The Seattle Star Newspaper, May 8, 1923, Page 12

PAGE 12 a Introduce Northwest Goods to Consumers Will According to present did opportunity With the manufactured products of F the Northwest. I: r S by manufacturers © | assures a wide geographic fatlon, according to E. Rex general chairman of the exposition gommittec. The statewide committee DPhairman ship of EB H | Beattle, has members in incipal cities of the st active work in Vmanvfacturers. It is the object 4 Committee to bring together all represen Smith, | E Hatch all ls Of the Northwest and stimulate | ;), aif nt districts. The Washington fanufacturers’ association is assist- ‘ng the committee in this work. S) The Pacific Steamship company granted reduced rates from Alas- Do ka for the exposition, and a large at P tendance of Alaskan merchants is ex _ The committee sales closed at a: ‘B. Delong, in charge states that reservations ot closed within the week will Cancelled and offered to other} nxtous to get all early date. of booth that} | Bt a | i Financial Flashes | James Macfarlane & Co. 811 Second Ave. Twenty railroads $4.01, advance : 30 industrials 96.73, advance .13. Lehigh valley year ended December | H, shows deficit of $1,991,246, after and charges, against net) ‘of $10,050,797 in 1921. fed States government an-| ced new issue of $400,000,000 | % treasury notes. is much talk going the of @ merger among the lead- copper producing companies. tandard Oil of Indiana Gactared | quarterly 62% cents divi-| payable June 15, record May 16. | General Motors in April produced | 00 automobiles and trucks, a new record, against 40,474 In April, March, | Gasoline production in 701,355 gallons, new high record. |c. Stocks on hand March 31, 1,259,- 09,171 gallons of gasoline, increase 9,000 for the month. companies to lay new At-| c cable. Marquette, one of the consist- ‘strong spots in the list, reports iy heavier traffic at nearly all during the past week. of Chicago, Milwaukee &| for fiscal year ended Decem- 31 last, shows a deficit of $6,- 68 as a result of operations, com- red with a deficit of $11,070,603 in year. New Issues Tew tsue of $1,424,000, Port- Oregon, 4%% school bonds is offered by Halsey Stuart & bo, A. G. Becker & Co., William R. Eompton Co, and W. A. Harriman je bonds mature serially Febru- 1 and May 1, 1926 to 1942 and | being offered at prices to yield | 4.60% to 4.50%. They are a and general obligation of the Multnomah county, Oregon, district No, 1, which includes or partially the cities of} Multnomah and Lents, | @ population of 279,364 and j assessed valuation of $298,600,000. “total bonded debt of this dis- ft is. less than 1% of the assessed Seattle Kiwanis club will Wednesday noon at the Hotel man. Dr. Ahmed Zany, L. L. Cc. M. E,, dean of the chair Deyptology at Cairp university, speak on “King Tutenkhamen’s * Special musical features “on the program. cee and decorators, unit No. the American Association of and Workmen, meet evening at 7:20 in the as- hall, Collins building. All are urged to attend, ose penters and Joiners, unit Nq. in regular session Wednes- "evening, at 7:30. Important regarding conditiong in the n trade will come up for pecial consideration. “Business Changes,” Star publishes, without ge, changes of location by d business houses, It sippreciaie information of _ changes, adérensed to the Editor.) re James Patterson Hat Shop has ved into their new shop, 2202 P. ite-Henry-Stuart building. 