THE 3IORXIXG OREGOXIAX, SATURDAY. OCTOBER 7, 1922 2.1 MARKET IN STOCKS : IS mm VIOLENT Hand of Professional Spec ulators Is Seen. EVENTS NOT EDIFYING Prices Violently Hauled, First in tion, Then In Pulled and One Direc-Another. ' (By Chicago Tribune Leased Wire.) NEW YORK, Oct. 6. The movement hich attracted the most attention on today's markets was in prices of stocks stnri in ateriine exchange. It was th; kind of movement which occurs- only when speculators of the professional port are almost the sole influence v-fl I lien. The events of the day on the stock exchange were not especially edifying. They represented nothing but the violent pulling and hauling of prices, first in one direction and then in another, al ways without the slightest reference t. nch matters as news of the day or in trinflic values, and always through the collision of two ODDOSing groups of manipulators. This kind of market Is apt to occur when one speculative faction has been engaged in bidding up prices because money can be had on easy terms with which to do it. while another faction has been at work offering stock down on the theory that the rise has been overdone. If the real investing public has made up its mind that the general situation favors either higher or lower prices, the market will move empha tically in the direction which the out sider's attitude indicates. At the moment there is no reason to suppose that the investor is greatly interested on either Fide. The speculators are fignting it out by themselves and the result is not of supreme importance. Something of the same class of purely speculative judgment was shown in the course of sterling exchange, which de clined 1C and rose 1c afterward. No doubt there is wide ground for differ ence in opinion as to the probable course of sterling. That was equally true a year ago, when the rate rose from $3.73 at the beginning of October (27 cents below the year's prior high point) to $3.95 a month later and $4.24 in Decem ber. Circumstances are not parallel. Kurope is compelled to buy more of our grain than was bought last year; there are larger payments for England, to make in America, and the price of ex change is higher; nevertheless, the whole course of sterling during the last 12 months has shown the powerful action of influences invisible to the ordinary ob servers. It might be said that the mere fart of the recent stability of the rate under all existing circumstances is evi dence that such forces are still operating. German war loan 5s Hamburg 4s ........ do 4 lis Italian 5s .......... Leipzig 4s do 5s Munich 4s ......... Norway Ss . Denmark 6g ........ Mfg. and Inds. Allied Packers 6s Am Cotton Oil os... Am Tobacco 7s .... Am Thread 6s Anaconda fts do 7s ... 1 Anglo Am Oil TAB.. Armour 7s Beth Steel 7s Canadian Nat Cudahy Pack Ooodnch 1918 By 1924 1923 1924 1929 1929 1925 1930 1935 7s 1935 . . 1923 1925 I R T 7s 1921 Kennecott Copper Morris & Co. His. Sears Koebuck 7s . Sinclair 73 Swift & Co. 7s 7s 1930 193U 1927 1925 1925 V. 3 Hi i 1 to 112 110 ' 70 99 i 1011a 103 102 1113 1U4 102V4 110 101U 103 95 105 10 101 10B 101 hi 1 35 hi Vt 112J4 llOHi 78 99 102 103 102 i 104 103 105 103 111 101 103 i 96 105 107 101 10614 101 li Foreign and Curb Bonds. Furnished by Jordan, Wentworth & Co., of Portland: Foreign Government Internal French Internal 4s 1917 48 French Victory 5s 1920 59 Belgian Restoration 5s 65 British 2Vi9o consols 51 Italian Cons War Loan 5 .... 35 Lei eitt Stockholm 26.44 Christiania 17.65 Copenhagen 20.25 Rupees .... 2914 Argentine Chile Brazil Peru Oreek Holland . . Czecho Serbian Swiss Finland Curb bonds Allied Packers 6a Am Tei & Tel 6s .. do 6s Anaconda Copper 6s do 7s Armour & Co 7a Beth Steel 7s Copper Ex Assn 8s.. do 8s Galena Signal Oil 1922 1924 1935 1924 1925 35 i:i.95 11.60 3.95 2.85 38.71 15.15 3.41 1.38 18.69 2.25 7714 101 Vi 101 10314 104 10214 102 10314 10514 OILS STRONG FEATURE ADVANCES IX BOXDS RANGE TJB TO TWO POIXTS. General Gains in Liberty Group Foreign Loans and Domes tic Rails Irregular. Grand Trunk 6s .... 106 Inter Rapid Trari 7s. Libby McNeil & Libby 7s.. Sears Roebuck 3-yr So West Tel 7a Standard Oil N Y 6&s .... do 7s . . . i Swift & Co 7a do 7b 1033 1H26 laai The German marks sold today slightly under the previous low record price of "WrlneFday. Jf the cour.se of mark values is shaped like that of other mar kets on the basis of actual supply and demand the making of new low ret. onis" could certainly not be called illog cal. Today's Reichsbank statement for tha week ending September 30, reported mm tne respectable increase or lib.iaa, 00.0(H) marks, the best previous achieve ment being the addition of 22,078,000,000 in the last week of August. In the cor responding week last year an increase of 4,05.000.000 marks was regarded a. pretty rapid inflation. Twenty-six oil lion marks would mean printing of i little more than four billion a day, ex eluding Sunday, but the cables tell ui that . the Reichsbank has promised to double that daily output. 