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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (July 4, 1920)
I HE SUNDAY OliECOXIAN, PORTLAND, JULY 4, 1020 17 TRADE MAY TURN T Change in Demand Possible When Market Revives. RUN ON FINE NEARLY OVER x"a rni Bureau Federation Declares Growers Will Hold the Sew Clip for Better Prices. While they are waiting for the wool market to recover, men in the trade are doing- some speculating as to what direc tion the demand will take when business Is resumed. A prominent eastern wool man has expressed the opinion that the run on fine wools is ne-irly over and the future demand will favor the lower trades. He declares the demand for fine wools has lasted longer than is usual In the case of any one erad. and that he will be greatly surprised if his prediction does not tome true. He cannot believe that with so much of the lower grade wools on hand, some designer has not been working out attractive fabrics in which these grades will bo used. This would mean lower clothing prices. There is no shortage of tho grades of wool below fine, either In Boston or throughout the country, as far as ran be learned; a,nd no shortage of fine wools, even. In the country, though there it sy be with some Boston dealers. Manu facturers. It is figured from the last fig ures available, have good stocks of fine wools. It is pointed out, too, that most territorial wools are half blood and better, and that because of this there is no short age of fine wool Immediately In sight. So wool will be sold at prices prevailing since the bottom dropped out of the wool market a, month ago, the American farm bureau federation declared In a statement. "Wool growers have decided to hold their stocks for better prices," the statement aald. "The world's wool supply Is said not to be excessive and the needs are greater ttan ever before. Producers and dealers expect the price to recover rapidly now that confidence has been restored by the co operation of the treasury department." The federation's announcement naturally excited much interest In trading circles. Dealers admit that tho growers are en titled to a certain degree of consideration but the consensus of opinion is that unless the growers operate ou a liberal basis they are in danger of getting themselves into a position from which they will have great trouble In extricating themselves. Sold an eactern wool dealer: "Tho growers must bear in mind that there was on hand April 30. approximate ly MO. 000,000 pounds of wool. This stock represented what was in the hands of dealers and manufacturers, at.d did not take Into consideration stocks held by growers. With a heavy decrease tn the consumption of wool for the period of April, May and June, there would be. In round numbers, 750.000,000 pounds of wool fcvallable on June 30. This figure repre sents that which will be In the hands of dialers, manufacturers and growers. With the prow era holding out for a certain price the manufacturer will be ur.able to buy and at this point will come the real danger to the growers and It will be foreign wool competition. "There is also the danger of carrying this season's clip over until next year, or at least a large part of It, which would, naturally, create a most depressing effect on wool prices. Dealers and manufactur ers have takau lose3, and sooner" or later the grower must take his, also, and any attempt, throuKh concerted or Individual action, to avoid or halt a decline in wool prices, will only aggravate a situation that Is already full of dangers." OATS AKE LOWER ON LOCAL BOARD One Hundred Tons of August Millrun Sold at 30. The holiday spirit prevailed In the grain market yesterday and but little business was done. Oats bids at the exchange were lower. . Barley offers were again posted, but there were no bids on corn. One hundred tons of August millrun were old at $50. Weather conditions in the middle west, as wired from Chicago: "Northwest gen erally clear and fine. Missouri, Kansas City clear, tine, SO; showers early this morning. Omaha and Nebrska City clear and hot. Ohio valley, rain all night. Tennessee and Kentucky, clear and hot." San Francisco receipts for June: From Oregon, by rail, flour, 3200 quarters; via water, flour, 23.4S6 quarters; bran, 0034 sacks; shorts, 750 sacks; feed, 500 sacks. From Washington, via rail, flour, 1B00 quarters; via water, flour, 150,376 quarters; bran. 600 sacks; middlings, 1067 sacks; feed, 7810 lacks. From Nevada, flour, 10OO quarters. Terminal receipts, in cars, were reported by the Merchants' Exchange as follows: Wheat Barley Flour Oats Hay Portland Saturday .... f4 6 S .. ear ago Holiday. fcea n to aate.ho J 11 18 Vear ago Tacoma Friday Sean to date. Vear ago .... Seattle Kriday Sea'n to date. Year ago 2 10 1 BCI-tS FOR WOOL, WAREHOUSES RC illations Will Be IttHtied by Government in Near Future. Regulations govern In the handling of wool under the United States warehouie act, approved In 1910, will be Issued in the near future. Already regulations gov erning the handling of cotton, flax, tobac co and other commodities have been Issued and are now in effect. Under the act those who desire may apply to the department of agriculture for a license to operate warehouse, such warehouse to be under government supervision with the issuance of the license. Warehouse licenses In accordance with the act will be subject to Irregular exam ination by government officials. The act also provides that the books of licensed and bonded warehouses may be examined at any time by the proper officials, who will report as to the correctness of the accounts and as to the handling