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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Nov. 4, 1922)
28, TIIE MORNING OREGONIAX, SATURDAY, NOVEMBER 4, 1922 INCOME TAX URGED - BY INVESTIGATORS Farmers Pay but 31 Per t Cent, Says Report. GRAZING FEES EXEMPT proposed Severance Levy on Tlm- ber Cut From V. S. Reserves Is Held Unconstitutional. ' In its preliminary report to Gov ernor Olcott, the state tax investi gation committee, appointed under authority of the legislature, has de clared that from the best sources information available, farmers pay but 31 per cent of the taxes in stead of from 40 to 85 per cent, as tome people assert; that a severance tax on timber cut on the national forest reserves in Oregon would be unconstitutional; that a gross earn ings tax would have to be a lieu tax tax and not an additional tax and as for the suggested gross receipts from grazing on federal reserves, no tax law of Oregon can affect this property or the revenues from it. There is need of a rational tax system, stated the report, but many of the suggestions which have come to the committee, although finding favor in different p.rts of the state, are unworkable. The preliminary reports presented some of these sug gestions, such as the severance tax, the gross earnings proposal and the proposed grazing revenues. Each Item Discussed. Each Item was discussed in detail and in conclusion the report out lined some of the recommendations which it makes for improving the tax situation in Oregon. The report was signed by I. N. Day, chairman; Henry E. Reed, vice-chairman; Coe A. McKenna, secretary; C. S. Chap man and Charles A. Brand. The report disclosed the fallacy of tax suggestions made by Walter M. Pierce, democratic candidate for governor, who was appointed on this committee by Governor Olcott. How taxes are distributed in Ore iron was set forth by the committee In the following tabulation: Purpose Amount. Percent. ' Kdu-cation $1S,T7:!,5!IT.!)0 43.65 Cities and towns 7,175, ::;i.r,8 17.43 P.nads fi,0S(t.2Kli.8! 34.S0 Counties f,400.!S9.tlT 13-14 Stats l,483,4a.S5 .'1.61 3 rainage and irriff'n 726.45 2.25 J'orts SI12.2S0.4! 2.22 Miscellaneous ...... o(jl,UGD.;8 .88 100.00 Totals $11,117,507.71 Present Taxation Criticized. "Our state has arrived at the sit uation ill its affairs when the pre vailing general property tax lias ceased to function adequately and lias resolved itself into a tax mainly on real estate," said the report. "The need of th-e time is for a system of taxation which is suitable to our state. In the formation of such a policy it is proper to consider what has been done in other states, but the results in those other states can not be conclusive in Oregon. Thus, when it Is said that Wisconsin raises ? 4 . 5 9 4 . !) S 3 from a state income tax and that Oregon should do as well consideration must be giveh to the great difference in population and wealth between Oregon and Wiscon sin and the additional fact that in Wisconsin in 1920 the net income of persons and corporations was more than two and one-half times as much as it was in Oregon." Recommendations Are Made. Recommendations of the commit tee in the preliminary report, to be supplemented by others in the final report, were: A state income tax, which will be imposed on persons and corpora tions; the proceeds from this tax will reduce the levy upon general property for state purposes. The amount to be raised will be suf ficient to make a considerable re duction in the load borne by gen eral property. An income tax in Oregon will produce revenue from money, notes, accounts and other intangible personal property which now so generally escapes taxation because it can be hidden from the assessing officials. Equitable primary assessments. There is a great inequity in the primary assessment of property in the several counties as evidenced between the assessed and true values as shown in the ratios an nually established by the state tax commission. The committee will recommend a strong central author ity, preferably the state tax com mission, be vested with authority to compel just and equitable assess ments in all counties. An equitable primary assessment is the only sure foundation for a fair system .of taxation. When all property is placed on the tax rolls and made , to bear its full share the burden which now falls inequitably upon other classes of property will be lessened. Tax Levying Power Cited. Supervision of local expenditures. ,. There are more than 2700 units of government in Oregon vested with tax-levying power. With the Ex ception of Multnomah county tnere is no supervision of the budgets of these local governments. The com mittee will recommend that the Multnomah county system be ex tended to all other counties, as ap proximately 77 per cent of all the taxes levied in Oregon are local taxes. It is in this field that many economies in government can be made. Consolidation of state departments o recommended to effect sav ings where departments are per forming similar duties. Statistical bureau. The commit A tee will recommend such a bureau in the office of secretary of state where a record shall be kept of all receipts and disbursements of all departments of government. Sinking funds will be recommend e-d for the redemption of all bonds for public purposes and annually puoiienea. Water power filings for specula tive purposes should he prohibited, recommends the committee. Irreducible school fund. All pay ments for inheritance taxes should! be converted to this fund, is another recommendation. . Tax exempt securities. The com mittee recommends against further issues of tax exempt securities by the United States or this state. So many misconceptions have arisen- in the state with respect to taxes in general that the committee has deemed it advisable formally to take notice of them. The principal misconception is what constitutes a state tax. What would be a state tax in Oregon would not necessarily be a state tax in New York, says the report. In Oregon, by law, the state