Morning Oregonian., February 23, 1922, Page 21, Image 21

THE MORNING'- OREGONIAX, THURSDAY, FEBRUARY, 23, ,1022
2t
SPECULATION SHOWS
BETTER mm
Manipulation of Stocks Indi
cates Tendency.
FUTURE IS DISCOUNTED
Small Speculative Holdings and
Operations of Tools Favorable
Incidents of Optimism.
KOopyright by the Philadelphia Public
I.edfer. Published by arrangement.)
NKW YORK, Feb. 22. (Special.) In
the rush of attempting to comment on the
marltet Influences that make their ap
pearance from day to day, it ia difficult
to view the situation with, any degree of
perspective. It la another caee of failing
to s:6 the forest on account of the trees.
There have been various attempts to
xplain the strength of the stock market
t the customary grounds of manipula
tion, or its technical .position. These
theories oostitufe the traditional refuge
of those who are either unable or unwill
ing to go more deeply into underlying
causes. At any rate a market -movemenit
such as has been witnessed since- last Sep
tember, with only occasional reactions and
et'Ducks, muttt be responding to funda
mentals of major caliber. No mere set of
trivialities could have exercised euch a
triking effect on listed values.
Tendency Is Speculative.
The technical position of the market,
the operation of pools and other market
appurtenances are merely instruments em
ployed to work out a given objective. The
primal force undoubtedly is a great specu
lative tendency, which is now in the early
tages of development. The stagnation)1 in
business, the liquidation that has been so
pronounced in so many lines of activity
and in so many commodities is finding its
reflex in growing interest in the security
markets. Here is found a field for activ
ity and for the employment of capital re
leased by industry and trade.
Relatively cheaper and actually more
abundant money, the liquidated position
of the market thereby meaning a fairly
low level of security prices and small pub
lic speculative holdings of stocks, have
constituted the bases upon which the spec
ulative movement is founded. The im
pulse for action is psychological and is
rooted in the abiding optimism that is
confident of improvement. The steel in
dustry is now operating, let us say, on a
60 per cent basis.
Worst Held Over.
United States Steel is so organized that
on a normal scale of activity it can make
a profit on every operation from the min
ing of Its coal and ore to the ddstrlbutkm
of its countless finished products. With
a book value far in excess of any figure
at which Jt thas ever sold, with ample capi
tal reserves and with industry reviving, it
is little occasion for wonder "tluat specu
lation should turn to this market leader
In the confident belief that the coming
bull market will register a price for the
stock more nearly in keeping with its
known Value and its great prospects.
What is true of United States Steel is
true of many other listed stocks of proven
merit. The principle can be illustrated by
numerous instances, but the principle re
mains unchanged. Speculation is setting in.
It is beginning to discount the future by
aying that the worst is over and that
better days are ahead. The small specula
tlvie holdings of stock and the operations
of pools are merely favorable incidents.
Money, of course, is important, but here
also the situation is unfavorable.
Abolition of Salesmen's
Drawing Account Urged.
Only Hastier Cnn Survive Test
Aow, Says Manager.
P'BY RICHARD SPILLANE.
CopyrWt by Philadelphia Public Ledger,
t'ublished by Arrangement.)
HIf,ADEL,PHIA, Pa., Feb. 22 (Spe
cli d.) Salesmanship, says the
head f a large sales organization,
will n t be placed on a sound basis in
this cbuntry until the drawing ac
count Is abolished.
"If i had all the money the draw
ing, account has cost me," he adds, "I
could start a bank. The system is
wrong. Why ehould I finance a sales
man any more than a manufacturer
should finance a piece worker in his
factory. It has been made manifest
In the last year that the number of
aalesmen Is small in comparison with
the number of persons who pose as
salesmen.
"Any one can sell stuff when the
public is eager to buy and distributors
are scrambling for goods, but it takes
real salesmanship to effect sales when
the public is coy about buying and
the merchant are doubtful about the
market.
"Confidence and conversation will
not sell goods. 'You need something
more. You need knowledge of your
business and faith in. the articles you
have to sell.
"I have no end of applications from
salesmen. They are chock full of en-
musiasm. They are sure they can sell
the stuff. They only ask a chance
to demonstrate their ability. I must
ay they talk well.
"Everything looks good until they
pring the questions as to what draw
ing account they are to have. When
I tell them I am off this drawing ac
count business they grow suddenly
cold. No drawing account? Why?
How are they to live. I used to
'fall' for that, but not now. I've
allowed drawing accounts until I've
almost wrecked the business. Look
at this list. Here's one case: Three
months drawing account $50 a week
and the gentleman didn't bring in
orders averaging $10 a week. Here's
another: A bird who didn't do a thing
in a month but draw 'his pay. Here's
another. I've got stacks of them, some
good, some fair and many of them
bad.
"My observation is that the average
ealesman knows little of thrift. He
assumes that he has selling ability,
but isn't willing to prove it except
at your expense.
"When you give a drawing account
to many of them they goout blithely
and confidently, but when they don't
produce and you ask them why, they
tell you business is bad. Now you
knew that before you started.
"What angers me is the attitude of
tha so-called salesman looking for a
Job. You may question his ability and
lie will flash up and tell you he can
eell anything that ever was made, but
when you tell him if that is so there
Is no reason why he should have a
drawing account, he'll tell you he is
not interested and when he says it
LIGHT HENS 22c
HEAVY HENS 26c
Net Portland Guaranteed.
Checks Day of Arrival.
The Savinar Co., Inc.
100 Front Street, Portland, Oregon
you know he considers you a piker.
