THIS SECTION. CONTAINS 39 COLUMNS OF QUALITY WANT ADSFINANCIAL ANDBUSINESS NEWS

MAGAZINE ANDQUALITY WANT

J**

SECTION TWO.PAGE 9. WASHINGTON. D. C.. FRIDAY, JUNE 17. 1921. PAGE 9-SECTION TWO.

OIL ONTROUBLEDWATERSDESTROYS

BILLIONS IN FISHConference at CommerceDepartment Deplores

Huge Waste.

SEACOAST IS FILTHY

Waste from Ships MenaceAlso to Bathing Re-

sorts.

Literally billions of dollars worthof food fish have been destroyed bypollvtlot* of Atlantic coast waterswithin recent years and th« lifeof the commercial fishing industryis threatened, it was announced atthe Department of Commerce yes-terday following a conference with8tate and government officials andinterested parties.Representatives of fish commis-

sions and th© fish industry fromAtlantic and gulf States, officials of

the Bureau of Fisheries, PublleHealth Service, members of Con-gress and conservationists attendedthe conference over which SecretaryHoover presided.

Oil Over Great Area.

While many forms of water pollu-tion destructive to marine life werecalled to the attention of the aon-ferees. oil was held to be tbe great-est menace and is becoming in-creasingly dangerous as more ves-sels substitute oil for coal as fuel.Tank steamers from the Mexicanand Texas oil fields pump out oilwaste all along the gulf and At-lantic Coast. Oil-burning passengerand freight ships discharge wasteoil as soon as they get outside ofport. The oil, which is about as

destructive to fish as it is to mos-

quitoes. covers a vast area of watersurface. It drifts into shallowwater breeding-places to kill youngfish and as the tide recedes destroysoysters and other shellfish, it was

stated.In addition to the destruction of

fish, strenuous protests have bee*made by bathing beach proprietorsat all the principal coast resorts.It frequently happens, they say.that the dumping of oil in the waterby passing ships has made surfbathing anything but pleasant. Fre-quently bathers leave the surf cov-

ered with fuel oil.PImrmmmtu Talaad Waters.

A second section of the confer-ence discussed Federal control offisheries on interstate ar\d interna-tional waters, particularly inter-state waters such as ChesapeakeBay. where Virginia and Marylandfishing laws often conflict. Someregulation for migratory fish was

also urged.Those attending the conference

are to appoint a national commit-tee which will immediately beginsessions to decide upon remedialaction and to enforce such laws as

are alreadv upon the statute books.This committee will report to theBureau of Fisheries by August 1.

BOND TRADINGON SMALL SCALE

Traders Disappointed WhenPrices Fail to Respond to

Reserve Rate Cut.

NEW YORK, June IS.The actionof the bond market today was

viewed from two different angles.To those who cxpected a sharp risein prices in response to the an-

nouncement that the New YorkFederal Reserve Board had loweredits rediscount rate from 64 to 6

per cent, the moderation shown inthis market was a disappointment,for it was recalled that bonds en-

joyed a rapid rise following theprevious rate early in April. Bondmen who welcomed today's steadi-ness called attention to the disap-pointing decline which followed theApril rise. Sharp turns in the bondmarket are not a sign of heaitnand do not engender confidence inthe investing public.Trading today was on a small

scale and prices were again slight-ly higher. In the war bond groupthe range of prices was just as nar-row as in the Wednesday trading,the greatest oreadth of moving be-ing in the Liberty 3 4s. Even inthis issue the range was only about20 cents. The same condition pre-vailed in toe foreign departmentwhere irregular gains and losses ofsmall fractions ruled. United King-dom 5 4s of the issue due in 1929declined to 88. Norway 8s were

up \ point to 101 Among the cor-poration issues the most prominentfeature was the strength of AtlanticCoast Line. Louisville and Nashville4s. They went from 67% to <8.Strength here was concurrent witiia sharp ri«e in Louisvllfe and Nash-ville stock and with a declarationof the regular dividend on the At-lantic Coast Line stock. Cuba CaneSugar fs recovered part of theirlosses, advancing \ point to 2974in th« morning. In the afternoon,however. they reacted to theWednesday closing level. CubanAmer.can 8s advanced a half point

NEW YORK. Jane l« The follow toejfcows the Movement of breadstufa at NewYork today la bushel* of grain and barrelaof lour: Receipts. Exports.Wheat 49.000Cam 10.000Oat. 10.000

ar 49.000 11,000The export clearance* for the aevea prin-cipal porta of the Atlantic seaboard (New

