TTTE .MOHNTNG OREGOXTAtf. . TTTCSDAY. FEimUARY" 21, 1022
TRADING II STOCKS
EXPERIENCES SPURT
Firmness Is General Tone in
Most of Issues.
RAILS GAINING SUPPORT
Several Items Refuse to Decline
Despite Showings of Poor Earn-
lugs Made by Companies.
BY MONITOR.
(Copyright by the Public Ledger company.
Published by arrangement.)
NEW YORK, Feb. 20. (Special.)
Trading in stocks today was charac
terized by a fair increase in activity,
with the volume estimated at more
than 800,000 snares, while the general
undertone indicated firmness and re
Bistance to pressure. There were fea
tures of marked strength which
amounted in some cases to actual
buoyancy and, while the list was, not
without its weak spots, they were the
exception and were due to special influences.
ijews was conmcung-. evening was
etrong, with another new high level.
Commodities were higher, with a
sharp advance, in wheat and a further
display of strength in cotton. The
call money, however, rose to 6 per
cent after renewing at 4 per cent.
Advocates of the soldiers' bonus were
reported to be as persistent as ever
in their effort to find some method
by which they could carry out their
plans, nd the news this morning con
tained the threat of a coal strike pos
sibility. The technical position of the
market, however, continues to baffle
the professional element by its dis
play of strength. It seems ea-sier to
bring about advances man 10 iorce
declines. With the exception of
Seneca copper, wnicn was neavuy
sold on the announcement of another
large stock authorization, and Na-
tional Enameling, which broke on
predictions of unfavorable dividend
action, there were no features of
exceptional weakness.
Sentiment was much more strongly
impressed by the new high level for
United States Steel and the advances
in United States Fruit, General Elect
rical, Westinghouse, American Inter
national and Studebaker. Kelly
Springfield reflected the general
market tendency when it refused to
decline in response to a poor state
ment of earnings.
The low priced rails appeared to be
real leaders today were St. Louis &
Southwestern, Frisco and Missouri
;IJacific preferred, although there was
confident buying of Rock Island and
other medium and low priced issues.
So long ago as 1917, action on Rock
Island occurred. This took place be
tween 16 and 20. Since then the stock
has been high as 41, a quotation
reached in March and October, 1920.
Various stages of action, according to
one who is familiar with the opera
tions of this particular group, oc
curred between 22 and 28, and final
ly between 28 and 33. During all this
time it has been possible to say
truthfully that action for powerlui
speculative interests was in progress.
Not until general business and mar
ket conditions were right did this
hand.
In the opinion of shrewd judges of
- the market and of business con
. ditions, this year is propitious for an
advance in the prices of railroad
stocks. Experiments have been made
by several groups to test .the possi
bility of obtaining a public follow
'"tng in their favor. This process still
is in progress. Upon' the success of
r t . ...ill i U -
this year, according to some of those
most interested. It may be said that
the results thus far obtained have
exceeded the fondest hopes of some
of these groups.
Th. Am&riran TrtKaft ofnnlro rtt.
A and B, were exceptionally strong
today with sales of the former above
139 and of the latter above 135. Ac
companying the advance" were reports
that 'the annual statement presently
to be made public may show earnings
of approximately $18 a share on the'
nearly $90,000,000 on both classes of
common stock outstanding.
National Enameling & Stamping
. was the weak point in today's mar
, ket. The stock closed Saturday at
-Ll ana before 2 o clock this after
noon sales were recorded at 33 U.
, The directors meet tomorrow to act
cn the dividend, and the impression
prevails that payment will be passed,
TJiere was some talk today of a
oiflerence of opinion In the directo
rate, which might result in a small
payment being authorized, but this
was not taken seriously in usually
well-informed qifarters. It is gossip
that the annual statement, to be made
public tomorrow, will show a deficit
of nearly $3,000,000, as compared with
net earnings of $1,726,000 in 1920.
- .
f Professionals who continue to sell
- . United Fruit short again paid the
price for their temerity, when the
ciuotation was advanced to 145, a
new high record. The professional
. element has been bearish. on this
stocK ever since the capitalization
was doubled a year ago.
There seems to be an elemet of
mystery, according to gossip in the
street as to the dividend action of
Jones Bros. Tea. An official state
ment today said that the directors at
their meeting last Friday did not
take any action on the preferred
dividend, but tha!t action will -be
taken at a meeting scheduled to- be
UUJU JI1H11 A.
.:' '
"'' The sugar stocks were aggressively
Strong during the early hours ot to
day's session, buying being partly for
tho account of shorts and partly for
longs. The raw sugar market is
quarterly firmer with substantial
sales being at 2 '4 cents, cost and
freight.
gest that caution should be observed
in making new commitments.
.:-.'
Call money opened and renewed at
4 per cent, but almost immediately a
considerable demand developed, a de
mand which increased as the day
progressed. Within a half hour the
rate had advanced to i per cent, an
hour later it was 5 per cent and be
fore 2 o'clock 6 per cent was the best
price at which accommodations could
br- obtained. Bankers said that the
higher rates were due to withdrawals
by out-of-town banks to meet gov
ernment requirements this week. They
lock for a continued relatively high
money rate during the rest of the
week.
Strength in Westinghouse Electric
and General Electric has been at
tributed generally to announcement
of plans for electrification work by
the Illinois Central and reports of
other similar projects under consid
eration. In some important quarters
it was suggested today that the buy
ing of Westinghouse might suggest
the possibility of a merger,
. Davis Chemical was strong, the
buying being attributed to Interests
identified with the company. There
are reasons to believe that next week,
when the annual report is made pub
lic, that it will include a list of the
contracts already closed for the use
of the Silicagel process. There has
been a good deal of skepticism In the
financial community as to the placing
of these contracts and such a state
ment is awaited with interest. It is
suggested in important quarters that
development of a favorable nature
will be made known within the next
two weeks.
United States Steel sold today frac
tionally above 92, a new high for the
present movement. The buying again
largely was by the professional ele
ment, but there was a suspicion in
some quarters that professionals are
executing orders- for more important
interests. The o-pen selling all day
was of a better quality than the buy
ing, but in view of the recent action
of the stock,' commission houses do
not attach great importance to the
open transactions on the floor.
A 'group operating in Studebaker
announced before the opening this
morning that the price of that stock
would be advanced, and 99 was given
as the figure at which it would sell
during the day. It was taken up with
great acclaim in the last half hour.
and sold at $6, closing there. Firms
which have been exceptionally correct
on the other stocks were sellers on
the advance.
EUROPE AND 0R1EMT
QUI FDR WHEAT
N YIELD IS OFFERED
HYDRO-ELECTRIC ISSUES ARE
LISTED ON EXCHANGE.
Oversubscription of Great Northern
5 Y2 a Indicates Strength of
Securities Market.
Export Trade on Coast May
Be Resumed Soon.
MARKETS NOW ON PARITY
Tacoma, transactions.. ,
opokane, transactions. .
Local Exchange Bids Are Advanced
3 to 4 Cents Extensive
Foreign Business In East.
The wheat market was strong and
higher at all points yesterday. . Bids at
the local exchange were raised 4 cents on
club and soft white to $1.25 and 3 cents
on th other grades, with $1.26 offered for
hard white. There v&s a similar advance
in offers sent into the country, but not
much disposition was shown to sell on
the strong market in any quarter and
business put through during the day was
reported to be limited.
There is reason to bellevS that export
trade in Pacific coast wheat will soon be
resumed, since values here, are'' on - a
parity with other markets. No' ;' 'cargo
sales have been announced yet, but it is
known that inquiries are coming in from
Europe and the orient. ..