"American salesmanship will be on
a better basis when the drawing ac
count is abolished. Today the losses
due to this waste make an additional
cost for the manufacturer, the dis
tributor and ultimately the public. I
do not .know why this abominable
system ever was established-. If a
salesman is not willing to earn what
he gets he is no good. We will have
better salesmen when all have to
stand on tbeir feet and not be propped
up with drawing accounts. Today
there are lots of them who don't think
it is any use to hustle. They rely on
the drawing account and their hard
luck stories until the bosses' patience
is exhausted. Then they look for
another job and another drawing
account. "
"There has to .be a new deal in
salesmanship in this country. One of
the first things a salesman must learn
is that it is poor business to sell goods
unless the buyer is reasonably sure
of a profit. Heretofore he has gone
along with the idea that if he struck
a buyer with more than he could dis
pose of for a long time it wasn't any
concern of his or mine or anybody
but the misguided buyer. He didn't
appreciate that he was making it dif
ficult for others to sell to that buyer
because of the amount of 'dead' stock
created and that ultimately no one
profits but many are Injured by such
salesmanship.
"Good salesmen oan sell goods to
day. There is a good market for a
hustler and an honest, upstanding
worker. But it is not a good market
for drawing account salesmen. He
has not the incentive to hustle and
you have to hustle now. The hustler
of today will be the master salesman
tomorrow. These are the times to
try out men. I wish I were 30 years
younger. If I were I'd be out on the
road. There is where men are getting
the experience today that will make
leadefs out of them later on."
PRESSMEN'S WAGE STAYS
New York Arbiter Decides Union
Men Must Work Eight-Hour Day.
NEW YORK, Feb. 22. A decision
by Federal Judge Manton as arbiter
between the publishers' association of
New York and Web Pressmen's union
No. 25, made public today, provides
for maintaining the present wage
scale; takes the position that every
one should work eight hours daily,
whether employed during daylight or
night time, and eliminates several
working conditions heretofore pre
vailing. Both sides had agreed to abide by
the decision, which is to form the
basis of a contract extending for 18
months from March 1 next
The judge decreed that overtime
pay should be made only for, time
actually worked. Heretofore, the
union demanded and received an
hour's overtime for any fractional
part.
The publisher is to have the sole
right to determine the number of men
necessary to operate the presses. In
the past the union designated the
number.
Press crews hereafter may be
transferred from one press to an
other, a practice previously forbidden.
FLAX CENTER PREDICTED
Valley Will Support $2,000,000
Spinning Mill, Says Banker.
SALEM, Or., Feb. 22. (Special.)
The Willamette valley eventually will
be the center of a great flax indus
try and will support a spinning mill
representing an investment of more
than 12,000,000, was the opinion ex
pressed by George W. Eyre, president
of the United States National bank
and president of the Willamette Val
ley Flax and Hemp Growers asso
ciation, in an address before Salem
business men here last night.
"I hope that the time is not far
away when there will be 10,000 acre3
of land in the Willantette valley
planted to flax," said Mr. Eyre, "with
a mill to handle the raw product in
continual operation."
Mr. Eyre said the fishermen of
Alaska had used 90,000 tons of twine
during the past year, for which they
paid $3 a pound. Flax products sold
at this figure, he said, should net
the flax growers at least $500 an
acre.
INDUSTRIALSH0PT0PEN
Unit at Salem to Make Specialty
of Automobile Repairing.
SAliEM, Or, Feb. 22 (Special.)
Salem is to have one of the new state
and' federal industrial schools, as soon
as the shop can be fitted up for oper
ation, according to announcement to
day. The new industrial unit, which
will make a specialty of automobile
repairing, is being equipped with the
necessary machinery, and it was said
today that it should be in readiness
for operation late this week.
The school will be maintained by a
small tuition' charge, which is now
estimated to be not more than 25 cents
for each two-hour period of instruc
tion. H. J. Milson, former instructor
in the mechanical department of the
Vancouver, B. C, municipal night
school, will be in- charge of the shop.
3705 CLAIMS CERTIFIED
Payment of Cash Bonus Is to Be
Started About Jlarch 1 .
SALEM, Or., Feb. 22. (Special.)
A total of 3705 cash claims, filed by
ex-service men entitled to benefits
under the' so-called bonus act, have
been certified by the world war vet
erans' state aid commission, according
to an announcement made here today.
Bonds representing the first install
ment of state securities amounting to
$10,000,000, with which to meet the
claims of the ex-service) men are now
being printed in. Portland. Delivery
of the bonds- to the bonus commission
is expected within the next few days.
As soon as these bonds can. be de
livered' the entire $10,000,000 will be
available for distribution. It was ln
dicataed today that the payment of
the cash claims wall start Boon after
March 1.
Forest Map Promised.
BOSEBURG, Or., Feb. 22. (Spe
cial.) A recreation folder and map of
the Umpqua national forest will be
Issued in a short time, according to
information given out by Forest Su
pervisor Ramsdell. The map to be
ured is now being made and will be
brought up to date and all corrections
made, together with many additions.
The folder will give information of
value to hunters and campers in the
national forest, will point out many
places of interest and also will give
rules regarding fire prevention in
the forests, and tables of distances
between camps. The folder will be
tor free distribution.
Irish Officer Killed.
BELFAST, Feb. 22. Lieutenant
Duffey, in command of a party of
Irish republican army last night, de
manded admission to the residence of
Leslie Huddelson, a retired British
officer at Ramelton, Donegal. The
answer was a shpt from the house,
which killed Duffey. Huddelson was
arrested.