Yarfc. Boston. Philadelphia. Baltimore. New-port New*. <>alT«atoa and New Orleans) thuafar thl* week a« compared with the cor-r*«poadlnf day of last week have been aafclfcws:

Flour. Wheat. Cora. Oata.11.000 20o.noo ssa.mo 40.000

wfc 1S7.0S0 8.391.099 1.171 000 40.000

NEW SHIPPD

First photo of the new meirfberroom yesterday. Reading from leftO'Connor, A. D. Lasker, chairman;

COTTON SUFFERS"

SHARP DECLINESLiquidating Movement Start-

ed by Tired Bulls BringsFurther Declines.

NEW YORK. June 16..There was

a break in contract prices here by2:30 o'clock, ranging from 45 to 63points from yesterday's closing quo-tations. bringing July down to about-11.60 against 12.35 for October ofthe new crop; December. 12.85. andnext January deliveries to 13 centsThese are the lowest prices reachedfor some time past. Most of theselling was for the liquidatingmovement started early yesterday\>y tired local holders and dtaap-pointed Wall Street bulls, who hadbeen the principal supporters of themarket for the past two to threemonths. As prices began to declineafter the opening advance of 12 11*15 points, when July sold as hignas 12.SI; October, 13.03; December13.15, and January, 13.62, some ofthe Western houses began to liqui-date. In this way about 50.00©bales of Ions cotton, mostly Octobercontracts, came on the market at

the noon hour. One house had an

order for 20,000 bales, another 15.-000. and still another house or twowelling orders for 10,000 each.There was a deal Of disappoint-

ment in the trade over the failureof today's cables to indicate an im-mediate settlement of the Britishcoal miners' strike in effect theresince April 1, so long a period ithas had a demoralizing influenceon most of Great Britain's indus-tries. It is believed, however^ ^Jie.result of the referendum vote takenby the miners will lead to an earlysettlement. On the other hand, thecotton mil loperatives strike againstthe recently ordered 30 per cent de-crease in wages has been practicallysettled by a compromise agreementwhich will be ratified tomorrow.Cotton futures were very steady atLiverpool today, closing with a netdecline of only 2 to 3 English pointson the day against 12 decline dueto have met our closing quotationsof yesterday, when prices here lost22 to 28 points from Tuesday's clos-ing. Spot cotton there was actuallya point higher at 7.65d. for middling,but the day's total sales were only3.000 bales. These closing cableswere in and posted here, however,about an hour before our marketbegan to ease off under the liquida-tion above referred to.

Open. ntirh Low. CloweJuly... 12. IS 12.21 11. HO 11.08Oct 12.02 13.03 12.8.". 12.47Dec 18.3* 13.50 12.« 12.07Jan... 13 r»3 13.62 18.00 13.OSMarch. 13.M 13>9 13.42 13.45(Furnished by W. B. Hibbs k Co.. members

Wew York Coton Exohaafe.)

HOUSE PACKER BILLFOUGHT IN SENATE

Final Vote Seen Today withOne Measure or Other Held

Sure of Passage.

Another attempt by the SenateAgriculture Committee to substituteits packer control bill for the meas-ure passed by the House is expectedtoday.A committee amendment to ac-

complish this was defeated in theSenate late yesterday, 34 to 37. Thiseliminated the Senate measure inthe "Committee of the Whole," butanother vote may be had by tinSenate in regular session.Advocates of the Senate bill con-

tended the House measure wouldnot really regulate the industry.The Senate bill would put the regu-lation under direction of a com-missioner named by the Presidentand confirmed by the Senate, where-as the House bill would put regu-lation in charge of the Secretary ofAgriculture.A final vote is expectedtoday, with the certainty that somesort of a measure will be adopted.Senator Kenyon, of Iowa, charged

that "big business" has seized onthe Republican pledge of 'Tess gov-ernment in business and more busi-ness in government" as an excusefor trying to control the govern-ment. He said the big interests,lumber, steel and coal, are tryingyy destroy the Federal Trade Com*mission, and seeking to extend theircontrol through the tariff bill nowbeing drawn. Kenyon warned "re-actionary Republican leaders''against destruction of the commis-sion.

COTTONSEED OIL.NEW YORK. June 1(.Cottonseed

oil waR easy. Spot. 7.24 bid; crude.5.7S sales.Futures.January. 7.71-7.SS; June.

