The Seattle Star Newspaper, June 12, 1923, Page 14

~ BUSINESS—Finance, Produce, Agriculture, Shipping, Real WHEAT MENTO {New York Stock Market HOLD MEETING Call Is Issued for National Wheat Conference A call for a “National Whe ference,” to be held in Chicago. 18 and 20, has been issued by mittee of state governors and wheat men. The invitation ix extended t Organizations of agriculture, com org, railroads, , retailers, educational And other interested Dbject of the confefence will be find a satisfactory solution of Present problems that involved in the wheat situation. “More than 10,000,000 men, wo and children of the United States Mirectly interested in the product! of wheat,” says the call The di Batisfied condition of a large 1 ‘of our agricultural population today is very largely due to the price of Wheat, which measured by the cost of production or by the pure Value of the farmer's dollar today than in half a century GROWERS NEE! PROFITABLE MARKET “Failure to bring relief farmer from his present situ Will have a serious effect upon ever Other industry and upon the consum. Ing public; for permanent prosperit @f the whole nation depends upon eonditions being satisfactory upon the fields and farms that support the nation’s physical life. A fair price for the wheat crop means puretas ing power to the farmer, smoking chimneys for American factories and | full dinner pail for Americs workers. "The disparity between our land Yalues, taxes and labor, our stand @rds of living and those of other Wheat-producing nations of the world | Makes it Impossible for us to sell our @urplus profitably in the open mar. Kets of the world. It is not a mar} Ket we need for our wheat, but a! profitable market.” | ‘The committee that issued the call for the confcrence includes: J. A, 0. ‘Preus, governor of Minnesota; Len | Small, governor of Mlinois; Jonathan | MM. Davis, governor of Kansas; Ar thur M. Hyde, governor of Missouri | RJA. Nestos, governor of North Da ) kota; A. V. Donahey, governor of ‘Ohio; John ©. Walton, governor of | Okjshoma; Arthur Capper, senator from Kafisas; Royal S. Copeland, senator. , New York; Charles 8. Parrett, president National Farmers Union; 0. Bradfute, president D pn Farm Bureau Federation; J, Lowell, master National Grange; ors’ E, ‘Chamberiah, United shipping board, and Aaron | Q, counsel in agricultural eco- t Con June millers, bodies classes hasing past the on at the National Wheat Confer-| ce should be undertaken immedi ly by wire or by letter with the | Mittee on call, care of Gov. J. A. . Preus, St. Paul, Minn. B11 Second Ave. “Twenty industrial stocks average LOI, an, advaniw of .44; 20 railroad stocks average 84.92, an advance of 161. May copper shipments totalled ap-| " proximately 190,000,000 pounds ver- | _ Sus 195,000,000 in April. U. 8. government is ready to discussions with other nations | Whea' is plan for settlement of G n reparations. This was made lear today at the state department. - On May 26 loading revenue freight reached a total of 1,01 cars, while the shortage of 31 was only 16,277 cars. pions of brokers carried in end news favored constructive of market. ‘There “is talk current that a de- ase in copper stocks as of May ‘will be shown when statistics for have been completed. This, if , Will be quite a surprine. c Tire & Rubber reduces ces for tires and tubes 10 per cent, ive immediately. _ Steel output has continued’ to rise, ‘Pittsburg thinks high rate of con- sumption may last to end of year. feather favors workers. ‘Unfilled tonnage report of U. 8. 