The Sunday Oregonian. (Portland, Ore.) 1881-current, March 20, 1921, Section One, Image 21

The Sunday Oregonian., March 20, 1921, Section One, Page 21, Image 21

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Newspaper Page Textt TIIE -SUNDAY' OREGON! AX," PORTLAND, MATiCIT 20, 1921 21 HOP BUYING HEAVY Oi PACIFIC COAST Four Thousand Bales Are Taken at Advances. ALL MARKETS ARE STRONG Twenty Cents Paid for Good Quality of Oregons Bulk of Pur chasing In California. There has been extensive buying of hops on the Pacific Coast In the last few days at a sharp advance In prices. It Is figured by local dealers that close to 4000 bales changed bands In the three states. Most of the buying was In California where the bulk of the unsold supply remains. Up to 21 cents was paid for the best California grades and 20 cents was paid for a good Oregon lot. The poorer grades of hops have also advanced in price with the betters qualities. There are less than 3000 bales of hops left unsold In Oregon and dealers report buying more difficult. The demand, which is almost entirely from the East, shows a revival of Inter est by the laree brewers since the federal ruling was announced permitting the sale of beer for medicinal purposes. Dealers inquiries also indicate a better trade wltn home brewers, which Is to be expected with the approach of warmer weather. There is some doubt as to whether the agitation for an embargo on imports from Germany can be obtained, as it is under stood the financial authorities in the East are opposed to such a move because of the effect it may have on the exchange situation, but the hop men here are de termined that there shall be no let up in the campaign for a higher . tariff on hop imports. It is their hope that an emer gency tariff will be enacted which will give the hop Industry of the Pacific Coast immediate relief. TWO-CENT IKOP IN WHEAT BIDS Country Prices Down to Lowest Point of, Season. Wheat prices dropped again yesterday in all markets. On the local board bids on bit grades were down 2 cents and offers tent to the country were as low as during the slump in January. The amount of business done was said to be email. One hundred tons of May white oats were sold at the exchange at $34.50, or fiO cents more than was bid on Fridry, but offers for the other deliveries were AO cents lower. There was no demand for barley. Corn bids ranged from unchanged to 50 cents lower. Eastern advices reported the sale of 100,000 to 120,000 bushels of rye for ex port. Australian wheat shipments for the week were 1,300,000 bushels and Indian ship ments were 41G..000 bunhels. Terminal receipts, in cars, were reported by the Merchants' Exchange as follows: f oriiana w nem.uar.r iour.jais.ay. Haturday 43 1 1 Year ago 78 . . . 22 . . . 2ft Total this week 243 6 13 . 13 iS Year ago 303 ... 104 1 115 Neason to dute 12740 2)! t35 42tt 113 Year ago GD02 100 3307 412 11)33 1 acorn a Friday 5 .. 3 1 Year ago 1! . . . 1H 1 1 Season to date 37NO 47 71 109 770 Vear apro 0123 72 2412 101 731 Seattle Friday 1 ... 4 Year ago 15 ... 3 Season to date 4000 mi 30 37' 1151 "Year ago 5270 231 C41 022 1122 AVERAGE PRICES ON STOCKS HIGHER Tax Payment Period Passed Without Dis turbance of Money Market. NEW YORK. March ID. Compared with recent periods, the week on the stock ex change and in the principal commodity markets was fairly stable, even though further liquidation and price depreciation occasionally assumed formidable propor tions. Recoveries of 5 to 12 points were made by' a number of prominent industrials and specialties. Rails were dull when not re actionary. Financial and Industrial conditions were rendered more uncertain by poor railroad earnings and an expansion of the labor problem. A comprehensive survey of the general business situation disclosed in creasing backwardness in the ateel, copper, oil and tobacco trades. The most encouraging feature was the passing of the critical federal tax pay ment period without the slightest disturb ance