Morning Oregonian. (Portland, Or.) 1861-1937, February 01, 1921, Image 21

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Morning Oregonian., February 01, 1921, Page 21, Image 21

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Newspaper Page TextTIIE 3I0RXIXG OREGOXIAX, TUESDAY, FEBRUARY 1, lf21 21 SYNDICATE MAY I , WORLD DDL IDE Plan for Reducing Enormous British Surplus. MILLS TO BE OPERATED Financial Scheme as Proposed H'oeld Be of BcnoHt to Pro ducers In All Countries. A new scheme has been proposed In England to remedy the present state of stagnation In the wool trade. If It la adopted and succeeds. It will take oft the world's marks a large part of the enor mous surplus which is a weight on wool prices In all countries. The basis of the scheme Is that the community would pro Tide credit for the trade and the trade would guarantee employment. For this purpose It is suggested that a syndicate should be formed to buy the whole of the British government's surplus wool stock, the government and the Australian wool growers being paid, not In cash, but in shares of the syndicate, which would con sist of the government, banks, manufac turers and merchants. The scheme Is an alternative to the one for disposal to company registered in Australia which is at present under consideration. The scheme is outlined by the London Times as fol lows: The British government and Australian wool growers to sell their wool stocks a syndicate with a capital of 50.000.000, taking payment in "certificates" or shares to the extent of 15.000,000 to the govern mem ana 115.000,000 to the growers, leaving a reserve of 20.000.000. (Against officially suggested value of wool of 50, 000.000.) Interested Joint stork banks to form a "Woolen Trade Credit" bank or com mtttee. to which will be hypothecated th syndicated wool as a basis for credit fa cllilies for the trade. Utilising the credit created for the wool bank, the syndicate takes over from the trade all stocks of raw material, finished goods and goods in procress, paying cash at an agreed valuation and so freeing the working capital of the trade. This working capital, to an agreed ex tent, to be Invested in the syndicate. Any funds so accruing to the syndicate would go to reduce the loans from the wool bank. The first charge on the wool bank would be the repayment of existing working over drafts at joint stock banks. The syndicate would then allocate suf. flclent raw material to the trade to enable a moderate working week of, say. 40 hours to be worked. This raw material would remain the property of the syndicate dur ing process of manufacture into the fin lshed article. Tne syndicate would create a market for these finished goods by encourage ment ot ordinary trade channels, the Btlm ulatioa of continental markets and the creation of a permanently increased ee. jnand by Intensive production at decreased cost Wool growers. It Is urged, should realize that there actually Is a "world value" for raw wool; and that. In the end, they can obtain no more and no less For existing stocks and the 19M clip It win prooaoiy D little. U.-anythlng. more than the coet of production. Kor the Australian growers the one essential is to get rid of a surplus stock of raw wool. This scheme. It Is claimed. Insures this end being arrived at In a minimum of time. lower grades moved somewhat better. No change in print prices la anticipated for several days at least. The poultry market was easy, particu larly on heavy hens, and buyers would not offer over 27 or 28 cents for these. Dressed meats were steady, pork selling at 18 cents and veal at 18hb cents. STOCKS UNSETTLED BT RISE IS CALL DOAX RATES. Decline In Wheat Visible. The American risible wheat supply state ment compares as follows: Buffhel. Decrease. January 31. 1!?1 tt.2Vl.000 1.6H0.O00 February 2. lirJO Ml.."