Morning Oregonian. (Portland, Or.) 1861-1937, January 13, 1922, Image 21

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Morning Oregonian., January 13, 1922, Page 21, Image 21

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Newspaper Page Text21 TIIE MORNING OREGONIAN, FRIDAY, JANUARY 13, 1922 IK HOLD OFF, BUT HIDES STEADY Market Has Not Recovered From Year-End Rest. DOMESTIC STOCKS LIGHT Ko Kosiimptioii of Trading: . in Country Varieties Calfskins .Dull and Prices "Weak. The hide markets throughout the coun try have not jet recovered from the year end dullness and no trading of conse quence hmi developed in the domestic packer markets. While tanners admit the exceptionally strong statistical posl- tlon, they complain that hides are not cheep, no matter what the price, If they cannot make moniy out of the raw prod uce, and they still claim that the leather situation Is unsatisfactory in many ways, feme interests expect that packers will ihave to accent declines on some holdings of all-wrlght native cows which run back tmo November, but on branded lines, which are in very small supply, owing to light kill, prices appear steady. So resumption of trading has developed In country hides. While the market Is down from th former top level, the un dertone seems fairly steady at laat ratea, nd most larger dealers will not consider some lower prices talked by tanners on mall holdings of good hid. Dealers may that the kill In the country is re markably light, and that this will have a sustaining Influence, At the same Um hides now coming Into the market are mostly of poor quality. In foreign hides, previous high limits prevailing on River Plate frlgorlflco steers Jiav receded. Other lines of foreign wet raited hides are affected In sympathy. Common varlotirs of Latin-American dry hides are steadier. If anything, with a. regular demand for moderate receipts of Colombians. f'Alfsklns In all markets are quiet and prices have not recovered from the recent lump. TRICE READJUSTMENT ORDERLY Tear Opens With Brighter Business Frott pert s. The new year opens with brighter pros pects and a clearer outlook for a certain return to stable business conditions, and for restoration of confidence, says the monthly trade letter iHwued by Wadhams, & Co. The process will be gradual at first, as many Inequalities in values still exist, and these must be leveled off and a nevff" foundation laid on which a larger 'and better commercial superstructure will be built. Readjustments of prices is pro gressing In an orderly manner, manufac tured articles are now settling and will continue as conditions warrant. While the pace may be disappointing to many. It, however, assures stability, as a recovery that Is leas violent and spectacular is more endurlng. The financial situation shows a marked Improvement. The recent rapid advances In bonds, and the consequent reduction of interest returns, will tend to check the heavy and widespread Investments in these securities, which have been such a feature of the past two years. This money will seek other Investments which promise v larger returns, and an Increase in build ing operations and a revival of other in dustries that employ labor may be expect ed. Our own Immediate territory will be among the first to- feel the stimulus of business Improvement. Kar'.y resumption of logging operations after the usual holi day shutdown, and an increase in the cut of lumber. Is relieving the unemployment problem In our cities. That the future of this Important industry Is rosy la evi denced by the fact that some of the larg eat aggregations of capital In the country tiave recently invested heavily In our timber and are preparing to operate ex tensively. The farmer will be able to reduce his coat of production the coming season, and there is no reason why he should not be able to sell his products at a fair profit. Every possible financial and governmental Influence should be exercised to achieve this, as agriculture Is the foundation of our national prosperity. LOCAL WHEAT BIDS ADVANCED Offers Raised One to Two Cents at Mer chants' Exchange. The tone of the wheat market In gen eral was steady yesterday and a fair amount of business was reported done in the country. At the merchants' exchange hard white, club, soft white and hard win ter bids were i cent higher and northern spring and red "Walla were 2 cents higher. Oats bids were raised 50c(ff$l. The Liverpool wheat market was firm and 'irld higher and corn Id higher. At Kuenos Aires wheat closed unchanged and corn U d higher. A private cable from England said Ger many has bought 50,000 tons of Plate wheat at a price equal to 45s Qd per quarter. Kntern advioea were that 1.200,000 bushels of wheat and 2,300,000 bushels of corn wore purrhased for Russian relief. Terminal receipts, in cars, were reported by the merchants' exchange as follows: Portland Wht. Brly. Fir. Oats. Hay Tuesdiiy 1 ... 1 1 ... Year Hirt 50- ... 1 ... 12 Feason to date . 20.KJ2 13H 137 rS 103 Year ago 9,3liO 173 47a 328 12UU THcnnin "W f d rieHdav .... 15 ... 1 ... ... Year Hiro 0 ... 8 ... 3 Season to date. 7.006 78 flSl PI .132 Year nao 3,110 4tf '0S3 7tt 680 SeHtt in Wednesday ........ 1 14 Year aim . ... 4 ... 