to money rates. In the open market H per cent was the minimum quotation for call loans, but in private negotiations free supplies at fi per cent were obtainable. Smaller bank clearings and reduction of commercial loans were barometers of the more cautious position adopted by the con suming public. Preliminary figures point to another large decline of imports for the current month. Gold continued to flow into this market in large volume from all parts of Europe and more remote centers. The strength ening of remittances to certain centers, Including Italy and so-called war neu trals, seemed to have little or no relation to the German Indemnity situation. SEED POTATOES ARE IN DEMAND Good Shipping Movement to Points In Cali fornia. There Is a good movement of seed po tatoes to California and buyers are op erating on the basis of $1 to growers. Lo cal jobbing trade in potatoes continues slack. In the east round white potatoes lost about one-third of the previous week's ad vance at northern shipping stations, clos ing $1 to $1.20 sacked. Car lots In Chi cago held at $1.20 to $1.25. Other middle western wholesale markets were- firm at $1.40 to $1.65. At Colorado shipping points, rurals made further galna of 15 to 20c, reaching $1.15 to $1.25 f. o. b. cash track to growers and at Idaho points ' closed 25 to 30c higher, around $1 wagon loads cash to growers. Round whites lost most of the previous week's gains at New Tork shipping stations closing $1.05 to $1.10 sacked. Bulk stock held at $1.50 to $1.65 In New Tork. Maine Green Moun tains were steady f. o. b. at 95c to $1.05 bulk. Sacked stock made further ad vance of 15 to 20c In Boston to a close of $1.60 to $1.65. ' Shipments of potatoes continued to In crease, . the rate of movement reaching 3773 cars, compared with 3349 the week before and with 2452 during the corre sponding week a year ago. TWENTY CENTS OFFEBED FOR EGGS Burins Price Cat Owing to Lack of Ship ping Outlet. The lack erf a shipping outlet for eggs Is- putting the local market lower. . Yes terday's large receipts were taken at 23 cents, but the lending buyers announced they would pay only 20 cents for Monday's arrivals, as they could see nothing to do with them except put them Into storage. Kfforta to find some place In tha western territory that would buy eggs, ven at the current low prices, failed. Local con sumption Is heavier, but It calls for only small part of tha dally receipts. The eastern egg markets were lower yesterday at Chicago, storage pack sold In carlota at 27 cents. The butter market was weak ax th close with practically no demand for cubes. It was expected announcement would be made of a decline In prints Monday, but it was not forthcoming. The market, will probably be lowered Tuesday. The poultry market was firm with small receipts. Dreeeed pork was Jso firm and veal waa weak and slow. LOCAL APPLE TRADE IS BETTER Sales of' Oregon Fruit at ew York and - ( Boston Auctions. There waa a good local movement In apples during the week, both red and yel low sorts meeting an improved demand. Prices were on a firmer basis and ranged as follows, according to size and grade: Winesaps, $1.50)4; Spitzenbergs, $2.253; yellow Newtown. $1.39 P 2.75; Arkansas Blacks. II.50 4J3. At the New Tork auction, Oregon ap ples sold as follows: 1505 boxes Newtowns, extra fancy, medium to large, $1.45 2.05, mostly $1.451.00; small lot as high aa $2.853.25; 875 boxes Winesaps. extra fancy, large, $3.40; medium. $2.30 3, mostly $2.302.65; small, $1.75i)2.15; fancy medium. $2.35; small, $1.0002.15; 1460 boxes Newtowns, choice, best large, $2.853.25; poor condition all sizes. $1,600 225; 2320 boxes Newtowns, extra fancy large, $2.653.30; one small lot, $2.62 8 45; medium, $1.8502.33. At the Boston auction a car of Oregon Arkansas Blacks, extra fancy, all sizes, said at $2.10 9 3.85, averaging $2.65; fancy, all sizes, $202.93, averaging $2.61. Flour Production Is Lighter. There ha, been a marked decrease In (lour production In th northwest this year aa compared with last year. The output of Portland. Seattle and Tacoma mill In barrels from July 1. 