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PAY MORNING, OCTOBER 1, 1922 THE OGDEN STANDARD-EXAMINER
- ILL STREET
(in Europe Believed
nly Responsible For
Correspondent of The Stand -srd-Kxaminr.
tht. 1922. by The Standard
YORK Sept. 30 Reaction
i the Investment market this.
There were e -options here
e but the tendency was down
Opinion as to the governing
( was not uniform. Neither
re any aremcnt as to the
duration. As to the r-ause !
jus thins was to ;,s pibe p
akness to con'"n over the
I conditions abroad,
were admittedly serious i
The fluctuations In Bterftngl
were proof of that. But I
the authorities held that the
situation WSS primarily re
i. A targe- contingent put the j
t on money market condi
lome were even more sp'
Ing that unertalnt about
ernment financing was the
luratlon. those who held that
ent news was the dcvelop-
fflflKslsled that the reaction was
i oTHr-- r. n -1 (v ' the DOWfl
nc n or, quotation
HKflvanre again Those who put
IBss on the course of the mony
I Et we re no1 - ' i " a dmit
Ithc ii.'i .1 v-. i i ' n iii ations
I Hang o more fundamental in its
ja.vks mav nr m.t.i.im..
late- ' i ;.t i : - ..! i .i use and
jfmsv have been the fact Is tint
reakness shown in market prl
I Hie, both nipn ;-r:i(jr and specu
M Bfeoincide d with the publication
Ipat-hr-vi )- nlilng tn .tent o;
ricls m F.ur..v' This ma) have
t)f ru ii i -i I'll ,. ui
iy h .i i " f . n "uslnesa
H Bforelgn .iffair.s merely
B a moM r.irnt which haii a!
''gained conslderalle impetus. Tn
I H of the latter theory it -an be
fed out lhat q notations for both
Hade and second grad-- railroai
,F h-T '"' " declining ' n
m H but ver steadllv for over a
I Hnarket for public utility Issues
n much stronger and while In
vHl bonds are lower on an aver-
5an a month ago, the loss la imi
kt as WVth the rails. It Is. nf j
IK not possible to trace sources
Nselllng whlrh depressed quota
IMbroughout the week. It w.ts
bed. h -w. - i- i : r ; o i deal
Hdation rame from banks whir!i
jfeen carrvnnjr Investment se u:1-
Mrcha.se.l at much .or. r i els.
lBt there might be two explnn.i
IHbe that mon" w.es m-eded In
IHng quantities for strictly i-on:-B
purposes an.l the other that
I Biers believed tliat prlres had
high enough for the present at
In either case the result wou 1
Htame. for the moment at LI
I RjSTRY STRENGTHENED.
IK as the business outlook was
IHed no change was Indicated
31 for por-sinie congestion on th
ads, dom Pt r-on unions were all
I Ble and it widHy held 1 1
kould not p-
Hs revival in America Virtual
I linr-s of Industry report im
iment asu: i i f', i s wf-re report .
istirr i ;.r.. f.o
Inly an-th1nsr iiiat will con
fc toward Iru-rea-ccl buvlng pow r
part of the agrloultural popu
HwlH be hiprul to general pros
I ever may be thought about
r or not th1 von,' highest giae
kstrnon Becurftlea have rest ed
Bevels warranted by the ruture
H&ey rates, u ran not be doi
Blere ts room Tor improvement
Baiecond grade obligations, those
at - responsr-e to the financial
Ion:, nn.: ri-v-iro s proapecta of
ebtor rorporatlon. Increasing
Bad frrnincs due to tin
Hitrafrv of the '.ast quartei
ear ought to be vei i pt f
Brection. TV.e q-i.-sti here. .'
H, Is how far spe(;ulators have
ntv.l thin ,nt,
Baj to the future tinned to the
Her mand callabh bonds as
Thi high coupon rate ol
BPrith it-i Inrge r-irr..n rt:M-u
H attra. ti-. e to thL
Hlstin. fly p. irluer
B bond market a 1
tlie rhanee of appreclatioi
Sa', which pror.,i .,,
cent:.e in hf, r-d?,.r buving of
psrm bonds the past f: monthu
irel. 'atklng in this kind o' se
lf It Is . qualh 1 ru- 'hat -1
' ot "..'ton.
"Ar;" Sept 30. B
Lcicameiy ..xtras, 42o firsts.
".' s n 4i ..
?' Unchanged rei i pb J1.337
gy. allvi ...... f0 .
brings itc . roostoi s i
J0,1 bept 30 - ThJ ual
n of tho clearing house bank
ft companies for the week
tthat they hold $58,636,750 In
or legal requirements. This 1h
Bease of $15,953,900 from last
I feci' 2? roy8' VOid wealth.
