so
TITP SUNDAY OREGONIAN, PORTLAND. NOVEMBER 27, 1921
KTHTBIIIG
MOVEMENT NOW 01
Dependable Old Line Bonds
: Going Up Daily.
MARKET RUNAWAY AFFAIR
Available Capital Jtepresentlng Ac
'cumulated War Profits Seems to
i; Have Been Underestimated.
BY STUART P. WEST.
! (Copyright. 1921, by The Oregonlan.)
I KSW YORK, Nov. M. (SpeclaL) The
Country la In the midst ot th. greatest
Investment buying movement In Us his
tory. That fact Is borne out by the
markets during the week. After three
months of almost uninterrupted advance
tit bond prices, and In spite of an enor
Ulcus addition to the available supply In
oonseaunce of new flotations, the In
vestment appetite so far from being satis-
fled Is seemingly more ravenous thsn
ever. It Is scarcely conceivable that the
market can keep up much longer at the
pace It has been going, where old-line
bonds of the most staid and alow-moving
type have been going up from one to
three points a day.
Two conclusions may, however, be fairly
drawn. One Is that the fund of Invest
ment capital, representing the accumu
lated profits from the war and now
diverted from Industrial channels because
of the et-up In trade, has been very
greatly underpstlmated. The other Is that
Investing Institutions and private Investors
have let the market get away from them.
They have seen bank reserves accumulat
ing, discounts reduced, money rates com
ing down. They must have realized that
all this meant a lessening In the cost of
capital, a downward revision In the In
vestment return. Yet they have delayed
artlon and have found themselves this
wveok In the mental attitude of late-comers
lit a bargain sale, who see the counters
rapidly being swept bare.
Investment Yield Fulling.
i:
It is time now for those who were
most sanguine upon the outlook (or the
investment marxets during the blue season
lust summer greatly to modify their stand.
True, bond prices on the average are still
Home distance away from the pre-war
Invel. Jiut with the advance of last week
they are up 1U to 13 points from the low
list June. Choice first-class railway
mortgage bonds now are Selling on a 4 K
to G per cent basis, railway bonds of the
teronil rate on a per cent basis, while
industrial bonds and the more desirable
preferred stocks have risen to where they
i.turn only 6 to A '4 per cent.
I"-In a word, the yield on Investment
fla'pltal has fallen fully ltt per cent within
five month.. a tall almost without paral
lel in so brief a period of time.
Furthermore, while the demand for
Investments etlll considerably exceeds the
supply, equalization . is bound to come
before long, simply because enterprises
lnng in need of fresh money" will b.
flocking into the market with their offers
of new securities. Already there is talk
of $500,000,000 of new railway bonds to
b put out In the first half ot next year,
talong with this are the appeals of foreign
governments and municipalities for the
ulass of securities for which New York
has become the principal distributor In
place of "London, i'ara and Amsterdam
Finally, there are the many manufactur
ing concerns which have been carried
along by the banks during the period of
strain and now have the opportunity to
convert these floating operations Into
tunded debt.
i Investors Turn to Stocks.
! The Interesting question In the stock
market at the moment Is how Investors
who have missed the bond market will
be atti acted toward the better class of
railway and industrial stocks which, while
nound enough, have a certain speculative
Quality. The way the dividend-paying
r.iiis and the better established Indus
rials have been bought toward the close
of the week Indicates that the overflow
d'-mand from the bond list has become a'
Victor of Increasing Independence In the
share market. It la a factor, moreover,
U4. sustaining influence of which has
IJ'-en overlooked or not properly appre
oiated by critics of the speculative market.
V'lth this astonishing investment power
und call money down to 5 per cent, there
Is small reason for selling even specula
tive stocks except the few in which the
business outlook for their companiea may
be dubious.
I The position of France's finances has
oorne In for more attention, first, because
French exchange has gone down In face
.. ofthe apparent stabilisation of sterling
mound t.ie four-dollar level, and In face
of the further rapid deflation of paper
rtote Issues the latest figures of the Bank
of France showing a decrease of 3.300
000,000 francs from the high of a year
ago and, second, because French govern
ment securities have had the smallest rise
Ty rarof any of ,ne foreign government
lans floated In this market within the
tst two years. It Is hard to Interpret
these things In any other Way than as
an expression of disapproval of the French
policy laid down at the disarmament
Conference.
X. Marks Still Shrink.
Meanwhile, Germany's paper not ex
.panslon goes on more furiously than ever
hi the effort to meet Indemnity obliga
tions. The Relchsbank's note circulation
e?n Jrte,t rePrt was set down at 93.186,.
00,000 marks against 71.000,000,000 In the
arly part of June, when preparations
were under way to meet the first Install-
Rn ni,repar,t'on"- and against less
than two billion marks in July, 1914 Th.
Whole story of the shrinkage In the value
mparlson!""" " t0'd 'n th"
iCOTATIOXS OX DAIRY PRODUCE
J-urrent Price Ruling on Butter, Cheese
and Esra.
SAN FRA0UCISCO. Nor.
Produce; Exchange closed.
26. Dairy
' NEW YORK. Nov. 28. Butter Steady.
Creamery higher than extras, 45u,4Sc:
jreamery extras, 45445ci creamery,
firsts. 3T43H.
Iigs Steady, unchanged.
Cheese Irregular, unchanged.
CHICAGO, Nov. 28. Butter Higher.
Creamery extras, 4.Tc; firsts. 88ia44c: sec
onds, 83$f35c; standards, 38 Ho.
--.... Eggs Unchanged. Receipts 24S5 cases.
BES.TTI.E. Nov. 20. Eggs Select local
ranch, white shells, WiijUOc; do mixed
colors, 66358c; pullets, 40 4 tic.
guitar' City creamery cubes, 4c; bricks
nrlnta, 47c.
TREE THIEVES STOPPED
Icmaiid for Christmas Stocks Is
Great, It Is Declared.
OBTMPIA, Wash.. Nov. 26. (Spe
cial.) Because of the great demand
for Christmas trees in California,
many persons from that state have
come to Paget sound to contract for
various sizes of trees which are
(hipped by the carload to San Fran
cisco and sold at a good profit, according-
to Clark V. Savldge, state
land commissioner. Following: the
discovery of a crew on a piece of
state land during- the past week cutting-
and hauling away truckloads of
the little, trees, Commissioner Savidge
asked that the trespassers settle
damages, which they did.