Phone your want ads to The Ore
gonlan. Main 7070. Automatic 60-99.
TABS SHOW!
NTEREST 111 HIDES
Buyers Withdrawn From
Road Temporarily.
MARKETS IN EAST WEAKEN
Local Dealers Maintain Former
Prices, but Are Not Keen to ,
Take On Supplies.
The improvement that has lately taken
place in the livestock and wool markets
has not extended to hides. The demand
in all parts of the country for hides has
fallen off and prices have been depressed
correspondingly. In the trade it is be
lieved this condition cannot last long-, "but
no betterment ia iikely during the winter
month, when quality of the take-off is
InfesioT.
Commenting on the situation locally end
In the east, George M. Sullivan, of the
Portland Hide & Wool company, said yes
terday: "All reports that we have received dur
ing the past week from the eastern hide
markets indicate that prices are very
much lower and the demand for hides
has fallen off until there are practically
no sale taking place or any consequence.
"Yesterday, email packer branded hides
sold in the Chicago market at 9c, which
is equivalent to less than 7 He on the
coast for cured packer sides. Country
hidea have declined in proportion and calf
and kip are also weaker in sympathy
with hides.
"We are now beginning to receive the
poorest hides of the year and winter
hidtes are coming into the Portland ware
houses today show that this is going to
be one of the seasons when we have a
very large proportion of grubby hidea.
Fully DO per cent of the hides being taken
off tod'ay are grubby and for that reason
very undesirable property, particularly on
a market of this kind.
"Our reports show that the demand for
leather has fallen off and most of the
large eastern tanners are loaded to the
guards with leather and hides. We ere
getting practically no demand from abroad
for leather ani the domestic market is
hot able to consume the amount of leather
produced, even with the tanners operating
at less than 40 per cent capacity over the
entire country.
"We have withdrawn our buyers from
the road temporarily and will not send
them out again until such time as we see
some improvement in the demand for
hides. This will not come about until
leather begins to move in larger quanti
ties. There U no possibility of prices for
hides being any higher for some time to
com and everything points towards lower
prices than prevail today.
"We have not changed our quotations
for good hides free from grubs, but we
will receive consignments of hidea from
now on and settle upon a basis of 9c per
pound for good country hidea and 4a per
pound for grubby country hides, delivered
in Portland. We will pay 12o per pound
for salted calf skins, 8c per pound for
salted kip, 6c for grubby kip. We will
pay 5o for good salted bulla and 8o for
grubby salted bulls until further notice."
IXIA IN NOBTHWEST GBA1N TRADE
Operators Interested in Coarse of Winni
peg Market.
No attempt was made to carry on wheat
business yesterday with all domestio ex
changes closed. Interest centered in the
action of the Winnipeg market, where
prices sagged. Reports of rain in the drouth
belt of the southwest more than offset
higher cables.
An Immense evening up of grain trades
was on Tuesday preparatory to the holiday,
said the Chicago Tribune. More long wheat
was sold than at any time since the ad
vance started. It was said at the last that
the local operators held less wheat than
any time. One large holder said he had
sold out as a merchandising proposition
and looked for a further reaction on which
he expected to buy again. No change was
noticeable in the attitude of the leading
professionals. They were credited with
selling corn and oats on a liberal scale
on the bulge. It would not surprise a ma
jority of traders to see higher cablea Win
ter wheat reports from the southwest to a
Chicago statistician are discouraging.
There has been a disappearance of 468,
000,000 bushels of wheat throughout the
world from July 1 to February 13, accord
ing to A. L. Russell, compared with 441,
000,000 bushels for same period last year.
Commission houses and local traders took
the selling side of wheat at the opening
Tuesday on the forecast of rain in the
southwest, but there was free buying by
houses with eastern connections which
usually act for leading New York interests.
COAST WHEAT CROP OUTLOOK GOOD
Condition Vary Greatly in Eastern State.
Large Potato Acreage.
The condition of the wheat crop during
the first half of February ranged from
generally good" in the eastern section of
the country to only fair in several of tha
middle-western states, according to a re
port Issued yesterday by the department
of agriculture. Conditions in the far west
ern states were said to be favorable. The
state of the winter rye crop was reported
generally good.
The outlook for the 1922' potato crop
was said to be still uncertain, although
department agents reported "some discus
sion" of increased acreage.
Indications were said to point to an in
creased acreage in the potato crop in
Florida and other southern states.
Fruit trees were reported to be in gen
erally good condition throughout the coun
try, with the exception of probably some
damage to peach buds in southern New
England by recent low temperaturea.
"The supply of farm labor," the de
partment reported, 1s plentiful and gen
erally exceeds the demand. Farmers are
employing as little help as possible and
are doing their own work wherever they
can manage it. Wages are reported lower."
EGG PRICES ARE TENDING LOWER
Receipts Larger and Ontsids Inquiry Not
So Strong.
Eggs cleaned up fairly well yesterday
with a car shipped to Butte and express
shipments going to Canadian points, bur
the outside demand is becoming restricted
and a lower market is expected today.
There was less inquiry for cube butter
than earlier In the week, but as there has
been no increase in the make it is probable
that present prices will hold, for a time
at least. "
Poultry was in small supply and firm.
Country dressed meats were steady.
CONTRACTS FOR WASHINGTON WOOLS
Several Clips Taken In ConneU District.
No Further Oregon Purchases.
