.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
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