Morning Oregonian., January 24, 1922, Page 18, Image 18

TIIE MORXIXG OREGOXIAX, TUESDAY, JAXUART 24, 1922
la
HUB TO SELL
STUCK TO WORKERS
Southern Pacific Company
Provides Opportunity.
EASY TERMS ARE GIVEN
93 a Month to Be Deducted From
Wagea for Each Share Pur
chase Wholly Voluntary.
Following the policy of many other
corporations, the management of the
Southern Pacific company has an
nounced a method whereby employes
of the company can buy stock In the
company. According to a statement
issued yesterday by William Kproule,
president, the plan provides that on
application of the employe the com
pany will buy the stock, in the open
market, deducting the purchase cost
in small amonnts from their monthly
pay. The services of the company
may be used in this way beginning
February 1. The statement of Mr.
Sproule explains the method to be
adopted as follows:
"Beginning February 1. 1922, em
ployes are offered opportunity to buy
shares of the capital stock of the
company on easy terms. This is a
plain business proposition, providing
a convenient way for all officers and
employes who desire to set aside reg
ularly a part of their pay for invest
ment in Southern Paclfio capital
stock, so they may thus become part
owners as well as employes.
No Appeal Made.
"The company makes no appeal to
employes to purchase stock. No em
ployes will be either favored or dis
criminated against because of his
purchase or failure to purchase stock
under this purely voluntary plan.
Employe purchases or their estates
are protected against loss in event
of death or permanent disability or
in case of leaving the service of the
company, voluntary or otherwise.
. "The company has no -stock In its
treasury. All of its stock is in the
hands of the public (about 64,000
holders), and the present proposal Is
intended to make it easy for employes
to buy Southern Pacific stock in the
open market.
"The company, of course, cannot
control the future market price ot
the Btock or the amount it will be
able to pay in dividends, as earnings
largely decide that.
"Here is the plan: Any 'employe
may apply for the purchase of from
one to 15 shares of stock, according
to his ability to pay for it. If, after
having begun the purchase of a less
number than 16 shares, an employe
desires to buy additional shares to
the limit of 15, that can be arranged
for him. After having completed any
specified purchase the employe may
then brgln to buy additional shares,
but under no circumstances may an
employe be buying under this plan a
total of more than 15 shares at any
one time, but he Is not limited to the
total number he may finally purchase.
Monthly Dividends Provided.
"The stock will be paid "or by the
employe at the rate of J." a month
on each share until the purchase is
completed, such payments to be de
ducted from his wages once a month.
However, the employe has the privi
lege of paying off In lump sum the
unpaid balance on his stock at any
time.
"The company will charge the em
ploye 6 per cent interest on the cost
of stock purchased for his account,
but will credit him with dividends
paid on the shares held for him.
Dividends have been paid regularly
since June 30, 1907. at the rate of
$1.50 a quarter, or J6 a share annu
ally. At the market price of the
stock when this is written, about
JS1.10, this rate of dividends gives a
return of not quite 7fc-per cent on
the investment. Thus dividends will
more thun offset charges made for
interest."
LUTE fiTFlEJT
SALES FOR PROFITS WIPE OUT
EARLY ADVANCE.
Market Firm at Opening Begause
of Cold Weather and Lack
of Snow Protection.
CmCAfJO. Jan. 2.1. Although wheat
averaged higher In price today, the market
at the mat underwent a decline because
of an Increase 'of profit-taking sales. Cold
weather end lark of snow protection were
bull h factor, early. The close was un
settled, c to 1c net lower, with May.
1 1B to I1.J5; and July 11.02 to II OiH
Corn Inst (44fjc. oats finished un
changed to H higher and provisions un
changed to 20c up.
Fears for the safety of the winter crop,
especially In the southwest, where snow
falls wore less general than had been
supposed, did much to send wheat up
wards at first. Besides, many traders
showed correct judgment in anticipating
announcement of a liners! decrease of the
United Mates visible supply. On the other
hand, the fact that prices have recently
had an almost continuous upward slant
led to a belief In some quarters that a
reaction was due. A number of owners
let go of their holdings and caused the
late break In prices.
Liberal receipts here weakened corn.
Smstlness of farm supplies was a rea
son given for the relative firmness of
oats. ,
Higher quotations on hogs were accom
panied by an advance in provisions.
The Chicago grain letter, received yes
terday by the Orerbeck 4 Cook company
of Portland, vnllows:
Cheat The market early gave promise
of establishing Itself at a higher leel. but
Has advance brought out too much liqui
dation, resulting in a sharp setback near
the close. News of tiie day was of a de-c-Slwlly
buIltHh nature, including a reduc
tion oi --..v.u.tHtv bushels in the visible sup-
pry of domestic grain and S.0OO.IM10 bushels
of bonded wheat. There was an excellent
i-sMi demand In all markets, with prices
sluglser and offers of good milling wheat
ratht-r Si-arce In many parts of the country.
The condition of the new crop Is attracting
a great deal of attention, but is having
niore effect on the May than the July.
baed on the theory that the advent of
spring weather will disclose enough dam
age to encourage the farmer to hold back
what little old wheat he has on hand.
We believe advantage should be taken of
the reactions to make purchases.
Corn All things considered, this mar
ket had a remarkably strong tone. Karly
selling, Inspired by the large estimated re
ceipts, failed to depress the futures and
when the cash offerings were placed on
the market the demand was found fully
equal to the supply. It Is becoming very
apparent that official Washington favors
the adoption of measures to a:d agricul
ture and corn will undoubtedly be bene
fited more than any other grain.
oat There was a good cias of com
mission house buying during the forenoon
and this msrket gave an excellent account
of itself, Cash prices are without impor
tant change, although the trading hasla
was fractionally lower, due to a moderate
increase In receipts and lack of improve
ment in the demand.
Leading futures ranged as follows:
WHEAT.
Open. High. Low. Close
May... f 116 S 1.17 "4 f 1.15 t 115
Jluy... 103 1.03 102 102
CORN.
Msy... .534 .54 .S3 .5SV4
July... .401, .35 .05 .55
OATS.
May... .89 JS9 .
Ju.y... .40 .40 .40 .40
MESS PORK.
Jan... .... .... .... 17.20
slay 17.00
LARD.
Mar... 2 5 t.ST 87
May... 1.05 10.17 10.06 10.07
SHORT RIBS.
