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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (May 30, 1922)
18 TIIE MORNING OTIEGONIAN. TUESDAY, MAY "0, 1923 15 PREDICTED SOON Finance Committee Expects Agreement Tomorrow. FEATURES NOT DECIDED Plans Outlined to Harding to .Get Expression of Opinion, but Executive Sends No Word. "WASHINGTON, D. C, May 29. Ap proval by the senate finance commit tee on Wednesday of a soldiers' bonus bill following closely along the lines of the house measure with its bank loan provision, was predicted today by members of that committee, repub licans and democrats, after the sub ject had been discussed for nearly two hours. An informal canvass of the committee today indicated that the members were divided, 9 to 6, for the house measure with some modifica tions the so-called McCumber plan. Five members, all republicans, were reported to favor the Smoot proposi tion of paid-up life insurance for the veterans in lieu of all other forms of compensation, while one committee man, Senator Williams, democrat, Mississippi, was understood to be op posed to any bonus legislation. Reclamation Feature Undecided. Whether a land' reclamation pro vision is to be instituted in the Mc Cumber plan is' an open question snd consequently it may be some time before a bonus bill is reported in the senate. Chairman McCumber is anxious, however, that the bill be reported out in the immediate future and he expects to press for action as speedily as is possible. After reaching the senate, the bill, in the usual course, would go to the senate calendar to remain until called up by Senator McCumber. There is a difference of opinion among repub lican leaders as to whether the bonus should displace the tariff bill at any time soon, so the probable time at which the senate will get the bonus fight is indefinite. Senator McCumber is of the opin ion that the senate can dispose of the measure with a few days of con sideration, but this view is not shared by all leaders. Long; Discussion Expected. Opponents of a bonus In any form as well as opponents of the appended house bill are prepared for a long discussion of the question. Both the McCumber and Smoot plans have been outlined in some de tail to President Harding with a view of obtaining an expression of opinion from him but the committee went Ahead today with its consideration; without naving received any word from the executive. Proponents of the McCumber proposition believe that he will approve that form of bonus passed by congress, but public ly at least, the president has given no Indication of a change of mind since lie told the house ways and means committee to finance the bonus with a sales tax or postpone enactment of the legislation. Aside from a provision to pay cash to veterans whose compensation would not exceed $50, the McCumber plan would provide for adjusted serv-, Ices certificates on which banks would be authorized to loan funds during the first three years and the treasury thereafter during the 20 years of the life of the certificates. The certifi cates would have a face value equal to about three times the amount of veterans' adjusted service credit at the rate of $1 a day for domestic service and $1.25 a day for foreign pervice and the total would be pay able at the end of 20 years or sooner upon the death of the holder. Training Provisions Made. There also would be provisions for vocational training and home and farm aid. These and the cash and certificates feature are almost iden tical with those in the house bill, but the land settlement, or reclamation feature, in the house measure has teen eliminated. There is a move ment in both the senate and house to lave eome kind of a reclamation pro vision put back into the bill, and a special sub-committee of republican members of the finance committee opened hearings today on that ques tion. Representative Mondell, Wyoming, the republican house leader, urged that some sort of reclamation legis lation be incorporated, while Repre sentative White of Kansas, a mem ber of the house public lands com mittee, opposed such a step. Senator MeNary, republican, Oregon, one of the authors of the Smith-McNary reclamation measure, told the house bill committee that if it should be decided to restore the reclamation feature, he desired to be heard as to the form the legislation should take. CLAM DIGGERSJSSUE DEFI Canneries Notified of Intention to ' Operate After June 1. OL.TMPIA. Wash., May 29. (Spe cial.) Grays harbor and Willapa har bor clam diggers, who have declared their Intention to operate after June 1 and have served notice on the can neries that they will expect their out put to be taken, will find the fisheries department active to prevent any euch violation of the closed season law, Ernest A. Seaborg, supervisor of fish eries, announced tonight after a con ference with Attorney-General Thomp son. The clam diggers contend that ad verse tides- and late season have cut into their work in the open season, but that the supply" is plentiful now This argument will have no effect upon the fisheries department, Mr. Seaborg said. OIL STOCKS AT BARGAIN Employes of Standard Get Shares Worth $118 for $81. CHICAGO, May 29. Standard Oil of Indiana