1 decrease than tho “a el showed larger lly expected, some believe forecasts a re- demand for June period. | ‘The U. 8. treasury is to float " $150,000,000 loan to round out its financing for current fiscal year, ending June 30. Six months’ pa- ‘per with interest at 4 per cent to be issued. ‘The Austrian government guaran. teed loan 7 per cent bond issue has ‘been over-subscribed and books were " closed at 10:5 a. m, Monday. The Kiwanis club will meet Wed- Nesday noon at the Hotel Gowman. W. W. Cooley will be the principal better | 3 showing is expected for this month, | 2 to recent placing of good orders | 2 TREET Nothing bh & Nashville, DECLINE HITS GRAIN TRADING CHICAGO, iw r e declines in the trade today ous buyers, receipt. of difficult t * Was absolutely demand, Another weak was a rep iy June Heavy 0 F caused an n r dinap ship demand peared w had pr h heavier livestock was lower © offert Oa with and large re » supply showed « 000 bushels higher Chicago Board of Trade Monda, ation CHICAGO, Jone U1 red, $1.25 3 re hard, $1.13 o. 4 hard, $L11% Portland Grain jonday's Quotations oft White, $1.10 $1.10; Hard Winter Western $1.4 Northern Spring $1.05; Western | 2 1.05, a, $ Liverpcol Grain Monday's Quotations Opes High Lew d 85% Ont Pebd O96 @ te 5d Pe bd ah Chicago Car Lots Monday's Quotations Purnished by Logan & Bryan S10 Becond Ave., Seattle ‘ain. s. Cont. Estd. L. Yr. 3 F pees | ‘orn . e 7 or » 6 4 1 . 2 se $1 ; 1 $ . Portland Produce Monday's Quotations Ratter—10 @ t4e Ib. Fgge—24@ 260 doz. Cheese—29 @ 216 Ib. Hens—12q 1%e Ib, . Rye .... Barley . Monday's Quotations YORK, June 11.—Foreign exchange opened irregular, Sterling, $4.6013-36: | franci ui] 642; 40.0462; marks, $1,620 to the dollar. . . N. Y. Sugar and Coffee Monday's Hone ulet. Raw, $8.10; r—Q woof tio on. spot, 1%@ “4's toe, Atte tee. 2 San Francisco Produce Monday's Ratter—Extras, 47'¢; granu- tons prime firsts, Eaus—Extras, 29%c; extra firsts, 29; extra pullets, 2644c; ynder- sized pullets, 20c. Cheese—Callfornia fa oe Denver Live Stock Monday's Quotations Cattle—Receipts, 1,300; market iteady, 10c higher. Steers, 10.35: cows and helfer: ie! 2: 78: stockers and feeders, calves, $4.50@11. Hogs—ieceipts, 740: market steady, 10e lower. Top, $6.40; bulk, $6@ 6.30: pigs, $5 Sheep—Receipts, 1,360; market steady to strong. Spring lambs, s 5@13.76: ewe $5@6; year- lings, $10@11.5 . the. Foreign Money Status Monday's Quotations Normal JOURNAL good crop FINANCIAI ay B10 Becond A Brock. American Toba Ajax Rubb Allie Gh Amer, eet 8 Locomotive | Amer. Ship & « Amer, Smelting Amer, Steel } American Sugar | Amer, Tet | Anace A Aten At Continental ¢ | dated Textile Fisher Bs General ¢ Goodrich Rubber Granby ( General Asphalt [Guantanamo Sugar } Houston O11 | Hudson Motors {iitinote Central |X. c. Bouthern Kelly Springfield Middle States Ot Manhattan Shirt Mexican Seaboard G0 CEB ees sacecess Midvale Hell & Or is eS SR do pid Minsourt Pacific do ptd re Montgomery Ward... Montana Power...-.. Honal Enamel North American. Pac. Gas & Ki ° Pan Amer. Petroleum Paeffic Ot, | Producers Refiners Iron & Ste! ¢ | Htrombere Studebaker Corp + | Standard Of} of «| Tennesses Copper. - | Texas Company...... + | Texas & Pacific..... | Tobacco Product Second 4148 Third 4%e .... Fourth 448 |. New 4%a . 9 ryan $10 Second Ave,, Seattle Fie ‘Anked @peaker, and Henry O. Price, solo-| | will render A delegation fst.in ‘The Wayfarer, fome vocal selections, of Puyallup Kiwanis iy expected to| will be | the meeting, which i CONSOLS Ect 1 ire any bonds that have _ heen issued to take the place of vari. _ Ols previous issues of different rates, " Maturities, etc., xo that the indebted. Ness hax become consolidated into a Uniform issue of bonds, The term _ is an abbreviated form of ‘“consoll- dated bonds." Both England and the United States have issues that are known us toonsols,” referred to ax 2 per cent cent consols,”” etc. Agriculture: It is about time for } | | Clearings . British Viet > First ign nese Second diye ,, ed Kingdom, 1929; ed Kingdom, 