THE SUNDAY OREGOXIAX. PORTLAND, 3IAT 8, 1921
10.
BUSINESS BEGOVEHf
fMlDfflRED
Groundwork for Revival
Industry Ready.
DEFLATION NEARS FINISH
tim. Prodnrrtion and Credits
HaTe Gravitated and Labor Is
Expected to Follow.
BT STUART P. -WEST.
tCocyricht l2t. by The Oregontan.)
NEW YORK. May 7. (Special.) It was
In November, 1919, that the great down
ward movement started on the stock ei
chan. It waa not until the following
spring that the first signs began to appear
of a let-up In outside trade, ana n was
not until the early autumn of 1920 that
the business decline became at all general.
If It be assumed, as la not unfair, that
-'stock will move as far ahead of Industry
am the upgrade as they did on the down,
the bottom of the Wall street break hav
ing been reached last December, trade con
ditions would not pass the turning point
for another three montha and recovery
would not become general until the late
summer or early fall.
. We have seen already this prognosis
partially borne out in the improvement
that set In in various industrial nnea Be
ginning in March and April. - If the rest
of ilie programme, is carried out this im
orovement will gradually reach into other
directions but the main forward movement
- . u..inAD. will nnt Hturt until Auerust or
(September.
. .The signal for the stock market decline
a Mr and a half bko was given by the
federal reserve board when it Degan to
mark up the official discount rate. The
present movement of recovery was well
under way on the stock exchange before
- the first reverse step was taken by the
banking authorities, still the reduction of
the discount rate In the New York district
this week was very helpful to ths rising
tide of confidence in Wall street.
Speculation Still Risky.
There is no Idea of Its being-considered
' aa an Invitation for speculation . to
1 ahead full steain. On the contrary, it is
realized fully that any great speculative
revival at present would be the one thing
which would prevent any. further let-down
of the credit bars. But high banking opin
ion expressed itself this week, as It did a
1, . U tUr. D H-l.
- bank rate,' to the effect that the credit
strain throughout the world has been eas
ing for some time, and that deflation is
far enough along to warrant some relaxa
tion in tlie restrictions which have held
the business and financial communities In
such a rigid grip for nearly a year. That
this has imparted stimulus both to the
Investment and speculative markets is
certainly not surprising.
During the seven days ending May 4, the
12 reserve banks reported an addition to
their commercial loans of nearly 131.000.-
000. This wus the first important inter
ruption in the liquidation which has been
proceeding since the start of the year.
Whether thia check la to be temnorarv
or whether curtailment of loans Is to be
resumed, is a question upon which much
depends so far as the discount policy is
concerned. The assumption that federal
reserve banks in the interior will imme
diately follow the example of New York
and lower their rates to mercantile bor
rowers may turn out to be premature. But
. the main point is that the combined re
serve ratio as the result of loan and note
curtailment, and the importation of over
I2i0.000.000 gold has risen from its ex
treme low some 15 per cent, and is back
1918 l Wter " ttowX ia. the summer of
Still Lower Rates Likely.
With such a recovery a furthVr and
more general lowering of interest rates
can only be a question of a short time.
Ths investment market has shows Its
appreciation of what this means for the
prices of all securities, ths return on which
Is fixed, especially when there is the'ac
companylng feature of a heavy fall In
commodity prices. The latest compila
tion shows that the commoditv nri. n.
came down more in the month of April
than at any previous time. The average
?H.l .! Per " means
mat the purchasing power of th dollar
was Increased by a corresponding amount.
As Investment values are founded upon
money values, and fluctuate accordingly,
It Is not to be wondered at tht th. .j
WMk ould, . Bad forward this
b")""s movement of larger
proportions and attended by more of an
"danM thn anything seen since the c"
f"n f i1 Doom n January,
tu I n" by Whil:h ta 'Bnlfled the re
turn to a normal condition of thUigs. has
been pretty well completed in prices. in
. ("wuL-uon ana in rr t .
and equally vit.V ouar.a" ' ,1"
h" """" to B0. But two TnT
I?."?., "-"npi.snmenu along this line
" The n. T tho "' eck:
te corporation
$8.0008.35: top, 18.30; bulk butchers, ?50
Valley iambs 5.UU4P 6.-'.
Heavy lambs, 90 lbs. and up.- 5.00tc 6.00
Feeder Iambs ' 3. 00" O.OO
Cull lambs 2. 4.00
Yearlings 4.A)$i 5.50
Wethers . 4.00 4 5.00
Ewes 1.000 4.3
Chicago Livestock Market.
"CHICAGO, May 7. (U. S. Bureau of
Markets.) Cattle 500. compared with
week ago, good and choice heavy beef
steers, 35 4o 00c higher; others and yearl
pounds and over, 17.601! 7.00; packing
grades, smooth around. $7-25.
Cattle 200. market enmpared with week
ago; beef steers, liu rjMOc higher; top,
$4.05; she stock, 25i&50e higher; bulls,
mostly steady: veals steady to -nc higher;
stock era and feeders, strong; to 25c higher.
Sheep ."V0, market compared with week j
ago; Iambs 25c higher; spring - Iambs, -
around 50c lower ; sheep and feeders,
steady.
MM
MARKET AT CLOSE
, bids. Th few lots that moved in the lat-
i tmr n r-f nf ths .lr wat-a tal-on at 1 AC IS
cents. jlkl
I There has been no material change In j
r the hide market, but there is a little more
j local competition for calf skins and these
I are at)t rifle firmer. Buyers are now of-
fering 12 cents for city skins and 10 cents
t for country skin a
S Steel.
Largetiuyers Withdraw When
Prices Start Down.
Kansas City Uretitock Market.
KANSAS CITY, Mo., May 7. C. S.
Bureau of Markets.) Cattle 0, for
week: Beef steers, steady to 25c higher;
she stork and canners. steady to strong;
bulk, 1 01 5c higher; calves, steady to i"c
higher: stock cows and heifers. 50c
hither.
Hogs fiOO, active, strong to 10c higher
than yesterday's average; Dcst ugnis io
packers, JX 35; bulk of sales, $8.00-6 8.2.V
Pheep .00, lor week: iamDs miiy -jc
higher; sheep, 1025c lower.
8eUt!e Livestock Market.
SEATTLE, May 7. Cattle titeady, no
receipts, quotations unchanged.
Hogs Weak, no recepits, prices un
changed.
COUNTRY TRADING LIGHT
KNOT PRICE CIS WAY
RAIXS CAt S13 CROP SG&KB TO
BE IKRfGOTTEN.
Export Demand Tor Pacific Coast
Grain Is Cnsafcisfartorj-HlcaI
Board Bids Reduced.
Foreign Buyers Reported to Have
Canceled Recent Purchases.
.Chicago Weak at Close.
CHICAGO. May 7. Its technical position
weakened by yesterday bulge, wneat
gave way today readily when reports of
raiim In the suuthweut wiped out Friday's
pessimistic reports of crop conditions there.
The close waa 3', 4 to 8 cents net lower,
with May 1.41V to $1.41 tnd July
li.isv to 11.14. Corn lost J. to 114 cents,
oats -"() ts to Jii cents and provisions
10 to 52 cents..