stock at present quoted in the market at above $118 a share, will be sold by the company to its employes at $84 a share up to March 31, 1923, according to announcement made to day. This is an increase of $11 a share tt the prtce paid during the 12 months ended March 31, 1922. The employe ownership plan enters on its second year with 7173 employe subscribers. RELEASE PROVES TRAP Ex-Mail Clerk Canght With Stolen Funds in Possession. LOS ANGELES, Cal., May 29. lip lease of George W. Smith, after re fusal of the federal grand Jury here to indict him upon charge of rob bing th pontoffic at Colton, San Bernardino county, proved to be a trap which resulted in his being captured again with stolen funds in his possession, while attempting flight today, according to federal authorities. One hundred $20 bills were found wrapped around- the calf of his leg, beneath leather puttees, and correspondence on his person enabled federal agents to recover $18,000 more, after he was taken from an interburban train near here today. Several weeks ago Smith, a night clerk at the Colton postoffice, re ported that a masked robber held him up and took the $20,000 payroll from the postoffice. Postal inspec tors later arrested him on a charge of robbery, "also a charge of falsifi cation of postoffice records. Upon refusal of the grand jury to vote in dictments he was released from the county jail, but kept under surveil lance, and Sheriff Shay of San Ber nardino county today informed the federal agents that Smith was leav ing Colton and supposed to be carry ing a part of the loot. MILL TO DOUBLE OUTPUT SPKIXGFIELD PLAXT TO ADD XIGHT SHIFT. Booth-Kelly Lumber Company Gets Iiog Supply; Effort Made to Cut Overhead Expense. EUGENE,. Or., May 29. (Special.) Beginning June 12 the big sawmill of the Booth-Kelly Lumber company at Springfield will operate with two crews, thereby doubling its present capacity of 100,000 feet per day. The decision to increase the Spring field force was reached today as a result of a telegram received this morning from A. C. Dixon, general manager of the company, who is now at Washington attending a standard ization conference with Secretary Hoover of the department of com merce. An official of the company said that the putting on of a night force at Springfield has been under con sideration for the past two months, being delayed until a sufficient sup ply of logs could be obtained. The contemplated increase in production is said to indicate not so much im proved market conditions as an ef fort to reduce the overhead, since it is possible to double the output without a corresponding increase of production costs. "BREAD LOAN" LAUNCHED Soviet Government Slakes First Venture in Securities. MOSCOW, May 29. (By the Asso ciated Press.) The internal "bread loan," the soviet government's first security venture, has been launched with a value of 10,000,000 poods of rye. (A pood is about 36 pounds.) Subscriptions are acceptable in cur rency at a fixed rate of 4,000,000 rubles per pood, and, as the loan is issued at 95, it equals 38,000,000,000, 000 rubles. It is redeemable . at pa? in December and January, pay ment to be in grain. By this means the government ex pects to obtain funds for the summer emergencies, and at the same time withdraw a large proportion of the currency from circulation at the time of the harvest. Gaston School Play Success. GASTON, Or., May 29. (Special.) The comedy, "The Ulster," given Fri day night by the high school under the direction of Miss Black at the school auditorium, was the most suc cessful theatrical performance ever given in Gaston and was greeted with a crowded house, the door receipts exceeding $100, which is to be used for school equipment and athletic supplies. The principal players in the cast were Jack Owens, Vera Koberstein, Thomas Carmichael Jr., James Baker, Norma Blum,, Veda Ranes, Cleta Davis and Glen Knox. Vocal solos by Mrs. Earl Pearcy, chil dren's specialties and music by Bur gatt's orchestra were also on the programme, ' , Knights of Columbus Initiate. SALEM, Or., May 29. (Special.) One hundred seventy-five persons at tended a Knights of Columbus ban quet held here last night In honor of the 26 candidates who, earlier In the day, had taken the third degree of the order. The principal address of the evening was delivered by F. J. Loner gan, supreme director of the Knights of Columbus who emphasized the great need of developing worthy citi zens. Oregon Bank Gets Extension. THE OREGONIAN NEWS BUREAU. Washington, D. C, May 29. The narrtnrate exlstance of the Pirsr TSTa- tional bank of Burns, Or. has been extended until the close of business. May 30, 1942, the controller of the currency announced today. - cnic v SLUMP IN WHEAT CHECKS TRAD Bids Two Cents Lower on All Grades at Exchange. NEW. CROP SELLING SLOW Trade Waits for Settlement of May Deal Before Entering Mar ket; Foreign Grain Weak. ' The slump in the eastern wheat maTket almost brought trading here to 'a stop. Bids were lowered 2 cents all around at the Merchants' Exchange, and in the open market where buyers put out offers they were also lower than Saturday. New crop club was posted at the exchange at $1.12. Buying of new wheat for several days has been lighter, as farmers now appear in no hurry to sell their coming crop at prevailing prices. The unsettlement that' exists in all do mestic markets will pass off, it is believed, as soon as May wheat Is out of the way, and neither buyers nor sellers are dis posed to operate freely now. - The coarse grain market was quiet. There was no demand at the exchange for either oats or barley. Offers for corn were reduced 25 cents. The - grain bag market continued firm, with bids of 3014 to 10 cents and sellers asking 10H cents. The daily Chicago wire to the Gray Rosenbaum Grain company-follows: "Continued heavy liquidation caused sharp break.