| Show THE SALT LAKE TRIBUNE THURSDAY MORNING FEBRUARY will increase in Utah In over the past year although the amount of the increase will depend upon prices for lead copper and zinc it was pointed out Wednesday that a substantial increase In metal output can be expected this year over 1933 cents production with silver at 64 per ounce and gold at $35 even though producti9n will be governed largely by the prices for lead copper production President Jells DOLLAR VALUE 1934 Reason for New Value of Dollar FIXED AT 5906 BY U S ORDER Roosevelt Edict Means lions in Profit to Nation’s Treasury Bil- (Continued from Pete One) proclamation as the interest of the Unjted States may seem to require" The government will buy gold at $35 an ounce in any quantities offered at United States mints or at assay in New York and Seattle' Wash It Will sell gold whenever the Ameri-car- t exchange rate with a gold standard country reaches the "gold export WASHINGTON Jan 31 (A)— President Roosevelt had ready answer today for questions as to why the gold weight of the new dollar was set at 5906 per cent of its old level "Higher mathematics” he sail He went on to explain that the new price of gold was set first at $35 an ounce to obtain a round figure to sim- plify treasury bookkeeping on Then future gold transactions ' by figuring the relationship of this figure td the old statutory gold price of 2067 the percentage figure wa S reached President’s Statement On Dollar Revaluation WASHINGTON Jan 3 - () — statement was The following given out today at the White 1 and zinc In the six years 1928 to 1933 inclusive Utah had an average annual production of 1855061 ounces of gold output by years was: 211418 ounces in 1928 243316 ounces in 1929 215457 ounces in 1930 198748 ounces in 1931 135256 ounces in 1932 and 108841 ounces in 1933 House in relation to the hew revalued dollar: "1 Acting under the powers granted by title 3 of the act approved May 12 1933 (Thomas amendment to the farm relief act) the president today issued a proclamation fixing the weight of the gold dollar at 155-2grains This is 5906 fine of the former weight plus per cent s fine of 258-1grains as fixed by section 1 of the act pf congress of March 4 1900 The new gold content of the dollar becomes effective immediately on the signing of the proclamation by the president "Under the gold reserve act of 1931 signed by the president Tuesday January 30 title to the entire stock (of monetary gold in the United States including the gold' coin and gold bullion heretofore held by the federal reserve banks and the claim upon gold The-gol- U S Reported Seeking British Fund Cooperation LONDON Jan change the silver content of the dollar emphasized in his proclamation that no change was being made Tlie emphasis that has been put for many months on gold in political and governmental news 14 likely now to disappear for the stabilization fund will operate in secret and it is prdba-blthat few new public monetary moves will be made until enough time has elapsed to show how the experi ment in stabilization ahdfdoiiar depreciation is working Flan Slowly Evolved The program that reached fruition today has developed slowly ever since an embargo was placed on export of gold Jthejfinancial crisis oLJast 31 nine-tenth- s nine-tenth- (UP)— United States monetary authorities have approached British officials with a project for cooperation between the new American exchange equalization fund and the British fund it was learned from a reliable source at the Bank of Fngland today The United Press was informed that United States officials handling the new $2000000000 fund desired to work with British to control fluctua rate within tions of the dollar-pounprovisional limits Bank of England officials to whom the suggestion reportedly was made were said to have received it cour teously but reservedly Private conversations are scheduled for next weekonthis subject but this correspondent’s informant commented that these are "not - expected to achieve much” The British apparently suspect that Prfesldent Roosevelt and Secretary of the Treasury Henry Morgenthau Jr were trying to maneuver them into the position of accepting temporary stabilization around the present exchange levels Such stabilization is not acceptable in London and the British have no intention Of consenting to anything in the nature of' stabilization either temporary or otherwise above the old par value of $488 to the pound sterling (Copyright 1934) price” Secretary Morgenthau announced In other words the government for the time being will seek to maintain a dollar level' of 5906 cents using its treasury fund to prevent the dollar from falling below that level as well as to keep it from in the treasury represented by gaining unduly in value New Currency Planned gold certificates is vested in the United States government and Shortly after the president signed