The Seattle Star Newspaper, August 2, 1923, Page 18

ay “more. = 4) point of manufacturers, he considers "the present BUSINESS—Finance, Produce, Agriculture, Shipping, Real Basic Conditions Are Sound Says Bank Review NEW YORK, for business has changed Mounced way during July, in the opinion of the National City bank AS expressed in their monthly survey | Of business, just issued. “The stock market has been Jess,” says the statement, “with | Slightly higher prices on the average Gnd with its technical — position | Shronger by reason of the liquidation | that has over — recent months. “The prices of 40 representative | Londs as reported July showed a combined > of S711, an Vance of st 3.19 in the ‘The total loans and investments of banks are just about as they month ago, Slightly below the figures of three | months ago, and 13 above | the low’ point of 19 RETAIL TRADE CONTINUES GOOD “Retail bus over the country genera Gepartment stores in June a Sd to the Reserve Bank of New York Were 1! per cent se of June Yast year and are reported as run ning at adout the same rate in July Mail order houses doing a good business “Orders at wholesale are restricted 16 immediate needs, which has litt #ignificance at this season, but it is Syident that there exists little of the appretension manifested in the! Spring ubout ability to get goods or {0 cover future needs. Nevertheless, @ealers generally express confidence dm a good volume of trade this fall. “The policy of restricted buying Which became noticeable in April, after a rather spasmodic outburst in the early spring, has had its effect | ipon prices all along the line. The! fverage shown by the bureau of la bor table for June is down 3 per cent from that of May and about 5 per | cent from April. Of course, in some commodities: the reduction ts much As usual, raw materials have Buffered more than finished goods. BASIC CONDITIONS REGARDED AS SOUND Employment {is well maintained | thruout the industries, but wage in- €reases have about ceased, except for announcements by the railroads from time to time. } Except fur the well-known fact that farm products are low in com Parison with other commodities, and | Aug. 2.—The outlook | no pro-| Nat occurred ad: | last year, were a bel per cent ness continues good y. Sales of report above t? are | that the foreign situation is In some | fispects more critical, the outlook for trade is very good. These exceptions ate not new developments; we have} ‘een facing both now for about three | years, atid the revival of the past year has been despite their influence, —— Financial Flashes From James Macfariane £ Co. 811 Second Ave. _ Twenty rails 77.14, decrease .9%; 20; industrials 86.91, decrease 1.20. Sears, Roebuck July sales $14,960,- $39 as against $12.244,981 for the Same month last year, an increase of 22.18 per cent. Officials of leading tire companies state no reduction in tire prices is contemplated. Judge Gary says from the stand- situation _ satisfactory. The steel corporation plant will be bie to run practically full blast for @ long period. Western railroads refuse grain cut. President Erskine, of Studebaker, gaid: “Manufacturing operations of all plants are at capacity, with 41,000 cars scheduled for production third quarter, and $650,000 of preferred tock was retired, leaving 88,000 shares outstanding. General Motors for six months re ports a surplus, available for divi-| ends equal, after allowing for debenture and preferred dividends, to $1.80 a share on common. A loan of $20,000,000 for the gov- ernment of Switzerland will be raised in the United States by a syndicate ‘of bankers, which will offer for pub- We subscription an issue of three- ear notes, bearing 5 per cent. Baillargeon, Winslow & Co. of Seattle, announce a $200,000 issue Of 6% closed first mortgage gold bonds of Sisters of Charity of| Providence in Washington, a cor-| poration. The bonds are issued in| denominations of $500 and $1,000,| are dated July 1, 1923, and are due serially yearly © beginning July 1,| 1925. Interest is payable January | 4 and July 1 at the Union National bank, Seattle. The bonds « fered at 100 and interest, yielding Yo. ‘The Sisters of Charity of Provi-| dehce, founded in 1943, in the City} of Montreal, conducts 105 establish. ments thruout Canada and the Unit ed States. For purposes of admin-| istration the organization is divided 4nto seven provinces, each a separ-| ite corporation, of which the bor-| Towing corporation is one. | The bonds are a direct obligation | of the Sisters of Charity of Provi-| dence in Washington, which has as- wets valued at over $5,000,000, Will be specifically secured by first mortgage on valuable income pro dicing property situated in the City ngervatively