Jan )
May... 27 40 S.25 0 30
Cash prices were:
Wheat No. t red. $1.27; No. 1 hard,
l.loV.
Corn No. Z mixed. 40K49c; No. I
yellow. 49 Vs 930c.
Oats No. 2 white. 87 6 88 He; No. 1
white, 34 "4 636c.
Rye No. 2. S3 Vs 84c.
Barley 5564c.
Timothy seed 1597.
Clover seed $12.5022.
Pork Nominal.
Lard 8.75.
Ribs J8.75e9.50.
Win
mary Receipt s.
CHICAGO. Jan. 23. Primary receipts.
wheat, 1.299.000 bushels versus 2,402.000
bushels. Corn, 3,083.000 bushels versus
2.593.000 bushels. Oats, DS6.000 bushels
versus 1.177.000 bushels.
Shipments Wheat, 473.000 bushels ver
sus 1.022,000 bushela Corn, 1.420.OUO bush
els versus 72.000 bushels. Oats. 444,000
bushels versus 03t,000 bushels.
Clearances Wheat. 820.000 bushela
Corn, ltll (MH) bushela Rye, 13.000 bushela
Plour, 2)1.000 barrels. Wheat Includes 60,
0O0 bushels in bond.
Car lots Winnipeg, wheat, 438; oats,
108; barley, 13. Minneapolis Wheat. 418;
corn. 143; oats, 78; rye, IX Duluth
wheat. 31 : corn, 52; oats, 7. Kansas City
Wheat. 841; corn. 14S; oats. 15. St. Louis
Wheat. 73; corn, ttv; oats. 77. Omaha
Wheat, 32; corn. 204; oats, 42.
New York Grain Market.
NEW YORK, Jan. 23. Vv'heat, spot
barely steady; No. 2 red and No. 2 hard.
1.25V; No. 1 Manitoba. 11.32 and No. 2
mixed durum. S1.10 c. 1. f. track New
York to arrive.
Corn, spot barely steady; No. 2 yellow.
67c: No. 2 white, 87MsC, and No. 2 mixed.
00 c c. I. f. New York all rail.
Oats, spot steady; No. 2 white, 40HC.
Hops easy; state 1921, 303; 1920. 20
923c: Pacific coast, 1021. 2oia30c; 1920,
21 u 23c.
' Winnipeg Grain Market.
WINNIPEO, Jan. 23. Cash wheat No.
1 Northern. 11.14: No. 2, ll.lOts: No. 3.
1.03; No. 4, 95c; track. SI. 14. Oats
No. 2 white, 44c; No. 3, 40c; track.
42Vic.
Futures Wheat, May, (1.12; July,
1.09. -
Minneapolis Grain Market.
MINNEAPOLIS. Jan. 23. Barley, 4:
$55c.
Flax No. 1, 12.11 2.16H.
Wheat May, $1.22 : July 81-10.
Duluth Linseed Market.
DULUTH, Jan. 23. Linseed on track
and arrive, 12.13.
Ban Francisco Grain Market.
SAN FRANCISCO, Jan. 23. (State divi
sion of markets.) Grain Wheat, milling,
tl.B591.B5; feed. Sl.S.I l.5; barley, feed,
$1.22x1.27: shipping, nominal; oats,
red feed. $1.401.50: corn, white Egyp
tian. tl.72l.SO; red milo, Sl.4591.o0.
Hay Wheat, S17tylu; fair, 1417;
tame oat, l:t18; wild oat, 11&13; al
falfa, 131B; stock, 17610; straw, nom
inal. Seattle Grain Market.
SEATTLE, Jan. 23. Wheat, hard white,
soft white, white club, soft red winter,
northern spring, $1.10; hard red winter,
11.12; eastern red Walla, (1.08; Big fiend
bluestem, $1.14.
City delivery: Hay Timothy, $24; d. e..
$20: mixed. $21: -alfalfa. $18: d. c. $23:
straw. $15(9117; barley whole. $33: ground
and rolled, $35; clipped. $39; chick starter.
$r3; chop all grain. $3C; cocoanut meal,
$28; corn. $32: corn cracked and feed meal.
$34; cottonseed n.eal. $54; linseed meal.
$t2; scratch food. $40tr44; soy bean, $02;
wheat, $42; Puget sound, $40.
QUOTATIONS ON DAIRY PRODUCTS
Current Price's Baling on Butter, Cheese
and Eggs. ;
SAN FRANCISCO, Jan. 2. Butter
Extra. 42c; prime firsts. AOc.
Kggs Extras, 40c; extra pullets, 38e;
uuderslxed. No. 1, 30c.
Cheese California flat fancy, 27c;
Young America fancy, 28 c
NEW YORK, Jan. 23. Butter Firmer,
Creamery, higher than extras. 37'38c;
creamery extras, 37c; creamery firsts,
31 hi 6i ;m'.c.
Eggs Firm. Fresh gathered extra
firsts. 48&4'Jc; fresh gathered firsts,
li'u47c.
Cheese Irregular. State whole-milk
flats, fresh specials, 2UVi21c; state
wbole-mllk twins, specials, 20 c.
CHICAGO, Jan. 23. Butter Higher.
Creamery extras, 34c; firsts, 2832c;
seconds, 26g27c; standards. 30Hc; eggs,
higher: receipts, 14.18'. cases; firsts. 3c;
ordinary firsts. 82 Q 34c; miscellaneous,
3337c: refrigerator firsts, 21&24c.
SEATTLE, inn. 23. Eggs Select local
ranch, white shells, 3tfc; do. mixed colors,
34c; pullets. 32c.
Butter City creamery, cubes, 36c:
bricks or prints, 37c.
SAN FRANCISCO PRODUCE MARKET
Prices Current on Vegetables, Fresh Fruits,
Etc., at Day City.
SAN FRANCISCO, Jan. 23. (State Di
vision of Markets.) Poultry Broilers. 88
tr3Sc; roosters, young 24b31c: old, 17
20c; hens 2432c; ducks, 2226c; live
turkeys, nominal; dressed. 4140c.
Vegetables Artichokes, case, $1820:
beans, pound, 12(hil5c: carrot, sack, 90c
$1; celery, crate. $3816.50; cucumbers,
dosen, $1.202 50; eggplant, pound. 6j
13c; lettuce, small crate. $3t4; mush
rooms, small box. 50j75e; olivea. pound.
