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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Jan. 25, 1917)
THE, MOTCNTNG OREGOXIAN, THURSDAY. JANUARY 23, 1917. STOCK LIST RAISED London. $4.714 demand, $4-75; cable. $4.76. Mexican dollars, is 3c SAN FBAXCISCO FKODCCE MARKET HEW WHEAT FIRMER Steel Is Evident. BETHLEHEM SCORES GAIN Price Current on Batter, Egg. Fruit, Veg etables, Etc, At Hmj City. If !.: l I 1:4-J Ptntnt. 1 SAT FR.V.NCI3CO, Jan. 24. Butter HUUUIilUlcUIUII Ul UllllCU OiaiCO Fres) extras, 37c; prims firsts, 86c; tresh ursts, SjIsc . Eggs Fresh extras, 32c; pullets. 31c. -Cheese New, 18c; Young Americas. 20c Poultry Hens. 2122c; old roosters. 12 giac; fryers, 24i2Uc: broilers. ii7-30e; large. 25327c; squabs. $2.252. 50; pigeons. $1.2501.75: ducks, ltiglsc; geese. IStjiloc; turkeys, live. 2:1 & 25c Vegetables String beans. Florida, 20 9 25c: lettuce. Southern, $11.50: fancy, $1.732; peas. Southern fancy, large, lo 11c; small, 8c; cream squash, $1.501.65; tomatoes. Southern, $1.25; eggplant. Florida, 2025c: green peppers. OlOc; garlic. 2&4c; sweet potatoes, cellar stock. 3.25-; celery, $3.504. rhubarb. $1.251.75; mar rowfat and hubbard squash; $1.25&1.50. Potatoes Rivers. $2.402.65. Onions Carloads, $6. Fruit Pears, Winter Nellls, $22.75; lemons, $34x3.25: grapefruit. $2.25 a 2 50; oranges, navels. $2.402.65: bananas, $1.25 fel.50; pineapples, $2g;2.50;' apples. New town Pippins. $1.10 1.115; Belief leur, 60 Feedstuffs- Cracked corn and feed com meal, uncertain; rolled barley, $4547; meal, alfalfa, $21, carload lots; less, $22. Receipts Flour, 400 quarters; barley, 71, 359 centals; beans, 1901 sacks; potatoes. 4.14o sacks; onions, 400 sacks; hay, 230 tons; bides. 1000; wine, 27,500 gallons. Unfavorable Crop Reports From Middle West, Kails Are More Prominent in Trad ing and Display General Strength. Russian and Italian Ex- " k change Continues to Fall. KEW YORK. Jan. 24. Operations on the Ftock Exchange today were again very i limited aa to scope and volume, but the tendency was towards moderately higher levels, occasional reversals being due to re alizing sales. United States Steel and other speculative favorites contributed fully 60 per cent to the day's meager total of 385,000 hare. , Bethlehem Steel, which yesterday declared a substantial contribution of dividends, moved between 425 and 447, closing at the latter figure, a net gain of 17 points. United Btates Steel denoted quiet and confident ac cumulation, but made only or nominal ad vance. Kails were more prominent than recently, displaying general strength. Exchange on Petrograd and Rome con tinued to decline. Negotiations said to be pending for large exports of gold to South America and another transfer ofi currency to the Pacific Coast was summed to represent the further withdrawal of Japanese reserves at this center. Bonds were Irregular with slight conces sions in Industrial issues. Total sales, par value. $4,200,000. United States bonds were unchanged on call. CLOSING STOCK QUOTATIONS. Stocks Idle at London. LONDON, Jan 24. American securities were idle and featureless on the Stock Ex change here today. HOGS NEAn HIGH REGORD SNOW PROTECTION LACKING PRICES STEADILY CLIMBING LOCAL YARDS. AT Trade Looks for Swine Quotations Exceeding Those of Any Pre vious Year. 1 Closing Sales. High. Low. Bid. Ikm Beet Sugar. 2to e:i'4 9a uVi American Can . 8,200 47; 45 44,1 m Car 4 Fuy.. 0,00 6S G7Va t'H jini Locomotive, uoo 77.i 76 77 4 Am Sm & Ret.. 5.0O0 lui-i 107 107 Vi Am Sugar Ref.. fcOO 112 Vs 112 11 Ha Am Tel &n'el... 3.0OO 126V 12 1-7 Am Z L-1 & S llVz Anaconda Cop.. G.10O 8H 82 82 Atchison 2.7M 1004 105 15 Haldwin Loco .. a.aoo srVi K44 55 Bait & Ohio ... 