Morning Oregonian. (Portland, Or.) 1861-1937, February 12, 1920, Image 21

Morning Oregonian., February 12, 1920, Page 21, Image 21

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Newspaper Page TextTIIE arORSTXG CVREGOXIAX TnUKSB VT, FEBRUARY 12, 1920 ). y SHARP FULL IN STOCKS LOW RECORDS ESTABLISHED AT DISORDERLY CLOSE. Investment Rails, as Well as Spe cialties. Suffer From Heavy Selling; Bonds Also Weak. NEW YORK, Feb. 11. Tradiiut on the lock exchanKS today nu divided Into Uu-ee distinct phases, a heavy to weak tone Pervading the early dealings with irregu lar milieu during the mid season and an other sharp reversal at the disorderly cloe. While the decline wan In full swing vir tually all clasws of storks established low records. In manv instances losses rang Ing from 2." to 100 points from highest Quotations of the previous month were registered. The moit disturbing feature was the weakness of investment rails, which ral lied only feebly even when stocks of less Intrinsic worth responded to short cover ing. Some of the high-class transporta tions, with assured dividend reputations. were at lowest Drices In one to almost Among high-priced specialties GeoeraJ Motors was again in the foreground at an extreme decline of UK points, only a small part of which was retrieved. Other mo tors, oils, equipments, shippings and steels lost 2 to 8 "4 point:, Unlteo. ctaies mcti .. Ing to. a fraction over 1)6, with virtually no recovery. sales amounted to 1.37.r,000 shares. The movement or bonds was in keep. Ing with stocks, rails losing 1 to lii poinls. Liberty issues were irregular, in- lernationalx steadv. Total sales, par value, sw.ir.o.Ooo. Old United States bonds were unchanged on call. CLOSING STOCK QUOTATIONS. Ble Hlch. Low? Am Beet Sug. 'J."J'tu American Can ll!.tIM Am Cr i Kilry :.W centals: beans. 1214 sacks; corn. 29S3 cen tals; potatoes. !.. sacks: liay. -ho tons eggs, 76.170 dozen: bides. 822 pelts; or anges, 500 boxes v livestock. 300 bead. Naval Stores. ' SAVANNAH. Ga.. Feb. 11. Turpentine dull, 1.!S. Sales, none; receipts, none shipments. 5 barrels: stock. 0003 barrels. Rosin dull. Sales, tils barrels; receipts. 0.8 barrels; shipments, none; stock, 3ti,."U barrels. Quote: B. J17; D, 117.10: B, P 117.2.-.. O. H. I. l7.:i.',: K. 18: M. 10 N. 20; WO, X2000: WW. X20.7D. Metal Markets. NKW TOKK. Feb. 11. Copper nominal unchanged. Iron steady, unchanged. 9 Antimony. 11.75c. Lead firm. Spot and March. S.75c bid 9c nskert. Zinc firm. East St. Louis delivery, spot. 8.62c bid, 8.77c asked. SIX LODS REACH YJliS MARKET IS STEADY IX LIVESTOCK LIXES. A LI. Trade Is Fairly Active During llic Day Willi Good Demand for Best Offerings. The livestock market was steady. Six loads were received and business was fair ly active. The former range of prices pre vailed in all divisions. Receipts .were 3 cattle, 371 hogs and 76 sheep. The day's sales were as follows: High. 71) is 44 12S lot; ss'4 tSOVi 124 s:!Vi 97, 16 .V'." 78 144 H 10H, Last Sale. 12.0O0 fi.MH) 12,01)0 401) 5.2"0 8O0 12.!0 5.S0O o !)0ll r..r.oo 2.700 :t() K MH1 2i.::no 6.7iMl l.li'M) 1.7D0 3.OO0 l.vr.iM) 8S 2.1 :;o ' llDH 76T4 4H4 32 '4 78 ',4 24)4 :-.4 37 80 213 67 Vi 154 25014 70 3.-. ; 82.j 51 70 20 ',j 751i 14 "4 28 1O0 166 is 44 74 22 is 4 44 65 . 24 ) 004 70 405k 22 74 54 '4 J!)