The Sunday Oregonian. (Portland, Ore.) 1881-current, January 22, 1922, Section One, Image 21

The Sunday Oregonian., January 22, 1922, Section One, Page 21, Image 21

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Newspaper Page TextTTTE SUNDAY OREGOXIAN, PORTLAND, JAXTJATtY 22, 1922 21 BROADER INQUIRY FOROREGONAPPLES Demand Improves With More Favorable Weather. . T.OOO.000 poandl of wool. It ! ssld that the balance of the government-owned srools will be offered at a final (ale on March 2. SALES AT EASTERN MARTS English Growers Flan to Adopt American System of Grading; and Packing. The local demand for apples improved t the eloM of the week and If the weather la favSrabls la the coming week, a good trade la expected. Buyeri were mora Interested In large than amall alzea. The latter have been worked off well by water ehlpmenta. Jobbera reported more Inquiries also from the east. The gen eral range of prleea In the local market was unchanged. Prleea are tlao holding steady at ship ping potnta. Wenatche sold cars of Wine naps, extra fancy, 10 per cent 17Bs and mailer at 12 2.10.. Taklma sold extra fancy large to medium Newtowna at 91.90. large fanoy at $1.(15, and small to medium holes at $l.v5Ql.&0; also Wlnesaps. fancy amall te very amall at II 32V4. ebolca very amall at $1.10 and medium to large at L01.BO. At Nearly all the eastern distributing a-olnta ths markets) were steady, but not particularly active. New Tork aold Ore gon apples at auotlon at ths following prices'. Newtowna, 1470 boxes, extra fancy large to' vary large J2.8V1J3.23. small to medium S2.4093.M, fancy all alsea I2.45-9 t.TO. eholcs large to very small S2 4S9 3 00. with a few at 12.10. medium 12.230 2.80; 8818 boxss Newtowr.s, extra fancy large 83 20, large 12.7898.05. medium 82.4092.TS. fancy large, f2.4092.7fi; me dium 12.3092.40, email 82.20 9 2 30 ; 600 boxes Rpltsenbergs, extra fancy large 12.8093.03. medium to small 82 00 9 2.75, fancy, small lot, all alzea. $2.2092.00. The range of prices at New Tork on northwestern Newtowna and 8pltzenbergs to Jobbers was a follows: Spltsenburgs. sxtra fancy large to very large $8.2093.00, medium to amall 82.7098, few $3.10, fancy large to very large, $39 3 23, medium to mall $2.9092.73; Nswtowns, extra fancy large to very large $393.23, medium to mall $2.609 2 70. The Brltlf h apple growers have recent ly been devoting considerable attention to the establishment of grades for their prod uct and much progress has been made In this development. The chief reason forj the movement Is the desirs to place on the large -British markets an apple grown In England which will compare favorably la price with the best American and Aus tralian product. It has often been stated In England that the market advantage of the American apple Is entirely due to the fact that It la correctly graded and packed. In this connection the American agricultures oommlasloner at London ob serves that the shippers In the United States, Canada and Australasia have the advantage not so much becsuse their stock Is graded to perfection but because they have large supplies of apples adapted to meet the grading requirements. There Is no large supply of British apples which could be closely graded for market. The British growers generally have not paid much attention to market requlrementa la tha selection of their trees, nor to the csre and cultivation of orchards. It has been estimated that In the ordinary run of ungraded home-grown pplee not 20 per cent would reach fancy r extra fancy grades. POSITION OF 8CGAB MARKET SOUND Depleted Stocks la Trade Hands Offset Largo Holdings in Cuba. Commenting on the position of the sugar market, which la now tending upward, a leading authority la the trade sa-s: "Even though Cuba Is carrying over from last aeasoa In excess of 1.000.000 tons In visible pot and Invisible Interior stocks, ths statistical position of sugar Is fundamentally sound. - Practically the en tire world'a vlslbiles are being carried in the western hemisphere, mainly la Cuba. Invisible supplies practically sverywhere ar exhausted. This Is particularly applica ble to largest consuming countries, such as this and the United Kingdom. Buyers here hava for practically the paat year covered only necessary requirements, and a similar policy haa been pursued by United Kingdom buyers. "While such tactics have been most ad vantageoua to buyers, they have kept In vislbles down to ths vanishing point. As Indicated by the recent broadening In quiry from' Europe and elsewhere, the low prices prevailing are encouraging many consuming centers to look to re-establishing depleted reservee, and should this be come more general much of Cuba's present surplus would be distributed throughout consuming markets and ths soundness of the statistical position will bs more manifest." BUTTER DEMAND CHECKED BY RISE a Egg Traders Incline! tm Hold Back and Await Development. Trade la the butter market was reported slower yesterday with mors cubes on hand. There was no increase In receipts and ths make continues tight, but less butter Is going Into consumption since the price was raised. Sellers of cubes asked up to 84 cents, but the demand waa lim ited. In the egg trade, the disposition seemed to be to wait and see how receipts showed up In the coming week. Some of the dealers look for heavier arrivals, figur ing that country shippers held back stocks during the cold spell. The general buying prlca offered the country was around 31 cents, case count, but In a few Instances a cent or two more was offered. Resales on the street wers mainly on the basis of 87 cents for candled. The association announced no change In its selling list. There