20
TITE STXDAY OHEGOXfAX, PORTIAS, DECEMBER 11, 1921
HOP MARKET LOWER
I IfillT
HI
I llf I
LIUII I
English Trade Interested, but
No Purchases Made.
WITH BUYNG
STATISTICS FAVORABLE.;
tVorhl Supply Tills Year Is Short
of Requirements unci Val
ues Mn-i Be Adjusted.
The hop market Is having another of Its
aasglng spells. There Is only one buyer In
the market and as a number of the grow
ers decided to sell, prices eased oft some
what. About 1500 bales changed hands
during the week at prices ranging from
M to 24 cents. Not over 4000 bales are
left unsold in uregonand most of these
are in firm hands.
An Interesting statistical statement,
which Is regarded hv. hop men here as
mbstantlully correct, has been issued by a
prominent German hop authority. lately
arrived at New York. His figures confirm
the general belief of a hop shortage
throughout the world this year. The sta
tistics of 1021 world production follow:
Cut.
08,000
Germany (Including Bavaria and
Wurtemburg
Czeuho-Blovak.a (Bohemia)
(MMI
:!.-.. "on
Hi, 000
20,000
10.0OI)
ranee
Belgium
Poland
Jugo-Slovakia
Australia
Knaiand
United States
ZS.0M
2X0,000
2711, 000
Total 1921 crop 725,000
Old stock In hands of growers,
merchants and brewers 300.000
Total supply 1.025.000
The world consumption of hops Is estl
mated at 1,300.000 hundredweight, so on
the basis of the above statistics of produ
tlon there is an actual shortage this year
of 275,000 hundredweight of hops.
There has been a llttlo nibbling from
England, but no new buying has been done
yet by the exporters. The British hop
control board has permitted one-half of
the American hops bought prior to J-uly
1 to br imported Into England, and until
permission Is given for the remaining cdft
tracted lots to be moved it is not thought
the English buyers will operate here. No
one in the hop trade has any doubt, how
ever, that there will be a keen demand
from England In the spring.
Some buying was recently done here
for shipment to Australia, but there has
not been much Inquiry of late from the
eastern states. According to United States
government returns, sales of cereal bev
erages during the fiscal year ended June
30, 1921. aggregated 2S3.H25.S30 gallons.
This Is equal to 9,220,188 barrels of 31
gallons each, a larger quantity than the
trade generally had heretofore estimated.
bOCAK TKADK in apples fair
Prices Steady to Firm in Eastern Markets
Oval supply in Kngtnnd.
There was a fair trade in the local apple
market during the week with prices on the
whole steady. Spltzenbergs ranged from $J
on large extra fancy down to $1.75 for
small choice. Large extra fancy Delicious
were quoted at $1 and small of the same
grade at 92.6002.83. Jonathans of good
grade were offered at $1.50.
Few sales were reported from the In
terior. Wenatcheo Wlnesaps, medium to
large extra fancy brought $2.10, fancy
small to medium $1.05 and choice email
$1.25.
The eastern apple markets were steady
to firm. At the Boston auction Oregon ap
ples sold as follows: Spltzenbergs, extr.i
fancy, all sixes, $2.308, averaging, $2.40;
fancy, all sizes, ?2 -in 3 2 :... averaging
$2.44; Jonathans, extra f$n"cy, all alzes,
$2.0(141. 2.03. average, J2.72; fancy, all sizes,
$2..'I02.00, average fb.52.
At the New York auction 1550 boxes of
Oregon Newtowns, extra fancy, medium to
large, sold at J 2.55 2.05 with a small lot
at $2.85; combined fancy and extra fancy,
medium to large, $2.40 2.50; cholco large,
$2.202.33; medium. $2.052.20; small.
$1.8O2.05; 815 boxes Newtowns, extra
fancy, medium to large, $3.35 3. 65; com
bined extra fancy and fancy, medium to
large, $2.202.25; 775 boxes Oregon Wine
saps, extra fancy, small to very small, $2
2.25 ; fancy, 1.90 8 2.10.
The bureau of markets reports the ap
ple movement was at about one-half the
rate of the week before. Boxed apples
from the northwest filled 1170 cars an.l
other sections shipped 354, a total move
ment of 1524 cars, compared with 3139
the previous week. During the samo period
a. year ago 3230 cars moved.
The range of boxed applo prices In east
ern markets compared with a year ago
aa follows:
Extra fancy Jonathans
Car
loads Nov. 2S
Phila OS $ 2.35
Chicago ..227 2.2502.50
Kan. City.. .271 2.753.00
Tear ago.
$2.30iff 3.00
3. 003. 25
3.233.50
Extra, fancy Spitzenburgs
New York.. 212 2.50 0 2.75 2.50 2.75
lite following cablegram has been re
ceived from the American Agricultural
Trade commission in London: "London ap
ple and pear market badly glutted. Christ
mas trade not materializing. Prices drop
ping. Stocks too heavy for present demand.
Already sufficient in sight to last over
first of the year."
EGO MARKET STEAOV AT CLOSE
Firmer Tone in Cuba Bat let Trade Poultry
Unchanged.
The egg market was steady at the close
of the week with buyers offering country
shippers 4243 cents for mixed colors
and 464S cents for henneries. Selling
prices were unchanged. Receipt were fair
ly large, but there has been some shipping,
which has prevented an accumulation.
Cube butter was firm with the best
grades held at 41 fl 42 cents. .Moro butter
of the lower grades Is coming in. No an
nouncement was made of any change in
print prices Monday.
Poultry and dressed meats were generally
steady and unchanged at the close of the
week.
Better Inquiry for Onions.
A better Inquiry Is reported in the
onion market as a result of the reduction
In supplies at distributing points, but the
movement from this state continues light.
Prices are holding as formerly at $4 at
country points.
The potato market is very quiet. Cali
fornia buying has ceased and no offers
are being made except at lower figures.
Farmers are not pressing their stocks on
the market and are not likely to try to
sell until after New Tears.
A I TR ALIA BTVADK8 WKST COAST.
Wheat and Flour Sold Below Pacific Coast
Prices.
All wheat bids were unchanged at the
local board session. Some business was
reported from the country at the previous
basin,
Thore were no new developments In the
TURKEYS
Kor ChrlfltMU. lo other poultry.