- 6 104 11 36 !)l4 ISfc S8 171 6!)Ij 114 7t 88 14 S J 1 0 '4 70 i 84 42 6H 814 42 125 o4 86 58 12S 14 8(1 "4 06 15 is 54 74 THMs 140V4 1074 28 i, 85 22i4 28 11 5 .; 7:i 4S'4 so 42 125 1U4 86 Vj Am H & L ptd 4.001) Am Loco I0.700 Am Sm & Itfg 7.80 Am Sugar Htg !0 Am Sum Tob. 4.7"0 Am Tel & Tel 6. .".no Am Z L. & Sm l.!M) Anaconda Cop ll.iiiN) Atchison 4.1O0 a ; twiss 3.600 Baldwin Loco. Kl.loO Bait & Ohio.. o.2(0 Beth Steel B. 27.500 B S Copper. 1.500 Calif Petrol . . 3.100 Canadian Pac. !.1o0 Cent Leather. 17.200 Ches tk Ohio.. 1.4D0 Chi M & St P. 4.500 Chi & N W .. I.20O Chi R I & Pac 4.5(H) Chino Copper. 3.:i"0 Col Fu & Iron 2.1 00 Corn Products 7.SMIO Crucible Steel. 16.4O0 Cuba Cane Sug 6.2O0 V S Fd Prods. 2.700 Krie 3.KO0 Gen Klectric. 12.200 Gen Motors .. 47.200 Gt No pfd b.600 Gt No Ore etfs 3.400 Illinois Central 4O0 Inspir Copper, .t.ooo lot M M pfd.. Inter Nickel.. Inter Paper.. K C Southern Kennecott ("op l.ouis Ac Nash. Mexican Pet... 22.100 Miami Copper 1.1mm) Midvale Steel. Missouri Pac. Montana Pow. Nevada Cop .. N Y Central.. N T N H & H Norf West.. Northern Pac. Pan-Am Pet. Pennsylvania. . Pitts & W Va. Pittsburg Coal Kay Con Cop. I:eading Hep lr & Steel CO.Ooo Shat Ariz Cop. 10 Sin Oil & Rfg. 37.4IM) Southern Pac. 30.200 Southern My.. 6.200 Studebaker Co 5i;.::i0 Texas Co 11.2CH) Toliac Prods., R.tWMl tnlon Pacific. 13. 100 1'ntd Rtl Strs. lil.lino f S Ind Alco.. 8.1)00 ' U S Steel 13!).5oO do pfd 1.2O0 T'tah Copper.. 3.200 Western I'nion 200 Westing Wert 5.6O0 AVIIIys-Overlnd l:t.:'.ol) National Lead. 1.4O0 Ohio Cits Gas. O.coi) Itoval Dutch.. 12.7O0 BONDS. V S I.lb 3'4s...!).70 nglo-Fr 5s 04 do 1st 4s 90.80'A Titer as. 6 do 2d 4s 0.: Atrn gen fs 1 1 v, do 1st 4"s. . .IM.HWiD tc R G con 4s. 60i4 ri 4s...!)().82.N Y C deb 68.. '.)() do 3d 4US...03.60IN V 4s 7SVi Ho 4th 4'is. ..01.16'N P 3s 511. Victory 3s .. .1)7.84: Pac T & T 5s... 83 Vj do 4 07 84iPa con 4'-s.... Dl) U S 2s ree MOOUlS P cv 5s 7 do coupon ..io)'yiHO kv us U V 4S SO . U S Steel 6s 1)3 h 23H :i.i SBVi 77 207 14 42 '4 55 10 13214 225 681, 34 fe, 81 '4 50 78 20 7214 14 27 OS 161 21 44 21 62 1414 65 00 40 21 53', ! 64 100 11 35 '4 SSI, 18 S3', 1661, 67 111 6SV4 S3 !)6 110 70 s::e- 40 24 ' 41 03 ?4 124 80 !)6 15 55 77 144 107 28 87 22 28 117 73 4S 30 78 23 34 37 77 208 43 55 10 152 23 S 6!) 34 81 50 74 14 27 08 166 '4 21 44 21 61 14 65 23 no 6j 40 22'i 54 1t) 65 1110 11 35 80 18 83 166 61 IP. 6814 s:i 06 110 TO s:: 40 74 i! 41 06 2 steers.. 1 steer. . 1 steer. . 1 cow. . . 1 cow . . . 1 cow. . . 2 cows. . 1 cow . . . 1 cow. .. 1 cow . . . 1 cow . . . 1 cow . . . 1 cow 1 cow . 1 cow. . . 1 calf... 1 bull. .. 4 lambs. 14 lambs. 1 ewe. . . 8 ewes. . ewes. . 1 yearl.. 5 yearl .. 3 bucks. 16 lambs. 1 Iamb.. 38 lambs. 14 hogs. .. 52 hogs. .. 8 nogs. .. 1 hog 57 hogs. .. 16 hogs. d hogs. .. 8 hogs. .. 3 hogs. .. 20 hogs. .. 3 hogs. .. 8 hogs. .. 1 hog. . .. Catth Wt. Price1 465 f 7.0)), 84)1 8001 678 740 1110 1060 in 5 1140 !)50 1610 040 880 850 880 810 100 11)80 110 1)5 100 125 115 140 118 166 00 00 57 130 185 335 170 21!) 212 556 218 216 254 206 130 200 8.00 i 3 hogs. . 1 hog. .. 4 hoirs. . 304 hogs. . 8.75,1 4 hogs. . Wt. Trice 212 J 1 6.00 8.50 7.23, 6. 8.00 1 8.151 6. 50 6.00 1 hog.. I hog. . . . 4 hogs. . , 3 hogs... 1 hog. . . . 8 bogs. .. 2 hogs... 2 hogs. . . 7.00) 6 hogs. .. 6.50, 10.00 8 17.00 16.50 17.00 11.50 1 hog. 8 hogs. . 4 hogs. . 5 hogs. . 5 hogs. . 3 hogs. . 3 hogs. . 12.001 5 hogs. . 14.00 11 hogs. . 