I-mill tax for market roads and the 2-mill tax for the elementary public schools are state taxes. In neither case are the proceeds of the tax a state ex penditure. The market road tax is apportioned back to the counties after it reaches the state treasury. The elementary school tax never leaves the county in which it is levied. Not a penny of it ever reaches the state treasury and it is a state tax in name only. Thus, in Oregon for the year 1921 (valuation of 1920) there was levied on general property a total state tax of $9,493,105.22. Minnesota, with which Oregon has been compared, levied on general property for state purposes in 1921 (valuation of 1920) a total tax of $14,353,217.60. It is therefore incorrect to say that in Minnesota in 1920 the direct prop erty tax for state purposes was only $1,667,428, when it was in truth more than $14,000,000. It is equally incorrect to say that the state tax on general property in Minnesota is only one-sixth of the state tax in Oregon, when in fact it is 51 per cent ' greater than Oregon's' state tax. Roads, Schools Take Much. Education and roads requires more than 84 per cent of the $9,493,105.22 levied in state taxes for Oregon in 1921. The committee doubts wheth er any considerable number of citi zens would seriously proposed to curtail the activities of the. public school maintenance and road build ing. If state taxes, exclusive of school and roads, are to be reduced it must come from the $1,483,493.35 levied for strictly state government purposes. Considering the gross earnings tax, which has been suggested, the report said the committee has studied and rejected it as not being as satisfactory in its practical oper ation as the present system. In 1906 the people, by the initiative, imposed a gross earnings tax on public corporations, but this law was repealed in 1909 when the state adopted the present system of as sessing operated property of the public service corporations. The committee,, does not object to the principle of a gross earnings tax, but is of the opinion that if adopted in Oregon it would have to come in lieu of the present tax and not as an additional tax and the courts would probably not sustain it. Severance Tax Illegal. The severance tax, suggested by Mr. Pierce, calls for a tax of $1 a thousand feet on timber cut on the national forest reserves in Oregon These reserves are property of the United States and as such are not subject to taxation by Oregon. In this connection the report shows that the Lnited States voluntarily pays for local government purposes in Oregon 35 per cent of the gross sales of forest products. Of this, 25 per cent is apportioned for public schools and roads in the county where the timber is sold and 10 per cent for roads and trails in forests and adjacent thereto. In 1921 Ore gon received $124,326.15 from this source and a severance tax of $1 a thousand feet would have yielded HiS,ub. The federal government paid all costs for forest superin tendence and maintenance. ' Proposal to take the gross receipts from grazing, which stockmen pay the federal government for using the forest reserves, is as impracticable as tne severance tax, says the re port. It has been estimated that these rentals are $350,000 a vear. The best year's .collections were in 1919 and amounted to $224,851.31, of which 35 per cent was apportioned to Oregon. No tax law of Oregon can apply to the 'ownership of prop erty or tne united states or the rev enue from it. Farmers Pay 31 Per Cent. The farmer does not pay from 40 to 84 per cent ot the taxes, explained the report. Careful computations from trustworthy soul ces, the United States census, the Oregon state tax commission and the office of the state forester show the percentage of all taxes paid in Oregon by farm ers does not exceed 31 per cent. Dealing with highway construc tion, the report said that objection raised to the present method of highway building is not well found ed. Total expenditures, estimated to the end. of 1922, are $56,365,016.05, exclusive of bond interest and re demption. In other words, this amount of money has actually gone into highways. Receipts from the state tax of & mill, motor license fees, gasoline tax and federal co operation on post and forest roads, have been $18,367,281.21, leaving $37,- asx, 1.14.84 as the amount raised fron the sale of bonds. Under the pres ent plan no tax need be levied on eneral property for principal or in terest on these bonds. The superior ity of this method over the so-called "pay as you go" plan is apparent at a glance. It has permitted consistent planning and continuous construe tion, whereas under the pay-as-you- go suggestion it would have been necessary to stop work at frequent intervals while funds were awaited, with the inevitable loss of time and depreciated value of equipment and partly finished construction. WHEAT FOR Hi N STRONG DEMI Bend Bluestem Almost Up to $1.50 Mark. Big M0NTANAS ARE BOUGHT Idaho Baart Also Taken by Ivocal Flour Manufacturers; Less Inquiry for Export. and Washington cranberries were ad vanced to $6 a box. The Irost Thursday night killed moat of the tomatoes, lettuce and peppers In this section. A car cf California toma toes is due today. They will be higher, at $2.50 a lug. Decline in Wheat Shipments. World wheat shipments last week and the same week last year were: Week ending Week ending Oct. 28, 1922 Oct. 20, J 921. IT. S.-Canada .. 9,526,000 11,251,000 Argentina 1,435,000 2H5.000 Australia 424,000 1,712,000 Others . 204,000 Total 11,673,000 13,228,000 Shipments for the season to date com pare as follows: Total since Same period July 1. '22 Last season. U. S. and Canada 151,514.000 176,907,000 Argentina 31,827,000 13,367,000 Australia 8,592,000 22,144.000 Others 3,175,000 l,bi6,000 Total . 