!' Reforestation has become a vital
problem in this state, it Is declared,
and In order to secure the continua
tion of the timber supply deprecia
tion s of this character will not be tol
erated. ; j Damage Done by 'Wind.
i. 'CKNTRALIA. Wash., Nov. 26. (Spe
cial.) Wind did considerable damage
Ttl Bucoda Thursday night. One end
vas blown out of the Martlndale
jepartments. Wires were blown, down
smd the, town was in darkness. -
MANY ELEMENTS SHOULD BE CONSIDERED BY
INVESTOR IN ANY BUT GOVERNMENT BONDS
Securities of Cities, States, Railroads, Industrial Concerns and Irrigation Districts Are Interesting to Buyer,
but Financial History Should Be Investigated by Buyers or by His Bond House.
BY STANLEY A. BEADLE.
This Is the sixth of a series of articles
cn the subject of "Thrift, Banking and
Investment."
UPON entering the subject of the
classification of bonds, first
mention logically should be
made of government bonds as being
the safest and most desirable. It Is
a common saying that an Investment
Is as safe as a government bond. No
other investment can approach them
In security. The timid Investor, who
desires protection and absolute se
curity above all else, purchases these
securities. Trust estates, which care
more for security of the principal
than the size of the yield, also fur
nish a ready market for this form of
Investment. In many cases they are
limited to government bonds, or state
or city bonds, in their selection.
Another important class of buyers
Is composed of banking institutions.
The British law makes this form of
security especially attractive to sav
ings banks, while our national bank
act contains provisions which are de
signed to make the national banks
large buyers of our government
bonds. As a consequence, most of the
large countries are able to sell their
bonds at high prices with unusually
low Interest yields.
Briefly, the considerations which
affect the standing, and, of course the
value, of government bonds, are as
follows: 1. The honesty and good
faith of the people. 2. The stability
of the government. 3. The revenue
and expense of the government. 4.
The probable future of the govern
ment. 5. The supply and demand for
the bonds.
State Bonds Rank High.
Since the picturesque financial pe
riod of the '70s, when the states de
faulted or repudiated their obliga
tions, the securities of the American
states have stabilized Into a high
class and very desirable form of in
vestment. They rank easily as sec
ond to our government bonds. How
ever, as there are 4S states In the
Union, all sovereign, and each with
advantages peculiar to Itself, It can
be readily appreciated that the scope
of this article prohibits elaboration.
The th)rd class of public securities
la Issued by various political subdi
visions of the state such as cities,
counties and school districts. Most
of these bonds are issued by the larg
er cities to carry on many Improve
ments demanded by their citizens or
other political subdivisions. Bonds Is
sued by cities are known as municipal
bonds. The manner and purpose of
Issuing municipal bonds is under the
strict control and supervision of the
majority of the states issuing the se
curity. The object of this restriction
s, of course, to maintain the credit
and integrity of the state, by spon
soring and controling the credit and
Integrity of Its municipalities which
is the state. Also, this protects the
individual Investor, who may or may
not be a resident of the municipality
Issuing the bonds. This Is not to be
understood that an unaided investor
can enter the bond market and pur
chase municipal securities with im
punity. There are certain tests which
roust be applied to all municipal
bonds. These tests, which are always
applied by reputable bond houses or
investment bankers, before they will
lend their name to the offering, are
as follows:
1. The legality of the bond.
2. Tn- financial condition of the city.
8. The standing of the city.
4. The supply and demand for the
bondav
5. The yield on the bonds.
Legality of Isaac la First.
The first consideration Is the le
gality of the issue. The distinguished
twuiiBoi m wnorn mis question is re- i
ferred furnishes a. statement to the
bond house. He passes upon the le- t
6iiiy wi me uunas aiier naving col
lected and examined information con
cerning the following matters:
1. Authorization, (a) Is the cltv per
mitted by Its charter to Issue the bonds.'
(b) Have the legal steps been prjperi
taken by the city, such as the passage ct
an ordinance by council and ita approve 1
by the chief magistrate? (c) Have tne
bonds been properly authorized at a mu
nicipal election? (d) Has the sal of the
bonds been properly advertised, fulfilling
every requirement? (e) Have the bids been
kept secret and has the award been made
to the highest bidder?
2. Is the amount of the Issue wlthlr.
the limits set by the statute?
3. Is the form of the Instrument sucn
that the city cannot escape responsibility
SHARP RALLY IN WHEAT
CinCAGO MARKET RECOVERS
AFTER WEAK START.
Evidence of Larger Requirements
Abroad Stimulates Buying;
Coarse Grains Lower,
CHICAGO, Nov. 26. After a. weak, it art
wheat rallied sharply today and finished
Ho net Higher for December and He
higher for May. Corn lost Ho to He. Oats
were unchanged to Ho . lower and lard
snd ribs from 8 to 15 cents lower. Jan
uary pork, the only live option in that
commodity, showed a net gain of 40 points.
Wheat's early decline was due mostly
to easier closing prices at Liverpool,
escribed generally to receipts of Australian
wheat. The usual Saturday evenlng-up
trades contributed to the shrinkage In
prices, but considerable bullish sentiment
was In evidence on the breaks. Toward
the end reports came that partial failure
of the rice crops In Japan and China
would cause buying of wheat by those
countries, and about the fame time a
goodly portion of the local pit element
found themselves short and started to
cover. Sales of a cargo of No. 2 hard on
ocean on a basis of 11.27H was seized by
the bulls as cheering news and the upturn
continued.
Trade in corn and oats was light and
those grains responded to the conflicting
Influence by ready fluctuations. Some
profit-taking and over-Sunday trades
tended to keep prices down. There wer
some smaii saies or corn nere ror tne sea
board, but the sample market was gen
erally lower.
Provisions had no support from packers
and scattered selling affected lard and ribs
beyond the usual limits for such trans
actions. Hogs were strong at the yards,
but prospects of big receipts in connection
with next week's livestock show caused pit
traders to disregard that factor.
