Show M i r j THE SALT LAKE TRIBUNE i at is th r r 1938 T reasa I SUg- - majr oat th in areaa much as this ef-ro- - Ru- ppo-nit- ed Navy Assists Tolerance Toward Trade Needed More Than Federal Development Of Manganese By J a Spending Says Forbes FORREST By CHARLES F SPEARE By B C‘ FORBES Copyright 1938 for The Tribune Copyright 1938 for The Tribune ' NEW YORK April 23— Business in encouraged over the recent NEW YORK April 23— More encouragement is to be found revelation that congress can be Influenced by public opinion this week in the spirit of the business and banking world than First little business received a very respectful hearing In the statistics that have come from either Some of this good Next came defeat of the reorganization bill following nationfeeling derives from the moderate tone of President Roosevelt’s dustry in this country One wide protest ca that most recent “fireside chat” some from the specific proposals to satisfactory manganese Now comes another test — on Presbe produced from native ores Jth encourage the small commercial bor- ident Roosevelt's colossal spending railroads by the L C C except its other that the "defense-consciorower and the public utilities also authority to regulate operations for plans navy recognizes the need for eii safety and 'to prevent discriminacomments i: from the clearing away of political Judging by press grave the domestic couraging industry doubts are harbored as to the wis- tions between users of their serthe interest of national defense clouds in Europe- since a strong DRAWN ST ELDON STEPHENSON dom the efficacy of again resort- vices TNAOC a SECURITIES Manganese Is an indispensable was established in government 7 Resumption of a sound money to bllllon-doll- ar “shots in the 14 ing In steel factor with 7'84-OuncFrance and an accord reached bemaking e program based upon gold arm" of into tween Great Britain and Italy Formanganese going pounds are urged to have It remains to be seen however Recipients every ton eign markets have definitely rehow effective public hostility copies of this petition printed or just flected the Importance of the latmimeographed and distributed widewill become Supported by Congress ' ter from the investor's standpoint ly amongltheir friends all After of prospects getting three Undoubtedly independent The outcome will be watched with Despite opposition to the "pumpnothing" "something for invariably all current actions congressional priming' program of the administo certain classes Moreover serious Interest — The largest gold appeals ELY Nev assure to this intended tration there is likewise a dispocountry help extraordinary appropriations of bila reasonable in this nugget taken from the placer sition to credit this with having exBy DR DILWORTH WALKER dislions of dollars conjure up possithe in Osceola war called ore the workings by cited a certain amount of optimism department busiMarket view observers the bilities of alluring pork barrel spendtrict in recent years was found Professor of Economics University of Utah the "No 1 strategic mineral” among those who' manufacture ness outlook through glasses of dif- ing in practically all constituencies this week by George Grabe strongly Influenced the granting of heavy goods as well as those who American students of political economy are a bit worried over Jr The nugget weighs 784 ferent hqes One advisory service' It may be that many Democrats feel This is apthe navy contracts profit from the expenditures of la- ounces and is valued at $250 bor The period of resistance to the parent because the bidding was the recent political crisis in France and its possible repercussions asserts that inflation is inevitable need for aid in the toform of oodles of taxpayers’ cash insure their The Grabe brothers are opadministration’s spending plan is open to foreign producers and in in international trade Although a relatively minor factor compared advises its clients to buy industrial election — all representatives and erating the old Hampton fact the prices being paid are high- with the United beneficial It should result in France d Kingdom of the senators come up represents by far the largest mining and oU stocks Another says er than some of the foreign bids placer claims working the greater care in making appropria- -' channel gravel by means of a the bottom has not yet been reached for reelection thia year It is the first considerable pur- market for American goods in continental Europe tions and in less political favoritpower shovel The gravel is chase of domestic manganese by In 1937 American exports tof Responding to better hauling ism in their distribution Unquesadvises Its clients to take advan- Opposition Aroused hauled to the plant and put conditions in western Utah mining an arm of the government in many France were estimated