The Sunday Oregonian. (Portland, Ore.) 1881-current, May 19, 1918, Section One, Image 21

The Sunday Oregonian., May 19, 1918, Section One, Page 21, Image 21

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Newspaper Page Text.TTTE SUNDAY OHEGONIAX, ' PORTLiAJiTK MAT 19, 1918. 21 MARGIN IS REDUCED Differential on Millfeed Cut to Two Dollars. BRAN PRICE IS BASIS Em are also firm, with a ready outlet for all tbat arrive. The poultry market waa firm at the close and dressed meats were steady. MidffJings Will Be Sharply Lower TTnder New Regulations Screen ings to Limit of Mill Ron May Be Added. ' Millers In this ton. have been notified of a revision In the millfeed regulations, effec tive June T. which In some particulars are drastic. The differential over the bran basis price, which Is set at $2 a ton. Is to apply to all classes of wheat millfeed. The pres ent differential on shorts Is fixed at this pries, but on middlings a $9 differential has been maintained. The notice sent to millers by the Food Administration, milling division. BERRIES FIRST, WITH 1.IGHT RECEIPTS LrnMtu Are Higher, Owing- tm Advance la California. Strawberry receipts were rather light yes terday and the market was firm. Lemons are quoted higher as the result of an ad vance In California. Florida celery and tomatoes are offering on the market and prices are firm. Peas and beans are slowly declining in price. The growth of local lettuce and cabbage has been retarded by cold weather, and Cali fornia is still being drawn upon for both the veg etablea Texas whits onions command a premium of 25 cents over Coachella srock. No further shipments from Texas are looked for. Coast Potato Shipments. Destinations of the latest shipments of Coast potatoes follow: From California Ban Diego 1. From Washington San Francisco . Se attle 4, Santa Barbara 1, Taklma 1. From Oregon Calgary. Canada, 1, Port land 1, Gerber 1. Stockton a. Bans; Clearings. Bank clearings of the NcrtHwe yesterday were as folluwe: , Clearings. Portland J5.379.905 Seattle S.091.3S9 T a. coma ............... (J54.658 Snokane 1.067.133 Clearings of Portland, Seattle asld Tacoma for the past week and corresponding week in former years were stera cities balances. il.R25.420 S6.545 72.413 276 716 "Differentials (maximum prises, bulk, bill). Basis: Bran "Shorts, standard middlings, gray shorts, array middlings, flour middlings, or red dog. 3 per ton of 2000 pounds ever basis. "Mixed feed containing all of the wheat Bt ground into flour, $1.25 per ton of 2000 pounds over basis. "Screenings may be added to any of the above authorized feeds, provided the screen ing admixture does not exceed mill run. "Tho foregoing prices shall apply to sales to earload loaia, f. o. b., bulk. mill, cash or draft attached to bill of lading, and all feed sold by the miller shall be Invoiced at such Vrtce. There shall also appear on' the In voice, in addition to such bulk price f. o. b. mill, the price of the sacks and Items of freight and Interest, If any, when goods are old on extended terms of credit, but the miller for convenience In selling may quote a delivered price In seeks. The above price shall Include any brokerage or commission paid, or other Items of expense, and shall apply to all wheat mlllfeeds sold In carload lots from the mill, no matter to whom sold. "In selling less than carload lots to whole sale dealers In feeds, tho miller may add not to exceed 60 cents per ton to the foregoing Prloes. In selling less than carload lots and more than ton lots to retailers In feed, the miller may add not to exceed SI per ton to the foregoing prices. In selling less than ton lots to retailers In feeds, the miller may add not to exceed 91.60 per ton to the fore going prices. "In selling to consumers in less than car load lots, the miller may charge a reason able retailers profit not to exceed such maximum as may be indicated by the Fed eral Food Administrator for the state where the retailer Is located, but in such case he shall add no other margin to the price namea in this rule. "In case the miller performs a Jobbing service ana maintains a separate Jobbing de partment established prior to August 10. 