was a good supply of poultry on hand and an Indifferent demand. Hens sold lower at 25 cents for heavy, and 17 cents for light. Country dressed meats continued firm. ADVANCE IN FLOUR IS EXPECTED raanlly and Bakers' Grade Hay Be nigner Early la Week. AM Indlcatlona point to an advance In the price of family and bakers' grades of flour early In the week, aa a result of the continued strength of the wheat market and provided the strength Is maintained. The best grades of milling wheat are very firmly held In the eountry. - Itlda on all gradea of wheat were ad vanced 1 cent at tha Merchants' Exchange session. The strength ot the market Is slerlved from domestic conditions, how aver, rather than any foreign demand. Exporters cablea were of the same un satisfactory nature aa heretofore, stressing the pressure of Australian and Argentine upplles on the European markets and the consequent lowering of bids for American wheat. During the week Australia cleared al most 6,000.000 bushels of wheat and Ar gentina shipped 2.223,000 bushels, in the name period the United 'Statea and Can ada exported 7.700.OOO bushela Thla large movement, while tending to clog the Kuropean markets, Is lightening the load in thla country and producing a bullish condition here, while It is having a bear ish effect abroad. Since the beginning of the eeason the United States and Can ada hava sent out over 260.000.000 bushels of whest. the Pacific northwest supplying about 45.000.000 bushels 6f this quantity. The domestic markets, with the surplus being exhausted, are, therefore, etrength nlng. while In thla section, where there li still a considerable supply of wheat, prices are sympathetically higher, though there Is no ready outlet for the grain. The outlet. It Is hoped, will ultimately be found in the eastern states, where the millers will need the wheat. To bring bout the movement, however, there will have to be a radical readjustment of prleea Commenting on the probable future of the market, a Chicago grain firm said: The market Is no longer subject to the crops of the psst season, but Is looking ahesrt to the coming season, which is de cidedly bullish, not alone In thla country, but In western Kurope. As ths winter wheat seedlngs are not In the best of, con melon, our outlook Is probsbly the worst In many years." The Buenos Aires wheat market closed 1H cents lower and corn I cent higher. Liverpool whest closed Hd higher and corn unchsnged. Terminal receipts, in cars, were reported by the Merchants' Exchange as follows: Wh.il vi.. Year aito... 134 Ceas'n to (Ute.l'l -IJl Year aso... w.oju Taroma Frl.... 37 Year ago... 7 Bens' n to date. 7.3.-S Year ago... J.1J4 Seattle Friday 4 Year ago... 22 Ceaa'n to date S.7.u Year ago... 3 307 ... 16 1 1 8 1 140 ns rss 177 3uA 342 I !'! 7S flSS. t6 47 612 82 2 8 ... iii iis iflj 177 i28 2U8 8 5 inn rt 137S 8 "04S 617 8 ifms 1047 CITBC8 FRUrr PRICES WITHDRAWN California Shippers Report Great Damage From Cold Wars No advances were announced locally In orange prices as a result of the cold weather damage In California. Jobbers are waiting to see If the loss Is as great as shippers in the- southern state reported, or whether the damage reports were mere ly to bull the market. Color la lent to the rumors of severe Injury to the citrus fruit crop by the withdrawal of pricea by the California exchanges. Florida grapefruit Is advancing la price as avallble auppllea in that state are worked off. A car of Los Angeles Wlnnlngstadt cab bage arrived yesterday and was put on sale at 4 cents. Most California vegetables were firmer. Bank Clearings. Bank clearings of the northwestern cities yesterday were as follows: Clearings. Balances. Portland 83,1M!4.244 $ Srtl.007 Seattle 4.340.643 1.202.701 Tacoma 2. 184.003 Spokane 8,838.502 Clearings of Portland, Seattle and Ta eoma for the last week and corresponding week in former years were: Portland. Seattle. Tacoma. IPIl. .. .27.3i.7Bl 8.'tO,21S.l0 Sl..0.-8.02!i ltf-'i so.r.oo.ooe 2.M7.0-5 3.2:1:1.844 1H20.... 81.078.4:10 40.5n;,274 b.OOl,20!l lllie.... 20.857.722 B6.CI.-.3."8 4.144.040 1I11H.... ltl.7,1S.710 27.H7K.O! 8.(128 4;9 117.... 13.38.1.824 17.484.844 2.252,057 1H18.... 8,324.000 10.WHI.418 . 1.440.302 113.... 8,714.304 B.4H3.IIM8 1,680.087 1814.... 9.018.821 10.056,007 1.058.37U 1013.... 0.080,675 10.623.01C 2.231, 625 1912.... 8.815.484 8. 7il. 164 4.172 588 1011.... 8.154.484 S.7.l4 4.172.5SS 1810.... 8,733,663 10,473,313 1,610,178 - 'Total transactions. PORTLAND MARKET QUOTATIONS Grain, Floor,' Feed, Etc. Merchants' Exchange, noon session: -Bld- Goternment to Sell More Wool. Ths next government wool auction is scheduled to be held at Boston on Febru. aey 2 wllh offerlnge aggregating about ARE YOU GETTING TOP PRICES For Your VEAL. HOt.S. PUI'LTRT, ET lfanarrds of Shippers Are, by Ship- BLUE VALLEyVrOOUCE CO. Fortk and OlUan Stm, Port land. Or. 4 berks Mailed Dally. W rite for Ta. HR YOfT LOOKIXT. FOR A IK I'ttXDAHI.K PHOUITR DEALER t Veal Batter Pork her Poultry Rrci Honey Any Product Ask for Intra metkodn anrd to prepare ahlpmrnta for klitker prleea. Kl BY A CO., 169 Front St., Portland. Or. Jen. Feb. Mar. Wheat Hard white $ 1.13 1.33 $ 1.13 Soft whita l.ll l.li i.ii White club l.ll l.ll l.ll Hard winter 1.13 1.13 1.13 Northern eprlnv 1.10 1.10 l.Ut Bed Walla 1.07 1.07 1.07 Oats No. 2 white feed W.;.0 27 50 27 SH No. 2 gray 26.00 23,50 26.50 Barley Brewing 26 00 26 00 26.00 Standard feed 24.00 24.00 24.00 Corn No. 2 E. T. hlpmrrrt... -24.00 24 00 24.00 No. 3 K. T ("hipment.. . 