The Sunday Oregonian., April 17, 1921, Section One, Page 21, Image 21

21
TOE SUNDAY OREGONIAX, PORTLAND, APRIL IT, 1921
V
V
STRIKE II EHGUND
RULES WALL STREET
Overnight Change in Situa
tion Is Big Surprise.
DEPRESSION IS AVOIDED
Abrogation of Rail Labor Pact Is
Regarded as Extremely Ben
eficial to Lines.
BT STEWART WEST.
Copyright, Vl, br The Oregnnian.
NEW TURK, April IS. Sf)eclal.) Sel
don has there been so abrupt a change
la financial sentiment a that which oc
curred between the close of business
Thursday, last, and the opening Friday.
Wall street weat iiotne on Thursday
Bight convinced that there was to be an
Industrial war In England which would
react on the world markets, and that the
plight of the railroads was desperate and
vhe steel outlook dubious.
It came down Friday morning to find
that the triple alliance, among the great
British labor unions, had split completely,
that the railway and transport workers
had reconsidered their strike orders and
that the miners were left to play a lone
band, with which prospects of success
were hard to Imagine.
It came down also with the surprising
Intelligence that the labor board had
acted far ahead of the expected time on
the question of abrogating the national
wage agreement on the railroads and that
it had made a decision which immediately
brightened in a most positive way the
chances for a satisfactory agreement npon
wage reductions, and with thia the whole
status of railway Investments.
Change Center Interest.
The entire Interest of the financial week
centered upon this over-night transforms
tlon. There bad previously been three
considerations tending to depress the se
curity market first, the threatened Brit
ish Industrial tleup; second, the railway
wage question, and. third, the uncertainty
as to whether the lower price schedule
put Into effect by the steel corporation
would accomplish lis purpose of stimulat
ing business.
Suddenly, of these three, the frist was
completely removed; the second was placed
in a fair way to removal, leaving only
the third, which, under the new and bet
ter sentiment, no longer seemed as for
midable as It had. The preponderance of
opinion in the steel trade at the close of
the week was hopeful of a revival after
a brief wait to allow consumers to get
.used to the new price scales and satisfy
themselves that these are going to hold.
Past experience has taught that these
waiting periods usually last a fortnight
to a month, that the ice Is broken by some
one branch of the steel industry in this
case It might easily prove to be the users
of structural steel and that, seeing this
one leader beginning to place orders freely,
ether branches come In. .
Railroads Win Victory.
As to the labor board's decision, the
more It is studied the more reassuring .it
ts to the managers of the railroads and
their security owners. Months ago the
ice-president of the Pennsylvania came
out with the charge that the railway
anions were aiming to get control of the
railway systems of the country and that
che national agreements were the chief
Instrument by which -they hoped to ac
complish their purpose. By abrogating
these agreements a blow has been struck
at any design of this sort or anything
cavoring of the obnoxious Plumb plan of
August, 1919.
It Is a decisive step away from the Idea
of centralization leading eventually to gov
ernment ownership. It Is a return of
operating conditions where each company
treats with Its own employes and then
brings to bear upon the wage controversy
the special conditions in its own field.
Of course. It would not do to be too
optimistic and look for a universal set
tlement of all wage disputes In the near
future. But we may expect to see be
tween now and June 1 one road after
another reaching an agreement of a com
promise nature with Its men.
The labor element has been told that
it must not delay these conferences under
penalty, the time before abrogation being
shortened. The carriers have been warned
on their side that dilatory tactics will
mean a postponement of the abrogation
date beyond July 1. The whole Inference
from the action of the board is that It
Intends to use Its Influence to bring
solution of the trouble between the rail
way and its employes, by having them
get together and settling their differences
out of court, as it were.
Adjustment Is Started.
Along with the partial reduction of
wages thus Indicated and along also with
the removal of burdensome and uneconom
ical provisions of the national agreemnets
there will he a downward revision of rates
in line witn what everybody from the
preioent down sees to be a necessity.
Itn the railway wage question on the
road to adjustment an accomplished fact,
with the worst possible railway earnings
reports a matter of record and likewise
the worst of the quarterly Industrial re
ports no longer in doubt, with so many
dividend reductions and passings out of
he way. Wall street can reasonably feel
that the bad news Is fairly well exhausted
This does not Imply an immediately
sustained advance, but It does fit in with
.ne indication 01 tne stock market thi
tne low prices nave been seen and that
me situation is on tne mend.
Alio cuiuiiiuru neavy innow or gold, a
most remarkable movement that arises
from al! parts of the world. Is a feature
ot constantly increasing Importance. It
is aauing rapiaiy to Dank reserves and
is an even more potent factor than loan
reoucuon in ariving upward reserve ratios.
'mere is no Idea, of course, that this
enormous accession to the country's gold
eupply will force the hand of th" rriri
reserve board, which does not propose to
make It easier to get credit until defla
tion has been thorough. But it Is cer
tain that the reserve ratio of the federa
reserve system cannot go mounting week
by week, the way It hai. without making
the present scale of discount look alto
gether artificial.
Some saw in the reduction of the Bos
ton rate on commercial paper to 6 per
'" " i-iiniB id similar acltni.
on a broad scale. This may or may nol
te a correct Inrerence. but the time, in
any event, for a general lowering of fed
eral reserve rates cannot be much fur
ther off. .
Stags 5 00 9.00 I
Fat Dlrs 10..10W11.00
FeeCer pigs 10.00S 11.00
Sheep
Prime east-of-mountaln lambs 7.00 8. 00
Valley lambs B.OOf 6 .'5
Heavy lambs. 90 lbs. and up &.00O 6 00
Feeder Iambi 6 00 6.00
Cull lambs 4.00 BOO
Yearlings 5.S0 6.00
Wethers B0 8.75
Ewes l.SOtf 4.50
Chicago Livestock Market.
CHICAGO, April 16. (United States bu
reau of markets.) Cattle Receipts, BOO;
compared with week ago; Beef steers
mostly 25c higher; lightweights showing
Uio greatest advance, with low-priced and
plain weighty kind showuut little ad
vance. Top yearlings for week, S9.50;
top heavies, $9.40; butcher she stock, 23c
to 40c higher: bulla -'oc to 50c up.
Hogs Receipts, 6000. market higher;
active; lights and medium steady to lOe
lower: others strong to luc higher than
yesterday's average; good clearance: bulk
200 pounds and down, $9er9.15; bulk
pounds and up, 98.108.76.
Sheep Receipts. 6000; compared with
weak ago: Lambs mostly 23o higher; year
lings and sheep, steady.
Omnha TJ restock Market.
