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
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1101-03 Washington Ave
Phone Main' 18
La Grande, Ore.
66. v