Morning Oregonian. (Portland, Or.) 1861-1937, May 24, 1921, Image 21

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Morning Oregonian., May 24, 1921, Page 21, Image 21

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Newspaper Page Text!J1 TIIE 3I01.XTCG OREGOXIAX, TUESDAY, MAT 24, 1921 STOCK COURSE IS UNEVEN E loupes and watermelons U estimated at 13,000 carloads. The first California peaches made their appearance and were quoted at $3.50 a box. GRAIN BUYERS ARE OUT OF MARKET Confidence in Stability of High Prices Lacking. DAMAGE REPORT DOUBTED Reaction Due If Statements of Loss Prore to Bo Exaggerated Bids on Local Board Unchanged. The grain trade here apparently does not have full confidence in the present high price of wheat, as most of the large buy ra were out of the market yesterday, a. though they bought freely on Saturday. The opinion was expressed that the mar ket Is at or near the top, as based on re ports of crop damage in the middle west and that the big advance to date has more than discounted all the Injury done to winter grain. It Is also believed in sora quarters that the reports have been ex aggerated and if the crop does not prove to have suffered the loss asserted by some ef the experts, a considerable reaction is likely to follow. There were indications o : this course In the Chicago market yester day where closing prices were materially below the high point of 'the session. At the Merchants' Exchange, the on wheat bids posted were on hard white, soft white and white club and they were un changed from Saturday at 11.41. The for eign demand was reported slower. It- was announced in the east that the. Greeks were unable to arrange suitable credits. The coarse grain market was also quiel (May corn was down 25Si73 cents and oats and barley were unchanged. John Inglis reported from -Hastings, Neb. :- "Wheat prospects are better than in Kansas or Oklahoma. Find better growth and color. No lack of rains. In fact, there is some danger to the crop if rains con tinue." Snow wired from Belleville, Kan.: "After 700-mile trip through best producing die tricts found wheat has gone back mate rially. Should weather prove In the least unfavorable a large percentage of area wlil collapse entirely. There are some sections that still look good. Think 100, 000. 000 bushels the maximum for the state. Offering 11.35 Saturday and old wheat farm deliveries very heavy." Terminal receipts. In cars, were ported by. the Merchant's Exchange as follows: 0 Portland Monday Year i?o .... Season to date 1 Year ago .... 8.S33 Taroma Saturday .... 14 Year ago l':t Season to date 4.5.0 Year aco .... e.tfiu Seattle Saturday .. Year ago .... .... Season to date 4.40.1 Tear ago.... 6,005 Wht. Br!y. Fir. Oats. Hay - a 1- 6 J 1 23 13 2r.4 10.37 550 2380 179 SS48 495 1!1S 1 11 51 9S3 ' i 3134 It 6 513 1148 213 244 1RO 176 466 643 827 823 1427 1214 BCTTEB STORING DELAYED IN EAST Current- Quality Not Good enough for Speculative Buyers. Active storage demand failed to appear In the eastern butter market until Frl day, the only outlet being consumptive trade on account or quality not being good enough to store and the opinion that stor age prices must go lower, resulting in weak and, unsettled markets- and - daily declines in prices until Saturday. . More storing was done by Friday than hereto fore, clearing the market somewhat. It looks as though the bottom has been reached. June butter on the Chicago board went to 26 c. recovering to 27 He Friday. New York has been the weakest market, but there is a better interest in fancy creamery and fine centralized cars. Re celpts were about the same as the pre vious week, some sections showing in creased production and others showing a slight shrinkage. There is no. news on Danish butter. Trading was aotlve all week at San Francisco and demand continued good both for local needs and from the south. Four cars were shipped to San Diego and Los Angeles during the week. There was a general downward tendency In prices Monday and Tuesday and the large re ceivers sold freely and appeared anxious to keep prices in line with the falling eastern