., WOO 2.8JK.OO0 February 3, 119 13ft.B13.000 l,42.nnO February . 19IS 13. 869.000 1.2..8.000 February 4. 1017 4S.721.000 93S.OO0 February 7, 1918.... 67.118,000 1.840,000 Increase. The corn visible Is 14.207.000 bushels. sn increase of 4,609.000 bushels; oats. 33. 632.000 bushels, an Increase of 755, 0O0 bushels; rye, 2.0.S1.000 buaheljt. a decrease of 327,000 bushels; barley. 2.728.000 bush els, a decrease of 77.000 busheli Bank Clearings. Bank clearincs of the Northwestern cities yesterday were as follows Clearinps. Balance Portland ."T. . . J4.R40.240 f l.ino.S.'Wt Seattle 3,..s.3r.s 1,181.874 Tacuma 419..199 79.642 Spokane 1.443.031 567,013 Portland bank clearings for January of this and former years: January. 1921 January. 1920 144.S:t9,115 January. 1919 118.mi.941 January, 1918 80.417.178 January. 1917 dl.y75.18H January, 1916 43.261.038 January. 1913 44.lill3.844 January. 1914 48.901. 899 January, 1913 49.271.242 January. 1912 4.1,841.289 January, 1911 41.34J.302 January. 1910 38.1155.570 January. 19tW 25.709,298 Germany, marks .0171 Greece, drachmas .0758 Holland, guilders 3415 Hungary, kronen 0025 Italy, lire .0375 JuRo-Slavla. kronen 0078 iorway. Kroner .iy Portugal, eecudos 1160 Roumanla. lei 0149 Serbia, dinara 0305 pain. pesetas .141& Sweden, kroner .- .20 Switzerland, francs - 1620 Xew Domestic and Foreign. Bond I China Hongkong, local currency.. .5075 Issues Oversubscribed: Liber- JPn. yen 4925 ties Are Moderately .Lower. NEW YORK, Jan. 81. Exchange, heavy. Sterling, demand $3.84 4i, cables f 3. .; francs, demand '7.06, cables 7. OS; Belgian viw TAor t, ii tnlr tradlne I francs, demand 7.42, cames m; guua was again dull and uncertain. Interrup- ers, demand 33.85. cables 33.95: lire, ae- tion to wire service by storm contributed mana a.m. caoies s.tu; minis, nemanu to thpAe cnnrittinnn 1 1.56. cables 1.57: Oreeee, demand l..v., Ar Advices from principal railway terminals I genttne-. demand 30.B2; Brazilian, aemana Indicated a slight gain In the movement i io.zo; Montreal, to1 per cent ntecouui. of tonnage and the middle west reported better demand for bonds, coupled witn I Forelra Bonds. Following foreign; bond rfiotatlons are Further cuts were announced in crude furnished by the Overbeck & Cooke com and refined oils, however, and the trend I p" Bond Department a.viueno. on rurrpncy measure 01 i t.- ., .1, P.usslan KHs, 1921.. Russian 5.a 3926. . Russian 6V,s. 1919 15 in 58 1931 . of general industrial conditions was marked by many additional wage reduc tions and similar retrenchment teatures. Declaration of the regular dividend on Studebaker common infused strength to motors and their subsidiaries. This was accelerated by news that several large Detroit motor companies had .1122.493.009 sumed operations on a 50 per cent basis. oils, notably uenerai Asnnait. associ- Hrttinh :. i- ated, Mexican Petroleum and Houston, sev- British 5. 1929... Bid. 13V4 1: French 4s. 1917.. French Ks. 1920.. Italian 5s, 1918.. British r. 1922 .... 48 . ... 68 .... 27 ....SSI 371 .364 PORTLAND MARKET QUOTATIONS. Grain, Flour, Feed, Etc Merchants' Exchange, noon session: eral of the food and rubber specialties and coppers, as represented chiefly by Ameri can Smelting, made .up most of the ses sion's professional operations. Late prtces tended upward, Smelting leading, but gains were largely forfeited on the rise of call money to 8 per cent, the market closing with an easier tone. Sales were 500.000 shares. The 8 per cent demand rate strengthened suggestions of tighter local money In Feb ruary. Remittances to London. Paris and Brus- sets reacted, likewise the German quota tion, and Shanghai rates broke 5 cent Wheat- HAKE OF BETTER IS INCREASING Eastern Supplies Clean Vp Well Except Imported Stock. Eastern butter trade revived to some ex tent and gradual improvement was noted the forepart