117, or maintains a feed warehouse In a town where' he has no mill, he may. If he first obtains the written permission of the United States Food Administration, add to . the price named In this rule the margins permittea to other Jobbers of shm mm. feed, but In such event he shall not be en titled to add any of the margins hereinbefore jnaicatea tor sales In less than carload lots. RECORD CROP OF 1111 EAT PROMISED Weather Conditions Are Ideal and Acreage Has Been Increased. As crop prospects stand now the Pacific Korthwest this year will have the largest wheat yield In Its history. The local trade aavisau yesterday that the ral general. The wheat acreage In tho three states. It Is figured. Is 23 per cent larger iw year, wnne the area usually sown to oats and barley haa been reduced. a mo Merchants Exchange bid prices on ata and corn were the same as n vnn... The weather forecast for the Middle West! ma wire a from Chicago: "Entire belt fair """ ana e.unaay. except unsettled 6un , .uu..oua ana iNortn Dakota, not nucn cnange in temperatures." Reoent Imports at San Francisco included oa.es or gunnies, 2057 bales of Jute aa.1T bales of hemp and 11.802 aaoir. e - ' Terminal receipts in cars were reported by r.xcnange as follows: Portland, Sat. .. s rear ago 27 Total this week 29 . . Tear ago 2S7 Reason to date. 8724 Tear ago 6828 Tacoma, Frl 19 Year ago a Season to date. 6474 Year ago 6252 Seattle. Friday. 4 Year ago 30 Season to date. 4780 Year ago ...... (VO0 1B18. 1817. 191 S. 1915. 1914. 1913. 1912. 1911. 1810. 1900. 1SWS. 1807. 180. 1806. Wheat.Barley.FIour.Oats.Hay. 8 3 88 15 423 255 7 T 63 44 1208 1400 4 2! 24 1475 222S 90 127 .... 829 818 5 5 1632 1651 29S 320 "'i loeo 1354 IS 26 r.5 2531 2475 "ii 1647 2010 1 10 80S1 375S Portland. 21. 717.180 JS.23.97 , .... 10.6&7.OOO ..... 10.031.629 ..... 11,81U,62 ..... 11.017,730 ..... S.&31.306 ..... 8.788.127 ..... 8.747.263 ..... 6.115.202 8.832.923 8,118.668 4,140,798 ..... 3,823.125 Seattle. 37.409.67T 21.5S8.404 14.208.641 11.643.227 12.009,388 12.628. 078 11.338.837 10.346.824 10.721.795 12.563.823 5.080.630 7.586.853 7.614.816 4.61M.530 Tacoma. 85.117.391 8. 067.246 2.342.368 1.770.641 2.175.661 2,637.623 4.0O4.933 8.667.358 6.413.191 8.681.006 2,860.406 4.256.678 2,925.820 2.319.587 MORRIS BROTHERS, INC. The Premier Municipal Bond House of Oregon Established 23 Tears 201 RAILWAY EXCHANGE BUILDING PORTLAND. OREGON $25,000 CITY OF VICTORIA, PROVINCE OF BRITISH COLUMBIA 6 GOLD BONDS Dated March 1, Due without right of prior option. March 1. l(2f. Principal and semi-annual interest March and September L.) payable In gold at the Bank of British North America. New York. City. Coupon bonds. Denomination of .1000.00. FINANCIAL STATEMENT. Assessed value for taxation (1917) 78.S1.56J 00 Exemptions not Included above 15, 513. 870.00 General Debenture Debt. 12,007.847.00 Less sinking: funds I1.29S.408 Waterworks debentures. . 4.227.000 Street lighting debentures 130.000 S 5.652.408.00 Net 'Debenture Debt f 6,355.489.00 NET LOCAL, IMPROVEMENT. (Propertv owners share only after deducting sinking: fund of $888.670) 8 ,1SS.48.0 Revenue from Public Utilities (after deducting operating expenses) - 180.011.00 Value of municipality's assets. 27,23,C32.00 Area, 4637 acres. Population 45,000. Legality appro-red by Messrs. Malone, Malone A Long, Attorneys, Toronto Free from all Dominion Government taxation. A Direct Tax Obligation of the City of Victoria.) PRICE 93.92. To Yiel 6.85 MARINES UP AGAIN MORE APPLES ARE NOW IK STORAGE Boxed Stock Still Held I Greater Than Last Year. Report from 533 storage show that their mini contain 872,500 barrel and 965,824 boxea of apples. The 502 storages that re ported for May 1 of this year and last show a present stock of 347.623 barrels and 920.221 boxea, as compared with 542.550 barrels and T05.70T boxea last year, a decrease of 85.9 per cent In tho barreled apples and an In crease of 16.4 per cent In the boxed apples, which Is the equivalent of tho total decrease of 151,463 barrels or 18.7 per cent. For the purposes of this comparison, tt ts considered that three boxes are equivalent to one barrel. The 497 storage that reported for both De cember 1, 1917, and May 1. 1918, showed a Secreaae of 18.1 per cent In the barreled apples and 29.1 per cent In the boxed apple, or a total decrease of 21.T per cent during the month of April, while the 477 storage reporting their holdings for both December 1, 1916, and May 1. 1917. showed a decrease of 12. a per cent In the barreled apple holdings and 12.8 per cent In the boxed apple hold ing, or a total decrease of 12.2 per cent dur ing April. 1917. Stock in the Korthwest on May 1. 1P1S, were 85.716 boxes, and on December 1. 