the' "profit" from the reduction his proclamation the treasury an of the gold content of the dollar made effective by today’s proclapounced that a new form of currency Jit mation accrues to the United was being prepared by the bureau of spring Step by step through abanStates treasury Of this “profit” engraving to take care of the prob- doning the gold standard purchase of two billion dollars under the lems created by transfer of title to all newly mined domestic gold at a preterms of the gold reserve act and federal reserve bank gold to the trea- mium and finally through foreign of today’s proclamation constisury Gold certificates the same size gold purchases by the federal reserve tutes a stabilization fund under as the currency now in circulation bank of New York the administration the direction of the secretary of will be used Instead of the absolute has moved toward the goal of putting the treasury The balance will be promise to pdy In gold carried by gold dollar control in the hands of the covered into the general fund of certificates previously issued government the' treasury This is now accomplished Whethen these will say: “This is to certify that there is on as a result commodity prices can be Settled by Credit deposit in the treasury of the United advanced and credit swelled cannot "Settlement from the gold coin in be said dollars America of There are (blank) Stages definitely qualified bullion and certificates taken over experts who believe that these results gold payable to the bearer on demand from the federal reserve banks on ' certain are as luthorlzed by law” and qualified experts who Tuesday upon the approval of the Since the law forbids transactions think the goals will not necessarily act was made in the form of In Monetary gold except under special be achlevedt and that if they are a credits set up on the treasury's treasury license this means that the dangerous situation may be created books This credit due the fedcertificates are not redeemable in The administration entering uncharteral reserve banks is to be paid in interna-tioaal ed metal except for payment of territory is going to find out the newr form of gold certificates Japan Naval Officer balances under treasury authornow in course of production by ity and for similar uses Value of Utah Cold Raps Talk of U S War the bureau of engraving and printThe certificates will be legal tender ing These certificates bear on and will be Issued in denominations up Increased their face the wording: $1074492 to 100000 Their first use will be to 31 Jan SAN FRANCISCO OP)— " ‘This is to certify that there is From the standpoint of the Utah Captain Kanji Ugakl Japanese naval pay the reserve banks for $3600000 on deposit in th£ treasury of the OOO gold taken over by the treasury producer of gold the value of gold officer declared on his arrival here dollars In Thk certificates instead of the metal in Utah a in association today that talk of war between his United States gold payable to bearer on deitself will serve hereafter as partial with the output of other metals is country and the United States Is mand as authorized by law' backing for such federal reserve note further enhanced by President Roose"They also will carry the standissues as require gold reserves velt's revaluation of the gold dollar Captain Ugakl member of a group legal tender clause which is Although the president may change and payment by the treasury Thurs- of Japanese navy officers arriving on ard content of the dollar at will day of $35 per fine troy ounce of gpld the liner Asama Maru said in a state- as follows: “This certificate Is a Jegal under the new money law limited In 1933 when gold and all metal ment issued through Kaorp Naka-shimtender in the amount thereof jjn-- '' only by the requirement that the ratio production was greatly curtailed on consul vice here payment of all debts s be between 60 and 60 per cent of the account of low prices for lead copper that hisJapanese country’s army and navy Is former statutory weight it was be- zinc and silver a total of $2734943 organized only for defensive pur- public and private' lieved tonight that for several montha was realized on Utah’s gold produc- poses “The new gold certificates will be of the same Size as other curat least no further changes would be tion of 108841 ounces The value Between the United States and made total Includes the premium paid on he added “there never has been rency in circulation and the only the gold marketed from August a single question which was not set- difference other than the changes Stability Sought Demands of financiers and through December tled peacefully and I am confident jnWording noted above is that 'the backs of the new certificates for a stable dollar make it On the fiasis of the $35 price Utah’s that there will be no question in desirable observers feel to keep the 1933 "gold output of 108841 