 made avail- a return to sound money" and the Western bankers must take Hotel Ben Lomond with regis- to present salient statistics would no doubt be even able" tration beginning Sunday is which painted a vivid picture greater a loss an end of inflation '11tomu T Taylor president Although the witness gave Mr Taylor concurs in this Utah League of Savings and of the industry's dilemma Mr Taylor and Mr SteffenFord K Edwards director of still more background the foreol he Prudential Federal Saw sen say that actually the Mort- analysis adding that his insti- Loan Assns with Ogden memcoal economics for the National going appears ample for the ibge and Loan Assn sees a gage market is very much con- tution is doing much more busi- bers as hosts at the affair Coal Assn testifying before reader's preparation for the Wetness in the money market fused right now They attribute ness on a "conventional loan" Open House of injury done in tOroseveral months this to the fact that 'the $1 bil- basis than through V A or Sunday evening delegates and the House Ways and Means estimates 1952 by dumped residual oil as on residual Committee H F A new IRates 800 lion bearing million in financing Going vir their wives will be guests of that the presented by the witness as "tor the first time in 25 years f214 per cent) beinds offered by These conventional loans— Mr and Mrs Andrews and oil first emphasized case for coal is "basically very follows: not a few a the guaranteed government Dipartment by Treasury interest rates are going up and R C Duvall secretarytreasurer Losses: $150000000 in coal request for an oppornot going down" he Mild "It weeks ago now are selling be agency—generally elicit a 40 of the conference and Mrs Du- simple—a to compete on a fair com- sales over 4000000 man-day- s tunity per cent down payment and a vall at an is a hard money policy that is low par open house at the petitive basis with other-fue- ls work in the mines and 23000 5 per cent interest rate Dipped Downward This doing this of course But in Anarews in home Ogden mine employes went on convenChance to Compete (The rate up relation to other commodities As these bonds carried one event is expected to draw beLess of Wages 12 per tional home loans by "Coal desires the opportunity the price of money hu been of the highest interest rates in cent at and about the time V A tween 200 and 250 delegates A loss of $77000000 in minhold to and for such held down while the price of years of any government bond compete and It H A interest rates were their Wives to Ogden over 25000000 vtrything else has gone up issue other less attractive govBusinets sessions will open markets as it can solely on the ers' wages and established market fac- tons of freight and $55000000 Mr Taylor maintains how- ernment securities also dipped raised) long Tuesand run through Monday to the railroads as well as $43- Other Areas Affected tors of its economic ev4r that the year 1953 so far downward day when delegates will scatter costs and the servicessupply in rail employe wages 000000 renbeen an excellent one tcoBut home building is not the to scenic attractions of SouthWith long-terhal governments ' The cumulative effect of residnoinically for Salt Lake City selling below par it is obvious only area affected by the higher ern Utah and Yellowstone Park dered" The witness reminded listen- ual imports since 1946 have and the rest of the Mountain that money is going elsewhere Interest rates and other Western attractions ers that bituminous coal is one been: Loss in coal sales $873- West Even —into more attractive investmunicipal following the convention of the major industries of 000000 21000000 loss in man-day- s And continuous population ments There also is a lot of bond underwritings have obor the time of 117000 minAmerica that its employment tained and industraal expansion "watchful waiting" to see what growth higher rates And that In recent years has been up- ers for one year and $337000- may do much to buoy up the trend the bond market will take means school districts cities wards of 400000 men the value 000 loss in mine wages There market here despite the tight- Much money in short isn't sewer districts et al must pay of its product at the mines is also have been losses of 120- ness of money for building and going anywhere—except into more money for the money they $214 billion or snore per year 000000 tons of freight and $358- borrow