OMAHA. April 16 (United States bu
reau of marketa) Hogs Receipts. 4000:
steady to strong; closing weak; bulk of all
sales 7.6.'6 8.25; top. $1.50.
Cattle Receipts. 300: market compared
with week ago: Beef steers steady to 25c
higher; top. load lots, $8.85: few head. $9;
she stock, canners and cutters, steady to
strong; others mostly doc nigner; spots
mure: bulls and veals 25fi00c higher
mockers and feedera weak to 50c lower.
Sheep Receipts, none; market compared
with werk ago: lamoa, dosiiuo mgnar;
sheep. 25c higher.
WHEAT BUYING HEM
IT COUNTEY POINTS
Market Throughout North
west Strong and Excited.
DOLLAR PRICE AGAIN RULE
sold at 17 tt cents and 20 cents was of
fered for better grades In the same Cali
fornia section.
Oregon hopmen have protested to the
interstate commerce commission against
continuance of the 18,000-pound minimum
on car-lot shipments of hops from Oregon
and Washington. In 1918, when they
thought the hop Industry was at an end,
they raised no objections when California
dealers had the commission reduce the
California minimum to 15,000 pounds. Now
the dealers here are finding the handicap
they are working under. Hopmen in the
southern state now want a uniform 18,000
pound ruling In all coast dim. lets, if any
change is made, but the nortnern dealers
ask that the minimum be placed at 15,000
pounds for Oregon and Washington
well as California.
STOCK CIS RETAINED
FCRTHER ADVANCES
BY SPECIALTIES.
MADE
Bids at Local Grain Exchange Are
Raised 5- to 8 Cents Over Fri
day Export Trade Good.
Kansas City Livestock Market.
KANSAS CITY. Mo.. April 16. Cattl
Receipts. 50. for week: Beef steers steatTy
to 25c higher: ealves. steady to 50c higher.
Sheep. Receipts. 500. For week: Sheep
strong to 15c higher; lambs, 20c to 35c
higher.
There was a strong and excited wheat
market throughout the northwest yester
day as a result of the big bulge in prices
at Chicago. Believing the market has
taken a definite turn for the better, buy
ers jumped in and their competition soon
had prices on tne upward awing. Wheat
atfaln changed hands at the dollar mark
in sections where, a day or two before it
was selling at 94 to 96 cents. With all the
exporters in the market it is believed the
OREGON POTATO MARKET STRONGER
California Early Crop Hart by , Rains,
Frost and Wind Storms.
Several potato buyers have arrived from
California and their presence, together
with advices that heavy rains, frost and
wind storms have severely injured the
early California "potato crop, have tended
to strengthen the market further here.
Buyers are paying Oregon growers $1
to $1.10 for good potatoes for shipment
south and they find the quantity offered
I not sufficient for their needs. The scarcity
of good stock has also affected the local
Jobbing market, which is much firmer.
Choice potatoea are new quoted to th
retail trade at $1.50 and fancy lota bring
a little more.
Los Angelea Strawberries Received.
A quantity of Los Angeles strawberries
arrived yesterday and sold at $3.75
drawer. Shipments due from there In
day's turnover was large. Farmers in some the commg week will be In 15-plnt crates
sections were getting word from the banks I .nd wl,. Drobably sell at $3.75 a crate.
to sell, but at other points they were dis
posed to hold back.
At the local board session, wheat bids
were advanced 6 to 8 cents over Friday's
prices and at the close were 7 to 9 cents
over the low point of the week. White
wheat Is again at the level registered in
the first days of the month,
The coarse grains participated In the
market's strength. One hundred tons of
May white oats were sold at $25 and 200
tons of June oata at $26. Bids for April
oats were raised 60 cents and corn
$1 higher.
A feature of the wheat trade was the
further development of business with
Japan. The quantity sold to the orient is
said to be now over 20,000 tons, and the
inquiry continues.
A more friendly feeling Is developing
toward the constructive aide of grain for
the time being," said the Chicago Tribune
yesterday. "There has been a big de
cline and all weak holdings liquidated,
Influenced by Poor Tor-(leading shorts have covered and a number
nave taken tne buying siae in tne wuci
Seattle Livestock Market.
SEATTLE, April 16 Hogs Receipts,
none; steady. Prime. $1111.65; smooth
heavies, $10-911; rough heavies. S S.So:
pigs. 10 11.50.
Cattle Receipts, none. Weak. Prim
steers. $7.758.25; medium to choice, $0
7.1:5: common to good, $5.506.50; best
cows and heifers, Iu.6Ur7: medium to
choice. $4.505.50; common to good, $3?
4.50: bulls. $495.50: light calves, $10,500
12; heavy calves, $6.
WHEAT MINCE SHARP
GArXS OF 2 54 TO 5 4 CENTS
MADE IX CHICAGO MARKET
Florins are also expected to sell lower
than dnr!nr the last few days.
Local asparagus arrivals are small ana
cleaned up at $2.2592.35 a doxen. Call
fornla asparagus was firm at 15 cenU a
pound.
Rhubarb was plentiful and lower at
67c and green peas steady at 1415c-
New California Dotatoes were neia at
14 15c.
Bank Clearings.
Bank clearings of the northwestern ciUes
yesterday were as ioiiows;
ripnrtnes. Balances.
o...l.n 14 535.471 S 578.451
Seattle 4.471.502 1.20 1 .aus
lacoma 581.499 29,709
Snnkane 1.414.521. 504,383
Clearings of Portland, Seattle and Ta
coma for the past week and corresponding
week in former years were:
Portland. Seattle.
I38.268.5S3 $35,863,907
Bnjin
eijrn Crop "Reports, Freezing
Weather and Tariff Bill
CONTRACT STOCK KEACIIES TARDS
No Sales Are Reported and All Lines Close
Vnehanged.
