20
TITE MOBXIXG OREGOXTAX, WEDNESDAY, JAXUATtY 4, 1922
TRADING
WHEAT
L STOPPED BY BREAK
No Offers on Any Grade Made
at Exchange.
Jan. 8, 1921 Barter ...
'DecreaM.
3.860.000 '91,000
COUNTRY BUSINESS WAITS
Buyers' Ideas Are Dollar, Term!'
nals, for Export Wheat; Coarse
Grains Are Steady.
The break In eastern wheat price had
m most deprenalnff effect on tha wheat
market here and practically (topped all
trading. At the Merchant" . Exchang-e
tession no bids on any grade of wheat
were forthcoming. So far aa could be
learned thre was no business In the
country. Bids wtre put out later in the
clay, It is understood, on the basts of $t
coast for export wheat, but It Is not likely
that this radical decline would produce
selling by farmers. The market was on
the whole In a waiting attitude.
In the coarse grain division $26 was bid
for both white and gray oats, thus elimi
nating the t- spread between the two
varieties. Uujers offered $23 for corn
lor shipment.
The Washington state crop report esti
mated the winter wheat acreage at
1.21)2,000, or a decrease of S per cent
compared with last year. The condition
cf the crop on December 1 was 79 per
cent, sgalnBt tT per cent a year ago and
ft ten-year avernge of 89 per cent.
Liverpool wheat closed unchanged to
lid lower. At Buenos Aires wheat
opened 1 cent lower and corn unchanged.
New South Wales reported rams rang
ing from one-half to six Inches.
World shipments of wheat last week
were 8,909,000 bushels, against 10,005,000
tiunhels a year ago.
Terminal receipts In cars were reported
by the Merchants' Exchange as, follows:
Tuesday 1M
Year ago. . . . 32
Eennnn to date IfnjS
Year ago.
Tarmna riat. ,
Year ago. . . ,
Season to date.
Year bko. . . ,
Seattle Hat..,
Year ago. . . ,
Season to date.,
Year ago. . .
.-.
41
23
(mo
3074
42
19
K3T0
3059
13 2 11
2 1 1
3T 1333 B."2 1004
172 454 321 1210
10 ... 3
5 ... 12
78 918 92 620
45 B44 78 673
2 17 ... 3
7 ....
130 1385 28 971
172 109 280 1010
Bank Clearings. .
Bank clearings of the northwestern
cities yesterday were as follows:
Clearings. Balances.
Portland .8.43.V2.' li.41.V228
Seattle 8.H.SB.8U2 2.008.793
Spokane 2.313.500 .'.3.!ti
Tacoma, total transactions. ...13.115.275
PORTLAND MARKET QUOTATIONS
Grain. Flour, Feed, Eta.
Merchants' Exchange, noon session:
Wheat, no bids.
Osts Jan. Feb.
No. 2 white teed $28.00 128.00
No. 2 gray 28.00 20.00
Corn
No. 2 B T shlnment 23.00 23 00
No. 3 E. Y. shipment 23.00 23.00
H.OLR Family patents, $7 per barrel
whole wheat, 16.20; graham, $8; bakers'
hard wheat, $7.65; bakers' bluestem pat
ents, $0:55; valley soft wheat. $5.60;
straights, 9.25.
MILLFEED Price f. o. 0. mill: Mill'
run, ton lots. $21; mixed cars, $20 per ton;
middlings, $34; rolled barley. $34 0 38;
rolied oats, $36; scratch feed, $43 per ton.
CORN White, $33; cracked, $35 per
ton.
HAY Buying price t o. D Portland:
Alfatfa, $14 50 per ton: cheat. $1050011
oat and vetch $14 6015; clover, $llal2
valley timothy, $14 lo; eastern uregon
timothy, $16017.
Dairy and Cotuutry Produce.
BUTTER Cubes, extra, 3637c;
prints, parchment wrapped, box lots, 39c;
cartons, 40c. Butterfat buying prices: No.
1 grade 36c, delivered Portland.
EGGS Buying price, 35c: Jobbing prices.
case count,85& 37c ; candled ranch, 401
43c; association firsts, 43c; association se
lects, 46c; association pullets, 40c.
CHEESE Tillamook triplets, price to
jobbers f. o. b. Tillamook, 20c; Young
Americas. 27c pound.
POULTRY Hens, is20c; springs, 20
21c; ducks, guese. 20c; turkeys.
live, nominal; dressed, 35 W 38c
PCKK Fancy, 12c per pound.
VAi. Fancy, 15 15 He per pound.
PRICES CLOSE LOWER AT
NERVOUS AT CHICAGO.
ALL, GRADES OF AITLES SELLING
Buyers Interested In Common as Well as
Better Varieties.
Ths week has started with a very good
local apple market. Buyers yesterday
showed interest in the common grades of
cooking'' stock as well as the best gradea
Prices were steady and unchanged. There
were no new developments In ths interior
markets.
