TlYE MORXIX6 OREGONIAX. THURSDAY. .OCTOBER 21. 1920
BULK OF NATION'S '
WEALTH DIVIDED UP
Seven-Eighths of All Incomes
Mot More Than $5000 Yearly.
TOTAL IS $53,000,000,000
Theory That "Uich Arc Getting
Richer and Poor Poorer" Denied.
Need of Thrift Emphasized.
'This la- he conclusion of the fifth of a
Arit-rf of articles on "Faulty Taxation"
prepared by Otto H. Kalin, head of the
ban king firm of Kuhn, L-oeb & Co., New
York.)
BY OTTO H. KAHX.
Article V. Concluded.
There is an astonishing lot of hazy
thinking' on the subject of the uses of
capital in the hands of its owners.
The rich man can only spend a rela
tively email sum of money unproduc
tively or selfishly. The money that it
is in his power actually to waste is
exceedingly limited.
The bulk of what he has must be
spent and used for productive pur
poses. Even if we assume a. some
what large assumption-that the same
thing: applies to expenditures by the
government, there still remains that
weighty difference, that, generally
speaking, the individual is more
painstaking and discriminating in the
use of his funds and at the same time
bolder, more imaginative, more enter
prising and more constructive than
the government, with its necessarily
bureaucratic and routine regime, pos
sibly could be.
Money in the hands of the indi
vidual is continually and feverishly
on the search for opportunities, i. e.,
for creative and productive use. In
the hands of the government it is apt
to lose a. good deal of its fructifying
energy and ceaseless striving and to
ink instead into placid and somno
lent repose.
It may be appropriate to mention
In this connection that the frequently
heard assertion that the great bulk of
the wealth of the nation goes into the
coffers of a small number of rich men
is wholly false.
Small Incomes Predominate.
The fact is, on the contrary, that
about seven-eighths of our national
income goes to those with incomes of
95000 or less, and only about one
eighth to those having Incomes above
$5000. A carefully compiled statement
issued by the Bankers Trust company
of New York, some 18 months ago,
estimates the total individual incomes
of the nation for the fiscal year end
ing July 30, 1019. at $53,000,000,000
and finds that families with incomes!
of $5000 or less received $46,000,000,-
000 of that total. S
A recent compilation concerning
tome 60 of the best industrial com
panies In Germany, over a period of
ton years, ending April I, 1918, showed
that out of each $1000 earned $767
went to labor, $117 to meet taxes and
$J16 to pay dividends to investors.
PoMsible Wage Increase Small.
If the entire amount thus paid out
In dividends on capital had been
turned over to the workmen instead,
1 e., if the compensation to capital
had been entirely eliminated, the re
sult would have been that the aver
age rate of wages would have been
increased by less than 3 cents per
hour, which would have amounted to
a wage increase of about $65 per year
for each person employed.
1 have not the data available for a
.similar analysis of the ratio of distri
bution of the fruits of industry be
tween capital and labor in America,
but from such cursory investigation
as I have made. I am satisfied that
the resulting picture here would not
bo very different from that which the
Investigation in Kurope has disclosed.
I. aw of Compensation at Work.
Tt is not true that under our eco
nomic and social system "the rich are
getting richer and the poor poorer."
On the contrary, the diffusion of
wealth has been going on apace ; the
trend of things within the last 20
years has been greatly toward dimin
ishing the difference in the standard
and general way of living between
the various categories of our popula
tion. And our wealthiest men are not
those who inherited their possessions.
but those who started at the bottom!
of the ladder.
In taking leave of this subject,
which, to be dealt with adequately
would require. s J have said before,
far more exhaustive treatment than I
can give it in these pages, I should
like only to add this:
The eternal law of compensation
works in mysterious ways. It is un
qucst ionahly a fact that it is not the
children of the rich to whom life
yields the greatest measure of joy and
-satisfaction nnd reward.
Pari fie t'oat Shipping Notes.
tilt AYS It A R.ROR, W 5h . Oft. 2".
Special. 1 The steamer KrneM II. Meyer
arrived here- x'a'm- morning from n Kran-:sv.-.
:mu is loading at th Humbert mill.
At'onlt-en.
T.ip Upamcr.t Hartwond anI Walikrona
arrtvoil laM night from San KranciM-o.
Tho Ha rt vv ool is at the H uVi.crt miJ i,
A horde en ; tho Wahkeena at the tiav City
mill.
Tli" Mesmer Hrlm fro?r the Aberdeen
Lumber & Shins:t cumpai'y mill and the
Svea from the Wilson mill were due out
t hi af t eriioini for San Francisco. The
dredge At it.-bio. s-nt here from oos Bay
for a .-oliedti d month's dredging at the
bar. Is- now in the lower harhor and will
gr to work when weather permits.
POtiT TOWNSKXI). Wah., Oct. 20
Sprvial. Th new steamer Alabama
M;irti. fottiptetlng her manion oage across
i hi li-ifu arrived th.s morning with gen
eral cargo. Including a big s-hipment of
f roi'.i ii i t. S h . is on o of the new Men ni -its
in the service of Oaka ijluwn Kaisha
culupu ny.
After spending ihe fflsdfi in Bering 'sea.
The com st guard rnttcr A gomiuin arrived
Irniti N'omo. Thr Affomiuin. in company
ine cutler i na lira, towed the .Bear
from Nome, her boilers having given out
after her return from Point Barrow lo
Nome. W hn about ::no ni wes off Cape
Klultery m wire!? summoned the life-
p:o HtK tub Nuohomixh lo rliee the Algon
quin, which proceeded bore.
The I nalgii wt' I h lo be re I ieved bv the
Snohomish She will proceed to the" Dia
mond Point quarantine -jstation where she
will underro fumigation r a result of
pirknes anions the crew. The Bear will
be token to Bremerton where she will
probably have new boiler. installed or
be condemned. She has made a voyage
to Point Barrow each year Tor more than
a quarter of a century.
SEATTLE. Wsfh., Oct. 20 fSneeiat l
The shipping hoard Meamhip Oranl. In
the service of WiiManix. IHmord & Co..
open ting between Pacific ports and north
Europe, a rrived Tuexiay night. The 5h :p
rame here iat night, but wi:l carry neariy
yrwn to.. when he Irave. cal'.ing at other
coat ports cn route.
Aft'-r being tied up for nearlv !ix months
pending settlement of litigation in the
courts, the Meant sctioonor Kirketind will
"be dispo-ed of to the highest bidder. An
order of .-a'e of the vesj-el was signed
Wednej-da by Federal Judge Jeremiah
Keterer. cpon final adjustment of ail
e:atm- asaiiu-t her.
The order o' na e ptipu la tes that no bid
at le than SLV,WO will be considered.
Th steamships Santa Rita, Pel Rosa
nd Santa Klavia win arrive on the sound
next month, bringing full cargoes of ore
fnum the west eoat for the Tacoma smel
ter, and will then load lumber for - the
return voyage pouth. The Santa Rita, la
towing the company's schooner W. J. Pirie,
which, also is loaded with ore.
To carry 2. 700,000 feet of lumber to
the west coast. South America, the wood
en at earns h tos Redwood, of the Pacific
American Kin buries, and Forest Kins, of
t-he Grays Harbor Motorshtp corporation,
have been chartered by W. R. Grace & Co.
Completing the reorganization of tne
Oralca Shosen Kaisha's fleet on - Puget
sound, oriental parse-nger and freight car
riers, the new 18,000-ton steamship Ala
bama Maru steamed into the harbor at
11 o'clock this morning after a speedy
run from Yokohama. She take the place
of the Chicago Maru, the last of the lO,-0V-tonners
to be operated in the Seattle
route by the Japanese corporation.
Despite delays caused by ice and weath
er conditions at St. Michael, the Alaska
Steamship company's Bering sea Irner Vic
toria. Captain John Johnson. Is expected
to sail from Nome for Seattle tomorrow,
her departure leaving the Seward penin
sula communities isolated for the : long
northern winter.
