The Seattle Star Newspaper, May 24, 1923, Page 11

CLOSE LARGE DEAL IN FRUIT Two-thirds of Berry Crop in| Western Washington Sold rgest individual transaction negotiated in West ern Washington was concluded be D, Bodte, Sound Perry and fruit deal 4 tes ever tween R. Puget Growers’ canners. market for tons of strawberries, and loganberries, proximately os 8 raspber which ts ap. two-thirds of the total crop. The price deal is $300,000, tleally totat Involved tn the prices being prac the same as those of last year, which will mean a reasonable /orotit to producers. prices normally fix the market pric: small fruits should be about $2. & crate to retailers and 10 cents pint to consumers. The Puget Sound Frult Growers’ association includes the White Riv- er and Vashon co-operative assocla tions, and the berries involved in the contract would require 125 eight cara for rail transports tion COTTON SHOWS ; PRICE CYCLES 3 NEW YORK, May %4.—An inter. esting exhibit of price movements in} the last three or four months is fur- 0, 5 a nished by cotton and cotton goods. | About the middle of last December, spot cotton, New York, was selling around 26 cents per pound. It reached ita highest price during the week average price was 31.10 cents, The average price this week was again around 26 cents. So that the decline in prices of cotton and cotton goods has, up to this time, about equalled all the gains made in the upward rush of the last three months. Other commodities have had a somewhat similar history of rise and decline during the first quarter of the year and up to date—copper, lead and zine, for instance. The decline in cotton and copper prices has been attributed to recent falling off in European demand. In 1922, 66.5 per cent of copper produced in the United States was exported, and 61.4 per cent of our cotton. Financial Flashes From James Macfarlane & Co. B11 Second Ave. Twenty-fro million-dollar merger of movie interests aims to rival Fa- mous Players-Lasky. Reading earned $6.33 on common last year. Shipping board rejects Bethlehem Steel claims, German financial worse. Norfolk & Western not after taxes and charges in April, $1,170,782, ver- sus $1,985,202 In April, 19: four months, $4,354,720, versus $5,208,974. Pacific Oil earnings in 1922 were $21,422,005, versus $20,144,403 in 1921. Indefinite suspension of oil drilling operations in Osage Indian reserva- tion In Oklahoma has been granted by secretary of Interior. Authoriza- tion of suspension was said-to be re- sult of petitions from oil operators that there was an over-production in the fields. Federal rediscount rates will be maintained at their uniform level of 4% per cent for present, it was an- nounced at meeting of board's advis- ory council. April earnings of Union Pacific, tho showing an increase over year ago, showed a decrease from preced- ing month, but brought forth some favorable comment and was re- sponsible for some of the upbidding of the rail issues. situation fs Business Notes A brief survey of the business sit- uation by groups is given by The Bache Review of New York as fol- lows: Copper—Domestic and foreign con- sumers are buying little. Caution prevails in the cotton goods trade, with buying for’ nearby requirements only. Many Fall River mills have shut down for a week. The grain markets are working tr- regularly lower. In lead and zine, demand {s slow, both here and abroad, and conces- sions are offered. Gasoline and kerosene prices are weak, market dull, and export move- ment disappointing. Raw silk prnces are lower in a quiet market, consumers indifferent, and concessions offered. Crude rubber has had a heavy break. There is a large import movement and light consuming de- mand. Tire manufacturers, however, are experiencing a strong demand, and stocks are sald not to be large. The wool and woolen goods busi- ness is exceptional. In this trade for- elgn markets are strong and the do- mestic demand good, with production very large and prices profitable. The fact that car works are well filled up for months, accounts for light orders in cars and passenger cars, Automobile and parts manufactur. rs are following a cautious policy