1917, they amounted to 1.475,023 boxea BIG INCREASE IX STORAGE HOLDINGS Xalry Fro dace Stock In Jiorttaweet Great Than Tear Ago. The quantity of dairy produce being stored In the Pacific Northwest far exceeds that cf lust year. The supply of butter put away on May 1 was 119.9 per cent greater thon vn the same date last year. Cheese holdings Increased 6V-4 per cent and case eggs 36.2 per cent. It Is interesting to note that stocks or frozen eggs in storage are) 125.9 per cent larger than, last year. The storage holdings of dairy produce in Oregon. Washington. Idaho, Montana and Wyoming on May 1 of this and last year compared aa follows: PORTLAND MARKET QUOTATIONS. Grain. Floor, Peed Etc Merchants Exchange, noon session. May delivery: Oats Hid. No 2 white feed S60.00 Thirty days Oats. No. 2 60.00 Eastern oats and corn In bulk: Oats No. 8 white 61.00 38-pound clipped white ............... 02.00 Corn No 3 yellow 57.00 No. 3 mixed 56.00 Thirty dava Csts. No 3 51.00 Oats, clipped 52.00 Corn, yell aw ........................ 57.00 tJorn, mixed. 56.00 WHEAT Bulk basis. Portland, for No. 1 grade: Hard Wheat Blue-stem, Early Bart, Allen Galgalus, Martin Amber, $2.0.. Soft White palouae. Bluestem, Fortyfold. White Valley, Gold Coin. White Ruselan. 82.03. White Club Little Club. Jenkins' Club. White Hybrids, fionora. 82.01. Red Walla Red Russian. Red Hybrids. Jones Fife. Con- pel. $1.98. No. 2 grade, 3c less; No. 3 grade, 6c less. Other grains handled by samples. luuk Patents, sio: Valley. 89.60: whole wneat. . su.oo; graham. S9.20: barley flour. 813&14.50 per barrel; rye flour. $10.7512,75 per oarrei, cornmeai. S13.10& 13.60 per Darrei. MILLFEED Net millfeed prices, car lots: Bran. $30 per ton; shorts, $32 per ton; irld- a lings, 8:; mixed cars and less than car loads. oOc more; roiled barley, 8741t75; roue a oats. sow. CORN Whole. $73: cracked. $74 per ton, HAY Buying prices, f. o. b. Portland: Eastern Oregon timothy, $29 rd 30 per ton Valley timothy. $256 26; alfalfa. $24624.50; valley (rraln hay, $24 Q 26; clover. 821; straw, $u10. Dairy and Country Produce. BUTTER Cubes, extra. S939c: Prime firsts. 3Sc; prints, extras. 44c; cartons, 1c I extra; butt erf at. No. 1. 43c delivered. iiGOB Oregon ranch, current receipts. I 85 Q 86c: candled, 87c; selects, 83c per dozen. Jitfc.ESE Jobbers buying prices, r. o. b. dock, Portland: Tillamook triplets, 23c; Young Americas, 24 Ho per pound; Coo and Curry, f. o. b. Myrtle Point: Triplets, 23c; Young Americas, 24o per pound ; long horn. 24c per pound; c discount to Port land trade. PODLTRT Hen. 28o; broiler. 879 40c; aucks, nominal ; geese, nominal; tur keys, live, 27 & 28c; dressed, S7o per pound. VEAL Fancy. 1717c per pound. PORK Fancy, 23c per pound. Kro Hs and Vegetable. Local jobbing quotations: FRUITS Oranges, Valencia, $6 7.25; lemons, $6 3 8 per box; bananas, 7i8c per pound; grapefruit, $3.50; apples. $L5u$-2.75 per box: strawberries. $3.2o&5 per crate. VEGETA BLE3 Tomatoes, $3 6 60 per crate: cabbage. So per pound; lettuce, $2.658 per crate; cucumbers, $1.25 2 per dozen; artichokes, 85c per dozen; garlic, 7c; celery, $6.50 per crate; peppers, 25035o per pound: rhubarb, $L 25 1.60 per box; as paragus, $1.85 1.75 per dosen; spinach, 69 6c per pound: peas, 8 9c per pound; beans. 16c per pound. SACK VEGETABLES Carrot. $1.5002.15 per sack; turnips, $2.25; parsnips, $1.25; beets, $2.75. POTATOES Oregon Burbanks, $1.1001.25 per hundred; new California, 66c per pound. ONIONS Oregon, lflc per. pound; crystal, $202.25 per crate. Staple Groceries. Local jobbing quotations: SUGAR Sack -basis: Fruit and berry. $7.87 H: beet, $7.77 H: extra C. $7.47 ; powdered, in barrels, $9.57 4 ; cubes, in bar rels. $8.77H. NUTS Walnuts, 24 c; Brazil nuts, 1B 21c; filberts, 22&23c; almond. 1922c; pea nuts. 1518c; cocoa nuts. $1.10 per dosen. BEANS California jobbing prices: small white. 14c: large white. 13c; bayou, 10c; lima, 15Hc; pinit, vc Oregon Deans, ouy- Ing prices: White. 9c: colored. 7c. COFFEE Roasted, in d. umi, l i wzoc SALT Granulated, $10.75 per ton: half- ground, 100s, $15 per ton; 50s, $16 per ton; dairy. $18.75 per ton. RICE southern neaa, utuuc per ponna; Blue Rose, 8c; Japanese style, 81484e. DRIED FRUITS Apples, Jd-fec; peacnes. ll12c: prunes, Italian, 1145 13c; raisins. 85c S3 oer box: dates, aromeaary, so.