The Seattle Star Newspaper, August 1, 1923, Page 14

WILL INCREASE So Says Commercial Attache Here on Way to Peking Arthur H moreial connection tions and creditors his opinion that acute financial difficu' Chinese Central gove the general political ce prevails in China, A With that country w grow “The strong, conditions By our manufacturers Keen, but ing to fear quality preva like Ch power pe any ¢ indu: emergit of open to most every kind MUST S! 1, CHINESE ON BETTER TERMS “Our willingness China on anything amounts in most basis is something that we Taye to get away from if we are t® retain our rightful share of Diisiness. The firms of other nu tidnals find ways of textile machinery, mining machine tools upon its, receiving payment ings of the factory. “It iv necessary for us to work ‘out some plan to ment this situation. Perhaps an assoation of our manu facturers interested jn these mar- Kets might be formed to put their own debentures or some of cute ust note to demand fo but w cases to will new selling machinery long term ered. from earn and out form carry these credit d by p lateral and nfortgnge liens “Lack of lequil tran Aacilities has retarded dey Of some of the et deposits of coal and serves to keep the 7 that which is produc example, coal which at the pit mouth Costs around $1 per ton, after being loaded with transportation costs nec essary to ing it into the comme elal centers, sells to the consumer at from $12 to $15 per'ton. “China has some ore deposita of goed character but their extent much less than was formerly be HeVed and it seems to be the gener Ally accepted opinion now that t country will never be an import: Producer of iron and steel. RAILWAY CONSTRUCTION f * OFFERS BIG OPPORTUNITIE: ¢Con: noth } whdout tedly ‘off 5 eur ‘oper col. of rallw the tentidl oppo capital. Wit) of the Un tion’ th hagte: in operation, or w total mil to about half the Penny: tem, The tines now in When not itferfered — with by tr Military authorities, show-an: ave ge operating ratio of Tess than per cent eight traffi catlond tots and t ing. stock o f si inadequate to liandfe the shipments offered. | “Politically peaking, (hina cent attempts to put her house in order in preparation for the bene fits intended to. accrue to her from t Washington conference‘ treatic last year, appear to ha disappointing results however, th: Must soon ch. it will be greatly to the of American business watch closely the development this field."" a6 PEPGRTES (Ara \ 3 Financial Flashes f E tunity etd 8 imes greater, China now 900 miles of railwa lvahia operation sy present From James Macfariane & Co. B1L Second Ave. eee Twenty rails 78.13, increave 73; 2 industrials 88.11, in United tes Ste for quarter ending $34,780,069 in $27,286,945 second quarter Standard Oi of Californ called for payment’ August 1 $25,000,000 7 per cent bonds du 1931. Studebaker earned $9.40 a share second quarter. Quarter enc 80, 1923, reports net profit of 202 after reserves for after preferred di share on net $47,858,181 June 39, previous quarter nd taxes, nds to $9.40 a outstanding — $74,000,900 gommon stock. Phis compares Met profit of $6,170,971, or 3% p share in preceding quarter and $7 086,552 or $11.52 4 share on the $ 000,000 common olttstanding in ond quarter of 1922, > Pierce Arrow June ne 307,187. Miami Copper output ducing around 5,690,000 pounds cor. per in July, verstis 5,702,600 in Pere Marquette net operating “come for first halt balance equivalent to on common for year, ‘Thirty-nine railroads show aggregute gross carniniy of 99374,177,923 versus $317,928,683 ast year and net operating income to. taulled $62,720,044 versus $48,783,440 last year, 7 American Locomotive showed net profits six months ended June 30 of $6,972,125 after inferest, depreciation and taxes, equal after, preferred divi dends to $1 warned on 500,000 shares ho par common stock ‘This compares with net loss of $966 780 in first half 1922. Production in Santi Fe Springs Long Beach and Huntington Beach oll fields of Southern’ California in Lweek ended July 28 was/atrate of 652,000 barrels daily, compared witt ‘daily average of 639,000 barrels in week ended July 21, and 665,000 bar rely in week ended July 