- Better buying noticeable on break. Look for better-market soon. Ex pecting cash wheat in stronger position and lighter receipts, which already in dicated. Outside markets same. Improve ment noted milling and export demand on decline." May wheat at Liverpool closed lower at 11a 5d, July i lower at lis 4!4d and September 9id lower. Spot Manitoba was down 4d at 12s Sd and No. 2 red winter Id lower at lis Sd. Buenos Aires wheat opened 2 cents lower at $1.30. The Argentine peso declined H cent, which will lower wheat abroad. Terminal receipts, in cars, were reported by the Merchants' Exchange as follows: Wheat. Barley.Flour.Oa ts.Hay Portland! Mon.. 138 29 3 2 8 Tear ago . 247 .. . 5 11 8 Season to date.27756 267 2126, 852 2029 Tear ago 18264 258 1061 570 2400 Tacoma Sat... 12 ... 2 ... 2 Year ago 16 1 3 1 3 Season to date. 9874 97 1202 171 S33 Year ago 4673 53 999 187 994 Seattle Sat 26 2 4,2 4 Year ago ..... 3 4 7 7 Season to date. 8167 180 2037 432 1782 Year ago . . . . . 4533 220 545 470 1454 TOP-HEAVY BUTTER MARKET FEARED Prices Advancing on Coast and Declining in East. The San Francisco butter market opened barely steady in the past week and indi cations were for further declines. However, the tone of the market changed over night. The heavier shipping- demand from Los Angeles and Inquiries frpm the north. together with a slump in receipts, resulted in very active trading. Prices began to soar and from Monday to Friday, 92 score gained 2c. Although dealers think prices are too high for storing, needs of regular trade later on must be taken care of. There is practically no speculative buying; however, storage holdings are around 200,000 pounds heavier than last year. With further declines in the east and advances on the Pacific coast, dealers anticipate a top-heavy condition. One car arrived at San Francisco from Ne braska and it is thought more will come this way if prices keep up. Some expect a lower market in June and July, when outside- receipts are heavy and storing has ceased. . Receipts from Monday to Fridaj were 164,025 pounds less than the previous week. , Considerable Btrength was carried over in the east from the previous week, which lasted pretty well till the close of this week, but. due to heavier receipts, the market fat that time became weak and there were some price reductions. Up till this time the markets have been fairly firm, due to an excellent consum ing demand and some storing demand. The cost of butter is high and if receipts show storing qualities, dealers are putting them away. The Into-storage movement of but ter . Is rapidly increasing, but there were two factors militating against a more rapid increase dealers are not sure that the present price level Is a safe one to store on, and because of the late season only a small percentage of the receipts are suitable for storage." Because of the heavy receipts for the week end and the fact that dealers are not storing large quantities, the eastern markets at the close became weak and unsettled. Chicago is getting some butter suitable for storage and It was there that most of the butter was stored, giving that THE DAYS OF market some strength. The strength on the other markets was derived almost en tirely from a good consuming demand, and besides their own receipts, considerable quantities ol Chicago butter were used. 82 score butter was relatively In lightest supply, for It Is largely from this grade that butter for storing is drawn. Medium grades were liberal, except 90-score cars of "centralized," which were scarce and in good - demand for consumption and for May contracts. Quality is improving and there were fewer complaints of garlic and weed flavors. HEAVY STORAGE BUTTER HOLDINGS Storage Egg Stocks Almost Equal to Last : Year's Supply. Decreases in dairy products and supplies of poultry products about equal to a year ago are shown In "the official report of storage holdings, which follows: May 1, '22. Creamery butter 3,828,000 Packing stock butter. 971.000 American cheese ....10,796,000 Swiss cheese 2,000,000 Brick and Munster... 937,000 Limburger 342,000 Cottage, pot and bak ers' 1,315,000 Cream and Keufchatel 95,000 May 1. '21. 7.712,000 2,181.000 , 13,466,000 1,878,000 884,000 417,000 3,012,000 39.000 4,243,000 4,909,000 21,730,000 7,2.12,000 14,115,000 8.996.000 5,7i8,ono 11,591,000 Ail other cheese. . 3.S38.000 Case eggs Frozen eggs . Broilers ..... Roasters .... Fowls Turkeys Miscellaneous . . 4,833.000 ..14,149.000 . . 5,398,000 . .20,617.000 . . 6.602,000 . . 