Export buying in the east yesterday was
extensive but the business was confined
to Canadian wheat. Germany also bought
freely in Argentina. .V
Russell said: "Export Bales of Mani
'toba wheat to England are estimated at
fully 00,000 bushels today. It Is under
stood that the German buying was not
quite half Manitoba and the balance was
Argentine wheat It is understood that
Germany bought 3,000,000 to 3,500,000 bush
els of Canadian and Argentine wheat
today. This is in addition to 300,000 bush
els bought previously."
A cable from a Liverpool Ifouse states
there is a good demand for cargoes at
present with a large quantity of wheat
sold to Germany yesterday morning at
top prices.
The. Liverpool wheat market closed 4
-5d higher. Wheat at Buenos Aires
opened 114 cents higHer and corn cent
higher.
World shipments of wheat last week
were IS, 472, 000 bushels fa compared with
13,384,000 bushels in the previous week.
Terminal receipts, in cars, were re
ported by the Merchants' Exchange as
follows: .V
Portland Wheat. BarFlr.Oats Hay.
Monday 117 ... 8 3 11
Year ago lflt 3.1 22
Season to date.. . .23,134' 151 1604 658 1341
year ago
Tacoma
Saturday :'
Year ago
11,714 102 561 381 1093
2
Although hydro-electric and power
company bonds have received com
paratively little attention from the
public in tne recent active bond
market, observes the Wall - Street
ournal, many of them are listed on
the New York Stock Exchange, and
still more handled in the over-the-
counter business of some of the larger
anking houses.
While prices of these bondP have
moved up in sympathy with the gen
eral market in the last six months as
a rule they are selling at consider
ably lower prices than in 1917, and
can be bought now at fairly good
yields and prospects of future appre
ciation in. market prices.
Power company bonds always have
maintained a high degree of stability
and their record for regularity in pay
ment of interest is high. Rarely has
an power bond defaulted in principal
or interest.
Like other public utilities power
companies are favorably affected by
the decline in commodities and earn
ings are improving.
Hydro-electric industry is still in
its infancy, but is being developed in
all parts of the country. Now that
money is being released from indus
tries and is getting cheap new offer
ings in this class of investment prob
ably will increase.
Immediate oversubscription recent
ly of $30,000,000 Great Northern gen
era! 5 'is, 1952, non-callable, is a strik.
ing commentary on the strength of
the bond market in view of the price
at which the issue was brought out.
The general 7s, 1936, of the same road
have been selling around 107 to
yield 6.20 per cent so that it was gen
erally felt that it would be a little
difficult to sell the longer term 5s
on a 6.75 per cent basis. v
Of the money obtained from the
issue the road will, spend $25,000,00!
on betterments. In the ten-year period
ended June 30, 1921, the Great North
ern spent $103,134,657 for construction
additions and betterments, all from
Income. Of this amount more than
half, or $58,000,000, was later capi
talized through bond issues.,. As $25,
000.000 of the new issue will be de
voted to betterments there will be
left $40,134,657 of added property
value which may still be capitalized
The general mortgage is secured bi
direct lien on 7675 miles or about 9S
per cent of the Great Northern sys
tem. . It affords the Great Northern a
convenient instrument for future
financing.
Season to date. .
Year ago .'..'.
Seattle
Saturday
Year ago
Season to date
33
5
8.334
3,406
'. 57
19
1 1
2 ' 3
92 104S. 98
47 683 100
1 8.1
i
615
700
. 6,566 162 1635 309 1245
Year . ago 3.700 811 269 314 1103
AUSTRALIAN t BUTTER CLEANS UP
METAL ORDERS INCREASE
IRON AND STEEL BUSINESS
SHOWS IMPROVEMENT.
Pig Iron Continues Dull, With Ap
parent Disposition to Main
tain Present Prices.
New Zealand Shipment Will Take Care of
i San Francisco Shortage. :
Prices of butter fluctuated considerably
on top grades from day to day a San
Francisco during the week, and 92 score
closed e lower than the previous Fri
day. Medium and undergrades, however,
advanced gradually during the week and
89-00 score sold at 34c,- still being 9c be
low 92 score. The Australian butter inJ
storage is being withdrawn rapidly and
it will likely all be cleaned up within a
week's time. A shipment of several thou
sand cubes of New Zealand butter is due
to arriva about February 28, which is ex
pected to taka care 8t any shortage. The
good shipping demand from the south,
together with1 lighL receipts of fancy but
ter, caused a aecideiily firmer condition at
the end of the week. San Francisco deal
ers think this condition cannot exist very
much longer as reports from the country
state that production .is increasing. Re
ceipts,' however Aid not how any increase
for the week. "
Eastern butter markets were steady all
week with the price ratio between markets
again more normal. ReceiptB for the week
for the four markets up to and Including
Thursday were less than 1000 tubs lighter
than in the previous week. -. Chicago
gained 2400 tubs and New York gained
aimost an equal amount. There were
other factors that 'affect the market
but, judging from those figures, it would
seem that It only took the shifting of
2400'tubs to make the adjustment between
the markets. There was a good trade
during the week that just about kept
goods moving without a shortage develop
ing. The accumulations at New York of
fancy butter were moved and sizeable re
ductions were made In the stocki ot un
dergrades. Storage butter also found a
better movement. Production and con
sumption were both good. Foreign- ar
rivals amounted to 3600 boxes of Argen
tine the latter part of last week. Danish
butter was about cleaned up and no more
is on the way so far , as known, and
cables are firmer. Other foreign butter
was. in light demand at New York, i,
DEMAND FOB HOGS ' IS LIGHTER
Few Regales Reported en Street Local
Consumption (lood.
There were very few resales of eggs yes
terday and the larger buyers -were Indif
ferent about securing additional supplies
from the country. ' Most of the bids sent
into the country were on the basis of 23
cents, as buying over that figure would
notpermlt of profitable shipment to the
outside. Local consumption was good and
this alone prevented the market from de
clining faster. ; -t
The cube butter market was in health?
shape with the supply and demand about
equal and prices wer unchanged.
Receipts of poultry and dressed meats
were limited and Satuday's quotations
1,763,370
8.017,507
Bankers' Acceptances.
Quotations on bankers' acceptances fol
low: Days
30 60 80
Prime eligible members, pet... 4 4 4
Prime non-members, pet 4 454 414
PORTLAND MARKET QUOTATIONS
Grain, Flour, Feed, Etc. ;
Noon session Merchants' Exchange.
i Bio;
Wheat Feb. Mar. Apr.
Hard white $ 1.26 $ 1.26 $ 1.26
Soft white 1.25 1.25 1.25
White club 1.25 1.25 1.25
Hard winter 1.24 1.24 1.24
Northern spring 1.23 1.23 1.23
Red Walla 1.18 1.18 1.18
' Oats j
No. 2 white feed...-,... 31.00 32.00 82.00 1
No. 2 gray 20.00 30.00 80.00
Barley
Brewing 27.50 27.50 27.50
Standard feed 26.50 26.50 26.50
Corn ' .
No. 2 B. Y. shipment... 27.50 7.75 27.75
No. a E. Y. shipment... 27.23 TI7.50 27.50
FLOUR Family patents, $8.20 per bbl.;
whole wheat, $7; graham, $6.80; bakers'
hard wheat, $7.90; bakers" bluestem pat
ents, $7.40; valley soft wheat. $6.45;
straights, $6.05.
MILLFEED Price f. o. b, mill: Mill
run, ton lots, $27; mixed cars, $26; straight
cars, $25 per ton; middlings, $32: rolled
barley, $36(83S; rolled oats, $38; scratch
feed, $47 per ton. '
CORN White, $34 :' cracked, $3 ton.