-ou'd.du per box; currants, 19c; figs, $1.25 6 3.50 per box. Mercantile Adds to Its Former Extensive Gains. OTHER SHIPPINGS STRONG Bulls AIuo Devote Attention to Sev eral Specialties, but Usual Alar ket Leaders Are Not as Ac tive as Karlier In "Week. and trao conditions and the mora harmon ious relations between the Federal Govern ment and financial and Industrial Interest accounted very largely for the substantial advances In securities this weett to the ac companiment of very heavy daily dealings. Even at the reversals which marked some of tho more active issue in the later trading, the average of prices wa tb highest of the year, her and there) showing new maxi mum for almost two year. The upswing would have Inspired a more hopeful feeling among Investors had- It been less restricted. Students of economic con ditions expressed the belief that a market such as that of the past week more than discounted the most favorable development xor months to come. It was universally recognised that ' the course of the market during the remaining weeks of the Spring session will be Influenced mainly by money, which promises to be reasonably easy, barring some unexpected change in the foreign situation. CORfliSiSETTLED PRICES DECLINES ARB DUE TO FA TORABLEJ WEATHER CONDITIONS. Creamery butter, pounds.. . Packing stock butter, lbs. . .American cheese, pounds.. Eggs, esses Trosen ecss, pounds May 1. 191S. .. 205,335 ,'. b's'iaos .. 53.6A5 -l.0S4.SiK) May 1. 181T. 93.&S3 3. ess 149.573 89.406 80.010 Butler svnd Ens Firm. Wit n Indications that butter may go no loer, basing for storage account Is more active and the market la on a firmer basis, ne if htsndi..if lsrrer recelpta Potatoes Wanted "We Can TJee Several Hundred Sacks ol Flrst-ciass Stock. WHAT HAVE YOU TO OFFER! HE8 2Tj Per lb. sruaranteed . on all veigota ino commission cnaxged. The Savinar Co., Inc. (M Frvat Street. Capital S 10,000. Provisions. Local Jobbing- quotations: HAMS All slses, choice. 84c: standard, S3c; skinned, 2S29c; picnics, 24c: cottage. roll. 81e- LARD Tierce basis, standard' pure. 28e; eomnound. 23 c. BACON Fancy. 48ffl30c; standard. 44 46c: choice. 40ff43e. DRY SALT Short clear backs. 2S(933o exports, 308Sc; plates. 24 28c. Hides and Pelts. HIDES Salted hides, 25 lbs. and up. HO liAo: salted stsra. 60 lbs. and up. 10c salted and green kip. 15 to 25 lbs.. 12c: salted and sreen calf: 1U to -a ids., jio; green hides. 25 lbs. and up, 9c; green stags. 80 lh. and uo. 8c: dry flint hides. 25c: dry flint calf, 2Sc: horse hides. SL2S1.50: aalted hnru hides, f 3 W 4. PELTS Dry long-wool pelts, 40c: dry short-wool pelts, 25 4fS0c: salted pelts, April takeoff. 83 3 4. Hops, Wool, Etc. HOPS 1917'crop, 15Jlc Per pound: con tracts. IT & 18c WOOL Eastern Oregon. S3 S 38c: Valley, 55 1 70c per pound. MOHAIR -Oregon, new clip. 45o per CASCARA BARK New and old. SJHe r nnund. TALLOW No. 1. 14o per pound: No. 4 12c per pound. Oils. OASOLIN1S Bulk. 21c: engine distillate, bulk. 12c; kerosene, bulk. 10c; cases, -20 6 22Ho. LINSEED OIL Raw. barrels, (1.67: cases, $1.77: boiled, barrels. 81-68: cases. 8L78. TURPENTINE In tanks, 65c; cases. 75c Naval Stores. SAVANNAH. Ga.. May 18. Turpentine, firm. 46 cents Sales. 101 barrels: receipts. 267 barrels: shipments, 10 barrels; stocks, 21,906 barrels. Boain. firm. 80c: receipts. 40K barrels: shipments. 61 barrels: stock, 94.81 barrela Quote: B, 86.70. D. 86.72H; E. 86.75; F. G, H. 86.80: L K, 86.85: M. $6.95; N. $7.05; WO. $7.30; WW. $7.40. Dried Fruit at New Tork. NIW TORK. May 18. Eva ported fplea. dull. Prunes, firm. Apricots and peaches, quiet. Raisins. I'ailly. CbJeaaw Dairy Produce. CHICAGO. May 18. Butter Unchanged. Eggs Receipts. 19,008 cases, unchanged. Oettea Market. SEW TORK, May 18. Cotton Spot, quiet; middling, -i. jSc Am Beet Sugar, American can.. Am Car A Fdry. American Loco.. Am 6m A Refg.. A9m Sugar Res Am Tel at Tei... Am Z L A 8 . . . . Anaconda Cop... Atchison AGAWISSL. Bait & Ohio. ... B & S Copper. .. California Petrol Canadian Paclf.. Central Leather. Cheaa as Ohio. .. Chi Mil A St P. Chi A N W C R I A P ctfs.. Chlno Copper. . . Colo ru A. iron. Corn Prod Refg. Crucible Steel.. Cuba Can Sugar. Sales. High. Low. NEW TORK, May 18. Shares of the steamship companies and a tew specialties monopolized the bulk of today's stock deal ings for the bull account. Industrials and equipments indicated further liquidation on unexpected trade developments, while rails of the better claas were almost ignored. Prospects of the early sale of the Mer cantile Marine's British tonnage on advan tageous terms brought