Morning Oregonian. (Portland, Or.) 1861-1937, December 07, 1917, Image 21

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Morning Oregonian., December 07, 1917, Image 21

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Newspaper Page TextTHE TUORNTXO OEEGOXIAIf, FRIDAY, T)ECE3IBEIl 7, 1917. MORE WOOL SELUNG About 4 Million Pounds Moved From Warehouses to Date. HELD STOCKS, STILL LARGE Sfevr Season Will Find Much Wool Ilemaininj Here Vnless Trading Is on Heavier Scale Proposed Government Price Control. . Vhere haa been coma rain In th volume ef trading; In the local wool market of late. The lota disposed of have been of moderate aire, but In the aergrreaal) a considerable quantity haa been moved. About 4,0"0,00t pounds. It la estimated, have been disponed of out of storage since the season opened. Btocks remaining in the local warehouses are said to amount to between 9,000,000 and 10,000,000 pounds. The wool will have to be transferred at A much faster rate than heretofore If the warehouses are cleaned up by the time the new clip arrives. The larger part of the wool now selling la fine. The demand is strongest for low grades, but little of that class is available here. Wool men In this section are much inter ested In the plan proposed to the Govern ment by the Philadelphia trade for Federal regulation of prices. They are not so euro the plan will be accepted, but they are con fident that some kind of regulation and price fixing will be Inaugurated by the Gov ernment. A committee of the Boston trade la work , Ing on a plan for offering stocks to the Government for current needs. The plan haa not yet been announced, but dealers vdo not believe the wools will be offered " without reservations on the rame basis that they were offered previously, namely, at the prices curreut on July 80. On some grades of wool no doubt the prices fixed will not be far from those of July 30, since In auch wools there has been little change In the market since the date of the previous of fering, but. In other words. It is believed there will be advances of not less than 10 per cent over the prices current as of July 80. These advances, moreover, would be justified In view of the prices which the trade has been obliged to pay In Scuth America and elsewhere for the wools in Question, notably lambs and second-shearing wools. Territory wool sales at Boston In the past week have been lighter than usual, with prices holding at a steady basis. In the Southwest most of the new Fall wools have passed out of growers' hands, the Texas wools bringing 50 to 54 cents. ALL FEED GRAINS ARE ADVANCED ' Barley Bells avt $34.30 and $55 at Merchants Exchange. Local oata bids were raised 50 cents to $1 - yesterday at the Merchanta Exchange, and offers for Eastern oats were advanced the aame amount. One hundred tons of December feed bar- 1 . - , . (1 .J 1 cn ,. t icy HDia ruiu hi ffi.uu auu tun. v January feed barley brought $55. Corn bids averaged 50 cents to $1 higher. The California crop bulletin says: "The dry weather seriously hampered Fall plow ing, and not so much of this w,ork has been accompllahed aa usual. Should good ralna occur In December the acreage in wheat will be considerably larger than last year. As near as can be determined about : half the Fall seeding of wheat, barley and oats has been done, but very little has yet germinated, and that which has come up does' not show a good stand in most places. Following above report general rains have fallen over the northern half of the state." The following notice has been Issued by the Food Administration: Attention is called to the following new rule adopted Decem ber 4: rtule A 10, to me general ruies; "General rules 13 and 15 shall not affect the validity of any contract concerning corn, oata or barley entered into prior to No vember 15. 1017. unless the cancellation of such contract Is hereafter ordered by the Urrtted States Food Administration. No gen eral action towards cancellation of contract la contemplated by the Administration. Terminal receipts, in cars, were reported by the Merchants Exchange as follows: Wheat.Barley.Flour.Oats.Hay Portland, Thur. Year ago Year ago Tacoma, Wed. . Year ago Reason to date. " Year ago Seattle. Wed... Year ago Beaton to date. Year ago Bid. Tr. Ago. ....$57.00 $30. 00 39.00 a quarter of normal In the southern part of tha atate. The fruit Is running to large sizes and the 150a and smaller will probably not be any cheaper. Banana prices ars firm at BQS cents and will be no lower until the end of the year. Shipments of field aweet potatoea have ended and cellar stock la now beginning to move. This la responsible for an advance of half a cent a pound in the market. Southern lettuce la also higher, having ad vanced 50 cents in the past four or five days at shipping points, owing to the strong Eastern demand. The trade believes there will be enough Oregon celery available until after the holidays. Bank Clearings. Bank clearings of Northwestern cities yes terday were as follows: . Clearings. Balances. Portland $2,407,047 $iii..".t Seattle 4,12fi,H'2 617.1174 Tacoma 5R1.BS4 118.1GU SpoKane 1.420,675 873.701) PORTLAND MARKET QUOTATIONS Grain. Feed. Floor. Etc. Merchants' Exchange, noon session: December delivery Oats No. 2 white feed Barley Standard feed ....... Standard A brewing.. Bran Shorts Futures January oats January feed barley January brewing barley ......... January bran ........... January shorts . Kastern oats and corn in bulk: Oats No. 3 white. December No. 88 clipped white, December. Corn No. 3 yellow. January No. 3 mixed. January Oats January, No. 3 January, clipped ....... fnrn Val.ruarv. vallow KS.00 February, mixed 57.0O WHEAT Bulk basis Portland for No. 1 grade: Hard white Bluestem. Early Bart, Allen, Galgulus, Martin Amber, $2.05. Soft white Palousa bluestem, fortyfold. White Valley. Gold Coin. White Russian. $2.03. White club Little club, Jenkins club, white hybrids. Sonora, $2.01. Red Walla Red Rus sian, ted hybrids, Jones fife, Coppel, $1.98. Nr. 2 grades. Sc less. No. 3 grade. 