of last week. However, con fidence was lacking and New York turned . weak and lower and other markets are likely to follow. Considerable butter was moved and, except for Danish, all markets are well cleared. The movement of under grade Argentine butter to Canada last week and refusal of dealers to sacrific prices on Danish helped the New York market Boston is strong on storage with most good quality cleaned up and buyers there hope to continue to use storage, but low prices on fresh are tempting them considerably. Some New Zealand is still offered at New York at 47-48 cents and California arrival are helping to swell re ceipts, but- not finding a good market. The make of butter over the country con tinues to show an Increase, but receipts at the four large eastern market are not tnucb heavier. There is some interest In the tariff bill pending, raising the tariff from 2!i to 8 centa per pound, but pas sage is said to be unlikely. With the exception of Wednesday, the San Francisco market ruled steady with no fluctuation in prices. The on weak spot Wednesday resulted from some pres sure to sell and there was a drop of c on all grades. Most of the surplus receipts are being shipped to outside markets, and dealers' stocks were well cleaned up at the end of the week. Dealera appear anxious to keep floors cleaned up and are moving goods at small margins. The San Francisco market Is sufficiently low to encourage a steady shipping business, although there is very little speculative buying. The uncertain factor at present la the arrival of Danish butter In New York, which has caused some uneasiness. Cold storage Is moving very slowly. LOCAL WHEAT MARKET IS LIFELESS Bids Are Reduced 5 to 7 Cents on Prin cipal Grades. The wheat market yesterday was weak, lower and lifeless. At the Merchants' Ex change February and March bids on hard winter, club and soft white, the only grades quoted, were 5 to T cents lower than on Saturday. Coarse grains were also dull except for some demand for eastern yellow corn, whbch resulted in an advance of SI in bids. Bueno Aires cables reported the weather fine and the Argentine wheat market weak on lack of support. Argentina of fered wheat c 1 f Antwerp at 12.05, which la under the American price. Terminal receipts. In cars, were reported by the Merchants' Exchange as follows: Wheat.Barley.Flour.Oats.Hay. Bld- Feb. March. 11.50 I 1.50 1.30 l.oo on another decline of bar silver In the I Pari Fixes Britlrt vky 4s 288 British ref 4s 261 Relplum rest 5s 65 Belgium nrem 5s 71 Terman W. U 5s.... 13 Berlin 4s 15 Hamburg 4 ................. 16 Hamburg 416s 16 t.elpsig 4 We 3 5 Munich 4s 15 Munich 5s 17 Frankfort 4s 16 Jap 4s 62 lap 1st 4Hs SI 4 Jap 2d 4s SH4 Hard white Soft white .............. White club 1.50 1.50 Oats No. 2 white feed. 33.50 33.50 Barley . Millrun 82.50 82.00 Corn Xo. 3 E. Y. shipment 30.00 30.00 FLOUR Family patents. f.80: bakers' hard wlieat. su.ot; bakers bluestem pat ents. $9: valley patents, S7.90; whole wheat. 8 20: graham. SS.05. JJilXe'EKD Prices t. o. b. mill. Mill run, $35 per ton; rolled barley. S43(45; rolled oats, 44; scratch leea, sou per ton. CORN Whole, (42; cracked, 4o per ton. HAY Buying prices, f. o. b. Portland; Alfalfa. fl9 per ton: cheat. $22023: clover, I2U; valley tlmotny, S2u2tt: east ern Oregon timothy, xu. IT. K. KW,s, 1921 K. HdS. 1922. London market. serptlve capacity, several new domestic I Jy- J- 5!;'' J nil?"" Liberty bonds, however, were moderately lower. Sales, par value, $12,650,000. Old United States 4a registered rose half per cent on call. 96 U 99 88 S614 Ask. 15 15 17 52 60 50 70 28 390 383 376 300 273 68 74 14H 10V4 18 17 17 IS 17 19 18 62 H 83 82 96 H 99 i 99 88 87 CLOSING STOCK QUOTATIONS. Sales. 3ii0 7,200 OHO S.1O0 l.soo iUO High. 45 32 123. 