The weather reports of showers In
Kansas and Nebraska started wheat off
weak and as evidence came to light that
the cash situation had eased, the selling
pressure Increased. A rapid decline set in
when reports that Minneapolis and Omaha
were sending cash grain to this market
were supplemented by trad? advices that
Europe was taking Argentine orterings
because they were at a goodly discount
under this country. One seaboard . re
port had It that foreign buyers had can
celed 80,000 bushels of wheat. Very little
support was noted at any stage of the
market. At one time , May wheat was
nearly 9 cents under Friday's top figure
and July was off more than 4 cents. Coun
try offerings were reported fairly liberal
on yesterday's bulge, but later advices said
thia movement showed signs-of checking. -A
big run of corn receipts met a rather
steady export demand and this latter con
dition served as a brake against the in
fluence of the wheat weakness. Local cash
sales were 422,000 bushels, including 305,
OOO bushels for export.
Oats were lower in sympathy with corn.
7" f T
rr
The wheat market lost a ood part of
Us recent sains, when the east slumped
yesterday. Most of the large buyers here
were out of the market and but, little
trading was reported from the country.
From an exporter's standpoint, tbe market
was not good, even when prices were ad
vancing, and buying for foreign shipment
during the week was therefore less than
might have been expected with tbe strong
market.
The reverse yesterday was due not only
to the freer farmers offerings and better
weather conditions in the middle western
wheat states, but also to the efforts made
to resell American wheat by foreigners,
who figure they can replace It wirh Ar.
gentine wheat at a cheaper price.
At the Merchants' Exchange session bids
were reduced 6 cents on hard white and
northern spring, 4 cents on hard wlntftr
and 3 cents on the other grades.
Oats, both white and gray, were HI
higher on bid. Corn offers were 50c$l
lower and barley was unchanged.
The Merchants' Exchange moved yes
terday to Its new and .larger quarters In
room 9 of the Board of Trade building.
The first meeting in the new room will be
heid -Monday.
Millrun was advanced St yesterday to
$20 a ton. Other mtllfeeds are quoted
$12 a tan higher.
Sari Francisco Stocks of grain in -warehouses
and on wharves, May 1: Wheat, 12-.
9i9 tons vs. 21.91)6 tons: barley, . 22,713
tons, vs. 17.272 tons; oats, S70 tons, vs.
721 tons; corn, 7W3 tons, va. none; bran,
59 tons, vs. 132 tons: beans, 146,713 sacks,
vs. 270,164 sacks. Receipts -during Aprl':
Wheat 1345 tons, baxluy 8107 tons, oats
578 tohs, eorn 661 tons, bran 105 tons, hay
3S52 tons, beans 60.441 sacks,
TheChlcago Tribun. yesterday said:
"Indications of easier money and o. better
credit situation in the grain districts In
the near future are creating a more op
timistic feeling In the grain trade. It Is
bringing in mora buyng by a strong class
of local outside operators, who have here
tofore been afraid to take hold. Within a
few duys the sentiment has changed, and
fairly strong markets are expected for
some time to come."
Terminal receipts, in cars, were reported
Bank Clearings,
Bank clearings of the Northwestern cities
yesterday were as follows:
Clearings. Balances
Portland J4.7.;.31 Hio,a45
Seattle S.8DB.010 881.647
Tacoma f30.0S 5U.203
Spokane 1,470.077 643. DoO
Clearings of Portland, Seattle and Ta
coma for ths week, and corresponding week
in former years:
Seattle. Tacoma.
J27.8S7.B28 J3.370.425
40.709,716 0.3H.7UI
Portland.
1021 2a.044.6r4
1H20
1811
1018
117
11' 10
1015
11114
1013
1012
1911
3n,36r.036
2S,12i.,lilI
21,545, 776
17.075,1.12
13,217,994
10.OH3.01l
10,130, 3S8
11.195.040
11.510.S11
10,li.l9
33.971.106
35. 55091
20.5S4.031
10, 31,097
11.5S2.U2
12.913.920
13.419.635
11,488,493
11,140,876
4.570.254
4.351.926
2.994.036
2.397.979
1.974.942
2.327.906
2.773.333
4.503.2S8
3,935,414
HUMORS CURREXT OF .COMO'G
, TRADE WAR.
Strawberries are Iower.
Strawberries sold at the lowest prices of
the season, J3:i53.50 a crate, and failed
to clean up entirely. Mure California
cherries arrived and all could not be moved
at the price ajtked nf 14 a box.
t-OBTUHD MABKKT " QUOTATIONS
. Grain, Hour and Feed.
Merchants' Exchange, noon session. .
-Bid.-
Wheat
Hard white
Soft white
White club
Hard winter
Northern spring
Red Walla
Cats
No. 2 white teed.
l-io. 2 gray .
Barley
Brewing ..J
Standard Feed
Millrun ,
Corn
No. 2 E. T. shipment
No. 3 E. y. shipment
May. June
...$1.35 Sl.35
1.35
1.35
1.31
1.31
1.30
135
1.35
1.31
1.31
1.30
..80.00 30.00
..30.00 30.00 1
..24.00 24.00
..22.00 22.00
. .26.50 26.00
..31.00 31.00
..30.00 30.00
Local selling of provisions overcame theiy the Merchants' Exchange as follows:
usual effects of a strong hog market. Hogs
were steady to 10 cents higher at the
yards, but the liquidation of future inter
ests sent pork, lard and ribs downward.-
The Chicago market letter received yes
terday by the Overbeck & Cooke company
ui roriiano saia
Wheat Hay wheat had a break of T-t Season to date.. 43K8
cents and July S4 cents from yesterday's
close. The weakness was based on bene
ficial rains throughout the west and south
west, with predictions of a further down
fall over Sunday. In addition to this fac
tor England was reported to be a re
seller, the inference to be drawn belns
that they would be able to replace It from
Argentina on a -much cheaper basis. Re
ports from Minneapolis and Omaha Indi
cate that they are selling wheat for ship
ment to Chicago. The amount has not been
disclosed, but we understand about 125.
9,00 bushels has been worked so far. This
will have a tendency to relieve the tight
ness in the May delivery and if shipments
are to increase It, may prove to toe a very
weakening. factor. Crop reports were more
optimistic, and a decided change in senti
ment was noted locally, outside business
was quiet with holders evidently awaiting
the tenor of the news over Sunday.
Corn and oats Participated in the weak
ness in the wheat market to a moderate
extent. The rains were no doubt benefi
cial. Trade was on a small scale, as there
was an absence of general news. The
relative rheAnness nf these cereals as
compared with wheat is a sustaining fac
tor and selling on declines is not popular.
Rye Buying support waa lacking and
prices declined easily under selling en
couraged by weakness In wheat The vol
ume of business was small. Cash rye was
very weak at the May price to 1 cent undei
for No. 3 on track.
Leading futures ranged as follows:
WH BAT.
' Open. Hign. Low. Close.
J 1.46'i I 1.47 . 1.41V4 $ 1.41 (4
Wheat Bar. Fir. Oats Hav
Portland, Sat'day 84
Year ago.'. ' 24
Total this week. 579
Year ago.-. ....... Ill
Season to, date. ,16.V,3
Year ago 7953
Tacoma. Friday. 16
l ear ago . 34
Year ago. . . ,
Seattle. Friday.,
Year ago
Season to date.
Year ago. ......
6694
5 . 9
.y 13 9 11
.. 36 7i 3S
77 15 37
247 937 520 2S14
174 3726 ' 456 2094
5
"16 1 1
.51 039 166 912
94 3071 176 819
's
211 4.14 429 1342
243 1092 843 1171
ine nrst is the 20 per cent n i .ui
's DMVrnll .l.iu ... .
apoarentlv - - . Ia ooi
The seennrf i. .k. i , r opposition,
with ThJ , ' d,clo!""- In the troubles
Soo? tim. worke 'hat this i. I
r.rik ,,PPO, "ction. with
br'.eir'UofthVh.h".---
agalnet their having to wn .Z
I5..2S1 U""U he raiiwayUwig"
No Exemptions Possible. -
It workera In : .
