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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Feb. 19, 1922)
TTTE ' SUNDAY OREGOXTAX, rOKTLAXD, FEBRUARY 19,. 1923 19, ORIENTAL CHOPS III P CI T OR Larg e Quantities of Grain Must Be Imported. $e2,701,000 on year" ago and $81,503,000 on January I, 1920. The census report for 1920 has the fol lowing explanation In regard to Ita fig ures: "The census of 1920 was taken as of January 1. and that of '1910 as of April K- Since a great many domestic animals are born during the period between Janu ary 1 and April is, and, on the other hand, a considerable number of older ani mals are slaughtered or die during the same period, the numbers of the different classes of animals for the two censuses are not fully comparable. In addition to the change In the enumeration,, there have been certain changes in the age and sex qualifications." CHINA WHEAT YIELD FAILS Business Situation in Philippines Unsatisfactory, According to R. S. McCarl, Home From Long Trip. drain crop conditions in the orient are poor and inrgc purcliaaes will have to be made elsewhere in the coming season, ac cording to R. S. McCarl of the Portland Flouring Mills company, who has lust re turned from an extended Asiatic trip, dur ing which he visited Tokohama, Kobe, Darlen, Mukden, Tientsin, Shanghai, Hong kong and Manila. The crop prospect'ln China is especially poor. The country had no rain up to the latter part of January when Mr. McCarl left and a crop failure was predicted. This is further borne out in advices later re ceived that China will have only 20 per cant ot a normal crop and will have to Import wheat on a large scale. The Manchurlan crop last year was only one-third of normal. It was sold In Siberia where better prices were obtainable than in Japan and consequently the Japanese had to buy their-requirements in America and Australia. Business conditions in the Philippines were unsatisfactory, Mr. McCarl found. The oil mills were not running and ex ports of hemp were down to practically nothing. f At Hongkong the financial situation was much better than elsewhere In China. ' Business conditions in Japan were fairly good until the naval decision was reached by the armament conference. Since that time there has been a lull in trade, owing to the stoppage of- work at the naval shipyards. This affected the steel market severely and the trouble spread to other lines. Buying of grain, flour and lumber in other countries was also checked. DEMAND FKOJ1 SOUTH IS LACKING l'otato Shipments May Be KesumedtWhen Weather Improve, There was not much interest . in the potato market at the close of the week. Shipments to California were light. If is believed that when weather conditions im prove in that state the southern demand will be better. . Reviewing the general market situation, the bureau of markets says: "The volume of late potato shipments held nearly steady during the week end ing February 11, and S372 cars moved, one third of which were from the north central area. Maine had heaviest shipments. 732 "cars; New York and Colorado each for warded over 300 9ars. It will require only 24,000 additional carloads from leading late potato states to equal the total ship ments of the 1920-21 season. Haulings In most sections are light and price levels generally 75 cents higher than those of last February. Sacked round whites closed 7 cents weaker for western New York, at 1.881.92 per 100 pounds, city markets ranging J2.152.35.v Michigan shipping poinis aiso weaKened a little, but the Wis consin f. o. b. market was nearly steady at $1.65 01.70. Chicago arrivals were' much lighter, making the carlot market firm. Idaho Rurats advanced to $2.25. Although Maine Green mountains held steady in Aroostook county, Xew York city sales .uwiiueu aoout ;o cents and closed at i.2U 10)2.35." I WHEAT PRICES AGAIN ADVANCING Bids nt I.ikuI Exchange Are One to Two Cents Higher. The wheat market took an upward turn yesterday and bids at the Exchange were advanced 1 and 2 cents. Trading through out the country was on a limited scale. Kastern advices were that 600,000 bush els were taken for export in addition to tne purchases for Russian relief. ine liverpoo wheat market closed Id higher. . Buenos Aires opened 3 cents higher. Broomhali cabled the following, relative to the Argentine crop: "First official cron estimate of 1922 wheat Total production, 1.55,955,000 bushels . against 187,000,000 bushels in 1921. Official acreage, 13,920,. 