1 Hanson to date. 5.M0 13r 1404 280 1O40 Year ago 4.Q3J 174 213 289 1023 fc EL LI NO TRICES OK EGGS CXT Ho Change Marie in Buying Quotation Hutter Trade Slow. No change was made In the buying price of egca yesterday, but selling prices were unsettled by the action of the association In cutting its quotations 5 cent to 30 cents for selects, 28 cents for firsts and 23 cents for pull ts. Buyers offered country ahlppera 20 cents for mixed colors and 25 cents for whites. The San Francisco , mar ket continued its decline, but bad weather conditions made for firmer markets In the east, which leads dealers here to believe that there may be a reaction in prices today or tomorrow. The butter market was slow. Few cubes could be moved, as buyers were holding off to s-e if there is another decline. Hut- W,x MORE Merchants" and Producers' Our Outlet Enables Us to Pay Top Prices SHIP TODAY BLUE VALLEY. PRODUCE CO. Fourth and fMaa Htm. l"ortlanls Or. I EGG ter markets east and south were firmer yesterday, and If consumption here could be speeded up, the local situation would Improve. Creamery men declare the mar ket would be better If retailers' prices were I more nearly In line with wholesale values. Poultry receipts showed some gain, but prices were unchanged. Among the ar rivals were a considerable number of lay ing hens, indicating that farmers are not finding; egg raising profitable at present egg prices. Week's TChrat Hhlpmenta Lighter. World shipments of wheat last week and the same week a year ago were: Week ending Jan. 7, 'J- Jan. 8, 21 IT. 8. and Canada.. 8.i;L'4.(K 9.733.000 Argentina 1.117JMIO 44.000 Australia 1.1.VJ,(HMJ 800. (MlO Others oti.000 1.23.000 Total 10,M!.000 11.809.000 Shipments for the seasan to date com pare as follows: Total since Same period Julv 1, "I Lant season tr. S. and Canada. ..2r.3.W7.0O0 54.318.000 Argentina 18.3.:.hm 39.2K8.0O0 Australia 4O.84OM)0 1.654.0ftn Others 2.771MMX) 3.120.000 Total 31. 1.806.000 311,380,000 ' Bank Clearinita. Bank clMrinKB of th Northwestern cltlt-s yesterday were follows: Clearinc". Balance. Portland 4.H47.170 f 642.4119 Seattle 0,716,440 1.-JK8.413 Turonia, total LW1.844 Spokane, total 3,817,4113 PORTLAND MARKET QUOTATIONS Grain, Flonr, Fred, Etc. Merchants' Exchangee, noon session: Bid Wheat Jan. Feb. Hard white t 1 "7 1.07 Soft white l. 1.01 White club 1 1 1 .' Hard winter 1 07 1.07 Nor. spring MM) I.IK Hvrt Walla 1.02 1.02 Oats No. 2 white feed Ifl.SO 17.00 No. 2 Cray 26.50 26.00 Harl.y Brewing 2 O0 28 00 Standard feed v 20. 00 -0.00 Corn No. 2 B. T. shipment 24.25 24.00 No. 3 K. Y. shipment 24.IIO 23.00 FLOUR Family patonts. 7 per barrel; whole wheat, $0.20; graham, $6; bakers' hard wheat, $6.90; bakers' bluestem pat ents, S6.40; valley soft wheat. J5.4S; straights, .V25. MIL.LFEB1) Price f. o. b. mill: Mill run, ton lots, $21; mixed cars, $20 per ton; middlings, $34; rolled barley, $343ti; rolled oats, $36; scratch feed. $43 per ton. CORN White, $33; cracked. $35 per ton. HAY Buying price f. o. b. Portland Alfalfa, $14.50 per ton: cheat, f 10.50011; cat and vetch. $14.50 fr 15; clover. $11612; valley timothy, $14CtFl&; eastern Oregon timothy, $loitf17. Dairy and Country Produce. BITTTER Cubes, extras, 30c pound; parchment, wrapped, box lots, 35c; cartons, 3rtc. Butterfat, buying prices: No. 1 grade, 31c. delivered Portland. KtiGS Buying price, 2U'(p2."ic; Jobbing prices, case count. 2."te; candled ranch, 27c; association firsts, 28c; association selects, 3Uc: association pullets, 25c. CHEESE Tillamook -.triplets, price to Jobbers f. o. b, Tillamook. 2tio; Young Americas, 27c pound. POULTRY Hens, 19g2Tc; springs, 203 21c; ducks. 22u2tfc; geese, 2uc; utrkeya, live, noninal; dressed, 35$38c. PORK Fancy, 12c per pound. VKAL Fancy, 15&15 He per pound. Fruits and Vegetables. Local Jobbing quotations: FRUITS Navel oranges, $4.10T box; lemens, $4 75'96; grapefruit, $4fQ)7 per box; bananas, br9c per pound; apples, $18.78 per box; pears, $1.75&'2.25 per box; cran berries, eastern. $20 per barrel. POTATOES Oregon. 1501.T5 per hundred: Yakima, $1.75rg2.25 per hundred; sweet potatoes, OVi'i' 5'c per pound; Nancy Hall. $2,511 per crate. ONIONS Yellow, $666.50 per hundred. VEGETABLES Cabbage. 2H&3c per pound; lettuce, $44.00 crate; carrots, $2 per sack; garlic, 15o per pound; green peppers, 3U35c per pound; bets, $2 per sack; celery, $7tQ7.50 per crate; cauliflower. S2 ret? 2.50 per crate; squash, 45c; ffprouts, 17Hc; turnips, $2 per sack; parsnips, $2(2.50 per aack; tomatoes. $4.00 per jug. Staple Groceries. Local Jobbing quotations: SUGAR (sack basts) Cane, granulated. ft.SOc pound; beet. fi.60e per pound. NUTS Walnuts, new crop, soft shell, 23((f30c pound; Braxll nuts. 18gp20c: al; monds. 1827c; peauts. 1214c pound. RICE Blue Rose, 7c per pound; Japan atyle. 6c per pound. COFFEE Roasted, bulk. In drums, 18(9 85 14 c per pound. BaLT Granulated, bales, $3.2094.05; half ground, ton, 50s, $17; 100s, $16. HONEY Comb, new crop, $3.50ij;6 per case, DRIED FRUITS Dates. 1825o per pound; figs, $1.403.7 per box; apples, 10c. lb.; peaches, 151917c; apricots. 23 26c; prunes, 7V412c. BEANS Small white. 5 85c; large white, 4c; pink, 6c; bayo. 6.65c; red, 6c. Hides, Hops, Etc. HIDES Salt hides. 5ff6c; salt bulla, 4 5c, green bulls, lc less; salt calf, 12c: salt kip. 7c; salt horse hides. $l'i,2 each; dry horse hides. 