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About La Grande evening observer. (La Grande, Or.) 1904-1959 | View Entire Issue (April 18, 1932)
Page Eight CT GRANDE EVENING OBSERVER, EX GKXNDE, PRE Monday, April 18, 1932 Wheat Markets Sharply Higher During the Week WASHINGTON, April, 18 (Special) Domestic wheat markets turned sharply upward during tho week end ing April 15, Influenced principally by further deterioration In Winter wheat and delayed seeding of tho spring crop, according to the Weekly Grain Market Review of the U. S. bureau of agricultural economics. Diminishing European bread grain supplies, with a more active export Inquiry for remaining stocks in sur plus areas, were further strengthen ing factors. Peed grains were slightly higher, reflecting the advance in wheat and also some Improvement In current demand. Rye was also firm er, but prices gained only 2-3c per bushel because of a continued light Inquiry. Flax markets remained in active as a result of light offerings and the dull oil market, but prices were slightly higher following the Bharp advance In wheat. . Crop developments and the amount and location of remaining supplies are now the outstanding features In the wheat market situation. MARKET NEWS OF THE DAY CIIICAGO WHEAT t Open High Low Close May. 58.39 .59 .58'4 .58' July (Old) .... 02.0Sii .00 .00 (new) 01 ,K& .00 .00 Sept. (old) MVYi .01 .(CI .690.63 , (new) .61 .62 .02 pOBTLANI WHEAT ' Open High Low Close May ..... . .63 .03 .03 .03 July '. 01 .61 .01 .61 Sept. 01 ' .61 .01 .01 CHICAGO CORN ' Open High Low Close May m 33 0.34 .34 .33 .33', -Tly... - .37g.37 .37!! -36 Sept .30 .39 .38 .33.3 and elevator stocks were somewhat under those of a year ago and were tho smallest since 1918. Canadian wheat stocks totaling about 243,000,- 000 bush-als at the first of April were around 37,000,000 bushels under those of a year ago and also slightly below those of 1929, but with those excep tions were larger than for any other Tho yetir for whlcl1 datfc flre available. abundance of 6-6c per bushel In do mestic wheat prices during the week was caused largely by reports of fur ther deterioration in the winter wheat crop. Continued lack of rain with high winds resulted In additional damn go to wheat in Western Kansas and Nebraska, Northwestern Oklaho ma and Eastern Colorado, where con ditions wero already poor. Dryness was also detrimental in Texas and California. Wheat made generally good progress In the Ohio valley, but rains are needed generally in the Central and southern part of the winter wheat belt. Spring seeding, whll-3 eight to ten days lato, .made good progress during the week in tho northern states, except In a few areas whero the soil Is too wet. World wheat supplies are materially under those of a year ago. This, together with increased demand from deficit areas tends to be a strengthening In fluence in the wheat markets. I Stocks of wheat In the prlnclpul exporting countries, ouiBiae oi kub- i Canadian farm stocks were about 30, 000,000 bushels less than on the same date last season, but country elevator stocks established a new high record with a total of 33,600,000 bushels and reflected the progressive accumula tions during the post eight seasons, when each year has shown a gain over the preceding one. Stocks In the Southern Hemisphere countries ar0 around 70,000,000 bushels under those of a year ago, reflecting tho smaller crops and the materially In, creased shipments to date this season. Pacific coast, wheat markets ad vanced about tho samo amount as Eastern points, influenced largely by the same factors. Export inquiry was still lacking and domestic demand continued dull. Domestic mills wero taking only sufficient wheat for Im mediate requirements and Inquiry from California was less active. Mar ketings wero relatively light with re ceipts at Puget sound and Columbia river terminals totaling only 266 cars Stock Exchange Inquiry Brings Out Many Facts By T. K. Brackett NEW YORK VP The Wall Street bear, finds himself performing In the spotlight again as a congressional committee Inquires if he is respons ible for new low stock prices. Has short selling by bears abnor mally depressed the market, or has the selling of stock merely reflected declining business conditions? Richard Whitney, president of the New York stock exchange, answering these questions before the senate banking committee, denied there had been bear raids recently, and said he doubted the .possibility of them. Whitney, on several occasions, has held the stock market declines have been the result of business conditions; that the amount of short selling has been of minor import in causing price drops. Inquiry Called Snddenly The inquiry was called suddenly by Senator Frederic C. Walcott on the basis of reports to him that a "billion dollar raid" had been planned. PORTLAND, April 18 (VP) Butter irilwo , . . F uii prints 02; standards 1021c. ne of thof lmulry" tff 