6c teas: other (trades handled by sample. FLOUR Patents. $10; Valley. $9.60; whole wheat. 110.20: graham. 510. M1LLFEED Spot mill prices: Bran. $33 per ton; sh.sts. 930 per ton; middlings. rolled barley, $3860; rolled oats, JtX61. CORN Whole, S4: cracked, $35 per ton. HAY Buying prices, f. o. b. Portland: Eastern Oregon timothy. $27 per ton: Val ley timothy., $25&2B; alfalfa. $24; Valley grain hay, $24; clover. $22; straw. $8. EARLY GAINS LOST Realizing and Shqrt Selling Carry Stock Prices Down. Cutford Bros., 1 load cattle, hogs and eheep: James Hodson, Myrtle Point. 1 load cattle and hogs. The day s sales were as follows: Wt. Price. .1610 $ 4.00 .1170 6.50 .1370 .1170 . 161) . 203 . 840 . 111 6 50 8.00 1600 15 75 14.7". 14.75 MARKET CLOSES SLUGGISH 84.50 55 SO 85.00 . .... 37.75 24.50 27.50 Bid 57.50 53.00 56.00 B3.nO 88.00 63.50 64.50 50.50 58.00 54.25 65.50 Unfavorable Foreign Developments Cause of Setback Bonds Also Heavy and Lower Exchange on Spain Strong,' Italy Weak. NEW YORK, Dec. . Untoward develop- menta. notably the reported entente revers als in France and Italy, the Halifax disaster and suggestions of additional Federal price revision of important commodities, prompt ed moderate realizing for profits and some short Belling In today a stock market. The recommendations contained In the majority report of the interstate Commerce Commission Imparted irregular strength to the list at the opening, but by midday vir tually all initial advanuci were replaced by extreme recessions of 2 to 3 p6ints in im portant Issues. Retention of the regular dividends by the principal metal-producing companies, in stead of expected reductions. Induced tenta tive buying and short covering In the lat ter part of the session, Dut the market closed sluggish, with a preponderance of net losses. United States Steel finished at 87, almost Its lowest quotation of the day. and a 2-point setback. Other industrials mads similar concessions with ahipplngs, oils, various eqiiipmenla and affiliated specialties. i.arly gains of 1 to t points In minor rails were materially or entirely reduced, Utilities were under constant pressure, ios lag 1 to 2 points. Sale amounted to 465. 000 shares. Strength of Spanish exchange and heavl. nesa In remittances on rtome were the con. trastlng features of the foreign exchange market. Domestic monetary conditions were unaltered. Bonds, Including International Issues, were heavy. Liberty 4a varied from 97. IS to 87.42 and the 3 Ha from 98.84 to 08.91. Total sales, par value. $4,465,000. United states bonus, old Issues, were unchanged on call. CLOSING STOCK QUOTATIONS. Closing Sales. 1 1.3 6 7 13 1 4 7 15 S407 115 393 674 893 2943 94 617 10U2 tS3 8 14 2 5 31ol 82 ... 158 670 37S9 1W ... 213 1009 8 2 7 2 8 19 7 4 9 2902 144 238 674 2003 304I4 21 X 862 t53 1988 rOTATO DEMAND CONTINUES LIGHT Trading Drags at Northwestern Shipping Points. Destinations of Northwestern potato shlp- knenta are reported by the Bureau of Mar kets as followa: From Washington Minneapolis 2, Seattle 4. Fort Worth 1,- Redding 2. Waterloo, la. J, El Paso 1. Chicago 1. From Oregon San Francisco 2. From Montana Butte 2, Havre 1. Market conditions as reported by tele graph: xsortn xaKlma. wasn. Little demand; no sales reported. Growers generally holding for better prices. bpokane. Wash. Demand very light Backed, per cwt., $1.50. Butte, Mont. Six cars arrived. Rurala, - sacked, per cwt., $1.802. Fort Worth, Tex. Idaho 9. Colorado 3, Oregon 1 car's arrived. Demand alow. Movement draggy. Market weak. Quality and condition variable. Colorado and Idaho mixed whites, sacked per cwt., $2.40; poorer, $2.25; California Burbanks. good quality and condition, $3.23. Monte Vista, Colo. Shipments moderate. Demand poor. Market only fair. Quality and condition generally good. All stock beln jcauneu. juixeu wnites. trackslde, cash to growers, sacked, per cwt., $1.25; Russetts, si. Jo. Grand Junction, Colo. Shlpmenta light, Carloada, f. o. b., one car Russetts. sacked, per cwt., l.25; fancy Burbanka and Mc uiurei, si.eutrr i.oii. STORAGE EGG MOVEMENT IS SLOW Dealers Mill Make Effort to Increase Sales, nutter steady. Storage eggs are going Into consumption " l a steady rate, out not as fast as th trade had hoped for. No ultimatum has been Issued by the Food Administration that Dairy and Country Produce, BUTTER Cubes, extras. 4545Vic; prime firsts, 43ftc. Jobbing prices: Prints, extras, 45&4SC. cartons, lc extra: butterfal. No. 1, 52 to 53c delivered. EGGS Oregon ranch, current receipts, 49 oUc; candled, 52&53c; selects, 55560 per dozen. CHEESE Jobbers" buying prices f. o. b. dock, Portland: Tillamook tripleta, , 23c; Young Americas, 24c per pound: longhorns, 24c. Coos and Curry, f. o. b. Myrtle Point: Triplets, 22Vjc; Young Americas, 234c per pound. POULTRY Hens, large, 18-9 19c: small, 17c. .Springs. 18 19c: ducks, 17 6 20c; geese. 12 14c: turkeys. live. 20&22c; dressed. choice, 27&28C VEAL Fancy, 15?15c per pound. PORK Fancy. 18ViMSc per pound. Fruits and Vegetables. T.ocsl tobblna Quotations: TROPICAL FRUITS Oranges, navels. $4 4.75; Valenclae, $3.75'5; lemons. $4(t8.25 per box; bananas. S A a Gc per pound; grape fruit, 5'rU.7o. VEGETABLES Tomatoes, II 4f 2.10 per crate; cabbage, 23?24c per pound; lettuce. 1.752.50 per crate; cucumbers, $1.3o&l.i3 er dozen: peppers, 1517V4c per lb.; cauli- ower. $2.25 toi 2.50 crate; sprouts, 10llc per ound; artichokes. $14j 1, 10 per pound; gar lic. 78c per pound; squash, lc per pound; pumpkins. Hc per pound; celery. $4.25 per crate. SACK VEGETABLES Carrots. $1.23 per sack; beets. $1.5001.75; turnips. $1.50; parsnips, $1.75. POTATOES Oregon. $1.25 1.60; per nun dred; Yakima, $1.75; sweet potatoes, 3 Si 3 11 c. ONIONS Oregon, No. 1. $2.502.75; No. 2. 1.75i?'2 per hundred. GREEN FRUITS Apples. $12.25; pears. $1.502.25; grapes. 