1
TITE MORXIXG OHEGONIAX, . FRIDAY, MARCH.. 11, 1921
HIDE BUYERS ARE
STILL HOLDING OFF
Not Certain That Time Has
Yet Come to Buy.
SURPLUS STOCK LARGER
PHops Are Ixwer Than at Any
Time Sine 1893, but Trading
Has Xot Revived.
There lias bn no change for trie bet
ter, is yet. In the hide market. Many deal
era thought weeks ago that prices bad
reached bottom, but since then there have
been declines. Prices now are lower than
at any time since 1813 and In some quar
ters it is figured that hides at these prices
should be a good investment, but that 1:
a question. At any rate, many of th
traders appear already to have all the:
money tied up.
The eurpiu3 of hides In the United States
is Increasing. The latost government re
port showed a stock of 7,713.762 hided, or
an increase of 8.9 per cent in a month
Calfskin stocks decreased 6.9 per cent to
4,577,6!. Goat and kid skins amounted
to 11,7111,505, an Increase of 4.4 per cen
and sheep and lamb skins increased S.
rer cent to 13.773,089. Of the less im
porta nt descriptions, horse hides decrease
2.8 per cent to 329.159, and there was
also a decrease of 1.8 per cent In lndl;
tanned cattle hides and kips, bringing th
total down to 701.034. The greatest in
create was in deer and elk skins, with
holdings of these amounting to 245.203.
or 68.3 per cent mora than the month
previous.
Of the country hide trade In the eas
a Chicago report says: "Country hides
continue generally dull and nominal. Such
demand as exists continues to center al
most exclusively In smaller packer take
of T, which, in some instances. Is selling
under asking prices for regular country
hides."
Argentina, ..
Australia ..
Others
Total . . . .
32.734.iHM) 7:t.0.".S.0(M i
7.818.UO0 1,812,000
. . .401,071,000 428,912.000
HE
Thirty Cent Bid for Eeis.
Effort to set esse down to a lower
basia for storing have not been success
ful, and at the moment prices are show
inn an advancing- tendency. Up to SO
cents was bid yesterday to country ship
pers. Butter was quiet and cubes were un
changed. Receipts did not clean up.
There waa an improved demand for
poultry, heavy hens selling at SO cents
and light hens at i'S cenla
The market for country dressed veal
continued weak. Park was steady.
COMMODITY PRICES AGAIN DECLINE
Wholesale Quotations Show an Eress of
Kocewslons.
For the 43d consecutive week Dun's list
of wholesale commodity quotations dis
closes an excess of declines over advances,
the former numbering 6R and the latter
22. Considerable irregularity prevailed in
the grain markets, conflicting foreign ad
vices, further insect complaints from do
mestic wheat-growing sections and un
expertedly heavy receipts causing uncer
tainty; but soma yielding occurred in
wheat, corn, oats and rye early In the
week. A
Active buying strengthened prices of
hn?s and sheep, and beef held steady,
while provisions rose in sympathy with the
improved feeling in raw materials.
Some scarcity of the finer grades re-
suited in a substantial advance In butter.
and cheese was firm, but continued liberal
offerings had a depressing effect on eggs.
Unsettled conditions still prevail in the
iron and steel Industry, with additional
pries concessions named by independent in
terests, and the undertone In the minor
metals remains easy.
While the outlook in textiles as a whole
Is more encouraging, the further decline
in raw cotton to the lowest level since
1P15 has tended to check new business in
markets for cotton fabrics, and some quo
tations have yielded again.
Despite more liberal buying by footwear
manufacturers, the price irregularities in
leather continue, and hides still lack sta
bility.
ALL WHEAT GRADES t CENTS LOWER.
Oats and Barley Only Firm Features of
Coarse Grain Market.
There was a general decline of 2 cents
in the wheat market locally and in the
country. Some business was reported, but
farmers, having held back so far, were,
a rule, not ready sellers.
. xne only Duslness) waa In the coarse
grain division. Oats bids were advanced
ll.'i'&SO cents on white and S0c$1.50 on
gray. Brewing barley was 50 cents higher
Jid feed barley up $1.00. Corn declined
M) cents.
Argentine shipments this week were:
Wheat, 1,209,000 bushels, against 4.0DJ.000
bushels last year; corn, 4.12,000 bushels,
against 1,000,000 bushels last year;, oats,
300.000 bushels, against 900.000 bushels.
Terminal receipts in cars were reported
by the Merchants Exchange, as follows:
TVrtland Thurs.
i ear ago
Season to date.
Year ago
'Tacoma Wed.
"Year ago
Reason to date.
"Year ago
Feattle Wed. .
Tear ago
Feason to date..
Tear ago
Wheat. Bar. Fir. Oats. Hay.
1 1 8
2rt 2.1 .. . 7
1241,4 23 811 411 107
IW28 lllil) 3171 411 li04
4 .... 2
in ...
47 725 104 7.14
72 22JO 133 713
4
!i ... 5
17 20.1 SI 9 1128
230 612 810 1109
4
. . 30S7
snns
.1014
OREGON APPLES IN ENGLISH MART
Large Quantity of American Fruit Afloat
for United Kingdom.
The following prices on American ap
ples prevailed in Brltiah markets during
the week ending March 7, conversions
being made according to the rate of ex
change prevailing March S. when a pound
was worth $3.0875 and a shilling 19.543
cents, alt grades intended unless otherwise
indicated:
At London Boxes, California Newtow ns,
53.52.
At Liverpool Boxes, Oregon extra fancy
8.71: choice, $2.933.42; Den Davis,
choice. $2.4?2.03; Winesaps, 12.7-tG3.22;
Jonathans. 2.55j?3.27.
At Southampton Boxes. Washington
extra fancy Winesaps, 3.52?f3.71; fancy,
$3.1393.52; choi . $3,226 3.32; extra
fancy Newtow ns, $3.71 30: fancy, $3.6I1
S.91; Jonathans, extra fancy, $2.74 3.82.
During the week ending March 7 there
"were afloat for the United Kingdom 94,000
barrels and 76.000 boxes of apples, com
pared with 92,000 barrels and 82.000
boxes during the week ending Febru
ary 28.
- Bank Clearings.
Bank clearings of the northwestern
cities yesterday were as follows:
Clearings. Balances.
Portland . 4.ni i.7M 1 4.so4
Sfattl? 4.3!'0.r.7 1,112.342
Tacoma 57:t.fi42 loC.2."9
Spokai.e I,4ti.s27 5U1.4J2
PORTLAND MARKET QUOTATIONS.
Grain, Flour. Feed, Etc
Merchants' Exchange, noon session.