1.400 81 'it MU fl'm Br Rapid Tran 77 Vj Hutts & Sup Cop 200 48 48,i 4'J Cal Potroleum.. 12.300 30 27 217i Canadian Pao. .. UuO 102 1 102 101 . rent Leather... 2,400 Ml K8'4 SH Vi heas ic Ohio .. U00 614',;, 4 .' M & St Paul HO4 Chisago & N W 122ji C R I & P Ry.. 300 32 31 31 Chino Copper .. 800 ," r.5 54 Colo V & Iron.. 7H0 471,4 4BH 47 l orn Prod Ref.. 1.00O 2;i? 21 23H Crucible Steel .. V.tiort tU 2'-j 63 lst Securities.. 2,'JOO 324, SI Si Krio (reo 31eutrl9 ... ...... Ot Northern, pfd. ...... lit Nor Ore Ctfs Illinois Central. 200 Jut Consol Corp. Iribporation Cop. 6,000 )nt Harv N J lilt M M pfd etfs Kan City So Kenn Copper . . 3,600 I.OUIS & Nash 3lex Petroleum.. 18,500 Miami Cop 200 Missouri pao . Mont Power .. National Lead. Nevada Cop ... 000 I V Central . .. 700 NY N Hi H-. 7.4IM1 Korfolk & West 5.100 No Pacific 400 Pacific Mall ... 000 Tac Tel & Tel. . ...... Pennsylvania ... 7,600 Kay Cou Cop... 50O Iteadlng 8,800 Hep Irun & steel 1,200 fihat Aria Cop iSo Pacific 1.000 Fo Railway 3.HO0 tudebaker Co.. 1,000 Texas Company, l.loo Lnlon Pacific .. 40OO do preferred TT S Ind Alcohol 8.400 U S Steel 105,600 do preferred.. 800 T'tuh Copper 2.80O Wabash Pfd B. 400 Western Union West Electric... &0O 105 "&7Vi 104 U 41 105 'cti'. 102 41 H, 1,700 10GT4 104 24 4 101 Vi 4.'u 138 10S 23 'r.7 27 101 7U'a 'ii'-i 3314 109 220 144 1 124 V4 113 121 100 '4 24 62 i 23 IOI : 134 lOSVj 23 '08 2S 100 78 H 97 :toz 107 143 122 i 112 120Vi 105 214 51 ni 168 110 35 loo 15 57 120 88'i, 21 " 4'A 130 103 41 18 105 i 60 24 101 45 14 138 108 23 S3 57 26 101 79 20 07 31 108 229 144 85 123 1 13 120 105 29 98 52 Receipts of hogs continue very light, and while prices at the yards yesterday were not changed, the undertone was strong and the tendency of values upward. There is no doubt in the minds of livestock men that hog prices win soon reach the record mark of $11.50. which was touched In the Spring of 1909. bince that date bogs have repeatedly Bold above the 10-cent mark and it would occasion no surprise It all records were nhattered In this year or high prices and re duced supply. The following table shows rthe highest, or top, prices paid for full loads of hogs each month for the past 6even years at North Portland : 1910. 1915. 1914. 1913. 1912. 1911. 1910. Jan. . .J7.40 J7.55 18.20 $8.25 $7.05 $9.10 $10.00 reo. . (.dil .!. .u n.ITi 9.2.1 10.RO Mar. . U.3. 7.00 8.90 9.65 7.25 9.00 11.25 Apr. .. 9.20 8.00 8.00- 0.HO 8.50 7.75 10.65 May .. 0.20 8.25 8.70 9.05 8.50 7 75 10 65 June .. 8.75 8.10 8.20 O.OOi 7.S5 7.50 10.15 July . 9.35 7.75 9.00 10.OO 8.00 7.05 10.30 Aug. . 9.90 7.60 9.50 9.75 0.2S 8.35 II).: Sept. .10.00 7.10 9.25 9.60 B..15 R r.o In' Oct. .. 9.75 7.10 8.05 8.SO 8.75 7. SO 10.: Nor. . 9.85 6. 00 7.50 8.25 8.50 7.20 9.65 Lec. .19.25 6.25 7.60 8.10 8.00 7.10 8.S5 iear . U.2T 7.42 8.60 9.05 8.13 8.12 10.32 Reports From Over Half of Kansas, Nebraska and Oklahoma Grain Area Are Unfavorable Chi cago Market Closes Nervous. CHICAGO, Jan. 24. Unfavorable crop ports from Kansas. Nebraska and Okla homa did a good deal today to strengthen the July and September deliveries of wheat. The market closed nervous at $1.84 to $1.84 for May and $1.53 to $1.53 for July, with the market as a whole o off to 2 c up as compared with yesterday's finish. Corn gained to c and oats a shade to c. The outcome In provisions ranged from 7 decline to 5 advance. According to a leading authority, asi vices regarding more than half of the Kansas. Nebraska and Oklahoma cpon vera adverse ' on account of a lack of moisture and be cause of absence of snow protection. Announcement of hix exDort clearances