of the commodities stored therein. Officials are anxious to make the regula tions public at the earliest date possible. as it Is felt that these bonded and licensed warehouses will be of material assistance in handling this season s clip. The recent conference between the wool growers, deal ere, manufacturers and federal reserve bank officials brought to light the need of bet ter warehousing facilities and it was point ed out that with better storage facilities increased advances could be "expected by tne growers. BERRIES ARE FIRM ON MARKET Sew White Potatoes Will Be Offered at 8 Cents Tuesday. Four cars of cantaloupes arrived yester day, but they were all green. Good stock was worth $5. Watermelons were firm with an active movement. Raspberries and strawberries were strong at 4 on the early farmers' market. Hale's early peaches are due the middle of the week. Apricots are likely to be scarce. Most of the vegetables now offered are local grown. Tomatoes In the coming week w ill come from northern California, Stono variety, put up In lugs of about 28 pounds, with possibly some two-tier boxes. New potatoes are steadily declining. Cal- 0 COARSER WOOLS tfornla whites sold at 9V& cents and will be quoted at 8 cents when the market re-opens Tuesday. New Oregons brought 9'i cents and will probably drop to 0 cents. The demand is for well-graded stock. Buying Price of Eggs Raised. A demand for eggs for shipment to Cali fornia has developed and this has given strength to the local market. A car was shipped to Loa Angeles. Buyers last night sent out bids of 3914 cents net, Portland, for Tuesday's receipts. There was a moderate Inquiry for cube butter and a fair trade in prints Very little poultry arrived. Veal was steadier after the mid-week slump. Bank Clearings. The Portland bank statement follows: Clearings t6.750.970. Balances l.olu.944 Total Portland clearings for the past week and the same week last year were: 0::u ;;. 708,072 1919 21,VJ.735 PORTLAND MARKET QUOTATION'S Grain, Floor, Feed. Etc. Merchants' Exchange, noon session. 1 1 i Oats No. 3 white feed July. August. . .SU7.00 o6.00 Barley No. 3 blue . . . Standard feed Corn Millrun WHEAT New crop club, 61.00 60.00 R9.00 68.00 54.00 s.50 49.50 per bushel. -FLOUR Family patents, $13.75; bakers' hard wheat. 13.75: best bakers' patents. 113.75; pastry flour, 11.80; graham, $11.60; whole wheat, $11.80 . MILLKUKD Prices f. 0. b. mill: Mill run, $53i54 per ton. rolled barley, $73 74; rolled oats, $74Q75; scratch feed, $90 a91. CORN Whole, $82 83; cracked, $84 85 per ton. HAY Buying price f. o. b. Portland: Alfalfa. $28; cheat. $23.50; valley timothy. $354r36. Dairy and Country Traduce. j BUTTER Cubes, extras, 53 54c pound; prints, parchment wrappers, box lots, 67c per pound; cartons, 58c; half boxes, c more; less than half boxes, lc more; but terfat. No. 1, 65 56c per pound at sta tions; Portland delivery, 58c. EGGS buying price, current receipts. 37c. Jobbing prices to retailers: Can dled. 42e; selected. 44o. CHEESE Tillamook, f. o. b. Tillamook: Triplets, 29c; Young America, 30c; long- horns. 30c. POULTRY Hens. 1825c; broilers, 20 28c; ducks, 40 50c; geese, nominal; tur keys, nominal. PORK Fancy, 21o per pou,nd. VEAL Fancy. 17c per pound. Fruits and Vegetables. FRUITS Oranges, 5.507.25; lemons. $5.256.25 per box; grapefruit. 49.50 per box; bananas. 11 12c per pound; apples, new, $3.75 per box; strawberries. $44.25 per crate; cantaloupes. $2.255 per crate; cherries, 10fc2ac per lb.; water melons, 4 Ji Oo UjC per pound ; apricots. $2.75 per crate; pineapples. 17 Ms 20c per pound; peaches, $1.25G 1.75 per box; black figs, $3 per box; plums, $33.50 per box; currants. $2.50 per crate; pears, $4 per box; rasp berries, $4& 4.25 per crate. VEGETABLES Cabbage, 83V4c . per pound:; lettuce, $1.602 per crate; cu cumbers, $l2.25 per dozen; carrots, $4 4.50 per sack; horseradish, 25c per pound; garlic, 40c; tomatoes, $2.,254 per box; artichokes. $1.50 per dozen; spinach, 7Gi0c per pound: peas, 710c per pound; asparagus, $1.7562.25 per box; beans, 15 17 '4:0 per pound. POTATOES New Oregon, 6V4o per lb.; new California, 8Vfellc per lb. ONIONS Crystal wax, $1.50 per crate; red, $1.75 per sack; yellow, $2 per sack. Staple Groceries. Local jobbing quotations: SUGAR Sack basis: Cane, granulated. 23 '4c per pound. , HONEY New, $77.50 case. ' NUTS Walnuts, 2Uf3oc; Brarll nuts. 35c; filberts, 35c; almonds. 3838Mc: pea nuts. 1616Vjc; cocoanuts, 2 per dozen. SALT Half ground, 100s, $11.25 per ton; 60s. $18.75 per ton; dairy, $27.75 per ton. RICE Blue Rose. 15 c per pound. BEANS-Small white, 7Vtc; large white. 794c; pink. 154c; lima, 15c per pound; bayous, 11 Vic; Mexican reds, 10c per lb. COFFEE Roasted, in drums, 39 50c Hides and Pelts. HIDES Salted, 13c; green, lie; kip. 15c; calfskins, 25c; bulls, salted, 11c; green. c; dry hides, 22c; dry calf, 35c. PELTS Dry pelts, tine ana meaium long wool, 15c; dry pelts, coarse long wool, 10c. Provisions. Local Jobbing quotations: HAMS All sizes. 4345c; skinned, 40 45c: Dlcnlcs. 25c: cottage roll, 33c. LARD Tierce basis, 24c; shortening, c per pound. DRY SALT Short, clear backs, 25 20c per pound; plates, 23c. BACON Fancy. 49 55C ; standard, 33 45c per pound. Wool, Cascara, Etc. MOHAIR Nominal. TALLOW No. 1, 8010c per pound; No. 8c. CASCARA BARK Per pound, old peel. 12c: new peel, 10c per pound. WOOL Eastern Oregon fine, 60 54c; valley, medium, 3oo per pouna; vauey, coarse, 20c per pouna. GRAIN BAUS Car lots. 192UC. Oils. LINSEED OIL Raw, barrels. J1.83; raw, drums. xi.uu; raw, cases, i.va, boiled, barrels. 1.85; boiled, drums, 1.02; boiled, cases, $2. TURPENTINE Tanks. 