B you ri hnn0 ."Vthod that will
1 I beciusi ft Vnlt u h"f,n to
nablt j0ll will neve, lose it
I Kture. nd thc,cb: ln8Uro
a. hogle & CO
Uft'i', Ooden , oi Ancelci
6alt Uako City
N'EW YORK. Sept. 30 More threat
ening complications in the Near East
and a further break in sterling ex
i hanaTS wi re responsible for the r
lactlonary trend of prices in today's
i ri. r session, of the stock market.
Sharea which npoarently had b-n
bought for supporting purposes Fr iday,
were thrown back into the mar
kct tpda) nnd these offerings, com
blne.j with aggressive short selling Of
the steels oils and equipments, count
'ed for the market's depression. The
spirited bidding up of a few aelected
Shares such National Hincult. who n
tus pushed up five points, and Otis
Elevator up eight, failed to eheck the
eollni ..ere Mexican Petroleum
exhibited acute weakness. dropping
four points while Crucible and Ameri
can Locomotive jeceded three each.
Tosses of two and two and three-quar-ter
points wer- austalned by Bethie
km Steel, Consolidated Qaa and Bald
v. in The closing WSJ weal Sales ap
proximated 350.000 shares.
LOCAX, IW'EfirorEN'T SECURJTTEH.
(As reported by T A Hos'e & Cot
RANK S': OCKS
HankVrjTTrust $100 OolflfO.Ot
olumbla Trust I 90. 00 ;
ret National . . 2 70 001 2 75 . 00
Deaerel Savings .. . 205 oo, 210 00
hirst Nat of Ogden. ' 310 00 I
Nail Bk of Rep 1 l3o.no
'National Copper 145.001 150.00
I Securltv State bank.i I 100.00
XTUh Bute National. . I 100.00 li: 00
I 1 'tab Saving- Trust 95. 00' 1 05 00 j
I Walker Bros Bunkers' 228.00' 232 00
I Zlon's Savlngw A 'freti 205.00j 210.00
I N D I j ST R I A Lj STOCKS
A mill "sugar -om ...I 3.20! 3.35
I do 8s pfd I 78-00; 79 00
Con Wagon I 50 00 57.00
Home Fire Ins. .. . 320.00 325 00
I Independent Coal .. 58.00 61.00
Morgan Canng 9s pfdl 101 00 103. "0
811 St Tel & Tel .... 104.00 106.00
People's Bug pfd. cm, 2.00! 2.23
Sehramm-Jusn 8s pfdl 100 001 102.00
Standard Coal ... I 62 .Si
U S Fuel 7s pfd ... I SO1 85
Utah-Idaho Sugar .. 3.00' 3.10
Utah Fire Clav 50.001 55 00
T'tah IT & Lt 1st pfd1 94.00' US. 00
Walker Bros T . Gels' 200.00!
Z C M I i 111.00; 113.00
S L. Stock Ex Sa 1929 ss 001 90.00,
Stndrd Coal 6s 19231 1 It 00
Utah P & L 1st 5s '441 93 .00' 94 00 1
Ut I-t & Fr 4s 1 930.. 85 00' 90.00:
Ut-Id Sug 7s 1930... I 7.25 99 00
M A YOR K8TOCKS.
Allied Chemical & Dye . . 81
Allls-Chalmers 53 4
American Beet Sugar 4 3
American Can "6
American Car 4 foundry 185 ,
American Hide & Leather pfd . iS '
American International Corp. . . 34 1
American Locomotive .123 J
American Smelting & Refg. . 59'4(
American Sugar 77
American Sumatra Tobacco .. 37V2
American T & T 120"s
American Tobacco 159
American Woolen 97J2
Anaconda Copper 51 j
Atl ; u 1 1 W Indies 28"
Baldwin Locomotive 132
Baltimore fc Ohio 153
Bethlehem Steel B 7-0H j
Canadian Pacific 161
Vntial L-ath.tr , 39'4 I
! Chandler Motors 60
Chesapeake & Ohio . . 71
Chicago Mil A St Paul S0.'v
Chicago. R I & Pae
Chino Copper 282
Colorado Fuel & Iron 32
Crucible Steel 81
J Erie 1 5
Famous Players-Lasky 'Jl'i
Gt-neral Asphalt . 59 Ti
General Electric ..175
Oeneral Motors . ' 14
C.oodrich Co . 33"
Oreat Northern pfd 90 12
Illinois Central 11'
International Harvester 105J4
Int Mer Marine pfd 58
International Paper 55li
lninelble Oil . 15
Kelly-Springfield Tire 40
Kennecbtl Copper 33"
Louisville ft Nashville 133B
1 M-xican Petroleum 176
Miami Copper . 27 ss
Middle States Oil 13
Missouri Pacific 204
New York Central 94'4i
N V N II & Hartford 29'4
Norfolk A Western 1198
! Northern Pacific 85
j. Oklahoma Prod & Kef 2!tf
j Pacif ic OH . 55
Pan American Petroleum 75,'!