HAY Buyinit Dries f. o. b. Portland;
Alfalfa, $13.5014 per ton: cheat. $10.60
vii; oat ana vetch. S14.0U; clover, an;
valley timothy, $14 15; eastern Oregon
timothy, $16 17.
Dairy and Country Produce. , .
BUTTER1 Cubes, extras, 8536c per lb.':
parchment wrapned. box lots. 41c; cartons,-
41c. Butterfat, buying prices: No. 1 grad.
tie, delivered Portland.. . ..-
EGGS Buying price. 23o dozen, " cas
count; jobbing prices, case count, 2826c;
candled ranch 27df28c; association selects,
32c; association browns, ale; association
firsts, 30c; association pullets, :28c.
CHEESE Tuiamook triplets, -, price to
jobbers, I, o. b. Tillamook, 26c; Young
Americas, 27c pound. . - .. .
POULTRY Hens, 2226c; springs, 22c;
ducks, 22&28c; geese, 20c; turkeys, live
nominal, dressed, 3840c.
PORK Fanc.y, 15c per pound.
V&AL Fancy, 15 per pound;
- Fruits and Vegetables.
Local jobbing quotations:
FRUITS Navel oranges, $4.506.50 box;
lemons, $78; grapefruit, 3. 75 7.50
box; bananas, 80c per pound; apples,
$1.353.25 per box; cranberries, eastern,
per Darrel.
POTATOES Oregon, S1.7S2.00 per 100
pounds: Yakima, $2 2.50 per 100 pounds;
sweet potatoes, doc per pound; Nancy
Hall, $2.00 per craie. ...
ONIONS Yellow, $88.25 per cental. .
VEGETABLES Cabbage, S4c per
pound; lettuce, $4.50 5.25 crate; carrots,
$11.75 sack; garlic, 15c per pound; green
peppers, 45c per pound; beets, 22.50 per
sack; celery, $S.5010 crate; cauliflower,
$2.2o32.o0 crate; squash, 4(841ic; sprouta
2022c; parsnips, $1.502.oO per sack;
tomatoes, $55.50 per lug; artichokes,
$2(g2.25 per dozen; cucumbers, $2.50)3
dozen; .rhubarb, 1820c per pound;
spinach, $2 per crate.
Staple Groceries.
Local jobbing-quottioBS:
SUGAR (sack basis) Cane, granulated,
6.10c pound; beet, 5.80c per pound.
NUTS Walnuts., new crop, 23836c" per
pound; Brazil nuts, 23c: almonds, 27c;
peanuts, ll&14c per pound. - ' ' -
RICE Blue Rose, 0o per pound; Japan
style, 6 c per pound. . .
COFFEE RoastedVJiulk, In drums, 18
35c per pound.
SALT Granulated, ' bales, $S.254.03;
half ground, ton, 00s, -$17; 100s. $16.
HONEY Comb, new crop, $5.505.73
per case.
DRIED FRUITS Dates, 1825c per
pound; figs, $L403.50 per box; apples,
15c pound; peaches,. 16c; apricots, 23c;
prunes,- 013c,
BEANS Small white, 5Vi6c: targe
white, 5c; pink,a6c; bayo, 614c; red,-c;
lima, 9c pound. "
s
TOP PRICES OF MOVEMENT
FOR SOME ISSUES.
Domestic Rails Are Also Stronger.
Irregular Changes in Liberty
and Victory Notes. .
Before the opening, dispatches trm
Mexico City announcei the settlement
of the differences between American
Oil and the Obregon government on
the payment of taxes ordered under
the decree effective June 1 last Ac
cording to these dispatches the set
tlement was effective on the basis of
the payment by the oil companies of
40 per cent of the -taxes imposed at
that time. Mexican petroleum, 'Pan
American Petroleum, Royal Dutch
and Shell were favorably affected by
this news, and were aggresively
bought. Profit taking in the late aft
ernoon resulted in some reaction.
,.'-'
The copper stocks were inclined to
heaviness today on reports of. further
shading in the price for the metal.
It is understood that substantial
. quantities are offered for first quarter
delivery at 12 cents and that even
this quotation might not stand for a
particularly desirable piece of busi
ness. Firms which a year ago were
favorable to these stocks now sug-
(Copyright by the Public ledger company,
publlsnea oy arrangement.;
PITTSBURG. Pa., Feb. ."10. Orders an
nlant operations in ftie iron and steel in
dustry increased durln-g the last week, so
that the Carnegie Steel company has at
tained an operating ratio of over fiO per
cent, as has the Jones & McLaughlin Steel
company. The American Sheet & Tl:
Plate company is operating at about two-
thirds capacity. Business continues of the
hand-to-mouth character and here are
fesV orders for forward delivery.
i ne Dusinrs coming lu uianuLaciurers is
for prompt shipment and represents imme
diate requirements of buyers. Liquidation
lias been so complete that actual needs are
increasing. This accounts for the im
provement during, the- last few weeks.
Manufacturers of cold, finishing steel bars,
nuts, bolts and. rivets are encountering
(some liquidating sales;, but in other lines
be low. t . - ' -
prices seem to-be the obstacle to advance
business In .sheets, as - buyers have the
Idea that as the decline In prices has been
relatively less hi this line than in several
others, quotations will fall in time. Orders
are small Individually and specifications
mixed in character. Prices on attractive
orders for steel products are below the cost
of nroductlon at the average mill. At
present the price trend is in the direction
of eliminating further reductions, despite
expectations or Duyars. structural work
while not active, is making a Better show
ing than was expected. '
Pig iron continues- dull, but there 1 an
annarent disposition to maintain present
prices. Foundry is ,the most active, with j
inquiries amounting to aDout t2,u0 tons,
principally from radiator and other house
heating companies. . Railroad work is in
creasing. Some of the new car work has
been placed and other lots are pending.
NEW YORK, Feb. 20 Foreign offer
ings again overshadowed all other issues
in today's strong and more expansive bond
market. United Kingdoms, most of the
French Issues and Belgian. Japanese, Chi
nese and ctillean issues hardened in some
Instances to highest prices for the move
ment. Many low priced rails moved for
ward with the better trend of those Issues
in the stock list Dealings in the Mis
souri, Kansas & Texas group, Missouri
Pacific, Seaboard Air Line, St. Louis &
San Francisco and Minneapolis & St. Louis
were most active. Liberty and victory
Issues contributed less than their1 usual
proportion, closing at irregular changes.
Total sales, par value, aggregated $18,-
aio.uuu. . - .
Abrupt hardening of money rates,
strength of European exchanges and heavy
trading in the grain and commodity mar
kets ,at higher quotations were the con
flicting elements- which attended today's
active and generally hieher stock -market.
Call loans opened and renewed at 4 per
cent, but made progressive advance - to. &
ner cent, the latter rate prevailing in tne
final half hour. Aside from prof it-taking
la special issues, the firmer money ten
dency was without marked effect -on
quoted values. Freight traffic at western
and southwestern points expanded only
moderately, but the demand for securities
from those centers denoted increased con
fidence on the part of investors.
Stock market -prices were - influenced
partly by the agreement reached between
the Mexican government and American oil
Interests, relating to export taxes. Buy
ing of junior rails, which extended to
bonds of the same class, 'again seemed to
be based on better crop prospects and
hopes of restored dividends.
' Low priced rails of the granger and cot-;
ton carrying divisions featured the. early
buying of transportations, the movement
later embracing dividend paying trans
continentals and coalers.
Mexican petroleum and affiliated Issues
were, one to three points higher at maxi
mum quotations. Similar gains were made
by steels, equipments, motors and their
accessories, tobaccos, chemicals, rubbers
and shippinga United Fruit was the
strongest feature at a net gain of five
and a half points.