195,108,000 214,274,000 Wheat eased off 6omewhat in the east. but the market here was firm yesterday, particu'arly for milling wheat. Export- rs were also in the market, bat because of the strike were not keen bidders. Club was quoted at $1.20 1.21 locally and on the sound It was worth a cent or two more. Ail grades of mining wheat were in demand. Idaho baart moved at $1.31, and there was an active inquiry for it view of its cheapness as compared with the best bluestem. On the sound and in the interior as high as $1.48 was paid for Big Bend bluestem, though buy ers here would not pay this price. As he supply is ge-ttlng short, it would oc casion no surprise if Big Bend bluestem went to $1.50 in a few days. Montana wheat was firm, with the mills buying at $!.301.51 for dark northern spfln and $1.23 $ 1.25 for dark hard winter. bulk. Bids on the local exchange were gen erally steady on November delivery, while December wheat ranged from 1 cent higher to 1 cent lower. In the coarse grain division oats and corn were 50 cents lower and barley un changed on bid. Wheat underwent a moderate setback at Chicago owing chiefly to liberal profit taking on the part of holders. Closing quotations were c to lc net lowei Favorable conditions Vor i ealizing sales were apparent from the fact that the greater part of the news was of a bull ish character, with prices showing an upward tendency aad with an absence of any aggressive operations on the bear side. Export buying of 500,000 bushels ot durum end 2-0,000 bushels of rye was one of the developmr ts which helped to lift values during the -arly dealings, and there was gosplp that Jtaly had re entered the market Government esti mates that more than CO per cent of the domestic crop had been marketed up to September 30 counted also as a bullish'1 influence, being contrary to gen eral belief heretofore that farm .market ings this season had been held back to an unusual extent. Big export wheat clearances of late and an active demand for flour operated as further strength factors, but, like others, failed to sus tainhe wheat market at the last in the face of profit taking. The Chicago wire to the Gray-Rosen-baum Grain company follows: "Further liquidation strengthened mar ket. News bullish. Premiums here easier, but Minneapolis higher, report ing good flour trade. Agricultural de partment estimating 50 per cent of crop having left farms to September SO con sidered 'very bullish and with no ma terial accumulation emphasizing strong constant absorption. Cash wheat mar ket better position, follow bullish news." Liverpool wheat closed from un changed to V, d lower at 10s 4d fo December, 9s 10d for March and 9s Sd for May. Broomhall cabled: "There is only a moderate business passing in wheat in the Untied Kingdom, mostly for nearby positions. The demand for both Manitobas and winters continues fairly good. Corn trade is very slow nd buyers appear to be holding off temporarily. Argentine weather con tinues fine and the outlook- for the wheat crop is satisfactorily maintained. Foreign demand tor corn is not espe cially active, while offerings from ths country are larger." The final official British crop report puts wheat production in the British tsles at 61,192,000 bushels, against C9, 49,000 bushels last year, oats at 02, 810,000 bushels and barley at 41,750,000 bushels. Kussell reported : 'Australian wheat prospects the past week generally main tained, but the season la late and little new wheat is expected to be shipped be fore 1923." Terminal receipts, In cars, were re ported by the Merchants' Exchange as follows: Portland Wheat Brly Fir Crn Ots Hay r riaay t?s Year ago 121 . . Season to date 9,122 264 lear ago 15,41o 114 Tacoma Fresh Egg Market Is Weak. Efforts by some dealers to advance egg prices here in the face of declining markets elsewhere were not successful. The association list remained unchanged at 65c for selects and 54c for firsts, while on the street the general asking prices were 54c for selects and 52c for can dled ranch. The undertone of the mar ket was weak. There was no material increase in receipts except of pullet eggs. The cube butter market was steady and unchanged. Top grade butter was scarce. lx!2-inch 17.50 ....... Dimension No. 1 S & E 2x4 12-14 18.50 18.00 Planks, small timbers 4x4 12-16 S 4 S ... 21.50 19.50 3x10-12 12-16 S 4 S 21.00 Timbers, 32 ft. and under 6x6-8x10 S 4 8 .... 24.00 22.00 Lath Fir 4.50 4.25 SAX FBANCISCO PRODUCE MARKET Prices Current on Vegetables. Fresh Fruits, Etc., at Bay City. . SaN FRANCISCO, Nov. 3. (State Di vision of Markets.) Fryers, 2830c; broilers, 2844c; young roosters, 2830c; old, 1413c; hens, lS29c; ducks. 18 20c; live turkeys, 30 40c; dressed, 35 47c; hares, pound, 1518c; squabs, doz en, $33.0j jackrabbita, dozen, $22.50. FRUIT Apples, box, $12.25; black berries, drawer, 40 60c ; canteloupes, nominal ; figs, black double layer box. $1.251.50; grapes, crate. $1.2591.76; grape fruit, $ti&ti.50; huckleberries, 25c only ; lemons, $6.50 9 ; oranges, Valeor cias, $610.o0; peaches, crate, 6590c; pears, Bartlett, box, $1.502.75; persim mons, fiat crate, $11.50; Persian mel ons, crate, 75c g $1.25; plums, crate, $1.50 (e-2.25; pomegranates, small box, $1 sa.o, raspberries, drawer, 5075c; straw berries, drawer. 75ct2)Sl: ouincea. box. 75c$1.50. VEGETABLES Artichokes, luc. $14 16; beans, lb., 813c; cabbages, dozen. 1, cauliflower, dozen. Slat 1.50: carrois, sack, $11.25; celery, crate, $2 3.50; cucumbers, lug, $1.25 2; eggplant, iug, bo(M;,c; lettuce, crate, $1.25&2 White Iad Advances. An advance of half ' a cent in white lead, red lead and litharge was an nounced locally yesterday. J Bank Clearings. Bank clearings of the northwestern cities yesterday were as follows: Clearings. Balances. Portland $6,228,409 $1,492,194 Seattle 5.001, 6t& 1.088.176 Spokane 2,907,770 06,280 Tacoma transactions 2,372,000 PORTLAND MARKET QUOTATIONS November. Bid. Ask. 1.24 1.18 Grain, Flour, Feed, Etc. Merchant's Exchange, noon session: December. Bid. Ask. Hard white $1-33 .... $1.33 Soft white 1.19 1-18 Western white ... 1.18 1-24 1.18 Hard winter 1.13 1.18 1.15 Nor. spring 1.17 .... 1.17 Western red ...... 1.12 .... 1.12 Oats 08-lb. naturals. ... .35.00 36.50 35.00 36.50 Barley- 44-lb. minimum... .33.50 .... 33.50 40-lb. minimum .. ..32.75 .... 