Only two loads of livestock, containing
74 hogs and 23w seep, reached rtie yards
yesterday and they were all for contract
delivery. In the absence of business prices
were unchanged, but the tune of the mar
ket at the close ws reported to be weak
In all lines
The following prices are current at the
local yards:
Choice steers $ 7.23 8 00
Medium to good stoors 6.502 7.50
Fair to medium t--ers. . . .. . . 6.00'tf 6.50
Common to good Kteers o.OOfr 6.00
Choice cows and heifers 6.00 6.75
'edium to good cows, heifers. 5.5(Ktf 6.00
J-air to medium cows, helfera 4.00W 5.ru
Common to fair cows, heifers 4JMKp 5.00
t anners 2 50 4 (1"
I'uils a.'iilr 5 00
Choice dairy calves.......... 1 l.OOtt-1 1..VI
J'rltne light calves........... 7. on i 10.50
Heavy calves 4.0O-9 7.00
Best feeders 6 00T 6.5o
Fair to good feeders. ....... . 5.5uts 6.00
Hogs
mine light lO.VKflliH)
Smooth heavy. 2..0 to 300 lbs. 9 50 410.50
K:noth heavy. 34MJ lbs. and up KlHlfc) Ml
2vuiin heavy t.Wjt 990
CHICAGO, I1L, April 16. Higher prices
prevailed today in the grain market. Pes-
simistic government crop reports on India,
Argentina and France, passage ot the
emergency tariff bill by the house. Im
provement In the English labor situation
and freezing weather combined to force
higher bids. Traders were told that bad
weather had stopped farm work-
Wheat was most affected by the trade
news, but corn and oats followed their
eader and provisions easily climbed the
barrier of an easier tone in hogs by the
strength of general trade factors.
At the wheat opennig there was a rush
buy because of the progress of th
emergency tariff bill. With May starting
at $1.24 and July at $1.08, the boosting
continued through the first hour. Cover'
Ing orders at $1.25 for May acted aa
light break, then the weather reports and
the foreign news put in new energy,
ump of 24c being recorded in May by
the second hour. A spasm of selling had
only a temporary effect, and at the end
prices were at the high point, with May
1.28 to $1.28 k, and July $1,083; to $1.09.
This was an advance of 6fe534C for May
and of 23c for July.
Gains in corn and oats were less marked.
Corn recorded net advances of lc for
May and lc for July and September,
May closing at 5757Vc, July at 61
fe ill He and September at 63t?64c.
that a good rally Is due. The best men
in the trade would like to see a good
bulge. One of the best-informed exporters
it the seaboard says ho expects a larger
export trade in wheat the coming season.
One ot the largest eastern operatora who
bought wheat on Thursday's break and
assisted in turning the price upward was
seller of July on the bulge yesterday.
The Canadian wheat in transit from Fort
William to Duluth is subject to the duty
of 35 cents a bushel In case It does not
get in before the tariff bill becomes ef
fective."
According to a Liverpool cable, wheat
futures trading will be openevl on Mon
day. The earliest position in which trad
ing will be allowed is the month of Octo
ber.
The condition of the California wheat
crop on April 1 was 93 per cent against
91 per cent last year. Conditions have
been generally favorable with the excep
tion of Fresno. Kings and Tulare counties.
where lack ot rainfall has been very no
ticeable. A considerable quantity around
Tulare lake. Kings county, will not be cut.
Preliminary estimate of the area sown
for the 1921 crop is 702,000 acres vs. 780.-
000 sown in 1920 and of which 650.000
acres were cut. It is estimated that the
area to barley will be slightly less than
1920. Oats area will show more of a decrease.
Terminal receipts,. In cars, were reported
1921..
1920..
1919. .
1918..
1917..
1916..
11115. .
1914..
1913..
1912..
1911..
43.949,444
31,309,375
. 23.670.375
. 18,821.491
.1 2.196.720
.ll.095.223
. 11,602,064
. 10,919,195
. 12.652.319
. 11,312,779
60,949,550
8S.B52.528
89.432.430
22.247.947
15,095,388
11.1O3.0K0
. 12.595.839
11.934.48
10.487,722
9,890,041
Tacoma.
$3,583,96R
6,486,260
4.501.4
4.375.381
2.743,988
2.479.36:
1.97.927
1,884.530
2,759,338
4,559,901
3,997,717
PORTLAND MARKET QCOTATIONS.
Grain, Flour and Feed.
Merchants' Exchange, noon session.
-Bid-
June
$1.15
1.15
1.15
1.1
1.13
1.12
25.50
July oats showed net gains of lftc, the I by the Merchants' Exchange as follows:
final price being 38 6 38 toe.
Provisions were moderately active on
the rising market.
The Chicago market letter received yes
terday by the Overbeck & Cooke company
of Portland said
Wheat Ruling strong all day, featured
by an advance of six cents on active short
covering. Prominent elevator interests
were aleo aggressive on the buying side.
The chief stimulating Influence was the
unsettled weather over the belt, with
lower temperatures, which will not only
Interfere with the movement from first
hands, but is, very likely to be followed
by a bunch of crop complaints, The
passage of the emergency tariff bill by
the house was another constructive argu
ment. The cash market was strong, four
to five cents up, on receipts of oniy 14
cars. Exporters were very active in the
early part of the day, but withdrew after
the advance. We again wish to direct
attention to the positions of shorts In May,
which might prove uncomfortable because
of the light Mocks, high cash premiums
and remote possibility of receipts before
the end of the delivery month. The July
should also gather strength from this
situation.
Corn Sentiment was correspondingly
strong at an advance of one to m cents.
Country offerings to arrive were small.
Exporters were in the market and took
21MI.OO0 bushels up to the close Broom
hall sent in the flrM estimate on the
Argentine corn crop, showing an export
able surplus of 154.120.000 bushels, which
is considered quite bullish In view of the
fact that reserves of corn in that country
are very low.
Leading futures ranged as follows:
WH-EAT.
Open. High.
Saturday 97
Year ago ...
Total this week.. 489 ...
Year -ago - i
Season to date. . .14. noli 23")
Year ago.....
Tacoma
Friday
Year ago ....
Season to date.
Year ago ....
Seattle
Friday
Year ago ....
KABNitn to date..
Year ago o.tuv zos
Astoria
To date "6 4
Tear ago l.sni o
7,676
8
9
4.068
6,363
16 ...
17 ...
4,258 204
49
8 3 9
6 ... S
81 11 45
17 ... 13
720 496 21 S5
8538 422 1977
10 1 2
4
8R3 129 855
2876 171 783
4 8
12
339 409 1257
826 637 1140
68 2S 66
12 64
May
July
Mv
July
May
July
..$1.24
.. 1.03
.5S
.604
.. .364
.. .7 4
1-2N(,
094
CORX.
.57 1,
.614
OATS.
-37H
May
uly
MESS PORK.
Low.
$1.24
l.OS
.6U?,
.361,
.37 4
.13.45
15 45
Close.
$1.28
loss
.5754
.61 H
.37 ?4
.37
15.40
16.00
Mav
July
Mav
Juiv
1600
LARD.
. .!7 10.15 .KJ
.10.23 10.62 10.25
SPARE RIBS.
. 9 25 9.23 9.15
. 9.30 u. 70 ."
Cash prices were as follows:
Wheat -No. 1 hard. $1.41: No. 8 hard.
$1.37.