7.K; July. 7.M-7.40; August. 7.65-7.(6: September. 7*4-7.11. October.7.70-774; November, 7.(3-7.71. I>e-cember. ^74-7.77.

s of the United States Shipping B(to right, around the table, they an

George E. Chamberlain. T. J. Tho

TIMELYWALLnew YORK. June l«._After .

strong opening and an hour of ad-vanclng prices the tide of .pecula-tion turned and stocks moved

ihi! y, 7<r- In the »ft"noonthis ^regularity gay, way to general weakness from which the rai ralone were Immune. The completecollapse in Mexican Petroleum hada material effect upon other Mexi-

selllne" h,?fd P,r°mPtM "0t °n'y »">"selling but also «ome real liquida-

,n *ve.ry oth" *roup of Indus-trials. Tobacco shares were underthe most severe kind of pressure

"J »he day the steel,sagged. Other weak features wereAmerican Woolen. General Asphalt.Industrial Alcohol. Central Leather.United States Rubber and Atlantic

n..Th.e». m0,'iTe f°r th* bu>'ng whichput the railroad stocks in the lead

after the market

ri!, ny w" mad' up ot^ 1* °f the mo" important

as the declaration of regular divi-

,hT v ".V® ?°w Torlt Central and

ly the latr" P"ClfiC- m°re

Thyesterday afternoon,

good impression created by theth,t th« railroad obligations

to the government would be fundedfor ten years remained as a carrv-

ZZ tt,m ,oday A"ded to the«factors was a report showing an in-

°f "-917 "> loadings dur-ing the week ended May Thebeginning of more voluminous ship-ments of grain is shown In this

tha e^.ent' bUt " W" aI"0 n"ted

m .commodities except ore were

moving more rapidly. This com-

,1? °f f*vor«ble signs was re-sponsible for a general rise of oneand two points In the rallroaustocks duriftg the first half hourSubsequently there was some re-action on profit-taking sales.

>. T/Vi of moderatlon In the up-building of hopes becomes char-acteristic of a bear market in timeand it serves a good purpose in min-imizing the possibility of disap-

points. Thus the general ex-p ctation that the Northern Paclflrdirectors would reduce the dividend

bl°nT. " f'Ve Per

dh,. Jh rTm for a P|pasant sur-prise when the regular payment was

day0UTChd 'I**! 4 °'Cl°ck yes"r-day. The stock opened at sixty-eight this morning or 1^ pointsabove yesterday, dosing and S%P int. above the low of Tuesdaywithin a quarter hour the price ad

eVv\Tbd 6,S. °re" Northern dfdabout ,h

»dv»nclng ** points atabout the same time Northern Pac-i

17";akln« "« c»imb. Th.,,are "° c,ol>eIy affiliated

in the transportation Held and theirPolicies have presented m

many points of resemblance that the"treet Inferred that the GreatNorthern dividend would also b,declared when th» directors m

for action within the next ten &ieetlays

lnS.'l^rP.br'ak" ,n tobacco stocks

COFFEE MARKET

£5£fwM5Bs£Sfsssaa!ternc.n there was a

t^bC^ th.k*einng'cam**'/*"1'A*.:th

otnumb<r

ot°7 73*lSdn bLfnd°n- the new"r«te

market closed T5a;25 ^e", hi'/h"1higher to loo rei. lower.

seemed to be th,'0h|ln* Interest,

Sfo?at 9.35«9.50c

"0M 7*«. *nd 4s 5,

that the BrazMUn *?, ,0 the *««sufficient funds to hUv

rnm,nt h*°

to maintain pricey EH?effort would k,d th,t an

exchange Another .to »t*bni«»«"o weather

° i"AC*b'etIwhether this wasV.h J"1"- but

t'-aie -v"Zrh,l,ofcen-«%a«Vic"ror Ri" 7s"'«*??,,**"'" "

;or.asT. s, .nd

JulyClo*«-

SeptemhirJDecember ... 7.01

ERS AT FIRST CCi

)ard, taken it their first meeting in

e: Meyer Lissner, Admiral W. S, Jmpson, E. C. Plummer.