People's Gas M
Pure Oil . . 30 U I
Ray Consolidated t'opper . . 1 4 I
1 Reading 7 53i ;
j Rep Iron & Steel 54 b '
; Royal Dutch N Y 55 i ,
Rears Roebuck 87
1 Sinclair Con oi' 33J '
Southern Pacific 92s".
Southern Railway 2414
Standard 11 of N J pfd 195 14V J
Studebaker Corporation 125S'
Tennessee Copper 9 I
Tennessee Copper 9i
Texas Co 34
Texas & Pac fic 27
Tobacco Products 83frgl
Transcontinental OH 13
Union Pacific . 147
Cnlted Retail Stores 78
U S Ind Alcohol 61
United States Rubber 51
Cnlted States Steel 16
Ctah CoDHer 84V
WetinKhotJ5e Elertrlc 61
Willys Overland 6H
American Zinc, Lead and Sni..l8VB
Butto & Superior 31
Cala Petroleum 61
Montana Power . 72B
Shattuck Arizona 9
Great Nort hern Ore 38
Chicago Northwestern . 897i
C HICAGO FITURES
Open High Low Closo
Sept. . LIS 1-11 l.OSVa 1.10
Dec . . i 04 1 .06 1.04 1.06
May . 1.07 109 L.07 1.09
Sept. . ,62 63"n .63 - 62b
Dec. . 62 r -68 K .59
Mav . . .8 1 . 2 .61 .61
Sept .. .41 .40S .41
Dec. .. .88 371, 36 .37
May . . .38 . 59 88 . 38
Oct. ..10.95 11.30 10.96 11 10
Jan. ..9.10 9.1o 9 05 9.10
Oct , 10.30
CHICAGO. Sept 30. Potatoes,
wal. re'e.pt, 142 ears; total U. S.
ahlpnu.ntn, 1.27 2; Wisconsin sacked
and bulk round white, 7500r rwi :
Minnesota sacked and bulk naud land
early Ohlof. 75 90c OWt South Da
kota sacked and bulk earlv Ohlos SO
0900 cwt: North Dakota sacked eob
'oler. 96c owt
NEW I). S. LOANS
I CAUSE DECLINE
Funding Issues Expected to
BY STUART P WEST,
sptvial tn The Mandanl-Kxaminer
J ' Copyright, 1822, by Tho Standard
f i m 1 n e r 1
NEW FORK, Sept. 30 fi the face
I of things the threat of another wei
, growing out of Turkish ambitlona for
! the recovery of Tlirare, the Oreek
, revolution and the determination or
1 England to retain the (rolls of the
I allied vmtury would BSenx to have been
I the o-ershadowing consideration in
the financial situation during th last
week. Th practical vvew is lhat it
has dimply fitted in with other influ
eni eS which by themselves would
have caused the same series of changes
I in the. various markets. Apparn1l
it has been a greater factor in the
sierMng exchange movement than anv
:r here 1sp. and yet the decline in I
sterling of 13 cems in the pound f rom 1
the high of a month aso could easily
have resulted along customary pres-i
sure of commercial blUs drawn against j
purchases of our grain nnd cotton. 1
Professional Well street is unanl-
rpoua in spying that the stock marke,
would have had to go through the id-,
iustment lt has. regardless of the out-1
COA LJIN.MKN i FINANCING
I Tho political troubles in Europe
ihae added to the restraints upon the
I investment market hut the real rea
son why bond prices have been slip
' ping for the last fortnight is the un
certain regarding tho forthcoming
United States government loan. Wall
street sees in this the first of a scrle
of similar transactions the object of
Which will be to fund the J4.000.00o.
000 of short term obligations falling
due within the next ten months, in f
a longer term security
TMo new bond v. ill actively compete
ith the present Liberty loans and
with the other high grade investments
In general. Presumably it will be Is
sued on tern. a that wtll make the
competition with o;hr similar securi
ties fat orable to the side of the
treasury This is what the bond mar
ket has lxad In mind for the last two
weeks and tho result has been a steady
if not hurried selling pressure which
has brought pric a down substantially
from the top.
SP1 t CLATORS DOMINATE
The stock market as a guide to gen
eral conditions has been of very little
Significance It has been an affair
Of rival groups of speculators endeav
oring to try out tho position within
Hi" market itself. Over a good part
of the list the campaign of the Kprlnp
and summer had exaggerated the le-
luiuair 1 III 1 u r-1 1 1 r n l ill vuiljfit 1 US
purposes of reaction which set in im
mediately after Labor day was to cor
Whether or not this reaction had i
run fur enough vr. the question in!
dispute at the close of the wek. The
most that could he said was the pro-'
fessioral effort to force prices dowr.
were encountering more and more op- i
position and on the whole were meet
ing with no sustained success There,
was a well defined suggestion in the
market of the last few days of Inter j
ests which had disturbed stocks a
mor th ago taking advantage of the j
weak spells to get thorn back.