At the New Tork auction 1720 boxes of
Oregon Newtowns, extra fancy, all sizes,
sold at $2.35 2. 75; fancy, all sizes, at
$2.1502.40; combined extra fancy and
fancy, all sizes, at $2.15p2.55; 630 boxes
Spitzenbergs. extra fancy, all sizes, a
$2.4002.95; fancy, all sizes, at $2.3502.75
combined extra fancy and fancy, all sizes,
ac ;.8J(u'.'.bo; joaa ooxes Newtowns, ex
tra fancy, all sizes, at $2.3502.55; com
bined extra fancy and fancy, all sizes, at
$2.3502.50.
Oregon Spltzenbergs at the Boston auc
tion averaged $1.98 for choice grade.
The government's December estimate of
the commercial production of applea is as
lunuwai
New Tork . ,
Pennsylvania ,
Virginia
Went Virginia
Illinois ....(..
Maine ........
Michigan
Alontana .....
Colorado
Barrels.
...... 3,000.000
221.000
136.000
83.000
307,000
!30,000
1,2118,000
175,000
5''rauo 812.000
Washington
Oregon
California I.l.III! 1
ooo
7.7.10.1)00
1.300.000
2b0.000
Total 20.098,000
BUTTER FALLS TO JUNE PRICES
an Francisco Market Depressed by Cheap
Offerings of Australian.
The butter market at San Francisco
continued on the down grade with a net
Joss of 4 cents for the past week on 92
score and 814 cents decline for the two
weeks' period. Wednesday the price
reached 36 4 cents, the lowest point since
the latter part of June. From Wednesday
on the undertone became more settled and
Friday the market closed fairly steady.
A special refrigerator train of ten cars
of Australian butter for various eastern
markets was loaded direct from the pier
and more cars are elpected to follow.
Approximately S3S.000 pounds were also
placed in storage Thursday and Friday
but. holdings at San Francisco are still
13,879 pounds lighter than last year. Aus
tralian butter Is being offered as low as
83 and 3514 cents on the street In com
petition with .California at 36 cents,
dealers do not look for further declines
unless prices on Imported butter go lower.
Eastern markets did not recover from
the previous week's decline. Fancy butter
was fairly well cleaned up on all markets,
tut this was possible only at big price re
ductions. Under grades accumulated and
could not be moved at buyers' prices.
Buyers took only enough for Immediate
holiday needs and these needs were dis
appointing. Centralized 90 score cars held
fairly steady all week and supplies of
these were only moderate. Danish butter
in New York Is finding a fair demand at
40 and 41 cents, and New Zealand at about
the same price, while Argentine sold slow
ly at 35 cents. Arrivals during the week
amounted to 2251 casks and .01 boxes of
Danish and 3SO0 boxes of New Zealand.
Latest offerings of Danish are at 30 and
81 cents and New Zealand at 29 and 29 Sk
cents. Some expect better ousiness after
the first of the year and others look for
weaker markets.
EGG BUYING TRICE IS SO CENTS
Market Declining In All Tarts of Country.
Cube Butter Demand Small.
The egg market has resumed its down
ward course. Cash buyers were still pay
ing 35 cents to country shippers yesterday,
but will reduce their bids to 30 cents to
day. Jobbing prices are moving down at
the same rate. The Poultry Producers
yesterday reduced their selling quotations
4 05 cents to 48 cents for selects, 43 cents
for firsts and 40 cents for pullets.
Butter and prints sold generally at the
new reduced quotation of 39 cents. The
demand for cubes was very small. The
butter fat buying price generally quoted
was 86 cents. A small shipment of Aus
tralian butter Is due today or tomorrow.
The poultry market was In better shape
than for several days past Hens sold at
18026 cents, according to size. Receipts
were light and the demand good.
Small Increase in Wheat Visible.
The American visible wheat supply
statement compares as follows:
Bushels. Derresse.
January 3, 1022 4!,4s.noo 370.000
January 4. 1021,.... 43.n03.Oao 2.10HOOO
January 5, 1020 74. ."172.0110 3.13n!W0
December 29, 1019... 71.7os.ooo 4,9o 000
December 30, 1U18... 111,225,000 'i.ill.OOO
Increase.
The visible supply of coarse grains follows:
2, Bo pat
Fruits and Vegetables.
I-oeat Jobbing quotations:
FRUITS Navel oranges, $407 per box;
lemons. $4.7506; grapefruit, $407 per box;
bananas, ouuc per pound; apples,
per box; pears. $1.750 2.25 per box; cran
berries, eastern, $20 per barrel.
POTATOES Oregon, 11SOO01.T3 per
hundred. Yakima. 1202.25 per hundred;
sweet potatoes, 65fec per pound; Nancy
rial:. 12. .0 per crate.
UNIONS Yellow, $55.50 per Hundred.
VEGETABLES Cabbage, 2ft3S4c rer
pound; .ettuce, $3.7504.50 crate; carrots,
$242.50 per sack; garlic. 15c per pound:
beets, $2(2.50 per sack; celery. $606.50
crate; green peppers, 30035c per pound;
ullfiower, $202.50 per crate; squash.