100 101 3 02 1 Of) M 106 101 102 COTTON MARKET CLOSES HIGHER New York Reports Buying Power In creased After Slump. NEW YORK, Oct. 6. Today's cotton market closed about He higher. Buy ing power increased after an early slump of 36 to 25 points, the market being dis turbed by the bad turn in the near east situation. The rally, in the late morn- ng was sympathetic with the recovery in eecurity. and exchange.. Ruling senti ment still was as mixed as ever, with much of the trading in the hands of professionals. Outsiders seemed to be awaiting further developments in the international situation. The close was Orm to strong, 20 to 33 points net higher. SDOt Stfariv 2.1 rirtinta arliranea 1 fin lor middling upland. Southern markets were: Galvestnn Cl.lOc, 30 points advance; Ne Orleans, ?0.8Sc, 38 points advance; Savannah 1.25c, 25 points advance; Augusta, 1.10c, 25 points advance; Memphis, 21c t points advance; Houston, 21c. 25 points advance; Little Rock, 20.75c, 25 points advance. NEW YORK, Oct. 6. Conspicuous strength of oil company liens in reflec tion of higher stock prices was the lient characteristic of today's dealings in bonds on the New York stock exchange Sinclair Oil 7&s and Invincible Oil 8s each climbed two points on heavy sales and fierce Oil 8s moved up 1. Foreign bonds,- which have been par ticularly susceptible to developments the near east, were irregular. Queens land 6s, Seine 7s and Anton- Jurgens 6s being particularly heavy. Other changes were largely fractional. Conflicting movements also took place in the rail list. Atchison convertible 4s of I960 and Denver & Rio Grande funding showing marked strength oa gains of 2 and 3 points, respectively, Chicago & Alton 3s and Canadian Fa cific 4s also made good progress, but reactionary tendency developed in St. Paul general 44s and convertible 4s, New Haven convertible 6s, Denver & Rio Grande consolidated 4s and Rio Grande & Western collateral 4s. In addition to the strength of oil bonds, the features of the domestic lis were gains of a point or more in Cerro de Pasco 8s and General Electric 6s. At antic Fruit 7s sold off 1 and then ral lied 24 from the low. Other changes were unimportant. Liberties were much better, the gains ranging from 6 to 24 points, the first 4H s registering the largest advance. Victory issues receded slightly. Total sales, par value, were $11, 647, 000. The Important offering today was S12.500.0OO bond issue of 5 per cent 40 year refunding and first mortgage gold bonds of the Milwaukee Electric Kail way & Light company, which were sold at 92H and interest to yield 5.50 per cent. The subscription books were closed before noon. . CLOSING STOCK QUOTATIONS. Stock quotations at New York, fur nished by the Overbeck-Cooke company: Stock. Sales. High. Low. Bid. Adams Exp .... 3.700 S3 7 83 Adv Rum - 3 do i,fd 54 Agr Chena 37 cio pra oo 7 100 4 700 1 1 i 2,400 85 56 84 1,300 58 57 Ajax Rub Alaska Gold ... Alaska Juneau.. Allied Oh em ... Allis-Chal do pfd Am Beet Sugar. Am uoscn Am Can Co do Dfd Am -Car & Fdy.. do Pfd Am Cot Oil Am Drug Synd . 200 500 10,100 4 43 H 65 200 110 1)00 18i 2u0 121i4 100 27 45 43 64 110 188 11 27 IIIIIUII ,1IUI1L.UUL. LL.UUI 1 I I Am Hide pfd. Am Ice Am Intl Corp Am Linseed .... Dfd Am Loco do Dfd Am Scf Razor.. 2.900 Am Ship jl Cora.l:l.0 24'A Am Smelter l.iua do pld 100 301 Austin Nichols.. 500 36 Am Steel Fdy... J, 000 4-114 Am Sugar 1,400 81 do pld Hi 57 Vs 101 43 4314 65 to 30 121 27 14 Lea 1414 Nw York Honda. Furnished by Overbeck pany of Portland: RhiIs AU'h gen 4s, ...... B & O pi 3tos do ref 5s do conv 4tos do S W div 314s.. do gold 4s C .M & St P conv 5s. do ref 4Hs do 4s do deb 4s ........ do conv 414s -. Central Pac gtd 4s. C & O conv 414s ... do conv 5s C G W 4s C C C St, L gen 4s 1903 do gen lis WHS Colo Sou 4 14s . . . . C It I & P ref 4s. 3el & Hud conv 5s D R U ret i ... do conv 4s Erie pi 4s do gl 4s do conv 4s A .. do conv 4s B do conv 4s D ... Ornn(i Trunk & Cooke com- 1993 1925 1095 1933 1925 194S 2014 1014 1925 1934 1032 1049 1930 194H 1959 1933 1934 1935 1953 93 3!9H 199 1953 1953 1053 1940 Illinois' Cent sec 514s 1934 Bid. 91 95 90 8 93 84 7( 63 8314 B514 73 89 H 8914 ' 91 52 S3 101 hi 90 84 100 49 77 65 53 50 50 32 113 101 4 69 to 93 to 89 83 66 14 106 '4 771. 89 ' 64 Kan City Sou 3s.... 1950 do 5s 1950 ITieh Cent deb 4s . . . 1929 'SI K & T 4b 1990 Sto Pac gen 4s .... 1975 N T C deb lis 1935 N O T J! 5s 1935 Nor Pacific P L 4s.. 1997 do gen 3s ........ 2047 Penna gen 4 "4s . 1965 do 7s 1930 Reading gen 4s .... 1997 C I. & S FPL 4s. . 1950 do 5s 1950 do 6s 1928 do Inc 63 1960 do adj 6s 5 955 Et 1. & S W term 5s. 1952 do con 4s 1932 Seaboard A L ref 4s 1959 do adj 5s 1949 So Pac coil 4s 1949 do cv 4s 1929 do ref 4s 1955 do S F term 4s . . . 1950 0 Ry gen 4s 1956 do con 3s 3995 Tex Pao 1st 3s .... 2000 V P 1st 4s 1947 do cv 4s 1927 do ref 4s 200S Vi Ry 1st 5s 3962 AVest Pac 5s 3946 lit Northern 7a 11214 Tractions B R T 5s 1945 62 do 7s 1921 . 92 Mud & Man 1st ref 5s 1957 S5 5i Jnterboro Wet 41s . 1936 15 1 R T ret 5s 1966 73 Hud it Man Inc 5s '. 6114 roreign uovernment tonds 309 86 74 t 89 10014 70 82 79 78 44 2S 8714 91 891j. 84 69 9S3i 98 93 Hi 95 1, 87 '4 9S 85 Belgium do us . . Canada 3s do -5s do 3 H s Tiordeaux t French 8s Japanese 4c Swiss N9 . 5H.S 7 Is s 3945 1923 1926 1 93 1 1929 1934 194 5 1931 1940 103 99 4 99 1. 99 101 80 101 "i 80 92 121 10714 103 i 1041. 100 97 4 30 96 9314 92', 911, 96 11014 93 99 98 101 944 102 89 It 97 1104 89 V K do 5 'as .. 1929 do 5,s 1937 Chile 8 s 1941 Sao Pauio 8s French "rS Chinese 3s M iscellaneous Cal Gas unit 5s .... 1937 Pac Uas 5s 3 942 Vtah Power 5s .... 1944 Armour 4143 1939 Chile 6s 1932 do 7 1923 Int Mer Marine 6s . 1941 Mont Power 3s .... 1943 Wilson 6s 1928 do 6s 1941 MO:, and Ind. Bonds Am Smelting ref 5s. 1947 U, S Rubber 7s . 3923 do 3a 1947 V S Realty 5s 1924 Vnited Urug 83 Cuban Cane sugar Ts .... Coal, Iron and tteel Beth Steel ref 5s... 1942 97 C K I gen 3s 1943 92 Colo Ind 5s 1934 80 Iil Steel deb 41,3 .. 