I CREDIT FORECAST
The fundamental motives In the
Wall atreet situation are based as they!
liavr- 'hPon .!! nlnnir rn r-nnf l,linrn r.r
at least a moderate degree of busi-
n;9 prof-prlt 'luring the coming ear
jand T-auranco that with the tremnd
I our- addition to the country's gold stock
th hanks can readily take care ol In
crossed mercantile demands and have
an abundance loft for the granting of
: credit on easy terms to other classes
iof borrowers With satisfactory earn
ings and low money rates it is felt
that no ground "Xists for any down
I ward movement othr than the reac
! tions which are bound to occur after
pi nods of active speculation like those
, of Inst May and August.
I The fact that the markets of the
WOlid have not been more sensitive to
the crisis in southeastern Europe
means either that they do not belie e
that it will lead to actual hostilities
or that they feel the result will not
i he r. ; ry seriou v. sh ou !d there come a
I clash. There are, of course, all sorts
of vnguti possibilities eonnec.tod with
an eruption at the Dardanelles. But I
j the fact is that no matter what may j
be said for the fighting qualities of
the Turk or whetner or not the threats
of soviet Russia are worth consider-1
Ing. the only European country with!
financial resources able to carry on a
war Is Grc-at Britain.
GERMAN POLKA UNCHANGED
The Inflation ef the German note
ri nc) has so tar shown no signs
Of mbsidVng despite the six months'
postponement of reparations" payment.;'
in cash ejulte possibly the latest
Relchsbank atstement was not con
clusive testimony on this subject. It
'i ay take another week or so to es
tablish whether there has been a
change- .n riie German attitude. But'
it is disappointing, on the evidence in I
:.ann that the relief afforded the C5er-I
man treasvy by the temporary tms
penslon of cash payments ha9 not put
a stop to government burrowing which
i? the main auao for the Iremendoui
issues of paper vies. Meanwhile con
trary to the general oplulon in bank
ing circles that tho activities of the
printing presses must bo attended by
progressive doi r. oration In the value
of tho mar.c. it io happens that the
mark has remained stabilized now for,
nearly a month bhowing no tendency I
to break through its previous low fir !
Ogden Cash Grain;
(Quotation fornUhcd by Glob Grain
A Milling Go.
( Values include freight paid to Ogdn
Utah Winter Wheat
No 2 dark hard, 845' 94c.
No. 1 dark hard, 81 S'.-.
No 3 dark hard, 7S87(
Utah White Wbiesl
No. 2 soft white-, 66(Q F6(
No. 8 soft white, 62 77
No. J hard whlto 61"3iJ12c.
No. 2 hard wblto 69$ 79c.
Idaho Wluter Wheat
No. 1 dark hard. S4 q, 94c
No, 2 dark hard, 81 fl 96c
No. 3 dark hard. 7S98c.
No. 1 hard winter, 79 1 89c.
No. 2 hard winter. 76C66c.
Idaho Hard (spring Hlu-at
No. 1 dark northern. 84 99c.
No. 2 dark northern 81&f7c .
No. 3 cb.k northern. 78 95c.
Idaho '.Vtnter Wlicat
No. 2 soft WJ ite, 6 991
No. 3 soft white 00 5 SC.
No. 2 hard' white, M084C
No. 3 hard whlto Bl 91c
Idaho Wlilto Fee-d Oau
88 bulk. J 1 . 5 g 1.7 g.
Light oats 6 ijf . 16c less
If sacked. 6'; additional
No 2 yellow, $1.30(g1.38
No. 2 mixed $1.84
lAbov;- bulk, sacked sc additional
Onf." fourth of all the 709.000 teach
ers In the Cnlted States attend sum-mf-r
(United SU.tc.-i Department ol AgTi
I culture )
CHICAOoi Sept. 30. Cattle Re
jCeiptx. 2500; compared with week ago.
near choice and prime native beef
Istecrs and yearlings largely 26c high
er; other grades largely 25c down;
spots off considerably more; extreme
,top native beef steen? $12.2"); top long
yearlings $12 oo; top mixed ye&rllnga
Steers, and heifers. $11.75; western
grassers largely 10c to 16c lower,
Blockers and feedera mostly steady,
better grades cows and heifers 2&,c
I tower. In-between grades dragging,
I uneven; sharply lower in spots; can-ner.-i
and bulls largely Steady;
'calves mostly 50 75c off; week's bulk
jprico native beef steers $ 9. 1 6 qi 1 1 .00:
Western grosser 7.OO07.7,6; Blockers
and feeders $6 3o7.60; beef cows
and heifers $4 ." i 7. Ci canners and
cutters I8.OO0S.65; desirable veal
calves, 111.75 li. 25
Hoga Receipts 6000; dull around
10c lower; bull. 17" to 210 pounders.