.hoe f . ! mills,
10.05 10.05:
l'..h nrlr.l W.T-. :
w'heat No. 2 red, 1.4R: No 3 red. $1.47.
Corn No. 2 mixed, 60c; No. 2 yellow,
W0K'o. white. 7Vi 3814c; No.
white. S7iie37lic. s ,
Rye No. 2. 1.391.40.
Bariey 63 74c.
Timothy 4.506.
Clover 1 1318.
Pork Nominal.
Lard 9.55.
Ribs 9.25 10.25.
Minneapolis Grain Market.
MINNEAPOLIS. May 7. Cash wheat.
No. 1 dark northern, $1.46 81.60?4 : No. 3,
SI 20 &i.26'i . No. 1 northern, $1-42 &
1 50.: No. 2. Sl.40 411.46; No. S. fl.30
1.36S: No. 1 red spring, il.34 1.42H ;
No. 2. 1.80ei.364; No. 3, SI. 2814 0
1.32ai; No. 1 dark hard Montana, $1.554 &
1564; No. 1 hard Montana, ti.50
1.52.
Barley 51 66c.
Flax No. 1. 31.721.74.
Futures Wheat, May, 31.72T4; July,
1.44 .
Seattle Grain Market
SEATTLE, May 7. Wheat, hard white
and soft white, 1.36; white club, (1.35;
hard red winter, soft red winter and north
ern spring, $1.32; eastern red Walla, 1.30;
Ulg liend Diuestem, loo.
City delivery Feed: Scratch feed, $48
per ton: baby scratch feedj $71; feed wheat,
$."2; all grain chop, $42; oats, $30: rolled
oats. $41: sprouting Oftts, $44; whole bar-
Prices on the varlon. ,,. . .1 ley, $37: rolled barley. $34: clipped barley.
at the yards follow vsioc ,M. minfeed, $30: bran,30; whole corn.
1n manv oth.. ?. ?r,aes
-n'-sharf- ' - 'we
Fw r7"r-- -"rafl-i.me
ma;1fe,led,nS "" "
-l..0bas"i.,ir.t,Vbee0ntthd,Wn
U'irk . "
costs down so that th.r. i. m"nur.act"ring
to open up again inrf J,.vm '"""tlve
PH.- greafiy 1-tdu ad Z'lhmf,a P
work Xor bu-.eJar b
CARLOAD OF HOGS COMBS DIKECI
No Trading in Ope. Market . CIo.,ng
Bar f Week.
.Thf.Wm b'nes en the closing
day of ths week at the local stockyard
tVe'v ef'-f "S ho" lv.d. but
. - - - - io oaraer.
May
July
May.
July.
May.
July.
May..
July. .
May. .
July. .
1.15
.5S14
.62
.36 '4
.38 '
1.16
CORN.
.59 4
.62
OATS.
.STSi
.38-14
1.13H 1.13
.58 v;
61
.36
.38
.5!H
.61 v4
.38 14
May
July
MESS PORK.
17.80 47.80 17.50
LARD.
60 9.60 9 55
10.05 10.05 9.90
SHORT RIBS.
10.00
17.10
17.50
D.60
0.95
S. 70
10.00
POTATOES MAY NOT CLEAN W
Demand for Old Oregon Stock Is Less
Active New Potatoes Decline.
The demand for potatoes ia less active
than it was, and It looks now as if stocks
in this state might not clean up, though
the best grade will probably find buyers
as long as any are available. Few Cali
fornia buyers are now operating in the
valley. Country prices remain about as
they were 80 cents to $1.10 according
to quality. Jobbing business in old po
tatoes is slow, but new California potatoes
are moving better on the street since the
price was reduced. Jobbers are - now
quoting new Garnets at 6?&7e a pound.
In lts--weekly review of the potato situ
ation, the bureau of markets says:
"From a market point of view, new po
tatoes were in better demand than the
old stock, which is just the reverse of the
position during the preceding week. Sacked
round white stock declined 10 15c per
100 pounds at northern shipping stations,
the markets ' closing weak at Minnesota
and Wisconsin points. In Chicago the
carlot market for northern stock closed
10620c lower, at 80085c, the lowest point
of the Season to date. In contrast to
slowly declining prices for old stock, new
potatoes were in good demand both at
shipping points and in consuming centers.
Values ot -No. 1 Spauldlng Rose advanced
$11.75 per double head barrel, reaching
a level around $6.75 f. o. b. . A similar
recovery from last week's severe decline
occurred In wholesale consuming markets,
Florida stock reaching a general level of
$7.758.50."
The movement of old potatoes gained
about 800. cars over last week's rate, the
Increase coming chiefly from Michigan and
Wisconsin, and shipments of new -stock
continued to gain in volume, slowly reach
ing 500 cars, which is the largest number
shipped in any one week this season.
FLOUR Family patents, $8.60 per bar
rel; whole wheat $7; graham $6.80; bakers'
hard wheat, $8; bakers' blueetem patents,
$7.50; valley bakers,' $7; straights, $7.
UILLFEKD Prices I. o. b. mill: Mill
run, $29 per ton; rolled barley, $3840;
rolled oats, $40; scratch feed, $51 per ton.
CORN Whole, $38: cracked. $41 per ton.
HAY Baying prices I. o. b. Portland:
Alfalfa. $18.50 per ton: cheat. $22923 per
ton; clover, $16: valley timothy, $24025;
eastern Oregon timothy, $26.
Dairy andCountry Produce.
BUTTER Cubes, extras. 25c lb.; prints,
parchment wrapped in box lots, 80c:
cartons, 31c Butterfat, buying price: A,
graae, xjc; a grade, 23c Portland deliv
ery. EGGS Buying prices, case count, 17Hc
delivered. Jobbing prices to retailers:
Candled ranch, 22c; selects, 24c.
CHEESE Tillamook triplets, pries to
Jobbers f. o. b. Tillamook. 19c; Young
Americas, 20o pound.
POULTRY Hens, 18 24c pound; ducks,
nominal; geese, nominal; turkeys, nom
inal. PORK Fancy, 14 15c per pound.
VEAL Fancy, 14c per pound.
Fruits and Vegetables.
FRUITS Navel oranges, $3.75 5.75 per
box; lemons. $3.75.Ui5; grapefruit, $3
9 per box; bananas, 106llc pound; ap
ples, $1.253 box: atrawberrles, $3.1o4$
3.25 per crate: cherries, $4 per box.
VEUETABLESr Cabbage, 4?5c pound;
lettuce, $3.75&4 per crate; carrots, $1.50
ner sack: aaruc. loa20c per pound; Deeta,
$1.50 per sack; green peppers, 304p50c per
pound; rhubarb. 40c per pouna; spinacn.
7Sc per pound; turnips. $1.503 per
sack; tomatoes, $4.o0 per lug; cucumbers,
$1.753 per dosen; peas, 1517o per
pound: asparagus, $2.25 per dozen.
POTATOES Oregon, tl.25tSl.5U Per 106
nounds: Yakima. $1.7562; new California
6474c per pound; sweet potatoes, $3.75
ner crate.
ONIONS Oregon, 73c$1.25 per sack;
new crop, yellow Bermudas, $3 per crate
do, white Bermudas, $2.00 per crate.