1940 92 Lack Steel 5 1923 10014 Midvale 5s 393K 90 V S Steel 5s 1963 10214 Telephone and Teleg. Bonds X T & T 6 1925 116 do 4s 1929 924 do 3s 1946 99 14 Pac Tel 5s 1937 99 Foreign Governments Beltrluni nest 5s 61 Berlin 4s H British 5s 192T 91 4 do 5s 1929 91 4 do Vic 43 75 4 do ref 4s 72 4 Canada 5s 1937 99 do 3 4 1927 99 Frankfort 4s . 1'reneh 3a 1931 58 do 6s 1920 67 do 4s . u . 1U17 47 Asked. 9114 95 4 90 4 8614 93 14 85 76 4 6814 84 66 4 ' 73 4 90 8954 914 53 83 4 10214 91 85 101 50 774 66 34 32 52 53 114 103 70 941i 93 84 67 107 78 89 31 64 4 9314 110 86. 75 90 303 70 4 82 SO 78 45 29 88 92 901 84 4 69 4 99 99 94 96 8SU 99 86 133 64 94 83 16 73 4 63 104 99 4 99 4 99 4 101 82 1014 81 92 122 108 393 1044 102 98 SMALLER WHEAT CROP XEXT YEAR PROMISED. Continued Dry Weather in Grain Belt Has Steadying Effect on Current Market. 51 98 93 94 92 96 4 112 93 4 99 99 101 95 303 89 984 112 90 98 95 81 93 90 4 103 117 93 UK! 99 4 64 93 4 "14 77 74 lo4 100 1 394 69 48 4 The grain situation is reviewed by Clement Curtis, of Chicago In a wire re ceived by Jordan, Wenworth & Co. of this city as follows: Abatement of the scare in European political situation made for a moderate decline tn wheat prices. The car short age had some effect, though the receipts are fairly large compared with previous seasons at this time. The export business is slow in United States wheat, but con stant in the taking of the Canadian. The continued dry weather over the entire wheat belt has been a steadying Influence in the ppice. The period of heavy seed ing has been reached all over the coun try, but the very dry soil Impedes plow ing; there is more discing in the corn lands than formerly, and the acreage promises to be somewhat smaller than last season. The droughty conditions are not favorable to fall growth, and there may be a repetition of last season. with its large loss of acreage, though more extended, as the dry area a year ago covered the western haif of Kansas and Nebraska and ail of Oklahoma and Texas, while this year it will embrace over two-thirds of the area. Until gen eral rains fall, there will be much trade concern over the crop of next season, which will have a tendency to hold the grain on the farm for a better price. Corn The corn crop is matured and being gathered and there are reports of smaller yield than indicated. The gov ernment report on Monday will be the important influence in the market and if it agrees with the private estimates and the indication drops to 2.800,000,000 bushels or under, the confirmation of small crop will bring additional buying the market and have a firm effect upon the Ohio, Indiana, Illinois and Iowa growers, who have raised good crops this season The drift of corn will be away irom the primary markets and to the southwest and south and into the eec tions were hog supplies are large and the crop below the requirements of rounding out tne meat animals for market. Oats The new oats crop is showing good quality. The small corn crop Is retaining oats on the farm and the re sult is a declining visible at a time when aupplies increase rapidly. .Prices of all grains are below the cost of production, and this will eventually eu in (uvttiite, as tueie 13 no inaica tion of decreasing prices in other com modities to equalize the falling grain. ADVANCE IN BUSINESS GENERAL, Further Improvement oted In Most Lines During- Week. NEW TORK, Oct. 6. Dun's Review tomorrow will say: v ith tew exceptions, major move ments in business continue in the direc- tion of improvement. Recent weeks have brought a practically general advance, following a seasonal lull in different trades and a setback in some industries through labor troubles and sentiment is unmistakably stronger. While uniformity of gain in volume of transactions is lacking and though obstacles to progress are still present, activities in various quarters have ex panded considerably and in certain In stances the best previous records have been closely approached or exceeded. The noteworthy demand for railroad material has remained an outstanding featu-e, about 1,500,000 tons of rails having been ordered for 1923 delivery and large quantities of rolling stock purchased. Production of both pig iron and steel has recovered substantially from the low level of the summer. Weekly bank clearings were ' 87,411,-757,000. Am Sumatra Am T & T . Am Tob . . . do B Am Wool . . do Dfd . . . Am W P Am Zinc , Anaconda Assd Oil , Atchison . do pfd 100 3.300 113 11115 4,700 oSH 37 4 4,900 3S4 37 4 100 58:4 58 4 6.T00.12S14 127 200 119 A 119 or. 22 '4 62 101 35 4414 80 4 39 4 200 39 1,900 124 71 112 38 3814 58 4 127 119 6 23 6214 10O74 33 44 4 80 4 3 09 394 123 123' 600 HXi'A 162 4 102 500 159 159 159 pfd. 4,400 loo 54 100 109 99 4 99 109 108 4 33 19 19t 2 52 4 200 39 ... 3.700 53 900 124 4 322 12: ...10,200 107 105V1 106 . 92 14 Atl Coast Line.. 300 1204 1204 Atl Gulf & W I. 1.60O 31 314 Baldwin Loco 12,800 13814 13674 pfd Balli & Ohio . do pfd Barnsdell Cor do B Beth Steel B . Booth Fish . . . B R T Butte C & Z. Butte & Sup . Burns Bros A. do B Caddo Oil ... Calif Pack ... Calif Pet do pfd Cal Zinc & Lead 1 200 1167k 4, iUO OB 100 3,100 115 55 4 64 34 37 6,100 754 500 1,200 700 4, COO 900 3,900 24 14 7 34 32 854 65 Can Pac Cent Leather . . Cerro de Pasco. Chandler Motor. Chi & N W Chi Gt W do pfd Chili Cop Chino C M St P do pfd Coco Cola C & O Colo F & I Colo Southern. 4,700 1464 00 3,100 2.8O0 3.300 400 400 . 