19-0. to March 1, 11)21. compares as follows: 1921. 1920. Portland 701,438 1.04!,R!) Seattle Rf.J8 l,2im.42 Tacoma 523,71 1.2'JH.GH Total 1.811,784 8,858,002 PORTLAND MABKET QUOTATIONS Grain, Flonr, Feed. Etc. Merchants' Exchange, noon session. Bid Wheat Mar. April. May. Hard white ,1.39 1.40 $1.40 Soft white I 1.38 1.38 1.38 White club 1.37 l.tbM 1.38 Hard winter 1.33 134 1.34 Northern spring 1.82 1.83 1.33 Kcd Walla 1.32 1.33 1.33 Oats No. 2 white feed 33.50 34. 2S 84.00 ilillrun 25.60 26.25 Corn No. 3 E. Y. shipment. ..80.00 30.50 30.60 FLOUR Family patents, Jfl.80; bakers' hard wheat, ID. 50; bukers' bluestem pat ents, ; valley patents. $7.90; whole wheat. 18.20; gr.-.ham. 18.05. , M1LLKKKD Prices f. o. b. mill; M'.ll run, $2! per ton: rolled barley, (41643; rolled oats, (43; scratch feed, (55 per ton. COH.N Whole, ; cracked, 4- per ton. HAY Buying- prices f. o. b. Portland: alfalfa. 111! per ton; cheat. 2223 per ton; clover, JIB; vallty timothy, S2526; eastein Oregon timothy, $27. Hairy and Country Produce. BUTTER Cubes, extras. 3040c; prints, parchment wrapped in box lots, 45c; car tons, 4Uc. Butterfat, buying price A grade 42c; B grade. 40c Portland delivery. K'jbS Buying prices, case count. 23c delivered; Joll)ing prices to retailers, can dled ranch, 2w2Sc; selects, 230c. CHEESH Tillamook triplets, price to jobbers f. o. b, Tillamook, 33c; Young Americas, S4o lb. POULTRY Hens. 2TS30c: ducks. 4B 50c; geese, 25c; turkeys, live, 3ac; do Pressed, 45)50c. PORK. Fancy, lflc per pound. VEAL Fancy, 17 14 18c per pound. Fruits and Vegetables. FRUITS Navel oranges. $3.3.1(35.50; lemons, $3.504.75; grapefruit, $3.25(&'8.50; per box; bananas, lO&llo per pound; ap ples. $1.83fr4 per box. VEGETABLES Cabbage, 2Sstf3Vic per pound; lettuce, $4.00tM.25 per crate; car rots. $1.25 per sack; garlic, 1520c pound; beets, $1.50 per sack; cauliflower, $1.50 per crate; celery, $4.505.50 per crate; green peppers. 30fr4ac per pound: rhubarb, low 20c pound; spinach. $11.50 per box; turnips. $2.00 per sack; sprouts, 2025c pound; tomatoes, $4.75 per lug; cucumbers, $34 per dozen; peas, 20c pound; aspara gus, 22ry'2oc per pound. POTATOES Oregon. $11.23 per 100 pounds; Yakima, $1.601.75; sweet po tatoes, $3.75 per hamper. ONIONS Oregon, $lgl.50 per sack. Staple Groceries. Loral Jobbing quotations: SUUAK (sack basis) Cane granulated, 0c per pound; beet, 9.15c per pound. NUTS Walnuts, 1535c; Brazil nuts, 31c: filberts, 159 21c; "almonds, 283c; peanuts, 10 11c per lb.; cocoanuts, 32 per dozen; pecans, 23c; hickory nuts, lCxC pound. HONEY Comb, $7.73 per case. KICE Blue Rose, 6c 1er pound; Jauan sayle, 4c per pound. BEANS Small white, 3Hc; large white, S'ic; pink. IMc lima, 8to: bayou, 1114c; red, IVaC per pound. COFFEE Roasted, bulk, drums, 14 30a -per pound. .SALT Granulated, bale, $3.50ii? 4.23; half ground ton, 50s, $17.75; 10 Us, $15.50; lump rock. $20. . DRIED FRUITS Italian prunes, 7o pound; dates, $3.757 per box; figs, $20 1.75 per box. Provisions. HAMS All sizes, 3037c: skinned, 2C 30c; picnic, 17Sllc; cottage roll. 30c. BACON Fancy, 43&33C; choice, 30 35c; standard, 20 28c. LARD Pure, tierces, 17c pound; com pound, tierces, 12c. DRY SALT Backs, 22025c; plates, 18a Wool, Hops, Etc. WOOI. Nominal. TALLOW No. 1. 5c: No. 2. 4e pound. CASCARA BARK 1020 peel, 8c pound. HOPS 1820 crop. 16tf20c per pound. MOHAIR Nominal. GRAIN BAGS Carlots. 7c, ooast. Oils. LINSEED OIL Raw, In barrels, 94c; 5-gallon cans, $1.09. Boiled, In barrels, 0oc; 5-gallon cans, $1.11. TURPENTINE In drums, 94c; 5-gallon cans, $l.Vtf. COAL OIL. Tank wagons and Iron bar rels. 1714c; cases, 30jj37c. GASOLINE Tank wagons and Iron bar rels, 3oe; cases. 42 Sic QUOTATIONS ON DAIRY PRODUCE Market Price Ruling on Batter, Cheese and Eggs. SAN FRANCISCO, March 19. Butter Extras, 3c; prime firsts, nominal. Eg-gs Fresh extras. 