-Hid
Wheat
Hard white
Soft white
White club
Hard winter
Northern spring .
Ked Walla
oats-
N'o. 2 white feed......;..,
No. 2 gray
Hariey
Brewing
Standard feed
Millrun
Corn
No. 3 E. T. shipment 31.50 31.50
No. 3 Y delivery 31.50 31.50
FLOUR Family patents, lit. 80; bakera'
hard wheat, $0.50; bakers' bluestem pat
ents, $9; valley patents, $7.90; whole
Wheat, (8.20: graham. $8.05.
MILLr'EED Prices f. o. b. mill: Mill
run, $29 per ton; 'roiled barley, $40&42,
rolled oats, $43; scratch feed, $54 per ton.
COHX Whole, fM; cracked. $41 per
ton.
HAT Buying prices t. o. b. Portland:
alfalfa, $19 per ton; cheat. $2223 per
ton; clover, $18; valley timothy, $2l27;
eastern Oregon timothy, $28.
March. April.
$ 1.50 $ 1.50
1.48 1.48
1.48 1.48
1.40 1.40
1.40 1.40
1.40 1.40
3.1.50 35.50
30.00. 80.00
33.00
31.30
20.00
DECLINES ATTRIBUTED TO
AY AGE AND SALARY CUTS.
33.00
3
20.00
Dairy and Country Produce.
BUTTER Cubes, extras, 4142c: prints,
parchment wrapped in box lots, 48c; car
tons, 49c. Butterfat, buying price A
grade, 45c; B grade, 43c Portland delivery.
KGGS Buying prices, case count. 28
30c delivered; jobbing prices to retailers.
candled ranch, oUge:t2c; selects, 324p30c
(Jritifcibhi TUlamooK triplets, price to
jobbers f. o. b. Tillamoo't, 33c; Young
Americas. 34c lb.
POULTRY Hens, 26S0c: ducks, 45
50c; geese. 20c; lurKeys, live, 30c; do
dressed, 4550c
PORK Fancy, 151. "ic per pound.
VEAL Fancy, lbflg. lsu per pound.
Fruit" and Vegetables.
FRUITS Navel oranges, $3.005.50;
lemons, $3.254.75; grapefruit. $3.511418.50
per box: bananas, HQ?12c per pound; ap
ples. $1 &3.50 per box.
VEGETABLES Cabbage. 2630 per
pound; lettuce. $3.70 per crate; carrota,
$1.25 sack; garlic, 1020c pound; beets,
$1.00 per sack.; cauliflower, $22.25 per
crate; celery, $0.25& 6 per crate; green
peppers. 3040c per pound: rhubarb, 17Vj
20c pound: spinach, llfpl.ou per oox.
turnips, $2 2.20 per sacK; sprouts,
pound; tomatoes, $0 per lug; cucumoers.
$3 ft 4 per doxen; peas, 20c pound ; aspara-.
gus. 40c pound.
POTATOES Oregon, flinii.j per juu
pounds; Yakima, $1.752; sweet potatoes,
$3.75 per hamper.
ONIONS Oregon, I1S1.50 per sac-
Slaple Groceries.
Local Jobbing quotations:
ki;;ar (sack basis) Cane granulated.
9o per pound; beet, 8 0o per pound.
NUTS Walnuts, laff.nc; "uv
34c; filberts, 15jf21c; almonds,
peanuts, 10c per pound: cocoanuts, $2 per
dozen; pecans, 23c; hickory nuts, 16ie
pound.
HONEY Comb, J7.75 per case.
RICE Blue Rose. 9V-e per pound;
Japan style, 7c per pound.
BEANS Small wnite, oc; targe wmi.
8c; pink, 7(4c; lima, 10c; bayou, I-Vic,
red. 7-.c per pound.
COFFEE Roasted, bulk, drums, lesjaoc
per pound.
SALT tiranuiaieu, oaie, o.ov-w .....,
half ground ton, 60s. $19.75; 100s, $18.2j;
ump rock, $20.
DRIED FRUITS Italian prunes, -C
pound; dates, $3.T0S7 per box; figs, $29
4.75 per box.
Provisions.
HAMS All sizes, SO 33c; skinned, 26 9
$2c; picnics, 21c.
BACON Fancy, 4049c; cnoice, sunt
34c; standard, 26ti2Nc.
LARD Pure, tierces, 19c pound; com-
Dound. tierces. 13 Wc
JJK I SALT Backs, ziw-'ic; piaies. aac.
Speculative Issues Involved in
General Reversal In Xew York
Stock Market.
NEW YORK, March 10. Business on
the stock exchange today was larger, but
attended by further substantial deprecia
tion of quoted values.
Selling for both accounts of the rail
way shares was the feature. Declines of
1 to 3 points embraced almost every class
of transportations. In some Instances, low
est prices for a number of years were
registered. The break in rails was attrib
uted to cuts in wages and salaries and
a policy of retrenchment.
Other bearish Incidents were the Febru
ary tonnage report of the United States
Steel corporation, reporting another large
decrease of unfilled orders.
Steels, railway equipments, shippings.
coppers and oils, the European Issues ex
cepted, were Involved in the general re
versal at declines of one to four points,
as well as many specialties. Sales were
800.000 shares.
Call and time money was unchanged, as
to rates, but supplies were smaller.
Principal foreign exchange rates moved
more favorably to home centers.
In the bond market lower prices ruled
for domestic and foreign issues. Liberty
3 4s, at 90.12, made a new low record for
the year. Total sales, par value, $9,700,000.
closing Stock quotations.
Sales.
Am Bee Sug 1,400
American Can. 2.SO0
Am Car & Fdy 1,000
A H & L. pfd 1..-.H0
Am Inter Corp 8.300
Amerlcn Loco 1.3O0
Am Sm & Rfit 6.1O0
Aniericn Sujrar 3.700
Am Sum Tub 4.300
Am Tel A Tel 2.1O0
Amern W'oolen C.500
Am Z. Ld & S 3110
Anaconda Cop 16.700
Atchimn 0,200
At. Ulf & W I 20.000
Baldwin Loco 12,.tm
Haiti Ohio 7.700
Beth Ptl "B" 0,2110
Bt & Sup run 5I0
Calif Petrolem S.Soo
"anad Pacific 6.SOO
Centrl Leather 3,i0
t'hand Motors ll.lXiO
Chesp & Ohio 2.700
Chi. M & St P 13.Si0
Oh leg & N W :!.HOO
Chi. R I & P 6.siH
Chino Copper. 1,S0
Colo Fl Irn 40
Corn Products 4. WW)
Crucible Steel S.lnO
Cuba Cne Sug 400
Erie 1,000
Genrl Electric 1.SOO
Oenerl Motors J 3.000
Gt North, pfd ll.flivo
Illinois Central .U0
Insnrn Copper 4. into
It Me Ma. pfd 5.000
Intern! Nickel 6.Ki0
Interntl Paper 1..W0
K C Southern .1.:HI0
Kenne Conner 3.7
Mexl Petrolem 13.300
U K 5V4a. 1021 90 9tt
U K Stes, 1922 94 4 94
U K 5fes, 1029 88 88
U K 5 hi a, 1937 8514 8tf
Swift Co. Stocks.