000 against 14.810,000 in 1921. Export able surplus, ' 02,055,000 bushels against 120,000,000 bushels last year. Our agent cables that he considers the. wheat crop as excessively small." . Terminal receipts, in cars, were reported by the Merchants' Exchange as follows: Wht. Bar. Fir. Oats. Hay. it ;i ATV1SE PRICES ARE HOLDING FIRM Shipments ftom Oregon to February 1 Total S581 Carloads-. The apple market was rather quiet at the close of the week. Prices are' on a firm basis because of the smailness of stocks and dealers believe that as soon as this fact Us realized, the trade will buy more freely. The Interior market con tinue strong as shown by sales of extra fancy Wlnesaps at $2.60 2.65. At the New York auction, Oregon ap ples sold a follows: . Twenty-three hun dred and ten boxes Newtowns, extra fancy, large to very large, $3.253.35; small to medium. $2.903.20; very small,' $2.25 2.75; fancy large to very large, $2.803.05. Seven hundred and ninety boxes Spitzen burgs, extra fancy, medium to large, $.50 gp3, few high as $3.15; small to very smalt, $2.202.50. Thirty-eight hundred and twenty boxes Newtowns, extra fancy? large to very large, $33.35; medium, $2.65 80; small to very small, $2.102.55; combined fancy and cull, all sizes; $2.40 2.6o. ' Shipments ot boxed apples in January this year compare with last year as fol lows: January Season to Jan. 28 .1922. 1921. 1922. 1921. 128 106 4.465 4,193 7 3,35t .2,706 238 5.338 ' 2.565 260 5.581 2.776 1.123 27,629 16.3-48 11 1.910 1.2SS pound; Brazil nuts, 23c: almonds, 27c; peanuts, ll14o per pound. RICE Blue RoBe, 6&c per pound; Japan style, 6 Vtc per pound.. COFFEE Roasted, bulk. In drums, 18 JJ 85 c per pound. ' SALT Granulated, bales, 3.254.05; half ground, ton, 60s, $17; 100s. $19. HONEY Comto new crop, 5.505.7S per case. DRIED FRUITS Dates, 1825c per pound; figs, $1.403.50 per box; apples, 15c pound; peaches, 16c; apricots, 23c; prunes, 10i4&13c BEAN87-Small white, 5tf69ic: large white, 5c; pink, 6&c; bayo, 6c; red, 8c; .lima, 0c pound. Hides. Hops. Etc HIDES Salt hides, 6c; salt bulls, 5c; green bulls lc less; salt calf, 12c; salt kip, 8c; salt horse hides, $12 each; dry horse hides, 50c$l each: dry hides, 10c; dry cull tildes, half price. PELTS Dry pelts, 13c (long wool) ; dry short wool pelts, half price; salt pelts, 50o California Colorado Idaho . . . Oregon ..... 467 Washington 2.045 Others 10 78 130 Totals ....2,856 1,814- 48,280 29.936 SUGAR IS TEN CENTS HIGHER V s Local Market Follows Advance by Cali fornia Refiners. An advance of 10 cents a hundred in local sugar prices to the basis ot $6.10 for cane granulated was announced by Job bers yesterday following receipt of word of a similar advance by California re finers. The market is regarded as strong at the advance. SAX FRANCISCO, Feb. 18. An advance of 10 cents a hundred pounds on refined cane sugar was announced today by the California-Hawaiian refinery, making the new figure $3.50 per hundred. California- Hawaiian raw sugar, 13.79c XEW YORK. Feb. 18. Raw sugar, cen trifugal, 3.86c; refined fine granulated, 5.10c. . I'NSHIPPED 0MX STOCK 28 CARS Market Is Strong, With Oregon Growers Receiving 57 Per Sack. The Oregon onion market continues strong with a steady demand for shipment. Grow ers are receiving $7 a hundred. A re check of unsold supplies shows only 23 cars left in the state. In the east, carlot receipts were lighter in most cities except Chicago and a decline of 25 cents per 100 pounds occurred in a few leading centers. Shipments from New York were only half as numerous as dur ing the preceding week; Ohio's movement also was lighter. Total shipments for the week .were 25-t cars, a decrease of 20 per cent. The carlot movement at the same time last season was nearly twice as heavy. Shipping points in Massachusetts quoted (8 per sack, compared with $3.25S.50 a week ago. Eastern markets closed weak. ranging $7.758.25; middle western stock, however, was firm at $8.25 in Chicago, Middle western yellow Globes advanced and then1 weakened to $6.757,25; red va rieties ruled .