49 47 83 43 SI3-T4 81 '4 Dairy and Country Produce. BUTTER Cubes, extras, 3940c pound prints. parchment wrapped. in box lots, 45c per lb.; cartons, 4tc; butterfat. buying price, 36-03HC pound at stations A grade, 43c: B grade, 41c; Portland de livery. EGGS Buying prices, ease count. 38c delivered Monday; 35c, Tuesday; Jobbing price to retailers, candled ranch, 44Q4jc selects, 47c. CHEESE Tillamook triplets, price to Jobbers, f. o. b. TUlamcok, 30c POULTRY Hens, 242Bc; springs, za 30c; ducks, 30!U40c; geese, nominal; tur keys, live, nominal: do dressed, nominal. PORK Fancy, luc per pound. YEAt, Fancy, 18c per pound. Fruits and Vegetables. FRUIT Oranges, navels. $3.25 5: lem ons, $.'i.,54.iu box; grapefruit. $o&8.o0 per box; bananas, 12(dl3c per pound; grape. ;LU lug; apples, $1.35 v 3.25 pel box. VEGETABLES Cabbage, le2K0 pel pound; lettuce, 3-504f3.75 per crate; car rots, $1.50 per sack; garlic, 2025c; beeas. S2 per sack; cauliflower, J2.2iu3.75 per crate; celery, $4.50vv4.75 crate; green peppers. 2oi sou per pound; sprouts, 20c pound; rhubarb, 20c pound;, spinach, $20 2.2o box; turnips, $2.50 per sack; peas, 20c pound: tomatoes, $0.50 per lug. POTATOES Oregon. $I.3'al.50 per 100 pounds; Yakima, $2; sweet pouitoes, 7o per pouud. $3.5u per hamper. oilo.s Oregon, ii.au per sack, call- forma brown, Jl.iua l.75 per sack. Staple Groceries. Local Jobbing quotations: SUGAR- Sack basis: Cane granulated, 30 c per pound; beet. b.20c per pound. NUTS Walnuts, 15l&27c; Brazil nuts. 34c; filberts, IjUISo; almonds, 2&30c; peanuts, 8012c per pound; cucoanuta, $2 per dozen; pecans, 23c; chestnut, 300 per pound. HONEY corao, (l.iosi.'o per case. KICE Blue Kobe. Vc per pound; Ja pan style, IVtc p-r pound. BEANS small wnut, oc; large white. 6c; pink, 7 fee; ilmk, luc; bayou, 13c, red. TiC per pound. COri-r.tt Koasiea, ouia, arums, 140300 Der pound. SALT liranuiatea. Dale, $3.5004.25 bait ground, tun 5US, $it. 75; loos, $111.2 tump rock, $2o.o. Provisions, HAMS All sizes, 30 a 33c; skinned, 260 32c; picnics, 21c BACON Fancy. 404c; choice, 30 34c standard, 2tia2bc. laru i-ure, tierces, auc pound; com pound, tie -ces, 13 c DK1C SALT Bucks, 2124c; plates, 18c. Hides. Felts, i-lc. HIDES Salt hides, all weights, 0c per pound, r en hides, all weights, 5c; salt bulls, all weights, 5c; green bulls, 4c; calf skins, green or salt, 10c; kip skins, green or salt, oc; ary niues, ic; dry salt hides, uc; ary calf, 15c Above prices for coun try bides and skins. Prices for city skins and hides follow: Calf skins, 12c per pound; kip sains, oc; city packer hides, areen, 6c. FELTS Salt pelts, full wool, country. 35c(;5uc; packers, 5060c each; drv lor 4 wool pelts, fine, 7o pound; dry long wool pelts, medium, oc; ary long wool pelts. coarse, c TALLOW No. 1. 5c: No. 2. 4c pound. CASCARA BARK 1U2U peel, 80 pound. nurd lu-u crop, cnoice, 42oo pound. WOOL Local market based on eastern scoured values as follows: Eastern Ore gon No. 1 staple, 80085c .eastern Oregon clothing, 6U0tHo; Valley, No. 1. 630 per pound. MOHAIR Nominal. Oils. LINSEED OIL Raw. In barrels. 99. S-gallon cans, $1.14. Boiled, in barrels, $l.ol; 5-gallon cans, $1.18. TUKrr.-Nil.Mit, u) tanks, 11.24: cases. $1.39. c UAL oil tidi. wagons and Iron bar. reis. 17c; cases. 30037c FUEL OIL Bulk, $2.35 per barret GASOLINE Tank wagons and iron bar. rels, 2Uc; cases, 41 c Eastern Dairy Produce. NEW YORK, Jan. 31. Butter Firmer; creamery higher than extras, 50 051c; creamery extras, 49 050c; creamery firsts, 43 049c. Eggs Unsettled. Fresh gathered firsts, 8c; fresh gathered firsts. 5557c. Cheese Irregular state; whole-milk flats, held, specials, 26 029c; state whole' milk flats fresh specials, 24025c CHICAGO, Jan. 31. Butter Lower. Creamery extras, 45045c; standards, 44 c. Egga Lower. Recelpta 7047 cases; firsts, 52c; ordinary firsts. 