CO
THE MORNING OltEGONIAN. TUESDAY. APRIL 11,
IDLE MONEY SPURS
; STOCK SPECULATION
Billions Seeking Employment
Take Easiest Outlet.
UPWARD SWING EXPECTED
"Continued Activity iu Securities
Market Counted Certain; Some
- Reactions Also Iiikely.
T BY HARDEN COLFAX.
(Copyright, 1022, by The Oregonlan.)
WASHINGTON, D. C, April 10.-
'(Special.) Million-share days and a
roaring bull market on the New York
stock exchange are explained, almost
In full, by the current statement oi
the federal reserve board shewing the
condition of the country's banks.
This statement shows that the
banks are overflowing with money,
with billions of dollars of potential
credits, idle and actively seeking em
ployment. The statement records a
complete reversal of conditions of a
year ago when money was tight,
credit difficult to obtain and loans
were down, in some instances, to the
eafety line.
Twenty billion dollars in potential
credit lie unused in the federal re
serve system alone, according to the
board's statement. Federal reserve
banks have gold reserves today total
ing within a few millions of three
" billion dollars. Of this government
sum less than one-fourth, or approxi
mately $723,000,000, is working in the
form of loans to member banks.
Three times this much was out on
loans a year ago. Of this reserve
more than $600,000,000 has come to us
In gold from foreign countries dur
ing the past 12 months.
Exchange Easiest Outlet.
With billions of credit seeking em
ployment and billions of actual gol-1
Inactive in the bank vaults and with
general business conditions as yet
unready to demand huge loans for ex
pansion, it is only natural, treasury
officials assert, that the idle money
should flow into channels which
promise to yield interest returns. The
easiest channels lie by the way of the
stock exchange and those, apparently,
are the ones by which money and
credit have chosen to flow.
The big upward swing of stocks
which was recorded this week had
been looked for nearly a week. Fi
nancially, everything has been ready
for it at least that long. Federal of
ficials here expect the stock marker
will continue active and generally
upward, with million-share days a
commonplace for weeks to come. He
actions are confidently anticipated,
but the volume of trading is expected
to remain at high figures.
How hard pressed the federal re
serve banks have been to find profit
able employment for their big store of
idle dollars is indicated by compari
sons of some of their investments to
lay with those of a year ago At that
time the banks owned $25,000,000 in
United States notes and bonds; today
they own $227,000,000. A year ago
their total investment in other bonds
was $6,000,000; today it ttands at
$148,000,000. During the first eix
months of 1921.the reserve banks had
net earnings of 76,000,000; during the
last sis months their earnings dropped
to about $45,000,000.
Confidence Also Factor.
The other factor influencing heavy
trading in stocks, in the opinion of
officials here, is confidence in the
Immediate and prospective trade re
vival. '
Virtually every industry in the
country has been expecting the inter
Etate commerce commission's decision
on proposed freight rate reductions
for the past ten days. It was reported
that the commission had reached a
conclusion and would hand down its
decision early this week. Reductions
were confidently expected in rates on
coal, lumber, iron and steel, building
materials and other basic commodi
ties. Such reductions, it wa: thought,
would prove a tremendous impetus to
Industry generally. When the deci
sion was not handed down early in
the week, representatives here of the
chief industries expressed confidence
that it would come within a tew days.
Meantime the railroads hive rolled
MV net Incomes ranging from 4 to 5
per cent (on annual basis) during
February. That return compares
with a deficit in February, 1921.
Even greater improvement, in net
earnings is anticipated for March.
Preliminary figures are not available,
but heavy traffic, due largely to the
Impending coal strike, indicates that
the roads may have come within hail
ing distance of their covated 6 per
cent ratio last month.
Strike Not l et Felt.
The coal strike lias caused not the
slightest inconvenience to industry
and the belief persists that it will be
eettled within a. comparatively short
time. Non-union coal centers report
the market lifeless, with buyers hold
ing off in the belief that prices are
due for a drop. Although the non
union mines could produce approxi
mately 6,000,000 tons a week, prelim
inary Indications are that they have
Veen called upon to furnish less than
3,500,000 tons.
Employment figures just made pub
lic by the labor department show that
the automotive industries have added
90,000 men to their payrolls within
the last 90 days, that the steel indus
try 13 back. In the case of the United
states Steel corporation, to about 75
per cent of capacity and in the case
of independent to about 85 per cent,
and that the farmer is already begin
ning to call for labor.
In New Jersey farm laborers are
wanted so badly that the Newark of
fice of the department has requested
telegraphic advices from centers will
ing to supply experienced farm hands.
Perth Amboy reports a scarcity of
women employes for its mills.
The hosiery trade is booming and
looks forward confidently to still
frreater activity. New Hampshire fac
tories are running full time. Textile
plants in Vermont and elsew here, un
affected by the strike, are running
overtime. The shoe factories of New
England report a notable pick-up and
anticipate etill more activify.
Although prices of wheat and hogs
have declined somewhat, observers
here believe the decline is temporary
and that further advances may be ex
pected. Much greater buying power is
reported from the farming sections.
DOWER AW HELD VALID
Uarring of Non-Resident AVidows
From Rights Is Upheld.
THE OP.EGONIAN NEWS BUREAU.
Washington. D. C, Apri' 10. Ore
gon's law defining the dower rights
of widows was upheld by the supreme
court today in affirming a decision
of the court of appeals and the United
States district court for Oregon in
an action brought by Evelrn P. Ferry
against thi Spokane, Portland & Seat
jsnji isajuao en. pus 'Xi;iBH ail
company of New York. Mrs. Ferry
taught to recover a dower interest
in lands in Oregon acquired by her
husband at a time when she was liv
ing with him in Oregon.
Some time before her husband's
death, Mrs. Ferry went to New York
to live and her husband disposed of
lands, or part of them, to the Spo
kane. Portland & Seattle railroad. The
Oregon statute, passed upon by the
United States supreme court for the
first time today, debars a non-resident
widow from claiming any dower
rights in any property except that
whioh was held by her husband at the
time of his death. It was contended
by counsel for Mrs. Ferry that such
a statute was in contravention of
the federal constitution, but the high
court held that the state was well
within its rights in enacting such
a law.
T
PRIMITIVE GRAIN' EXHIBITED
IX MUSEUM OF CHICAGO.
Varieties Known to Man 15,000
Years Ago Assembled Along
With Modern Cereals.
CHICAGO, April 6. Wheats which are
known to have been used by primitive
man 10,000 to 15,000 years ago and which
Rtili motivated in certain parts of
h wa,i fnrm nart of the new exhibit
of cultivated wheats which recently has
been added to the economic collections
of the Field mnseum of natural msiory m
Modern cultivated wheats from various
Farts of the world complete me einiou.
Most of the wheats have been acquired
thrnnph the eo-SDeration of the office
of cereal Investigation of the department
of agriculture. This department Is con
stantly engaged in growing new and old
varieties of wheat in order to determine
their suitability under various conditions
ill the United States.
Wheat was first introduced into this
country in 1520 by the bpaniaras. anu
later into New England and Virginia by
the early settlers, according to Director
r. C Davis of the museum.
"Iu Europe and Asia it has been grown
since prehistoric times," Mr. Davis states.
"The beginning of its cultivation belonsi
to an early period in the history o Ua
human race.
"Adioining the wheats at tne museum
may be seen some of the main kinds of
barley. Ordinarily the moet bristly of the
grains among these is a perfectly bald va
riety, which is grown for hay and may
survive, as a fodder, long after cultiva
tion of the others becomes obsolete wits
the cessation of malt making.
"Thre has also been added an inter
esting case of wild grasses, ranging from
Alaska and canaaian xoaaer graases i
the silver Pampas grass of South America
nod Natal grass. This South African
grass now helps to impart a. roseate hue
to the plains oi tne sanay peuunm ail
Florida."
Oregon Banking and Bond
News.