$9.508.75 in St. Louis and Kansas City. Supplies of California stock are light. Australian browns ranging at $7 7.50 in Chicago. shearings and short Wool skins at value. TALLOW No. 1, 4 He; No. 2, 3c per pound. CASCARA BARK 8c pound delivered. Portland. OREGON GRAPE- Grape root, 6c per pound. HOP& 1021 crop, 1620c pound. WOOIj Bastern Oregon, 15 30c' per pound; valley wool, medium, 1820c; quarter blood, 15Jrl7c; low quarter blood, 14lflo; braid, 1214c; matted, 914c. MOHAIR L.ong stanle, 20c; short staple, 15c pound. GRAIN BAGS Carlots, 7c coast. Provisions. BOND LIST ADVANCING STRONGEST FEATtJRES ARE FOREIGN ISSUES. Liberties Under Pressure, but Low Priced Rails Are Higher; Shorts in Stocks Are Punished. NEW YORK. Feb. 18, Foreign Issues wer.e the prominent features of another active day in the bond market, their gen eral, if Irregular, advance coinciding with the stronger tone of European exchanges. United Kingdom's were most in demand at the year's beat Quotation, and French SOU 100 100 1 each; dry goat skins 10c .(long hair); I government 7s made substantial lm Local jobbing quotations: . HAMS All sizes, 3134c; skinned. 30 S7c; picnics, 1818Hc; cottage roll, 24c. BACON Fancy, 3zrs4-c; cnoice, zeap S2c; standard, 22 24c. LARD Pure, tierces, 14c pound: com pressed, tierces, 13 c. vtix salt .uacKs, 2upzoc; prates, ioc Oils. LINSEED OIL Raw, In barrels. $1.10; S-gallon cans, $1.25; ' boiled, in barrels, 11.12; o-gallon cans. $1.27. TURPENTINE In drums, $1.15; 5-gal-lon cans. $1.30. WHITE LEAD 100-pouno kegs, 12c per pound. GASOLINE Tank wagons and Iron bar rels, 26c; cases, 38 c LIVESTOCK MARKET CLOSES FIRM Hog and Sheep Prices Are on Satisfactory Basis. There were no arrivals at the stockyards yesterday and no trading. The market was on a firm basis at the close of the week, particularly in the sheep and hog divisions. Prices quoted at the Portland- Unior, stockyards were as .follows: Cattle Prices. Choice steers $ .75 7.50 Medium to good steers. 5.50 6.75 provement. Swiss, Cuban, Brazilian, Mexican and Chinese offerings contrib uted! to the expansive movement. - Liberty Issues denoted further pressure, but many low-priced rails of the. con vertible class were again responsive to the increased earnings reported uy most of the leading transportation systems. Total j sales, par value, were $8,370,000. , ! Shorts had. an uncomfortable time In the two hours of today's trading on the stock - exchange, the market suddenly turning active and strong under the lead of favorite industrials and rails. American and Baldwin Locomotive, American Car, Westinghouse, Bethlehem Steel, and the prominent motors features the rebound. These were -supplemented by oils, including the foreign group; also by shippings and sugars. The latter strength ened on higher prices lor the rerinea product. Rock Island was the most conspicuous of rails, rising 3 points on heavy buying. Moderate advances among Investment rails gave way to realizing sales before the close, but local tractions were m steady demand. The few Jssues to show reactionary ten dencies included American Sumatra -Tobacco common and preferred, due mainly to yesterdays omission of the preferred dividend, American Writing Papr, pre ferred, and textile specialties, notably Phillips Jones. Sales amounted to 535,000 shares. " Among the factors In the Btock market was the recurrent strength of foreign ex changes. Sterling rose almost two cents over yesterday's high. Allied remittances were , 8 to about 20 points better and Dutch and Scandinavian rates extended re cent substantial gains. The clearing house statement disclosed another large decrease of actual loans and discounts and yet another moderate .cash loss. Increasing the deficit m excess re serves to almost $2,200,000. . Fair to medium steers 5.50SJI 8.00 4.50 5.50 5.00 5.50 4.50 5.00 5.75 6.23 5.O0 5.75 4.25 5.0(1 3.25 4.25 2.25 3.23 3.50 5.50 10.00 fi' 11.00 11.00 (a 11.50 10.7511.50 6. 