14.001S hogs.. 7.00 1 hog... 16.751 1 liog. .. 16.00:13 hogs.. 14.t)0 0 hogs. . 14.50,91 hogs. . 1 6.00 14.00 16.00 16.00 13.85 12.))0 15.75 15.75 6 hogs. 1 hog. .. 1 hog. .. 0 hogs. . 5 hogs. . 1 hog 1 hog.-.. 8 hogs. . 15.75 2 hogs. . D.73! I hog... 14.501 3 hogs. . 14.50 7 hogs. . 3D0 . 367 . 223 . 2D!) . 3O0' . 130 , 115 . 243 . 1!0 . 122 , 265 . 150 . 206 , 160 , 342 ! 2::5 , 160 172 173 168 2D!) 238 320 370 301 258 232 1S2 280 240 156 178 510 310 180 165 750 143 211 15.00 14.00 16.00 13.50 14.50 14.50 14.00 14.50 15.00 14.50 14.50 16.00 16.1)0 18.00 14. ou 16.00 16.00 16.00 16.00 16.1)0 16.00 15.50 16.00 15.75 13.50 13.50 15.50 16.10 15.75 18.75 16.00 15.65 15.75 14.00 14.00 16.00 16.00 11.00 14.50 16.00 Price. Best grain and pulp fed steers $12.5013.00 Choice steers Good' to choice steers Medium to good steers... fair to good steers Common to fair steers cnotee cows and heirers Good to choice cows, heifers.. Medium to good cows, heifers. Fair to medium cows, heifers. Canners Bulls " Prime light calves Heavy calves Stoekers and feeders Hogs Prime mixed Medium and mixed .......... Rough heavv pigs Sheen Eastern lambs ,lght vallev lambs Heavy valley lambs feeder lambs Wethers Yearlings Ewes II. 50 ! 12.00 11.00 tjv 11.50 II.. ".( 10 8.50to 0.50 7.50W 8.30 9.50411)1 8.50(r(i 9. 7.5))ia 8. 6.50W 7.30 3.r.0"fi 6;: 6.25i s.r 15.00 17.00 7.001 12.50 B. 00 & 11.50 15.75rral8. 15.25 15.75 n.uotoia 13.0015.00 17.00 18.00 15.0(i 16.50 14.00(g14.50 12.00 lip 15.00 13.0O4J 13.50 13.51)1014.00 10.00 a 12.00 U S 4s reg 106 do coupon ..106 Pan 3s reg '88 do coupon . . . 88 Bid. Mining; Stocks at Boston BOSTON, Feb. 11. Closing quotations: Allouez 32 Old Dom 3( Aris Com 10 Osceola 4i Cain Aril 60 Ouiney 57 Calu & Ilecla. .35. I.Superior Cop Range Kast Hlltle .. Franklin Isle Rovalle . I .a ke Copper Mohawk .... Vrth Butte , 42i4Slip & Boston... 12 Shannon 3!rtah Con 30 : Winona 31 Wolverine 60 "if Greene Can . . . . 131 414 4 1 8 1 181,. 31 Money. Exchange, Etc. NEW YORK. Feb. 11. Mercantile paper, 6?i 61i per cent. Sterling, demand 3.87, cables 13.37. Francs, demand 14.40, cables 14.4i: Bel- fian francs, demand 13.67, cables 33.65; friilders, demand 37, cables 37: lires, femand 18.04. cables 18.02; marks, de. Aland 1.04. cables 1.03. Sterling advanced further In the late de..itng. Stealing 60-day hills. 3.34; commercial 60-day bills on banks, $3.34; commercial 6t)-day bills. $3.33; demand, $3.351.; cables, $3.38. TiniM loans, strong; OO days. 00 days and six montns. 84 per cent. Call money, easy. High. 8 per cent: low. per cei-t; ruling rate. 8 per cent: closing bid. 6 pe. cent; offered at 7 per cent; last loan, 8 pr cenr. .tar silver. $1.34. Mexican dollars, $1.03. LONDON. Feb. 11. Bar silver. 80d per ounce. ioney ann discount unchanged. Chicago livestock Market. .wv.uu, reo. 11. nogs; receints. 13,000; mostly 25630c higher; bulk, $14.o Wia.au; lop, $15.50; heavy, $14.4015 medium. $14,756)13.30; light, $14.85015.60 "' "Km, n. (a W ia.00: heavv i,..l,ln. rn.TJh lV ' "'-'i PD-KlUg SOW. . ... i.,..!v, puts, 1.-1. 1 oar 13. v.aLtie, iuuo: ateaciv: heer ,t.r. "" "")' xeigni, cnoice and prime, $154 r,ledlum and '""d- Ufe l5; common. iiBni welglit, good and choice 117 uiiuiuuu aiiu men im. in hi n, i 'i ak. butcher cattle heifers $6.50lj 12.50; cows' $8 50411.25; cannera and cutters, $5 25 6.50: veal calves tiu'nirr..,. . steers, $7.S5toll.7S; stocker steers, itk. Sheep Receipts. 