Closing prices for Swift Co. stocks at
Chicago were reperted by the Overbeck St
Cooke company of Portland as follows:
Swift & Co 101
Swift International -4.
Libby. McNeil V LIbby 10H
National Leather
Last
Miami Copoer 8110.
Mirl State Oil 5.0OO
Mldvale Steel. 4. MO
.Missouri Pacif 8.000
Nevada Coppr .3"0
N Y Central S.4fl
N Y. N H & H ,2ii0
N'orflk West 000
N'orthn Pacific 14.300
Ok Prd & Rfg 1.100
Pan-Am Petri 14.SO0
Pennsylvania. . 20.0"0
Pitts & W Va 1.000
Rav Con Cop 3.100
Reading 18:500
Rep Irn & Stl S.imo
Rvl Dtch. X V 11.500
Shatt Arls Cop 100
Shell Tr & Td 1.5O0
Stn Oil & Rfg 20,000
Southn Pacific 12.000
South Railway 9.71X1
S O. N J. pfd 100
Studebkr Corp 24.000
Texas Co 9.200
Texas & Pacif 3.300
Tob Products 2.7)0
Transeontl Oil 1.500
Union Pacific. 14.000
U S Fd Pdts 2, .MX)
U S Ind Alco 1.1X10
U S Rtl Stores 5.800
U S Rubber.. 3.200
U S Bteel 60.000
Utah Copper. 2,500
Western Union ."OO
West Electric 1.400.
Wlllvs-Over... 4.S00
Ex-Dividend.
BONDS.
U S 2 reg 1O0:n P Ss
IT S cv 4s cpn.MOSVPac T T 5s. .
Pan 3s cpn 80 Pa con 4Mb
A T A T cv 6. . 9(5 IS P cv 5s
Atch gen 4s ... 77V;iSo Ry 5s
High. Low. Sale.
43 42t, 42",
2S14 27 M
12.3 122H 122
44 Mi 43 's 43 !
43 41",. 42
86 8.-.v; R51
3.8 Sfii 37
91 00 ' 90
84 82 S3
102 101 "i 101 ft
04 62 02
S',i S'i 814
36 34 '4 34
80 ,9 70 "4
4t 40'4 4"4
894 87 87
3'JMs M 31
57 14 56 50
11 11 11
38 37 38i
111 110 111
38 ,17 3714
72 70 Mt "1 14
59 '4 57 57
25 23 23
06 04 hi 04 '4
2.-. 14 24 24 4
20 20 Mi ' 20
2S 20 2i
70 KM 14 0014
9214 9014 O0 U
23 22 v4 -'2
12 12Mi 121
130 128 128
13 12 12
72 70
88 SS 88
3214 31 31
50 48 48
14 13 14
54 53 S3
22 21 22
17 1B 16
106 104 154
17 1 10
12 12 12'i
30 20 29
18 17' 17
10 9 9
09 66 68
17 16 1
96 10 90
79 76 76
3 3 S
74 72. 72
37 30 36
27 2R 20
11 11 11
71 70 7C
66 4 64
63 62 62
6 B - 6
41 40 40
22 21 21
74 72 72
20 20 20
107 107 107
01 09 tiO
41 40 40
21 20 20
C2 01 51
8 7 7
118 117 117
22 21 21
07 00 67
52 51 51
67 66 66
81 79 79
40 48 48
Sfl 80 86
46 46 40
7 . . 714 7
Metal Market.
NEW YORK, March 10. Copper Un
settled. Electrolytic, spot and March 12
12 c; sceond quarter, 12 13c
Iron, nominally unchanged.
Antimony, spot. 5.205.25c
Lead dull. SDOt 4c
Tin, firmer. Spot and nearby, 27.750
28c: futures. 28.50M28.75c
Zinc, dull. East St. Louis, spot 4.75 9
4.87c v
Naval Stores.
SAVANNAH. Ga.. March 10.- Turpentln
dull, o4c; no sales: receipta 33 barrels
shipments. 74 barrels; stock, 11.685 bar
rels.
Rosin aulet: no sales: receiots 143 bar.
rels; shipments, 900 barrels; stock. 74,883
barrels. Quote: B. D, E, r , li, xl, 1,
M. N, WG, WW, $11.
LAST PRICES ARE LOWEST
XO SUSTAINED BUYIXG POWER
rX CHICAGO WHEAT PIT.
Strained Industrial Conditions
Have Bearish Effect on Market.
Coarse Grains Are Down.
ALL LINES HOLD STEAD
SMALL- RUX OF STOCK AT
XORTH PORTLAND YARDS
Part of Day's Receipts Are for Con
tract Delivery; Quotations
Are Unchanged.
There was a small run of only four
loads of stock at the yards yesterday and
a part of these were for contracted de
livery. There was" no ohange In the gen
eral situation. The tone, of the marnet
was steady In all lines and the prices of
the previous day were repeated.
Receipta were 14 cattle, 1 calf, 171 hogs
and lti sheep.
The day's sales were as follows
Wgt. Price.
101 4.00
876 3.00
1045 4 00
292 11.00
190 11.50
176 11.60
20 11.00
275 11.00
22 11.50
222 11.50
400 9.0O
270 9.00
201 11.90
227 11.50
400 . 8.50
120 11.00
11.50
178 11.00
500 9.00
203 11.00
RS
83
87
'92
84
Wool, lions. Etc
WOOL Oregon, clean basis, fine, 70c
half blood, 60c; three-eighths. 50c; quar
ter-blood, 40 i 45c.
HIDES AND PELTS Nominal.
TALLOW No. 1. 5c: No. 2. 4c pound.
CASCARA BARK 1920 peel. 8c pound.
HOPS 1920 crop, 10 w 10c per pound.
MOHAIR Nominal.
GRAIN BAGS Carlots, 7c, coast.
Oils.
LINSEED OIL Raw. In barrels, 99c;
gallon cans, $1.14. Boiled, in barrels.
1.01; 5-gallon cans, $1.16.