1937. Italian Cons, 6: K CLEARINGS Seattle ++ e+ $7,401.605.70 seve 2198,751,13 Portland veces 6,971,434,67 | Balances .. seees 1,688,708.11 Tacoma | Total transactions. , o— Balances Agricultural engineering: If your spring streams up in the hills are drying up, forget them as a source the honey to flow, Colonies prepar- ing to swarm should be treated, of supply for they probably will not pay the expense of development, Timken Bearings Union Pacific.. do pfa 8, Rubber S, Smelting. ad Bank Stocks— American Savings Bank... Bank of California Canadian Bank of Com... Dexter Horton National. Firat National General Petroleum, © Globe Grain & Milin) do pfd « Goodyear Rubber (Cal.) pfd, Hawalian Sugar... Honolulu Plantation, Northern Lite, Onn Sugar Owl Drug, pfd Pac, Alaska Pacitio Car & Voundry,... Pacific Const Bincult,...., Pacific Gaw & Blectric, pla Pao, Tol. & T4)., pi | Pioneer Mills (rumar). Prot 4d, Power, 6% ptd Reld Brow, com. do pfa Sperry, ¥ 40 ptd. uperior ‘Todd Bhipyard Zellerbach, com, 251,600 shares, $640,000. Local Markets VEGETABLES Wholecale U 20.9002: og ie “oe On) 1.00@1.2 1 sos £. repack reeits Prices Pald Wholesale Dealers 2.4008 NUTS Prices Paid Wholesale Dealers hack Lote per X la, per Te, y budded, per DAIRY PRODUCTS Prices tle delivery anch, white shell * Cut, £.0.b. Seattle supply OR densary DAIRY PRODLOTS Vrices io Metall Dealers Prices Paid by Wholesale Dealers to Shippers | Brollers—Leehorns, per tb 20¢ 2% light, 3 to 3% Ibe Fancy ary picked 3 casts abo a} 36%] Medium, heavy, 156 Medium, heavy, 160-200 tbs. @. POULTRY AND MEATS Prices Paid Wholesale Dealers 17% | Ducks—Dressed, por Ty. 16, | Mene—Dremed, heavy 209 | Dreamed, Hehe ° L ney, sae Belgian Hares—Live, per Mb. Dressed, per 1b pe iS Cowe—Country, dressed, ib Fancy, block Fancy, light Quotations at Stockyards Cattle 2 Prime steers. Medium to good Z cows and heifers ‘ Smooth Pigs. heavy 6.006 > Prime lamba, D | Common to choice... | Yearlings . é Wethers . Ewes. Koresaeistze FLOUR AND SUG. Wholesale Prices rofly patents %. per owt 1 per wt a ‘ HAY, GRAIN AND | Timothy—Firet grade y | Timothy Hay G.. | Alfaita Hay—tirat grad 96% | Straw 114 | Corn—Whole, yellow, 64% |__ Cracked and feed im 33." | Barley—Whole food, Rolled and ground, Oate—Whole f 10.50@31. AR 7.600 7 10. FEED 19,0022 49, 1 “ 11 a 40. 40. 65. Soy Alfat Hone Menl—t0 Granule Hides and Wool Buying Prices, F. 0, B. Seattle | Bull free Green tides... | pull olo, MD see 7 tbe. up, Aue or DUllA,. Ke or bulls Fine, clean. Medlum clean Coarse, hoavy | Mohate, long, staple, 1b, | Valley wool | Clean modium. . Medium heavy, Conrne, Conrne, Heavy... Polts Bhoep pelts, Halted nhoep Dry Jong hale gr 70.00 100.00 117.00 0 oo 35 u 20 0 10 00 8 00 0 7 10.40 | 21.00 | 00 17,004619.00| 11,00012.00 | 00 00 00 09 | Kay 09 00 00 00 00 »| Arrivals and Wheat and | y way th 4 profit to the «r er question mar je of the lout Hing and the ¢ of its life, And, in the end, its prod ducer, or it will die t ath of all Nor is there anything more import its kindred products of the Ame tenth of our output of clothes and some p es we produce; bi crop at mark @ 1 to the milling, ut amuseme of most of the th of existing without a fairly full measur The section of food is not on that should attract the best of Amer Farmer Corptassel who bought farming today calls for inte nt and constructive effort tract and to hold the rig ary business, it must be profit must operate with fairness to ference of America's keen Trade Balan ° n ew | Exce: ft bread, 1 ople do; w t type of men fe ble to them ts Problems right t from the purchase drought, fi neing. ut the highlights profitable to ita pro a conference der chief prot And the 5 whe ht st of living are led rat the k follor uction must b unprofitable enterprises. ant to the whole