In Purchase of steel requirements, In the wire trade, demand for fencing, as well as for mesh for new construction and for road building, has fallen off. The steel composite price repre- ‘ sents a recession of 79 cents per |9*! &ross ton from the peak of the pres- ent movernent reached in the fourth week of April. TRADE TERMS ASSETS mupposed valve belonging to a per- son, business or corporation, The term includes property, real estate, machinery, merchandise, material And stock in the process of manufac- ture, cash and debts receivable, pat- ent rights, trademarks, good will, Profits, and the like, manager of the} As canners' | ending March 17, when the |x locomotives, freight | # WALL STRERT NEW YORK, May 24~-Announ tent confide in the financ f 00 Austrian reconstrw issues showed ing of $2 the list and active initial transactions Stoel advanced \h to 96 M to 103%, Ralls were strengthe In the week ended May tf? ¢ 1922, and rd for th Opening p included: Dup Sinclair, 39\, off 46: 1 6%, off York’ Gensral | up ducts, naolidated G 4A. up Studebake 26, off California 1084, up % GRAIN MARKET CLOSES LOWER :: CHICAGO, May cloned lower on the Chi trade today. Tho weakness in wheat ther augmented by the governn weekly crop report, which show generally good condition, with fie making #atiafactory growth in prac tleally all sections |, Corn wan under a ane and a leas urgent Kansas City reported has stopped buyin Ueally out of the | Oats declined Provisions we | |Chicago Board of Trade Menda)'s Quotations Po Wheat— Oper Mish Low Ma: $1.19% $1.20 n Lise 2 1 Lis 1 th ra and is p ash market with other cregul 2 2 | May so | July 504 Bept ’ € Ma: July | Sept. Lard. | May. rm 1% 9.40 CHICAGO, May 23 No. 2, hard, § we | Clicico Car Lots | Wednesday's Quotations by Logan & Bryan S10 Second Ave., Seattle Grain— Recta Cont, Reta. Lt Xr Wheat . 7 ‘ 338) Cash wheat~ Hogs, estimated, 25,000; 21,000; left over, 14,472. 00. Sheep, §,' ae. Portland Prides Wednesday's Quotations Butter—39 4 @ 420. Inst year Cattle, 12, Foreign Exchange NEW YORK. May 22. See ae exchange opened irregular. Demand) Sterling, $4.63%; francs, 0666 % 5) |lire, .0482%; marks, 84,545 to the | dollar, Poretgn teri! Mre, 0482; mark lar. ezchanse, closed lower. Mai francs, 0666 52,333 to the dol- N. Y. Sugar and Co Coffee wi Sugar — Quiet veer skier, quiet; granulated, §: Coffee—No. 7 Bie. Dot, ite No. 4 Santos, 14% @15 . . San Francisco Produce Wednesday's Quotations Butter—Extras, 48igc; prime firste, Mage Ratyaa: Bic: extra firsts, 20%e; extra pullets, 26¢; under- sized pullets, 21%c. Cheese—Californig flats, fancy, Baar Live Stock Wednesday's ations Cattle — Receipts, 3,200: market, steady to strong. Steers, 37@ 9.50; cows and heifers, $4.50@8.50; stockera and feocare 96@7.50; | calves, $4.50@13. Hogs—Hecelpta, igo: market, 10@ 15¢ lower. Top, $7.10; bulk, $6.76 ee Sheep—Receipts, 1,900: market, 250} lower, Sprin, lambs, $14.75@ 15.71 ewes, Fe: 50@7.5); clipped ‘ lambs, $13@ Liberty Beads 23e. E BANK CLEARINGS Seattle $6,806,408.95 1,758,147.59 Clearings wR aaah Portland | Clearings | Balances . 6,668,458.13 | oe 1,277,461.08 | Tacoma Total transactions. . peat 2,597,000.00 | —* : Seattle Stocks Furnished by H. M. Herrin & Co, 137 Cherry Mattie, Bank Stocks— American Savings Bank. .§ eo oe Hank of California. Canadian Bank of Com. Dexter Horton National. Firs National... Marine National Metropolitan. National Bank of Com: National City...... io, 00 220.00 300.00 115.00 230.00 +312.60 166.00 ++ 165.00 276.00 110.00 eeee 187.00 48.00 Roattie National Union Natloni Industrial Btocke— earns Car mation, wn Prod: ptd. Centennial Mil Federal Telograph . Fisher Flouring Mil Globe Grain & Milling, com 66.00 do pid ; oan ‘Tire and Rab- ber (Gaty pe has. Hi. iy. Sew World Lite Northern Lite: Ow! Drug Pacific Alaska Navigation. Pacific Gar & Foundr Pacific Coant Bisoult. Pacific Gas & Blectrlo pi Sales of Studebaker in second quarter of current year will exceed 40,000 cars, and its net profits after taxes are expected to be be- tween 10 and 12 per cent on common JOURNAL I ral’ Motors, stock, according to president of com- INANCIAL the ts had offer t 4 : ruout vious ¢ n the fornia Petroleum November ethlehem Steel, AB Petr Unite uy N. Y. Stock Market Wednesday's Quotations Fesnlehed by Log © Second Ave, 4 ry Seattle High Low Close Tobacco . 