7 he Lubricating Gasoline company apes ed their office from 6628 +H ‘Stuart building to 102 Community Stuart buildin; building Aprit 14, jasper, insurance adjuster, ed 6503 White-Henry-Stuart moved to 311-312 RADE TERMS | MIXED COLLATERAL a loan i secured by more one kind of collateral, ay, for mance, part railway bonds and Ae ipal bonds, the collateral a" A wecured in nas a isis Pele GRAIN PRICES AT LOW MAR CHICAGO, May Grain Weak thruout the day amo board of trade today wed at the t mar t downward movement > in commodity prices. tton and the decline was felt _ prices n the and low on n on in India ‘and ontinued at of the ditions th Misaiesipp in other parts grain market pped of days and ry today c has dr few qu Influenced the « There wast ats by commis |prices declined in other grains Provisions were the heavy receipts prices, Chicago Board of Trade |! Monday's Quotations per Migh Low Close 19% $1.18 #-16% 11.16% Lis Lies rn market buying lower, to and due drop 4 Bept May July. Sept Oate— | May July... Sept. ard aay. % July Sept Ride May July Bept Chicago Car Lots “Monday's Quotations ir -v yo by Logan & 0 Second Denver Live Stock Monday’ Cattlea—Receipts, 2 Ste higher 50: ic to ewes, 39) | | Texas Company | | Total transactions . 2,316,000.00 | Ship News, Tides in Seattle First High Tido 12:35 a m., 11.3 ft First Low Tide | TAS a my 46 ft. Second High Tide | 12:23 p.m. 7.8 ft] Second Low Tide Jeep m, 23 te] . TUESDAY MAY 6 First Low ride, < High Tae” 10:62 & m., 7.8 ft Second Low Tide Sill p. m, 2.4 ft, Weather Bureau Report TATOOSH ISLAND, May 7.—8 A. M— Barometer rising; cloudy; wind south, 8 miles an hour. Passed in, str H. F. Alexander, at 4:50 a m.; str Edna, at $:30 a om Arrivals ‘ind Worasharestt ARRIVED—! May 7—tr Nome City from San Francisco via Everett, at noon: str Wa! from Portland, Me, vie ports, at 6:15 a. m.; str Forest King trom San Pedro, at 3 a. m.; str H. F. Alexan- der from ian Pedro via San Franclaco, L. 8. 8. Eagle from Sound . May 6—8tr San Diego from #an Pedro via San Francisco 130 4. m.; str Philoc- C., via. Tacoma, i. UH. Cramp from .; str Ad- mital Dewey from San Francisco and Onkiand, at 10:45 p. m.; str Atlantic City from Port Talbot via ports, at 3 p. m.; str Northwestern from Tacoma, 2:45 p. m.; ate Griffdu from Tacoma, at 8, 8. Gold Star for at $:30 a.m. May 6, str Lie- ian Francisco, at 1:35 Willhilo for New York via por! a, m. yi Alaska Vessels Potersburg—May 6—Salled, str Admiral Rogers, northbound, at 10:30 a. my . . ¢ Termmal—Pier A—Str Pier B—Btr Atlantic City, str President Jackson, schr Camano, Bell Street ‘Terminai—v. 8. 8. Gold Star, 8. 1. H, T, Hoather. Grand Trunk Pacific Terminal—str Ad- miral Watson, str Queen. Pier 14—Str Philoctetes, ventor. Plor 1 awe Owego, str Forest King. Pier 7—~Motorship Ruby. Ketenikas tern. . 8, 8, Bagle No. 67. itr Admiral Bebree. itr Admiral Dewey, str Wabash, tr Curacao, Shipbuilding & Drydock Co— ‘ons. atr Steel In- tr Latouche, str wineering Worke—str U, 8. Bhipping Bonrd Moorings--@tr Tco- nium, str Anna K. Morne, str Silverado, atr West Hartiand, fest Dallght. nnecticut Street inal—Btr Stoel ¥ixporter, motorship Gooleh ate Chas. Cram} kK LL Atiantic Street Luckenbach, King & Wingo Dock—Motorship Anvil. Stacy Street Terminal—U, 8. ©, #, Dell- ‘wood. Milwaukee Ocean Terminal—Sohr 0, 8. Holmes. Todd Drydecks—Htr Hagadahoc, wtr Went Taon, etr West. Nilus, Puget found Bridge & Dredging Co—str tterson. Turmine! Co.—Str Griftdu, motor ip Libby Maine, Nettles ‘” ti —Bee Mak ‘Torminal—str Mt, nta Inex, bktn Heffernan'a Drydock—tr Banta An Admiral Redman, motorahip Malahat Winslow Marine Tealh rT insiow Marine way-—Hitr » Gaesar, bark Betas barge Coquitlam City, | Whalers Star Ne on Ht N. xe Stock Market Mond. | Radishes | Ratabagae Mack Truck | Motors A 4 a Pacific * Reel r en Bottling 3 j & Blec 7 $ Amer, Petroieum 70) | Producers | Mavaxe™ Artnw | Bears-Roebuck. . Houttiera Pactti [Bouthern Railway do ptd | Strombers Tobacco Products do A United Retail Btores U#. Rubber do pta & Hmelting | U, & Steel Corp do pta . 