further extensive gains to those issues, the preferred rising 4H. the common 2 and the 6 per cent bonds a 54- other shippings denoted moderate strengtn, the remaining features on th constructive side, including: Koyal Dutch Oil, ttloss Sheffield Steel. American Linseed ana eeconaary rails, such as New Haven. St- Paul. Baltimore A Ohio preferred and Western Pacific Extreme declines in United 8tatea 8teel and rail iasuea ran from 1 to 2 points, the setback being ascribed to the controversy now pending between producers and the uovernraeni respecting control oi output. Short covering effaced moat of these losses at tne enu. Baiea amounted to oou.ouu aharea. The bank statement in no sir reflected the week'a financial operatlona. Including payments for account of the new Liberty bonds. A decrease of about $55,000,000 cash of members at the Federal Reserve bank accompanied a contraction of $58,800,000 in actual reaervea, wiping out the greater part of last week's gain. Bonds were Irregular, Liberty Issues dis playing variable tendenciea. Salea, par value, aggregated $3,100,000. uniiBQ estates za and Panamas gained from to 2 per cent on call during the week. CLOSING STOCK QUOTATIONS. .losing bid. 4 4S1, 7 67 81 Ts 114 ley, ui 5 '4 111 64 V 23 5 lt 146 6 6114. 44i 82 H 2a 45 44 Ml 41 6W 811. 60 16 UK Mi 1241 Ul 3214, 15 103 Vs 29 42 38S S3 115 27 99 85 6S 20H 73 41 105 87 81 20 44 N 63 Va 25. 88 90 17 8514 24 41 154 124 131 Mi 110 Mi 23 In 92 I. 44 1 Oata Flraa aa Rcawlt etf Share Ilalge la Talnes at Winnipeg; Short Coyer! ns; Caascs Rise. CHICAGO, May 18. Conditions likely to facilitate planting bad a bearish Influence today on corn. The market closed unset tied, o tower to a shade advance, with May $1-27 1.27 H and July $1.40T to $1.41. Oata gained 14 to IVso and provialona ID to oac Downtuma In the price of corn began soon after the opening, and although eev era! rallies took place, the finish was at virtually the bottom figures of the day. At first, the resulting preaaure of offerings waa not heavy, but support was poor, and in later trading some of the principal houses sold freely, both on commission and cash account. Oata ascended because of a sharp bulge In values at Winnipeg. The Canadian rise waa attributed to coverlnga by shorts. Firmness in the hog market gave etrength to provialona Indtcatlona were that hog arrivals here next week would be a good deal lees numerous than during the corres ponding time last year. Leading futures ranged as follows: CORN. Open. High. Mar 81.27-K 1.27'i Milt 1.4 OATS. .75 H .76i .661a .87 mT MESS PORK. July May July Low. 1271 1.404 Close. $1.27. 1.40 74 .76 .68 li 13,900 1.300 2,300 l.SOO KO0 400 200 7,300 i'.ioo 2.5U0 700 600 1.200 2.3U0 200 .1400 ..$... 1.400 1.4U0 1.400 8.3UO 5.300 000 Distill Securities 10,900 1.200 200 1.700 800 1.700 65,500 7O0 600 400 1,200 Erie General Electric. General Motors.. Gt North pfd. Gt Nor ore ctxs. Illinois Central Int M M pfd. .. Inter Nickel... Inter Paper K C Southern . . Kennecott Cop.. Louis & Nasn. .. Maxwell Motors. Mexican Petrol.. Miami Copper... Missouri Paclf... Montana Power. Nevada Copper.. N T Central N Y N fct t. Nor AWest Northern Paclf.. Pacific Mall Pacif Tel A Tel. Pennsylvania . .. Pittsburg Coal.., Ray Consol Cop. Rep Ir & Steel.. 5.900 snat Ariz op Southern Paclf.. Southern Ry . .. Studebaker Co.. Texaa Co Union Pacific.. U S Ind Alcohol. U 8 Steel .... do pfd Utah Copper. . Western Union.. 200 Westing Electric 2.600 49 H 79 as 621s 114 98 4 16Mi oa)t iii 63Ml 25 1814 148 6914 58 i 45. 22i 4314 48 41 T4 7014 81 61 1614 150 125 91 32 104 29 Ml 42 18 S3 T4 4SV, 70 6714 81 113 V. 98 Va 1614 68 iioii 64 S 23 74 IS 146 14 8814 6S'j 43 2214 44 Mi 7"4 4114 6914 81 694 15 -M 149 Vs 124 Vs 91 "4 82 Ml 102" 20 42 1814 83. May Sept. 5,200 100 1,200 23 ""906 20T4 1,100. 73 -4 23,500 42 800 10814 30O 87 Mi 1.600 82 200 400 1.100 15,400 900 600 4,900 ' V.406 8.200 .101,000 300 700 44 64 26 90 H "854 241a 42 94 i24H 132 110. 110 84 "93" ' 44 984 "2314 "20S 72i 40. 105 87 0 '44 53 Ml 2.'. 87 Ml 8914 "8514 24 1 41 124 181 1094 110V4 83 924 434 Tota" ait toT lhe day 600'000 '' BONDS. tr S ref 2s V a ref 2s cou..97',4 U S 8s reg 9 U S 8s cou 99 U 8 4s reg U S 4s cou 105 Vs Am Smelt 6s.. .... Atcben gen 4s.. 8. -p R G ref 5s 63 V T Cent deb 6s 934 N P 4s N P 3s 59 Penn con 414.... 