helped to harden wheat prlcc-a In the last half of the day. On the other hand, new export purchases were said to aggregate only 200,000 bushels. Big export takimra of corn, estimated at 1.000.000 bushels, put strength Into that cereal. Oats rose with corn. Sale, of Rnonoo bushels of oats to Europe were reported. nigner quotations on hogs lifted provi sions. British cables, telling of apprehension as to a possible shortage of supplies, tended further to stimulate buying. ueauing lulures ranged as follows: WHEAT. Open. High. $1.84 $1.84 1.05 CORN". May 1.01 1.0214 July 99 1.00 OATS. May . July 1.51 Low. $1.83 1.50 1.00 .99 Close. 14 1.53 1.02 1.00 May July .57T4 .55 .58 .55 PORK. .57 .55 .KK ".65 MESS ..29.92 29.92 ...16.62 16.67 LARD. ...13.82 16.67 ...10.82 10.82 SHORT RIBS. Jan 13.42 15.3T May 15.75 15.75 10.67 t asn prices were: Wheat No. 2 red. $1.00'4 ft 1.90K : No hard. May July May July 29.75 16.52 16.52 16.67 59.75 16.05 16.55 16.72 1542 15.72 3 $1.91 it 4 Trading in the cattle division was limited during the day and all lines were quoted steady. Receipts were 15 cattle, 242 hogs and 662 sheep. Shippers were: P. B. Decker. Sil- verton, 1 car cattle and hogs; F. B. Fergu son. Amity. 1 car hoi;s; O. D. Burdick. Al bany, 1 car cattle and hogs; L. B. Miller. wasltougal, three cars sheep. The day's sales were as follows: Wt. Price. .1020 $6.25 . 920 4.0O . . . 907 . . . . 1 0 ....1080 ... 75.1 . . . . 940 lofO . ... ItiO 2.501 7.0" 4 0.50 4.1"! 5.50 ',0 1 heifer . 1 heifer . 1 bull ... 1 bull ... 1 calf ... 1 cow.., 5 hogs . . 1 cow . . 1 cow . .. 9.5H.52 hogs . . 172 1O.0O 5 hoas . . 172 10.001 4 hoss .. 320 9.85 28 hogs .. 280 9.00 Y!f. Price. . 420 $5.50 . 7tlo 5.00 . 640 .1S30 . 140 .10SO . 9H4 . .18 920 3. 0.3O 8.O0 7.00 6.25 6.50 6.50 192 10.9O 218 lO. 380 9.90 117 9.00 Price. ..$S.00i 8 50 .. 7.00 8 00 . . 6.50 & 6 75 .. 7.35 7 50 . . 6.00 7 00 .. 5.751c 6.25 .. 4.0040 7 50 .. 3775 ft DO .. 3.000 9.00 Total sales for the day, 38o.O00 snares. BONDS. TT 8 ref 2s reg.. 99Nor Pac 8s tl S ref 2s cou. 9iPac T & T 5s.. IT S 3s reg M01 Pa con 4s II S 3a coupon. lol So Pac ref 4s.. TI 8 4s reg. XT S 4s coupon..' Atchison gen 4s NYC deb 6s.. Nor Pac 4s. . . . 69 101 '107 94 99 llrt M'n. Pacific 4s llO'41Union Pac cv 4s 94 OfiMiiT' S Steel 5s.... 106H 112'.jSo Pac cv 5s... 14 UulAuslo-French 5s 93 Bid. TloNton Minings Stocks. BOSTON1, Jan. 24.- Closing quotations: 21 'Aiinii.x 6a INorth 1-iutte Arizona Comm . . 12Old Dominion.... Calumet & Ariz. . S4 lOateola Cal & Hecla....555 IQuincy 'Centennial 23 Shannon.T Cop Range Con.. 6o'Superlor T.- n.,,t cnnTioi. 14U An & Roston Mln. Kranklln 8 Tamarack 54 Isle Rov (Cop) . . SKttlLTtan (Jons la Lake Copper 14Vlnona 5 Mohawk 83 IWolverine 4i 86 88 15 7 1 cow 1 stag 1 cow 3 steers 1 steer 1 cow 3 cows 1 cow 1 cow 1 hog 4 hogs 7 hogs 3 hogs 1 hog .... : Cattle Steers, prime ........ Steers, fair to good ... Steers, medium ...... Cows, choice Cows, medium to good Cows, ordinary to fair Heifers Bulls Calves Hoes Heavy packing. 215-250 pounds. .10.S0frl0.9' Light packing. 170-190 pounds. . .10. 80 10 85 Rough heavies ................ 9.8557.10.00 Pigs and skips ................ 9.35 fit 10.00 Stock hogs S.D0u 9.00 t-heep. Lambs .....ir 75fji2.oo Yearling wethers 9 00.fi 10.00 Old wethers 8.75 '-a 9 75 Kwes - 6.75 8.3j Omaha Livestock Market. OMAHA. Jan. 24. Hogs Receipts, 16.500. higher. Heavy. $11011.25; light, $10.75' 11.10: pigs. $9.50010.50; bulk of sales. liii nowii.ia. Cattle Receipts, 6400. strong. Native steers, $81)11.50; cows and heifers, $6.95'3i 8.50; Western steers, $6.7510.50; Texas steers. $6.507.75; stockers and feeders, Sheep Receipts. 