6,800 1,400 3,600 5.100 12.400 3.400 3,400 200 39 4 63 4 93 4 64 144 26 29 4 33 50 79 74 33 09 24 4 74 33 135 'ii 84 63 9 14514 4114 SS 62 ' 92 6 144 26 29 3214 49 77 74 33 4 49 4 Col Gas & Blec. 6,200 109 108 Columbia Graph. 1.800 314 3 4 Con Gas. Cons Cigars .. Cons Textile.. ContI Can Corn Prod .... do pfd Cosden Oil C R I & P do "A" pfd. do "B" pfd. Crucible . , . do pfd Cuba Cane do pfd 4.400 138 4 137 4 200 .40 . 1,300 1114 . 1,200 89 4 .23.400 126 20O 121 . 9.400 49 '4 . 3.400 44 . 1.100 100 900 93 120 4 31 137 114 55 at 25 75 8 24 74 34 135 47 12 WO 64 9 146 41 39 63 92 6 14 4 25 29 32 49 77 74 4 3 49 108 4 A 138 Pitts Coal 1.900 604 Pitts & W Va . . 5O0 39 4 Pressed Steel Car 100 90 Punta Alegre ... 1,000 48 Pullman - 600 131 4 Pure Oil 1,300 32 Ray Cons 300 154 Reading 4.600 794 Replogle Steel ..12.9K) 36 Republic 1 4 S. 4,800 58 do pfd 200 87 4 Rep Motors .... 3H 3 Royal Dutch Oil 4,80 58 4 Ry Steel Spring 300 122 Saxon Motors 600 414 Sears Roebuck . 3,400 91 4 Shattuck & Ariz .... Shell T & T . 200 38 4 Sinclair ....... Sloss Shef Sou Pacific . ... Sou Ry do pfd Stand Oil Cal .. Stand Oil Ind . Stand Oil N J Stand Oil Ken . St L & S F Stromberg Carb. Studebaker Swift Co TennC&Chem. 300 Texas Oil 63,400 59 38 89 48 130 31 13 ,784 35 57 4 87 3 57 122 4 4 90 50 94 25 54 64 . 70,600 100 . 4,000 3.300 800 .17.900 130 333 .46.400 223 1154 1104 600 29 4 29 3.S00 58 55 4 .34,200 133 1314 384 35 50 93 25 4 63 4 128 123 216 Texas Fac T P C & O Tob Pdts Tran Contl Oil . U Bag & Paper. . union on Del 500 . 1.800 2.300 19,600 200 1.800 10 50 30 274 63 15 73 19 4 48 29 62 4 14 Union Pac 3,100 153 united Alloy ... 100 37 United Drug .... 500 83 Utd Food Urod.. 200 6 United Fruit 1.400 157 Utd Rtl Stores. . 1,300 82 USCIPlpe 200 34 U S Ind Alcohol. 3.000 66 4 U S Rub 1.500 53 do pfd 100 U S Smelting . . .-. 600 43 U S Steel 46.000 306 do pfd 200 122 Utah Copper ... 1.3O0 68 Va Chem 100 28 do pfd Vanadium Steel 1,700 474 Vivaudou 2,100 13 Wabash 700 12 do A pfd 700 32 do B Dfd 300 214 Weils Fargo ... 2,500 83 Western Pac ... 400 37 do Dfd 300 62X4 Western Union. . 5.2O0 118 Westing'he A B 100 100 do B & M .... 1.100 62 West Md 200 14 White Eaele Oil. 70(1 a-'si White Motors ... White Oil 1.400 7 Willys-Overland. 909 7 do pfd 2.600 44 li Wilson Packing. 300 46 Wis Central 100 31 Woolworth 2.000 199 Worth'g Pump .. 300 40 4 W&LE 200 33 39 150 37 83 64 152 4 83 4 34 4 . 64 52 4 100 424 103 10, 122 1 60 38 4 89 474 130 324 154 78 35 4 58 87 2 57 122 4 91 9 38 4 36 49 94 23 64 130 1324 220 114 29 56 131 108 4 9 29 27 62 14 73 4 19 15014 37 83 6 154 81 34 52 100 43 PRICES 15 TO 2 3 CENTS LOW ER OX MOST GRADES. 67 46 13 12 32 214 90 174 62 4 114 116 100 100 624 . 62 14 14 32 32 30 4 67 28 66 46 13 3 21 92 174 o: 74 42 45 31 195 40 1214 7 43 45 31 199 4 4U 12 Liberty 34s. . do 1st 4s do 2d 4s. . . . do 1st 4s. do 2d 4s.. do 3d 4s. . Liberty Bond Quotations. Liberty bond and victory note ouota tions furnished by the Overbeck & Cooke company of Portland: Open. High. Low. Close. 100.52 100.66 100.40 100.60 99.94 99.74 100.08 100.30 100.04 100.20 99.80 100.00 99.80 99.96 99.86 100.O8 99.86 100.00 do 4th 41is.. 100.06 100.28 100.06 100.24 Vic. 4" a call. 100 12 100.14 100.12 100.12 da 4s 1923 100.40 100.42 100.40 100.40 Money. Silver. Etc. NEW TORK. Oct. 8. Call money. firmer; high, 5: low. 4: ruling rate, 4; closing bd. 5; offered at 5; last loan, d. Time loans, firm: mixed collateral, 60- 90 days, 4; 4-6 months, 4. Prime commercial paper, 4 4- . Foreign bar silver, 69 c. Mexican dollars, 52 74 c. LONDON, Oct. 6. Bar silver, 35 3-16d per ounce. Money, 1 per cent. Dis count rates, short bills, 2 per cent; three-months bills, 2 7-16 4 per cent. 3.000 . 100 800 400 Cuban Amn Sug. 1.500 Lewis Bank Deposits 86,763,287. CENTRA Li A. Wash., Oct. 6. (Spe cial.) The total deposits of the 12 Lewis county banks at the close of business on September 15 were $6,763,287.83, accord ing to statements published by the banks following a call by the state banking de partment. This is a gain of $20S. 622.26 over the deposits of June 30. the date of the previous call. During this period the three Centralia batiks gained $54,710.74 in deposits. Spot Coffee Firmer. NEW YORK. Oct. 6. Coffee futures did a little better on -covering or- trade buying accompanied by reports ' of a firmer cost and freight situation and a slightly better spot demand. The March price broke to 9.09c just before the clos ing under smali offerings. The general list closed at a net decline of 2 to 5 points. Sales were reported of about to.noo bags. October. 8.95c; December, 9.10c: January and March. 9.09c ; May, .06c: July. 90c; September. 8.73c. Spot coffee, firmer, Rio 7a, 910c; Santos 4s, 13?15c Cottoa Market. NEW TORK, Oct. 6. Cotton futures opened steady. December. 21.25c: Jan uary. 21.13c; -March. 21.20c: May. 21.10c: July, 20.87c. Cotton closed barely steady from 20 to 33 points net higher. Davison Chem.. Del & Hudson... Del & Lack Dome Mines Elec Stor Bat... Endl Johnson. . . Erie do 1st pfd.... Famous Players. Fed Mm & Smlt do pfd Fisk Tire Gen Cigar Gen Elec Gen Motor do 6 Gen Asphalt. . . . Glidden Paint... Goodrich T & R. Glen Alden Granby Great Nor Ore.. Great Nor pfd . . Greene Cananea. 