32c; extra firsts, 80c; firsts, 2SV4c; dirties, 29c; extra pul lets, 80c; undersized do, 2Sc Cheese Flats, fancy, 27c; firsts, 2214c. Young Americas, 22714c. CHICAGO, March 19. Butter Higber. Creamery extras, 45c; standards, 41 fee. Eggs Lower. Receipts, 28,074 cases; firsts, 2424V4c; ordinary firsts. 2162c; at mark, caaes Included. 23 23 140. NEW TOP.K. March 19. Butter Firm. Creamery higher than extras, 4514 & 40c; extras. 45c: firsts. 41 44 14c. Eggs Weak. Fresh gathered extra firsts, 31932c; do first. 2814 31c. Cheese Irregular, unchanged. SEATTLE, March 19. Eggs Select local ranch, white shells, 82c; do mixed colors. 30c; pullets, 27c Butter City creamery, In cubes, 44c; bricks or prints, 45c: country creamery extras, cost to Jobbers. In cubes, 41c; stor age. Sac - Cottoa Market. - NEW TORK, March . 19. Cotton, spot quiet. Middling, 11.55c. We offer subject to prior sale unsold portion of 20,000 Shares Treasury Stock. of AutomaticElectricBrake Company At $5.00 a Share A Portland Industry of unusual merit. Thla company In now manu facturing electrically operated brakes especially designed for Motor Trucks, Trailers and touring cars. The design of this braking de vice has been recently featured in the automobile section of the leading; Portland, newspapers, , . We can conservatively recommend this stock to Investors desir ing to employ their capital in tne upbuilding: of an established industry where added capital will insure success. Descriptive circular mailed upon request. H. E. WILLS COMPANY Fiscal Agents 316 U. S. BANK BLDG. . PORTLAND, OREGON COfE!jLIFTSSTOCKS FURTHER GAIXS MADE IX NEW YORK MARKET. Liberty Bonds Do Xot Retain All of Week's Gains Mercantile Re ports Are More Favorable. NEW TORK, March 19. Aside from the eustomary week-end settlements of short contracts at fairly substantial advances, today's short session of the stock mar ket was duil. Atlantic Gulf moved contrary to th, general list. Rails almost as a whole were In the background. Sales were 373,000 shares. V' The clearing house weekly report showed the relatively small Increase of about $33,000,000 In actual loans and dis counts. Reserve of members at the Fed eral Reserve bank decreased by almost S3.,0OO.UOO. effacing most cf last week's gain and a contraction of slightly over $81, 000,000 In cash holdings reduced the excess reserve to $3,440,000. A more hopeful note was sounded In tne general news, authoritative trade re views reporting a gain In the wholesale drygoods business over last year. Mer cantile conditions were better ss to col lections snd further shrinkage of failures is inrucatcd. Liberty issues were again disposed to recede, but the bond list otherwise was steady on a very narrow turnover. Total sales, par value. $4,675,000. Dealers reported more than the osusl sctivity In foreign exchange. Rates on Paris were unchanged, but the London quotation hardened with an appreciable gain 'for th, Italian lire, also Austrian Kronen. CLOSING STOCK QUOTATION S. Last Sales. High. Low. Am Beet Pug 200 43 Hi 43 American Can 900 21111 Am Car & Fdy 2ofl 126 122i A H & L. Dfd 1.0(10 914 '4 Am Inter Corp ! 4314 4;t4 Americn Loco !Hm 87 SB 14 Am Sm & Big BtKt 40 40 Amercn Sugar 1,000 95 93 Am Sum Tob 1,100 80V4 79 Am Tel A Tel 1.S00 100 100 Amer Woolen ' 8,2i0 6St 6614 Anaonda Cop 200 3S14 3i4i Atchison BOO 8114 1 All. Glf 4 W I 23.200 35 83 Baldwin Loco 4.200 8744 Bulti Ohio 300 83 K3 Beth Stl "B" 1 800 KTT4 57 Bale. 4344 2-j 122 . 914 431, 94 70 67 S7 81 '4 F4 88 57 Calif- Petrolem 200 42 42 4: nanad Pacific 5110 11314 113 liHli .:eniri Leatner 6.300 4014 30 Chand Motors 5.500 80ii lS ChesD & Ohio 300 5!) Oil. R I P 2(H) Bl fil Chino Copper. 600 204 20-14 Corn Products 4.2WI 74H 7:i'4 Crucible Steel. 7.500 91 't 0'A Erlr, 700 1214 12 Genrl Electric 2o0 137 137 Generl Motors 6.2IM 134 1314 Gt North, pfd 1.8O0 744 74 Insprn" Copper floo 33 33 It Me Ma. pfd 600 1314 :3'4 Internl Nickel 1.700 J514 1474 Internti Paper 3.700 5814 5614 K C Southern 900 22 2 Kenne Copper 700 18 18 Louis 4 Nash 300 90 19 V4 Mex Petrolem 9.000 14S H7'4 Miami Copper 200 . 