TACOMA, Wash., Oct. 20. (Special.)
Shipping at Tacoma today was at a rather
low stage, due to the departure of a num
ber of vessels tbe last few days and fail
ure of several scheduled to load here to
appear. However, Thursday should see
aever; oir-snore vessels put in an ap
pearance. The only arrival listed for to
day was the Admiral Goodrich, due this
evening to load lumber for San Pedro, and
the auxiliary schooner Ozmo for California.
The steamer Griffdu. loading here for
San Pedro, may get away for Mukiltoe to
finish loading tonight or tomorrow morn
ing. The Griffdu is in command of Cap
tain H. E. Stream of the well-known
Stream family of Willapa harbor, all of
whom are seafaring men. - Captain Stream
formerly was in the Anyox, owned by
James Griffiths &. Sons, who have the
Griffdu.
The Horace X. Baxter arrived here last
night from San Francisco and after dis
charging a shipment of barley left for
Eagle, harbor.
The Ozmo is expected in from Seattle
tonight to take on a cargo of fertilizer at
the North Pacific Sea Products company
dock. t
The Santa Inez, which left here last
week towing the Belfast, bound for South
American ports, carried one of the largest
cargoes of explosives that has been sent
out of Tacoma for some time. The total
stock o dynamite and powder from the
Dupont works amounted to $202,000.
One of the largest cargoes of wheat to
be taken from Tacoma this fall will go on
the Havilah, now en rSute om the east
to this city. She will take a full cargo of
9000 tons from the Milwaukee elevators.
The ship is under charter of the Pacific
Steamship company.
The Alaska and Ketchikan are reported
on the way from Alaska with ore for the
smelter. They are- expected tomorrow or
Friday.
ASTORIA. Or., Oct. 2S. (Special.) The
steamer Lava da will be due tonight from
Seattle- m route to Portland to load.
Tne tank steamer Wm. F. Herrin, bring
ing a cargo of fuel oil for Portland, will
be due tomorrow morning from California,
A full cargo of lumber from w estport
was carried by the steam schooner Johan
Pa uV.se n, which sailed at 3:30 o'clock this
afternoon for San Francisco.
Cargo from Portland for Europe was
carried by the steamer West Katan, which
ailed at 8 o'clock this morning via San
Francisco.
The steam schooner Daisy Freeman, la
den with lumber from Wauna, sailed at
9 o'clock last night for Redondo.
A cargo of fuel oil. tr Astoria and
Portland was brought by ttye tank steamer
Oleum, which arrived at 9t20 o'clock this
morning from California.
After discharging fuel oil in Portland
and Astoria, barge 0.1 sailed at 5 o'clock
this Ynorning for California. She is being
towed down the coast by the tank &teamer
J. A. Moffett.
The steam schooner HaJco Is due to
night from San Pedro to load lumber at
the Hammond mill.
SAX PEDRO, Cal., Oct. 20. (Special.)
Police of the inner harbor thU morning
discovered what they declared to be evi
dence of a big smuggling plot when they
confiscated 4o quarts of whisky which
came from a foreign steamer which has
been in port for several weeks. Alex and
lfirich Jostrom, two brothers, longshore
men, were caught loading the whiky in
an automobile and were arrested. The
whfs-ky was supposed to have been placed
on the steamer when it was in Chlna.-
W I Ilia in J. Geraghty, believed to have
been steward of the steamer Cashio. died
suddenly this morning while awaiting a
car for Los Angeles He ha a brother
employed in the office of the premier
of New South Wales. Heart failure was
given as the cause of the deat h.
. George Schumankoff, first officer of the
steamer San Antonio, had his preliminary
hearing in Low Angeles today on the
charge of .murder. The officer declared
that tho sailor whom he had not had
sefjied a cleaver and had run amuck on
the decks threa tening the lives of the
officers and crew until some of the of
ficers were compelled to barricade them
selves in their rooms.
The steamer Washtenaw, which has
been in port for several days undergoing
minor repairs, was discharged from the
drydoek today. The concrete steamer
Sap i'asqual will be drydocked tomorrow.
SAN FRA'NOISCO, Oct. 20. (Special.
P!ani have been completed for the in
Ktallation of a weather bureau on Midway
Island, the British cable station in mid
Pacific, according to C A. Reicholt. an
official of the United States weather bu
reau, who returned here yesterday oji the
Matson liner Wilhelmlna. after passing
six months making observations in the
I'acmc.
With the commencement of the weather
bureau, observations by trained experts,
giving detailed information each day con
cerning the weather 1 conditions in the
part of the semi-tropical Pacific, will be
flushed here. The plan n outlined by
Ueieh-o-lt. calls for a Ferfes of daily b
tiervations in which data on tides, tem
perature and storm conditions will be
cabled to the mainland for comparison
and compilation which will prove of much
value to ship owner? and sea captains op
era t tug In the Pacific.
At present there is a stretch of more
than r.noo miles in the we. stern Pacific
ocean where little definite information on
weather con d It ions can be obtained.
On her 111th voyage in the San Francisco-Honolulu
run. the steamer Wilhel
mina. Captain A. I,. Soule, arrived today
with !V. cabin PUHf-engers and a full careo
or Hawaiian produces. Among the ship
ments arriving were V1.072 bags of raw
KiiKar. lo.ooo bags of refined sugar, :.
:;7 caseft of canne pineapples and 2U73
bundles of bananas.
The Pacific Mail -Jiner San Juan will
be due to arrive tomorrow with passengers
and freight from Cristobal und wav ports.
The China Mail Steamship company
liner China, bringing passengers and gen
eral oriental merchandise, arriv ed from
Hongkong via Honoluiu this afternoon.
Owing to a large number of Chinese stu
dents aboard, bound for American colleges,
t he cabin accommodations of the vessel
w ere completely filled.
Bound for Portland to complete loading,
the freighter Steel Kx Dorter put to ea
early this morning, carrying general sup
plies to Ha ri tonga and South Sea ports,
the Brit !sh motorship Tagua departed
tht morning.
The Mat son liner Muai departed for
imnDJuiu in is at ternoon with
and a heavy cargo.
passengers
Marine Xolcs.
The -.teamcr West Keats, of the Columbia-Pacific
Shipping company's North
China line, finished loading her generah
cargo from Portland yesterday afternoon
and shifted to th. Union oil dock lo take
her fuel for the trans-PaciHc vovage She
will take the last r her cargo at the
Hammond mill, Astoria, this morning.
Tho oil tanker William F. Herrin will
be due off the mouth of the Columbia
river at o'clock this morning.
The steamers Daisy and Florence Olson,
which have been loading lumber at St
Helens for the Charles R. McCormick com
pany, are both scheduled to tail todav.
The Florence OK-on irnos to San Domingo
and the Daisy to San Francisco. The
steamer Multnomah, carrying lumber and
passengers, is expected to get away from
St. Helens Friday for San Francisco and
Los Angeles.
The steamer Georglna TLolph. 1385 tons
net register, is scheduled to leave San
Francisco October 25 for Portland In the
service of the Charles Nelson line. She
is one of the three steamers of the Rolph
fleet which have been taken off the Mex
ican trade because c" oil short ace and
placed in the coastwise lumber and general
freight business.
Captain A. E. Cann, bar pilot, was a
visitor in the city yesterday.
The steamer Steelmaker, of the Isth
mian line, which called here a few davs
ago with a big Fhtpment of steel and Is
now working cargo on Puget sound, will
return to the Columbia river after dis
charging and loading at Vancouver, B C,
and will complete her cargo at Westport!
The steamer Steel Exporter Railed from
San Francisco for Portland at 6 A. M.
yesterday and will be due here carlv 'Sat
urday. We port From Mouth of Columbia.
NORTH HEAD. Oct. 30. Condition of
the sea at & P. M ainooUi; wind, couth.
SO miles. .