Acute -weakness was shown by .National
Enameling at a gross reaction of eight
points, only, part of which was retrieved
at the close. Directors of the company
meet tomorrow for dividend action. Seneca
Copper and Columbia Gas were among
the other backward stocks. Sales amounted
to 800,000 shares.
Sterling demand bills were carried up
to 4.39, the highest quotation since 1910,
and allied exchanges rose 10 to 17 points.
German, marks weakened, central Euro
pean bills were inderately lower and
Scandinavian rates eased.
CLOSING STOCK QUOTATIONS.
Furnished by Overbeck and Cooke com
pany of Portland.
sales. High. Low.
800 63hi 61hi
4U0 34 'A 31 V4
3,800
3,800
A or Pac ' 2,800
Nov Scot Steel
N Y . Air Brake
N Y Central . .
Okla Prod ret
Ontario Silver
Ontaio Jt W-.
Otis SteM .
Pacific Dev ..
Punta Allegre
racmc uu...
Pan Amn . Pet
do B
Penna
geo Gas
Pere Marquette
Purl Oil
Phillips Pete..
Pierce Arrow
Pierce Oil....
Pitts Coal ...
Pltss & W V
Pressed Stl C
Pullman 1,100
100
1.500
400
"ioo
3U0
"ooo
2.2U0
2.000
5.400
1.4U0
1.400
6,600
. 000
800
l.SWO , 33
800
1,400
200
400
100
500
3,600
400
200
400
':"ioo
1,400
'"'800
5,000
"'260
4.000
1.70Q
Hides, Hops, Etc
HIDES Salt hides, 6c; salt bulls,' 6c;
green Duns ic less; salt call, lze; salt kip,
8c; salt horse hides, $12 each; dry horse !
hides, 50c$l each; dry hides, 10c; dry
cull hides, half price.
N PELTS Dry pelts, 13c (long wool); dry
short wool pelts, half price; salt pelts, 60o
$1 each; dry goat skins, 10c .long hair!:
shearings and short wool skins at value.
tallow No. 1. 4iic; No. 2. 3c per
pound. 1 . - .
CASCARA BARK 8c pound' deliveredV
Portland. -OREGON
GRAPE Grape root, 6c per
pound.
HOPS 1921 crop, 1620o pound.
WOOL Eastern Oregon, 15 30c per
pound; valley wool, medium, 1820c;
quarter blood, 15617c-, low quarter blood,
14lBc; braid, 1214c; matted, 914c.
MOHAIR Long staple, 20c; short staple,
lac pound.
GRAIN BAGS Carlots, 7c coast
Provisions. '
Local jobbing quotations:
HAMS All sizes, 3437c; skinned, 32
40c; picnics, 1819c; cottage roll, 24c
BACON Fancy, 3244e; choice, 28
34c; standard, 22 24c.
LARD Pure, tierces,-15c pound; com
pressed, tierces, 13c. -
DRY SALT Backs. 1821c; plates, 15c.
wee repeated. .
Small Decrease in Wheat Visible.
The American visible wheat supply
statement compares as follows:
. . Bushels. Decrease
Feb. 20, 3922 42,092,0(10 .- 0M)
Feb. 21, 1921......... 28.560,000 645 000
Feb. 24, 1920.. 53,396,000 1,818000
Feb. 24, 1918., 121.206,000 4,888 000
Feb. 25, 1918... 10,367,000 1,271.000
, The coarse grain visible supply state
ment compares: 1
Fuwhels.
..30,924,000
..23.676,000
. .67.857, 0(10
-.34,648,000
Feb. 20, 1922, corn ;.
Feb. 21. 3921. corn .
Feb. 20, 1922. oats .-.
Feb. 21. 1922, oats..
Feb. 20, 1922, rye .. .
Feb. 21, 1921, rye ..,
Feb. 20, 1922, barley
Feb. 21, 1921. barley '
2.020.OO0
2,7'44,6oe
Decrease.
2.152 000
799.000
r 312.000
430,000
163,006
- 137.000
62.000
49.000
increase. V " '
. Provisions Higher" Again.
' ' Another advance .In the provision list
yesterday lines up the pork -products mar
ket with recent gains In live hog prices.
Hams are quoted at 34S7c, according
to grade and size and the best bacon Is
raised to 3844c. Lard is a oent higher
at 15c, tierce basis. '
Cocumbers in From Sherwood.
Hothouse , cucumbers from Sherwood
made their.appearance yesterday and sold
at 2.50S a' dozen. 'A mixed car oi
California vegetables. Including cauliflower,
celery and spinach, is due today.
Bank Clearings.
Bank clearings of the, northwestern
cities yesteruay were as rouows:
Clearances. Balances-
Portland ...$5,518,554 $1,727,462
Seattle .............. 6,908,216 1,820,168
, Oils.
LiASEED OIL Raw, In barrels, $1.10;
a-ganon ' cans, i.za; boiled, in barrels,
ti.jzr o-gauoo cans, 11.27.
TURPENTINE In drums, $1.15"; 6-gal-lon
cans, $1.30.
WHITE LEAD 100-pound kera. 12o
per pound.
GASOLINE Tank wagons and iron hxr.
vela, 26c; cases, 38c
SAN FRANCISCO PRODUCE MARKET
Prices Current on Vegetables, Fresh Fruits,
JStc., at -Bay City.
SAN FRANCISCO. Feb. 20. fStat TV-
vision 01 Markets. ) Fruit Apples, 84;
i.wt,n; oranges, $2.u095 50
lemons, $4.506.25; grapefruit, $34.25;
pears, box $1.752.25; cranberries, nom
inal. . .. . ...
Poultry Broilers, 38 42c: "young roost
ers, 2638c; old, 1620c; hens, 2580c
ducks, 222Sc: live turkeys. ' 34S6c
dressed, 36 45cT :
Vegetables Artichokes, large crate, $16
22; carrots, sack, $11.25; celery, crate
$24.50; cucumbers, doien, $1.252 75
eggplant, pound, 510c; lettuce, crate,
$3.2504.75; mushrooms, pound, 3050c;
olives, pound, 67c; brown onions cwt
$6.757.25; white globes, $89; bell pep
pers, . pound. 1025c; potatoes, $ 5
4.25; pumpkins, sack, 75c$l; rhubarb
box, $33.50; Cream squash, lug, $125
hubbard. sack, $1.251.50; sprouts, pound'
1516c; spinach, nominal. '
Receipts Flour, 308 quarter sacks; bar
ley, 327S centals; corn, 2163 centals; pota
toes, 8944 sacks: onions, 35 sacks- hay
l'ootbox:ea!'deS' 2-338: oranfres lemons!
. Coffee Futures Higher.
NEW YORK, Feb. 20. The feature In
the market for coffee futures today was
further evening up of March contracts
and switching from March o later months.
Last prices were only a shade off from the
best, the .market closing at net advances
of 31 to .lit . points. Sales were reported
as 82,000.. March, g.Zec; May. 8.65c- July
8.70c; ' September, 8.73c; October, 8 74c'
The "spot market was steady with
good demand, reported at cents for Rio
7s and 3 2'ic to 1.294 c for Santos 4s. Cost
and freight offers were generally .higher,
including Santos 4s part Bourbon at 12.40c
to x-.ioc Amencan creaits.
' Metal Market. .
NEW YORK, Feb. 20. Copper, easier;
electrolytic, spot and nearby, 1213tic
later. 33jil3(4c. 7f"c,
Tin Easy. Spot and nearby, 29.62c; fu
tures.
Iron Steady. NO.'l northern, lfl19.50;
No. 2 northern, $18.5019; No. 2 southern
$15.5016.
Lead Quiet Spot,4.T04.80c.