00 l 9.00 9.75 10.85 8.25 9.25 4.75 B.25 6.75 8.25 7.O0 8.00 7.75 6.75 7.75 7. 5 Bank Clearings. Bank clearings of the northwestern cities yesterday were as follows: Clearings. Balances. Portland $3,736,542 $ 532.689 Seattle 4,535,288 37,6()7 Tacoma, transactions 1,931,176 Spokane, transactions. " 3,473,578 Clearings of Portland, Seattle and Ta coma for the past week and corresponding week in former years were: Portland. Seattle. Tacoma. 1922 $25,901,968 $20,909,589 $13,309,901 1921 31,U'.I4,804 30,225,038 3.884.615 44,(124,o4 5,455.232 28,5611,226 ' 3.290.983 23.716,554 3,463,203 1917.... 12,429,976 16,916,550 1,979,358 1916 9,375.882 10,347,843 1,592,534 1015 9,304,851 9,185,016 1,602,049 1914 9,758,495 10,825,410 1.757.579 1913 12,1113,910 13,745,588 2,840.304 1912.... 11. 377, 784 10,838,507 4,138,374 1911 10,997,780 10,560,856 4,212.902 Total transactions. 1920 34.020.092 1919 20,641.861 1918 16,210.6X7 Tortland, Sat.. Tear ago ,'J Season to date. 2.1062 Year ago. . . .11613 Tacoma, Fri Year ago.... f) Season to data 8211 Year ago. . . . 8401 Seattle, Frl... 15 Year ago. ... 6 Season to date 6M0 Year ago 36S1 151 192 10K7 608 1 663 3S0 92 1039 116 47 081 97 ... 5 ... 1 161 1627 MS 181 26S 314 11 1340 1671 .... 611 700 9 1 1245 1086 LOWER EGO BIDS FOR MONDAY Buyers 8end 23-rent Offers to Country Shippers. . There are prospects of a lower egg mar ket in the coming week. The larger buy ers will put out bids of 23 cents to country shippers for Monday. Cutting off of the California outlet by reason of lower prices It San Francisco Is the cause of theweak neal here, which is made more pronounced by larger receipts. The demand yester day was moderate. Butter was steady with a good demand and no change in cube or print prices. Poultry was firm, particularly hens, which sold at 2226 cents, according to size.' Country dressed meats were unchanged. Bankers' Acceptances. Quotations on bankers' acceptances fol low: -Days 30 60 90 Prime eligible members, pet... 4 4 4 Prime non-membeiej, pet. 4Vs 4 4 PORTLAND MARKET QUOTATIONS drain. Flour, Feed, Etc. Noon session Merchants' Exchange. -Bid- Feb. Mar. Apr. .$ 1.23 $ 1.23 $ 1.23 1.21 1.21 1.21 1.21 1.21 1.20 1.15 1.21 1.21 1.20 1.15 1.21 1.21 1.20 1.15 WASHINGTON LIVESTOCK DECREASES Reduction of Ten Per Cent in Number of Sheep and Hogs, The report of the crop reporting board of the bureau of markets shows, in con nection with the number of livestock on farms and ranges in Washington, January 1, 1922, as compared with January 1, 1921, the following: Horses, 2 per cent decrease; mules, practically no change; milch cows, 3 per cent Increase; other cattle, & per cent decrease; sheep, 10 per cent decrease; swine, 10 per cent decrease. The aggregate value of all farm live stock in Washington on January 1, 1922, WHrt estimated to be $54,221,000 against MEATMAN wishes position in town not over 10 miles from some university: Thoroughly compe tent in all branches; 47 years of age; active and able. Good bus? ness ability. References from pre&ent employer. Address AP 427, OREGONIAN Oi't 81.00 30.00 27.50 26.50 27.75 27.50 31.00 30.00 27.50 26.50 27.75 27.50 Wheat Hard white .... Soft white White club Hard wineer . . . Northern spring Red Walla Oats No. 2 white feed 31.00 No. 2 gray 29.00 Barley Brewing' 27.50 Standard feed 26.50 Corn No. 2 E. Y. shipment.. 27.50 .so. a JS. Y. shipment.. 