2.1B; cases, 1.31.. COAL. OIL Iron barrels, 14VieiTc; cases, 27 40 84c. GASOLINE Iron barrels, -j'4c; tanic wagons, 2oWc; cases, 38c. i'uel OIL Bulk, 12. io per barrel. SMALL CHANGE !' TOTAL RESERVES Lane Increase In Bills on Band Reported by Board. WASHINGTON. July 3. The combined resources and liabilities of the 12 federal reserve banks at tne close or Dusiness Krldav. July 2. according- to the weekly statement of the federal reserve board was: Resources. Gold and gold certificates... 171.176.000 Gold settlement funds F. R. board 4irj,7o.oto Cold with foreign agencies.. Ill.u31.000 Total gold held by banks.. 683,467,000 Gold with federal reserva zmti . . I1.14K.1M1.WTO Gold redemption fund 130,285.000 Total gold reserves 11.071.696.000 Lecal tender notes, silver, etc.t 137,803.000 Total reserves .$2.100. 501,000 Bills discounted, all other. . .11,230.202, 000 Bills bought in open market. iwu.us..uuu Total bills on hand... .2.33,279.OO0 U. S. government bonds.... U. S. Victory notes U. S. certificates of Indebted ness Total earning assets . 26.792.000 BU.OO0 SO9.379.OO0 271.519,000 13.658,000 Bank premises t Uncollected items and other deductions trom gross oe posiis Five per cent redemption fund against F. R. bank notes.. All other resources 7S5.059.000 12.424.000 5.191.O0O Total resources .96.197.352,000 Liabilities. Capital paid in iM.5O4.OO0 1B4. 745.000 21.704,000 Snrnlus Government deposits rin. to members' reserve ac count 1.874.161.000 Deferred availability Items. . 672.103,000 Other deposits including for eign government credits:.. 71.OSO.000 Total notes lation . - in actual clrcu- $3,163,814,000 F. R. bank notes in circula tion net liability 189.232,000 Total liabilities 6,197.332.000 Ratio of total reserves to net deposits and F. R. note liabilities combined. 42.8 per cent. Ratio of gold reserves to F. R. notes In circulation after setting aside 33 per cent against net deposit liabilities, 47.2 per cent.' Increase in Surplus iteserve. NEW YORK. July 3. The actual con dition of clearing-house banks and trust companies for the week shows that they hold $53.423. 650 reserve In excess of legal requirements. This is an increase of $25, 368.370 from last week. New York Dairy Produee. NEW YORK, July 3. Butter Creamery higher than extras, 37 others unchanged. K.ggs irregular, unchanged. Cheese steady, unchanged. easy. LONG LINES AHE SOLD HUT IDEAL WEATHER CONDITIONS WEAKEN CORN. Chica go Market Closes at Near Bottom Prices Oats Trade Is Also Bearish. CHICAGO, July 3. Opening corn prices, which ranged from c to 2c lower, with September $1.53 H to 91.60 and December 91.&8 to $1.53 ', were followed by a moder ate reaction and then by a break to much under Initial figures. The close was nerv. ous. ic to UV-c down, with Septemberr $l.t3 to and December $1.51 to $1.32. After opening He to c off. Including September at 82 c to 83V4c. oats hard ened somewhat and then bagged again. Provisions recovered a little from yes terday's acu te depression. Enlarged receipts, together with ideal conditions to benefit growing corn, have done a good deal to make prices of corn this week average lower. . Compared with a week ago, quotations this morning varied from 7 He decline to an advance of 2 Vic. Oats showed a setback of 2c to 5c. In provisions there were losses ranging from 91.52 to 914.77. Cash prices were as follows: Wheat No. 5 red, 92.70; No. 2 hard, 92.80. Corn No. 2 mixed, 9 1.66 1.67; No. 2 yellow, 91.66' 1.67 He. Oats No. 2 white, 91.0801.09; No. 3 white, 91-U3&1.07. Rye- No sales. Barley 11. 40 a 1.47. Timothy seed 9lO12. Clover eeed 925 (fry 30. Pork Nominal. Lard Sit. Ribs 916.50 17.25. The Chicago market letter received yes terday by the Overbeck & Cooke company of Portland, said : "The feature of today's trading In corn was the liquidation of long lines. The weakness was based largely on perfect weather conditions and crop reports. Cash markets at primary pints continue to show a weakening tendency owing to a limited demand and receipts that are above requirements. Unsettled weather con ditions are forecast by Sunday over the north central states with continued liigh temperatures for tho next two or three" days over the middle states. A rally of about 2H cents from the extreme low was natural as many shorts were willing to accept profits in lieu of the two days' holiday. Ths close, however, was weak at neaT bottom prices. A factor of Im portance li the question of financing the crops at the present level of prices. Money is scarce and paying for grain at three or four times its normal value is a prob lem that. In our opinion, can only be solved by getting prices down to a sane basis. "Oats While oats were lower, they did not show as much of a decline as in corn. Crop reports are, on the whole, extremely flattering, the trade wa a little timid about putting out short lines for fear that weather conditions might turn for the worse over the holidays and Russell's news agency advises that 700,000 bushels pre viously sold to France had been canceled and that considerable Argentine oats were due to arrive In New York this month, thus relieving the domestic situation In the cast. We see nothing in the situa tion to change our bearish views. Provisions There was continued liquida tion of long provisions early which met the support of packing Interests at the de cline and prices closed Irregular." Leading futures ranged as follows: CORN. Opn. High. Low. Close, July.... Si. Oft $1.68V; 91.62 SI-3 Sept l.tttt 1.67 H 1.62 H l.H3'4 Doc 1.53 1.54 1.60 1.514 OATS. July 99 .99 H -06 .06 Sept 83 4 -84 H ,gU4 , .81 Dec 80 .S0H .78 -78 . MESS PORK. July 28.75 29.30 27.7 28.20 Sept 30.75 31.00 30.00 30.60 LARD. July 18.95 19.00 3 8.80 19.00 Sept 19.95 20.2O 19.70 20.00 SHORT RIBS. July 16.50 16.95 36.50 1695 Sept. . . . 