12.300. steady. Tearlings, fiw.iyliij.tiu, wetners. $9.50(i)lo.00; lambs. $13.30 to 14.23. red, $1.84 1.87 ; No. 1.93; No. 3 hard, nominal. Corn No. 2 yellow. $1.01 L01 4 : No. yellow. 9Sc$1.00: No. 4 white. 98c5f$l. oats No. d white. OTSi OSc: standard, r.7 5: er.8o. Rye No. 2. nominal: No. 3. nominal- N 4, $1.30. Barley $11.2S. Timothy $3.50 a 5.50. Clover $12 17.00. Primary receipts Wheat AO.t Ana ... 1,005,000 bushels; corn. 1.347,000 vs. 1,611.- ooo bushels; oats, 611,000 vs. 1.273,000 bushels. Shipments Wheat. 774 MM v. ait nnn bushels-- corn. 901.000 vs. 71 B oon h.h'.i.. oats. 0O4.0OO vs. 970.000 hn.h.l. Clearances Wheat. 1.7:tr. mm h...h.i.- . fu.vvv ousneis: oats. 94. (000 barrels. 45.000 bushels; flour. ' Eastern DTJLTJTH. Jan. 2 S1.80; July. $1.80. Wheat Futures. 4. Wheat closed: May. WINNIPEG. $1.84; July, Jan. 24. Wheat closed: May $L81; October. $1.41. KANSAS CITY. Jan. 54 txri,... k?!'S0?: July' L9. September, $1.34 bid. Gen in at San Francisco. tions walla, $2.72 t4 Sr 2.75: r.rt ..,. l??6.60'' turke-' red. 3l?3.10: bluestem! ' $3(3.10. Peed barley. $2.22 4D 2 25 Whita - " -a&-o.o0. Middlings. $.,7ij3i. Shorts. $30331. Call board Barlev Mav. t: i u i o - . sales. 900 tons. " ' ETOCK ISSUE TO BE APPROVED Schwab Declares He Will Retain Control of Bethlehem Steel. KEW YORK, Jan. 24. Shareholders Of the Bethlehem Steel Corporation will be asked at a special meeting on r eoruary .i to ratify their directors' recommendation to increase the common stock of the company from $15,000,000 to $60,000,000 to provide for a common stock dividend of 200 ner cent. The doctors also Increased the com mon stock dividend from 7 per cent to 10 per cent quarterly, and offered the com mon stockholders the right to subscribe to 15.000.000 new stock at par on a basis of share for share of their present holdings. This bonus was declared In Wall street today . to be one of the most magnificent "melons' ever divided by an indstrial cor Ttoratlon. Inasmuch as It Is understood that the present stock Issue Is controlled by Charles M. Schwab and his friends, there Is virtually no doubt that the directors' propo sition will oe approved. Mr. Schwab, chairman of the corpora tion, declared that control, of Bethlehem Steel never would pass out of his hands and the hands of his associates. Voting power will be withheld from the new- stock to be tseued. The declaration of the bonus. Mr. Schwab explained, was made possible by the cor poration's Immense earnings In 1916, which amounted to $61,717,329, compared with $23.7S2.7S4 In 1915. P1TTSBCRO, Jan. 24. Stockholders of the Standard Underground Cable Company were today notified that the directors yes terdav authorized an Increase of the capital stock' from $3,500,000 to $10,000,000 and had declared a stock dividend of 50 per csiit. equal to $1,750,000 par value. The stock has a market value of $400 a share. The direc tors recently declared a dividend of $11 a share. NEW YORK. Jan. 24. The Pressed Steel Car Company today declared a quarterly dividend of $1.75 a share on the common stock and the usuul quarterly disbursement of $1.75 on the preferred stock. The com mon disbursement represents an Increase of 25 cents a share over that declared last ost&Bsr Chicago Livestock Market. CHICAGO, Jan. 24. Hogs Receipts. 42.- 000, strong. 10c to 15c above yesterday's average. Bulk, si l.ldi 11. 40: light. $10.80-91 11.30: mixed. $10.0O'!r11.45: heavy. $10.9." 11. no; rough. $10.85611.10; pigs, $8.75 lO.no. Cattle Receipts 18.000. firm. Native beef cattle. $7.7511.90; Western steers. $7.70 10: stockers and feeders. $6??8 90: cows and heifers. $53'10.15: calves. $10.5014.75. Sheep Receipts. 