405c: snrouts. lTttc: turnips, $2f2.oO per
sack; parsnips, $203 per sack; tomatoes,
$4.50 per lug.
Staple Groceries.
Local Jobbing quotations:
SUGAR (sack basis) Cane, granulated.
C.80c pound; beet, 6. Ode per pound.
NUTS walnuts, new crop, eort sneiL
23036c pound; Brazil nuts, 18020c: al
monds, 18027c; peanuts, 12014c pound,
pound.
RICE Blue Rose, (Vie per pound; Japan
style, 6c per pound.
COFFEE Roasted, bulk, in arums, is 13
35c per pound.
SALT Granulated. bales, $3 2004.05
half rround. ton. 50s. $17.20; 100s. $18.25.
HONEY Comb, new crop, $5.5006 per
case.
DRIED FRUITS Dates. $7 per ease
flxs. 11.4008.75 per box; apples, 18c lb.
peaches. 15017c; apricots, 23 026 "Ac,
nrunes. 714 012c.
BEANS SmaU white. 6c; large whits,
4c; pink, 6 Vic; bayo. 6c; red, 0c,
Hides. Hops. Eta.
TALLOW No. 1, 4c; No.
Pound.
CASCARA BARK 80 a pound delivered.
Portland.
HOPS 1921 crop, 15021c per pound.
HIDES Fresh cured, 8c per pound;
bulls, 4c; calf, 12c per pound; kip, 7c;
dry hides. 9c; dry salt hides, 7o per ponnd.
PELTS Dry pelts, full wool. 801OO per
pound; salt pelts, 85 0 5OO each, according
to size.
WOOL Eastern Oregon, 13 0 23o per
Dound: vslley. 12 14c per pound.
MOHAIR Oregon, 15 0 22c per pound.
delivered Portland.
Provisions.
Local lobbing quotations:
HAMS All sizes. 27031c; skinned, 24 O
83c; picnics. 20c; cottage roll, 23c.
BACON Fancy. 8043o: choice. 27 O
82c; standard, 23 026c
LARD Pure, tierces, 14o pound; com
pressed tierces. 14c
DRY SALT Backs. 18021c; plates, 15o
Oils.
LINSEED OTL Raw, in barrels. 9c;
(-gallon cans. $1.04. Boiled, in barrels, 91
cents; o-ganon cans, si.uo.
TURPENTINE In drums, 11; (-gallon
cans. $115.
WHITE LEAD 100-pound kegs. 12US
per pound.
gasoline Tank wagons and Iron bar
rela, 26c; cases. 38 --sc.
SAN FRANCISCO PRODUCE MARKET
Prices Current on Vegtables, Fresh Fruits,
Etc., at Bay City.
SAN FRANCISCO. Jan. 3. (State Di
vision of Markets.) Fruit Apples, $1.40
to 13.50, 3-i and 4 tier: casubas. 7 5c a
si. 20; navel oranges. $4.2503.75; lemons
f 4. IU05.25: grapefruit. $3f5.50: cranber
ries. box, $4.5005: pears, box. $203.
Vegetables Artichokes, case. $1S18:
string beans, pound, 30 10c; llmas, 100
12c; carrots, sack. 9Oc0$l; celery, 140
4.50: cucumbers, small box, 11.7503.50:
eggplant, pound, 406c: lettuce, small
crate, $1.75 0 3; mushrooms, pound. 25c0
11; olives, pound, 205c; onions, brown.
cwt, I4.zo04.ia; peas, pound. 10015c; bell
peppers, pound, 15020c: potatoea. 11.750
2.25; pumpkins, sack, 75C011; rhubarb.
dox, 1J03; squasn, lug, 11.5002.25
sprouts, pound, 608c; spinach, pound, 7
0:tc; tomatoes, lug, 13.2303.30.
Poultry Broilers, S3c to 36c: vouns
roosters. 22c to 31c; old, lie to 20c: hens.
23c to 81c: ducks. 22c to 25c: live turkevs.
38c to 41c; dressed, 40c to 52c.
Receipts: Flour. 400 sacks: wheat. 50
centals; barley, 4208 centals: corn, 1660
centals; potatoes, 1235 sacks; hay, 180
tons; hides, 774; oranges. 1200 boxes: live
stock, 2223 head.
DAILY METEOROLOGICAL REfORT.
PORTLAND. Jan. 8. Maximum n.n.r.
ature. 36 degrees; minimum, 33 degrees
River reading. 8 A. M 8.8 feet; change in
last 24 hours, 0.7 foot fall. Total rainfall
(5 P. M. to 5 P. M.), none: total rainfall
since September 1. 1921, 19.42 inches: nor
mal rainfall since September 1. 20 nfl
inches: deficiency of rainfall since n,ni.m.
ber 1. 1921. 0.86 Inch. Sunrise. 7:52 A M
sunset, 4:38 P. M. Total sunshine January
8. 3 minutes; possible sunshine. 8 hours
43 minutes Barometer (reduced to sea
level) at S P. M., 29 95 Inches. Relative
humidity at 5 A. M. 89 ner cent r nnnn
65 per cent; at 5 P. M., 62 per cent.