After having spent several days in Cali
fornia where he observed business condi
tions. H. G. Checkering of the Lumber
mens Tiust company returned to Fort
une Raturdav.. With Carl s. Jveity, vice-
nroalflsnt of the Lumbermens, Mr. Chick
ering made the automobile trip to Califor
nia. They visited san r ranciseo anu umci
points in tho state and studied business
conditions. Mr. Chickering returned by
automobile, but Mr. Kelty remained in the
south and is not due here for several days.
T-real hnnd houses participating in the
rllnnfinl of Rio de Janeiro 25-year 8 per
cent bonds found a ready sale for the secu
rities yesterday. The issue, which was
syndicated by a New York house, was
placed on the market at an early hour
nd was oversold in a short time. The
issue was for $13,000,000 and the money
derived will be used by the Rio de Janeiro
government to retire a $10,000,000 bond
issue placed in 1919.
Conditions around Prineville are show
ing considerable improvement, according
to William Wurtzweiler, president of the
First National bank of that town, who is
hirA vi.sitiner his family. ne improve
meats are due to better market conditions
for livestock, he said.
A tond wheat crop is on the way, in
.ninlnn ct Charles A. Button, presi
dent of the Farmers' State bank of
Uniontown, Wash., who was in Portland
yesterday. While here he conferred with
officers of the Northwestern National bank
regarding gram ana livestock conuji-ivus.
o s TTndson. president of the First
National bank of Bend, was in the city
over the week-end. He said conditions
or iTYirtrnvine- in his section of the coun
try, largely due to the fact that there has
been an lncreasea aemana lor mmnt..
xr T fcrnurv. president of the State bank
of Winlock. Wash., spent a few hours in
Portland yesterday conferring with locai
bankers.
Sherman Miles, president of the Colum
bia County bank, was in Portland yester
day, having motored up from St- Helens.
T Tl Garrison, president of the B. G.
Young & Co. bank of Oakland, Or., was
in Portland Sunday.
'
W. O. Hall, cashier of the bank- of
Prineville, is in Portland.
Dairymen to Meet on Farm.
TOLEDO, Or., April 10. (Special.)
Dairy meetings are held on the
farm where the cows, the feed and
the housing are studied under a new
plan adopted by the Lincoln county
farm bureau co-operating with the
Oregon Agricultural college exten
sion service. The first meeting will
be held on the farm of L. A. Hulburt
of Toledo tomorrow and a second
meeting at Ona Wednesday. Pro
fessor E. B. Fitts of the agricultural
college will assist in conducting the
meetings.
DAILY METEOROLOGICAL REPORT.
PORTLAND, April 10. Maximum tem
perature, 50 degrees; minimum, 40 degrees.
Ricer reading, 8 A M., 8. left; change in
last 24 hours, 0.5 foot rise. Total rainfall
(5 P. M., to 6 P. M.), 0.24 inches; total
rainfall since September 1, 1921, 32.98
inches; normal rainfall, since September 1,
1921, 3T.S2 inches; deficiency of rainfall
since September 1, 1921, 4.84 inches. Sun
rise, 5:34 A. M.; sunset, 6:51 P. M. Total
sunshine April 10, 5 hours, 56 minutes;
possible sunshine, 13 hours 17 minutes.
Moonrise, 5:48 P. M. ; moonset, 4:58 A. M.
Barometer ' reduced to sea level-) at 5
P. M-, 30.12 inches. .Relative humidity
at 6 A. M., 88 per cent; at noon, 72 per
cent; at 5 P. M., 66 per cent.
THE WfflJATHEJR. ,
Wind.
1 3 "5
c t
ss
i 2
STATIONS.
Wathr,
Saker .....
Boise
Boston . . . -Calgary
ChicHRO . . .
Denver
Pes Moines.
Eureka ...
Galveston
Helena
Juneauf - -Kansas
City.
I-oa Angeles
Marnhfield .
Med ford
Minnespolis
lift! 42:0. 0S. .SB
30 4liO.0Ol14lB
4t 8!0.0010!3W
Snow
Cloudy
Cloudy "
42 O.OOilOlSE
Pt. cloudy
Rain
RK O.SO lelN"
4H .0.14. -NW
Clear
Cloudy
5410.f; 20'EJ
4S 0.22 ,.X
Pt. cloudy
78 0.01! .. XW
Cloudy
Cloudy
Cloudy
Clear
28 4BiO.OO! . .ISW
44 O.0. .1
74 0.0i2OiS
s o.oo;. . W
50(0. 6-'!. . NW
SO 0. 30'14 N
44O.0ll'R'KB
8O.O0!l2iS
!820.r02O!SW
44 ;0.48!28IXW
6Sj0.0O. .ISW
4OiO.0O14jS
B0lO.2417lW
46'0.1tfi. ,!SW
60 o.k;iow
72 0.34:32 S !
40 0.02I14ISW
64I0.0OI. .(NW
5fi0.00'26:W
44!0.12!14;SW
42!O.20!lOSW
4i!0.20l. .SW
44'0.S0l2S;W
4;0.00l. ,
4(i0.3812iSW
00 0.00!. .IS
Cloudy
Cloudy
Cloudy
Cloudy
New Orleans!
New York...
North Head.
Phoenix
Pocatello . . .
Pt. cloudy
Cloudy
Clear
Cloudy
Cloudy
Cloudy
Porttand N..
Rofeburg ...
Sacramento .
St. Louis. . .
Salt Lake...
San Oiexo. ..
Pt. cloudy
Rain
Cloudy
l-Clear
S. Francisco.
Pt. cloudy,
Cloudy
Seattle
Spokane
Tacoma 0..
Tatoosh Isd
Valdezt
Cloudy
Cloudy
Cloudy
Cloudy
Walla Waliai
W ashington
Winnipeg ..
Yakima
ft. cloud
Clear
42i 52i0.00 . .TW
Ft. cloudy
tA. M. today. P. M. report of preceding
day.
FORECASTS.
Portland and vicinity Occasional rain;
westerly winds.
Oregon and Washington Rain or snow;
freaa. westerly winds.
GOLD OUTPUT LIKELY
TO 'IMPROVE IN 1922
Halt in Mining Decline This
Year Is Expected.
PRODUCTION COST DROPS
War Declared to Have Resulted in
Closing Down of Properties
Unprofitable to Run,
BY RICHARD SPILLANE.
(Copyright by the Public Ledger Company.
Published by Arrangement.)
PHILADELPHIA, April 10. (Special.)
Official reports gathered by statistics
from most . of the gold-producing nations
and fairlv reliable estimates from the
others indicate the world's output of the
yellow metal in 1921 was 15,502,800 ounce?
troy, as against 16.561.158 ounces in 1020
This is not so bad as It looks, although it
is nearlv fl.000.000 ounces below the aver
age production lor the ten years enaeu
1017. .
In time of war inflation tne production
of gold automatically declines. That is
due to the fact that the value of gold is
stationary, while that of. labor and com
modities varies. With labor and commod
ity costs high, the profit in mining gold
is reduced. At the height of the recent
period of inflation operation of many gold
properties in this and other countries was
abandoned because there was no profit ta
be obtained.
Gold Declared .Needed.
The world needs, gold. An Increase in
output will tend to Improve conditions
materially. Examination of the returns
of the various gold-producing sections of
the earth would seem to indicate that
turn is near. Africa normally yields about
one-half of the world's supply. The out
put there in 1921 was only slightly below
that or 1020. The output ot tne unitea
States last year was Wo, 000 ounces less
than In 1920.
Reports from the west are that various
gold-mining properties, closed down five
years ago because of the high costs jt
operation, have resumea worn. Anotner
important feature is the revival of the
cupper Industry. There is a moderate
amount of gold recovered in the smelting
of copper.
Mexican Conditions Better.
Normally Mexico produces nearly one-
third as much gold as the United States.
Mining conditions there are improving. The
present year should show a better yield
of yellow metal in the United States and
Mexico than in 1921.