6000: hiphee- 1 b m k. " pounua aown. $lBr2I.Tj3: cu lis and common, SI 5.25 If 18.50: ewes, medium nri good and choice, $11.254il4.25: culls and lummon, IQ.OUU iu.7. Omaha Livestock Market. Ull A11A, reo. II. IV. S. Bureau rJ Aiaraets. nogs ttecelpts. V500; 10&25C i.iBiicr. mp, n.tw; DU1K, $14.30 14.55 neavy welgtit. $14.3314.60; medium weignt. $14.40014.65; light weight. $14.41) rrii-Dii iiari ngnt. si4.2..in' 14.51).- hv. packing bow's, snioQt n, $14.1.3f''14-3ii purk ing sows, rougli, 91414.26; pigs, Cattle Receipts. 50U0: steadv to itrAnr Beef steers, medium nnd heavv weis-ht. choiie and prime, 13.7r15; medium and groou. iiiffpin.t; common, fitll; light weight, good and choire, S11.75fiv 14.R0: common and medium. $H.60(J1.75; butuher came neirers, . o. n 1 1.7a; rows, $0.50 ll.rt; canners and cutters, $5.56.50; veal calves, light and handyweluht- &14foir: feeder steers, $7.7 12.'2o; atocker ateers. Sheep Receipt- 10,000; ateadv to s.ir higher. LaYnbs, 84 pounds down. S18.5UA 'JO. 25; ctrlia and common, $1517.75; year ling wethers, $14.70 to-17. TiO; ewes, medium and choice, $1U.50 12.50; culls and com mon ti&10.ja Coffe Fntoren IrregnlBC NKW YORK. Feb. 11. The market for coffee futures was easier during today's early tmding, owing to lower Rio cables nti re.iewed liquidation. After opening 10 pomes lower, active months sold About to .lb points below lat night's closing ngures. aiay sold oir to S13.70, or within 141 points of the lowest level riiehed on th break of last week and 90 points b-low the best price touched on tho raity or raiuraay. .May closed at 14.04c, with the gen"-ai list closing net 3 points niefner 10 pomis lower. March l;t.70c, amy it. wit. uiy ocptemoer 14 18c October 14.1Sc DecemlHT 14.18c, Spot coffee, oominal; Klo 7s, 14c: 6aji tos 4s, 24c. SAN FRANCISCO PRODUCE MARKET Seattle Livestock Market. SEATTLE, Feb. 11. Hog Receipts, 79; easy. Prime, tl6'lb.50; medium to choice, tingle; rough heavies, 14 14.50: pigs. Cattle Receipts, 47; weak. Beat steers. $12.2.) 12.75; medium to choice $1011.70; common to good, $7.50(&i 10; cows and heifers, $10. SO; common to good, $G.50ty 9.25; bulls, $7&H2.-: calves, 7&15. Kansaa Vity Live-stock Market. KANSAS CITY, Mo., Feb. 11 . (U. S. Bureau of Markets.') Sheep, 80O0; steady to 30c higher; lambs, l7.roft i;o.23: culls and common, $12 17.25; yearl in pa weth ers. $15.50 18; ewes.- $10.5ur 13.25; culls and common, $5.2510.25: breeding ewes, $84F 14.25; feedVr lamba, $15 17.50. DEMAND FOR CORN 6RH PRICK ADVAXCKS RAPIDLY WITH GOOD BUYING. rricea Current on Vegetables. Fresh Fruits, I Supplies Expected to Remain Llg, Ktc. at Bay City, SA.V FKANCISCO. Feh. 11. Rutter ex tra grade. o'tc; prime firsts, 6;ic. ' Kggs Fresh extras. 47c; firsts, 43c; ,g. tra pullets, 45c; undersized. 40c. Cheese Old-style California fiats, fancy 31c. firsts. iSVjc. VegetablL-s Eggplant, southern, 710c per lb.; bell peppers, southern. 10Drl21,c; squash, large lug. cream squash, 75c3?$l; hubhard, $1.256 1.75 per sack; tomatoes,' southern, $1W1.73 per crate; Florida to matoes. $78 per crate; potatoes. Rivers $4.50rS per cental; sweet. 4b5c per pound; Oregon Burbanks. $5 5.5; Oregon American Wonders, $5.5-5.50; onions, 'ellow and white, $4.50 per cental on ire-t; Australian brown, $fi5.25 on the street; cucumbers, hothouse, $4&4.50 per box for No. 1 English, $J.75t3; garlic. 