Zinc Quiet. . East St. Louis delivery
spot, 4.504.5rc
Antimony-Spot, - 4.40c.
Naval Stores. " '
SAVANNAH, Feb. 20. Turpentine, firm,
85c; sales, 22 barrels; receipts, 10 barrels;
shipments, 121 barrels; stock, 4627 barrels.
Rosin Firm Sales, 104 barrels; re
ceipts, 865 barrels; shipments, 200 barrels;
stock, -71,851 barrels. Quote: B, D, E, F
G, H, I, $4; K, $4.45; M, $5.15; N, $5.45;
WS, $5.705.75; WW, $6.
Sugar Markets. '
NEW YORK, Feb. 20. Raw sugar, cen
trifugal, 3.80c; refined fine granulated,
5.10c J-
SAN FRANCISCO, Feb. 20. California
Hawaiian sugar, 3.86c.
. Cotton Market.
NEW. YORK, Feb. 20. Spot cotton,
steady; middling, 18.75c
Adams Exp . .
Agr Chem. ...
do pfd
Ajax Rubber.
Alaska Gold. 4
Alaska Juneau
Allied Chem. .
Allla-Chalm ..
' do pfd
Am Bt Sugar".
Am Bosch...
Am Can Co. . .
do pfd
Am C & Fdy.
do pfd
Am Cot Oil..
do Pfd
Am Dg Synd.
Am H & Leah
- do pfd
Am Ice
Am Intl Corp
Am Linseed..
do pfd..,..
Am Loco
do pfd
Am Saf Razor
Ani S & Com
Am Smelter..
do pfd
Am Snuff . . .
Am Stl Fdy..
Am Sugar....
do jfd
Am Sumatra.
Am Tel & Tel
Am Tobacco..
do B ....
Am Wool ....
do pfd
Am W P pfd.
Am Zinc ....
Anaconda . . .
Assd Oil
Atchison . . . .
do pfd
Atl, G & W I
Baldwin Loco
do pfd
B & O
do pfd
Bet Steel "B"
Booth Fish ..
B R T
Butte C & Z.
Butte A Sup..
Burns Bros .
Caddo Oil
Cal Packing..
Cal Pet
do pfd
Can Pac
Cen Leather..
Cerro d Pasco
Chand Motor.
4-C & N W
Chi Gt W
do pfd
Chill Cop
Chino
C, M. & St. P
do pfd
Coco Cola....
C & O
Colo F & I...
Coio South.
60O ,
1.300
1,600
J0O
600
1,800
3,900
300
1,500
'iiioo
"166
2110-
600
1,900
8,400
400.
' 100
7,200
300
1,800
200 ,
'"ioo
2,200
3,400
100
1,500
6,200
4,600
2,500
2,100
100
100
100
3,800
'ijioo
100
500
12,300
100
3,500
200
4,800
100
2,200
200
100
""366
300
400
1514
58
45 it
91
30
3i'!4
40
99
149
22-)
"0I4
14 U
oi)'!
44
. 33 'A
66
110
"4"
' 12T4
46
i33"
32
67
5
25 .
120 "
139
136 "
84 -104
24
13
48
97
85
. 26
106
107
B
.-4i,i
- 04 V4
11
04
26
'ioU'
74
48 V4
15
, . .
68
44
91
33
36
39
98
146
."22
"i'i
14
66
99
43
33
56
109
"3
12
46
i32
31
66
95
24
119
336
i32
83
104
24
' 13
47
:'s7"
85
26
105
107
36
54
63
5.
10
5
26
10
74
48
80 79 79 PS
5 "59 5 H
77 76 77 g
.2 2 2 &
21 '21 21 i
10 10 10
66 "66" 65 H
39 88 38 H
47 46 46 B
55 45 54 H
50 49 49 U
34 34 34
76 ' 76 75 B
23 23 23'
34 33 33
33 32 32 U
15 15 l- ' H
8 7 - 7 ' H
60 59 59 , H
64 64 64 !
117 116 116 H
14 13 13 I
75 74 14
31 30 31 SI QWn
,tl . 30 , 30 J'XWO.
?53 fi2 52 . -
..... ..... 5 h
52 01 51 H ;
"2 "i 2 B
64 63 64 H
'4014 i6" 40 H
19 39 19
86 86 86 H
'40" '46" 40
84 84 84 H
19 19 19
6 96 96
25 24 24
40 SU 40 H
96 ' 94 96 B
107 105 107 B
10 10 10 H
45 45 45 B
31 80 30 B
25 25 25
2,400 63 62 63
1,900 9 9 9
1,500 19 18 " 18
1,400 131 131 131
100 26 26' 26
400 67 . 68 66
1,400 4 .8 4
2,700 143 138 142 I
V900" 25" 25" 25
900 54 53 53 I
3,300-45 44 45 I
4,400 56 54 65 I
300 99 99 99 I
300 83 33 83
28,500 92 90 91 I
1,600 116 116 116 I
700 61 61 61 I
300 81 31 31 H
.... 4,300 35 33 34 IS
300 7 ,7 . 7 H I
300 7 . 7 7 B
700 22 21 21
., 14 taBBBB
.80
V. " 8,706 'ii" "ie". 16 ' ' " '
91 li
8,900 56 54 65
500 9 8 9
200 38 3S 88
1,600 ' 4 . 4 4
300 25 , 25 25
200 38 38 87
300 149 149 1494
- 200 46 46 46Va
200 7 7 7
1,500 8 9 9
Ray Cons
Keading .....
Remington . . .
Replogie Steel
Rep 1 & S....
do pfd
Rep Motors . .
Roy Dutch Oil
Ry Stee'l Spg..
Saxon Motors.
Sears Roebuck
Shattuck, Ariz
Shell T & T,.
Sinclair
Stand Oil Ind
Stand Oil N J
Sloss Shef . ... I 500
Sou Pac m 4.900
Sou Ray T 10,400
Stand Oil Cal. 600
Sv L & S F. .. 15,000
Strom Carb. . .. 700
Studebaker ,j. 29,000
Swift & Co
tenn C 4 C... 2,000
Tex Oil 5,600
Texac Pac ... 5,100
Tex P C & O . . 400
Tob Products..
Tr Contl Oil..
Union Oil Del.
Union Pac ...
United Alloy..
United Drug..
Utd Fd Prod..
United Fruit..
Union B & P.
ASCI
Utd Rtl Stores
U S Ind Al...
U 8 Rubber...
do 1st pfd. . .
U S Smelting.
u s steel....
do pfd ....
Utah Coo
Va Chem ....
do pid
Van Steel
Vivandou
Wabash
do A pfd.
ao jo pia
Wells Fargo
West Pac . .
West Union
Westh E & M.
West Md
White Motors.
Wlllys-Ovld ..
dtf pfd
Wilson Pack..
Woolworth . ..
Worth Pump..
W & L E....
White Oil ....
BOND6.
U S 2s reg "IOIHINo Pac 4s
do coupon. .102 do 3s ...
do 4s reg. . .104 Pac T & T'5s.
MALHEUR COUNTY
Embracing over one-tenth of Oregon's area, this
county is one of the most productive farming and
stock-raising districts in the state. Bonds of this,
county are high-grade with an attractive yield of
Fill in and mail the coupon to
day for detailed information.
Blyth. Witter. & Co.
Fourth and Stark Streets
Portland, Oregon
1
Blyth, Witter & Co., Portland, Oregon:
I am interested in receiving information on Malheur
County Bonds. .
Name
Address
do cv 4s cpn104
Pan 3s reg "79
. do cpn '79
A T & T ov 6s.lll
Atch gen 4s... 87
D & R cons 4s.74
NYC deb 6s. . 99
84
60
94
Penn con 4s..94
So Pac cv 5s. . .05
So Ry 5s 90
Union Pac 4s... 91
U S St 5s 100
Bid.