96 V4 South Pao cv 4a ... South Pao ref 4s Union Pao 4s...87 Union Pao cv 4a ... U S Steel 5s 994 South Pac cv Ba 94 Mi Anglo-French 5a 92 Vs it w Lin sm 99 V 8 Lib first 4s 95.08 II 8 Lib sec 4s. .95. lU 8 Lib 4 Vis.... 97.80 Bid. 52 IN Butte . lSVtlOld Dom . 71 Mu Osceola .. .445 Qulncy ... . lziaisupenor 49:up as 16 .. 44 .. 6314 .. 7314 5 ' Boston Mining Stocks. BOSTON, May 18. Closing Quotations Allouez Ariz Com .... Cal A Arts... Cal & Hecla.. - 1 tlt lliiKhBnnnn . 41a Franklin 9Utah Con 10 f.i. Roy (Cop) 28 Mi Winona 114 Lake Copper .. 7 4 .(Volvertne J8 Mohawk. I Money. Exchange. Etc. NEW TORK. May 18. Mercantile paper. four and SIX monine. n per cent. Sterling. 0-day . billa, $4.2; commer cial 60-day billa on banks. $4.72: commercial 60-day bills. $4.714: demand. $4.75V: cav- V. 1 , IB I'll. " . I I, M W-.X-TS, cablea S-OSH: gulldera, demand 50V4. cables 51; lire, oemana .v. w.un, demand lan, cau,. Bar allver. 99 He u..iMn dollars. 77c Government and railroad bonds. Irregular. invDON. May 18 Bar sliver, holiday. Money. 2Vs per cent. Discount rates, short hills. 3 Mi per cent; three months. 9-16 per cent. STOCKS AT HIGHEST POINT OF TEAR Markets Slay Rave IMaeoanted Developments for Seme Time te Coane. NEW TORK. May 18. Greater confidence In the outcome of the war. improving crop '. '42.00 42.60 . LARD. 24.95 25.00 24.87 2S.00 25.80 23.35 25.22 25.32 SHORT RIBS. 22.85 23.10 21.88 S3.0T 23.46 23.60 23.40 3.60 Sept. Cash prices were: Corn Nos. 2 and yellow, nominal; No. yellow. $1.85 01.45. Oats No. S white, 7777V4o; standard. 77. 78c Rye No, 3, . Barley $1.25 fit 1.50. Timothy $5 08. Clover $1828. Pork Nominal, Lard $24.75 0 24.80. Ribs $22.15022.75. Primary receipts Wheat. 857.000 vs. 384.- O0O bushels: com. 588.000 vs. 474.000 bushels: oata 6&0.000 VS. 693.000 bushela. Shipments wneat. DZ.000 vs. 1.091,000 bushels; corn. 462,000 vs. 866.000 bushels; oats. 700,000 vs. 739,000 bushela Clearances v heat, none vs. 108.O00 bush- Is: corn. 60,000 vs. 874,000 bushels: oats. 442.000 vs. 60.000 bushels; flour. 7000 vs. 7000 barrela. Minneapolis Grain Market. MINNEAPOLIS. May 18. Flax. 13.9314 O $.65 Vi. Barley, $1.150 L45. Grain at Ban Francisco. SAN FRANCISCO. May 18 Flour. $10.80 per barrel. liratn wneat. government price. S3.SO per cental; barley. $3.4503.55: oata. white feed, nominal; corn, California yellow, $3.83. Hay Wheat and wheat and oat. $23 0 25: tame bat. $24026; barley. $18 020; alfalfa. $17019; Barley straw, oumeuc Meals Aixaita, carioaa tots, $30; cocoa- nut. $43. BILLS ON HAND ARB REDUCED Liquidating Movement Shown la Federal Re serve Bank Statement. WASHINGTON, May 18. A pronouneed liquidating movement developed this week among Federal Reserve Banks, bills on hand dropping from si.X30.ooo.ooo to si. 122. 000 000. Gold reserves Increased $11,000,000. The condition of the 12 banks at the close of business last night was as follows Resourcsi Gold coin and certificates In vault g 479.fi29.OOn Gold settlement fund Federal Reserve Board 41S.H37.0O0 Gold with foreign agencies.... 62,500,000 Total gold held by banks... 850.866.000 Gold with Federal Keaerva agenta $ 815.536.000 Gold redemption runa 8,&02.ooo Total gold reserve $1,894,404,000 Legal tender notes, silver, etc.$ 68,308.000 Total reserves 8L952.712.000 Bills discounted for members and Federal Reaerve Banki..l 842.283. OOO Bills bought In open market.. 279.686.000 Total hlls on hand $1,122,131,000 TT. K. Government lona-term securities s ei.041.ooo u. . uovernmeni snort-term securities 7B.043.ooo All other earning assets 1.492.000 Total earning assets Due from other Federal Re serve Banka net (A)........ Uncollected Items Total deductions Irom gross denoalts .................... Five per cent redemption fund sgainsl t eaerai Keservo 43an notea AU other resources. .......... $1,237,727,000 L8S2.000 $84,301,000 S82.5O8.000 630.000 77.000 CARSTENS & EARLES, INCORPORATED INVESTMENT SECURITIES San Francisco Seattle Spokane 625 Market Street Second Floor Low man Building Exchange Bank Building- "Passed as not incompatible with the interests of the United States, but with out approval of the merits of security or legality of the bonds offered." Opinion No. 82. (Signed) CAPITAL ISSUES COMMITTEE OP THE FEDERAL RESERVE BOARD. As members of the distributing syndicate, we offer, strictly subject to prior sale: $5,000,000.00 SUTTER BASIN COMPANY Matter tossly, California. FIRST MORTGAGE 7 SERIAL GOLD BONDS Dated May 1st, 1918. Due serially ? 