7, Wabash earnings for June, net operating income, $814,491, agninet $200,946 in 1922; nix months, $4,144, “758, aguinst $2,490,437 in 1922, tendy steady, pro. ; year indicat per cent report | Sugar ak CORN REACHES “HIGHER LEVEL July rn Lin the p dat 9 he Chicas the highe howling atre Chicago Board of Trade Chicago Car Lots Tuesday's Quotations Furnished by Logan & Heya Second Aves, Liverpool Grain Portland Produce Tuesday's Quotations a4 Denver Live Stock Quotations Market stead si@s San Francisco Produce Tuesday's Quot Batter Extra 16 tha: firstat the dolla N. Y. Sugar and Coffee Tuesday's Quotations Raw, $ Coffee No. 7 | antos N Foreign Securities ‘Tureday's Quotations Furnishe y Logan & Beyan #10 Second Ave, Seattle Bld Askea nge. for the better and} Ru Liberty Bonds Tuesday's Quotations Furnished by Logan & Bryan 810 Second Ave., Senttio High Low First 3% 100.03 100.02 Tipat 4 Second 4 Serlew 8.15 | Rt on i BANK CLEARINGS Seattle Clearings $5 Balances 1,113, Total for Clearings July $150,995 ,012 Portland 971,483.00 | Tacoma aactions.. 2,748,000.00 Ld Business Is Quiet in the Philippines WASHINGTON, Aug, 1 dullness marked the month of in the Philippine island: certainty of tinues, has simi asonal June ind the un whieh: still con created considerable pes. | mong retailers and jobbers. The better financed houses however, depart Trade Com. ler, remain un alarmed, uiting’ the revival | n trade which ts normally expected | in September or October cable to. the | TRADE TERMS | DEFAULT A default Is failure 16 pay interest, or principal of & bond or other obli gation when due When # company defaults on gation it is often thrown into receivership, | wn $4.86 } land. |Removing Trees Is PRICES SHOW SLIGHT DROP Unfilled Orders Hit Lower | Level, NANCIAL REVIEW eth was displayed at the open wing overnight maine | time v ement font with. thy un American Heans Neets rn’ good: on 1913 und 127 N. Y, Stock Market Tuesday's Quotations ' py ie ed by Logan & 1 Cabbage f } 10 Second Ave., Seattle ‘ 5 1161 in J The May ce index June ‘ a index At unes liflowee comm A lery 1a Jepartment on July 1, b against 8 o | Mah record ¢ Salen of fi w Bedf June, t 04) June tivit me FRUITS Od on id Wholewale Dealers Apples Apricots Hananas—r Cantaloupes Casabas—) Cherrice—Ii 1 cm Covoanut Dates by Gooseberries Grape Prait Califor pine flooring de ith the the productic erably 192 we Ship News “re Tides in Seattle Wenn ALG. 1 First Low First Migh Prices Paid Wholreale Dealers Mack 1 .t © Mixed Nuts p * Walnuts No. 1, per tu e ; ou Serond Low Seownd High DAIRY PRODUCTS Prices Paid to Shippers Rotterta Rex? fewer ‘e Mined rs ‘oe r »~ ¥ ndeneary ‘ Arrivals DAIRY PRODUCTS prctclane dg + Moscap Weather ATOOMH 1 6 wiles an bh POULTRY AND MEATS Prices Pald by Wholesale to Shippers Broilers—Leghorns, per t Dealers ke and Reds, pe Alaska Vessels 18 Terminal—U, 8, 4. 0. G. P 0 the 19 POULTRY AND MEATS Prices Paid Wholesale Dealers Pier 11-B— Str Dueks—T 4. per Hens-—Dressed, hen Broilers Dressed Geese ened, Tarkeys Fee Foreign Money Status Tuesda, Quotations Furnished by Logan & Bryan B10 Second Ave., Seattle Jing rhs eigian franc wine franc italian. Jira Swedish Krona N Belgian Hares Dresned, per Cows Hogs Vent tle Flour dent Grant. 19.30 ctw tal Bi odd Drydock o@ #.00| et rere nian lei 4.00@ Spanish peseta 4 a ? Danish kro: "| sdauieror tea z ok drachma 8.00@ 1008 ommon to choice 0@ 10 MPIA, Aug. 4 v ear}in 7.00 of incory ‘ | Wethe 6.00 ¢ Ewe offic : he FLOUR AND SUGAR Wholesale OL filed in ldmore Pa ra, Ore., king 9,000 company, Asto. Certificate Flour. of | Sugar Heet, per ew i Port. | HAY, GRAIN AND F sing capital |Alfalfe May—irst grade Carn—Whole, Barley $7,007 thdrawal Phil Grossmayer com Amendment incre from $3,000 to $25,000. Alphons struction | Wheat Reclean roving a Success |(roming teed =i, WI i Aug. 1 Splendid | Bee Mash—100'" results showing up from re. |Serateh Feed—100'n “In closely set orchards. Cocoanut Meal--100's , Cottonseed Menl—100's A number of orchards with one-hait | Linseed Ol Meat—100's the trees removed during th Sere Bees Monkees of 1921.2 re coming back Kone Meat splendid this r Custodis company, J J.