markets. The strong demand from the south and decreased receipts forced prices up again and 92 score showed only He loss for the week. Some Oregon butter reached San Francisco, but most of it was forwarded south. Dealers expect east ern butter if present prices continue and outside markets continue to go lower. Cold storage holdings for the week increased 118.45V pounds, but are 130.887 pounds lighter than last year. Receipts from Mon day to Friday showed a decline from the previous week of 64,261 pounds, the light est since the middle of March. WEATHER- TOO COOL FOR APPLES Large Crops Not Expected In Eastern Slates; Potatoes Are Delayed. Crop conditions throughout the country are reported by the weekly summary of the weather bureau as follows: Fruit Apples are blooming in the north ern section of the country, but the weather has been too cool to favor good pollination. The crop of nearly all fruits, especially stone fruits, will 'be very small in most of the central section or latitude, due to the repeated heavy freexes, although late ap ple blossoms have set some fruit. Good peach and apple crops are expected in Colorado and the outlook for all fruit Is promising In Washington. Peaches are being marketed in carload lots from Geor gia and carloads of cherries are being shrpped from California. Rain is badly needed in the citrus belt of Florida Potatoes Irish potatoes in the central section of the country have generally re covered from early frost damage, and many favorable stands are seen. Culti vation has been retarded in many 'sections by recent raina Planting of early pota toes is progressing in the northern tier of states under generally favorable conditions. Harvesting is in progress In the southern states. Livestock The condition ef all classes of livestock Is generally reported to be favorable. Litters of young pigs are re ported to be large and healthy In Iowa and Illinois. Lambing is progressing un der favorable conditions in Utah and Mon tana. Some young pigs and iambs were lost in Wisconsin, due to the cold weather. The condition of meadows and pastures is generally good, although warmer weath er Is needed. Young clover and alfalfa are recovering from the damage Inflicted by the repeated freezes and are beginning to show some improvement. Rain is needed in the southwestern section of the country. OREGON BERRY RECEIPTS INCREASE I till Supply and Reasonable Prices Are Expected In Week. Oregon strawberry receipts are Increas ing and with another week of warm weather the supply will bs large. The trade looks for low prices. ' Yesterday's arrivals sold at 15 6 6 a crate. Californias were quoted at $4.2504.50. This week will wind up the California shipping sea son. There was another small shipment of California cantaloupes in pony crates, wrhieh sold at 115. A letter received yes terday from the Imperial valley said car Jot shipments of cantaloupes would begin the present week. The crop sf cants- CUBE BCTTEB MARKET IS FIRM Trade With California Stopped By Lack of Steamers. Cube butter was firm with most of the sales for local storage account. There was demand from southern California, but the orders could not be filled, as there were no steamers sailing south because of the strike. Local fruit trade dragged with prices more or less shaded. Eggs were weak as the demand was re stricted. Buyers offered from 16 H to 17V4 cents to country shippers and were not, anxious to take eggs at that. Poultry was in limited supply and prices remained firm. Country dressed meats were weak. TREXD FOR MOST PART IS TOWARD HIGHER VALUES. Steady Decrease In Visible Supply. The American visible ' wheat supply statement compares as follows: Bushels. - Decrease. May 23. 1021 9.463.000 1.6S5.CKJ0 -May 24. 1HJO 37.tnii.000 S4j,000 May 28. 1B19 27.615.000 6,121.000 May 27. 1018 ,. 1.533.0HO 33.0MU May 2. 1917 2ti.47S.000 S.6O3.000 The corn visible Is 15.224.000 bushels, a decrease of 2.521.000 bushels. 'Oats. 2S.- 035.000 bushels, a decrease of 1.242.000 ousneis. itye. i.ais.ooo busftels. a decrease of 27.000 bushels. Barley. 