146% ase 40% Shile Copper hino Copper rucibie Meet Sube Cane Sugar do pref, a Amer. Hy Comp, Tab. & B Dupont Division Chemical | Dome Mi Lack & W Storage B ar Elee. Homestake Houston Oil Hupp Motors Inspiration do pref. Kana. City Soutiern, Kelly Springfiel: Kennecot! Keystone Ti Jullus Kayser & B Kreege Louleville & Loew Theate Lorillard Lott, Ine. . Mack Truck Maxwell Motors A.. doR. May Dept. MK. & T. do pret. Missourt Pacific do pref. Montgomery Ward Montana Power Melntyre National Biscuit National Enamel . fonal Lead Y, Alr Brake Y, Central... . Tex & Mex tok Northern Pacific North American Owen Bottling Orpheum Clreuit Phillips Pete. ... Pac. Gas & Elec Pan American Pet do B. Pennsylvania ...,... Pere Marquette .. Pierce Arrow ..., Pittsburgh & W. Vi Pittaburgh Coal .. Puliman Pal. Cai Total atock Total bond sai . Store N. + 63% 1a 1,800 tates: $10,322,000, e-. Foreign Securities Wednesday’ Purnished ete 810 Second ‘Aves Seattle Btocke— Russian Stam, 1921. Russian 5 be, 1926. Ruasian 6%s, 1919. French 5s, 1931, French 48, 1917, French bs, 1920. British 6s, 1927.. British 6s, 1929,... British Victory 4a, British Ret. 4s Belgium Restor, 6s Belgium Premium German W. L. 6 Berlin 4a ++ Hamburg 4%. Leipzig bs " 4 t 4ibe Japanese Second 4% United Kingdom, 1929... United Kingdom, 1937... Italian Cons, 6a. 114% 104 43% Forw.:a Money Status Wednesday's Quotations Furnished by Logan & Br; Second Sea - Sterling Canadian Ferman mari -Bwedish krona Danish krone. -Greek drachmi 16.00 cts... Price Concessions Made on Wool Sale BOSTON, ,May 24.—Loca\ wool dealers are making concessions today |W DO YOU KNOW? YEATTLE'S trade territory nk as tho cbie ol, mutton and | in t Pacifi | Publicly-owned tore the hides and wool, keep the meat refrig dd and let the farmers’ marketing system sell at advantageous times hides North terminals Big Oregon Timber Tracts Are Bought PORTLAND, ¢ May 24 two tracts of government timt |by the Portland district forestry service, the Sheviin-Hixon company 1, Ore, bought 2,200,000 t natic ting of yellow pine sand The Wind Rive bought 9,500,000 £ national forest growths ar Deschutes al forest, con s at $3.60 a thou Lumber company et in the Columbia This was mix © prices were $3 for 0 for nts for other species | Local Markets TABLI Prices AG, Wholesale Desiers white pine and 60 ¢¢ ry + per B®. dos, bune Yakima, 20 1.00 18 4.50 ire. bunches 10 6 Per Hi | Hatabagns. |Spinach-Walla Walla, |_ Texas, |Tomatoes—Mex Turnips: crate " © oo| jug, repack Cal, dos, bunghes or|* r sold in cedar and fir} Piney \ bE _—b YL CANADIANS GET 'Standard Oil Company Tells Public Its Side NEW LAND PLAN Settlers Given 34 Years to} Pay for Farms MONTREAL, May 24 land colo: Pacific of t Canadian railway s believed, will advance the of Western Canad {wh it a by 60 dent nottlement year announced by tty plan the company | indebtedness of farm- | niracts with it 4 thet jwill take the write thelr contracts and spre indebtedness ' period of years of an amortization About 30,000 farn in Western | Canada, it ts said, will be affected by the new plan, as well as all incom jing settlers preparing take up | company land. The nettler terms, basis to according to the will pay the same amou nually for 34 years and upon comple- |tion of the 34th payment will receive title to the land, No annual payment of principal and interest combined, it |{s stipulated, shall exceed 7 of the cost of the farm. The plan will/absorb the total indebtedness in easy te The eettier will have the | privilege of paying for his farm in |full after the first five years, if he desires The future of Western Canada, said Beatty, “ia dependent on greater population, To get desirable immi- grants we must have well-satisfied |settlera, The new plan will, in our jopinion, be m powerful factor in | stimulating settlement beyond any- fo! yet attempted, for it will prac- tically insure the farmer's success on| hin holdings. | “Amortization of the purchase of farm lands by our company in