Corn No. 8 mixed, 54954;
yellow, osc
oats No. 2 white. 37fcc: No. 3
37 4i37ic
Rye No. 3. $1.29.
Barley None.
Timothy seed J4.50ff6.OO.
Clover seed 1 13. 00 fr 19.00.
Pork Nominal.
I.ard $10 00.
Ribs $9.0009.75.
30.13
10.60
V.2S
b. .o
No. 2
vhlte.
Minneapolis Grain Market.
MINNEAPOLIS, Minn.. April 16. Wheat
-ilay, ii.2a-: July. $1.13.
Winnipeg Grain Market.
WINNIPEG. April 16. Wheat Mav.
ai.004; Juiy. li.(i.
Grain at San Francisco.
SAN FRANCISCO. April 16. Grain-
Wheat, milling. $1.90i2: feed, $1,809
l.wu; oariey, teed. $1.07 4 V 112 4 ; ship
ping, $1.20Q13o; oats, red feed. J1.40O
1.50; corn, white Egyptian. $1.60(61.60; red"
mm. si.o&i.eu; rye. nominal.
Hay Wheat, $20(ff21; tame oats. $17
19: wild oats, iis'tfio; barley, $1215;
alfalfa, $1720: stock, $1014.
Seattle Grain Market.
SEATTLE. April 16. Wheat, hard white.
sort wnue ciuo, si.m; nara red winter.
soft red winter, northern spring, eastern
red Walla. $1.16; Big Bend bluestem. $1.23.
city aeiivery e eea derates feed. 150:
baby scratch feed, $il; feed wheat, $30:
all grain chop. $43: oats. $40; rolled oats.
$42; sprouting oats, i4.-: whole barley, $39
rolled barley. $41; clipped barley. $46:
Hied feed. $30; bran, $32; whole corn.
$39; cracked corn.
Hay Airaira. j: aouoie compressed
alfalfa. $30: ditto, timothy, $38: eastern
Washington mixed, JdJ; straw, $24: Ptuai
sound aiiaus, .)"
Naval Stores.
SAVANNAH. Ga., April 16. Turpentine
firm. 52 4c; sales, 81 barrels; receipts.
I."s barrels; shipments, 227 barrels; stock,
7'0 barrels.
Ropin Quiet. Sales, none: receipts, 289
barrels: shipments. 4622 barrels; stock.
4.110 barrels. Quote: B. $.1.90; D. $3.90;
E. F. G. H. $4; I. $4.0.-.: K. $4.10: M. $4.20:
N, $1.30; WG, $4.50; WW, 13.
LOW PRICES OFFERED FOB WOOL
Consignments Are Being Sent East With
Small Advances.
Wool buyers were In the eastern counties
In the latter part of the week and made a
few offers on new-clip wool, but the prices
they indicated were too low to appeal to
growers, even in the present dull condition
of the market- A number of consignments
were taken in Washington and Idaho fo
shipment east with small advances.
Sheep-shearing operations are extending
in eastern Oregon and will be general by
May 1.
Close upon the failure of the negotia
tions whereby Germany was to buy South
Africa's accumulated stocks of wool comes
the news that the British government has
offered to purchase as much, as 100,003
bales of the last season's wool crop at a
schedule of prices similar to those pre-
illng In 1913-14, the plan involving the
sale of this wool to German interests. Un
der the plans proposed, the British gov
eminent will buy the wool on the condition
that 50 per cent of any profit realized on
the resale will be credited to the Union
government for account of the sellers. The
transaction is entirely a matter between
the government of South Africa and the
British government at London. No cash
payments will be msde by the British
government, but the cash disbursements
for the wool purchased from the growers
by the Union government will be deducted
from that governments indebtedness to
the British government.
It has been announced that Investiga
tions are proceeding with a view to dis
posing of the new clip, which Is recognized
to be a matter of far more Importance
than the disposal of .the 100,000 bales of
the old clip still In the country. The
British government's purchase will pave
the way for the disposal of the new clip
and at the same time afford a substantial
relief, releasing, as it does, the capital of
banks, brokers and others and enabling
biich capital to be employed In financing
other products of the country.
EGG MARKET WEAK AND LOWER
Smaller Operators Making; Preparations
to Begin Storing.
The egg market was weak with a bay
ing price of 20 cents generally quoted and
there was talk of 18 cents being paid for
Monday's arrivals. Local receipts con
tinue large. W hile the outside Inquiry
and the demand from large storers is
lighter, many of the smaller operators
and retailers, who have been waiting for
the market to recede, are making prepara
tions now to .put away their usual quan
tities. Authorities in the trade figure
that fully 60,000 cases will be placed In
Portland storages this season. Produc
tion Is greater than ever before in the
history of Oregon.
The butter market was steady with for
mer prices ruling on prints and cubes.
Poultry receipts were very small and
full prices were quoted up to the close.
Heavy hens sold at SO cents; light hens
;3 cents, and broilers at 60 cents.
Dressed meats were unchanged.
BEST HOPS BRING TWENTY "CENTS
Oregon Dealers Ask That Minimum Car
Weight Be Reduced.
Hop prices are holding steady, but there
are fewer orders In the market now. The
Murray and Theilson crops at Aurora and
Hubbard, aggregating about 100 bales,
were sold during the week at 20 cents.
which represents the top of the market.
On hundred bales of Mendocino war I
Wheat April May
Hard whita $1.15 $1.15
Soft white 1.15 1.15
White club l.io no
Hard winter 1.13 1.12
Northern spring 1.13 1.13
Red Walla 1.12 1-12
Oats
No. 2 white feed 25.50 25.50
Corn . . .
No. 8 E. T. shipment. 29.00 29.00
FLOUR Family patents, sb.zu per oir-
rel; whole wheat, $6.00; graham, $6.40
bakers' hard white, $i.ao; pakers Diue-
stem patents, $7; valley bakers, so;
straight, J 6.
MIL.LFEED Prices r. o. n. mm: aim
run, $28 per ton; rolled oariey, iai;
rolled oats, $39; scratch feed, $-3 per ton.
CORN Whole. 138: cracked. Hi per ton.
HAY Buying prices f. o. b. Portland:
Alfalfa, $18.50 per ton; cheat, $22 23 per
ton; clover, $16; valley timothy, $242o;
Eastern Oregon timotny, so.
Dairy and Country Produce.
BUTTER Cubes, extras. 35c: prints.
parchment wrapped in box lota, 39c; car
tons. 40e. Butterfat, buying price: A
grade 35c: B grade, 33c; Portland delivery.