appraised | poration, at over two times the amount of the loan. The proceeds of these bonds are being used part the construction of St. Mary’s hospital in the city of Kv Fett, OE ere _ (TRADE TERMS | a DISCOUNT A security is said to be “selling at a discount” when ita price is below its par value. ‘Cabinet to Take Up Sugar Price,” headline, That's It's up already, What the eabinet should do Js take it down,— Clarke County Sun, to defray in! A GRAIN PRICES — CLOSE HIGHER : el Jot trade fered a slight ing thruout the day at the close. uted to favorable nating from month and |} N in ne stump in premiums had a dep pe WALI NEW with merican Smelt Steel common, rling opened « anes, Which We remier Baldwin red ho prospect Opening prices eth lehem 4: OB Cnc, oved higher to AGO, Au comb Pp ema. orthw Canad g Warmer weath ght of snows Cor® was under conald ing pressure at the close, nt sufficient to ening rts of rains ove Oats with lack YORK, Aug 2 f. activity a0 STREET St the gain at 878 off, as did re up. all that the of a joint allied answer included Steel, 4 48. up 10%: An tive, Oy n-American Ii § 1.—Gral nh the Chicag Wheat pr dian advic f prev and lower bt cause Favoral effect r the of, # mand and good crop'nows, | of ite earlier gaina but closed higher, | 4 Chicago Bowed: of Trade |; Wednesday's Quotations + 00.69% B0.98q At 90.98% Be Be iM ig ia 19 }23 6 Hig. 19. R Ri Provisions we Chicago. Car Lots Reet. Cont Wheat— pt Open 1.00 Lem Ride pt Foreign eae Status Wednesday's Quotations | Normat 866 20 cts 9.20 cts 20 cts... 5 30 cts. .) LTt 32 cte, Bo cts 80 cts 80 cts 00 ets Frenc Belg: reek 30 Austria: Holland florin. .39.36 ¢ Rumanian Spanish peset ee Foreign Securities Wednesday's Quotations Furnished by Logan & Bryan Bets 50 50 cts.. Tan erman mark 0000001 ct wedieh krona. Norway krone Danish krone ALON 0 bad 5s 338 o 88 High ” 1.04 LO1y 1.06% 7H 78 #4 2 ue “ 1 29 10.6 h franc. n franc. Ura, drachma after able nel ‘any as did re puth weat ‘3 Hlative di Eatd. LAr, crown. . JOURNAL FINANCIAL REVIEW ks opened firmer today on @ * ranging fre p to 1% ‘ the hich of Wedn Other foreign excha: English parliament was Helgian notes on reparatt to Germany 88%, Up tp) Studebaker, Amerioan, 21%! Union Y; Haldwin, 114, up %; Southern Pacific, merican Woolen, 8b, Boot, 8b%. up i Westinghouse, up %) Par joan Hi, 67%, UD % within of the ghtly, The French and was moat American Can. i. up \; North bey, Wednesday's Qu: * xpress Rumley Rubber ka Geld Agr, Chemical pref, Heet Sugar Brake Bhoe Fay yard | aut | ad-| np Avs. Am. Am. Can do pref. Am, Cotton Ol 10 pref. Drug Sy Radiat Rafety Kasor Ahip & Con Sumatra Tel. & the on show ling after mpers | A | Am. Ape. at it Was | Aw drastic | Am bie news| Any Am. T Tel oat some | ain A Au. « Au. Quit Atehiaon do pret Austin Nichols Baldwin Locomotive 40 6b a O © 169] “Go pret. 9 BS] Rarnadall “A | Heechinut ke th. Bes! com Booth Fisheries | Brooklyn Bdison Close |B. T., roa Bron A Butte & Superior Callahan Zine and L Packer fornia Pete % | Canadian. Pacific § leglo Mu am P | do pret % 28% | Chen“ Onio Slay | ont hae ated Ol « Line awit % Lm x LO ule % pret pref Cotorade Fuel Graphophone P. Cs Cigars. Cons. Textile Cont. Can : rod Cuba Cane Bui do pref. |Cuban-Am, Sugar | Davison Chemical Dupont de N tman Koda ric Stor. Hat T6.62cta| do ist pref, [1600 cts | do tna pref. «.1hets | Famous Players LBS cts| do pref. 0014 c| Federal M. Fink Tire B.lcts|Gen. Cigars 1 Gen. Mote | do 6% aed... | do T% del Granaby Great Nor. pret. Green Cananea & & pret. Secood Ave. Seattle |Guantaname Sugar usgian 5% tussian GS 1921. 1926... Russian 659. 1919. French 5s, 1931. French 4s, French Ss, Bi B 1917 1920. ritish Sa, 1927 British. bs, 192 British Viet 4a. rittsh Ref. 4s Belgium Restor. 6s. Belgium Premium Japaneso 4s Japanese 4 Japanese 2nd 4448 United Kingdom, 192 United Kingdom, 1937 jie Sugar—Weak u Sheep—Receipts, 4,200 ambs, $10@11.50; ewes, $4@6. M. eee allan Cons. 5: N. Y. Sugar and Coffee Wednesday's Quotations Raw, $625; od, § ke: granulat No. 7. Bio, 1014 @10%%; San- ‘4. 19g ile Denver Live Stock Quotations Wednesda: ttle — Receipta, strong. Bee . 500 and heifers, $3@7; stocksrs and fe jogs —Receipt 380 higher. 4 @7.50. Foreign NEW YORK, change market © previous marks, | Balances .. serial} | | |articles of incorporation’ have been filed fice of the necretary of rtate Protective close. 