people than wheat farm, We could get # nometimes do; we could exist on a fraction we have not found a way rican ar ut no fa ot ft ly a business, but it ican brain and brawn i bricks from ity slickers ha Iigence determination scientific It in a real job for real men, America’s most n to be profitable to them, it It is well worth @ con is & business Tho day of ting world wt intellects and fairest minds. ce Swings Against U nited States of Exports Over Imports Can't Keep Up Indefinitely BY CHARLES P. STEWART Washington, June 12 the world war started the United States 4 more than she import larly that business men a mhock recently when the department unexpectedly had | was buy wan Since | commerce lannounced the * that this countr » goods Abroad than she is Meane the United States tan't taking in money from the reat of the world, It means she isn’t even trad ing goods for goods, It means she's paying money out—the balance is against her—she's got to ship gold abroad to settle her bills Some people don't like it, It may be all right for a little while, thoy for instance, up to a billion dol But it ought to be stopped declare, There's talk of 4 embargo, ybe an excess of imports over | exports can be overdone, But so can an excess of exports over imports. A country can kill its export bust ness by the very act of doing too much of It WHAT HAPPENED TO ARGENTINE TRADE An illustration of this is the beat of proving it. There's no iilus so illuminating as the situ which prevailed between the} United States and the Argentine re public a nd a half ago. ntina wasn’t in the war, so no war complications were mixed up in the matter. She didn’t owe much. Back of her paper circulation she has, or then had, proportionately a larger gold reserve than this coun- try’s—the largest in the world ‘The Argentians are heavy buyers lof manufactured products. They'd been getting them largely in Europe, but the war collapte of European production drove them to the United States as customers. Even the United States hadn't much to sell to/ them while the war lasted. | {got along without. But directly after Ship News| Tides in Seattle TURSDAY WEDNESDAY JUNE 12 JUNE 13 First High Tide | First High Tide 1 ft ay arn. year 49D. m, 69 ft ‘ Weather Bureau Report TATOOSH ISLAND, June 11—8 A, M. ~Rarometer failing; partly cloudy; wind northea: ix miles an hour, Passed in, tr Port Angeles, str HM. F. Alexander, at)! S a.m. Passed out, str Port Angeles,/ towing ech Monitor, augiog night. ote ARRIVED—June 11—Mtr Blue Triangle from New York via ports, at 7:20 a. m.; jate Virginia Oleon from San Pedro, at 0:25 a. m.; #tr West Notes from Buenos Ayres via ports, at 1:20 a. m.; ate H. Fy | Alexander from Han Pedro via fan Fran- eleco, at 1:20 a. m.: ater Admiral Rogers from Southeastern Alask : str La Purlsima from Port } 4:25 am. June 10—S8tr Pres son from Manila via ports, at 3 imeéeda from South from Winslow, at 1 1 Farragut from San . Jun D—June 11—S&Kr Dorothy Luck- © New York via ports, at 12:15 uit for Vancou- via ports, at 6 a, m.; «tr Sante ‘ ia port O10 8 ie No. 67 for Puget Sound $30 a.m, June 10— Btr Cordova for Southeastern Alaska, at } 10 a, m.; bark Helfant for Callao via Bel- |1ingham, at 2 a.m; str Robin Hood for Vancouver, B.C. at 5 a, m.; atr Margaret Dollar for 'New York via ports, at $:45 m.: tr Indiana for Antwerp via porti 3:46 a, m, | Alaska Vessels | Juneau—June &—Salled, str Admiral Evans, southbound, at 9:45 p, m, Ketchikan—June 9—Salled, Watson, northbound, at 10 p, m. Petorsburg-——June 10—Salled, atr Queen, northbound, at 2:14 p, m,.; str Admiral ) Wateaoy northbound, at 11 a. m.; iniral ny, southbound, at 9 a, m, . . Vessels in Port at Seattle Amith Coye—Pler 41—Str Kaka Maru, sohr Bpokane, Pier 45—Mtr President | Madinon. Union Ol! Co, Dock—Str La Purisima. Boll Atreet ‘Terminal—U, 8, C. G, Sno- homiah, miiral Ht Plor 11-1 Pler 6 Plor & Pler 2 Pler 1 Pler Motorship 5 Str Latouche, atr Redondo, Flore! uekenbach, D—Str Curacao, Plor B—Str Blue Triangle, Plor A~Str Adiniral Nicholson, Pacific Coant Coal Bunkerm=U; @. Le M. T. Heather, 8. Shipping Board Moor Ki. Morne, Atroet vu. Str Anna Lander Terminal vantan, v verado, str Went Nilus, Hound Bridge: Dredging Co.