17.80 17.85 17.50 17.80 Seattle Feed and Hay. 2lty delivery: Mill SEATTLE, July 8.- feed, $52 per ton; scratch feed; $92; feed wheat. $99: all-grain chop, $80; oats, $79; sprouting oats, $82; polled oats, $81; whole corn, $86; cracked corn, $88; rolled bar ley, $78; clipped barley, $83. May Eastern Washington mixed tlmo thy, $47 per ton; double compressed $51 alfalfa. $46: new alfalfa, $35; straw, $18. Minneapolis Grain Market. MINNEAPOLIS, Minn., July 3.- No. 1. J3.74M, 8 3.78H- STOCK MARKET IS OVER-SOLD Gains Easily Made on Moderate Baying of Speculative Issues. NEW TORK, July 8. The noteworthy feature of the week in the .securities mar ket, apart from Its extraordinary inertia, was the recuperative power manifested in the later dealings on moderate buying of the popular speculative stocks. This was true in euual measure of the bond market. Disinterested observers regarded these forward movements as a further sign of the market's technically weak or over sold condition. Although July disbursements will re lease some $350,000,000 of cash, the rigid attitude of the federal reserve board and financial Interests co-operating witn m organization remains unaltered. Proof of this was seen in tne rise oi commercial paper rates to o per cent, a quotation without precedent here since 190 1. Latest advices Irom abroaa point to greater stringency in London and on the continent. The week's statement of the Bank of England was conspicuous for an abrupt decline la treasury reserves to the smallest percentage m over nair a century. Domestic conditions remain obscurea by recurrent transportation troubles and fur ther reduction of activity in many lines of manufacture. Crop prospects are f vorable. however, and conservative opinion leans toward lower commodity prices and gradual trade readjustments. Money, Exchange, Etc. NEW YORK, July 3. Exchange, steady. Sterling, 60-day bills, tiO-lday bills on banks, 60-day bills, 3.89Vs; cables, $3.93. New York exchange per cent discount. Bar silver, domestic. $3.90; commercial $3.90; commercial demand. J3.94T4 on Montreal, 12 li 99Mc; foreign, 89 c. Mexican dollars, 67 He. LONDON. July 3. Bar silver. 31Vd per ounce. Mnnev. 4Vt ner cent. Discount rates, short bills, 6 per cent three months' bills, 6 11-16 per cent. CATTLE ARE LOWER 1 OR WEEK Hogs Are Quarter Higher and Sheep Are Th iivtnck. market was quiet yester day. The only receipts were 47 cattle and nn -aif and there were but few sales, in tone of the market at the close was steady. As compared with a week ago, the -inn veaterdav showed declines of 50 cent on steers. $1 on cows. $2 on calves and 50 cents on ewes. Hogs were 25 cents hizher. Lambs, yearlings and wethers were unchanged. The yard will be closed Monday. Sales yesterday were as follows: Wt. Price.l Wt. Price 1 -I...- . Slirt 7.25 6 cows 80S S 4.2 11 cows... 764 6.35 1 cow 900 3.00 Livestock prices at the Portland stock yards were as follows: Cattle Choice grass steera... Price. . $10.50 ijm.00 Good to choice Medium and good steers. Fair to good steers.......... Common to fair steers ...... Choice cowe and heifers..... Good to choice cows, heifers. Medium to good cows, heifers Vair to medium cows, heifers .. St.OOIWlll.iJ . 8-50& 0.5 . 7.00 ft 8.50 . . 7.0O 8.00 8.00 3P 8.50 . 7.00 8.00 6.00 7.00 5.00 6.00 Canners 3.50 4.o0 Bulls 6.00 7.00 Prime light calves 12.O0W13.00 Medlur.-i light calves 9.oo10.00 Heavy calves 7.000 8.50 Prime mixed 15.50016.00 Medium mixed 14.75 15.50 Smooth heavy 11. 25 13 75 Rough Heavy i.uiin. Pigs ii.iMS.i Shee Lambs 10.5011.00 Cull lambs 8.00 9.00 Yenrlings ...'. 7.O0 8.00 Wethers 6.00(9 7.50 Ev.ts z.oum e.oi Chicago Livestock Market. CHICAGO. July 3. Cattle receipts 3OO0 compared with week ago: Beef steers 50c to $1 lower; choice corn-fed butcher stock 50c to 75c lower; others $1 to $1.50 lowe canners slow to 2Sc lower; bologna trashy light bulls $1 to $1.50 lower; veal calves 2 to 92.50 lower; stockers and feeders 25c to 50o lower. Hog receipts 90u0, slow, 25c to 65c lower than yesterday's average; one load sold at 916.10, out of line; practical top, 13.80; poor grades off most. Sheep receipts 3000. bulk direct to pack ers; few sales, steady. No market Monday. Ksmsas City Livestock Market. KANSAS CITY, Mo., July S. Cattle re ceipts 1050. For week: Beef steers 50 75c lower; better grades she stock about steady; others OOcal lower; bulls 2550c lower; canners and calves mostly 50c9l lower; common calves off 92; stockers and feeders weak to 60c lower. Sheep, none. For week: All grades and classes generally 50c91 lower. Seattle Livestock Market. SEATTLE, July 3. Hogs Receipts none. Firm. Prime. 915.75ft 16 25: medium to hoice, 914.50frr15.75: roueh heavies. $11 13.60; pigs. 91213. Cattle Receipts none. Steady. Cattle uotations: Prime. 9 1 0.75 6a 1 1.25 : medium to choice, $9.50 10.50; common to good, S6.50&8: best cows and heifers. 