The Chicago grain letter received yes
terday by the Overbeck & Cooke com
pany of Portland follows:
Wheat The market gave an excellent
account of Itself, considering the general
disposition to even up long contracts over
the week-end. Considerable short selling
also was Indulged In early In the day,
based on the decline In Liverpool prices
and the prediction of rain for all states In
the grain belt over Sunday. During the
last hour the market steadily gained
strength and closed at a premium over
last night at the final cloae. Stocks In
the United Kingdom are down to a point
wher that country will have to replenish
its supplies and it Is very likely that It
will come here where It can secure prompt
shipment. The unusually large Japanese
buying, which has mystified the trade for
some time, was partially explained in a
cable today reporting their rice crop vir
tually a failure. It is also quite probable
thst some of the wheat they have bought
will eventually lard in China. We would
not be surprised in the very near future
to se exporters and domestic millers In
sharp competition for supplies for wfelch
they will very likely have to pay higher
prices than now prevail.
Corn Trado was mainly local and the
by any technicality or slip In the wording
I of the instrument?
4. Have the present bonds, or any bonds
which it Is proposed by the city to refund,
ever been subject to litigation? Did toe
city ever seek to repudiate Its obligation?
In determining the legality of the
Issue one of the most important ques
tions which must be considered is the
financial position of the city. The
limit on the amount of bonds which
the city can issue is usually propor
tioned to the assessed valuation of
the real property contained within its
boundaries. In most cities the assess
ments on real property are usually
below Its actual value.
An Investor in the securities of
municipal corporations, unlike those
who put their money into private
corporations, does not have to give
much concern to the Income of the
city.
The Income of the city is reason
ably steady. It Is not affected by
financial depressions, for the taxes
ire the same in good years as In bad
years. Moreover, the amount of the
tax which shall be levied is an arbi
trary matter which can be changed
from time to time. If a certain tax
rate say, for example. 11.50 a $100
j is not sufficient to produce the
. amount of revenue necessary to con-
v..w w.j fw ....wu . I. -
its financial obligations, the city au
thorities have the power to increase
the tax rate to such an amount as
will give them the needed revenue.
In fact, it has been demonstrated
that failure on their part to do so
would Immediately give an interested
person the right to force them,
through the intervention of the courts,
to raise a sufficient sum of money.
Municipal bonds, therefore, when
legally issued and protected on the
other points noted, are an exceedingly
safe investment. As a consequence
they are eagerly sought and sell at
favorable rates, usually ranging from
4 to 6 per cent.
Rail Security Hick.
Railroads are great corporations
of -vital public necessity. Their im
portance is such that they must con
tinue in operation even when bank
rupt and in the hands of a receiver.
Manufacturing plants usually shut
down when the company becomes
bankrupt, but not so with railroad.
The personal element does not figure
largely In the management of a rail
road; railroads are such great ma
chines that even an Incapable man
at the head does not necessarily mean
that the property is going to run
down. Many of cur Industrial cor
porations are dependent for their
auccass upon one man or group of
men, and should they sell out or die.
It would probably seriously affect the
success of those corporations. One
does not feel that way about a rail
road. Rallroada possess much valuable
physical property as security for their
bond issues. Many manufacturing
concerns depend largely upon patents
or the unusual personal skill of their
officers or employes for success, but
the railroads always cwn a vast
amount of real property and fre
quently Include among their hold
ings land in cities which is of far
greater value than when it was
originally acquired.
There are numerous types of rail
road bonds. It is well, therefore,
that a prospective investor in this
form of security have any specific
offering analyzed by a reliable bond
house before purchasing. These forms
are:
1. First mortgage bonds, main line.
2. Divisional and branch mortgage bonds.
2. General mortgage bonda.
4. Consolidated and unifying mortgage
bonds.
5. First and refunding mortgage bonds.
6. Debenture bonds.
7. Income bonds.
S. Collateral trust bonds.
9. Convertible bonds.
10. Equipment bonds.
As the income of private corpora
tions depends not upon taxes, but
upon earnings, stability of earning
power is highly Important.
Public service corporation securi
ties, the stocks and bonds of street
railways, gas companies and electrio
lighting concerns, have made great
strides in popular favor in recent
years. It is necessary to go back
only a little way to find the time
wben securities of this sort were
traded in comparatively little In the
Investment markets.
Demand for Class Grows.
In this respect there has been a
market displayed a lagging tendency on I
a moderate volume of selling by cah j
houses against cash purchases in the '
country. The domestic shipping inquiry I
was xairiy good with sales of 130.000
bushels reported. Corn is well worth the
money at present prices and w believe
the situation warrants Investment pur
chases. Oats The weakness In wheat and corn
brought out selling by scattered longs,
with offerings well taken and the mar
ket closed with a firm tone. Cash mar
tat was without feature, receipts of 65
cars selling at about H cent decline.
Rye Declined early, but met good buy.
Ing by seaboard Interests and closed
strong. A local house .reported 25,000
bushels worked for export. Cash was
relatively steady at about 1 cent over
December for No. 8 on track.
Leading futures ranged as follows:
WHEAT.
Open. High. Low. Close,
Dec S1.11H $1-1 l4 $1.10 $1.12 H
May l.H 1.15 1.13 H 1.13 H
CORN.
Dec 4f .4038 .48 .49
May u4 H .54 .64 V .54 K
OATS.
Deo 33 .83 H .3234 .33
May 33 H .38 .38 .38 H
PORK.
Jan 14. 03
i LARD.
Jan 8 50 8 60 8.45 8.60
May 8.83 8.05 B.8T 8.87
RIBS.
Jan 7.30
Majr 7.CJ3
Cash prices were as follows:
Wheat No. a hard. M3.
Corn No. 2 mixed, 60&51c; No. 2 yel
low. 50$51c.
Oats White, No. 2, 86c; No. 3 white,
82W3-i4c.
Kye Nominal.
Barley 5a 54c.
Timothy sed H2.50il8.SO.
Clover seed $12.5018.50.
Pork Nominal.
Lard S. BUS'S. 90.
Ribs 77.75.
Minneapolis Grain Market.
MINNEAPOLIS. Nov. 28. Cash wheat
No. 1 dark northern. 81.81 H l.S4 : No.