STREET TOPICSable announcement of the-develop-ment of agriculture In regard totobacco blue mold disease in Flori-da an<J Georgia. Americanold oft points fromclosing to 11SK; Americanwhich closed yeaterday atmade a new low for the year50H Breaks in the other tobaccostocks averaged over five points.Two days ago It was rumoredaround the street that certain ofthe leading tobacco interests hadgone to the assistance of interestswhich are large owners of MexicanPetroleum In an attack upon theshorts. One suggestion offered Inexplanation of today s weakness intobaccos was that it resulted fromforced liquidation on the pait ofthose interests caught in the Mex.Pet. avalanche.What V'all Street expected of the

market today as a result of the re-duction In the reserve bank redis-count rate may have appeared likean exception to the tendency to bemore moderate in building up hopeTraders were disappointed when themarket suffered a relapse in thesecond hour They were confrontedwith evidence of at least temporaryease in the market for call money,call loan® renewing again at 5V*per cent md mw money being ob-tainable from outside sources foras little as four per cent. Of courseit was not expected that stockswould continue to advance thiough-out the day at the pace noted Inthe flrst few minutes, but a sharpreaction after so short a breathingspell did not conform to precon-ceived notions of what the marketought to d<x

Although the Hocking Valley di-rectors decided about a month agoto defer action on the regular divi-dend due in July. Wall Street didnot altogether abandon hope of fa-vorable action being taken beforethe usual dividend date, especiallyas the April earnings statementshowed marked improvement. Butthe last chance of a payment beingmade disappeared'today when theboard met and again deferred ac-tion The street admitted this aft-ernoon that this did not augur wellfor the Chesapeake and Ohio divi-dend action on which was deferredon May 20. The prospect of favor-able action being taken on this divi-dend dwindled when the HockingValley omission became a certainty,for the Chesapeake and Ohio ownsa majority, of the Hocking Valleystock.

The chance of a sustained recov-ery in the general market disap-peared principally because profes-sionals operating on the short sideof Mexican Petroleum and PanAmerican succeeded In gaining theupper hand after these stocks hadshown rallying power in the earlytrading. The combination whichwas said to have been formed forthe purpose of checking the decllnain Mexican oils would naturallyrrase to be a menace to the shortswhen the interest* of the reinforc-ing element were attacked. Promt-nent tobacco people were mentionedIn this connection, and the tobaccostocks were heavily sold throughoutthe day- Mexican Petroleum seem-ed demoralised, touching lOStt althe end of the fourth hour.

BANKING CO

The MechankNationai

ofthe City w

T O CO-OPERATEfullest extent ataim since our v«rj

one hundred years ago.The individual busines

.the corporation.or thquiring banking connectwill find our service onepainstaking endeavor.We cordially invite c

INFERENCE

(Copyright, Itfl, bythe Shipping Board

Benson, former chairman; T. V.

WHEAT'S CLOSESLIGHTLY LOWERS

Resumption of Export Busi-ness Leads to Wild Rush

By Buyers.

CHICAGO. June IS..Resumptionof export business with Italy re-

ported as taking: 1.500.000 bushelsand the United Kingdom 500.000bushels. the latter presumably man-

itobas combined with further bl^ckrusts reports from South Dakota.Nebraska and a few from SoutheastMinnesota and a better milling de-mand at Minneapolis and Kansas

City led to a rush of buying thatcaught the local element over sold

and wheat advanced around 5 cenib

for the September as compared withyesterday's finish touching $1 27 4at the extreme. The July-Septemberspread narrowed to around 8 cents

against 9% cents at the finish yes-terday. hedging sales having a de-pressing effect on the July. Har-vesting is progressing rapidly in theSouthwest with some new frrain of-fered for immediate shipment to 8t.Lfouls. Many of the pit elementwent alone on the advance andfoud support lacking when theytried t' sell out. causing a breakof over 2 cents from the high point.Price fluctuations were very rapidCorn and oats derived consider-

able strength from wheat andranged higher, active buying bysome of the sellers of late was a

feature in both markets. More at-tention is being paid by the tradeto the spotted reports on the con-dition of the oats crop. Inglis re-port on Ohio and Indiana being dis-tinctly unfavorable. The seaboardreported 200,000 bushels cornworked for export, while localhandlers sold 180.000 bushels to thepeaboard with further business un-der way. Eastern demand for oatsbetter.

Strengtl in grains and a goodclass of buying offset the effort ofa detline of 10 cents in hog pricesat the yards and provisions ralliedquickly after an early break.Packers :»ave received payment of$5,000,000 from Germany, accordingto eastern reports.Hog receipts were 35.000 with

bulk of sales at 87.85a8.05 Esti-mated for tomorrow 27.000. Westernrun fop the week 100.800 against105.700 a week ago and 98. 00 lastyear. Money «asy, call 7. time 7a7HExchange par.Wheat.Open.