1.403.000 bushels, a decrease of 190.000 bushels. Bank Clearings. Bank elearlngs of the northwestern cities yesterday were as follows. Clearings. Balancea Portland J5.189.975 11,112.076 Seattle . . 4,591,863 1.500.717 Tacoma 673,213 48.046 Spokane 1,753.633 889,107 PORTLAND MARKET QCOTATIONS Grain. Flour and Feed. Merchants' Exchange, noon session. Bid . wheat May. Hard white 1 1.41 Soft white 1.41 June. t 1.36 1.35 1.35 July. White club 1.41 oats No. 2 white feed .... 81.50 31.50 31.00 No. 2 gray 31.00 31.00 31.00 Barley Brewing 24.00 24 00 24.00 Standard feed 22.00 22.00 22.00 Millrun 29.00 29.00 29.00 Corn No. 2 E. Y. shipment 31.00 31.00 .... -no. 3 Y. shipment 30.00 30.00 .... FLOUR Family patents, IS.00 per bar rel; whole wheat J7; graham, ttt.80: bakers' hard wheat, (8.25: bakers' bluestem cat- Mi ts. $7.75; valley bakers' (7.25; straights. Il.ZO. MILLFEED Prices f. o. b. mill: Mill- run, (31 per ton: rolled barley. (3840; rolled oats. (40; scratch feed. (51 per ton. tuna wnoie, (38: cracked. (41 per ton. HAY Byuing prices f. o. b. Portland: Alfalfa. (18818.50 per ton; cheat, (2223 per ton: clover. (16; valley timothy, (24 ; eastern uregon timothy, (2U. Dairy and Country Produce. BUTTER Cube a extras. 25 iff 26c lb.: prints, parchment wrapped, box lots. 30c: cartons, 31c. Butterfat, buying price: A grade, 25c; B grade, 23c. Portland deliv ery. EGGS Buying prices, case count. lOffl 17V4c delivered. Jobbing prices to retailers: Candled ranch, 21&22c; selects, 24c. ummsb Tillamook triplets, price to jobbers f. o. b. Tillamook, 19c: Young Americas, 20c pound. r POULTRY Hens. 20 27c pound: ducks. nominal; geese, nominal; turkeys, nom inal. PORK Fancy, I31?l3e per pound. VEAL Fancy. 1313Hc per pound. Fruits and -Vegetables. FRUITS Navel oranges. 3.375.75 per box; lemons, (4 w 5.25; grapefruit, (3 .50 per box: bananas, 9H&-10C pound; apples, (1.605 3 box; strawberries, $4.25 6 per crate; cherries. 25 30c pound; can? taioupes, (13 crate; peaches. 3.00 box. VEGETABLES Cabbage, 56c pound: lettuce, (3.75 per crate: carrots, (1.50 per sack; garlic 20c per pound; beets. (1.50 per sack; green petters, 3040c per pound; rhubarb, 4ti6c pound; spinach. 6Vi7c per pound; turnips. $1.50 (&, 3 per sack; tomatoes, (4.50 per lug: cucumbers, (1.752.75 per dosen; peas, 1417c per pound; asparagus, (2 per dozen; beans, 1718c POTATOES Oregon, 11.2591.50 per 101 pounds; Yakima, $1.601.75; new Califor nia, 56c per pound; sweet potatoes (3.75 per crate. OjNiors uregon, 73co Jl per sack: new crop. White Bermudas, $2 per crate. Shorts. Driven to Cover in Kails and Mexican Oils Call Money Closes at Decline. NEW YORK. May 23. The stock mar ket resumed Its hesitant and uneven course today. Shorts were driven to cover in the oils, especially Mexicans, and rails. Tobaccos were appreciably higher. Motors anda few food-Issues were heavy to weak, some of the former establishing low records for theV-ear. Sales amounted to eoo.uuo Western railway ' tonnage figures dis closed additional declines and brokers or that section reported, a oeoi Investment situation and further uncer tainty regarding the business outlook. Tk. inniiirr for money was slightly more active and that, with last Saturdays moderate deficit of clearing nouse acium reserves, tended to stiffen call money. In the final hour the rate dropped from 7 to 6H per cent on the exchange and 6 per cent on the open market. The one constructive development of the session was the announcement of the terms of the new French government loan. Foreign exchange was reactionary In ail Its branches, sterling falling some 6 cents to the pound from its recent maximum. French and Belgian rates fell 40 points from last' week's closing quotations and reactions of 8 to 25 points were recorded by most other continental remittances, German marks losing only 6 points. The boad market, including liberty Is sues, was irregular, though changes were mostly trivial. Foreign flotations were not materially affected by the heaviness of international exchange. Total sales, par value, (10,175,000. ' i CLOSING STOCK QUOTATIONS. (Furnished by Overbeck & Cooke com pany, .roruana.j High. 43 H 1814 50 Vs Low. 43 15 H 50 Vk 1 36 'S8'i 40H 29 1 35 !i "37 46 Mi 28 Bid. 43 15 60 V, 31 H I 'A 35 ia 38 45 28 Adams Expr.. 200 Advance Rum. 300 Agr Chem .... 