CAR SERVICE STABILIZED
ORDER DIRECTS EQUALIZATION
OF FREIGHT SHIPMENTS.
Effect or Ruling Will Re to Mate
Portland's Export Business More
Attractive to Industries.
The last objection of railroad ex
ecutives to routing; their freight over
Portland's municipal terminals that
they did not get their cars back has
been .removed by an order from tho
car service division of the American
Railroad association, received by local
railroad officiate. This order ap
plies the principle of equalization in
interchange of freight car equipment
and is effective as of September 1.
As the O.-W. R. & N.' Co. has charge
of all switching operations at muni
cipal terminal No-- 4. other railroad
lines have been somewhat reluctant
in the past to send their export
freight to this terminal for loading
aboard ships, as the freight cars
parsed into the hands of the O.-W.
R. & N. and were lost to their owners
for periods varying from weeks to
months. By the application of 'the
new equalization order, when the
Southern Pacific railroad, for example,
places a loaded car at the terminal
for delivery of its freight, this car
or another of the same type is re
turned to the Southern Pacific by
the O.-W. R. & N. within a week.
The order is expected to prove a
boon to Portland's overseas com
merce by encouraging the movement
of parcel lots of lumber from the
email mills of the Willamette valley.
Portland's exports are coming more
and more to be borne by steamers' in
liner service and parcel shipments
are desired by these liners because
only on rare occasions can a liner
be booked for a full cargo of . any
one commodity from one port. The
movement of parcel shipments ot
lumber from the Willamette valley
mills over the lines of the Southern
Pacific and other railroads has been
hampered by the failure of the valley
linens to receive their empty cars back
after the delivery of their lumber
at the Portland terminals. According
ly, a substantial increase in the num
ber of small lumber shipments to
Portland is looked for.
The order for equalization in in
terchange of freight car equipment is
in accord with a recommendation
recently made by the advisory com
mittee of the association of railway
executives.
OCEAN TARIFFS REDUCED
EAST SOUTH AMERICAN" RATES
FROM PACIEIC AFFECTED.
Material Cut Will Increase Parcel
Shipments of Lumber and Flour
From Northwest Ports.
Material reductions in the freight
rates from Pacific coast ports to
those of the eat coast of South
America were announced in a tele
gram from S wayne & Hoyt of San
Francisco, managing operators of the
Pacific, Argentine & GuU line, re
ceived yesterday by the traffic bureau
of the port and dock commissions.-
The rate on lumber, which is the
principal item to move from the Pa
cific northwest to the South Ameri
can east coast, has been reduced from
$40 to $35 to Montevidio, Buenos
Aires, Bahia Blanca and Punta A re nan.
The rate tp T.A Plata has been cut
from $46.25 to $37.50, while the rate
to Kosario. formerly $52.50, is now
given as $40. All of these rates are
for 1 000 feet of lumber in parcel
shipments.
Swayne&Hoyt also advised In their
teegram that they are quoting a rate
of $15 a Jong ton on flour landed in
Montevidio. Buenos Aires and Santos,
Brazil, and $17.50 a ton landed at Rio
de Janeiro.
The traffic bureau Is working with
the operators of the line in an at
tempt to line up shipments from Port
land to ports of the east coat of
South America. The operators have
declared their willingness to send
their vessels here for a minimum
cargo of 1000 to 1500 tons of flour
or 1.000.000 feet of lumber.
Pour steel shipping board steam
ers are operating in the Pacific Argen
tine &. Gulf line. All these vessels
the steamers PaMaa. Rotarian. West
Norranus and West Notus have car
ried cargoes from Puget sound and
San rancisco to the cast coa-st of
South America.
PORTLAXD IS NOT SlyLKPING
Attorney's Statement .Regarding Ap
ple Business Held Absurd.
A statement, by Arthur M. Geary
at torn ey. that the book i ng of al i the
refrigerator space on the steamer
Kinderdy k. of the Holland-A merica
Hne. at Seattle, while none of this
sraoe was taken from Portland, in
dicated that Port land whs "asleep at
the switch." was cont radicted yester
day by ueorge Powell, president and
manager of the Oregon -Pacific Co.,
local agent for the Holland-Ameri
can line.
"At tht time ,Sea ttle shippers took
the space on the Kinderdyk at $1.4-0
a box." Mr. Powell said. "Portland
shippers were insisting on ak rate of
(1.25 a box. The offer of the Seattle
shippers to take the entioe refrig
erator space of the.;- vessewas ac
cepted, partly on account of the rate
and partly because it "is better not to
Port Calendar.
To Arrive at Portland.
From.
Vessel
Srr. W. F. Herrin .
Str. Lav ad a
Str. Kinderdyk ....
Str. Klmth ....
Str. Tiverton
Str. Steel Exporter
Str. West Nivaria
Str. Eastern Glen.
Str. Paraiso
Str. Wapanm ....
Due.
an Fran...
. .Oct. 21
. . Tacoma
. . Oct.
. .Oct
. . Vane. R. C.
. .S.F. and L.A.
. .Oct. 2-
"4n F ran
-Oct
. N. Y. via S. F..Octl 23
. .China
.Oct. 23
, . New York
. .San Fran.
. . San Pedro
. .Oct. 23
. . Oct. 1M
. .Oct. 24
Str. West Camak.
fJurope
. - Oct. 2
. . Oct. 2
Str. Kongosan Maru . Shanghai
Str. West Cahokia.
Fran . . .
. .OcL2
. .Oct. 2
Str. WalUngford ..,
Str. Gcorgina Rolph.
Str. I-ehigh ,
Str. West Islip.
Str. Culberson .....
Str. Yoseniite
.San Fran...
. San Fran . . .
. Wilmington
. Kurope
.San Fran...
- .Oct. M
. . Oct. 30
. . rsov.
. . No v.
. lioston
. i . . Nov.
Str. Jeptha
Str. Meiyo Maru. .
Str. Alaska
Str. Hawaiian . .
Str. Eldorado ...
Str. Oregonian . ,
Str. West Togus.
San Fra
Nov.
. .s okohama . . Nov
. . San Fran Nov.
. ..ew York Nov. 14
..New Orleans. Nov. is
..New York Nov. 24
..Boston Nov. 23
To Depart From Portland.
Vessel Hor. Date.
Str. waoan i a com a Oct. 2
Str, Daisy -an r ran Oct.21
Str. Florence Olson .. -San Domingo. Oct. 21
str. Multnomah . h and L.A..Oct. 22
Str. Kinderdk Europe Oct 3
Str. RoseCity San Fran Oct.
- Vessels In Port.
- vessel Berth.
Hk. Kuffon North Bank dock.
Str. Clauseus Terminal No. 4.
Str. Daisy St. Helens.
Sen. Edw. R. West . . . Innian-Poubeo mill
Str. Florence Olson . . St. HflenN.
Bge Griffson Clark-WHson mill.
Sir. lss Columbia dock.
Mkt. Jas. Tuft EhM. West. Mill.
Str. Johan Poulsen . . WesLport.
tr. Montague Terminal No. 4.
Str. Multnomah .... St. Helens.
Str. Oleum Union Oil dork.
Sch. Wm. H. Tatbot. -Inman-Poulsen mill.
Str. Waban Irving dock.
Str. Wawalona Terminal No. 4.
Su. Witram North Hank dock.
open refrigerator compartments after
they are once closed. Loading all re
frigerator cargo at one port, there
fore, is more desirable than loading
at two or more ports. .
"Coming from one In a position to
know the facts of the case, the state
ment about Portland being 'asleep at
the BTvitch is absurd. Mr. Gea.ry evi
dently huts not taken the trouble to
inform himself ' about the matter he
has undertaken to discuss.
H. I Hudson, traffic manager for
the port and dock commissions, has
been active in- developing the apple
business of this port. Several of the
most, important shippers have sent
representatives from the east to Port
land as well as to San Francisco 'and
the traffic manager of the Oregon-
Pacific Co. is now in San Francisco !
working1 on this business. .