6&7o per pound; casa- as. 2ttc per pound; cranDerrles. l4.ouf 5.50 per barrel; persimmons. $1.75 & 2.25 er box: pomegranates, sj.io per oox. Staple Groceries. Local lobbing Quotations: SUGAR Fruit and berry, $8: beet. $V extra C. $7.00; powdered, in oarre.s, $9.o0 cubes, in barrels. $9.75. SALMON Columbia River, 1-pouno. tana, $3.25 per dozen; one-half flats. $2; one pound flats. $3.50. MITS Walnuts. 23c; Brazil nuts, 18ti21r; filberts, 22&23c; almonds, 1920c; peanuts. 10(&12c; cocoanuts, $1.10 per dozen, pecans, 17 U to 19c: chestnuts. 20c. BEANS California Jobbing prices: Small white, 13c; large white, 134c; Llmas. 14c; bayous, 10c; pink, 10c: Oregon beans, buying prices: Navy, 9c; Lady Wash ington, 9c; colored, bc. COFFEE rtoaaiea, in arums, ltiwzoc. SALT Granulated. $19.75 per ton: hair ground 100a, $15 per ton; 50s, $16 per ton; ilry. S18.TO per ion. RICE Southern head. 9S9Vc per pound blue rose. 8c; Japan style, JviSJSC DRIED FRUIT Apples. 13 fee; peaches, 11tfcl2c: prunes. Italian. UHGlSc: raisins. H5c$:i per box; dates, fard. $2.50(3 per box; currants, lwc: rigs. ?jqa.au per oox. ProviHlona. HAMS All aliea. choice, 33c; Am Beet Sugar.. Am Can Am Car & Fdry.. Am Locomotive. Am Sm & Itefg. .. Am frugar Refg.. Am Tel &. Tel. . .. Am Z L. at S Anaconda Cop. .. Atchison A G & W I S S L. Bait Ac Ohio B & S Copper. . . . Cal Petroleum . . Canadian Pacif .. Central Leather. C'hes & Ohio. ... C'hl Mil & St P.. . Chi & N W C R I & P ctfs. . . Chlno Copper. . . . t olo Fu & Iron.. Corn Prod Refg. Crucible Steel. . . Cuba Cane Sug. . Distillers' Secur. Erie General Electric. General Motors.. Gt Northern pfd. Gt Nor Ore ctfs. . Illinois Central.. Inspiration Cop.. Int M M pfd Int Nickel Int Paper. ...... K C Southern Kennecott Cop. . Louis & Nash . . . Maxwell Motors. Mexican Petrol.. Miami Copper. .. Missouri Pacific. Montana Power. Nevada Copper. . New York Cent.. N Y N H & H Norfolk & West.. Northern Pacific. Pacific Mail Pennsylvania. ... Pittsburg Coal . . Ray Consol Cop.. Reading Rep Ir & Steel . . . Phatt Ariz Cop. . Southern Pacific. Sout h ern Ry . . . . Studebaker Cor.. Texas Company. Union Pacific. . . I" S Ind Alcohol. U 8 Steel.. dopfd Utah Copper. . . . Wabash pfd-B. .. Western Union.. Westing Elect High. Low. bid. 71 34 33 33 U7 05 "A ."Va 62 51'i 52 74 Si 72 'A 72 S4 91 11,400 1,000 1,900 3,200 6,500 103 103 H Wt. Prle. 67 steers ... 101 $750! 2 bulls 17 steers lOOO 7.50! 1 bull 2 steers ...HOO 8.501 1 bull 2 steers ... 620. 5.2n 1 bull 2 cows .... 825 8. 26' 1 hog 2 cows ....1230 7.no 8hogs 4 cows .... 072 4 00' 1 hog 4 cows 832 3.60122 boga Quotations at the yards follow: Cattle Price. Best steers $ 9 5osl0.00 Good steers 7.50 p .' Good cowa 7.25(9 8 0(1 Ordinary cowa B.r.O'ijp 7 25 Heifers ..wjf u..ti. n.OtliS' 6.75 Calves" 7.5010.00 stceker and feeder steers t.ovio Hon Prime lights 25 T - J2 V Prime heavy 10.90&16.10 Sheen We.tern lambs i2nSJl Valley lambs ' ; " ;w Vearllnga 1 ",&. 2; ". Ewes Wethera . . 8 on mi o.oo .. 11.75(312.25 DESTINATIONS OF STOCK LOADED Shlpmenta En Route to Leading Livestock Markets ol Country. Destinations of livestock loaded Decern h.e r, f Carloada reported weat oi Alle gheny Mountains: double decks counted aa two cars.) Reported by .Bureau oi . V. T.. .-!.. ...4 ',U 1 " ... TT X4t Calves.Hoga.8heep.Mules.Stock . . .". . 20 lo 48 Austin, Mlnn xrigntwooa ... ... Boston ........ 10 Buffalo .. 7 Cedar Raplda '. . 5 Chicago 427 Cincinnati .... 19 Cleveland i. '16 Cudahy lo Denver - 16 East Ht. Louis. 102. Fort Worth ... 139 Indianapolis ... 27 Jersey City ... 23 Kansas City . . . 271 Los Angeles .. 28 Louisville ..... 3 Milwaukee .... 17 New York 11T Oklahoma City. 68 Omaha 303 Pittsburg 5 Portland, Or. . 6 pueblo - t. Joseph ...... 160 St. Paul 72 San Francisco.. 41 Seattle Sioux City Spokane .. Wichita .. Various .. , Canada . . 1 63 15 794 87 48 818 26 25 2ll 36 139 22 110 4 71 "k 26 70 21 110 81 4 8 119 72 4 79 7 15 166 3 S S8 "i 3 10 7 "i 41 It ."io 215 1 'l6 25 "a "i CORN CLOSES FIRM Market Strengthened by Pros pects of Stormy Weather. NEW HIGH OATS RECORD 21 ' "oil 1 16 ; :: 3?j 1 43 4 3 ' a 6 85 2 10 28 1 1 11 16 "8 '.'' 3 14 Demand From Seaboard Offsets Talk of Congestion at Atlantic Ports Provisions Nearly Vp to Maximum Limit Allowed. CHICAGO, Dec. . Prospects of atormy weather and aero temperatures tended today to strengthen the corn market. Prices closed firm at the same as yesterday's fin ish to to cent higher, with January, tl 21. and May, $1.10S 6 1.19. The result in oats was unchanged to 1 cent higher and in provisions, unchanged to 10 cents higher. New record-breaking or the seaaon'a tip top prices took piace in the oata market. Talk of congestion at some of the Atlantic porta had a temporary bearish influence, but waa more than oftset finally by demand from bouaea with aeaboard connectlona. Scattering purchase orders hoisted provi sions to nearly the maximum limit the ex change regulations allowed. Later the mar ket receded on account of selling attrlbut ed to an outside packer. Leading futures ranged as followa: CORN. 3 3 1 15 123 Totala 2S74 One week ago.. 2197 Four weeka ago. 3372 3 1 152 17 15 253 484 225 332 395 479 1818 666 1459 816 1112 727 State orlgina of livestock loaded Decem ber 6: Cattle. Horses.Mlxerl Calvea.Hogs.Sheep.Mules.Stock. For Portland 6.700 2.6O0 400 6,300 50U - 2200 2,000 8.400 6,600 200 6.900 900 " 7. 800 1.70Q 2.700 700 10,900 2,300 1.800 1,300 500 " 2.S00 11,500 300 " 1500 4.700 ""460 2.000 V" 000 80O 1.600 8,200 3.100 2O0 2,300 " 5.666 " Y.ioo 20.100 4, 5O0 500 8.400 5,900 8,600 2.400 6.40O 500 90,900 1.000 17.500 200 1.100 1.500 57 85 V4 95 H 49 Vs 17', 1334 63 48 14 40 92 to 20 to 42to 28H 53 to 27 to 84 to 16 to 130 to 88 to 91 to 26to "43" ' 92 20 to "is' 32 '274 76to "2.;.to 64 to 17 71. 30 102 85 45to "22 id 70 76 1SS 83 25 to 43 5 38 114'i . 109 to no 10M 78 to 20 to SI 37 55 83 9444 4Sto 16to i.ii-to'a 62 47 to 87 92 19 41 27 62 to 26 33 15to 129 86 to 90 25 42 91 26 "iito 3!. 