10& "5c per patund; beans, lofttlc; coiery. $7iJS per crate; artichokes. 75c&$1.25 turnips. $1.50S1.75: beets. $1.75 J; car rels. l.J5fl.50; cauliflower. l.l'5m.7S per dozen; lettuce, southern, 75c$1.23; pess, 10&14c; asnaragus. D070c per lb.'; spinach. ( crate, $J.i:5; green onions. 2Q 2.-5 per "box. Kmll- Oranges, navels, M.5He.'): lemons 4.5mi!I50; grapefruit, $:l.50&.1.73 box; tangerines. Yl'ttZ per half orange box.' bananas, $7Q10; pineapples, $.l4.50 per dozen; p-are, cooking. $ljl.50 per lug; ditto Winter Nellis, $3?4: apples, Rhode Island Greenings, $1.75 & 2 lor four-tier and $1.50&1.7o for 4V4 tier; Newtowns, $'.25tr -'.50; Orgon Spitxenberg, $2,500 3.25. Baldwin, $262.23; Oregon Newtown pippins. $2.506 3; rhubarb, hay stock, $2.50 6 3 per box; southern. $2 2.50 per .box. Receipts Flour. 607O quarters; wheat. 800 cental; barley, 706 centals; oats, 1780 Kven With Plenty of Cars Available. CHICAGO. Feb. 11. Rapid upturns In the value of corn today followed a broad commission house demand based largely on belief that supplies here would remain light even -though cars were furnished in plenty. The close was unsettled. 2Hc to 4Vic net higher, with May $1.30 to $1.31 and July $1.28 to $1.28. Oats gained mTtc to la3lc, and provisions 10c to Stic. Oats, like com. jumped upward after showing temporary weakness. .Domestic demand was reported ken and country offerings meager. Provisions were ruled by the action of grain. . ' ' . ... Leading lutures ranged as loilows: ' May luly Sept. May July May July May July May July In accordance with the announcement of Mr. J. Ogden Armour, President of Armour and Company, made in this paper yesterday, the Armour Leather Company is offering: its stock for public subscription. Allotments will be made in the order of receipt of subscriptions, and as promptly as possible after February 25th, 1920, after which date no subscriptions will be accepted. The stock is offered subject to the privilege of subscription to the holders of the preferred stock of Armour and Company now outstanding in the hands of the public Armour Leather Company OF DELAWARE .7 Cumulative Preferred' Stock . $10,000,000 (Par Value $100 per Share) Common Stock $10,500,000 (Par Value $15 per Share) Dividend on. Preferred Stock payable quarterly, January 1, April 1, July I, and October 1. First dividend payable April 1, 1920, will be for month of March dnly. Callable, as a whole or in part, at the option of the Company, at 115 and accrued dividends. DIVIDENDS EXEMPT FROM NORMAL FEDERAL INCOME TAX TRANSFER AGENT: (Both Preferred and Common Stock) Continental and Commercial Trust and Savings Bank, Chicago, 111. REGISTRAR: (Both Preferred and Common Stock) First Trust and Savings Bank, Chicago, 111. The Armour Leather Company has been organized under the Laws of the State of Delaware, and will acquire all of the tanning companies and leather assets now owned by Armour and Company at figures which do not include any value for good will. The gross volume of business in 1919 was approximately $90,000,000. Abraham Lincoln The world pays honor to Abraham Lincoln the great American: From obscure surroundinjrs and with meager circumstances Abraham Lincoln rose from the "back woods" from the frontier into the presidency of the country. Lincoln's thrift, his perseverance, his devotion to the work