ounces future which cannot be adjustea by will as used to 'be done be printed in yellow ink The certificates would have been valued at $3809-43- pacific means”- - monetary unit steady1 for a while will be in denominations up to an Increase of $1074492 due to Nor is any silver move Immediately in prospect The president though the higher price Airplanes are b$ln£ used in Russia $100000 authorized by the money bill to Mining leaders believe that gold to observe the floating of logs e how-ave- d - ” s the-gol- a and-dfle- Jtf-pa- n S lndus-trialis- ta 5 "In his proclamation of today the president gives notice that he reserves the right by virtue of the ‘authority vested in him ta alter or modify the present proclamation as the interest of the United States may seem to require The authority by later proclamations to accomplish other revaluations of the dollar in terms of gold is contained in the gold reserve act signed on Tuesday "2 The secretary of the treasury with the apprgval of the president Issued a public announcement that beginning February 1 1934 he will buy through the federal reserve bank of New York as fiscal agent for the account of the United States any and all gold delivered to any United States mints or the assay offices in New York or Seattle at the rate of $3500 per fine troy ounce les the usual mint charges and leSs of 1 per cent for handling charges Purchases' however are subject to compliance wih the regulations issued underthe gold reserve act of 1934 one-four- th of the trea- 4 V" Regardless of cost previous price of present value T i- CLOSING X 157 of the finer HART SCHAFFNER & MARX OVERCOAT $45 and $50 Values $ This is final— absolutely the last off er-- I vi in? of overcoats bought before costs went up your last chance to get an B ovejcoat that will last you for two or three winters at a price which will seem ridiculously low to you when the next overcoat season opens -- COLORADO DENVER (P)— Two days Is enough to spend looking for a "lost” hotel J F Ogden 74 decided today as he left Denver for Pueblo Ogden told police he came here from Utah went to a hotel became confused after he left it and couldn't find It again He said he didn’t know the name of the hotel Police took him in a 'patrol car around Denver in a vain attempt to locate the place wherfe Ogden said he had left his belongings NEW MEXICO GALLUP It) —Shv Navajo maidens turned in $711 from forfeits paid them by Indian braves in a “squaw dance" held at Fort Defiance Arix last night of President Roosevelt’s In honor birthday and Warm Springs foundation Three hundred tribesmen- - from Navajoland gathered' at the agency foundation JVIain Street LEADVILLE Colo- -A gold price Wall Street Sees Devalua- of $35 an ounce will stimulate immediately the production of lowtion as Definite grade ore heretofore unprofitable Stabilization Br Associated Pres NEW YORK Jan 31— President Roosevqlt's proclamation devaluing the dollar to 5906 per cent of former low-grad- e Herald-Democr- SWELLING REDUCED - And Short Breathing relieved when earned by annatnral collection of water Colorado mining men agreed tonight In abdomen feet and legs and when "The Washington administration’s above ankles leaves a dent announcement that gold will be pur- pressure nickilf fREK ?riil COLLUM MEDICINE COMPANY chased at $35 an ounce will result in (Adv Dept 123 Atlanta Oa a tremendous Increase in the produc parity late today brought a prompt decline in the dollar In terms and prompted of foreign currencies an upturn in the Pacific coast securities markets where trading Was still in progress Foreign exchange dealing was still in progjess in New York when the announcement of this momentous monetary step was flashed to bank and other financial offices but exhad ended for change dealing-abroathe day several hours previously and principal security and commodity markets both here and abroad were gold FLORSHEIM — SHOES closed Seen as Stabllliatlon Wall street international banking quarters interpreted the move as a return at least 'tentatively to the international gold bullion standard and a definite stabilization of the dollar in terms of foreign gold currencies while circulation of gold for monetary purposes either in the form of coin or bullion was still prohibited internally Some financial authorities here expressed the opinion that it paved the way for a huge expansion of credit and should greatly facilitate flotation of the additional $5000000000 in new federal bonds which the treasury propose to issue before June 30 next Some banking circles suggested that devaluation of the dollar to as low h level as 5906 per cent of its old parity might well prompt a huge flow of gold from abroad and that further foreign gold purchases tr stabilize the dollar might be unnecessary With some $2000000000 of fugitive American capital according to rough estimates still abroad which may rush back in