5ft9c; onions, cwt.. brown $5. 75170 25.
white globe, 57.50 (a 8; peac. pound, 13
2ltc: bell peppers, pound, 20(&25c; potatoes,
$1.90ir2.tt0; pumpkins, sack. 75c$l; rhu
barb, box. $1.754 3; summer squash, snisll
crate, $36 3.50; hubbard, sack, $lj1.50;
sprouts, pound. Ijllci spinach, pound.
OtvlOc; tomatoes, crate. $25.50.
Fruit Apples. 3 and 4-tler, $1.509
3 50: navel oranges. $2.50f35.50; lemons,
$3ff5; grapefruit. $2.504.75; pears, box.
$1.752.75; cranberries, box. 14.300.00.
Receipts Flour. '1842 qusrter sacks;
wheat. 160 centals; barley. 1011 centals;
corn. 1800 centals; hsy. 618 tons; potatoes.
0437 sacks; onions. 91 sacks; hides, 609
bundles; oranges and lemons, 4200 boxes;
livestock 920 head.
Naval Store.
SAVANNAH. Jan. 23. Turpentine firm,
85c; sales. 143 barrels: receipts, 89 bar
rels; shipments, 83 barrels; stock, 12,049
barrels.
Kosin. firm: sales, 73. casks; receipts.
408 casks; shipments, 203 casks; stock.
84.708 casks, (Junto: B. $44 05; D. $4.05
4 10; E. F. $4.07 (84.10: O, H. $4.109
4 15: I. $4.10; K, t4.K2tt4.71t; M, $5.25;
N. 16.50; WU. $5.75; WW, $0.
" Cotton Market. . .
NEW YORK. Jan. 23. Spot cotton quiet.
Middling. 17 75e.
PHONE COMPANY EXPANDS
Oregon-Washington Concern Earns
6 rer Cent on $220,000.
HOODu RIVER, Or.. Jan. 23. (Spe
cial.) The Oregon-Washington Tele
phone company, which operates ex
changes In this county and Klickitat
and Skamania counties In Washing
ton, has made a fair growth the past
year, according to J. E. Smithson. Just
re-elected general manager and presi
dent of the concern. More than 100
telephones have beeft added to ex
changes. The company has earned fi
per cent on an investment of $220,000.
A total outstanding bond Issue of
$150,000, however, will require all but
$1500 of the earnings In the payment
of interest and discounts.
The telephone company disposed of
a system st Stevenson, Wash., and
purchased the telephone lines of Un
derwood. Other directors, all re
elected, named at the annual meeting
are: C. Dethman. vice-president; E. O.
Blanchar. secretary-treasurer; and J.
H. Koberg and W. H. Dean.
Phone your want ads to The Ore
gonian. Main 7070. Automatic 630-25.
WHEATPRICESDQWN
Dri LOCAL EXCHANGE
Market Easier in Line With
Declihes in East.
FARMERS SELLING LITTLE
Export Trade Is Slack With Argen
tina Supplying Europe's
Present Requirements.
Wheat prices were down a cent yesterday
at the Merchants' Exchange with the lower
markets east. Business was on a moder
ate scale here and in the Interior.
The export market was quiet. Cables
received by Portland shippers showed a
lack of Interest abroad in Pacific coast
wheat and where prices were Quoted they
were generally below a parity with values
rullns here. Argentine reports were that
Germany wu biddlns there for 1,500,000
bushels of Plate wheat and that the Rus
sians were also in the market. Lower
Argentine prices are largely responsible for
the absence of European buying in this
country. . .
Europe, however, will need a great sup
ply of foodstjffa. much more than the ex
porting countries in the southern hemis
phere can supply, according to informa
tion collected by department of agricul
ture agents who have been abroad. Their
Investigations show that the wheat crop
in the British Isles this year was large, but
reports state that most of It has been
consumed. - Probably imports will continue
at nearly the usual rate. The German
needs for the remainder of the year were
given on November 1 as approximately
2.000,000 tons. Very little has since been
Imported. When the mark dropped so low
in value the German government decayed
Its purchase of grain, waiting for a hoped
for improvement In the exchange rate. One
of the primary factors in the wheat situa
tion is the ability of Germany and Aus
tria to buy. On December X the needs
of Csecho-Slovakia were stated by offi
cials to be 250,000 tons. Austria is import
ing and will need to import 50,000 tons of
grain a month for the balance of the year.
The needs of France will be dependent on
the amount held by farmers, but probably
an importation of half a million tons will
be required. It is stated that Italy will
need about 1,000,000 tons in addition to
her own crop in order to furnish a normal
supply to her people. The United King
dom and Holland have been heavy Import
ers of corn during the year and will prob
ably continue to Import.
Terminal receipts, in cars, were reported
by the Merchants' Exchange as follows:
Wheat. Bar. Fir. Oats..Hay.
Portlsnd. Mon.. 59-1 11 ... 10
Tear ago P0 1 2 2 . 21
Season to date.. 21. 482 141 1470 589 1106
I ear ago JU.U10 17S 508 344 1399
Tacoma. Sat..-. 45 ... - 1
Tear ago 9 7 2 14
Season to date.. T.328 78 987 9 547
Year ago 3,183 4 7 619 84 631
Seattle. Hat 43 1 6 ... 8
i ear ago 34 ... 4 ... 6
Season to date. .21. 408 141 1465 580 1104
Tear ago 3.341 177 232 2l8 1052
MORE AUSTRALIAN BCTTER COMING
Two Large Shipments Are Ine at San
FranclMw May Unsettle Markets.
The reaction In prices on the San Fran
cisco butter market continued during the
entire past week with 92 score gaining
BHc from Friday to Friday. The direct
cause of the advance was Increased buying
by large receivers, who found themselves
short of receipts, also better demand gen
erally for fresh butter. Australian butter
In storage here Is being used freely, but
does not seem to be competing so closely
with California arrivals. More Australian
butter is due on the Sonoma, January 24.
and on the Marama. January 2ft. Each
boat wtll bring several thousand cubes and.
as before, it Is expected that the coast
markets will be dppressd for some time.
The majority of this butter will be sent
to eastern markets. Receipts at San
Francisco for the week Included cars from
Idaho and Utah. However, total receipts
were about normal for the season. The
market closed steady to firm, with 02
score selling at S8c.
In the eastern markets dullness con-.
tlnued until almost the close and the mar
ket was easy and unsettled. Prices eased
off some and there was an accumulation
of the undergrades. Chicago was lowest
and kept goods moving In fair shape.