18.000. Bteady. Wethers, 9.7o8j)ll: lambs. $11.7514.40. Coffee Futnres Market Quiet. NEW YORK. Jan 24. The market for coffee futures was quiet again today, sale being estimated at 24.750 bags. The open ing was unchanged to 2 points higher, bat after selling at 8.56c. May contracts eased off to 8.54c under liquidation. The clos was 1 to 3 points net lower. January. 8.37c; February. 8.40c: March. 8.44c: April. 8.4c: Mny, 8.53c: June. 8.5c; July. 8.6rtc: August. 8.64c. September, 8.69c: October. S.73c: No vember. 8.78c : December. 8.S2c. ' The spot market was quiet and unchanged on Rio coffees, with 7s quoted at 10 cents, but Santos were easier, owing to increased competition of mild coffees, with 4s quoted at 10-. An oirer or Santos 3s and 4s was reported in the cost and freight market 10.55c, prompt shipment by neutral steamer. which was believed to be from a re-seller. Some of the Santos shippers are said to be asking for bids. The official cables reported no change In Brazilian markets, except for a decline of 25 rels in Santos futures. Puget Sound Grain Markets. SEATTLE. Jan. 24 tvv,, , di . ,1'?5;- Turl":v red, $1.76; fortyfold. $1 62: club. $1.02: fife. $1.60; red Russian, ti r.11 Barley. $39.50 per ton. Yesterday's car receipts Whf i corn 1, hay 6, flour 0. TACOMA." Jan 24 Wh. n . $1.65; fortyfold, club and red fife, tl.ei' red Russian, $1.60. arioaa receipts wheat 5. oats 1, hay 13. Chicago Dairy Produce. CHICAOO. Jan. 24 Rio,.. Eggs lower. Receipts. a:;i9 -.,- n 88c; ordinary firsts. 30337c: It mark cases included. SSBSSc. Dnlutb Linseed Market. DT7LCTH, Jan 24. Linseed, on track 2.90: choice. S2.92: ori-iv. ii'oiii. If...' $2.03; July. $2.94, bid. ' V DAILY CITY STATISTICS ss Copper and third firm. quar- Spot. v. . Money, ExchaitK, Etc. NEW YORK. Jan. 24. Mercantile paper. S pe cent. Sterling. . 60-day bills. $4 72; commercial 60-day biils on banks, $4.72; commercial 60-day bills. 4.71i; demand, $4.7" ; ca bles. $4,76 7-18. Francs, demand. 5. 84; ca bles. 5 83. Mark, demand. 6S H : cables. Kronen, demand. 11 ; cables. 11 V Ixuilders. demand, 40 ; cables, 40. Llres. demand, 7 20; cables, 7.19. Rubles, demad, 2&b ; cables. 2SV4- Par silver. 70-4c, Mexican dollars. 39c. Government bond, steady; railroad bonds, Irretrular. Time loans steady; 60 days, 2Hr3 per rein; 0 days, 2 ffZ per cent; ix months, Si per cent. Call money steady. Hlsh, 2 per cent; low. 1 per cent; ruling rate, 1 per cent; last loan, S per cent; elocrinff bid, 1 per cent; on er a at a per cent. LONDON. Jan. 24. Bar allver, 8T3-16d per ounce. Money 3 per cent. IUcount rates, short bills, 5&H pef cent; three months, 5jZ5V per cent. 6 AX FRAMCISC0r7aa Sterile s; on Metal Markets. JTEW YORK, Jan. 24. Fleetrolytlc. riret. second ters. $J8.5t32.rOc, Metal Exchange quotes tin steady. 45 12 45.87 He Iron steady and unchanged. At t-?hdon Spot copper. 130 Bs; fntures, C12 10a: electrolytic. 141. Spot tin, 1S9 7s Pd; futures, 110 7s 6d. The Metal Exchange quoted lead T.75c bid. Spelter dull. Fpot, .East sr. Louis de livery, 1 Oc. asked. At London Lead. 30; spelter, 52 10s. Naval Store. SAVANNAH, Jan, 24. Turpentine dull. 52 to 52 U c; eals, none; receipts. 32 barrels; shipments. iil7 barrels; stock, 18.179 bar- Rosin firm: sales, S34 barrels; receipts. R3 barrels: shipments, 501 barrels: stock . 