Attempts tocontract for wool in eastern
Oregon have ceased since the recent buy
ing of Heppner clips at SO cents. The
wool market is still in a firm position, but
the action of the American Woolen com
pany in reducing its goods prices and at
the same time raising values in the raw
material market has somewhat confused
the wool trade and they are disposed to
wait tor a while and watch developments.
Several clips of new Washington wool
wera bought in the ConneU district at
J good price. George Hendricks gold Ms-,
wool at 24 cents and Hans Harder received
the "same price. The Deroue clip, mostly
half-blood, is reported to have been bought
at 21 cents and the Paxton clip at 23 cents.
LESS BUTTER HELD IN STORAGE
Local Stocks Are Reduced to 587 Pounds
in Past Week. '
Storage butter stocks at Portland have
been reduced to 6191 pounds by tha with
drawal of 387 pounds in the past week. A
year ago the Portland storages held 140,077
pounds. - i
The official report of storage holding of
dairy and poultry products at Portland and
Seattle compares with a week ago and a
years ago as follows: . -
At Portland
This wk. Last wk. Last yr.
Butter, lbs........ 5,191 5,778 140,077
Cheese, lbs 43,699 57,293 175,155
Eggs, cases 8 61 203
Poultry, lbs 129,860 140,149 191,729
Butter, lbs ..84.053 44.311 165,314
Cheese, lbs 51,685 53,810 84,574
Eggs, cases 26 27 4
Poultry, lbs ... 284.667 293,545 211,980
Egg Holdings Decreasing.
Government figures on storage holdings
of butter, eggs and cheese show further
decreases last month. Total stocks on
February 1, 1922. and the same date last
year were:
Feb. 1, '22. Feb. 1. '21.
Butter, lbs.. 35.042,000 41,4S,00
Cheese, lbs 21,430,000 25,000. 00
Eggs, cases 179,000 43,000
PORTLAND MARKET QUOTATIONS
Grain, Flour, Feed, Etc.
No session. Merchants' Exchange.
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, 16.05.
MILLFEKD Price t o. b. mill: Mill
run, ton lots, $27; mixed cars, $26; straight
cars, $25 per ton; middlings, $32; rolled
barley, 33S; rolled oats, $38; scratch
feed, $47 per ton. .
CORN White, $34; cracked. $36 ton.
HAY Buying price I. o. b. Portiand;
Alfalfa, $1S.5014 per ton; cheat, $10.60
811; oat and vetch, $14.50; clover, $11;
valley timothy, $1415; eastern Oregoa
timothy, $16 17.
Dairy and Country Produce.
BUTTER Cubes, extras, 8536c per lb.;
parchment wrapped, box lots, 41c; cartons,
41c. Butterfat, buying prices: No. 1 grade,
37c, delivered Portland
EGGS Buying price. 23c dozen, case
count; jobbing prices, case cou'nt, 25c:
candled ranch, 27 28c; association selects,
30c; association browns, 29c; association
firsts, 28c; association pullets, 26c.
CHEESE Tuiamook triplets, price to
jobbers, f. o. b. Tillamook, 26c; young
Americas, 27c pound.
POULTRr Hens, 2226c; ducks. 24
27c; gees'e, 20c; turkeys, live nominal,
dressed, 37 88c
POKK Fancy, lflo per pound.
VfeAJj Fancy, lbc per pound.
Fruits and Vegetables.
Local jobbing quotations:
'RUrXS Navei oranges, $4.506.50 box;
lemons, $78; grapefruit, $3.757.S0
box ; bananas, 8 tfc per pound ; apples,
$1.353.2i per box; cranberries, eastern.
$iiu pur barret
POTATOES Oregon, $1.752.00 per 100
pounds; Yakima, f:$2.50 per 100 pounds;
sweet potatoes. 5(tfbc per pound; Nancy
Hall, $2.50 per crate.
ONIONS Yellow, $88.25 per cental.
VEGETABLES Cabbage, 34qC per
pound ; lettuce, $4. 50 & 5 crate ; carrots,
$11.75 sack; garlic, 15c per pound; green
peppers, 45c per pound; beets, $2 2.50 per
sack; celery, $8.5010 fcrate; cauliflower,
$2.252.oO crate; squash, 4&4&c; sprouts
iy(fi'izc; parsnips, $1.5u2.50 per sack;
tomatoes, $55.00 per lug; artichokes,
$2&2.25 per dozen; cucumoers, $2.60(04
dozen; rhubarb, IS 20c per pound;
spinach. $l-i52 per crate.
Staple Groceries.
Local jobbing Quotations:
SUGAR (sack basis) Cane, granulated,
6.10c pound; beet, 5.80c per pound.
NUTS Walnuts, new crop, 23&i36c per
pound ; Brazil nuts, 23c; almonds, 27c;
peanuts, ll!ftl4o per pound.
RICE Blue Rose, 6c per pound; Japan
style, 6Kc per pound.
COFFEE Roasted, bulk. In drums, 18
35 c per pound.
SALT Granulated, bales, $3.254.05;
half ground, 1 ton. 60s, $17; 100s. $10.
HONEY Comb, new crop, $3.505.75
per case.'
DRIED FRUITS Dates, 1825c per
pouaid; figs, $1.403.50 per box; apples,
15c pound; peaches, 16c; apricots. 23c;
prunes, 10 13a
BEANS Small white, 56c; large
white, 5c; pink. 6&c; bayo, tic; red, tic;
lima. 9c pound.
Hides, Hops, Etc.
HIDES Salt hides, 6c; salt bulls. 5c;
green bulls lc leas; salt calf, 12c; salt kip,
8c; salt horse hides, $12 each; dry horse
hides, 50cl each; dry hides, 10c; dry
cull hides, half price.