$10,26010.96; $10.40 practical top;
two loads Jio 36, earl ; out of line,
good and choice 240 to 270 pound
buti hers, mostly $10.2610.26; bulk
packing sows. $7 7502.26! bulk desli
able weighty pigs, around $8 60; esti
mate,! holdover 8000. heavy $9.00
10.25: medium $9.90(10.45; liglit
$10 oog 10.40; light light $9..s0 ? 10.20;
packing powii smooth, $ 7 . 8 " 8 :0; I
packing BOWS, rough $7,2p0T.75; kill
ing pigs. $S.75ij)9.75.
1 rect compared with week ao. fat
'sheep and lambs 25c higher, closing
(top native lambs $14 .".0; bulk $12.76;
J (fT 14.66. culls mostly $9.00442.60; fat
I heavy ewes, $3 5o4.00 liehte-r weight
j up to $6.7S. week's top feeding tamba
$li 65. bulk $1 4.00 (7 14. GO
ST JOSEPH. Sept. 30. Hogs Re
IceiptS, 3000, lights and butchers,
'.strong to 5o higher to packers, steady
to ahippera, $1 00 paid by both, heav
llea and nived mostly steady; bulk
j 170 to 240 pound weights $" 8510 00;
choice 300 pound weigh'- (9 60i pack
ling sows, slow, steady to weak, most-
1 $7 75 'a 7.S5.
Cattle- Receipts. 7 00: western grc. s
'ers about steady for week, best na
tive steers and yearlings 16026c higli
jer. others and western irrassers and
Ibeef cows 16026c lower, cann-rs
j around 6teady, best light veal calves
.50c lower, e-thers. DOC021.OO lower;
'atockers and feeders steady 25c lower;
WOelc'a bulk prices native st-rd $0 00
11 75; western grasscrs $5.00 7.85 .
Le-i cows $4 00 fp G 00; canners $2 50
Co $2 76, best veal calves $ 10.50 ig' 1 1.00.
storkors and feeders $4.007.00.
Sheep Receipts 500; for week,
lamb steady to 25c lower; sheep 25c
lower; hulk for week; fat lambs $13.25
1014.35; yearlings $11.00, wethers
!$S.00; ewes $4.506.60; feeder lambs
KANSAS CITY, Sept 30. Cattle.
Receipts, 1,800; for week; better
grades beef steers to 25c. higher,
others weak to 26c lower; top, $11 90;
fat she stock, generally 16060a lower,
eanners and cutters. 10 to 35c lower,
bulls. 15 to 25c lower, calves, weak
to 60c lower
Hogs: Receipts. 1,500; fairly active
to packers; steady to strong; 185 to
2 40 pounders, mostly $9.75010.00;
bulk. 250 to ?, 00 pounders. 50 50"?'
9 90; bulk. $2.26 010.00; packing
sows. mosU steady; some 25c lower;
bulk. $7.75 8.25.
Sheep: Receipt", nom; for week;
lambs. 36 to COc lower; too, $14.65;
elitcii generalh 26c lower.
OMAHA, Neb., Sept. 30. Hogs:
Receipts. 6,000; butcher hogs, strong
to 10c higher; bulk, 200 to 300 pound
butcher, $10 16; packing grades, steady
to strong; closeri wak; bulk. $7.90 'q
16.36; top. $10.25; bulk of sales, $8.00
Cattle: Receipt?. 450; compared
with week fgo, better grades t-orn fed
steers. 15c to 25c higher, spots more:
short feds and others 2 5c to 60c low
ler; she stock. 25c to 50c lower. bulls.
1 25c lower, veals, steady to 25c lower:
Istockers and feeders, generally steady.
! Sheep: Receipts. 1.500; cemipareel
I with week ago fat lambs. 10c lower;
sheep and yearlings, steady, feeding
and breeding sheep. stead , fee-ding'
lambs, 16c to 25c lower.
j CHICAGO. Sept. 30. Higher quota
1 tions at Liverpool in the face of bet
ter political news in Europe uas re
flected in the wheat inarkfct here to
day, and values showed some strength,
the December delivery' being in the
b.ad. Fluctuations were rapid, how
ever, because of evening up on out
The opening, which varied from un
changed figure? 4 advance, with
December $1.046 01.04, and May
I $1.07 ; (a 1.08, was followed by a slight
decline, then something of a general
I Evening upon September contracts,
I became more gem-ral toward the fin-1
lishi and the close was strong, with
values Bhowing u net gain of 14 6 -
with December 81.054 01.05. and
Ma. $1.08 Q 1.09 Va-
Corn and oats followed the course
of wheat, the active deliveries show-;
ing the most strength. After open- 1
lng He lower to a like- advance, with
Decomber 5Xc(&58 4 c, the corn market
s ored moderate gains all around.
Prices changed rapidly and at th :
finish, the market was unsettled, with j
values ranging from c decline to T J
advance, with December 69V4 069UC I
ejats startcri Lower to 'i
with December 364to 36 T9 and later
scored slight general gains
Provisions were slightlv lower in
line with a decline in hog values.
CHICAGO. Sept. SO Wheat. No. 1
hard. $1.09)401.11; No. 2 hard, I . l 0
Corn. No. 2 mixed, 64 65c, No. 2
Oa1s, No. 2 white. 4 1 4 1 c , No.