44050c: at mark, cases Included, 50051c New York Sugar Market. NEW YORK, Jan. 31. Raw sugar, 4.89c for centrifugal. Refined, 7:50c for fine granulated. Am Beet Sug American can Am Car & Fdy Am H & L Ffd Am Inter Corn American Loco Am Smt & Rfg 10,000 American Sug 000 Am Sum Tob BOO Am Tel & Tel 4O0 American Wool 3to Am Z L & S 300 Anaconda Cop 8,000 Atcnison . l.ttou Atr Of & W In 7.000 Baldwin Loco 15.900 Balti & Ohio l,5c0 Bethle Steel B 5.5tio But & Sun Cop 1,0"0 Cal Petroleum 1.SU0 Canadian Pact 1,500 Centrl Leather 4m) Chandler Mtri 11,000 Ches & Ohio 700 Chi Mil & St P 900 Chlc go & N W Chi K I & Pao Chlno Copper. . Corn Products Crucible Steel Cuba Cane Sug Erie Generl Electrie Generl Motors Grt North Pfd IliiioU Central lnspira Copper Int Me Ma Pfd Interna Nickel Interna Paper Kan Cty South Kenne CoDner Mex Petroleum 1S.6IK) Miami Copper 200 -Mid States Oil 15.400 Midvale Steel ' Missouri Paclf 800 Nevada Copper 20 New York Cen X Y N H ft H Nor A Western Northern Pan if Ok Prd ft Rfg Pacific Mall Pan-Am Petrol Pennsylvania.. Plltn & W Va Ray Con Cop 1.300 Reading , 4.4"0 Rep Ir ft Steel 1.700 Roval D N Y 2,100 Shell Tr & Td 100 Sin Oil ft Rfg 8.100 Southern Pacif 1.600 Southern Rwv 700 S O N J Pfd 300 Studebak Corp 43.4(10 Texas company 2.2'K) Texas & Paclf 6.900 tTobacco Pdts 400 Transcontl Oil 1.000 Union Pacific 500 U S Food Pdts 6l0 U 8 Ind Alchl 1.500 U S Rtl Stores 8.4O0 U s Rubber.. 8.100 U S Steel 10.000 U S Steel Pfd 300 Utah Copper.. 400 West Electric fxW) Willys - Overld 2.700 tExtra dividend. BONDS. U S Lib 8s...ni.90A T & T cv do 1st 4s e87.00!Atch gen 4s do 2d 4s. . 4O0 800 300 1 ,500 6,700 1,700 300 400 8.51 Ml ' 1.5O0 600 800 1.6ck l.OOO 3,000 200 1.2O0 700 2,700 1110 9,600 1.000 3(10 2.000 1,400 1110 89 i s 40 83 H 71 80. 35 5S4 14 37 117 40 74 59 28 0S 27 22 72 -Ii 23 13 128 15 78 90 35 54 35 62 20 20 100 1 14 81 19 11 72 21 101 87 8 17 76 41 K ' 29 13 84 7 06 43 24 lS 23 1IK 09 44 22 54 10 120 26 094 56 70 83 110H 85 45 SM Low. 45 81 123 43 46 83 30 113 80 99 67 9 Swift & Co. Stocks.-Closlna- nrlces for Swift & Co. stocks at Chicago were reported by the Overbeck ft Cooke company of Portland as follows: swift Co 102 Lastlcnlfr International 27 sale. I i,ibby. McNeil & Llbby 12 National Leather S 82" 68 88 34 56 13 36 117 40 71 59 28 68 26 22 93 22 13 128 34 77 90 34 63 15 60 19 19 157 19 13 81 18 11 71 20 101 S5 3 16 75 41 29 3 3 83 66 65 43 24 7 22 108 06 43 21 53 10 119 25 09 65 69 82 110 85 44 8 45 31 123 44 40 83 43 V3 bU 99 67 V 39 S3 70 89 34 67 34 30 117 40 J.7 OS 28 68 26 22 93 23 13 128 34 77 90 8.1 53 15 01 39 20 158 39 14 81 1S 11 71 20 101 85 3 17 75 41 29 33 83 66 65 43 24 97 22 109 57 43 21 63 10 119 25 69 55 69 82 110 85 44 8 95 78 88.8O D ft R G con 4s 64 do 1st 4s...87.20 N Y C deb Os.. 90 rir. 2i 4 U s. . .86.36 N P 4s 77 do 3d 4s...89.20!N P 8s 55 do 4th 4s...86.60Pac T ft T 5s.. .'S3 Vietorv 3s ...97.S6iPa con 4s 9ou do 4s B7.26S P cv 5s 9fl U S 2s reg 99 ISo Ry 5s 87 do coupon ..-99 U P 4s 82 U S 4s reg...102!U S Steel 6s... 94 do coupon ..'102 I Pan 3s reg 89 Bld. Mining Stocks at Boston. BOSTON. Jan. 31. Closing quotations Allouez 20 North Butte ... 11 Ariz Com 8 Old Dqm 19 Calu ft Ariz... 49 Osceola ........ 27 Calu ft liecla. .245 Qulncy 39 Centennial .....10 ISuperior 8 Cop Range ...5 sup & Boston.. 1 East Butte ... v snannon 1 Isle Royalle ... 20 U tah Con 4 Lake Copper... 1 Winona 60 Franklin 2 Wolverine 12 Mohawk 45 Greene Can ... 23 Money Silver. Etc. N1TW TORK, Jan. 81. Prime mercantile paper 7 0 8 per ent. Time loans easier; uu days, o days and six months, 6 07 per cent. Call money firm, high, 8; low. 7: ruling rate, 7; closing bid, 7; offered at 8; last loan, 8. LONDON, Jan. 31. Bar silver, 35 d per ounce. Money. 