17 Utah Copper | Vanadium Steet Western Pacitic Westinghouse Elec Woolworth b% ....1 White Eagle Oil... % 5 | Total stock asles, Total bond sales, 000. } i} Quotatia: Furnished bp Loran & Bevan ui 0 Second Ave, Seattle Seri High” Low jPiret 240 101,07 | First 4s Snes | Second 4 | First 4% Second tis Third «ya .. Fourth 44a. Vietory New 44 Close | 101.95 | 97.10) 97.34 + 97.83 190.00 99.95 tie Foreign Money Status Monday's Quotations hed by Logan & Bryan 0 Secomt Ave, Brattle Prebras value Present value . Bterling.. » 442% Canadian os French fra: ote Reigian franc. ote ‘awise frane, cu etn o ts Ota... eta. ete... cts eta. ets, ote ots » Norway krone... «Danish krone Greek drachma.... eee Foreign Securities Monday's Quotations Furnished by Logan & Bryan 0 Second Ave., Seattio Stocks— Bid Russian Sia, a Russian 61a, Russian 6%4«, French 6 Ask: 1921. rig 1926. 1919, Britiah 6 British Victory British Ret. 48..... Belgium Restor, ba, Belgium Premium German W, 1 Hamburg 44 Leipzig 49 Japanese 4s Tapanone let die Japanene Ind Oe United Kingdom United Kingdo Italian be San Francisco Produce Butter-—Mxtr y Abie Ib; primo firsts, 0 Ib, Egne—lxtras, 32%¢ dom; extra pullets, 3440 doz; undersized’ pulleta, 23%4¢ doz, Cheese—ci allfornin flats, fancy, 220 Ib, N. Y. Suaie and Coffee Monday's Quotations Sugar—Quiet. Raw, $7.41; refined, quiet: franulated, $9,509.00, Coffee—No, 7 spot Rio, 11%e Ib; No, 4 Banton, 14% @15 - Foreign Exchange N YORK, May 7.— ere change opened lower, Demi 94.62%; franca, $0,0062% marks, $7,037 to the dollar; $0,0573%, Foreign exchange closed lower, fter- ling, $4.01 16-16; francs, $0,06601%4; lire, 90,0487; marks, Wy 468 to the dollar, ox: Reports te08y; the Philippines have it that there is much gold in the mountaing of Luzon and on other isiands, It is alleged that no thuro exploration for gold was ever made, because the Spaniards were unable ‘Ito conquer the tribes inhabiting the interior regions, never tried, and Americans | age Fresh ranch, whi | GeeseLive, tat, | Turkeys—Fancy 4. p.. “THE pies WE'D LIKE TO BET HE’LL OWN A MINE BEFORE VERY LONG of the ants nd n what the ant Morris, and he sells Alanica, Latouche « letter 1 make their y of my custom er ims and wi and 1 dluplay front page girl, th er there “This t have ture of a pretty sella itself right wn is populated mostly ung men working in the and mills, and they like to of pretty girls on bo wally of thelr roc will sk you to consider the advisabil ity of printing the pl (head and shoulders only) of a good ooking girl on the front page at least three times a week. “Lam 10 years of age want to be a mine by mines I ma, and I owner when I grow up. Peppers | Potatore—Looal white, ton Yakima Gems, fney. graded Cal. new, per Ib. dor per tb k ‘6. oe Loe Khubarb— 1 al, bunches Per» Spinach—Walla ¥ Tomatoes— Mex turalpe—Cat, *. dos. bunches Fruits Prices Pald Wholesale Deale | Money—Comp, Lemons i's: 607 Jambo budded, per ™ Fancy bodded, per t™ DAIRY PRODUCTS Prices Paid to Shippers . Heatile delivery Mixed colors . . Pullete ... a Cwt., £6.b, Heatthe supply ¥. 0. B. condensary ... DAIRY PRODUCTS Pullews me 2 Or. tripleta ...+, HO 38 Wisconsin ereain brick’. a Block Swiss | Wash. triplet 4@ 28) Tillamook triph -” POULTRY AND MEATS Prices Paid by Wholesale Dealers to Shippers Brotiers—-Leghoros, per tb. Rocks and Reda. 1. ... Capons—Live, fat, per 1d, Fancy, 4. p. . Mens—4\ the. and up Medium, live, 2% to 41% Ibe. Live, Habt, 2 to 3% The ~— Gry picked 3 cents above 8 to 10 foe Heigian Hares——4 Ta and up. Live, fat, per Tb. . | Roosters—Old, live, per I, Mogs— Choice, tight ... Heavy, fancy. Veai— Fancy, Meht Medium, light : Med., heavy, 160-200 the. to 18 POULTRY AND MEATS Prices Puld Wholesale Dealers | wets. 4923 | Geese—-Drensed, per tb. Turkeys—Fancy, dressed . Hogs—Fancy, block Veal—Fancy, light . Heavy, coarse Mediuin, drewsed . LIVE STOCK Quotations at Stockyards Cattle— Primo steers Medium to go Prime cows and ight Light calves Wholesale Prices Flour—Biends, looals, 49's, bbl, Blends, toe bales Art, local, 49's, bbl, Art, local, bates Sugar—Cane, per owt. Boot, por cw... ebend GRAIN AND FI City Delivery, Wholesale, Barley—Whole food, 100'n , Rolled and ground, £0'-10 Corn—Whole, yellow, 1 Cracked and feed me Onis—Wholo feed, 100° x Tolled and grounds, 10'n-80'n . Sprouting, 100's Wheat—Recleaned feed All-Grain Chop: Chick Feed —190'« Chick Mash—100 Growing Feed—) Growing Mash—100's, Alfalfa Meal... Soya Bean Meal Bone Meal ..., Bone—Granuiated . Meat ernpi—itaniora . Hold | Hearings on Railroad Service WASHINGTON, May 8.