—str Patterson, | Amen Verminal Co, | te An Heffernan'a Drydock- Stiowon'« MUL bark V. Olnon. Atinwon Timber Co-Rarge Rertram, aw Marine Rallwaye-Sohr Melrone, tr Griftdy, atr San | Btn Grating Harge Henry Villard, tr Admiral | y, y ate Ad- | y Grand Trunk Pacific Terminal—Str Ad- | o, - | eradual’ move tor was signed North filling back the armintice America exporters be orders TOO MUCH OF |A GOOD THING North American goods fairly pour: | last year, as compared with increases | ed into the Argentine Argentine sales to the Staten fell behind there millions and millions: It would have been an {deal condi. tion from the North standpoint if an excess of exports over imports were @ good thing un- qualifiedly The trouble was that the Argen- {Ines had bills to meet to an en- ormous amount in the United States and North Americans didn’t any bills at all to meet in Argentine, The result was that North Amer. ican money rose to a stiff premium over Argentine money. It got as high as 30 per cent or more. If Argentine money really had been depreciated it would have been different. But it wasn't It was just as good money at home as ever it had been and. it was at a big premium over European money: CHEAP MONEY DOES ITS WORK By this time Europe was getting back into the market again. The Europeans, with their cheap money, 4s compared with the money of Ar- gentina, could underhid the Unite) States, with her dear money, hope- easly, Even if they couldn't get what they wanted in Europe the Argentines wouldn't buy in the United States—prices there wero prohibitive, because of tte difference {in the two moneys, Net result: In a few months the United States lost practically all her business, for the time being, with the Argentine Republic. By solling too much she'd euchered herself out of & good market. There were some other reasons but that was the principal one. United sales by the Building Permits UNDER $1,000 Peter Gognon, oe Henderson, addition #6. $109 Fesidence, $360, 0)" Sadtth Horibut, 3943 Ore residence, $200 a ee Allen Hop, 212 23rd N., alteration to real- R ane. $ G. Cologronsl, 2408 Irving. garage, $3 H. J. Hunn, 6734 Bajined ngettune, alerd, alterati Matt fio Ray Morrison, 92 7th 8 5 form, $19 Wa 'tent plat J.-H. Bhotwelt, 4202 Fitth x. ¥ tlen te noah eth N: Woe adat 100, 1, Strother, 4060 Latitia av esire fi , alteration Wl, 627 Jackson, alteration to jes, G17 21st, - Hen Hughes Ist, alteration to rest. Pantorium Dye Works, 141 teration to atore, #800, | Curt al . C. Smith, S707 16th &, W., 5 tion to realdence, $75.00 0s Wo Mtera n I. Thompson, 3439 24th W., gar- 3215 w. fe ria hy Seneca, addition Alex Bronk, 3920 Tith W., gare HM. A. Fruxe, 2320 14th 8., garage, CG Coleman, 42: realdence, $400 ger iaisessasig Cc rey, 5271 45th 8. W., Foaldence, $200, sone ahte J. A Post, 1133 tea tke Hardy st. addition to Tom Gatterdam, lessee, 12 ae te shop, $250. ects irs ¥. Tourins, 3212 Fuhrmat Allon to residence, $50.) mam alte Vern Stiles, 4529 Ninth N, R. 5 Kloot 2646 W. 64th, $5 . Thos, E. Douglas, 1618 EB. Hight drive, garage, $150, alee Archie Martin, 539 Beach drive, vy tents $18. : FY kan 123° W. Comstock, Gar. sleeping $36 60th 8., alteration to rest- , 1030 Director at., - tion t0 residence, $200, ce nderson & Thorp, lessee, 7: ae teration to store, site) Tike, al Jdhn Waugh, 4828 Kenyon, garage, $50, a Yudishes, 4008 Sixth S., ahi $25. Wm. F uf hal ‘S648 18th 8. W. chicken indell, C4246 ist, warage, $400, John Zandt, 2750 49th 8. W,, realdence, $100. ir aghicl hs . L 46 S7th &., alteration to reat- dence, $2 chw $100, ter & Klelser, 1642 ¥% es Firat 8, bitthoara, ntger, $814 32nd &. W., gare DP. J. Hornfelt, 2822 Ww. 6ot omeratall as ‘Oth, alteration to vo. 1, frame , 215 Lith N., frame apartment 2026 Ninth &., fi a eration, $26,000, 0° DAC 16 Howell, fireproof retain= 200, 5 Empire w: donee 34x28, $3,590. hy Appleton & Lipnman, frame apartmes FD, Bi Hibert Hubbard gaid “To stop ad. Vertising is to let your business run on Momentum, and momentum ts a rd & dead stop,” The gas mains in the United States, if laid end to end, Would to. tal 69,300 miles, enough to cirole the earth nearly three times, Farm crops: Study at this time, in.your district, the stands of grain or other crops in relation to the Amount of seed sown, Tt will help vobr Botay Ross, barge Coquitlam City, \ whalers Star Now 1, % 3, i You decide what ts the right amount to sow, American) TUESDAY Estate, Building -, TRADE TAKES — MAY BUILDING TWO TRENDS PERMITS DROP Some Lines Up and Others Down, Says Moody Moody's Weekly R cial Conditions in its current issue jew of Finan saye in part two distinct business “Trade in showing ines of development; f which depends upon the dally sumption of the people has reached itm poak and is beginning to subsid while that which depends upon con struction and expansion undertakings jv atill increasing in actual volume. Seemingly, however, the number of |such undertakings contracted for tw beginning to diminish, | “Motor companies, according to economic evidence ‘¢ in danger of | muffering from over-production, Un bounded prosperity might be inferred from news reports; but the reputed great demand for cars and trucks in not accompanied by any sweeping |advance in. prices, and the second hand car market ts flat again, | “In this industry, too, sales on the part of producers are made not to the public, but to the dealers, with the result that these salen not a |rellable indication of the public de mand. Automobile production for the first four months of this year showed a gain of 104 per cent over of only 26 per cent in gasoline pro- duction, and about 15 or 20 per cent jin per capita incomes or earnings | Naturally, then, the motor stocks are | beginning to act @ little top-heavy. “Gas company find themselves in @ fortunate posi | tion, | since 1917; the popularity of gas for | heating has» more than offset the lons of the illuminating business; per |capita consumption has doubled in have | recent years; costs of production are | ‘LUMBER TRADE | falling with noft coal prices; and learning power appears both large jand permanent.” piiiacnsmerensr tie ' | New Issues Of , particular {interest in local financial circles is the offering, this morning, by H. M. Byllesby & Co. and Blyth, Witter & Co., of $3,100,- 000 first mortgage 6 per cent bonds, Series HB, of the Mountain States | Power Co. Bonds are due January accrued interest, to yield about 6.50 per cent. | Mountain States Power Co. serves |49 communities in four Pacific | Northwest states, with a total pop- ulation of 208,000, Recently the company has acquired the -proper- ties of the Tacoma Gas and Fuel Co, and the Puget Sound Ges Co., of Everett. Among the principal cities served Albany, Marshfield, Springfield, Ore.; Tacoma, Olympla, Puyallup, Everett, Snohomish and Monroe, Wash.; Kallspell, Polsen and Whitefish, Mont.; Sand Point and. Newport, Idaho, ‘The purpose of this issue is to provide funds for the retirement of underlying bonds and other funded debts of consolidating companies, amounting to $2,682,250, and to pro- vide additional working capital for the company. In the opinion of counsel, these bonds