27" 74 "i.i" 61 17 61 to 2Xto 102 84 to 44 "22 69 74 to 1 81 24 to 42 135 .111 108 87 107to 78 20 70 37 10.1- 12 5.-. 82 t 94 4S 16 12 132 62 47 37 to 92 19 42 33 28 62 27 32 15 to 129 86 90 25 94 41 91 26 23 17 31 115 27 75 27 23 60 17 69 28 10 84 23 44 44 22 69 74 18 81 4 to 42 130 111 10S 87 107 77 20 79 37 Idaho Oregon ........ Washington . . . Tfl Portland One week ago.. Four wee's ago. For Seattle Washington ... 2 2 1 5 1 12 1 1 8 2 4 "... ... 3 3 3 6 8 ,2 ... 1 , 1 1 5 8 1 2 Jan. May nc. May Jan. Operrt High. Low. ...$1.24 $1.25 $1.24 . .. 1.21 1.21 1.21 ... 1.19 1.19 1.19 OATS. . .. .75 .75' .74 ... .72 .72to .71 MESS POKK. ...47.05 47.42 Close. St. 25 1.21H 1.19 .75 .72 47.45 Jan. May Jsn. May Total sales for the day, 465,000 aharea. BONDS. N P 4s U S ref 2s reg..96 do coupon ....96to U S 8s reg 9 1 j -nr. uu wuv'U .... U S 4s reg 104 do coupon ...104 Atch gen 4s ... 82 D & R O ref Cs.49 NYC deb 6s... 92 P 3s Pac T i T 6s. Pa con 4tos .. U P 4s U S Steel 6s.. 3 P cv 5s Anglo-Fr 5s . . Liberty 8tos , 83 , 58 , 91 ,7 to . 87 . 98 . 89 . 89 to .98.48 Bid. 84c: picnics. standard. 24c; cot- skinned. 28U3c; iHUfl .rolls. 28c. LARD Tierce oasis, stanaara, pure, soc; compound. 24c. BACON f ancy, oboc; stanaara. 4J'tf 45c: choice. 34(21)420. DRY SALT snort clear DacKs. UW34c; exports. 31a-J4c; plates. 2Bij?28c. Hops. Wool. Etc. HOPS 1917 crop. 16&19c per pound; 1916 crop, 13 15c per pound. WOOL, Eastern Oregon. 00(9600 per pound; Valley, oofctouc per pound. AlUri All. long siapie, 00c CAbCAKA BARK. New and old, 8 9c per pound. TALLU w iso. x. j.ac per pouna; AO. z. 12c. lUdes and Pelta. HIDES Salted hides. 25 lbs. and uo. 18c salted stags. 60 lbs. and up, 15c; salted and green kip. 15 to 2i lbs., 18c; salted and green caif. 10 to lit lbs., 2oc; green hides. 25 lbs. and up. 15c; green stags, 50 lbs. and up. 12c; dry flint hiues, 80c; dry flint calf. up to 7 10s., J3c: ary salt hides ,2v: cry horse hides, ci.ouw-.ou; salted horse bides, $3 4. rjiL 1 2 ury long wool peits, ec; ary short wool pelts, 25($30c; salted aheep pelta. long wool, eacn, -fttgo; aaitea iamb pelts, each. $23; salted short wool pelts. each $2(02.50; dry aheep shearlings, each. 1530c; salted sheep shearlings, each, 50c Oils. GASOLINE Bulk, 20c: esses, 29c; naphtha, drums, I9c; cases, 28c; englnt distillate, drums. iuc: cases. 10c. UNblsu oil. Kaw, nurrels, $1.31: cases. $1.41; ooiiea, oarreis, si. 33; cases, $1.43. TURPENTINE In tanks, Uoc; In cases. 75c COFFEE FUTURES AGAIN ADVANCE Brazilian Market Believed to Have Been Strengthened. NEW YORK, Dec. 6. The further ad vance reported in the rate of Brazilian ex- Boston Mining Stocks. BOSTON, Dec. 6. Closing quotatlone: Allouez ........ 50 Lake Copper ... 6 Ariz Com 10 Nlplssing. Mines. 7 Calu & Ariz.... 64 North Butte . 13 Calu & Hecla...420 Old Dominion... 39 Centennial 13 to Osceola 56 Cop Range Con. 42 Quincy 64 E Butte Cop.... 10 Shannon 5 Franklin 4lUtsh Con 11 to Granb'y Con..... 65 Winona ........ 1 Isle Royalle 4 Wolverln 32 Kerr Lake 5 I T-fl Seattle.. 1 One week ago.. 4 Four weeks ago. 7 Eastern Meat Trade Condltiona. Report on Eastern meat trade conditions December 6 (8:30 A. M., Eastern time): Beef. Boston Beef. . fresh: Receipts liberal, de mand light, market steady at yesterday's prices. Kosher beef: Supply moderate, de mand good, market firm. Steers: Receipts moderate, practically all arrivals showing better quality, demand light, no change in prices. New- York Note: Some luggers and cut ters around the branch houses are out on a strike this . morning. Beef, fresh: Nearly all cars are in for the week, a few have not yet arrived, demand light, market steady to strong. Kosher chucks and piatea: Supply normal, demand fair, market draggy. Hinda and ribs: Supply moderate, demand fair, market steady. Steers: Adequate aup- ply of medium and good gradea, demand light, market ateady to atrong. Philadelphia Beef, fresh: Receipts light, few ears not In. demand alow, market fairly steady. Kosher beet: Supply mod erate. demand good, market steady to strong. steers: Keceipta light, demand alow, mar ket steady. Washington Beef, fresh: Receipts mod erate, a little better demand for common stuff, market fairly steady. Steers: Re ceipts adequate, demand light, market un changed. . Pork. Boston Supply very heavy, demand slow. market on all cuts around $1.60 lower than Monday. New York Sunnlr adeauste. demand light, market draggy at yesterdays prices. Philadelphia Supply moderate, ri.ni, hA slow, market continues weak. Washington RecelDts liberal. domsnri air, market weak at yesterday's prices. L&mb. Boston Supply heavy, demand slow, handy weights barely steady. A wide range of prices on heavy lambs makes the market hard to quote. New York Recelpta moderate, demand poor for all heavy lamb, market draggy at yesterday's prices with a spread of $2 to $3 between light and heavy meat. Philadelphia Supply moderate, demand light, market quiet with prices on heavy lambs a shade lower. ' Washington Supply moderate with some cars to bo unloaded, demand fair, market unsettled and buyers holding off. LIVESTOCK LOADED IN NOVEMBER Movement West of Allegheny Mountains in Past Month. WASHINGTON, D. C. Dee. 6. Reports made to the Bureau of Marketa by rall- roada ahow 164.822 cars and decks of cattle, calves, hogs, sheep, horses and mules and mixed stock were loaded west of ths Alle gheny Mountains during November, 1917. The number of cars and decka loaded by the varioua atatea iouow: Cattle. Calves. lot 4S.05 LARD. ...24.95 ' 24.95 24.62 54.62 ....24.80 24.87 24.02 24.62 SHORT RIBS. 25.70 25.70 25.42 25.42 ....25.70 25.70 25.45 25.45 ' Cash prices were: Corn No. 2 yellow, nominal: No. 3 yel low. nominal; No. 4 yellow. $1.74 1.75. Oata No. 3 white, 76 it 77c; atandard, 7Gtoj77c. Rye No. 2. $1.80. Barley $1.25i 1.48. Timothy $5ig7.50. Clover $2o&26. Pork Nominal. Lard $25.50. Short ribs $27.25. Clearances Wheat, 251.000 bushels; corn, oats, tuo.uuu ousnets: flour, 23.UU0 barrels. Eaatern Corn and Oata Market. KANSAS CITY. Dec. 6. Cash corn stead v oc mgner. worn Ciosea: December. Sl.26 January. $1.22; May. $1.20. Oata, De cemoer. T6Tc; May, 74 c. Money, Exchange, Ete. NEW YORK, Dec. 6. Mercantile paper. 