The same general statement as to in
flation and reduction in costs of labor and
material should apply to the gold ques
tion in Australia, New Zealand, Canada
and all other sections that contribute to
the world s gold supply.
Before the discovery of gold in Califor
nia in 1849 the amount of the precious
metal brought into sight each year was
small, -despite the large part gold plays
in legend and in history. California's pro
duction for a time was large, but the tota
world yield in the time of California's
largest outturn was small compared with
the yield today, contracted as it is by
reason of the world war. Before 1860
there was only one year in which the gold
prod uction of the United States exceeded
550,000,000.
Thirty-Year Slump Follows.
After 1860 there was a slump for 80
years, during which, with two exceptions,
the yield was much reduced, getting down
to $30,000,000 in 1883. After that there
was almost a steady increase. The banner
year of America was 1915, when the pro
duction was 6,217,8oO ounces, or $101,035,
700. Now it is down to 2,300,000 ounces.
Notwithstanding all the romance about
the California gold strike of 49, the Trans
vaal in these depressed gold days pro
duces far more than California did in its
best years.
Within the last three years the produc
tion of silver in the United States has
been stimulated by the Pitt act. In 1919
and 1920 it exceeded in value the produc
tion of gold.
Ten years ago the gold output had twice
the value of that of silver in this country.
There would be ample gold in the world
but for Its elusive qualities. A lot of It
goes into the' arts and the trades. In
various parts of Asia, principally, the
people nave a habit or removing not
little of it from circulation by hoarding
It. Another cause is loss through abra
sion. All nations on a gold basis have to
maintain a gold reserve of fair amount
K their currencies are to be safeguarded.
The United States today has the prin
cipal stock of gold in the world. This
operates to the disadvantage of other na
tions. With more gold and a better dis
tribution adjustment would be easier. In
creased production of gold, therefore, is a
matter c-f world importance. The chances
are .fair that this year will show a halt
in decline, if not an increase in produc
tion. CATTLE MARKET STRONG
GKAIX FED HEIFERS BRING
$7.50 AT YARDS.
Fancy Steers Sell at $8.35; Light
Hogs at Higher Jjevel;
Sheep Prices Steady.
The run of stock at the yards for the
.opening of the week was not up to its
customary swe. Sixty-six loads were re
ceived over 3unday, of which 15 loads
went through.
The cattle market was active with prices
steady to strong. Steers held at $8 as the
regular market top and one load of fancy
grade sold at SS.35. A load of grain-fed
yearling heifers, shipped in by Folmsbee
& Green cf Pomeroy, brought ?7.50.
Hogs sold higher with the top of the
market placed at $11.(55. At the close the
tone of the hog market was steady.
Sheep and lambs were unchanged.'
Receipts were 1398 cattle, 18 calves,,
1062 hogs and 488 sheep.
The day s sales were as follows
Wt. Price. Wt Price.
2 steers . 885 $7.00 11 lambs . 52 $13 00
3 steers . S00 5.05 10 lambs . 118 11.50
2 steers . 995 7.65 4 lambs . 07 13.00
2 eteers .1145 6.25 13 lambs . 54 13.00
23 steers . 937 6.75 9 lambs . 101 3100
5 steers . 850 5.75 17 lambs J1 58 13.00
16. steers . 909 6.75 2 lambs . 52 13.00
14 steers .1002 6.00 26 lambs . 67 12.00
2 steers .1150 7.00 17 Iambs . 8 11.00
19 steers . 675 5.60117 lambs . 80 11 00
5 steers . 952 H.00U0 lambs . 93 8 00
18 steers .1137 7.251 6 ewes .. 140 S.00
10 steers .1434 7.251 1 ewe ... 130 8 00
14 steers .1277 7.501 5 ewes ..130 7.50
24 steers .1024 6.75 1 ewe ... 150 7.50
48 steers . 998 6.751 3 ewes .. 150 7.00
13 steers . 895 6.60148 ewes .. 340 8 00
26 steers . 876 7.0(1 9 ewes .. 3 35 8 00
3 steers . 930 B.50 1 buck .. 360 6.00
10 steers . 754 6.00 4 bucks . 33.V 5.00
2 steers . 735 5.75 8 wethers. 348 8 00
5 steers . 934 6.001 I wether. 90 9 00
23 steers . 875 7 25119 wethers 109 8.00
9 steers . 970 6.50125 steers .1150 7 75
30 steers . 900 7.001 1 steer .. 970 5 50
8 steers . 896 6.00123 steers . 993 7 35
9 steers .1290 7.101 1 steer .. SSO 7.50
27 steers .1087 7.25127 steers .3 036 7.25
11 steers . 940 6.751 1 steer ..3150 6.50
3 steers . 663 5.50120 steers .1074 8 00
2 steers . 995 6.00115 steers . 978 7 10
13 steers . 895 6.75 3 steers .1013 7.10
18 steers . 835 6.501 1 steer .. 770 4 00
5 steers . -: 5.501 1 steer ..1100 7.50
25 steers .1271 7.101 2 steers .1240 6.50
23 steers .1017 7.25120 steers .1013 7.50
4 steers .3017 6.7512 steers . 924 8 25
2 cows .. 685 5.00125 steers .1055 6.85
4 cows ..1140 4.50!14 steers .3342 7.25
2 cows .. 935 3.001 4 steers .1082 8.00
2 cows .. 840 3.501 1 steer ..1440 7.25
3 cows .. 6B3 3.00120 steers .1113 7.35
2 cows .. 8.) 2.501 3 steers .1013 7 25
2 cows ..1105 5.501 1 cow ... 470 6 00
2 cows ..1080 6.251 6 cows ..1228 6.50
6 cows ..1101 6.151 1 cow ... 960 3.50
2 cows .. 740 5.001 1 cow ... 600 6.50
3 cows .. 960 5.001 8 cows .. 987 4.50,
17 cows ..1075 6.00121 cows ..1095 5.75'
8 cows .. 901 4.751 3 cows ..1160 5 00
25 cows .. 926 6.25I 2 cows ..1130 6.00
5 cows .. 78S 6.251 7 heifers . 861 7.50
2 cows ..10(H) 2.50 17 heifers . 84 6 6.30
17 cows .. 968 6.00 2 heifers . 890 4 50
2 cows ..1035 5.50 21 heifers .1004 5 90
9 cows .. 963 6.00 12 heifers .1051 5.75
11 cows . . 794 6.00 10 heifers . 983 6 50
-7 cows ..1152 5.75 1 heifer ..10O0 6 10
2 cows .. 970 3.00 1 heifer . 850 6 10
2 cows ..1200 5.50 5 heifers . 920 5.00
3 cows ..1033 6.00 2 heifers . 710 5.00
2 cows .. 940 4.00 5 heifers .1056 6.25
2 cows .. 7S0 4.50 6 heifers . 970 6.00
8 calves . 256 6.251 I calf ... 330 6.00
16 calves . 232 6.25163 calves . 245 8.85
1 calf ... 90 6.0OI 1 calf ... 200 10.00
2 calves . 3 50 9.001 3 calves . 3 20 30.00
1 calf ... 300 9.001 1 calf ... 3 50 10.00
1 calf ... 220 7.00121 calves . 235 8.85
1 bull ...1300 4.001 1 calf ... 330 9.00
1 bull ...1020 4.001 1 calf .w. 170 10.00
1 bull ...1500 4.251 1 calf ... 150 10.00
1 bull ...1310 4.751 4 bulls ..1350 4.50
1 bull ... 560 4.001 1 bull ... 60 0 4.50
1 bull ... 420 3.001 1 bull ...1380 6.00
1 bull ... 870 4.501 1 bull ...3550 4 50
1 bull ...3840 4.501 3 bulls ..3595 4.50
1 bull ...1O50 4 001 1 bull ...1130 5.00
1 bull ...1360 4.501 1 bull ...130O 5.00
2 bulls ..124.5 4.001 4 bulls ..1520 5.00
1 bull ... 900 4.60198 hogs .. 162 11.65
6 bulls ..3460 4.251 1 hog ... 350 9.50
1 bull ...1200 4.00145 hogs .. 214.11.50
1 stag ...1020 4.001 4 hogs .. 227 9.50
5 mixed . 586 4.25128 hogs ..127 11.25
29 mixed . 475 5.50179 hogs 3 85 31.25
10 mixed . 814 5.0O 7 hogs .. 325 11 00
84 hogs .. 393 11.251 1 hog ... 410 -TOO
5 hogs .. 382 8.00! 4 hogs .. 227 11.00
62 hogs .. 237 11.00139 hogs .. 3 83 13.50
1 hog ... 550 7.001 1 hog ... 330 9.50
3 hogs .. 203 3O.O0IS6 hogs ...354 31.25
1 hog ... 100 10.75115 hogs .. 222 11.25
3 hogs .. 46 3 0.75120 lambs . 44 12.00
4 hogs .. 377 11.25140 lambs . 88 12.00
9 hogs .. 380 11.001 3 lambs . 40 12.00
19 hogs .. 202 11.151 2 lambs . 25 6.00
1 hog ... 220, 9.001 2 lambs . 55 14.00
1 hog ... 350 8.001 5 ewes .. 144 7.00
6 hogs .. 255 31.001
Prices' quoted at the Portland Union
stockyards were as follows:
Cattle Price.