1 - The senate committee asked de- uutwjnai xjirecu to snippers; sw- tanecl information as to short onera TENNIS CLUB BEGINS DRIVE FOR MEMBERS Tho drive to secure memberships to the tennis club will open at once Northern Spring and Western Red at. 01 -64c per bushel, basis No. 1. Western White was quoted at Seattle at 67&C, Western Red and Hard Win tor at 66c, sacked, basis No. 1, while 16 per cent protein Dark Northern Spring from Montana was quoted at 99c per bushel In bulk. PORTLAND PRODUCE Some owners of stock refuse to lend on the ground that It helps de press the value of their Btock. Others lend, holding that funda mental .business conditions make the prices and that if prices must go down it is a good thing to have a short side since shorts must buy stocks sometimes on the way down, thus cushioning the market. I If prices go up, the lender has had with the distribution of petitions to the use of the short's money, and tn members of the newly organized the short must buy on the way up, I a Grande Tennis association. The giving added Impetus to the rise, j petition blanks will be passed around Opponents Cull It 'Uneconomic i among business men, Including ten Opponents of bear selling Insist hie enthusiasts, high school and grade it is an uneconomic operation, fore- school pupils In an effort to revive ing prices down faster than they sufficient number of memberships would normally fall and hindering i to Insure the erections of two new a normal rise. Particularly do they f tennis courts in the east end of Object to bear raids, heavy short selling. While stock market officials say they prevent such raids, short Bell ing opponents insist the exchange officials do not, in fact, stop raiding. Butter Market Reflects Steady Tone In Oregon PORTLAND, April 18 (JP)- town, Harvey Carter, president, an nounced today. . Members of the tennis club are asked to get in touch with George Walker, treasurer, and receive their petition blanks. No money is being collected now on the memberships but will be If a sufficient number of memberships are pledged so that the tennis club will be able to start the erection of a court on the property which has been donated by the city in Connordale. Members of the tennis club feel Market that playground space is Inadequate for butter reflects practically a steady . ... .,.,. . .... itA-lct"w" , . . 3 for both adults and children, and It Is through, the co-operation of the park board that they are planning I tone insofar as open trading is con cerned. Last week showed a decrease tion 15c; fresh extras 14c; standards tlonfi( including the names of the ln 'J? cnt shipments to Poland tQ make-tho erection of two new ten- m-. ti., in i . .. hilt t.hp Irvnl tnnlrn i-nr.rcaru. Tlnt.h nm1 ... j., jjjcuiuuio wi,, short sellers and the stocks dealt in. " I r i nis courts possible. Live poultry - Net buying price: Despite the great amount of con- n ln noeneml chanJ The new board of directors will Heavy hens colored 4', lbs. up 15c;-, slderotlon given short selling the K! pm this week to discuss details of do. mediums ll12c; light Oc; light' subject .still is a matter of bitter , i? , t fjthe membership drive and other broilers 12 13c lb.; colored roasters ; argument. over 2 lbs. 18 20c; old roosters 8c; ducks, Pckln 16c; geese 12c; capons 18 20c. Country meats Selling price to re tailers: country killed hogs, best but chers under 100 lbs. 5l6$Gc; vealers to 130 lbs. 9 10c; spring lambs 16 18c; lambs, yearlings, 12 13c; heavy owes 4c; canner cows 3q-4c; bulls 00c. Mohair Nominal, buying price, 1032 clip (....). ... Onions Selling price to retailers Tho simple facts that when a mar ket goes up it Is a bull market; and generally through the country. Local co-ops continue to quote former values and are maintaining them al- ior a littlo over half as many as a year1 sla, at tho first of April were around logo. Wheat and flour shipments from 65,000,000 buBhels less than a year! these markets during March totaled ogo. United States stocks, exclusive about 2,964,000 bushels or about 616, of merchant mill holdings, wore 000 bushels more than during March, around 42,000,000 bushols larger than '1031. Tho cold, -backward spring has lust season, but stocks ln Canada, ( retarded growth of both winter and that when It goes down it is a bear,thouBh Bome outsiders are still re market, are generally understood. Ported cutting. Also are the facts that a bull buys Continued and seasonable weakness stocks at low levels expecting to sell is rerlected in. the market n most them when they go higher, and that ! centre of the country for cheese a bear sells stocks at high levels ibut locally there .was no change In expecting to buy them when they vaIues for the week'8 opening, be lower, Increasing make in practically all Bull operations are relatively easy centers and especially in the Wlscon to understand since it Is a simple ;sin territory, caused general sluggish matter to