TURPENTINE: In drums, 89c; 6-gaIIon
cans, $1.14.
COAL OIL Tank wagons and
barrels, 17c; cases, 30&37c
GASOLINE Tank wagons and
barrels, 80c: cases, 42c.
iron
Iron
BETTER QUALITY URGED
BUTTER M AXTFA CTTRERS
FACE DAXISII COMPETITION'.
D & R G con 4s.63 U P 4s 80
NYC deb Bs.
N P 4s
7U S Steel 5s.
75
93
Bid.
Mining Stocks at Boston.
BOSTON, March 10. Closing quotations:
Allouez
Ariz Com . . .
Calu & Ariz.
Calu A Hecla
Cop Range . .
Centennial ..
East Butte . .
Franklin
isle Koyalle . .
Lake Copper. .
Mohawk
20
. 8
. 46
.226
. SI
INorth Butte
Old Dom
lOsceola
-Qulncy
Sup & Boston.
9 .Superior
8 'Shannon
L'tah Con
19 I Winona ..
2 V 1 Wolverine
46 I
10
13
26
38
1
3
1
4
BO
U
Wgt. Price,
lcow.. 1300 $6.00il5 ewes..
2 cows.. 605 3.00 6 cows.,
lcow.. 970 4.0i 2 bulls. .
Scows. 793 S. 201 5 hogs..
2 cows. 1010 6.00:14 hogs. .
Ibull.. 1000 4.75 11 hoga. .
4 hogs.. 205 11.801 1 hog. ..
lOhogs.. 137 11.001 2 hogs..
8 hogs.. 101 11.001 7 hogs. .
2 hogs.. 320 9.00i 5 hogs. ..
2hoga. 220 11.0o 1 hog...
1 hog. . 200 O.OOj 1 hog. ..
12 hogs.. 210 11.0OI 7 hogs..
7 hogs.. 207 11.501 7 hoga..
A hogs.. 313 11.50, 1 hog...
13 hogs.. 20S 11.20 1 hog...
1 lamb. 70 9.0O110 hogs. .
13 lambs 89 8.70, Shoes..
21 lambs 128 60olhog...
10 lambs 90 S.003hogs..
The following prices are current at the
local yaras:
Cattle
Choice steers
Medium to good steers
Fair to medium steers........
Common to good steers
Choice cows and heifers....
Medium to good cows, heifers
Fair to medium cows, heifers
Common to fair cows, heifers
Canners
Bulls
Choice dairy calve. .. ,
Prime light calves....
Heavy calves ,
Best feeders ,
Fair to good feeders..,
Hogs
Prime light
Smooth heavy ...
Rough heavy
ira niirs
Feeder pigs 10.00fell.00
Sheep
East-of-mountaln lambs ....
Vallev Iambs
Heavy lamhs, 90 lbs. and up
Feeder lambs
Cull lambs
Light yearlings
Heavy yearlings
Wethers '
Ewes
Prices.
. .$ 7.75W 8.25
. . 7.(8) 7
.. 6 20 7.00
.. 5.20
. . 6. 20 u 7:00
5.70 & 6.25
5.20 5i' 5.75
4.25 i 5.
2.1M) 4
3.0O& 5.00
12.0Oft 13.50
11.0OW12.5O
6.0O& 7.50
6.0OM 6.
5.75 6.75
11.0011.50
10.5O 'a 11.00
6 OO''?' 9.00
10 00 i 11.00
S50 fl.2o
S.OO'tf S.0O
6.501 8.00
6.00Sl 7.00
4.00 6.00
7.0S 7.50
6.00I3 7.00
S.OOitr 6.00
1.5J 5.00
CALIFORNIA HOP TRICES REDCCF.D
Sonoma Can Be Bought at 13V4 to 15
Cents Sacramentoe Neglected.
The California Hop Growers, In their
last circular, say correspondents from
Sonoma county advise of crops in that
section which can be bought at 12 cents,
although they admit tUat a real fancy lot
would bring 15 cents per pound.
In the Sacramento section some offers
of 10 to 10 cents have been made, but
no sales are reported. A large business
could be handled here if buyers would
pay up to 12 cents per pound. It now
looks as if other sections of the coast,
ays the circular, would unload the bulk
of their unsold crops before buyers would
devote much interest to Sacramento valley
cropa So far the buying at reduced lev
els Indicates speculative energy. The con
tract market is lifeless In all sections.
Wheat Shipments Increase.
World whit shipments for the week
compare with the same week laat year
as follows:
Wk ended Wk ended
Feb. 5, '21. Feb. 6. '20.
days
V. 9. and Canada.
Argentine
Australia
Others
a SrtO.000
Z.728.IXX1
832.0(H)
200.000
3.197.0(H)
4.0')2.(HHt
1.677.000
Total 10,620.000 9,476,000
Shipments for the season to date com
pare as follows:
Total since Same period
Ju!v 1-21. last season.
V. S. and Canada. .JlJ.isJ.WO 20,9ti4,0oo
Foreign Product Gains Foothold
in This Country Because of
Its High Grade.
United efforts for the Improvement of
the quality of American butter by pro-
ucers, ' manfacturers and dairy experts
are necessary at the present time in view
of the foreign competition which the In
dustry fs facing. This is the belief of
L. Martindale, local produce manager
of Swift A Co. Not only should the farm
er and manufacturer to co-operate to im
prove the product, according to Mr. Mart
indale, but aid should be obtained from
the dairy department of the state uni
versity and the dairy extension depart
ment, as well as from the farm advisers
of the various counties.
It was pointed out that on February 26
the United States department of agricul
ture, through its bureau of markets, quoted
the Chicago market on butter as follows:
9Ct score butter, 51 cents; S6 score but
ter, 34 cents. ;
"This difference In price Is due to the
actual difference In quality," said Mr.
Martindale. "The consuming trade of the
United States is now being supplied, not
only with butter made in the United
States, but with butter Imported from Can
ada, New Zealand, Australia, Argentina
and Denmark.
"There was considerable prejudice
against Danish butter when it first made
its appearance on our market in large
volume last year, but the superior quality
of this product has won for it an en
viable position In the butter markets of
this country. This is not due so much to
the better methods of manufacturing, but
rather to the fact that greater attention
Is given to the care of milk snd cream on
the farm. It is surprising to know that
butter can be manufactured in Denmark
and delivered in New Tork three or four
weeks later, and be of uniformly better
quality than the bulk of the butter man
ufactured in the United States.
"The higher markets which have re
cently prevailed in the United 8tates will
sttract more Danish butter. Tbe steamer
Hellingolav arrived at New Tork from
Denmark. March 7, with 1,225,000 pounds.