2, white 100 40 He.
Barley, 5s 63c
Timothy seed, $6.0001
Clover need, $ 1 2.00 '3 1 7 ' 1
j KANSAS CITY, Sept. 3o. Whet,
September, SSc. December 99c;
May $1.01 .
Corn. September, 56c December;
65c; May 6 7 4 c.
ST. LOUI0, Sept. 20. Wheat. Sep
tember $1.06: December $1.04 asked.
Corn, September 6.'lc; December 59c.
Oats, September 3 9c, December.
OMAHA. Sept. 30. Wheat, No. 2
hard. $1.0001.06; No. 2 mixed. $1.01
Corn, No. 2 white. 67V4c; No .2 mix
ed, 67 4 (stltlVic.
Oats, No. 2. white. 3 7ic: No 3.
MINNEAPOLIS. Sept 30. Flourr
unchanged to 20c lower, family pal
cnts, $6.60 g 56.
tlffcffelt The Kind of Employes
Ogden is growing fast, making room for every busi
ness to grow. The growth of your business will
open up new responsible positions. Men and
women trained from the ground up in your busi
ness are the best qualified to fill them.
You want employes who are steady, industrious
and ambitious to get ahead. You can help them to
become so; encourage them to save.
We will appreciate it if you will recommend to
National Bank of Commerce
CHAS. H. BARTON. President
MEMBER FEDERAL RESERVE U Y STEM
2453 Washington Avenu
u , ;
Buy Only Long Haul Rail Securities,
Says Roger Babson Who Fears Auto
Trucks Will Ruin Short Line Trade
I : ; I
WEI, LESLEY HILLS. Mass.. Sept.
30 Since the ac-ttlement of the rail
road strike many tips ha-, e come from
Wall street relative to tho purchase
of rallroae! securities. Relative to
the.se recommendations Roger W.
Labson today Issued the following
"There Is no doubt but that the
settlement of tho railroad strike
favorable to general business Owing
to the coal situation, such a settle
ment was absolutely necessary, ilore
over, It has been moio or less favor
able to the rail roads. The wago
j workers have gone back at the ratas
' determined by the railroad labor
board and most of those who went
out on strike are sorry that they did
it. The seniority question was settled
on a 50-50 basis, neither slda claim
ing a victory. This also is well for
all concerned because the railroads
ar- now able to restore senloritv
rights to the good men who deserve
them and to withhold them from
those who do not. Wall street Is
Justified In sending out reports that
the settlement Is favorable to railroad
STRIKING IN HASTE,
"The settlement of the strike on
th- present basis should also prompt
both sides to 'count ten' before an
other strike Is precipitated. In otner
words, the railroad strike was expen
sive for both the railroads and the:
r kge-workers. The w ace-workers to-J
klay realize that the railroads aro 1
stronger and better able to handle a
labor situation than has be en the c;tse
Tor man:, years, while the rallroaasi
have greater respect for tho labor
unions than they have had hereto
fore. All of this means that when
(.as repr,rt- d l, j. a Hogle & Co )
1 Bid Asked
Alta Mle-b j j .13
Albion Con .08
Amer Metals .00
Alta Tunnel .03! .06
Bullion ! 01 .01
Hig Hill .03 1 .031
Big. Cot. Coal I 06; 07
Beaver Cop j . . .004
Bay State 1 .01 I .05
I Black Metal .05 1 .06
'Blng. Galena ! .02 .02
Cent. Eureka 00 .02
Jf'olb Re-xall JO '
I Colorado Con 051 .06
'Crown Point .03 .04
"Cardiff I .66 I .64
!Cott. King I .03 I .05
Daly West I 3 50 ; 3.60
Emma Silver .01! 02
Empire Mines .02! .032
IE. B. Bell I 2.S5
Emerald .05! .06
Eureka Mines I .04(
E. Crown i'olnt .02 ( .02
E. Tin. Coal J .00, .00
I E. Tin Con . .. . . . . . .1 .10 ,
(Eureka Lily 1 .06 .OS
Eureka Bullion .. , .04 j .05 1
1 Gold Chain .08 .05
LOrand Central ... ..j .60 j
Great Western I .04
I Hamburg Mines I .00
I Howell . I .03 I .03
iron Blossom ' .26 i
1 rnr Vino IK I R '