At the close, however, a little more trade
developed and It looks like firmer mar
kets will result At Chicago Friday the
market became quite firm and several
large buyers were trying to get goods for
customers, mostly out of town. The un
settled condition of the markets was due
to rather heavy supplies and lack of confi
dence on the part of both buyers and sell-
era Imports were rather light and Danish
cables continue firm at 35 36c, but foreign
butter was quiet In New York. Arrivals
were 4427 sacks Danish butter and 16
casks and 40 cases of Irich. New Zealand
butter offered at 23c c. I. f. Danish butter
is selling In New York at 86438c. New
Zealand 85 36c, Argentine 31 32c and
Australian 333 4c.
LOCAL EGO MARKET IS FIRMER
Receipts Are not as Large as Expected;
Butter Movement Slow.
The egg market was firm yesterday. Re
ceipts were lighter than expected and with
prospects of more cold weather, sellers
were not Inclined to make conce&siona The
association's quotations wire unchanged
from Saturday, based on 40 cents for se
lects. On the street there were sales
around 35 cents, case count, while candled
stock brought up to 88 cents.
The demand for butter waa rather slow
ad the cube market had an easier under
tone. Another large ehipment of Austra
lian butter Is due at San Francisco, and
while most ot It will probably -be shipped
east. It is feared the Importations may
have a depressing effect on coast prices,
aa did the previous shipment received
The live poultry market was sluggish
The street was full of hens, light and
heavy, carried over from Saturday, and
prices were very weak. Country dressed
meats were firm at last prices.
Large Decrease In if heat Visible.
The American visible wheat supply state
ment compares as follows:
Bushels. Decrease.
January 23. l-2. . 4.t!U.0'H) 2.576 000
January 24. U2L. . S5.o7S.0oo 2.27t,uO0
January 26, ll2o. . 62.3IU.OOO 2.907 000
January 27, lHl'J. . I2o.671.000 2.313.0O0
January 1013.. 10,127,000 1,135,000
Increase.
The coarse grain visible statement fol
lows: Bushels.
Jan. 23. 1022 Corn.. 20.117.000
Jan. 24, 1921 Corn.. 9.788.OO0
Jan. 23. 122 Oats... 67.07N.OOO
Jan. 24 1921 Oats... 32.b77.OuO
Jan. 23. 1922 Rye.... 6.914.0O0
J:m. 24. 1921 Rye.... 2,410 HM
Jan. 23, 1922 Barley 2.752.000
Jan. 24. 1921 Barley. 2.SO5.OV0
Increase.
1,858.000
1.879, 00O
153.000
577.00C
114,000
40.000
133.0UO
25,000
Decrease,
Bank Clearings.
Bank clearings of the Northwestern
cities yesterday were as follows:
Clearings. Balances.
Portland $3.14.1.522 $1.1.13.068
Seattie 6,356,555 2.37.678
Thcnma transactions , 1.967. lhO
Spokane transactions 3,150,424
Oranges and Lemons Advanced.
Orange prices were advanced 25 cents
and lemons 50 cents by local Jobbers yes
terday. They look for sti.l greater ad
vances If the damage reports from Cali
fornia are verified. It Is understood ths
citrus fruit exchanges axe taking steps te
prevent the shipment from California f 1
any frosted fruit this year. I
Local dealers believe that with higher
orange prices, the demand for apples will I
be considerably stimulated.
PORTLAND MARKET QUOTATIONS
Grain, Floor, Feed, Ete.
Merchants' Exchange, noon session:
Bid
Wheat Jan. Feb. Mar.
Hard white $ 1.12 $ 112 $ 112
Soft white 1.10 1-10 1.10
White club 1.10 1.10 1.10
Hard winter 1.12 1.12 1.12
Northern spring 1 09 1.09 1.09
Red Waila 1.06 1.0 1.06
Oats
No. 2 white feed 27.50 27.50 27.50
No. 2 gray 20.50 26.50 26.50
Barley
Brewing 26.00 26 00 26 00
Standard feed 24.00 24.00 v 24.00
Corn
No. 2 E. T. shipment 24.00 24.00 24.00
FLOUR Family patents, $7 per barrel;
whole wheat. $6.20; graham, $6; bakers
hard wheat, $6.90; bakers' bluestem pat
ents, $6.40; valley soft wheat. $3.45;
straights. $5.25.
MILLFE ED Price f. 0. b. mills Mill
run, ton lots, $22; mixed cars, $21; straight
ears, 1 20 per ton; middlings, $34; rolled
barley. $3436; rolled oats, $36; scratch
feed, $44 per ton.
CORN White, $32; cracked. $33 per ton.
HAY Buying price f o. b. Portland:
Alfalfa. $13.50 per ton; cheat, $10.50611;
oat and vetch, $14.50; clover, $11; valley
timothy, $1415; eastern Oregon timothy
$16617.
Dairy and Country Produce.
BUTTER Cubes, extras 82 33c per
pound; parchment, wrapped, box lots, 3Sc;
cartons. 39c. Butterfat, buying prices; No.
1 grade. 34c, delivered Portland.
EGGS- Buying price, 32c case count ;
jobbing prices, case count, 82c; candled
ranch. 37 38c; association firsts, 38c; as
sociation selects. 40c ; association pullets,
36c.
CHEESE Tillamook triplets, pries to
jobbers, f. o. b. Tillamook, 26c; Young
Americas, 27c pound.
POULTRY Hens, 1524c; springs, 22c;
ducks, 22$ 28c; geese, 20c; turkeys, live,
nominal; dressed, 42c.
PORK Fancy, 124c per pound.
VEAL Fancy, 16c per pound.
Fruits and Vegetables.
Local jobbing quotations:
FRUITS Navel oranges, $3.506 box;
lemons. $56.50; grapefruit, $47 Pr box;
bananas, 89c per pound; apples, $1$3.25
per box; cranberries, eastern, $18 per
barrel.
POTATOES Oregon. $1,504? 1.75 per 100
pounds; Yakima, $1.752.25 per 100
pounds; sweet potatoes, 5 5 c per
pound; Nancy Hall, $2.50 per crate.
ONIONS Yellow, $67 per 100 pounds.