Choice steers t 7.60( 8.00
Medium to good steers 6.5018 7.50
Fair to medium steers 6.00 6.50
Common to fair steers 5.00 6.00
Choice feeders 5.00 (fS 6.00
Fair to good feeders 4.50(B 6.50
Medium to good cows, heifers. 5.25 6.00
Fair to medium cowe. heifers.. 4.50 5.25
Common cows 3.50O 4.50
Canners 2.00 m 3.50
Bulls 3.50 5.00
Choice dairy calves 9.5010.00
Prime light calves 9.00S) 9.50
Medium to light calves 6.50 & 9.00
Heavy calves 4.50 6.00
Hogs
Prime light
Smooth heavy. 200 to 300 lbs.
Smooth heavy, 300 lbs. up...,
Rough heavy
Fat pigs
-Feeder pigs
Stags, subject to dockage
Sheep
Choice spring lambs ,
Medium spring lambs
Common spring lambs ,
Kast-of -mountain lambs
Best valley lambs .,
Fair to good
Cull lambs
Eastern Oregon feeders
Light yearlings
Light wethers
Heavy wethers
Ewes
11.00 0)11.65
10.00 fix? 11.00
9.00(3)10.00
7.00 9.00
10.50(11.00
10.50 11.00
5.00 7.00
34.00 315.00
12.00(514.00
8. 00fi10.00
12.00 014.00
31.00(9113.00
10.00 (S)ll. 00
6.00 ( 8.00
fl.O0iffil0.O0
9.00 10.00
9.50(3)10.00
. 9.00 9.50
3.00 8.00
Chicago Livestock Market.
CHICAGO. April 10. (United States bu
reau of markets.) Cattle Receipts. 18,
000; slow, few early sales beef steers weak
to 25c lower; early top, ?8.75; bulk of
quality to sell at $7.258.25; she stock
weak to lower; fat cows and heifers most
ly $5.356.65; bologna bulls and stockers
steady; bolognas largely $4.254.40; few
best heavies, $4.50 ; bidding 25c to 50c
lower on veal calves, mostly around $7.50.
Hogs Receipts, 40,000; mostly 10c to
15c higher than Saturday's average; fair
ly active, but most big packers holding
back; top, $11 bulk. J 10.50 (g) 10.95 ; pigs
about steady.
Sheep Receipts, 14,000; generally steady
to strong; wooled Iambs, top, early, $16.25;
bulk shorn lambs, early, $13.25 13.65 ;
shorn wethers, $10 10.25; shorn ewe, top,
$9.25: few head native spring Iambs, $20;
choice light shearing lambs, $ 15 15.60.
Kansas City Uvestock Market.
KANSAS CITT, Mo., April 30. (United
States bureau of markets. ) Cattle Re
ceipts, 10,000; yearlings and she stock
steady to strong; best mixe'd yearlings,
$8.358.40; cows, $66.25; straight year
ling heifers, $7.75; stockers and feeders,
strong; good stockers, $77.50; feeders,
$740; calves, uneven few opening sales
steady to higher; top vealers, $9.25: gen
eral market steady to BOc lower; other
classes around steady; heavy steers, $8.15;
canners and cutters generally $34.50;
bulls, $44.50.
Hogs Receipts. 12,000; open slow, most
ly to shippers, strong to 10c higher; bulk
late trading active both packers and ship
pers 5c to 20c higher; packers, $9.10;
shippers bought good and choice lighter
weights; early, $10.30 10.40; bulk of sales,
$9.90 10.40 ; throw-out sows. $9 ; stock
pigs, $9.50(5)10.25.
Sheep Receipts, 12.00O; sheep, 25 40c
lower; shorn Texas wethers, $9; lambs, 15
2oc lower; one load $15-40; bulk early
sales, $1515.25.
Omaha Livestock Market.
OMAHA. April 10. (United States bu
reau of markets.) Hogs Receipts, 7000;
market active, 1015c higher; bulk 180 to
210-pound butchers, $10.2010.30; top,
$10.35; bulk 215 to 325-pound butchers,
$1010.20; packing grades. $99.80.
Cattle Receipts, euw; beer steers, steady
to easier; she stock and bulls steady to
strong; other classes of stock mostly
steady.
Sheep Receipts, oooo; iambs, steady;
spring lambs, top, $18. 50; earlieer top,
wooled lambs, $15.75; clipped, $13.65; sheep
strong ; wooled ewes, $9.o0; cupped ewes.
$8-50; feeders steady; feeding - lambs,
$13.25.
Seattle Livestock Market.
SEATTLE, April 10- Hogs, steady; re
ceipts, 674; prime, $1111.50; smooth
heavies. $o.258; pigs, $iolo.50.
Cattle, steady; receipts, 425: prime steers
$7.508; medium to choice, S77.50; com
mon to good, $57; best cows and heif
ers, $66.o0; medium to choice, $4.o0
6.25: common to good, $44.50; canners.
$1.50 2.50: light calves, $912; medium
calves, $S 9; heavy calves, $7 8; bulls.
$45.
San Francisco Livestock Market.
SAN FRANCISCO, April 30-T-Steers, No.
$7.258.50; No. 2, $6.256.7o; cows
and heifers. No. 1, $5.506.50; No. 2, $4.50
S5-25; bulls and stags, $45; light calves.
$910; heavy, $78.
Sheep wethers, $S9; ewes, $67
lambs. $1213.
Hogs 125 to 200 pounds. $11. 50 : 200 to
250 pounds, $10.50; 250 to 300 pounds, $9.50.
BUTTER OUTPUT RECORD
Monmouth Creamery Produces
33,5 71 Founds in Month.
MONMOUTH, Or., April 10. (Spe
cial.) Business depression among-the
dairymen of south Polk county is
passing rapidly. The Monmouth
Creamery company, which draws
cream from a large territory, in
March produced 33,571 pounds of
butter, the largest quantity in its
history. The highest production point
of last year was- in May and June
when about 31,000 pounds each month
were produced. The output during
the flush season of 1922 is expected
t show a large gain over last year.
The larger production is attributed
to the addition of many cows on
dairies In the southern part of the
county.
The herd of Frank Loughary & Son
in the Luckiamute country recently
made an unusual record. Seventeen
cows produced dally 17 five-gallon
cans of milk, or an average daily
production of 20 quarts for each cow
for seven consecutive days.
Ivan Loughary, secretary of the
Oregon Jersey Breeders' association.
has returned from California, where
he delivered two carloads of Jersey
bulls purchased in the Willamette
valley.
LUMBER MILLS RESUME
Siletz Spruce Mill Is Leased by
Philomath Company.