300 86 4 96 14 37 23 48 100 136 3.900 139 1.400 38 Gulf S Steel Houston Oil : Hupp Motor Ills Cent Inspiration Int Ag Corp com do pfd 1.500 900 1,800 900 3.600 "ioo 1,600 300 3 00 10.600 21.2O0 300 900 '400 1,200 3.200 400 16.400 24.800 400 56 85 16 25 99 60 4 13 804 178 H 65 14 35 58 314 40 93 30 91 4 90 22 39 10 88 118 121 48 4 43 4 100 92 4 84 96 13 36 23 4 4814 136 13 137 4 138 37 3 65 84 15 10 89 Ik 125 4 120 49 44 100 924 85 96 13 36 23 Interboro 1,400 do pfd Int Harv Int Mer Marine. do pfd Int Nickel- Int Paper do pfd Invincible Oil. Islend Oil Jewel Tea K C Southern, do pfd Kavser j 200 113 400 40 600 8 4 100 37 87 4 604 13 80 178 14 4 'ei 14 344 57 31 39 92 30 86 83 22 115 39 8 4 37 54 1 100 54 200 113 130 4 2.300 1 6 3 5 64 174 89 4 1.400 x 400 1.000 62 16 58 4 . .25,500 . . 1,000 .. . 100 600 100 .. 1.600 Kelly Springfield 2.0O0 Kennecott Keystone Tire . Lack steel Lee Tire Lehigh Valley . Lorillard Loew Theatres. L & N Lima Loco Marland Oil 12,100 Maxwell Motor A 200 17 20 24 57 46 43 35 4 8 82 26 684 I 5,000 22 200 138 2.600 61 404 52 1.800 200 900 200 1.100 0K 1 5"0 18 16 20 23 57 46 41 41 7 80 26 68 1704 21 137 60 39 57 18 do R May Stores 4.100 1414 137 Mex Petroleum. .36.000 185 178 Mex Seaboard .. 2,60 16 Miami 100 Middle States Oil 5.300 Midvale Steel ..10,300 M K & T Wl... 60O Mack Truck Mont Power Montgomery Mo Pac do pfd . . . M St P S Nat Biscuit Nat Ertamel Nat Lead . . Nevada Con New Haven. Norfolk W 600 28 33 33 18 59 15 28 13 33 18 58 Wd 1.900 22 21 7O0 21 21 4 1,500 59 58 S M . . . 3.900 206 ... 3.900 65 4 . ... 3.9O0 109 107 ... 600 16 36 ... 1.700 31 500 .120 195 63 30 120 Nor American .. 4.100 98 96 Nor Pac 1.300 87 S Nova Scotia Steel .... N Y Air Brake.. 3"0 39 38 N T Central 1,700 98 96 Okla Prod ref... 3.1IH 2 2 Orpheuin 5.300 26 25 Ontario & W Otis Steel l.rfno 12 10 Pacific Dev .... 200 4 4 44 Pac Gas A Elec 61 0 85 4 85 Pacific Oil 18.700 59 4 58 4 Pan Amn Pet . . . 14.80O. 78 75 do B 2. WO 74 73 Pennsylvania .. I.200 484 48 Penn Sea Steel.. oo 6 4 6 Peoples Gas 3O0 96 95 Pere Marquette 9O0 .".8 37 Philadelphia Co. I.000 4.1 43'j Phillips Pete ... 3,700 53 52 Pierce Arrow ... 2.400 14 14 Pierce. Oil ...... V.900 7 1 55 84 16 25 98 13 60 32 SO 178 14 85 65 14 34 68 334 39 93 30 89 89 2 114 40 37 1 5 110 15 63 16 58 83 16 19 23 57 45 4 41 41 74 81 26 68 1714 214 138 61 39 56 18 139 180 15 28 4 13 4 33 4 18 58 73 21 214 58 72 4 190 65 109 16 30 120 97 86 34 37 66 24 25 25 12 4 85 59 76 73 48 64 96 37 4 43 4 52 14 1 Foreign Exchange. Foreign exchange rates at the close of bU8inesayesterday. furnished by North western National bai:k of Portland. The mount quoted Is the equivalent or tne foreign unit in United Statea funds: Country Unit. Kate. ustria, kronen .viunuin Belgium, lrancs 071700 Bulgaria, leva 000900 zecho-olovakia. Kronen v.iuj enmark, kroner J'"-"" nglaud, pound stcr.mg. 4.431'ouo inland, finmarjfc 022700 ranee, francs " 1010 Germany, marks .000..-0 Greece, drachmas .02.1400 Holland, guuaera Hungary, kronen OW600 Italv, lire 043000 Jugo-Slavia. kronen OO.'9'lO Norway, kroner 1765O0 PnWnBfll e&cudoa ........... .-. .041 Roumanla, lei OO0400 Serbia. Dinara 014900 Snain. nesetas ................. .K'2 Sweden, kroner 206..O0 Switzerland. franH-s 18100 china-Hongkong, local currency. oi-.o-io Kltnne-hai. taels 7800IH Japan, yen 487500 6. Foreign Britain demand Lamb Market Is Steadier; Cattle Easy, With Light Demand; Receipts Are Small. Hog prices declined again yesterday with only drive-ins at the yards. Prices were 15 to 25 cents lower than Thursday with prime lights listed at $10.25 to 10.60. Cattle were no lower than the day be fore, but the market was weak( on steers and cows. Choice heifera sold at $5.73. Lambs were steadier than for several days past, Receipts were 26 cattle. 65 calves. 74 bogs and 232 sheep. me ctay s sales were as lono Wt. Price.l Wt. Price. 7 steers. .1205 7.25 1 bull 950 3.25 8 steers.. 993 6.001 1 bull 640 3 on T steers.. 917.5.501 1 bull ... .1050 3 23 lsteer... 590 2.751 lbull.... 580 3 ihi 1 steer...' 8so 4.751 2 buila. . . lolo 3.25 lsteer... 800 4.751 lbull 1130 3.50 lsteer... 820 4.75! lbull 810 3.25 lsteer... 850 4.751 1 stag 960 3.25 lsteer... 970 4.001 Ohogs... 221 10.5(1 5 steers. .1188 5.00152 hogs .. . 162 10. 50 2 steers.. 995 5.181' C hogs. . . 246 10.00 1 steer. . .32110 5.5Ojl0 hogs. . . 398 1U.60 10 steers.. 991 5.751 4 hogs 182 10. 50 19 steers. . 1070 0.5OI 1 hog . . . . 44U 7.00 1 steer. . .1490 5.50i 6 hogs . . . 146 10.50 4 steers.. 920 4.751 2 hogs... 145 10.5O 1 cow 970 3.251 4 hogs... 125 10. Oil Icon..,. 710 2 .501 8 hogs. . . 221 10 25 Scows... 920 2.75; .3 hugs... 332 10.50 1 cow 750 2 25174 hogs. . . 91 31 8 1 cow 1160 3.01162 hogs. . . 284 10 213 2 cows... 970 4.50! 1 hog 500 7. OO 2 cows... 1075 3.50113 hogs. . . 126 10 25 1 cow 820 3.50 48 hogs. . . 89 1100 1 cow 1100 3.5012 hogs. . . 320 10.25 1 cow 930 3.5oi 3 hogs... ISO 11.25 1 cow 1110 4.011I 2 hogs... 4m0 8 75 2 cows 935 4.511122 tamos. . 82 9.00 2 cows .. .10:15 4.2."n52 iambs . . 70 8.25 9 cows... 934 4.5111 llanib... 70 10.00 2 cows. . .124t 4.00'41 lambs. . 76 8.50 30 heifers. 8S3 5.75:1 10 lambs . 78 ll.oo 3 heifers. 6:13 4.001301 lambs. 80 11.00 2 heifers. 540 3.75' 3 lambs.. 5:! 3.50 3 heifers. 623 3.50;l:! Iambs. . 90 9.25 1 heifer... 850 4. 501303 lambs. Til 10.00 1 heifer.. 880 4.5n 5 ewes... 170 4 110 64 cales.. 317 6.001343 ewes. . 325 5.50 lcalf.... 130 6.50 28 ewes. . . 327 5 no 4 calves.. 347 .Vooi 1 ewe 160 3 50 4calves.. 285 5.0o lewe.... 120 6 ml lbull 12:10 3.501 ."yearls.. 92 800 lbull 690 3.001 lbuck... 210 3.00 Prices quoted yesterday at the Port land Union stoevkyarda were as follows: Cattle Choice steers $ 7.23r 7 75 Medium to good steers 6 50r 7.25 Fair to medium steers 3.50g 6.30 Common to fair steers 3.75 5 50 Choice heifers 5.2.tff s.i.i Choice cows and heifers .... 