5,000 Ajax Rubber Alaska old.aa 900 Alask Juneau. 300 Allis-ChU ... - 900 do pfd ..... Am Beet Sug. 500 Am Bosch ... 1.900 Am Can 1.900 rin nfri t3 Am Car & f. 100 124 124 124-4 do pfd 100 108 Am Cot Oil . 20 do pfd ..- 45 Am Drug Syn 100 6!4 6(4 64 Allied Chem.. . : 44 4 Am Hide & L 600 12 'A ll'i 11 do pfd 800 55 53 54 Am Ice 100 65 65 55 Am Int Corp. 1.100 47H 4514 4'A Am Linseed... 2,800 81V4 28 SO do pfd i - o too ct ea fi Am Loc 2.100 87 sett do pfd 101 'A V 1.600 200 1.180 2,100 1,300 200 Staple Groceries, i Local jobbing quotations: SUGAR (sack basis) Cane granulated. 7.85c per pound: beet, 7.65c per pound. NUTS Walnuts, 803Uc pound; Brazil nuts. 30c; filberts, 12c; almonds, 2430c; peanuta. 8llc per pound; cocoanuts, (1.75 per dozen. RICE Blue Rose, 6c per pound; Japan ityle, 4c per pound. BEANS Small white, (He: pink. 7ic lima. 8c: ren. 8c per pound. COFFEE Roasted, bulk. In drums, 14 0 36Hc per pound. SALT Granulated, bale, J3.40W4.25 alf pound, ton, 60s. (19.75: 100s. (19.25 lump rock, (26.50. DRIED FRUITS Italian prunes, 6 He pound; dates, (4.256.85 per box; figs, ( 05.25 per box. Am Sat Razor 2,000 Am Shio & C Am Smelter... 6,900 do pfd Am Steel Fdy Am Sugar.... do pfd Am Sumatra.. Am T & T. .. Am Tobacco.. - do B .-. Am Wool ..... do pfd do P pfd... Am Zinc Anaconda Assd Oil Atchison do pfd 200 Atl G 4 W I. 3.000 Bald Loco... 13.400 Balto & Ohio. 3.700 Beth Steel B. 4.200 B R T 300 Butte C & Z. 300 Butte & Sup.. 200 Caddo Oil .... 900 Cat Packing.. 100 Cal Pet 2,400 do pfd ..... Can Pac 600 Cen Leather.. 2,300 Cerro de P... 400 Chand Motor.. 11.400 Chi A- N W. . 800 Chi Gt West.. 200 do pfd Chili Cop,.... 6 43 800 90 66 105 ,129 '4 78 42 'e0 76 Vi 39 86 40 60 12', S'i 14'i 15 90 'ei'J 105 129 126 74 41 '80 75 89 83 39 'A 58 12 5 14 15 i 47V4- 49 Hides, Hops, Ete. TALLOW No. 1, 3H4c; No. 2, 2 Vj 03c per pound. " CASCARA BARK 1920 peel. 7c pound 1921 peel, 6c pound, delivered Portland. HOPS 1920 crop, best. ZOc per pound. HIDES Salter country hides. 4c deliv ered Portland; grubby hides. 3c; city calf skins, 12c; country calf skins, 10c; good ip. 6c; grubby kip, 4c. WOOL New clip, aopiSHe per pound. MOHAIR New clip, 16c per pound, de livered Portland. Provisions. HAMS All sizes, 30 38c; skinned, 310 36c: picnic. 18c; cottage roll, 2bc. BACON Fancy. 43 53c; choice, 800 35c: standard, 2o2ic LARD Fure. tierces, ioc pouna; eom- Dound. tierces, lie DKx SALl tiacKS, zorgzsc; piaies, luc Oils. LINSEED OIL Raw, In barrels, 99c; five-gallon cans. (1.14. Boiled, in barrels, (1.01: five-gallon cans, (1.16. IlKrt. 1 1 1. , lu arums, ific; xive-gai- lon cans, (1.12. WHITE LEAD 100-lb. kegs, 13c per lb. COAL OIL Tank wagons and Iron bar- Is. 17i4c; cases, 80 37c. GASOLINE Tank wagons and iron bar- rela, 28c; cases. 40Vic. SAN FRANCISCO PRODUCE MARKET Prices Current en Vegetables, Fresh Fruits, Etc., at Bay City. SAN FRANCISCO, May 23. Vegetables -Asparagus, 3I0c; Italian squash. 2o2; potatoes, new, 2Hwoc; sweets. Nancy Hall, (60&6.50; onions, Australian 'brown, nominal; crystal wax, (1.5001.7? crate; green, Sl.b5j:: box; . tomatoes. Im perial, (2.23p; celery, nominal; garlic 608c; bell peppers, 10030c; chill, 10015c; peas, 6012c; rhubarb, nominal; lettuce. 2.50: artichokes, S4'n9 crate: spin ach. 203c: beans, 12H017Vic: beets. (1.75 sacK: carrots, i.Zdapi.ou sack: egg plant. 20W25C poultry Young cnicRens, 23gaoc; staffgy roosters. 20025c; old, 13018c; hens, 200 32c; ducks, 25035c; geese, 25c; turkevs. live, 40c; dressed, 45 050c; Belgian hares. ve. zugp-Jc; aressea. Zdepzec: sauabs. 45048c; pigeons, $303.50. Fruit Oranges, navel, (2.7505: Valen cia, (3 0 3.75; lemons, (2.50 0 4; grapefruit, 3.75: apples, (1SV2.50: strawberries. 50060c drawer, (101.35 crate; raspberries. (1.50 01.75 drawer; gooseberries, 8010c; bananas. B10c; avocaaoes. 134(8 dozen: cherries, (1.75 0 2 flat box; 10014c pound; prlcots, (202.50 4-basket crate; (30(3.50 lug; watermelons, 10c pound; peaches. 52.50 box; .cantaloupes, standards. 