at $158400-00- 0 The present crisis however is tionably business will not revive of ail to holdrallies obtage The announced presidential lighten through a number of screens which represents an advance operations at the New Premier years— since the World war to be quickly unless it has some degree But Consolidated Mines on the Goshute a belt system being used It jective is to stimulate revival exact It is also the first time it of 228 per cent over the total for more serious than usual It reflects ings of federal leverage the preponderating opinion in the Indian reservation near Ibapah' f was while watching one of the ever has been purchased for "emer- 1936 The rate of increase how- the culmination of several years of Tobias Kahane New York City business world the industrial world are Inflation’ Scare Overworked belts that Grabe son of one ever was less than the average in- unsuccessful economic policies reshowing new activity Lloyd gency reserve” purposes Business man is reported to be ne- the financial world is against this W Hoskins delivered another lot of the operators found the to all crease in The “inflation” scare is being as Europe shipments in 18 in sulting ehanges ultra-costgovernment ly Ore Sufficiency Cited adventure in of silver ore from his lease on for purchase of Jthe Deep second nugget and to the world as a whole but it much overworked today as was that view of the Imperinanency of the the Boston workings of the Premier It is the indirect re- gotiating Many small nuggets have over the reorganization bill There Ore from Montana Colorado was achieved in the face of cur- since 1932 Railroad Creek Utah a company results heretofore achieved through a few been taken from the com- and Utah Wyoming and Idaho is to be rency depreciation apd political un- sult of unwise currency manipulais more to h feared from a con of the Western Pacific almost unlimited distribution of work isdays agostarted development on the Mapany’s plant some running as tinuation of the existing forces of used In producing the ferro-ma- n being certainties (Standard Statistics tion during the period of economic subsidiary railroad The Deep Creek line is 45 government funds high as two and three ounces group of the same comthat the navy is purchasing company reports) deflation than from any threat of hogany ganese such other nations by The conviction has become gen- pany of With the spring run-o- ff from the Colorado Fuel and Iron Unfortunately the latter show no adjustment miles long and operates steam trains by Halley Thomas and Roscoe cheapening the value of our cur' water placer operations are lease of Denver one of the two signs of being eliminated in the as Great Britain and the United between Wendover and Gold Hill eral in thoughtful business circles Lane under a three-yerency The strength in government company the way out of our economic Mr Hoskins has been working bonds and in the securities of muincreasing in the Osceola dissuccessful bidders near future On the contrary it is States In fact her political trou- Utah It was built at a cost of that troubles does not lie in releasing all winter Since October 1 he has trict The' Grabe brothers are nicipalities has not alone been due Although this country now con possible that the current year Will bles to a large extent are merely more and more billions of public sold 45 tons averaging 38 ounces to expectation of easier money but employing 10 men at their sumes around 800000 tons and pro- witness further currency deprecia- an aftermath of the World war The about $450000 money for “pump priming” but In a ton The present shipment of to the Inevitability of bringing fuplant duces about 7 per cent of all the tion or even exchange control To war not only disrupted agricultural 51 The first industrial coma changed attitude by the admin about seven tons which has not ture Issues down to the tax status manganese that it consumes in ap be sure a reciprocal trade agree- and industrial production but also Istratlon toward business— and in yet been' sampled will raise the of corporation bonds— where they average year there is sufficient ore ment between the United States created intolerable debt burdens panies reporting for the quarter governmental action fo remedy our total to more than 62 tons should be here to supply all peacetime or war- and France has been in effect since which made inflation inevitable ended March 31 1938 show an aglabor law Hoskins- - has been working pracSerious as is the outlook for time needs — if there were incentive June 1936 but its influence has The latter in turn while affording gregate net Income of $16622439 admittedly faulty Having given up hope of being tically alone in a new shaft about number of overcapitalized properfor working the deposits and in- been vitiated to a large extent by