Ship to arrhi- Dim-. 17 to IS. For
'ew Yfnr'N IJc 27 to 2S.
It I HV A CO..
169 Front St. Portland. Or.
I export ilcuatlop. Shippers were unable to
ir. terest the Japanese, and to far a
Europe ! concerned, the buying flurry
I which agitated that market a week ago
ha dled ou1,
The Au'lrallan' ' their cheap offer-
'r.. .have done more than any other
tountry to hinder export business from the
POT
Pacific coast. Not only have they invaded i
the entire oriental field, but word was re
ceived yesterday that Australian wheat
and flour is being sold on the west coast
o. South America under the prices quoted
by exporters here.
The Liverpool wheat market closed H
penny lower. Corn closed unchanged,
Broomhalt cabled from Liverpool: "The
English root crops this year have turned
oat poorly and the continued demand for
corn in the United Kingdom Is largely due
the partial failure of the potato and
other root crops. Reports from Rumania
are somewhat better and it is now said
that the seeding of the new crops has been
fairly satisfactory. Average yield of Aus
tralian wheat Is about 11 bushels to the
acre and the quality is good. The visible
supply of all wheat In the commonwealth
Is estimated at 6.720,000 bushels."
Terminal receipts, In cars, were reported
by the Merchants exchange as follows:
Wht. Brly. Fir. Ots. Hay.
PORTLAND
Saturday 118 ... 13
Year ago. ... 40 1 2
8 12
5 11
503 848
M 1032
Ifaasjon to date. .17.82S
Year ago.... 7,07
TACOMA Frlilav 39
r.'i; ii7.;
100 400
10
Year ago 7 5 1
Season to date.. 6.142 78 S12 81
Year ago 2,942 43 405 70
SEATTLE
Friday 37 ... 6 I
Year ago s 1 2 1
Season to date.. 4.576 120 1215 272
Year ago 2.SSU ,104 ISO 223
4
890
863
MOST WHI AT GOES FKO.U PORTLAND
Nearly 17.000,000 Bushels Shipped in First
Five Month-, of Season.
Of the 20.555,317 bushels of wheat
shipped from the north Pacific coast since
the beginning or the grain year, nearly
17,000.000 bushels went through Portland.
The shipments by months in this and last
ear from Portland in bushels were:
102
1920
1.B9S.553
1.4.14.459
1.93S.935
2,813.371
782.065
July
August
September
October .
.. 2.915.359
. . 3.709.018
. . 4.994. B05
.. R.216.700
. . 4,008, 7115
November
Total
16.905.107 8.48S.1S5
Shipments of wheat from Puget souna
ports in the same period in bushels were
as follows:
1921 1920
Julv 71.345 513.368
August 420.232
September 307.198 160.498
October 1.831.499 1.403.814
November 1.020.136 1.049.945
Total 3.650.410 3.127.023
Flour shipments, in barrels, from Port
land from July 1 to November 30, inclu
sive of this and last year, were:
1921 1920
Julv 193.998 319.322
August 161.280 14S.114
September 244.703 81,731
October 205,361 274.812
November 340.670 00.245
total 1.054.223 893.246
Flour shipments from Puget sound, in
barrels, in the same period were:
1921 1920
July 196.409 396.513
August 233.346 276.373
September 160.717 134.185
October 339.330 309.338
November 411,300 153.622
Total 1,343.508 1.290,229
(OAST SALMON PACK IS LESS
Total for 1921 Only About One-Half What
It Was in 1919.
SAN FRANCISCO, Dec. 10. The estl
mated 1921 salmon pack of the Pacific
coast. Including Siberia, is slightly more
than 50 per cent of the 1919 pack and
about i0 per cent of the 10-0 pack, ac
cording to statistics compiled by a local
commission firm. This estimate is 4.500.
000 cases, against 6.892.000 In 1921) and
8.840,000 the year before. .
Prices for 1921 are -considerably lower,
the opening figures for reds being $2.25,
compared with $3.25 the two previous
years. For pinks a case this year the
price Is it.SU Last year It was $1.30.
and in 1919 $2.23 Chubs in 1921 were
quoted at $1.05. and In 1919 $2.15.
Bank Clearings.
Bank clearings of the nortwsetern cities
yesterday were as follows:
Clearings. Balances.
Portland $3.SII2,S08 J602.730
Seattle 4,471, 554 , 910.564
Tacoma 419,011' 6:1,405
Spokane 1,675,200 049.526
Clearings of Portland, Seattle and Ta
coma for the past week and corresponding
l week In former years were:
Portland. Seattle.
$29,291,371 $-".94.V-'14
32.547. 070 32.233.967
Taeoma.
$2,721,468
4,173,74J
4.729,880
5.901,177
3,777,181
2,518,408
2,M6,746
2.077,608
2,215,418
4,073,227
4.552.074
1921
1920
1919
1818
1917
1910
1915
1914
1913
30,381.709
33,072,745
19,496,584
.... 15,311,818
11,834,410
10,674,001
13.287.477
3S.5ll-J.SS0
43,751, U61
2T.099.887
19.156.9S1
13, 580,401
11.433,010
13.408. 012
1 I.HS7.2S4
ll.2::s.s62
1011
11.80S.312
1911 10.2ol,Oj7
PORTLAND MARKET QUOTATIONS.
Grain, Flour, Fred, Etc.
Merchants exchange, noon session:
Bid
Wheat Dec. Jan.
Hard white $ IjQQ $ .O0
Soft white .i 1.08 1.08
White club 1.08 1.08
Hard winter 1 08 1.08
Northern spring V.08 1.08
Red Walla 1.03 1.03
Oats
No. 2 white feed 27.00 27.00
No. 2 gray 26.00 26.00
Barley
Brewing 26.00 26.00
Standard feed 24.00 24.00
Corn
No. it K. T. shipment 26.00 26.00
No. S K. Y. shipment 25.00 25.00
FLOUR Family patents, $7 per barrel;
whole wheat, J6.20; graham, $6; bakers'
hard wheat, $7.0.") ; bakers' bluestem pat
ents, $6.55 ; valley soft wheat, $5.60 ;
straights, $5.25.