orig- but adapted along the lines of| the federal farm Joan act of the | United States, which force at the conclusion of the war to jansist needy farmers with rural Hloans, While the federation farm jloan scheme allowed loans to only 60 per cent of the appraised value of the farmer's landa, the Canadian Pa-| cific railway scheme amounts to 100 per cent, since the company {fs the © owner and creditor and is in po- sition to amortize the full value of the lar new tans er cent : ‘Coeur d’Alene to Tangerines. Prices Pald Wholesale Dealers ¥ budded, per 1. DAIRY PRODUCTS Prices Paid to shi) Bottertat— tind A srade, Seattle Gettvery «£0. Heattie supply ¥. O, B. condensary DAIRY PRODUCTS Prices to Hetail Deselrs Local creamery, cubes wrapped . Wisconsin ergam brick Block : mook triplets, old . POULTRY AND MEATS Prices Vaid by Wholesale Dealers t 0 Shippers Brollers—Leghorns, per Mb. live, 2% to 4% . ight, 2 to 3% The. Fancy dry picked 3 cents above Geese—Live, fat, # to Del Maree toe, and up Turkeys—Fancy 4. p., 5-15 Tos.. Live, fat, per 0, Roosters—Ol4, live, per Tb. Chotes, Heht Heavy, fanty .... Fancy, Medium, POULTRY AND Prices Paid Wholesale Dealers Ducks—Dressed, per T , heavy Live, ant, 1 Drollers—19 th Live, per I, it Country, dressed, Hoge—Fancy, black . Veal Mahe. % 10 “12% 16@ 417 : 09@ 112 Medium, dr ‘ A1@ 43 LIVE +STOCK Quotations at Stockyards Cattle Prime steers Medium to good . 4s Prime cows and heltara Calves... é Bulls Hogs— Prime. Smooth heavy Rough heavy: Pigs Bheep— Prime lamba Cull Jamba. Yoarlings Wothers, light’ Ewes FLOUR “AND SUGAR Wholesale Prices 1.008 8.00 6.26@ 7.00 5508 6.00 0010.00 @ 4.00 + 1.808 8.65 6.6007.60 + £60@ 6.60 + 7.008 8.00 12.500 13.50 , DOF OWE sss DPOF OWL veseecr cece GRAIN AND) FRED City Dellvery. Waolesalo, Por Ton Barley—Whole feed, 100° Rolled and ground, 80° Corn— Whole, yellow, Cracked and feed m: Oata—Whole feed, 100°" Rolled and arcand) TO'm- 80" on certain types of wool, influenced | Chick Fe by reports that several New England woolen mills were curtailing produc- tion owing to lack of orders, >| Wireless Operating ( Is Grower of Hair? NEW YORK, May 24.—A survey of wireless operators revealed that pot one of them was baldheaded, KNOCKOUT JOKE MINNEAPOLIS, Minn, May 24, Carl Schroeder jokingly protruded his Jaw toward Mixy Bila Fleming, saying: “Knock me out.” She did. Wheat Cocoanut Meal . Cottonseed Meal Linseed O11 Ms Granite Meat Seraps— I Star want ads will help you find fn home just to your king, Turn to the want ad columns NOW, | forest w ) | Tadd Drydocke—Str West Nilus, ate Wo Get New Railroad. SPOKANE, May %4.—First steps toward the construction of an im- |portant logging railrogd by the Ohio Match company into the Burnt Cabin district of the Coeur d'Alene national | ego taken yesterday when R. A. Biggs? civil and contracting en-| gineer, was given the contract for! surveying the several alternative | routes Counting construction and equtp- | ment, the road wil) represent a prob- able Investment of $200,000, To Hear About New | State Blue Sky Law| Secretary of State Grant Hinckle j Will deliver an address to Seattle! bond salesmen at the Rainier club Friday noon, on the new state blue | sky law. At @ special meeting at| 3:80 in the afternoon, at the Rainier club, he will address Seattle brokers, | Preparations are being made for a} large attendance at both meetings. Snes seve ti in Seattle | 7asDaY 6:23 pm, 28 ft Weather Bureau Report TATOOBH ISLAND, May 22.—8 a, m, Barometer rising, clear, wind north- weet, 12 mi an hour, Passed In, a two- masted freighter, black hull, large white letter “C" on stack, at 4 a. m., str Youe- m., ate Point Adama, at . an R. ‘Chamber- 7:30 a m Arrivals and Departures ARRIVED—May 122, str Missourian from Hamburg, via London, Boston, New York, Cristobal, Balboa, San Pedro and San Francisco, at 6:30 a m.; atr Ara- | bia Maru from Vancouver B. via Ta coma, at 12:30 p. m.; str Parana from j Antwerp via Liverpool, Balboa, San Pedro. and. Man Francisco, at € a.m. May 22-—-Str Kureha Maru from Kobe via Grays Harbor, at 6 p, m. SAILED — May 23 — Str Queen for Southeastern Alaska, at 9:20 a m.; atr Arabia Maru for Hongkong via Yoko- hama, Kobe, Shanghal and Manila, at 10 a m, May 22—S8tr H. F. Alexander for Ban Pedro via Ban Francisco, at 4 p. uy Bite AMV for -Kuakokwim BRiver ports and Bethel, at 4 p. m.; str Konkgo- fan Maru for-Tacoma, at 2:20 p,m str Birmingham City for Antwerp via Ti coma, Vancouver, B. C., Portland, San Francisco, San Pedro, Balboa, Liverpool and London at § p.m eee Alaska Vessels SEWARD, May 22.