32.75 Corn 2 E. Y. shipment.. .33.25 34.00 32.00 33.00 3 ti. x. stumnent. ..3Z.ou di.au Mill run ni.vv au.uu di.au FLOUR Family patents $7.40 per barrel ; whole wheat, $6.60 ; graham, $6.40: bakers hard wheat, $6.90; bakers' bluestem patents, $7.15; valley bakers', Ju.!Hi: straiehtB. So.To. MiLLPEED Price f. o. b. mill: Mill run. ion lots, 132; middlings, $44; rolled bariev, 43941; rolled oats, $44; scratch feed. 544 per ton. CORN White, $30; cracked, $31 per ton. HAT Buying price, f o. b. Portland; Alfaita, $18.5019 per ton; cheat, $18.50 lt ; oats and vetch, $21 : clover, $ 19 ; valley timothy, $21; eastern Oregon tim othy. $2122. Turkeys Wanted WE QrOTE TWICE A WEEK. GET Ol'R MARKET REPORT. THE SAVINAB CO,, INC. JOO Front Street, Portland, Oregon. QUOTATIONS ON DAIRY PRODUCTS Coast and Eastern Markets for Butter. Cheene and Eggs. SAN FRANCISCO. Nov. 3. (United States Bureau of Agricultural Econom ics.) htutter tixtras. 4ic; nrime firsts. 47c; llrsts, 4oc. fc,ggs Extras, 5c; extra pullets, 4art!c; undersized pullets, 3oc Cheese California flat fancy. 23Uc firsts, nominal; California young Amer ica fancy, Ziftc. NEW YORK, Nov. 3. Butter Steady. Packing stock, current make No. 2, 31 ft Eggs Firmer. State, nearby and nearby western hennery whites, firsts to extras, bo (? Sac : Pacific coast whites, ex. tras, 75 77c; Pacific coast whites, firsts to extra rirsts, oaiffic. Cheese Steady. CHICAGO, Nov. 3. Butter Higher creamery extras. 48c; firsts, 366(i' 40c; extra firsts, 434(i4c; seconds, 34 35c; standards, 43c Eggs Unchanged; receipts. 3317 cases. SEATTLE, Nov. 3. Butter and eggs, unchanged. 3 0 8 12 BT8 2iB 320 6C7 817 J 82 435 602 . 22 27 2.910 0,324 Thursday Tear ago Season to date Year ago. Seattle Thursday .... 31 Year apo 'b Season to date 3.S3S Year ago.. 2 1.. .. 8 3 .. 12 !9 142 61 2R'.l 74 652 1 73 322 9 11.. 9 3 14 8 1020 440 219 535 3.6HS 104 85 3H4 24S 674 FEDERAL TREASURY CUTS PUBLIC DEBT Reduction From War Peak Almost Uninterrupted. HUGE OBLIGATIONS MET Secretary Mellon Says Refunding Xet to Come Will Not Strain Finances of Country. WASHINGTON. D. C, Nov. 3. Despite the temporary increase of $2t5,00U,0O0 in the public debt during October, the treasury has made almost uninterrupted progress in its reduction from the war 14 5aM WEST-MADE I beets, sack, $11.25; onions, brown and ( peak of $26,596,000,000, Secretary Mel- cwu, i.utgi.. a ai worn; green, dox, i.502; peas, pound, 713c; bell peppers, lug. $1.5001.75: Dotatoes. cwL. sweet, pound, l2c; rhubarb. oox, $1.1.0312; summer squash, lug, SI. 10 2.25 ; spinach, pound, 5 8c ; tomatoes, iug, J1.251.75; turnips, sack, 76c$l; Brussels sprouts, pound, 7j8c; ear lie, pound. 3 5c: pumpkins and squash, sack, $1.25 1.75. receipts: Flour, 3120 quarter sacks; wheat, 1023 centals; barley, 7811 cen tals corn, 985 centals: potatoes, 1114 sackr; hay, 203 tons: hides, ltil3: lem ons and oranges, 4o0 boxes; livestock, uo head. . BOSTON WOOJL MAKXET IS STRONG Tendency of Prices Is to Advance Goods Trade Healthy. BOSTON, Nov. 3. The Commercial Bulletin tomorrow will say: While there is less reason for excite ment in the wool market because of the narrowed support of wool, there is no lack of strength. In fact, the market October and November, so that the cor shows still a tendency upward, while rect view of. the government's finances advances tn the goods markets indicate a only can be obtained from the opera ion declared tonight In & formal state ment. Since the peak of August 31, 1919, he showed the debt had been reduced to $2212,000,000 September 30, 1022. There have been fluctuations from time to time, however, as a result of borrow ings for refunding purposes and tem porary deficiencies in the current rev enues This was the case in October, he declared, when there was a tempor ary increase in the debt as a result of refunding operations involving the is sue of $500,000,000 of treasury bonds and the excess of current expenditures aris ing from the heavy payments of interest on the public debt. How Est imato Is Made. Income and profits taxes, which con stitute the government's heaviest re ceipts. Mr.. Mellon explained, are paid quarterly in March, June, September and December, while interest payments, which constitute the largest single item of government expense, fall chiefly In March, April, May, June, September, healthy condition of affairs with rising prices.' The Commercial Bulletin tomorrow will publish wool quotations as follows: facoured basis : Oregon, eastern No. 1 staple, $1.30 1.33; fine and fine medium combing, $1.20 1.2o; eastern clothing, $1.151.20; valley No. 1, $1.151.20. Oregon Banking and Bond News. LOWER TURKEY PRICES EXPECTED Supply In Northwest Reported to Be Larger Than Iast Year. Receipts ot dressed turkeys were fairly large yesterday and a good part of them were No. 2 birds. There was some out side demand. The market was quoted weak at 40 cents for No. 1 stock and 35 cents for poorer grade. All advices received by local poultry men are to the effect that the crop in the northwest Is larger than usual. Not only has southern Oregon and the valley a larger supply than last year, but cen tral and eastern Oregon also report an Increase, A Vale man wrote that In a radius of 10 miles of that town" there wer& 3000 turkeys available for Thanks giving. The Idaho sections which find their principal market at Portland are ssid to have a bigger crop than last year. Dealers anticipate that prices will be lower than last season. Predictions on the street range from 35 to 40 cents wholesale. Seattle buyers fiay they look for a 30-cent market. Butter and Conntry xTocTuce. BUTTEK CuDes, extras. 44 45c lb. prints, parchment wrapped, box lots, 48c; cartons, 4!c. Butterfat, 48c, delivered Porttand station; buying price,-A grade. 4oc. BIGS Puying price: Current receipts, pullets, 39c; case count, loss off, 4dc henM-ries, 51()o2c dozen. Jobbing prices: Front street, candled ranch, 52c ; se lects, 54c; association select, aoc; association firsts, 53c; association pullets, 4oc. CHEESE Tillamook triplets, price to jobbers, f. o. b. Tillamook, 30c; Young Americas, 31c; longhorns, 31c pound. POULTRY Hens, 1323c lb.; springs. 