Tall Street Believes Industry
Approaching Saturation Stage.
Other Industrials JLower.
NEW YORK, May 7. Soma of the ad
vance registered by stocks earlier in the
week was reduced during today's short
but irregular session on further realixing
for profits.
Bearish influences 'wers operative In the
motors, oils, steels and other popular in
dustrials, while rails, except a few less
Important Issues, were dull and backward,
in contrast to their recent accumulation.
The stronger side was represented by
several high-grade coalers, obscure oils and
miscellaneous issues having the support of
bull pools. Losses outnumbered gains at
the uncertain close. Sales were 385,000
shares.
Pressure against the motors was accom
panied by rumors of an approaching trade
war, further reductions In automobiles be
ing used as an argument that the Industry
was approaching the saturation stage.
Firmness ruled In the bond market
Liberty and .other domestic Issues re
corded only slight changes, with no spe
cial feature in the various foreign flota
tions. Total sales (par value) $3,375,000.
Last week's deficiency In the actual
clearing house reserves was replaced by
an excess of about $3,600,000, due to a
cash gain of slightly more than $7,000,000.
An increase of some $30,750,000 In loans
and discounts was considered nominal In
view of the activity in the stock market. .
Most of the foreign exchange markets con-
. upward, presumably In ex
pectation of early settlement of the claims
against Germany. New high records for a
and Uailan blTfa reDCn- BeU""'
aLOSTNG STOCK QUOTATIONS.
pair. Portland Cook. om-
Sales. High. Low.
2U0 45 43
do nui
Utah Copper..
Va Chem
Vanadium 6tl.
Vivandou ....
Wabash ;
do A prd..
do B pfd. .
Weils Fanro..
Wert Pacific.
Western Union
Went E ft M
West Md
White Motors.
Willys - Over 6.900
do pfd
Wilson Packng
Wiacsn Centrl
Woolworth
Worthln Pump 700
W 4 L E.... 1.000
,00 85 4
200 109 'i
700 froH
514
109
54
1.300 3SH 88
200
300
sod
eno
400
2"0
900
2S .
63 ii
no
43-4
.11'.
41
10
63 Uj
11
84
2o'
63 i
241
Mi4
48
11
40
63
10 '4
Itl9
54 t4
2S .
S4 '
I
J34 I
I."", ,
63
!
48?
11 '
40X4 '
)
3
42 S4
1144
53
10
BONDS.
O S 2s reg. ...9!N T C deb 6a..8l
do coupon ...9!s P 4s 76
U S 4s reg...104SN' P Ss 564
do coupon ..104-JsiHac TAT 5a..S3ft
fan 38 reg "77 Pa con 4tja
do coupon .. 77 Ls P cv 5s...
A T A T cv 6s. 101 So Ry s...
Atch gen 4s.
774U P 4s
D & R G con 4s 64bjU S Steel 5s.
93
844
81
96
Bid.
Iiiberty Bond Quotations.
NEW YORK, May 7. Liberty bond quo-
- Hi ph. T,ow. Close.
U S Lib 34s 89.30 89.10 89.2U
do 1st 4s 87.30
do 2d 4s 87. o
do 1st 4 Vis 87.88 87.60 67.1)0
do 2d 4's 87.36 87.30 87 36
do 3d 44S 90.70 90.62 90.64
do 4th 4 s 87.44 87.44 87. 40
Victory 4s 98.02 9 00 98.00
do 3s 98.00
Mining Storks at Boston.
BOSTON, May 7. Closing quotations:
Allouex
Ariz Com
C'alu Q. Ariz...
I INorth Butt.
8'Oid Pom ...
52 jOsceola ....
400
9V0
'too
M0
Si 10
9)0
2U0
8S14
41
31 4
128
200 21
1.800
200
9u0
V.200
700
2tll
2,200
900
" 700
400
500
600
48(4
11
52
42
90
7
101
42
Choice steers
Medium to good steers
rir io meutum steers
Common to good steers ..
Choice cows and heifers...!.'
Medium lo good cows, heifers
rir m medium jnn I..,. . .. - .
Cnera" W UiT 4.25 l
B"",' ' ' 3 50W 5.50
choir. d.VrcaivM:::::::::: lowS',,
Sf.. yt.,l ' 4.00 8 0O
ralr to good feeders
Hogs
Price light
Smooth heavy. 2S0 "to SoVi Yb's!
$ 8 0 8 25
7.2.-.-S 8.00
e.hni 7. 25
5.50W 6.50
6. 2.1 9 7.011
1 5(3) 6, -.5
6 2.1 fi.7--
5.75 6.25
.2St 9.75
7.50 SJ 8.50
6.O0S- 7.50
4.00 4 7 50
9 00
mooih av-,, 30 'bs. and up 6:.10f f:50
Slags
Fat pigs "'""
Feeder pigs
sheej
Prime east-of-mountaln lamhs
ings. steady to 25c hii-s,- f. "
and bulls steady to 2.1c higher; veal calves,
mostly 25r higher: stockers and feeders
steady to 2.1c higher.
Hogs 7000. anive and strong to lor
higher: top. s.so: bulk of sales. $S.S0
8..5; pigs, steady. $7.25fiS,35.
Sheep 1000. receipts todav all to pack
ers direct, compared with week ago fed
lambs 2utf40c higher, spring lambs tin
even, but sharply lower; yearlings and
sheep, generally steady.
Omaha. Livestock Market.
OMAHA. May 7. ttj. 8. Bureau of Mar
ket.:) Hogs i.M0a active, strong te 10c
higher; bulk 180 to M0 pound butchers.
138: cracked corn. $40.
Hay Alfalfa, $24 ton.; double compressed
alfalfa. $30; ditto timothy. $38; eastern
Washington mixed, $32; atraw, $24; Puget
sound alfalfa, $30.
Grain at San Francisco. ,
SAN FRANCISCO, May 7. Grain Par
ley, feed. $1.201.27Vi : do, shipping, $1.35
ei .KS: red feed oats. $1 451 60; wheat,
milling. 22.10; do, feed. corn,
white Egyptian. $2&2.10: red miio. $L70
0180.
Hav Wheat 2021: tarn. oat. $17
19; wild oat. $12Vi3: barley. $152'1:
stock. $12414.
Coffee Folures Market Quiet.
NEW YORK, May 7. Th market for
coffee futures waa extremely quiet today
- and after opening at a decline of 4 to 6
BUTTER MARKET IN HEALTHV SHAPE
Egg Buyers Pay 17H Cent to Country
Shipper. Storing Still finder Way.
Butter men regard the -market as In a
very healthy condition. At 25 cents for
cube extras, ths demand ls active and the
surplus, which Is - steadily increasing.
cleans up promptly. Buyers, however,
will pay no more than 25 cents. The bulk
of the purchasing yesterday was said to
be for storage account. There was some
outside demand, and a straight carload
has been shipped to southern California.
The egg market was steady. Cash buy
ers paid 17 cents for current receipts,
end the same price holds good for Mon
day's arrivals. A few operators are stor
ing. Local jobbing was fair at 22 cents
for candled ranch' andT 24 cents for se
lects. Receipts show a material shrink
age. Poultry, was In good supply and the
ton. of the market rather weak. Light
hens were quoted at 18 cents and heavy
hens at 24 cents. Broilers were held at
20 25c. Country dressed meats were
steady.