5.00fi 5.50 j Medium to good cows, heifers 3.50'fie 4.50 1 Common cows 1.50& 2 00 1 Canners .: 1.30 f 2.00 Ttiill. 4.00-Sfl 4.00' Choice feeders 3 00 5.30 Fair to eood feeder 4.00x' 5.00 Choice dairy calves 9.0O6H0.00 Prime light calves 9 .00 i, 10.00 Medium to light calves 8.00 9 00 Heavv calves 5 OOffl 7.00 Hogs Prime light 10 25(8 10 60 Smooth heavy, 250300 lbs.. Smooth heavy, 300 lbs Kough heavy Fat pigs Feeder pigs . Stags, subject to dockage . Sheen East-of-mountain lambs . . . Choice valley Iambs Medium valley lambs Common valley lambs Cull lambs 3.:ght yearlings Heavy yearlings Liirht wethers Heavy. wethers Ewes 9.50 a 10.00 9.00 ft) 9.50 7.00 'w S.50 10.00'i10.25 10. 00 fi 10 30 5.001 7.00 10.00ft 11.00 9 30 10.'50 8.50 9.30 7.50 8.30 6.50-fr 7.5 8.00'il 8..'.0 7.50'cr 8.00 6.50-ffi 7.50 5.50 6.00 2.00S3) 6 00 YORlt, Oct. easier. Great NEW change 4.41. Swift & Co. Stocks. Swlfr & Co. stocks at Chicago as re ported by Overbeck & Cooke company of Portland: 1 Swift 108 Yl Iibby, new National Leather Swift International - -id Standard Oil MocUh. Standard Oil stocks furnished by tl Buckeye Cheesebrough . . do pfd Continental .... Ciescent Cumberland . . . Eureka Galena com do Old pfd... do New pfd.. Illinois Pipe . . . Indiana Fine . . Northern Pipe . Ohio Oil Inter 1 Pete Penn Mex Prairie Pipe ... Solar Ref Southern Pipe . fouth Penn Oil S. W. Penn Oil S. O. Ind do Kansas . . . do Kentucky do N. Y. do Ohio do pfd Swan & Finch . Vacuum S. O. Nebraska ; Imperial Oil Bid. Asked. tl 98 110 1 1 r. 147 ir.i ;to ;j7 1 ro 1 60 9"' ?I 1 08 HI 105 lOtf 3 72 IT. 97 98 110 1 v. 32-" 3:10 :0 35 275 278 ;'-75 385 97 9! 20 225 HO 65 132 ... ftlO 620 lift 117 eno 650 M0 550 119 120 30 32 595 05 210 220 120 122 Mining Stocks at Boston. Mining stock quotations at Boston, nished by the Overbeck & Cooke pany of Portland; Arizona Com Algomah Allouez Arcadian Bingham Alines .... Cai & Arizona Calumet & Hecla . New Corn Centennial Copper Range Davis Daily Franklin Mining- .. Hancock Helvetia Keweenaw Lake Copper La Salle Mohawk Mason Valley North Butte - . Nipisslng North Lake Old, Dominion com. Opcaoia Mining: .... Wuincy Mining .... Isle Royal South Lake Superior Copper ... Trinity Copper . . . Tuo'umne Utah Con U S Mining do pfd 7Ttah Apex Victoria Winona Wolverine Wyandot , fur corn- Bid. Asked. .. 8 814 . . 5 10 ..24 25 .. 2 2 .. 17 IS . . R9 60 . .285 90 . . 181,4 19 .. 10 .. 39 40 v 4 4 . . 1 2 .. 2 2 .. 1 1 .. 2 2 . . 3 4 1 t . . 59 61 1 S .. 10 31 .. 5 6 . . ? 35 ..S3 24 ..32 33 .. 34 41 .. 22 24 .. 44 45 4 ,4 1 1 60 60 3 3 .. 43 43 , . 48. 49 .. 2 IK 1 1 . . 1 1 ,. 10 11 .50 60 Bank of Germany Statement. BERLIN. Oct. 6. The statement of the Imperial Bank of Germany as of September 30 shows the following changes: Marks. Total coin and bullion in creased 978,000 Gold notes decreased 2,000 Treasury and loan associa tions increased 0,465,045,000 Notes of other banks de creased 52,928. ,000 Bill of exchange ana cnectc Chicago Livestock Market. CHICAGO. Oct. 6. (United States de- p.i rtnient of Agriculture. ) Cattle Re ceipts. 5500; -slow; native beef steer;?, comparatively scarce, large proportion of run being western grassers, quality plain, best native beef steers early, $11 in load lou. one bullock at $ 12.2a; bulk, native btef steers of quality and condition to sell at $7.509.75; she stock and bulif, steady to weak; veal calves unevenly lower; stockers and feeders largely 25c off; bulk desirable bologna bulls. $41 4.15; bidding $10(& 10.50 on desirable veal calves: few selections. $11 to outsiders. Hogs Receipt. 15.000; market slow, steady to. unevenly higher; bulk 170 to 250-pound average. $9.70 10.50 paid ; good and choice 275 to 310-pound butch ers, mostly $9.40-&9.60; bulk packing sows, $7.50-'8; pigs around $9; big pack ers holding back, talking lower; heavv, $8.70i?.0; medium. $9.70 10; light. $9.359.85; light light. JW.lOtfi 9.50: pack ing sows, smooth. $7.5018.25 ; pack in k sows, rough. $77.60; killing pigs, $8.50 9.25 Sheep Receipts, 12.000; opened slow. fat lambs, steady; eariy top natives packers, $13.10; native quality, plain, six cars choice Idaho lambs, $14.35. with $6 out : feeders dull, no early sales; few early sales sheep around steady; receipts include about j.;h direct to packer. t Building for profit npHE economic purpose of any building, tersely stated, is to produce profits from, the ground upon which it is built. It is a machine of bricks, pipes and steel, erected to make the ground work, not only now, but in the future with all its changing conditions. 1 Burdening a lot with too costly a building is as disastrous as trying to run a business with all the capital tied up in fixtures and none for merchandise and accounts. Skill and experience are required to successfully analyze a property and to convert it from a tax eating dead loss to a profitably developed property. Our service takes the raw land, liquidates its froren capital by sale, if feasible, or it makes that capital productive through improvements. It finances the improvement; plans and supervises the construction; operates the buildings and invests the net proceeds, as the agent or trustee of the owner. This service appeals to prudent owners, who, busy with other affairs, know that their property invest ments have the best chances for success when cared for by an experienced organization, completely equipped. Strong w & MacNaughton CORBETT BUILDING PORTLAND, OREGON Investment and Property Afan agers for Estates and Individuals $t0to.5O; 4.5t 0.25; head. yearl i nics. $7 8 ; f t ewes, breeding ewes, 9tr 12 per SAN RACISCO PKOUtC'E MARKET. Fresh dl- Kanttas City Livestock Market. KANSAS CITY, Mo.. Oct. 6. (United States Department of Agriculture. Cattle, 0oo; canners ajjd calves, steady; canners. $2.50g; 2.60 ; best vealers, mostly $L.5Ot0UO; beef steers and fat she stock. weaK, with yesterday s lower time; one prime load 1604 -pound steers, $ 12.3." bulk cows, $3.50(4.50; few around $5.50; many heifers, $4.25 4. 