1620c; ducks, 15(g) 23c; geese, 1520c turkeys, live. 30 (a, 32c : dressed, choice, 4Uc VEAL Fancy, ll12c per pound. PORK Fancy, 15c per pound. Fruits and Vegetables. Local jobbing quotations: FRUITS Oranges, Valencia, $510 per box; lemons, $10ll.o0 per box; grapefruit, per box; bananas, lO 11c ib. ; peaches. 50 75c per box; casa bas, 34c lb.; pears, $1.252; grapes, $' 2.2P per box; apples, $12.75 per box cranberries, $0 per box; $20 per barrel; huckleberries, 15(g)18c, per lb persimmons, $2.252.50' per box. POTATOES Oregon, 90c(6$1.25 per sack; Yakima, S 1.15 ig) 1.40 per sack; sweet potatoes, 3)4c per lb. ONIONS Oregon, $1.75 2 per sack VEGETABLES Cabbage, llc per pound: lettuce, $1.502 per crate; garlic, 12&-20c lb., green peppers, 57c per lb.; tomatoes, $1 2. 50 per box ; cucumbers, 35 50c per box; eggplant, 810c per 1 b. ; Hubbard squash, 2 2 V c per lb. ; beets, $1.75 per sack; turnips, $1.50 per sack; cauliflower, $1.25 $ 1.75 per doz. ; cele-y, 75c $1.10 dozen ; pumpkins, 2 2c pound; spinach, 85c per box; carrots, $1.25 per sack. . Staple Groceries. Local jobbing quotations: . SUGAR (sack basis) Cane granu lated, 7.90c pound; beet, 7.70c per pound. NUTS Walnute, 2230c per pound; Brazil nuts, 1316c; almonds, 16 2Sc; peanuts, 8(3"' 9c; filberts, 20c; pecans, 32c; chestnuts, 20c per pound. RICE Blue Rose, 7c per pound; Japan style, 6.10-ti.25c per pound. COFFEE Roasted, bulk. In drums, 20S'39c per pound. SALT Granulated, barrels, $2.60(3 65; half ground, tons, 50e, $17: 100s. $16. DRIED FRUITS Dates, 14c Pound: tlge, 134 22c per pound; apples, 12 14c per pound; . peaches, 1515c; prunes, 9fg12'c; apricots, 2331c BEANS Small white, 6c; pink. 7c: red, 6&c; lima, 910c; bayo, 6&c per pound. f HONEY $44.75 per case. Provisions, Local jobbing quotations: HAMS AU sizes, 2832c per pound: skinned, 31cr picnic, 19c; cottage roll 2ftc per pound. BACON Fancy, 3946c; choice, 32 36c; standards, 2S30c. LARD Pure, tierces, 17c per pound. DRY SALT BACKS 2023c; plates, 18 cents. A. bulky package was delivered on the desk of V. L. Buffington, president of the Union Safe & Deposit company, a few days ago. Upon opening the package brand new bonds, with the smell of print er's ink still evident, fell out and scat tered over the desk. They were securi ties on an eastern concern and had been sent by one of the leading banks of the country. Through an error a clerk had sent the bonds here when they should have been mailed to the Union Safe & Deposit company of Portland, Me. After several weeks In the east, where he visited New York, Chicago. Detroit and other cities, Martin J. Geary, secre tary of the Union Safe & Deposit com pany, has returned to his desk. Condi tions everywhere, he said, yesterday, are showing a tendency to improve. Hi said be found men busy in all the cities that he visited and that business men were more optimistic than for a long time. Snores of cars loaded with logs from the woods back of the rejuvenated town of Vernonia are daily passing through Banks enroute to the Portland mills, ac cording to W. O. Galaway, president of the Washington County Bank of Banks, who was a visitor here yesterday, sev eral logging concerns are taking logs from the woods in the Nehaiem district and are using the new railroad as means to the local markets. Chauncy McCormick, vice-president of the Miami Corporation, and a recently elected director of the Northwestern Na tional B ink, returned to Portland yes terday after having made an inspection of his company's interests near and in Grana Ronde. Mr. McCormick, who is a member of the International Harvester family of McCormicks, reecmly took charge of the holdings of his company in the west. A. M. Wright, vice-president oC the United States National Bank, and Charles McLean, vice-president of Ladd & Ti'toa Bank, returned to Portland yesterday morning after having spent Thursday visiting the Western Royal Livestock show at Spokane. After spending a week in Del Monte. Cal., Emery Olm stead returned to his desk yesterday morning. While in the south he spent his time improving his golf game. ' Among the out-of-town bankers who put in an appearance here yesterday was Keith Powell, vice-president of the Bank of woodburn. J. M. Conklin, president of the Maupin State Bank, of Maupin, was in Portland yesterday. Hons of a quarter of the full ypar. 'The progress made in dealing witb the short-dated debt," Mr. Mellon said. 'has been still more striking. "On April 30. 1921. when the treasury first announced its refunding programme tnere was oer 7,;U0,0tHi,ono of ri&bt ma turing before the end of the present fis cal year. 1 Refinancing: Is Accomplished. By October 31. 1922. that is to say. 18 months later, about $4,500,000,000 al ready had been retired or refunded. leaving about $3,000,000,000 to be re financed during the balance of the year. Treasury certificates outstanding all have tax maturities, and the total is now less than $1,000,000,900, thelowest figure for several years back. As for the December 15 maturities of certificates and called victory notes, the refunding operations have already re duced them to manageable proportions and there will be further retirements be tween now and December 15, out of ex isting treasury balances, pursuant to general offers already made to redeem called Victory notes and December 13 certificates before maturity. Against its December maturities the treasury will receive, it is estimated about $275,000,000 in income and profits taxes, which will still further reduce the amounts requiring to be refunded. There is every assurance that the refunding which remains to be accomplished will be completed without strain on the country's financial machinery and with ouf disturbance to the market for out' standing securities." $1.82 Mr. Shipper We Want TURKEYS, DICKS. GEESE, CHICKENS Top Prices Prompt Returns FRAWI.EY PRODVCR CO. IS Front St. Portland, Or. COAL LOADING SETS SEW RECORD In First Three Days of This Week 105,571 Cars Aro Filled. (By Chicago Tribune Leased, HMre.) WASHINGTON, D. C., Nov. 3. The railroads of the United States loaded more bituminous coal during the first three days this week than during any corresponding period since the miners' strike began on April 1 last, according to reports received today from the car riers by the car service divisionof th J American Railway association. tne total lor the three days was 105. 