profit from an increase , ness ln tno buying there and affected in prices. To make a profit when sentiment generally throughout the Oregon $7.50 cental; boilers $5&$5.25. prices decline is not quite so simple. , country, unis was especially notea m New Potatoes Texas $2.26 for 60- 1 lb. sack. business of . the La Grande, Tennis association. FIND IT HERE Copy for this Column h In by a. m. FOR MOTHER'S DAY Hundreds of nice things for mother Short Seller Itorrnwn stocks leastern primary centers, which lost things vnicn will he easy to mall, In the first place, the short seller up to lo lb. from last week. and which she will appreciate as your , nnf t, -lt I isur nrlm nn amnii hrniiara i viav remembrance on Mother's Dav will be Potatoes Local 00c1.16; Park- borrows lt from an owner putting lng some effect upon the demand for found now at Richardson's Art & up cosh for security. , If the owner hens generally ana especially for ouup. s-j.o-.ji; dale $1.25; Deschutes $1. 26 qt $1.35; ,iisLern wasmngwm viQt9i.o. ' Lf Rfif hnrrnwnri mnncv nnri nut. welchts. PractlcoJlv all bidders are Seed Potatoes (certified) Earliest up njS stock as security It would be now quoting 0c lb. for light hens with J Hemstitching picatlnt button of All l(g'lc; Early Roso lc?l'jc lb. somewhat the same transaction, ex- ,11c for mediums. - holes, etc Norton's Ki&Si flhon irfujuuim una lubwiuiu wjwuuu i hik huuuu uuv hiuo n,-ui uuiinuuv onw vunuy rjwiw tu auawiu . moiiev Dorrowinir. in tne urge case continues lo reiiect more or less 1 around 107,000,000 bushelB -less than generally favorable. Prices advanced 'gon 7$10c lb. -. cept that the emphasis would be j Market for country killed calves . , money borrowing. In the first case continues to reflect more or less ' It is stock borrowing. V steadiness and even strength in spots. a yoar ogo. In the. United Statos around 5c per bushel at both Portland Hay Buying price from producer:) The lender of the stock expects Hogs are Just holding their own butj . most of the increase in supplies was'and Seattle and at the formor market ' Alfalfa $16fTj$i6.60; clover (....); Wii- to get stock back, and meanwhile ( there is a steady call for both old' If you' wish to save yourself a lot ln farm stocks which at the first of B.B. Blues tern Hard Whito wos quoted lametto volley timothy (....); Eastern he has the use of the short seller's and new crop lambs. of hard work, and savo the finish 6n March wero 43,000,000 bushels great- April 15 at 72 -76c, Soft and West- Oregon timothy $10; oats and vetch money. Tho short cannot, sell stock With tho cooler weather at Colum- your woodwork, and the skin on your er than a year earlier. Country mill j em White at 65-06c, Hard Winter, $14. Junless an owner will lend it to'hlm. bla river points, there was a de- hands, -you will do your house clean- crease in asparagus offerings for the lng with' CLEA-NALL the most won- day with resulting Improvement ln derful cleaner ever compounded. Get the price list. Sales of best were made a can at Richardson's Art 6s Gift Shop. $1.25(ffi$1.36 doz. bunches with re-1 4-18-3t imalning Californian up to Bc lb, i There Is a good market for cauli-1 v: CALL poit COUNTY WARRANTS iiower ana especially so lor quality stuff which Is more or less ln short ' Dnlon County General Fund War volume. Sales of No. 1 Roseburg rants. Series 1032, dated February, stock were tip to 1.35 crate. Numbers 211 to 432 Inclusive, are . There was little material change ln hereby called and same will be paid he market for strawberries for the wh!? Presented at the office of Coun. week's opening. Los Angeles 12s sold 'y measurer or union County, Ore 1.35 top for new arrivals but stale gon- Iuter(!s' ceases on si;d warrants Kt,.r, i.. en- I!... on. after date of Anrll 16. 1932. ' wm 'Wter! . rj$pHki&M ! "Credit is the blood stream of our economic life. Restrk' tion or destruction of credit cripples the revival of indus try, commerce and employment." prcsident Hoovcr THE President estimates that hoarded money money withdrawn from cir culation amounts to $1,500,000, 000. A patriotic appeal is being made to all citizens to restore this money to circu lation. But hoarded cash is only a drop in the bucket compared to the billions of dollars tied up'in hoarded credit in unpaid bills! Millions of people in this country who can afford to pay and don't are working untold hardships on their retail stores, their physicians, their dentists, by with holding payment of their bills long after they are clue Working hardships on everybody, even themselves, because credit works in'tir cles, through the retailer, the wholesaler, the manufacturer, back to the worker and the consumer. Let's thaw out those frozen dollars! Idle dollars won't put idle hands to work! If all of us would pay up our unpaid bills now, it would put billions of dollars back into circulation, would stimulate business, would put millions back to work, would hasten the