77 4"! barrels. Quote: A. B. C. D, E. F, G. $i5.10; H, I, tfi.20; K. $6-2 5: M. $ 35: X. 7.10. $250,000,000 United Kingdom of Great Britain and Ireland ONE-YEAR AND TWO-YEAR SV SECURED LOAN CONVERTIBLE COLD NOTES Dated February 1, 1917 Interest Payable February 1 and August X $100,000,000 One-Year Notes Due February 1, 1918 $150,000,000 Two-Year Notes Due February 1, 1919 Principal and Interest Payable at the Office of J. P. Morgan & Co. Convertible upon notice, at the option cf the holder, at any time before maturity, or (if called for earlier redemption) at any tim until and including the date of $uch redemption into twenty-year 5J4 bond of the United Kingdom of Great Britain and Ireland, payable February i, 1937, and not subject to prior redemption. Principal and interest of the note, and of the bonds into which they may be converted, is to be payable, without deduction for British taxes, present or future, in New York in United States gold coin, or at the option of the holder, in London in Sterling a! the fixed rate of $4.86J2 to the pound. Coupon notes in denom'matlom of $1000. $5000 and $10,000 : Redeemable at the option of the CovemmenU in whole or in part, on thirty (30) days' notice as follows? One-Year Notes Two-Year Notes From February 1, 1917, to January 31, 1918 ....... .101 and interest 102 and interest From- February 1, 1918, to January 31, 1919 101 and interest The notes are to be secured by pledge with Danker Trust Company, New York, under a pledge agreement executed by the Govern ment, of securities approved by J. P. Morgan & Co.. of an aggregate value of not less than $300,000,000, calculated on the basis of the then prevailing markets. Sterling securities being valued in dollars at the prevailing rate of exchange, viz: Croup Stocks, bonds and or other securities of A merican municipalities and corporations and of the Canadian Pacific Railway Company, and bonds and or other obligations (cither as 'maker or guarantor) of the Covemmail of the Dominion of Canada, the Colony f Newfoundland and or Provinces of the Dominion of Canada, and J or approved Canadian municipalities: Aggregate value not less than -t.. $150,000,000. (O the foregoing there will be somewhat over $ 1 00.000.000 in value in the securities of municipalities and corporations of the United Stales and of the Canadian Pacific Railway Company.) , Croup II. Bonds and or other obligations (either as maker or guarantor') of any or all of the several following Governments, to wit: Argentina, Chilc, Cuba, Commonwealth of Australia, Egypt, Japan, New Zealand and Union of South Africa, and or bonds , and J or other obligations of approved railways in Argentina and or of the Grand Trunk 'Railway Company of Canada, and or approximately $25,000,000 value in bonds and or other obligations of dividend-paying linlish railway companies: Aggregate value not less than. ............... ......................................... . Total .... - . . - . ..... . ... . i $150,000,000 ... $300,000,000 Pending the arrival and deposit of definite securities as above, the Government is to deposit temporarily with the trust company either approved New York Stock Exchange collateral or cash. If the pledged securities depreciate in yalue. the Government is to deposit additional securities to maintain the 20 margin. The Government is to reserve the right from time to time to sell for cash any of the pledged securities, the proceed ef sale to be .applied to the retirement of notes by purchase or by redemption by lot , Upon the retirement of the one-year notes or upon reduction of the amount of notes outstanding, through conversion, a proportionate amount of the collateral may be withdrawn approximately ratably from each class. The Government also from time to time may make substitutions of securities, but such substitutions are not to vary the then relative amounts in value of the groups. All substitutions, withdrawals and valuations of securities are to be approved by