—Hear- ings on adequacy of transportation on the Northwestern Pacific will begin at Pocatello, Idaho, June 18, | tur | those of | about $4,000,000 for the week. |tlement fund, 2/ Cleveland, Kansas City, the Interstate commerce commission announced today, ‘They will’ con: tinue at Seattle on July 17%, al furniture bi On the other hand to the Seattle manu factures furniture amount of $2,000,000 a year It seems a the Nttle bulk of th whould be inconsistent that Seattlomade furnl Id outside of the but The manufacture the Pacific 4 growing indus reached an imyx ule auch, they say, is the cane of furniture Northwest as a whole t nt # in in ‘age in Seat acoma and other cities If you think that only grades of furniture tured here, you are thinking in terma of 10 Or 20 years ago. Almost any val home can be obtained in west product if you ask for it Seattle are pleture plant of was taken in the Rainier Manufacturing company, Northlake It AH Wannberg at one of the lathes, turn ing legs for your chairs. RESERVE RATIO SHOWS DECLINE. Furniture ave shows out tables s Gold Reserves Increase in San Francisco Bank Increases of $93,700,000 In discount ed bills and of $1,400,000 in accept. ances purchased in open market, as Against a reduction of $9,000,000 in government recurities, are shown in the Federal Reserve board's weekly consolidated bank statement, issued as at the close of business on May 2, 1923. Deposit liabilities increased by $75,300,000, and federal reserve note circulation by $14,900,000, while reserves show a reduction of $4,700,000. In consequence of these changes the reserve ratio declined from 77 to 75.2 per cent All federal reserve banks, except Cleveland, Richmond and San Francisco, show lagger holdings of discounted bills tha the week j before, the New York bank reporting in increase Of $57,400,000 in its dis- count portfolio, Substantial increases | under the same head are also shown by the Chicago and Boston banka. Liquidation of government securities was limited to United States bonds} and notes, the New York bank re- porting a reduction of $7,800,000 of this item, Gold reserves show a docline of The gold movement, largely thru tho set was away from Bos- ton, which reported a decrease in its gold reserves for the week of $10,- | 000,000, and from Atlanta, where a | decrease of about $4,000,000 took place, Smaller decreases {n gold reserves, totaling $9,300,000, are shown for Shicago, St. Louis and Minneapolis. The largest increase in gold reserves, amounting to $9,500,000, is reported by the San Francisco bank, Richmond showing an increase of $4,600,000 and the re. maining three banks—an aggregate increase of $5,200,000. Holdings of paper secured by gov- ernment obligations increased dur. ing the week from $339,900,000 to $362,600,000, Of the total held on May 2, $206,000,000, or 56.8 per cent, were secured by United States bonds; $2,900,000, or 0.8 per cent, by Victory notes; $142,800,000, or 39.4 per cent, by treasury notes, and $10,900,000, or 3 per cent, by treasury certifi. cates, compared with $187,600,000, $3,000,000, $139,700,000 and $9,700,000 reported the bition before. Airplane Views WE'RE SPENDING OUR OWN MONEY “The country has reached a record level of productive activity,” says the National City bank of Chicago, “The situation has been made more interesting since the warning given by the department of commerce that the future course of business will be ‘determined largely by the adherence of the business community to the lessons learned in 1920,'" “It is pointed out also that the present situation is more favorable than in 1920, as the present index of wholesale prices is 35 per cent below the peak of that year, altho produc tion is just as great, It must be ro- membered also that the banks are not borrowing heavily from the Fed. oral Reserve banks, as was the case three years ago, This is an impor: tant change and means that this year's striking recovery in industry has been largely financed by the member banks out of thelr own re. sources and virtually without re- course to the redivcount facilities of tho Federal Reserve bunks,” at han already | the cheaper | manufac: | y of furniture for the averngo| North: | nd | This .