56%; francs, Portland Produce Wednesday's Quotations jutte @As cheese, 29@31¢; * Clearings Clearings .... Bafances Total oon New Corporations OLYMPIA, Aug. the National Automo Service association \g. Joseph and K Holaday & Edworthy $10,000.00. P.M. Ht and E to heating, B pokane, Ashbrook and Rertha Ooschall. ‘| ne, $15,000.00, Walter A Investment Co. Spokane, $25 R | 60 | williams, and) walker, George ¢ White and Herbert Hf a ford, 009.00, atock, | gations | funded di Its per: £2.50, which, ¢ the wrong | other nati resources engage in The Workingmen: | $10,000.00, Guy verett. National Finance 4100,099.0 AA Drug Co., Dunkin and Signal Bp William ae 1 real estate Inland Empire Kpokane # Chevrolet Co., Paulson Minin Increan by the Wate Bron, Altho, tempora neces, yet are no apita, fo in terials, Portland ++ 6,067,734.00 | soees 1,202, Tacoma transactions... 2,433,000.00 | William due to China’s outstanding obli than nt of the city of New York, odors, 780. | Mar Top, $7.60; b Market dull. Exchange Aug. 1.— ed down Sterling, 9573; Vir 1,052,640 to the dollar. oe ic: ORES, - -$6,412,368.93 | 1,452,725.05 | | 2.—The obile Seattle, $1, Joneph. Inc. oladay t metal ec ating, ¢ ‘3 Store, and Investment Co.,| 0. WE Bit R Croyle, zB. Jones, Rarnhart, Hans, ral ingurance business a mortgage loans, ete Halen Chevrolet Changing by the co Co, Utd, pany, Spokane. $100,000.00 10 $160,000.00, ily, the Pe ernment is seriously financially em. | barraased, politieal greater reign debt mpared with th is very low, especially wo in the Ight of China's wonderful manpower and mua- Bia cat | ’ hens, 14@23¢ Etta Holada A. Eaworthy and Ruth Kdworth Inc Everett and to conduct Waltaburg, ford. Increasing stuck, $19,000.00 to $12,- 009.90, Hanford Horticultural exchange, Han- tock, $10,00.00 to $12, Mayra Whi Hartman Corp. Household Prod. Houston Ot Hupp Motor Int. Agl. Corp. pref Int. Cement [Inter. Mer. Marine Jones Bros. Tea Kans. City Bouth do preg. | Kayser, J | Kelty Springtieia [Kresge & & | Lee Tire | Lima Locomotive | Lore, tne. Loews, Ine Mack Truck Marland Ol! Macy, R. 1 Manat! Sugar Martin Parry | Maxwell Mot. A |May Dept. Store | Mex. Seaboard Mex. Seaboard ctfe Middle States Oil | Midvale ..... ket 15@ | ot. K &T 1k, $7.40) Go pref. 000. Missourt Pacific do pret. & Mt. Touts Moon Motors Mother Lode Coal Mullins Hiody ‘The ex-| National Biscuit from the | Natl. EB “tas demand, |Nash Motors e, 0423; | National Lead New Haven Nevada Cons Nor. & Weat orthern Pi refined, 27@ 200; Owens Bottle | Pan-Am. com. |. do B | Reaptes Phila. ° Phillips Pete. Pierce Arrow do pret. Pierce O11 do pr Pgh. & W, Va Pure Ol. 17% Ry. Steel Springs....101 Rap: T. See. com. WI. 12% | | Reynolds Springs |Southern Pacific . South. Ry. pref. Bt. Jon Lead [st 1. & #. F. | do pref. | Seneca Copper Simms Pete. 617.00 fair amount points Ameri+ N. Y. Stock Market roy ry 10% | | | cautitiower | Lettuce Leecal, | time THE SEATTLE STAR oca Markets on aly Jere by whol eptions, With & to prod 6% for hauling Ing cost.) Artichokes Heans Beets Loe Cabbage Gal Local, erate, 24 head Carrots Cal, Cal Per ib dow. bunches per sack Local, per dow. new, nck Ver erate . Celery—Looal, dosen Caucumbers—Looal hothow Gartlo—Per tb per erate Onions Laoal Parsley — Varsoips— Peppers © Green Peas Per sack green, dow. dos f eack bell Per iree bunches per & i» cold storage New, per Mh Madishes—Local, dos. bunch Khubarb—Looal, per 1. Ratabagas—er sack h—Local, per box joee— Merced «5 veal, per Ib. reer Prices Paid Wholesale Dealers Applee— Yel. Transparn: Gravenstena, box Apricote—4-baaket erate Hananas—Jer tT, few 699 | fale 0 logainat 1.60@1.76| to 1.009 1.38 194%@ Nasears c 24e Cherries ito i Pie cherries Cocoanute—P Dates Drom Vigs—-Dried Gooneberries — Grape Fruit Cal Money—Comb, per om Strained, per tb. 0 4-08 eM. Florida, box pk te | Loganberriee—Per crate Lemons Yancy Chotee Yakimines—Der box NUTS Prices Paid Wholesale Dealers Sack Lote Almonds—1. X. Ln, per Mo... / Peanats ¢ » pudded, per 3 ded, per % k DAIRY PRODUC Prices Paid to Shippers Aetivery Fars—¥reeh + white shel! Mixed e¢lors Pallets wt, fob Beate F. O. B. condensary DAIRY PRODUCTS Prices te Mer Ratter—Local ere Local prints, wrapp Kars—Vreeh ranch, white Mixed colors allots Cheese— Or, triptete Wisconsin cream brick Mock fwtes Warh. triplets Tillamook triplets, old POULTRY AND MEATS Prices ¥ supply shipper Leghorns, per Tb Rocks and Reds, per t Capons—Live, fat, per M. Fancy 4. p. Hens—4\ the Medium, lve. 3% to 4% fhe ve, Meht, 2 to 2% Toe. Fancy Gry picked ¢ cents above live. Grose —Live, tat Delginn Hares Turkeys—Fancy 4. p., 8-15 Ihe. Live, fat. per M™ Roosters—O1d, live, Hogs— Choles Meht Chotes heayy Vent— Fancy tight Fancy heavy am heavy. 160-200 the POULTRY AND MEATS Prices Paid Wholesale Dealers Reoilers 9 to 12 the. 4 The. and up per 09 Ihe 25% | Docks. 