view of the more definite status of the dollar some bankers felt that an inflow of gold might reach proportions difficult to manage unless the stabilization fund were to take action to offset it The foreign exchange market here was in its final minutes of trading when the news appeared and scarcely had time to discount it before trading ended The French franc which Choose a pair now profit by the Saving and experience the greater satisfaction of wearing Floisheim Shoe $ OMS 785 meet jtijU enuw 488 Florsheim Shoe Store 164 South Mam Street KIWANIS CLUB assistant manager of the International Smelting company WASHINGTON Jan 31 (UP)-T- he will address fellow members of the monetary regulation imposed today Kiwanis club at the Hotel Utah at 12:15 p m after President Roosevelt signed the DEMOCRATIC LEAGUE gold bill provide for unlimited purThe Junior Democratic league of chase by the government at $35 an ounce of all proffered gold except that Salt Lake will hold its monthly meetwhich has been hoarded in violation ing at 8 p m in the Newhouse hotel Leonard A Brennan Salt Lake counof treasury regulations “Lost 25 lbs in 5 Weeks” This Includes any gold imported ty Democratic chairman and Grant vice chairman will after January 80 and offered for sale Macfarlane Says Mias G Allen Beauticlan-714Constance Are Chicago HI at mints or at assay offices in New speak York or Seattle “Lost 40 lbs in 0 Weeks” GIRL SCOUT COUNCIL Regulations made public tonight Mrs Fanclg Rudolph Trained Saya New officials of the Salt Lake Girl classified the purchasable gold as folScout council will be installed at 7:30 Nurse 4527 Lake Park Ave Chicago lows: ni 1 Gold recovered from natural de- p m at the monthly meeting of the “Lost 50 lbs in 10 Weeks” in council Town house the United States "or any posits in the Says Mrs F P Howley Box 88 Ros- place subject to the jurisdiction MUSEUM SOCIETY thereof" Mrs Earl Douglass widow of Dr 2 Unlimited scrap gold 3 Gold imported Into the United Earl Douglass discoverer of the Jensen dinosaur monument will discuss States after January 30 1934 To guard against importation of fossil plants and animals in Utah at gold for private holding in violation a meeting of the Utah Museum soof the regulations rigid regulations ciety in the Newhouse hatel at 8 p m are provided for handling foreign REAL ESTATE BOARD gold The imported gold upon entry The Great Salt lake diking project must be declared by the importer to the collector of customs at the port will be discussed by Dr Dorsey A of entry The importer must specify Lyon director of the Utah' engineerthat it is imported for sale to the ing experiment station at a meeting of the Salt Lake Real Estate board at government and the collector of cus- 12:15 p m at the chamber of comtoms must forward a copy of the declaration to whatever mint or assay merce office is specified by the importer WEST SIDE FORUM The gold must be in customs’ cus "What Medium of Exchange Should tody from the time of entry until de- Take the Place of Our Obsolete Finanlivery to the mint or assay office As cial System?" will be the subject of long as these regulations are obeyed H- Magdiel at however there Is no restriction upon an address by Daniel the weekly West Side People's the amount of foreign gold to b Forum meeting at 7:30 p m in the chased branch library Eighth Chapman West and Sixth South streets headquarters and joined in the healing dance which was invoked by the medidine men as the Indians’ prayer for the success of the Warm Springs South New Gold Price EXCHANGE To Spur Mining ore H tion of Colorado C Butler publisher of the at Leadville Colo said to night Leadville is situate in the heart of the Colorado mining district "The first effect of the new price will be the continuous operation of the Leadville smelter The smelter has been on half time and with the new order about 175 or 200 men will be placed at work” SALT LAKE BUYING LISTED News Glances by States 4‘ 208-21- 0 4 IN DEALINGS ON NY had been declining moderately In the earlier dealings rose to finish at 637 of 1 cent above yescents or 08 terday’s cldser Other gold currencies acted similarly (Copyright 1934) these Users of Ate Big Meals-S-ay New Quick Easy ReducingTreatment Safe Harmless Pleasant Way --- "or i DOLLAR DROPS TODAY IN A B Young V 1934 without notice” RULES ON GOLD BEGINNING THIS JIORNING The secretary "3 sury today promulgated new regulations with respect to the purchase and sale of gold by the mints Under these regulations the mints are authorized to purchase gold recovered from natural deposits in the United States or any place subject to its jurisdiction Unmelted scrap gold gold imported into the United States after January 30 1934 and such other gold as may be authorized from time to time by rulings of the secretary of the treasury No gold however may be purchased which Jiaslbeen held in noncompliance with previous