EGGS Buying prices, case count, swe,
delivered. Jobbing prices to retailers:
Candled ranch. 2425c; selects, 2628c.
CHEESE Tillamook triplets, price to
Jobbers f. o. b. Tillamook, 28c; Young
Americas, 29c pound.
POULTRY Hens, Z3I&30C pouna; aucas.
nominal; geese, nominal; turkeys, - nom
inal. POR't Fancy, 16c per pound.
VEAL Fancy. 15 16c per pound.
Fruits and Vegetables.
FRUITS Navel oranges. $3.505.75 per
box; lemons, $45; grapefruit, $3.50
428.50 per box: bananas, 10llc pound;
apples, $1.253.50 box; strawberries, $6.50
per crate, $3.73 per drawer.
VEGETABLES uaDoage, IVK pouna;
lettuce, $4.505.25 per crate; carrots, $1.25
per sack; garlic, 15 20c per pound;
beets, $1.25 per sack; cauliflower, $2&2.25
per crate; green peppers. 30(g) 50c pound;
rhubarb. 67c per pound; spinach, 89c
per pound: turnips, $1.50(92 per sack; to
matoes, $5.50 per lug; cucumbers, ll.734
8 per dozen; peas, 1413c per pound; as
paragus, 15c per pound, $2.252.35 per
box.
POTATOES Oregon, Jl.liowi.ao per loo
pounds; Yakima, $1.752; new California,
14 15 per pound; sweet potatoes, $3.50 per
hamoer.
ONIONS Oregon, 75C1.23 per sack.
Staple Groceries.
Local lobbing quotations:
SUGAR (sack basis) Cane granulated,
sue ner pound: beet. 9.15c per pound
NUTs walnuts, 3UCBtt'JC pouna; -urazn
nuts. 30c: filberts, 12c; almonds, 2430c
peanuta, BQXlc per pound; cocoanuts; $1.75
ner dozen.
RICE Blue nose, oc per pouna; japan
style. 44c per pound.
BEANS small wnite, c; pink, C4C
lima. 8c: red. 8c per pound.
COFFEE Roasted, bulk, in drums, 14 S
3614 c ner pound.
SALT uranuiaiea. Daie, sd.iuRxi.zo;
half ground, ton. 60s, $19.75; 100, $19.25
lump rock. $26.50.
DRIED fruits Italian prunes, oc
pound; dates, $4.25 B 6.85 per box; figs, $2
?5.Z3 per dox.
Provisions.
HAMS All sizes. 30037c. skinned, 260
36c: Dlcnic. 17wl9c; cottage roll, 30c
BACON Fancy, 03c; cnoice, sua
85c: standard. 26 28c.
LARD Pure, tierces, 170 pouna; com
rjound. tierces. 12c
DRx BALI rtacKS, zzioiac; piaies, isc
Wool, Hops, Etc,
WOOL Nominal.
TALLOW No. 1. 3ttG4c; No. 2, 24 0
So per pound.
CASCARA BAKU wi'i peel, 7e pound
1921 peel, 6e pound, delivered Portland.
HOPS 1920 crop, loeczuc per pound.
HIDES Salted country hides, 4c deliv
ered Portland: grubby hides, 3c; city calf
skins. 10c: country caiz skins, sc; good
kip. 6c: grubby kip, 4c
MOHAIR lew cup. uioc per pouna
GRAIN BAGS Car lota, 7c, coast
Oils.
LINSEED OIL Raw, In barrels. 89c:
five-gallon cans, $1.04. Boiled, in barrels
Blc: five-gallon cans, $1.08.
TURPENTINE In drums, B9c; rive-gal
lon cans, $1.04.
COAL OIL Tank wagons ana iron bar
rels. 174c: cases, 3037c.
GASOLINE Tank wagons ana iron bar
rels. 80c; cases. 424c
QCOTATIOXS ON DAIRY PRODUCE
Market Prices Ruling on Butter, Cheese
nd Eggs. -
SAN FRANCISCO, Cal., April 16 But
ter Extras, 364c; prime firsts, 354c
Eggs Fresh extras, '28c: extra firsts.
26c: firsts, nominal; dirties. 25c; extra
pullets. 25 4c; undersized pullets. 214c.
Cheese Flats, iancy, l4c; iirsts. l(4c:
Toung Americas, 224c; firsts, nominal.
CHICAGO, 111., April 16. Butter easy;
creamery extras. 4Be; standards, 444 c
Eggs firm; receipts, i.4i cases; firsts.
25 254c: ordinary firsts, 2122c; at
mark, cases included. 22 24 4 c.
NEW YORK, April 16. Butter firm; re
ceipts, 6146 boxes; creamery, higher than
extras, 46 464c: do, extras, 45c; do,
firsts. 4245c
Eggs steadier; receipts. 30.133 cases;
fresh gathered, extra firsts. 2S29c; do,
firsts. 25 4 27 4 c
Cheese Irregular; receipts. 1360: state,
whole milk, flats, held specials, 27 29c;
do, average run, 242flc. '
SEATTLE, Wash., April 16. Eggs Se
lect local ranch, white shells, 2829c; do,
mixed colors. 264j27c; pullets, 25c.
. Buttei City creamery, in cubes. 39c;
do, bricks or prints, 40c; country cream-J
ery extras, cost to Jobbers in cubes, 36c
Kails Hold Their Own Except Ca
nadian Pacific; Bond Mar
kct Dull and Lower.
NEW TORK, April 16. The short ses
sion of the stock market today retained
much of Friday's gain and some spe
cialties scored substantial advances.
Oils, steels, equipments and coppers
rose one to two points before . realizing
sales caused an Irregular reaction. Rails
made only moderate progress and became
unsteady when Canadian Pacific yielded
to pressure.
Special features of strength Included
United Drug and Famous Players at gross
advances of two to five points. Firmness
ruiea at tne close with total sales or
335.O0O shares.
The bond market was dull and lower.
Including the llbery group, which made
variable concessions. Total sales, par
value, aggregated $5,350,000.
Last weeks deficit In actual clearln
house reserves was more than restored by
this week's operations, a cash gain of
about $20,770,000, leaving an excess of
almost $16,450,000 over legal requirements.
count 1.685.503,000
Other deposits. Including for
eign govt, credits 88.828.000
Total deposits $1,754,943,000
federal reserve notes in ac
tual circulation . .' $2,868,627,000
Federal reserve bank notes
in circulation, net liability 163.187.000
Deferred availability items.. 607.724.000
All other liabilities ' 64.833.000
CLOSING STOCK QUOTATIONS.
High. Low. Close.
amer eet sugar.... :i9
Amer Can Co 29
Amer Car or Foundry .A
Amer Hide & Leather ....