8 50tr '5o'po,nt' ""owed no special change of fea-
turea The rather irregular showing of the
7.O09 T.50 Brazilian, cables led to a little scattering
liquiaalion. causing inn uec-nno ia oc or
July and 6.40c for September. Closing
prices were the lowest on most months,
showing net losses of 8 to 7 paints. Clos
ing bids: May '5.720, July 6c September
6.39c, October 6.54c, December 6.85c Jan
uary 6.95c, March 7.16c.
Spot coffee quiet; Rio 7. 6c; Santos 4s
8ffHc
Cotton Markets .
Nirw YORK, Alay 7. Spot eotten. quiet
Middling. 12.95C;
Dried rrulta at New York,
NEW YORK, May 7. Evaporated enplei
nominal. Prunea. taadler, Psaeh.s Xirm,
LOCAL APPLE TRADE DRAGGING.
Dealers Trying to Get Rid of Supplies
Before Season Ends.
Th. local apple market 1. dragging and
prices are weak. Dealers ar. making every
effort to get rid of their stock, but the
shading ot prices does not attract many
buyera Grower, have generally disposed
of their holdlnga
In the east, northeastern boxed frolt bas
held steady, extra fancy wlnesaps bring
ing .$2.754 for the medium to large sizes
and $2$2.50 for th. smaller sizes in the
Chicago market. Barrsled apples have
firmed up to a considerable degree and
Baldwins ar. now bringing $67 in most
of th. aastsrn citlea
Shipments of barreled and boxed apples
combined hav. reached a total of approx
imately 100.000 cars, which I. about 18 per
cent more than had been shipped to April
30 last season.
MOHAIR PRICES TENDING DOWNWARD
No Demand Yet From Eastern Mills Skin
- Prices Firm or,
Th. mehair market is In an an.atisfao
tery condition, as there are no orders in
yet from eastern mills. Only a few dealer,
ar. buying, evidently en speculation, and
they show a disposition to r.duco tasir
Staple Groceries.
r it I Inhhinv mmtatlnne:
SUGAR Uack. basis; Can. granulated.
7.c Der nound: beet. 7.6oc per pound.
NUTS Walnuts, 30j.39c pound; Brazil
nuts, 30c; filberts, 12c; almonds. 24tp.'loc;
peanuts, 8?llc per pound; cocoanuu, $L75
per dozen.
RICE Blue Rose, 6o per pound; Japan
style, 4c per pounc1
BEAMS small wntta, c; pina, ci
luiia, oc , nu, ov yoi itvvuu,
COFFE", Roasted, bulk, in drums, 140
36 c per pound.
SALT Granulated. bale, $3.4094.23;
half ground, ton, 50a, $19.75; luoa. $19.25;
lump rock, $26.50.
DRIED FRUITS Italian prunea 'Ae
pound; dates, $4.256.85 per box; figs. $2
05.25 per box.
Hides, Hops. Etc
TALLOW No. 1. 8feG4c; No. 2, 2V4C30
per pound.
CASCAKA BARK 1920 peel, Tc pound;
1921 peel, 6c pound, delivered Portland.
HOPS 1920 crop, best, 20o per pound.
HIDES Salted country hides, 4c deliv
ered Portland; grubby hides, 3c; -city calf
skins, 12c; country calf skins, 10c; good
kip. 6c; grubby kip, 4a
WOOL New clip, 101214e per pound.
MOHAIR New clip, 16(0180 per pound.
GRAIN BAGS Car lots. 7c coast.
Provhtlons.
HAMS All sizes, 30037c: skinned. 269
36c; picnic, 17fl9c; cottage roll, 30c
BACON Fancy, 43053c; choice, 800
85c; standard, 26cgi28c
LARD Pure, tierces, 17c pound; -com
pound, tierces, 12c.
DRY SALT Backs, 22 925c; platea JSo.
Oils.
LINSEED OIL Raw, In barrels, 8Bc;
flv.-galion cans, $1.04. Boiled, ls narrela,
91; five-gallon cans, $1.06.
TURPENTINE In drums, 89oi flve-gal-ton
cans, $1.04.
COAL OIL Tank wagons and iron bar
rels, 17 Vic; cases, 30037a.
GASOLINE Tank wagons and Iron bar
rtia, 30c; cases. 42 Mo.
SAN FRANCISCO PRODUCE MARKET
Prices Current on Vegetables, Fresh Fruits.
Etc., at Bay City.
SAN FRANCISCO, May 7. Vegetables
Asparagus, 5013c; potatoes, old, 304c,
nominal; new, white, 2ft04c; garnet, 40
4V4c; sweets, Nancy Hall, 506c; onions,
Australian brown, 40 0 50c; green, $1,500
1.75; celery, $1 ft 2. 50 crate; garlic 608c;
cabbage, lc lb.; bell peppers, 10 025c; tur-nipsr-tlOc0$l;
beets, $101.50; parsnips, $2
02.25; carrots, 75c&$l; peas, 5&11C; rhu
barb, $1.50 01.65; lettuce, $1.50 & 3.50; iced,
$2.2502.50; artichokes, nominal; splnacn,
405c; string beans, 10015c; wax, 100
12 ,4 c; Kentucky Wonders. 15017J4C; egg
plant, 10020c. ' ,
Poultry Hens, 23039c: strictly young
roosters, 42 0 45c: old. 18021c; fryers, 50
06Oo; broilers, 33 0 50c; ducks,- 80035c;
squabs, 60 0 55c; pigeons, $303.50; Belgian
hares, 23 0 25c; jackrabblts, $3 0 3.50.
Fruit Orangea, navel, $2.25 0 5.00;
apples, $1.2501.75; strawberries, 65090c;
drawer, $1.75 0 2.00 crate; bananas, 84 0
10c; avocadoes, $205; raspberries. $2.75
crate; cherries, $202.75 box, 12140174-i
pound; "Jemona, $2.25&3.75; " grape fruit,
ll.5O03.5O; apricots, $303.50 per crate.
Receipts Flour 2174 quarters, wheat
1600 centals, barley ' 5470 centals, beans
2914 sacks, corn 1022 centals, potatoes 4939
sacks, hay 110 tons, hides 3544 bundles,
oranges 2000 boxes.
QUOTATIONS ON DAIRY PRODUCE
Market Price. Ruling on ' Butter, Cheese
and Eggs.
SAN FRANCISCO, May 7. Dairy prod
uce exchange closes on Saturday during
next three months.
tJHICAGO. May 7. Buttei- Higher;
creamery extras 31c standards 29fec
Eggs Unchanged. Receipts 36,974 cases.
NEW YORK. May 7. Butter Steady;
rremerv higher than extras. 361i-H37-
creamery extras 854 036c, areamery firsts
52035c
Eggs Firm; fresh gathered extra firsts
2728c, firsts 250 27 4 a.
Cheese Steady, unchanged.-
SEATTLE, May 7. Wholesale prices to
dealers:
Eggs Select local ranch, whit, shells
25-gr2oc, do mixed color. 33024c, pullets
190210.'
Butter City ereamery cube. 29e, bricks
or prints 30c, country creamery extra cost
to jobbers. In cubes, 23c
New York Sugar Market,
, NEW YORK, May t. Raw sugar, 4.80o
for .centrifugal, Refined, 6.300 6.500 for
finef'granulated,
Puiath Linseed Market,
DUI.UTH. May 7. Linseed .a track and
te arriva, 11.6a,
31
10S'4
127 4t
500 1 7i
2,700 80 1
34 i4
ii"
82
82
43
1V
41
64
13
ii"
17
61
48 !4
200
900
'700
400
900
2.4' H)
200
"3!6
400
, 100
6,100
7O0
1.4110
100
500
V,2l)6
400
l.SOO
1.300
200
500
200
2o0
500
2.4U0
1.000
3V0
eno
6,01X1
400
100
100
.1.600
5O0
3044
81
67
a 54
12"
25
-84
44
29
64i
32
38 S4
60
89
40
75 44
8794
82 V4
7,1
6.1
&5
2144
J
600 loom
1"U 19
Adms Express
Advance -Rum
Agr Ohemlcal.