acts or orders or no'ncompliance with the gold reserve act of 1934 or these regulations Affidavits as to the source from which the gold was obtained are required except in the case of nuggets or dust of less than five ounces where a statement under oath will suffice In' the case of imported gold the mints may purchase only that which has been in customs custody after its arrival in the United States Payment Price Set "The price to be pgld for by the mints is to be $35 per troyjourtce of fine gold less ofjjper cent and less mint charges: This price may be hanged by the secretary of the treasury at any time without notice "The mints are authorized to sell gold to persons licensed to acquire it for use in the industries professions or arts but not to sell more than is required for a three months' supply for the purchaser The price at which gold is to be sold by the mints will be $35 per troy ounce plus M of 1 per cent This price also may be changed by the secretary of the treasury 1 ' MARYLAND OXFORD Md (P) — Herman - Bring-ma- n grocer who in recent years had broadcast at 10 o'clock every night to his friends over his v LUMBERMEN A luncheon meeting of the Salt Lake Lumbermen's association will be held at 12:15 p m at the chamber of commerce 1 j WOMEN’S CLUB Directors of the Business and Professional Women’s club will meet at the Newhouse hotel at 6:30 p m AMERICAN LEGION How1 Many Pounds Would You Fat Goes Quick— or No Cost Don't let fat ruin your charm or affect your health any longer Don’t despair if other remedies have failed BonKora the new safe pleasant Reducing Treatment has taken off fat for people who had tried other methods in vain For instance Miss G Allen Beautician of 7147 Constance Ave Chi-- r cago whose photo is shown above says: “Other remedies failed hut BonKora took off 25 pounds in 5 woeks Now I can rear a 88 dress where I used to wear 46 And I feel better than I over did" BonKora increases health whila reducing fat Mr Francis Rudolph Trained Nurse says she also had triad other remedial in vain But whan she investigated BonKora her professional knowledge showed her it was just what she needed It took off 49 lbs in S weeks Mr P P Howltar lost 50 lbs In 10 weeks Puff and Blow! How You meeting of Salt Lake post No 2 American Legion will be held at the chamber of commerce at 8 p m A Get rid of ' LEGION AUXILIARY Members of the women's auxiliary to Salt Lake post No 2 American Legion will meet at the Newhouse hotel at 8 p m FAT that with BonKora RAILROAD CLERKS People Everywhere A meeting of the Brotherhood of What BonKora has done Yor these Railroad Clerks will be held in the letters are genuine written In gratitude Newhouse hotel at 8 p m Loses M Lbs la 7 Weeks 1 had triad mnay reducing remshort wave radio has sent his last edies without results Then I read program He broadcast a call for help about BonKora In tht newspaptr Tried pounds la l last night and died before It arrived weeks Reduced hips I Inches Bringman signed off as usual last bust 4 Inches waistmy1 inches It Imnight but a moment later he spoke proved any health too and I look younter"— Mrs Dora Chaves weakly over the air: “Come to my Tears 201 W 03rd St Los Angeles Calif assistance— and bring a doctor" A friend heard his call summoned a doctor and hurried to his house Bringman was found dead of heart disease to Lose? Like Don’t Starve— tat Big Meals BonKora Treatment reduces fat the new "S stage" wav-Tripaction j triple speed Just take a little BonKora daily to help body function properly remove heavy wastes and moisture from fatty tfuues EAT BIG MEALS of tasty food combinations as expltinsd in BonKora package Don’t (V too thin When you reach normal healthy weight stop reducing and hold your new slender figure No dangerous drugs in BonKora In fact BonKora Treatment builds health while reducing fat the Quickest way Praise KonKora people It should do for you by ucers of BonKora MAKE THIS TEST A These Gains Pt and Health "BonKora Is tht best reducing treatment at other remedies failed and I have lost 20 lbs sine X started BonKora Can now wear dresses thres Mv health hat bten sites smaller splendid — no heedachee or tired feel-lnefull of pep" Mrs J Keeler 1025 Kensington eve' Salt Lake City Utah Fat Goes Quick —or No Cost When you looo fat thlo bow harmleor healthy way you feel peppier look younger ra and prettier The maaufaeturere of Bon-KaKNOW what it will do for you oo they make this GUARANTEE : Get a bottle of BonKora from any drugs let today If not delighted with quick loss of fat new health and younger looke manufacturer refund money you paid' for this bottle So start taking You don't risk a penny BonKora the now safo pleasant Reducing Treatment today Then watch the amaa-in- g rosults GET A BIG BOTTLE OF RONKORA TODAY One may talk over the new line for less than $1 a minute SCHRAMM-JOHNSO- Paris-Athen- Sa SPECIAL THIS WEEK AT Ni DRUGS at |