TK3 WEATHER.
Calling of Margins and Liquidation
Cause Pit to Become Semi-Demoralized.
CHICAGO, Jan. 8. Flurried conditions
in wheat developed todav as a result OX
unusual margin calling and liquidation fol
lowing the absorption of the Fort uearoorn
national bank here. Pricea closed very
nervous, 6 to 70 net lower, with May
11.07 to 11.08 and July 87c to 98c.
Corn lost H,lc to lVic and oats o
to lc. Provisions varied from uncnangea
figures to 12c lower.
Near the end of the day the wheat pit
became semi-demoralized. It waa evident
the trade had failed to recover entirely
from the shock of. the Wagner failure last
week, and that the Jolt from the Fort
Dearborn bank affair was more severe than
had been pointed to by earlier indications
The storm began with heavy liquidating
sales by eastern interests and waa greatly
increased in violence by excited margin
calling among commission houses. The
margin calling was based largely on dis
turbing rumors .affecting various board
f trade concerns that later in every case
cleared their entire obligations as usual.
Final prices were at a slight rally from she
bottom level of the day. On the breaks
July went under $1. and made a new low
record for the season.
Corn and oats received better support
than was the case with wheat. The weak
ness of wheat, however, was reflected to
a moderate extent by foodstuffs.
Provisions averaged a little lower with
cereals and hogs. "
The Chicago gram letter received yes
terday by the Osvrbeck & Cooke company
STATIONS.
S3
Wind
Jan. 8. 1922 Corn..
Jan. 3. 1021 Corn..
Jan. 3, 1022 Oats...
Jan. 3, 1021 Oats...
Jan. 3. 1022 Rye...
Jan. 3, 1021 Rye...
Jan. 3, 1022 ikir ley,
Bushels.
..23.27S.00l)
, . B,4on,ono
, .07. 72. 0O0
. .32.104.OHci
. . 8,770,00')
, . 4.238,000
.. 2,945,000
Increase.
1.711. OHO
1.24i;.onn
4.-.7.0O0
1.040.000
32S.OOO
1.020.000
108,000 )
!ies.
)
lis I
Baker ......
Boise ......
Boston '. ....
Calgary ....
Chicago
Denver ....
Des Moines.
Eureka ....
lalveston ..
Helena ....
Juneaut ....
Kansas City
Los Angeles.
Marshfield
Med ford
Minneapoll
New Orleans!
New Orleans
New York. .
North Head.
Phoenix ....
Pocatello ...
Portland ...
Roseburg ..
Sacramento
St. Louis...
Salt Lake...
Sun Diego...
8. Francisco.
Seattle ....
Spokane ....
Tacoma ....
Tatoosh Isd.
Valdezt
Walla Walla
Washington
Winnipeg ...
Yakima ....
101 24 0.001. .iW
16 30 0.00 ..'IN
41 24 0.0O..SW
32 0.OOI. .
4S0.0OI.. NE
30 0. io . .In
44 o.oo;io;nb
500.04I. .Is
70 0.00 18 SE
161 2O.0Oi..lSW
30 0.00 . .
44 64 0.00 10!S
2H
Weather.
Pt. cloudy
Clear
Cloudy
Clear
Cloudy
Snow
Cloudy
Rain .
Clear
Clear
Pt. cloudy
46 56 0.0010 NWIClear
30 42 0.04. .S
30:0.001. .!W
2S 0.00 16N
7410.00 . . SB
74 0.00 . .SE
24 0.00 14 SW
38 0.00 18, B
56 0.24
20) 240.02 ,
311 0 . OOl
42 0.02 ..
Rain
Icioudy
Pt. cloudy
Cloudy
Cloudy
Cloudy
j 1 louav
NW Pt. cloudy
w now
E ICloudv
SB Rain
no 11.1111:. .;.sh Clear
54!0. 00118, S ICIoudy
28 0.11 .. NWK'loudv
4S 56 0.06; . . NW Pt. cloudy
44 52 O.OljlO NWlClear
80 3h o. on ..:b !cioudy
20 2(1 0.01)1. . NW Cloudy
. . 84-0.00'. .IS Cloudy
80 380.00;32,E Cloudy
...22 0.0O. .!...'. ....
22 20 0.00. .s W Cloudy
201 88.0.110 .. SB Cloudy
-12 8 0.00 .. NW-lciear
0' 20 O OP!. .ne ICIoudy
tA. M. today. P. il. report of preceding
day.
of Portland follows:
Wheat Liquidation set In shortly arter
the opening and continued right through
the session, increasing in volume as the
market got Into new low ground. There
waa very little newsn circulation and ths
only thing given any consideration was the
disturbing financial news growing out of
the announcement that one of the largest
banks in the country had been compelled
to absorb another larae Chicago bank. This
created a very bad feeling despite evidence
from other directions that the worst 01 tne
financial crisis Is passed and that business
conditions are on the mend. The federal
reserve board In its review reported that
It finds business improving all over tne
country. Cash prices in all markets were
lower with futures, but the demand was
fully equal to the supply and spot markets
were by no means weak. Primary receipts
for three days totaled only 806,000 bushels.