return of prosperity. Pay your bills now as a patriotic duty as a just obligation to your creditors your country . . . yourself! National Retail Credit Association MEMBER ADVISORY COMMITTEE CITIZENS' RECONSTRUCTION ORGANIZATION Printed by this newspaper without cost, in co-operation with the Union County Chamber of Commerce and the La Grande Credit Hureau, as a patriotic service in the interest of the community welfare. sold $2.85 $3. ' ' Notes of wholesale trading: Pea market firmer ln the south. ' Potatoes are steady, for both old and new crop. , Rhubarb - demand Is steady and mostly 2c lb. for top quality. ., Cabbage market remains very firm with..' quality stuff scarce. ' Some late arrivals Jonathan apples from Yakima showing extreme quality caused much talk in the trade. Fish markets are generally un changed. ' FLORENCE BACON, Treasurer of Union County, Oregon. 4-16-2 t. Anniversary Special One Hundred New Spring Frocks & 6 Ankle length sheers! Lively prints! NEWEST street and sport styles! Don't let this low price fool you! Thetfre expeti' she-looking styles and rich fabrics! : J: . Penney Co 1307-1309 Adams Ave. S T OR E La Grande, Ore. IRIS COLLECTION Ten choice varieties of German Iris $2.00 Clarks Greenhouses. - 4-18-lt TREASURY DEPARTMENT Office of Comptroller of the Currency Washington, D. O.; March 7, 1932; Whereas, by satisfactory evldenot presented to -the undersigned, lt hat been made to appear that . "The First National Bank of La Grande" in the city of La Grande ln the County of Union and State of Oregon has complied with all the provisions of the statutes of the United States,' required to bo com plied with before an association shall be authorized to commence the busi ness of banking; Now therefore 1, J. W. Pole, Comp troller of the Currency, do hereby certify that ''The First National Bank of La Grande" in the City of La Grande In the County of Union and State of Oregon is authorized to com mence the business of Banking as provided In Section Fifty one hun dred and sixty-nine of the Revised Statutes of the United States. r - In testimony whereof witness my hand and seal of office this seventh day of March, 1932. J. W. POLE, Comptroller of the Currency. 3-24-60 t Stock Exchange In Sinking Spell NEW YORK, April 18 (P) The stock market had a quiet sinking spell to day, carrying several leading issues into new low ground for the 1929-32 decline, but trading dwindled to the smallest volume in weeks. The turn over was well under a million shares, but there were several net losses of 1 to 4 points. The closing tone was heavy. Once more tho market suffered from almost complete lack of buying Interest, rather than severe selling pressure. WOOL BUSINESS LIGHT PORTLAND. April 18 (IF) Recent sale of around 45.000 lbs. of wool ln the Yakima valley, the largest con firmed deal of the season In the Pa cific Northwest to date, Is practically tho on'.y business in the interior. The price was reported at 11c lb. The shearing was understood to be among the best of that territory. Shearing is now general all through the In land Empire of Washington and ini tial operations are reported ln the Echo, Ore., territory. The chief trading in wool here ap peared in Willamette valley offerings, there appeared more or less desire to Shearing is fairly well started and sell around a dime for medium and 8c for coarse, . . LONDON. April 18 W) The fine se lection offered at tho wool auction today met a better demand from the home trade and the continent at prices generally ln the sellers favor. There were 7,613 bales .offered and 6,518 wero sold. CHICAGO LIVESTOCK CHICAGO, April 18 (fP (U.S.D.A.), Hogs 38,000; very slow, 10-15 lower;' 140-200 lbs. $4.15?25. Cattle 15,000; about steady, top light heifers (6.50; light vealers $4 $5; good and choice $5.50 $6.50; few $7. Sheep 19.000; steady, some Inter ests bidding lower; choice wooled lambs $7.10 40; wool-skins $5.75 $6.25. OMAHA. April 18 WV-(U.S.D.A.) Sheep 12.000; weak to 25 lower; fed wooled lambs $6.60 75. top $6.85. WINNIPEG WHEAT WINNIPEG. April 18 W Wheat close: May 63H; July 6565U; Oct. 67. Cash wheat: No. 1 Northern 62ft: No. 2 Northern 59 S I No. 3 Northern EXTRAORDINARY ANNOUNCEMENT Electric Refrigerator (SEE) MO Size for 2 or 3 Adults NOW $144.50 Size for 4 or 5 Adults WAS $189.50 NOW $174,50 0i rnf ; ripj 1 .: I Size for 6 or More Adults NOW $210.00 No Freight Added No Delivery Charges Only Down $10 a Month Small Carrying Charge Price Reduced ! A greater value than ever. Pays for Itself by saving you more than lt costs. Super Service Power and ALL of the big points you hear talked about . . . EVERY Im portant feature nationally ad vertised I Backed by Ward's millions and 60 year old com pany your TruKold will never be an orphan. Always service, should you need lt. WHY PAY MORE when you can not get more Let TruKold prove sen ro you. It- Montgomery Ward & Co. 1101-03 Washington Ave Phone Main' 18 La Grande, Ore. 66. v