—Reducing capital $120,000 to $83,600 Chimney Con City, N. stock 100°" from | ont feed, 126° 40's moving tre Inter 10's ith 100°" Further. | Granulated —100'% Charcoal (hardwood) indication of | Fish Menl—100'9 unusually high | Grit crop more, there is ey this crop being of quality 100°" 100" antern, 100% tor, 100's 100°" 40's D LEADS ! Market) druma THIS YK The one world's Motoring Wontern oyater China's foreign trade | Whent—Mixed ¢ to about $2.50 per China has the same per capita for UL eign trade ay Australia, in its aggre. | Parpentine—tn gate ft will amount to about $60,000, 000,000, instead of its present $1,000 000,000, quivalent capita, When JASPER w. in barrela barrels ne 100-Ib, kews, Ib, | In spite of politient dist. China's foreign trade has advanced { Building Permits Pw. Wentworth, 1788 renidence, 14x24, $4,000. } shell California Weatlaka ave 4. 1, holler te $1,200, Mhell Co. of California Westlake uve, Ny sill Garage, 72x60, $2,000 40th, frame|ntendily ever uw during the past 10 years, hs cooeding year'y ve turns being in advance of ite prede censor, WASHINGTON n June busi an 100, on June 1 H per production totaled 124869. exception of Southern pine of Ves els in Port nk Pacific 1 Ocean Terminal—str Quotations at Stockyards et Vigorating pastimes and nov Open Juno it $6.00 per day and'up, Amer! East or West travel the line of highest peake COAST TO COAST TRAIN SERVICE—Monntain EMPTY SHELVES AND THE AUTUMN TRAD A™ INVESTIGATION amon the retal in Great . part of intained an attitude commodity | Says Report Satis tose ac te Aug. 1 »vernenta, Wigure com: hands very limited many Instances 4 reau, show that arried but wh 144, based ith 148 in while the for June w This appea ituation. compared ports of in June, 19 portant freight thar ve consumer ume of delivered mer une’a » 0. than for the of ainfilied orders f of last lities, compiled by t sumpt been just stood at 77|| larger, and the retailer has re fused to stock up “in antlel the |] of wtill larger April] With. fairly np cotton goods in the|| the retail 1 district increased in|| er should be able to fore | cent ithin th The ponding period ear upparently ¢ n ha so much commerce aned on 1920 na 100, an jon demand 1923. the manu very active pe weeks The tote next elght Review tton-apind ¥inan 5,000,000 | | clit h 9,309,001 unted mpa f wool Foreign Conditions by U. of Com Review Department of wheat flour at 6,331 Far Eyatern cables to th the flour | Ment of commerce repc rage |inution in Chineno trad July 1| With the intert dingy |ternal disorders change rates, dulinen and & due largely of the South China rice market; im proved financial conditions in Japan where the mid-year settlements made without difficulty; a decline in | Philippine commerce, believed to be temporary, and an increase in tm-| ports and decrease in exports from Australia, which has led the govern ment of that country to disp agents to neck new ot A an products New en trade is shown to be increas wD both there howell a decline from whtly at 192 id. ste products on an the above the ndverse ex in Indo-China the closing 125,453,000 000 pounds n of Michi Western and May as againat yellow pin redwood, 1 from nla while n of lumber was consid the mil! output of June toh spe oaland’s and Austria re Unemploym is de creasing in Sweden, Ital 1 Au tria, but increasing in Germany and A workmen's movement for payment of wages on romised by an Germany ndition AY THUMSDAY = | AUG 1" First Low Tide First High Tide Second Low Tid Thie f sin wan com’ “iff t by which the week Tide Second i c 1 be un ie tp Tide bd hn Spain erioun Bureau Report serene oritics and measures are being and Departures ought to reduce expenditures, as it} ine Alien | is apparently impossible further to ; cane revenues Han Francisco notion of Aust Italian gov- budget ext and bar and capital investments The er count { revenues nates clea n It rowing. out tate During tonnage under constr " repor ". Du Pont Earnings Twice Last Year’s WILMINGTON, Del, Aug. 1 The semi-annu ment of E. I Du Pon Nemours & Co. covering its operations for the first half shows net incom from sales eatments, after payment of] including interest 4 funded debt, of $16 nore than doubl at Seattle |" of earnings last year ne wo a a. Austrian Business | ; nes“ “| Conditions Improve Terminal—stt | WASHINGTON, Aug. 1.