It is expected this butter will find a ready
sale at a satisfactory price.
"Co-operative efforts to Improve the
quality of our American butter should be
taken up at once."
Money, Silver, Etc.
NEW YORK. March 10. Prime mercan
tile paper. 7a7.
Time loans steady; 60 days, 90 days and
six months. 64i7 per cent.
Call money steady: high. 7; low, 7; rul
ing rate, 7; otoeing bid, o; offered at 7;
last loan, 7.
NEW YORK. March 10. Bar liver, do
mestic 90. foreign 54.
Mexican dollars, 41.
LONDON, March 10. Bar silver, 81
an ounce.
Money, 6 per cent.
Discount rates, short bills 7 per cent;
three months' bills 6 (ff6 11-18 per cent.
Liberty Bond Quotations.
NEW YORK. March 10. Liberty bond
Quotations closed as follows: 3s. 90.12;
first s. 86.00 bid; second 4s. 80.42; first
4s, 60.98; second 4s. 86.56: third 4s,
90 32; fourth 4s, 80.70; Victory, 3s,
97.40; Victory, 4s, 97.40.
Foreign Exchange,
Foreign exchange rates at close of busi
ness yesterday, furnished by Northwestern
National bank of Portland. The amount
quoted is the equivalent of tbe foreign
unit in united t-tates iubbi;
Country. Foreign Unit.
Austria, kronen
Belgium, francs .
Bulgaria, leva
Czechoslovakia, kronen .....
Denmark, kroner
England, pound sterling
Finland, rinmarK
France, francs
Germany, marks....
Greece, drachmas...
Holland, guilders...
Hungary, kronen....
Italy, lire
.lugo-Slavia, kronen.
Norway, kroner
Portugal, escudos . .
Roumania. lei .....
Serbia, DInara
Rate.
. $ .0O24
. .0708
. .0132
01.111
. .1700
. 3.920O
. .0293
. .0720
. .0166
. .0708
. .3447
. .0028
. .037:
. .0073
. .1070
. .1 OS;
. .0144
.0283
Chicago Livestock Market.
rnnrroo March 10. Cattle Receipts,
10.000: calves. 50c higher, others generally
steady: ton beef steers. $10.70: bulk. $8.73
f 10.20; bulk fat cows and heifers. $6.00
8.00; bulls, largely $J.25 ji 6.25; bulk veal
calves. $11. 00& 12.00; bulk stocker and
feeder steers. $7.759.00; $9.75 bid on
choice heavy feeders.
H,ir Receiots. 27.000: lights. 15c to
25c higher and all sold early; others aiow,
mostlv 10c to 15c higher, top. $11.55; bulk,
200 pounds down. $1 1.23 6 11.50; bulk. 220
pounds up. $10.20&10.90; pigs, steady to
15c higher.
Sheep Receipts, 18,000; killing classes
opening steady to strong; lambs, top,
early, $11.00 to city butchers; 100 pound
shorn lamhs. $8.00: bulk fat wpoled lambs
early, tl0.00a.10.50; choice '107 pound
yearlings, $8.00; good lOii pound shorn
wethers and yearlings, $6.00(5)7.00 respec
tively; good to choice 105 pound ewes, $6.
Omaha Livestock Market.
' OMAHA. March 10. Hoga Receipta.
16,000; mostly steady to 10c higher; bulk,
medium and light butchers. $10.0010.40.
top, $10.50; bulk, strong weight and pack
ing grades, $9.60 9.00
Cattle Receipts. 670O: beef steers and
butcher stock, steady to 15c lower; spota
25c lower; top beef steers, $0.90; veals,
stockers and feeders, generally steady.
CHICAGO, March 10. Strained indus
trial conditions had a bearish effect to
day on wheat. Prices closed heavy. lc
to 2c net lower, with March $1.06
ana May $1.67 to $1.ST. Corn lost
c to 9 c and oats c to c.
In provisions the outcome was unchanged
to 10c lower.
Despite temporary bulges, due to revival
of talk about crop damage by green bugs
and to word of some new export business.
tbe market displayed no sustained buying
Power, and there was active selling pres
sure. Confidence by bulls seemed to be
Impaired by tbe evident prospect of wage
differences on. a large scale. In addition
to a threatened strike in the meat pack
ing Industry, notice was taken of a walk
out of boatmen at New York and of
possible labor trouble among 'the flour
mills at Minneapolis. Lower prices, how
ever, came oniy after announcement that
another of the largest railway syetems
had taken steps toward a ' downward re
vision of wages. The market closed
practically the day's bottom flrgures.
Corn and oats declined In sympathy
with wneat.
Packers' selling more than ' counter
balanced in the provision market the
stimulus of higher quotations on hogs,
The Chicago market letter received yes
terday by the Overbeck & Cooke company
01 Portland said:
Wheal It was a weak market on a
small volume of trade and closed at bot
tom figures. The reports of a foreign de
mand which caused the advance yester
day were contradicted in advices today
telling of large French purchases in'Ar
gentina, where the priee is relatively lower
than in America. A significant item was
the announcement that sales of Argentine
wheat, unless otherwise specified, are not
to the buyer and that there will be no
surtax at present. Toward .the close the
unsettled condition of the New York stock
market had a disturbing influence on sen
timent and induced scattered liquidation
of long contracts. Numerous green-bug
stories were circulated, but the territory
covered was small and unimportant and
with- highly favorable reports over the
large producing states there Is little at
tention being given these calamitous re
ports. Since the publication of the gov
ernment report the statistical, position of
wheat in this country is no longer a mat
ter of . doubt and it is very clearly an ar
gument in favor of lower prices, especially
considering the fact that wheat is rela
tively higher than other commodities,
based on erroneous impressions that for
eigners had taken enough wheat out of
the country to create a close adjustment
of supplies.
Corn Althongh the range waa narrow.
the market had a weak tone and sagged
persistently downward. Receipts of 318
cars met a sluggish demand and the spot
trade basis -was again slightly reduced.
Thevweak position of this market is em
phasized by the fact that with May only
50 days away, the cash article is -selling
about 4 cents under a delivery basis. Coun
try offerings might diminish from time
to time, but this is only a temporary fac
tor. The surplus in first hands is tre
mendous and its weight on the market
must inex'itably be f eit.
Oats worked irregularly lower with other
grains, lacking important feature. Re
ceipts were estimated at lid cars and cash
prices about half a cent lower. Country
offerings were limited.
Rye futures were quiet and followed the
action of wheat, desptte the report that
exporters were bidding 23 over Chicago for
NO. 2, track Baltimore.