Jaly..\. 1 31%Hept.... 1.22Corn.

July 61%frept 82%Oata.

July .37fr*Pt 87%Toth-

Julylard.

July.... 10.00Sept.... 10.87Rib*.

JulyRept 10.52

Hlch.1.85%1-27%

4%.84%.8fi%.40

Low.1.27%121%

.' 1%«2%.8788%

Gloif. j1.2*121%

.82%83

87%3»

10 0210.37

9.8510.20

o.to10.25

18.2710. ft*

(FarnUbed by W. B. Kifcto ft &>.. wamWiChicago Board of Trade.)

\ N

-OPERATIONwith our clients to theill times has been ourr foundation.more than

is man.the business firme out-of-town Bank, re-ion in New York City,of prompt attention dnd

orrespondence or a call.

cs&Meialsl Bank -

JW&rk

$#5,000,000

GREATBRITAIN IHEREUROP

First Quarter Reports Iing Toward F<By Tk« Wuklacin

Too many Americans regard Eng-land aa a part of Europe. From theEnglish viewpoint, however, theUnltad Kingdom, aa they like to oaltIt, la quite a different region. Justnow the question of Improving tradebetween the British Isles and thecountry on the continent Is a matterof vigorous public diacuaaion inEngland.

In 1*11 the btflk of the trade be-tween England and the «oatln«ntwas done with six countries, vtt:Germany, Franca, Ruaaia, Holland,Belgium and Denmark. The totaltrade with theae six countries wasabout 414,000,#00 pounds, of whichhalf waa done with Germany anaRuaaia.. In 1*1* the total taade done withthese six countries had risen to **«.-700,00 pounds, but only lll.OM.MOpounds or less than one-fifth waswith Germany and Russia. Thesefigures, which represent IfSO values.Indicate a greater quantity of tradethan actually passed and reducd toTtlt values per unit the trade reallyless in 1*20 than in 1*12.The English trade journals are

filled with discussions of the needof promptly stimulating trade withGermany, Russia and the rest ofEurope. They give arguments forthe prompt restoration of the econ-omic condition of Europe as thebasis for the rebuilding of Englishforeign trade. One reason given forthe depression In British Industry Isthe absence of continental demandfor British goods. British wire-houses are reported to be congestedwith gdods In excess of usual sup-plies.The April summaries just received

in this country in printed form showthe foreign trade of Great Britainifor the first four months in detail.Imports, as a whole, have gainedduring the first four months of 1SS1over the similar period in 1S1J, butthere has been a loss as comparedwith same period In 1»20. In mostitems of import trade thU samechange Is to be noted. In the Clarawhich includes foad products, drinks:and tobacco, there has been a large!hBain since lftl. the total value ofImported products In this class beingmore than double in 1921 what itwas in I»1J.On the other hand, raw materials,

including coal Iron ore. cotton,wool, ate., imports have not comeback to th« pre-war level, thoughthey are gaining rapidly. .Thegreatest gains have been with woodand timber, oils and paper-makingmaterials. In articles wholly ormainly manufactured the value ofimports now exceeds 1»I3, bui isstill quite a way» behind 1»2#.The Engliah report their exportsin two rlssses: First, produce andmanufacturea of the United King-dom: second, foreign and colonialmerchandise In the first class, prin-cipally foodstuffs, there has been alarge gain In value of exports for

For the SThe Audit Bure;ing of space"an a

That Organizatiwhose businessto deliver a mess

"We keepthe scrutin

.says the]"We are n<

table. We \

sage goes,people actt

buy it for >

ducements

These facts are

nation of our pai

Come in and looDon't buy "sigh

®)e gfaWashington

i' 1

ENCOURAGESEANCOMMERCEShow Decline Continu-rewar Level.traM's EMMBUt.)

1921 ove* 1913. but nearly a 9# percent loss since J920. In rsw ma-terials and unmanufactured articlesthere has been a slight increase re-flecting the low productivity ofBritish industries. On articles whol-ly manufactured there * muchlarger incresse. which shows main-ly in values rathar than In quanti-ties.In the expor^g of foreign and ]colonial merchandise there was a

gain in the foodstuff class* a Con-siderable loss in raw materials an#a smaller loss in manufacturedgoods. The depression in shippingundoubtedly hss a connection withthis reduction of re-exported goodsfrom England. 1The report on foreign shipping for