MI LUFKED Price f. o. b. mill: Mill
run, $20 per ton; middlings, $34; rolled
barley, $34f3tt; rolled oats, $36; scratch
feed, $43 per ton.
CORN Whole, $34; cracked, $36 per
ton.
HAT Buying price f. o. b. Portland:
Alfalfa. $14.50 per ton; cheat, $1212.50;
oat and vetch, $14. SO IS; clover, $12;
valley timothy. $15 15.50; eastern Ore
gon timothy, $1818.50.
Fruits and Vegetables.
Local .fobbing quotations:
FRUITS Nave! oranges. $4.506.25 per
box ; Japanese oranges, $2.."0 per bundle ;
lemons, $51ifi; grapefruit, $4fi7 per box;
bananas, Sfc Ac per pound ; apples, $1 4
per box ; pears, $231 2.25 per box ; grapes.
California Red Emperors. 12 C per pound;
on aabas, U'tf" 34c per pound ; cranberries,
Oregon, $7 per box; eastern, $22 & 23 pel"
barrel; pineapples, $7.50 per case.
POTATOES Oregon. $1.75rj per hun
dred: Yakima. $2(2.25 per hundred; sweet
potatoes. 4 Vi -i .V per pound ; Arkansas,
$3 .per crate.
ONIONS Yellow. $4.50 $f 5 per hundred
VEGETABLES Cabbage. 1 Vi B '2c pound;
lettuce, $34? 3.54) crate; carrots, $l.5 per
sack; garlic, 12Vi15c per pound; beets.
$1.50(9 2 per sack; cucumbers, $2ft2.25 per
dozen ; celery, 60c & $1 per dozen ; green
peppers, 20c per pound ; cauliflower, $2
2.35 per crate; pumpkins. 2H Ti 3c per
pound : squash, 9 Sl3c ; sprouts, 17 fyc ;
turnip, $2 per sack ; parsnips, $2 2.50
per sack. : , ' .
Staple Groceries.
Local Jobbing quotations :
SUGAR (sack basis) Cane, granulated,
6.05c pound ; beet. 5.85c.
XUT.S Walnuts, new crop, soft shell.
L':: i 36c pound; Brazil nuts. lS20c; fil
berts, 201 25c; almonds, 1827Hc; peo
nuta. 10$rimc per pound.
RICE Blue Rose, OHc per pound; Japan
t y le . 6c pe r pou n d .
COFFEE Roasted, bulk, in drums, 189
35c per pound,
SALT Granulated, bales, $3. 20 (ft 4. 05;
half ground, ton, 50s, $17.20: 10Os, $16.25.
HONEY Comb, new "crop, $5.75 6.25
per case.
DRIED FRUITS Dates. $7 per caae;
figs. $1.40"75 per box; apples. Uic lb.;
peaches. 15tfr 17c : apricots, 2392614 c;
prune.--. 7H f12c.
BEANS Small white, 6c: large white,
4c; pink. oc; bayo, 6c; red, 6c.
Dairy and Country Produce.
BUTTER Cubes, extras. 4142c lb.
prints, parchment wrapped, box lots. 44c,
cartons, 45c. Butterfat buying prices. No.
1 grade, 42c. delivered pnrtiand.
EGGS Buying price. 42 43c; jobbing
prices, case count, 4344c; candled ranch.
47 48c; association firsts, 48c; association
selects, 53c; association pul'ets, 45c.
CHEESE Tillamook triplets, price to
Jobbers f. o. b. Tillamook, 26c; Young
Americas. 27c pound.
POULTRY Hens, 1826c; springs. 21e:
duck,2026e; geese, nominal; turkeys.
live, nominal; dressed No. 1, 40c lb.
PORK Fancy, 12c per pound.
VEALr-Kancy, 13Vc per pound.
Hide. Hop. Etc.
TALLOW No. 1, 4c; No.
pound.
Dc per
CASCARA BARK 3c a pound deliv
ered. Portland.
HOPS 1921 crop. 2024c per pound.
HIDES Fresh cured. 5c per pound;
bulls. 4c; calf, 12c per pound; kip, 7c;
dry hides. 9c; dry salt hides, 7c per pound.
PELTS Dry pelts, full wool. 810c per
pound; salt pelts, 35Q50c each, according
to size.
WOOL Eastern Oregon. 1021c per
pound.
MOHAIR Oregon, 3 3 22c per pound,
delivered Portland.
Provisions.
brlTr-AllX-. skmn,d. 24
ajc; picnics, juc; cottage roll, -JC.
BACON Fancy. 3943c; choice, 27
32c; standard, 2320c.
LARD Pure, tierces, 14c pound; com
pressed tierces, 14c.
DRY' SALT Backs. 1821c; plates, 15c
Oils.
LINSEED OIL Haw. In barrels, 9c;
fi-gallon cans, $1.04. Boiled, in barrels,
91c; 5-gallon cans, SI. 06.
TURPENTINE In drums. SI; 5-gallon
cans, $1.15.
WHITE LEAD 100-pound kegs, 12Hc
per pound.
GASOLINE Tank wagons and Irons
barrels, 20c; cases, 38 He.
m MARKET IS HEAVY
PRICES SAG AT CHICAGO WITH
LIMITED DEMAND.
Covering: in Shorts Leads to Re
action, Jltit Kffect Is Short
Tjlved and Close Is Weak.
CHICAGO. Dec. 10 In a heavy market
grain prices sagged and provisions barely
held their ground here today. At the
finish wheat was c to l4c net lower,
corn was off c to He and oats were Vic
to 14c lower. Pork and lard finished un
changed, but -ibs lost points.
Wheat started with a weak undertone
and there was ar. early break when a trade
rumor of a moratorium In Germany was
denied. The drop attracted some buying,
but the trade fell .way and the second
hour saw little variation in prices. Just
before the close shorts covered on reports
of a stronger cash market in Winnipeg,
coupled with advices that Argentine returns
indicated about a normal crop, instead of
the big yield that some traders had looked
for. This movement was short lived and
prices sagged again at the close.
Corn was under pressure, but resisted
fairly well because of continued export
demand and the fact outside markets were
outbidding Chicago in the cash market.
The sellers pointed to increased country
offerings and predicted increased arrivals
for next week.