19 (& 9.50: medium to choice, $.7.5008.50; common to swu, gi; duhs, 967; calves, 97 to 14. Kxchanges Are Closed. NEW YORK. July a. All markets were closed today with the exception of the cattle, dairy and country produce. The tock exchange will be closed Monday. SAN FRANCISCO. Cal.. July 8. In ob servance of holiday, all markets and ex changes here will be closed Monday. The stock and bond exchange will remain losed until the following Monday. July on annual vacation. Chicago Dairy Produce. CHICAGO, July 3. Butter Unchanged. Eggs Unchanged. Receipts 12,076 cases. DEFENSE SCORES IN TRIAL PROFITEERING CASE GOES OVER UNTIL, TUESDAY. Court Sustains Plea of Spokane Defendant to Withhold Inr come Tax Return. SPOKANE, Wash., July 3. (Spe- lar.) With the court, counsel, de fendants and jurymen in shirt sleeves. the grovernment's case under the Le ver anti-profiteering- act against the uuibertson, trote, Rankin company proceeded today. At noon adjourn ment was taken until Monday morn ing. The defense scored during the morning session, first when the court uled that a fair profit depends on service rendered, and second, when the court sustained the objection of the defendant's counsel to the Intro- uction of Culbertson's income tax report.. The government Introduced a cer- ifled copy of the Income tax return made by Culbertson to show certain lserepancles in the gross sales and ther figures. Defendant's counsel insisted - that the Income tax reports were confl- ential reports, and were Inadmissi ble as evidence for the reason that government agents are not supposed o disclose their contents. The court ruled that such a safe guard was placed about Income tax returns, and refused their admission. H. M. Blakeley. of Blakeleys. and Charles E. Frederick, secretary-treas urer of the Palace store, occupied the stand during the morning session. Mr. Blakeley testified that the 6.66 per cent which Culbertsons admit they made last year "wouldn't satisfy him." "I wouldn't be satis- ied with that profit." testified Blakeley. "It's too narrow a margin nd makes business too -risky." Blakeley testified that a 100 to 125 per cent markup originally was a custom on luxuries, and -50 to 75 er cent on staples. Blakeley testified "that it was the custom to get all a firm could get without regard to cost. DIVERT WATERS, IS PLAN EFFORTS UNDER WAY TO CON TROL FLOODS. Fuyallnp River Annually Cause Great Damage, In Fresliets to Farms. TACOMA, Wash.. July 3. (Special.) Planned to prevent the annual loss of thousands of dollars' worth of property from the flood waters of the Puyallup river. County Commissioner James R. O'Farrell today presented a proposal to the board, of which he is a member, to divert the Puyallup river below the power plant at Electron and the ultimate discharge into Puget sound through the Nisqually river. Mr. O Farrell pointed out to the board and in a letter to W. J. Roberts, engineer on the inter-county work of controlling flood waters, that the Puyallup river should be completely diverted at Electron and turned into Lake Kapowsin. Between lakes Kapowsin and Ohop, each of which is four miles long, it would be necessary to dig a canal three miles In length. The diverted water would run through the Ohop valley, pursuing the course of Ohop creek, to the Nis qually river and thence to Puget sound, the natural fall being 175 feet. Mr. O Farrell estimated the work would not cost in excess of 3500,000. Mr. Roberts will raake a survey of the plan Immediately. Flood waters of the Puyallup river have annually caused much damage in spring freshets, not only to farms but to Industrial plants. Pierce and King counties united several years ago to combat the situation. BOMB DESTROYS THEATER 150 Bodies Rumored Buried Under Debris of Building. BERLIN, July 3. The newspapers today published a dispatch from Sofia saying that the Odeon theater at Fhilippopolls, Bulgaria, was blown up by a bomb. It was said about 150 bodies were burled under the debris. Oddfellows Initiate Members. ALBANY, Or., July 8. Speclal.) A new lodge of the Independen Order of Odd Fellows was instituted tonight at Sweet Home, Linn county, by A: W. Bowersox of this city, pas grand master of the order In thl state, . who was appointed specia deputy grand master to institute the ledge. The initiatory work at th Installation was conducted .by mem bcrs of lodges at Albany, Lebanon Brownsville and Crawfordsville. The ceremonies were begun this after noon and were concluded late tonight. . Ready to Fight Forest Fires. ALBANT, Or.. July 3. (Special.) Though no forest fire danger has de veloped yet in the Santiam national forest observers are being placed on lookout stations and crews are work repairing trails, and making improvements so that the forest serv ice will, be ready and equipped handle any situation. Observers wen on duty this week at four of the lead ing lookout stations and others will take their places within tbe next few days. PETITIONS FILED IN TIME ORiiGOJSIAXS TO VOTE OS TWO XEW MEASURES. State Market Commission and Di vided Legislative Session Are Proposed. Oregon cltisens will be called upon at the general election to vote upon two initiative measures, one creating a state market commission and the other providing for a divided stMlon of the state legislature, through the filing late' Thursday evening of petitions sponsored by the state taxpayers' league. Aa the petitions had not been filed by early evening of July 1, the last dajr for filing initiative petitions, it was reported that the measures would not get on the ballot. However, representatives of the organixation behind the two measures rushed the petitions, with suff iclent . signatures, to Balem, and had them in the hands of Secretary of State Kozer by 11 o'clock that night. In the effort to place the measures, which had been held up at the county courthouse for checking over, and had each In the neighborhood of 15,000 signers, Paul D. Murphy of the tax payers' league, H. B. Linker of the Title & Trust company, James Oleason, deputy county clerk, and W. J. Rariden, a newspaper man, took the petitions by automobile from here to Salem Thursday evening. At one point, where a detour of several miles would have been necessary be cause of a blocked road, the men drove the