17 3T4 Mid States Oil S.0OO 13 i27 Missouri Paclf 4O0 IS iS Nev-ida Coopr 200 0 0 T4 N Y Central 1,000 7034 70 N Y. NHAH 5.400 16 15 Norfk & West 500 m pf, Northn Pacific 2.400 7014 78'4 Ok Prd & Rfg 800 3 S'i Pan-Am Petri 2.000 72 71 4i Pennsylvania.. 11.000 8574 " Reading 8.700 6.SI4 s Reo Irn ft Stl 200 6S14 67 4 Ry Dlch N Y 1.000 63i 6311 Sin Oil Rfg 5.000 23'4 22 Southn Pacific 3.300 74 V "4 South Rallwav 1.100 20 " 20 S O. N J. pfd 600 107 10714 Sturtebkr Corp 20.100 !) 88 Texas Co 000 41 T4 41 Texas ft Paclf 200 21 21 Tobc Products 8.1O0 471j 4714 Transcontl Oil 5M0 814 8 4 Union Pacific. 300 lis 118 U S Fd Pdts 1.300 23 22 U S Ind Alco 2.000 7014 ! U S Rtl Stores 5110 40 46 40 so 14 B 61 20 74 9014 12 137 1311 74 33 3314 1514 5814 ?2 7S 99 74 14714 17 13 18 '0 16 '. 70 3 '4 72 :-.-.14 "S P714 4314 23 '414 2n 10714 bOS 4174 .t5 118 22 ,74 46 7114 81 '4 100 4S74 48 "4 7 U S Rubber., 4.300 71 14 70 IT S Steel 13,700 81 81 V S Steel, pfd 300 110 1094 Ulah Copper. 8.600 4974 48 Westg Electric 300 48ifr 48 Willys - Over 3O0 7 7 BONDS. U S 2s reg BftN P 4s do coupon ....00;n P 3s U S 4s reg 10414'Pac T ft T Ss.. do coupon ..104!4'Pa con 4Un . 5414 83 . 86 92 . 84 . 80 74 . 9514 Pan 3s cpn....-80!48 P ctBs.... A T & T cv 6s. 97 K ISO Rv 5s. ... Atch gen 4 7714IU P 4s D ft R G con 4s 6314 U S Steel 6s. NYC deb 6s.. 89 Bid. Mining Stocks at Boston. BOSTON, March 19. Closing quotations: Allouez 10 North Butte ... IUI41 Ariz Com 7 Old Dom j 17V. Cam & Ariz ... 4514lOsceoia 26 Calu ft Hecla.,221 IQuincy 3s w Centennial .... 814suparior ... 3S Copper Range.. 3214,8up & Boston... 174 East RuttA oijShannon 1 154'Utah Con 414 1. IWInona 50 TilWolverlne n 46 jOranby Con ... 2114 Franklin Isle Royalle . Lake Copper. Mohawk Money, Silver, Etc. NEW YORK, March 19. Prime mercan tile paper 7 .j6 7. Bar silver, domestic 9914, foreign 57 Mexican dollars 43c LONDON, March 19. Bar silver 33V.d ff." MMne 5 per eent- discount ,t,e'.fhort bllu 7 Per cent- 'kree months bills 64 per cent. Liberty Bond Quotations. NEW YORK. March 19 Liberty bond quotations closed as follows.- Lib. 84s 90. 621 Lib. 4th 4Us do 1st 4s 87.00iVictory 3s do 2d 4s 87.00 do 4s do 1st 4Ui: . 7 an " .87.14 97.16 97.12 do 2d 414s. .. 8694 "Bid. do 3d 4s 90.201 RESERVE RATIO MAKES S.MALI, CAIN Increase of 1-10 Per Cent Is Again Re ported by Federal Board. WASHINGTON. March 19. Combined resources and liabilities of the 12 federal reserve banks were as follows at the close of the business March 18: Resources Gold and gold certificates...! 266 431 000 Gold settlement fund, federal reserve board 514.072.000 Total gold held by banks.. $ 780.503,000 Gold with fed'l reserve ag'ts. 1.257.807 000 Gol redemption fund 167.729,000 Total gold reserves $2,206,0.19.000 Legal tender notes, silver, etc 209,250.000 Total reserves $2,415,289,000 Bills discounted, secured by U. S. govt, obligation 1,000.380.000 All other 1,224.533.000 Bills bought in open market. 122.780. 000 Total bills on band $2,347,699,000 V. a. government bonds, 25.845 000 U. S. victory notes 10,000 U. S. certif. ot indebtedness.. 284. 951.000 Total earning assets $2,658,514,000 Bank premises 20.465,000 5 redemption fund against fed. reserve bank notes.... 12, 428.000 Gold abroad In custody or in transit S. 300,000 Uncollected Items 716.882.000 All other resources 9.891.000 Total resources .... Liabilities Capital paid In ...... Surplus .$3,886,769,000 . .$ 101.058.000 . . 202.036.000 Government deposits 58.78.1.000 Due to members' reserve acc't 1,677,774,000 Other deposits. Including for eign gov't credits 88.072.000 Total deposits $1,774,835,000 Fed. reserve notes n actual circulation J,26,880.000 Fed. reserve bank notes in cir culation, net liabilities 179.250.000 Deferred liability Items B70.4ri7.000 All other liabilities 48.003.000 Total liabilities $5,836,709,000 Ratio of total reserves to deposits and federal reserve note liabilities combined, fil.O pep cent. Ratio of gold reserves to federal reserve notes In circulation after setting aside 85 per cent against deposit liabilites, 60.1) per eept. Foreign Bonds. Foreign bond quotations furnished by the Overbeck & Cooke company of Port, land: Bid. Ask. Russian B14s, 1921 15 17 Russian 814s. 1026 10 12 Russian 6",s. 1 16 18 Frecnh 6s, 1031 54 B6 French 4s, 1017 45 47 French 5s, 1020 67 U8 Italian Bs, 1018 28 -9 British 5s, 1U22 382 894 British 5s, 11127 870 882 British Bs, 1929 868 SsO British vky 4s 208 810 British ref 4s 275 27 Belgium rest Bs U6 OS Belgium, prem 5s...., .. 