temporary relief to the government compared with $36683951 in the able to budge President Roosevelt ties this writer does not share in vesting In" newly perfected equip- depreciation of the franc which Jias and debtor classes brought With corresponding peribd of 1937 a important business Interests are 100 feet northeast of the old Boston shaft He has he reports 30 Inches the popular view that the railroads ment for Concentrating the had the effect of increasing French it a new set of economic problems decrease of $20061512 or 54 7 per launching a comprehensive move- of shipping ore bedding out from are ‘‘doomed’’ There is still a great ores cent Of the 51 companies report- ment to appeal Deposits have been tariffs automatics 1 1 y Hence yet to be solved directly to our fed- the new shaft for a distance of deal of fat on what is pictured as charted in 20 states should the present political crisis ing 13 have shown an increase in eral lawmakers Recovery Rapid at least 21 feet Because of bad the skeleton remains of a once well franc further in result income over net depreciation the their precedIncentives Suggested roads he has made little effort to favored corporation body Reduced Nation to Receive Appeal the result on American trade with Despite tremendous handicaps ing year a larger tonnage but with to a per mile basis current market Such incentive according to tes- France would be definitely adverse France’s post war recovery was Backed by men responsible for produce he From Eureka comes word that hauling and timony before a recent hearihg of a and might become an important fac- exceptionally materially improved prices allow physical values of many Production consumption rapid much more so conenvelopes and for to employ help and send out properties that are grossly under- prices of zinc In 1937 were decidedly subcommittee of the senate military tor in retarding the present drive for than Great Britain’s Her indus- work in the Chief Consolidated Min- filling payextensive tax payments to plans' tributing reto 1936 be lots estimated If they were better than in According to the affairs committee could best be business recovery trial production more than doubled ing company's property is proceed- the federal government the country bigger The Mahogany vein' leased to organized at such a level the new U S bureau of mines but the year provided by two moves: (1) a gov' from 1921 to 1926 and after a tem- ing on no fewer than 42 headings is to receive an appeal to "Stop Linked Politics Trade Income was common stocks or bonds characterized by violent fluc- ernment policy of building a million-to- n parallels the porary setback in 1927 it Increased Most of the work is being done by Look Listen” accompanied by an Thomas and Lane reat most sell would eventually Boston fissure 600 feet to the east of the gains fantastic tuations and in no country in the by a further 11 per cent by 1930 leasers emergency ore reserve excluPerhaps of a petition to be signed outline north-south corded 1937 in the early months of Yet along a was reached figures ridge Years sively from domestic sources as world are economics and politics when the R Dunn fiscal agent of and sent to congressmen and sena- ago two shallow shafts were put It is fair to assume that the traf- were offset by rapid declines in the outlined in senate bill 3460 by so closely intertwined as in France it was not peak until 1924 that the pre- theCharles : It tors urges land interas banks will and federal the of carriers down on a narrow streak of fic closing quarter improve Senator John E Miller of Arkansas The rise and fall of cabinets which war (1913) level of industrial pro 1 A program of rigid economy mediate credit banks announces ore- Starting in one of there the year advances and that from The production of distilled and thus helping stabilize domestic 'de- are responsible to the parliament duction was surpassed 2 A legislative policy drastically p federal renot pick-uwill of at zinc amount the land banks that certain a to tram this shafts the lessees electrolytic primary zinc mand and (2) However since 1930 France’s pomanga- have served to create the superfirestricting the power of the pres- the ore down the propose natural relief will accrue It is nec- duction plants lii the United States nese from the listremoving hill to the road of commodities cial Impression of'extreme political litical policies have been such as issue refunding bonds to replace the ident to control expenditures and 1937 4 of in bonds however to cent called additional aid simounted 608458 haul $22000000 that and either short affected by the Brazil and Canada instability Actually however the to prevent the expected economic it to the railroad per essary of jstronagq cur- at Gold be given to bridge over the present tons valued at $79100000 