100 12.50: ponies. (8010: flats. $3,5044: fias. (303.50. Receipts Flour, 5868 quarters: wheat, 6510 centals; barley, 970 centals; beans, 2472 sacks; corn, 1185 centals; rye, 5 cent als; potatoes, 1443 sacks; hay, 300 tons; hides, 1541 bundles; lemons and oranges, 4400 boxes; livestock, 149 head. Metal Market. NEW YORK. May 23. Copper firm. Electrolytic, spot and nearby, 13c; fu tures. 1313o. Tin easier. Spot and nearby, 33.000 33.25c; futures, 83.25c Iron nominal. No. 1 northern, $25 0 26; No. 2 northern, 124 0 24.50; No. 2 northern. (21022. Lead steady. Spot, 5.00c Zinc quiet. East St. Louts, delivery, pot, 4.85 0 4.90c Antimony, spot, 6.25c. New York Sugar Market. NEW YORK. May 23. Raw sugar, (5.02 for centrifugal: refined, (6.30 to (6.60 for fine granulated. Cotton Market. . NEW YORK. May 23. Spot cotton qui et. Middling, 12.500, 1 Chlno C M St P... do pfd .... Coco Cola... C & O Colo F & I.. Colo G & E.. Col Graph..., Con Gas .... Contl Can .. Contl Candy. Corn Prod.... Cosden OH C R I & P.... do A pfd... do B pfd. .. Crucible do pfd ..... Cuba Cane.... do pfd Cub Am Sug.. Dome Mines.. D & R G do pfd Endi Johnson. Erie 3,500 500 1.9O0 6O0 . 600 900 1,600 6,300 200 500 ' 2,600 400 100 1,100 .14,200 1.500 4,400 200 200 18.700 114H 40 'A 29 5 65 65 19 12 4 2614 28 43 29 4 r.s 31 60 7 87 47 1 70 V4 '85 ' ' 32 75 65 78 114 38 29 63 64 64 18 "4 12 20 27 42 29 66 . 31 59 7 87 47 1 68 S4 31 75 65 70 1.000 2.000 . 1,200 900 18 18 59 66 23 22 19 19 do 1st pfd Fam Players.. Fed M & S... do pfd Fisk Tire . . .. Gaston Wms.. Gen Cigars.... Gen Electric. Gt-n Motors .. do 6s Goodyear .... Gen Aspnait.. Goodrich Granby Gt Nor Ore... do pfd Greene Can... Gulf S Steel.. Hunn Motor.. Houston Oil... Ill Central....- nsplration . .. Int Aftr Corp. do prd Interboro .... do pfd Int Callahan.. Int Harv Int Mer Mar.. do pfd Int Nickel ... Int Paper .... do ofd Invin Oil .... Island Oil ... K C Southern. do pfd ..... Kelly-Spgfld . Kennecott .... Keystone Tire. Lack Steel . . Lee Tire Lehigh Val Lorillard .... L & N Max Motor do 1st pfd. . do 2d pfd. .. Mex Pet Miami ... Mid States Oil Mtdvale Steel. M K & T do pfd Mont Power.. Mo Pacific do pfd ..... Mont Ward... Nat Enamel.. Nat Lead .... Nev Con New Haven . .. Norfolk & W. Nor Pac Nov Sco Steel. N Y Air Brk. N Y Central.. Okla Prod ref. Ont Silver ... Ont & West.. Otis Steel 2.800 63 13 20 7314 7 900 1,300 200 62 13 20 7' 6 1.900 200 100 300 58,300 15 1 60 137 12 15 1 60 137 11 ii.Voo '70 "eR 1,200 37 86 "VoO '29 29 2.800 67 66 '2,'obo 37'" 'H" 2.500 13 12 1,300 76 74 100 90 90 600 36 36 "206 600 12 12 200 5 5 ' 1,300 91 89 800 15 15 900 65 64 400 15 15 2.400 71 69 "i.300 "l7 17 900 4 8 - 1,700 ' 27 26 2.Vo6 '45 43 1.200 21 21 1.900 15 15 2,000 49 49 "Vn6 52 52 600 159 156 44,600 150 147 300 23 23 S.500 13 13 400 27 27 200 2 2 "Voo '22" 'ii" 1.800 41 40 "i.Voo ei "49 "206 ,j2 'l2 400 19 18 400 97 97 6.600 70 69 "Voo ,'ert" "es'" 1,500 3 3 Pacific OH 5,800 37 87 Pac G & E Pan Am Pet.. 13.200 67 65 do B -1.700 60 69 Penn 2.500 S5 84 Peo Ga 1,400 61 60 Pere Harq 200 21 21 Phila Co 200 Pure Oil 700 85 35 Pierce Arrow. 31.400 28 25 Pierce Oil ... 800 10 9 Pitts Coal ... 300 62 62 Pitts A W Va. 1.300 80 29 do pfd Pr Steel Car.. 100 83 83 Pullman 1,300 101 99 Ray Con 800 14 14 Reading 8,900 72 , 70 Remington ... 500 84 83 Repl Steel .... 800 Rep I & S.... 5,900 58 67 do pfd ..... - ' Rep Motors... . 400 15 15 Ryl Dutch Oil 2.300 . 63 .63 Ry Steel Spg. j4.". ' Sears Roebuck ,10 78 78 Shattuek Arls , 100 7 7 Shell T & T... Sinclair 10,900 26 25 Sloss Shef So 'Pac 8.900 78 75 So Railway... 2.800 26 20 do pfd 400 St L ft S F.. 4.200 23 23 Strom Carb... 100 3 8S Studebaker .. 74,800 . 