Our files could, if wewere inclined
to permit it. disclose some interesting
and illuminating facts with reference
to this particular business.'
British Steamer Flies U. S. Flag. .
NEW TORK, Oct. 20. The 17.221
ton British steamship Minnekahda,
which, since her construction in 1917,
has been running in the Atlantic
transport service. Is to be transferred
to the American flags, it was learned
today. The vessel will be converted
to carry 3000 third-class passengers
and will be put in the American line
New York-Hamburg trade. She will
supplement the service -now handled
by the Manchuria and Mongolia.
Steamer Philadelphia Is Aground.
TURKS ISLAND, British West In-
dies, Oct. 20. The American steamer
Philadelphia from New York. October
11, for Santo Domingo, with a general
cargo, is aground on Grand Turk. It
Is expected she will be refloated. A
part of her cargo is being landed.
Steamer OTfered for Sale.
The steamer George W. Simons,
owned by the G. M. Standifer Con
struction corporation. Is to be offered
for sale, it was announced by that
company yesterday. The vessel was
fcuilt in this city in 1895.
Movements of Vessels.
PORiTLAND, Oot. 2a No arrivals or de
partures. (
ASTORIA. Or., Oct. 20. SaUed at 7:35
A. M.f steamer West Katan, for Euro
via San Francisco and San Pedro; arrived
at 9:0 A. M. and left up 7 P. M.. steamer
Oleum, from Port San Lule.
NORTH HEAD. Oct. 2A. Storm warn
ing posted of gale at sea: off north Pa
cific coast, fresh tt southeast gales.
SAN FRANCISCO, Oot. 20. Arrived at
2 A M , ft earner Wapama, from Port4and.
Sailed at 6 A. M.. steamer Steel Exporter,
from New Tork for Portland.
"BAiljBOA, Oct. 18. Arrived, steamer
Hawarden, from Portland, for London and
Liverpool.
SAN PEIDRO, Oct. 19. Arrived, steamers
Ryder Hanify, from Portland; Heber, from
Portland, for Rotterdam.
COOS BAY, Oct. 19. Satlcd at 4 P.
steamed City of Topeka, from Portland,
for Eureka and San Francisco.
HOXOLUDU, Oct. 19. Arrived, steamer
Egeria'. from Portland, 11 days, for Sydney
and Newcastle.
SEATTLE, Wash., Oct. 20. Arrived
Alabama Maru. from Manila; Orania, from
Npw York via San Francisco; Admiral
Goodrich and Alaska from southeastern
Alaska; Algonquin irom unaiasita.
Departed Orania, lor unnea ivinguom
ports; Hyades, lor rionoiuiu.
sa' PEDRO. Cal.. Oct. 20. Arrived,
steamers Vanguard, from Eureka, U A. M.;
Phoenix from Point Arena, a a.
from San irancisco. o a. ju.,
apa, from Tacoma, f a. nui .
from Poh) Bianco, 9 A. M. : governor,
from San Francisco, 11 A. M. ; Arctic, from
Fort Bragx. 2 P. M.; Tahoe, from iirays
Harbor, 2 P. M.
Sailed Admiral Dewey, ror san p ran-
nisco 10 A. M. ; a.n An tonio, ior can
Francisoo, 1:30- P. M.; Governor, lor Se
attle, 10 P. 41.; .Heoer. lor ttDiicraam,
P. M. ; Jalapa, lor uonaon, . r.
Siskiyou, for Grays Harbor, O i M. , t'oini
Bonita. for San Francisco, o i - ji.
T A COM A . Wash.. Oct. 20. Ari ved
Horace X. Baxter, from San Francisco.
Sailed Horace X. lia-Xtcr. Tor ban ran-
dsco via Basle Harbor; Griffdu, lor ban
Pedro via Mukilteo.
SHANGHAI, Oct. 18. Arrived West
Nomentum, from Portland.
HONGKONG. Oct. 18. Arrived Em
press of Russia, from Vancouver, B. C.
SAN FRANCISCO, Oct. 20. Departed
F. S. Loop, for Seattle.
Arrived Wilhelmhia. from Honolulu :
China,- from Honolulu ; Tamalpals, from
Grays Harbor.
YOKOHAMA. Oct. 16. Arrived Hawaii
Maru. from Tacoma; Lima Maru, from San
Francisco.
Ship Reports by Radio.
(Furnished by Radio' Corporation of
America.)
Positions reported af P. M. yesterday.
unli otherwise Indicated, were as follows:
W E-TT NIVARIA. hanltai for Portland.
ff74 mUea from Portland. OctoOjer 19, S
P. M.
M-TT OK RENO. San Ped-ro for Hono
lulu, 1O50 miles from Honolulu,. October
!'., 8 P. M.
COL. K. L.. DRAKE. San Pedro for
Ililo. S miles from Hilo, October l. 8
P. M.
PRBSIDENT. San Frawlsco for Seattle,
2"." miles north of Cape .Blanco.
W. V. HBRRTN, Port Costa for Port
land, 4V miles from Port t-Vtsta.
AROTU.. Seattle for Oleum. 407 m
from Oleum.
ADMIRAL, F.tRRAGUT. Seattle for San
Francisco. :VK miles from tieatUe.
OI.A'RBMONT. Han Pedro for Willapa
Hartor. 4Q miles from WIMapa Harbor.
KASTBRN BBL.I.K, San Francisco for
Scatttle. .".80 miles north of San Francisco.
I.AVAOA, Tacoma for Portland, ofl
North Head.
WA.I.L.ING'FORD. Balboa for San Fran
cisco, '2W miles from San Francisco.
LAKE Kri-BK, Callao for San Francisco,
SfHi mfies south of San Francisco.
UHI.I l.O. San Francisco for San Pedro.
TO milea from San Pcd.ro.
1.1NMAN. San Francisco for Vancouver,
104 miles from Vancouver.
fePOKANB, north bound. 264 miles north
or Seattle.
HTAD13S. Seattle for Honolulu, ten mile
from Seattle.
W-EiST MBSTER, Yokohama for Vancou
ver. ,"i27 mi-lcs from Flattery.
CAiPT. A. F. LUCAS, San Pedro for
Cordova. 233 miles from Cordova.
K.L.A'M'ATH.- San Francisco for Portland,
miles no-th of San Francisco.
ROSE CITY. Portland for Sa.n Francisco,
225 miles north of San Francisco.
C. A. SMITH, San Francisco for Coos
Bay. 182 miles north of San Francisco.
WEST KATAN, Portland for San Fran
cisco, 10O7 miles south of Columbia river.
J. A. MOiTETT. Columbia river for
Pa-n Pedro. 76rt miles north of an Pedro,
I.l KLl.N c.. Honolulu ror San Francisco,
1212 miles from San Francisco. October -10,
8 P. M.
COL. E. L. DRAKE, San Pedro for Hilo,
SO miles from Hilo. October IS, 8 P. M
HOLLYWOOD. Kahului'for San. Fran
cisco. 1400 miles from San Francisco, Oc
toU.r 11). 8 P. M.
WEST CACTUS, San Francisco for Yoko
hama. 1.110 miles from San Francisco
EASTERN GUIDE. San Francisco for
Hilo, 113i miles from San Francisco.
CITY OF TOPEKA. Eureka for ' San
Fiancisco, 140 miles north of San Fran
cisco. MAUI. San Francisco for Honolulu, 96
miles west of San Francisco.
PORTER. San Francesco for Portland. 51
miles north of San Francisco.
P.ICHMOND, towing oarse 03. Point
Wells for San Pedro. 130 miles from Point
Wells.
WAPAMA. San Francisco for Grays Har-bo-.
7a miles north of San Francisco
EL SEGUNDO. Richmond for Point
Wells, ."'27 miles south of Point Wells
JALAPA. Tacoma for San Pedro. 60
miles north of San Pedro, October 19 S
P. M.
ECUADOR. 82 miles west of San Frans
cls.-o. October 19. 8 P. M.