increases trade pacts and noninclusion of French Hill 30 miles northeast by the banks April 15 He said the the distribution system is merely an ultra recovery comparable to Great Brit- banks his excessive existing powtailing 14 as is of of waste a in cent It to a time lend which 48 funds or ship it by truck to the smelters group per period quantity and it in future similar agreements as democratic form of government ain and other former gold standard on curbing hie further infringeconsider this in terms of grants for per cent in value) from the produc- recommended in concurrent first mortgages on farms on an ers on the average grade of 1931 reso- which allows no deviation on the countries September In on the independence of con- depending ment tion tons of 534341 amortization are of the when valued at $53' lutions presented in the house of part of its leadership from the will Great Britain found it advisable to the ore the purchase equipment repayment plan gress 434000 1936 are to in in to such a as rate the protoday overequipped goads according by Representative of the popularly elected representa- devalue the English pound to con- being repaid at 5 Immediate simplification and of mines Of the total for representatives portion to their needs or in those bureau Francis H Case of South Dakota tives This may be cumbersome form to a worldwide declining price make refunding unnecessary rationalization of our tax laws de- Ore 1937 tons reconstruc 551165 consolidations or in were of primary and in the senate by Senator James and minor political disputes may level based upon a fixed value of Shipments signed to offer private Industry an Commercial failures in the Unittion of overweighted capital struc- metal from domestic ore 6739 tons E Murray of Montana It is esti- impede administrative prog r e s s gold As a result economic recovery BINGHAM week ended opportunity to expand and prosper States ed the during tures Even an application for an were primary metal from foreign mated that the building up of such from time to time but recurrent under way immediately A year and to distribute equitably over the 14 totaled 278 an increase States Smelting Refining and other increase in freight rates such ore and 51554 tons were secondary a reserve would provide approxi- cabinet crises more often than not got the United States April Minins 7895 tons American and a half company later of 135 per cent from the previous broadest possible base our high tax Smelting and Refining as has been suggested involves metal Figures on the quantity of mately 68000000 man-houcompany 3 020 of em- reflect a situation no more Serious government was convinced that sim- week and load and Miues company 1000 National Tunnel begotten previous corre471 the folly above zinc recovered remeltby months of delay secondary by the United veto ' if inevitable in the Utah or was a about average or company than in Copper $23800000 ilar dally 4 Immediate ployment president’s most 428 procedure repeal or week in 1937 n cars ing at plants that treat scrap ma- wage States downward spiral of depression was sponding payrolls T1NTIO drastic amendment of the Wagner Lag In Production terials only are not yet available So early in 1933 to be reversed and Eureka Standard 49 Tungsten Mines Inc has called labor relations - act the principal Tlnttc Standard T From both the iron and steel and In 1937 the total production of Grand Central 26: U 8 Miues the American dollar was devalued a special stockholders’ meeting for cause of the strife between labor carloads 18 Mammoth 10 Chief Consolidated 8 electric power industries this week primary zinc included 439393 tons 41 per certt and economic improveNorth Lily 7 Godiva 3 Chief Consoli May 16 at 8 p m at 224 South State racketeers and capital to the dis- dated came repprts of a slowing of pro- of metal recovered by distillation 2 Utah Fir Clay company (lime)Eureka ment replaced the downward spiral street The meeting will elect a tress of all the people 1 Apex Standard 2 (silica) Lilly duction Lack of automobile and and 117511 tons recovered by elechad continued for more than board of directors and discuss plans IS Immediate discontinuance of 1 Plutue 1 Yankee Consolidated JL railroad buying and scant improve- trolysis Pennsylvania contributed NORTH SALT LAKE April 23 (U8DA) carry freight benefits In variable amounts which PARK CITY four years previous for expansion at the company's (JiB' campalgn against public Utili- Park City Consolidated 1350: Park Utah ment In the building situation were the largest output of primary zinc — Cttl and calves: Th week’ cattle except when otherwise stated Consolidated 847 New Park Mining com White in Pine ties property county of one atate 23 with an CHICAGO Hogs the in for of the any April output Lost lag trad was ona moderate Da! at