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H 1 PAY MORNING, OCTOBER 1, 1922 THE OGDEN STANDARD-EXAMINER - ILL STREET TONE UNEASY (in Europe Believed nly Responsible For Reaction. BVKON SELLER. Correspondent of The Stand -srd-Kxaminr. tht. 1922. by The Standard Examiner ) 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 b. 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, BlWhile ThOSO 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 .. b; ptund ?' Unchanged rei i pb J1.337 gy. allvi ...... f0 . brings itc . roostoi s i BAJTK REPORT 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 1 i i Indpendent Income i 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 ynsej? y- a. hogle & CO Uft'i', Ooden , oi Ancelci 6alt Uako City j- 9 i 4 STOCKS DROP HEAVILY IN BRIEF MEET -f f 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 Bid Asked. 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 BONDS 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 I 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 Atchison 103 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 f'orn Products 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,'! Pennsylvania 471 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 Maxwell 18 Chicago Northwestern . 897i C HICAGO FITURES Open High Low Closo Wheat 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 Corn Sept. . ,62 63"n .63 - 62b Dec. . 62 r -68 K .59 Mav . . .8 1 . 2 .61 .61 Oats Sept .. .41 .40S .41 Dec. .. .88 371, 36 .37 May . . .38 . 59 88 . 38 I'ork Blank. Lard Oct. ..10.95 11.30 10.96 11 10 Jan. ..9.10 9.1o 9 05 9.10 Ribs Septa 10.70 Oct , 10.30 POTATO MAHJLET 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 Add Competition to Listings. 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 tide news. 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 rect this. 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 ! urea. T 4 Ogden Cash Grain; . I (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 Eastern Corn No 2 yellow, $1.30(g1.38 No. 2 mixed $1.84 lAbov;- bulk, sacked sc additional no Onf." fourth of all the 709.000 teach ers In the Cnlted States attend sum-mf-r icaool. 4- 1 FOREIGN LIVESTOCK (United SU.tc.-i Department ol AgTi I culture ) 4- 4 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 $14.00. 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 1 10.15. 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. ; 4 j GRAIN 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 Istunding contracts. 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 rally. 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 01 11. Corn. No. 2 mixed, 64 65c, No. 2 yellow. 640664c. Oa1s, No. 2 white. 4 1 4 1 c , No. 2, white 100 40 He. Rye, none. Barley, 5s 63c Timothy seed, $6.0001 Clover need, $ 1 2.00 '3 1 7 ' 1 Pork, nominal. lard. $11.20. Ribs, $11.00(12.00. 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. 27366. OMAHA. Sept. 30. Wheat, No. 2 hard. $1.0001.06; No. 2 mixed. $1.01 1.10. Corn, No. 2 white. 67V4c; No .2 mix ed, 67 4 (stltlVic. Oats, No. 2. white. 3 7ic: No 3. white, 36g37c. MINNEAPOLIS. Sept 30. Flourr unchanged to 20c lower, family pal cnts, $6.60 g 56. Bran: $19.00. tlffcffelt The Kind of Employes You Want 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 them the National Bank of Commerce OGDEN, UTAH CHAS. H. BARTON. President l 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 statement: "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 securities. 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 MINING 8ECITRITISS. (.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. Day's Sales 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 JJ.72- I WuoHlawn, 2"00 at 7o f 1 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 week. j BINGHAM MINES INCREASE OUTPUT 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. FOREIGN EXClLWGi:. 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. IilBERTY BONDS. 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. $100.18 (called.) oo 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. oo 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 V 'J'herss hlo Sdef -your sdkj anty I the 'inside' I Youi money is too hard to earn to risk It In reckless ven tures. Isl 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 strong bank. 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. COMMERCIAL I NATIONAL I BANK B OGDEN H 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 BRIGHTENS ENGLAND .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 yssh caTAkrh MaZa i1'? fife- ri mmWW wipss (!