PHILOMATH, Or., April 10. (Spe
cial.) With the coming of good
weather several of the smaller lum
ber concerns here have resumed
operations. The Philomath Lumber
company has leased the Siletz Spruce
company mill near town and is run
ning the planer now, but will put in
a logging crew soon. The Evergreen
mill is running part time, as is also
the Johnson mill on Rock creek. The
Slam Lumber company is operating
a full force at Harris and it is said
the Mary's River company will start
a logging crew on the north side of
Mary's peak in a short time.
The mill of the Climax Lumber
company at Alder burned to the
ground Tuesday. , As no watchman
was employed the cause of the fire
has not been determined. The mill
will be rebuilt. -
Every large city has one newspaper
which, by universal consent, is the
Want-Ad medium of the community.
In Portland it's The Oregonian.' "
IS
ACTIVE 111 lOTI
Market in Washington May
Open Within Few Days.
PRICES NOW UNCERTAIN
Xo Kecent Trading Jn This State;
Tariff Not Likely to Af
fect Spring Selling.
"Wool shearing Is being carrfied on ac
tively in "Washington and will be under
way in parts of Oregon late this month.
Dealers are 'looking for business to- open
np in Washington In a few days when mar
ket values should be definitely established.
At the present time there is much uncer
tainty as to what wool is actually worth.
There has been no trading recently in this
state and it is probable that actual oper
ations will not be undertaken until wool
has been shorn.
While the tariff is one of the most, if
not the most vital questions now pending
in relation to the wool trade. It Is not like
ly to have any further effect on wool
prices, at least, until after the present
domestic clip is marketed. This seems to
be the prevailing opinion among those who
have made a study of the tariff question,
with regard to its economic, as well as
political, aspects.
While the senate finance committee has
agreed ort a basis for the tariff on wool,
men in the trade believe it will be some
little time before the senate passes the
tariff law. The senate committee h
agreed on 33 cents per pound, clean basis,
as the duty on wool. Generally speaking,
this rate will be more than the old Payne
Aldrich tariff and less than the emergency
law which is now in effect.
As the senate measure differs in some
respects from that passed by -the house,
the question will go to a conference com
mittee. It Is thought this committee will
consume some four to six weeks endeavor
ing to iron out the differences, which will
bring it down about July 1 or July 15.
WHEAT EXPORTERS N'OT INTERESTED
Bids Advanced One Cent at Local Ex
change gession.
Wheat bids were lifted a cent at the
Merchants Exchange yesterday, but the
market did not otherwise respond to the
eastern and foreign advance. Sellers asked
J1.27 for club and found exporters not in
terested. There was the customary inquiry
for milling grades and a minimum amount
of selling reported. All coarse grain bids
were the same as Saturday.
The daily Chicago wire to the Grey-
Rosenbaum Grain company follows:
"Higher sterling and Liverpool market
induced much buying, believed short cover
ing weakening market technically. "Visible
supply decreasing but total practically
double of year ago. Receipts light, de
mand slow. Would confine purchases to
sharp breaks only. No radical change .in
s-eneral situation."
A. C. Spencer, general attorney of the
O.-W. R. & N. will speak at the noon ses
sion of the exchange today on the bill now
pending in congress regarding intrastate
shipment of grain.
World shipments of wheat and flour last
week were 16.168,000 bushels, as compared
with 12,726,000 bushels in the preceding
week.
Terminal receipts, In cars, were reported
by the Merchants' Exchange as follows:
Monday 26
Tear ago 138
Season to date. .25, 838
Tear ago 14,151
WOOL SHE 1
6 ... 15
9 4 5
207 1925 798 1734
239 695 489 2145
... 1 ... 1
1 3
97 1147 142 718
48 831 124 S51
B 4 7
2 2 5 12
176 1863 373 1468
203 336 399 1232
Tacoma
Saturday 6
Tear ago 4
Season to date. 9.345
Tear ago 4,031
Seattle . .
Saturday 30
Tear ago ...... 35
Season to date. 7,481
Tear ago 4.187
EXPORT DEMAND FOR SUGAR LESS
Refiners Still Have. Large Foreign Orders
to FUX
Commenting on the position of the do
mestic sugar market in its relation to the
demand from Europe, a prominent author'
ity in the sugar trade said:
"Much of the market's recent strength
had been derived from the heavy foreign
demand for both raws -and ref ined. Lat
terly this demand has slackened mate
rlally, but both Cuba and United States
refiners have a large volume of foreign
business still to fill. However, there is no
indication that Europe and other foreign
buyers have to any large extent antici
pated forward requirements as financial
conditions abroad are still such as would
warrant a conservative policy of buying,
and consequently it Is logical to expect
lulls in demand. Continued large pur
chases by Europe on this side of the world
would only further weaken European
finances with a consequential decreased
purchasing power of European currency.
"European consumption so far this year
has been on a .much larger scale than a
year ago, and considerable sugar must
still be purchased from this side of the
world before another European beet crop
is available. Then, too, with Europe
slowly but gradually returning to improved
economic conditions, and with prices on
this side of the world so cheap, there is
little likelihood that stocks will be per
mitted to fall to such low levels as re
cently witnessed.." , '
OREGON BTE CONDITION 92 PER CENT
Washington Crop Also Below Average for
This Time of Year.
Tho condition of the Oregon ryo crop is
estimated at 92 per cent of normal, com
pared with 97 per cent a year ago, and a
10-year average of 97 per cent. Oregon
rye is used largely as a hay and green
forage crop.
- Rye in Washington on April 1 averaged
90 per cent of normal against 98 per cent
on April 1, 1921, 82 per cent on April 1,
1920, and 94 per cent, the average condi
tion for the past ten years on April 1.
The United States rye condition is esti
mated at 89 per cent, compared with 90
per cent a year ago, and a ten-year average
of 88 per cent . The forecast of the United
States crop, based on acreage sown last
fall and an average season for growth, is
69.667,000 bushels, compared with 57,918,
000 bushels last year, 60,490,000 bushels
in 1920, and a five-year average produc
tion Of 66,474.000 bushels.
EG AND BUTTER MARKETS FIRM
Active Demand for Former for Storage
Purposes.
The week In the egg market opened
firm. There was an active demand from
storage operators and the day's receipts
were taken in at 21 cents. One buyer
was reported to have an offer out of half
cent better.
The cube butter market -was also firm
with all grades in demand.
Poultry receipts were not up to local
requirements and large and small hens
were strong.
Country dressed Teal continued weak.
Pork was steady.
Wheat Vltfible Steadily Shrinking.
The American wheat visible supply
statement compares as follows:
Buahels. Decrease.
Atrll 30. 3072 34,163,000 1.734.000
April 11, 1021....... ..17,877,000 686,000
April 32, 3920 44.281. (KiO 506.000.
April 14, 1919 75,04S,000 S.OOti.OOO t
The coarse grain visible supply com
pares: Corn Bushels. Decrease.
April 10. 3022 45,305.000 J, 584,000
April 11. 1921 32,716,000 180.0(H)
Oats
April 30, 3922. .
April 11, 1921. .
Rye
April 30, 3922. .
April 31. 3921..
Barley
April 30, 3922..
April 11, 1921..
.63.606.000
.33.446,000
. 8.959,000
. 1,804,000
. 3.667.000
. 2,006.000
l.nr'.s.ooo i
450.UIHI
B36.00
14.00
95.OO0
154.000
Increase.
Bank Clearing.
Bank clearings of the northwestern cities
rAav w.rn u . fnllnwn:
Clearings. Balances.
Portland J4.H48.KMl 'iLiiil
Seattle 4.078,50
Tacoma 2"f-i','
Spokane 2.. 95. 1 00
Bankers' Acceptances.
Quotations on bankers' acceptances fol
low: J-JO
30 60
Prime eligible members, pet. 4 4
Prime non-members, pot 4V 44
00
4
4V4
PORTLAND MARKET QUOTATIONS
Grain, Flour, Feed, Etc.
Merchants' Exchange, noon session:
Bid
Wheat April. May.