J. P. Morgan & Co. 77iis offering is made subject to the approval by our Counsel of ne cessary formalities. WE OFFER THE ABOVE NOTES FOR SUBSCRIPTION AS FOLLOWS:, s 'The One-year notes at 99.52 and interest, yielding 6 per cent. The Two-year notes at 99.07 and interest, yielding 6 per cent Minneapolis Grain Market. MTVNEAPOLIS. Jan. 24. Wheat May. $1.S4; July. $1 SO. Cash. No. 1 hard. $1 P4i 1.964 : No. 1 Northern. $187 X fmu. ; No. 2 Northern. $l.S4".i 1.90 Vi- Flax, $2.88 i'2.93H. Barley. S9c(a $1.22. Cotton Market. NEW TORK, Jan. 24. Spot cotton quiet. Mid up-lands, 17.10c. No sales. Hons, Etc., at New York. NEW YORK, Jsn. 24. Hops and hides, q.ulet. Wool, steady. , Dried Frnlt at Nnr York. NEW YORK. Jan. 24. Evaporated apples. dull. Prunes, steady. Peaches, quiet. Keir York Sugrar Market, NEW YORK. Jan. 24. Raw surer noml nar. Centrifugal. $5.20; molasses, $4.33. Re fined steady; line 6--inulaed, ta.7. Births. . w.. 4 , Fony-uiia avenue sou east, January 4. a sou. nKjct-io air. and Mrs. Alexander J. Brice, East Seventy-second sueet North. v-SPk-To Mr' n'5 Mr- Jean Conrad, wmametta moorings. January B. a tluugh- BERKMAN To Mr. and Mrs. Ernest Berk man, oaa Thurman street, January 9 a son. t ' M'CALLISTER To Mr. and Mrs. Roy H McCallister. Culver, Or.. January 9, a daueh. ter. sj., ,TO wn ana Mr- John O. Hisey. ay, oatiuny j ij, K oaUgnteT. BUMiMiTOX To Mr. and Mrs. Georire .luiiuHgiuii. diarsuerite avenue- Janu ary 10, a son. To Mr. and Mrs. John Bollo, Tenth street. January 11. a daughter. BADER To Mr. and Mrs. Edward Bader 2S4 East Eighty-eighth street, January 11. HARTSON To Mr. and Mrs. P. E. Hart son, 523 East Harrison street. January 11 a daughter. iah.uk To Mr. and Mrs. Leslie Tay- ivtj ienix-ninin street rs'orth, January 12. a son. KENT To Mr. and Mrs. Eugene w. Kent 303 East Forty -seventh . street. Januarv !' a son. BLODGETT To Mr. and Sirs. Charles Blodgett, 1409 East Davis street, January 13. a son. DOYLE To Mr. and Mrs. William Doyle 149 Admiral street, January 13. a son. Vanconver Marriage Licenses. GRIFFITH-TALLY T. N. Griffith, 29. of Portland, and Miss Lilly M. Tally, au ol Woodburn, Or. DYE-COOK George C. Dye. 22. of Eugene Or., and Miss Ella Cook. 17. of Junction City. Or. LITNDY-SUSEE Ward E. Lundy, 24 of Portland, and Miss Delia M. Susee, 20-. of runiKiiu. NELSON-STEPHE.VS William C. Nelson. 23. of Portland, and Miss Eulalle A Ste phens. 22. of Portland. DELB ARCO-BON A NDO Ellno Delhareo 2. of Portland, and Miss Mary Bonando 18 of Port!and. ' HAYDEN-STROM R. L. RitA.ii o Baker. Or., and Miss Nora Strom. 27 of Baker. Or. ' Marriacre Licenses. CLARK-NESVOLD Harold J. Clark, Lvle Wash., and Anna L. Nesvold, 381 East Fifty-first street North. DLLUCA-MARIETTE MTTce Deluca, Forty-fourth street and Sixty-seventh avenue Southeast, and Oiiveris Marietta, 007 Second street- SPRINTtEL-FOOTE A. H. Sprlnkel, Al der Hote'. and Edith C. Foote. Alder Hotel ILLK-WEBEH Wemel i:.k. 22 Alberta street, and Frances Mary Weber, 40 diq. erson street. MEYERS-GORDON- Fred A. Meyers. 43 East Eighth street North, and Pearl Gordon, 91& Halght avenue.' Building; Permits. ELSIE HELM Repair one-story frame dwelling. 763 Tacoma. between Twenty-first and Twenty-third: Manny Contract Com pany, builders; $4W WILLAMETTE GAS ENGINE COMPANY Alter one-story brick ordinary machine shop and garage. 