DILWORTH. Honolulu for San Pedro
1177 "CB San Pedro, October loi
COLOMBIA, for Pan Francisco. 4722
n.iles from San Francisco, October 19 8
P. M. '
M ETEOX. Palo Blanco. Mexico for New
York ion mile, -rthe.,1 of Palo Blanco.
October 19, 8 P. M.
DURANGO. San Pedro for Manila. 32.16
miles from San Pedro. October 19 8 P M
FRANK H. RVCK. Portland for' Gavlota!
662 miles from Portland.
LA BREA. Port San I.uiB for Honolulu
ZOio miles from Honolulu.
STOCK TRADE SLUGGISH
MARKET ALMOST WHOLLY
PROFESSIONAL HANDS.
IX
Tone at Close of Session Is Firm.
r Strength Is Shown by Lib
crty Bonds.
NEW YORK. Oct. 20. Bustneu on the
stock exchange today was almost wholly
a traders' affair, neither the long nor short
mccuni, hvin appreciable advantage
at the firm but sluggish close
Practically tho same factors and influ
ences which served . to restrict operations
during the early days of the week were
again in evidence, notaniy the British in
dustrial crisis and manifold indications of
a reactionary trend in many tinea of do
mestic commerce and Industry.
Increasing interest was manifest in the
semi-annual meeting next Friday of the
American Iron and Steel institute. In
financial as well as Industrial Quarters It
was understood that the policy of some of
the largest producers for the coming year
men would be outlined.
Oils, rails, shippings and equipments
backed and filled wtihtri a radius of 1 to 4
points, motors, utilities and sundry spe
cialties moving in like manner with sugars.
textiles and chemicals. Aside from the
pods' support and short covering in some
of these issues, the market was dull and
most often featureless, except for pressure
airected against International Paoer. Amer
ican Writing Paper preferred, and Union
cag. tiaies amounted to. 47.,Ono shares.
Conditions in the foreign ex chancre mar
ket were mfeped, the London rate rising
apout 4 cents over its recent low. with
concurrent steadiness in Paris remittances
and Irregularity to the Scandinavian
centers.
Trading In bonds was moderately active.
lioerty Issues showing firmness, with slight
reactions In the rest of the American
group, also internationals. Total sales, par
value, $M,6Ti0.000. Old United States bonds
were unchanged on call.
CLOSING STO"K QUOTATIONS.
High. Low. sale. I
T' T6 76 Vi I
:v.i I
iar i:;r, i;i5
eo ,,s o i
74 72 7:t !
W14 , 97 j
r.os r,rt4 ;
107 IOH loot
8S?m h7 h4
100 ftf4 10
12S 14 12S 128
50 H 50 50
88 SS$ SSS
147 14.-.1- 147 -
11 1 14 114
47 47 47
72 71 72
1 16 1ft
27 26 27
127 125 126
42 V4 42 42',
85 84 85
68 67 67
43 43 43
33 37 V.S i
24 24 241
S3 S2'4 8214
130 121 121
36 35i-i 35
!. is IS
I S 17 1 7
8S 87 87
:i4 34 34
04 1M 94
43 43 43
71 71 7 1
IT 17 .17
72 63 6ft
25 v4 25 25
22 22
l!3 P.H 1!1
10 1S!4 18
14 14 14
38 38 'A 38
28 2-S 2S
10 10 10
83 S2 82
34 33 33
lOO 91 300
IM !0 90 14
4 4 4
44 43 44
4:: 43 43
37 37 37
14 14 14
!8 17 97
78 7 , 7S
80 "9 So
1Mi 106 106
18 4S 4H
32 , 31 31
IOO 99 99 U
::i 31 31
105 105 IO-.
.IS 5 57
5ft .".O 50",
22 2 1 U. 2 1
66 OH
12 12 . 12
12 127 127
49 , 49 9
85 84 84
74 73 73
77 76 77
SS S SS
109 IOO 10H
-21 r,7
87 87 87
47 47 47-.
II U H 11
Am' Beet Sugar TOO
American Can 0O0
Am Car & Fdy -yoo '
Am H & L Pfd 500
Am Inter Corp 2.:I00
American Loco 1 imi
,Am Smt & Rfg !HM
"'"rican ug
Am Sum Tob 4t0
Am Tel & Tel J.4O0
Am Tob Sec
Anaconda Cop l.KOO
A tchison . 2.0ort
Atl Ulf & W in S.rtno
oa-awin Loco I6,!Mr
Balti & Ohio 2.400
Bethle Steel B ft.TOO
But A Sup Cop O0
Cal Petroleum 800
Canada Pacific 1,800
Centrl Leal her 1,200
Chandler Mtrs 2,200
Ches & Ohio. . (Mto
Ohi Mil & St P 3, 0O
Chi R I & pa 1..vx
Chino Copper.. 1,tMt0
Corn Products I.800
Crucible Steel 2,tnK
Cuba Cane Sug 3,Ono
Erie H-()0
General Motors 11.700
Grt North Pfd l.SOO
tit No Or ctfs TOO
Illinois Central S00
Inspir Copper SOO-
Int Me Ma Pfd l.fHW
Interna Nickel 1,800
Interna Nickel 14,600
Kan Cty South ::oO
Kenne Copper t.Xoo
Mex Petroleum 2200
M iami Copper
Mid Stales Oil 13.200
Midvale Steel 1.2O0
Missouri Pad.. l.BOO
Nevada Copper IKtO
X Y Central.. -6.:;00
N T N H & H l.SOO
Nor & Western 1,201
Northern Paci 3.000
Ok Prd & Rfg iWK)
Pac Tel & Tel r-oo
Pennsylvania. . T ,OOft.
Pitta & W Va 200
Ray Con Cop "X 3
Reading 9.M0
Rp Ir & Steel 7,-".(M
Royal D X Y 3.000
Shat Ariz Cop 10O
Shell Tr fc Td .".00
Sin Oil & Rfg 3.00O
Southern Pac 3.300
Southern Ry TOO
SO N J Prd "no
Studebak Corp ".400
Texas Co 2.200
Texas & Paci J ,.'Ofl
Tobacco Prd Ls 4wi
Transconli Oil 1.SOO
Union Pacific 6.000
IT S Fd Prdts 4no
U S Ind Alco 1.no
U S lit I Stores 4.700
U S Rubber.. "..400
IT s Steel. . . . 1:1. son
U S Steel Pfd I.OOO
t'tah Copper. . 2.200
Western Union 1 00
West Electric I.200
Willys-Overld. r..VM
BONDS.
.92.541A T & T cv 6s. .
Sn.30:Atch gen 4s....
.sn.r.o'D R i con 4s.
.tto.oni.N V c deb 6s..
. . SO .'.2!N P 4s
..OO.RR N P 3.S ... .. .
. .SO. 46; Pac T & T 5s. .
,.!l6.3cl'Pa con 4Us....
U S Lib 3 '.As.
do 1st 4s. . .
do 2d 4s
do 1st 4V,s.
do 2d 4 v4s. .
do 3d 4 . .
do 4th 4 Vis.
Vlctorv 3Hs .
do 49is
77
671,
na
78
5S
85 '4
80 '-.
102
80
81 V.
Ill
. .Pn.oSiS P cv 5s
.101 V'.Ko Rv 5s
..11 Vi ill P 4b
.inS'4lu S Steel 5s....
.105'i 1
..7S I
. :.8 1
U S 2s reg. .
do coupon
U S 4s reir. .
do coupon
Pan 3s repr. .
do coupon
Bid.
Mlninc; Nlwka
BOSTON, Oct.
Alloue:! 23 VijOld Dom 23
Arlj! Com 9 Osceola 34', 4
Calu & Ariz.... 56 Qulncy 44 "
Calu Hecla..275 Superior 4'.'.
'entennlal .... 0.ISup& Boston... 2
Pop Range ... 34 M; Shannon ....... 1
p;ast' Butte ... lo lUtah Con V.