23.75 23.75 23.75 FIOlR Family patents. $7 per barrel; whole wheat, 11.20; graham. $6: bakers' hard wheat, 98.90; bakers' blue tern pat ents, $6.40; valley soft wheat, 5.45; straight!!, S.V25. MIIXFEKD Price f. o. b. mill: Mill run, ton lota, $22; mixed cara. $21; straight cars. $20 per ton; middlings, $34; rolled barley., $3436; rolled oats, $36; scratch feed, $44 per ton. CORN White, $32; cracked, $35 per ton. HAY Buying price f o. b. , Portland: Alfalfa. $13.50 per ton; cheat, $10.50011; oat and vetch. $14.50; eiover, $11; valley timothy, $1410; eastern Oregon timothy $16017. ' Dairy and Country Produce. BUTTER Cubes, extras 34 35c per pound; parchment, wrapped, box lots, 3Sc; cartons. S!c. Butterfat, buying prices; No. 1 grade. 34c. delivered Portland. EXiGS Buying price, 81c rase count ; Jobbing prices, case count, 33c; candled ranch. 353Sc; association firsts. 3Sc; as sociation selects, 40c; association pullets, S6c. CHEESES Tillamook triplets, price to jobbera f. o. b. Tillamook, 26c; Young Americas. 27c pound. POULTRY Hens. 17ff25c; spring, 22c; ducks. 22&2&C; geese. 20c; turkeys, live, nominal; dressed. 42c. PORK Fancy, 124c per pound. VEAL Fancy. 16 He per pound. Fruits and Vegetables. Local Jobbing quotations: FRUITS Navel oranges. $4 96.25 box; lemons. $4.756; grapefruit, $4(fv7 per box: bananas, 8 4? 9c per pound; apples, $1S-25 per box; cranberries, eastern, $20 per barrel. POTATOES Oregon. $1 50r 1.75 per 100 pounds; Taklma. $1. 7542. 23 per 100 pounds; sweet potatoes. per pound; Nancv Hall, $2.50 per crate, ONIONS Yellow, $67 per 100 pounds. VEGETABLES Cabbage, 8fMe Pr pound ; lettuce, $3.25 t 3.75 erate; carrots $2 00 per sack; garlic, 15o per pound; green peppers, 85040c per pound; beets, $2 per sack; celery. $707.50 per crate; cauli flower, $2fr225 per crate; squash, 45c; sprouts. 17Hc; turnips. $2 per sack; pars nips, $202.50 per sack ; tomatoes, $5.50 pjr lug; artichokes. $..!. per dozen Staple Groceries. Local Jobbing quotations: 81'flAR (sack basis) Cane, granulated, 6c pound ; beet. 5.74c per pound. NUTS Walnuts, new crop, 23036o per pound; Brasil nuts, 23c; almonds, 27c; peanuts, 11014c per pound. RICE Blue Rose. 7c per pound; Japan style, 6c per pound. COFFEE Roasted, bulk. In drums, 180 85c per pound. SALT Granulated, bales. $3.2004.05; half ground, ton. 50s, $17; 100s. flH. HO.NEl'-omb, new crop. $5.5006 per case. DRIED FRTHTS Dates, lR025c per pound; figs, $1.40&3.5O per box; apples, i 15c pound: peaches. 16c; apricots, 23c; prunes. 10H 0 13c. , BEANS Small white, 6.85c: targe white, 1 4c; pink. 6c; bayo, 6 65c: red. 6c I Hides. Hop. Etc ! HIDES 6ait hides. 506o; salt bulls, 40 6c; green bulls lc les: salt calf, 12c; salt kip, 7c: salt horse hides, $l&it each; dry horse hldea, 5uc$l each; dry bides, c; drv cull hides half price. PELTS Ury pelts, 10fM2c (long wool,; drv Khort wool pelts, half price; aalt pelts. 60c 011 tac a; dry goat skins, $10 llong , hair); shearings and short wool skins at value. TALLOW No. l. 4y,c; No. 2, 8 He per pound. CASCARA BARK 6e a pound delivered, Portland. HOPS 1P21 crop. 16 020c per pound. WOOL fiastern Oregon. 1503oo per pound. MOHAIR Long staple 20c; short staple 15c pound. Provisions, - Local jobbing quotations: HAMS All slses. 37 031c; sktnned. STO 81c; picnics. 20a; cottage roll, 24c BACON Fancy. 87 0 43c; choice, 250 80c; standard, 22025c. LARD Pore, tierces, 18He pound; eom prersed, tierces, 13c. DRY SALT Backs. 1 ft 21c; plates, 15a Oils. LINSEED OTTj Raw, In barrel, Wo, 6-galion cans, $1.04. Boiled, In barrels. 61c; 5-gallon cans, $1.06. TURPENTINE la drum. $L15; $-gallon cans. 81.30. WHITE LEAD 100-pound kegs, 120 per pouna. GASOLINE Tank wagon and Iron bar re la 26c; cases. 38 c. STEELS ARE SOLD LOWER GULF STATES AXD REPLOGLE REGISTER LOSSES. 4.23 2. 25 ffi S.2S 8.0O 400 .60 10.50 8..V0'tf 8 60 .i0 8.50 A. 50 g.75'2. 00 7.003 e.oo S.00,9 7.00 8.7 9.00 8 75 9.00 &00 6 8.00 9.00 9 9.TS s.ooa 9.00 e.so'S 8.oo 4.50'd 0.00 7 0O 800 TOO 7.50 .00 7.00 &lOa 6.50 4.00 6.50 a. oo a e.oo FIFTEEN LOADS OP BOGS RECEIVED Shipment Comes Direct to Packers and Then Is Vo Open Trading. There was no tradlns; at the stockyards at the. close of the week. Fifteen loads of hoss. containing 1.150 head, arrived, but they ware shipped direct to local packera and there was oothloc available fur the open market prices quoted at the Portland TJnnoa stockyards were as fowews: Cattle Pricea Choice steers 7.00 T.50 Medium to good eteere -"5 tt 7.00 Fair to medium steers. 0'"i Common to fair steers 4.T&9 8.75 Choice feeders &003 &.5J) FaJr to good feeders 4.5a 5-00 Choice cows and heifers 6.25tg 5. i5 Medium u good oows. heifer... 4.7o9 5.23 Fair to medium cows, heifers.. 4.2A04.75 Common cows ........... Cannera ................. Bulls . . Choice dairy calves ..... Prime Ugrht calves ...... Medium light calves Heavy calves Hogs TT-tm Hrht Smooth heavy. 200 to 800 Vta.. 8 00'a' 8.50 (amA... v.... ... mn iwiunl. tin.. TOOft S.OO Rough heavy Fat pigs Feeder pigs . .-. Stags, subject to dockage ... tiheep Fast of mountain lambs .... Bt vattey lambs Fair to good Cull lambs Eastern Oregon feeders Light yearlings Heavy yearlings Light wethers Ha.vy wethers Ewes Chicago Livestock Market. CHICAGO. Jan. 21. (United States Bu reau of Markets.) Cattle Receipts 600. Compared with week ago: Beef steers and fat cows and heifers mostly 25 to 50 cents lower: canners and cutters fully steady: bulls 15 to 25 cents lower; veal calves 75 cents higher: common and medium grade feeder steers weak to 25 cents lower; others and stockers steady. Hogs Receipts 11,000. active; mostly 10 to 15 cents higher than Friday's average; packing sows and plge about steady; ship pers bought about &500. good clearance; top 1S.73 on light lights; very few over o.0; bulk. S SS 35. Sheep Receipts 3000. Today's receipts nearly all packers direct. Compared with week ago: Fat lamba 25 to 40 cents high er: fat sheep and yearlings 25 to 50 cents higher; feeder lambs 50 to 75 cents high er, week closing at the htgh spjt. Kansas City Livestock Market. r . .... . II tit . . . "1 1 TTnJ.