—General financial conditions in Austria are ood, according to a cable to the department commerce from’ Trade | Commi William Ford Upson. Vienna. The government called ® | in war loans for payment in paper currency and has thereby wiped out | « large debt. The goneral financial conditions of the country are good. | National bank reserves are larger | land the Bourse ix stronger, Stocks | have been acti Savings deposits at the end of June totaled 000,000 | gold crowns, or an inerease of 11 per cent over the previous month. str Alameda charge ‘ount ates This n’ Diego. aa sioner Mills! Termine Her Worke—U, 8 I. Hanta Ana Admiral Str Deir - | ban, pe} | The only thing worse than having| your wife find a letter in your pock jthat you should have mailed, is hay. | find one that you. should! © burned.—-Zillah Mirror | Terminal Str Pomona, West eon, ge and Dredging Co, ke—8tr Fred ax: | ° , a SWS, Jone iat to Sept. 20th MOUNTAINS. CANADIAN ROCKIES iris: x and only way through JASE) Jarasst We SG Playground s wolfing, fishing, camping, riding, hill r-failing tonic Laer uckuabiy AKK LODGE—Dungalow home. thoror H oroughly Sept, 40. Accommodationn dh). merna, meagre Jean plan (meals included) ! lowest altitude and ROTRAVEL pW WAY NATIONAL PARK, the and recreational retreat, cooler climes, t Scente Observation Cars, Pxcursion Fares Knat May 18 to Sept, 18 Apply J.D, MeGuire, 002 2nd Ay, Seattle Canada Welcomes United States imports: Kequired tonal route through the Rockies akirts Canada’s highent paake, at the oasiont gradient and lowent alt of any transcontinental route. Touriste AD CLUB HEARS LOCAL FIRM T0 ABOUT BUREAU BUILD CAPITOL “It’s Business merely stands for the Bureau, maintained bankers of Seattle we f men were present to give port to tained to k misleading # ah wary, and Bureau pre me B upport pr pent.” Wm. 1. Brothers, “turns thousands of do! from fake ‘ investments, power tent business house lets for | SUPpofting the bures from he It was B. B Many of the city’s cen for the ¢ of uthful, th hundred per cent efficient Malini, supplied the amusement for th ing. al mixed | and some really amazing feats with a| rk th Says Nathan Eckstein B, day at the mecting| OLYMPIA, A Beattie Ad Club 4 Insurance” Sound Construction Co., of Seattle, Gets Contract contract leginiae B eas ‘ nila awarded by he state capita yenter. not « subsidiary of K Better Bust fontered by the Ad ¢ sb ar und by the merchants rm con: Henry 2 1 nome the bureau which mati advertising free from tements, to pre upon the un ent © contract covers general arks from pr ma ing to render many other serv my walls commu: Busin Eekstein. upporting raid Nathan lala ¢ ident of Schwabacher Br ta | the eu a He te rely buying advert i urance mounting to keeping absolutely | 7 m br of the | ate mer can be nitect If every |t within 21 month would take a small per hin advertint z money to help tter business bu the most ising mone would find it fitable adve nd Pratt & W yundation and building, $807,000, a $10,000 from their former bid. will be started in the builde “ the The Better Bus Rhodes, p as Bureau,” wa exident of Rhodes ear into business that would other ¢ lost. By protecting the public it increas ¢ buying of the community an ¢ that we hardly r I no reason why an should not u gladly, if only the standpoint of the benefit himeelf, will derive from it “The Amazing M. can itimate join attie motordom new 1924 Buick c in Seattle the has Proba ne history of the such a rev been made in th Many new Buick lutionary t car mec meet line of patter nical With a clever com. of $186, with tures of ists of Lohse, of not. truction work, in. stadium at con. ive founda. to hase of and rior cut stone undstone quar wn on contract about was enti. F comple. rs of insurance duction of Work near future. ARRIVE HERE yecelved a dis in| tinct surprise last evening when the 8 were introduced ¢ before in company change features new car, jn addition to the deck of cards, he kept the membera|Yery noticeable change in the body. interested and guessing. ‘The me in| solos by Mrs. newoomer to Seatth price| rendition of the Englisn