Franklin 12 1-16'WItioph 4n
Isle Royalle ... 25 : Wol verine 12
Lake Copper... 2 I'.Jreene Can ... 27
Mohawk 56 jOranby Con . . .. 30
North Butte 14
Money, Silver, Ktc.
NF.W YORK, Oct. 20. Prime mercantile
paper unchanged.
Time loans steady, unchanged.
Call money, steady; high. 1 per vent:
low. 7 per cent: ruling rate. 7 per vent:
closing Did. i per cent; oriered at 7 per
cent, last loan, i per cent.
'Bar silver, domestic unchanged; foreign.
1 "A c.
Irtexican dollars, 59,c.
LONDON. Oct. 20. Bar silver. 51,d per
ounce. Money uncnanged. Discount rates.
snort dims uncnanged. Three months bills
5d; all 1-36 per went.
Foreign Bond.
Furnished by Overbeck & Cooke company
ol roniana.
Bid. Ask.
19 22
24 27
1 25 3 50
5 51 i
45 4 II
:! KI
27 29
.3311 344 '
33JI 344
3:10 34
2M 300 .
2.",0 2.14
02 65
68 7l
11 13
II- 14
15 10
15 1
15 ' 17
.13 IS
15 161.
17 ' 2(
.16 18
57 Vi 5.S 'n
74 74'.
74 74
94 14 95
8 i 98S
. 95 96
. 90 901.
88 SS',
Russian SlAs.
Russ'an 5Vs,
Russian 6V&S,
1921 . . .
1926. . .
1919. . .
Currency
French ;
1931
1917
1920
1918
1922
1927
1929
French
French
Italian
British
British
British
4s.
Britsih vkv 4s
British ref 4s
Belgium rest 5s...
B&lgium prem 5s. .
German AV. L. , 5s.
Berlin 4s
Hamburg 4s
Hamburg Ji4s ....
Leipsig 4Vi;S
leipsig 5s ........
Munich 4
Munich 5s
Frankfort 4s
Jap 4s
Jap 1st 4Vis
Jan 2d 4 V4 s :
Paris s . .
U K 5V6S, 1921
U K 5Vjs, 1!Ki2 ...
U K 5Vjs. 129 . . .
U K 5V3, 1937 . . .
ForriiTn Exchange Rates.
Foreign exchange rates, at close of busi
ness yesterday, furnisheij by Northwestern
National bank of Portland. The amount
quoted Is the equivalent In United States
tjuiiars.
Country. Rafe.
Austria, kronen .oo:;7
Belfrium, francs .oas.i
Bulgaria, leva . 0i;;2
C'zecho-Slovakia. kronen '..012-1
Denmark, kroner l.";ao
England, pounds sterling 3. 5
Finland, fin mark u-025'2
Prance, francs ,(i)50
Germaoy, marks oi 45
reece. drarhraac ; 0US2
Holland, guilders ;;n75
Hungary, kronen. 02
Italv. Iir .0:.0
Juco-Slavia. kronen .nni
Norway, kroner j:.75
Port ucal. escudoa 161S
Roumania. !ei (t I 75
Serbia, dinara Of 24
Spain, pesetas 14--
S eden. kroner 1J70
Switzerland, francs .-. .1575
China Hongkong, local currency. . .75
tiaangliaa. tacla 87M
Poland. .Polish marks 0"40
Japan, - yen .51 40
NEW YORK. Oct. 20. Exchange steady;
sterling demand, $3.43; cables, S3.41 . ,
Francs, demand. 46; cables, 6.4S. Bel
gian francs, demand, 6.S4; cables, 6.S0. ,
Guilders, demand, 30.75; cables, 30. So. Lire,
demand, 3.76. cables, 3.7S. Marks un- j
changed. Greece, demand. 9.70; New York
exchange on Montreal, 0 per cent dis- !
count. 1
Swift Co Stocks.
Closing prices of Sift & Co. stocks at .
Chicago were reported by Overbeck & 1
Cooke Co. of Poruand as follows:
Swift & Co 106
Swift International 29 I
Libby. McNeil &. Libby 12
National Leather 83
SAN KBANCISCO PRODUCE MARKET
Price Current oa Vegetables, Fresh Fruits,
Etc., at Bay City.
SAN FRANCISCO, Oct. 20. Butter
Extra grade, 09c; prime firsts. 5Sc.
Eggs Fresh extras, 83c; oirucs. 71c;
extra pullets, 67c; undersized pullets,
59Cheese Old-style California flats, fancy.
22!-c; Young America nominal.
Poultry California hens,- large colored,
374i40c; small. 32r33c: strictly young
roosters. 38 4 4 1 c ; old roosters,- 22 24c ;
fryers, 3Sfc 40c; broilers. 53 55c; dudks,
27430c; old pigeons. $3&3.gU dozen;
squsbs. 65&70c pound; -Belgian hares,
alive. 205 22c pound.
Vegetables Eggplant, lug. . Stockton,
50575c; Livingston. Si Q l..o; summer
squash, lugs. 1.2i 1.75; cream squash,
73cfc$l; Hubbard squash, Il.25fel.50 sack;
marrow fat, SI 1.25 sack; potatoes.
H-ivf-rs. street prices, S2.40&2.50 for No. 1;
$1,50 62 for No. 2; Oregon Burbanks, $3;
Salinas. 4.25; Idaho Gems, 3.O0;
sweet potatoes. ,2fr3c pound; oniony,
yellow, (1 1s 1.25 cental; Australian brown.
91.2otfl.o0 eental; white, 91.50fc2; green
onions, 91.75&2 per box; beans, 4&6c
pound; garden, 7fcrSc; limaf ilOc; belt
peppers, lugs. Stockton, iowuc; nue
peppers. 65c(&$t; tomatoes, 50c feS 1.75 box;
cucumbers, lug. 91.506 2.25; garlic, U Sc
pound ; celery, crate, S3.5u 4.50; 20fe'40c
bunch ; green corn, sack, 2i 3; cauli
flower(V91 dozen; cabbage. 1c per pound;
beets, carrots, turnips. al.2op i.ou sacK ,
olives. 84100 pound; peas, lOfrr 12c.
Fruit Strawberries, A0cj 91.40 drawer;,
raspberries, 75 4 85c drawer; blackberries,
per chest, $13 Ir 15; Turlock cantaloupes,
$1 .Mi ftj 2; ponies, 91 1.50; Sacramento,
9 1 .25$. 1.50 lug ; casabas. 9 1. 25 "i 1.50 per
crate; watermelons, i11Vfec per pound:
Persian, 91.25$i2.25 crate: honeydew, 91.50
(a 1.T5; large crates. 91.50 x 1.7S : Valencia
oranges, $6.50-8.50; lemons, $2,504 4.50:
grape fruit, 94.50 & 5: apples, Bel If lowers.
91 50rr1.fto; fancy, 91.25' 1.40; C grade.
91 15f 1.25; Rhode Island Greenings, $l-""
fa?2; Spitzenberjc. nominal; Jonathans, 92&
2.75: Hoover, $1.502; Newtowns. 3-tier,
92 25 fa 2. 4 0 ; 4 tier. $ 2. 1 5 2. 25 ; King.
$1 75 (g 2.50; Hood River Gravensteins,
$2.50g; 3.50; peaches, 92.25 fa 3.25 per lug ;
plums and prunes, $2 43, 2.50 per crate;
fanoy varieties. $2.50 fix 2.75; pears. Bart
letl, fancy, $4.50t&5 per lug: 92.50ra:t
for No. 2 ; winter Nell is. $3.25 & 3.50: figs,
double layer, $1,754x2; single layer. 91.254f
1.5n, white, 91 & 1.25: grapes, seedless, 93i
3 25: Malaga, $t.7.Va 2.25; Tokay. $3
$4 : Muscat, $4 ftt 4.75; Cornichon. $2.00 41
2.25: black. $3.50&4: Avacados, $34r4
dozen; small black, 914x2; quinces. $1,504
2.00 box ; pomegranates, $2.50 4i) 2.75 box;
$2 7543 3 per half orange box; huckle
berries. 2542.7 c per pound ; persimmons,
$2 4i 2.25 box : cranberries, per barrel.