64jc&$l each; dry hides, &c; dry cull hides, half price. PELTS Dry pelts, 10i912e (long wool); dry short wool pelts, half price; salt pelts, 50c 6 $1 each; dry goat skins, $10 (long hair); shearlings and short wool skins at value. TALLOW No. 1, 4ttc; No. 2, 314c per pound. CASCARA BARK 6c a pound delivered, Portland. HOPS 1021 crop. 13if22c per pound. WOOL Eastern Oregon,, 1324c per pound; valley. 1214c per pound. MOHAI'l Long staple, 20c; abort staple. 15c pounC Provisions. Local Jobbing quotations: HAMS All sizes, 27 31c; skinned, 27 81c: picnics. 20c; cottage roll, 24c. BACON Fancy. 87 it 43c; choice, 259 30c, standard, 2225c. LARD Pure, tierces, 13 Ho pound; com pressed, tierces, 13c. DRY SALT Backs, 1821c: plates. 18c Oils. LINSEED ' OIL Raw. in barrels, 89c; 6-gallun cans, $1.04. Boiled, in barrels. 111 cents; 5-galln cans, $1.06. TURPENTINE In drums, $1.15; fi-gal-ton cans, $1.30. WHITE LEAD 100-pound kegs. 12 Ho per pound. GASOLINE Tank wagons and Iron bar ela, 2tic; cases. 88 He SAN rR.VNClSCO PRODUCE MARKET Prices Cnrrrnt on Vegetables, Fresh Fruits, Etc., at Bay City. SAN FRANCISCO, Jan. 12. (State di vision of markets.) Fruit Apples, 3H and 4-tier, $1.40 M 8 50; navel oranges $4ij5; lemons. $1.50413.50; grapefruit, $2.51)4.75; cranberries, box, $4,5015.50; pears, box, $24p3.50. Vegetables Artichokes, case, $1518; beans, pound, 10tft!18c; carrots, sack, 90o fr$l; celery, crate, $3.50 6; cucumbers, small box, $1. 2042.25; eggplant, pound, 15dll7Hc; lettuce, small crate. $142.25; mushrooms, small box, 5075c; olives, pound. 5f&9c; onions, brown, cwt., $5.50 tt 6;' white globe, $7.50 7.50; peas, pound, loVl8c; bell peppers, pound, 20&2."ic; po tatoes, $2. 15I&2. 85; pumpkins, sack, 75c iptl; rhubxrb, box, $2.75qi3; squash, sum mer, small crate, $3 43.5"; hubbard. sack, $ltfj1.5U; sprouts, pound, 7&9c; spinach, pound, D(luc', tomatoes, crate, $2.75(3. Poultry Broilers, 8538c; roosters, young. 24f32c: old, 1742uc; hens, 2liu 82c; ducks. 2225c; turkeys, live, 86j41c; dressed. 40fn50c. Receipts Flour. 1618 quartor sacks; wheat, five centals; barley, 5138 centals; corn, 102 centals; potatoes, 2570 sacks; hay, 40 tons; hides, 2212; oranges and lemons, 2000 boxes; livestock, 1600 head. Metal Market. NEW YORK, Jan. 12. Copper Steady. Electrolytic spot and nearby, 13414c; later, 14c. Tin Firm. Spot and nearby, 33.12c; futures, 32.87c. Iron Steady, unchanged. Lead Steady. Spot.. 4.704.80c. Zinc Quiet. East St. Louis delivery, spot, 4 SOc. Antimony Spot. 4.50c. Naval Stores. SAVANNAH. Oa., Jan. 12. Turpentine, firm; 85c; sales, 90: receipts, 38; ship ments, 5; stock, 12.760. Rosin, firm; sales. 729: receipts, 833; shipments. 6oo; stock. 86.505. Quote: B, I, E F, G. H. I, $3tf3-'K. $4.75; M, $5.20; N, $5.50; WO, $5.75t.WW. $6. . Diiltith Linseed Market. Dl'LfTH, Jan. 12. Linseed on track, $2.05 H I 2.10; arrive, $2.115 H & 2.09, 'Cotton Market. NEW YORK, Jan. 12. Spot cotton, quiet; middling, 18.20c. RAIL STOCKS IN DEMAND COALERS SCORE GAIXS OF OXE TO THREE POINTS. Speculative Issues Under Pressure Victory Notes Advance, but Liberty Bonds Ease. NEW YORK, Jan. 12. Business on the stock exchange today was moderate In volume and lacking in noteworthy fea tures. The recent investment demand for government bonds and other high-grade securities seemed to, have temporarily run Its course. Stocks were firm at the opening, re actionary during the intermediate period and irregular later, when offerings of oil, tobaccos. International Paper and spe cialties. Including Columbia Graphophone, common and preferred, at low records, Invited fresh short selling. Rails, especially coalers, were the only stocks to manifest a degree of firmness or Immunity from professional pressure. Extreme gains of 1 to 8 points in that group were reduced at the close. Sales amounted to 485,000 shares. Failure of the local federal reserve bank to order further reductions of rediscount and Interest rates was without more than passing Influence on money rates. Call toans again held at 3H per cent and many new time loans at 4H to 4 per cent were reported. The resignation of the French cabinet. In which the question of German repara tions evidently figured, occasioned some activity In remittances to Paris. Foreign exchange, as a whole, however, showed little unsettlement. An unusually large gain of reserve liabil ities was the chief item of interest In the Bank of England's statement. The re port of the state Bank of Germany showed credits and deposits were substantially .'ower. Liberty bonds eased on realising for profits, but closed at trifling gains and losses. Victory 3-is at 100.26 and the 4?4s at 100.30 made new high records for a long period. Many of the old-time rail way bonds were In demand, but foreign Issues were irregular on latest develop ments in the French political situation. Total tales, par vajue, aggregated $22, S75.000. , CLOSING STOCK QUOTATIONS. (Furnished by Overbock &. Cooks com pany of Portland). Sals. High. Low. Bid. Agr Chem 1,000 3!' SO' 301s do pfd 500 57' 5?' 57 Alax Rubber.. 1,500 14 , 14 14H Alaska Gold.. 100 B Alaska Juneau- Ni Allied Chem... 1.100 57H o"'i TH Allis-Chalm .. 7oo an 3SH 38 Ts do pfd 500 89 '4 88 8 Am Beet Sug. 2.100 34 !i 33 H 33 H Am Bosch 200 35 35 35 Am Can Co... 2,700 83U 32 32 do pfd 05 Am Car & Fd J43 do pfil 115 Am Cot Oil... 400 21 20 20 do pfd 41 'a Am Drug Syn 400 4 i 4 4H Am H & L 300 125s 12 12H do pfd 1.300 59 59 50 Am Ice 77 Am Intl Corp. 1,700 40 39 3H Am Linseed 30 do pfd 55 Am L'.co .... 