5 to to 5 per cent. Sterling, 60-day bills, S4.71; commercial 60-day bills on banks. $4.71; commercial , 60 day bills, $4.70; demand, $4.75; cables, $4,76 7-16; franca, demand, 5.73; cables, 5.71: guilders, demand. 43 to ; cables. 44 ; lire, demand, 8.25; cables. 8.22; rubles, de mand. 32 to: cables. 13. Bar silver. 85 c. Mexican dollars, 65c. Time loans, firm; 60 days. 5 5 per cent; 90 daya. 55 per cent; aix months, 5to&5 per cent. Call money, steady; high. 4; low. Sto: ruling rate, 4; closing bid. 8; offered at 3to; last loan, 3. ST. LOUIS. Dec. 6. Corn closed: $1.20. Oats. December, 75c; May, bid. May, 72 c $1.15 Minneapolis Grain Market. MINNEAPOLIS. Dec 6. Barley. tfl.42. Flax. $3.24 3 27. Grain at San Francisco. BAN FRANCISCO. Dec. . Spot quota tions Feed barley, $2.62 to 9 2.55: white oats. $2.7002.75; bran, $38&3U; middlings, $51 1 W, uui la, call board Barley, December, $2.51; May, f ..UD, BAN FRANCISCO PRODUCE MARKET Prices Current on Eggs, Vegetables, I'reata rrult, ttc, at Bay City. SAN FRANCISCO. Dec 0. Butter Fres extra. 3c; prime firsts, noc quoted. Eggs tresh extras, 52c; fresh extra pul lets, eic uneese New firsts, 21c; Young Amer icas, 2tC. Poultry Hens. 2627c; fryers. 27 a 30c broilers, 26tf39c; roosters, iodise; suuabs, :.auua.5il; pigeons, $1.50Q1.75; geese, ltu vc; oucks, lotfiic; luraeys. young, 25 28c. vegetables equaan. funimer, $1.01 cream, $liil.50; egg plant, $1.251.40; bel peppers, i.uufri. o; ctuie, ai.do; peas, hu' luc; lomutoes, tac a celery, 2U&3oc potatoes, xja;g.ia; sweet. $2.7u 2.85; onion reu. sifi.o per buck; green. 11: garlic. oigoc; cucumbers, i.ui o; Deans, strin and wax, btiOc; pumpkina, 76cl: carro 60 a 75c; beeta, $1.60: turnlpa, 75oj$1.25 parsnips, i.o; ri,uoaro, oociil.2o. Fruit Grapes. Malaga, $1; pears. $3; casa oaa. ouctusi; Persians, si.zouiz; plums. 45c $1 , tigs. bou J.c; hucaleuernea, 1517toc cranberries. $5&8.50: lemons. $0,2546.75 persimmons. $1.25 a 1,50; grapefruit, $3.25 quinces, 75c$1.25; oranges. Valenclas, zd.oo; tangerines, i.oui.ai; bananas, t,c; pineapples. Id.wttl; apples, bellrfleti $11.25; Newtown pippins, $1.254f 1.5o pomegranates, ri.attl.io. Hay Wheat and wheat and oat, $24928 tame oat. $2627; barley. $21w24; allalia. $21 25; barley atraw, $60U0. Mlllfeed Cracked corn and feed cornmeal. $86v87; alfalia meal, $30431; cocoanut meal. $44. Flour $10.80 per barrel. Receipts Flour. 1820 quarters; barley, 965 centals; beam. 4604 sacks; potatoes, 5155 sacks; onions, 350 sacks; hay. loo tons; hides. fcKuo; wine. 17. loo gallons. Receipts Flour. 1672 qra.; Darley, 8S43 centals; beans. 7123 sacks; potatoes, 4120 sacks; onions, 585 aaclcr hay, 130 tons; hides, 750; wine, 67,200 gallons. Store. 6. Turpentine, Naval SAVANNAH. Dec. 44c. Rosin, firm; sales. 68O barrels; receipts. 740; shipments. 108; stock, 76.023. Quote B, L), E, r. so: G. SU.07to: H, so wo. 10, $0.05; H. $6.50&6.55; M. $8.75ia6.h0 $7.3007.35; WG. $7.50; WW $7.60. firm. Chicago Iry Prudnre. CHICAGO. Dec. 0. Butter Unchanged. -Receipts 5340 cases, unchouged. k.TT .T" dUmPed n the H Change on London " iaken by some peopT; Ket Immediately, as aeema to be believed In some quarters, but the co-operation of all concerned is asked In reducing the sur plus so the product may go Into consump tion while conditions are favorable as re gards quality and food value. Thla co-operation will be rendered by the majority of dealers. Storage atock la now' being offered on the market around 35 cents, and aa the season progresses the price is likely to de cline gradually. There has been a small increase In recelpta of freah ranch eggs, and these, too, are weakening. Butter was firm yesterday, with no ma aerial change In price. i Poultry and dressed meats were steady. NAVEL ORANGES ARE IX MARKET rirst Car of Season Is of Good Quality. Crop in South Small. Ths first car of navel oranges arrived from Northern California yesterday. The Jrult. was well colored. Juicy and of goDd quality. Prices range from $4 to $4.75, ac cording to size. The crop is a poor one this year, only about one-third of normal In Northern California, and said to bs only in the coffee trade here as Indicating that uraru s recent negotiations with France con cerning the use of Interred German tonnage and the creation of a large Brazilian credit in France had strengthened the position of the Brazilian markets. The firmer tone reported in the cost and freight market served to strengthen thla idea and, after opening at an advance of 3 points, the fu tures market made further gains on cover ing and scattered trade buying. March sold up to 7.45c and July to 7.75c, with the close showing a net advance or 9 to 11 points. December. 7.15c; January, 7.25c: March, 7.45c; May. 7.60c; July, 7.76c; September, 7.92c. Spot coffee waa reported In fair demand, with the tone firm at Yc for Rio 7a and 9c for Santoa 4a. A further advance, waa reported in the cost anok freight market, with the offers received . including 4s at 9.259.85c, London credits. The official cables reported an advance of 150 rela in the Rio mamet. Santoa apota were 60 rela lower and futurea unchanged to 25 rels lower; Metal Market. NEW YORK, Dec. . Metal exchange quotes tin nominal, 80c. Lead quiet. Spot 6. 25 8. 50a. . Spelter quiet. East St. Louie delivery, spul, 7.62 to U 80. TRADE AT YARDS SLOW State Alabama. . Arizona. . . . . Ark ansae:..... California. . . . Colorado. . . . . Idaho. ........ Illinois Indiana. ...... Iowa Kansas Kentucky , Louisiana Michigan ...... Minnesota Mississippi. ... Missouri Montana ...... Nebraska. Nevada . . , New Mexico. .. North Dakota. Ohio Oklahoma .... Oregon South Dakota., Tennessee Texas , Utah Washington. . . Wisconsin .... Wyoming Canada Totals ' 1,030 242 1,170 6,759 563 7.870 1.050 r..oni 7.405 1,2311 138 907 6.392 418 8.446 3.5.17 7.726 53.1 2.306 1.217 9.13 3.188 6H6 2.607 541 12.110 257 260 2.759 1.494 43 Hogs. 38 60 78 S53 186 137 5.121 3,164 8.202 1.060 l.Oxri - 21 671 8.630 83 2.9H4 131 1,770 4 49 277 2,649 643 220 1.660 1,629 745 9 134 2.671 11 6heep. 1 640 6 490 8.317 1,484 1.402 124 OH 622 12 6 630 248 B07 1.240. 1,81.7 300 1.964 97 ISO 170 471 301 10 853 802 874 243 810 13 MORRIS BROTHERS, INC. Established 1S93. RAILWAY EXCHANGE BUILDING PORTLAND, OREGON. MUNICIPAL BONDS TAX EXEMPT $ 6,000 Portland, Oregon, Improvement 6s, to net 5. 10,000 Linnton (City of Portland) AVater 5 .'$ to net 5. 3,348' Cor vallis, Oregon, Improvement 6s, to net 5-5.25 "7. 5,398 Astoria, Oregon, Municipal 6s, to net 5.20. 6,000 Toledo, Oregon, Municipal 6s, to net 5.60CJ.. 7,000 Columbia County, Oregon, School District No. 2 S'jS, to net 5. 24,788 North. Bend, Oregon, Improvement 6s. to net 5.40. 30,996 Marshfield, Oregon, Improvement 6s, to net 5.23. 8,000 Newdale. Idaho, Water 6s, to net 6. . 1,500 Ucon, Idaho, Water 6s, to net 5.60. 5,000 Port of Astoria, Oregon, Municipal 5s. FOREIGN SECURITIES $ 2,000 Edmonton, Canada, 5s (due 1934), to net 6. 11,000 Edmonton, Canada, 6s (due 1918), to net 6.35. 9,000 Dominion of Canada Two-year 5s (due 1919), to net 7.10. 16,000 United Kingdom of Great Britain and Ireland 5'js, due 1919. UNITED STATES GOVERNMENT 3 "and 4 BONDS and FOREIGN SECURITIES Bought and Sold on the Market. Details and Prices Furnished Upon Request. Telegraph and Telephone Orders at Our Expense. Copy of the WAR TAX Analysis Furnished Free. GAMBLING In a series of dally advertisements, six. In the press everywhere. I will crjitaliHe "Gambllnc" "Stock Gambling." X will make clear that tha American people, rich, poor, inbetweens Knible stock gamble; That during the next year of war they will ramble as never betore. and -during tha year following; peace will break all stock cam bl ing; records. I have spent 4u years writing;, preaching', advertising, the evils of sto k gambling. As well try to spank out hell's tires with a fly awatier as to rtl iinurn the Ameri can people to the futility of stock gam bling. In my time the game nan grown like a belly bird until touay, mldl world wide disaster. It silhouettes the war. In war's first two years the ntork mar ket spewed more new millionaires and added more wealth to the Nation s total than in the previous century. Wealth doubled, 130 to 'JtiO bllllonM and the price of acorea of stocks advanced 1000, 5H0-. In that brief time billions were "made," in "Steela," 'Motors." Munltiona," "Chemicals,' Rails," "Shipplnt." ".Mills." "Mints." In the past year billions have been loat. In the coming year more bllliona will be lost than were made in the first two war years. The American people have not only gambled and are gambling, but they will continue gambling. At the height of ths first two war years' gamble, I publi'ly in the "Leak" warned of the coming slump. Since the "Leak"' since our country entered the war 1 have not made public utterance on National affairs and have re fused scores of requests for platform talks, press and magas.ne articles. olnce war began there has been too much talking, too much writing, to the befud dlement of the people, the bewilderment of the Government, and the bedevilment of both. The records show that a large part of the war talks and writings cooled off In fcum, ifdimeat and burnls of no value to the people or isslstanc to the CSovernment. One thing only Ih clear to the American people; we have entered the fight for democracy, we will stay to the finish and It will cost us, in addition to human lives, from So to K0 billions of our wealth, and this condition arc lights the American people to the conviction that the price will be none too big for humanity's gain. While I have no Intention of joining the war gabbers, the time is ripe for someone, qualified, to point the effect on the stock ami bond wealth of the American people, during the war and after peace, of the expenditure Uy the Government of C0, to say nothing of 130, billions of the Na tion's wdiih, tn uemot iatiy s w ar. It is now evident that the war will last long enough to consume at least r0 billion dollars and put In commission live million men. From the nature of war things, the Gov ernment is not only working overtime to contract ahead, but must necessarily do so. If war ended in a year it would re quire 60 billions to pay bills Incurred. By the time f0 billion Liberty Bonds have been floated the average interest of the whskie will be at least b',-r. which will call for a tax In addition to all other taxes, of 31 billion dollars annually for bond Interest. This means that there will be yearly added to the present high cost of living three billion dollars. In my advertisements I will show why the first two war years made scores of stock gambling billions, why the third year brought losnes of billions, why the fourth year will bring more losses and the year following peace still more. 1 will show what the withdrawal of five million of our best labor from the Nation's Industries and the turning of them Into expensive dependents, and the tax of three billion dollars for Interest on 50 billions of wealth blown lo hfll will do to the Na tion's atock snd bond wealth during the war ami after, and why in the ni-ar tuture there will be but two stock mar net gam bles which will bring great profits, during the war and after the war Liberty Bonds and Silver stocks. Thomas W. Lawson. Mixed block 10 " " ' 16 4 21 19 l.limt S33 ioi l! 1.400 1.0:10 HI 4."4 1U 21U 19 Rr! V2I) 44 .7 HI 2i0 76 1 21 1.118 ...... LIQUOR IMPORTER FREED Governor Pardons Klamath Falls Man Because of Family's Xecd. . KLAMATH FALLS. Or.. Dec . (Special.) Fred C. Bamber. of thla city. v Tuesday pardoned by Governor Wlthycombe on the grounds that his family is in need of his support. Bam ber was recently caught with other white men near this city bringing in a