2.300
2,700
300
3,800
6,700
1,600
1,400
3,600
700
1,800
2,500
700
1,200
200
8O0
Col Gas & El. 10,100
Col Graph.
Con Gas
Con Cigars...
do pfd
Contl Can
Clt Svc Bkrs.
Corn Prod. . . .
. do nfd
Cosden Oil. .".
6,200
1,100
131
32
33
64
6S
7
18
16
26
20
35
45
58
27
44
76
2
93
20
130
32
33
63
67
7.
17
16
25
20
34
45
58
' 27
44
75
2 '
92
- 19
2,600
100
600
C R I & P 19,800
do A ptd. 100
do "B" pfd. 600
Crucible 6,1110
do pfd 200.
Cuba Cane... 2.900
do pfd 400
Cub Amn Sug 900
Del & Hud... 300
Dome Mines. . 2,200
Del & Lack.. ' 200
Dav Chem 11.000
Endicott John 1,500
Erie
do 1st pfd..
Elec Stor Bat
Famous Play.
Fed-M & S...
do pfd
Fisk Tire....'
Gaston Wma.
Gen Cigars...
Gen Elec...
Gen Motor-. . . .
Glen Alden...
Gen Asphalt..
Goodrich ....
Goodyear ....
Granby
Gt Nor Ore...
do pfd......
Ore Cananea.
ffulf S Stl
Houston Oil. .
Hupp Motor..
Ilia Cent
Inspiration . . .
Int Ag Or com ,
do pfd..... .
Interboro .... .
do pfd
Interstate Call t
1,300
2.5O0
2,300
5,100
'ioo
3,100
300
V.2o6 '
7,300
'3,306.
3,300
103
114
35
28
90
77
62
82
10
28
20
111
24
112
60
80
41
18
142
82
"si"
13
153
8
62
38
300
1,800
Y.400
1.B00
3,100
1,100
400
60O
- 300
1,300
35
75
'74
75 V,
15
9S
2
6
5
88
Int Harv...
do pfd..
Int Here Mar. 1,200 15
do pfd 8.500 . 72
Int.NickeL.. 6,500 12
Int Paper.... 800 48
do pfd .....
Invinc Oilr... 2.700 14
Island Oil 20.900 1
K. C. South.. 6,100 25
do pfd .....
Kelly-Spgfld . 7,700 39
Kennecott ... 1,600 27
Keystone Tire 7,700 17
Lack Steel ... 60 48
Lee Tire .0... '4,000 28
Lehigh Valley 4,300 61
Lorlillard .... 500 151
Lowe Theaters 1,000 14
L & N , 200 113
Marland Oil. . .
Mar & Berry .-T 2200- 28
May Stores.. ; 300 107
Mex Pet 27,400 123
Miami 200 26
Mid States Oil.' 7,600 13
Midyale Steel. 1,200 m 30.
M K & T Wi.. 15,700
do pfd 7, oo
Mont Power.. 100
Mont Ward .. 6,700
Mo Pacific . .. 3,00
do pfd 9,100
M St P & S S M 200
Nor Amn 6,000
Nat Biscuit .. 700
Nat Enamel.. 18,700
Nat Lead 200
Nevada Con... 300
New Haven .. 3,000
Norfolk & W.. 900
11
32
67
14
19
50
67
58
135
40
: 89
"is"
100
102
114
34
37
90
. 77
60
81
30
26
-17
111 ,
23
132
58
79
10
17
139
81
'3!)"
12
i50
8
'61'
37
35
75
14
87
2
7
85
14
,
47'
'13
1
24
'37
27
15
48
27
60
150
13
113
"27
106
121
26
13
30
- 10
30
13
18
49
66
57
133
33
. 89
'i7
100
Bid.
61
.34
57
15
58
'44
-90
35
37
. 37
99
346
116
22
45
0
14
66
99
44
32
56
109
115
. 3
. 12
46
89
133
31
67
95
25
119
139
135
83
103
23
' 13
48
-, 99
87
85
26
105
' 107
86
54
63
5
10
5
25
116
10
73
48
85
130
32
' 33
64
67.
6
16
16
25
20
' 34
44
58
26
44
75
o
92
19
46
53
18
102
113
34
38
89
T7
00
81
10
29
20
. 111
24
111
60
79
10
17
141
81
9
38
12
67
152
8
45
, 62
37
10
27 1
35
75
25
73
76
. 34
98
38
5
37
2
7
5
87
106
15
72
' 12
48
80
14 '
1
25
54
3S
27
16
47
28
60
151
13
11
,-25
27
106
1""
26
30
10
31
66
13
18
49
58
134
35
89
33
17
100
Liberty Bond Quotations. .
Liberty bond and victory bond quota
tions at New York as furnished by Over
beck & Cooke company of Portland:
':.'.. Bid.
Open. High. Low. Close.
96.96 97.16 96.90 97.00
Liberty 3s .
dolst 4s . .
do 2d 4s . .
do 1st 4s.
do 2d 4s..
do 3d 4s. .
do 4th 4s..
97.10 97.30
96.96 96.96
97.54 97.56
97.10, 67.26
Victory 4s ...100.28 100.30 100.26 100.28
do 3s 100.00
96.9
96.60
96.80 96.92
96.60 96.76
97.30 97.40
97.02 97114
Mining Stocks at Boston.
BOSTON, Feb. 20 Closing quotations:
Aliouez 2 INorth Butte.... 11
Ariz Com SIO!d Dominion.. 23
Cal & Ariz oslosceoia Hi
iQuincy 43
I.Superior 2
Sup & Bos Mln 1
Shannon- 1
Utah Con 2
. 40
. 11
Cal & Hecla...278
Centennial .... 31
Cop Rg Con Co. 41
E B Cop Mn... 10
Franklin 4
I Royalle (cp). 22 Winona .
Lake Copper... 2 Wolverine
Mohawk . . . tia !
: Swift & Co. Stocks.
Closing prices of Swift & Co. stocks at
Chicago were reported by the Overbeck &
Cooke con-many of Portland as follows:
Swift & Co 106
Canadian 6s, 1921 96 97 day's session were setbacks in wheat prices
rhlneae 5a 1051 48
Chilean 8s, 1941C '10i
Russ currency
Denmark 8s. 1945 108
Dan Muni 8s, 1945 107
French 4s, 1917 62
French 5s. 1921.: 77
French 5s ,1931 67
French 7s, 1941 96
French 8s. 1943....'. ....101,
German W L 5s 3
Berlin 4s
Hamburg 4s 4
Hamburg 4s 4
Leipsig 4s 5
Leipsig 5s
Munich 4s 5
Munich 5s
Frankfort 4s 5
IeHtan 5s, 1918
Jap 4s, 1931 '
Jap 1st 4s, 1925 88
Jap 2d 4s, 1925 i 87
Norway 8s. 1940 ...109
Russian 5s, 1921..:..,...?.. 17
Russian 5s. 1926 , , 4
Russian 6s, 1919 18
Swiss 5s. 1029.4.;
Swiss 8s. 1940 J14
San Paul 8s 11
U K 5s, 3922..., -25-'
U K 5s, 1929 19u
U K 5s. 1937 99
48
101
8
108
107
54
78
68
96
101
4
5
0
5
6
6
6
'J
'38
74
88
87
lW
19
5
19
97
115
101
3 05
105
99
Foreign Exchange.
Foreign' exchange rates at the close of
business yesterday, furnished by North
western Natinal bank of Portland. The
amount quoted Is the equivalent of the
foreign unit in united states tunas
Country Unit.