|Co- operative M arketing Helped Tobacco Growers ' |Sapiro Tells Pro | oe Editor's Note-—The author P ! | this article, reprinted in part from “The Survey,” is the San | Francisco lawyer who has or. ganized co-operatives for market. | ing among farmers all over the | country, beginning with the Call- fornia fruit and nut growers. { BY AARON SAPIRO the five years ending with| which Included the high war For 1921, the tenant farmer's to-| 1 dls-| um. | there e years, | bacco tr income averaged for a s the sum of $210 per meant that frequently were no shoes for the children's fee He lived on pork, “corn-pone, *anses"—and hopes. | Came the astounding seasons of 1918 and 1919 and, for the moment, |what seemed to him unheard-of wealth stared him in the face The farmer did not ask whether |wuch affiuence might last, He bor |rowed every new dollar he could: often mortgaged his crop—to raise | | plenty of the golden weed in 1920. Then the gentlemen who bought his tobacco, to deliver it in turn to the other gentlemen who made it into cigars, claarets, smoking and| chewing tobacco—all of which the| public was buying at the same prices it had paid fcr them the year before | ~—«uddenly decided that his tobacco had overnight become a worthless commodity. The farmer was facing ruin. Thus starts another tale of two years. In that brief time the to- bacco growers “put across” one of the biggest and most daring co-oper ative marketing schemes of this day. The scheme proposed to do away |with this auction system and to sign| these farmers to an tron-clad con | tract which did not become effective j until {t had been signed by producers of 75 por cen} of the entire Burley jcrop. This contract made the signer & member of a co-operative society |to which he promised to pay an/ | initial membership fee and to deliver \for sale every leaf of tobacco that he | produced for the next six years. It waa the firm of Liggett & Myers | who first broke the ice by sending |down its two vice-presidents and chief tobacco buyer. They came into |the office at Lexington and told President Stone they wanted to buy tobacco. | “AM right, what grade?” We want so many hundred thou- sand pounds of grade A-3, 1,200,000 of grade D,” and so forth, and gave an order for more than 22,000,000 pounds, They asked, “What are the} prices?” The association actually named the prices—-and the prices were falr, everybody admitted that. But the as-| sociation made them. Other orders came tn, and the as- DROP SEEN IN FOOD PRICES Other Price Advances Halt, Says Report Activity in the ¢ building trades con- tinued to feature April business as it did in March, according to reports received by the department of com- merce, Building contracts awarded in April on the basis of three weeks’ reports were slightly higher than a year ago, while lumber production | continued to increase. The output of bituminous coal de- clined slightly in April but averaged well over 10,000,000 tons per week except in the week after Easter, Re- celpts of wheat and livestock have continued in good volume. Cotton receipts have made a sea- sonal decline, Wool receipts at Bos. ton wore very heavy, and for the week of April 14, were the largest recorded In more than a year, Exports of wheat, wheat flour and corn declined during the early part of April, but wheat and corn exports during the last week in April were the highest since early in March. ‘The rise in wholesale prices was halted