Ogden Standard-Examiner | 1920-06-21 | Page 6 | King and Smoot Urge Relief for Wool Producers

KING AND SMOOT . URGE RELIEF FOR i WOOL PRODUCERS t , I WASHINGTON". June 21 Relief Re-lief for tho wool producing Industry Indus-try was urged by the federal reserve re-serve board today by representatives representa-tives of several wool growers and dealers' associations as well as by manufacturers and bankers. The sudden dtop in the price of wool on May 20 from C5 cents to about 20 cents a pound, with no buyers even at that figure, has caused a crisis which threatens heavy losses to producers, the board will be told. Cessation of purchasing by tho public In protest against the high cost of clothing was cited as the immediate cause of the drop in wool prices. Senators King and Smoot, of Utah; Kellogg, of Minnesota, and Representative MOndellt of Wyoming, Wyom-ing, were present at Ihe conference confer-ence and advocated a credit plan which would enable banks to as-rist as-rist wool producers over the present pres-ent emergency. ST. LOUIS, Mo.. June 21. Wool growers of Missouri, Arkansas, Kentucky and Indiana, at a meeting meet-ing here today were advised to hold their wool until higher prices are offered. oo