$l:; 504il4: 97.25 to 7.50 per. half barrel:
Ort gon. 95.25 per box.
Receipts Flour. 3542 quarters: wheat.
S3- centals; barley, 141.349 centals; oats.
601 centals; beans, 335 sacks: corn, 1 on
centals; potatoes, 7203 sacks ; onions, 261 0
centals: hay. 120 tons; hides, 4 41 rolls;
livestock, 600 head.
Coffeo Future Advance.
NE-W YORK. Oct. 20. Reports of a firm
er ruling in Brazil and an improved spot
market seemed to stimulate covering and
attract more investment buying In f he
market for coffee futures here todav.
Brokers with cotton trade and Wall street
connections were among the buyers, while
offerings were comparatively small, sug
gesting that futures had been well liqui
dated on the big declines of last week.
The opening was unchanged and buyer
evidently found little incentive in the early
cables, out advances were reported in
Santos and December contracts here sold
up to 7.22c, while May touched R.30c. or
42 to 55 points net higher on the more ac
tive positions. The close was at the brt
prices of the day, showing a net advance
of 48 to 58 points. October, 6.99c: Decem
ber, 7.L'!c: .Ian nary. i.;2c: March. 7.99c;
May, 8.30c: July.v S.6Pc; September. 8.80v.
Spot coffee was reported in better de
mand, with Rio im quoted at ic to 7c
nd Santos 4s at M- to 1 I '-c.
-
Cotton Market.
NEW YORK. Oct. 20. Spot cotton quiet.
Middling 20.50c.
WHEAT GSINS ARE LOST
BEARISH VIKWS TA IvKX OK
HOUSTON'S ADDKIiSS.
Chicago Market Clones Unsettled
and Lower Oats and Corn
Alfco Depressed.
CHICAGO, Oct. 2. Bearish views re
garding Secretary Houston's address be
forfi the bankers convention In Washing
ton led to much selling of wheat today and
to a sharp decline in prices. The mar
ket closed unsettled, at -the same an yes
terday's fin uh to HUc lower, with De
cember $2.0.". to $2.0::, and March $1.05
to $1.95 Corn closed 1'ic net lower lo
c advance, and oats off e to 1 4 c. In
prov is tons the outcome varied from 5c set
back to 27c advance.
At first the wheat market showed a dc
cided upward tendency as a result of
prospect tha t the British coal strike
would be Fettled sooner than had before
scorned probable. Beginning of a federal
inquiry here as to wheat market con
dilinn.M counted likewise in favor of the
bulls, and wt. too. did growers predic
:ioti that rural sales of w heat would be
cut off on and after October 25. However.
iI1 grains were more than counterbalanced.
In the last part of the day when the sub
stance of Secretary Houston's address be
came known.
Corn and oats' likewise dipplayed firm
ness; earl . but later were depressed by
eastern selling.
Big breaks in quota lions on bogs did
good deal to make provision average
lower.
T1i Phicaco market letter, received yes
trnlay by Overbeck & Cooke company of
P.rt land said :
"Wheat Covering by shorts caused
ad ance early in the day, but influential
buying power failed to appear and the
market declined rapidly on a small ana
scattered volume of selling. The item of
newK contributing to the bearish feeling
at the close was the statement of Secre
tary of the Treasury Houston to a group
o? banker, in which he spoke strongly of
thr ir.advMsabtllty of extending credits
which might prevent commodity prices
from declining. The report that Germany
had exhausted Its credit with Holland and
would be out of the market far two months
or more also had a bad influence on the
market here. The news emanating from
eiort circles was of a decidedly bullish
character, but failed as a price-making
factor. Sales to France and Belgium yfes
terday and overnight were said to total
2.0fO,00O bushels and a substantial quantity
was understood to have been worked over-
nig)U. The paramount question at the
moment is whether or not the tendency tr
deflate in other directions can counteract
the ordinary laws of supply and demand.
"Corn Displayed some strength tempo
rarily but soon developed- weakness and
broke rapidly to the lowest levels on the
crop. Considerable of the selling was cred
ited to leading elevator interests. Cash
corn declined with futures and sold at yes
terday's premium; the shipping demand
was much lighter. Some corn was worked
for export last week, but the amount was
so small that it was aarely visible and,
again, we must realize that corn is a do
mestic proposition and must remain that
way for a long time as Argentina has
too oon.ooo bushels available for Europe.
"Oats The only buying power in evi
dence was in the nature of short covering
and prices dragged steadily downward to
thflowet lvel on the crop.
Provisions Irregular, declining early on
the weakness in hogs, but met sufficient
support on tho decline to absorb offerings.
Reports of a good cash demand for lar-4
inspired some buying. We believe the
do wn ward tendency of hogs will prevent
sustained advances In the product."
Leading futures ranged as follows:
Open. "Hich.
Low. Close.
WHEAT.
$2.0(5
1.98
$2 "f
$2 02 '(
1 94
$2 OS
1.05
l.ftoii
CORN
-.ft
OATS.
.54 a
Dec. .
May.
.S0i
.si '4
.86 ?
.87 li
.64..
AAA"
The highest rating it is
possible to obtain and
that is the rating of
Sears. Roebuck & Co,
The world's largest mail order house;
8 million customers; a quarter of a bil
lion dollars sales annually.
We recommend its
One, Two and Three-Year
7 Gold Notes
to yield
7.85" 7.70ci 7.6(Kc, respectively.
ANACONDA COPPER
MINING CO.
Its annual earnings are 509o
of funded indebtedness.
7' Secured Gold
Bonds
Due Jan. 1929. Secured by
$100,000,000 worth of collat
eral. Price 96 V4 Yield 7
GftttMSllM
Under- SnfwMaioiL. Oregon Stala Baiutiit Department,
BROADWAY and OAK
Offering of $200,000.00 of
Portland Vegetable Oil Mills Co.
Capital Stock, $1,000,000.00
(All Common)
A Portland enterprise for the upbuilding of TortlanJ. Continuing
and enlarging a successful money-making, dividend-paying industry
of ten years' standing.
An opportunity to keep Portland money in Portland and to make
dividends forstoekholderu in Portland and Oregon.
Offers, subject to prior sale, the balance lrft unsubscribed of an
offering of J200.000.00 of its Common Stock (There is no Preferred
Stock).
$500,000.00 was subscribed by 28 Portlanders (prior to incorpora
tion of company) at par for cash.
There is no promotion or watered stock in this enterprise.
When the balance of this J200.000.00 is subscribed (making $700.
000.00 total subscribed) contracts will be let for site, building and
machinery.
Write us for full particulars. We will send you our prospectus
giving information on the vegetable oil industry in the United
States and in Portland; also of past earnings and of prospective
earnings.
Keep your Portland-made money in Portland for the upbuilding
of Portland.
Portland Vegetable Oil Mills Co.
Telephone: Main 821
May on .nn .ss1; .58
MKSS POKK.
Nov
lan :'j.0 2,'i.Vl 25.00 115.40
,ARD.
Nov 20.25
Inn 16.42 ,.72 16.40 16.60
SHORT TUBS.
jet 1T.00
,an 14.50 14.77 145 l4i!i-
Grain at San Francisco.
SAN FRANCISCO. Oct. -JO. Grain
Wlieat. $:l6oe3."3: corn. California yellow,
$'J.!I0'&: white Egyptian. J'J.If n ;
others. VJ.fiOfri i.75; feed Imrlry. 2.05r'-".l".