steady responsible Silver concen Coalition Advantage 360 pany King all 6 direct 3000 Elimination of control over (rates) 594 to strong price although this week's steer —Receipts 3500 noincluding and industrial stagnation in the 175275 tons all produced by distilla- quality choice light hogs ofnominal was hardly as good as last week’s largely undertone But France stuck to the gold bloc tion sales Oklahoma had the second run few heavy weak: fered other Receipts totaled 1175 head as and good weight butchers $765 © 795 of nations that refused to ada week ago and 1315 a year A trade journal that has just com- largest production of primary dis- againstA 890 estimated holdover group car of mixed Utah cattle was sold shippers took none currencies to the declinago their choice 96153 tilled and week zinc merjust tons with 1000 of and a good ago compared survey countrywide follows: 10 steers averaging 1000 pleted mostly 25 to 35c lower packing sows ing world price level Based upon chandise conditions however finds Illinois ranked third with 73151 pounds $67575 a 4few head averaging 900 hogs 35 to 40c off the heifers $6oOftr675 pounds $5 Cattle — Receipts 300: calves none com- gold The result es shown in them better than a year ago in tons Distilled zinc was recovered medium and good cows $4 75®5 75: cut fed steers and accompanying chart was a concommon cows $3 75 4 50: 2 veal pared Friday last week ter in and also Texas West Arkansas sections with and and consumption to 25c lower largely steer many Drive-Isteers and yearlings weak economic $7 00&D00 Of the electrolytic zinc calves yearling run all through week weighty tinuation of the disastrous of goods in excess of production Virginia heifers moved within a range of SSOOifi' and after some depression that had enveloped the Medium and good drive-lcows rated steers showed most downturn On the other hand certain of the production Montana contributed 6at 00$4 75 price Improvement early on short supply 0 5 50 and plain kinds at $4 25 week’s 50 next highest price entire world for nearly five years Low cutter and cutter cows $10 35: top $10 heavy industries show little de- 94680 tons and Idaho 22831 tons prime 091 £ yearlings $9 85 This unfortunate delay in revaluaThe supply of new zinc available brought $3 0094 00 A few bulls went bulk crease in their inventories during 9 50 undertone still $8 00 $4 60(6 5 00 and vealers at bearishsteers on weak close: strictly good and tion of the franc to put it in line for consumption in the United States at a six months' period of part-tim- e Common and medium $8 SO 9 50 choice heifers best heifers $9 25 steady ratios has 00 $8 00 brought numerous loads $8 75 $900 common and with other monetary manufacturing operations Condi- in 1937 amounted to 570219 tons an Hogs — The $5 to the French price of hogs this week held medium to costly been 25c fat weak lower: extremely grades tions seem to be very much mixed increase of 6 per cent over the avail- bout even with close with last week’s 15 to 25c lower cutter grades steady nation The temporary advantage he best local butchers going st $8 25 ft1 cows K X able supply of 538794 tons in 1936 bulla steady vealers $1 lower medium to good kinds at to weak top Living Costs High At the end of 1937 stocks at pri- 8$73550 and825mixedflows weighty sausage bulls $675 that the French Industry had in went mostly at $525 practical 50 vealers $9 after markets world 6 00 Unemployment is increasing and mary smelters and electrolytic reSheep— Receipts 2000 Including 1000 the competitive lost Sheep— In the sheep division the runs direct: late Friday fat Jambs strong to th war was all by her failure serious social as well as economic fineries were 79144 tons compared were more generous this week and a total 15c higher: wooled lamb top $8 40 bulk to go along with Great Britain and 3975 came in to compare with 645 last ewes wooled 8 la broad 35: demand problems are arising The strikes with 55600 tons on hand Oecember of Th week and 7791 last year through $800 for the United States in 1931 and 1933 $450 & 5 00 comin the automobile centers reflect 31 1936 an increase of 43 per cent movement of California lambs is at $550 575 shorn4000 directs Friday a “LAIIDES" & “CATERPILLAR” herself with finds under way and the season’s total week ending Now France week to this The weekly income of work- Stocks at the end of November were getting 25 last fat Jambs to date numbers 49 decks or 6688 head Eared Friday sheep In broad demand 25 to considerable loss in world trade seers is steadily falling At the same about the same as at the beginning to compare with this date last year of 142 50o higher sheep supply small week’s top rious or 19451 head Several truckloads wooled unemployment a heavy interlambs $8 50 paid early: closing time there is little decline in the