Judge M. B. 8.95 I 4.25
Keystone 26 .35
Kennebec 02 .03
Lehl Tin 01 j .01
Lenora J .00i .o0
Lynn Big Six j .04 I .07
Monsonlte ! ! .00
Mammoth .35 ' .60
Miller Hill I .01 I .01
Mav Day .00 i .012
MKhigan-ltah ... .' .14 , .16
New Quincy .0i .01
Naildriver I .08 ; .16
No. Standard .02: .02
"phohongo 1 .00 . 00 Vs
FMutiio . 23V4I 24Vi
I Princo Con I .09 . 1 0
,' I'aloma I .00! .01
j Pioehe Bristol .01 01
: Pnco Mining -02,
!Proo I .03 1 .04
Rico Arg. ... I j .02
Reeds Peak ! I .02
So. Standard ! -07 .12
Sells I .01 .02
Syndicate j 01
Silver King Coal. .. 2 30 2.40
Silver King Con. ... 33 .85
SIOUX MlncB I .03 I .04
' Silver Shield ... . ' .01
Tar Baby .00; .ot
Tlntlc Centtal I .00i 01
Pintle Standard ... . 2.67 2.70
Cnele Sain i .02 .02
i tah Con J .00
Victor Con ! .01
1 West Toledo .01) .02
(Walker Mining 3 . 9 5 i
Woodlawn .1 .06 .07
Yankee Con I .05
I Zuma I .05 I .06
1 September 80, 1922.
Alta Tunnel. 1000 at 5c.
Bullion. 2000 at lc.
Cottonwood King. 1000 at 3c; 1000
at 3 ci 2000 at BVfcc
Emma Silver, 16.000 at 8c.
Eureka Bullion, 500 at 4c.
Howell, 4600 at 3c.
Michigan-Utah 600 at 15Vfcc; 600 at
16c; 1000 at 14c.
North Standard. 1000 at 2c
South SLandard, 600 at 10c, 300 at
9c; 600 at 20c.
Silver King Consolidated, 800 at
Tlntlc Standard. 100 at $2 65; 100
at 2.67V&: 200 at 2.fl0. 2R0 .it 2 c".
200 at $2.6p; S00 at 8.70. "0 at
WuoHlawn, 2"00 at 7o
another difference arises both sldej
will be anxious to patch up th diftl- 1
CUlty before a strike is f ailed Instead
of being anxious to precipitate a. strike ;
as seems t-i have been the case two j
1 months ago. Therefore, barring the;
European situation which may ad-
vcrsely affect all securities becamo
people are liable to rush to sell their J
European securities and In so cloinp 1
all securities will bo affected, even
though another European war would
Ultimately help our Industrials and,
Indirectly, our railroads.
HARRIMAN LINES SAFE.
"Railroad securities, however, muit
be bought with great discrimination
The time Is past when all rallro ids
are good or bad. The next few years
will wltnesss as great changes In the1
railroad field as the past ten have 1
Witnessed In the traction field. Rail-I
roads have already felt the effects on
j pleasure automobiles, but they have
j not really begun yet to feel the
fects of auto trucking The trucking
of goods within radii of 50 or 100
j miles has only begun anel this radlua
may readily bo extended to cover 200
or 250 miles. Trans-eontlnental sys
tems such as the Union Paclfl
Northern Pacific. Great Northorn,
Southern Pacific, Chicago. Rock isl
and & Pacific, and Atchison have
nothing to (ear from the trucks. Jn
ract, thrt trucks may help them. Koada
like the New York Central. Baltimore
Ohio and the Southern can survive
and perhaps profit under this compo- )
tltion. With a road such as the Bos
ton & Maine. New Haven. Pennsyl
vania, Chicago North. Western,
Rending and the like, this is not true.
Til r vno m r r. hMinl 0.1 ft f ..
more from the truck than they now
I tnink possible.
small LINES ENDANGERED.
"We shall live to see great highways
. built by the state exclusively for truck
use. Railroads arc destined ultimate
ly to lose all of their short haul bttSi-
J nftss and hence the roads which are
In comparatively small and compact
territories are sure to suffer. The
I only hope for some roads such as the
; Boston & Maine and New Haven Is
to se'l certain of their' rights of way
j to the- state in order that the tracks
may be removed and concrete high
ways laid in their place. Many roads
have parallel lines totlay under their
control. The wise railroad compan
will develop one of these for Itself
and will sell the other at a good
prlc e to the slate for a concrete truck
highway. Frankly, I would rather J
1 take my chances with concrete se
CUlitles than with railroad securities
bought Indscrlmlnately Therefore, in
taking any tips from Wall street to
buy railway securities use great dis
crimination to select those which can
not be adversely affected by a great
development in trucking or those
Whose management Is far-sighted
enough to reduce their mlleago to only
I such as is profitable, selling the rest
for trucking highways."
Continued activity in building linos'
has brought general business to a
new hlpli level for tho year. The in-I
dcx of the Babsonchart now stands
at but 6 degrees below normal an
Improvement ol 2 per cent since last I
BINGHAM. Sept. 30. A total of 75
carloads of or! was shipped from the
mines of the Bingham district for the
IWSek ended last night, compared to 71
learloads during the. preceding wet 1.
These figures do not include the pro
duction from the Utah Copper nor the
Utah Consolidated properties The pro
duction of these mlne6 Is reported by
the companies each quait r
Mines and the productions of
fo-low. United States Mining . nmpan
41 carload, of one; Utah-Apex. 21
cars, Montana., Bingham. ars; and
Bingham Mines, 8 cars. Total 76 cars.