6.020,000 . .12,090.000 Small Loss In Wheat Visible. The American visible wheat supply state ment compares as follows :- Bushels. Decrease. May 29, 1922 26,353.000 521,000 May Si; 1921 9,234.000 231,000 June 1, 1920 36.901,000 996,000 June 2, 1919 23,702,000 3,913,000 The coarse grain visible compares: Bushels. Decrease. May 29, '22, corn . . May 31, '21, corn . . May 29, '22, oats . . May 31, '21, oats .. May 29, '22, rve. . . . May 31, '21, rye . . . May 29, '22, barley May 31, '21, barley 1.91 7,000 2.743.0O0 15,103.000 49.437.000 29,644.000 5.243.000 1.042.000 . 1,346.000 1,543,000 121,000 2.113,000 301.000 1,106,000 536,000 172,000 138,000 Increase. Bank Clearings. Bank clearings of the northwestern cities yesterday were as follows: Clearings, Balances. Portland S'eattle . .$4,862,932 J1.34S.577 . . 4.686.750 1.678,413 Spokane Tacoma transactions 1,567,085 650.493 2.074,000 Strawberries Clean tip Early. The supply of California strawberries received yesterday was not equal to the local demand and the arrivals cleaned up early at $2$2.50 a crate. Good . berries are expected to sell at $3 during the short period this morning that the jobbing houses will be open. Oregon berries were very scarce yesterday. Receipts should begin to increase rapidly after Memorial day. Cube Hotter Market Firm. The cube butter market continues firm in the face of liberal receipts. Outside orders and buying for storage keep the sur plus down. The egg market was steady, with mod erate arrivals. Country buying prices were unchanged; Poultry and dressed meats cleaned up at Saturday's prices. PORTLAND MARKET QUOTATIONS Grain. Flour, Feed, Ete. Merchants' Exchange, noon session; Bid Wheat May. June. July. Hard white ; S1.23 $1.23 $1.12 feu wnite 1.22 White club 1.22 Hard winter 1.22 1.1 1.22 1.22 1.22 1.22 1.18 1.22 1.12 1.12 1.09 Northern Spring 1.2: P.ed Walla 1.18 corn No. 2 E. Y. shipmen 28.50 28.50 ..... FLOUR Family patents; $8.60 per bbl.; whole wheat, $7.80; graham, $7.40; bakers' hard wheat, $8.10; bakers' bluestem pat ents, $8; valley soft wheat, $8.50; straights, $6.35. MILLFEED Price f. o. b. mill: Mill run, ton lots, $37; middlings, $51; rolled barley, $37 39; rolled oats, $42; scratch feed, $47ig)51 per ton. CORN White, $36; cracked, $38. HAY Buying price, f. o. b. Portland; Alfalfa, $1920 per ton; cheat, $17; oats a-d vetch, $18; clover, $17; valley timothy, 20; eastern regon timothy, $2122. Butter and Country Produce. BUTTER Cubes, extra, 33c per pound; parchment wrapped, box lots, 40c; cartons, 41c. Butterfat, buying price; No. 1 grade, 3941c delivered Portland. EGGS Buying price, 20c dozen, case count; henneries, 23c dozen; jobbing prices, case count, 21c; candled ranch, 23c; selects. 25c. CHEESE Tillamook triplets, price" to jobbers, f. o. b. Tillamook, 23c; Young Americas, 24c pound. POULTRY Hens, 1923c; broilers, 25 27c; ducks, nominal; geese, nominal; tur keys, live, nominal; dressedV, 40c VEAL Fancy, 13e per pound. PORK Fancy, 15c per pound. Fruits and Vegetables. Local jobbing quotations: FRUITS Oranges, ' Valencia, $78.75 box; lemons, $7.50 9.00; grapefruit, $4.00 9.50 box; bananas, 9 10c pound; ap ples, $1.503.50 per box; strawberries, Oregon, $3.5034 per crate; California, $22.60 per crate. POTATOES Oregon, $L251.50 per 100 pounds; new California, 710c pound; sweet potatoes, eastern, $1.752.25 crate. ONIONS Crystal wax, $2.30 per crate; California red, $3.50 per sack. VEGETABLES Cabbage, 46c per pound; lettuce, . $2.50 3.00 crate; garlic 10 15c per pound; green peppers, 40c per pound; celery, $6 crate; tomatoes, $5.50 6.50 lug; artichokes, $1.25 dozen: cucum bers, $1.252.50 box; rhubarb, 34c per pound; spinach, 7 8c pound; asparagus. REAL SPORT. $22.25 per dozen; green peas,' 810c per pound; beans, 2022c pound. - Staple Groceries. Local jobbing quotations: - SUGAR (sack basis) Cane, granulated, 6.50c pound; beet, 6.30c per pound. NUTS Walnuts, 15 35c per pound; Brazil nuts, 1719c; almonds, 2126c; peanuts, 10llc per pound. RICE Blue Rose, 6.45 (& 6.75c per pound; Japan style, 6.106.25c per pound. COFFEE Roasted, bulk, in drums. 20 3Gc per pound. SALT Granulated. bales. $3.254.0S; half ground, ton. 50s, $17; 100s, $16. HONEY Comb, new crop. tt.254H.50 per case. DRIED FRUITS Dates. 14c per pound; figs, $1.908.75 per boxL apples, 15c per pound; peaches, 16c; apricots, 23c; prunes, 9 14c. BEANS Small, white, 6147c; large, white, oc; pink, 5c; bayo, 6c; red, 5&s; lima. 11c per pound. , Provisions. Local Jobbing quotations: HAMS All sizes, 3538c; skinned, 33 40c; picnic, 17c; cottage roll, 24c. BACON Fancy, 3945c; choice, 30 34c; standards, 2426c. LARD Pure, tierce, 15c pound; com pressed tierces, 15c. DRY SA T Backs, 1821c; plates, 15c Hides, Hops. Etc. HIDES Salt hlies, 5c; salt bulls, 4c; green bulls, 1c. less; grubby hides and bulls, 1c less; salt calf, 10c; salt kip, 7c; salt horse hides, $12 each; dry horse hides. 50c$l each; dry hides. 10c dry j cull hides, half price. rcLtia ury pens, lie; ary -fnorz wool pelt3, halt price; salt pelts, full wool, April take-off, $1.25i,75 each; dry goat skins, 32c (long hair). TALLOW No. 1, 4c; No. 2, 3"4c per pound; tank raliow. 2v per pound. CASCARA BARK New peel, 5c pound; old peel, 6c pound. OREGON GRAPE Grape root, 5 per pound. HOPS 1921 crop, nominal. 