| Show l r TO o x t EMERGENCY TARIFF TARI LAW LAJO TO HELP HELPs 4 s 1 Growers Growers Expected to U Use so Act as Basis for Increased i Price Demands The effect the emergency tarl tariff law w which Is expected dally daily to go Into of- of i. r feet t with President Hardings Harding's signa- signa V- V t tyro Is shown by the following statement statement statement state- state ment published in the Boston Evening Evening Eve o ning Transcript of May 12 after the favorable vote yote of the senate and and- the assurance assurance that he ho bill bUl would soon become be become become be- be come come law Y I tariff Passage of or the emergency bill by the senate foreshadowed for several days has had Its due effect upon the wool market marlet It has led not I Ionly only to a stiffening of values in sortie some grades ades but to speculative purchases o. J Some members member of the trade stilt still are skeptical regarding reg-arding the final passage I of the measure but a large majority I Is satisfied that such action is only a question of time These members ar are trying tring to prepare their business for forthe forthe forthe the new conditions expected That th the tho Vestern Western wool growers will use the r measure asure as a basis for increased demands demands de- de 1 mands may be assumed The iThe above comment from the buyIng buying buy- buy ing leg Interests Is most significant It comes at a time when hen the wool market marlet j has apparently gone gont as low as it can go go Recent declines have largely been I caused by heavy importations made in order to avoid payment of duty that was was sure to be levied As matters stand however the certainty of a Q definite fi stand by tho the government and andie frie ie overwhelming yote yoto by which the i house approved the conference report gives unmistakable assurance as to the policies that will be in force from t 1 now on Even though somewhat de delayed delayed delayed de- de the tariff comes at least six months in advance of any other legislation that could possibly have ha ve been obtained It is not eyen even certain that the regular tariff bill will t I b b begin in effect by the close of the pres- pres I 1 v ent eat year Should ther ebe such delay Iri in the regular bill the ad interim I clause lause to be attached to the bill will J 1 prevent any flood lood of imports during any interval that may occur between l I IJ I J the six months' months life Ufe of the emergency tariff and the effectiveness of the tho regular bill I CONFIDENCE RESTORED I Wool trade conditions ha have ye now reached the point where confidence is re restored and a beginning can be made on the progress to normal conditions The passage of this bill is 3 a a- special tribute to the effort put forth by Frank J. J Hagenbarth president of the National association President Hagenbarth together with Dr S S. S W. W McClure secured the Introduction Introduction Intro Intro- of the emergency tariff legislation legislation legis- legis lation last December at a time tune nor no congressman and few sh b believed the effort was worth while The he measure came very near to pas pas- passage sage sag by the Sixty sixth congress during durf dur- dur f ing last January At that time there was s Has no doub that a two-thirds two vote could be obtained if It needed and the thed d delay lay was only occasioned by the de decision decision decision de- de of Eastern Republican members I of ot the senate finance committee to open the tho house bill up for amendments amendments amendments amend amend- ments and addition of ot other articles to the dutiable list The passage of this bill Is the first step in the restoration of normal conditions conditions con con- in the livestock business It insures to stockmen a fair chance in American mark markets ts' ts and the return return of or prices coordinate with production expenses ex expenses expenses ex- ex is rendered possible The success success success suc suc- cess achieved will give encouragement encouragement encouragement encourage encourage- ment in efforts to obtain other necessary necessary necessary sary remedial legislation FINANCIAL HANDICAP The principal difficulty confronting the livestock industry at the present time arises from the inability of banks to discount livestock paper drawn for such periods as experience and good business judgment indicate are necessary necessary sary and desirable The limitation of six months on don the life of livestock paper discountable by the federal re reserve reserve reserve re- re serve system constitutes a severe handicap upon the production of animal animal animal ani ani- mal food An effort is being made to provide for agricultural production the needed financial service that will operate In the same way that the ninety-day ninety discounting arrangements arrangement operates in manufacturing and Industrial industrial industrial indus Indus- trial business On May 19 the secretary of the treasury announced his approval of the plan of extending extending- the rediscount time for livestock paper to as much as two years Other legislation is before congress providing for the handling of livestock paper by the war finance corporation This is In the form of an amendment introduced by Senator Stanfield o of ot Oregon Congressman Addison T. T Smith of Idaho and Senator Sterling of South I Dakota are the joint authors of resolution reso- reso j lution 49 providing authority for the I secretary of the treasury to to place a apart apart apart part of accumulated earnings of the federal reserve system in the hands of the of-the the federal land banks for loaning loaning loaning loan loan- I ing on agricultural products and live live- stock |