It means in the end expansion savings its payment made to others for 000000 in rail revenues as well The situation springs largely This is reflected incidentally that the residents will have to materials services power etc as $181000000 in rail employe funn actions taken by the Fed- by a drop in demand deposits pay higher taxes and higher spebillion dollars wages Utah along with other Rocky total one-hal- f eral Reserve Board in opera- (checking accounts of individ- cial levies for improvements The corporate bond market Mountain states showed a sea- and transportation of coal has tions of the board's "open mar- uals and businesses) in Salt meant over $1 billion annually ket" committee That commit- Lake banks coupled with an as indicated in the above Mer- sonal upswing in to railroads inland and coastal rill no Pierce al Fenner is accounts in in Lynch increase longer iet engaged savings the western waterways and highway caremployment Beane has been chart affected suoporting through purchases On May 27 demand deposits in thl securities issued by the Salt Lake banks were $205 mil- seriously Some companies have regional office of the U S De- riers 25 lion as against $208 million the Holding its Own proposed financing partment of Labor's statistical treasury Iwithdrawn the Also that coal has kept itself higher interest bureau reported Saturday The charges on money they sought March and April increases competitive with residual fuel to borrow This results in de indus- oil and held its own except WASHINGTON June ferment of new construction of were shared by all major where dumping and 'severe DEALER John J Spark6 (UP)--S-en industrial plant and equipment trial divisions except mining beat far price cutting (sales Mining continuing the de- low the price of crude oil) Are man predicted Saturday that Merrill Lynch looks toward some possible dividend reduc- cline in January showed sharp resorted to Bituminous coal the nation's home builders Lightweight will have to slash their houe tions in some firms as greater drops in Montana Wyoming ranks among the most competiamounts of money are segregat- and Colorado with Utah hold- tive major industries of Amer- ing goals by 25 per cent in SAW ROCKET ed from earnings to new con- ing fairly steady the past two ica probably matched only by the coming 12 months be months struction and expansion the garment trades of New cause of the critical mort0 Utahn's average weekly earn- York City for the intensity of gage money shortage 0 t The Alabama Democrat ings for April were $7308 as its competition with itself ORE SIIIPMENTS compared with $6390 in April In the field of national de- forecast the sharp cutback 1952 with the average hourly fense Mr Edwards 341 MARRA — Chief Consolidated emphasized amid continuing evgdl'' carat Mason Consolidated 48 aarsi I wageaeing $180 as against that the increased energy de- from Congressional D e m L Garrity and Ellerbect of Jericho 3 $163 a year ago I car cars each Empire MM mands placed on coal between crata against the administraPorformance PARK CITY—New Aim Park Mining Co Suparlor prewar 1940 and the peak war tion's hard money policy and 11814 tons Clompotitivelif Prked E 108 tone: INGNAM—U Mines effort in 1944 were equivalent openly expressed fears of 330 Combined Metals Reduction Co Chico protsitsi tstriteries Formed 2412 Pounds to more than all the fuel oils mortgage bankers and home 880 Partnership Kennecott Copper Corp tons 6 ors still voilalti cars daily average 4 R A (Gus) Davis Vernal (distillates at 4000 RPM kp including Diesel builders of an economic "tailELY NEV—Kennecott Copper Corp : AT ONCEI In the line) NAM (i-- it has Utah Lutz model also Johnson and Mines Consolidated and home 1508 joined Copper heating oils plus spin" I eeee cars in Denver in an oil land lease residual) consumed in 1951 in Sparkman said the present CALIENTE NEV—Combined Metals 401 S E Clay Unto zinc concentrates 1 million homes a year rate Reduction Co 25 states and District of and mineral the interest EQUIPLIIIT CO' partner 14 Potlong Orogen lead concentrates 4 perlite U man Columbia lying between the will have to be cut to 750000 ship panels 4 d11 al : 7 404- ' r' ' '" "4i e : - r"' g 4 ' i 7 - 1 1"19-- 4 -- ' - '4-- qt' -- 4'5" ! le!s -- ' s ----- 47- "'" ''1 ir--- - ! o ' -- - t- ' t14444' 'N(-' T''' ( - - ' i' 404481 - ' 'Jai- t:s4 - ' i 1 t1 ' i x '!'' - '': '4-7-4:-ii 1 ' ' ''':'" I : i'S44'::' '' t '- :ii :'''''' 0: '''"'' ' '''l ' i'-- - ''''''--- 4 t l- -1' - g "(- ' a - - : r — —:! 