Hard white 1.20 1.20
Soft white 1-25 l-2.
White club 1.25 1.25
Hard winter 1.26 1.2H
Northern spring 1.2(5 1.26
Red Walla 1.23 1.23
Oats
No. 2 white feed 34.00 34.00
No. 2 gray 34.00 34.00
Barley
Brewing 27.50 27.50
Standard feed 26.50 26.60
Corn
No. 2 E. T. shipment 27.50 27.50
No. 3 E. Y. shipment 26.50
FLOUR Family patents. 8.6o per bbl.;
whole whent, $7.80; graham, J7.40: bakers'
hard wheat, $7.90; bakers' bluestem pat
ents, $.80; valley soft wheat. 96.50;
straights, $6.35.
MILLFEED Price f. o. b. mill: Mill
run, ton lots. $29; mixed cars. $28; straight
cars. $27 p'er ton; middlings, $43: rolled
barley, $3739; rolled oats. $42; scratch
feed, $52 per ton.
CORN White. $36; cracked, $3R.
HAY Buying price f. o. b. Portland:
Alfalfa, $17.50018 per ton; cheat. $12,500
12; oats and vetch, $15; clover. $14; valley
t'mothy, $1415; eastern Oregon timothy,
$18.50 19.
Dairy and Country Produce.
BUTTER Cubes, extras. 3031o per lb.;
parchment wrapped, box lots, 35c; cartons,
36c Butterfat, buying prices; No. 1 grade,
34c. delivered Portland.
EGGS Buying prices, 21c dozen, case
count; henneries, 23c; Jobbing prices, case
count, 22c; candled ranch, 2324c; selects,
25c.
CHEESE Tillamook triplets, price to
Jobbers, f. o. b. Tillamook, 26c; Young
Americas, 27c pound.
POULTRY Hens, 2226c, ducks, nom
inal; geese, nominal; turkeys, live, nom
inal; dressed, 35o8c.
PORK Fancy, 15HC per pound.
VEAL. Fancy. 3 4c per pound.
Fruits and Vegetables.
Local Jobbing quotations:
FRUITS Navel oranges, $6.5008.25 box;
lemons, $6.258: grapefruit, $3.00lg8.50
box; bananas, 910c pound; apples, $1.60
4 per box.
POTATOES Oregon. $1.25ffll.50 per 100
pounds; Taklma, $1.852 per 100 pounds;
sweet potatoes. Eastern, $2.75S per crate.
ONIONS Oregon yellow, 1012o pound;
Australian, 11c per pound.
VEGETABLES Cabbage 35c per
pound; lettuce, $4.75.50 crate; carrots,
$2.503 Back; garlic, 15c per pound; green
peppers. 4U4oc per pound; celery, $t(gn
crate: caulitlower. S1.7.(a)2.2o crate; pars
nips. $2.503 per sack; tomatoes, $4.50
o per lug; artichokes? $1.7o dozen; cu
cumbers, $1.253 dozen; rhubarb, 32c per
pound; spinach, S4 per crate; asparagus,
22 25c per pound; turnips, $2.50 3 per
sack.
Staple Groceries.
jLocal jobbintr Quotations:
SUGAR (sack basis) Cane, granulated.
6.50c pound; beet, 6.20c per pound.
NUTS Walnuta - new crop, a327c per
pound; Brazil nuts,. 20c; almonds, 24
27Vbc: neanuts. 106512 ner pound.
RICE Blue Rose, 6.456.75c per pound;
Japan style. 6c per pound.
COFFEE Roasted, bulk, in drums, 19
HfavrzC per pound.
SALT Granulated, bales, 3.2584.05
half ground, ton, 50s, $17; 100s, $16.
HONEY Comb, new crop, $1.G05 per
case.
DRIED FRUITS Dates, 14c per pound,
figs, $ 1.00 2.73 per box; apples, 15c per
pound; peaches, 16c; apricots, 23c; prunes.
914c.
BEANS Small white, 7c; large white,
6c; pink, 6 ',:; bayo, 6 Vic; red, 5c;
lima, 11c pound.
Hides, Hops, Ktc.
HIDES Salt hides, 5c; salt bulls, 4c;
green bulls, lc less; grubby h'des and
bulls, lc less: salt calf. 10c: salt kip, 7c;
salt horse hides, $1 2 each; dry horse
nides, 50c$1.00 each; dry hides 10c; dry
cull hides, half price.
PELTS Dry pelts, 1517c; dry short
wool pelts, half price; salt pelts, full
wool, March take - off, $1.251.75 each
dry goat skins, 12c (long hair).
TALLOW No. l,.4ttc; No. 2. 80 per
pound; tank tallow, 2o per pound.
CASCARA BARK ttc pound delivered
Portland.
ORKGON GRAPE Grape root, 6c per
pound.
HOPS 1021 crop, 1820c pound; con
tracts, 1518c.
WOOL Eastern Oregon, 21 30c per
pound; valley wool, fine, 25(Jt)27c; me
dium, 2325c; quarter blood, 18(&)20c; low
quarter blood, 15(5 18c; braid, 1313c;
matted, 1012c.
MOHAIR Long staple. 2830e, deliv
ered Portland; short staple, 18(&20c pound.
GRAIN BAGS Carlots, 84&8c, coast
Provlttlons.
Local Jobbing quotations:
HAMS All sizes. 3438c; skinned, 38
40c; picnics, 18lc; cottage roll, '26c.
BACON Fancy, 40 46c ; choice. 80 &
86c; standard, 24 26c.
LARD Pure, tierces, 13o pound; com
pressed, tierces, 15c.
DRY SALT Backs, 1821c; plates, 15c.
Oils.
LINSEED OlL-Raw. In barrels, $1 ;
1-gallon cans, $1.15; boiled, in barrels,
(1.02; 5-gallon cans, $1.17.
TURPfiNTINK In drums, $1.15; 6-gal-lon
cans, $1.30.
WHITE LEAD 100-pound kegs. 12c
per pound.
GASOLINE Tank wagons and iron bar
rels, 26c; cases, 88 Mc.
J-timber.
-he following are. direct quotations on
Douglas fir and represent approximate
prevailing prices t. o. b. mill in carlots.
and ar. based on orders that have been
negotiated:
Prevailing
Flooring
High. Low. Prlco.
.,$40.00 $47.00 $40.00
. . 38.00 37.00
. . 34.00 28.00
.. 33.00 32.00
1x4 No. 2 Vrf ....
1x4 No. 3 VG
1x4 No. 2 & B, SO
1x6 No. 2 ft B. SG
btepptnjr
NO. 2 & B
62.00
Finish No. 2 and better
1x8 10-inch 55.00
51.00
Casing and base 63.00
Ceiling
Sx4 No. 2 A B 30.00
1x4 No. 2 A B 81.00
27.00
28.00
20.00
28.00
Drop siding
1x6 No. 2 & B 26.00
1x6 No. 3 28.50
28.00
26.00
Boards and SL No. 1
lx8-10-lnch 12.50
31.50
12.00
11.50
12.00
lxl 2-inch 12.50
Dimension Nee 1 S & K
2x4 12-14 12.50
10.50 11.00
Planks and small timbers
4x4 12-16 S 4 S 16.50
15.50
16.00
3x10-12 12-10 S 4 S 18.00
Timbers 32 feet and under
6x6-8x10 S 4 S 10.00
Lath
Fir 5.50
18.00
4.50
QUOTATIONS ON DAIRY PRODUCTS
Current Prices Ruling- on Butter, Cheese
and T.KK.
SAN FRANCISCO, April 10. CU. S. Bu
reau of Markets.) Butter Extra, 34c
prime first.. 33c.
Eggs Extras. 27c: extra firsts, 25c:
extra pullets, 23Mic; extra pullets firsts,
22'c: undersized No. 1, 20c.
Cheese California flat fancy, 23c;
flat firsts, 2214c; Young America fancy,
22c.
CHICAGO, April 10. Butter Hlfrher.