1,800 105 103 H 104 H do pfd 200 111U 11114 lHVi Am Sa.f Razor 4f4 Am Sh & Co.. 5.300 7 7 7H Am Smelter... 600 44 4414 44 H do pfd , 87 Am Steel Fdy. .100 3214 82H 32H Am Sugar ... "0 58' 58 H 58 M do pfd 200 88 4 88 H 8K1, Am Sumatra.. 200 3314 3314 33 H Am T & T... 5,100 11 11 110 Am Tobacco.. 900 133 132 132 do "B" .... 700 128 127 H 127 H Am Wool .... 1,100 80 80 H 80 do pfd 103H Am W P pfd 23 Am Zinc 2O0 13 H J 3 13 Anaconda .... 2,900 4 in 4 48 Assd Oil 100 Atchison 1.900 94 H 94 B414 do pfd 86 Atl Coast Line 300 84 H 84 84 Atl G & W 1. 1.100 29 2S 28H Baldwin Loco. 8,800 9514 93 94 do pfd 103 Bait & Ohio.. 1,600 34 84 34H do pfd 300 5314 53 63 Beth StI "B" . 1,700 50 56 5H Booth Fish 5H B R T 6H Butte C Z.. 200 5 JW. 5H Butte & Sup.. 1,800 23H 22H Burns Bros .. (500 115 115 115H Caddo Oil 000 2H) 2.000 lo v 10 10H Calif Packg... Calif Pet .... do pfd ..... Can Par ...... Cen Leather.. Cerro de Pas. (18 H 68 14 68 14 45 45 45 S-'H 1,700 121 120 120H 400 3014 30 H 30 34 Chand Motor. 1.100 Chi & N W. . . 800 50H 50 4!) o- H 6 H2 8 6 5 15 . 15 15 16 1HV, 27 27H 27 18 17 17H 31 3014 30 43H 42 42 65 65 65 24 H 39 39 3!) 67 6 6H 2 1 1 91 91 fu 26 H .: 26H 46 17 98 96 98 111 S3 32 82 31 81 81 84 84 84 72 71 71 62 61 H 61 82 8 8 8 17 17 16 16 16 16 Chicago Gt W 100 (to pfd 400 Chili Cop 8,300 Chino 700 C M & St P... 1.4O0 do pfd 2.400 Coco Cola.... 3.000 C & 0 600 Colo F I Colo Southern 100 Col Gas & Ei. 1.800 Colum Graph. 12.300 Con Oas 200 Cons Cigars do pfd Contl Can Cities Sv Bk Corn Prod.... 9,800 do pfd Cosden Oil.... 5.800 C R I P 2.0OO do "A" pfd. 200 do "B" pfd. 200 Crucible S.700 do pfd Cuba Cane.... 1.3O0 do pfd OOO Cub Amn Sug. 900 Del & Hudson 400 100 108 108 Dome Mines.. UlM) 21 21 21 Del A Lack... 500 114 113 113 Davison Chem 8.800 61 51 61 Endl Johnson. 4.000 79 78 79 Krie 4.600 9 8 9 do 1st pfd.. 1.300 13 13 13 do 2d pfd.. 300 9 8 8 Famous Play. 10,500 79 78 78 Fed Min & Sm 100 10 10 10 do pfd 400 38 88 87 Flsk Tire 300 12 12 11 Gaston Wms.. 700 8 Gen Cigars... 2.100 71 69 71 Gen Elec 7O0 140 138 138 Oon Motors... 8,900 9 8 8 Glen Alden 42 Gen Asphalt.. 13.600 68 56 67 Goodrich 85 Goodyear 10 Granby . . 4 26 Great Nor Ore 600 81 81 31 Great Nor pfd. 1,900 73 72 72 Greene Cana.. 100 26 26 25 Gulf S Steel... 900 47 47 47 Mask Barker. 500 80 80 80 Houston Oil).. 2.400 74 73 73 Hupp Motor.. 3.700 12 11 12 Illinois Cent.. 200 98 P8 ox Inspiration ... 600 40 89 39 Int Ag Cor cm 72 do pfd S3 Interboro .... 800 Hi 114 l'i do pfd.; 8 Inter Callahan 800 6 5 6 Int Harv 81 Int -Mer Mar.. 600 14 14 14 do pfd 6.400 68 66 60 Int Nickel.... 1.900 12 11 11 Int Paper 5.000 49 47 47 Invincible Oil. . 6,500 15 14 15 Island Oil 13,400 2 2 2 Jewel Tea 600 11 11 11 K C Southern. I 800 .22 22 22 K C Sou pfd.. .'. 52 Kelly-Spgfld . 1.400 36 35 86 K.mnecott ... 3.000 26 26 26 KevKtone Tire 2,100 17 17 17 Lack Steel ... 2oO 45 45 45 Lee Tire 1O0 27 27 27 Lehigh Valley 9.800 0 59 59 Lorlllard .... loo l.VT 150 150 Lowe Thea. .. 200 13 12 13 I, & N 100 Mackay 73 Maryland OII. 700 26 25 25 May Iept Sto 9iM) 106 103 104 Mex Pet 15.700 110 108 108 Miami 400 27 27 26 Mid States Oil 6.600 12 11 11 Midvale Steel S.500 29 29 29 M K & T Wi. 6.0O0 8 7 7 do pfd I.OOO 25 23 25 Mont Power l.HOO 68 67 67 Mont Ward .. 1,400 13 12 12 Mo Pac 500 17 16 17 do pfd 5oo ' 45 44 44 M St P SSM 400 64 63 63 Nor Amn 1,200 48 47 48 Nat Biscuit 125 Nat Enamel . I.OOO 83 82 33 Nat Lead 100 85 85 85 Nevada Con . 500 15 14 14 New Haven . 2.300 13 13 13 Norfolk & W. 2.600 97 97 97 Nor Pac 2.500 75 75 75 N Scotia Steel..... 23 N Y Air Brke 57 N Y Central.. 1,000 74 73 74 Okla Prod ref loo 2 2 2 Onlarfo Silver 4 Ontario & W. 200 20 20 20 Otis Steel 9 Pacific Uev ' 7 Pac G A Elec 400 64 64 63 Punta Allegre 80 83 83 33 Pacific Oil .. 5.000 45 45 45 Pan Amn Pet 1.700 50 60 50 do "B" ... I.OOO 45 44 44 Penna 1.70O 33 83 33 Peo Oas 80O 61 61 61 Pere Marquet. 800 20 19 19 Pure Oil 400 ' 35 35 35 Phillips Pete. 400 29 29 29 Pierce Arrow. 400 14 14 13 Pierce Oil ... 3.700 11 10 11 Pitts Coal ... 9110 63. 63 62 Pltrs W Va 200 24 24 H '24 . do pfd 76 Pr Steel Car. . r 63 Pullman 200 log 107 107 14 74 26 27 51 S3 7 61 95 175 63 8 88 20 85 86' 70 18 94 21 37 81 97 9 44 25 24 3 10 19 127 70 7 12.1 9 68 62 3' 52 99 34 S3 116 62 27 67 80 6 6 20 13 7.1 15 61 91 49 8 86 5 27 20 138 43 6 8 BONDS. 101'M Y C deb 6s.". ini!Nor Tac 4 104! Nor Pac 3s... U S 5 reg. IT S 2s cou. 99 86 61 94 94 89 90 100 IT S 4a reg TT fa cv 4s cou. . Pan 3s reg... Pan 3s cou . . . Am T A T cv 6s Atch gen 4s. . . 104 i Pac T & T 5e. . 80 Pen eon 4s.. 80 I Sou Pac cv 5a. 11ornion Pac 4s.. 8IU S Steel 5s... 1 70 D A R 1 con. 4 Bid. Liberty Bond Quotations. Liberty bond and victory bond quota tions at New York as furnished hy Over beck A Cooke company of Portland: Open. High. I,ow. Close. Liberty 3s.. 97.80 97.90 97.00 97.72 do 1st 4s 97.80 do 2d 4s : 97.76 do l-t 4s. 97.84 98 00 97.82 97.90 do 2d 4s. 97.84 9S.O0 97.74 97.90 do 3d 4 Us. 97.SO 98.10 97.72 98 04 do 4th 4s 97.84 98.06 97.82 98.06 Vlctorv 4s.. 100.18 IOO.30 1 00.18 1 00.24 do 8s 100.16 100.24 lOO.ld 100.24 Ronton Mining Storks. BOSTON, Jan. 12. Closing quotations: Allouejs 22 (Old Dominion ..24 Arii Com 8IOsceola 32 Cal A Hecla...2R !Quincy 43 Ctopper Range.. 