the ssme four months' period showsa decreaae in the number of Britishships entering with cargoes, a veryslight increase in foreign ships overthe same period a year ago, leavingthe total cargoes receiyed in the firstfour months of 1921 nearly the sameas in 1921 and about 30 per centless than in 1914. The number ofvessels cleared with csrgoes show amarked decrease for 1921 under 1920and argregate only about half thetonnage cleared during the similarperiod in 1913.A study of the export schedules

show that the losses of Europeantrade by Great Britain have beenprincipally to Russia and Germany\£e Russian trade is as yet a merefraction of what it was in 1913 oreven a year ago. when In value Itexceeded 1913. The German tradein 1920 was about half of the pre-war total in value and in 1921 justabout equals last year for the firstquarter. Th~se comparisons ofvalues between 1920 and 1921 tendto make the situation appear lessfavorsble thsn It really la since de-creasing unit vslues tend to givethe volume of 1920 k grester weightthsn it reslly deserves.Analysed from the standpoint of

quantities English export trade ap-pears to be back at pre-war level orperhaps a little lower, and conse-quently there appears to be a verysubstantial reason supporting thosewho sre Agitating In Great Britainfor government aid to-restore tradewith the continent.A general summary of tradf for

Great Britafn for the first quarterof the current and preceding yesrsis presented in the following tsble.

IMPOSTS ixn EXPORTS OF UNITEDKINGDOM

Ftr*t quirtrr 1921.Import a Exports(la wHlton ponnd*)

Fear months fidiafApril JW. 191S

Four month*April M. 1P=*>

Focr months endingApril W 1*21

lamiM or 4erresM>.Four month* rn<1m|

April. I91SFonr ninth* ending

April 1920

239 til

K* 497

*»T *3

-MM +1112» .174

lafety of Aau of Circulations has \scientific basis.

on maintains a-force ofit is to safeguard the mc>age to readers of A. B J

honest records. They ar

y of the most exacting e:

publisher when he joins t

>t afraid to put all the ca

vant you to know whereWe want you to knowlally receive our paper.vhat is in it, and not beeoffered for subscription

contained in a report of

per by the A. B. C. au<

k them over, or let us s<

it unseen1" Get the fa

st]ingloni's Brightest, Best Mori

!.

OPEN SHOP POLICY-.'

OF SHIPPING BOARDENDS SEA STRIKE

Marine Engineers Accept15 Per Cent Wage Re- -

«ww

duction.

ABOLISH OVERTIME

Private Owners Refuse to ]ognize New Agreement mm

With Unions. .

The United States Shipping Boardhi! reiterated It* (land la favor ofthe open chop In promulgationthe Brat vale acala that formallyenda the eeamen'a atrikeThla ware acale. accompanied by

a definition of working rulea. haabeen agreed upon between the Ship-ping Board and the Marine Engi-neers' Association. Announcementof the new scale, which la baaed on

a 15 per cent wage reduction andthe abolition of overtime, formallyends the atrike which had been tn ^

effect since May L -

Private Onsen Oppeee AaThe agreement applies, however.

only to Shipping Board vesaela. pri-vate ownera having declined to ap-prove an undemanding with theuniona. The aettlement la not lathe form of a algned agreement, butmerely a acale which haa been de-pouted with the Department of La-bor and which the engineera indora-ed in a letter to Secretary Davis."

In promulgating the acale A. D.I^asker. chairman of the board,lasued a general order protectingnon-union men who worked duringthe strike. Theae men will be re-tained. under the order, creating a

aituation whereby union and non-

union engineera may find the»-selves working on the same boatThe new acale becomes effective

a* of June 14 and will continue u»- ->

til December,11.Redectlea far Operators.

Another agreement, baaed on the *

15 per cent cut, haa been concludedwith the radio operators. Negotla-*tions to be held todsy with repre-sentatives of the seamen, firemen -

and cooks are expected to result lasimilar agreements

In declining to agree with tS« ,unions on the Shipping Board scalethe privatfc owners. i» is learned,proposed organising their own as-

sociations of employes and dealingdirectly with them. The ShippingBoard refuaed to -.h a

policy.Under the new acale vessels as* -

divided Into five classes, accordingto their tonnage Chief engineeraon Hut A vessels receive IS30 a

month; those on Class E boats »*««.with wages proportionately leaa forassistsnt engineera.

advertisersplaced the buy-

m

expert auditors

>neyyou spendC* publications.

e open forxaminers,"he A. B. C.

irds on the

your mes-

ho'w manyhow manyause of in-s."

the last exami-iitor.

?nd you a copy.cts.

Jler&ldling Paper