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.