in hand gave him an understanding of big problems which stands unparalleled in 'the nation's history. I In looked beyond the bounds of the present, he looked beyond Abraham Lincoln himself. He taw the cause before he saw himself the exponent of that cause, but, when he once saw his duty he did it without hesitation and without the idea of personal benefits. Today we pay honor to Abraham Lincoln an Americnn through whose veins coursed the blood of America in the essence an American whose life stands as a great ex ample. ' MORRIS BROTHERS, Inc. The Premier Municipal Bond House Capital $1,000,000 Morris Bldg, 309-11 Stark St, Bet Fifth and Sixth Phone Broadway 2151 Established Over a Quarter Century CAPITALIZATION Authorized 7CumuIative Preferred Stock ($100 par) . .$25,000,000 Common Stock ($15 par) $15,000,000 Founders' Stock (no. par value) shares 100,000 To be immediately issued and out standing $10,000,000 $15,00O,000 100,000 $4,50O,0O0 Common Stock is reserved to be offered to employes and customers of . the Company. The Founders' Stock will be subscribed for and acquired by Armour and Company, who will pay $5' a share for' same. The Company will have no bonds outstanding and covenants not to permit the creation of any mortgages or liens upon the present property of either the Company or the com panies whose stock the Company is about to acquire, without the consent of the holders of two-thirds in par value of the Preferred Stock outstanding at the time. Net assets, based on valuations of November 1, 1919, will be $25,500,000, equal to $235 per share of Preferred Stock outstanding. Net quick assets will be $16,043,564, which is . equal to $160 per share of Preferred Stock outstanding. Additional Pif erred Stock can only be issued to an amount equal to 75 of the cost of extensions, additions, betterments and improvements and of new property acquired, and then only provided earnings for a period of twelve months have been at least three times the amount required for dividends on all Preferred. Stock outstanding and the new stock to be issued. The Company agrees to maintain at all times, net assets equal to at least 200, and net quick assets equal to at least 125 of the par value of all Preferred .Stock outstanding. Earnings available for dividends, after Federal taxes, during the last fiscal year were . $6,195,824; average annual net earnings during the last four-year period were $4,485,213. Thus, net earnings for the last fiscal year were over eight times, and average earnings of the last four years were in excess of six times dividend requirements on present issue of Preferred Stock. After preferred dividends, the remaining surplus earnings shall be available for divi dends on the Common. and Founders' Stock, in equal aggregate amounts. For a perjod of three vears dividends on the Founders' Stock shall be limited if earnings are less than $4,000,000. After providing for dividends on the Preferred Stock, the earnings for the last fiscal ' year were equivalent to 18.3 on the Common Stock (this after deducting an equal aggre gate amount on the Founders' Stock), and the average annual net earnings during the four-year period were 12.6 on the Common Stock on the same basis. The officers and directors of the Company will be principally those who have been en gaged in the. operation of the companies now being acquired, and