2. 1.28tt 1.U2; No. 3. H9 & 1.26 V
No. 1 northern. 1.30H 1.32H ; No. 2,
$1,254 127i: No. 8. fl.lStttfl.23H; No.
1 dark hard Montana, J1.26H 1.29V, : No.
1 hard Montana. 1.21 Vi Q 1.24 Vi ; No. 3
Durham 78S&85c.
Futures Wheat, December 81.23 Vi s May,
81.21.
Winnipeg Grain Market.
WINNIPEG. Nov. 28. Cash wheat No. 1
northern. 81.15V4: No. 2. I1.12H: No. S,
81.0614; No. 4, 991tc; No. 6, 85o; No. 6.
7Sc; feed. 70c; track. $1.12.
Futures November, $1.13 Vi December,
$1.09; May, $1.13.
Carlot Receipt.
CHICAGO, Nov. 26. Car lota: Minne
apolis, wheat 162. corn SO. oats 14. Winnipeg-,
wheat 790, oats 115, rye 10. Duluth.
wheat 127, corn 20, oats 4. Kansas City,
wheat 122. corn 28. oats B. Omaha, wheat
20, corn 43, oats 12. St. Louis, wheat 20,
corn 47, oats 6.
Grain at Ban Francisco.
SAN FRANCISCO, Nov. 28. Grain
Wheat, milling', $1.8091.60; feed. $1.85
1.95. Barley, feed, $1.25 9 1.32 Vi ; shlppinc,
$1-2501-4. QaLS, red feed, $1.40f Lao.
very great change. vhsre one In
vestor was Interested In public serv
ice corporation bonds or public util
ity issues, as they are often called,
55 are Interested at present. A decado
has seen the popularization of a form
of security now being Issued to the
extent of hundreds of millions of dol
lars annually.
For the greater degree of favor
with which public utility securities
are now regarded, - three things are
responsible. In the first place, the
remarkable earning power, of these
companies has been fully demonstrat
ed, especially so during the depres
sion following the panic of 1907. In
the second place, the high income at-
forded by securities of this sort. In
I comparison with that afforded' by
railroad and civil loans of similar
investment merit has gradually made
Its impression on the public mind
and brought to Investors' attention
the fact that by buying the better
public utility issues, they can secure
a considerably greater amount of
yield. In the third place, while rail
roads and Industrial corporations
have been made the subject of gov-
j eminent investigation and attack, the
public utility concerns have been
practically exempt.
In determining the amount of se
curity back of a public corporation
bond Issue a number of factors are
given consideration by Investment
bankers. Among others may be men
tioned: 1. The cost of the property.
2. The replacement value of the physical
property.
3. The aggregate market value of the
corporation's securities.
4. The character of its business.
3. The territory served.
6. Relation of earnings to interest re
quirements. Standing of House Vital.
From the Investor's standpoint In
relation to public utility issues, the
first thing for him to consider is the
standing of the bond hou. e making
the offer. It is not enough that such
a house be honest in its intentions. It
takes more than honesty to discrim
inate between good and bad invest
ments. All this Is largely a matter
of experience. An old-established firm
which has been looking Into proposi
tions of this sort for many years, has
a tremendous advantage over newer
firms who have not the benefit of
data gathered during investigations
Into many different propositions. If,
therefore, the Investor buys his pub
lic utility bond from a well-rated
bond house, that in itself is much of a
guarantee.
The securities of Industrial corpora
tions, aside from public utilities, are
legion. It would be Impossible to
treat of them In the space allotted.
Furthermore, It would require an ex
tensive economic classification of
products Into what may be termed
capital or production goods and goods
for consumption. The demand for
these various classes of good's varies
considerably and particularly in
periods of business depression.
Also, the Industrials differ from
the classes of corporations we have
previously been discussing. In that a
relatively small amount of their capi
talization is represented by bonds. In
dustrial corporations have largely
confined their issues of securities iO
stocks, not because of any conserva
tism on their own part, but because
their business is of such a character
as to make bond issues unattractive
to Investors. This is not to be under
stood that as a class they are to be
dismissed as undesirable Investments,
for on the contrary there axe many
choice Industrial bonds and preferred
stocks, ownership of which constitute
a highly desirable asset, that pays a
good income either In interest or divi
dend. However, reasonable caution
Is advisable lc selecting Investments
in this field.
In regard to Irrigation bonds. It
may be said that the merits of Irri
gation, as such, have been abundantly
demonstrated in many of the western
states. The United States govern
ment has recognized in a most prac
tical way the possibilities and impor
tance of it, by initiating through the
reclamation service, projects for the
Irrigation of many millions of acres
at an estimated cost of S300.000.0OO.
of which a very substantial part has
already been expended. For the bet
ter variety of irrigation bonds, espe
cially those secured on ditches, can
als, dams and reservoirs already con
structed and by settler's property al
ready In fruitful production, there is
an ever-ready and continually broad
ening market.
Corn, white Egyptian. $1.6001.63; red
mllo, $1.501.55.
Hay Wheat. No. 1, $17&19; fair, $149
17; tame oats. $15918; wild oats. $119
13: alfalfa, $1516; stock, $9012; straw,
$10 12 a ton.
SeatUe Grain Market.
SEATTLE, Nov, 2a Wheat Hard
white, hard winter, northern spiins;, $1.08;
soft white, white club, soft red winter,
$1.07; eastern red Walls, $1.06; Blr Bend
bluestem. $1.14.
City delivery Corn, whole yellow, $33;
cracked, $36; feed meal, $36. Barley,
whole feed, $33;. rolled. $35: ground $.15;
clipped, $31). Oats, whole feed, $323tl;
rolled, $34938; ground, 345J3S; sprouting,
$35. Wheat, recleaned feed, 3941. All
grain chop, $36; chick starter, $05: chick
mash, $47; growing feed. $53; growing
mash, $45: egg mash, No. B. M., $409
44; scratch feed, $42; cocoanut meal, $39;
cottonseed meal. $46; linseed oil meal
$9; soy bean meal, $60.
Hay Alfalfa No, 1, $18; timothy No. X.
$23; straw. $18.
, Koad Contracts Awarded.