&H States Bureau of Markets.) Cattle Re ceipts 250. For week: Beef steers mostly 15 to 25 cents lower, top S8.10; fat she steady; stock cows, heifers and klilrng ers steady to 2ft cents higher. nose necBiJLa ww, b.ii.i.hj b.cauj . strongs. Spots higher. 170 to 250 pounds mnaflv IT Mtrfl' n.rkr ton. XM. Sheep Receipts 200O. on through bUHna. steady to 25 pen to lower; to, ,12.35, Omaha livestock Market. OMAHA. Jan. 21. (United States Bu reau of Markets. ) Hogs Receipts 0000, active, 5 and 10 cents higher; medium weight butchers up most, top $8; bulk of altMt, 17.70 7.90l Cattle Receipts 225. Compared with a week ago: Beef steers mostly 25 cents lower: she stock steady to 25 cents lower; bulls about 25 cents lower; veals 25 and 50 cents higher; stockers and feeders lo and 25 cents higher. Sheep Receipts 20O. Compared with a week ago: Lambs 85 and 85 cents hisrher; sheep, yearlings and feeders, SO and 75 cents higher. Prattle livestock Market. SEATTLE. Jan. 2L Cattle and hod steady, no receipts; no price changes. SAN FRANCISCO PRODUCE MARKET Prices Current on Vegetables, Fresh Fruits, Etc., at Bay City. SAN FRANCISCO. Jsn. 21. (Stats di vision of markets) Fruif Apples. Shi and 4-tlor, $1.40(3-30; oranges, navel, 2. 254. 50: lemons, $2.0O4.O0; grape fruit, $2.504.75; cranberries, box, 54.00, 5.50: pears, box, 91.75 02.75. Poultry Broilers, 36 & 38c; young roost ers. 2431c; old, 1720c; hens, 2482c; ducks, 2225c; turkeys, live, nominal; dressed. 4141 4 (lc. Vegetables Artichokes, case, 1820; beans, pound, 12l6c; carrots, sack, 9Oc0 $1; celery. crate, $3(575; cucumbers, dozen. $1.2093; eggplant, pound. 5ti15c; lettuce, small crate, $1.25(H; muahrooma small box. 50675c; olives, pound. SfcAc; onions, cwt- brown, $5.750.25; white globe, $7.5093; peas, pound. 15d20e; bell peppers, pound, zua-oc; potatoes, ti." 2.tto; pumpkins, sack, 75ctj$l; rhubarb, box, $1.75113.25; summer sqnash. small crate, $30 3.50; hubbard, sack, $191.30; aprouts, 9llc; spinach, pound, OQJlOc; tomatoes, crate, $2j2.25. ' Recepts Flour, 4700 quarters; wheat, 30 centals; barley. 5431 centala; corn. 60 centala; potatoes, 50S5 sacks; hay. 80 tons; hides, '1076; oranges and lemona, 800 boxes; livestock. 23 head. QUOTATION ON DAIRT PPBODUCT8 Current Prices Ruling on Butter, Cheese and Eggs. SA2 FRANCISCO. Jan. 21. Dairy pro duce exchange cloned. , NEW TORK, Jan. ill. Butter Irregu lar. Eggs Firm. Cheese Irregular. CHICAGO, Jan. 21. Butter Higher. Creamery, extras, 83 tyc; firsts, 2732c; seconds. 252oc; standards, 30c. Eggs Lower. Receipts, 8A49 cases; firms. 84c; ordinary flrats, 29631c; mis cellaneous. 32 34c . SEATTLE. Jan. 21. Eggs, select local ranch, white shells, 3oc; do mixed colors, 34c: pullets. 32c. Butter City creamery cubes, 38c; bricks or prints, 87c Coffee Futures Close Higher. NEW TORK, Jan. 21. The market fof coffee futures opened unchanged. Closing quotations were at the best of the day. snowing net advances of 4 to 8 points. Sales were estimated at about 11.000 bags. Closing quotations: January 6.45c; March 8 55c; May, 8.43c; July, 8.81c; September, 8.34c; October, 8 34c; December, 8.29c b'pot coffee, du.l: Rio 7s, 9c to 9ic; Santos 4a. 12Q12KC. Naval Stores. SAVANNAH. Ga., Jan. 21. Turpentine firm. 84c; sales, 34. barrels; receipts. 42 barrels; ahipmenta, 2o barrels; stock. 12.033 barrels. Rosin firm; aalea, 498 barrels; receipts, 861 barrels; shipments, 860 barrels; stock 84.190 barrels. Quote: B. $4; D. E, F, $4.10; Q, H. 1, $4.15; K. $4.60; M, $3.10; N. 30.30; WO, $3.60: WW. $9. New Tork Sugar Market. . NEW TORK, Jan. 21. Raw sugar, cen trifugal, 8. 79c; refined, fine granulated, 5c Cotton Market. NEW TORK. Jan. 31. Spot cotton quiet Middling. 18.05c Dried Fruit at New Tork. NEW TORK, Jan. 21. Evaporated ap ples scarce; prunes quiet; sprtcots scarce; peaches firm snd rsiatns steady. East Fork Association Elects. HOOD RIVER, Or.. Jan. Jl. (Spe cial) At the annual meeting- the East Fork Farm Loan association yesterday named officers as follows: A. I. Mason, president; J. L. Hershner, vice-president, and R. . Scott, secre tary. Loans aggregate $170,000. Ap plications for additional loans total $40,000. Specialties Are TJnder Bearish Pressure Bond Market Has Easier Tendency. NEW TORK. Jan. 21. Early tendencies toward Improvement In the stock market today were nullified by the resumption of liquidation and short selling of selected issues of the industrial variety. Of these. Gulf States Steel was the most conspicuous example, making a further de cline of 7i points to 64, that quotation representing- an extreme reaction of 26 points from yesterday's high. Replogls Steel, another recent spectacu lar feature, sustained a net loss of three points at 82. sr nine points from yester day's maximum. . Other steels, notably thoss mentioned In merger rumors, were lower by one to three points. Equipments, motora oils and miscel laneous atocka of the chemical, textile and tobacco groups fared similarly and rails moved listlessly. Firmness and occasional strength were shown by coppers, shippings and chain store Issues, local tractions also harden ing. Sales were 500.000 shares. Trading In bonds was fairly aotlve. but changes la government issues showed net losses Doraestlo rails also eased and In ternationals wers Irregular with ths foreign exchange market. Total sales, par value, aggregated $9,875,000. Clearing bouse loans and discounts showed an actual contraction of $32,561. 