571 cars. This exceeded by 1508 cars the total for the same three days last week, which had marked the peak for such a period. " . Phon your -want ads Oregoriian, Main 7070, to The OREGON APPLES SELL AT AUCTION Jonathans and "Winter Bananas in New York Market. Very few apple salci were reported at northwestern chipping points. Yakima quoted Romes, extra fancy, large to very large, at $1.50; fancy, medium to large, 75c; choice, 70c; Winesaps, extra fancy 10 per cent five-tier, J1.601.65; fancy, $1.40; choice, $1.15; Delicious, choice, medium to large, $1.35. At the New York auction Oregon ap ples sold as follows: Seven hundred and ten boxes Jonathans, medium to large, extra fancy, $22.40; do., small to very small, $1.751.90; do., fancy, all sizes, $1.601.75; do., choice, $1.151.50; 865 boxes Winter Bananas, extra fancy, very large, $2.903.25; do., medium to large, $22.55; do., small, $1.551.80; do., fancy, large to very large, $2.3a2.S5; do., medium, )22.15; do., choice, all sizes, $2 2.45. EASTERN CRANBERRIES IN MARKET Oregon and Washington Stock Quoted Higher Truck Hit by Frost. The first eastern cranberries came on the marked yesterday, a small shipment arriving1 bylway of Tacoma, The first straight carwill be on hand- direct from the east this morning. Jobbers Quoted eastern stock & $20 a barrel, Oregon STUMER PIES RISE ' INCREASE LAID TO UPWARD TREND OF WAGES. Problem Is to Maintain Profita ble Operations in Face of Greater Costs. MIRE MET Ell PKICES AT LOCAL YARDS ARE MAINTAINED. PORTLAND LIBRARY uses WEST-MADE Desks There la perhaps no other institution where proper desk facilities are more necessary than in a public library. With this in mind, The Library Associa tion of Portland has purchased WEST MADE Desks. Exclusive features found in no other desk make filing and card indexing simple, vithont leMming; lie value of the dentc for other purposes. Let our representative explain the value of these features for your office. WEST-MADE DESK COMPANY Manufacturers Portland, Oregon, U. S. A. Exclusively represented In Portland by BUSHONG & COMPANY 91 Park Street Phone Bdwy. 0104 g E FIFTY-YEAR DESK Sheep and Lambs Also In Good Position; Hogs No More Than Steady. The livestock market was quiet yester day with only eight loads received at the yards. No changes were made in the regular list of quotations. Cattle were steady to strong at $7.50 for top steers, but the best available during the day brought $6.50. The sheep market was also firm. A load of sheared lambs was sold at $10.75. Hogs were just about steady. Receipts were 126 cattle, 163 hogs and 107 sheep. The day'o sales were as follows: Wght. Price. 12 steers. .. 908 SU.M 2 steers. ..1125 6.50 3 steers. ..llf5 5.7.1 1 steer 1250 5.25 20 steers. ..lltiD 6.5UI 1 steer 770 3.001 3 steers. .. 873 4.25 3 steers. .. 880 7 steers. .. 917 4.00 13 steers. ..1048 5 5 cows. . ..1134 1 cow 980 1 cow 810 1 cow lOiiO 2 cows.... 930 2.551 5 hogs 5.00 4.50 3.50 3.25 2.50 Wght. Price. 1 bull 1580 $5.25 1 bull 1440 4.15 1 hog 460 7.00 13 hogs 194 10.00 4 hogs. . . . 190 10.00 9 hogs 202 9 50 .16 hogs 223 10.40 43 hogs 145 10.40 4 hogs. ... 1 10. 1 hog 400 8.00 3 hogs 170 10.00 1 hog 430 8.50 1 hog 490 6.50 1 hog 240 9.50 . 135 10.00 84 10.25 78 11.00 3.001 1 heifer. . .1040 4.75 2 cows 940 4.00 1 heifer. . .1020 4.75 1 cow 1210 3.50 5 hogs 258 9.75 8.501 3 lambs. .; SB 11.00 3.00107 lambs.. 75 10.75 3.501 8 lambs. .. 95 10.75 Prices quoted yesterday at the Port land Union stockyards were as follows: Cattle Price. Choice steers $ 7.00'o) 7.50 1 cow 1040 4 .00110 Iambi. . . 2 cows 1125 4.0042 lambs. .1005 2 calves. . 145 1 bull 1340 1 bull 1440 Oils. LINSEED OIL Jtaw, In barrels. $1.10; 5-gallon cans, $1.25; boiled, in barrels, $1.12: 5-gaiion cans. $1.27. terpentine In drums, gallon cans, $1.97. WHITE LEAD 100-pound kegs, 13 c ire iJoumi. GASOLINE Tank wagons and Iron barrels, 35c; cases, 2tic per gallon. DISTILLATE Tank wagon and iron oarreis, j-oftc per gallon. Hides, Hops, Etc. HIDES Salted hides, all weights, 12c green maes. all . weights, 10c; salted bulls, 9c; green bulls. 8c; salted or green calf, 17c; salted or green kip, 14c; hair slipped hides and skins, naif price; flint dry hides, 16c; flint dry calf and kip, iec; dry salted hides. 12c: euii and damaged, half price; green or salted horse hides, each, $23; colt skins, each, 5oc?l; dry horse, each, 75c$1.25, with XXI a lie U.J1U. tun on. "-v SHEEP PELTtS Dry sheep pelts, long wool, 21c; dry sheep pelts, short wool, 10c; dry sheep pelts. Dieces. lOUer rirv shearings, each, 5025c; salted pelts. long wool, S101.6O each: salted Mita. short wool, 75cSl.25 each: salted shearlings, 1025c; salted goats, long hair, $12; salted goats, short hair. 50c$l; dry goats, long hair, per lb 15c; dry goats, short hair, each, 2550o' goat shearlings, each, 10 20c. l allu vv iso. i, oBac; No. 2, 4fc 5c per pound; grease, 34c p' . pound. CASCARA BARK New peel, 7c per pound; old peel, 8c per pound. HOPS 1922 crop, 7llc per pound. WOOL Valley wool, fine and half blood, 30335c; three-eighths blood, 30 82c; quarter blood, 2527c; low quarter and braid, 2022c; matted. 1618c MOHAIR Long staple, 32c delivered Portland; short staple, 27c; burry, 22c per pound. ' X-umber. The following are direct quotations on Douglas fir and represent approximately prevailing t. o. b. mill prices in car lots and are based on orders that-have been negotiated; Flooring High 1x4 No. 2 VG $51.00 1x4 No. 2 & B, SG. 37.00 1x6 No. 2 & B, SG. 41.00 x4 No. 2 & B 40.00 1x4 No. 3 35.00 ' Drop siding 1x6 No. 2 & B ... 