VEGETABLES Cabbage, 84c per
pound; lettuce, $33.75 crate; carrots $2
2.50 per sack; garlic, 15c per pound; gren
peppers, 405c per pound; beets, $22.50
per sack; celery, $7$p7.50 per crate; caull
flower, $22.25 per crate; squash. 4 5c
sprouts, 17 He: turnips, $2 per sack; pars
nips, $2.50 3 per sack; tomatoes. $5.50 per
lug; artichokes, $1 8S2 per dozen.
Staple Groceries.
Local jobbing quotations:
SUGAR (sack basis) Cane, granulated,
6c pound; beet, '5.70c per pound.
NUTS Walnuts, new crop, 23 36c per
pound; Brazil nuts, 23c: almonds, 27c;
peanuts, 11 14c per pound.
RICE Blue Rose, &hk 40 7c per pound;
Japan style, tc per pound.
COFFEE Roasted, bulk. In drums, 189
85.c tfer pound.
SALT Granulated, baleS, $3 20 4.05 ;
half ground, ton, 00s, $17; loos. sie.
HONEY Comb, new crop, $5.500 per
case.
DRIED FRUITS Dates, 18 23c per
pound; figs, SI. 40 3.00 per box; apples,
15c pound; peaches, 16c; apricots, 23c;
prunes. 1013c.
BEANS Small white, 5. 85 60; large
white, 4c; pink, 6c; bayo, 6c; red, 6c
Hides, Hops, Etc
HIDES Salt hides, 66c; salt bulls, 40
5c; green bulls lc less; salt calf, 12c; salt
kip, 7c; salt horse hides, $12 each; dry
horse hides, 50c $1 each; dry hides. Be;
dry cull niaes cair price.
PELTS Dry pelts, 1012c (long wool);
dry short wool pelts, half price: salt pelts.
50c$l each; dry goat skins, $10 (long
hair); shearings and short wool skins at
value.
TALLOW No. 1, 4ci No. 2. Stto per
pound. -
CASCARA BARK 60 a pound delivered,
Portland.
. HOPS 1921 crop. 1520c per pound.
WOOL Eastern Oregon, 1530c per
pound.
MOHAIR Long staple 20c; short staple
10c pouno.
Provisions.
Local jobbing quotations:
HAMS All sizes. 28&31c; skinned, 249
2Sc; picnics, 18c; cottage roll. 24c.
BACON Fancy. 32 & 40c ; choice, 25
28c; standard, 2224c
LARD Pure, tierces, 13c pound; com
pressed, tierces, 12
DRY SALT Backs. 18 21c; plates, 15c
- Oils.
UNSEED OIT, Raw, In barrels. 8ftc.
5-gallon cans, $1.04. Boiled, in barrels,
91c; 5-gallon cans, $1.06.
TURPENTINia In drums, $1.15; 5 -gallon
cans, $1.30.
WHITE LEAD 100-pound kegs. 12V4o
per pouna.
GASOLINE Tank wagons and iron bar
rels, 26c; cases, 38e.
LIVESTOCK MET FIRM
LARGE ROT AND ACTIVE DE
MAND AT YARDS.
Prices Are 25 to 80 Cents Hlghqp
in Cattle, Hog and Sheep
Divisions.
There was a strong and active market
at tb. stockyards yesterday, with a total
run of 94 loads. Seven loads of cattle
went through and six loads ot sheep were
received on .ohtract.
Hogs averaged 50 cents hlfrher and sheep
and lambs were 25"0 cents over Sat
urday's quotations. In the cattle division
all lines were quoted higher except steers.
Among the buyers on the market yes
terday was J. M. Moore of Eugene, who
purchased a quantity of high-quality stock
for his packing plant.
Receipts were 1H87 cattle. 96 calves. 948
hogs and 2785 sheep.
The day's sales were as follows:
wgt. Price. Wet. Price.
6S5 t 5 50 7 hogs. . 235 7 VI,
2 steers.
41 steers.
16 steers.
2 steers.
10 steers.
10 steers.
2Steers.
28 steers.
48 steers.
5 steers.
13 steers.
17 steers.
15 steers.
24 steers.
4 steers.
27 steers.
27 steers'.
7 steersa
27 steers'.
7 steers.
6 steers.
17 steers.
5 steers.
19 steers.
7 steers.
27 steers
3 ateers.
S steers.
3 steers.
S steers.
2 steers.
2 steers.
2 steers.
18 steers.
15 steers.
0 steers.
22 steera.
27 steers.
27 steers.
18 steers.,
2 steers.
steers
5 steers.
23 steers.
3 steers.
29 steers.
12 steers.
12 steers.
22 steers.
2 steers.
27 steers.
21 steers.
25 steers.
7 steers.
2H steers
7 steers.
28 steer.
28 steers.
25 steers.
7 cows. .
2 cowa. .
5 cows. .
19 cows. .
3 cows. .
14 cows..
10 cows. .
3 cows. .
3 cows.
19 cows. .
ft COWS. .
D.3UI o no',.,
835 5 75! 7 hogs..
108 9 60
125 9.50
BIKS 3.001
9 hogs.
190 t 9.00
ISO 9 00
1128
1057
9.34
1040
913
lino
ions
12f0
1279
1170
1175
1025
10.-..1
10.32
1055
1032
910
12.3B
1172
1114
1080
85
1000
lfl.-.O
1223
1019
12fi0
1140
875
7(il
1378
1298
1673
1111
1050
875
905
1155
978
981
893
1029
1293
1033
10K2
915
106T
1132
878
887
.1055
1047
1035
1095
1107
720
910
992
9O0
8S
1054
648
1OO0
11H5
950
6 75
e 75
6 75!
7.15
1 hog. .
7 hogs.
7 hogs.
12 hogs,
is hogs.
179
225
221
2S2
183
183
7
61
78
60
57
74
76
135
114
98
1073
1160
1113
1180
9 50
8 75
8 83
9 23
9 50
9 40
9.50
8.00
8 75
7.50
9 00
10:00
10.00
6.00
7.50
7.50
7.50
7.50
7.50
7.40
6 50
6 75
4.00
6.25
7 00
6.50
7.25
6.73
6.25
7 50
7.50
7.30
7 40
6 50
6.75
7 83
8 50
7 50
6 25
6 73
7.20
6 00
8 00
5.50
6.10
6 75
8 73
B.23
4.50
8.50
8.00
6 50
20
ft 25
6 10
- 4.75
4.00
6 75
6.00
8 50
3 .VI
4 00
9.00
5 OO
4.00
6 50 78 hogs.