ROSEBTJRG. Or.. Nov. 28. (Spe
claL) The county court met this
morning and awarded several con
tracts for road work tn the Myrtle
creek district. These were the last
contracts to be let this season, owing
to the rainy weather, but several
more are under consideration for
award in the spring.
SAN FRANCISCO & PORTLAND
STEAMSHIP COMPANY
For San Francisco
From Portland Ainsworth Dock
STEAMER "ROSE CITY"
Wednesday, 10 A. M., Nov. 30.
Friday. 10 A. M Dee. 9.
ihI every ninth day therm 1 1 .
PASSAGE FftffES FROM PORTLAND
Promenade Deck $28.80
uutsiaeoaioon Deck 26.40
Inside Saloon Deck 24.00
Third Class (Males Onlvt 18 00
Sound Trip (First Class) 50.00
1 . ... M t A Mn . I BM
tax. which must be added. All fares
inciuuc oeria ana meals wruie st sra.
City Tfckst Office, SnJ anil WasMoftoa
Phone Main 3530
Freight Office, Amsworth Dock
Phone Broadway 268
iVSSB
ALL CLASSES ABE HIGHER
DELAYED STOCK TRAIN MEETS
AXXIOUS BUYERS.
Prices Are Advanced 50 to 75
Cents at North Portland Yards
With Market Active.
Seventy loads of livestock were on hand
at the local yards yesterday. This was
the stock train of last Sunday which was
held up by the storm.
Its arrival was welcomed by the buyers
whose strong competition forfjthe offering
resulted In higher prices In all divisions of
the list. Choice steers were advanced to
a top of $6.88 and choice cows to $5.50.
The strength extended to feeders and other
grades. Prime light hogs were regularly
quoted at $u.u0 and heavy hogs advanced
In proportion. Lambs from east of the
mountains moved up to $7.73 and valley
lambs to 7. Sheep prices were also
raised.
Receipts were 1800 cattle. 100 calves,
563 hogs and 787 sheep.
The day's sales wer as follows:
Wt. Price.i Wt. Price
29 steers
U75 (5.00, ltt steers... 1010 n.ia
U steers. . 740
3 steers. .1113
4 steers. .1310
25 steers. . WCk
30 steers. .115
8 steers, .lwitf
5 steers.. P40
5 steers. . tteo
4.dUi laleer.... V4U o.s?
4.0
tS.Til
e.7tl
9sleera..lou.
b.&3
4.75
5.50
4.50
5.O0
4.90
5.23
6.5
4.23
4.73
6.50
5.23
5.00
6.00
6.00
4.50
5.50
5.63
6.00
5.25
5.00
5.85
4.23
4.75
5.30
6.S3
4.90
3.50
6.25
4.00
3.50
8.50
6.25
4.50
3.50
5.00
3.60
4.30
3.50
4 50
2.50
4.40
4.00
4.00
4.T3
4.00
8 50
4.75
7.00
8.00
3 50
3.75
1 steer.. . . etfO
1 steer.... bTO
7 steera.. eU5
8 steers.. .luo5
6.3JI
5.501 1J steers..
U12
V10
6.501
4 steers.
100 8 O'.Ol
S tot!
2 steers.
5 steers.
3 steers.
bo
S5'i
8.0
,Uo a
lot; u
100 8
IV8S
;
ism
1MH 11
'S-iaais l
-aaais ui
10 steers...
Kill
20 steers... 940
3 steers... &6
1 steer 1030
16 steers... 1062
6 steers.. .1141
2 steers.. .1101
20 steers. . .1115
4 steers... 792
2 steers. . .1013
5 steers,. . 7b4
1 steer.... fo0
uiOl' -samis 8
ssu sjsis ai
tl --saijjsrs
bit) I
10 steers. .1071
6.00!
6.80'
6.001
tj 0 )1
6.151
8.13
4 steers. .1030
20 steers.. 1030
17 steers.. 10U0
18 steers. .1140
2 steers, .lloo
7 steers. .1074
9 steers.. 875
20 steers. .MC'3
12 steers. .luul
4 steers. .1133
22 steers. .1163
22 steers. .1175
24 steers. .1130
21 steers. .1013
21 steers. .1075
18 steers. .1035
5 cows. . .1002
3 cows... 940
2 cows. . . U.j0
15 co wb . . I'.'iO
4 cows. . . 71t7
6 cows... 943
3 cows. . . 9H6
21 cows... 1018
18 cows... 1045
33 cows... 1083
3 cows. . .108
9 cows. . .1070
4 cows. . .1197
20 cows... 1113
3 cows... 790
ft cows. ..1078
6 cows 1013
8 cows 1043
5 cows. . .1040
4 cows... 1033
21 cows. . . 0!l3
3 calves.. 443
8 calvea . 2l!7
20 calves.. 304
1 calf 210
1 bull 4.',0
1 bull 1440
7 bulls... 1432
24 bulls. ..1315
8 steers.
1 steer..
806
890
SUO
1042
80
940
80
5.001
1 steer.
6.O0I 25 steers..
6.001
6.7il
6.4l
1 steer.
8 steers...
1 steer....
1 steer.. . .
1 steer.
6.401
5.65!
8.331
800
810
695
90S
9!5
2 steers..
6.251 24 steers...
6.231
6.231
4.u0;
8 cows....
2 cowl . . .
823
1 cow 1070
1 cow 1100
9 cows.. .. 992
3 cows.... 993
5 cows.. . .1036
1 cow 070
9 cows 1100
3..V1I
4.00;
5.50!
4.75!
5.251
5.251
4.50
4.5"J
4.601
1 heifer... 740
1 heli?r... 700
7 heifers.
3 heifers..
1 heifer..
8 heifers.