50: all other classes slow to about steady, with un dertone weak; most cutters, $3&'3. bulk bulls. $3.25 3 50. Hogs 6000. mostly steady; light lights 10c lower; later sates orr more; ship per top. $9. .-.-; packer top, $9.45: bulk sales, $3.75 9.50; packing sows. 10 15c higher; mostly $7.25& 7.60 ; stock pigs steady to 15c lower; mostly 8.wCa9. Sheep 4000, no fat western lambs of fered; natives around 25c lower; best $12.50; odd lots sheep steady ; Idaho feeding Iambs. $13. Omaha LJvestock-3Iarket. OMAHA, Oct. 6. (United States De partment of Agriculture.) Hogs. 300, tairly active: mostly 10c higher; bulk packing grades, $7.257.75; bulk 200 to 300-pound butchers, $8.2509.50; top, $9.60. Cattle 70O. all classes generally steady; trade slow; choice corn-fed year line top. $11.40. Sheep 13,ooo, lam os steady to sac lower; top westerns, $13.50; natives, $13 down ; sheep and feeders steady : bulk ewes, $5.505.75; top. $5.85; feeding iambs mostly $12.5013.40; top, $13.50. increased Discount and treasury increased Advances increased ... Investments increased Other assets increased Xotes in circulation creased Deposits increased ... Other liabilities increased Total gold holdings 7,127,200,000 bills 61,114.930.000 .... 20,4K0.OfH .... 69,872,000 4,212,783,000 in- 26.195.152.000 .38.319.638.000 . 2.56.9rt5.0(0 . 1,004,656.000 So gar Market. NEW TORK. Oct. . Raw sugar, cen trifugal, 5 28c; refined fine granulated, 6.25c to 6.60c. SAX FTtANCTSCO, Hawaiian raw rugar. Oct. I 3.2Sc Ufornia- San Francisco Livestock Market. SAN FRANCISCO. Oct. 6. (Federal- State Livestock. - Market News. ) -Cattle, market strong and active. Beef steers, good grade, $7.758; medium grade, $7fc .50; common graae. oo.tu; oeei cow. e-ood tirade. So. 1 5p6; medium grade, $5.25 (& 5.50 ; common grade, $4 5 ; can ners and cutters, i.ou; noiogna ouus. S2.504&14. Calves AiarKet weaa; values oareiy steady : 150 200-pound good choice. $8.50 9 ; 200 & 250 pounds. good and choice, $7.50. S.50 ; 250r300 pounds, good and choice, $6.50&7.ou; 300 pounds, $5.506.50. Hogs AiarKei strong to nigner; gooa and choice grain-fed Californias, 150p 2u0 pounds, $1111.50; 2O0&250 pounds, $10.50&11; 250 300 pounds. $9.50& 10. 60 ; over 3 i0 pou nds. $8. 50 ' 9. 50 ; smooth, sows, 250 300 pounds, $7t&7.50; rough sows, 250 'j? 3"i pounds, $6 & 0.50; over 300 pounds, $56. Sheep and lambs, market strong to higher; lambs, good and choice grades. $1 2a 12.60; medium grade. fll.uOfc 12; ewes, medium and good. $56; wethers, medium and good, $7 8.50. Seattle livestock Market. SEATTLE, Oct. 6. Cattle Steady; re ceipts, 30; prices unchanged. Hogs steady; receipts, o-; prices un changed. Paaeo livestock Market. PASCO UNION STOCK YARDS, Oct. 5. Cattle receipts continue liberal with stocker buyers taking all offerings daily. Demand for young cattle is extra good and prices are advancing on this class of stuff. The hog market is thought to be steady with, not enough to fully test the market. The most urgent demand is for light feeders. Sheep continue strong, moving easily to packers and feeders alike. Prices on ail classes remain the same as last week. A good run of fat sheep, wethers and lambs is expected Monday. Cattle Quotations Receipts. 207 ; p. line steers, good diversions, $7.257.75; good to choice, $tf.50fi7.25; fair to good. $5.5o6; choice feeder steers, $5.25 $5.5U; fair to good. $5 5.25; choice cows; and heifers. $4.60g5; stocker cows, 1 $3.50 4; choice veal. $7 7. 50. ! Hog Quotations Reoeipts. JOS : prime light. $104rll; smooth heavies. $91?9.5; routrh heavies, $H$J9; feeder pigs, $10S 10.50. Sheep Quotations Rcipts, 1871; prime lambs, $i0.50iall; good to choice. Prices Current on Vegetables, Fruits. Fte., at Bay City. SAN FRANCISCO, Oct. 6 M vision of market.) Poultry Fr ers. a 32c; boilers. 2'f?40c: young roosters, 2:630c; old. 1418c; hens. l32c; ducks. 18 20c: live turkeys. 32 u ac ; dressed, nominal; hares, pound, 10 18c: squabs, dozen. 3fc3 50, Jack rab bits, dozen, $2if2.50. Fruit Apples, box, $lfi2; new green apps. ug box. 75c $1.25; ifocaloi, $3. 3.50; blackberries, drawer. 25 & 4ic ; canteloupes, standard crate. 50c tl 5o; figs, double-layer box. $I'gl.40; grip., crate, 75c1.25; grapefruit. $7 5tu, huckleberries, pound. 20' 23c; lemons, $6. 5u 9; loganberries. nominal ; nec tarines, crate, $1 g 1.25; oranges, valen cies, $6 1 1 ; peaches, crate. 65c&$t ; pears. Bartlett. hx.x. $1.501 2 50; per simmons, flat crte, $1.252 ; fi-noun melons, crate, $50c$l; plums, crate. 75c t $ 1.25 ; pomes ra nates, small box. $ 1 6 1.25; raspberries. drawer. 40C 00c; strawberries, drawer, 45?60c; quinct-s, boxes, $11.50; watermelons, pound, lc and less. Vegetables Artichokes. lug. $124T 15: beans, pound. 8Q15c; cabbages, pound, 2c; cauliflower, dozen, 75cl; carrois, sack, $1S1.25; ceJry, crate, $2 50 43.50; cucumbers, lug, 75er$l 25; egyplsnt. lug. Mc tu $1; lettuce, crate, $1.502; green corn, sack, il.753; beets, suck. $11.25; onions, brown and yellow. ct., 95o$1.15 at wharf: green, box. $1 25ir 1.50; peas, pound. 