000. or almost three times the expansion reported last week. An Increase of $23, 467.670 In actual cash holdings lifted ex cess reserves to approximately $40,000,000. CLOSING STOCK QUOTATIONS. (Furnished by Overbeck Cooke oom pany of Portland.) Stock bales. High. Low. Bid. A dms Exp.. 800 6314 62 621, Advance Rum 100 Uli lis Uk Agr. Cham... 600 S3 321, 82 do pfd 67 Ajax Rubber. 2,800 1414 13 44 14 Alaska Gold.. UK) . 4, Alaska Juneau 400 Allied Chem.. 2.0UO 69 684. 681, Allls Chalmers 2,700 45 44 44 do pfd 200 91 91 91 Am Beet Bug. 8K 87 86 86 Am Bosch.... 200 88 87 87H Am Can Co... 2,000 84 34 83 do pfd 05 Am Car A Fdy 145 do pfd .... 115 Am Cot Oil... 600 21 21 .21 do pfd 200 42 42 42 Am Drug Syn 3,900 6 Si 6 614 Am Hide A L. J314 do pfd .... 800 6214 614 6114 Am Ice 400 8414 84 84 Am Intl Corp 1,900 4 40 40V4 Am Linseed... 100 3114 81 V4 8114 do pfd 681, Am Locomo... 1.000 10614 105 I06 do pfd 113 Am S. A C... . 700 9 814 " 814 Am Smelter.. S.2M0 48 46)4 4714 do pfd .... 100 91 91 90V4 Am Snuff 2H0 114 111 113 Am Soeel Fdy 1.600 3314 8314 8314 Am Sueur ... 8,000 67 oj UB "4 do pfd 9314 Am Sumatra. 1,800 35 84 3414 Am Tel & Tel 1.300 117 117 11714 Am Tobacco..' 600 1334 13214 IX'-V, do "B" .... 400 129 129 129 Am Wool .... 2,900 83 82 82 do pfd 104 Am W P pfd. 600 25 23 25 Am Zinc .... 100 14 14 14 Anaconda .... 11.000 50 49 50 Assoc Oil 101 Atchison 300 97 97 ' 97 do pfd .... 200 87 87 87 At G & W I. 800 80 e".74 29 Baldwin Loco 7.700 97 96V4 97 do pfd 103 Bait A Ohio. 600 34 84 84 do pfd .... 100 54 64 53 Beth Steel 'B' 5,100 60 6M 6U Booth Fish... 100 7 7 7 B R T 2,000 9 9 9 Butts C Z. 200 6 ' 6 '6 Butte & Sup.. 2,200 27 26 26 Burns Bros... 300 117 116 116 Caddo Oil 11 Calif Packing 100 70 70 70 Calif Pet 47 do Pfd .... 100 87 87 86 Canadian Pac 2u0 124 124 124 Central Leath 8.400 83 82 32 Cerro de Pasco 2.400 85 84 34 Chand Motor. 4.700 61 60 60 C & N W.... T.400 64 64 64 Chgo Gt W.. 200 6 6 do pfd 1 Chill Cop ... 14.700 18 17 18 Chlno 1,400 28 27 28 C M St P 400 18 18 18 do pfd .... 1.2O0 82 81 81 Coco Cola ... 1,300 44 43 43 C A O '. 36 Colo F A I.. .1.000 2S 27 27 Colo Southern 2O0 39 39 89 Col Gas A El 1.300 68 68 68 Colum Graph. 1,700 1 1 1 Con Gas 600 93 93 93 Cons Cigars . 21 do pfd 100 63 63 62 Contl Can ... 2oO 61 61 41) Cities Svc B 18 19 19 Corn Prod ... 7.100 99 9o 98 Cosden Oil .. 6,200 85 84 84 C R I A P. . . 400 32 81 81 do "A" pfd. 100 8 86 86 do "B" pfd SOO 73 73 73 Crucible 5.800 62 60 60 do pfd .... 200 8 1 81 81 Cuba Cane .. S.3O0 10 9 9 do pfd .... 6.900 22 21 22 Cu Amn Sug. 6.300 20 19 19 Del A Hudson 100 108 108 107 Dome Mines . 200 21 21 21 Del A Lack.- 100 113 118 113 Davison Chem 6.400 55 53 54 Endl Johnson. 1.0OO 80 80 80 Erie 500 9 8 8 do 1st pfd.. 3O0 13 18 13 do 2d pfd.. 100 9 9 8 Fain Players. 11,000 81 79 79 Fd Min A Sm . .' 9 do pfd 89 Flak Tire .... 400 12 12 12 Gaston Wms Gen Cigars .. 200 73 72 72 Gen Elec .... 1.0O0 144 143 143 Gen Motor .. 2.500 6 8 8 Glen Alden 47 47 46 Gen Asphalt.. 2.R00 60 68 38 Goodrich .... 500 38 87 37 Goodyear .... 11 Grareby 700 30 29 29 Gt Nor Ore... 6O0 32 82 81 do pfd .... 100 73 73 73 Gr Cananea . 3O0 28 28 28 Gulf S Steel.. 11,4(K 73 64 64 Uask Barker. 200 83 83 82 Houston OH . 4O0 75 75 74 Hupp Motor . 900 13 13 13 Ills Cent .... 100 101 101 101 Inspiration .. 8,300 40 39 40 1st Ag C com 7 do pfd .... . 300 84 34 84 Interboro .... l.loo 2 1 1 do pfd .... 1,600 5 6 6 Int Callahan. 2o0 6 6 6 Int Harv 1.800 83 84 85 do pfd 100 100 100 100 Int Merc Mar 13 do pfd .... 500 66 65 65 Int Nickel ... 4,100 12 12 12 Int Paper ... 1.100 60 49' 48 Invincible Oil 3. 500 15 14 15 Island Oil ... 11.500 2 2 2 Jewel Tea ... 7O0 12 12 12 K C Southern 100 22 22 22 K C Southern. 34 Kelly-Spgfid . 800 37 37 37 Kennecott .... 3.3oo 30 28 29 Keystone Tire. 600 17 16 Lack Steel. . .. 1.500 49 48 48 Lee Tiro 28 Lehigh Valley. 1,400 69 69 69 Lorillard 300 150 150 149 Lowe Theaters 800 13 13 13 L A N 100 113 . 113 112 Mackay 75 Mariand Oil.. . 400 24 23 24 May Stores... 500 107 106 107 Mex Pet 6.9O0 114 112 112 Miami 1.100 27 2714 2741 MldStatesOlI 8.600 12 12 12 Mid vale Steel. 9,500 32 31 31 M. K A T 'Wl' 100 8 8 8 dopfdwr.. 100 23 25 25 Vont Power... 400 70 60 ' 70 Mont. Ward... ' 3O0 14 14 14 Mo Pac 8O0 16 16 16 do pfd 45 M St PAS S M 65 Nor Amu 600 51 61 61 Nat Biscuit 134 Nat Enamel. .. 800 36 3 Nat Lead 6O0 n 0 8! Nevada Con... 2.000 13- 13 13 New Haven... 8,300 15 13 15 Norfolk AW.. 100 90 99 98 Nor Pac 800 76 76 76 Nov Sco Steel. 800 27 26 2fl NT Air Brake 100 61 61 61 N T Central.. 600 74 7414 74 Okla Prod ref. 1.20 2 2 2 Ontario Sliver. 20 5 6 6 Ontario A W.. 200 2! 21 21 Otis Steel 1.100 12 12 12 Pacific Dev... 8 I Pac G A E 70O 63 .-, .-, Punta Allegro. S.sno 37. 36 - 87 I Pacific Oil 3.800 46 43 46 Pan Amu Pet. 2.400 52 62 62 do B SOO 47 47 47 Penna ....'... 1,600 34 34 34 Peo Gas 1.000 69 69 69 Pt-re Marq 20 Pure Oil. . .J.. 200 33 35 85 Phillips Pet.. ion 30 30 29 Pierce Arrow.. 1.800 16 16 1 Pierce OH 800 9 9 9 Pitts Coal 700 61 69 6B Pitts A W Va 100 24 24 24 do pfd 78 Pr Steel Car 64 Pullman 60 112 112 111 Kay Cons 800 13 14 15 Reeding 2 800 73 72 T3 Remington ... 3.200 84 81 Hep I A 8... 2.700 63 64 54 do pfd . 200 . 