PELTS Dry pelts, 13c (long wool); dry
short wool pelts, half price; salt pelts, 50o
$t each; dry goat skins, 10c (long hair);
shearings and short wool skins at value.
TALLOW No. 1, 4 c; No. 2, 3tto per
pound.
CASCAKA BARK 6o pound delivered,
Portland. '
OREGON GRAPE Grape root, 6c per
pound.
HOPS 1921 crop, 1620c pound.
WOOL-Eastern Oregon. 15 30c Per
pound; valley wool, medium, 1820c;
Quarter blood, 1517c; low quarter blood,
1416c; braid, 1214c; matted, 9314c.
MOHAIR Long staple, 20c ; short staple,
15c pound.
GRAIN BAGS Carlots, 7tfo coagt.
Provisioiu.
Local Jobbing quotations:
HAMS All sizes, 3437c; skinned, 32
40c; picnics, 18 19c; cottage roil, 24c.
BACON Fancy, 32 44c; choice, 289
34c; standard, 22 24c.
LARD Pure, tierces, 15c pound; com
pressed, tierces, 13c
DRY SALT Backs, 1821c; plates, 15c.
Oils. '
LINSEED OIL Raw. in barrels, $1.10;
5-gallon cans, fl.25; boiled, ,iif barrels,
(1.12: 5-gallon cans, 1.27.
TURPENTINE In drums, ?L15; 8-gal-lon
cans. $1.30.
WHITE LEAD 100-pound kega. 12 fco
per pound.
GASOLINE Tank wagons and iron bar
rels, 26c-, cases, 38 He
SHIPMENTS OF POTATOES DECREASE
Lighter Movement In Other Produce lanes
Is Also Reported.
CHICAGO, Feb. 22. More than 700 car
loads decrease in the movement of 11
leading lines of fruits and vegetable
throughout the country is shown in a
statement today from the United States
bureau of markets, referring to the week
ended February 18, as compared with the
previous week. Cauliflower, tomatoes and
mixed vegetables were the only lines
showing an increased movement.
Shipments of . potatoes were nearly 400
carloads fewer than for the previous week,
but to date Idaho, Maine, Montana, Ne
braska, Nortlh Dakota. -South Dakota and
Washington have shipped more than for
the entire season last year.
Shortage of barreled apples in storage
seems more than covered by the tremen
dous boxed apple crop. The total ship
ments of boxed apples for the season to
date ere nearly 51,000 carloads.
London Financial Market.
LONDON, Feb. 22. Bar silver, 33 Ifcd
per ounce; money, !ihb per cent; discount
rates, short bills and three months, 34
per cent.
MILL BEING DISMANTLED
AVoolen Machinery at Bandon to
Kquip Brownsville Plant.
MAESHFIELD, Or., Feb. 22. tSpe-
cial.) rThe machinery of the Bandon
wooen mill ia being- packed for ship
ment to the Brownsville Woolen Mill
company, which is making additions
to its plant. The Bandon mill, under
the direction of the late R. E. Jj.
Bedillion, for many years was a pay
ing institution and gave employment
to a large force of laborers in that
city. Manager Bedillon manufactured
and paid most attention to linings for
buggies, which went out of use as the
automobile came into the everyday
life of the world, and the mill failed.
The plant had not been operated
for six or seven years, although there
was some very fine machinery in it.
J. I Bowman purchased the machin
ery some time ago and was here re
cently to inspect it .and plan for its
removal.
VHIEf UHB5 ME HISHEH
BEST GRADE BRIXGS $10.75 AT
LOCAL YARDS.
Other Classes Revised in Price.
Steers Sell at $6.50 to $6.75.
Hog Market Slower.
Twenty loads fcf stock reached the North
Portland yards yesterday and there was a
fair volume of business for a holiday.
The cattle market was steady with sales
of half a dozen loads of steers at J 6.50 to
J7.25.
No changre was made in hog quotations,
but there were fewer sales at the extreme
top of $12, most of the transactions being
at $11.50 to $11.75. Of the hog receipts,
1416 head were reshipped to the sound.
The best valley lambs brought $10.75
and on the strength of this sale all grades
of valley stock were revised upward in
price. No yearlings or wethers have been
in recently on which to baae prices for
these classes.
Receipts were 187 cattle, 1517 hogs and
65 sheep.
The day's sales were as follows:
Wt. Price
Wt. Price.
. 800 J4.00
. 380 10.00
. 170 12.00
. 205 11.25
. 490 8.75
. 218 11.75
. 194 11.75
. 410 9.O0
. 325 11.25
. 285 11.25
. 190 11.75
. 145 11.75
. 230 11.75
. 221 11.50
. 207 11.75
. 120 11.75
. 145 11.85
. 172 11.85
. 143 11.75
. 470 8.10
. 113 11.50
. 180 11.75
. 190 11.50
. 430 9.50
. 17S 11.75
. 74 10.00
. 80 10.75
25 steers
.1031 -$6.50
.103." 6.731
1 bull ..
1 hog ..
3 hogs .
2 hogs .
1 hog ..
5 hogs .
5 hogs .
3 hogs
2 hogs .
2 hogs .
5 hogs .
6 hogs .
1 hog ..
10 hogs .
4 hogs .
1 hog ..
2 hogs ".
7 steers
30 steers
78
7.001
1 steer
3 steers
2 Bteers
31 steers
38 steers
1 cow ,
1 cow .
1 cow .
1 cow .
1 cow .