Leading futures ranged as follows:
WHEAT.
Open. High. Low. Close.
$ 1.67 $ 1.69 $ 1.66 $ 1.66
1.00 s
CORN.
.71
.73
OATS.
'.45
.4113.
MESS PofiK.
22.35 22.35 21.95
LARD.
12.30 12.35 12.13
12.72 12.72 - 12.57
SHORT RIBS.
11.90 11.95 11.80
12.80 . 12.35 I 12.20
Cash prices were as follows:
Wheat No. 2'red, $1.78:
$1.71 tt 1.73.
Corn No. 8
yellow, 70o. . .
Oats No. z white.
white. 4344.
Rye None.
Barley 71(f?80c.
Timothy $3.75 9 5.25.
Clover seed $1318.
Pork Nominal.
Lard $11.72.
Ribs $11.2512.25.
Ing of Santos cables and reports of smaller
offerings from Brazil. The opening was 1
point lower to 10 higher and the general
list closed at a net advance of 3 to 1
points. Closing bids: March, 5.58c; May.
6.8S0; July, 8.27c; September, 8.65o; Octo
ber. 6.78c: December, 7.03c; January, 7.15c.
Spot coffee quiet; Rio 7s. 666c; San.
tos 4s, 9?9c. ,
QUOTATIONS OF DAIKI PRODUCE
Market Prices Baling en Batter, Cheese
and Eggs.
SAN FRANCISCO, March 10. Butter
Extras, 43c; prime firsts. 42 c
Eggs Fresh extras, 36c; extra firsts,
S6c; firsts, 3Sc: dirties, S3c; extra pullets,
32c; undersized, 81c. s
Cheese Flats, fancy. 23c; rlats, firsts,
21 c; Young Americas, 30c.
NEW TORK, March 10. Butter Weak;
creamery higher than extras. 48 49c;
creamery extras, 4748c; creamer?
firsts, 43 47c-
Eggs Unsettled, unchanged.
Cheese Firm, unchanged.
CHICAGO, March 10. Butter Lower;
creamery extras, 46c; standards, 40c
Eggs Lower: receipts, 14.481 eases;
firsts. 804t30c: ordinary firsts, 2S29c;
at mark, cases Included, 29 30c.
SEATTLE, March 10. Egge Local
ranch, white shells, 34c; ditto mixed col
ors. 31i33c: pullets. 2Sc.
Butter City cre-ameryy In cubes, 4Tc;
bricks or prints, 4Sc; country creamery ex
tras, cost to jobbers, in cubes, 44c; stor
age, 38c.
Dried Fruit at New Tork.
NEW YORK, March 10. Evaporated
apples, firm. Prunes, easy. Peaches, dull.
New Tork Sugar Market.
NEW TORK. March 10. Raw sugar,
6.02c for centrifugal.
fine granulated.
Refined, 7.75c for
Duluth Linseed Market.
DULUTH, March 10. Linseed on track
and. arrive, $1.78.
Cotton Market.
NEW TORK, March 10. Cotton Spot,
quiet. Middling, 11.60c.
March .
May. ..
May...
July...
May...
July...
May...
May...
July. ..
May. . .
July..
1.50
.70
.73
.45
.46
1.57 1.67
.70
.72
.44
45
70
72
.44
.45
21.95
12.17
12.57
11.80
12.20
No. 1 hard.
mixed, 63 84c; No. 2
4545c; Kb. 3
FARM LOANS TO RESUME
Klickitat Farmers Expected to Ask
for Substantial Snms.
GOLDEXDALE, Wash., March 10.
(Special.)-The recent decision of the
United States supreme court, which
permits resumption, of making; of fed
eral farm loans, will afford financial
relief to many farmers In the Klicki
tat valley who have, been hard hit
by the decline In the wheat market.
When loans were discontinued ' In
ADfll. 1920, applications totaling; $100.-
000 had been approved by tne loan"!
committee of the local association.
S. J. Smythe. secretary of the local
association, states that, in his opinion.
new applications will be made lor
loans aggregating fully as much as
for applications now pending. ine
Klickitat Valley Federal Farm Loan
association is said to be one of the
larlrest in the state of Washington,
owning 27,00 shares of stock dn the
federal land bank at Spokane, and
having loans out aggregating $551,000.4
DAILY METEOROLOGICAL " REPORT.
PORTLAND. March 10.-righester teme.
perature, 51 degrees; lowest. 41. rtiver
reading. 8 A. M., 8.8 feet; change In last
24 hours, 0.3-foot fall. Total rainrall t5
P. M. to 5 P. M.), none; total -since Sep
tember 1, 1920 37.08 inches; normal. 83.61
inches: excess. 3.47 Inches. Sunrise. 6:83
A. M.: sunsete, 6:10 P. M. Total sunshine,
4 hours and' 55 minutes; possinie sun
shine, 11 hours and 37 minutes. Moonrlse
(Friday), 7:15 A, M. : moonset trrioay),
8:88 P. M. Barometer (reduced to sea
lov-aHl K p tut -h.93 Inches. Relative hu
midity: 5 A. M., 87 per cent; noon, 74
per cent; 5 P. M., 73 per cent.
THE WEATHER.
Bond Department
Chile will pay .
10& at maturity
and 8 per cent interest
per annum.
These 20-year 8 Sinking
Fund Cold Bonds are the
General Obligation of the
Republic of
Chile
Price 99 Yield OVER
Chile has been borrowing money for a century
practically, and has always paid her obliga
tions promptly throughout this period. Her
per capita debt of $50 is one of the smallest
in the world, while her per capita wealth is
$800. Her population totals over 4,000,000.
Her capital city is larger than Portland.
LUMBERMEN
TKUST COMPANY
Broadway and Oak
CITY F WENATCHEE
The commercial center of the nationally-known
Wenatchee Valley.
7 Improvement Bonds
District No. 83. t;
PAR to net F7frfx
3 70
Income Tax Exempt
Est, MaU,' 1922-33
The City of Wenatchee has a net general debt of less than 3"S
of its assessed valuation, showing; how conservatively its bonds
are, issued.
Phone Broadway 5800 or Call for Circular Describing This
Excellent Investment. 1
PORTLAND
KEELER BROTHERS
DENVER
t
Investment Securities
UNITED STATES NATIONAL BANK BUILDING
STATIONS.