89 86 M Pep Motors 7 P.yl Dutch Oil. 1.300 31 51 31 Ry Steel Spg 96 Stand Oil N J. 700 181 179 178 Sears Roebuck 1.7O0 63 63 62 Phatturk Aria 2O0 6 8 - 8 Ulli I t I 87 I Slnelxlr Stand Oil Ind. .Muss Shet ... So Pao so Ry Stand Oil CaL St L S F. . . . Strom Carb . Studebaker Swift A Co... Tenn Cop A C Texas Oil .... Texas Pac . . . Tex Pac C A O Tob Prod . Tran Cont Oil. Union Oil Del. Union Pao ... United Alloy . United Drug.. Un Fd Prod . . United Fruit . Un Rds of N J Union BAP. Un Retail St.. U 8 Ind Alco. U S Rub do 1st pfd.. U S Smelt ... U S Steel..... do pfd ..... Utah Cop .... Va Chem .... do pfd . . ... Vanad Steel .. Vlvandou ..... Wabash ...... do A pfd .. do B pfd... Wells Fargo .. West Pao .... do pfd ..... West Union . . Wtghse S411 West Md White Motora. Willys-Over .. do pfd Wilson Pack... Wis Cent Woolworth ... Worth Pump.. WALE .... Whits OU 1.900 LlOO 7H 2.100 4.700 600 " "406 14.600 '"boo 6.4110 1.900 1.400 400 1.200 2O0 1.000 100 900 S.9O0 1.300 ""166 7.000 2.400 1,100 100 Sod 18.600 1.000 6.000 500 '600 1O0 100 1.800 100 200 20 87 43 81 17 93 "46 89 100 10 46 23 25 64 10 li 129 2A 71 7 128 "H" 63 43 56 100 87 87 65 28 "3" 6 6 20 J3 80 jn 42 81 17 95 40 87 100 9 43 24 24 64 9 19 12S 23 70 7 128 "71" 54 .42 53 100 86 86 "63 2? J. "83 6 6 19 18 80 400 61 61 800 200 39 6 88 6 100 12 82 600 148 148 1.100 47 47 200 6 .6 1.000 9 0 BONDS. U S 2s reg....'101 No Pac 4s do cpn 101 I do 8s do 4s reg...104IPao TAT 6s.. do cv 4s cpn104lPenn cons 4a Pan Ss reg 80ISo Pa cv 6s... do cpn 80iSo Ry 6s A TAT ov. 6s.. 110 Union Pao .... Atohsn gen 4s. 881U S Steel 6s... D A Rto oons 4s 74 NYC dsb OS. 99 I 'Bid. 20 86 41 81, 17 94 21 40 66 100 10 43 23 23 64 9 19 128 29 71 7 126 8 69 65 42 54 100 86 80 117 64 28 68 8.1 6 6 19 ' 12 80 15 63 91 51 8 8 5 29 81 25 148 47 6 8 86 61 94 94 96 90 91 101 Liberty Bond Quotations. Liberty bond and victory bond quota tions at New Tork as furnished by Over beck A Cooks company of Portland: Open. High. Low. Close. Liberty. 8s.... 97.02 97.02 96.74 96.80 do first 4s .... 97.00 do second 4s 97.00 do first 4s... 97.90 97 90 97.50 97.62 do second 4 lis. 97 36 97.86 97.10 97.20 do third 4s. .97.88 97.90 97.78 97 80 do fourth 4s. 97.50 97.50 97.20 97.30 Victory 4s 100.18 100.20 100.16 100.18 do 3a 100.18 Mining Stocks at Boston. BOSTON, Jan. 21. Closing quotations: Alloues ........ 29 A nx Com ..... 9 Cal A Arts.... 59 Cal A Hecla...279 Centennial .... 9 Cop Ra Con Co 44 Mohav No Butte Old Dom Qulncy .. Superior 67 14 2 44 2 sun A Bos Mln 1 a Butte Cop M. 11 Shannon 1 Franklin 111'tah Cons 1 isle itoyalle ... zo Winona sa Lake Copper . . 2)Wo!verlns 10 Swift Co. Stocks. Closing prices for Swift A Co. stocks at Chicago were reported by the Overbeck & Cooke company of Portland as follows: Swift A Co 100 Llbby. McNeil A Llbby 6 National Leather 2 Swift International 21 1 Honey, Silver, Etc. NEW TORK, Jan. 21. Foreign bar all ver, 64 c. Mexican dollars, 49 c LONDON, Jan. 21. Bar silver 84 d per ounce. Money 8 per cent. Discount rates: short bills. 8 per cent; thres month bills, 18-16. BILL WEEK IN STOCK MARKET Burners ef Steel Mergers Create Demand for Shares. NEW TORK. Jan. 21. A ware ofullish speculation swept over the stock market this week, the movement' being reminis cent of ths many feverishly active sessions which characterised ths protracted war period. Shares of the Independent or secondary steel groups were foremost in the advance, which also comprehended equipments, mo tors snd an unusual assortment of special issues including sugars, The railway list was neglected and oils, in which further price cuts wers made, fared only indif ferently. Cumulative signs that mergers of the various Interests in the steel and Iron trade are assuming definite form accel erated demand for such stocks- It may not nave accounted, nowever, lor the extra ordinary gyrations of Gulf States and Replogle Steels Very much the same reasons applied with equal force to the strength of shares of sugar, copper and other companies wmcn rumor or gossip credited with simi tar plans to meet the new era of re construction and readjustment. Observers of tbe week's business were of the opfhion that an overwhelming pro portion of the trading emanated from professional sources Active participation or commission houses with important con nections at middle western centers was in. dlcatlve, however, of a moderate revival o public Interest. Apart from a recurrence of the 6 per cent rate tor call money, que mainly to tne reouction ot local reserves by out-of-town banks, the money market retained much of its recent esse on more liberal offerings of time funds Some short time accommodations were made on the un usually low basis of 4 per cent, with liberty bonas as collateral. Continued confidence marked the In vestment situation, new corporate offer ings Including the Southern Railway $30, 000,000 bond issue, ss well ss numerous state and municipal undcrwritlngs, meet ing witn reaay aaie. There waa also a good inquiry for many of ths old line or pre-war railway bonds. The one disquieting note of the week wsa sounded in the market for foreign exenange. Lenaon ana Paris advices plain ly expressed the concern manifested in nign financial quarters at tbe latest shift in Anglo-French affairs New Tork Bonds. New Tork bond quotations furnished by Herrln A Rhodes. Inc.. of Portland. Mat. Price Am. TeL A Tel. 6s... 1W22 100 Am. Tel. A Tel. s 1924 101 Am. Tob. 7s 1922 101 Am. Tob. 7s 1923 102 Anaconda 7s B 102'J 101 Anaconda 6s 1929 98 Armour cv. 7s 11(30 103 Armour 4s 1939 88 Argentine GI 6s 1945 78 Am. Ag. Chin. 7s 1U41 101 Beth Steel 7s 11122 100 Beth. Steel 7s '. 1923 101 Beth. Steel Eq. 7s 1935 101 Belgium Ext. 7s 1945 107 Belgium 6s 1925 95 Belgium 8s 1940 106 Bergen 8s. City of -. 11145 105 Berne 8s. City of 1U45 108 Brazil 8s 1941 104 Canadian 5s 11126 97 Canadian 5s 11131 97 Canadian 5s 1937 96 Can. Nat. Eq. 7s .. 