1 cow .
1 cow .
..1190
.1033
.. 745
. 8.". 4
.1277
..1J20
..- 8l0
..1120
.. 970
.. 780
.. 570
. . 880
. . 01)0
.. 890
. .1130
.. 770
. . 820
.. 910
..1125
..11T
6.501
6.00 i
5.50!
7.00
7.25
2.501
4.00
4.75
2.501
4.00
4.501
3.50
l cow .
2.50
3.001
cow .
cow .
4.501 8 hogs .
4.50115 hogs .
cow .
cow .
4.501 1 hog ..
2.501 6 hogs .
3.25111 hogs .
8.25112 hogs .
4.25! 1 hog ..
4.501 5 hogs .
4.50158 lambs
3.751 7 lambs
cow .
cow .
cow .
cows
cows
6 heifers
883
1 heifer
S20
7ft0
heifer
4.o0l 4 steers
775 5.50
calf .
200 11.001
120 10.001
1 cow . .
1 cow . .
1 cow ..
3 bulls .
..1090
..1100
. 790
. 493
. 587
3.25
4.50
3.00
3.O0
3.00
calf
bull
...13!M 4.75i
...1400 4.501
bull
bull
bull
...700
4.001 9 mixed
.1040
4.501
Prices Quoted at the Portland TTnion
stockyards were as follows:
Cattle Prices.
Choice steers $ 6.75(g) 7.50
Medium to good steers 5.50Cg) 6.75
Fair to medium steers 5.50 6.00
Common to fair steers 4.50 5.50
Choice feeders , f.00 6.50
Fair to good feeders 4.50 B.OO
Choice cows and heifers 5.75 6.25
Medium to good cows, heifers. 5.000 5.75
Fair to medium cows, heifers. 4.25 5.00
Common cows 3.25 4 25
Canners 2.25 3.25
Bulls 3.50 5.50
Choice dairy calves ;.. 10.00 SI 1.00
Prime light calves 9.0010 00
Medium light calves 6.50 9.00
Heavy calves 4.50 6.50
Hogs
Prime light 11.50 12.00
Smooth heavy, 200 to 300 lbs. lO.OOSjUl.OO
Smooth heavy, 300 lbs. up 9.00(910.00
Rough heavy 7.50 9.75
Fat pigs 11.5011.75
Feeder pigs . 11.5011.75
Stags, subject to dockage .... 6.O0 9.00
Sheep
East-of-mountaia lambs ... 10.00ffll0.75
Best valley lambs 10.00 10.75
Fair to good
8. 00 10.00
6.00 8.00
8.00 9.O0
7.75 8.25
cull lambs
Eastern Oregon feeders
Light yearlings ........
Heavy yearlings
Light wethers .........
B.75 7.
6.75 7.25
4.75 6.75
Heavy wethers
Ewes 3.00 6.W
Chicago Livestock Market.
CHICAGO. Feb. 22. (United States Bu
reau of Markets.) Cattle Receipts, 8000
head; beef steers strong; choice heavy
ateers, 9.u; DUlK, i .20(tf S.Z5; sue stock
and veal calves steady to strong; bulk
vealers to packers, $10 11; to shippers,
$12(S12.50; bulls, stocker and feeders
strong to higher.
Hogs Receipts, 20.000 head, slow, 5c to
15c lower than yesterday's average; mostly
10c lower; top, $10.60 on 160 to 190-pound
hogs; bulk, $10 10.50; pigs steady to 10c
lower; bulk desirable 100 to 120 pounders,
$9.5O10; soma strong weights up to
$10.25.
Sheep Receipts, 12,000 head, slow, about
steady; weak undertone; choice fat lambs
to packers early. $1616.15; city butchers,
$16.25; good Idhos. $15; shorn Texas
wethers, $8.25; choice 100-pound wooled
ewes, $8.7'5; choice 129-pound shorn ewes,
$7; desirable shearing lambs, $14.50.
Kansas City livestock Market.
" KANSAS CITY, Mo., Feb. 22. (United
States Bureau of Markets. Cattle Re
ceipts, 8000 head, all classes generally
steady with best time Tuesday; some sales
beer steers strong to higher; top steers,
$8.25; many others, $78; good and choice
$55.50; most good heifers, $96.50; few
choice lots $7; bulls largely, $3.504.50;
good canners mostly, $3; better grades
cutters, $3.754; bulk choice vealers, $10;
early sales good and choice feeders, $7
f.oo; meuium to good stockers, $ot&7.
Hogs Receipts, 9500 head; active, light
er weights, 6c to 10c higher; others steady
to luc mgner to botn snippers and pack
ers; bulk good 200 to 225 pounders, $10.05
10.10; 240 275-pound weights, $9.85
10; shipper top. $10.20; packer top. $10.15:
bulk of sales, $9.50 10. 10; most packing
sows around, $8; bulk pigs receipts plain
southwest selling at $S8.50; best natives
up to $9.75.
Sheep Receipts', 5000 head; steady;
shorn Texas wethers, $7.80; lambs steady
to 25c lower; closing sales off most; top,
$15.50; shorn, $13.50.
Omaha Livestock Market. .
OMAHA, Feb. 22. (United States Bu
reau of Markets.) Hogs Receipts, 15,000
head; steady to 10c lower; close active and
fully steady; bulk 180 to 210-pound butch
ers, $9.759.S5; top, $9.90; butchers, 21o
320 pounds, $9.509.70; packing grades
mostly $S8.50.