load of liquor from California, and when arraigned before Justice of the Peace K. W. Gowen here pleaded guilty to the charge of violating the dry law. He was sentenced to serve 30 days in jail and pay a fine of $300 -He has been in Jail ever since. Bamber is a local painter Pardons have not yet been received for other members of the party taken with Bamber by the officials. GOOD 41 FOR. DAY BUT IS LIGHT, BUYING Market Unsettled by Labor Situation. Prices Apparently Are Steady Baal. About 14 loads of atock reached tha yarda yesterday, but the market waa a quiet af fair. The uncertainty over the labor situ ation la a rentralaing- factor and the quality of the boga brought In had to be con. aldered also. On the w.iote, the tenor of the market was fairly ateady. but no con-slde-able decree of activity la looked for before the eltuatlon la cleared. Recelpta were otto cattle and 671 hoga. 8hippera were: With hogs Guver Offleld, ' Midland, 8 toafls. - . With cattle J. C. Mitchell, Oaselle, Cal., 4 loads; J. W. Oavla. Rtdserield, Wash., 1 load; O. C. Hughes, Washouttal, 1 loads C, C. Carter, Myrtle Point, 1 load; J, Nallla, 41 head. With mixed loada O. H. Gorsllne, Joseph, 1 load cattle and hos;s H. 1., McFadien, HarrUhorr, 1 load cattle and Viogs; M. Boa- sart. Woodland, Wash., 1 load rattle and botra; Tillamook County Warehouse Com pany, TUlamook, St loads cattle aad boga; . 8,!a 30.407 1S.60 10.036 Omaha Livestock Market. OMAHA. Dec. 6. Hons Receipts. B300: market Sc to 10c higher. Heavy. 1T.104 17. 4S; mixed. $17.2S4i 17.SO; Hunt. C17 15(2 llm-'h lo.SO;' bulk of saiei. T.JOog 1 1 .35. ..ceiins. nun; marKet ateady to lower. Native steers. S85 14: cows and .lelfera. B.-0ia W; Western steers Ht VRi- Texas steers. 710.5O; rows and heifers. f'J49: canners. 5 25rS: storkers and feed ers. sfi12: calvea, 12.S0; bulla, stags etc., .Y75l8. Kheep Receipts'. 11.700; market ateady to lower. Yearling. tll.r.Oa 13.2.".; wethera. 11t l2.50;- ewea. $9.50611.50; lambs. 15.73 tf 10.73. . Chicago Livestock Market. CHICAGO, Dec. 6. Hogs Receipt. 2 -000: strong. Bulk of sales, $17017.40; light. $1.0 17.S0; mixed. 1 fl.SO 1 7.45 ; heavy, 16.80 17.45; rough, (ia.80fjl7; pigs. 113 tj 1 A 3.1. cattle Recelpta. 14,000; strong. N'atlve steers. IT Bn wis 2.1; stoekere and feedera. (4.101311; cowa and helfera. 5.20011.50; calvea, $7.7514.50. Sheep Receipt. ll.OOO; firm. Wethera, $8.S0f 12.80; lamba. $12.oOQ17. Dried Fruit at New York. NEW YORK. Dee. a Evaporated apples, ateady; prunea, firm; peache aearce. Ifona. Ktc. at NEW YORK,' Dec, . Hops, wool unchanged. New York hid es and Helix Man Held. PENDLETON, Or.. Deo. 8. (Special.) Guy McCoy, 40, of Helix, was arrest ed today by Bheriff Taylor on a serious charge. He failed to aupply flOUO bonas. ana la la J an. Champion Steer's Price Record. CHICAGO, Dec. 6. "Merry Monarch." owned by Purdue University, grand champion of the International Live stock Show this year, was sold for $2.05 a pound to the American Short horn Breeders' Association today. The association donated the nnimal, vhich weighed 1610 poinds, to the Kel Cross, which resold it to Armour & Co. lor $2.10 a pound, a record price. Last year the champion steer, California Favorite, sold for $1.75 a pound. GAMBLING In ordinary times not one business man In a thousand understands "finance. " In these war times, when the Uovernment necea.iarily spends first and collects after ward, and in amounts never dreamed of before, not one In ten thousand compre hends how the trick Is done. Then, too, with the Government business increased a million fold, there is no tested Government nachlnery to handle the vast volume. Har rlman. railroad wizard, once said he would give half his fortune to the man who could handle the U. P.. S. P.. C. B. . mlxup. War business greater than -the combined three railroads la today handled by men unknown nationally. Men who have spent their Uvea In tan neries are given the bulldlrg of ships cost ing billions, and the big ahoeinakera leave the making of forty millions of aoldlera' boots. briliKlnu them scores of millions of proftts. to their office boys, while they regulate the Nation's food, fuel and cloth ing. It must be ao In sudden, wholesale "Government affaira today are necessarily chaos: the people do not know It well they do not but our great president does, and Is doing titanic work to straighten things out. to the end that the whole country knows that four fundamentals are not chaotic: Our boye are being got to the firing line, our food. fuel, clothes and munitions are being got to our allies, our Government la ready with ita money bags to pay the stupendous bills, and the whoie American people stand ready to willingly and enthusiastically hand over to the Gov ernment the wherewithal. Under these conditions, ao soon after the war's begin ning. It Is small wonder the country la standing on new side iuiea calmly wailing the eventuating of any miracle necessary to keep things going smoothly until the end.i There will be no miracle. Kverythlng In this, aa In all other wars, will be aubject to th Inexorable law of cause and effect. The Government must have 60 bllliona It will get 50 hlilions. There are but two ways to get It. direct taxation, pay as we go. or bonds mortgage the future. Klthr way or both, the Government will collect from the American peopl 5U billions. which are now In the form of stocks and bonds. Let us look thla condition square In lta . . i . i i . . .... ,,t, fnnlii.. wltH fuirv-lnaiL for mal iet lis IOOK Tnis conmuun ihjuhib in iib ils let us quit fooling with falry-lngs. this, the finance end of war. Is the main snau or it an. u me cannot have unlimited money to finance its . - - I,. .... .. uffnlr lis fillies' armies and affairs, and have It without Internal war. then the jig Is up. and civ. I.lzatlon'a suta will be trampled by the liun. To take 50 billions from the people by direct taxation is Impossible unleas the Government confiscates