1214c pound; contracts, 15c. WOOL Eastern Oregon, 26?29e, per pound; valley wool, -ine, 2$ft30c; me dium, 2528c; quarter blood, 2225c; low quarter blood, 2022c; . braid, 182uc; matted, 1518c. MO-.VIR Long staple, 3233c; deliv ered Portland; cat ding. 2Sc; burry. 20c pound. GRAIN BAGS Car lots, 10"A10c coast. Oils. LINSEED OIL Raw, in barrels, $1.10: 5-gallon cans, $1.25; boiled, in barrels, $1.12; 5-gallon cans $1.3:7. TURPENTINE In drums, $1.23; 6-gal-lon cans, $1.38. WHITE LEAD 100-pound kegs, 12iic per pound. GASOLINE Tank wagons and iron oar rels, 26c; cases 38 c. Lumber. The following are direct quotations on Douglas, fir and represent approximately prevailing f. o. b. mill prices in carlots and are based on orders that have been nego tiated: Pre vailing Flooring High. Low. price. 1x4 No. 2 VB $51.00 $49.00 $49.00 1x4 No. 2 and B, SG . . 34.00 34.00 1x6 No. 2 and B, SG . . 37.50" 35.00 Stepping No. 2 and B 65.00 Finish No. 2 and better 1x8 KKjnch 56.00 Casing and base 63.00 Ceiling 4x4 No. 2 and B ....33.00 32.00 1x4 No. 2 and B . 34.00 Drop siding 1x6 No. 2 and B . .. .. 36.50 36.00 Boards and SL No. 1 -lx8-10-lnch, S 1 S. .. 14.50 - 11.58 13.50 lxl2-inch 15.00 14.50 Dimension No. 1 2x4 12-14, S&E 14.50 12.50 13.50 Planks and small timbers 4x4 12-16 S 4 S 17.50 16.50 17.50 limners 32 teet and under 6x6-8x10 S i S 22.00 19.00 . . , Lath Fir 5.50 4.50 5.50 SAX FRANCISCO PRODUCE MARKET Prices Current on Vegetables, Fresh Fruits, Etc., at Bay City. : SAN FRANCISCO. May 29 (State Di vision of Markets) Fruit Apples, 3V44 tier, $2.153.73; navel oranges, $6.508; Valuncias, $6.50i)8; lemons, $57; grape fruit, $34.25; strawberries, SOc$1.20; cnemes, oox, L.2o!stl.to; apricots, pound. 10 lie; raspberries, drawer, 75c $1; goose perries, pound, ll(j)l:2c; cantaloupes, standard crate, $15; figs, small box, $2.50; peaches, small box, $5. Vegetables Artichokes, large crate, $4 b; asparagus, pound, 310c; beans, pound, 1013c; carrots, sack, $2.753; celery, nominal; cucumbers, dozen, 7oeta $2.25; lettuce, crate, 5oc$i,50; mush rooms, nominal; white onions, crate, $1.25; yellow, hundredweight, lltffil.lo; parsnips, sack, $33.25; peas, pound, ri4e; po tatoes, $l.w2.7o; new, 3 Joe; rhu barb, box, $1.352; summer squash, crate. 35 60c; spinach, pound, 2 4c; tomatoes. $33.25; turnips, sack, $22.25. Receipts Flour, 1530 quarter sacks wheat, 800 centals; barley, 8810 centals corn, 1600 centals; potatoes, 12 sacks; onions, 341 sacks; hay, 170 tons; hides, 2337; oranges and lemons, 12U0 boxes. Albany Women Entertain Writer. ALBANY, Or., May 29. (Special.) Mrs. Anna Steele Richardson, prom inent writer, particularly for the Woman's Home Companion, spent yes terday afternoon in Albany and was a guest at luncheon of the Modern Travelers' club of this city and at dinner of the women of the Albany Chamber of Commerce. She was ac companied by Mrs. C. B. Simmons of Portland, nominated recently as a re publican candidate for representative from Multnomah county. Baltimore & Ohio, up better than two points for the day, have been receiving very good support .since the April earnings statement which ; showed an increase of $396,000 over the same month a year ago. The market is very optimistic on B. & O. because of the fact that the heavy earn ings were shown despite inroads on earn ings made by the cVl strike. OVER To VsHERG The Parachute dropped KTIL CHIEFS OUTWEIGH BANKERS Financiers No Longer Domi nant in Affairs. FORD CITED AS EXAMPLE Great Fortune Won Despite Stand In Defiance of Leaders in Money Market. BY RICHARD SPILLANE. (Copyright by the Public Ledger Company. Published by Arrangement.) PHILADELPHIA, May 29. (Special.) au m me evolutionary changes that have taken place in America in the last 20 years one of the most remarkable has re ceived little attention. That is the rise ol me industrials to almost commanding po sitions. There was a time when the great bankers' leadership was unquestioned. If J. Plerpont Morgan took snuff the whole nation sneezed. If he or Jacob H. Schiff journeyed to Washington it was a matter of profound significance. Expressions from them on the trend of trade or general af fairs were received with deepest interest. Tiiere were other big features, but they were subordinate to the great bankers. In the field of steel Andrew Carnegie stood preeminent. In oil John D. Rockefeller was unchallenged. In transportation three great figures Hill, Harriman and Hunt- ngton held the center of the staee. In timber only Weyerhaeuser was the tall tree. But the accepted overlord of all the men of steel, of raiis, of textile, of timber. was tne maa of finance. The great banker always has and alwavs will wield tremendous power, but he does not rule today as he did two decades ago. There is no dominant bankine fieure in America today. It is not that'the scope of the banker has become more circum scribed, but the growth of industry, or of industrial groups, has become so great that it ia beyond the power of one banker or a small coterie of bankers to direct or control them all. Evidence of this fact-was clven when the president, desirous to rectify a condi tion in the steel industry, called the heads of the various large steel organizations to the Vhite House and when, in the matter of reducing freight