Cattle Receipts, 6300 head; beef steers
steady to 15c higher; top, $8.20; she stock
steady to strong; bulls, veals, stockers and
feeders generally steady.
Sheej) Receipts, 8000 head; lambs open
ing mostly 25c higher; close dull, with ad
vance lost; bulk, $15.2515.80; top, $16;
sheep, strong; best ewes, $8; feeders,
strong; shearing lambs, $14.50; some held
higher.
Seattle Livestock Market.
SEATTLE, Feb. 22. Cattle and hogs
steady, no receipts, quotations unchanged.
WINNIPEG WHEAT LOffl
LIBERAL SEXIiING ON REPORTS
OF RAIX IN SOUTH.
Close Shows Decline of About 2
Cents From Previous Day; Ex
port Buying Announced.
WINNIPEG. Feb. 22. Wheat. The fea
ture of today's market was the reports that
rain had been received over tne winter
wheat territory, which caused considerable
selling and liquidation by those Ions in
wheat and after being very firm, around
the opening, prices declined and the mar
ket showed an easier tendency. Closing:
figures show a dec fine of about 2 cents
from yesterday's close. The market was
quite active at times and considering that
American markets were closed, trade vol
ume was fairly large.
During the first naif of the session there
was excellent buying in evidence, . which
was credited to the sp-aboard -and it was
stated that over 600,000 bushels had been
sold for export, principally to the United
Kingdom. Foreign- cables were higher.
Cash demand was about unchanged, being
fair, while offerings continue very light.
Premiums were unchanged. Direct cables
claim that millers in the United Kingdom
say supplies are not by any means ex
hausted. Oats Featureless, very dull trade with
little interest in either cash or futures.
Barley Dull and little interest in any
position.
Flax Very dull, more or less neglected.
American and Canadian crushers appear
to have their needs welf In hand pr some
time to come. Any depression in wheat
prices . could easily bring about a sharp
reaction In flax prices.
The range of Winnipeg grain futures was
reported by Overbeck & Cooke company as
follows:
WHEAT.
Open. High. Low. Close.
May $1.43 $1.40
July l-3tt 1.37 1.32
OATS.
.50
.
RYE.
1.07 "4
1.08
May
July
.50H
AO
.40.
.4854
.49
: -48
May
July .
1.07
1.04 14
1.07
1.08
1.04 !4l
- BARLEY. .
.. .66 ',4 .6614
... .65 .l5Vi
FLAX.
. . 2.39 ,2.40H
.. 2.39 2.38'i
May. .
July ..
.66 14
.65
.66H 1
May
July ..
2.30-i 2 S7V!4
2.36 2.37
Would Regulate Wheat Selling.
LONDON, Feb. 23. Chairman Tretho
wan, of the Australian voluntary wheat
pool, who now is planning a world-wide
marketing organization, intimates that he
will seek during his projected visit to the
United States and Canada to arrange, not
a corner, but an understanding for the
marketing of American and Australian
wheat crops, says a message to Reuter's
from Sydney, N, S. W., today.
"Our idea," he said, "is to put wheat on
the market as required, conserving the in
terests of the producer and the consumer."
It is generally understood that Mr.
Trethowan means to negotiate selling
periods for the Australian and American
crops in order to avoid competition.
TIMBER WILL BE CRUISED
Government and Private Parties
Prepare to Enter Forests.
EUGENE, Or. Feb. 22 (Special.)
C. V. Oglesby, timber cruiser of this
city, will head a party of cruisers,
some of whom are employed by pri
vate timber owners and others by the
government, to begin work cruising
large tracts of land on the Siuslaw
river in the vicinity of Mound this
week.
The Siuslaw Timber company, which
owns large tracts in that section, is
co-operating with the government in
this cruise, and while no definite an
nouncements are made, it is reported
that when the work is completed a
deal whereby the company will ac
quire additional tracts of several
thousand acres wlil be put through.
Tha Siuslaw company has been op-1
erating m Lane county for a numbei
of years and maintains an office in
Eugene.
PORT RAPS TAXPAYERS
Suit to Gain Inspection of Books
Declared Publicity Move.
MARSHFIELD, Or.. Feb. 22. (Spe
cial.) The port of Umpqua imbroglio,
in which the Taxpayers' league of
the port of Umpqua seeks to obtain
an inspection of the books of the
rort through a suit brought by J. N.
Hedden, Fred Assenheimer and Frank
Wells, is answered by the port of
Umpqua commissioners in a legal in
strument filed in the Douglas county
court, asserting that .the movement
by the Taxpayers' league is only a
move to gain publicity for the rep
resentatives of the league and for its
attorney, A. K. Peck, and is insti
tuted for the purpose of discredit
ing the port of Umpqua commission.
The reply states that at nearly all
times, when it was not convenient for
the secretary to be present, the books
of the commission were open to any
one who desired to examine them. .
Herds Free From Tuberculosis.
EUGENE, Or., Feb. 22. (Special.)
As a result of government tuber
culosis testing among the dairy herds
of the Irving community north of
Eugene one year ago, there are no
cases of that disease there now, said
Dr. G. W. Trubey, federal inspector,
now working in Lane county. The
Reinvest
NOW!
Short-term bonds will soon
mature they will soon be
paid at Par they cannot
advance in value.
You can sell your
short-term bonds at
, a profit. Sell them
now and buy long
term bonds.
Insure your income at pres
ent high rates for years
when interest rates will be
very low.
Before selling
your bonds ask
for our Bid it
will Pay you.
Before Reinvesting ask for
"The Choicest List." Se
lected for every need.