787
780
4.73
4.o
4.0O
620
7S
5.001
1 calf 310
1 bull 770
1 bull 930
1 bull 1850
4.50
C So
4.7
8.50 1 bull 1290 4.10
2.501 15 hogs 68 9 00
5.231 9 hogs.... 105 9.00
4.351 1 hog 280 8.23
5.50' 34 hogs.... 203 9.35
7.201 81 hoits. ... 185 9.35
7.30. 6 hogs 310 8 33,
6.50' 1 hog 440 6.50
5.501 79 hogs.... 187 9 50
3.00i 2 hogs..., 313 7 50
2.73 83 hogs 190 - 9.30
2.731 1 hog 330 6.30
3.751 2 hogs.... 243 9.00
3.50, 7 hogs.... 301 8.50
3.51V 18 hogs 60 9.00
3.00! 2 1 hogs.... 175 9.50
3.501 46 hogs.... 165 9 23
2.501 8 hogs 271 8.85
8.5o; 4 hogs.... 3H2 7.35
8.751 12 hogs.. . . 85 9.00
9 60! 24 hogs 231 9.00
8.50, 1 hog 410 6.50
8.501 64 hogs 185 9.50
8.50; 21 hogs.... 203 9.00
7.0fll 27 hogs.... 175 9.50
7.75. 26 lambs... 126 7 00
40'. 26 lambs... 67 6 50
5.001 51 lambs... 8-5 6.25
4.00259 lambs... 89 7.73
3.001 68 lambs... S3 8 TS
6.23! 5 lambs... 53 4 00
6 25! 2 ewes.... 130 1.50
8.231 20 ewes.... 129 3.50
3.00! 33 ewes.... 123 4.00
6.00! 5 ewes 104 1.50
6 231. 31 ewes 144 3.50
5.85' 1 ewe 140 3.30
8.751 63 wethers. 121 5.25
4 yearls. .. 125 4.50
5 bui'.s. . .14K4
1 bull..
2 bulls.
1 bull..
1 bull. .
1 bull. .
1 bull. .
..1440
..1350
. .1280
..1870
..1110
..1120
. . 273
. . 103
..183
..167
14 hogs..
37 hogs. .
8 hogs...
21 hogs. .
2 bogs. ..
7 lambs.
182 lambs.
6 ewe. .
5 yearls.
300
72
S3
130
104
1 wether.. 16ft
3 bucks.. 126
11 steers. .1000
23 steers. .1143
34 steers. .11 25
4 steers. . S7
17 steers. .1052
32 steers. .1044
13 steers. .1010
2 steers.. 1000
Prices Quoted
at the Portland Union
stockyards were as follows
Choice steers
Medium to good steers.
Fair to medium steers.
Common to fair steers.
Choice feeders
..S.2536.$5
.. 5.75j6.25
.. 6.25I&5.73
.. 4.23(5.25
D.uutgo.ou
4. 50 S 5.00
5. 00 'a 5.30
4.30 4) 5 00
4.0Ui4.50
3.23t4.l)0
2.003.23
8 OOJt 4.00
8. 50 $9.00
8.00 (ff 8.50
e.OOfeS.OO
6.00 6.00
Fair to good feeders
Choice cows and heifers
Medium to good cows, heifers.
Fair to medium cows, . heifers.
Common cows
Canners
Bulls
Choice dairy calvea
Prime light calves
Medium light calves .........
Heavy calves
Hogs
Prime light
9.009.50
Smooth heavy. 230 to 300 lbs... 7.50 08.50
Smooth heavy, 80O lbs. and up. 6.507.50
Kougn aeavy ...........
Fat pigs
Feeder pigs
Stags, subject to dockage
8.00i7.50 ,
If.UUtfl'W.OU
8.5O9.O0
4.00 6.50
bneep
Bast of mountain, lambs....... 7.00 7.75
Uest valley lambs
6.50ig7.00
S.506.00
S.OOIglS.OO
5.005.50
S.005.5O
4.0OW5.00
4.00 5.00
Kair to good
Cull lambs
Gastera Oreg-on feeders.
Light yearlings
Heavy yearlings .......
Light wethers
Heavy wethers
Ewe
8.00 4.00
l.OOO 4.00
Chicago Livestock Jarket.
CHICAGO, Nov. 28. (United States Bu
reau of Markets.) Csttle Receipts. 10OO:
compared with week aso beef steers and
she stock. 25c to SOc higher, mostly 50c up;
bologna bulls, 25c higher; veal calves,
mostly 1 higher; stockers and feeders, 15
to 26c hi (the-.
Hogs Receipts, 6500; sctlve, firm to J0c
higher than yesterday's average: shippers
bought about 5."HH; good clearance; top,
7.15; bulk, S6.850T.1O; pigs steady to 15c
lower: bulk desirables, 1 7. 10 7.75.
Sheep Receipts. 2000; compared with
week ago. tat lambs and fat handy year
lings, 11 to 11.25 higher; fat ewes, T5c to
1 higher; feeder lambs steady to 25c
higher; choice feeders lata Friday. tS.60.
Kansas City Livestock Market.
KANSAS CITT. Mo., Nov. 28 (United
States Bureau ot Marketa) Cattle Re
ceipts, 300. For week: Beef steers, fat she
stock and bulla steady to 23c higher; light
veals steady to strong; medium and heavy
weight, 25050c higher; stockers and feed
ers steady to 50o higher.
Hogs .Receipts, 600; generally steady;
top. 17.00; bulk of sales. 8 75T OO.
Sheep .No receipts. For week: Killing
TRAVELERS OC1DE.
f i , if7" 't'1-!! nil mini ni'i nu mi ss i"i - --" 111 iimwi
(Resrular service between Portland. Maine; Philadelphia, Boston,
New York and Los Anueles.
Seattle and Tacoma via the Panama canal.) North Atlantis and
Western 5. s. Co. s 8800-ton steet
EASTBOCND
From
Portland, Or
ARTIOAS Dee. 13
flHlSH Dee.21
LKHItiH Jan. IS
For Further Infoimation Apply to
TBES ADMIRAL LI.VK. Faclflc Coast Aajents,
101 Third Street - Phone Main 8281
Oregon-Pacific Company
Agents for
TOYO KISEN KAISHA
And Joint Service ot
HOLLAND-AMERICA LINE
and
ROYAL MAIL STEAM PACKET COMPANY
Bailings for Japan, China and West Coast South America, and
United Kingdom and European Ports
General Freight and Passenger Office
203 Wilcox Bids. Main 4565. Portland, Or.
Why Americans now go to
Europe on American Ships
AMERICANS who have crossed
the Atlantic on U.S. Gov
ernment ships give three reasons
for preferring tbem. They find
the comforts they are accustomed
to find in the finest American
hotels ; American food, prepared
by chefs who know how to cook
for Americans; and American
companions.