1,000,000.00 on March 15th in each of the years 1924 to 1928, inclusive. Interest payable semi-annually on May 1st and No vember 1st. Principal and interest payable in San Francisco, Anglo & London Paris National Bank, or in Chicago at Continental & Commercial Trust & Savings Bank ; or collected free of cost through the offices of Cars tens & Earlcs, Incorpo rated, Seattle, Spokane or San Francisco. COUPON BONDS DENOMINATIONS $300 AND $1000. Registrable as to principal and callable as a whole or in part at par and interest on four weeks' published notice. ' Trustees under the mortgage, Continental & Commercial Trust & Savings Bank, Chicago, and Anglo-California Trust Co., San Francisco. The company agrees to pay the normal Federal income tax up to 2. for the holders of its bonds. ' . PRICES, VARYING WITH MATURITIES. TO YTELD 7J2' We briefly summarize as follows, the salient features of the issue, of interest to investors. 1st Secured by closed first mortgage deed of trust on 44,000 acres of very; fertile farm land owned in fee by the company in Sutter County, California, situ ated approximately 22 miles north of Sacramento, in the Sacramento Valley, and within Reclamation District No. 1500. 2d The proceeds of this loan are to be used to pay. for extensive improve ments on the land already made and now in progress. Thorough drainage is being provided, the drainage system being approximately 00 completed to date. The company has contracted to deposit securities approved by the Banking Commis- sioner of California in an amount sufficient to guarantee the completion of this work. 3d The principal stockholders of the Sutter Basin Company are: J. Ogden Armour, of Chicago, and associates, and W. E. Gerber, President of California National Bank of Sacramento, and associates, who, between them, own 93 of the capital stock, Mr. Armour owning, personally 60. The stockholders, under the laws of California, are liable for their proportionate shares of all indebtedness in curred by the company and have filed with the Trustees under this mortgage, waiv ers of any rights which might limit the duration of this liability, making this issue of bonds substantially the unconditional obligation of the stockholders referred to. Mr. Armour's personal net worth alone is estimated at more than $150,000,000.00. 4th The land in its present condition (before completion of the drainage sys tem) yields excellent Summer crops, the 1917 yield from 20,000 acres being reported as approximately $1,200,000.00 with a net income to the company of $534,930.00. It is estimated that 40,000 acres will be under cultivation in 1918 with a propor tionate increase in the yield and net income. The land is devoted principally to barley, wheat, other grains and dairying, and thus serves a most excellent "war purpose." 5th The Trust Deed will provide that . no disbursements may be made to stockholders while any of these bonds are outstanding. 6th Three independent appraisals by competent authorities give an average valuation of $12,000,000.00 (in round numbers) for the lands under our mortgage when reclaimed. sasssassi asssi saeam esses. eat The validity of the bonds has been approved by Mayer, Meyer, Austrian & Piatt, of Chicago ; Goodf ellow, Eells, Moore & Or rick, of San Francisco, and Devlin & Devlin, of Sacramento. Recommendation: We have been thorough and conscientious, aa usual, in our investiga tions of the security behind this issue of bonds; we found the land fertile and splendidly located; the drainage work feasible and nearly complete; production and earnings already satisfactory and prospectively better under the improvements contemplated; and having pur chased our allotment of the issue outright with our own funds as the result of these investi gations, we confidently recommend the bonds to our clients for investment. We know of no land-secured bond in the market offering an equal combination of physical security, strong personal obligation and high yield. CARSTENS & EARLES, INCORPORATED SEATTLE, U. Sa A, MOVEMENT IS LESS Potato Shipments in Week Fall Off 500 Cars. Lone Island. N. T. .... -I.018 8.S5S Other New York " 4.P10 .Rrt4 Oregon 31 1.741 S.8.M Pennsylvania ......... 11 2.0SI Washington M 2.4-2 S.6.-.8 Wlaconaia. 238 12.K25 6,bi Others ail S3. 1171 .... GENERAL DEMAND ACTIVE Total resources 3, 571,655.000 Liabilities Capital paid In t 75.S13.OO0 s?urplua l.ai4.uMi Government deposits ..... 4o.753.0u0 Due to tnemoers reserve ac count 1.461. 138. 