in April, and slight declines have occurred in copper, chemicals and cotton, but the rise in iron and steol prices continued, The weekly food index has made rapid declines in the past two weels, and is now the lowest since last Oc. tober, Loadings of freight cars have Increased, and the net surplus of freight cars has been reduced to $4, 848 at the middlo of April ay against 66,041 at the end of February, Business failures in April were about the same as tn March, Sterling exchange declined at the end of April to the lowost mark of the year | sigpificantly, | doubling has come, How Poverty Was Turned Into |3% cont perity sociation sold more tobacco, The buyers still said it was fair. And of 60,000,000 pounds of green to. more than half was sold the advanced price. In the association sold out the baceo sold, at tobacco, November. The growers have received an aver- Jage of 21% cents per pounds, net, after all overhead charges oo neste - |tions for payments on jhave been made. But the comparison is not with the outsider. The association raised the price-level for everyone, in and out Some will stay outside the benefit of the stable p: But, since January, 1921, 21,000 outsiders have joined the as- sociation. And what has happened to these people is emancipation from serfdom. That former income of about $400 a year, which has now been doubled, meant nothing less. And with its not only the farmer's real chance in life, but the dawn of & new prosperity to millions of men and women who supply his needs. A little country merchant sald: “It's done it--that's what it has It's done it! Last year I thought.1 was ruined. They owed me all kinds of money, and they couldn't bay any- thing. Now lots of them have paid up thelr debts and they're buying again, I want to tell you, Sub, there are farmer customers of mine who are today buying shoes for the feet of their children for the first time in three years Foreign Trade The United States bureau of for-/ eign and domestic commerce has ro- ceived the following inquiries from foreign firms who wis to represent American manufacturers in their re- spective fields. Full information will | be given to American firms on appli- cation to 8. H. Blalock, district man- ager of the bureau, Lowman building, Seattle. Australia—(6331) Specialties, Brazil—(6259) Flour. British West Indies—(6330) Fruit reserving equipment; glass jars for packing honey. Canada—(6273) Novelties; bathing caps, ete, Cuba—(6277) Foodstuffs, rice and flour. (6290) Groceries. France—(6288) Foodstuffs, kinds except canned milk. Mexico—(6236) Building hardware. Norway—(6287 and 6289) packing house products. South Africa—(6294) Box Shooks; (6337) Flour; groceries and canned goods. Switzerland—(6285) Canned fruits and vegetables. Tasmania—(6326) Underwear and hosiery. all supplies; Fruits; Railroad Notes A special report of the interstate commerce commission, based on freight statistics furnished by 160 railroads, shows that the average number of cars awaiting repairs in January of this year was 9 per cent., compared with 18.5 per cent in the same month a year ago. The car miles per car day in the same month were 26,8 miles, com- pared with 204 miles in January a year ago, Net ton miles per car day in Janu- ary of this year was 494, compared with 861 in the same month a year ago. The net tons per loaded car wero 29 in January this year, and 27.6 a year ago. Mining Occupation Tax Is Held Valid} WASHINGTON, May = 8—The Minnesota occupation tax on ore mining was held valid by the su- preme court yesterday, This statute, which imposed a 6 per cent tax on the value of all ore mined in the stato minus its cost of production, was attacked by all the iron ore mining companies In tho state. Wool Mar Market Firm With Good Prices BOSTON, May 8—The local mar. ket continues very steady, with a persistent demand for fine wools, which bring $1.40 and upwards, The Texas clip is bringing top prices, 55 