—-Salled, mtr Ad- miral Watson, southbound, at 6:30 a. m. JUNRAU, May $4:--Salled. str Vio- torla, weathound, at CORDOVA, May 22.— Balled atr North- wentern, southbound, at 7:30 p, m VALDEZ, May 22,—Salled, atr Admiral Watson, southbound, at 6:15 p, m, .* Vessels in Port at Seattle Smith ve Terminal—Pier A—Str Agu- masan Maru. Pier B-Ste President Jefferson, Great Northern ‘Terminal—Str Toyooka Maru, Bell Street Terminal--U, 8, H, T. Heather, Admiral Evans. Grand Trunk Pacific Queen, Plier 11-B—Str Owego, Pler 6—Htr Arabia Maru, Pler 2—Htr Alomad, Latouche, Redondo, Pior A--Str Admiral Nicholson, Pior N—Str Admiral Sebreo, Pler D—Str Admiral Rodman, Unton Pacific Terminal—8tr Missourian, 8, Shipping Board Moorngs—Str Anna Ks, Moree, ticut Street Terminal—Str Kureha ly Terminal—Str Mtr Cooloha, nal—Schr ©, fi, ate Parana, Hanford Street Terminal—Str Sinaton ninal Co—-Tktn Makawell, Hoffernan's Drydock & Terminal—Bark Gratia, Winslow Marine Ratlway Ttoan, sehr Commodore, sohr Camano, bark Belfast, barge Coquitlam Cit Henry Villard, Phyllis Comyn, whalers Star Nos. 1, 2, 3 Sehr Retay uf | pany will receive [DOLLAR GAS |SAID TO BE MYTH Replies to Senate Rey ort About Crude Oil and Gasoline Situation (Note: Here Oil company's question. he given the public be a fair presentatio: facts ax they see them; and, in the interest of fairness, The Star gives the sallent features of thelr reply to recent accusa tions). Standard | the oil | any has | me what seems to |t of the is the side of cNew! insued The Joraey) in a staten mrru the May 8 entered afta ny Standard Oil company just insue of the “1 nto a frank discus and its policies which has prompted in the recent senate inventigation of f the petrolaum industry epin the Standard Oil ec pany (New Jersey) directors appar ently attach little importance except far as it has given them an op rtunity for a not only n subjects covered by the investi-| but collate am well sonnel of the is ignored, and the t flatly charges that the of the investigation was no sincere] effort to ascertain the facts of the| petroleum situation, In these cir- cumstances, the Standard Oil com-| says that the urse open to it is to appeal to] public opinion, and it expresses con-| fidence that in this forum the com-| “a full measure of | | justice and that mere size in itself| |will not influence the judgment of this court.” COMPET WITH OTHER COMPANIES | As proof of its assertion that there} is no hidden understanding between it and the other units in the old] 1 thi wut committe certain To m phases thi. ur gation The per committee ‘al matters ter men guiding motive litical was jersey) only ¢ business in the United States, the| company points out that it ts actively competing for the possession of for-| eign petroleum fields not only with| every other large petroleum unit in terested in these areas, but with) other Standard Oj! companies en- gaged In ike endeavor. | The statement quotes the evidence of President Walter C. Tengle of the) company before the senate sub-com-| mittee on this subject, when Teagle said: “The industry, thru many sep- arate agencies, is even now engaged| {n planting American commeree,| American influence and American| opportunity in many foreign ‘lands, and in this and tn the American people it seeks the co-| operation, the sympathy and the/ support of the government and of the nation.” |INVESTMENTS AND OWNERSHIP The investment of the Standard Olt | company (New Jersey) in its foreign business, including its floating equip- ment, was at the end of 1921, in the neighborhood. of $250,000,000. It Is not only the largest American ship- ping concern, but of the 40 largest steamship compantes of the world re- ported in Lloyd's Register, the Stand- ard Oil company (New Jersey) is