The visible supply change was unimportant.
The world g position on wheat has not oeen
changed and we believe purchases made on
this break will carry a minimum ot risk.
Corn Buying was held in check by tne
weakness in wheat, but nquiaation was
not pronounced and the market displayed
a firm tone. The feature of the day's de
velopments was the activity of the cash
demand. The seaboard reported consider
able quantity worked over the holiday In
addition to the buying for Russian relief.
Country offerings to arrive were only mod
erate. We consider corn well wortn its
present selling prices and look for a higher
level in the near future.
Oats Declined throughout the day under
the pressure of liquidating sales. Buying
was led by cash Interests. Receipts were
estimated at 160 cars and although prices
were lower the trading basis was firm. The
visible supply increased 450,000 bushels for
the week.
Rye Trade was small and fluctuations
governed by the action of wheat. Cash
rye was Inactive with No. 2 on track 6
cents under May bid. The visible supply
Increased 328.000 bushels.
Leading features ranged as follows:
WHEAT.
Open. High. Low. Close.
..$ 1.14 $ 1.144 1.074 t 1.07
.. k03 1.03 .97V .97
CORN.
.53 .53 H .B2 .62
u .644 .64 54 .53 .634
OATS.
May ... .884 .8814 .874 .874
July ... .894 .894 .38 .38
May
July
May
July
MESS PORK.
Jan. M
.. 14.80
Jan.
May
Jan.
May . .
8.60
8.97
7.67
7.87
LARD.
8.70 8.70 8.60
9.05 9.07 8.97
SHORT RIBS.
T.75 7.75 ' 7.67
7.95 7.95 7.87
Cash prices, were as follows:
Wheat No. 3 red, $1.124; No. 4 red.
93c; No. 4 hard. $1.01.
Corn No. 2 mixed. 484 47c; No. 2 yel
low, 484 0 47 4c
Oats No. 2 white, 35364c; No. S
wnite, S2 034C 1
Rye Nominal.
Barley 53 0 54c.
Timothyseed 15 0 6.10.
Cloveraeed $ 12.500 18.50.
Pork Nominal.
Lard $8.60.
Ribs $7.2508.25.
13 T4 014c
fu
Electrolytic, spot and nearby,
later. 14c.
Tin easy. Spot and nearby, 32. 75c
Iron steady No. 1 Northern. $19 50 3
ja.oo: No. 2 Northern. 11U&20: No 2
southern, 118.50 017.
Lead steady. Snot. 4 704 SOc
Zinc quiet- East St. Tnl. dellvei-v. anof
Antimony, spot. 4.80c.
Hops at New Tork.
NEW TORK. Jan. 8. Hons Quiet.
States. 1921, S204oc; 1920, 2023c; 'Pa
cific coast, .1921, 25 0 32c; 1926, 22 0 24c
New Tork Sagar Market.
NEW YORK. Jan. 3. Raw sugar, cen
trifugal, 13.42; refined, fine granulated,
14.80 0 4.90. 1
Dulnth Linseed Market.
DUXUTH. Jan. 8. Linseed on track.
$1.96 14 0 1.994; to arrive, $1.964.
Cotton Market.
NEW TORK. Jan. 3. Spot cotton aulat.
Middling, 18.65c.
GERMAN FLAG SCORNED
Majority of Teuton Boats Disin
clined to Fly Emblem.
HAMBURG, Jan. 3. (By the Asso
ciated Press.) Disinclination to fly
the new black, red and gold merchant
flag of Germany, which became the
official flag; January 1, was evident
today when a majority of the Gel-man
boats showed only the customs flag.
Others departing; refused to fly either
the old or the new emblem. One boat
belonging to the Hugo Stinnea inter
ests left displaying a Christmas tree.
Skippers who sailed today scorn
ing the republican flag declared that
they would hoist the old German flag
In International waters and foreign
ports. Twenty-three American ships
were among the 735 arriving here
during December. Twenty-six Amer
ican vessels were among the 790 out
going' vessels.
OUTPUT DF LEAD IS LESS
1
DECLINE IN UNITED STATES
FOR 1921 ABOUT 20 PER CENT.
Production of ZIno Fa-lls Off Al
most 60 Per Cent, Geolog
ical Survey Estimates.
. WASHINGTON, D. C, Jan. 3. Mine
and smelter output of lead In the
United States in 1921 declined about
20 per cent and the production of
cine fell off almost 60 per cent, it
was estimated today by the geologi
cal survey on the basis of reports
from producers and others.