9% | Hens. 26% following | —<—=—=$—>—$—$—$—$—$_$___$____— ana} } 000,00. frame residence adaitl William Brell & Co., 9) frame residence, 40x30, Cc. Laurens, reaidence, 94x26, 33,500, Omak, | John Collina, 46158 Woodlawn ave Fannie|_ residence, 28x26, $1,860. | John Collins, 46156 Woodlawn aye, renidence, 28x26, $1,800, Ocachall, | John Collins, 46156 Woodlawn ave., residence, 28x26, $1,800, KB. F. Tarr, 4642 Kanyon at., el. dence, aix2 00. ‘Tacoma ontracting, | M. Harty 1. Alexander Earle V nd to deal cor. name of mpany. WASHINGTO! ued disorder » Aug of commerce tache Julean Business on the Yangtze above kow is reported at a standstill Increasing king gov- disturb. | fected. the but passengers. ia about t of Adver ture. thing more useful. the telephone, Main 0600, Bending. Permits . frame frame frame frame rent- Chinese Trade Dull Says Julean Arnold! 2,—Contin- {4 effectively stopping trade with the interior of China, ac- cording to a cable to the department from Commercial At- Arnold, at Shanghal. Han- and commerce of coast cities in also af Ships are leaving Shanghai) with halt cargoes of staplo products | only and vesseld arriving carry little wo that odd plese of furnl. You can sell it and get some: Use | Hors. | Sugar—Cane, Dressed, oo 2 10e@ ous | es] 13% 1.80] 69 0 | to {Toads so that govern * 10 9 ° 31 . 0 33 id by Wholesale Dealers u 1" 8 n hy too (1 ON@ 09 ee 20 4, Tarkeys—Fancy, dresred Live, fancy, Th Belgian Hares— Live, Dressed, per Th Cows—Country dre Faney block per Th. oY 10 169 200 06@ 08 11% | 17 + 090 112 TOCK Hons at Stockyards LIVE Quo Cattle— Prime ateers Medium to good Prima cows and heifers Calves Bulls Hogs— rime... eyeomck Smooth heavy 7 Rough heavy Pies Sheep— Prime lamba Common to choice Yearlings Wethers Ewe : FLOUR AND 8 Wholesale Prices Floar—Family patents per cwt Beet, per owt HAY, GRAIN AND FEED Firnt grade... 1400 ‘1008 6@ 00 3q oe 008 + 6.008 8.006 +10,60@ 7.008 1.008 Whole, yellow, 120's Cracked and feed meal, 100’ Barley—Whole food, 1007 x Rolled and ground, 80's-100'",, Onte—Whole feod, 100'n Rolled and ground, 70's-80'" Sprouting, 100°» Wheat—Recleaned feed, All-Grain Chop—S0'n Chick Feed—100'n ... Chick B. M. Mash—100' Growing Feed—100's . Growing Mash—100'n Ege Mash—100'n Beratch Feed—100's Cocoanut Meal—100 Cottonseed Meal—100 Linseed Ol Meal—t0 Soyn Bean Meal—100 Alfalfe Meal—100'" .. Hone Meal—100's . Granulated—100 Chareoni (ha Fish Meal—100's .... Grit—Linvestona, 100%" Granito—100'8 oe... Ment Seraps—Iantern, Shell—Kantern oyatar, 100" Wontern oyster, 100' ......0., Wheat—Mixed food, 80". OILS AND LEADS (Local Market) ‘Turpentine—In drums. 3 Hon cana 1268 Hon cani Rolled, 6-ention White Lea Commerelally, China ts finane solvent and sound, as the country u@ 0 | Portland 11.2 10, 5 + 6.000 8.00 | ¢ 60 +620, 17 46 48 14 4 46 149. + 67.00 18.00 25.00 02,00 24.00 22.00 54.00 lally has never departed from a specie basis, and has not, during the period of the war, or since, suffered from an flated currency, in. THURSDAY, AUGUST 2, 1923. Estate, Building °.° ‘BUDD EXPLAINS Wheat Problem Beyond |LUMBER MILLS Temporary Expedients (\TPUT STEADY Solution Must Deal With Fundamentals,| production Runs 17 Per RAILWAY RATES; Great Northern President Praises Loyal Employes 8T. PAUL, Minn, Aug. 2-—In an address before the Professional Men's club recently, Ralph Budd, president of the Great Northern railway, dix unwed the reasons why railroad rates are higher than before the war and |eaid that it should be no mystery to anyone who buys the n wnition of life today “The rallr ds," mid judd, “like everyone else, have to |pay the going prices for labor and |material they use to produce trans portation, and thelr taxes have in | creased as much aa those of others. | Ho pointed that but for the {fact that those who have invested {their money in railroad properties lare obtaining very much leas than a return upon the value of the/ properties devoted to transportation | | purposes, the rates would have to be} higher than they are now, Mr, Budd sald that the high rates cannot Juatly be charged that with present the transportation act; 1 in not responatble, and that out 1 railroad rates and coste of produ transportation would have been an they are now that tf the both nit as high | He brought out the fact | roads had been permitted rates which would earn a fair return on the value of $12,000,000,000, which Sena or Brookhart claims the market t| prices indicate the roads are worth they would nearly $1,000,000,000 short of making a fair return, even lon the reduced Senator | Brookhart val tog? oo | MIC H TRIBL TE 164.18 Mr, Budd paid a tribute to the loyal | railroad employes. | “The greatest asset o railroad com. pany can have,” he stated, “is a loyal Sland efficient corps of employes, and | # | the continual agitation for a change lin the transportation act, which is |advocated by the radical element in the hope of breaking down the rail t control will be forced upon the country, is tn Jurious to the employes because