70 72 German W. L. (is J2 1814 Berlin 4s- , ,1214 iS Is Hamburg 4s 14 15 Hamburg 414 s 14 15 Lelpsig 414s , 15 16 Leipsig Bs 14 15 Munich 4s 17 19 Munich Bs 13 1614 Frankfort 4a 6314 68 7e Jap 4s 82 6214 Jap 1st 414s 82 S-1.-! Jap 2d 414S UBli I6 Angle-French 5s 99 (! U K 514s. 1021 84 95 U K Bits, 1022 88 Soli U K B14S, 1U37 b5 851s Swbit & Co. Stocks. Closing prices for Swift Co. stocks at Chicago were reported by the Overbeck dfc Cooke company of Port. and as follows: Swift & Co ,..,.10lfe Swift International -G'.a Libby, McNeil & Ubby 10 National .Leather i Foreign Exchange Foreign exchange rates at close of bust ness yesterday, furnished by Northwestern National bank of Portland. The amount Quoted Is the equivalent of the foreign unit in United (States funds: Cheques. Austria, kronen , $ .Oitftt Belgium, francs 0742 Uulgaila, leva ol3S Cauch- -Slovakia, kronen .0130 Denmark, kroner 1701 England, pound sterling 3.125 Finland, finmark "-'J0 France, francs 0710 C!. rmany, marks 0117 Greece, drachrrms .07.1!. Holland, guilders ,34o3 Hungary, kronen 0o38 Italy, lire 0420 J ugo-Slavia, kronen 0077 Norway, kroner 1025 Portugal, encudas 00o5 Houmania, lei 0144 Serbia, dinara , , .03110 Spain, pesetas ,.. .1411 Sweden, kroner , .2325 Switzerland, francs 17al China Hongkong, local currency... .4H75 Shanghai, taels ouu Japan, yen ,..... .4525 I7EW TORK. March 19. Exchange firm. Sterling demand 3.!il , cables 1 9.02. ; francs, demand 6.95, cables 6.07 ; Belgian francj, demand T.27, cables i.w, guilders, demand H'.35, cables 31.45; lire, demand 4.00, cables 4.11; marks? demand 1.60, cables 1.61; Greece, demand 7.46; Argen tir j. demand 34. CO; Brazilian, demand 14.62; Montreal 12 per cent discount, ' Large Decrease In Rserves. NEW YORK. March 19. The actual con dition of clearing house banks and trust companies for the week shows that they hold $3,440,000 reserve in excess of legal requirements. This is a decrease of 531, 243,000 from last week. CONTRACT STOCK AT LOCAL YARDS Xo Sales In Open Market on Closing Day of Week. The only arrivals at the stockyards yes terday came in on contract and there were no sales in the open market. The receipts were 72 hogs and 577 nheep. The tone f the - market at the close of the week was steady. The following prices are current at tne local yard: i Cattle trices. Choice steers ......$ 7.75 8.25 Medium to good steers 7.00 7.75 Fair to medium steers 6.25& 7.00 Common to good steers 5.25 4 7.00 Medium to good cows, iieirers b.toqp 6.25 Fair to medium cows, heifers 4.25 fi) 5.25 Common to fair cows, heifers 4.25& ft. 23 Canners 2.00 4.23 Bulls 3.50tf 5.00 Choice dairy calves ., 12.50(13 50 Prime light calves u.ur 12.50 Heavy calves 6.00 7.60 Host feeders 6.00(9 6.75 Fair to good feeders 5.75 6.75 HOJTE Prime light 11. 50 12.00 Smooth heavy 11.00(1150 Rough heavy 7.0010 00 Stags, subject to dockage .... 6.00410 00 Fat pigs 10.00&11.50 Feeder pigs 10.0011.50 sneep Bast-of-Mountain lambs 8.50 9.25 Valley lambs 8.00 8 50 Heavy lambs. 