THE 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.