1935 107 Chi. A N. W. 6s... 1938 108 Chicago, N. W. 7s 1930 107 C. M. A St. P. gn.Arf 4s A. 2014 37 Can. Nor. 7s 1940 110 Chile 8s 1941 101 Chrlstianla 8s. City of 1945 107 Copper Exp. 8s 1922 100 Copper Exp. 8s 1923 11(2 Copper Exp. 8s 1924 102 Copper Exp. 8a 11125 104 Cuban Amer. Sugar 8s 1931 103 Con. Gas cv 7s 1925 104 Dla. Match 7a 1J33 109 Denmark 8 - 1945 107 Danish Mun. 8s 1945 106 Duuont 7s 1931 104 Grand Trunk 7s 1940 110 Goodrich 7s 1925 97 Goodyear 8a 1941 112 Gulf Oil 7s 1933 103 Great Northern 7s 1936 1118 Herahey 7s 1930 99 Humble Oil 7s 1923 100 int- nap. J u. rei. as ltie t3 Int Mar. CT 6s 1941 92 Int. Kan. Tr. "s 1921 63 Kelly Springfield 8s 1931 104 Kennecott 7s 1930 102 1 Llbby, McNeil A Llbby 7s 1931 99 Morris A Co. 7s 1930 103 Mexican Pet. fis 1936 101 N T. C rnM 7c 193(1 1(16 Norway 8s N. p. a O. N. Jnt)'s. N. P. 6s Northwest Tel. 7s........ Ohio C. O. 7s Ohio Power 7s Pan. Amer. 7s........... Penna 6s Rua Rubles 5s San Psulo 8-1 Southwest Tel. 7s........ Swedish Govt. 6s Standard Oil N. Y. 7s.... Stand. OH of CaL 7a Sleel A Tube 7s Swiss 8s Sears Roe. 7s............ Sears Roe. 7s. .......... . Sinclair 7s Swift A Co. 7s Un. Tank 7s Uruguay Ext. 6s. IT. s. Rubber 7s Wilson 1st 6s West. Elec. 7s Westinghouse 7s ........ Zurich 8s 1940 19 2047 1941 1923 1931 1930 1936 1!26 1936 1923 1939 19.11 1931 1931 1940 192S "193 1925 1923 1930 1930 19J8 1923 1931 1945 109 107 107 108 99 101 97 106 4 102 101 93 110 106 99 118 loo 98 101 101 102 64 103 87 107 107 108 do 1st 4. 1933. do 3d 4a 195.. Norway 8s. 1940.-.. Ruasian 6 a. 1921.. do 5s, 1926 . .. . rto -. 1919 Swiss 6s. 192.... do 8s. 1940 San Paulo 8s. 1921.. do 5s, 1922 do 5s. 19--9 .... do 5s. 193T ... 87 ... S6 ...109 ... 18 ... ... 18 ... 7 ...113 ...102 ...1( ...lx ... 98 7 86 109 20 5 19 97 113 102 1 100 98 Foreign Exchange. Foreign exchange rates st ths close of business yesterday, furnished by North western National bank of Portland. The foreign unit In United 8tates funds: Country Foreign unit. Rate. Austria, kronen .0007 Belgium, francs ...i.... .0782 Bulgaria, leva .0082 Czecho-Slovakla. kronen 0182 Denmark, kroner 2010 England, pound sterling 4..2300 Finland, finmsrk 0193 France, francs .ON 12 Germany, marks .0033 Greece, drachmas .0443 Holland, guilders .86242 Hungary, kronen .0020 Italy, llrs .0440 Jugo-Slavla, kronen .0040 Norway, kroner .1370 Portugal, escudos ................. .0830 Roumsnla. lei .................... .0082 Serbia, dlnara 0153 Spain, pesetas 13O0 Sweden, kroner .2496 Swltxerland, francs 1930 China-Hongkong, local currency... .8300 Shanghai, taela 7730 Japan, yen .4850 NEW TORK, Jan. 21. Foreign ex change Irregular. Great Britain, demand. $4.20;. cables. $4.21. France, demand, 8 09; cablea 8.10: Italy,' demand, 4.87; cablea 4.38; Belgium. demand. 7.76; cables, 7.77. Germany, demand. .50; cablea .60. Holland, demand, 36.88; cables, 36.44. Norway, demand, 13.60. Sweden, demand. 24.87. Denmark, demand, 19.95. Switzerland, demand, 19.41. Spain. de mand, 14.92. Greece, demand, 4.30. Argen tina, demand, 83.87. BraslL demand. 12.62. Montreal. 94. Foreign Bonds- Foreign bond quotations Overbeck A Cooks oompany Be!gian rest 6s 67 70 do prem 5s 75 78 do 7s, 194S 107 107 do 6s, 1941 106 100 do 6s, 1923 95 93 Brazil 8s. 1911 104 104 British 6s. 1922 8.8 89 do 5s. 1927 87 88 do 6e. 1929 65 87 do yky 4s 68' 69 do ref 4? 64 66 Bordeaux 6s. 1934 83 84 Canadian 5s, 1937 9rt 98 do 5a 1926 87 97 do 6s. 1929 98 98 do oe, 1931 97 97V do 5s. 1927 9414 961. Chilean 8s, 1941-C 101 102 Currency 8 10 Denmark Se, 1943 107 10 Dan. Muni 8s. 1945 1061. 107 li Chinese 5s 44 44 French 4s. 1917 49 60 do 3s, 1920 7U 73 do 5s. 1931 63 64 do 7s, 1941 93 93 do 8s. 1943 100 10 German W L 6s 8 4 Berlin 4s 4 6 Hamburg 4s ................. 4 6 uo 4s 4 6 Lelpslg 4s 5 6 an .s Bli T Munich 4s ................... 5 6 do5e 61 7V Frankfort 4ft 6 6 Italian os, 191 S3 84 4. 1931 73 731 Standard Oil Standard Oil stocks nlshed by Overoeck A Portland: furnished by of Portland: Bid. Ask. Angle Borne Scry amer ....... Buckeye Cbeeeebrouga ......... do pfd .............. Continental ........... Crescent .. ......... ... Cumberland Eureka Galena com .... ....... Galena Old pfd Galena New pfd Illinois Pips Indiana Pipe . . .'. National Transit ...... N. Y. Transit Northsm Pips ........ Ohio Oil International Pets .... Penn Mex Prairie Oil , Prairie Pipe Solar Refg Southern Pipe ........ South Penn Oil ....... S. W. Penn Oil 8. O. Ind. 8. O. Kansas 8. O. Ksntuoky SAA.... 8. O. N. Y S. O. Ohio do pfd Swan A Finch Vacuum Washington ........... S. O. Nebraska imperial Oil Btoeka, st New Tork. fur Cooks oom4any of Closing Bid. Asked. 17 17 830 93 183 110 134 82 145 83 42 107 103 172 91 24 150 9-3 903 15 IS 633 234 890 84 19l 35 86 6 SO 430 83 83 116 86 S32 85 17 103 Largs Increase la Excess Reserves. NEW TORK. Jan. 21. The actual con dition ot the clearing house banks snd trust companies for the week shows that they hold $39,652,970 In sxcess ot legal requirements This Is an Increase of $23,467,670 from last week. 825 90 173 lo ISO - SO 15 SO 40 103 1O0 167 o 1-8 145 92 SOO 14 16 530 230 37U Kl ISO - 62 86 660 440 84 36 114 30 $27 30 ll 101 ROAD MONEYAIDS VALLEY Federal Appropriation Is Boon to Trout Lake District. OLI-ER, Wash., Jan. 11. (Spe cial.) A bill passed by congress appropriating- S,000.000 for roads and trails in and near national forests will be a boon to the Trout lake val ley. The forest service Is willing- to fro 50-50 on the road from Guler to Husum. eight miles from White Salmon, and a plan la - now being worked out whereby $76,000 to $100, 000 can be raised. This, with an equal amount from the federal gor ernment, would make a fine macadam road. The road from Husum to White Salmon Is being improved by the county and when completed will be turned over to the state for main tenance. New Mill Will Cut Cedar. ABERrEET. Wash., Jan. 21. (Spe cial.) W. S. Wray will build a one machine shingle mill near the Satsop railroad station. The property la owned by the town of Satsop. The mill Is expected to start In about 60 days. Cedar will be obtained from nearby tracts. We own and offer 6 Extrqmely High Grade Municipal Bonds Price to Yield LANE COUNTY, OREGON 5s...... 4 to 5 Due serially May 1, 1931-1945. BENTON COUNTY, OREGON 5s 5.00 Due serially Sept. 1, 1936-1929. MALHEUR COUNTY, OREGON Sfts 5.10 Due serially Deo. 1, 1927-1939. MARION COUNTY, OREGON 5'2s 4.90 Due July 15, 1930. YAMHILL COUNTY, OREGON 52s 4.90 Due August 1, 1931. UNION COUNTY, OREGON 5Vzs 5.00 Due serially July 15. 