Call, write or phone
Main
4195
G. E. MILLER
& COMPANY
Portland Seattle
Northwestern Bank BIdg.
PORTLAND, OR.
Second Floor Main 4195
Investment Opportunities
and
Our Twenty Payment Plan
Tbee pntIiotiotu tell of road invit
inent atocka. which eaa be purchased on
mail pafmnU extandicg over a period of
twenty raontha. Thia plan waa originated
oa in IMA. Yon can eacore both tree.
Write for 17-X.O.
Investment Securities
40 Exchange Place, New York
PUTS and CALLS
"The Safest Way to Trade."
You can't b& closed out on a Put or
Call The market may go against
you temporarily, but if it recovers
and eells above your Call price you
have Just as much profit as though
It jumped there the next day after
you made the trade.
Furthermore, there are no Margin
Calls or interest charges and no com
mission is charged unless the trans
actlon.ls closed at a profit to you.
Prompt attention to mail and tele
eraph orders.
WATSOX COMPANY,
Investment Securities.
' 525 Stock Exchange BIdg.
JLos Angeleti.
A
on the pyramid of
facilities
experience
financial strength
To the investor in bonds there accrue manifold ad
vantages through buying securities from this strong
investment bank.
For one thing, SECURITY OF PRINCIPAL, so vital
to every investor, is assured because this bank has the
facilities, eperience and financial strength necessary
for the proper selection and distribution of GOOD
bonds. '
paid up capital $500,000
JLUMBERMENS
Broadway and Oak
testing will be carried to all parts of
the county. Several thousand dairy
$90,000
CITY OF ASTORIA, OREGON
6 Improvement Bonds
Dated December 1, 1921. Dne December 1, 1011.
Optional on nnd after December 1 19!.
Principal and semi-annual interest June 1 and December
1, payable at office of city treasurer. Astoria. Oregon, or
at office of Morris Brothers' Corporation, Portland,
Oregon.
PRICE PAR
Denomination 9500 Exempt Income. Taxation
FINANCIAL, STATEMENT
Assessed valuation (1920) '.$11,651,080
Real valuation (estimated) 17,000,000
Bonded Debt
For general city $ 285,000
Water 625,000
Improvements 1.3S8.000
Population 1920 Census 14,027.
Applicable as security for state, county and city funds
in Oregon.
THE CITY OK ASTORI V
is county seat of Clatsop, and one of the Pacific coast's
most important centers of fishing, lumber and shipping
industries. It owns its own gravity water system, valued
at $730,000, which is earning $27,000 per year over and
above operating expenses ami bond interest charges.
Telephone or Tclegrraph Orders at Our Expense
Morris Brothers Corporation
Ylorrlx Building'
Portland,
Broadway 2151
to optional dates and T,'o thereafter.
IITE OWN and offer for immedi-
ate delivery an exceptionally
fine issue, from standpoint of char
acter and yield. These are bonds
paid from municipal taxes and ex
empt from all Federal Income
Taxes. Long or short maturities.
Freeman, Smith & Camp Co.
Lumbermens BIdg., Portland
Please send me details of your new
Municipal issue yielding a minimum of
6'A Income Tax Exempt.
Name .
Address
BONDS
U. S. D. & Trust Co.
284 Oak St.
INQUIRIES INVITED
Cascara Bark
Hidea, Wool, Pelta. Mohair.
We Are in the Market.
Write for Prices and Shipping Tasa.
PORTLAND HIDE WOOL CO.,
GEORGE M. SULLIVAN, Manager.
107 tnion Ave. N., Portland, Or.
cattle have been examined since tn
I work bepan.
TO YIELD
6
Oregon
308-311 Stnrk Street
Broadway 2151
JTOTICE OP REDEMPTION TO
UOLDKHS OF VICTORY
ROTES AM) OTHERS
CONCERNED.
Notice la Hereby Uiven as
Fullowai
1. Call for redemption of 3
per cent Victory Notes. All of
these 3 per cent series of
United States of America con
vertible gold notes of 1922-1923.
otherwise known as 3 percent
Victory Notes, are hereby called
for redemption on June 15th.
1922. pursuant to the provision
for redemption contained in the
notes and the treasury depart
ment circular No. 138. dated
April 21st. 1919, under which
the notes were originally issue!.
Interest on all Victory Notes of
the 3 per cent series will
cease on said redemption date,
June 15th, 1922.
2. Suspension and termina
tion of Victory Note conversion
privilege, in view of the call for
the redemption of all 3 per
cent Victory Notes on June 15th,
1922. and pursuant to the pro
visions of said treasury depart
ment circular. No. 13S, the privi
lege of conversion of Victory
Notes of either series into Vic
tory Notes of the other series is
hereby suspended from Febru
ary 9th, 1922, to June 15th. 1922.
both inclusive, and on June 15th,
1922, will terminate. Victory
Notes, accordingly, cease to be
interconvertible, effective Feb
ruary 9th, 1922, and on and after
that date no conversions of the
notes may be made.
3. Detailed information as to
the presentation and surrender
of 3 per cent Victory . Notes
for redemption is given in
treasury department circular.
No. 277, dated February lith,
1922, two copies of which are
available at the treasury and
the federal reserve bank.
A. W. MELLON,
Secretary of the Treasury.
HERRIN& RHODES, Inc.
Established 1S96
STOCKS, BONDS,
COTTON, GRAIN
CorrenonJent E. F HUTTON & CO.. N I.
Members all leading exchanges
Babaon'a Service on File.
Bdwy. 4724. 2V1 KaUwa; J&xrbuics Bid.