will be secured | by a direct mortgage on the entire properties of the company. Provision !s made in the trust indenture for setting aside 12% per cent of gross earnings each year from 1921 to 1936 to be expended for maintenance, repairs, renewals and replacements. Any amounts not so ‘used will remain in the special trust fund, which may be utilized for ex- tensions and additions which are not to be used as a basis for the issu- ance of bonds, or for the purchase of bonds of this issue or any under- lying bonds on property hereafter acquired, Bonds are being issued in denomi- nations of $100, $500 and $1,000, and are redeemable on any interest date on 30 days’ notice, at 105 and Inter- est to and including January 1, 1933, and thereafter at 1624 and interest. Paper Industry in Canada Shows Gain WASHINGTON, June 12.—Fig- ures for the Canadian fiscal year just ended, indicate the good recov- ery made by the pulp and paper industry during the past 12 months, says Consul H. M. Cochran, Mon- treal, in a report to the department of commerce. Exports of the various classes of pulp and paper without exception exceeded those of the previous year both in quantity and value. That they fail to reach the valua- tion of the 1920-21 exports is due in most cases to the lower prices prevailing rather than to a small volume of shipments, Exports of newsprint, which formed the bulk of the paper exports during the past year, amounted to 1,127,305 long tons, as compared with 847,746 tons last year and 946,305 tons in 1920- 21. Exports of wood pulp, with the exeeption of unbleached sul- phite, also showed a gain, @s com- pared with the two previous fiscal years, total shipments reaching 849,- 441° tons, as compared with 696,373 tons in 1921-22, and 804,328 tons in 1920-21, See Good Year in Washington Oats Washington has practically the same acreage in oats this season as in 1922, Conditions have been very, favorable, and the crop averaged 97 per cent of normal on June 1. This condition forecasts a production of 9,111,000 bushels, as compared with 7,959,000. bushels in 1922, and the average production of the five-year period, 1917-21, of 9,660,000 bushels, The United States is estimated to have 40,768,000 acros of oats this year, as compared with 40,313,000 acres in 1922, The United States oat crop averaged 85.6 per cent of normal on June 1, and gave promise of pro: ducing 1,256,456,000, as compared with 1,201,496,000 bushels In 1922. The average oat production for the coun: try for tho five-yoar period, 1917-21, was 1,877,908,000, bushels, Prices have entirely recovered | | | |1, 1938, and are priced at 95% and line juil is being broke: | tot Construction Still Keeps Ahead of Last Year ! of on builders: thruout the building situs. reflected by month of May in 216 leading cities reported in tho national monthiy building survey of 8. W building t 8. W oraae: building permits cities shows an in. cent a5 com. and a decrease as compared with thus indicating that the agitation against unneces. building had some effect upon Proponed construction during. the month of May the increase of 45 per cent for the country over, shove the building boom continues ang apparently still controlled by the in. evitable law of supply and demand, An estimate based on the returns from these 216 cities places the butiding operations during the five months of the r for the whol country at about $600,000,000 aheaa of the first five months of 4 The total of permits isnued in May in the 216 ct as $266,672,371, @ Let fay of $35,865,063. N the same cities the decres April was $26,685,619 eines Among the important ith York showed the greatest volume of May building with a total of $99, 59,043, Chicago was second with a of $32,198,000, and Los Angeles the co tion tox insued in there of 