who have in a large measure been responsible for their growth and development. APPLICATION WILL BE MADE TO LIST BOTH THE PREFERRED AND COMMON STOCK ON THE CHICAGO STOCK EXCHANGE All legal proceedings approved by Messrs. Mayer? Meyer, Austrian and Plait, Attorneys, Chicago; Balance Sheet and Earnings certified to by Price, Waterhouse & Co., Chicago; Appraisals made by American Appraisal Co., Milwaukee. ... . Price in blocks $100 par value, Preferred, 1 Share $105 par value, Common, 7 Shares $200 per block (This is equivalent to price of $95 per share on Preferred Stock and $15 per share on Common Stock) " Subscriptions, accompanied by initial payment of 10, will bjp received ' ' on behalf of the Company by Continental and Commercial Trust and Savings Bank, Chicago or Bankers Trust' Company, New York " : Fiscal Agents who will on request furnish copies of a letter from the Company giving detailed information, which can also be obtained at the various offices of Armour and Company. CORN. ' ' , Opcir. Hiph. I.ow. Close. 1.-'S $1.81 U.27 t.3v4 1.1'S l.L'Sa, l.i'4'4 1.28 ' .... 1.2314 l.Mli 1.21 1.26 K . OATS. : .T J .78 .714 .7SH 6Vi .711 . .BSti ; .70 MESS PORK. ....84.37 3.-.10 34.3.1 34.85 34.75 34.50 34.75 LARD. ....21.25 21.55 21.10 21 45 ....21.77 21.87 21.57 21.95 SHORT RIBS. 18.45 1853 18.10 1847 ....19.00 19.00 18.8U 19.00 Cash prices -were as follows: Corn No. 2 mixed, not quoted; No. 3 mixed. 1.39; No. 2 yellow, not quoiea, No. -3 yellow. n -01.41. Oats No. 2 wtme, r white, 8SH85c. - t Rye No. 2.v I1.WB1.B. Barley $1.26 1.4S. Timothy seed $12 14. Clover seed $4559. . .1 Pork Nominal. Lard $20.55. Riba $17.5018.2S. SAN Whent, barley, yellow. ft. I. so; Grain at San Francktco. ' ' FRAXCISCO. Feb. 11. Grain $2.20; oats, red feed. $3.2013.25; feed. $3.3593.45; corn, California $3 20?rS.25; white Egyption, $3.7j red mllo, $3.25163.30. Hay Wheat or wheat and oats, $27 31 ton; tame oats, $2932; wild oats, $2528; barley, $2528; alfalfa, $27e32: stock hay, $2226; barley straw, 50 80c per bale. ' . Minneapolis Grain Market. MINNEAPOLIS. Feb. 11. Barley, $1.13 1.34. - i Flax. $j.97r..02. , Seattle Feed and Hay. SEATTLE. Feb. 11. City delivery: Feed wheat. $87: all-grain chop, $75; oats, $70 6 72; sprouting oats, $74; rolled oats, $72: whole corn, $72; cracked corn, $74; rolled barley, $78; clipped barley. $82. Hay Eastern Washington timothy mixed, $:i8fa 3"per ton; double compressed, $42; alfalfa. $35; straw. $1718; Pugel sound, $33. ' . . ' Jfew Work Sugar Market." NEW YORK, Feb. 11. Raw sugar un settled. Centrifugal, 12.04c; fine, granu lated. 156 16c. Cotton Market. NEW YORK, Feb. 11. qulet. Middling. 35.75c. -Spot cotton Dried Fruit at New York. 'NEW YORK. Feb. 11. Evaporated ap ples, dull; prunes, quiet; peaches, steady. Eastern Dairy Produce. NEW YORK, Feb. 11. Butter steady, un changed. Egs steady, unchanged. Cheese weak. State, whole milk flats, held specials, Z0 31 Vic; ditto, average run, 2930c; state, whole milk twins, held specials, 30630c. CHICAGO, Feb. 11. Butter unchanged. Eggs easier. Receipts, 956S cases. Firsts, mark, cases Included, 4 S 6 300 per dozen. Poultry alive, unchanged. Omaha Will Own Gas Plant. OMAHA, Neb. Feb. 11. Mayor Smith announced today the gas com pany has accepted Ti court award of $47500.000 for" the plant and that the city probably will get possession of tne property in May. One