it) makes for unrest and unhappinens, and what affects adversely the em. ployer cannot but help affecting ad. { versely the employe as wel | ened view n by Vico herhood He referred to the entigh jand courageous stand tak | President Doak of the Bre of Railroad Trainmen when tn a re cent address in New York Mr. Doak wald. QUOTES VICE PRESIDENT OF RALLROAD BROTHERHOOD “Labor's interest in adequate finan-/ jctal support for the railroads must be | apparent to all. Too often, however, labor Is p ed in an awkward po |tion on this mubject and frequently misunderstood, in general being mis-| understood and misrepresented many | times both by those within and with- out the Inbor movement “What could be of more import ance to « working man than to know |that his wages will be promptly and |properly paid when due for services |rendered? What of more interest to/ him than to know he Js secure In his} employment, that his wages will be| fair, and his conditions of employ-| ment good and wholesome? | “Upon the financial stability of the railroad depends all of these destrable jeonditions, Evade it as you may eventually the day of ing comes when the finances of the line| will be the determining factor. The |man who believes that the railroad a {employes are in any large sturmber | unmindful of the difficulties of rail-| road operation is either misinformed fa understand human na ture {Ship News. Tides in Seattle THURSDAY FRIDAY AUG. 2 ALG, 3 First Low Tide | First Low 247 a8 ft. /2:29 2 om, First High Tide | First High Tide |) 4:22 a m, 86 ft. | 9:30 a. m., #2 ft. Kecand Low Tide | Second Low Tide |]2:m1 p.m. 2.9 ft op. m, 40 ft Hecond High Tide | Second High Tide |] 9:06 p.m, 21.1 ft.) 9:41 p. mm, 10.8 th Tide 2.3 ft. Weather Bureau Report} TATOOSH ISLAND, Avg, 3.5 A. M. Barometer rising, foggy, wind eouthwe an hour Arrivals and Departures ARTY Ang. 2—Htr TAllian Lack "| patrick, from San Pedro, via Everett, at} 10 acme; str Admiral Dewey trom Te ma, at 7:6 a.m. ate Clty of Bpokat from Tacoma, at 9:30 a. m. Aug, 1—Str Kwanee from San Pedro, at 9 Dem.) ate Victoria, from Tacoma ‘et 4108 be tus mir George Washington from Christiania, via Christiansands, Datboa, Ban. Pedro, |en Francisco and’ Pordand, at § p. m, SAILED—Aug. 2—Str Admiral Watson for Southwestern Alaska, Vin Boutheast tn Alsaka, at Ba. tm.) ate W. 8. Porter F Port, Conta, ae 8i0 asm sAES Bio p,m enback albon, see Alaska Vessels Aug. 2.--falled, Str southbound, at 10:18 0 aes Bitka, Rogers, Admiral ™m, Weather Bureau Report Smith Cove Terminal—Pier 40-—S8tr Man- dasan Mary Dell treet Terminal—V. ridge Grand ‘Trunk Pacific Terminal- iniral Watson, Pier 11-B_Mtr George Washington, ste Owed, U. &. CB. Dellwood Piet Tv. &.M, Doxer | Pler A—etr Curagag, [Per Tate Admiral Nicholson |Pacitie Coast Coal Bunkers roa S. Bhipping Board Moorings—Bstr Anna KB. Morse, str West Nilus. Connecticut Street Terminal—str torts Atlantic Street Termin: ontiat. Ruvociated Oll Dock—Btr Northwentern, Aincy Street Terminal—Str Dalotan, Cammerctal Botler Worke—U. 8. 1. H. T, | Weather, ate Santa Anna, |roda Deydock—ite Weat Taon, atr ast n Galo, atr Pomona, bktn Fores Friend got Hound Beld tr, Patterson. Gelman ‘Creosote. Works ter |iettornan's Drydock—Rark Gratta. Birenm (Buoy 1)--atr Madison Btream—U. KR, we Melville te Motion, deatroyern Nos, 208 810, Winslow Marino. Tatlway--foht Krune, bee Coquitlam Clty, wi Bitar Now, 1, 2, 4 8. ©. G, Part- Str Ad Str Del Vic: i—Atr Steel Sol- ‘6 and Dredging Co, fir Ired Bax. of a diminishing | feature | numerous He jin like | | be Says Guar decline gn the 1 an out+ The pric recent shy of wheat has furnish standin ample of the hardships which of balance ‘in the com modity price structure entails, #t the current Survey, just Jewued by the Guaranty Trust Co, of New York, “In this instance,” the Sur vey, “not only in tho deprension of the vale of wheat a major factor in the general economic situation, but the discontent engendered is reflected in various schemes for reliet which could only prove futile or mischiey tim, & dinpoaition to tx as lack and there in the ‘fundamental pects of the out m causes “What is needed in the framing of policies and measures of relief for the producéra of wheat is a frank recognition of the conditions have made necessary a post-war re adjustment of the producing activl es of farmers, as well as of other producers in this country, Wheat growers are not alone in their sub jection to the vicinsitudes of prices, and markets, To center their attack upon speculators, railroads, and ‘the interests’ is to ignore the basle causes of the present situation WHEAT PRODUCTION MUST BE ADJUSTED No scheme for harrassing the culators, no resort to cheap credit, government price fixing