4 per cent. Discount rates, short bills, 6 06 11-18 per cent. Three months bills, 6 11-16 per cent. Foreign Exchange. Foreign exchange rates at close of busi ness yesterday, furnished by Northwestern National Bank of Portland. -The amount quoted is the equivalent in United Stales dollars: Country Foreign Unit.. Rate. Austria, kronen $ .0034 Belgium, trances 0770 Bulgaria, leva 0145 Czecho-Slovakla, kronen 0140 Denmark, kroner 1980 England, pound sterling 3.89 Finland, finmark 03T3 France, franc . .0723 SAN FRANCISCO PRODUCE MARKET Prices Current on Vegetables, Fresh Fruit. Etc., at Bay City. SAN FRANCISCO, Jan. 31. Butter Ex tras, 44c; extra firsts, 43c EGGS Fresh extras, 4ac: extra firsts. 42 c; extra pullets, 40c; undersized pul lets, 39c Cheese Flats, fancy, 26c; Young Amer ica. fancy. 32 c. Veiretabled EEKPlant. soutnern. 1O02OC cream squash, 5u4i65c lug; potatoes, street prices, Rivers $202. 3o lor No. 1; aaunas. 303.25; sweets, $5.2505.50; onions, Aus tralian brown, 75c 0$1; green, $101.00 box beans, nominal: tomatoes, soutnern, ijc $2; cucumbers, hothouse, large, $2.tU02. o dozen; celery, crate, $i.ou0s.-so; game. 7010c: cauliflower, 9OC0S1 dozen; cao- hase. lc lb.: bell peppers, soutnern, 1D0 20c; chile, 10015c; turnips, 75c0$1.2o sack; beets, $1.25 sack; parsnips, $l.iu02 suck: carrots. $101.2o sack; peas, 90Lc; rhubarb, southern, $22.o0 box; bay, 100 lb.; lettuce, $1.7002.75 crate; artichokes. 75c $1.00 dozen; spinach, 50 ic. Poultry Hens,, 3i0'37c; strictly young roosters, 37040c; old, 22023c; fryers, 450 5uc; broilers, 66000c; ducks, O0.oc; squabs, 75085c; Belgian hares, live, 26 27c; geese, 32 0 35c; pigeons, old, $2.oO03 dozen; turkeys, dressed, 42 0 40c; live, 43 ft 45c. Fruit Navel oranges, ;.au0s. 10; lem ons, $2W3.50; lemonettes, $1.50 0 2; grape fruit, $203; Arizona, $404.60; apples, Newtown, $1.2003; pears, nominal; ban anas, 80 9c. Receipts -Flour, 12o0 quarters; wneat. 423 centals; barley, 3180 centals; oats, 800 centals; beans. 6339 sacks; corn, 1200 centals; oats, 800 centals; hay, 233 tons; potatoes, 0870 sacks; hides, 5 bundles; lem ons and oranges, 2700 boxes; livestock, 000 head. Dulufh Linseed Market. DULUTH, Jan. 31.- Linseed on track and arrive, $1.75. Cotton Market. NEW YORK, Jan. 31. Cotton Spot, quiet. Middling. 14.30c. The Agricultural Wealth of This Famous District Is Over 10 Times Its Bonded Indebtedness 6 Municipal Bonds -ALAMO DRAINAGE DIST.- of Big Horn County, Wyoming INCOME TAX EXEMPT. Prices SUPPORTED BY to Yield TAXATION. Bond Due, 1924-38. Denomination, $100, $500, $1000. Money raised by this issue goes back into the land that secures the bonds. 7 LUMBSKMENS TYOJST COMPANY BROADWAY and OAK Portland Won. 1 Year ago 29 Season to date.10.7ol Year ago .... 4.74a Tacoma. Sat.. 4 Year ago .... 21 eon to date 3.211 Year ago . 4,734 Seattle Sat 22 Year ago . & Season to date 3,45(1 Year ago .... 4.31.1 Astoria to date 813 Year ago .... 70S 2 1 1S2 10b 47 S3 17H 221 1 38 521 2tiuu 5 0 640 1&O0 4 S 24 ft 40U 1 S54 3U1 86 140 302 63 22 1'. 3.'. 1 400 1214 630 27 1 1071 978 51 37 KGti-Bl VINO PRICES AU.VIN ARE CUT Thrt-e-Ont Decline In Bids Is Announced ay Shippers. Kggs received yesterday were taken by shippers at 3S cents, case count, but the eountry was notified of a 3-eent reduction on today's receipts. The buying prices will he 83 cents, case count, and S8 cents for selects. Portland delivery. There were no orders from the east and shipments sent out were on consignment. Local de mand was only fair. Today's Jobbing prices will be lower at 42 cents for can dled ranch and 44 cents for selects. Tbs oube butter market was steady and unchanged on good grades and even the 15 Kingdom of Denmark Guaranteeing Danish Municipalities 8 Gold Bonds COLLECTABLE AT 107V4 Price 98 ,llSl TjrirnT rnvWAkrv lJsVUS.1 BROADWAY and OAK Em ;TH en WASHiNSTPri sngcrs GcnservAthre Ctistodian Gnat. As a member of the Federal Reserve system, the Hibernia Bank offers you the maximum in safety, together with the convenience of the smaller bank. Odd Lots $30,500 Portland, Or., 6a Maturity, July 1, 1927, at 101; yield nearly 6. $0000 Aberdeen, Wash., 5s) Maturity, December SI, 1930, at 96.28; yield 6. 