Austria, kronen
Belgium, francs
Bulgaria, leva
Czecho-Slovakia, kronen
Denmark, kroner ....'.
Hngland, pound sterling
Finland, finmark
Libby, McNeil & Libby...
National Leather
. do. new .'
Swift International
5
2
10
22
Money, Silver, Etc.
NEW YORK, Feb. 20. Call money
strong; high, low, 4; ruling rate. 4; clos
ing bid, 5; offered at 6: last loan. 6
per cent. Call loans against acceptance,
3 per cent.
Time loans firm: 60 days. 45; 96
dtiys, 45; six months, 45 per cent.
"Mercantile papeY, 45 per cent.
Foreign bar silver, 64 c; Mexican dol
lars, 49c. -
LONDON, Feb. 20. Bar silver, 33d per
ource. . Money, 2 per cent. Discount
rates, short and three-months bills, 3 per
cent. ' ,
New York Bonds.
New York bond quotations furnished by
Herrln & Rhodes, Inc., of Portland:
Maturity. Price.
Can Nor (guar.) 6s 1946 108
Can Nor 7s (guar. Can.) 1940
Chi N W 7s 1930
Chi N W Ry 6s 1936
C M & St P. gn and rf 4a A..2014
Grand Trunk 6s 1030
Grand Trunk 7s 1940
Great Northern 7s 1936
NYC Col 7s 1930
N P & Q N Joint 6 1936
N P 68 2047
Penna 6s 1036
Penna 7s 1930
Un Tank Car 7s 1930
Am Tob 7s 1922
Am Ag Chem 7s 1941
Anaconda 7s B 1929
Armour cv 7s .....1930
Armour 4s 1939
Beth Steel 7s S"-2
Beth Steel 7 1923
Beth Steel Eq 7fl 1935
Copper Exp 8s 1922
Copper Exp 8s 191'3
Copper Exp Ha. M 1924
Copper Exp 8s 1925
Cuban Amer Sugar 8s 1931
Dla Match 7s... 1935
Dupont 7s 1931
Flsk 8s 1941
Goodrich 7s 1925
Goodyear 8s .. , 1941
Hershey 7s 1930
Int Mer CT 6s 1941
Ke;ly-Springficld 8s 1931
Kennecott 7s 1930
Libbv, McNeil & Libby 7 1931
Morris & Co. 7s 1930
Sears Roe 7s 1922
Rears Roe 7 1923
Steel & Tube Id 1951
Swift ft Co. 7s 1925
Swift & Co. 7s 1031
U S Rubber 7s 1930
West Elec 7s I'J5
Westinghouse 7s 1931
Western Union 6s 1936
Wilson let 6s 1928
Con Gas cv 7s, ....1925
Northwest Ben Tel 7s 1941
..1925
109
106
106
57
101
108
107
105
106
106
105
106
103
101
100
102
103
88
101
101
102
101
102
102
103
3 04
107
103
101
97
112
10(1
93
102
102
99
103
100
99
98
101
102
304
306
305
107 ft
65
3 04
105
100
France, francs
Germany, marks
Greece, drachmas
Holland, guilders
Hungary, kronen
Italy, lire
Jugo-Slavia. kronen
Norway, kroner
Portugal, escuaoe -
Roumanla, iei
Serbia, dinara
Spain, pesetas ....-
Sweden, kroner
Switzerland, francs
China Hongkong, local currency.
Shanghai, raeis
Japan, yen
more than of an' ordinary profit-taking
character. The May delivery here showed
more strength than the July and was par
ticularly affected by an advance in th9
Liverpool market. Another reason for the
apparent special buoyancy of the May de
livery was gossip that a leading elevator
Interest was acquiring all available cash
wheat here.
Corn broke the present season's high
price record. Announcement of an in
crease of 2,152,000 bushels In the visible
supply of corn was offset by continued
active demand from the seaboard.
Oats were held down by liberal receipts
and rather free selling.
Provisions rose with hogs and grain.
Besides, exports of lard were considerably
in excess of last year's figures.
The Chicago grain letter received yester
day by the Overbeck & Cooke company of
Chicago follows:
Wheat News other than that pertain
ing to foreign markets and to the export
situation was of little consequence in to
day's market. The May delivery led- In
strength and showed symptoms of natural
congestion. It was reported that Ger
many had taken from 3.000,000 to 3,500.000
bushels of Canadian and Argentina wheat
today and additional business was done
with May wheat. It Is not amiss to direct
attention to recent reports that Germany
had enough wheat for the remainder of
the season. Ail cash markets responded
to the advance In futures with demand
generally reported good. The weather
map showed no precipitation over drv
Lareas of tho southwest and the forecast
holds forth no hope of immediate relief
for Oklahoma and western Kansas. The
upward trend will continue until some
thing drastic of a reverse character ma
terializes and there iB nothing of that
sort in sight at this time.
Corn Started higher with wheat, but
met considerable -eallzlng and had nu
merous reactions. All .things considered,
the market gave an excellent account of
Itself and had a strong tone at the close.
Demand for spot offerings was good with
the trading basis showing another small
gain. Feeding in our opinion Is going to
be extensive, though the surplus of corn '
will not be burdensome.
Oats Selling pressure was heavy
throughout the session and buying neces-
6350 aary to bring about a response to advances
Rate.
. -.0006
. .0885
. .0077
. .0198
. .2095
. 4.4200
. .0210
. .0918
. .0051
. .0400
. .3800
. .0020
. -05J0
. .otSs
. .1715
. .0800
. .0087
. .0140
. .1596
. 2665
. .1660
.7550
.4800
NEW YORK. Feb. 20. Foreign ex
change. Irregular. Grtat Britain, demand
J4.89, cables 4.89; 60 day bills on banks
$4 36. Frence, demand 0.15c, cables
9 16c. Italy, demand 5.04c: cables 6.05c.
Belgium, demand 8 70c, cables 8ilc.
Germany, demand .44 c, cableg .44 c.
Holland, demand . 37.93c. cables .87.99c.
Norway, demand 17c. Sweden, demand
26.50c. Denmark, demand 20.78a Swit
zerland, demand 10.50c. Spain, demand
15.88c Greece, demand, 4.57c. Poland,
demand .02c. Czecho-Slovakia, demand,
1.89c. Argentine, -demand 36.87c Brazil,
demand 13.75c. Montreal 96 c. -
Standard Oil Stocks.
Standard Oil quotations, furnished by
Overbeck & Cooke company' of Portland:
. . . Closing
. Bid. Ask
Anglo 1'
Borne .Scrysmer 3 Jo
Buckeye 94
Cheesebrough 185
do pfd 109
Continental 129
Crescent 33
Cumberland 135
Eureka i
in other directions was lacking. Receipts
were estimated at 285 cars and the cash
market was strong at Saturday's basis
The change In the visible supply was unimportant.
Rye iutures strong on buying by east
ern shipping interests presumably re
flecting export business. Cash was in
demand at 4 cents under May for No. 2
Leading futures ranged as follows:
WHEAT.
Open. High. Low.
S 1.42 I 1.46 t 1 42
May.
July.
Ohio C G.
Ohio Power 7s 1951 101
Southwest Bell Tel is 1923 101
Gulf Oil 7s 1933 103
Humble Oil 7s 9123 100
Mexican Pete 8s 1036 101
Pan Anicr 7s 1930 97
Standard Oil N Y 7s 1931 107
Standard Oil of Cal 7s. ........ 1931 106
Argentine 7s 1922 98
Argentine GI 5 3945 77
Belgium- 148 1H4.1 J0i
Belgium 6s 3925 300
Belgium 8s - 1941 106
Bergen as, tity oi im.-. iot
Berne 8s. City of 1945 110
Brazil 8s 3941 103
Canadian 5s 1926 97
Canadian 5s 1926 97
Canadian 5s 1931 96
Canadian as. 1937 96
Chile govt 8.T 3941 101
Christianla 8s. City of ....1945 108
Danish Mun 8s 1945 107
Denmark Ss 1945 108
Jap Ext 4s : , 1931 74
Jap 1st Ext 4s ...1925 89
Jap 2d 4a Ger S 3925 88
Norway 8s 3940 109
San Paulo 8s 1936 101
Swedish govt 6s 1939 97
Swiss 8s 1940 114
Uruguay 8s 1941 66
Zurich 8s 1945 110 -
Foreign Bonds.