automobile over the rail road trestle and saved the loss of time which might have prevented the petitions from being filed in time. SOME ISSUES STRONGER ICTORY NOTES SELLING TO YIELD 6.33 PER CENT. Weakening Develops In Certain In. stances as Compared With Statement Last Week. SAN FRANCISCO. Cal., July 3 .'he week's transactions In liberty bonds on tbe Pacific coast showed ictory notes of the 4 per cent isBue still offering the strongest Induce ment to permanent Investors with a ield of 6.33 per cent, according to the weekly statement of the San ranclsco federal reserve bank based on market quotations at the close of usiness at noon today. There was strengthening of some Issues, while others weakened slightly as compared with last week s statement. Today s table follows: First l'berty loan, 3 per cent In erest rate, market price 91.12, ap proximate yield 4.05 per' cent; first 4s 5, 5.01 per cent; first 4Kb su.75 5.24 per cent; second 4s 85, 5.12 per cent; second 4 lis 85.25, 5.40 per cent third 4 s 89.50. 5.90 per cent; fourth is 85.62, 5.51 per cent; victory 4s 5.87, 6.33 per cent; victory 3 95.87. 5.31 per cent. MAZAMA CLUB ON OUTING Trails Around" Lake .'Marked So Nobody Can Get Lost. HOOD RIVER, Or., July 3. (Spe cial.) For the first time in history the nation's birth will be celebrated tomorrow at Lost Lake, where 85 Mazamas will shoot fireworks and lis ten to an oration. Sixty of the recreationists arriving here aboard the O.-W. local express this morning were taken to Dee by special train over the Mount Hood railway line. About 20 others, headed by E. C Sam mons, president, motored into the Lost lake country this evening. All baggage of the party was hauled to Lost lake and the camp ar ranged yesterday by Miss Harriett Monroe, who with Miss Margaret Peterson will lead 25 of the party to morrow to Wahtum lake, returning to the Columbia River highway down Herman creek. The first party ar riving today hiked .n the 14 miles from Dee to the Jake. "I anticipate a successful outing,' said Miss Monroe ;3-lay. "I have marked all the' trials around the lake with red banners and I don't believe anybody can get lost." PARIS TO FLY U. S. FLAG Monuments to lie Decorated and Schools to Honor America. PARIS, July 3. Inetructlons have been given by the French govern ment for the decoration of the prin- pal public monuments throughout Paris with French and American col ors on July 4. The minister of public instruction has asked the authorities of French universities to hold exercises on that day, emphasizing the role played by Franc in the American war of inde pendence. FACTORY CONTRACT LET Seattle Firm to Build American Can Company Plant Here. SEATTLE, Wash., July 3. (Spe clal.) Contract for the construction of a group of seven reinforced con Crete factory buildings for the Ameri can Can company on the old fair grounds at Portland, at a cost of f l.lOO.OOO, has been awarded to A. W Quist & Co. of Seattle, builders of the American Can company's Seattle plant. It was announced here today. The Portland factory group will have seven acres of floor space. CHECK URUGUAY'S BIGGEST $10,000,000 Paid by Britain as First Installment on Loan. MOXTEVIDKO, Uruguay, July 3. The Anglo-South American bank de llvered a check yesterday to the Bank of the Republic for $10,000,000 gold as payment by the British government of tte first installment for credits given Great Britain by Uruguay for the purchase of products of the country. The check was the largest ever drawn in this country. - Irrigation Water Tsod. TAKIMA, Wash., July S (Special.) Investigating a case of typhoid in this city, the city health officer found that not only the family to which the, victim belonged, but also many other residents had connected up the irriga tion pipes in their yards with their house hydrants to beat the water company's charges. Released in Time to Celebralc. ALBANY. Or., July 3. (Special.) After being in jail lor more than three month. George A. Barley of Har rl&burg obtained his liberty in time to celebrate the nation's birthday. Me was released yesterday when he suc ceeded in furnishing ball bonds for his appearance at the next term of circuit court. Barley is awaiting the action of the Linn county grand jury on statutory charges. At the grand Jury session Just before the May term of court he was indicted on three charges, but the indictments were re submitted to the grand jury. BRYAN WILL SPEAK HERE CONVENTION" TO BE DISCVSSED BY DEMOCRATIC LEADER. Address to Be Made in Public Auditorium on Tuesday or Possibly Wednesday. William Jennings Bryan is to tell Portland some of the inside facts of the democratic and the republican national conventions and will discuss the subject of politics, leagues and liquor in general. Negotiations were completed yesterday by Hal M. White, manager of the public auditorium. whereby Mr. Bryan will come here Tuesday or Wednesday. An admission charge will be made to cover ex penses. The definite data of the meeting was not certain last night owing to the prolonging of the convention at San Francisco. It is Mr. Bryan's inr tention, however, to leave as soon as possible and come direot to Portland en route east. Local democrats will arrange for his reception and enter tainment while in the city. This will be Mr. Bryan a first ap pearance In the public auditorium and will be his first trip to Portland in several years. DAILY CITY STATISTICS Vaneonver Marriaa-e Licenses. GOXEAC-BEXNET7 Ednr Uonesu. 30. sud Betty BfnnMt, 27. both of Portland. HlliHKS-MAUl.E Virgil R. Hutches, 21. and Mildred Maule. 22. both of I'ortland. COLB-HUSI.AUE Robert M. Cole, 25, St. Joseph. Mo., and Mabel Huslace. 