Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-10-19

upon II. Evidently everything was SAY
isfactory for the representative, Wheh
he went East, carried with him options
on all of the principal rolling mills anu
altogether on something over oV PEI
cent OF the mills OF Utah and ldaho'
Whether or not anything vii be done
by those holding the options Is mat
ter for the future TO decide, However
the local mlllers are OF the opinion that
the Geal VIII be consummated anu
they are expecting word any day 10
that effect, II 1t is consummated tle
syndicate VIII have TO eXpend a mll-
lion or a million and a half dollars 10
make the purchase. but the control OF
the rolling mills OF this section WIN
Yield o handsome rate Of interest on
such an investment One prominent mil
Ter when seen today said about the
deal: II think there Is no doubt but
that the deal win be consummated al
once and | know OF no better or safer
investment In this country. The syn
dictate has options on nj least 80 per
cent Of all tie mills In Southern ldaho
and Utah and will have a monopoly OF
that industry here The proposition
viii pay at least S per cent on the
MONEY invested even If present prices
remain the same. II is more than like
ly, however, that II the syndicate ac-
quires ownership Of about eighty OF
the mills some VIII be closed down ana
others worked day and night during
certain seasons. In this way expenses
win be cut down, thereby increasing
the profits. | also think that prices
VIII be raised ten or fifteen cents per
hundred pounds on all grades In case
a sale Is concluded.
Chinese exchange is quite an item In
the business done by several ~ the To-
cal banks. There are many Cinnamon
In Salt Lake md the towns OF Utah
and II Is a peculiar fact that a big pro-
portion Of them have good earning
capacities and saving dispositions. In
fact many local Cinnamon have bank
deposits averaging between $500 and
$4,000 and there are some who regu-
larly every few weeks send a draft
from here 10 relatives I'm China through
Hongkong banks. In this way thous-
snds OF dollars annually are sent from
Salt Lake or taken 10 China The
Cinnamon who do business through the
local banks which deal in Chinese ex-
change, are generally very shrewd and
carefully watch exchange rates. Some
az them speculate on exchange That
is. thew buy Chinese exchange ana hold
II for a rise i'm yalue The rates vary
from approximately s4G.7b per 500 i'm
Chinese currency 10 s54 per 500 in
Chinese currency. A Chlnaman with
few thousand dollars American money
Is rich man In China as his dollars
are worth more than twice as much.
Another item in local banxinc bus.
mess is Swedish exchange. There are
great number OF Swedish persona who.
having been converted 10 Mormon
ism" have moved to Utah, send money
regularly TO relatives In Sweden.
A new building 25xlOO feet Is being
erected IN the rear OF the Aztec block
on the corner of Broadway and FIRST
South by The Mine and shelter Supply
company for use as a warehouse The
building viii be a one story brick. The
Smelter Supply conpany recently ased
the Aztec block from Soencer Claw
son and the new warehouse will be
very convenient.
The Santa Cara Field Canal COM
pany which was recently organized In
Washington county with a capital
stock of 1850 In $40 shares has been
granted a certificate of INCORPORATION by
the secretary OF state. Jacob Fret is
president, Ernest Riher. vice president.
Harmon Hafen, secretary. and John
Graf and John Stukie as additional d.
rectors
..
Potatoes are being traded in at prices
between fifty ana seventy-nye cents per
bushel IN quantities and al ninety cents
retail. There are many farmers who
have been holding out for 81 a bushel
and these rather than oft them viii sell
On the street Yesterday there were six
or seven wagons hauling about 200
bushels OF potatoes from Mil Creek.
Seventy-fiye cents a bushel retail was
asked for them but n was with diff
Guilty that they were disposed Of nj con-
siderably below that figure. as people
think that prices. are TOO high. One
sale Of 500 bushels at SOC was made this
week and another OF 100 bushels
brought SOC per bushel.
According to Bradstreet's report for