The output of soft lead by mines
of the Mississippi valley was about
231,tfoO short tons, and that of argen
tiferous lead by mines of the western
states about 170,000 tons, compar d
with 251,816 tons from the Mississippi
valley and 259,070 tons from the
western states In 1920. The south
eastern Missouri district, with a 1921
output of 178,000 tons compared with
161,258 In 1920, had a larger produc
tion than any other district and was
he only one to show a gain.
The recoverable line content of
ore mined in 1921 was about 250,000
tons, compared with 584,772 tons the
year before and 549,242 tons in 1919.
The output of the eastern states was
about 68,000 tons, that of the central
states about 168,000 tons and of the
western states about 14.000 tons, com
pared with 102,242, 347.652 and 144.
878 respectively in 1920.
Imports of zinc in ore decreased
from 22,487 tons in 1920 to about
2700 in 192), most of which came
from Mexico.
BUTTER AND EGGS SLUMP
San. Francisco Prices Lowest for
This Season Since 1917.
SAN FRANCISCO, Jan. 3. Whole
sale butter and egg prices dropped
here today to the lowest marks for
this time 01 year since 1917, fancy
butter closing at 28 cent a pound
and extra fancy eggs at 45 cents
a dozen.
The egg decline followed a drop
in eastern egg prices, while the drop
in butter is said to result from heavy
storage holdings of the product from
Australia,
DRAFT RECORDS SECRET
Court Rules Custodian Cannot Be
Forced to Produce Papers.
WASHINGTON, D. C., Jan. 3, The
adjutant general of the army, as cus
todian of the draft records cannot be
compelled to produce any of theje
documents If the persons by whom
they were originally drawn desire to
avail themselves of the secrecy af
forded under the selective service act.
The District of Columbia court of
appeals made the ruling today.
WHEAT PRICE SENT DOWN
CHICAGO II AS SUCCESSIVE
WAVES OF SELLING.
Shipping Market Necessity.
CLEVELAND, O., Jan. 3. American
markets demand an accentuated mer
chant marine, Rear-Adn:iral Benson
declared in an address today. He
I based his plea for greater -support of
the merchant marine on the fact that
Industry and agriculture are being
overcharged for transportation upon
the high eas.
Eastern Interests Lead in Dispos
ing of Holdings on Chi
' cago Market'.
CHICAGO, Jan. 3. Successive waves
of selling finally smashed down
wheat prices here today 7 cents a
bushel.
Financial difficulties, culminating
in a bank merger, were declared to be
largely responsible for an increasing
volume 'of liquidation until toward
the end of trading the wheat market
showed signs of strength despite
many apparently baseless rumors
flying about as to the instability of
brokerage firms. In no instance,
however, were such rumors con
firmed, and tonlgnt it was announced
that every trader on change had gone
through the clearing house unscathed.
Eastern interests led the selling
here, and with the stock and cotton
market showing weakness, the com
parative confidence with which Chi
cago traders began was gradually
overpowered. The Wagner failure a
few days ago was recalled and it was
only at the close after July wheat
had made a new low-price record for
the season that value gave Bigns of
latent power to rally and the flurry
was relieved.
NEW YORK, Jan. 3. A serious
break occurred today In the local cot
ton market, apparently due to reports
of unsettled conditions in the west.
After advancing to 19.20 cents,
early March contracts broke more
than 15 a bale, selling at 18.16 cents
in the lata trading.
PITTSBURG, Jan. 3. The crude
oil market opened for the year today
with the announcement by the prin
cipal purchasing agencies that the
price of Pennsylvania grade was
$3.50 a barrel, a reduction of GO cents.
Ccrnlng, Cabell, , Somerset and Somer
set Light were cut 25 cents and Kag
land 10 cents a barrel.
CHICAGO ALDERMEN CLASH
Argument Over Prohibition Law
Precipitates Fist Fight.
CHICAGO, Jan. 3. Argument on a
motion dealing with the resolution
adopted by the city council last week
calling for An amendment to the pro
hibition laws to allow sale of bnr
and wine today resulted in a fist
fight In the council chamber between
two aldermen.
The motion provided for the send
ing of copies of the resolution to
every city of 25,000 or over and fi
nally carried, 60 to 7. Alderman John
H Lyle, who had discussed the merits
of prohibition, attempted repeated. y
to strike Alderman John Toman, who
followed him to the floor and criti
cised the prohibition movement.
Friends separated them.
Minister to Paraguny Nominated.
WASHINGTON, D. C, Jan. 3. res
ident Harding has nominated William
J. O'Toole of West Virginia to be min
ister to Paraguay, it was announced
today at the White House.
Premier King Leaves for Denver.
OTTAWA, Jan. 3. Premier King
has left for Denver to visit his
brotho. Dr. D. MacDougall King, who
is critically 111.
Primary Receipts.
CHICAGO, Jan. 8. Primary receipts:
Wheat 808.000 bushels, versus 006,000
bushels. Corn 1,634,000 bushels, versus
1,225,01)0 bushel. Oats. 560.000 bushels.
versus 664,000 bushels.