the only American name {> appear. With the one exception of U. 8. shipping board tonnage, the American flag is seen in more foreign ports thru tho! medium of the Standard Oil company | (New Jersey) than thru any other agency On the subject of the ownership of Standard Oi] company (New Jersey) the statement made is that there are! now over 60,000 names on the stock list. The ownership of the company is passing every year more largely into the hands of the general public, |jand there is no control by any indi- vidual or by any group. Combating the assertion of the senate sub-committee of the possi- bility of the American motorist being forced to pay a dollar a gallon for) his gasoline, the statement reprints an analysis of this prediction by Dr. Warren K, Lewis, head of the de- partment of chemical engineering of | the Massachusetts Institute of Tech- nology. It riddles this assumption and proves that entirely apart from competitive conditions and the fact| that an abnormal price for gasoline | would decrease rather than increase the earnings of the petroleum com. panies, various motor fuel substitutes would enter the zone of commercial exploitation upon any material ad- vance in the price of gasoline. Moreover, the statement sets forth that far from domination of the pe- troleum business by any company or} group of companies, the most intense competition exists. New petroleum! units, financed by the sale of securi- ties to the public’ in the past ten years, have ranged over the entire marketing field of the United States and competed so successfully with the existing companies that they now control 55 to 60 per cent of the busi- ness, as compared with the 10 to 15 per cent at the time of the dissolu- tlon of the old Standard Oil company. PROFITS ARE NOT EXCESSIVE On the subject of earnings and as opposed to the contention of exces- sive profits, it states that out of every dollar it has received. from} consumers of petroleum products in the past two and a half years, it has retained as profit 3% «ents, Assum- ing an average retail price of 27) cents per gallon for sasolige in that) period, it states that’ its profits have been less than 1 cent per gallon and that on a typical sale of five gallons of gasoline at a filling station, involy- | ing the expenditure of $1.35 by an| automobile owner, the company’s protit Is 4 8-10 cents, ‘ The statement argues that distort- ed impressions as to huge profits arise from a lack of appreciation on! the part of the public of the amount of capital invested in this business, and it states that large as these earn- ings seem, as expressed in dollars, they have during the past ten years averaged only 12.76 per cent on the company’s investment, Since the dissolution Standard Ol company, the share- holders of the present Standard Gil company (New Jersey) have re-| colved in dividends an average of 4.4 per cont per annum on the net assets of the company, and during the past two and a half years the dividends have averaged only 2.83 per cent on the net assets, | } of the old |be able ita nervice to| , recte ment andard more perfu with He partm which viewed once one of the-most comp well one of the most democratic America ttain a duow insti that ne emplo: with: directorship apprentice shi becomes ft e n and withe affillatior which thi that the f a special at r stock out work ice of resents wn the « mpan agement is cent lghs than |New Port Townsend Phone Line Opened | After tion at neveral months of construc various p on the long distance telephone lead between Attle and Port Townsend, the Pacif. fe Telephone and Telegraph Co. Jcompleteg the outside job and to add another thru cireuit from here to Port Ange Much new wire and pole construc has will Iking tion was carried on between Seattle | jand Port Townsend, The last part wan put into| Standard Ol! group in the conduct of| Of the Job has just been ffinished by rerouting nine miles of the line near Port Townsend. This work has cost nearly $40,000, |Freight Embargo Caused by Fire The recent fire in the Southern cific tunn n, in thern Californ caused the plac embargo on the towns, by C. M. Andrews, district freight and passenger agent for Seattle. Andrews states that will be accepted for the territory, by way of Ogden until the tunnel is repaired, Belgium Collects Gold in New York NEW YORK, May 24.