Oats were a bit duller than' is usual
for Saturday and merely followed corn.
Provisions were quiet. Only a few scat
tered holdings were offered.
The Chicago grain letter received yes
terday by the Overbeck & Cooke company
of Portland follows:
Wheat Trade was confined mainly to
evening up of contracts over the Week
end and the market fluctuated in an ir
regular manner, closing at a small net
loss. The news was colorless, caish mar
kets having a firm tone. Foreign cables
were without Important change. Some
export business was done to the sea board.
but the volume was not large. Country
offerings to arrive have decreased and
the movement to ternxtoals is expected to
fall off after next week. Some of the
selling latTy WU based on the belief that
cash wheat premiums at Winnipeg will be
.sharply reduced with the closing of nav
igation in the lakes: Itiis Is to be ex
pected and should not exert much influ
ence on our market, which will be sus
ceptible to news regarding the domestic
flour situation and the attitude of export
interests. It is very probable that for
eigners will take considerable of our wheat
between now and the time that the new
crop of the southern hemisphere becomes
available. The market. In our opinion,
has the foundation for a good advance.
Corn Selling by receiving interests
against purchases of cash grain in the
country was too much for' the limited
buying power, and the market declined
sharply at the opening and immediately
thereafter. After this pressure was out
of the way, a firm tone obtained. Re
ceipts for the day were a tittle larger
than expected and cash prices were easy
at declines of one-half to one cent. Ship
ping sales totaled 310.000 bushels, mostly
to exporters. Indications are not lacking
that the foreign demand will continue
good, in which event higher prices should
be established.
Oats -It was an uninteresting market
and devoid of feature. The cash 'market
was relatively steady, with the limited
offerings well taken. Anything new in
the way of supply and demand develop
monts will very likely be In favor of hold
ers, as the surplus grain in the country
has practically all been marketed.
Rye Futures showed independent
strength, accompanied by scattered buying
and light offerings. Baltimore exporters
were in the market for cu.ih rye, and ad
vanced their bids one-half cent as com
pared with yesterday.
Leading futures ranged as follows:
WHEAT.
Open.
.$1.14
. 1.03
. .54
. .65
High. Low.
$115Vz $113
1.U3 L02W
CORN.
Close.
$1.14
102
.53
55
May
July
May
.54 Vi
-55
OATS.
.38
.38
.53
.55
July
May
July
.38.
.38
38
38
.38
.38
MESS PORK.
Jan.
LARD.
8.77 8.80 8.77
0.25 0.25 0.17
Jan.
May
8.80
0.22
SPARE RIBS.
Jan. i
May
Cash prices were as follows:
Wheat No. 2 hard, $1.14 1. 15
hard. $1.08.
Corn No. 2 mixed, 49c; No. 2
Oats No. 2 white, 3536c;
white, 3334c.
Rye No. 2. 8487c.
Barley 50 & 50c.
Timtthy seed $5.00.10.
Clover seed $12.50 18.50.
Pork Nominal.
Lard $8.80.
Ribs $7.258.25.
7.75
8.02
No. 3
white.
No. 3
Primary Receipts.
CHICAGO. Dec. lO.Primary receipts,
wheat. 1.222.000 bushels versus 1.132.00U
bushel. Corn, 1,564,M)0 bushels versus
504.000 bushels. Oats. 46o,000 bushels ver
sus 400.000 bushels.
Shipments Wheat, 580,000 bushels ver
sus 868.000 bushels. Corn, 782.000 buahels
versus 250,000 bushels. Oats, 454,000 bush
els versus 405.000 bushels.
Car! ots M inneapolb. wheat. 313 ; corn,
57; oats. 63 ; Kansas City Wheat. 267 ;
corn, 72; oats, 8. Omaha Wheat, 44; corn,
131; oats. 13. St. Louis Wheat. 21; corn.
61; oats. 14. Duluth Wheat, 01; corn, 37.
oats, 4- Winnipeg Wheat. 976; oats, 166.
Minneupoliri Grain Market.
MINNEAPOLIS. Dec. 10. Barley, 37jf
51. Flax. No. 1. $1.81 1.01.
Wheat, Dec, $1.21; May. $1.21; July.
$1.18.
Winnipeg Grain Market.
WINNIPEG, Dec. 10. Wheat, Dec,
$1.05; May, yi.oou.
(rain at San Franrisro.
SAN FRANCISCO, Cal.. Dec. 10. Grain
Wheat, milling. $1.85 't .!tr. ; f,?ed. $1.85 ft
I. 05: barley, feed.. $1.25 fa 1.35 ; shipping
tl.30wt.49; naU. red feed. $1.401.60;
corn, white Egyptian, $1.67 1.72 ; red
milo, $1.45ff1.50.
Hay Wheat, No. 1. $1742 19; fair. $14fc
17: tame oat. $15118; wild oat, $1113;
alfalfa. $13'r 16; stock, $0 12; straw.
$10(&12 a ton.
Seattle Grain Market.
SEATLE. Dec. 10. Wheat, hard white,
soft white, white club, hard red winter,
northern spring. $1.09; oft red winter,
II. 08; eastern red Walla, $1.06; Big Bend
bluestem. $1.12.
I City de'ivery Hay, timothy. $24: D. C,
$2S; mixert. ; airaMa, D. C, $23:
straw, $1S; barley whole. $31; ground and
rolled, fS3 clipped. $33; chick starter. $B4:
chop all grain, $30; cocoanut meal. $2S ;
corn, $34 ; corn cracked and feed meal,
$36; cottonseed meal. $44; Unseed meal,
$58; mash mixture egg. $3945; scratch
food. $40tf?45; soy bean. $60; wheat. $43;
Puget sound, $41.
Dried Frnit at New York.
NEW YORK, Dec. 10. Evaporated ap
ple quiet. Prunes unsettled. Peaches
scarce. ,
IRiTEREST IIU STOCKS
iron RoronR mfr
Slackening Is Noted in Invest
ment Market.
i FOREIGN EXCHANGE GAINS
Prospect for Irish Settlement anil
Negotiations in Behalf of Ger
many Counted Factors.
BY STEWART P, WEST.
(Copyright. 1021, by The Oregonlan.)