20. Tlftard. Or. HOOD-ALLBERRT Perclval Hood, le gal. Portland, and Carrie B. Allberry. le cal. of Prencott. Or. CLASSEN-STONE Elmer R. Classen, leftal, and Mud C. Stone, lesaL both ot Vancouver, Waith. 1 BKKS1K-MOLK8 Torn Bersle. 28, and Amv E. Moles. 2. both of Willamette. Or. BOLTON-CARR John X. Bolton. 22, and Allre Carr. 27. both of Portland. GRANIER-SCHMIU Clyde C. Uranier, 2S. and Roue B. Schmid. 30. both ot Port land. Ol.SON-PA.LO GuM&ve Olson. 29, Hali, Wish., and Alma Palo, 27. New Vork 31111k. Minn. EOFF-KUGE Henry Eoff. 43. Indepen dence. Or., and Margaret Edce. 25. tiaiem, Or. WEBER-FINNKT Walter C. Weber, 33. Carson. Wash., and Mildred Finney, 20, Tillamook, Or. QUIVUV-BUIS Wilber V. Qulvey, 2S, and Marie Buis. IK. both of Portland. THOMPSON-JOHNSON Frank Thomp son, 27. San Krancleco, and Ellen John son, 111. Warren. Or. KlNU-McCAM ANT John E. Kin. 38, Fresno. Cal., and Bessie M. McCamant. 32, Spokane. Wash. LLNOAN-WITT J. Edwin Duncan, 4S. West Timber. Or., and Sophia Wilt. 32, Hlllsboro. Or. ASHKORO-ALLARD Francis Ashford. 42. and Kerne li. Allard. IS. both ot Perl- 'cOTOSE-ODOM Ana-ela Cotone. 27, and Arni N Odnm both of I'ortland. MARKEL-STL'BBS Raymond Paul Mar kei. 21. and Ann Marion Stubbs, 21, both ot Vancouver. RARHVTRlIir.KAU Rlehard R. Barry. 28. and Asnes Strauarham, 16. both of Lamont. Wash. . COCRTNEY-TRONNES W 1 I I I a m R. Courtney. :io, Yacoli, Wash., and Ruth H. Tronnes. 10. Helaon. Wash. CJRAHAM-LA KLEMME William L. Graham. 20. and Clara LaFlemme. 25. both of Portland. OVERALL-BALDWIN Fred N. Overall, 82. and Laura Baldwin. 32. both ot Port- "laWRENCE-MATTSON Clyde Law rence. 22. Portland, and Reina K. Matt son. 21. Astoria. KENNEDY-WHITE William J. Ken nedy. 30. and Vestra A, White. 30. both of Vancouver. w , YODEH-REDMAN Theodore B. Yoder. 21. and May Redman. 19. both of Port- '"biOGERSTAFF-CLARK David O. Bis;-e-erstaff. 35, and Llllle M. Clark. 38. both of Portland. . STAFKORD-BAIRD H. S. Stafford. 20, and Cynthia E. Balrd. IS. both of Port land. PETITE-TECTMETER Irvlna; R. Pe tite. 20. RidKofleld. Wash., and wiima s. Tegtmeyer. 2. Muskegon. Mich. JOHNSO.N-Wbl)b. Axel Jonn- son. 27. and uunnua v eaen. --. ootu 01 Portland. DAILY METEOROLOGICAL REPORT. PORTLAND. Or., July 3. Maximum temperature, 84 deirrees: minimum tem perature. .17 detrrees. River reading, S A. -M... l.t.. reel: cnanise 1 iaai nouro. 0 1-foot fall. Totall rainfall 6 P. M. to 6 P. M.). none; total rainfall since September 1. 1919. 3.1.:t3 Inches: normal rainfall since September 1, 44.07 Inches; deficiency of rainfall since September 1, J019. 10.74 Indies. sunrise. a. sunset. S:03 p. M.: total sunsnine, 10 nouro 40 minutes; possible sunshine.' 13 hours 40 minutes. Moonrlse, 0:11 P. M. ; moon. ael. 6:07 A. M. Barometer (reduced sea level. . . incnes. neianvu Hu midity: 5 A. M.. 77 per cent; noon. 47 per cent; 3 P. M.. 33 per cent. THE WEATHER. Wind Weathei STATIONS. Baker 541 .. . O.OllI . .IN WjCloudy 4 00 O.OOilO.NWlPt. cloudy .'. 64 0.741. . NWIRaln 50! S4 0.O0I.J8B IClear 741 B.O.OO14N Clear 6S! 8S;0.,14,SE Cloudy 721 KSO.OO1..IB IClear 521 B4 0.0OI.. IN (Cloudy 7S Stl0.0'l..iS ICloudy Boise Boston Calgary Chicago Denver Des Moines.. Eureka .... Galveston . . Helena 641 84 0.001. 4254ill.02. 70 4 0.34. NW Pt. ciouay Pt. cloudy t Juneau W E Kansas City. Clear 1.0s Ancelcs. 5( 7S 0.0O . SW fclear Marshfield ux:o.oo. . N W NE Clear Medford Minneapolis.. 57 78,0.04 . . Cloudy New Orleansl ROIO.OO'IO SB Rain Clear New York . North Head Phoenix ... Pocatello .. Portland .. Rosebura; . . Sacramento. . St. Louis . Salt Lake . San Dleiro . B4 741.641. JSE 521 600.0(1 10'SW 74:106 0.00 10V 2 KS O.0O:i0:S no 84 o.ool. . isw Cloudy Clear Pt. cloudy K.-lear 50 82 0.00 . .IN W Clear 541 74! 7S O.OO! . .ISW Clear 06 O.OOI14 VW Clear Cloudy I 6il! 00 0. 001. .ISW O.ool. . .N"WfClear S. Francisco. Seattle ...... tsitka Spokane Tacoma Tatoosh laid. tValdes Walla Walla Washington.. Winnipeg ... Yakima 56 os 0.00:2 4 NW Clear 54 78 O.OO . .W Cle 56 0.00 ... ... Clear Clear 61)1 02,0.00 10,W 04 80 O.Ooi. .N 4.8 60 0.00 28, S 50 0 O.ool. .ISW 70I 1)0 0. 001. . ISW 68', 88 O.SSl. .W .-. ROO.OOllBSE Clear Clear KMoudy Clear Pt. cloudy ciouay Clear 541 04 0.00;. .INW tA. ins. d; today. P. M. report of preced. FORECASTS, and vicinity Fair; Portland westerly Orejpon Fair: moderate westerly winds. Wasninarron 1 " " vv. ... . i . n,i.r.t westerly winds. Tri'ahn Kslr. except showers and tnun- A.mtnrma in the mountains; cooler north portion. . Window Decorator Goes East. Uiirnim J. B. Tennent. window dis nlav manager for the Meier & Frank STOCKS on Any Market. LIBERTY BONDS Bought Sold Quoted. Herrins Rhodes inc. ESTABLISHED los. STOCKS and BONDS. Railway Uirhissc Hide. Main 2M3. Seattle Portland Tacoma. Members Chicago Board of Trade. Mfcj.. Tax Exempt Bonds r INVESTMENTS j XTLY is a great investment month and 1920 right now is the best J time to buy choice municipal bonds. t Do not let that interest money or any other funds lie idle, ' but cash in on the magnificent opportunities now available in the many excellent issues of Northwest municipals which we own and offer, j These 6plendid securities, absolutely safe, are selling at remarkably low prices and are j Yielding to 7 Per Cent j We have mnmeroan insnes of mantcipala, vrhiek irr vnheattatf narl-T re- ommend. Hnllrtln No. 17S. latent out, curries details that are of Interest ; to every Investor. If yon have not bad a copy and vrtsh one, we shall be i glad to anpply jou noon request. r Morris Brothers uss Comtm. A fPr9mtercNunjcipaSond7ous9 Seattle MORRIS DI.Df.., San Francisco Central Bids. PORTLAND. OR. Mer.Nat.Bldg. OnkMiuiow . Osvva- To Make V'.