Foreign bond quotations furnished by
Overbeck & Cooke company of Portland:
Bid. Ask.
Galena com.
Galena OH pfd
do new pfd
Illinois Pipe
Indiana Pipe
Nat'l Transit
N Y Transit
Northern Pipe ....
Ohio Oil
Inter'l Pete .......
Penn Mex .........
Prairie Oil
Prairie Pipe
Solar Refg
Southern Pipe
South Penn Oil
S W Penn Oil....
S O Ind
rt O Kansas
S O Kentucky
S O N Y
S O Ohio pfd
Swan & Finch
Vacuum
Washington
S O Nebraska
Imperial Oil
48
103
103
172
90
28
156
104
270
14
21
535
243
236
92
185
..... 60
86
. . .'. .530
455
85
115
30
3.17
. 28
170
102
17
350
95'
195
112
132
34
145
98
60
112
105
175
92
29
160
108
273
14
23
545
243
280
94
195
63
86
r;n
465
390
116
32
340
32
175
104
May.
July.
May. .
Ju.y. .
May..
May.
July.
Sterling at Highest Pries in Years.
NEW YORK, Feb. 20. Leading Euro
Tean exchanges today mounted to highest
quotations in years. Their advance ac
companied further strength in the grain
and cotton markets, which was attributed
m fnreien buying. - Demand sterling or
British bills, sold at J4.39, a' gain of lc
over the week-end. me neavy uuruia ui
this remittance suggested covering of an
.,,,,1,1 character. Demand bills on Paris,
Brussels, and Italian centers were 10 to 17
points higher, but the German mark col-
laDsed ta" tne years low w i wji
points under last week's best price.
IS
Belgian rest 5s......
Belgian prem 5s......
Belgian 7s, 1945...
Belgian 8s. 1941
Belgian 6s, 1925
Brazil 8s, 1941
British 5s. 1922
British 5s, 1927
British 5s, J929
British vky. 4s
British ref 4s
Bordeaux 6s, 3934...
Canadian 5s, 1937...
Canadian 5s, 1926...
Canadian 5s, 1929.
Canadian 5s, 1931...
70 ,
.. 78
..107
..106
.. 99
-.103
.. 88
.. 88
.. 86
.. 71
.. 68
.. 68
.. 95
.. 97
.. 98
.. 96
73
80
107
106
89
103
90
90
88
73
70
"98
96
98
98
96
SHARP ADVANCE IN WHEAT
PRICE IN Alili MARKETS.
Chicago at Close Shows Net Gain
of 4 to 6 ?4 Cents Quotations
' Are Highest of Season.
CHICAGO. Feb. 20. Big advances in
wheat prices today failed to encounter any
mreresslve opposition. Scarcity of offer
ings emphasized talk of possible world
shortage of breadstuffs supplies and let
the market ascend as much as 6 cents,
going far bove any quotations current
heretofore this season. Tho close was
strong at the topmost point reached. 4 to
aup. net fcisrher. with' May 1.461.46
and July $1.27 1.27. Corn gained
to lc and oats e to c In pro
visions, the outcome varied from 6 cents'
rierline to 17 cents' advance.
Rising prices In the wheat market wers
accompanied by reports that Germany bad
bought 3,000,000 to 3,500.000 bushels of
Afgentine and Canadian wheat and that
English interests had taken 500.000 bushels
of Canadian.- Meanwhile. Holland was
said to bo after United States wheat at
Gulf of Mexico ports and Japanbuying on
the Pacific coast. At no time curing to
.1.25
.63
.65
.41
-43
1 27
CORN.
.64
.65
OATS.
'.42
.43
1.25
.63
.65
Close.
1.46
1.27
.41
42
.63
.65
.41
.43
MESS PORK.
11.65
11.87
LARD.
11.80
12.00
11.65
11.85
11-77
11.97
SHORT RIBS.
May... 11.45 11.50 11.22 11.47
July... 11.25 11.25 11.15 11.25
Cash prices were:
Wheat No. 2 red. $1.40: No. 3 hard.
1.37 1.89.
Corn No. 2 mixed, S7e58c: No. 2
yellow, 5758c.
Oats No. 2 white, 8847c; No. 3
white, 3538c.
Rye No. 2, 1.04.
Barley 58 67c.
Timothy seed $57.60.
Clover seed 112&22.
Pork Nominal.
Lard J 11.57.
Bibs jnia
Primary Bvceipts.
CHICAGO. Feb. 20. Primary receipts-
Wheat, 1,735.000 bushels versus 1,486.000
bushels: corn. 3,194.000 Kushels versus
1,013.000 bushels: oats, 1,114,000 bushels
verus 618,000 bushels.
Shipments Wheat, 566,000 bushels versus
496.000; corn. 1.093,000 bushels versus
619:000 bushels: oats, 606.000 bushels.
Minneapolis Grain Market.
MINNEAPOLIS. Feb. 20. Wheat. Ma.
$1.47; July, si.38.
Winnipeg Oram Market.
WINNIPEG. Feb. 20. Wheat. May.
tl-44; July, $1.30.
Grain at San Francisco.
SAN FRANCISCO. Feb. 20. Wheat-
Milling, $215a2.20; feed, J215W2.20: bar.
ley, feed, 1.27 3.32 ; shipping. $1.82
er 1.45; oats, red teed, si.40Wl.;"; corn.
white Egyptian, $22.10; red Milo, $1.85
1.90.
Hay Wheat. 1719: fair. 1417:
trme oat. $15618; wild oat, $1113: al
falfa, $1316: stock, $7&;10; straw nominal.
Seattle (rain Market.
SEATTLE, Feb. 20. Wheat Hard while.
soft white, white club, hard red winter,
soft red winter, northern spring, $1.27;
eastern red rvalla, ft..'.'; Big Bend blue-
stem, $1.35.
City delivery: uay Timothy. $24: d. c.
$26; mixed, $21; alfalfa. $18; d.c, $23; straw.
$1617; Barley, wnoie. 34; ground and
rolled, $36; clipped, $40; chop all grain,
$40: cocoanut meal, $2h: corn. $34: corn
cracked and -feed raeal. $35; cottonseed
meal. $52; linseed meal, $02; scratch feed.
$4546; soy bean. $02; wheat, $4o; t'ugtt
sound, $42. 1
LONDON STOCKS STILL BOOM
Gilt-edge Securities Open Week With Buy
ing Orders Heavy.
LONDON, Feb. 20. (Special.) The
boom in gilt-edge securities which fea
tured last week trading on the stock ex
change, continued today. Brokers were in
the market early with buying orders for
hundreds of thousands of pounds. The
boom resulted from the collapse in the
prices of commodities, the black outlook
of trade, the consequent accumulation of
money and the necessity, now that the
bank rate Is dawn and the banks are low
ering their rates of deposit, of finding em
ployment for . such surplus balances as
trade cannot- .absorb.
Also with the decrease of borrowing by
the government, money tends to accumu
late more rapidly and the recovery of the
normal value of the English pound in New
York lends further confidence. Both these
factors lead to investment in securities
that bear a fixed interest.