Ajax Rubber.,
Alaska Gcild.. .
Alaska Juneau
Allis - Clilmrs
Am Beet Sug
Amercn Bosch
Amer Can (Jo
Am Or i Fdy
do pfd ....
Amer Cot Oil
Am Drug Syd
Allies Ciiemjcl
Am Hde 44 Lr
do pfd ....
American Ice.
An Inter Corp
Amer Linseed.
Americn Loco
do pfd
Am Saf Razor
Am Sh.D A 4?m
Amer Smelter.
00 pfd ....
Amercn Snuff
Am Steel Fdv
Amercn Sugar
Ain Sumatra. .
Am Tel A Tel
Amer' Tobacco
do "11"
Americn Wool
Amer W P p(d
American Zinc
Anaconda ....
Associated Oil
Alchifon
Atl Coast Line
All. UiT j& w T
Baldwin Lorn la a,M)
altl Se Ohio 400
-oein on
B R T
Butte C A Z
Butte & up
Caddo Oil ...
Calif Packing.
Calif Petroiem
do Dfd .
Canad Pacirio l.ioo lii'zi
t-entri Leather l.tioOi 33 4
Chand Motors
Chicg & N W
Chicg Gt West
do pfd ....
Chili Copper..
Chlno
Chi. V & St P
do pfd ....
Coco Coia ...
C & O
Colo Fl Irn
Colo Southern:
Cot- Gas & Elo
Coimiba Graph
Con Gas
Cons Cigars...
Contl Can ...
Contl Candy..
Corn Products
Cosden Oil . .
C R I 4 P..
do "A" pfd
do "B" nfd
Crucible
do pfd .... .
Cuba Cane . .
Cirb Am Sugar 4,400
uel 4 Hudson
Dome Mines..
D & R G
do pfd ....
Endi Johnson.
Erie
do 1st pfd..
Fras Players..
Fd Mng lc. 6m
do pl'd ....
FIsk Tire
Gaaton Wms. .
Generl Clears.
Genrl Electric
Generl Motors 10.600
Goodyear
Genrl Asphalt 15,200
tioouricn
Granhv
Gt North Ore
do Dfd ....
Greene Can . .
Gulf S Steel..
Hupp Motors.
Houston Oil. .
Illinois Centrl
Inspiration
Interboro ....
Inter Callahan
Inter Harvestr
Inter Mer Ma
do Dfd .
Internl JTIckel
Interntl Pauer 5.900
invincible oil. 2.900
lsiana til ...
Jewel Tea
K C Southern
do rfd .-. . .
Kelly - Spglfld
nennecott . . .
Keystone Tiro
Lack Steel . .
Lee Tire
Lehigh Valley
-Maxwell Motr
do lat pfd. .
do 2d Did..
Mex Prtrolem 29.600 W5Wi
-Miami 4uu 314
Alia states lyii s.tihi
Midvale Steel. 60
M K & T.... 500
Montana Povr
Missouri Paclf 6,7H
do pfd 1.5O0
TWont. Ward... MO
M S P 48ai(
M & St L. . . .
IN'at Enamel. . .
Nat Lead ....
Nevada Con...
New Haven . .
Norfolk A W.
'Northn Paclfio
Nov Scot Steel
iN Y Air Brake
N Y Central.
kla Prod ref 1,000
Ontario silver
Ontario A W.
Otis Steel ...
Pacific Oil ..
Pac Gas A Elo
Pan-Am Petri
do "B"
Penna
Peoples Gas..
Pere Marquet.
Philadlpha Co
Pure Oil ....
Pierce Arrow.
Pierce Oil....
Pitts Coal . . .
Pitts W Va
Pressd Stl Car
Pullman .....
Ray Cons ....
Reading
Remington ...
Replogle Steel
Republic IAS
do pfd
3544. SO
200
200
1,200
700
600
2,800
400
14
22
18
144
200 138
13
600
"ioo
"'206
400
5ll0
1,300
7 .
41 VA
36 it
7244
24V4
4.1 T4
15
8544
88 44
40 4
61
31 44
127 44
21 "
445
11-74
524
si Hi
41H
90
'f"
10
41
30 T4
107J4
124J
124 44
7944
8444
41 H
8144
42
9o-n
4tt
631,
la 34
14
3 7 44
. 61
4654
lis"
29 44
8034
6644
ii
25
28
4414
29
63
3-i44
87
5944
844
S8 44
40
I4
3u
31
g
84-
20
24 44
90
18
67
17.
144
137
1334
73
40
m
2444
45
14
84 44
600 334 S6
1.100
400
2u0
700
600
BOO
5
96
15
57
16
64 44
20
4
800 28
2,900
1,000
2,&0
. 800
100
4.4K
100
100
100
1.200
200
1.000
8O0
400
"306
200
8.1O0
300
2.800
1.600
2.700
1,0(10
600
"'206
2,500
200
l.eoo
100
"ioo
200
l.son
500
500
700
61
21
16
63
28
54
5
7
14
29
. 2
22
42
22
71
1234
&
19
90
79
77"
71
3
1.1
8S
54
72 Vi
64
V,
48 44
20
32 44
35
38
10
63
14
76
SB
82
65
61
9,1'4
lH
56
16
64 44
27
164
5344
2SA4
7
153
23
14
2944
, 2
21
41
22
71
12
78
12
1
S
75
T6
71
3
15 44
SS
53
7144
64
S.1
47
20
31
35
87
10S4
63
14
75 44
35
32
64
1.000
400
S00
1.700
500
Reu Motors . .'
Ryl Dutch Oil
Rv Steel Sog
S O Ind
Sears' Roebuck
4lhattuck. Ariz
Shell T 4 T..
Sinclair
Slosa Shef....
Southn Pacific 2.6W
South Railway 2.700
St L S F. . 200
Strom-brer Carb 600
Btudebaker .. 20.700
Swift & CO...
Tenn Cp A Cm
Texas Oil ....
Texas Pacific
Tex PC C & O fl,"-"
To:be Products 500
Tran Contl Oil 4I.O11O
Union Oil Del
Union Pacific.
United Alloy..
United Drug..
United Fd Prd
United Fruit..
Untd Rds. N J
do Dfd ....
Utd Rtl Stores 1.900
ir 8 Ind Alco l.soo
U S Rubber.
do Ut pfd.
U 8 Smelting
700 a es
Bid.
44
17.
4644
3
.
1
38
40 51
61
31
127
110
20
64.
4ii'i
11
52
67
52
42
90
103
- 7
10
42
77
103
30
90
71
10S
126
124
70
84
9
41
102
82
81
43
1
41
64 14
1-2'
6
14
17
61
47
77
115
38 44
30
811
60
8
19
11
25
2S
4444
29
63
37
544
8
S-S
40
55
1
74
SO
32
75
65
84
&5
21
.is?
18'!