- THE CANNERY." people will tell you that nothing is safe that pays more than 8. If that were so there would be very few rich men or women in the world today. There are hundreds of investments absolutely safe, that pay hundreds of per cent every year. These investments were made at the start, at the beginning of things. We offer you for a very short time an ABSOLUTELY SAFE invest ment that will undoubtedly pay 50To or more every year, and grow more valuable every year. We have just purchased and are operating an old established salmon, clam, beef and vegetable cannery, a gen eral store, a1 hotel and a water transportation business, all so strate gically located as to be without competition. We are packing and expect to pack 25,000 cases of red salmon this year. This week we will launch our new f 20,000 freighter that will be placed on this 7-hour run, carry 65 tons at a load, with a freight rate of $15 a ton each way. We are not speculating. Every case of goods we pack is CONTRACTED for before it is packed. We have enough freight in sight to pay for the boat in a few months. This week we let the contract for the new tourist hotel and every room is engaged for months ahead. Every dollar you invest with us is used to increase our output, to enlarge the business. There is no promotion stock, no debts, no agents, no salaries to officers. Every employe is a heavy stockholder. The company is indorsed by the banks. Commercial Club and business houses. The capital stock is only $100,000, all non-assessable. The shares just now are selling for TEN CEiTS. You can invest any sum from $25 up. Send today for our descriptive circular; it contains map and full par ticulars of the entire proposition. It is free. Queets Trading Co., Hoquiam, Wash. company, eft last nifitht to attend the International Association of Dis play Men's convention at Detroit. July 12 to 15, at which he will officiate as judge of window displays. After the convention. Mr. Tennent will visit all the principal cities of the east, where he will inspect the displays of the leading stores. George Jim Faints. TAKIMA. Wash.. July 3. (Special.) George Jim. Yakima Indian, recently acquitted of the murder of a medicine man he asserted had cast a spell over Jim's young son. fell on the sidewalk here yesterday apparently dead. Friends called an undertaker, but a doctor beat him to the case and George Jim still lives. Kelso Merchant Injured. KELSO, "Wash.. July 3. (Special.) E. m. Brown, Kelso- merchant, sus tained a severely sprained ankla while fishing on the Coweeman river this week. A large rock, on which he stepped while fishing, turned over, catching his foot against another rock. Cedars Transfer Favored. SALEM. Or.. July 3. (Special.) Governor Olcott, Sam A. Kozer. secre tary of state, and R. B.- Goodin, state purchasing agent, returned here last night from Portland, where they paid an official visit to the Cedars. Both YAKIMA in 1919 shipped agricultural products aggregating in value $45,602,576 We own and offer $40,000 of the City of Toppenish 7Co Street Improvement Bonds at par and accrued interest to yield a full I've, Income Tax Exempt. Toppenish is the sec ond city in Yakima county just nineteen miles from the City of Yakima the trade center of a vast agricultural territory. Sugar, alfalfa, fruit, hogs, cat tle and water in abundance have made the Yakima Valley the most productive and the wealthiest agricultural district in the Northwest. These bonds mature during one to ten years. Denomination $200. Price par and accrued interest. Cash or Partial Pay ment Plan. "Wire orders "collect-" Details on application 8 Sieoat RjDoiSj? Maim 66 a I MCxrrwwrsTERN bank elds. IliliiiiiiES 1 - iia.B I' Northwest Municipals Csraaussfe CtKTUVT . a Fortune The way most people make a for tune is by investing in. something "at the start," investing when the price is low, holding onto it, or sell ing when the price is high. No one ever made a fortune by merely sav ing wages or salary. Saving is a commendable habit, but you MUST invest your savings if you ever ex--pect to become independent. Many Governor Olcott and Secretary of State Kozer were highly pleased with tne institution, and believe it should he placed under state control at the earliest opportunity. A bill malt in it this possible probably will be present ed to the state legislature at Its next session. Phone your want ads to The Oreco- nlnn. Mnin 7070. Automatic KflO-95. Berlin 4 Bonds Vienna 5 Bonds now being offered by us at the closest possible margin, the first for immediate, the latter for delayed delivery. Write now for descrip tive circular and price. Transatlantic Estates & Credit Co., Inc. 222 Chamber of Commerce BIdg. Mar. 205 OVERBECK & COOKE CO. Brokers, gterka. Kin da. Cata Grata. Lte. E16-Z17 BOABU OF 1RADI BLiDO aLEalitsilU CHICAGO UOAJtU or 1HAD& MEMBK1U Crrapfidents f Leraa a Bfraa. Cbicaa and aw lark. New T-k Stock Exchange Chirac Stock Exchange. Bastes Stock Exebanga. Chieaao Board of Trad a. New Vork Cotton Exchange. New Orleans Cotton Exchange Ktw Vork Coffeo Kxchangaw 2ew Vork Produoo Exchange. Liverpool Cotton AaeociaUon. NOTICE TO SHAREHOLDERS Gold field Merger Mlnea Co. Reorjcnalzed Atlanta Mlnea Co. Reorganized Blue Boll Mining: Co. C. O. 1). Consolidated Mines Co. t.oldfleld Combination Mining; Co. Mllltann Mining; Co. Please communicate immediate ly with the undersigned Secretary in order that you may be advised of the plan of merging the above companies into the Cioidfield Deep Mines Company. Please state number of chares you own. H. G. McMAHON. Secretary, Goldf ield. Nevada.