of the year indicating that a very decks of local changed hands on $8 40: bulk at close also bulk wooled nal debt burden and growing pocost of living Compared with a large addition td inventories was the local market atlambs $6 25 fa 6 50 with some top for week $8 00ft 835 few me- litical unrest going at S5 25 offerings plain and weighty truck-in- s it is down only 14 per made in December that threatens the very loads around $7507 75 dium and year ago 1933 5 50 Nothing was done on other classes top clippedgood $8 00 top after mid- foundations of her democratic form when about the same cent In of shlpped-llivestock week $765 lambs for bulk $7 15 clippers period on for the North Balt bought reshipment labor conditions prevailed as today 90' wooled slaughter ewes $4 25(b) of government Lake market carry freight benefits in vari- 5$7 75: shorn ewes $4 50 $ 5 00 odd head an experienced “Caterpillar’ distributor we are power spe“It is entirely possible” says a able amounts except when otherwise stated $5 it was cheapness of essentials that 25 Statistics report OTDEN April 23 USDA)— Cattle and recent Standard aided the o unemployed or partially KANSAS CITY 23 April calves: Fairly active tradiug In the cattle Cattle— cialists Years of experience gathered the practical way on survive without asReceipts 300: calves 100 for “thit the whole course of French employed-tyards on Monday started the week out week fed steers and yearlings In reduced economic at steady to stronger prices on most classes sistance Now food is 31 per cent history might have been supplv steady good to choice heifers weak Some spots unevenly higher as com- to with to 25c lower some weakness on altered by a realistic approach hundreds of successful mobile higher than in that year clothing pared with a week earlier Receipts were heavy cows: other she stock steadygood stationary applications equip to becounted at 1568 head to compare with strong 24 per cent and rents nearly 40 per bulls 10$15c higher vealers 50c the monetary situation when it week a a A 1 and 1902 1674 year ago conago lower stocker and feeder sters and came apparent that economic $100 us cent above the earlier depression to to the car of well finished 83 8 pound Utah steers stock correct answer give you your power problems - ' strong to mostly 25o higher: led the price list at $8 lo and 33 head of week’s calves tops yearlings and matured steers ditions were running counter to the period ood 990 pound drive-in- s a from local 1933-3deval50 4 heifers $9 late 75 Yet top world trend in $8 wi The incomes 6f those classed as NEW YORK ed lot $775A with a 3 per cent vealers yearling $9 00: stockers and light feeders April 23 WP)—Price ihrinkage brought allowance few part loads and ” are gradually beuation to a thrifty nation which had 00 stock steer Let us survey your power needs "We’ll show you facts and figures the $8 50 drive-i- n odd lots of mejllum to good steers $8 Sheep— Receipts calves diviin most none for week infour-fiftstability prevailed spring seen of its saving wiped interest were sold for $050 7 65 Feeders went Iambs 60$ 90c lower: fed lambs 35$ ing pared as defaults ofare 60c S5 5O0 6 5O Heifer quality !h the reduced sions of the nonferrous 'metal trade for crease and dividends that caii save you work worry sheep steady week's top Arizona spring out in the post7 war inflation was a week’s run was hardly as good as last week off: money week last lambs 50 sales $9 75 for closing $8 paid be avoided at all or passed uite a number of the and the bulk of medium to good kinds both natives and Arizona wooled ‘sacrifice’ to top Domestic held 10 drive-incents at moved 25 with at 25 copper $6 plain 07 lambs $8 25: closing top to shippers costs” latter were announced this week It Medium and good $8 00 early top shorn lambs S7 50 late mostly at" $6 00 down pound valley and electrolytic for cows Then let us demonstrate “Caterpillar” Diesel power on your job is expected 'that the rate’on United bulked at $4 00 with one de- hulk 700: shorn Arizona ewes sirable tot averaging756 1004 pounds at $6 10 $4 65 $675 States Steel corporation preferred export firmed up after eome early Cutter and common eows rated at $4000 inunsettlement London NOVTH when was SAN FRANCISCO 23 earn net as be lowered April atock will 4 50 and low cutters at $3OO03?5 Bulls doing your work in your own way — Cattle — five for comby a setback in Wall Street calves brought $4 50fi 5 35 Good and choice veal dava 1525 IncludingReceipts 335 direct Inga in the first 1938 quarter were fluenced cashed for $8 50 0 9 75 and common pared last Friday fed steers in Domestic sales to the week weak be mostly early aaid small Unofficially it may to medium vealers at $5 00(9 8 00 5c lower spots off to good some improvement as conHogs— The market on bogs after advanche stock to 