1x6 No. 3 Boards and SL BT O. A. MATHER. (By Chicago TrLbune Leased Wire.) CHICAGO, Nov. 3. Announcement by the Studebaker corporation, one of the largest factors in the automobile lield, of an advance ranging from $50 to $175 on one line of models today emphasized the chief problem now facing industry. This Is the rising trend of wages, largely the result of labor shortage, and a con sequent increase in operating costs. Expanding industry in the last few months has virtually wiped out unem ployment and substituted a keen com petition for labor. This was first felt seriously in the steel industry and re sulted in a 20 per cent increase in wages. Now the automotive industry Is feeling the effects. The problem of industry is to maintain profitable operations in the face of qu iambs Medium to good steers 6 25 7.00 Fair to medium steers 5.50 S 6.2" Choice heifers 5.00 5.25 Common to fair steers 3.75 5-25 Choice cows and heifers .... 4.50 fry 5.0 Med. to good cows, heifers.. 3.50 4.50 Fair to med. cows, heifers.. 3.00& 3.50 IVmmnn cows 1.5uW 2.00 Camwsrs- -1.50 ft 2.00 Bulls 3.00C 4.io PhniVfi feeders 5 50 Fair to good feeders 4.00( 5.00 Choice dairy calves 8.00& 8.o0 Prime light calves 8.00 8.50 Medium light calves 7.50 8.00 Heavy calves 5.00 o.50 Hogs Prime light 10.0010.25 Smooth heavy, 230&300 lbs. 9.0s S-;0 Smooth reavy, 300 lbs. up... 8.00 900 Rough heavy 7.0 8.50 Fat pigs 9.5010 00 Feeder pigs 8.75 $& 9.25 Stags, subject to dockage... 5.00 7.00 Sheep East-of-mountain lambs Choice valley lambs . . . Medium sorlne lambs . . Common valley lambs . . J3.25r?4; few, $4.505; few loads short-. ted neiters. sfai7.au: cutters itenerany, $2.753.?5; practical top on vealers, $9. Hogs Receipts, 7000: slow, shipper mar ket steady; packer market steady to 5c lower; most late bids 10c lower; snipper top, $8.15; packer top, $8.10; bulk de sirable 100 to 240-pound averages, $7.85 (SH.lo; mixed weight and quality, $7.aU& 80; bulk of sales. $7.60(5)8.15; packing sows strong to 10c higher: bulk, $77.25; stock pigs weak to 13c lower; bulk, $7.50S; few at $10. Sheep Receipts, 2000; killing classes steady ; feeders weak ; odd bunches fat native Iambs, $12fil3; no fat western offered; handy-weight ewes, $66.50; de sirable heavies, $5; medium to good feed ing iamos mostly Jlffil. io. Omaha Livestock Market. OMAHA, Nov. 8. (U. S. Department of Agriculture.) Hogs Receipts, 3000; mar ket slow, steady to 10c higher; closing weak on packing grades ; bulk packers, Si.l0W7.40: bulk 200 to ;00-pound Dutch- ers, $7.75 8. 10; top, ?8.15. Caltle Receipts, 2;00; kifling classes fully steady, best-fed yearlings held at $11;. best western beef steers, $7.60; stockers and feeders strong; feeders, $7. Sheep Receipts. 4000; Iambs steady to 15c higher; fed lambs. $13.40 13.60; fed clipped lambs, $12.65 ; yearlings, $11 ; sheep and feeders steady; ewe top, $7; best feeding lambs here $13. San Francisco Livestock Market. SAN FRANCISCO, Nov. 3. (Federal State Livestock Market News Service.) Cattle Beef steers, good grade, $7.75 ; medium grade, $i fro i.oO; common grade, $ti 6.75; beef cows, good grade, $5. 75 (fjP 6 ; medium grade, $5. 25 5.50 : common grade, $45; canners and cut ters, $2(?3.50; bologna bulls, $2.504; calves, 150 to 200 pounds, good and choice, $7.758; 200 to 250 pounds, good and choice $7.507.75; 250 to 300 pounds, good and choice, $77.50; over 300 pounds. $5.506.5i. Hogs Good and choic- grain-fed Calif ornlas, 150 to 200 pounds. $10.75& 11; 200 to 250 pounds. $10.2510.75; 250 to 300 pounds, $9(;9.50; over 300 prfunda, $8. 50 9 ; smooth sows. 250 to 30n pounds, $7 7.50; rough sows, 250 to 300 pounds, $66.50; over 300 pounds, $50. ! Sheep and lambs Full-woolod lamb?, i good and choice grades, $1313.50; ' medium grade, $12.50jr 13; ewes, medium I and good, $56: wethers, medium and good, $7.509. ! Seattle Livestock Market. SEATTLE. Nov. 3- Cattle and hogs steady, no receipts, prices unchanged. Pasco Livestock Market. PASCO UNION STOCK YARDS, Nov. 3 Excellent run of feeder cattle, which moved at very satisfactory prices. Mar ket steady with last week with a very good demand for more feeder cattle. Hogs were steady with last week. Sheep were in good demand with prices steady with last week. Cattle Receipts, 665; prime steers, $0.25 fij 6.75; fair to good, $5.75 g. 25; common to fair, $55.75; choice cows. $4.75 tg5.25 ; fair to medium cows, $4.5 5 ; common cows, $4 4. 50 ; stocker cows, $3'g 3 50; stocker steers. 850 to 1000 pounds, $55.50; stocker steers, 700 io 850 pounds, $4.50 5.25; yearling steers, $44.50, young heifers, $44.25. Hogs Receipts, none; prime" lights, $10(ffi 10.50; smooth heavies, $.509.50; rough heavies, $6.509; stags, $4ftJ7, sub ject to dockage of 70" pounds; feeder pigs, $9(519.50. Sheep Receipts, none ; prime la mbs. $10.50 Hi fair to good, $9.50 10.50; common. $88.50; feeder lambs. $9.50 10.50; yearling wethers, prime, $7 7.50; fair to good, $6.507; common, $5.50 0 6.50; prime fat ewes, $4.50 fn-5; fair to good, $4(4.50; common. $2.503.50. Coffee Fntnres Firm. NEW YORK, Nov. 3. The market for coffee futures ruled steady today on fur ther covering by trade snorts and some scattered buying of the later deliveries. The close was unchanged to six points higher. Sales were estimated at about 42,000 bags. December, 9.70c; January. 9 fi4c; March. 9.53c; May, 0.33c; July, 9.04c; September, 8.77c. Spot coffee, firm; Klo 7s, lvc; isantcl 4s, i5H15c. Cottonseed Oil Market. Cottonseed oil futures at New Torn furnished by Jordan-Went worth & Col Portland : November, 9 10c: December 9.06 ; 9.08c; January, 9.179.19c; Februar. 9.21(S:9.-3c. Spot bid, 8.90c. Sales 35,20 Dried Fruit at New York. NEW YORK, Nov. 3. Evaporated ail pies, firm. Prunes, steady; peachej quiet. If SS. Admiral Evans Stalls from Municipal Dock "o. w eunestlay, ov. , iu a. -u. Evpry Wednesday thereafter. FOK SAN FRANCISCO. LOS ANGELES, SAN DIEtiO. SS. Admiral Goodrich Monday, Not. 6, 7 P. M. MARSH FIELD, EVREKA. SAN FRANCISCO. Ticket Office 101 TniRD ST., COK. STARK. Phone Hroadway 5481. 