the country's Industries- ... . , To begin confiscating now will bring panic co meat as lo shrink wealth values over 50 billions. Liberty Bonds must be the way out. The people can buy 50 billiona of bonds only uy selling directly or innirectiy their prua ent stock and bond wealth. They cannot sell directly, except for a lhort time, because there la no one to buy 50 billions therefore they must do what they are doing now In the second Liberty flotation, aell them Indirectly by borrow ing on them at the banks, trust and In surance companies and other ;! .Vf0 ernment Institutions. In the end It will n the equivalent of Government confiscation Government ownership. but orderly, harmless confiscation. . , In the end the people will own the best securities In the country. Llbertys Gov ernment bonds carrying lnter-st high is Government-run Industries can earn, ami the Government will run the country a in dustries, seeking only profit enough to pay Its Liberty bond Interest. .... The first working out of this cond tlon It Is already working wtll be selling of stocks and bonds and buying of L bertys. As new Liberty, come and th. P?Pl. ro to understand actual conditions, the '""' of stocks and bonds will ncrease " de clining prices, and the price of Llbertya "Th'wuT-.pply to all atock-. because th. p?l of all Industries' Product, must be kept at bottom, all Blocks but Silver stocks. Thomas W. Lawson. 4 FACTS, NO. 228. Iacryfor: ! MORE 't'4 4 Every section of the state where 4 4 roads have been partially hard- 4 surfaced a cry has gone up for tthe same character of improve- ment throughout its entire 4 lengrth. It is evident that the 4 people have awakened to the 4 fact that to receive the full bene- 4 fit of a road it must be paved 4 with at 4444t44-4 4 4444 BITULITHIC t 4 WARRRN BROSI CO, 4 4 Journal Building;, i Portland, Or. rtAAAAAAAAAAAAAAAAa GAMBLING Time ! by when It Is the duty of flnan cialrlom to "Hush; tread softly: don't lo anything: to hurt th stock market; Li ber tys are below par and dropping." American finance today is a condition. The people miiMt be shown this condition, or later, when war moat needs the people's aid. hell will be to pay and the country pitch frozen. Here will be the order: The Oovernment will contract for everything net-esary to carry the war to a uuconsf ul f inlah. not only everythlnr for us. but for our allies. . If our allies cannot put up collateral for what we lend them, well and good, we will see them through just the name. Next, the Oovernment will insue Llbertya in con stantly inorealnr quantities. The people must buy Libertys as fast as they are is sued, to py tl l.s contracted for. To do this they must part with billions of stocks and bonds, temporarily they will think, but In fact, permanently; for when war finance has made the circle the people's wealth w ill be in Libert ys; the Nation"s Industries in the hands of the tiovernment ; the Government will run the Industries to make as little profit as ponsible beyond what must be made to pay Libertys Inter est. To make more profit would neces sitate adding- to the already prohibitive living cost, which might cause the people to rise and do things to the Government. Then the war will end. and our soldiers will return, and for the first time the world will realise what the war haa done to civilization, particularly America. The world ha always believed that to keep America prosperous all people must be employed In the Nation'a Industries. Before war anyone, even the advanced Socialist, who proclaimed that the Ameri can Republic could retain its prosperity after withdrawing five millions of Its bent labor from Its Industries would have been dubbed mad. Now the world la going to have this ob ject lesson five millions of America's best labor not only withdrawn from pro ducing, but made dependents of those left to run the Nation's Industries, and over five millions of those remaining producing war material for-the first five millions and their allies to destroy, and those ten millions drawing pay greater than they drew tn peace because their labor Is now controlled by - extraordinary condition -war conditions, which bold no relation to the old orderly peace aapply demand lawa; and the world is going to nay, this being so, when the soldlfrs come back and go to work and we no longer need the five millions of war material labor, there wtll be undreamed ot prosperity, greater than In war times. Then' there will come the awakening; the five niiHfonn back from the war, and the five millions "laid off" from war material labor, will be told they can have no more prosperity, because labor's wages must go down "whtle living cost remains up. for they muat - be taxed -three bllliona addi tional to pay Liberty Interest. Then America will hear from the five million soldiers w ho left their peace In dustrial slavery and acquired the raw, red blood throb of Independence. "Not by a d slrbt. We did not go to war to return to slavery worse than before, we know there mu-t be something wrong." Then wtll come the question: "Who is run ring .things?" and the answer wilt be: "The Government"; and then our soldiers as one voice will ror, "Change the Gov ernment!" there's the rub. Tt Is folly to say that because of war enthusiasm, loyalty, patriotism, the people will do no ranh thing now. Illustration ot what they wilt do. As soon aa war tegan the American people. Instead of donning sackcloth and ashes, plunged Into the wild est stock gambling debauch of all history. They are now paying the price billions and yet they are Junt as enger to gamble as ever, war or no war. and once they get the true slant on finance conditions the way they will throw over rtocks and bonds and buy Llbertya will make new history, pitrtlculsriy when they awake to the fsct that there Is one great beneficiary of the war Silver, and that It is to be the one violent stock gamble while everything else is crumbling. . Thomas W. Lawson.