1 -- )' 44: 1?-I- ge- - ' liF--40 "7 - ' t tt ''' - : :'It 16 ' - 'it fr-rr- " ris--4--p4rt-pr--4go- - - 1' r i - t 4 ki: 4 $ -- - '401 ! !ProllitqlosprommerrwolooNtbo :: !: 4 ' '' "01 - !e'yPirr"-- - -------- Finn Moving to Main Street Merrill Lynch Pierce Fenner and Beane is moving to Main Street Walter Roche L Salt manager rsnv1- i - I Lake ' 'I for the broker- age firm said ' ' f Saturday a lease Itp-- I' i' on 3600 square feet of floor 1 ' I space had been obtained in the tr building at 129 4 S Main St Mr Rothe An investment of more than $50000 in renovation and remodeling of the propd from erties being Co is scheduled Mr Roche also announced Put-Statethat for first time in the history of Salt Lake City an electtric quotation board showing prices on the New York and HOUSTON June 6 IM—Con- American stock exchanges is gress handed coastal states 'SI planned for the new office he board will be leased lot of problems last month by subfrorn'Teleregister Co an affiliclaims to recognizing lands within the his ate of Western Union This and merged toric boundaries of the states another bo4c4 to be installed in a second 'brokerage house Officials of the states had in Salt Lake Cit)Pwill be the fought the ownership battle so only such devices long the problem did not as- between St Louis Mo and San sume proper proportions until Francisco President Dwight D EisenhowThese boards replace the er signed the controversy bill of employes as "board mark- - N The numerous problems ers" mean one thing: There will be Mr Roche says that no big rush in bil and gas MLPF & B will complete its development of offshore lands move from its present location High costs necessitate long in the Beason Bldg to Main St range planning "In 90 to 120 days" State machinery for control The new office will be so of the operations cannot pro arranged that account execucede rapidly until a number tives will conduct their business of legal questions have been with customers in privacy settled Mr Roche gave as reason There has been talk of a for the move the desire to obcourt suit challenging t h e taM a "more convenient localegality of the new quitclaim tion in a property representabill This would only further tive of the Merrill Lynch Pierce complicate the current situa- Fenner and Beane type of option eration" Long range prospects for development of t h e submerged areas are bright particularly in Texas and Louisiana A National Petroleum Coun' cil committee recently estiit: mated 200000 barrels of oil daily could be produced from such areas—state and federal 41116illio —within five years Also included was a natural gas estimate of from 600 to 800 million This is a new Howell Brake Motor It is widely accepted cubic feet daily Jot use on lathes platters drill The committee emphasized and presses however that drilling and exother applications where rapid within five the years ploration stopping of rotation is rwould have much greater aigquired Dim brakes are innificance in locating major oil tegrally mounted simple in and gas fields for further dedesign easily accessible and quickly adjusted Available in velopment 10 lb and 25 lb continuous duty 15 lb and 35 lb inter- off Shore Oil r otomil ' I i IR sub-lease- Beers-Bigelo- s In Quandary s ls dumb-waite- Sears Marks Record N ' rs mittent duty Standard dust-tigwater-tigexplosion proof models in a wide range of motor types and 0216 ht ht CHICAGO June (I (—Sears Roebuck and Co said Saturday Its mail order and retail sales totaled up to records for last month and for the first four months of the company's fiscal year Sales for May totaled $288989123 an increase of 84 per cent over the $266892341 In May 1952 URANIUM LEASES AVAILABLE LOCAL APPLICATION SERINO Let your local Howell representativ (listed below) put this new motor to work for you His job is saving you money by makbag your oper ations more efficient Howell sales engineers offer technical help on all electric motor problem They can give you quick quotations and prompt delivery on any motor standard to 500 hp er Veda Sees HOWELL quality kaisers For loot urattieta preparties Sr of and Dish merit Qualified Watt are fineetted s ea erste hi a mining abillielle sets test Alr Davis lostamliately Phone it S Uranium Corp hcd isth coated f Cam MI MOTORS St Co i 426 Nulls Building Ann 01 414 Darling Bldg Pk I t |