Amer Inter Corp 43 "i
amer jinseea
3S
294
43'..
86
40 4
90
74 4
ll4
73 '4
38
"S04
37
'22S
2i,
35
C6U
40
90
73
106
724
ss
7974
304
22 4
25 4
84
654
Amer Locomotive .
Amer Smelter .......
Amer bugar
Amer Sumatra
Amer Tel & Tel
Amer Wool
Anaconda Copper . . . .
Associated Oil ......
Atchison
Atlantic. Gulf W T
Chicago Great Western
Chino Copper
Chi. M & St P
Chesapeake & Ohio. .
Colorado Fuel & Iron
Continental Can ....
Baldwin Locomotive. .
Baltimore & Ohio....
Beth Steel "B"
Brook Rapid Transit
Hutte Ai superior .
Calif Petroleum 45H 444
Canadian Pacific .... 112 1094
Central Leather ..... ." 34 4
Chandler Motors .... 804 79 4
Chicago eV X W 64 4 64
Corn Products 72 72
Chicago. R I P 2654 2654
Crucible Steel 3 4 80
Cuba Cane Sugar...
Cuban Amer Sugar.. 23 23 4
Delaware & Hudson.. 95 93 4
Erie 13 12
General Electric 137 137
General Motors 13 4 13
Great Northern Ore.. 29 4 29
Illinois Central
Inter Harvester 87 874
Int Merc Marine .... ....
Inter Nickel
Inter Paper ......
K C Southern
Kennecott Copper
Keystone Tire
Lackawanna Steel
Lehigh alley
Louis & Nash
Mexl Petroleum . ,
Mklvale steel ...
Montana Power .
Missouri Pacific .
Southern Pacific .
Southern Railway
Studebaker .......
Texas Oil 41
Texas Pacific
Transcontl Oil . 12
National Lead 72 W
Nevada Consolidated. 114
New Haven
Norfolk & Western..
Northern 'Pacific ....
New York Central ..
Ontario & Western..
Pacific Oil
Pacific Gas & Electric
Pan-Amer Petroleum. 70
Pennsylvania 35
People's Gas 47
Pullman
Ray Con Copper 13
Reading 69
Replogle Steel
Republic I & S 61
Royal Dutch Oil 61
Shattuck. Arizona
Sinclair Oil 24
Union Pacific II
United Drug 96
United Fruit 108
S Ind A COhol 66 'A
United States Rubber ....
U S Smelting 314
United States Steel.. 82
Utah Copper 62
Wells-Fargo
Western Pacific
Western Union ....
Westinghouse Elec .. 47 4
Wiliys-Overland 8
BONDS.
S 2s reg 99 In Y C deb 6s..
do coupon ...99 N P 4s
8 4s reg...104 4IN P 3s
do coupon ..104i4iPao TAT 5s..
Pan 3s reg 794lPa eon 4s...
do coupon ,.784iS P cv 5s
D & R G con 4s 634 SO Ry 5s
A T & T cv 6s. 99 4 U P 4s
Atch gen 4s... 77 IU S Steel 5s...
154
63
25
19
1-1
49 4
So4
98 4
144
28 4
'is"
75
214
78
96
74
69 4
144
62 -23
19
15
49
49
98
142
27 4
17
74
204
77
41
ii4
71
11
95
73
t4
38 864
61)
34
44
12
68
o
61
23
115
95
106
66
304
81
604
46
7
39
29
121
8
43
47
85
40
90
73
10
73
3S4
79
87
7
22
25 4
2S4
C5
80 4
34
65
124
114
44
1104
344
74
4
72
20
80 4
19
23 4
94
12
137
13
2S
81
87
134
15
61 4
23
19
l.i
. 4-84
00 V.
93
143
'7
60
17
21
78
414
20
12
72
11
17
95
73
6S
10 4
36
4
70
33
47
1014
12
68
25
61
61
23
115
105 4
66
71 4
80
814
50
08
2.14
46
7
8S4
75
64 4
84
85
89
83
79
85
Bid,
Mining Storks at Boston.
BOSTON. April 16. Closing quotations
North Butte ... 10
Old Dom 17 4
Osceola 25 4
Qulncy 37
superior 3
Sup & Boston.. 1
anannon b."
Utah Con 8
winona ou
Wolverine 11
Allouez 19
Ariz Com 8
Calu & Ariz... 46
Calu & Hecla. .222
Centennial .... 7
Cop Range ... 34
East Butte ... 8
ranklln 1
Isle Royalle ... 17
Lake Copper... 2
Mohawk 48 4
.90.60
,87.58
. .97.58
..87.56
Liberty Bond Quotations.
NEW TORK, April 16. Liberty bond
quotations closed as follows:
U S Lib 34s. ..90.041 do 3d 4s..
do 1st 4s... .87.64 an 4th 4s.
do za 4s. .. .si.niiivictory s
do 1st 4s... 87.641 do 4s .
ao 2d 48.. .81.001
Excess Reserve Increased.
NEW YORK, April 16. The actual con
dition of clearing house banks and trust
companies for the week shows that they
hold $16,438,180 reserve In excess of legal
requirements. This is an Increase of $20,
769,500 from last week.
Honey, Silver, Etc.
NEW YORK. April 16. Prime mercan
tile paper, i F i per cent.
Bar silver Domestic, 994c; foreign,
59c.
Mexican dollars, 45 c
FURTHER GAIN IN RESERVE RATIO
Increase of Two-tenths Per Cent Reported
- br Federal Board.
WASHINGTON, D. C. April 18. Com
bined resources and liabilities of the fed
eral reserve banks at the close of business
April 15 were reported tonight by the fed
eral reserve board as follows:
Resources
Gold and gold certificates. .$ 827,637,000
Gold settlement funds, fed
eral reserve board 466.241.000
Total gold held by banks. .$ 793,878.000
Gold with federal reserve
agents 1,846.558.000
Gold redemption fund 146.443.000
Total gold reserves
tender notes.
Legal
etc
Total reserves
$2,286,879,000
silver;
t 198.198.000
Bills discounted secured
U. S. govt, obligations. , . .
All other
Bills bought In open market
Total bills on hand.
United States government
bonds
U. S. victory notes
U. S. certificates or lndeotea-
ness one-year ctis trrtman
act)
All other
,..$2,485,077,000
by
Total liabilities $5,652,524,000
Ratio of total reserves to deposits and
reaeral reserve note liabilities comblnea,
53.7 per cent.
Ratio of gold reserves to federal reserve
notes in circulation after setting aside
36 per cent against deposit liabilities. 63.2
per cent.