—The ship- ment of 60,000,000 gold marks to the United States by Germany, reported recently in cable dispatches from Berlin, will be deposited in this coun- try for the account of the Bank of Belgium. Bankers suggested as a reason for this action that the Bank of Belgium desired to use the gold and directed its shipment here to avoid the prohi- bitios against gold imports in Bel- glum. F Co , has ing of a temporary freight for points on outhern Pacific south of these Wheat Growers in New Organization MINNEAPOLIS, May 24.—A gt- gantic pool to handle all grain from 11 Northwestern states was formed here yesterday, It is an amalgamation of the or- ganization now functioning in these states and will America Wheat Growers’ association. A small payment down and regu- lar monthly payments will buy a used car. See the want ads, , between Kennet and | it was announced Wednesday | shipments } be known as the! bd NEW BUILDING FOR PHONE CO, Structure to House Garage and Shops neu the at Fairview opposite the t of the Ford $100,000, t structure will oceupy 1g space building jo for the 72 ath used by the metropolitan automobile ‘or Seattle and cities 1 prov tomobile trucks company Seattle also will house the of the and the used for the Construction tone by the Engineer- shops ion and RESERVE RATIO SHOWS DECLINE Banks Report Larger Paper Holdings Increases of $2,300,000 in discount ed of $14,600,000 in accept. ances purchased in open market and of $3,100,000 in United States secure ities a shown in the federal ree serve board’s weekly consolidated bank statement issued as at close of |business on May 16, 1923. De a liabilities show an advance of $56,. 000,000, while federal reserve note cir- ~ culation decreased by $8,800,000. |Total cash reserves fell off about |$400,000 and the reserve ratio de- clined from 76.1 to 75.3 per cent. Larger holdings of discounted aper are shown for all reserve |banks, except the bank at New York city, For the latter the de crease in these holdings was $45,.~ 600,000 as against an aggregate Im- crease of $47,807,000 for the other banks. As against the substantial lquidation of discounted paper the] New York bank reports an increase of $18,800,000 in acceptances pure. chased in the open market, and $2,600,000 in United States secur- ities. Gold reserves show a reduction ~ for the week of about $1,000,000. The inter-bank movement of gold | during the week resulted in in- 7 creases of $32,400,000 in the gold serves of the New York bank of $6,100,000 in those of the Francisco bank. Smaller inct totaling $4,700,000, are shown the Atlanta and St. Louis banks, Cleveland reports the largest 4 crease in, gold reserves, amoul to $24,700,000 and the remaining iseven banks a total decrease of $19, 500,000, Holdings of paper secured by ernment obligations increased ng the week from $358,600,000 t $360,200,000. Of the total held May 16, $204,800,000, or 5 nent, Were secured by United State |oqpds; $2,100,000, or 0.6 per by Victory notes; $142,700,000, 39.6 per cent, by treasury fand $10,600,000, or 2.9 per cent,” treasury certificates, compared $193,100,000, $2,900,000, $153,20 and $9,400,000 shown the week fore. Let Star want ads hetp you. fares to From Seattle and Tacoma the following low fares are in effect, May 15 to Sentember 15, with return limit October 31, to New York Boston - Washington, D. C. Philadelphia - Atlantic City Montreal Portland, Me. Nisgara Falla lagara Detroit Cleveland Pittsburgh Qi, - Milwaukee : - Go via “The Milwaukee,” journey t! ee these eastern cities— . + $ 147.40 153.50 141.56 144.92 84.85 i and enjoy an incomparable hrough the mountains on electric power. Olympian” and “The Columbian” are the spl cranbeontinenehl trains of the most ctoureatvenenea Proportionately low rates to other East- ern cities, seaside and mountain resorts in the world. WAH dewarat: ‘Agen’ ‘hone: rp nas. Dept SECOND av NUE “Main a000 STREET jain 60 iM, aU BRANSEN, City Pass, Ament AUK J cHleag MILWAUKEE S7 1 (PAUL