Hotel Comforts at Sea
On your way to Europe now
70a may have the comforts and
the luxuries' of the finest clubs,
the finest hotels, and the finest
homes. The accommodations of
the S. S. George Washington,
flagship of the fleet, are sur
passed nowhere on the seas.
Amid the quiet luxury and beauty of
this fcreat ship a thousand unobtru
sive comfortsanticlpate thetravellers
every wish. The staterooms are largo
and beautifully decorated. They have
delighted hundreds of American
society women. Most of the state
rooms have private baths; all have
Your Government Asks You
to Send the Coupon Now
Let your Government tell you about your ships and the service they offer.
If you may consider a trip to Kurope or to South America or The Orient any
time within the next year, your Government asks you to send the information
blank now. When it is received in Washington a packet of official information
will be sent to you. Days of interviewing officials has been required to obtain
this information. Now your Government has compiled it all In simple, under
standable, unofficial language. It will be sent to you without charge if you
send the information blank to the United States Shipping Board.
But if you cannot go to Europe or any of the other parts of the world
named in tho information blank clip it out and urge some friend who may
perhaps take an ocean voyage, to send this coupon la at once.
UNITED STATES SHIPPING BOARD
Information Section, 1 30 LS Washington, D. C.
classes, 2550e higher; best lambs, $9.35;
feeding lambs, around 25c higher.
Omaha Livestock Market.
OMAHA. Nov. 28. (United States Bu
reau of Marketa) Hog, Receipts. 4500;
mostly steady with yesterday's average;
bulk ot sales. $S.uOS85; top, S6.80.
Cattle Receipts, 300; beef steers and she
... .- -. . K.,lla ' hlvVt-
er; veals strong; stockers and feeders weak1,
to 25c lower.
Sheep Receipts, none. for -ne woe.
Fat lambs. 5c higher; all other classes.
50c higher.
Seattle Livestock Market.
SEATTLE. Nov. 28. Cattle Steady; re
ceipts, 132; prices unchanged.
Hogs Steady; receipts, 242; prices un
changed. 8AN ntAXCISCO PRODUCE MARKET
Prices Current on Vegetables. Frees)
Fruits, Etc, a( Bay City.
SAN FRANCISCO, Nov. 28. Poultry
Hens, 23w4uc; young roosters. 2utti5c;
oid roosters. 1&1SC. ducks. 22o25c; lux
keys, areased, 45 u 52c; live, 85 w 40c
Vegetables Artichokes, lliw-0. squash,
40-pound lug, SIS 1.60. potatoes, 823.75;
onions, brown. 4i4.50; u, S3;, toma
toes, lug, SI. 25 1.70; cucumoers, lug,
II: peppers, lug, 5y75c; beans, string and
wax, S.?llc; 11 mas. 12ttc; carrots, sack,
lSfl-2J; eggplant, lug, H.:'5il.iu; musb
looftis, box, nominal; lettuce, crate, 81.78
2; celery, crate, 81.50tt2.50; pumpkins,
sack, 75cel; peas, pound, t)tj12c;
sprouts, 7UC
Fruit Oranges, navels. S5.SO0S.75; Va
lentlas. $406; lemons. $8 5004.50; grape
fruit. $2.5005: apples, 3i and 4-tler. $1.40
08.50; strawberries, per crate, 8LT502.25:
raspberries, drawer, SO 0 Sic; blackberries,
drawer, 80 0 85c; figs, double layer, $10
1.50; caeabas, crate, 7 5c 01; grapes, seed
.esa. $4.25; others, $304; cranberries, box.
$5.50 08.
Reeelnts Flour. S100 quarter sacks;
wheat, SHOO centals; barley, 810 centals:
corn, 2400 centals; potatoes, 4288 sacks;
hay, 80 tons; hides, 432; oranges and lem
ons, 4400 boxes.
Naval Stores. .
SAVANNAH. Nov. 28. Turpentine, firm,
14c; sales, 181; receipts, 439; shipments,
124; stock. 10,114.
Rosin, firm; sales, 638; receipts. 2279;
shipments. 1920; stock. 82.761). Quote: B.
D E. F, O. H. I. $4.80: K. $4 80; M, $5.23;
N, $5.60; WO, $5.8005.75; WW, $6.
Dried Fruit at New York.
VHTW YORK, Nov. 26 Fva poTSted an-
San Francisco. Portland. Oregon;
vessels.
WESTBOCXD
From From From
Portland. Me. Boston Phlla.
LBHIGH .ov.2 Dec. 1 Dec
WEST IS LET A . Dee. 12 Dee. IS Dee.21
COLD IIAHUOIl. Dee. 2H Jan. 1 Jan.
telephones that put friends and ser
vants ever at 'your call. Elevators
carry you from deck to deck. The
social rooms are magnificent. They
are panelled with rare woods and
furnished with luxurious upholstered
furniture that invites relaxation. In
cold weather the broad promenade is
enclosed with glass. There is a fully
equipped frymnaslum for those who
wish to keep up refrular exercise
during the voyage.
American Cuisine
Many Americans who have travel
led on American ships say thecuisina
has set a new standard. It is parti
cularly satisfying to Americans be
cause American dishes are served.
The chefs who prepare it know how
to cook for Americans. The cuisine
of the S.S. George Washington has
became famous.
American Companions
American ships are the natural
places for Americans to meet each
other when travelling. American
.tastes are similar. ' If you will scan
the passenger'lists you will find the
names of Americans from all over the
48 states; officers of the Army and
Navy, other Government officials,
pies, more offered. Prunes, firmer. Peaches,
steady.
Cotton Market.
NEW YORK. Nov. 24. Spot cotton
quiet. Middling. 18c
Dulnth Linseed Market.
DULTTTH. Nov. 26. Linseed on track.
SO 14 1 KJ v, ; arrive. SINO".
stfiW IT
Passenger and Freight
Service to California
Tkreogs Sailings to San Francises
Los Angeles and San Dleae
Leave Municipal Dock No. 4 P. M.