H.v nlfl hav and straw, nominal, w nvv
liay. fancy. -' -S; wheat hay. liphtfivr
wirc bale. ra : tame oat hay, $'J3(o--.i;
wild oat hay, flTtrlft; barley hny. MTfcrJO;
alalfa hay, second cutting;. $1!1 $i 2j.
Foreign Grain MarketN.
Bl'KXOS AIRES. . Oct. -0. Wheat,
weak. 4c down. Corn, weak, 13c down.
Oal, unchanged. Raining.
LIVERPOOL. Oct. 20 Corn market
ncak and under pressure to- sell cargoes.
LONDON, Oct. CO. Oata, eas?
WINNTPKG, Oct. 20. Wheat close: Oc
tober, $'J 'M: new, $J.2T; December, $-'.07.
KuMern Grain Markets.
ST. LOUIS. Oct. 20. Wheat closed: Of
ceniher. f2.03'2; March. 3.1.'..:
cember, SIc; May, SSfcc;
Corn, 13
December, oKSc
KANSAS CITT, Occ. 20. Wheat closed:
December. March. $1.90. Corn. May,
74c; December, 74V4c. Oats. Decem
ber, ,2c.
MINNEAPOLIS. Oet. 20. Cash wheat:
No. 1 dn. :.l:r:,18: No. 1 n. -2.f!w
LM4; No. I rs. 2.4 fa- 2.00. Futures closed:
December, $-'.04: March, l.W'i.
Barley. 7tS Kc.
Flax. $2.71 -'.73.
NEW YORK, Oct.
hard, 2.3tf c. t. f.
Cash wheat: No-
DULUTNII. Oct.
arrive. 2.76'4.
-Llnsced, J2.76V, ; to
Seattle Grain Market.
SEATTLE. Oct. 20. Wheat Hard white.
$2.05: soft white and white club. $2.04;
hard winter, red winter and northern
Bprins, $.2.03; red Walla. $1.75: eastern
Walla. $2: Big Bend bluestem. $2.20.
Feed Scratch feed. $7y ton; feed wheat,
$S5; all grain chop. 07: oaAa. $."S: sprout
Ins oats. $03; rolled oats. : whole corn,
$65; cracked corn, $07; rolled barley, $02;
clipped barley, $7.
Hay Alfalfa. $30 ton: double com
pressad alfalfa, $36; ditto timothy. $42;
eastern Washington mixed. $36.
' Kastern Dairy Produce.
NEW TORK, Oct. 20. Butter unsettled.
Creamery hicher than extras. S8W5W-;
creamery extras. 5Sc; firsts. 45 56c.
Egss irresular. State whole milk flats
held specials. 2TW27 lie: stale whole milk
flats current make specials. 24to25c: state
whole milk twins held specials. 2727Vic
CHICAGO, 'oct. 20. Butter, easy. Cream
ery. 3SMc. .
Eggs Unchanged, receipts. i298 cases.
DAILY CITY STATISTICS
Marriage IJcensea.
PLE-NERT-ERNST Adam Plenert. le
gal Gervais. Or., and Magdellne Ernst,
lefal 61 S oulmby street.
1 ARK IN-ELDER David Elmer Larkln.
legal Hillsdale. Or., and Etta E. Elder,
lecal 4404 Fortieth avenue.
KONDOS-WASTA RDIS Demlrous M.
Kondos 26 25 Sixth street North, and
Maria N Vastardls. 21. 109 Kast Twenty
fourth street North.
WILSON RAPE Albert A. Wilson, le
gal V't Eighty-seventh street Southeast,
ind Beida Rape, 18. 6529 Eighty -seventh
street Southeast.
WB&NER-RAV Adolph C. Wegner, le
gal ttOS East Davis street, and Allda J.
Ray, legal. 701 Elliott avenue.
Vancouver Marriage Licenses.
POHT.-K NOTn August Pohl. 45. of
Portland, and Teresa Knoth, 47, of Porl-
PEOK-BARNET Floyd J. Peck. 22. of
Portland, and Ida M. Barney, 23. of Port
land. CLASSEN-EVANS John H. Classen, SI.
of Astoria. Or., and Martha Ervans, 24,
of Portland.
DOSHAS-HAKl james iv. oojonas. 2.
ef Portland, and Louise Hart, IS, of Port
i . ...
f OTTS1R.-HOFJ;'MAJ Charles A. Pott
Splendid Service
Is Assured
Those Who
Deposit
Checking or Savings
Funds With
This Bank
yS3
808 Wilcox Bldg, Tortland
le.pal. of Astoria. Or., and Alma H. Hoff
nui ii, let;nl. of Aurora. Or.
DAILEVERSlH- Laurence C. Dailey.
2:t. of Vancouver, and Katherine Berscii.
of Vancouver.
P KEREN BOOM -BROOKS Alexander P.
Peeren'boom, 21. of lianton. Or., and Min
nie K. Rroolts. 17. of Gaston. Or.
LL' PH BR-WI ELLEN W ABER David W
Lupl-.er. ''4, of l.awTence, Kas.. and Irtna
K. Wiellenwaber. of Harper. Kas.
TITRMKA-SAVANKN Jack Turska. 36,
of Portland, and Linda Savanen. 41, of
Portland.
HAMMOND-COON Genrsre D. Haim
montl. 27. of Tacoma. VVa-sh.. and Mrs.
Kva Coon. I'll, of TaroTna. Wash.
TRAVKI.KRS' GlIUK,
CPS OS
TO
EUROPE
FROM QtKBEC
Ort. 2rt Victorian .. . . Liverpool
Nov. 3 Km. of Kra nee . 1 .i vt-rp' I
Nov. 10 Km. of Brit... Liverpool
FROM MONTRKAf.
Oct. 'J'2 IVtorian . . . .Citaspow
0t. 13 MftaKama.. .Iixerpool
Oct. 20 Cursiran I rr
Nov. 5 SrtiHan Havre
Nov. ! M fli I h I .i vrpool
Nov. -0 Mtnnodosa . . Liverpool
Nov. l4 M'tsrama, ...Liverpool
J.cc. 10 Mrlita Liverpool
Empreu of Canada, 22.000 Toni
New Palatial Ship for Pacifle Scrriea
CANADIAK PACIFIC
OCEAN SERVICES
.V Thlrri SI.
PortTinH
Class A-l Steel American
Steamers.
REGULAR FREIGHT
SERVICE
TO YOKOHAMA. KOBE.
.SHANGHAI. HONGKONG
AND MANILA
Sailings from Portland
Wawaiona Nor 3
Montague Not. 25
Abercos Dec. 17
Pawlet Jan. 8
For rates, space and other In
formation apply to
101 THIHO SIHtlET.
MAIN' R2HI
PERN AMSuCOBAHi A .
rio oe janciro. Santos.
MONTEVIOCO & BUENOS AVRES-
LAM PORT HOLT LINE
Freqoent sxilmpr from New York by moderw, fast
and luxTinoun appoints p-"ntrr nwiinera.
AppiTompanj aoruce, .Dreauwj,ii. i .
AUSTRALIA
Honlolm Sots. Hew ZeJad.
Tbe A'alavtlAl i'Mfjcocei' bteamMt
tL. M. H. "MAOABA" At. M. S. "MAKIHU
M.V0 lu liQQ Xm
Sail from TafHroaver. B. O.
rr rre mid an 11 In .ra apply Caa.Fae.RalV
ra j, 66 Xalrd St.. Fortlaud, ur Caoadiasa-
jkat.ni.taau.a urai niu Line, aejru
C VaaeMver. av C.
. Astoria and Way Points
STR. GEORGIANA
Round trip dally (except Friday) leave
Portland 1:10 A. M., Alder-aireet dock.
Lemvea Astoria P. At.. A-'lavel dock. Kara
a.lM) eacb wa. lSertal a la cart dloin
ervlre. . Direct connection for aeuta
beachea. Ni&rbt boat daily. S P. M.. dally
except Qunaay. ine iiarnm j.n
iuu U. Alain Ml-U.
I
v .w . a .
i kj Blind b
m i