AUTHORITIES' ATTITUDE CRITICISED
Kelaxins- of Money Rates Wanted by
Business Men.
tw YORK. April 16. An eventful
week in the stock market was featured
by President Harding's address, further
steel price readjustments, signs of a col
lapse Of the Urftish lihnr at r-i lr ,nd lh
aecision to abrogate national railway
AKreciutrniB.
-; tuese incidents tne latter was :
garded as the most important. The extent
to which the railroads and their employes
are to benefit by the new order, however.
is me subject or divergent opinion.
Price cuts announced by the United
States Steel corporation, followed by sim
ilar action from independent sources,
brought no Immediate demand for steel,
but was generally accepted as a stabiliz
ing Influence. Wage schedules will be re
vised next, it Is believed.
In other lines there were sporadic signs
of further revival. Surveys of general
business vonditlons from centers of distri
bution were more encoursging.
Funds for legitimate industrial and com
mercial enterprises retained all their re
cent rigidity, even call loans holding firm
at I per cent.
The one hopeful note issued from New
England, the Boston branch of the federal
reserve bank, reducing discounts from 7 to
6 per cent.
Because of the Impregnable position of
federal reserve institutions, there is an
increasing disposition in commercial cir
cles to criticise the attitude of the fiscal
authorities at Washington regarding their
attitude towards monejr rates.
Exchange on Europe was steady In the
face of Britain's industrial crisis and the
strain attendant In the German indemnity
tangle. Conditions in Cuba and South
America were more acute, however, as
shown by the demoralized exchange situation.
Foreign Bonds,
furnished by
the Overbeck & Cooke company of Port
land: Bid. Ask.
Russian 6W, 1021 If 20
Russian 54s, J'.rjO 8 10
Ruxslan 64s. 1U1U 18 21
French 5. 1931 t u 574
French 4s. 1917 46 47
French 5s. 1920 ." SU'i 67
Italian 5s. 1918 36 4 374
British 5s. 1922 3S2 ;K4
British 5a. 1927 3Mf 378
British 5s, 1929 303 381
Brlllh vky 4s 293 303
British ref 4s 270 282
Belgium rest 5s 654 674
Belgium prem 3s 63 714
German W L 5s 12 4 13 4
Berlin 4s 13 14
Hamburg -fit 14 16
Hamburg 4 4s 15 16
Lelp.-lg 44s 14 1.7
Lelpsig 5 16 17
Munich 4s 16 17
Munich 5s 13 1.1
Frankfort 4s 1.1 17
Jap 4s ."' 5
Jap 1st 44s 824 82
Jap 2d 44s 82 83
Paris sixes 97 S
U K 6 4s. 1921 99 14
U K 54s. ll2 8S4 89
U K 54s. 1937 84 85
Foreign Exchange.
Foreign exchange rates at close of busi
ness yesterday, furnished by Northwestern
National bank of Portland. The amount
quoted Is the equivalent ot the foreign
unit In United States funds:
Country Unit.
Austria, kronen
Belgium, francs
Bulgaria, leva
Czecho-SIovakia; kronen
Denmark, kroner
England, pound sterling
Finland, finntark
France, francs
Germany, marks
Greece, drachmas
Holland, guilders
Hungary, kronen
Italy, lire
Jugo-Slavia. kronen
Norway, kroner
Portugal, escudos
Roumania. lei -
Serbia, dinara
Spain, pesetas
Sweden, kroner
Switzerland, francs ....
China Hongkong, local currency.
Shanghai, taels
Japan, yen
Rate.
.$ .0035
. .0750
. .0133
. .014.7
. .1810
. 3.942.1
. .0233
. .0720
. .016.1
. .0710
. .3473
. .0040
. .04S0
. .0076
. .1613
. .091.1
. .0170
. .0293
. .1398
. .23
. .1740
. .41)
. .6(130
. .4875
A HOME INVESTMENT
PREFERRED STOCK
UNITED MEAT COMPANY
Portland Beef and Pork Packers
Cumulative Preferred Participating
Boost your home industry and secure for yourself
a highly profitable, stable and dependable income.
It increases the payrolls and adds volumes to
your own wealth.
For particulars address
UNITED MEAT COMPANY
Finance Department
City Office:
417 Lumber Exch. Bldg., Second and Stark Sis.
Portland, Oregon
NEW TORK, April 16. Exchange
steady. Sterling, demand, $3,924; cables,
$3.93. Francs, demand, 7.13; cables, 7.15.
Belgian francs, demand, 7.38; cables, 7.40.
Guilders, demand, 34.68; cables, 34.78. Lire,
demand, 4.61; cables, 4.63. Marks, de
mand,, 1.60; cables, 1.61.
Omaha Earnings Larger.
CHICAGO, April 16. Earnings of the
Chicago, St. Paul, Minneapolis & Omaha
Railway company were larger in 1920 than
sin.-e 1916. when there was a surplus of
$1,627,754 after all charges, according to
the annual report. In the year ended
December 31, 1920. after all deductions,
the balance of profit was $871,683.
SAN FRANCISCO PRODUCE MARKET
Prices Current on Vegetables, Fresh Fruits.
Etc, at Bay City.
SAN FRANCISCO. April 16. Vegetables
-Asparagus. 612c; squash, cream. 65
5c; potatoes, rivers, $24r2.40; sweets,
Nancy Hall, $56; new, 4W6c; fancy.
Garnets. 6W7c; onions, Australian brown.
40f?50c; green, luVl.og; celery. I1.25
3 00 crate; garlic 810c: cauliflower. 40
75o dozen; cabbage, lc pound; bell pep
pers, 5&124c; turnips. 50cU$l; beets. $1
gfl.oo sack; parsnips, tj.vuvez.zo; carrota
Sctf?!; peas, 48c; rhubarb, Alameda,
1.252: lettuce, $2.252.50; artichokes.
57 per crate: spinach, 35c; string
heans. Coachella valley, 20 a 30c: hothouse.
4550c; eggplant. 6r25c.
Poultry Mens, z.'gtoc; sinctiy young
roosters, 40tJ44c; old. 20022c; fryers, 80
ft 55c: broilers, L'snooc; ducks. 80fii36c:
squabs, 50455c; pigeons, $3.00g'$S.BO; Bel
gian hares, live, 23 25c; jackrabblts, $3.00
&3.50 dozen.
Fruit oranges, navel, 12.uuv1.7t; ap
ples, $1.763.25; strawberriea, southern
California, $3.504 per crate; peninsula.
1.501.7o; bananas, 9ftiOc; avocadoes.