39!Superior 2 East Butte.... 10ISup & Boston. ..99 Franklin ...... 174:Shannon 1 Isle Royalle... 23IUtah Con 1 Lake Copper... 2Winona 35 Mohawk 64 Wolverino 10 North Butte . . .12 Swift & Co. Stocks. Closing prices for Swift A Co. stocks at Chicago were reported by the Overheck & Cooke company of Porwand as follows: Swift A Co 97 Libby, McNeil A Llbby 6 National Leather 2 wift International 21 Money, Silver, Etc. , NEW YORK, Jan. 12. CaUmoney steady; high, 3 per cent; low, 8; rul ing rate, 3't : closing bid, 3; offered at 3; last loan, 3. Time loans easy; 60 days, 4 per cent; 90 days. 4; 6 months, 4. Prime mercantile paper, 4 $5 per cent. Foreign bar silver. 00c. Mexican dollars, 60c. ' LONDON, Jan. 12. Bar silver, 35d per ounce. Money, 3 per cent; discount rates short bills, 8 Per cent; three months' bills, 3. RESERVE BATIO INCREASES IN WEEK Gain of Three and Six-tenths Per Cent Reported by Board. WASHINGTON. D. C, Jan. 12. Com bined reoources and liabilities of the 12 federal reserve banks at the close of busi ness January II, 1922. were reported to night by the federal reserve board as follows: RESOURCES. Gold and gold certificates....! 882.138.000 Gold settlement fund, federal reserve board 502,010.000 Total gold held by banks... 8S4.14S.O00 Gold with federal reserve agents 1.910.561,000 Gold redemption fund loo.sso.oou Total gold reserves 2,890,148 o0 Legal tender notes, silver, etc. 10.705,000 Total reserves 3.041,294,000 Bills discounted: Secured by irnited States gov ernment obligations 427.476.000 All other Crto.ulS.OoO Bills bought in open market. v 86,704. OoO Total-bills on hand 1,074, 24.OoO TJ. S. bondB and notes 52.100,000 U. S. certificates of Indebted ness: One year certificates (Plitman act) 113.000,000 All other 54.O4O.oO0 Municipal warrants 385, OOO Total earning assets ..... 1,203. 823, (HM) Bank premises 30,019,000 Five per cent redemption fund against federal reserve bank notes 7.939.O00 Uncollected items 548,4:10.0(8) All other resources 12,811.000 Total resources 4,939.322,000 LIABILITIES, Capital paid in $ 103.204.000 Surplus 210,3t,OOO Reserved for government fran chise tax 853,000 Deposits: Government , 15,289.000 Member bank reserve account l,73.V5O3.O0 All other 26,000.000 Total deposits 1.776,O7.0O0 Federal reserve notes In actual circulation 2,293,799,000 Federal reserve bank notes in circulation, net liability... S3.977.0O0 Deferred availability Items. . 440.455. ism All other liabilities 15.72II.0U0 Total liabilities .".$4. 939. 322,000 Ratio of total reserves to deposit and federal reserve note liabilities combined, 74.7 per cent. Ratio of gold reserves to federal reserve notes In circulation after setting aside 35 per cent against deposit liabilities, 100.6 per cent. i New York Bonds. New York bond quotations furnished by Herrln A Rhod.ce;, Inc., of Boston: Am Tel A Tel 6s 1022 100 Am Tel & Tel os 1024 lol Am Tob 7s 1923 102 Anaconda 7s B 1920 102 Anaconda 6s A 1929 98 Armour cv 7s 1HSO 102 Armour 4 1939 87 Argentine GI 5s 1943 77 Am Ag Ohm 7s .'. 1941 101 Beth Steel 7s 1922 99 Beth Steel 7s 1923 101 Beth Steel Eq 7s 1935 101 Belgium Ext 7s 194-5 105 Belgium 6s 1925 95 Belgium 8s 1940 1 05 Bergen 8s, City of. 1945 107 Berne 8s. City of 194.5 107 Brasil 8s 1941 104 Canadian 5s 1926 96 Canadian Os 1031 95 Can Nat Eq 7s 1935 106 Ohl N W 6a 1936 107 Chi N W 7s 130 106 C. M A St P ga and rf 4fes A..2014 67. Can Nat 7s 1940 109 Chile 8s 1941 101 Christianla 8s. City of 1943 106 Copper Exp 8 1922 loo Copper Exp 8s 1923 101 Copper Exp 8s 1924 103 Copper Exp 8s 1923 104 Cuban Amer Sugar 8s 1931 102 Con Gas cv 7s 1925 1 04 Diamond Match 7s 1935 110 Denmark 80 A 1943 108 Danish Mun 8s 1945 106 Dupont 7s 1931 104 French ext 8s 1943 100 French 7s 1941 95 Grand Trunk 7s 1940 108 Goodrich 7s 1925 97 Goodyear 8s '41 112 Gulf 7s 1033 103 Great Northern 7s 1936 108 Hun.hle Oil 7 1923 1 01 Int Rap Tr ref 5s 196 57 Int Mar CT s ..1941 91 Int Rap Tr 7s 1...1921 78 Kelly-Springfield 8s 1931 103 Kenneoott 7s 1930 IOS Libby. McNeil A Libby 7s 1931 99 Morris A Co 7s 1930 102 Mexican ePte 8 1936 1M NYC call 7s 1930 1 Norway 8s 1940 109 N P A G N Joint 6s 1936 108 N P 6s .- -M' 1ok Northwest Tei 7s 1941 107 Ray Cons .... 500 15 14 Reading 17,200 74 73 Remington .. 800 27 25 Replogle Steel loo 27 27 Repub I & S. SvO 62 61 do pfd Rep Motors Ry Dutch Oil 2.1O0 51 M Ry Steel Spg. 200 96 95 Stand Oil N J 2O0 175 175 Sears Roebuck 6.800 64 63 Shattuck Aril 2.0U0 8 8 Shell TAT.. 200 3 ' 38 Sinclair . 8,400 20 19 Stand OH Ind 2.000 85 83 Sloss Shef - So Pac 6.400 70 79 So Ry 2,800 IS 17 Stand Oil Cal 9O0 95 94 St L A S F.. 400 -21 21 Strom Carb . 300 38 37 Studebaker .. 11.100 8Ji 81 Swift & Co 97 97 Tenn Cop A C 2.00O 10 9 Texas Oil ... 12,500- 45 44 Tex Pac 2.000 25 25 Tex Pac CAC 900 24 24 Tob Prod 1,500- ev: ; Tran Con Oil. 1.000 1 0 9 Vnion Oil Del 2.O11O 19 10 Union Pac .. 1,800 127 126 7'nited Allov United Drug.. 20O 71 71 Vn Food Prod 2 900 7 7 United Fruit.. 1,0"0 123 122 11 Rds of N J 400 8 Union BAP. loo 68 68 L'n Ret Stores 4.20O 52 52 U S Ind Alco. 6,000 40 ."0 U S Hub 700 53 52 do 1st pfd.. 200 99 IT S Smelt U S Steel.... 4.800 83 S3 do pfd .... l.ioo 116 116 Utah Cop ... 2,100 64 63 Va Chem do lfd IOO 70 .70 Vanad Steel . 1,000 31 30 Vivandou ... Wabash 600 6 6 do A pfd .. 