361 Bumsicie. between East Antra snu t nun avfnue; ouimer, same; x.tlHl. mil tl A r. 1. aAlKiAK iv- jj.i i r one-story frame dwelling, o&4 prtn K.tilocS', between Subscription books tvill be opened at the office of J. P. Morgan & Co. at 10 o'clock A. M., January 24, 1917, and will be closed at 10 o'clock A. M., January 31, 1917, or earlier, in their discretion. THE RIGHT IS RESERVED TO REJECT ANY AND ALL APPLICATIONS. AND ALSO. IN ANY EVENT, TO AWARD A SMALLER AMOUNT THAN APPUED FOR AMOUNTS DUE ON ALLOTMENTS WILL BE PAY ABLE-AT THE OFFICE OF J. P. MORGAN & CO.. IN viiUL, YORK FUNDS. TO THEIR ORDER. AND THE DATE OF PAYMENT WILL BE - GIVEN IN THE NOTICES OF ALLOTMENT.. Temporary certificates will be delivered pending the preparation of the definitive note. BROWN BROTHERS & CO. NATIONAL CITY COMPANY New York City WM. A. READ & CO. LEE, HICCINSON .& CO. WHITE, WELD & CO. J. P. MORGAN & CO. FIRST NATIONAL BANK New York City . Chicago . w -P- xx cir in ma hi JP- "Y KIDDER, PEABODY & CO. , . KISSEL, KINNICUTT & CO. ,.OA r, ,r,, w,r- uUiArini A t AUJ1 uuinrwi i f s w"- BANKERS TRUST COMPANY FARMERS LOAN & TRUST COMPANY New York City ' - - Wen. York City CENTRAL TRUST COMPANY OF ILLINOIS HALSEY, STUART & CO. Chicago Chicago CONTINENTAL AND COMMERCIAL TRUST AND SAVINGS BANK MARINE NATIONAL BANK Chicago UNION TRUST COMPANY Buffalo - Pittsburgh MERCANTILE TRUST COMPANY FIRST AND OLD DETROIT NATIONAL BANK SL Louis Detroit St. Johns avenue and Catlin; builder, same; 'viTO FRANC ANE Repair two-story frame dwelling. 590 Fourth street, between Grant and Sherman; Domeuick Desantlc builder; $180. W. C. LESLIE Repair one-and-one-half-story frame dwelling, 1030 Brooklyn, be tween Thirty-fourth and Thirty-fifth; W. J. Mutr, builder; $175. J. N. EDLEFSEN Erect frame garage. 1034 Willamette boulevard, between Burr and Buchanan; $50. . . .. . ... . cv.Tvp . MinmVlB WORKS Erect two-story joiner shop, on river, at loot OI Harding street; .hjt. FRUIT GROWERS ELECT Washington Association Holds Meet- ' tng at Centra 11a. CENTRALIA, Wash., Jan. 24. (Spe cial.) A. J. Milem, secretary of the Washington Fruit Growers Assoc la tion. stated yesterday that the asso ciatlon during; the past season han dled 50 times as many potatoes as any previous year. About $8000 worth of berries were handled last season by the association, none of the members suffering loss through the wasting of their producL The berries were shipped as far east as Salt Lake City. The annual meeting or the stock holders of. the association was held in the Commercial Club rooms yesterday afternoon. Mr. Milem, A. Crabbs and Dan Wiler were re-elected to the board of directors, the other -six members of which hold over. The directors will meet In a tew days and elect officers. J. C. Norton Is president of the association. Rosebnrg Turns Down Business Men ROSEBURG, Or, Jan, 24 (Special.) At a meeting of the City Council held here last night the request of the Roseburg Merchants' Association, ask ing for a paid chief for the fire de partment was denied. Mayor Rice stated that there were already too many paid officers in Roseburg and It would be his future policy to practice economy rather than swell the current indebtedness of the municipality. Price Advances on Steel. PITTSBURG, Jan. 24 Announcement was made here today that the United States Steel Corporation had advanced the price of structural shapes and plates $3 a ton. Short Term Investments - We recommend the Foreign Government Secured Loan Gold Notes now on- the market as a safe, profitable and convertible investment. Detailed information furnished upon request. MORRIS BROS.. Inc. Railway Exchange Building Foreign Government Short-Term Secured Loans offer extraordinary investment oppor tunities. We devote a large amount of capital to foreign loans, affording great security, quick convertibility and excellent yield. We Invite Inquiry. LrnVrmens Trust Company CsusltaJ sad Ssurploa asxHMMO. LiBbcriKU Bids;. Portland Or.