version ‘0 Sole Ad Club has heard, and places h in singers. ting was featured by vocal | the leading meck Florence Bohannon, a Not even employ with Miss Grace | Bulck Mrs. Bohannon's p the of on evening 6 at the plano. ' display Mio” many good music of the numbers best the was one If you need some ex time to time not | want the v front rank of Seattle Shipbuilding Wanes WASHINGTON, shipbuilding in Great Britain Aug. 1. — The industry on the east coast of Great Britain is not quite so ptiimistic were year, sa over conditions ay they during the first part of the ® @ report to the depart. | ment of commetce from Commercial by covery early part of thi che Tower the past six months the! in decreased the number of || Eins s increased by 24 ‘ tions for the re forecast in the ear have not been Option 1 Cost 340 to any ‘adin au { option $12 listed 64,000 tons and ls on the w buoyant expec which controls shares stock, tlon trading on req R. PARKER CO. whe t for. D. lized. Railroad Earnings Are Not Guaranteed A common impression exists that railroad earn- ings are in some way guaranteed by the Govern- ment. This is not a fact. The railroads were paid for the Federal Control period a fixed rental and were given an option for continuance of this basis for six months thereafter. This arrangement expired August 31, 1920, since which time nothing even resembling a guarantee has been in effect. : Under the Constitution a railroad has always been entitled to earn a fair return upon its prop- erty devoted to the public use, the percentage which constituted such fair return being a ques- tion for determination by the courts. The transportation act say “In the exercise of its power to prescribe just a able rates, the Commission shall....adjust such rates carrie: will, under honest, efficient and economical man- agement. earn an agg mate annual net railway operating income equal, as nearly as may be, to a fair return upon the aggregate value” of the common carrier property, giving “duef consideration to the transportation needs of the country and tho nectssity....of enlarging such facilities in order to provide the people of the United States with adequate trans- portation.” For the two years ending March 1, 1922, such fair return was fixed at 6 per cent. Since then it has been reduced by the Commission to 5.75 per cent. In no year, however, have the railroads secured the fair return contemplated by the Act, as the following will show: Year Percentage Actually Earned 1920 0.33 1 33 19: 4.14 It is entirely clear, therefore, that the law in no sense guaran- tees the earnings of the railroads, If it did, the Governrhent would owe the railroads more than a billion dollars for deficits in 1920, 1921 and 1922 Since January 1, 1928, the earnings of the railroads as a whole have been better than for the same period in any of the three preceding but the rate of return is still lower than the In- terstate Commerce Commission has prescribed as reasonable. : The Transportation Act has not been the cause of increases in railroad rates. One of the authors of the Act has said; “Rates have advanced simply because the cost of mainten- ance and o ation has more thrn doubled since pre-war days, while railroad tes, taken as a whole, are now about 64 per cent higher than they were before the government took over tho railroads at the beginning of the year 1918.” The price of transportation can only be reduced as the cost of transportation is reduced and the railroad’s cost of living has increased in like pro- portion to that of the individual. Every effort, however, is being made to reduce it. Constructive suggestions are always welcome. C, R. GRAY, Omaha, Nebraska, President. August 1, 1928, |The four-wheel brakes stand out ag distributors, new car last help from ace a small Profitx Unlimited ex no mar- your only 100 Our market letter and booklet on op- 30 Broad St New York Th Yub! One 1 Three Bix our at buel erm gin) wor and fee: Hen Hi Match. new mo! rie ro) I Chaq ona | rested) burn to be before man ¥ Lus! arresté he ha drugs, buyer. woma deal, into © jail W ings. Anal have § morpht agents, Gre to A "qd by the featur day aj week. whieh and ment open The boost nity Loe