6.75
6 90
7.15
7.10!
3 hogs.
144 lambs
80 lambs
18 lambs
20 lam ha
7 2:
iv!( lambs
6.73! 155 lambs
6 631 50 lambs
6 73 2 ewes.
8.65
e 5o
o weth .
77 mixed
21 steers
12 steers
7.251
7.501
26 steera
7.501 32 steers
8.75
steers 1221
8 00
6 00
6.70
65
7.25,
6.75
6.25
12 steers 1203
1 steer. Ann
18 steers .6o2
11 steers 982
o steers
17 steers
26 steers
17 steera
12 steers
21 steers
16 steers
6 steera
10 steers
40 steers
1018
1101
1031
945
1031
1130
1331
UNO
1131
1305
1045
1030
1250
SOS
W8
1091
890
830
100S
980
J 03 3
1116
933
1141
1230
12T0
1250
800
1445
1088
1106
828
974
1000
1145
800
ne
239
1235
1010
6.251
8 251
6 23!
6.50
6 50!
6 50
6.10!
4 001 27 steers
7.001
1 steer.
0 50,
6 75!
6 50
7.50!
7.001
7.001
7.251
6 00!
7.101
6.75
7.73
6 501
6 60
6 60
1 steer.
5 steers
SOateers
24 steera
1 steer.
1 cow. .
1 cow. .
6 cows.
17 cows.
3 cows.
6 cow.
S cows.
1 cow . .
1 COW..
1 COW. .
1 cow. .
2 cows.
27 cows.
3 cows.
7.251
6
8 50i
4.251
3 cows.
3 251. 21 cows.
4
1 cow. ,
5.25
4.501
3.501
4 75
8 231
.21
2 cows.
1 eow. .
3 bulls.
11 bulls.
1 bulls.
1 bull..
NEW ISSUE
Scows.. 844 4.50' 103 bulla. 10 9 50
2 cows.. 10T0 3 001 66 bulls. 1SS 9.50
4 cows.. 12S5 5 75' 2 bulls. 4S5 6.50
2cowa.. 1115 4 50i lbull.. US O0
14 cows.. 105 4.501 lcsif.. 2M 9.00
6 cows.. RSg 4.501 lcalf.. 2!K) 6.50
6 cowa.. 1258 4 501 lbo.. H0 8 00
6 cows.. 1020 4 501 22hogs. ISO SO
13 cows.. 11K2 5 351 10 hOKS. 28 9.00
57 heifers 675 5 25i 2 hogs. 435 6 SO
3fl heifer. 75 5 2SS1 10 hofte. 149 8.50
29 heifers 790 7 751 lhog.. 540 4 50
2 heifers 420 5 OO1 45 hogs. ISO 9 50
5 calves. 286 9 00! nogs. 2(13 8.75
15 calves. 218 12 001 1 hogs. 330 8.50
2 calves. 238 6 50.' hogs. ISO 9.50
2 calves. 110 9 501 lhog.. 240 7.40
lcalf... 170 12 00! lhog.. 130 8.00
6 calves. 103 9.501 98 hogs. 1S5 9.50
lcalf..-. 240 5 501 8 hogs. 100 9.50
18 calves. 225 7.501 lhog.. 4l0 8.50
lcalf... 250 5.001 hogs. 2--'6 9.50
2 calves. 240 7.00! 2 hogs. SIS5 8.50
lcalf... 120 ll.OOi 17 hogs. 1U2 9.50
11 calves. 155 9.501 - hogs. 231 9.00
lcalf... 190 9.501 48 hogs. 161 9 50
2 calves. 150 10 001 lhog.. 3IM 7 50
lcalf... 200 7.001 T9 hogu. 10 9 40
lbull... 570 6001 11 hogs. 118 9.00
lbull... 804 8 501 13 hogs. 230 8.90
lbull... 1010 4 001 12 hogs. 124 9 00
2 bulls.. 14!0 4.00 79 hogs. 204 9 50
2 bulla. . 1H.30 5.00( 8 hogs. 2S6 8.75
lbull... 1040 8 001 21 lambs 68 8.00
lstag... 1030 4 501 78 lambs 74 10.00
lstag... 1130 4.001 28 lambs 87 7 75
1 stag. . . 1200 4.251 51 lambs 107 8.00
2tmUed. 409 6.0O! 130 lambs 72 10 00
87 mixed. 47 5.951 5 lambs 120 9.00
3 hogs.. 2!3 8.75' 22 lambs 95 5 50
lhog... 400 8 00! 81 lambs 15 8.0O
9 hogs.. 204 9 50' 41 ewes. 98 8 00
17 hogs.. 171 9 SOI 2 ewes. 80 3 00
8 hog.. . 218 8 501 21 ewes. 86 8.00
7 hogs.. 182 9 60! 174 ewe. 9 5 50
18 hogs.. li2 9 501 85yearl. 92- 8 00
lhog... 410 00l 17 weths 111 7 00
2 hogs.. 515 6 501 Iweth. 180 6 04
Prices quoted at the Portland Union
stockyards wer. as folowa:
Cattle- Prices.
Choice steers I22 2 5?
Medium to good steers ?-25 i 2V
1-air (D raeuiuiii ..... ............ - - " j
rnmmnn tn fair steers 4.5 i.iJ
Choice feeders 5 00g 5.50
Fair to good feeders 4.50 5 00
Choice cows and heifers 5.5041 8.10
Medium to good cows, heifers.. 5.009 5.50
Fair to medium cows, heifers.. 4.25 5.00
Common cows 5 ;52 1:5
Canners . 2.25B 3 25
Bulls .! a.soe 5.00
Choice dairy calves 10.00 911-00
Prime light calves 9 0010 00
Medium light calve. TOO 9.00
Heavy calves 8.509 7 00
Prtmelight 9.25a 9 50
Smooth heavy 2O0 to 300 lbs.. 8.5049 8.00
Smooth heavy, 300 pounds up.. 7.50 'rj 8.50
Rough heavy B 00J 8 50
Fat Digs -.. 9 00 9 9.50
Feeder plrs 8.75 9.00
Stags, subject to dockage 4.00 A.50
Sheep
Eat-of-mountaln lambs. ...... 9.25 10.00
Best valley lambs 8 2549 8 25
Cull lambs 112 S ;J
Fair to good .... 6.i5?v 8.25
Eastern Oregon feeders....... 700O 8.00
Light yearlings 7 50 8 00
Heavy yearlings 8.509 7.50
Light wethers ." 6.500 7.00
Heavy wethers
Ewes
1.009 9.00
Cnlcmg Livestock Market.