Shipments: Wheat 278.000 bushela ver
sus 638.0O0 bushels. Corn 672,000 bushels,
versus 356.000 bushels. Oats 357,000 bush
els, versus 375,000 bushela
Car lots: Minneapolis, wheat 188. en
105, oats 72. rye 0. Wlnnipg, wheat 617,
oats 257. . JDuluth, wheat 12, corn 55, oats
20. Kansas City, wheat 225, corn 57.' oats
14. St. Louis, wheat 62. corn 193. oata 4.1
Omaha, wheat 32, corn 180, oata 15.
New York Grain Market.
NEW TORK.. Jan. S. Wheat Snot.
weak:' No. 2 red. I1.17U: No. 2 hrrt
1.16V4: No. 1 Manitoba, $1.25, and No. 2
mixed durum, 1.07fc c. i. f. track New
York to arrive.
Corn Spot, weak: No. 2 yellow. B4'!r-
No. 2 white 64 c. and No. 2 mixed,. 63
c L f. New York all rail.
Oats Spot, easy; No. 2 white, 47a
Minneapolis Grain Market.
MINNEAPOLIS, Jan. 3. Barley, 3o48o
Flax. No. 1, $1.03 4 (ft 1.91114.
Wheat, May (1.13. July $1.10.
Winnipeg Grain Market.
WINNIPEG. Jan. 3. Wheat. M9.
(1.0oK; July I1.04H.
Grain at Ban Francisco.
SAN FRANCISCO. Jan. 3. Grain
Wheat, milling. 1.8.-1.5; feed, s.1.85
d; barley teed. II. 2j 1.30: shlnDlnar.
1.301.40; oats, red feed, 1. 401.60:
corn, white Egyptian, I1.72 V4 1.77 ft ; red
Hay Wheat. 117019; fair. $14017:
tame oat. 1518: wild oat. 11013: al
falfa, 113616; stock, t12; straw, S10
Seattle Grain Market.
SEATTLE. Jan. 3. Wheat Hard white
soft white, white club, hard red winter,
soft red winter, northern spring, SI. 04;
eastern red Walla, $1.01; Big Bend blue
stem, $1.06.
City delivery: Hay Timothv. f!3: Ann.
bits compressed, $27: mixed. $21: alfalfa.
$17; double compressed, $23; straw, $15;
oariey. wnoie, ground and rolled, $35:
clipped, $40; chick starter. $54: choD. all
grain. $35: cocoanut meal, $28: corn, $33
rJ4; corn, cracked and feed meal, t:7-
cotton seed meal, $44; linseed meal, $.18;
mash mixture egg, $4046: scratch feed.
4li4B; soy beans. $90: wheat. $44: Pua-et
sound, $30.
FORECASTS.
Portland and vicinity Rain; southeast
erly winds.
Oregon Rain west, probably fair east
portion; Increasing southeasterly winds.
Washington Rain west, probably snow
east portion; increasing easterly winds.
Southeast storm warnings were ordered
at 6:15 P. M. at all coast stations from
Newport, Or., to Cape Flattery, Waah., and
on the Gulf of Georgia, and southwest
storm warnings were ordered at the same
time at Uarsnfield, Or., aad Eureka, CaL
QUOTATIONS OX DAIRY PRODUCE
Current Pricea Ruling on Butter, Cheese
and Eggs.
SAN FRANCISCO, Jan. 3. Butter, ex
tra, 38c; prime firsts, 30V4c.
Eggs Extras, 45c; extra pullets. 40 ',4c:
undersized No. 1. 40c.
Cheese California flat fancy. 21c: firsts.
20c; California Young America fancy, 26c,
NEW TORK, Jan. . 3. Butter. firm.
Creamery higher than extras. 40tt541c;
creamery extras, 40c; creamery firsts, 35
u ;n g c.
Eggs Unsettlert. Fresh gathered extra
firsts, 43 4i45c; do, firsts, 40 42c.
Cheese Steady, state whole milk flats.
fresh specials, 21Hti 22c; state whole milk
twin; specials 21ft1r22c.
CHICAGO. Jan. 3. Butter, lower: cream- I
ery extras, ssc; firsts, 8137c; seconds, 1
28930c; standards. 34 He 1
t.KK Lower, rteceipts. B72S cases; firsts,
8flj!3!H4c: ordinary firsts, 34i3tc; mis
cellaneous, 87&33c; refrigerator firats,
32 it Sic
SEATTLE, .Tan. 3. Eggs., select local
ranch, white shells. 46&48c; do mixed col- i
ors, 45c; pullets. 40c. I
Butter City creamery cubes, 39c; bricks I
or prints, 40c
Metal Markets.
NEW TORK, Jan. 3. Copper steady.
$40,000,000
Dutch East Indies
Twenty-five Year External 6 Gold Bonds
Authorized by the Government of the Dutch East Indies (Law December 30, 1921
Passed by the Netherlands Parliament and Approved by the Crown)
Not Redeemable During First Ten Years.