90 lbs. and up.. 6.50 8.00 Feeder lambs 6.00 6 7.50 Cull lambs 4.00(9 6.00 Light yearlings 7.00c5 7.50 Heavy yearlings 6.50i) 7.00 Wethers 5.50 6.50 Ewes 1.50 5.00 i Chicago Llvefttnck Market. CHICAGO. March 19. Cattle Receipts 1000; compared with week ago, beef steers 2550c lower; spots off more on heavies; butcher cows and heifers mostly 25c lower; bulls, stockers and feeders steady to 25c lower; veal calves 75c to SI lower; spots off more Hogt Receipts 3000; light and medium scarce, 15 to 50c higher; others slow; mostly -weak to 15c lower than yester day's average with another holdover of heavies; top. 111.35; bulk, 200 pounds down. $U11.23; bulk, 220 pounds up, $9.50010.35; pigs, strong to 25c higher; bulk desirable, 90 to 120-pound pigs, $10.5010.75. Sheep Receipts 9000; receipts today practically all packer direct; compared with week ago, light and handy lambs, 50 to 75c lower; feeders less; heavy lambs mostly SI off: ewes about 25c lower; weth- Reason There is sound reason behind an investment of funds in Portland Flouring Mills First Mortgage 8 Gold Bonds. In the first place, these bonds pay you $80 a year on each $1000 invested. On a long-term in vestment (these bonds mature in fifteen years) such a large yield becomes exceed ingly attractive. ' In the next place the security back of these bonds makes them attractive. Consider that each $1000 bond is secured by m6re than $3000 of property of Ohich nearly half is quickly convertible into cash if required. Dated January ers around 50c lower; yearlings 60o to $1 lower. , Omaha Livestock Market. OMAHA, March 19. Hogs, receipts 20U0: bulk of upply to shippers, mostly 25c higher. Bulk medium and light batchers. .7610; top. 10.2o; bulk, strong weight butchers, J9.259.5. Cattle Keceipts 60: market compared with week ago: Beef steers 60c to Jl lower- week top, 10; butcher stock and veals mostly 2R50c lower; atockera and feeders, 5018175c lower. Sheep Keceipts 200; market compared with week ago: Lambs mostly 60c 0 $1 lower; heavies at moat declines; sheep and yearlings weak to 23c lower; feeders steady. . Kansas City Livestock Market. KANSAS CITY, Mo., March IB. Cattle Keceipts 150; for week: Beef steers 40 75c lower; she stock mostly weak to 25c lower; some off more; canners weak; bulls 25c lower; calves 50cl lower; atockera and feeders 25 75c lower. Sheep No receipts: for week: Sheep steady; yearlings 2540c lower; lambs 75c&l -lower. Seattle tivestock Market. SEATTLE. March 18. Hogs Receipts none. Steady, prime, 11.8012; medium heavies, (10.60$ 11.50; rough heavies, $8.60 !); pigs, 11.50. Cattle Receipts, none. Weak. Prima steers, $7.508; medium to choice $97; common to good, $4.60S; best cows and heifers, $8.256.75; medium to choice, $5 $j(t; common to good, $3,6065.60; bulls, M.Mi 5.!S0; calves, light. 110.50 12; heavy, $s.507. enough for Then consider the character of the Company a soundly established, soundly financed, soundly managed corporation, engaged in manufacturing an essential food commodity. From whatever angle you care to test these bonds yield, security, maturity, market ability, character of the borrowing company you will find them good bonds for, you to have and to hold. 1 Why not now when the matter is in your mind decide . to call, write or phone, for descriptive circular. Do it today. Blyth, Witter, a Co. Yeon Bldg., Portland Seattle, San Francisco, Los Angeles,' New York Tax Exempt Municipal Bonds . Yielding 7 '' Subject to prior sale we offer Medford Irrigation District (A Political Subdivision of Jackson County, Oregon) 6 Gold Bonds Amount of Issue $777, 1st, 1921 Denomination $1000 and $500 Principal and semi-annual interest (January and July 1st) payable at the office of the County Treasurer, Jacksonville,: Jackson County, Oregon. VALIDATED BY SUPERIOR COURT OF JACKSON COUNTY AND A - CERTIFIED BY THE SECRETARY OF STATE Approved by Oregon securities commission as legal investment for Savings Banks, Trust Funds and Insurance Companies and eligible to secure public deposits in the State of Oregon. Legality approved by Messrs. Goodfellow, Eells, Moore & Orrick, San Francisco. INVESTMENT FEATURES A DIRECT OBLIGATION OF THE ENTIRE DISTRICT THE LIEN CREATED BY THESE BONDS IS PRIOR TO FIRST MORTGAGES Medford Irrigation District is situated in the Rogue River Valley immediately surrounding the city of Medford, and comprises an area of 10,000 acres, of which 97 per cent is in a high state of cultivation. Over 50 per cent of the acreage is in commercial bearing orchards, the remainder being given over to alfalfa and grain. This district is an old established one and has been irrigated for many years. The land is widely held and intensely farmed, there being 540 separate land holders. The district is traversed by the main line of the Southern Pacific Railway and by the Pacific Highway (paved). The purpose of this issue is to" purchase the present gravity system and extend and enlarge it. y Appraised value of land and irrigation system $3,231,532.00 Total bonded debt, including this issue. 