1 1 a ASTORIA AND WAY POIHIS STR. IllALDl. Mon.. Wed.. Fri., 8:30 A. M Mght Boat Daily, Except Saturday. 7:30 P. M. Fare to Astoria $1.85 One Way J3.0U Round Trip. Week-End Kound Trip $2.50 THE DALLES -ROOD RIVER Steamer Service Daily. Except Sunday. 7:15 A. it Fare to Tne Danes Hood Hiver $1.00. The Harkins Transportation Co. Broadway U344. Alder-St. Dock. SEATTLE $5.50 Daily at 9:30 A. M. Vancouver, B. C. $11.50 Sunday. Tuesday. Thursday. Bollam Agency. 122 Third. Plior, I Broadway 0026. Stage Terminal, Yamhill St Phon I Main boh. . AUSTRALIA NTIW ZEALAND AND SOUTH SEA ' Via Tahiti and Baratonga. Mail an pab8iier Krvice from bao fc'ranclttt every 'i& uaya. rciffc Tour, South Sen. New ZealaaC A astral la. M5. trt C!&m. CNiON. S. S. CO. OF NEW ZEALAND 30 California tt., ban rranHt.ro, rM-at "-.tpttifch1p nd -ilrM6 -nc,tM $40.00 37.00 Price $ . . 40.00 37.50 No. 1 lx3-1.0-iBcii i3 19.50 18.00 fc. higher costs either through higher prices or increased efficiency in operations. Although prices of manufac tursed articles show a slightly, advancing tendency, any considerable increase is fraught with difficulties. Manufacturers will not soon forget the "buying strike" of two years ago, which caused a col lapse of prices and tremendous losses. Then, too, more keen competition also will be a deterrent. The extent to which efficiency in operations can be increased is an uncertain .factor. The action of the Studebaker corpora tion would seem to indicate that lew reductions will be made in automobile prices next year and that anything like a "price war" is unlikely. Conversely, it is probable that prices will be advanced somewhat on lines which do not face keen competition. General news of business today con tinued to be constructive. The monthly reviews are nearly all optimistic. Armour & Co., Chicago packers, state that "busi ness is good." They recite that for the first time in two years it is possible to write that sentence without qualification. They point out that within a remark ably short time industry has recovered from the serious ills born of the coal and railroad strikes. The near record volume of traffic handled by the railroads is indicated by the report of the American Railway as sociation that the demand for freight cars over and above the available sup ply amounted to 166.306 cars on October 23, an increase of 10,040 cars over the total shortage on October 15. The Atchison,. Topeka & Santa Fe to day announced the placing of orders for 7000 cars and 50 locomotives. Tho road's mechanical forces are complete and. ft is handling a record traffic business. Sugar Market. NEW YORK, Nov. 3. Sugar market unchanged. SAN FEANCISCO, Nov. 3. California Hawaiian, raw tiugar, 5. 53c ,xst yearlings Heavy yearlings Ijight wethers Heavy wethers Ewes 30.5)11.5 0.25 g; 10.2". 8.5 9.25 6.50 g) 8.25 ft.OOi) 8.50 7.50 8.00 6.50 (ft) 7.50 5.50 (St 6.50 2.00 5.00 Chicago livestock Market. CHICAGO. Nov. 3. V. S. Department of Agriculture.) Hogs Receipts. 22,000; market Iow, steady with Thursday's best time; bulk, 100 to 200-pound average. $8.408.50; good 210 to 240-pound butchers, mostly $8.55; few choice weighty butchers. $8.608.$5; packing sows, $77.75; desirable pigs, mostly $8.50; heavyweights, $8.208.6o; medium weights $8.408-60; light weight, $8.35 8 &0; Ugnt llgnis, 0.u i' a.-a , (Jiv.'vu'B sows, smootn, i.suw i. io; patmng uw. rough, $6.907.4O; Killing pigs, o.ufg 8.60. Cattle Receipts, 4500; beef steers, slow, weak; quality plain, mostly short feds and western grassers; bulk native beef steers of quality and condition to sell under $10; few early sales western grassers. $67.10; western grass heifers,1 $5.50: veal calves. 2550e lower; stock ers and feeders,, weak to 25c lower; other classes about steady; bulk bologna bulls, $3.854.15; few heavies upward to $4.35; bulk veal calves. $910; bulk stockers and feeders, $5.50G.75. yheej) Receipts, 7000; fat native lambs opening fuliy steady; early top, $13.75 to packers; one double-deck choice 92r pound fed yearling wethers, $12; heavier 110-pound yearlings, $10; feeders, steady; two loads, 52-pound western lambs. $ 13.50 ; one load, $13.65, averaging 55 pounds; western feeding ewes, $5 25; sheep steady; heavy fat ewes, $4.505.50; lighter weights ip to $7.50. Kansas City Livestock Market. KANSAS CITY, Mo., Nov. 3. (U. S. Department of Agriculture.) Cattle Receipts, 8000; canners steady to higher; generally $2 2.40 ; al 1 other class around steady with trade slow on beef steers; early top steers. $0.40; bulk cows Going to YOKOHAMA SHANGHAI HONGKONG MANILA or CALCUTTA ? An extraordinary opportunity for luxurious travel to these ports at reasonable rates is offered on the CUNARDER "LACONIA" - Leaving San Francisco Dec. 10 The La coma is going around the world on its famous wonder cruise. It is the first, largest and most luxurious cruise ship ever to go com pletely around the world. A small number of very choice rooms and berths have at the' last minute been released. These are available to travelers desiring to go only so far as the Asiatic ports of Yokohama, Shanghai, Hong kong, Manila and Calcutta, or beyond. Yokohama reached Dec. 28th; Kobe, Jan. 3d; Dalren, Jan. 9th; Shang hai, Jan. 12th; Hongkong, Jan. 16th; Manila, Jan. 2th; Calcutta, Feb. 7. inundiate application is advUabtm by phone or wiro American Express Travel Department ICdrrln A. Gardner, n. P. A., Corner Sixth and Oak Street", Broadway 50i0, or Old. Wortman & King, Morrison, Alder, West Park and Tenth Streets. North China Line rni.iTMRiA pattfip Rtrippivn rnvipjw -CT " " ' - ' ' -W.'. ..." " W Tw. Operating United States Onvernment Shins. VVfc&l ITS DIKECT FREIGHT SERVICE WITHOUT I Ei TRA Si SHIPMENT RKTH'EEN V?V PORTLAND, OREGO. (Tientsin) DAIREN. I'SSB S3 Went Eader Nov. 1st I USSB SS West O'Rowa Dec. lit USSB S3 West Cayote I . . . .Nov. 25th 1 USSB SS Went Keats Dec 8Ut YOKOHAMA. KOBE. HONGKONG. MANILA. CISSB S3 Pawlet Nov 15th I USSB SS Hannawa. . . .Dee. 15th USSB SS Wawalona Deo. 20th For rates, space, etc.. apply to TRAFFIC DEPARTMENT Broadway 6380 ' G09-522 Board of Trade Bids;. Portland, Oregon