25c lower low grade that the next dividend on Amer- showed ing unevenly during the week’s early ses- cowa fully steady sumers took a in You’ll Convince Yourself by a Demonstration t steady bulla strong two loads interest will greater and sion closed about steady with the close ican Telephone Telegraph 5 to steers Idaho fed ago The best butebers went late load be paid at the regular quarterly acquiring supplies evidently’ re- aat week Idaho fed 23 good InforIff)— NEW 8 35 'mixto YORK April and medium $8 269 good 40 two loads medium weighty Nevada tures at rate but that later stockholders flecting depleted inventories flows brought $600 $8 mation concerning the inventory Cali$7 50 three loads 980 to Zinc was steadier Sellers’ ideas 06 50 $7350810 fornia grass fat steers $7 50$ 7 75: few position of investment may expect a break in the Distributors of In week’s banking The the Sheep— sheep common kinds $6 00(r6 60: few heifers receipts hardened and 9 several From cent galvanizing at per operations division totaled 17412 head as against up to $7 50 bulk medium to good grass houses in the financial center is record 10 a a week 417 and 10242 ago year ago cows further a of view 6 low a of lower 50 cutters cutters $5 and 25: registered slight improve- The California payment points lambs crop is running 75: fleshy dairy cows up to $5 35 being sought by the Federal Reserve “CATERPILLAR’’ dividend might be a wise policy ment All producers went to the a little ahead spring of last year in volume and $3 504 medium bulls $550&6 35 Receipts Bank of New York a questionnaire '25-ceseason to date numbers 206 decks or bulk ’ a pound level East SL the 10 nominal today to pursue sent been while a vear ago at this time this 29605 — had covering haying point Calves Receipts for five davs 100 Louis eliminating the dual price the passing figures showed 167 decks or Dissel Engines 70 last Fridav to some important firms 23622 head Among the sales this week few vealers direct: compared weak to fully 50c situation that recently prevailed The bank stated this data would on the local market were 5 dotiblea of 62 lower: mediumoffered choice kinds Track-Ty$8 00$ Coffea Tractors Lead buying was spasmodically pound California springers at $60 end 4 9 50 quotable topto poasibly $10 00: slaugh- be collected weekly In future NEW YORK' April 23 f AP) —Coffe — brisk at doubles of 8014 pound California at 58 25 ter calves absent unchanged prices Buying Thtf In At Santos No Rio No T intervals were the ieaaon’ the sales of Califirst Inpast irregular for Rpad Spot five 3065 Machinery Sheep— Receipts days Coot and freight offerings was chiefly for May delivery where fornia A truckload of on this market 4 cluding 2725 direct compared last Frtdav such information has been requested 68 pound loal springers made $9 00 One spring lambs continued Included Santo Bourbou 3a aud 5a at 630 commitments scarce few sales were' understood double of 101 pound shorn Idaho unevenly &6 70c more lower: other by the bank or some other agency or I0850c r Jf's d m 9 ‘covered iambs brought $6 50 sorted 53 head of 1?9 classes absent Rio No T A future closed unchanged to about 55 head good This marks the first effort howA Jot of 89 California S point a higher rearlings at $5 50 spring lambs late reflect full Antimony was unchanged in a pound to keep track of weekly Santo No 4 t future closed 1 point pound truckedin vear) In gs went at $4 50 decline at $7 00 sorted 15 head medium ever one package of local ewes at $3 00 lower to Y higher May 5 79c bid July dull market with Chines $6 00 earlier sales medium to choice changes In the volume of securities -grades andNote— -- ) i I vVl 1 f I 1 ‘tI Carloads of shlpped-llivestock 67 to 68O0: eaubev SS&c Xtootmbar 680c California springers $715 holding at 1675 cents a pound "on the shelf” of hanking houses bought tor reshipment ea the Ogden market £740 Receipt ttfu Placer Yields Delay in Revaluing Franc Blamed for Economic Slump- Business Brevities At Neiv Premier one-thir- dian :um-a- y a a in -- i by ntly ions ness -- ar 1937 Marked By Gains in Zinc Mining fin ely jrd tity eek irk- of fia ts tvn X Mi 7 2 Vi I) 1 im ‘j vv i ii Ml I I tie da Re 93 ic : oU i nu ic io ik- rs 85-to- ’k - te let 'th Livestock Market Quotations 1 nd 1 Ne-va- da 1® n n the-he- veal-er- 'if new-cro- p HAVE THE ANSWER p Note-Car- loads n Stable Prices Feature and Metals Mart "well-to-do- and s Banks Quizzed On Inventories -- d 1125-poun- d 1075-poun- d ar nt p ‘ V er 't n today A i - Operations ad rlcts de-- 7 Leasers Push 13-il- prac-he- t ii Gold Nugget fail th is ng to it i B - - with d SUNDAY MORNING APRIL 2d 1938 I ' Ac i - Spending Plan Defended But Opposition Is Praised As Surety Against Waste k n J Sentiment in Banking and Business Becomes More Optimistic J fS pected erica's azon - i A ' |