77' 72 Swift & Co 97 96 Tenn C & C... 300 9 : 9 Tex Oil 13.100 88 87 Tex Pac 4!4 23 Tex P C O. 2.600 27 26 Third Aave... 700 17- 17 6 9 42 77 29 90 101 63 104 12 126 , 75 97 33 9 41 100 81 , 75 39 84 89 50 12 14 13 69 46 77 114 39 2D 63 64 6 19 12 28 27 42 29 57 30 69 7 87 47 1 68 103 84 81 75 64 72 84 18 56 22 18 1 63 13 20 72 6 26 15 1 60 137 11 67 67 60 37 23 29 67 24 85 12 75 89 86 10 49 4 12 5 89 15 64 15 69 17 3 '4 26 60 43 21 15 49 28 159 99 6 6 1 149 2.1 13 27 2 4 53 21 40 2t 51 77 12 18 96 ' 70 34 68 68 8 6 18 13 87 63 65 69 34 60 21 82 83 25 9 62 29 69 83 100 14 71 83 27 88 90 15 63 85 76 6 44 26 89 75 20 50 23 3S 76 96 8 87 23 27 V I $100,000,000 . Government of the French Republic Twenty-Year External Gold Loan 7 Bonds Dated June 11921 Due June 1, 1941 Not Subject to Redemption Prior to Maturity Interest payable June 1 and December 1. Principal and interest payable in New York at the office of J. P. Morgan and Co.,. in United States Gold Coin of the present standard of weight and fineness, without deduction for any French Taxes, present-or future. In the opinion of counsel, these Bonds cere a legal investment for savings banks in Connecticut, Vermont and California, Coupon Bonds in Denominations of $1000, $500' and $100, Registerable as to Principal Only. sssiewassiwsssssssssssasBBssswssssws.ssssBsss J In the loan contract under which these bonds are to be issued the French Government Covenants to pay to J. P. Morgan and Co., dur ing the first five years, as a sinking fund, the sum of not less than $9,000,000 in cash ,per annum in monthly installments of not less than $750,000 each, beginning July 1, 1921, such sums to be applied to the purchase of bonds, if obtainable, at not exceeding par and accrued interest; any unexpended portion of any such installment ' remaining in the sinking fund at the end of any month to be re- turned to the French Government, We Are Receiving Subscriptions, Subject to Allotment, for the Above Bonds at 95 and Accrued Interest, to Yield Over 896 Subscription books will be opened at the office of J. P. Morgan and Co., at 10 o'clock A. M., Wednesday, May 25, 1921, and will be closed in their discretion. All subscriptions will be received subject to the issue and delivery to us of the bonds as planned, and to the approval by our counsel of their form and execution. The right is reserved to reject any and all applications, and also, in any event, to award a smaller amount than applied for. AmounU due on allot ments will be payable at the office of J. P. Morgan and Co., in New York funds to their order, on or about June 10, 1921. ' ' ' Temporary bonds or trust receipts will be delivered pending the preparation of the definitive bonds. J. P. Morgan and Co. First National Bank, n&w York. Brown Brothers and Co. . Harris Trust and Savings Bank Guaranty Company of New York. , Security Savings & Trust Company Lumbermens Trust Company May 24, 1921. National City Company. Bankers Trust Company. Ladd and Tilton Bank. Tob Prod .... Tr Cont Oil.. Un Oil Del... Union Pac ... Uted Alloy Uted Drug . . . Utd Fd Prod.. United Fruit.. Utd Rtl Stores U S Ind AI. .. U S Rubber.. do 1st pfd.. U S Smelting. U S Steel do pfd .Utah Cop .... Va Chem .... Van Steel .... Vlvandou .... Wabash do A pfd... do B pfd... Wells Fargo. West Pac .... do pfd West Union . . Westh A B... Westh E & 51. West Md White Motors. Wllls-Ovrl ... do pfd ..... Wis Cen .... Wool worth ... Worth Pump.. W & L E 2,600 68 B6 67 2.900 10 9 9 6,300 25 24 24 1,400 119 118 119 ..... V?k 200 96 96 93 1,200 21 21 1H "i,200 62 60- 61 800 69 68 69 6.000 T2 71 j72 Voo :::.. 33 16,800 84 82 83 900 108 108 108 500 66 65 55 2.500 82 80 81 2,100 - 82 81 81 400 7 7 7 800 7 8 8 1.400, .21 21 21 "Voo 63 800 29 28 -28 100 . 9 ...... 87 s 1,400 47 46 46 400 10 10 10 89 3,500 8 8 8 300 87 87 87 41 40 40 ::: 112 100 60 49 49 300 9 9 BONDS. U S 2s reg 99iN T C deb 6s do coupon r ....... ."to -in r as ..104'Pac T& T 5s.. ..77IPa con 4s. .. ..77 IS P cv 6s is. 98 'So Ry 5s Atch gen 4S....'76IU P 4 D & R G con 4s 64U S Steel 5s.. U S 4s reg do coupon Pan 3s reg. . do coupon A T at T cv . 89 . 74 . .55 . 84 .85 . 88 . 82 . 80 . 95 Bid. Liberty Bond Quotations. 'Hangs of liberty bond quotations, fur nished by the overbecK & cooks company of Portland: Liberty 8s .... do 1st 4s do 2d 4s do 1st 4s.... do 24 4s.... do 3d 4s.... do 4th 4s... Victory 4s .... do 8s Mining; Stoeks at Boston. BOSTON. May 23. Closing quotations: Hlch. Low. Close, ..88.74 88.00 88.00 87.30 87.00 87.00 87.30 87.46 87.08 87.08 90.62 90.64 87.22 87.22 97.56 97.56 97.56 87.56 ..87.14 ..87.48 ..87.18 ..90.72 ..87.32 ..97.66 ..97.62 22 . 8 . 50 .233 . 8 .. 35 . 