NBW YORK. Dec. 10. (Special.) In
both investment and speculative markets
a noticeable slackening of Interest oc
I curred this week. Trading fell off and
prices moved about unevenly without any
general tendency one way or the other.
The reasons for the slow-down in bonds
I are quite different from those in the
case of stocks. The bond market, after
its 10-point rise in the autumn, feels that
a good deal has been done toward
measuring the fall f n interest rates and
the general comfortable outlook for the
money market. It is stopping, moreover,
to digest the large capital flotations
which investors have been called upon to
absorb. It will be recalled that these new
issues were at their record high in 1019
ana mat the 10 JO total was scarcely any
less.
During the first six months of 1921,
however, when every nerve was being
strained to prevent the threatened . bank
ing crisis, would-be corporate borrowers
were discouraged quite as much as in
dividual applicants for credit.
As a result new security offerings .were
comparatively small during this period,
but some Idea of the magnitude of new
financing from July on may be gained
from the fact that the total of new flota
tions for the 10 months ended October 1
was very little less than that in the two
record-breaking years before. It was
$3,311,000,000 for 1921 as against $3,502.
000.000 for 1920 and $3,630,000,000 for
1010.
Koad Securities Coming.
This indicates the unusual strain upon
the Investment resources of the country
which has been occurring in recent
months. Nor is there any sign of a let
up. To the never-ending series of mu
nicipal state and public utility and in
dustrial bond and note issues Is soon to
be added an outpour of new railroad se
curitles.
Yet the stage of saturation has not
been reached. In fact, nothing has been
more impressive than the way the mar
ket this week took the $16,000,000 Ore
gon Short Line bonds put out on little
better than a 5V per cent basis.
But the fear is that later on even th
enormous supply of Investment capital
will be overtaxed, and the check to the
rising tendency in the bond market this
week undoubtedly reflects some such pre
monition. Stocks Still Work Vp.
Wltn the stock market the case is dif
ferent. Speculative sentiment has hesi
tated because of the extent of the rise
since the first week in September and
also because of the reminder that the
first half of December has often in th
past been a period of declining iprices.
The reaction, however, which professional
Wall street has been predicting for nearly
a month now has not yet come. If the
list has stopped going up. no day has
passed without Individual stocks continu
ing to push ahead.
There are three factors In the market,
each of which affords a solid ground of
support. One Is the investment overflow
from the bond market. The second is
the most abundant time-money supply a t
the lowest rates in years. This it
enabling speculative cliques to go ahead
with confidence since not only Is credh
easy, but more is taken In on dividends
than goes out in the shape of interest at
the banks.
The third is the quietly cheerful feel
ing regarding the trade outlook for 1922
ttic belief thatv in most lines it will be a
year of fair business volume and mod
erate profits.
Foreign Exchanges Gain.
This week's further recovery in the
foieifn exchanges has been influenced by
the favorable outlook for settlement of
the Irish question. But still more has it
had to do with the negotiations g.oing on
t&hind the scenes for a new method of
effecting Germany reparati-iru payinenta
The rise within a fortnight of nearly a
cent in French francs is the most sig
nificant movement of ell. It cannot be
s'?t dt.wn to any improvement in Trench
foteig:i trade. On he contrary, for the
first time in nearly year Frjncn 1m
pirts are now running .ahead of exports.
What it means undoubtedly is :hat
there is no longer the same fear of a
Get man default that 'there was up to a
few weeks ago. and the Inference is a
fair one that a way is about to be found
for Germany to meet its January install
ments in goods instead of cash, yet at
tae same time lightening the fiscal bur
don under which the French treasury is
state- ring
Two Factors Affect Sterling.
Doubtless the rise In sterling to around
$4.10, the highest in more than two years,
1 a reflection of the German negotia
tions quite as much as It is of the Irish
development. The threat of a Oerman
collapse, with its inevitable recoil upon
the itst of Burope, has long been the
most formidable uncertainty overhanging
the foreign markets The suggestion thai
this danger may be passing, through re
mission of the obligation for Germany tt
pay in gold, has been quite as important
a relief from the British financial view
point as from that of the other allies.
SHORT LINE BONDS BOOM
HEAVY
FOR
DEMAND REPORTED
NEW SECURITIES.
New Issue Is Largely Oversub
scribed by Investors Who
Send In Subscriptions. ,
NEW YORK, Dec. 10. International
ciediti assumed a commanding position In
the financial markets this week on the
buoyancy shown by allied exchanges. The
question of German reparations became a
dominant issue. authoritative advices
pointing more directly to a readjustment
of such payments.
Official figures for the first eight months
of the year, showing the enormous inter
est of French Imports to Germany and de
velopments In the Irish situation also were
features In the exchang' situation.
The ushering in of December was char
acterized by greater caution by stock trad
ers. This resulted in a visible reduction ot
the Inquiry for both stocks and bonds and
moderate reaction of quoted values.
Of the more representative shares, rails
showed the most persistent pressure. Their
reversal was due to the heaviness of St.
Paul issues which were freely sold on run-
mors affecting the company s financial
status.
There was no cessation, however, in the
demand for new capital offerings. In many
Instances, notably that or the Oregon Snort
Line underwriting!, subscriptions from in
vestment sources were many times in ex
cess of the supply.
According to reliable reports the Unitea
States government does not con tempi at t
ong term financing as a means of offset
ting maturing victory notes. Next week
interest payments approximating $150,000,
000 will be made on bonds and short term
notes.
The money market repeated Its confus
ing course last week. Call loans rose to
C per cen for the ftrst time in a month,
but loans extending into January and Feb
ruary were made as o2 as 4 Vi per cent
and buying of merchant paper was more
liberal.
In trade circles it is understood negotia
tions for the proposed consolidation of the
leading independent steel companies are
proceeding. Weeks If not months, are ex
pected to elapse, however, before the more
Important details are reducd to a work
able basis.
SAN FKANCISCO FRODl'CE MARK BT
Prices C urrent on A egetables. Fresh Fruits,
F.tc, at Bay City.
SAN FRANCISCO. Dec. 10. Poultry
Hens. 23 & 30c ; young roosters. 2HB-Zc :
old, lGl&c; young chickens, 26&33c;
ducks, l:2'fi25c; turkeys, 43'y45c.