1,250,000.00 Population of District, 3500. Complete Descriptive Circulars With Pictures Furnished Upon Request PRICED TO YIELD 7 ORDERS MAY BE TELEGRAPHED AT OUR EXPENSE Bond Department Union Trust Company of Spokane Affiliated With The Old National Bank Smoked Meat Higher, I.ard Lower. Advances of 1 cent on hams and If cents on bacon were announced yesterday, i Local lard and shortening declined half a cent. Eastern cooking oils and fatj de clined as'S'SAc a case. City of Portland 10-year 0 Bonds at 101 to yield abont 5.80 Iinme Tax Exempt Freeman, ami i n amuND Piooa iBmnmanB BuiLoma Pimi am Stajuc mwr s?40 Camp Co. anyone ,000 Due Every -Investor now trying to decide upon " the best medium for in vestment so that full ad vantage may be bad of prevailing high interest rates should have a copy of our carefully prepared pamphlet which covers comprehensively both the stock and bond markets and in different groupings shows those issues that we consider most desira ble. , The opportunity to pur chase high grade securities on a price basis to return 7 per cent and 8 per cent and better is gradually passing. Write today for copy of Bulletin PG-45. Sent free upon request. CfiRRLES RClBRKEDN & Us 66 BROADWAY NEW YORK TELEPHONES: RECTOR 4663-4 OVERBECK & COOKE CO. Broken, Storks, Bonds, Cotton, (irain. Etc Z1S-Z17 BOARD OF TRAPS BLDG. Walla Walla, Wash. . 1'ortlantl, Or. remlleton. Or. MEMBERS CHICAGO BOARD OF TRADE. Correspondents of Loirs n A Brjan, Clikago and c Vork. MEMBERS NfW Tork Stock Kxrhanira. Chiraxo Stock Kxchana-e. Boston Stock Exchange, f hicaro Board of Trade. New York Cotton 'Exrhanjre. New Orleans Cottoa Kxclianiro. New Vork Produce Exchange Winnipeg; Grain Exchange. Liverpool Cotton Aseociatioa. ALLEN BROS. CO. BROKERS Correspondents The Chas. B. McLaln Brokerage Co. Established lf14 Denver, Colo. HTOCK9 GRAIN (Stocks Listed Now Tork Exchange) S 16-8 17 Chamber of Commerce Bids, fhone 611-16 Serially 1927-1934 The Trend of the Stock Market After Presidential Inaugurals As the past in this con nection has invariably served as an index for the future, it is interesting to note what the present year promises for the stock . market, as is depicted by a graphic chart contained in a circular we have com piled on the outlook, which will he sent to any one free of charge and without obligation. Atk for PG-1 E. M. Fuller & Co. Msatberi of Ceasolidsted Stock Juohaare of N. T. 50 Broad St., Naw York New York ChRtfo ClerclsaJ Piltiburih Boatoa tDirtct Privott Wint) OIL LATEST NEWS From The MONTANA FIELDS Get posted. Subscribe for The Great Falls Leader No. 120 Odd Fellows ni.lg. Great Knlls, Mont. One year, fl six months. $.1,251 three months, S1.70. Rew aub rribern a;et free on reoneat copy f hlir Montnna Oil Edition recently Issued. HERRIN & RHODES, Inc. (Established 18t) BROKERS MEMBERS rillCAr.O BOARD OF TRADE, Correspondents, E. F. HTTTTON St. CO. Members ftenr York Stock Ex. ehanare. Private Lensed Wires Direct to All Security and Com modity Markets. LIBERTY AND VICTORY BONDS BOUGHT AND SOLD MAIN ZS3 and 2S4 201-5 RAILWAY KACU. BLDG. 4 Weeks Free Trial MOTION PICTURE INVESTOR And special report on any Company in which you may be interested. Subscription $2 per year. Great value to those interested in a busi ness in which there are all tha gigantic profits of oil with none of ail's hazards. Write today. 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