7'15c; bell peppers, lug. 60pS5e; potatoes, cwt., $1 loru 2.25; sweer. pound. 2l-4i2wc; rhubarb, box. $1.501.75; summer squash, lug. $1.5otr 2; spinach, pound, 5ft Tr; oroitoes, lug. 75c$$1.25; turnips, sacks, 75c$l; pars ley, dozen buncnei. .wc only; radishes. dozen bunches. .lOc only; .Brussels sprouts, pound, til-CTc. Receipts r lour, 1 l(K quarter sacks; Wheat, 2400 centals; barley. 3225 rentals; potatoes, 2H10 sacks; hides, 39o:t ; lem ons ana oranges, woo Doxes; livestock. 175 head. FOREIGN RESERVES LOW KUIOI'KW YHi:.T Iil' V Kits OVI HSTW M.MlkKT. QUOTATIONS ON DAIRY PRODUCTS. Coast and pastern Markets for Butter, Cheese and Eggs. SAN FRANCIO. Oct. . (United rates Bureau Agricultural Economics. Butter h-xtras, r c; firsts. 4o. Eggs Extras, 60 1 c; extra pullets, 401.3c; undersized No. 1, 20c. Cheese California f!at fancy, 2614c 6. Butter, strong: 1 extras, 4.fir4tk. refrigerator firsts, Indications of Stronger Position Also In Oonirsile ;raln Situa tion: Milling Trade (mhJ. Th weekly wheat review of Logan Bryan of Chicago rrWved by wlr - Overnrk V Cowke company of this city, follows: Ordinary supplr and rtmamnd rendi tions agiiin pr dominated following period of trnulttrtt v rt,d by t he foreign political disruption That th market' was In a strotis portion plainly evident In th fact that prtrs did not dclln coincident wnh Indica tion of an amtrs.hle w'ttlenn-nt of the Turco- Brit ish difficult ). At this writing the traffic situation in lh eaat la paramount and a!lhuh the rong"tion was firat ai-rptd mm m b"Ttph influ"nc braus t h grain would bark up at Interior markets, tt is now proving t h r-vr. bavins stim ulated an urgent forisn dnoand for whout for pro in pt shipment Kuropan buyra apparently hat ovr( ayd t hir 11 1 h rk-t and. u re now btomin inilui over immediate nuppli-a, as w-ll as the rplniahmnt of rarv which wrs Ktlowi to g-H down to I ha trrduribU minimum. Th developments of h psat wK confirm our theory, ventured recent Jr. t'lat invisible supplies n t h l'nit-d Kingdom and on I hi continent are down to a point that will mn abnormal Im port req U ire me nt a with, of course. th usual proviso that arrangements can ba in mle. to finance pur.'hsas. The present at re n art h In the dometle situation is largely the reult of having: allowed reserves to get down to a low pcint. as evidenced by t h disa ppearanf I of wheat from terminals In th- face of I hern I receipts and a poor etern out let. Minneapolis reports ml I la operating nesrer capacity than any lime In the; Inst six years. No. 2 wh-at In '"hirHf, j rls In wold odV at tn 4erntr roinpared t h & m I u rti a w- k ii ( 'nderabt bgm'l has I tn hrd whet f.r ir1 the Uteat baaia b-'t.sj 1 7 f htf-j I irmbr, or t h ll - h UllUIII vn lbs rrop fh f h Iras Market. A . t , p.. i , a'-: . t mrml total t o.'- ft a " lUt. tt'i-.-ai hu a I 7.1 )- rt ; lrtn''a ''". No. I. t' Wll "t pari.B'a1-l. rwt : Wmnaafa bo. a W'l "i run receipt ah pmen wh tei M h ' e iha 7.i''l'' Red KiVer ht. I ako(a, hu ', m h t Iakoia Ited K'vei Nouih Pahuta, bu t t nr. HUr f aval at tV 4 t4 . S-T.f firm; tll. -" """I ah tmnt. 2. at-, ii I'.ns.ii. f .f m . ! - f'r'f hipmerta. . T .' H 1 1, IC HO I' . I . . $., aa, wo. i. ww t t1nn pw4 HI MrVt. Cotton a! n.i futs- " N f itnib"d by Jnrdo-Wnit"' Portland : i ,-L.br. V V-f tl 1.9 ft ft, K-taruar. ?? - ' a .! Simv A.ni. ..7 1. Tll mm . V. $20,000 DECREE UPHELD I'arrnia i larrl l(rnnttl fr NrjrlJirr'nrr of Minor. Of. V M PI A, Wash , Ort f After holding- the parents reaponbe fr the negligent e of their Miin'-r . the s.iprem rmir I to'UV a u at a tn i A verdict of J " dnia tetxiered hy Mry I" h aupenor court ef Spokane rou nt y iga in at Henms n burfelt ind wile. Ths a-tion wi" hrowghi hv I.liMsn Allison, administrator f th estate of her huKhsnd. Andiey Al"n. h ass kllle'1 by the lUriett automnhlia while tt wmm occupied hy uwn lr t.It nr-.'f three e.her NEW YORK, Oct. creamery, higher tha Kgrs lrreguuar; 29 St :wc. Cheese Firm. CHTCAGO. Oct. . Butter Higher. Creamery extras. 4-'lc; firsts. 3."-7n7c: ex tra firsts. Sft'aUHc; seconds, SJl1ij34c; standards, .i'c. Kggs Higher Receipts. .T130 cs !! firms. 31 n 3."c; ordinary first". 'I'Sdi L'Hc miscellaneous. 2b fy'MW, refrigerator firsts, lio&i'bc. Metal Market. NEW YORK, Oct. 8 Copper, dl lectrolytic, spot and futures, 14c. Ivead Firm; spot. H..oc. Zinc Firm ; tast St. Louis spot a nearby delivery, o.65iiitt.70c. NEW YORK, Oct. 6. The American Smelting & Refining company today ad vanced the price of lead from 6 J5c to 6.00c per pound. I Med Fruit at New York. NEW YORK, Oct. 6. Evaporated ap ples, nominal. Prunes, steadier. Reaches. quiet. NORTHWESTERN ELECTRIC f0 Prefered Stock at 98 ($2 below company's price) Phone Bdwy. 7676 1205 Wilcox Bldg. Safeguard Your Investment in Real Estate A TITLE INSURANCE POLICY frees the owner of real estate or lender of money of all worry or possible loss if, because of unpaid liens, unsatisfied mortirasres, un known heirs or natural human er rors, the title to the property proves defective. Our Title Insurance Policy saves the worry and the expense of de fending the title against attack. If tha title is attacked we defend the suit at our own expense. No matter what the outcome, the owner hat incurred r.o financial loss for costs and attorney fee. He is free from the worry of long and expensive law suits. Under a Title Insurance Foliry we take the risk. You are safe. Consult u and be safe. Title and Trust 9izk coMFAirr TIT1X AND TRUST BUILDINO - PORTLAND t3 'A