and hoard ing of the commodity, or browbeating of the ratiroa termination in a world market, After the worst that can be done in these directions, it would still be necessary for the production of wheat in thin| economic re or lens blindly at imaginary leountry to be adjusted to the world|any event the demand for American | market situation “There can be no doubt that the American wheat growers, as a body, are in an exceptionally unfavorable position, With wheat selling in Chi cago at around a dollar the farm prices in Kansas and Ne braska about #0 cents, it appears that without a material advance in| price a considerable part of this year's wheat crop may be sold for lens than it cost to grow It. And while the price been falling, other prices as a whole have been tising until very recent it tn more now ea bushe of wheat than it did a year and two years ago. WHEAT to rm RICE | DECLINES TWO WAYS “Both the absolute price of wheat and its relative purchasing power with respect to other commodities as a whole were declining from 1909 to |1913. In other words, the forces of competition as reflected in compara- Uve prices were affecting adversely the growers of wheat. Year by year 4 bushel of wheat was the equivalent quantity of other commodities in domestic markets, “Perhaps the most of the problem is that the prosperity of | tioned by factors over which he has | nly an indirect and partial control, |mave over long periods, Not only is tstrue that farming is In general a} industry, carried on’ by independent producers adequate organization for action, but the price of mall-scale without concerted wheat is essentially a world price, de-| world’s production hand, and the wheat on the termined by th of wheat on the world’s demand other for “In the long run, an adjustment of | wheat production to wheat consump- | tion In effected by the same process which {s observed in the case of any commodity. But while this ss iy natural and inevitable, it changes in that all economic it pt always comfortable for all] concerned. It Is not always feasible » shift from the growing of one crop to another, And even where the shift can bo re: made #0 far as the physical factors of production are concerned, the resulting additional output of the other crops may de- press prices to such an extent that new difficulties are encountered. PROPOSED SCHEMES ARE INADEQUATE “It was natural that one of the first schemes to be proposed should hark back to the government's price- fixing activities of the war period. Such an expedient would undoubtedly disappointing and harmful in {ts ultimate results, It would provide a subsidy to an industrial group at the expense of the community at large. It would destroy the delicate mechan: ism by which production and demand are brought into equilibrium and, so jong as it continued, the acreage | sown to wheat in this country could no normal relation ‘a needs, © government would In all prob- bility incur a largo loss in re-selling the wheat it might purchase in mak- ing the guarantee effective, and the result would be continued over pro- duction, ‘The guarantee of ‘a fair price’ to the wheat growers would tend to stimulate the next year’s out. put instead of reducing it, and in the end the farmers would probably gain nothing. “It has been proposed also that the government should purchase, say, 200,000,000 bushels of the present crop at tho market price and store it until later In the season, Just what the effect of such action on the price of wheat would bo is not clear, butalt is safe to say that the effect, if there should be any perceptible effect, could last only until the stored wheat was resold “Probably have work to the & modification of the | seasonal fluctuations is the most that | could be Ik | Ked for “Ie the wheat were held over until next year, the price \might possibly be sustained until then; but in that cave tho hold-over would come into competition with next year's crop, necessarily tending to depress prices, Such & measure could scarcely fail to accentuate the difficulty, for if the government's action should cause any appreciable upward movement in tho price, the inducements to a. re. duction in acreage would be cancelled. STORAGE OF CROP 1) REMEDY A modified form of this plan is for tho farmers themselves, taking advantage of the credit facilities at thelr disposal, to store a substantial portion of the crop instead of market. difficulty and to atrike | which | ls can abolish price de- | bushel, and | of wheat has| exasperating | the farmer is condi-} nty Survey [ing it as promptly as they ordinarily the former | growers, r ‘Thin {9 essentially the same as proposal, except that the ther than the government would assume the speculative risk. | ‘The