cents, and the best clips of the state remain to be sold, Fine wools in the domestic Western clips are bringing 25 per cent more than last year, re-dried | and still get) SUGAR ‘SUGAR PROFITS WILL BE LARGE Overconsumption Is Reason, Says Moody At home ing every ttack big busin hr occupation # influence trade ba erwely; to this strong is b in response e francs are to the improved outlook for the movement ponse nd h nation ‘Over in re indus trial Fre litical consumption of sugar in the nd at least five other largely explains is Mostly @ cas nd popular extrava duction meanwhil panding but slowly The Cuban su; ices merely hol ¢ past four mon should make profits per profits against while the 1-3 cents o is ex companies, if sugar at the average of o next largest pound should high next At this v ver . cents, be about 1% ecord of 3% cents ghest record was 1 the most conserva estimate, car's profits prjor to depreciation nd interest charges should be about cultural recovery seems |more nominal than real, since the ; purchasing power of the farmer fell from a yearly maximum of 112 per cent of pre-war times to a monthly minimum of 62 per cent, and has ince recovered to only about 69 per cent. So it is that the discontent of the farmer looks like a powerful po | last of ite holdings about the first of | litical factor.” = DECIDE FATE OF “WOOL MARKETS Hold Hearings on New Rail | Freight Rate Decl Ore, May 8—The |future of ific northwestern cities asx wool markets will be decided within few days by interstate commerce conimission, whose exam- iner, H. C. Faul, opened a hearing on wool rates here Monday after- noon. In the past, | PORTLAND, a wool growers of the interior have shipped wool to coast points for washing, scouring and | grading before shipping to the great wool markets of the East, particu- larly Boston. Recently, however, water rates on wooi from Portland to the east coast were cut and the land carriers were forced to apply for permission to adjust their rates to a lower level. The present water rate from Portland to the east coast is 90 cents per hundred pounds, sacked, while the rail rate is $2. Coast trade interests, who have |been supporting the railroads in their application have been slightly taken back by the discovery that the railroads, if the lower rates become effective, will make a charge of from 10 to 25 cents per hundred |pounds for the privilege of baling im transit. Heretofore, the lines have made no charge for this ser- vice. H. A. Davis, traffic manager for the Boston Wool Trade association, whose organization opposes the rail- road's petition, is attending the hear- ings and takes an active part in the examination of witnesses. F. W. Robinson, Union Pacific system; M. A. Cummins, of Oakland, for the Southern Pacific, and J. E. Davis of the O-W. R. & N. company, all freight rate experts, are presenting the case of the carriers. DIVIDE WORLD COTTON CROP WASHINGTON, May 8. — The United States had more than half the world's available cotton supply on hand April 1, according to fig- ures given out today by the com- merce department. On that date American cotton stocks totaled 6,039,000 bales, and the world’s total 12,010,008 bales. American production of commer- cial cotton in 1922-23 totaled 15,060,- | 000 bales, while the entire world's output was 27,291,000. During eight months ending April 1, the American cotton consupmtion Was 9,021,000 bales and the world consumption 15,281,000, Englishmen are rejoicing over a Slight tax cut, The new British budget will allow a reduction of sixpence per pound on income tax jand 50 per cent cut on corporations | profit tax. Invest in a Successful Going Business 7% Cumulative Preferred Stock Price $100 Per Share Redeemable at $110.00 and accrued dividends STEER and KLEISER Sth and Virginia Sts. Seattle, Wash. Kindly send particulars re- garding tais stock to: Name viviseesere se eeeeees Btreot Now iseedeececvsecveeee City, Vv State...