CH1CAUO, Jan. 2a. mailed States bu-
Pacific States Lumber Company
First Mortgage 8 Gold Bonds
Denominations
MATURITIES
Amount
$ 500,000
1,000,000
1,500,000
4,330,000
Maturity
January 1, 1927
January 1, 1932
January 1, 1937
January 1, 1942
Interest payable semi-annually, January 1 and July 1, at the Office of Halsey, Stuart A
Co., Inc., In Chicago or New York. Redeemable as a whole or in part on any interest date
upon 60 days' published notice at the price designated for the payment of each respective
series. Interest payable without deduction for the normal federal Income tax not in excess
of 2.
THE PACIFIC" STATES LUMBER COMPANY is the successor by change
of name to the Coos Bay Lumber Company, which company and its prede
cessors have owned and operated large tracts of timber on the Pacific Coast
for the past fourteen years. Every condition is favorable to this company for complete
and profitable lumber operations through excellent logging facilities ; modernly equipped
manufacturing plants adjacent to its timber tracts connected by the company's own rail
road with timber resources of more than eight billion feet ; and with cheap water trans
portation afforded by ships owned by the company which carry the lumber to the finish
ing and distributing plant at Bay Point, on an arm of San Francisco bay, ideally located
as a shipping base for world-wide markets.
From letter of Mr. William Denman, Chairman of Board of Directors, who has been in active
control of operation of the properties for the last three years, we summarize as follows:
SECURITY: These first mortgage bond3
will be secured, in the opinion f counsel,
by an absolute first mortgage on real es
tate on which is standing over eight billion
feet of Douglas fir, Port Orford cedar and
minor woods of which fir comprises 84,
Port Orford cedar 12 and minor woods
4, as estimated by your cruisers, and
valued in the aggregate at approximately
$19,000,000. In addition, these bonds will
be secured by a first mortgage on the com
pany's mills, railroads, steamships and cer
tain other physical property appraised at
the depreciated value of oyer $5,-500,000,
the total value of the property thus mort
gaged being in excess of $24,000,000. Upon
completion of this financing the company,
in addition to property under the mort-
gage, will have net working capital of not
less than $2,000,000.
SINKING. FUND : The mortgage provides
for a sinking fund (effective January 1,
1925) obligating the company to pay to the
trustee, in advance of cutting, the sum
of $1,875 per 1000 feet ratably increased"
up to $2.00 per 1000 feet cut when and if
the entire $8,000,000 bonds have been is
sued. Timber may be sold and released
from the lien of the mortgage upon pay
ment to the sinking fund of not less than
$1.75 per 1000 feet of operating timber
sold and $1.00 per 1000 feet of non-operating
timber sold. All sinking fund pay
These bonrls are offered for delivery when, as. and if Issued and received hy us. -and euhjoct to approval
of counsel. Temporary bonds, or Interim receipts later exchangeable for definite bonds, will be ready for
delivery on or about January 30. 1922. All statements herein are offclal or are baued on information
which we regard as reliable and, while we do not guarantee them, they are the data upon which we have
acted In the purchase of this security.
Halsey, Stuart 6? Company, Inc.
Chicago, New York, Philadelphia, Boston.
Second Ward Securities Co. Wells, Dickey Co.
Milwaukee Minneapolis
Cyrus Peirce & Company
Los Angeles, San Francisco, Seattle.
reau of markets.) Cattle Receipts, 15.
000; early sales beef steers mostly 25c
higher; spots up more; choice heavy steers,
19.60; bulk beef steera. 768; she stock
and bulls 15c to 25e higher; beat heavy
bolognaa, $4.25: calves. Blockers and feed
era strong to higher
Hogs Receipts, 40.000; mostly 85c to 40c
higher than Saturday's average; some 190
to 225-pound hogs 50c higher; ahippers
buying liberally; most hogs sold out of
first hand, but big packers doing n.thlng;
top, IB: practical top, 39; bulk. (8.35
8.85; pigs mostly 60c higher; bulk desir
able around $9; few $9.10.
Sheep Recelpta, 13.000, generally strong
to 25c higher; (at lamba to city butchers,
$13.60; packer top early, $18.50; strong
weight yearlings, $11.50; fat: ew. top,
early, $7.50; heavy. $6.25. ' ,
Kansas City Livestock Market.
KANSAS CITY, Mo., Jan. 24. (United
States bureau of markets.) Cattle Re
ceipts, 13.600; steady to active on all of
ferings; beef steers strong to 25c higher;
top, $8; other early sales mostly $6,600
7.50; she stock steady to strong; good
cows, $4.504.75; medium weights mostly
$434.25; heifers largely $5rS6.25; atockers
and feeders mostly steady to strong; desir
able stockers, $6.256.70; medium kind,
$5,5046; good feeders, $6.40fj6.66; other
classes steady; odd vealers. $9.50: bulk-
good canners, $2.50; cutters, $33.50; most
ly bulls 3 30134.25.
Hogs Receipts, 10.000, closing active,
30c to 60c higher; mostly 40c higher than
last week's close; 160 to 190-pound weights,
$8.356'8.50 : 200 to 273-pounders mostly
$3.25'8.45; bulk of sales, 4r8.40; top,
$8.50; packer top. $8.40; most throw-out
sows, $6.757.10; stock pigs up to $8.50.
Sheep Receipts. 13,000: sheep 25&60O
higher; light ewes, $7.25; lambs and year
lings fully 25c higher; light yearlings,
$11.35; 81-pound Colorado lambs, $12.80.
Omaha Livestock Market.
OMAHA. Jan. 23. (United States bu
reau of markets) Hog Receipts, 8500;
active. 2540c higher; bulk 180 to 210
pound butchers, $8.25$8.85; top. $8.35;
bulk 210 to 300-pound butchers, 88.25;
packing sows. $6.50 S 7.25.
Cattle Rereiuts. 5500: beef steers and
S. 8. LAS VEGAS Jan. 2 S. 8. EASTERN BAILOR. .. .F.b. 11
Shanghai, Manila, Hongkong
S. S. WEST CAYOTE.,. ...March IT. 8. 8. VINITA Feb. IT
For further Information regarding space, rates, etc spply to TRAFFIC DEPT.,
(09-022 Hoard f Trad. Bide Portland, Or or Astoria Shipping Co.. Asl.i'U,
Or., or a. X. Johns Co.. Central Bide Seattle, Wash.