SS. Admiral Evans, Nov. 26
SS. Senator ------ Dec 3
SS. Admiral Evans, Dec. 10
And Every Saturday Thereafter
Local service to Marehfleld.
Bureks and San Krnnclaeo
SS.CuracaoNov.25,10 A.M.
Every 14 Days Thereafter
Fast Transpacific Passen
ger and Freight Service
Yokohama, Kobe. ShanarhaL.
Hongkong and Manila
Sailing; from Seattle
Silver State ----- Nov. 26
Pine Tree State - - - Dec 10
Bay State - -- -- -- - Jan. 7
For fnll Information apply at
101 Third St., Corner Stark
Phone Main 8281
SAN FRANCISCO
TO THE ORIENT
orilLS.GoverwnentShip$
The Sunshine Belt
Sailings from San Francisco
To Hrtnolnln, Yokohama. Kobe Shanghai.
Manila, and Hong- Kong.
9. 9. Hooaler State Dec. 17
S. f. Golden Htate Jan. 14
S. 8. Empire State Feb. 7
To Honolulu, Manila. Singapore,
Calcutta and Colomba.
S. S. Creole State Dee. IS
S. S. Wolverine State Jan. 19
For efsscrfoffoe booklet, addreit
PACIFIC MAILS.S.C0.
508 California St. . San Francises, CaL
10 Hanover Sature, Hew lark City.
AUSTRALIA
Huaol ul a bavm. IS ew Zeaotl.
The 1'stlisviiiiJ riiMMucr bics-vmert
B. U. K. NIAGARA. fti. M. . AIAKt'RA,
,0,0Jti iuni. 13,400 Too.
b-TUi from Vancouver, B. C.
For reteii nnri alllnsa apply Can. Pm.
Kallwa. 5& Third bi., Portland, or Cna
cUaD.Aafttralanian K0'1 Mall Lina, 444
beYDMHir bU. Vancouver. & C
ASTORIA AND WAY POINTS
et-am-e fe,
Ln. Dally ( fcicept Saturday) 7:30 p. H
Splendid Sleeping accommodations.
Connections Made for All North and
South Beach Polnta
ttie ti fc.uen aj, J.4U nound trip.
Alder.SC Dock. Main liZt-041-O,
lm liar kins TraasportaUoa Can
business men whose names are
known to every schoolboy, and
social leaders from every section.
They selected American ships be
cause there they found American
comforts, American food, the Ameri
can environment, and their friends.
Wben vou go to Europe, you too
will prefer an American ship a
ship of which you own a part. And it
will be a source of pride to know that
your passage money is helping to
build tbeAmerican MerchantMarina,
The next sailings arei
Plymouth CktrbcurfBrtrntn
Ameriea . Not. 29 Jaa. 1
George Wsthiegtoa Dee. 8 J. 17
yiymeutkBtuUfut Loudon
Psahsndle Siste . . Nov. 24 Dee. 77
Ce als an il State . . Dea. 14
BrtmtuDautit
Hodsoa Dee. S
Princess Mstoika. . . Dee. 10
Potomse . Dee. 31
(Tho tailingi of tK Ceonre Waohinottm
and Amrrira aro from PimrBand I Hobo
ten. AU other thipu toil from pUr 74,
toot of Sith fit, y or tti Rivtr.J
For information in regard to
accvmmodationM addros
United States Lines
45 Broadway New York City
Moore and McCormsrk, Inc.
Roosevelt Steamship Co Inc.
United American Lines. Inc.
Jfeaafinj Ovnun for U. b, iAppne
INFORMATION BLANK
To U. 9. Shipping Board
Information section 130L5
WashlnStoo. D. C
Plrsee send me the CT. S. Onvernment
Booklet, slso rates for first class Q second
class third cIsssQ.
I em com Iderins a trip to EnrooeO Sooth
Amerir.OThOrntQ. I hara deflnitelr
derided to foGuncertainGmerely a poesl
bilityd.
If I to date will be about
Plsnnins; to ro aloneQwlth wife ehll
drenCjwith other adultsU.
"r
JkV Stre.i2Co.orR r.D
South America
Third annual Cruise -Tour
via S. S. EBRO sailing from
New York Feb. 11th, return
ing; April 10th (59 days), visit
Ins; Havana, Panama, Lima.
M o 1 1 e n d o, Valparaiso, San
tiago, Buenos Aires, Monte
video, Santos, Sao faulo and
Rio de Janeiro.
Honolulu
Two winter tours: January
25 and February 21 to Febru
ary 14 and March 14. $510
snd up, including all expenses.
Join U. ot O. football team
sailing; Dec 14th.
The Mediterranean .
A cruise of 61 days salllns;
S.S. CARMAN1A Feb. 11th
$500 and up.
Around the World
Groups limited to 13 mem
bers. Sailings from San Fran
cisco Dec. 17th: from New
York December 31st.
STEAMSHIP TICKETS
Europe, Orient, Australia,
South Seas. Bermuda, Cuba,
West Indies. South America.
Mexico and Panama CanaL
Ask lor rates and sailings.
For complete details, call,
write or 'phone
AMERICAN EXPRESS
LTRAYEL DEsEARIMENTJ
EARL D. WALKER, I. P. A-. .
Corner Mith anu omk bia
uronnvrar duwi.
t'ortiana
Newrfcfo
South America
ortlLS.QovcnimentShip$
Fastest Time
toRIode Janeiro, Montevideo and Bneno
Aires, Kineat ship American service
American food American comforts. Sail
ings from Tier S, Hobokeo.
S. . Aeolus. .. .' .Tec. 7
S. S. Huron. , Dee. 23
. S, American Lealoa Jan.
S. 8. Southern Crosa Jan.l
ForJotcriittun booklet, mJJrees
Munson
StcamshipLines
Munson Building, 67 Wall St.
New York City, New Yorlc
Steamship
13 Tickets for All Lines VJA
" i m m mi rvefujai lavrui iuiu. rojxtgu m m
II I rro ftleepinf car bcktU 1 1
itA ! I I tlircct to deibnihoo, I I
TS It A .C.I 1 I
a -mm . T I T fl D E m sr fss
ifia-J I semes in teams., mAJM
1 Vox ipona, XnV
, 1 Tours and Cruises 1
19
4