Creamery extras. 34c; firsts, 31 833 '4c;
seconds, 80g31c; standards, 34c.
Eggs Higher. Receipts, 40.122 cases;
firsts. 23c; ordinary firsts, 21422c: mis
cellaneous. 2222c; storage packed
extras. 25V423V4c; storage packed firsts.
24 25c.
SEATTLE, April 10 Eg-s Se-lect local
ranch, white shells, 24250; do, mixed
colors, 22c; pull-ets, 10S20c.
Butter City creamery cubea, 34c; bricks
or prints, 35c.
Phone your want ads to The Ore
gonian. Main 7070. Automatic 660-95.
83.
HANAWA April 17
Shanghai, Manila, Hongkong
SS. HANAWA April 17 S3. WEST KEATS Mr II
for further Information regarding spare. rl. etc.. apply to TRAFFIC lKIT.,
509-52 Board of Trade Hldg., Portland, Oregon, or Astoria Miippiiig Co. At
toria. Oregon, or R. X. Johns A Co.. Csotral Uldg btillla. Waau.
CHICAGO WHEAT HIGHER
MARIiKT FOIiLOWS ADVANCKS
AT LIVERPOOL.
Unfavorable Domestic Crop Re
ports Also Add to Strength
of Grain Values.
CHICAGO, April 10. New upturns In
the price of wheat took place today, ow
ing largely to an unexpected advance of
quotations at Liverpool and to unfavorable
domestic crop re port a The market cloned
unsettled, fac to 1 So net higher with
May $1.83 to $1.33c and July $1.21'.
to $1.21 Corn gained He to c and
oats He to c. In provisions, the out
coma varied from 10c decline to a rise
of 5 cents.
With sterling exchange showing decided
strength, wheat traders were disposed
to give a little more weight than usual
to the course of values at Liverpool. It
soon became apparent, too, that the
United States visible supply total for the
week would decrease to a greater extent
than had generally been expected.
Larger receipt of wheat In Chicago
than have been witnessed for some time
failed to check the upward tendency of the
market, an Impression gaining ground that
the bulk of the arrivals would go to east
ern mills. Gossip, however, that Duluth
wheat might be shipped on a big scale to
Chicago by lake brought about a material
setback In prices at the end of the day.
Provisions went up in price with hogs
and grain, but the effect was afterward
counterbalanced by selling ascribed to
packers.
The Chicago grain letter, received yes
terday by the Overbeck fc Cooke company
of Portland follows:
Wheat Developments over the week end
were of an ecouraglng sort and the market
showed ready response, with the nearby
position leading the advance. Liverpool
and Argentina were higher, with the for
mer reporting a better demand for spot
wheat. The export Inquiry on the surface
appeared to be slow, but reliable sources
reported more Interest, especially for new
crop wheat. For the first time In more
than a week nothing was heard of south
western pressing on the market. In fact,
cash prices were higher at St. Louis and
Kansas City, the demand beinic better.
with millers evincing more confidence In I
the stability of present prices. Crop re
ports are mixed and hard to follow. Indi
cating a very spotted condition, which may
show up later in reduced total yields. Th
decrease In the visible supply was larger
than last week. The present outlook ap
peals to us as being more favorable to
an advance than for many weeks, and we
feel that advantage should be taken of all
recessions to make purchases.
Corn Trade was fairly active, and al
though the action of wheat was the prin
cipal governing Influence, there was evi
dence of renewed Interest on the buying
side, stimulated by improved tone of the
cash market, spot prices again showing
a gain over futures. Only a small amount
oT export business was reported. Country
offerings are light, with little likelihood
of an Increase until after planting. The
intrinsic value of this Is a strong bull ar
gument. Oats Strength was displayed from the
outset, and this time was not confined to
the deferred positions. An improved caMi
demand was reported and spot prices were
higher relative to the futures. Weather
conditions remain unfavorable and little
headway is being made with seeding. We
cannot consistently advocate a position on
the selling side with the crop outlook so
uncertain.
Rye Trade dull and the market nar
row, with prices slightly higher in sym
pathy with TrVhest. There was some hedg
ing by the northwest in July. Export
trade less active. Cash rye relatively
firmer at IV cents under May for No. 2
on track.
Leading futures ranged as follows:
- WHEAT.
Open. High. T.ow. ''10110.
Mey fl.33 $l.S4i 1 .S3 1 3.1
July 1.81 14 1.22 1.21 '4 1.81 '4
Sept .... 1.15V. 11 115 MS1.
CORN.
.May .5fl4 . lif'i .SO";
July 2 .63 .-" ..
Sept D . .tt5
OAT3.
Mar S7'4 .3Ti .HT ,87'i
July 3I'4 .l'i .3 .
Sept 41 Vi .42 .41?, .42
LARD.
May 11. IW 11.10 H "2 11 2
July ....11.30 11.87 11.87 11.2(1
SHORT RIB3.
May 11.55 11 40
July 10.80 10.70
w York CiraJn Market.
NEW YORK, April 10. t'loui" Steady;
aprlnff patents $7.&0.
Wheat Spot, firm; No. 2 red. No. 2 hard.
1.48'; No. 1 Manitoba, fl.Sft; No. 2 mixed
durum, I1.41!4. c. 1. t. track. New York,
to arrive.
Corn Spot firm; No. 2 yellow and Nn.
2 white, 76c; No. 2 mixed, 76!4o e. 1.
f. New York, all rail.
Oata Spot, firm; No. 1 white. 4IH4o.
Hops Quiet; states. 1921, 200 ?5r; Pa
cific coast. 11)21, 22327e; 11)20, 18020c.
Hides and wool, unchanged.
Primary Kerelpts.
CHICAGO, April 10. Primary reeelpt,
Wheat. 715,001) bushels against 1.4DO.IHH)
bushels; corn, 727,000 bushels against 576.
000 bushels; oats, 465,000 bushels against
450.0IKI bushels.
Shipments Wheat 460,nno Bushel,
gainst 717. On bushels; corn. 41H.OO0 bush
Is against 2H5,IKil) bushels: oats, 500,000
bushels against 230.000 bushels.
Minneapolis Grain Market.
MINNEAPOLIS, Minn., April 10. Flour
unchanged.
Bran 121.5 to V--.
Wheat No. 1 northern, $1.53 to 11.56.
Corn No. 8 yellow, 514c to 6le.
Oat") No. 3- while, 84c to 85e.
Winnipeg Wheat Market.
WINNIPEG, April 10. Wheat May
$1.31, July 61.33 .
Grain at Man Franriaro.
SAN FRANCISCO., April IO. Wheat-
Milling. $2.302.3.1; feed. 12 23W2..1.I.
Barley Feed, 61.3 w l.ts ; snipping.
61.4501.R5.
oats Kea reca. ii.wwi.n.
Corn White Egyptian, 6202.10; red
mil,, XI soiftl no.
Hay Wheat. 617010; fair. 614017:
tame oats. 615010; wild oat. 61101:1; al
falfa, 615018; atock, 60011; straw
nominal.
Seattle Grain Market.
SEATTLE, April 10. Wheat Hard
white, 61-25; soft white, white club, soft
red winter, northern spring, 61.24; hard
red winter. 61.26; eastern red Walla, $1.21;
Bid Bend bluestem. $1.50.
City delivery Coconut meal, 633; others,
unchanged.
SAN FRANCISCO PRODM'K MARKKT
Prices Cuirent on Vegetables. Fresh Fruits.
Ktc., at Hay VMy.
SAN FRANCISX3. April 10. fState re
vision of Markets) Poultry Broilers. 34
4c: young roosters. 25W42c; old. 1 5 (fr 20ci ;
hens, 21035c; durks. 26c; live turkeys, 32
03.Vc: dressed. 36P44c
Krult Apples. 3'4 and 4-tle.r. tl 5O0
310: oranges, 5. 2587; lemons, $405. 75;
grapefruit, 63 300 4.50; atrawberrles, crate.