To Be Dated January 1, 1922 To Mature January 1, 1947
Interest payable January 1 and Julyl. Principal and interest payable in United States gold coin of the present
standard of weight andineness or its equivalent at the main office of Guaranty Trust Company of New York,
without deduction for, any taxes, present or future, of The Netherlands or the Dutch East Indies. Coupon bonds in
denominations of $500 and $1000, registerable as to principal only.
' On and after January 1, 1932, redeemable as a whole at the option of the
government, or in part for sinking fund only at par and accrued interest.
Sinking fund commencing 1932, to retire entire issue by maturity through annual payments sufficient to redeem each
year l-15thof the amount of bonds outstanding on January 1, 1932. These funds to be applied to redemption by lot at par.
Guaranty Trust Company of New York, Fiscal Agent of the Loan
The following is summarized from information furnished by cable by the Minister of
Colonies, Kingdom of The Netherlands. All conversions of florins to dollars have been
computed at the rate of 22 florins per dollar, or approximately at par of exchange.
The bonds are to be direct -external obligations
of the gorernment of the Dutch East Indies, an
integral part of the Kingdom of The Netherlands,
under the sovereignty of the crown, and its most
important colonial possession. The executive and
much of the legislative power of the colony is vested
in a governor-general and council, appointed by the
government of The Netherlands, Budget and other
fiscal matters are originated by the colony, subject
.to the control and approval of the 'government of
The Netherlands. "
RESOURCES AND COMMERCE
The islands, the more important of which include
Java, Sumatra, Celebes, Malacca, Dutch Borneo and
Dutch New Guinea, have an estimated population
(largely native) of about 47,000,000 and a land area
of about 750,000 square miles. "The great natural
resources of the colony have for centuries given it
prominence in the world's commerce, and after more
than three hundred years under Dutch control it is
today one of the richest of all colonial possessions.
The principal products include tin, iron, coal, gold,
petroleum and a large variety of agricultural com
modities, among them coffee, rubber, copra, tea,
sugar and tobacco.
These natural resources have enabled the main
tenance of a substantial excess of exports over
imports. For the six years,' 1915 to 1920, inclusive,
the Dutch East Indies had a larger favorable balance
of trade than any country in the world excepting the
United States. Trade with the United States has
developed remarkably, total exports and imports
having increased from $9,370,000 for the fiscal year
ended January 30, 1913, to $202,840,000 for the
fiscal year ended June 30, 1921.
CURRENCY AND EXCHANGE '
The unit of currency is the guilder, or florin, with
parity of 40.2 cents. Its present quofation of approx
imately 37 cents represents a discount of only jB per
cent, reflecting its position as one of the soundest
currencies in the world.
REVENUES
Total interest and amortization charges 6n all debts,
both funded and as floating, as appear by the 1922
budget, aggregate less than 10 per cent of the 1921
total revenues (partly estimated). These revenues,
' including the gross income from government-owned
monopolies and industries, totaled $267,000,000,
For the period of 116 years, from the establishment
of the colonial government in 1798 to the outbreak
of the war in 1914, the aggregate ordinary revenues
exceeded expenditures (ordinary and capital aggre
gated). From 1906 to 1913 the ordinary budget,
exclusive of receipts from loans and capital expendi
tures, reflected in each year a favorable balance,
the surplus for the period aggregating about $34,
000,000, In the more recent budgets, due prin
cipally to capital and other extraordinary expendi
tures, there have been substantial deficits. The
floating debt amounts to $222,000,000, but without
allowance for any reduction by $40,000,000 taxes
levied, but not yet collected, and by any application
of loan proceeds.
GOVERNMENT-OWNED PROPERTY AND DEBT
Total funded debt, exclusive of this loan, approxi
mates $212,000,000 as compared with government
owned property of an estimated value of not less
than $275,000,000. These properties, from which
the government has realized, substantial profits over
a period of many years, include tramways and rail
roads (approximately 2550 miles), telephone and
telegraph systems, tin mines, coal mines and harbor
developments. The government also controls great
natural resources of value difficult to estimate for
the five years, -1917-1921, partly estimated for the
last year, the net income from government prop
erties and monopolies averaged $46,000,000
annually, or more than 1 times all interest and
amortization charges in the 1922 budget.
94 and Interest
To Yield About 6.75 to Earliest Redemption Date, January 1, 1932)
To Yield About 6.45 if Held to Maturity
When, as and if issued and received by us and subject to approval of counsel. It is expected that interim receipts will be ready for delivery
on r about January 17, 1922.
Guaranty Company of New York
Harris Trust & Savings Bank Lee, Higginson & Co.
Bankers Trust Company, New York Kidder, Peabody & Co.
The Union Trust Company of Pittsburg
Blyth, Witter & Co. Anglo-California Trust Co.
We do not guarantee the statements and figures presented herein, but they are taken from sources which we believe to be reliable.