common weaknens of all these | schemes is their failure to recognize | the fact that the fundamental condi tion adversely affecting the farmers |—the low relative price of wheat—ts the natural result of a continued re reupply contributory causes of the price dis- | tive or The most important | parities alxo ie outalde the range of | thelr influence. | BASIC KEADJUSTMENT | 8 THE REAL NEED A basic readjustment elther of rela nd or of production is called Anything that may be done to jaccelerate the processes of general in Europe, with tive dem | | for. |economie recovery consequent revival of demand there tor foreign foodstuffs, would afford & measure of durable relief for wheat rowers in this country. It appears, that the farmer's difficulties | have been accentuated by tariff rates! which are able to raise the prices of many articles consumed by him, but which are powerless to raise the prices of his produets that are deter- mined in world markets. | “But not all the price disparities | from which he suffers have their jorigin in the unequal! effects of the | tariff rates. Whether with the ex- | {sting or lower tariff rates, or with no protective duties of any sort, in alno, |manufactures at tho present time | would be more nearly in conformity with supplies than would be the de- and for wheat and other foodstuffs. “The relation between the move- ments of wheat prices and the prices | of commodities in general which ob- tained prior to 1914 was destroyed during the war. A restoration of romething like the former price rela- tionship probably can be effected | cnly gradually. | “Meanwhile, the drift of economic forces is tending to shift the produc: tion of wheat and other agricultural | and livestock products from the high- priced lands of this country to newer | This amounted to 38,009,082 feet, | which |16 to July and cheaper lands elsewhere. ‘This fact, however, is not sufficient] ground for believing that the days of prosperity for American wheat grow: | ers are past, Rather, it calls for a} recognition of the necessity for re |eorting only to such measures of re | lief from present conditions as touch | the fundamental economic factors.” j 'Tacoma Brokers Buy | Bank Bond Business TACOMA, Aug. 2. — Drumheller, | Ehrlichman & Co., investment bank- | | | jers, have formally announced their | | purchaso of the bond department of | the Puget Sound Natlonal bank of | |Tacoma. The company has moved | ts offices to the ground ficor of the | Puget Sound Bank building, occupy- ing the space formerly devoted to the | savings, bond and trust departments of the bank | |Hay Association Signs Large Crop} YAKIMA, Aug. 2.—Close to 65, | tons of hay have been signed up ae |the haygrowing districts of Yakima, Kittitas, Benton and Walla Walla |counties since the beginning of the sign-up campaign for the Northwest Hay association several weeks ago, according to reports made at a spe- cial meeting of the organization com- mittee. { Japanese Imports Especially Heavy WASHINGTON, Aug, 2,—Little a |tivity was shown in Japan during |June owing to the dropping off in silk exports to the United States, the outlook in China, and the coming of the rainy season, says Commercial Attache James F. Abbott, in a cable to the department of commerce. The half-year settlements were made, however, with no great strain on the country’s finances, the only notice- ablo effect being a slight increase in the discount rate and an increase in the outstanding note issue ef the Bank of Japan. Exports during the j month were lower than had been ex- pected and imports were especially heavy for June, causing warehouse stocks, which are normally high at this time, to show considerable in- creases. Seattle Steck Market Furnished by H. M. Herrin & Co, 17 Cherry St. Tank Stocks. Americah Sayings Bank... Bank of California Canadian Bank of Com.. Dexter Horton National Firat National x | Marine National .- + 115.00 Metropolitan... 220.00 tional Bank of Com... 310.00 National Clty ...sececses 175,00 Seaboard National 155.00 Seattle National + 280.00 Seattle Title ‘Trust. 110.00 Union National 136.00 Industrial Stocks: Albers, com. . Albers, pfd. Aero Alarn Alaska Steamahip .....