700 20 20 do B pfd Wells Fargo.. 9O0 73 N "2 West Psc 200 15 13 do pfd West Union . . 500 91 PI W'hse E A M 600 60 50 West Md White Motors. IOO 87 87 Willys-Over .. 300 5 5 do pfd Wilson Pack.. 40 29 27 Woolworth .. 100 1.19 139 Worth Pump W A L E BOO 6 6 White Oil ... 4.600 - 9 8 iiS Pan Amer 7s 1930 96 Penns 6 1936 106 San Paulo 8s 1936 100 Southwest Tel 7s 1923 ,lr2 Swedish govt 6s 1939 95 Standard Oil N Y 7a 1931 110 Standard Oil of Cal 7s 1931 101 Stee4 A Tube as 1951 97 Swiss 8s ...1940 114 Sears Roe 7s ......... 1922 99 Sears Roe 7s 1923 97 Sinclair 7s 1925 IOO Swift A Co 7s 1925 100 Union Tank 7s 1930 103 U S Rubber 7S 1930 196 Wilson first 6a ...1928 86 West Elec 7s 192VS KH Westinghouse 7s 1931 106 Zurich 8s 1940 1U7 Foreign Bonds. Foreign bond quotations furnished by Over beck A Cooke company of Portland : Bid. Ask. Belgin rest 5s. .v 65 Blgiu prem 5s ......... 75 Belgian 7s. 1940 105 Belgian 8s, 1941 104 Belgian 6s, 1920 94 Brazil 8s, 1941 lo.t 68 78 105 105 94 104 88 ss 69 64 s:i 96 90 97 ." 94 14 101 108 1IM1 51 British os, 1922 British 5s, 1927 British r. 1929 , British vky 4s. , British ref 4 Bordeaux 6s ., Canadian Os, 1937...., Canadian 3s, 1926. Canadian 5s. 1929... Canadian 5s. 1931.... Canadian 51-ff. 1927.., Chilean 83, 1941 , Currency , Denmark 8s. 1915...., Dan Mun 8s. 1940..,., French 4s. 1917 French fts, 1920 French 5s. 1931 ....... , French 7s. 1941...., French 8s. 1945 , tJerman W L 6s. ...... Berlin 4t Hamburg 4s. ......... Hamburg 4s. IiDig 4s , Lelpsig 6f. ........... , Munich 4s............ Munich f-s. .... ...... , Frankfort 4s. Italian 5s. 1918 , Jap 4, 193 1 Jap 1st 4 -.s, 1925 Jap 2d 41,9. 1925 , Norwav ha. 1940..... XllHsiiui 5'-s, 1921.... Russian f s, 1926... Russian 6s. 1919.... Swiss 3fl. 1929...... Swiss 8s, 1940 IJ K 5is, 1922 If K !ia, 1929 U K OHs. 1937 86 .. . 86 ... 8.1 ...67 ...63 . .. 83 . . . 94 ...96 ... 97 ... 5 ...92 ...lot . . . 15 . . . 1 07 .. .10:, . . . 50 . .. 73 .. . 64 ... 94 ...100 ... 4 ... 4 ... 6 . .. 5 -... 5 . . . 6 . . . 6 ... 6 ... 6 ... 32 ... 73 ... 87 . . . 86 ...108 ... 18 . .. 4 96 ...114 . ..10 . .. 99 ... 97 95 100 5 6 6 A t) 7 8 7 3:: 73 87 86 lot) IO 96 115 100 99 97 Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by North western National bank of Portland. Tho amount quoted is the equivalent of the foreign unit In United Slates funds: Austria, kronen Belgium, francs Bulgaria, leva Czecho-Slnvakia. kronen .......... Denmark,' kroner Kngland, pound sterling Finland, finmark France, francs Germany, marks Greece, drachmas Holland, guilders Hungary, kronen Italy, lire .lugo-Slavia. kronen Norway, kroner Portugal, escudos Rotimanta, lei Serbia, dlnara Spain, pesetas Sweden, kroner Switzerland, francs China. Hongkong,-4oeal currency.. Shanghai, taels Japan, yen , .0006 .OMI4 .llllS)) .0107 ,20'xl 421.11 .0200 ,os:i3 .0057 .04 1 5 ..".itsS .0022 .04 10 .0010 .1575 .os:ifl .0000 .0162 .1505 .2500 . 1 950 .4800 NEW YORK, Jan. 12. Foreign exchange Irregular; Great Britain, demand 4.22, cables 4.22: France, demand 8.14, cables 8:15; Italy, demand 4.32, cables 4.33; Belgium, demand 7.79. cables 7.80; Germany, demand 33, cables 53; Hol land, demand 36.S0. cables 36 SH; Norway, demand 10.70; Sweden, demand 24.95; Den mark, demand 20.00; Switzerland, demand 19.40; Spain, demand 14.96; Greece, de mand 4.30; Argentina. demand 33.62; Brazil, demand 12.70; Montreal, 95. Standard on stocks. Standard Oil Stoc ks at New York, fur- nished by Overbeck Portland: & Cooke company of Bid. Asked. . 16 17 .325 350 . 85 87 .ISO 1 90 . 1 05 1 1 0 .123 128 . 27 29 .120 130 . 79 81 . 39 41 .104 107 .Ion lo.'t .163 106 . 83 85 . 28 29 .140 144 . 90 95 .256 209 . 14 14 . 10 18 .510 520 224 228 .330 350 . 75 77 .170 18(1 . 50 54 . 84 85 .50O 670 .435 445 .342 34,5 .380 390 .114 115 . 30 40 .298 3o3 . 30 35 . 1 60 170 .102 104 Anglo Borne Scrysmer . . Buckey Cheesebrough .... . do pfd Continental Crescent Cumberland, Eureka Galena com do Old pfd do New pfd.... Illinois Pipe Indiana Pipe National Transit . N. Y. Transit .... Northern Pipe Ohio Oil International Fete Penn Mex Prairie Oil Prarle Pipe Solar Refg Southern Pipe .... South Penn Oil ... S. W. Penn Oil ... S. O. Indiana do Kansas do Kentucky ... do N. Y do Ohio do Ohio pfd .. Swan A Finch .... Vacuum Washington do Nebraska ... Imperial Oil QUOTATIONS OX DAIRY PRODUCE Current IMces Ruling on Butter, Cheese and Eggs. SAN FRANCISCO, Jan. 12. Butter, ex tra. 35c: prime firsts. 34c. Eggs Extras, 32c; extras, pullets, 28c; undersized. No. 1, 27 He. f Cheese California flat fancy, 24c; Cali fornia Young Americas, fancy, 26c. NEW YORK, Jan. 12. Butter Firm. Creamery higher than extras. 35ig36c; creamery extras. 85c; firsts, 31ft34c. Eggs Steady. Fresh gathered extra firsts, 3SSS9c; firsts, 3537c. Cheese Steady. CHICAGO, Jan. 12. Butter Higher. Creamery extras. 32c: firsts, 26 & 31c; sec onds, 23tfi'25c; standards, 30c. Eggs Higher. Receipts, 5124 cases: firsts. 