Vind
SnAin. neeetas 1411
Sweden, kroner 2270
Switzerland, francs 1702
China-Honakona. local curency 45
Shanghtif. taels 6150
Japan, yen 4850
KEW TORK, March 1(1 Exchanse
strong; sterling, demand 3.90, cables
3.9m; francs, demand 7.10, cables 7.17;
Belgian francs, demand 7.46, cables 7.41;
guilders, demand 34.30, cables 34.40; lire
demand 3.68, cables 3.70; marks, demand J
Argentine, demand 84.62; Brazilian, de
mand 15.25; Montreal, 12 14 per cent dis
count, Foreign Bonds.
Foreign bond quotations furnished by the
Overbeck & Cooke company of Portland:
Bid. Asa.
Russian 5t4, ln21 IS 1
Russian 5tis. 1S26 J0"i 124
Russian 64a. 11 10 19
French 6s, 10S1 65 6BVj
French 4s, 1017 46 4H
French 5s, 1020 6S4 tillVj
Italian 5s. 1!'1 27 2
British 5s, 1022 S0 8112
British 6s, 1B27 3ll! 371
British 5s. 1!)29 306 878
British ref. 4s 206 278
British ref 4s 21.6 78
Belgium rest 5s 67 61
Belgium prem 5s 71 73
Oerman W. lu 3a 12 13 V4
Berlin 4s 15 154
Hamburg 4s 141 15
Hamburg 4hx 14 15
Lrtpslg 4Us 14? 16
I.eipslg 5s 15V 17
Munich 4s 1414 154
Munich 5s 37 1!)
Frankfort 4s 1514 17
Jap 4s 64 64 Si
.lap 1st 4.s 82 H 82
.lap 2d 4M:S 82 82
Paris sixes . . . . m. . . m.
Sheep Receipta. IHtOU: sheep and lambs,
atroigr to 25c higiier; 80 pound Mexican
lambs, lin..'i; westerns. $10.00; ewe, $6.00
feeder supply It mi led, market mostiy
steady. .
Kama City Livestock Market.
- KANSAS CITY. March 10. Cattl
ceipts, "MHM): beef steers and fat she-Mock,
steady to 2."rc higher; top yearlings. 10.00.
best heavy teers, $9.t; Colorado pulpers,
! a. 2o ra . (,u: prime and neavy cows. la.W)
choice heifers. $S.50; calves, strong;; good
and choice vealers, 9.30 10.50: canners,
bulls and stockers and feeders, dull; 1(X30
pound Texas feeders. $9.10.
Sheep Receipts, 6O00; sheep and lambs
mostly 2;c higher; ewes, $6.00; 83 pound
iaJXibsi flO.d.
Seattle Livestock Market.
SEATTLE. March 10. Hos Receipt,
none, fcteaay. rrime, lU-iH.o; me
dium heavies, $.9.7o$t 10.75; rough heavies,
o.i.i3 i..'o; pigs, $uwii.oJr
Oattle Receipts, noire. weak. Prime
steers, $7.5tKfj8: medium to choice. $67;
common to good. $4.30 itr 6; beet cows and
heifers, $6.1"i i0.75; medium to choice, $o
&.; common to good, $3.50frn.5O; bulls.
heavy $T-.ii07.
SAN FRANCISCO PRODUCE MARKET
Prices Current on Teretables. Fresh Fruits,
Etc.. at Bay City.
SAN" FRANCISCO, March 10. Vegetables
Asparagus, lo(a2Hc; eggplant, southern.
Si&lic; squash. Hubbard and marrowfat,
$i(il5; potatoes, street prices, liver
$1.75t32.20 No. 1, Salinas $2 853. sweets
$i V l oo, iNancy Halls, Jtiitf ti.Ou; onions.
Australian brown. 7590c; green $1,250
l.ou; cejery, (0.i.Du; garlic, TfclOc; cauli
flower 40 W 00c; cabbage, lo lb.; bell pep
pers otcpzuc; enne luiac; turnips oOc
sack; beets $1.251.50 sack; parsnips. $2
,'a..zti aacit; carrots aj&izo sack; peas.
i .i-ic; rnuoaro, ios Angeles, si.
Alameda, &610c lb.; iettuc Sl.Outg 1.75
crate; artichokes, 3Q90c dozen; spinach
$lii.Vo crate.
Poultry Hens 8438c; strictly young
roosters tuwc, oia kqio; fryers 50 ig
55c; broilers 65 68c; ducks S035c
squabs 80 Hoc; Belgian hares, live, 230
28c; jackrabbits $d(if3.i;5 dozen; turkeys,
dressed fancy, 50 a 55c, poor quality lower;
geese 3 35c.
Fruit Oranges, navel $204.75; lemons
$23.50; lemonettes $1.60 02; grapefruit
$2y3.50; tangerines. $203.50; apples $1.50
H bananas h&ioc; avocaaoee $47.50.
Receipts Flour. 20 quarters; barley,
1A0.036 centals; oats, 800 centals; beans.
2160 sacks; corn. 800 sacks; hay, 143 tons
potatoes, 4423 sacks; hides, 17 bundles.
CUT IN TAXES SOUGHT
Citizens of Gray9 Harbor County
Form Economy League.
ABERDEEN. Wash., March 10.
(Special.) After a meeting? yesterday
of the executive committee of the
Grays Harbor County Taxpayers'
league, a call was issued for a meet
ing Friday nlgrht in the council cham
bers to perfect th' league organiza
tion for protest against what are
alleged to be excessive county taxes.
"Under the tentative plans of the
executive committee." said E. B. Benn,
chairman, "every official of county,
cty, town, school district, every of
ficial of each department of separate
municipalities, will be asked to pare"
expenses to the bone in a campaign
to reduce future tax burdens."
Primary Receipts.
CHfCAGO. March 10. Primary receipts
Wheat, TOV.UUV Duahels against 32U.U00
bushels; corn, l,51ti.ouO bushels against
&S4.000 bushels: oats. bushels
airalnst 490,000 bushels.
Shipments Wneat, 700,000 oushels aralnst
:".;t.000 bushels; corn. 970.000 bushels
against 42:1,000 bushels: oats, 35i,000 bush
els ag-ainnt 060,000 bushel.
Clearances Wheat, 6T7,000 bushe-le;
corn, 129.000 bushels; oats, none; flour,
201,000 bushels.
Minneapolis Grain Market,
MINNEAPOLIS, March 10. Wheat
March. 11.51 ; May, (1.50H.
- Barley 50 70c.
Flax No. 1. 11.79 1.81.
Winnipeg Grain Market.
WINNIPEG, March 10. Wheat May,
11.87; July. .11.72.
New York Wbeat Market.
NEW TORK. March 10. Cash wheat,
$1.89 c 1. f.
Grain at 8a a Francises.