155 pared with May 19 f 12 per April this y whil wary bonds and stocks | 4% third was a total of $16,926,881. Permits isfued in other Pacific Coast cities were as follows: fan Francisco, $4,926,986; Portland, $2, $73,020; Seattle, $1,867,280, Long Beach, $1, 740,817. and LULL BREAKING Retail Yards Beginning to Replenish Stocks Tho wholesale lumber trade re mains spotty, reports received this week from important manufacturing and distributing centers indicate that mand that ac- tivity is slowly returning to the mar- ket, says the American Lumberman. Retail yards, having enjoyed a big volume of business thruout the spring, are rapidly cutting into their’ stocks and are being forced into the market for replenishments. Transit cars, of which there are, comparatively few now afield, are being quickly picked up and a close watch is kept for any kind of bar- gain. However, dealers still show a strong disposition to postpone mill buying on any large scat, expecting that the recent price decline may be carried farther before their needs be- come imperative. Distributers are of the opinion that retailers, if they persist in their prés- ent policy in this respect, will all reach the bottom of their piles*about the same time and rush into the market simultaneously with long sts of requirements, in which event, seeing that stock conditions at mills are none too good, prices would quickly shoot upward again and dealers lose what advantage they now have. The advice of the dis- tributers, therefore, is to buy now, leveling out demand and thereby in- suring greater price stability. Industrial demand also appears to be improving, * and an exed maintained export moventent éontin- ues to feature both softwoods and hardwoods, Production in the South continues to be hampered by bad weather, par- ticularly in the hardwood sections of the Mississippi valley, where many mills have not produced a board for some weeks on account of lack of logs, and are not likely to be able to start up again before July 1, Condi- tions in the Inland Empire and on the Pacific Coast have been more favorable, and the output remains heavy in those sections. ‘The transportation situation gen- erally is favorable and shipments are moving promptly. The mills are, therefore, able’ to make material progress jn cleaning up their old or- ders, so that they again are in a position to book a fair volume of business. Stocks, however,,are not much improved and there is still trouble in placing orders for badly mixed cars or for material needed immediately. Foreign Trade The United States bureau of for- eign and domestic commerce has re- ceived the following inquiries from _ foreign firms,who wish to represent American manufacturers in their re- spective fields, Full information will be given to American firms on appli- cation to S. H, Blalock, district man- ager of the bureau, Lowman build- ing, Seattle; Belgium—(6515) Feed for calves, fish flour, meat flower, British Honduras—(783) Engines, semi-Dissel. Canada—(6745) Biscuits, fancy in ekages; (6770) Fire extinguishers; (6772) General merchandise; (6782). Silk piece goods, silk ribbons. Chile — (6765) Chemicals, drugs, yes, oils, paints and varnishes, rice, salmon, Cuba—(6738) Beans, red kidney, red Mexican and pink; (6798) Beans, reds pink, ete. sardines; (6769) Packing house products, France-—(6798) Fruits, meats (cured, smoked, salted), vegetables; (6711) Wheat; (6714) Wheat, Germany—(6780) Foodstuffs; (6756) Wheat. . Guadelupe—(6767) Gasoline, kero gene. India—(6777) Motor accessories. Ireland—(6729) Canned goods, flour, svoodenware; (6768) Fish, meats, food: stuffs; (6786) Condensed milk, 4 Mexico—(6727) Cotton cloth, glass: ware, pencils; (6781) Cotton & groceries, hosiery. South Africa (8191) Wheat, Wales—(6728), Box shooks, wood,