0O0 Collection Items 282,472,000 reposlts mciuams: xoreirn gov ernment credits. ........... . 114.596.000 - Total rross deposit $1,806,962,000 Federal Reserve notea In actual circulation 81. 58. 445.000 Federal Reserve Bank notes in circulation, net liabilities.... T.8T8.0O0 All other liabilities 12.8il.0U0 Total liabilities S3.&7S 655.000 Ratio ol sold reserves to net deposit and Federal Reserve note liabilities combined, 61.2 per cent. Ratio of total reaerree to net deposit and Federal Reserve notes combined. 6X1 per cent. A ) Net amount due to ether Federal Reserve Banks. With Southern Markets connnea Largely to New Crop, Local Stock Is Being Disposed Of In Cali fornia, Montana, Canada. Potato shipments took another relapse laat week and show a tailing off at nearly S0O cars or old etoca, and 100 cars of new stock. There has been an active demand in all the consuming markets, because of the National campaign for potato week, the trade being supplied br the heavy shipments of the two previous weeks. Prices have re mained falrlv steady, the small fluctuations being mostly the result .of local conditions. Reviewing market conditions in the past week. R. L. Ringer, in charge of the local office of the Bureau of Markets, says: "The new crop has about captured the Southern markets. Many old potatoes are till renins there from Idaho and Colorado. but Washington and Oregon shippers have practically withdrawn from tne neia ana .r. aendlna most of their stuff to California. Montana and Canada. The local prlcea have advanced the past week and the dealers nnd they can get from f 191.33 for fancy stoclc of which only a limited amount re mains. New potatoes are coming down steadily. They began to arrive In sacks the past week and will soon be coming in car Int. Xhe peak of production seems to be passed in Florida. It has shipped S074 cars of now potatoes this epnng. Louisiana ana south Carolina are strong competitors now and the crop la beginning to move from the Eaerla Lake region of Texaa. rnc for new ...ck are slightly stronger than a week ago. but In such marketa as Huston and New Orleans they are selling en a par with old stock. Many sections of the country are cleaning ap well on their old stock with the exception of the great lakes region. Mlehl- r - Wisconsin ana umneeota. ineir in m.ase crop OE ivii is ami dvio in S ' ' quantities. Every effort Is being made to dispose of them and they are the controlling feature of the market In every section et the land. "Carlot shipments of potatoes compare as follows: Shipped Totsl to 'Last May 10-16 date, seaeon California 41 1 - Colorado I" 11 9-J'J Idaho 1" i I71 Maine "2 . 13.213 2 52S Mlchtsan S2 e-032 S.856 Minnesota ........ . 14 lo.OTJ 10.375 atontana ............- a 4,,1 Nebraska 1 1 "' Nevada 1.37. X3 New Jersey 4 11.04 Totals . Alabama Florida Georgia ...... Louisiana ..... Mississippi .... South Carolina Texas ........ 1.456 142.1ST NSW STOCK. S 4 BPS S.074 109 S io 129 138 4 11 200 2.S65 0 9 """ii 67 Bops. Etc.. at Mew Tork. NEW YORK, May 18. Hops, hides root, 'unchane-ed. ind Totals 854 8 4.13 2.4A2 $ioo DeaomtamttoB BONDS Mature 1 10 Years Cash or Partial Payment Plan Ask for Details Call or Phone Lumber mens Trust Company CAPITAL aae SURPLUS 100.000 LuDibersiens Bids . Portland, Ore. OVERBECK & COOKE GO. Broken, Storka. Bonds. Cot tea, (rain. c,tc 216-217 BOARD OF TRADE BUM. MEMBERS CHICAGO BOARD OF IK AUK. Cerreepowdestts of I oral Bryaa. Chiracs and New lava. MEMBERS New Tork Stork Exenaage Ob trace Mock Eicbsacs Boaceel Btoca Eicasais Chicago Board of Trade iew serk Ceatoa Exchange New. Otieaae (Jottoa Earaeage iew York OoBTee Esrbaats New les-h Produce Exchange Uvcrpeal Cot tea Asa's "OIL The Master Industry! Mightiest of Fortnne Builders!!" HoiVs sV book TOQU enjoy reading. You will find it enllKhtninat and In tensely (laclDatlnc from Lb first word to tb last. It la filled with facta of eompelllnff fore about tho great oil industry tells how and wny stupendous proms vr quick ly reaauea from small Investment In succaaaf ul oil development enterprises. FKEE TO YOU! You may have a copy of the first edition of this bis;. boanUfuily boun d, 20. OOv- word boo k If y on wr i to at once. Your request for the free copy does not obligate you In the least. Learn how only a few dollars properly in vested In the oil business may open for tune's door for yon. This free distribution offer limited to the first edition. 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