+s Carnation Mille Prod, pfd ntenmiat MIM se. toc eral Telegraph 25 Fisher Flouring MOis.... General Petroleum, com. lobe Grain & Milling, com Globe Grain & Milling, pfd Goodyear Tire & Rubber (Cal), ped. Hawalian Sugar Honolulu Plantation Chas, MM, Lilly. New World Lite Northern Lite Onhw Sugar. Ow! Drug, ped A Pacific Alaska Navigation Pacific Car & Foundry, Pacifio Const ivcult, ... Pacific Gas & Electric, pta Pac. Tel, & Tel, ples... Pioneer Mille (wugar) ...) Puget’ Sound fo pfd Reld Brom, coms .eceeses Reld Brox, ped. . Sperry Flour, com 60,00 Sperry Wloury pede ces 00.00 Superior Portland Cement 116.00 Bid Asked 00 $ 85.00 205.00 0.00 226.00 410,00 122.00 240.00 _318.00 185,00 165,00 198.00 220.00 300,00 118.00 140.00 <$ 45.00 § 50.00 $0.00 $2.80 1.50 00 89.00 93.00 102,00 103,10 100.00 112.00 0.00 94.00 $7.00 33.00 49,00 93.00 11,50 XS “3400 2 140,00. * 60,00 95.00 18.00 150.00 35,60 100.00 85,00 100.00 5.00 25,00 99.50 80.00 96.00 + 110,00 91.00 M4 27,00 $3.00 | 93.00 26.00 80.00 89.00 90.00 | these ‘Todd Shipyards 49.00 @allarbach, pfd, 98.00 Cent Above Normal One hundred and thirty mills report ing to the Went Coast Lumbermen‘s association for the week ending July 28 manufactured 103,264,839 feet of lumber; sold 95,062,633 feet, and hipped 97,442,724 feet. Production for reporting mills was 17 per cent above normal, as com- pared with 16 per cent the previous week. New business was % per cent below production. Shipments were 3 per cent above new business. Thirty-nine per cent of all new business taken during the, week was for future water delivery. This mounted to 26,569,991 feet, gf which | 26,520,805 fect was for domestic car- go delivery and 10,199,186 feet ex port. New business by rafl amount- 4 to 1,792 cars. Thirty-nine per cent of the week's \lumber shipments moved by water. ot 27,928,205 feet moved coast. and intercoastal and 10,080,877 overseas. Rall shipments to taled 1,840 cars Local auto and team deliveries to- taled 4,633,642 feet Unfilled domestic cargo orders to- taled 125,235,381 feet. Unfilled port orders, 65,409,499 feet. Unfilled rail trade orders, 6,216 cars. In the first 30 weeks of the year production reported to the West Coast Lumbermen’s association has been 2,941,715,476 feet; new business, 2,027,109,400 feet, and shipments, 4,210,996,676 feet. WOOL HERALDS HIGHER PRICES NEW YORK, Aug. 2.—Woolen manufacturers entertain little doubt a9 to the commodity price trend. dur- ing the next 12 months, according to the Financial Review, commenting on the fact that they have advanced prices on their own products for the spring season, against which actual purchase starts within the next few weeks. “During the commodity readjust- ment period,” says the Review, “May 15, reductions in most commodities with the particular ex- ception of steel, fron and wi amounted to about 12 per cent. Had three commodities been in- cluded, the reductions would have jbeen larger and the somewhat nat- ural trend toward a partial return to a higher level would undoubtedly bave taken place much sooner and much more orderly. “What the country would probably rather see is a more pronounced trend in recovered prices on most farm products, on most metals and on many manufactured products. “The average manufacturer, pro- ducer, wholesaler and retailer, how- ever, is able to foresee rather posi- tively that the price trend during the next 12 months will be upward. Gyro Club to Hear Editor of Outlook Sherman Rogers, industrial editor of Outlook magazine, who has just returned from a trip thru Alaska, will address the Gyro club at their monthly evening meeting at 6:15 p. m., Thursday, August 2, at the L. C. Smith Building restaurant, on “In- dustrial Conditions in Alaska." Gravenstein apples from Sebasta- | pool, Calif, are now coming into the Seattle market. A box of choice frui from Fred Prosser of that city, was received by Lloyd Spencer this week, together with word that the season down there has opened with a rush. Patients, Strapped to Beds, Die in Fire BIRMINGHAM, Eng. Aug. 2.— Strapbed to their beds in Highbury hospRal, two men were burned to death when fire broke out in the open yard. Steeplejack Falls * From Ancient Dome GLASGOW, Aug. 2.—Andrew El- Hott, famous steeplejack, slipped from the gigantic dome of the city hall and fractured his skull, Hides and Wool Buying Prices, F. 0. B. Seattle Balt hides wine fee Bulls... Calfsking, green of salted ‘No. Lup to 15 Iba... No. 2... sce ‘green or saited— 1, 15 up to 25 Ibs. Dry Dry fitnt stags or bulls. Stags or bull horse hides, according to ee Dry aSea Green or salted, each, Wool pelts, dry— air, jong, ‘alley wool— Clean medium. . Medium heavy. Sheep pelta, enc! Balted sheep shear, each Dry long hair goat sking, 1 do short ir, emeh. fq EL WARABARXEX Bremerton-Charleston- Port Orchard ‘Take Fast Steamers at Colman Dock REGULAR SCHEDULE Leave Seattle Dally 0, 7:16, 8:30, 10:30, 11:30 AM Bad 1:45, 3:00, 5:30, 6:30, 11: ae f*] From Seattle (o Bremerton [| aturday and Sunday, 9:30 P.M nd Daily, 6:30 and 11:30 P.M. AUTOMOBILE FERRY Seattle to Bremerton Daily 15, 8:30, 11:90 A. M., 3:00, 6:30 P.M, [J ioxtea trip Sat, & Sun, 9:20 P.M ager Fare, 800 Round Trip batt! vent] Roel from outy Vial retu Unid Me the with| mas Al A hibi leged limiq miss da overt der