35c; ordinary firsts, 28 30c; mis cellaneous, 32 if 31c. SEATTLE. Jan. 12. Eggs Select local ranch, white shells, 3032c; select local ranch, mixed colors, 30c; pullets, 25&28c. Butter City creamery cutoes, 83c; bricks or prints, 34c Nrvr York Sugar Market. NEW YORK, Jan. 12. Raw sugar, cen trifugal, 3.54c; refined granulated, 4.80 4.90c. Dried Fruit at New York. NEW YORK. Jan. 12. Evaporated apples firm: prunes steady; apricots and Hay Sells for $8. EOARDMAN, Or., Jan. 12. (Spe cial.) Several of the farmers In this section are disposing of their hay to sheepmen at 18 a ton in the stack. About 10,000 head of sheep are being taken care of. Considering; the de velopment of feeding- operations and the introduction, of dairy cattle an other year should see fairly good conditions. There is a steady de mand for No. 1 hay for shipment and a fair demand for No. 2. The balance can be fed on the ranches, insuring improved soil conditions. Irrigation Director Elected. BOARDilAN, Or., Jan. 12. (Spe cial.) An election was held yester day to secure one director to serve three years on the West Umatilla extension irrigation board. C. K. Glasgow, the present incumbent, was re-elected. Cascara Bark ' Hides, Wool. Pelts. Mohair. We Jtre in the Market. Write for Prices and Shipping Tags, PORTLAND HIDE WOOL CO., GEORGE M SULLIVAN. Manager. 107 union Ave. a., romaaa, or. ALFALFA HAY Bay Direct. Save Money. Write or Wire for Price. ERKEST T. FRF.EPONS. Walla Walls, Washington. WHEAT AVERAGES HIGHER ItUSSIAV HAVE RELIEF BULLISH DEALINGS EFFECT. Further Improvement Noticed in Domestic Milling Demand; Ex port Trade Is Small. CHICAGO. Jan. 12. Wheat averaged a little higher in price today, chiefly owing to removal of hedges against sales of 1.300.000 bushels of seed wheat taken for shipment to Russia. The market closed unsettled, varying from c net decline to c advance, with May $1.11 to $1.11 and July 99 c to 9c. Corn finished a shade to c higher, oats unchanged to a shade off. and provisions at gains of 7c to OOc. In aHdltlorTto the bullish effect of Rus sian relief dealings, the wheat market was given at times a slight further stim ulus by Indications of improvement in do mestic miUlng demand. Firmness in the Liverpool market tended somewhat also to help the bull side. On the other hand, general export inquiry was 'slow as a re sult apparently of Argentine competition. Besides, the general market effect of the fall of the French cabinet was depressing, although May delivery scored the highest prices of the season after tho news from Paris had been circulated. t Corn and oats were upheld largely by the influence of purchases made for Ros sis n relief. Higher quotations on hogs appeared to be responsible for the advance in the pro vision market. The Chicago grain letter received yes terday by the Overbeck & Cooke company of Portland follows: "Wheat It was en errstlo market, mors than ordinarily susceptible to conflicting news items. The strength during the fore noon was based on advancing premiums for cash wheat in the northwest, together with advices from the seaboard that some export business was being done in Amer ican Guir w.heat. Late in the day these factors were offset by numerous cables telling of cheaper offerings from the Ar gentina, with little demand for the Amer ican varieties aside frotn the purchaser by the Russian relief commission for seed purposes.- The I'nited States sold the hulk of her exportable surplus and our markets are now on a .firm foundation from a do mestic standpoint. There will undoubtedly be further foreign buying hro after the inltlalMnovement of competitive wheat is out of the way and a very tight situation will then develop. "Corn Aggreshive buying of corn fu tures around the opening was credited to cash interests against shIcs made for ex port through RUf.nian relief. Prices eased tiff toward the close In sympathy with w heat, but there was no special weakness asparent. Receipt showed a moderate increase, but offerings were well takerj at a firm basis. Another bullish incentive is the advancing tendency of hog prices, which makes corn at present levels a very lucrative feeding proposition. "Oats Maintained Independent strength and responded readily to the advance In wheat. The cash market was again firm as to prices and basis. Country offerings to arrive moderate. The tremendous visible supply which has been a burden to this market for so long will soon be lost sight of. coincident with any broadening of the shipping demand. Leading features ranged as follows: WHEAT. Open. High. Low. Close. May .. t 1.11 $ 1 12 I 1.10 $ 1.11 July .. 1.00 1.00 .00 .09 CORN. May .. .53 .53 .63 .53 July .. .55 .55 .04, .54 OATS. Mav .. .38 .38 .38 .38 July .. .39 .39 .39 .39 MESS PORK. Jan 1 on May 1630 LARD, March 0 15 9.17 9.12 9 12 Hay .. 8.42 9.50 , 9.42 9.45 SHORT RIBS. Jan. .. 8 45 8 43 8 35 8 35 May .. 8 40 8 65 8 40 8.40 lash prices were ss follows: Whest No sales reported. Corn No. 2 mixed, 4949c; No. 2 yel low. 4949c. Oats No. 2 white, 8738c; No. 3 white. 34&35c. Rye, No. 2. 78 c. Barley 53 t 55c. Timothy seed $3 tf? 6 25 Clover peed $12.5018.50. Pork Nominal. I.ard-f9.12. Ribs ti.87S.8T. x Primary Receipts. CHICAGO, Jan. 12. Primary receipts Wheat, 473,000 bushels against 1,102,000 bushels; corn, 1.820,000 bushels against 1.221.000 bushels; oats, 496,000 bushels against 475,000 bushels. t Shipments Wheat. 517.000 bushels against 636.000 bushels; corn, 1,797.000 bushels against 619, ooo bushels; oats, 4tM, 0tH bushels against 394,000 bushels. Clearances Wheat, 689.000 bushels; corn. '706. 000 bushels; oats, 32.000 bushels; flour, 57,000 barrels. Wheat Included 60U, 000 bushels wheat in bond. Car lots Kansas City 70 wheat. 