Vegetables Artichokes. case, 161S;
squash, lug, 11.50.25; potatoes, $JQ3.5U;
onions, brown, 4f;t4.50; crystal wax, $3;
tomatoes, per crate, 92 2.25: cucuriSrs.
lug box, tl.251.73; bell peppers, pound.
tMlSe; beans, string, loitllc; lima, 104
12Hc; carrots, sack, SlfuU.15; egg plant,
pound. 3(tn5c: mushrooms. Dound. 10 3i 40c .
lettuce, crate. Sift 1.75; celery, crate, 11.50;
sprouts, pound, 5ic; rhubarb, box, Sl.ou
(U1-T5; olives, pound, ofe'Oc.
Fruit Oranges, navel, S4.505.50; Va
lencias, nominal; lemons, $3.5o4j4.50; grape
fruit, -..' j ." . apple, Si and 4-tier,
S1.403.5o; fctrawberries, crate, $2.25tt
2.50; casabas, crate, 75c$l; cranberries,
box, JO'jiO.50: pears, box, 1.503.23.
Receipts Flour. 1251 quarter sacks;
wheat, 4110 centals; barley, 4744 centals;
corn, 2540 centals; potatoes, 1SS4 sacks;
I onions. 74 sacks; hay, 23S tons; hides, 1358;
oranges and lemons, 4400 boxes; livestock,
200 head.
QUOTATIONS ON DAIRY PRODUCE
Current Prices Selling- on Butter, Cheese
and Kggs.
SAN FRANCISCO. Dec. 10. Dairy pro
duce exchange closed.
NEW YORK, Dec 10. Butter firmer;
creamery, higher than extras. 40 & 47c;
creamery extras. 45if 46c ; creamery iirsts.
38441,J; packing stock, current make.
No. 2, 2Sc.
Eggs Unsettled; fresh gathered extra
firsts. 62 65c; do firsts, 55 60c.
Cheese Steady ; unchanged.
CHICAGO. Dec 10. Butter, unchanged.
Eggs, unsettled ; receipts, 4153 cases;
firsts. 53 54c; ordinary firsts. 46 48c;
miscellaneous, 50p53c; refrigerator rirsts,
38 40c.
SEATTLE. Dec 10. Eggi
ranch, white shells, 54c; do.
Select local
mixed colors.
52c; pullets, 450 46c.
Butter City creamery, cubes, 43c; do,
bricks or prints, 44c.
CONTRACT SHEEP ARE RECEIVED
Only Arrivals at Stockyards on Closing
Day of Week.
No trading was reported at the stock
yards yesterday. The only arrivals were
540 head of sheep and they came on con
tract. The tone of the market was gen
erally steady at the close oi the week.
Prices quoted at the Portland Union
stockyards were as follows:
Cattle
Choice steers
Medium to good steers
Fair to medium steers
Common to fair steers
Choice feeders
Fair to choice feeders
Choice cows and heifers
Medium to good cows, heifers
Fair to common cows, heifers
Common cows
Canners
.$6 00 6. 30
. 5.50&6.00
. 4.0M$5.OO
. 4.005.00
. 4. 75 4! 5. 25
. 4.25 4.75
. 4. 70 5.25
. 4.254.75
. 3.754.25
. 3.001 4.J5
. 1.75 '3. 06
Bulls 3.004.1X1
Cnoice dairy calves 8.509.00
Prime light calves 8.O0S.50
Medium light calves .008.00
Heavy calves 5.00 0.00
Hogs
Prime light 7.75 8.25
Smooth heavy. 250 to 300 lbs... 7.0O&7.5O
Smooth heavy, 300 lbs. and up.. 0.0Oi7.00
Rough heavy
Fat pigs I
Feeder pigs -
Stags, subject to dockage
Sheep
East of mountain lambs
Best valley lambs
Fair to good
Cull iambs
Eastern Oregon feeders
Light yearlings
Heavy yearlings
Light wethers . . .
Heavy wethers
7.7". 11 SJ."
4.0UiU.UO
23gS.OO
B.734i ".To
B.33f .Y2.-i
.-, r,oij ti.i"i
4. .".it ."...','1
4.30Q :..."
3.30 iii.M
Ewes 1.00tf4.00
Chicago Livestock Market.
CHICAGO. Dec. 10, (United States bu
reau of markets. ) Cattle Receipts 2500,
Compared with week ago, market uneven.
Beef steers steady to 25 cents higher,
fat she stock mostly steady, low grades
weak; canners and cutters 25 cents lower;
bulls steady to lower; veal calves about
steady; ctockers and feeders strong to 25
cents higher.
Hogs Receipts 6000. mostly 25 cents
higher than Friday's average; light lights
up to $1.75; bulk 1T0 to 200-pound average.
$7.15&7.35; hold-over liberal, shippers took
about S00; pigs 25 cents higher.
Sheep- Receipts 7000. Receipts today
mostly to packer direct. Compared wan
week ago: Fat lambs around $1 higher;
fat sheep and yearlings 00 to 75 cents
higher; feeder lambs 35 cents higher.
KaJiMBM City Livestock Market.
KANSAS CITY. Mo. Dec. 10. United
States bureau of markets.) Cattle Re
ceipts 1100. For week: Beef steers steady
to 25 cents higher, top $8.50; fat she stock
and bulls steady; vealers $11.50 lower,
other calves lower; canners 50 cents lower;
stockers and feeders strong to 25 cents
higher; fat calves and heifers mostly 25
cents lower; stock calves 25 and 50 cents
lower.
Hogs Receipts 1000. fully 10 cents high
er; mostly to shippers and yard traders.
Top $7 for lights and handy butchers,
bulk $0.807; pigs. $7.10.
Sheep Receipts 2000. For week: Sheep
steady ; lambs 25 and 50 cents higher,
mostly 50 cents higher; top. $10.25.
Omaha Livestock Market.
OMAHA. Dec. 10. (United States bu
reau of markets.) Hogs Receipts 2500;
active, mostly 25 cents higher; bulk light
butchers. $6.G06.75; bulk of sales, $0.20
6.75. top $6.85.