94500 Douglns Oo Wash., s Maturity, 1922 and 1923, at 100; yield 6. 912,000 Enterprise, Or., 6s Maturity, February 1, 19S0, at 100; yield 6. $2000 Slnrshflcld, Or., 6s Maturity, August 1, 1926, at 100; yield 6. f20O0 Port of Astoria, Or., 6a Maturity. July 1, 1930, at 98.23; yield 654. 99550 Dinnba, Cal, 7a Maturity, 1921 to 1930, at 100.32 to 103.65; yield 614. 1 l,4f7 Turlock, Cal- 6a Maturity, 1921 to 1930, at 96.48 to 99.72; yield 6. 937,500 Casper. Wyo, 6s Maturity, 1924 to 1929, at 97.50; yield about 6.38 to 6.78. 917300 Toppenish, Wash, 7 Maturity, 1922 to 1927, at 100; yield 7. . ' 917.033 Vancouver, B. C 4 Vis Maturity, February 1, 1923, at 93.41; yield 8. " 921.500 Ohio -Power Co. 7a Maturity, January 1, 1951, at S5.25; yield 7.40. 910,000 Kansas City Power A Light Co. 8a Maturity, December 1, 1940, at 1-00; yield 8- 910,000 Kingdom of Denmark 8s (Guaranteeing Consolidated Municipalities). Matured by sinking- fund from 5 to 25 years at 98; yielding: 8 to 10. The Benefits of Sound Investing. A Flour manufacturer could increase his output of flourne-half if he had sufficient funds to pay for larger plant facilities. To do eo out of surplus funds might require ten years. In order to save this time, he borrows money and mortgages property as security for his creditors. This mortgage is put out in the form of bonds through a strong investment house. The investors who buy his bonds, which are really small units of a large mortgage, perform a three-fold service: . (1) to themselves by obtaining a definite rental for this money; (2) to the flour manufacturer by enabling him to increase his business; (3) to the public by using accumulated wealth to produce more flour, create more work for more men and -make an essential food com modity more abundant. Likewise our business of distributing sound1 investment securities serves: (1) Investors; (2) borrowing corpora tions, and (3) advancement of human progress. Write for Investment Opportunities of Today, an interesting descrip tion of current investment securities. Blyth, Witter, & Co, ' Yeon Bldg.. PORTLAND SEATTLE - SAN FRANCISCO-IOS ANGELES - NEW YORK, Federal Income Tax Exempt MUNICIPAL BONDS Maturing in 1 to 28 years At Prices to Yield S. to yy2 KEELER BROTHERS Denver Investment Securities Portland UNITED STATES NATIONAL BANK BUILDING Broadway 5800 Collateral Benefits Because of a growing demand by Banks throughout the United States, the following clause has been placed in the American's Unlimited Policy of Credit Insurance: "COLLATERAL BENEFITS This Bond is not negotiable but the Company will, upon written request of the Idemni f ied, provide that any excess loss, that may become due and payable under its Condi tions and Stipulations, shall be paid to any Bank or Trust Company designated by, and for account of the Indemnified." This Unlimited Policy guarantees to pre vent, else pay, bad debt losses beyond the normal, in any line of business, whatever the aggregate net amount of such losses. Manufacturers and wholesalers, the value of our Service to American Business is evi denced by the fact that our policyholders now carry protection on a total of two bil lion dollars of Sales. Full particulars will be sent you upon request, without obliga ting you in any way. Payments t Policy holders about $10,000,000.00 AMERICAN CREDIT-INDEMNITY CO. or NEW YORK E. M. TREAT, president. 