40 corn, 4 oats. Minneapolis 165 wheat, 64 corn, 36 oats, 6 rye, 11 barley. Winnipeg, 431 wheat, 80 oats Duluth, 32 wheat, 11 corn, 13 oats, 32 rye. New York Grain Market. NEW YORK, Jar. 12. Wheat, spot steady; No. 2. red, $1.21; No. 2 hard, $1.20; No. 1 Manitoba. $1.27 and No. 2 mixed Durum, $L09, c. I. f. track New York to arrive. Corn, spot, steady; No. 2 yellow, 66c; No. 2 white, 67c, and No. 2 mixed, 66c, c. 1. f. New York all rail. Oats, spot steady; No. 2 white, 4747c Other articles unchanged. Minneapolis Grain Market. MINNEAPOLIS, Jan. 12. Cash wheat No. 1 northern, $1.26 1.30 ; No. 2. $1.22 1.25 ; No. 3. 1. 1 4 Jf 1.20 ; No. 1 dark northern. $1.28 i 1.33 ; No. 2. $1.25 1 30; No. 3. $1.16 'oil. 25 ; No. 1 dark hard. Montana. $ 1.26 1.29 ; No. 1 hard Montana, $1.21 & 1.24. Barlev Ilr54c. Flax No. 1. $2.04J2.10. Futures Wheat, May, $1.18; July, $1.12. Winnipeg Grain Market. WIVNIPrXJ, Jan. 12. Cash wheat. No. 1 northern, $1.12: No. 2. $1.07; No. 4, 97c; No. 6, 71c; track. $1.10; oats. No. 2, 42 c; barley. No. 3, 55 c; feed, 42 c. Futures Wheat: May. $1.08; July, $1.06. Grain at San Francisco. SAN FRANCISCO. Jan. 12. Grain Wheat, milling, $1.8561.95; feed. $1.85 1.95: barley feed, $1.20W1.3o; shipping. $1.30140; oats. red feed. $ 1.400 1.60 ; corn, white Egyptian. $1.72 & 1.77 ; red milo, $1.42 ji 1.40. Hav Wheat. 171919: fslr. $14017; DIGEST of the I Revenue Act of 1921 A carefully prepared 1 analysis of the pro visions of the law with useful tables for computing taxes. Free on request for OR437 The National City Company Offices in more than 50 cities, Y'eon IlldK., Portland, Or. Telephone Main 4MI72 WANTED Portland Hjr., I.t. Power Co. K iold Notes. S 354, OHfcUO.MAN. tame ost. $15ffl8; wild oat. $11913; al falfa, $1316; stock. $9yi2; straw, $10 toli Seattle Grain Market. SEATTLE, Jan. 12. Wheat, hard white, soft while, white club, soft red winter, $1 Og; red winter, northern spring. $109: eastern red Walla, $1.06; big bend blue stem, $1.14. City dellverv: Hay. timothy, $23: D. C. $27; mlsed, $21: slfa;fa. $17; l. C. $23; straw. $15; barley, whole. $5.1; ground and rolled, $35; clipped. $40; chick starter, $'4: rhop ail grnn. tV rn.in n nt mewl. CrARK KENDALL & CO, fisc CCraNMEKI MUNiaPALANDCORPORArCN BONDS &Q2r! FIFTH AND SIARK STRUTS - PORTLAND NEW ISSUE $300,000 Sherman County, Or.1 Road Bonds FINANCIAL STATEMENT Assessed Valuation, 1921 $17,181,226.63 Actual Value, estimated 35,000,000.00 Total Bonded Debt, this issue only. GOO, 000.00 Ratio of debt to assessed valuation less than 1. Population, 1920 census, 3826 EXEMPT FROM FEDERAL INCOME TAXES Sherman County is famous as one of the leading wheat producing sections in Oregon. It ranks second among Oregon counties in the production of w inter wheat, third in the total production of wheat and fifth in area of de veloped agricultural lands. It ranks first in proportion of cultivated acreage to total area. The county is served by the 0.-W. li. & N. Co. LEGALITY Legality Approved by Messrs. Teal, Minor &. Winfree. These bonds having all been sold, this advertise ment appears as a matter of record only. m. gBlffiSiSswjjl s New Issue $300,000 Lane County, Oregon ' 5 Road Bonds Dated May 1, 1919 Due Serially, 1931-13 Exempt From the Federal Income Tax Legal for Savings Banks in Oregon, Washington and California. Applicable as Security for Postal Savings Deposits. Financial Statement Assessed valuation, 1920 $31,873,272.97 Total bonded debt (including this issue) . . 550,000.00 Population, 1920 census, 36,166. LANE COUNTY ranks fourth in wealth and population among Oregon counties. It contains the largest stand of timber in the state and ranks second to Multnomah County in railroad mileage. Within the county are the cities of Eugene, Cottage Grove, Springfield, Coburg, Creswell and Florence. Priced to Yield 4 to 5 Blyth, Witter. & Co, Fourth and Stark Streets Broadway 6181 Seattle S Francisco I-os Annflra -New York or S Send for descriptive circular Atkinson, Starkey & Zilka, Inc. , i:vkstmkxt nosns 41S Xorthwestern National Hank Iliill.linB. rortlnml, OrcBn Mala TOO Established J 901 George Black & Company PUBLIC ACCOUNTANTS AND AUDITORS Worcester Buildinjr Telephone Broadway 7370 PORTLAND, OREGON GEORGE BLACK, C. P. A. Fallow of the American Institute of Accountants HARVEY N. BLACK HERRIN & RHODES, lac. FtubMrhel STOCKS, BONDS, COTTON, GRAIN Corrnrondtnts HI. F. HUTTON & CO, N. T. Mmb-r nil leading Hchanul Babaon' Service on File. Haln tu Xul UmUwmy fc.i'hige Bids; $28; corn, $53934: corn, rracked and feed meal. $57; cottonseed meal. $44; linseed meal. $08; mash (mixture, egg, 14011 I". scratch food, $ M4i 40; soy bean, $60; whest, $44; Puset sound. $59. Coffee Futures Iwer. NEW TOHK. Jan. 12. The market fur coffee futures closed at a net decline of 3 to 6 points. Sales were estlmared at about 2fl.NM) bngs. January. 8 47c; March. .8 57c; May, S42e; July and September, 8 33; October. 8.32c; fo-oember. 8 30c. Spot coffee ass unchanged at 9e to 90 for tt'O 7 t'.'e to l-J'- e for Km'n, 4s OREGON lliLl'TIMILHrJ Income Tax Exempt o CITY of SEATTLE Improvement Bonds Due 1923-1930 General Praetlre InveMttKfMtonM Ftnte Work Special and I'erloilical Audita Tarn. M'rilce WeBuyP.R.L.&P. 8 Gold Notes UNION S. D. & TRUST CO. U!vl Oak St.