$1000, $500, $100,
AND PRICES:
Payable and
Callable at
10212
105
1071a
110
Price
Yield
Maturity
8.40
Par
and
Accrued
Interest
8!25
8.207o
ments shall be used only for retirement
of first mortgage bonds either by purchase
in the market at not more than the re
demption price for each respective series
or by call at redemption price.
EARNINGS: The net earnings of the com
pany for the five year period ending De
cember 31, 1921, after deducting all taxes
' (including federal income taxes and taxes
on non-operating property) and available
for depreciation and bond principal and
interest payment have aggregated $5,028,
519.13. Taxes and other carrying charges
on non-operating property which might
properly have been capitalized amounted
during this period to $589,860.76. Net
earnings adjusted in respect of such car
rying charges have thus aggregated $5,
618,379.89 or an annual average of $1,123,
675.98. The maximum annual interest
charge on the first mortgage bonds
amounts to $586,400.
MANAGEMENT: The operating manage
ment of the company is in the hands of
practical timbermen and lumber manufac
turers with long experience. Through a
voting trust, the right to elect a majority
of the board of directors of the company
so long as the first mortgage bonds remain
outstanding is vested in the nominees of
Halsey, Stuart & Company, Inc., and Sec-,
ond Ward Securities Company.
she stock active, mostly 1525e higher:
heavy beeves, $7.90; bulls and veals steady;
stockers snd feeders strong; spots higher.
Sheep Receipts, 6000; lambs and year
lings, 1525o higher; bulk lambs. $12.50
4313; early top. $13: best yearlings. $11:
sheep. 250 higher; ew. top, $7. 60;, feeders
strong.
Seattle Livestock Market.
SEATTLE. Jan. 23. Hogs, strong; re
ceipts. 245. Prime, $9.008.60; smooth
heavies, $7.60 8 60; rough heavies, $4.60
68.50; pigs. J 84? 8.
Cattle Steady: receipts, 447: prime
steers, $7.257.7S; medium to choice, $6.50
G7; best cows and heifers. $6.25495.75;
medium to choice, $4.606.23: common to
good, $494.50; canners, I1.60W 3.60; light
calves, $9010: medium calves. $8B;
heavy oajves, $78; lulls. $45.
New Tork Sug-ar Market,
NK W YORK, Jan. 23. Raw sugar, e.n
trlfugal, 8.89c; raflned, tin. granulated,
5.00c
76-Pound Beavers Trapped. .
EUGENE. Or., Jan. IS. (SpeolaL)
Beavers weighing 75 pounds, consid
ered by local sportsmen to be gigantic
specimens of their kind, were trapped
by Amos Ramsey, state trapper, who
was sent by the state g-ame depart
ment to the farm of J. J. McCormlck
near the Willamette sloughs to rid the
places of the animals, which were de
stroying fruit trees. Some of the
AUSTRALIA
Honolulu, Suva, New Zealand.
Tb raiatlal I'MMiig-r bteamra
BL. M. . M.U.AKA U,. M. H. .MAKL'H.l
ZO.OOO Ton-.. 1,M0 Ton.
K.J From Vancouver. 1. C.
For rate and nalUnia apply Can. Pae,
Kallway. 55 Third St., Portland, or Caoa
di an -Australian Boyal Mall Line,
?41 HnKtlmc Ht. Wwt. Vantonrff, B. 4
NORTH CHINA LINE
Columbia Pacific Shipping Co
Direct Fretfht Bervlea Without Tranuhipment.
PORTLAND
TO
Yokohama, Kobe, Shanghai, Tcingtao,
Tientsin (Taku Bar), Chinwangtao, Dairen
$7,330,000 .
to
About
,
beavers were so large that they
sprantT the traps and escaped.
Phone your want ads to The Ore-
eronlan. Main 7070. Automatic 630-S5.
Passenger and Freight Services.
74. Y. to Cherbourg and Southampton.
AOI ITANM Feb. 7 Feb. 28 Mar. 21
MAVRKTAMA....Apr. 4 Apr. 25 May 16
IltKESt.AKIA May SO June 20 July II
M. Y. TO HALIFAX. PLYMOUTH, CHER-
BOL'IIO AN I. HAMBURG.
SAXON1A March 1
DIRECT IRISH SERVICES
N. Y. to QueenstoWB and Liverpool.
Al.BAVIA Feb. 18, April 1
HCYTHIA Feb. 25, Mar. 22. Apr. 26
CA5IKBOXIA March 11
N. Y. to Jjondonderry and ;lugnw.
AHSYRI.V March 17
AIXiKKIA Apr. 1, May 12. June 10
N. Y. lo Halllsvx, Londonderry 4$ tituHgow.
AI.t.FItlA Feb. 25
Huston to Londonderry, Liverpool aod
4lagow.
ASSYRIA April 18. May 23, July 11
Portland, Me., to Halifax and 4;lHAgow.
tiATl KNIA Feb. 10 Mar. HO
CASSANDRA Mar. 2 Apr. 1:1
Kor lnlormatlon, tickets, etc., apply to
Local Agents or Company's Office, 61M fteo
ond Ave., Seattle. Phone Elliott 1 1132.
Compania Naviers Mexicana S. A.
100-A No. 1 LLOYD'S STEEL
S. S. MEXICO
os on AnorT January 2s. 1022.
Freight and Passenger (First and
Third Class) Service
From Portland. Or., to the Follovr
Inis; Mexican Portal
Guaymas, Mazatlan, Manzanillo,
Acapulco, Salina Cruz
As Freight Offerings May Warrant
For Kre-lKht and Fsssrager
Hates, Apply to
PAN-AMERICAN LINE
MX) I.KHH Hin.nif;.
Phone Broadway 227-470.
ASTORIA AND WAYPOINTS
Steamer Servtea.
Lv. Dally (Kirept Saturday) T:3 p, ft.
Splendid &!eplog Accommodations.
Cooaotlvni Mad. for All Nona and
Sooth Beach Points.
Fare S1.8S Fach May. Uoond Trip.
Aider -bu Dock. Broadway Sata.
'Xa. Harklns TraosiMuiaUoa Cat