$3.75f 4.75.
Vegetables Artichokes, large crate. $13
4916; asparagua. lb., 8017c; beans, lb.,
25035c: carrots, aack, 6101.50; celery
crate, $304.50: cucumbers, do., $203; let
tuce, crate, $2.5003.50; mushrooms, lb.
10 30c; olives, lb., 8fli10c; peaa, lb., 109
13e: potatoes, $1.0002.75: rhubarb, lb., St
5c; hubhard squash, lb., B08c; sprouts, lb4 I
12014c; spinach, lb., 203c; turnips, sack,
$1.2301.50.
Receipts Flour, 8604 qusrter sacks; bar
ley, 2410 centals: corn. 800 centals; pota
toes 2165 sacks: hay, 220 tons: hides. 137;
oranges and lemons, 400 boxes; livestock
873 head.
Coffee Strong at Opening.
NEW YORK, April 10. An opening ad
vance of 7 to 10 points for coffee futures
carried prices back to within S or 4 point.
NORTH CHINA LINE
Columbia Pacific Shipping Co,
J Direct Freight Hcrrlr Without Trasnehlpmrnl
PORTLAND
Yokohama, Kobe, Shanghai, Tsingtao,
Tientsin (Taku Bar), Chin wangtao, Dairen
B3. WEST KEATS alar II
of lRt week's high refnrd. T'-rr-
covering by n sr mnt li slmr! ,ui ,
tered buying of lur d.-liwri... p-o'ii..
by firmer Brazil Un iab k. Inn t:.- -iv.t
to .iW cenia for MV and 1 -,s imi. i
September attrarted sonu- rt"jMjt.ng t h
lter became a little inor aciiw i.. ,
of easier rablen from h;ntn. i w .
off to 0.88 cnts and H.-ptemir in n
rents, with the market cinning n. t t
points lower to .' point hlghrr. w.
estimated at about O.'.OOM bmis. im ur
exrhangs.
May. 04r; Jutv. OT.'.r; Spt'Tntrr. 0 1
October. 0.4)k-; Ieirmbrr, 0.47r; Jnu.i
0.4.ie: March, 1. 4 1 c.
Spot cnfre. firm; Illo lSc; Pan'
4 1 4 u r t 4 f
lMeitffr and t-'rrtht Hrr.W r.
. Y. to 'hrbour .ntl "tit h n mpi nn
Mil llKTIMA ...Anr.lt Mar l Jim.
A(IIMM Mar Mai !.l Jnna
HkKl.NCi.tKIA Mr Sit Jgiif :il Jul?
V. Y m Plvmouih, 'h-rl"urir. A M.iiiImj
FANXOMA A.r. 1
( AlHIM.l M,ir IS Junt 17 Jul,
X. Y. lo I'ork igui'rn.lnwul Mml I.Itm
l'AKMM Apr. I!l M.jr 17
M'VrillV nr l . . . Ai.r. . MSI .Int..
bAMAKIA (nrw . . . Mr 10 Jiiii. 7 Jul
N. Y. lo l.tlndorxI'Try ! ; M.g.'W
COM Mill V Mat S7 Jiinrll July
AI.I.KKIA Jim ti July I.) Au.
Boston to lotntonilfrry, I.!vi'rjH ni
l i . to li ' v
AK.KKIV A,.r. -II S.
AKIA Ujr It Julr Tl.
Itotiton to QllfeilMlnwn HIi'l l.l-rttol
I.At OMA (n. l ...May S May ill June
Montreal to U'tinrow.
r.1NDHA My ft Juna t Aimr
SM Hl M.ir III .Ion. IU July
AIliKMV June S:l July SI Vug.
AIko cnll. at Moiil;r. Iiriil.
Montreal to I.icr.oni
AI.MtMl Mat Jun. ID Jul,
TWIKIIKMA May .VI Jnn. "I
A I MIM A July a Ana. IS Nrl.
Miititpal to i'lymouf ti. I'll rl"nirt l.t.'. l
AMM ly CI Jun. 17 July
A.M'O.MA May 27 July I Aim.
For Information. t1rktn, rtc . PPy
Loral Ari'DIs or Comimtiy'a 'iffiif. i'
Second Ave., riealtle. J'huti. L.II10U
ROYAL MAIL
to EUROPE
new voRK-niEniiuunii
SOUTHAMPTON IIAilllLllO
VKSTRI May fl
VAMIUK Junes I.
Vl HAN July
OKOI'KSA Apr. -.'(I. June HI. July
IIKItlTA May I.I. June XI. i. .
OKIIl.N A May 27. July II. A "a. I I
The Royal Mail Steam Pat ki t Co.
Kalnlrr III. la.. Meal lie.
EUROPE
ROYAL MAIL
BTICAM PAt'KliT COMPASl I
Holland -America Line
Oregon-Pacific Company
KrelKfct find Pnaarnarrr AteaU
XAIIcuz liulldliiic. I'orllaail, Ur.
Steamship
Admiral Evans
MAIL 8ATI HI) V,
AI'HIL 1.1. 41 I'. M.
for
SAX l'KAM'ISfO,
IX)S ANGI I.I S nn. I
SAN Mlt.O
Sailing,. TCtery rlalnrday
Thereafter
tickkt orncK
101 Till Kit MT.. ( OH. (T fl.
PHuM UHOALiWAT H1
New York to Europe
De Luxe Service
TO PLYMOUTH, BOULOGNE. I
HAMBURG h
By New America Flag Steamer jt
Resolute Mjy 2, May 30, June 27 j
Reliance May 16, June 13, July 11 .
Regular Service if
TO HAMBURG DIRECT
flHlllnaa everr Thurartav. bv 1h popu
lar et'-amers Mount 4 l-iv. Mnuiit I ar
roll. Mount Clinton, llanaa, Itayern.
Uuerllemlirnc. Willi pihi lal ralun ami
Improved third class aii-nui moilat ti'i
UNITKD AMKKII'tV I lr . IM'.
150 . J. a r-alle M . HI. aso.
r Iral Meamslilp Agrnla.
5 CAN D 1 N AVI ATI
;AM E R I CAN
' .r' II i J. V ) l$C M IHK, NOIIIMl
rTj li ami IMITIC 0T.11.'
'"J llelllg OlHV i,r.
ti ali J '"'"rlk sill.. Mai'
"-ifi-X- -M- "r' " -"ay I
IjirK'. KaM. St.-rtly.;l lilted Stales .JiMie
L'omrnrtal-le M.am-lla.Mg mat June
crj.. riia louH Mai.- a re.ertn jinif .
room anil 1'i.nne- laiar If , . .lime '
narie llr.-ka I Mlleal M,a(( Jill I
l'nerellefl 4'iilalne. llel lig Olat Jil !
Daily 4 onrert. t-'red.-rlH 1 III Anil.
I'or Passenger Kale: ,ii' Vil Ate., .atl.
or t.wal Aaeiua.
AUSTRALIA
Honolulu, Ouvai, Ner eaian.l.
The Mell K4hIim-,I Roal Mail r-aiaarr
"1MAUAKA" UU.OOO l..n
Alar. 17. M ID. Ji.l t
"UAKI KA- (13.S00 I "...I
April 14, 4 une la. Aug. I i
oali rram tam'ttuter, 14. f .
For ralea, nr., appir 4 an. I'aa-. ltaila
55 Third Ot., Port land, or t a Haitian
Australian Koal Mall l.lne.
741 Maelings Ot. Ural tsnrgllirl. II I
ASTORIA and WAY POINT
I1AV PAHsKMaKtt KKNIHK II
I.T. I'nrllanal Toes.. Tliur. Oal.. ft A. M J
l.v. Aalorla Wed., l-'rl.. Onn l A. M ,
Fare l3 Kark Way, 6.1 Mound I rli
Tim II A It KINS 1H. ID.
Bdrrj. 6344.
l oot Alder ij
at- iaMMsssBsssmaaal SMIIabiaaaaaaaMai