1927-1932. The general obligation bonds above listed are the high est type of security that csn be issued by any community. Both principal and Interest Is paid out of taxes and se cured bv all taxable property within the county. .Such bonds are liens that are prior to all other forms of in debtedness. Free from all Federal income tax. Legal Investment for Savings Banks and Trust Funds in Oregon. Telephone or telegraph orders collect. Details on request. BOND DEPARTMENT 0PEN-8:30 TO SiOO Saturdays) 8:30 f 2:00 &. TBLOTN BANK Oldest in th Northwest WASHINGTON at THIRD 71 v I V I V. V 1 V I V PiTiTiT iTiTTI TTmmTTWTTTTTTfNl invested monthly in 6 per cent bonds in 30 years will amount to $50,000. Our Partial Payment Plan Makes It Easy Do It Now Ask for . details of our P. P. P. Freeman, Smith & Camp Co. Lumbermens Bldg, Portland. Please sen me details of your Partial Payment Plan. Name Address A BIG UPWARD SWING YOUR OPPORTUNITY INVEST NOW! In the following low-cost Diversi fied Stocks on the WOLF TWENTY-PAYMENT PLAN "Will Increase Your Income" 4 Shares Reck Island.. St 124 4 " Slnrlslr Oil. ..lVi TT 4 " Chile topper . 13V, 42 4 1 a e kasiiai Steel 44Vb 1T8 4 " C o a aollriated Textile. ... 14 64 94U1 Commission 3 Total Psjrekase fSOO A first payment ef SIOO (SO'V of psrraias price) bayn the above aeemrtrtes for yemr neeount. tbe balance suhfet to adjustment of actual pricea on the day of pur rkaae, with Interest at 6 he Ins: payable la twenty equal monthly paysnentn. PoattlTrlr No Marils Cnlla. WI1X SHOW niO I-KOIITS DIKINO IK! Wolf Weekly Market Letter Free on Hequeat. H.&B.W0LF& COMPANY 20 BROAD STREET NEW YORK . TVs INVESTOR TW INCOME TAX 63-Page Booklet For Inventors and Traders How to report Stock swat! Cash Dividends, Scrip Lssnad for Stock Divi dends, Bonos Stock, Stock Rights, Bond Interest, et.cv etc. Includes typical broker's state ment showing; sales to estab lish losses, etc. Contains ruled pages for investor's record. Copy gratis if yon writ en vocr business tr personal stationery. L. A. Hughes & Co. I n vest me nts 100 Broadway New Tork t Stocks To Buy for Profit TPHE trader to make real profit must buy stocks when prices are low and Sell when high, but a large percentage always buy at top prlcesand sell at ths low. A number of issues are now in a position to go much higher while others should be sold and your profit taken. Keep posted. Our Market letter anrt Spe cial Bulletin. "The Outlook for lWL'a.' contain much vaiu sble Information for trauera Bend for them now. Ask for PC-22. Copy free upon request coogan a CO. Investment Sscurities ' 32 BROADWAY New York OVERBECK & COOKE CO. Brokers, Storfcn. HoncU, Cotton, lirain, l.to. tl-tl7 HOARD OF TRADE DU0, HbIIpi Mnlln, mK ' Portland, Or. 1'cua Irion, Or. MEMBERS CHICAGO BOARD OF 1RADK, Correiipondrnte of Ioitimi Bryan. CkkuMro and ISew York. MKMRKRH Jw Tork htork Kvrhanre. rh.-..jro Stock F.srtiMnjce, HoMon Htork Kxrtmnir). I hi ro ro Hoard of TrH.I. Nrw York Cotton Kirtmnr New Orln Cotton KxrliMtirrw New York lroluc HxrhMiigsa, Wlnnlp (irwln I'll c liana UveriNMii Cotton Aaaoclaiion. PUTS and CALLS - (Guaranteed) "The Safest Wmj to Trade." You t'nn't IMny the t.nme Krom the nide Linen Now is the time to buy 30-day calla to participate in the vig orous upward swing which the mar ket should enjoy. Remember, no margin calls or In terest charges and no commission un less closed at a profit. Write for booklet "How to Trade In Puts and Calls." Prompt attention to mail orders. WATSON & COMPANY Inrntment ffecorltlea 023 fttork Kx chan ice llulldlne; Loa Anne lea, Cal. ORGANIZING A COMPANY? Save the usual Incorporating- ex penses, avoid personal liability and excess profits taxes. Organize on the common law plan under a Declaration of Trust Desnaree Standard Forma Cap proved by attorneys) furnish com plete equipment with which any one in any State can organize a company, issue shares and begin doing business ths same day. Ask for circular A-42. containing full descriptions. C 8. DEMAREE, I.eaal Blank Printer, 813 Walnut. Kansas City, Mo. .Foreign Exchange Foreign Municipal and Industrial Bonds Foreign Estates and Collections Foreign Drafts, Money Orders and Travelers' Checks Foreign Cable Payments Sale and Purchase of Foreign Currency and Moneys Steamship Tickets and Transportation Transatlantic Estate & Credit Co., Inc. 102 Second Street. Exchange Building, Second and Stark Sts. Marshall 205 $50 4 FIRST PAYMENT and only $10 per month paid on that balanca will buy 10 SHARES OF ANY ONE Pennsylvania Carra De Psaeo Alus-Chalmers Pur. OH American Can Am. Beat Sugar VIVC X, TO WW" 20 Broad St. IV.mU CC V-U. Secumm New York Safety and Profits IK STOCK MARKET TRADING. Turn HOW to combine thess In your tradlns by th. uh of Stock Privileges With (10 to 123 you can trads in 100 ahsres of any stock. Vrlle for FREE explanatory folder So. ttl. PAUL KAYE, "JoTXA HERRIN& RHODES, Inc. Eatsbllahed 1S08 STOCKS, BONDS, COTTON, GRAIN Correspond-nti E. F HITTON A CO., N. T. Member all Ifudlnr exchanges Baboon 'a Prvire on Flit. Bdwy. 42 7. V U1 KaUwu? .Cxchanv Bid. Phone your want ls to The Ore STonlan. Main 7070. Automatic 6SU-D5.