2
66 j
14
21
79-S4
-7
2t
18
w
137
13 ,
69
78
40
23
30
. 72
24
44
14
84
. 91
36
4
5
95
; 1
56
16
64 44
10
4
27
60
51
21
16
. 53
28
54
5
I
13
23
14
29
55
o
41
71
12
63
80
12
1
75
84
76
71
5
19
1.1
3
53
71
64
3.1
48
20
3.1
37
10
63
2W
88 H
102
14
76
36
i2
6.1
91
20
6t
90
C'alu Hecla.,255 IQulncy
Centennial .... 8!Superlor
Cop Range ... 35 ISup A Boston.
East Butt. ... 9Shannon ......
Franklin 2. Utah Con ....
Isle Royalle ... 2li,4Winona
Lake Copper... 2Wolverin. ...
Mohawk ...... 64 I
10
211 VJ
81
42
8
Z
90
3.
45
11
Swift Co. Storks.
Closing prices for Swift A Co. stocks at
Chicago were reported by the Overbeck &.
Cooke company of Portland as follows:
Swift A Co 100
Libby, McNeil ft Llbby fl
National Leather 8
Swift International 26
Money, Silver, Kte.
VEW YORK, May 7. Prime mercantile
pper 707 per cent; bar silver, domestic
99, foreign 82.
Mexican dollars 48o.
LONDON. May 7. Bar sliver 8fid per
nunce. Money 4 per cent. Discount rates,
short bill. 5 per cent. ,
Excess Reserve Increased.
NEW YORK. Msy 7. Th. actual condi
tion of clearing house banks and trust
companies for the week shows that they
hold $8,588,010 reserve in excess of legal
requirements. This ls an Increase of
$7,843,370 from last week.
RAILWAY SHARES READILY TAKEN
Easier Honey Condition. Factor In Week's
Trading.
NEW YORK, May 7. Easier credit con
ditions and other favorable deevlopments
this week caused the securities market to
record six days of great activity, with
Irregularly higher price levels.
For the first time In many months the
money market, as governed by operations
of the federal reserve system, manifested
signs of Improvement. This tendenoy,
moreover, was not restricted to home mar
kets, but extended to th. world's finan
cial centers.
Another event of Importance was th.
announcement of reduction of wages and
salaries by th. United States Steel cor
poration. From such action it was in
ferred commodity prices were responding
more obviously to th. law of supply and,
demand.
European affairs, as expressed In terms
of foreign exchange, seemed to hav.
reached th. stage where it was reasonably
poesible to discount the outcome ot Ger
many's Indemnity payments. Leading re
mittances were firm, while French, Bel
gian and Italian bllla rose to highest quo
tation, sine. th. close of the war.
Once German reparations payments were
outlined, It was believed international
bankers would apply themselves to the
herculean task of thawing out the in
calculable "frozen credits" which have
paralysed foreign trade-balances of lead
ing nations for a year.
The most encouraging -movement in tne
stock market of recent days was the ab
sorption of railway shares. In former
years every sustained advance of securi
ties has been guided by shares of that description.
The advent or May gave some impetus
to investment buying in the bond market,
where speculative rails figured as the
strongest and most conspicuous issues.
Foreign Exchanga,
Foreign exchange rates at close of busi
ness yesterday, furnished by Northwestern
National bank of Portland. The amount
quoted is the equivalent of the foreign unit
in United States funds:
Rate.
..$ .00.13
.. . ,0S3ii
.. .01.10
.. .0144
.. .1816
.. 8.99
. . .0227
. . .0H3S
.. .01.17
.. .0nj
... .3.V.0
. . .0056
.. ,11522
, . .00S0
.. .15.12
.. .0082
.. .0174
.. .0309
.. .14115
.. .2340
1. .1791
.. .5213
. . .6828
.. .4875
Local Improvement District Coupon .Warrants
of '
Sunnyside Valley Irrigation District
Sunnyside, Washington
x Inert are a municipal security supported by the taxing; power
of on 'irrigation district of 80,000 acres. The conservative value
of the lands and improvements is more than $16,000,000. The
value of cropi raised in the district in 1920 was $6,765,422. The
district has no bonded debt, and the combined debt, to the United
States for water rights, and coupon warrants, is loss than $20.00
per acre. These warrants therefore have solid substantial backing.
The warrants draw 8T interest payable semi-annually, and
can be supplied in denominations of $50, $100, $200 and $500, and
maturities from five years to fifteen.
Now is' the time to purchase municipal securities. Detailed
information furnished upon request Offered ct par and accrued
interest to yield 8. .
G. E. RODMAN, Secretary.
We Want a Reliable Distributor to Handle
a Valuable 'Local Automobile Franchise
ONE of the oldest and best established nationally known lines of
passenger cars and motor trucks including a new popular
priced 7-passenger touring model and a new speed truck with worm
drive rear axle at $1585 f. a b. factory.
We want A DISTRIBUTOR equipped with facilities and executive
and sales experience to handle this franchise with direct factory
connections A DEALER who covers a limited territory with suffi
cient facilities and sales organization A BUSINESS MAN who is
looking for a real investment by building up a good paying business.
Your application will receive earnest consideration tf mailed at once to
FACTORY REPRESENTATIVE, Box AV 622, Orcgonian .
ty, art engineer of many yaars experi
ence, has been retained! to tsaka esti
mates In connection with th ap
praisal. Body of 'Woman Pound.
ASTORXA. May T-Spotal.) Th
body of Mrs. Anna Goober, wife of
Antone Goober, a rancher' residing
near Hamlet, was found In the upper
N'ecanlcum river today by a fisher
man. The woman had been missing
since Thursday evening- and had evi
dently fallen overboard while crossing
the stream on a log. She was a na
tive of Prussia, 41 years old and Is
survived by her husband and one son,
10 years of age.
Alleged Forger Sought.
HOOD RIVER, Or.. May 7. (Spe
cial.) Authorities here and at The
Dalles are seeking a man who gave
his name as H. O. Bronson, and who
was alleged to have cashed spurious
checks drawn on J. L. Sie-wart.
City of
Portland
10-year 6 Bonds
At 101 to jieia a'bout 5.80
TTT aftAolalUa In
Liberty and Victory Bonds
Bee us before you buy or sell
If
Building
An Income
Inltutls You
we shall be glad to submit
plans showing a
Sound Foundation
for your dollars'
Write Dept. TQS for copy
of our hookle-t, "Thrift
Savings - Investment" sunt
free.
G.RRLE5 RClRRK50N &
66 BROADWAY NEWYORK
TELEPHONES: RECTOR 4S63-4
LLg ; :J..M
.Austria, Kronen ,
Belgium, francs ................
Bulgaria, leva
Czecho-SIovakia, kronen
Denmark, kroner
England, pound sterling
Finland, Fin mark a
France, francs
Germany, marks
Creece. drachmas
Holland, guilders
Hungary.' kronen
Italy, lire
Jugo-Slavia, kronen
Norway, kroner .................
Portugal, escudos
Rnumania. lei
Serbia, dinara ,
Spain, pesetas
Sweden, kroner .................
Switzerland, francs
China Hongkong;, local currency.
Shanghai, laels
Japan yea
mm
FREEMAN.
SMITH
.
.hound noos) UAMr
rim ana srr.aa
srtux ST.
CO.
High Grade
NEW TORIC May 7. Bxchan. strong;.