1 issues standard unlimited policies H. T. MacRILL, General Agent Board of Trade Bldg. Phone: Main 1179 Portland, Oregon I Call or Phone g PP SMITH j oroundploc camp I H LUMBmNSNS amuoiNa Hj g$ 1 Q Fifth and Stark CO, n H a -WAV B7SO Ej Announcing The installation of our NEW COOLERS assuring protection to our shippers. Dressed Hogs, Veal, Butter, Eggs, Cheese and Poultry. Send for shipping tags and try our service. BROWN & CO. Wbolrsale Produce. Reference! Broadway Bank 310 Hoyt Street, Portland, Oresroa Phone 632-68 r55 i i TsssfaiTssffsaf ' hstTi BsiTT The same sound judgment which has guided the affairs of this bank for more than three score years guides it today in the selection qf the bonds it offers you. An Oregon Municipal Bond The (teneral obligation of a rich gprrlc.iiltnral district Immediately udjuiiilngr the City of Portland. Oregon. Exempt From All Federal Income Taxes We own and recommend for investment the unsold portion of an issue of $400,000 MULTNOMAH COUNTY DRAINAGE DISTRICT NO. 1 5V2 Coupon Bonds Denominations $500, $1000 Bonds are available from the following: serial maturities: 1933, 1934, 1935, 1938, 1939 Prices to Xield 6 This is an exceptionally well secured bond. Full information on request. OJ I . scared bond. ytii .MSHrfJI We offer our allotment of the Danish Consolidated Municipal 25-Year 8 Sinking Fund External Gold Bonds (Payment Guaranteed by the Kingdom of Denmark) Dated February 1, 1321. Due February 1, 1946. Redeemable at 107 after February 1, 1931. Price: 98 and Interest to Yield Over 8 j. pevcreaux RtSmpany 87 Sixth Street INVESTMENT BONDS PORTLAND, OREGON Broadway 1042 I1ERRIN & RHODES, INC. Railway Exchange Bldg. Main 283. Establtined 1896. Seattle. Portland, Tacoma. Fast private duplex wire coast to coast Stocks. Bonds. Grain. Cotton, foreign Exchange. A LI. MARKETABLE SECURITIES. Members Chicago Board of Trade. Correspondents B. F. Hutton ft Co Members New York Stock Exchange. New York Cotton Exchange. New Orleans Cotton Exchange. LIBERTY AND VICTORY BONDS. . Headquarters tor buying and selling sit issuea Large or small lota FACTS NO. 608 THE SUCCESSFUL ENGINEER of today is the man who econo mizes on upkeep by buying or building- the best. First cost is a secondary consideration. WHEN W EARING SI RPACB IS WARRENITE f BITULITHICL produced under our expert su pervision and inspection, you have eliminated the mainte nance problem by a proved fac tor of safety. Sei Fifth Street, Port land seventeen (17) years' service. Warren Brothers Company HOTEL HOYT Strictly Fireproof. Near both depots and convenient car service to all parts of city. Single Rooms Without Bab. ft and op Single Rooms With Bath, $2 and up Y. LB EHT 8. ROBE, Manager. isiiinese Loans Loans to Peking Now Will Prolong Civil War in China Please Lend No Money to Kill Our People KU0 MIX TANG (The Chinese Nationalist Party) 265 Vi Davis Street isatio"wl citv eAjjinjr Pacific Gas and Electric Company 20-Year 7 Gold Bonds In $500 and $1000 Denominations One of the largest and most successful electric light and power and gas corporations at a price to yield about 7.10 Circular upon request for OR366 The National City Company Offices Iq more than 60 . cities Portland, Yeon Bids. - Telephone Muln 4107:1 Read The Oregonian classified ads. The Financial Outlook for 1921 SEVENTH YEAR Kot an Annual Review, but A comprehen sive, conservative snd valuable book on what ths master minds nf America be lieve 11)21 will unfold. An Indtapecsable guide to the business mas and financier alike. Partial Summary of Contents Opportunity. The lum Outlook. A composite Picture of Financial 'and Bi:slne.s America as seen through the eyes of 25 American Leaders ot iudus try. Stock Market Averaces for 1920. Ten-Year Trice Range of Leadlcc Stocks. EBB and Flow of Fries Waves for 83 Years. Trend of Stock Prices During and After the War. Thirty Seseoned Investment and Specu lative Opportunities. Complete Sales Record of X. Y, Curb Mar ket lor 1KV. Copy free upon request Edition Limited. McCall & Riley Co., Inc. 20 BROAD STREET NEW YORK H;i Walnut Street, riilludelphla. IIarrbliurgt i'a. Iaui-alerc Pa. Private Wires Connecting- Offices. V