rates, he summoned 20 railroad presidents to dinner at theexecu- tive mansion. Today an expression from the chairman of the United States Steel corporation, or from Charles M. Schwab on the business outlook receives more attention in America and in foreign lands than an opinion on the same subject from any banker in America. In oil, where Rockefeller once ruled without question, there now are nearly 20 corporations of major character, various of them of international as well as na tional scope. There are no Hills or Harrimans or Huntingtons now. In fact, there is no towering figure in the field of railroading. In some respects this is one of the most significant changes of all. In place of them have sprouted remarkable men great leaders in other branches of trans portation the automotive industry. In this department Henry Ford looms biggest and most spectacular. Almost penniless 20 odd years ago, unable, as he had said. to get credit on a Thanksgiving day for a chicken for th,e dinner of himself and fam ily, lie launa iuuy iu kchuu cliiiiubl wim Rockefeller. And he has made one of the most impressive successes in all history while openly in defiance of and scoffing at the high priests of finance. ' - Among the leaders of Germany at pres ent is Hugo Stinnes, industrialist.. The war may have brought the men forward earlier than otherwise it would have been but the result would have been the same time. No banker now speaks for Great Britain as one did for the empire a few decades ago, and no man'of finance is the spokesman for the Germane. All this is natural. Industry has come out of its swaddling clothes and coming to know itself, speaks for itseii. it leans ana must lean on finance, but it has become vocal. Leadership in finance is as necessary as leadership In industry. But leadership in finance should be conimea to nnance. There is an affinity between the two, but only an affinity. Although America is not alone In mark ing the change it is more pronounced here, perhaps, than in any other part of the world. That is because this is the great est industrial nation of all. fflHT BREAKS 10 CENTS MAY GRAIN UNLOADED ON MARKET AT CHICAGO. New Crop Deliveries Also Carried Down; Closing Prices at Bottom Level. CHICAGO. May 29. Wheat suddenly be came a drug on the market in Chicago to day, burdening owners and smashing prices at the last more than 10 cents a bushel as compared with earlier in tne ooara 01 trade session. Nearly 650 carloads ar rived here today and with prospective fur ther heavy receipts tomorrow and next day, adding to a big accumulation already at hand, seemed to put an overwhelming weight on values.- The market closed un stable at 214 G6 cents net decline, with May and July both $1.18 to Sl.lSVand September $1.16 1. 16. Corn finished c to l'ic down and oats off c to c In provisions the outcome varied from un changed figures to 12c higher. Although It was definitely Known De- fere the opening that new arrivals of wheat here today would exceed ouu car loads, the fact that deliveries on Mar con tract. 895.000 bushels, wers or less mag- riture than generally had been looked for led to a temDorary upturn in prices. Talk about Germany getting a $1,000,000,000 loan. tended also to stimulate buying on thft part of the traders who were still hanging on in hones that by some nearly miraculous ohance the final settlement of May wheat contracts would force the wheat market tntn wild lumps In price. Leading holders of wheat were quick to take advantage of the transient rise in tne market and began to unload while there was a good opportunity. This change of front, however, had a boomerang effect rr Minn as the rank and file of dealers grew aware of the situation. A general selling movement was precipitated and the market was found to be bare ot any sup port exceDt from miscellaneous shorts. Then prices fell almost inert, and closed at the bottom level o the day. Corn and oats were dragged down by wheat. Provisions averaged a little higher, chiefly as a result of lard-buying ascribed to foreigners. The Chicago grain letter received yes terday by the Overbeck & Cooke company of Portland follows: liquidation was on in all months and support confined to scattered covering by shorts. Some of the heaviest selling of July wheat was credited to leading holders of the current month, who have taken de livery of good sized quantities of cash HOT? Your meats will not spoil if you consign to us. Cold storage on premises. THE SAVIN AR CO., INC. 100 Front St." Portland, Or. INTELLIGENT PRODUCE MARKETING Make your produce worth more money by using latest methods at the time you prepare the shipment of any product. Write Vm at .Once We Will Be Pleased to Tell You Hon RUBY & COMPANY, 169 FRONT ST, PORTLAND, OK. wheat and apparently found the deferred futures th& only outlet. There was noth ing in the way or news to account lor the extreme w-eakness, just a case of dis couraged longs getting out at a time when support was lacking with outsiders showing no disposition to take hold. Bright, sun shiny weather over the belt brought iu numerous reports of glowing crop pros pects, which further intensified the bearish feeling. The casn position snowea no im portant change, prices