of the first medical schools for women was the New England Female Medical college, incorporated in I860, but really founded in 1S48H when a class of 12 women began a course of lectures. Arthur Berridge & Company Certified Public Accountants and Auditor Income Tax Specialists and Advisers 619 Worcester Block Main 8621 Can you answer these questions: What does it cost me to do business? Which departments are earning the largest profits? Which departments are being carried by others? How many cents Net Profit do I make on eyery Dollar of Sale? LIBERTY AND VICTORY BONDS Tf you mtiftt nHI your Liberty or Victory bond. -tl 1 u. If u ran buy more Liberty or Victory bond, buy from u. On February II. litjo. Ui cloln N-w iork murk-t pri. bftlow. They are the governing prlcea for Liberty ami Victory bonds all ovrr the world, and the highest. We advertNe the." pri-a dnily In onl-r that you may always know the New York market and the exact alue of our J4brty and Victory bond: lt 1st Id 1st 5d M fh Victory r. 'tf 4.i 4n 4V 4V ' Market... $ie.7n fflo 0 $!0 SO $tl.TH $nu Hn ita.i $!. $17 7 fi'7 7 Interest... .55 . .tT .7 1 03 l.7;l i.:tn .i .7. TotHl. . 7MZ 101.43 $t 'J7 $92 7 lI.(t;l H'. ( $!'2 44 3T :h .VI When buy In we deduct 37o on a fl bond and 92. AO on a finny bond. Wa ell at the New York market, plue the accruM Intirea. Burg 1 and Fireproof Hafe le,olt linxre for Kent Open Cnlil F. M. on KalurtUja MORRIS BROTHERS, Inc. The Premier Municipal Bond House. Capital One Million Italian. Morris Uulldlnr. SOO-oll Stark St.. ii.-lwrea Slh and ih. Telephone Broadway Ulil. Kstsbllihed over a auxrtsr century. 1' 7 Food Drafts For. Foreign Relief It is now possible for friends and relatives to send food drafts to for eign countries in order that unneces sary suffering may be obviated. These drafts, sent through the Amer ican Relief Administration, may be drawn as follows: Hamburg for Germany Vienna " Austria , Warsaw " Poland Budapest " Hungary Prague " Czechoslovakia i Without permission of the American Relief Administration drafts cannot be drawn for more than $500, but one or more drafts of the same denom ination in smaller sums may be se cured. No commission charged on the sale of these drafts. LADD & TILTON BANK Oldest in the N orthwest Washington and Third. iillllllllllllllHIIlllllllllllllJ Mill, $4V per ton; scratcn feed, $S4; teea 50'dlc; ordinary (irsts, iztHic; at We have available a por tion of oirr allotment and offer subject to prior sale Sherwin-Williams Co. 7 Preferred Stock Iarnest paint and varnleh manufacturers in the world. No bonded debt. C.rom eale 191 $.14 1100.000. Dividend record of common during last 34 years minimum of 8; Inst 21 years minimum of 1C. Market value of common stock about $226 per share. 1 100 to yield 7 Free from Normal Income Tax. V Mire order 'ce-Heef Full details Bent on request. Freeman Smith a CAMP . CO. acoMO noam alualMtulIN Bmc Blm .C.MILLEH COMPANV 1 -'-...J ME BONDS AND INVESTMENTS Diversified Investments INSURE STABILITY of INCOME Let us assist you in obtaining thn desired protection for your funds. With Our GOVERNMENT . MUNICIPAL CORPORATION BONDS Your correspondence is solicitrd. G.E.MILLER cx COMPANY coupouation U wl 1 LJ TELEPHONE. MAIN -4-1 )i Z04 5 6 Northwest "rnrVmK Buildup - ' r., ij , tj M t. riM 2 INSURANCE AVE WRITE ALL LINES C. De Young & Co. Main 73."il 810 Spaldine Bldf.