9 . 2 . 2 . 21 . 62 North Butte Old Dom Osceola ...... Quincy superior ISup & Boston. shannon ..... Utah Con . . . Winona ...... Wolverine . . 10 21 81 40 8 1 90 4 ' 45 11 Allouez Aria Com . ... Calu & Arts. , Calu & Hecia. Centennial ... Cop Bangs .. East Butte .. Kranklln .... Lake Copper. . Isle Royalle .. Mohawk Swift Co. Stocks. ' Closing prices for Swift & Co. stocks at Chicago were reported by the Overbeck at Cooke company of Portland as follows: Swift & Co Libby, McNeill & Libby 9 National Leather 7 Swift International 25 Money, Silver, Etc NEW YORK. May 23. Prims mercan tile paper, 67c , Time loans steaay; ou.aays, vu aays, six months. 6 per cent. Call money easier; high, ruling rate and offered at 7 per cent, low, closing oia ana last joan O'A per cent. Bar silver, domestic, vttc; ioreign, 69. Mexican dollars 46 c LONDON, May 28. Bar silver, S3d per ounce. Money 5 per cent; discount rates, short bills. 6 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 of the foreign unit In United States funds: Country Unit Rate. Austria, kronen $ .0032 Belgium, francs .0850 Bulgaria, leva .0140 Czecho-Slovakia, kronen .0155 Denmark, kroner 1825 England, pound sterling 8.9N00 Finland, flnmark 0230 France, francs .....l... .0850 Germany, marks 0170 Greece, drachmas .0575 Holland, guilders 3595 Hungary, kronen .0o55 Italy, lire 0560 Jugo-Slavla. kronen .0095 Norway, kroner .1600 Portugal, escudos 0070 Roumanla, lei .0185 ferbia, dinars 0375 pain, pesetas 1360 Sweden, kroner 2370 Switzerland, francs 1815 China-Hongkong local currency... .5000 Shanghai, taels 6000 Japan, yen 484 5 NEW YORK. May 23. Exchange weak; sterling demand, 3.95: cables, $3.98; francs, demand, 8.30; cables, b.sb; .Belgian francs demand 8.30: cables. 8.38: guilders. demand 35.55; cables, 35.65; lire, demand, 5.39; cables, 5.41; marks, demand. 1.62; cables, 1.63; Greece, demand. 6.35; Sweden, demand. 23.45; Norway, demand, 15.80; Argentine, demand, 81.80; Brazilian, de mand. 13.87: Montreal. 10 u-io per. cent discount. ' ' Foreign Bonds. Foreign bond quotations furnished by the Overbeck A Cooks company of Port land: Creamery higher than extras, 28 29c; creamery extras. 2828c; creamery firsts. 2427o. Eggs Firm; fresh gathered extra firsts, 2425c; firsts, 2123c; Cheese Steady; state whole milk flats, fresh specials, 1516c; state whols milk twias, specials, 15 t$ 16c. CHICAGO, May 23. Butter Higher. Creamery extras, 27c; firsts. 2125c; seconds,, 1720c; standards.U7c. Egirs Unchsngert. Receipts, sj.osj cases: firsts. 21U022c: ordinary firsts, 1819c; at mark, cases included, 20 & 21c; standards, 22c. SEATTLE. Mav 23. Eggs, select, local ranch, white shells. 2425c; do mixed col ors, 23 & 24c; pullets, 18020c. Butter City creamery, cubes, 29c; bricks or prints, 80c; country creamery, extras, cost to Jobbers in cubes, 25c Russian 6s. 1921. do 1926 do 6s. 1019.... French 6s. 1931.... do 4s, 1917 do 6s. 1920 Italian 5s, 1918.... British 5s, 1922.... do 1927 do 1929 do vky 4s . do ref 4s Belgium rest 5s.... do prem 5s German W L 5s. Berlin 4s Hamburg 4a do 4s Lelpslg 4s do 5s Munich 4s do 5s Frankfort 4s ...... Jap 4s , do 1st 4s.... . do 2d 4s Paris Va U K 5s, 1921..... do 1U22 do 1929 Bid. .. 15 .. 6 .. 16 .. 68 .. 64 .. 80 .. 45 ..896 ..392 ..892 ..811 . .280 .. 75 .. 78 .: 18 .. 14 .. 16 .. 16 .. 16 .. 16 .. 16 .. 18 17 .. 68 .. 84 ,. 84 .. 99 99 97 91 Ask. 17 8 18 69 65 81 46 406 402 402 820 290 77 80 14 15 IP n 17 20 IS 68 84 84 99 99 97 91 89 DAILY METEOROLOGICAL KEPOBT. PORTLAND. May 28. Maximum tem perature, 77 degrees: minimum, 61 degrees. River reading, 8 A. M., 20.9 feet: change In last 24 hours. 0.7 foot rise. Total rainfall (5 P. M. to 6 P. M ). none: total rainfall since September 1. 1920. 44 67 inches: nor mal rainfall since September 1. 41.68 Inches; excess of rainfall since September 1, 1920, 2.89 Inchea Sunrise, 4:30 A. M.; sunset, 7:45 P. M. Total sunshine May 23, 15 hours 15 minutes; possible sunshine. 