in all markets be ing lower with the futures, the demand averaging slow except for very choice grain. It will probably be a while befort the load of cash and futures put on the market has been fully digested, ir-t from the standpoint of prospective conditions, there is little reason to expect tnat suppne; will overwhelm the demand. Corn had a heavy tone with wheat and on selling induced by weakness in the cash department and indications that the after- planting movement is getting under way. Cash prices were about two cents lower ana the tracing basis reduced about half to $i cents. Receipts were estimated at 63 ( cars and country offerings to arrive more liberal than for some time. Export trade was slow with only a small amount worked. As soon as the initial increase In receipts is out of the waj we look foi prices to work higher. Oats showed little individuality. The cash market was weak and lower with moderate Increase in receipts and a slow demand. Rye Trade limited and market lower with other grains. The demand for fu tures from the seaboard, which has been ft factor in the market for some time, was not in evidence today. Cash rye wns rela tively firm at one cent over May foi No. 2. Leading futures ranged as follows: . WHUAT. Open. Hisrh. "Low. , Clop. May $1.25 " $1.29 $1.184 1.1S4 July I.TIM 1.23 l.lSVi l.lS&fe Sept. 1.19 L18 1.16 1.16 ' CORN. May . .63 .61 .50 .59 Julv fi2 .634 .61V- .61 Sept 60 Vs .6 .64 .64 OATS. Mar 36 .r;7 .36 .36 July 38 ..tS .37 .37 Sept 40 .44) .39 .39 PORK. May 26. oO LARD. Julv .....11.45 lt.r.5 114,1 31.55 Sept 11.77' 11.82 11.75 11.82 RIBS. Juiv 11.87 Sept. ' 11.87 Cash prices were as follows: Wrheat No. 2 red, $1.26; Ko. 2 hard, $1.2tf&1.27. Corn 'No. 2 mixed, 5961c; No. 2 yellow, 6061c. J Oatss 'No. 2 white, 3741c; No. 3 white, 3539c. Rye No. 2, $1.00. Barleys eSfeSc. Timothy seed $4.505.75, Clover seed $12&20. Pork Nominal. Lard $11.40. Ribs 413.50. Cash Grain Markets, (Furnished by Herrln. & Rhodes, Inc., of Portland.) MINNEAPOLIS, Minn., May 29. Wheat No. 1 dark northern. $L48 1.59 ; No. 2 do, $1.46L5&; No. 3 do, $1.49 1.5a; No. 1 northern, $1.47 1.55 ; No. 2 do, $1.441.52; No. 3 do, $1.37 1.47; durum. $1.20 1.25. Corn No. 2 yellow, 5455-c. Oats No, 2 white, 3435c; No, 3 do, 3335c. Flax, ?2.67 2.70. Rye, 95 96c. Barley, &l62c. 'l)ULUTH, Minn., May 29 Wheat No. 1 dark northern, $1.47 1.62 ; No. 2 do, ?1.451.5S; No. 3 do, $1.38 1.53 ; No. 1 durum, $1.32 1.34. Flax, $2.67. ST. LOUIS, Mo., May 29. Wheat No. 3 red. $1.241.28; No. 3 hard, $1.21. Con No. 2 mixed, 69c; No. 3 do, 59c; No." 2 yellow, 6161c; No. 4 do, 60c; No. 2 white. 60c. Oats No. 2 white. 38 39c; No. 3 do, 3738c. KANSAS CITY, Mo., May 29. Wheat No. 2 red, $1.26; No. 1 hard, $1.271.45; No. 2 do, $1.181.35; No. 3 do, $1.16 1.30. Com No. 2 mixed, 57c; No. 2 white, 56 57c. OMAHA, Neb., May 29. Wheat No. 2 hard. $1.17 1.18; No. 3 do. $1.14. Corn No. 2 white, 5255c; No. 2 do, 52c; No. yellow, 5353c;, No. 3 do. 53c. Oats No. 2 whlter84 35c. WINNIPEG. May 29. Wheat No. 1 northern, $1.38; No. 2 do, $1.3314; No. 3 do, $1.23. Oats No. 2 white, S3!4c; No. 2 feed, 45c; No. 1 do, 48c. Grain at San Francisco. SAN FRANCISCO., May 29. Wheat Milling, $2.132.20; do, feed. $2.0&tg2.15. milling, $2.1i52.20; feed, $2.052.15. Barley Feed. $1.35; shipping, $1.40. Oats Red feed, $1.551.65. Corn White Egyptian, $22.10; red milo, $1.77H1.82H. Hay Wheat, $16 18: fair, $14 16; tame oat, $15(31S; wild pat, $ll1ll; al falfa, $l?v18; new, first cutting, $13lo; stock, $1012; straw, nominal. Seattle Grain Market. SEATTLE, Wash., May 29 Wheat hard white, hard red winter, $1.22; soft white, white club, soft red winter, $1.21; northern spring, $1.20; eastern red Walia $1.18; Big Bend bluestem. $1.50. City delivery Hay, timothy, $18; do, double, compressed, $28; do, milted, $24; alfalfa, $22; straw, $17; barley, whole. $38; do, ground and rolled, $40; do, clipped, $4; cnicK starter, sou; ati-graln chop, $42; cocoanut meal $33; corn $36; do, cracked and feed meal, $38; cottonseed meal, $52; linseed meal, $57; scratch food. S4S: nnv bean, $38; wheat, $48; do, Puget sound, $47. Kansas City Wheat Futures. KANSAS CITY, Mo., May 29. Wheat May. $L14!4; July,. $1.11?4; September, $1.09li. Corn May, 65c; July, 66c; September. 58 c Minneapolis Wheat Futures. MINNEAPOLIS, Minn., May 29. Wheat May, $-1.4714; July. $1.37; September $1.22 ',4. Chicago Deliveries. CHICAGO. III . May 2!). rp!ivries to- Profit By- Great -Reductions East Through California Round Trip Summer Tourist Tickets On Sale May 25 to Aug. 31st Return Limit Oct. 31st. Liberal Stopover Privileges. "High Points" on the Way The Glorious Siskiyous Majestic Mt. Shasta The Rugged Sierras "Pleasure Places" You Must See San Francisco World famous city that " 'tis hard to leave." Los Angeles Wonder city and noted tourist center. San Diego Romantic city "Where California began." Three National Parks: Yosemite Sequoia General Grant. ; ' Scores of Charming Seashore and Mountain Resorts For fares, sleeping car reservations or beautiful folders inquire at City Ticket Office, Fourth Street at Stark, Main 8800, or ask any agent. Southern Pacific Lines JOHN M. SCOTT, General Passenger Agent. day: Wheat, 595,000 bushels; corn, 2X0,000 bushels; oats, 