Cattle -Receipts 450. Compared with
week ago : Beef steers uneven. 25 and
SO cents lower; she stock steady to SO
cents lower; bulls steady; veals 25 and 50
cents lower; stockers and feeders 25 cents
higher.
Sheep-Receipts 600. Compared with
week ao: Lambs $11 25 higher: year
lings and sheep 25 and 50 cents higher;
feeding lambs 50 cents higher.
Seattle livestock Market.
SEATTLE. Dec. 10. Cattle unsteady
no
receipts; prices unchanged,
receipts, no price changes.
Hogs high, no
Mew York Sugar Market.
NEW YORK, Dec. 10. Raw sugar, cen
trifugal, 3B0c; old crop, 3.8c. Refined
sugar, tine granulated. 5.20c.
Duluth Linseed Market.
DULUTH, Minn.. Doc. 10. Linseed On
track. $1.89Viei.v2Vi; to arrive. Il.SOVi
DAILY CITY STATISTICS
Marriage Licenses.
McLEAN-ROSE Walter C. McLean,
legal, 226 Caruthers street, and Maggie
Rose, legal. 22tf Caruthers street.
BALDASSERONI-ANDREOTTI Mo
desto Baldasseroni, legal. 4iKl Mllwankie
street, and Tereslna Andreottl, legal, 403
Mllwaukle Ptreet.
HOLT-GIBSON Thomas A. Holt, legal.
San Marco hotel, and Jane M. Gibson,
Vista avenue.
CONN-BERG Ben H. Conn, legal. 736
East 43th street North, and Florence E.
Berg, legal. Portland.
MILLER-HUTCHISON Carl Clyde Mil
ler, legal. 532 Davis street, and Edith A.
Hutchison, legal. 1215 Hazel Fern place.
SANDBERG-RICHA Roy H. Sandberg,
21, 604 Holly street, and Naomi M. Richa,
2G,-U1T3 Ross street.
ROGERS-EDWARDS Frank Rogers,
legal. Sherwood, Or., and Rosa Edwards,
legal. Portland.
MADSEN -CHRISTENS EN Victor E.
Madsen, 26, 869 Harvard avenue, and Hed
vig E. Chrlstensen, 23, 861) Harvard ave
nue. LAKE-WALLACE Otto Byron Lake. 24.
A drain apartments, and Blanche E. Wal
lace, 21, 5S3 East Main street.
Vancouver Marriage Licenses.
MAIKEN-PRUMMETTE Henry Maiken.
26, of Portland, and Belle Brummette. 28.
of Portland.
WHEELER - PRITCHARD R. J.
Wheeler, 26, of Vancouver Barracks, Wash..
and Ona Prltchard. 18. or Vancouver.
Wash.
DEXTER-DAWSON Jacob A. Dexter.
25. of Portland, and Uida F. Dawson. 22.
of Portland.
LIND-BI'TLER Frank T.in.l 41. f
Cuba, Panama and South America
S. S. EBRO From New York, February 11
A two months' cruise embracing all points of interest
in SOUTH AMERICA on both East and West Coasts.
For full information apply to
Oregori-Pacific Company
Passenger Agents
203 Wilcox Bldg. Portland, Oregon
On and after December 12, we will occupy our new offices on
North. Front street near Nicolai, directly located with our recently
completed new plant.
To Reach the New Willamette
. Offices and Plant
By Street Car Sixteenth St. to Foot of Twenty-first
By Auto Twenty-second St. to Nicolai
Phone Bdwy. 1062
Ik
Porlland. and Sadie Butler, legal, of Port
land. COX-CARTER Theodore F. Cox. 30. of
Caldwell. Idaho, and Mr,. Mcllnda E. Car
ter, 45. of Portland.
GILBERT -ROBERTSON Fred Gilbert.
24. of Portland, and Marearet Robertson,
114. of Portland.
HAUSMAX-BOHL August Hauiman. 36.
of Greshani. Or., and Mary M. Bohl, -W of
Gresham. Or.
DU PUIS-WR1GHT Fred DuPuls. 22. of
Vancouver, and Pear Wright, 10, of Van-
nROWX-RfE Dennis A. Brown, lesral.
1 f Pnrii.ntt .,nd Mrs. Beattrice Rltter
rtue. lOKHl, oi i-orLianu.
TAZZIOLI-ROWAX M. Tazzioli. legal,
of The Dalles. Or., and Emma Rowan, le
gal, of The Dalles. Or.
HILLS-REAVES Alva L. Hlila. 26. of
Jasper, Or., and Mrs. Eleanora Reaves, 26,
of Portland.
WATER BONDSSELL WELL
I Astoria Commission Gets $63.30
Premium on Kacli $1000.
ASTORIA. Or., Dec. 10. ((Special.)
The Astoria water commission has
sold a block of $75,000 of 20-year 6
per cent water department bonds to
E. H. Palmer & Sons at a premium of
$5.30 on each $1000. The purchase of
1000 feet of six-inch pipe to renew
the water main on Taj lor avenue
was authorized.
The new schedule of wages for em
ployes of the department, adopted Au
gust 24 to become effective September
4 and then suspended at a meeting
October 14. was readopted last eve
ning: and will go Into effect January
1. The schedule of water rates which
has been in effect during the present
year was approved for the coming
year.
Dairy League Pays $11,000.
MARSHFIELD. Or., Dec. 10 (Spe
cial.) Eleven thousand dollars were
distributed here from thee Oregon
Steamship
Tickets for All Lines
at Regular Tariff Rate. Foreign
railroad and sleeping car tickets
direct to destination.
I.- : I c i
itinerants prcparea jpeciai . ,
Vk. nminnrtt a x T M
aiaaw" Ik 11
Tours and Cruises
South America
Third annual Cruise - Tour
via S. S. EBRO sailing; from
New York Feb. 11th. return
ing April 10th (53 days), visit
ing . Havana. Panama, Lima.
Mo 11 e n do. Valparaiso, San
tiago, Buenos Aires. Monte
video, Santos, Sao Paulo and
Rio de Janeiro.
Honolulu
Two winter tours: January
25 and February 22 to Febru
ary 14 and March 14. $510
and up. Including all expenses.
The Mediterranean
A cruise of 61 days sailing
S.S. CARMANIA Feb. 11th
$500 and up.