6; lemons, $2.00 ji'3.50: grapefruit.
1.5O3.50: tangerines. $1.503.50.
Receipts Flour, 836 quarters; barley,
10 centals: oats, 2i90 centals: beans, 2379
sacks; rye, 30 centals; potatoes, 4597 sacks;
onions. 67 sacks: nay, lou tons; hides, iujj
inn!e: nve?tofK, .-too nean.
We Offer and Recommend
Kingdom of Norway
3 STERLING LOAN OF 18S8
Free From All Norwegian Taxes
These bonds are the general obligation of the Norwe
gian Government and are payable, principal and semi
annual interest (February 1st and August 1st), in Lon
don Exchange.
Price $193.00 per 100 (Par Value $4S6-66)
Your current yield at the present price of exchange is
about 6o and will increase as exchange improves up to
7.49?'-. In addition to this interest income, your prin
cipal will increase 100 if bonds are paid at the present
rate of exchange, and if exchange is at par when they
are paid your increase of principal will amount to 150 .
As conditions become more normal English Exchange
will advance in price, and we recommend these bonds as
offering one of the safest and most profitable invest
ments now obtainable.
Wire or write for full details.
j L pevereauKcgmpany
INVESTMENT BONDS
87 Sixth Street Broadway 1012
Wells Fargo Building Portland, Oregon
Buy on the Rising Market
For the first time in twelve months securities earning big
dividend returns are on a rising market. We are offering
an issue of common stock in the Wichita Royalty Company
on a basis that
WILL NET 36 PER YEAR .
Sounds impossible, doesn't it? and it will be impossible in
SO to 60 days. As soon as money matters get back to normal
this kind of security is bound to double.
Call or write and we will send you full particulars regarding
this A-l, approved security paying 3 monthly.
II0WLAND & PEDERS0N, Inc.
1314 L. C. Smith Building Seattle, Wash.
KOTE The Wichita Royalty company Is an established, hluhly
rated oil producing company whose assets ronslst of oil pro
ducing properties only. 1'lease do not misconstrue this i offering
with the usual "wildcat oil promotion schemes" offered to
the public.
t 929.1S6.000
1.175,3fiS.OOO
110.582.000
.$2,224,136,000
25.914,000
18.000
24S. 878.000
7.924.000
Total earning assets 12,503,708.000
Rank premises 21.614.000
Five per cent redemption fund
against F. R. bank notes.. 12.1A8.000
Uncollected items 618,107,000
All other resources 11.892.000
Liabilities
Liabilities-
Capital paid In
Surplus
Government deposits ...
Due memberr reienrs
.15.652,524,000
101.274.000
202.036,000
31.117,000
ALLEN BROS. CO.
BROKERS '
Correspondents
The Chas. R. Me Lain Brokerage Co.
Established 1914 Oenver, Colo.
STOCKS GRAIN
'Storks Listed New York Exchange)
216-217 Chamber of Commerce Bldg.
i'hone 511-16
For $560
Yon can purchase one
share each of eight sub
stantial listed dividend
paying stocks that will
bring thirty-two dividends
or a total of
$62 Annually
which would mean
11 on the investment
Purchase may be arranged
under our monthly pay
ment terms.
Copy of circular PG-49 sent
free upon request together
with our booklet "Thrift-Savingt-lnvrstmr.nt
"
tinRLEsRmRK5QN&i
66 BROADWAY NEW YORK
TELEPHONES: RECTOR 4-663-4
New York Sngar Market.
NEW YORK, April 16. Raw sugar un
changed. Itefined auirar unchanged.
Cotton Market.
NEW TORK, April 10. Colon Spot
stoarty. Middling. 1-' 4.tc.
KEEP POSTED
OX FOREIGN
SECURITIES
Write or call for our special
FOREIGN NEWS letter. The in
vestment opportunities in certain
foreign Bonds are unusual and
very attractive, and may never
again be duplicated. We are
prepared to quote lowest prices
and convenient partial - payment
terms.
Orders executed to Buy or Sell
any stock or Bond in any market.
H. E. WILLS CO.
Investment Securities
316 U. S. Bank Bldg.
Broadway 1011 Portland, Or.
HERRIN & RHODES, Ice.
(BatahlUhed 1SD6)
BROKERS
MEMBERS CHICAGO HOARD OF
Tll.tUb
Correapondrnta. E. F. IIl'TTO A
CO. Members .New York stork El
ehanice. i'rlvute Leased V tre-a
Direct to All Set'lirlty and Cum
tuoditr Markets.
LIBERTY AND VICTORY BONDS
DDI OU T AND HOLD
MAIM 2s:i and ZN4
201-5 HAIL W A EACH. IILOG.
OVERBECK &
COOKE CO.
Brokers. Ptorks. Ponds, Cotton,
Orain. Ktc
tlS-217 BOARD OF TRADE BLDG.
Walla Walla. Waan.
Portland. Or.
1'endletoa, Or.
MEMBERS CHICAGO BOARD OF
TRADE.
Correspondents of Loran nrraa,
Cniiaco and New Vork.
MEMBERS
New Tork Stock Lirbnnrs.
CtitraffO 8tock Esrliancs.
Boston 8tork Kxihurute.
(hit-aco Board of trade.
New Vork Cotton fciclmnse.
New Orleans Cotton Lillians;.
New lork Frodure fcacliauKe
Winnipeg Grain Eirhange.
Liverpool Cotton Association.
We Have for Sale
SO Portland () ft Coke, 7 p'U..$ Si
6 Hankrrs Mortgage Curp 411. IH'
100 Oregun I'uip Puper, H pM.. hl.l
2(1 Pacific Stales Fire Ins 20 IK
20 Amerlcsn Llfograph 13. on
2 Lumbermans Trust Co...T.,,. ll.VOi'
JiiiiO Kllhiim Co. Il.mds, 7'i, 10L'3... bid
10 New World Life Ins mkt
23 Portland Trim Co blii
1K) Westorn Rubber Co., com 4 1:.
We make a. specialty of UnliRted anil
curb stocks, and etnrka and bomli cf Ore
gon companies. InCurmatiun on request.
Harrington Company
MAIN 317.
TITLE ft TKLT HLDA.
MEXICO
WORLD'S RICHEST EMPIRE
If your blood still leaps t the
rail of a "new-born ol'HOHTU
NITY." send for maps, pictures and
liiterestlnir information buut this
"New Kldorado."
It will fire your blood with tht
spirit of a pioneer.
HlKi:, IK SK.NT FOR NOW
W. W. Duncan
801 rnlmNlrn rtulldlnit
San Antonio, Teaaa