173,000 bushels. Winnipeg Wheat Futures. WINNIPEG, May 29. Wheat Mai I1.42H; July, 51.31; October, 1.20&. Officials Visit Portland. J. F. O'Brien and John O. Bender, offi cers of the United States Molybdenum Metals, Ltd., with headquarters In Los Angeles, are in the city and will remain here for some time looking after the in terests of their company. Oregon Banking and Bond News, There was a time when Falls City w almost a center for the manufacture of lumber products, but now, according to W. H. Beard, president of the Bank of Falls City, the operations of the timber men have moved back into the mountains above the city. Black Rock, several miles above the home of Mr. Beard, for a num ber of years was a center of logging ac tivity, but it has been abandoned, due to the fact that the timber surrotmding it ras been cut away. Mr. Beard was in Portland during the week-end, visiting friends in local banks. From a purely psychological standpoint, conditions are much better throughout eastern Oregon than they have been in a Icng.time, according to Charles H. Stewart, vice-president of tho Northwestern Na tional bank, who has returned from Enter prise after attending a meeting of livestock men. He declared yesterday the increased, market prices on farm products have been rtsponsible for the better feeling. Portland bankers who attended the meet ing of group one of the Oregon State Bank ers association at Astoria and Seaside Sat urday and Sunday were back at their desks yesterday morning. Saturday was the time for the business sessions held in As toria and Sunday the bankers went to Sea side, where the entertainment features of their programme were held. After having spent several days in Washington, D. C-. H. A. Ely, secretary of the recently-organized Oregon & Wash ington Joint Stoctk Land bank, has re turned to Portland. Ho went to the na tional capital to arrange business affairs affecting his concern. The new bank is now open for business with the Lumber rr.ens Trust company and has received a Urge number of applications for loans. Astoria is considerably excited over th possibilities of an oil strike, according to J. M. Anderson, vice-president of the As toria National bank, who was in Portland during the week-end. Considerable pros pecting has bven done around Astoria and some of the business men are of t"he opin ion that oil indications are positive. Bond dealers of the northwest feel en couraged over the condition of the mar ket, according to Frank W. Camp, of Free man Smith & Camp. who. with Claude M. Ri-iatrtl hoc roi .1 -Tr. m Cs iU O kane and the Yakima vallev. "Dealpra nr- cict higher prices and believe that con ditions will continue good for months," said Mr. Camp yesterday. All of the banks of the citv will be closed today, due to the fact that it U legal holiday. Many are preparing to go to the seashore, while others who have no gardening duties to perform will go to the golf links or to thA fishing streams. DAILY CITY STATISTICS Vancouver Marriage Licenses. OWENS-CURRIE Willard W. Owens, legal, of Camas, Wash., and Isabel Currie, legal, of Camas. JUNGN1CKEL-WOOLLET William F,' Jungnickel, 38. of Salem. Or., and Annn Elizabeth Woolley. 24, of Toronto. Can ada. McCRACKEX-MELGREBN Garry Mc Cracken, 29, of Portland, and Madeline Melgreen. 25, of Portland. D IS MING-MARTIN Simeon I. Demlng, 3S, of Forest Grove. Or., and Ella V. Mar tin. 20, of Forest Grove. J OH ANSON -S WOLFE Frederick Johan son. 37. of Portland, and Lucille Swolfe. 21, of Portland. , , JACKSON-GILBERT Sherman S. Jack son, 24, of Bandon, Or., and Myrtle Gil bert, 21. of Bandon, Or. ' O'BRIEN-DAVIS Clarence O Brlen, 32, of Timber, Or., ana 5iiue 1. uavis, .1. oi Lebanon. Or. f GAGNON-llUNUW A I :viajor 1.. uagnoni legal, of Portland and Irene Bonoway, le J gai. of Spokane. 4 WAGNER-COLEMAN George Wagne'l 22, of Portland, and Mary Coleman. 19. ol PNmIsON-GlDDlNGS Ralph Nelson, 2! of MoMlnnville, Or., and Elfie L. Gidding 34 of Carlton. Or. boLBOW-KSTES Floyd W. Dolbow. 28. of Portland and Pearle Estes, 23, ot Port land. Marriage Incenses. JONES-CARSON John G. Jones, legal, Portland, and Mrs. Exzelia M. Carson, le- D..Han.l lpeal. Portland, ana Anna lvicuunuugii. ie- LONG-GAR BIN Henrv C. Long. 23. Cor vcill Or., and Goldia M. Garbin. 22. Port- GESKE-MCRPHY Leo Geske, 22. 1017 Macadam road, and Virginia M. Murphy, 17, 1060 Kelly street. Gaston Teachers Elected, r; ASTON. Or.. May 29. (Special.) 11 thA last meetinir 01 tne scnooi, board the following teachers were re .11' Miss Kula Black and Mrs. Early Pearcy for the high school and Miss Donahue, Miss Doris Wolfe and Miss Knight for the grades. Tho en rollment of the high school has in creased so that another teacher may bo required next year. At the annual meeting In June for elections to the school hoard a new member Is to be elected to serve In the place of Albert M. Porter, wno nas resigucu. ing appointed postmaster of Gaston. Caucus Elects Delegates. tt .w A m "Wash.. Mar 29. CSp- clai) At the republican caucus held here Saturday night at the city htaV Roy Herrald and Sol Markham wer elected delegates to the county con vention held at South Bend tonlgrht. The county convention was to elect 11 delegates to the stato convention.