St.rllns. demand 3 97V. cables
francs, demand 6.82, cables 8.34; Belgian
francs, demand 8.31, cables 8.33; guilders,
demand 33.42, cables Zi.i2; lire, demand
s.14. cables 5.1G; marks, demand 1.51;
cables 1.&2; Greece, demand 6.80; Sweden,
demand 23.25; Norway, demtnd 15.30; Ar
erentine, demand 30.00; Brazilian, demand
13.00; Montreal . 15-16 per cent discount.
Foreign Bonds.
Foreign 'bond quotations furnished by
th. Overbeck aV Cooke company ot Port
land:
Russian 514s, 1B21 .
Russian RVj,
Russian 6.s,- 1918
French 5s, ..
French 4s, 1WT ...
French 5s, 10 ..
Italian Ss, 11' IX ...
British 5s, 19L'S ..
British 5s, 11127 ..
British is. 11)29 ..
British Fky 4s ...
British ref 4s ....
Belgium rest 5s ...
Rflleium nrem 5s .
German W t, 5s .
Berlin 4s
Hamburg 4s ......
Hemburgi-if ....
LelDslit 4tts
Lelpsig 5s ........
Munich 4s
Munich 6s ........
Frankfort 4s
Japanese 4s
Japanese 1st 48 .
Japanese 2d 4fes
Paris os
U K 6Vts, 11)21 ....
U K. 6V-s, in-- ....
U K 1929 ....
U K 6 Ms, 1937
Bid.
.... 15
.... 7
.... 18
.... 84
.... 52
.... 73
39 54
395
. . . . 39
....390
3113
....2M)
.... e
73
11
.... 12
.... 14
.... 14
.... 14
14 '4
13
.... 15
.... 14H
.... 87
.... 84
.... 84
98
.... 9!"4
.... 90-4
.... '
. ... 8t!4
Ask.
18
IS
63
54
75
41
4M7
401
4112
310
2112
71
75
12i
13 4
15
1514
16
18
1414
17
16
874
84 Mi
84 14
9814
99 i
7
91
86(4
BONDS
to yield
6to9V2
GOVERNMENT
MUNICIPAL
CORPORATION
Without obligation to purchase,
write for quotations.
Partial Payment Terms
H. E. Wills Company
Investment Bonds
316 U. S. Bank Bide
Bdry. 1011
TEXT BOOK
OF .
WALL STREET
A 40-page book (copyrighted)
discussing clearly and unmis
takably rules governing stock
market .transactions:
Hrtfcods af Trtidias.
Canssnlaloa Rtm.
IIoit. Ope'a aa Arr.uat.
anmstratlas; Osr'a Income.
Drpa.lt Rtiitrf.EBfnfa for
'arry!nir stock, aa Ac.
Dlctlonarr af Wall Street.
Hl.tor? of the N.f York
stock feachanae.
Bl'tory of the New York
Curb Market.
Forclira Exchange.
' And miBT ether .etJeMts of
Interest to la.e.tors aad
stock trader. ,
Cepf free npoa reqaesti
McCall&RHey Co., Inc.
20 Broad Street New York
Jlachines to Clear Ianl.
84 14
V4
4S14
28
43H
78
s58
48 Vi
41 i
24
80 H
54 !4
12
S2'4
1.200 .1201.
ROO
1 SftO
S.OOO
l.
O0
100
2"0
sno
11 '4
7214
S.KiO 7714
100 10114
84
8V4
48 4
27
43
7714
vsZ
24 "4
wit
25
2014
a
22 '4
120
23
ii"
24
574
71
76
101
4
4S
27
42 4
774
21' "4
814
100
OH
41
28
64
12
2214
120
SI
9-. '
2314
110
n
24
5814
Tl 14
77
lot
M
KELSO, "Wash., May 1. (Special.)
Tbe land-clearing: demonstration train,
which will be operated throughout
western Washington Jointly by the
Northern Pacific and Great Northern
railways' and the extension service
of Washington State college, will be
at Kelso, Tuesday. May 1J. The exact
location of the demonstration has not
yet been announced. The local dem
onstration will be for Cowlitz county
and arrangements were beinfr made
by County Agent Blaivton. Various'
tyres of stump pullers and of land
clearing machines will be demon
strated. Water Estimator Employed.
KELSO, Wash., May T. (Special.)
E. M. Hubbard, manager of the Cowee
man Driving & Rafting company, has
been engaged by the city of Tacoma
to make an estimate of the value of
the Skokomlsh river In Mason county
for driving and logging operations. 1
Tacoma proposes to divert the waters
of the Skokomlsh for use In the Lake 1
Cushman power development project.
Fred M, Lane of Martins Bluff, ex
county commissioner of CowllU coua-1
WE OFFEB m
60 shares r any part of
Ore (on Pulp Paper Co., Pfd. '
8 STOCK AT
$93.00 PER SnARE
This company's plsnt at S.lem Is on.
of th. biiKfut In th. west. th. .took
pays monthly dividends ol 8 on par.
WE WAT
Pacific 8tats Fir., New World T,H.
Oregon Surety Co, and other unlisted
securities.
G. B. Harrington Co.
Stork mn1 Bonds.
403 Title Trust Bid. Main 817.
OVERBECK &
COOKE CO.
Brokers, fftorhs, Boads. Cottssw
iarwio, to.
Ill-m FlOARD OF TRADK BLOfik
mlm Walla, Uab.
.Curt land. Or.
reaclletoa. Or.
IUEMBER9 CHICAGO BOARD 09
IKAJUK,
Correspondents of Iorsa A ltrymm
Cbicaffo aad w ksrfc.
' MEMBFRft
JSpw York Htock Kxrhaa
C hira to Htock t-xrhaiiB.
Boston Stork Kxrhanao.
( hk-ro iioairri of 1 rads.
Kw lork Cotton Kiclmnrs.
jw Orleans Cotton Kxrhanco.
Krw ork Proriut-e Kictiauas.
Wlnnipe Grain cvxrhanr". .
iJvcryoui Cvttoa Associaiioa.
10 With Safety
Why Take Less
Our participating Preferred Stock
has never in the history of the
company paid le.-w than 10'?, an
nual dividends. May be pu-rchased
at par to mature in 3. 4 or S years.
Particulars on request.
J.LHartman Company, Inc.
UTCitmrot Srcurltlea
MnrJn Portland, Oregon.
HERRIN & RHOfftS, Inc.
4R.fabll.hr4 1NIM)
BROKERS
MEMBERS tltlCACO BOARD OF
' lHAUb
rnrrr.lioBd.nl.. K. P. HtTTTO
CO. Mcsaber. .w York Stork Kl.
rkaaaa. frlvata l.enaed Wires
ltre ta All Serarlly aad tea.
saotllty Markets.
LIBERTY m VICTORY BONDS
BOUCUT AND BOLD
MAI ZKI and T4
ni-S RAILWAY k-XVU. BLDO.
ALLEN BROS. CO.
BROKERS
Corrp.ponilents
Th. rh.s. R. Mi'lai. HrokorarC Co.
Kstabusherl 1!H4 tienver, cola
hTOCKS CHAIN
Btrlis Muted New York EzcHsnr)
I10-Z17 Chaniher of Cmmerce Bids:.
i-hoM SU-1S
MEXICO
WORLD'S RICHEST EMPIRE
If yur blnod still le.ps st the
call of a "new-horn OI'POHTU
N1TY." send fur map., pictures and
1 rite wit In ir Informalioa about this
"New Kliiorado."
It will fir. your blool with tbe
spirit of a pioneer.
FREK, IP SK.MT FOR KOW
W.W.Duncan
SOI Calrawlrn Bnlldlns;
bmm Aatooto. Irtit
lilt