SAN FRANCISCO. March 10.-
Wheat, feed S2.552.75; do. tllllnr. 12.70
$r2.90; barley, shipping, $1.50l.tto; do.
feed, 1.201.40; oats, red feed, 11.45
I. 55; corn, white Egyptian, J-'. 80s 2. So;
red mllo, $22.10; rye, nominal.
Seattle Grain Market.
SEATTLE, March 10. Wheat, hard
white and sort white, $1.50; white club,
$1.48; hard red" winter, soft red winter,
northern spring and eastern red Walla,
II. 45; big bend bluestem, 11.58. City de
livery: Feed Scratch feed. $57 ton; baby
scratch feed, $55; feed wheat, $80; all
grain chop, $47; oats, $46; rolled oata, $48;
sprouting oats, $51; rolled barley, $45;
clipped barley, $49; milled feed, $34; bran,
$34: whole corn, $40; cracked corn, $42.
Hay Alfalta, $27 ton; double com
pressed alfalfa, $33; do. timothy, $38; east
ern Washington mlxea, $dt; straw, $2u;
Puget Sound, $31.
Coffee Futures Higher.
NETT YORK, March 10. There were
moderate rallies in the market for coffee
futures ' today, owlna; to the better show-
Baker
Boise
Boston
Calgary
Chicago
Denver
Des Moines..
Eureka
Galveston ..
Helena
'Juneau
Kansas City.
Los Angeles.
Marxhtleld ,
Medford ...
Minneapolis
New Orleans.
New York..
North Head
Phoenix .
Pocatello . .
Portland . ..
Roseburff .. .
Sacramento
St. Louis..,
Salt Lake....
San Diego.-.
San Fran...
Seattle
Sitka
Spokane ...
Tacoma ....
Tatoosh ....
Valdes
Walla Walla
Washington
Winnipeg ...
Yakima
3 40.00j. .IW
fitio.mi . . N
50 0. 04112 W
24'0.30 12i.VE
52 o.oo:20;s
58 0.00)12 NW
5H,0.00i14SW
4H 0.00. .IN
61:0.00 14! K
20 0.341.. IW
22't4o:o.00l. .(NW
5S 0.00 12 H
5H:0.00. ,SW
52I0.0S . . NW
6210.00 . . NW
4-s o.nriSi.v
70 0.001. . SB
B2:0.0O14-NYV
C'lrar
Clear
Clear
Snow
Clear
Pt. cloudy
Pt. cloudy
Cloudy
Cloudy
Snow
Clear -
Cloudy
Cloudy
Cloudy
Clear
Clear
clear
Clear
4 0.08124 NWiCloudy .
720.00,.. S Clear
500.0o'l4 StV Clear
B10.00;i3 SW Cloudy
560. 00.. IN Clear
5410.00!.. IS Cloudy
560.0018S Clear
RrtO.001. .I.VW Clear
62!o. 00,10, NW;Pt. cloudy
52 O.Ofll. .INW
40J 4C;0.0126iSW
341 460.00 18 SW
8SJ 46 0.04 16 SW
t42 0.00. .INE
5010.00 16SW
54 0.001. .IS
14-0.00 .. NW
Cloudy
Clear
Clear
Pt. cloudy
Cloudy
Cloudy
Clear
Clear
Clear
Clear
54 Q.00. .jNW Clear
A. M. today;
Ing day.
tP. M. report of preced-
FORECA3T3.
Portland and vicinity Occasional rain;
northely winds.
Orecon and Washington Rain west por
tion, rain or snow andr colder east pory
tlon; strong, gusty winaa, snuung lo norm
erly Friday.
Northwest storm warnings were ordered
at 6 -30 P. M. Thursday for nil Oregon snd
- - -,
OUR BOND DEPARTMENT is
equipped to give the same reliable, effi
cient and courteous service in investment mat
ters, which characterizes the service of every
department of this bank.
'Our offerings include the highest type of gov
ernment, municipal and corporation securities.
111 l
Washington coast stations except Marsh-
field.
Livestock warnings, advising stockmen
to be prepared fo runfavorable weather
conditions, were Issued for all Eastern
Oregon stations at 6:30 P. M. Thursday.
Owner Finds Home Occupied.
ABERDEEN, Wash., March 10.
(Special.) A. J. Calkins, former Oak-
ville resident who has been two years
in California, returned Monday to
find his home, which he had left
locked and with windows boarded,
occupied by a strange family, a
man, woman and child. The house
was opened up and occupied three
months ago, when the scarcity of
dwellings became ncnte.
(coKsr.trAnvL
1 iiim 1 ! 1 in rn ' Tir-T iTrTMirWftt
Ccassrv&tivo
Where Fourth
meets" Washington
is the home of "A
Conservative Custo
dian." A safe and
convenient place to
do your banking.
PJ
it
We Buy and Sell
Liberty Victory
Boeds
All issues. Any amount.
jpP SMITH
CAMP
CO.
ROUND FIOOS)
Lvs lamaaMS oilshsw
Pi m and araaa
war
P.K.M.
Rubber Heels
and Soles
See the big exhibit of the Port
land Rubber Mills in our bank.
"I know of no
way of judging
the future . but
by the past."
Patrick Henry.
Present day con
ditions have their
parallel in former
crises. Have you
the time to analyze
such data?
Strong 6 HacHaughtoh
COHBETT BUILDING
PORTLAND OREGON
ADVERTISE OREGON
Oregon's Front
Yard!
Oregon made
goods have a
splendid mar-
ket at their very
front door.
, ,
Why not culti
vate it through
good advertis
ing in a force
ful, telling way?
Hall St Emory Agency
Incorporated
Merchandising Counsel snJ
ADVERT1SIXG
PORTLAND, OREGON
Phone Marshall 220
ADVERTISB OREGON PRODUCTS
TRUST CCKFiUrr
Broad w-ay and Oak
A California
Example
There are about 600,000
car in California, with an
average annual tire up
keep of JlOO. If all roads
usea were hard-urfaced. a
s a v i n g- of tl2.000.000 an
nually would appear in
favor of the resilient,
bituminous type of pave
ment, because there is at
leant 20 per cent less tire
wear over resilient pave
ment than over one that Is
rigid. Resiliency is one of
the great virtues of
WARREN IT E
BITULITHIC
Republic of Chile
External Loan
Sinking Fund 8'
Gold Bonds
Due Feb. 1, 1941
Sinking fund sufficient to re
deem entire issue at or before
maturity. In Kno and J10O0
denominations. Offered If. as.
and when Issued at price to
1 yield about
8.21
to maturity.
Circular on request for OR-37
The National City
, Company
Offices In more than 50 cities
Portlnnd Venn It Ida".
Telephone Alain 6073
1