NEW YORK. Sept. 30. Foreiyn
echango, irregular; Great Britain, de
mand. 4.37; cables, 4.2 7 v& ; sixty
day bills on banks. 4.33-;,. France,
demand, 7.68, cables. 7.58; Italy,
demand. 4.4; cables, 4 24:
Belgium, demand. 7.08; cuLl"
7.0S; Germany, demand. .00, cables,
.06 1-1C Holland, demand. 38.69;
cables, 3S.70; Norw.iy. demand, 1 7 h
Sweden, demand, .6.51'; Denmark, ae
inand, 32. 12. Switzerland, demand.
18.66, Spain, demand. 15.13. Jr-.
demand, 2.!"0; Poland, demand, .01
Czecho-Slovakia. demand. 3 09; Ar
gentine, de'tnand. 35. i7. Brazil, de
mand! 11.62; Montreal, 1.00.
NEW- YoltK, Sept. 30. faberty
bond, closed; SVis, $100. OG; first 4 .
blank; seconds it3, blank; first 4 U
JD9.08; second 41,ts, $99.70 third 4 '4
$99.6 fourth 4is J98.94. Victor
4is, jioo.60 (uncalled); Victory 4is.
The necklace, now an ornament, was
formerly something that was a badge
of disgrace, worn only by s!aes as I
symbol of their servitude.
Difference in seasons is not due i"
the relatively small ehange in the dis
tance between the sun and earth, but
to tho variation in the slope of the J
earth an it travels Its orblU
'J'herss hlo Sdef
-your sdkj anty I
the 'inside' I
Youi money is too hard to
earn to risk It In reckless ven
If you are in doubt about the
safety of your investment, give
your money the benefit of the
doubt you will have It longer.
There is alwa.s one place
where your money is absolutely
safe and that is in some good
We offer you this safety in
our bank and pay you 4 per cent
Interest on your time deposits.
We v.ill be pleased to wel- fl
come your account at our bank.
LETTERS BARED I
Alliance Between China, Sm
Kussian Reels and G-er- 'mm
many Proposed. m
SHANGHAI S pt SO. (By the As- J
r.ociated Pre- i Sun Yat Sen, de-
posed president of South China. toda H
.idmitted the authenticity of letter.
published by the Hung Kong Telo H
graph, taken from Sun's private aaf B
infter his flight from Canton, dlscloa- 1
ing his connection with a project to H
(form a triple alliance composed of H
China, Germany and the Moscow Sov- H
let governnient fiBBE
DR. SUN ANSWERS.
In a lengthy statement. Sun Tat H
Son declared thai U waa his ronsld- mSSX
jcred opinion that China stands In 1
great need of assistance from "powers 'fl
that will tr-at wtih her as an equal H
(and I believe that Germany and H
I Russia as the y now are ovrnel can H
and will tieat with China on terms H
ot equality. Therefore. J favor a policy liLH
looking towards closer rapproachment ffif "
v.-Ub these powers"
GERMAN DENIAD. E
v.-ashinhtm:;. ,s..pt .io. (By the
Associated Pres.) Taking note of iH
published reports quoting the Hong H
Kong TeleRruph a .u-rting that let-
lore had been discovered showing that n-
( Jbscussions had been held by Sun Yat Mr
Sen, deftosed president of South Chins K."
relative to formation of a triple alh-
ance by China. Germany und the LJLH
Mo4tow soviet government th Ger- L'LH
man embassy several days ago made
lnquir' of the German foreign office ,
and announcement was made that a fp'
icply had been received declaring thai fLH
,: ,mnVnm " tlmo hari considered
bucb an alliance. I
-oo . .
CHEAPER GASOLINE I
.ccxnTrS r & WW
in the Price of kHoSI to i'edUCt,n H '
' lings, srhfeb was SSSStJ? thT ShV- WM
I . proving asllver lining .via Week' LP'
ot war which have lin t0n the, ol"
: h , ish ...hi: . " ''ng the K- ..
' mated lhat the anal aPaper e8ti" I
ind by the rsdHSfi!? Ka- 1
0.J0. Which In all it, 1 be .1 0.000.-
affect every on" whIflcat,ons' I
Istsornot, ' Whether autornobll-
The, largest cohbh,- Btl
the British Isles "i?"' 7 0f aHne in ! I
Omnibus compsliy i?ion Qneraj
; : ooo gallons -ili ' tl h Vh r,-'fiuires Ko;'
will mean a - 1 the reduction .
day in their fuel b H T,aL'l,t 80 a W
consumers are the I nH n 'xt larK' WM
They require a O"d-On( Taxicabs. I
daily. oout gallons P
The Chinese savTMTT
.n. end have tw,thelr comb-
breads, and thsnf1 lnt" long
caTAkrh MaZa i1'? fife-