Around the World
Groups limited to 1
mem-
bers. From Xew
cember 31.
York De-
CHI A JAPAN
Sailing Jan. 14. Feb. 7, 21;
March 4, 25.
STICAMSHII' TICKETS
Europe. Orient. Australia,
South Seas. Bermuda. Cuba.
West Indies, South America,
Mexico and F'anama Canal.
Ask tor rates and sailings.
For "complete details, call,
write or 'phone
AMERICAN
1
VTRAVEL deeartment
EAKI. .". WAI.KKB. I. P. A., -M
Corner Sixth and Oak tits., M
Sw Broadway r0IH).
k. Portland.
REMOVAL
A. G. Labbc, President
E. C. Pape, Vice-President
H. V. Carpenter, Treasurer
M. H. Insley, Secretary
Dairymen's league to stock and mort
gage holders which was not due until
December 30. The payments are In
the first instance for an obligation to
(Regular service between Portland, .Maine; Philadelphia, Roston, gl
y New York and Los Angeles. San Francisco, Portland. Oregon; ma
H Seattle and T;.ri.m;i via tin- I'anam.i canal.) North Atlantic an.l IPJ
B Western S. S. Co.'s 8S00-ton steel vessels. 1
i Krom I Prom Krom From HI
Li Portland. Or. Portland. Me. Boa ton l'hila.
ll I1RI SII Dm. M I WEST ISLBTA. Dec 15 lire. IT !- 1
HI II :ii ii. II Ian. 14 I oi. ll iivitiioit Dee.38 Jaa. I .inn. H
M i:sr IM.KTA . Jan. 1!) SPRINGFIELD. Jan. II Jan. II Jan. ID SH
J! 1 for Further Information Apply
Oregon -Pacific Company
Agents for
TOYO KISEN KAISHA
And Joint Service of
HOLLAND-AMERICA LINE
and
ROYAL MAIL STEAM PACKET COMPANY
failings for Japan China and West Coaat South America, and
United Kingdom and European Porta
General Freight and Passenger Office
So.: Wilcox nida. Main i. Portland. Or.
NEW YORK
to EUROPE
onfyS.QovernmentShips
Sailings from Piers 1 and 4, Hoboki-ii
To Plymouth Cherbourg
lire mm
America Jan 3, YrU. 4
i it'ip u .t-hniii t.iH Jan. 17
To Plymouth Boulogne
London
Centennial State.. Jun. 17. Feb. 14
rauhanille Htate. . . i)t . If, Jun. 31
To Bremen -Dn nr. Ik
Potomac Dec. 31 Feb. 11
To Bremen
Htidtton Jan. 14 Feb. 2.1
PrUicef.fi Matoika Juu. 2H Mar. 4
United States Lines
Moore & MnCormack Co.. Inc.
Roosevelt Steamship Co., Inf.
United American Linei. Inc.
Managing Operators for
U. S. SHIPPING BOARD
.For Booklet Address U. 8. Lines
45 Broadway, New York
SAN FRANCISCO
TO THE ORIENT
ortli.S.QovirnmmtShips
The Sunshine Belt
Sailing from San Francisco
To Honolulu. Yokohama, Kobe, Shanghai.
Manila, and Honr Konr.
8. 8. Hoonlrr Slate Dec. 17
8. 8. (".olden Stale .Ian. 14
8. 8. Umpire State Feb. t
To Honolulu, Manua, Smqaport, Calcutta
and Colombo
S. 8. Creole State Dec. 19
8. 8. Wolverine State Jan. 19
For dtoeriptivr hookltt, addreu
PACIFIC MAILS.S.CQ
508 California St.. San Francisco, Cal.
10 Hanover Square, New York City
Managing Operators for
AJ. S. SHIPPING BOARDj
AUSTRALIA
Honolulu, Huva, New Zealand.
The Palatial Pasaeuiter Strainers
K. M . . NIAGARA. 11. M. . MAKUKA.
20,0uo Tons. 13.&00 Tons.
Hail from Vancouver, U. C.
for rates and salllncn appl? tan. Pae.
Railway. A3 Third St.. I'ortiand, or Cana-dtao-
Australasian Royal slall Line, 4 i H
f bejmour Km Vancouver &, C
iiittsr ill
pay 20 per cent for plant purchased
off the Coos Hay Mutual Creamery
company, and in the second place for
mortgage holders.
Passenger and Freight
Service to California
Through SnlllnajM to San Fmnclaco
Los Auajelea mid Baa lllrieo
Leave Muuicipul Dock No. 3 4 I'. M.
SS. Senator ----- Dec. 17
SS. Admiral Evans - Dec. 24
SS. Senator Dec. 31
And Kvtrj Saturday Thereafter
Loral Srrvlre to Muritliflelri1. Eurckn
uuu Sun Prnni'lNro
SS. Curacao, 4 P. M. Dec. 21
Fast Trans-Pacific Passen
ger and Freight Service
l'okoliama, Kobe, Slinnehal,
lioiiKkonK nnd Manila
Salllna: from Seattle
Bay State - -- -- -- - Jan. 7
Keystone State - - - Jan. 14
Silver State Feb. 4
For full Information apply at
101 Third St., Corner Stark
I'kone Mnln 8381
J
5Ar
New York to
South America
onllS. QovzrnmentShips
Fastest Time
to Riode Janeiro, Montevideo and Buenot
Aire. Kinet htpi- Ameneiin service
Amerirnn food Amerienn eomforti. Sail
inmi from Tier 3, lloboken.
8.
Huron Iee. 22
Amerienn lesion Jun. 5
Southern ro Jan. 19
Aeoluit Feb. -
dfitc
MH booklet.
ntidr
Munson Steamship Lines
67 Wall St., New York City
g Opera tn
ASTORIA AND WAY POINTS
Steamer Serlra,
Lt. Dally (Kirept Saturday) ,:0 P. M.
Splendid sleeping accommodations
Connections Mud? for All North an J
riouth Beach Points
Parr f Z Kach May. s- . Jo Round Trip
Alder-st. llroadway 6345.
The iiit. 1. 1 n - I rnnaportatlnn Co.
Ihoni your want .ids to The Orcffo
Uitn. Main TUiO. Automatic
MamatHn
XS. SHIPPING BOARDS