15 hours 15 minutes. Moonrise Tuesday, 10:11 P. M.; Tnoonset Tuesday, 7.04 P. M. Barometer (reduced to sea level) at 6 P. M. : 30 05 Inchea Relative humidity at 5 A. M., 87 per cent; at noon, 44 per cent; at 5 P. M., 29 per cent. THB WEATTTKR. STATIONS. Si SI 11 3 11 53 S3? m it n Wind Weather. do 1937 85 QUOTATIONS Oy DAIRY PRODUCE Market Prices Ruling on Batter, Cheese I and Eggs. '8AN FRANCISCO, May 23. Butter- Extras, 35c; prims firsts and firsts nominal. Eggs Fresh extraa, 25c; extra firsts, 25c; firsts, nominal; dirties. 23c; extra pullets. 21c; undersized. 17c. Cheese Flkts, fancy, 15c; firsts, nom inal; Young Americas. 19c; firsts, nominal. NEW YORK, May 23. Butter Firmer. 1 Baker I 421 6S .00!14:N W Boise I 441 740.00114W Boston 48 52i0.28 .. B Calgary .... 40 74,0.00 .. NB Chicago .... 72 92 0.00 .. E Denver 52 76 0.00 .. NW Des Moines. 70l 90 0.00 . .SW Eureka .... 46 SSiO. OOilOINW Galveston .. 74 1 80 0.0Oil4iSE Helena .... 48 70 0.081. .1X81 Juneaut ... 42 500. 601. . S Kansas City 70 88 0.00 .. SW Los Angeles. 50 6410.12 .. SW Marshfleld, 48 64 0.00! 10 NW Minneapolis 66 86'0.02l. . IKW New Orleans 70 84)0. 001 . . ISE New York.. 66 74 0.06 12lE North Head. 48 64 0.00 24, NW Phoenix .... 64 80 0.00I10IW Pocatello .. 48 6H0.20I..W Portland ... 51 770.0Ol8 NW Roseburg .. 44 80'0.0Ol..N Sacramento 56 88 0.00il2 NW St. Louis... 72 90 0.00!. . ISW Salt Lake.. 52 60I0.04I16INW San Diego.. 54 62'0.0(..W S. Francisco 601 64!0.00l. .ISW Seattle .... 48! 70i0.OO!12IN Sltkat 88i46 0.181. . SW Spokane ... 46 78 0.00 .. N Tacoma 48 ' 681O.OO . . N Tatoosh Isd. 46 52 0.00..SW Valdezt 42'0.00 Walla Walla 52 7810.00 . . N -Washington 66 880.00116'PB Winnipeg ... 50) 74i0.00i 10ISW Yakima .... 44! 82'0.00!..IW tA, M. today. P. M. report of day. Clear Clear (Sloudy Clear Cloudy Cloudy Pt. cloudy Clear Clear hClear Rain Cloudy Cloudy Clear Cloudy Clear Pt. cloudy Clear IClear Cloudy Clear I Clear Clear Pt. cloudy Cloudy Pt. cloudy Clear Clear Pt. cloudy Clear Clear Foggy , IClear Cloudy Pt. cloudy Clear LAMB CR0PIS HEAVY Jordan Valley Sheep Inspected on Way to Summer Range. JORDAN VALLEY, Or, May iS. (Special.) Jack Wilson, stats sheep Inspector of Idaho and a represents t've of the department of agriculture, bureau of animal industry, have been in Jordan Valley for the last week making; an Inspection of sheep that are on the trail to the summer range in the Idaho mountains. Thousands of head have been fed, sheared and grazed in Oregon during the last six months. The lamb crop has been one of the best for several years, and It la estimated that the wool clip will reach 1,500,000 pounds. Practically all of this wool will be shipped to Portland for storage, and later sent by water through the canal to the eastern markets. B. P. Mays of Boston, representing wool buyers of the east, spent last week In Jordan Valley endeavoring to have the wool clip shipped direct by rail to Boston for storage and sale. Naval Stores. SAVANNAH. Ga., May 23. Turpentine firm. 68c; sales, 40U barrels; receipts. SOS: ahlDments. 229: stock. 7701. Rosin firm. Sales. 1321; receipts, 1021; shlnmsms. 1SS2: stock. 74,512. Quote: B, 13.50; D, 13.90; E, 84.15; F, 84.20; G, 4.25; H. 14.80; I, 4.45; K. 84.90; M, 83 60: N. t6.15: Wfl. 16 85; WW. 87 35 FORECASTS. Portland and vicinity Fair and warmer: westerly winda Oregon and Washington Fair and warmer except near the coast; moderate westerly winds. . . . A Strong Public Utility with earnings over twice interest charges The Portland Railway Light and Power Company 7H bonds cannot be called for ten years and mature In 1946. Yield 7.85 Circular on Request for OR392 The National City Company Offices in more 4hsn 50 cities. Yeoa Bids;, Portland. Or. ' Telephone Mala 0072. Property Management V mi fw: ASK THE ENGINEER He will tell you that Warren ite Bitulithie pavement has cot only successfully passed through all the stages of the pioneer, but that he recognizes and appre ciates the supervision and serv ice of Warren Brothers Company in meeting and solving the ever changing conditions of road building. HOTEL HOYT Strictly Fireproof. Near both dpcu and convenient car rvie to II part of etty. Nfwrto Rooms Without Ituth, tl and ap blnKl Koni With Hath, M and as KLUtBT (. KOIIE. Manmrar. Phone your want ada to The Or ffonlaA. Main 7070, Automatic $-60-9,.