27.2o FLOUR Family patents. $8.20 ner bbl.: whole wheat, $7; graham, $6.80; bakers' hard wheat, $7.90; bakers' bluestem pat ents, Si. 407 valley soft wneat, $0.4o straights, $6.05. MILLFEED Price f. o. b. mill: Mill run, ton lots, (27; mixed cars, $26; straight cars. $25 per ton; middlings, $32; rolled barley, $3638; rolled oats, $38; scratch feed, $47 per ton. CORN White, $34; cracked, $36 ton.. HAY Buying price I. o. b. PortlanH; Alfalfa, $13 50 14 per ton; cheat. $10.50 611; oat and vetch, $14.50; clover, $11; valley .timothy. $1415; eastern Oregon timothy, $1017. Dairy and Country Produce. BUTTER Cubes, extras, 35 86c per lb.; parchment wrapped, box lots, 41c; cartons, 41c. Butterfat, buying prices: No. 1 grade, 37c, delivered Portland. EGGS Buying price, 25o doz., case count; jobbing prices, case count, 27c; candled ranch, 2830c; 'ass'n, selects. 32c; association firsts, 80c; association pullets, 28c CHEESE Tillamook triplets, price to jobbers, f. o. b. Tillamook, 26c; Young Americas, 27c pound. . POULTRY Hens, 2226c; springs, 22c; ducks, 2223c; geese, 20c; turkeys, live nominal, dressed, 3840c PORK Fancy, 13c per pound. VEAL Fancy, 15 c per pound. medium steers. Common to fair steers. Choice feeders Fair to good feeders. Choice cows and heifers Medium to good cows, heifers. FRir to medium cows, heifers. Common cows Canners Bulls -j Phnl.o riainr palvP ...... Prime light calves 9.0O10.00 Uullnm liht ralvM 6.50 9.00 Heavy calves , 4.50 6.50 rrfm?Snrht '. ... 11.5011.75 Smooth heavy, 200 to 300 lbs.. 10.0011.06 Smooth .heavy. 300 lbs. up. 9.00 10.00 Rough heavy ..; 7.50 9.95 Fat pigs Feeder pigs Stags, subject to dockage. Sheep East-of-mountain lambs . Best valley lambs..; Cull lambs ........ .( Fair to good Eastern Oregon feeders... Light yearlings Heavy yearlings j T.iffht wethers Hpavv withers 4.75 6.7i Ewes 3.006.0(l ! Chicago Livestock Market. CHICAGO, Feb. IS. (United States Bu reau of Markets.) Cattle Receipts- sou. Compared with a week ago: Beef steers, 2540c higher; common and medium grades up most; canners and cutters and low-priced cows, weak to 25c lower; fat stuff active, steady to strong; spots higher on better grade cows and heifers; bologna bulls, about steady; lat culls, zoouc higher; veal calves, unchanged; etockers and feeders, mostly 25c higher. Hogs Receipts 6000. Market farily ac tive, strong to 10c higher than Friday's average, mostly 5Wc higher; shippers bought about 3000; good clearance, $10.45 on 140 to 190-pound averages; hulk of Bales. $9.90 16.35; pigs, steady. Sheep Receipts 6000; today's receipts practically ail packers direct. Compared with week ago; Best fat lambs, big dollar higher; other fat lambs and yearlings, 5075c higher; fat matured sheep. 25 50c; feeder Iambs mostly 25c up. Kansas City Livestock Market. KANSAS CITY, Feb. 1 (United States Bureau of Markets.) Cattle Receipts, 550. For. the week: Beef steers mostly strong to 25c higher: top, $8.25; fat she stock, 1540c lugher; canners and cut ters. strong to 15c higher; bulls steady to 25c lower; calves 50c$l higher; stock ers and feeders, mostly 1525c higher; stock cows and heifers, strong to 25c higher; stock calves, fully 60c higher. Hogs Receipts 1000; steady to strong, with yesterday's average or 1020c higher than yesterday's closing bid. Choice 175- pound weights late to packers, $7.85 slightly mixed loads, averaging around 200 pounds to packers -and shippers, $9.80 heavier weights, mostiy $9.509.70. Sheep Receipts, 500. ' For the week Sheep, 2550c htBher; lambs, 5075c higher; top, $14.73. Omaha Livestock Market. OMAHA, Feb. 18. (United States Bu reau of Markets.) HogB Receipts, 6500, steady to higher; close weak; top, $9.95; bulk of sales, f 0.50(8 9.80. Cattle Receipts 350. Compared with week ago: Beef steers,, steady to 25c higher; she stock, fully 1015c higher; tbuMs and veals, about steady; stockers and feeders, strong to 15c higher. Sheep Receipts 500. Compared , with week ago: Lambs, 5075c higher; sheep, 50c higher; feeders, T5c$l higher. 300 S.10O 1,500 eoo T.ioo - 8,700 1,200 300 ""wo 300 600 300 2,100 100 1,409 - 2O0 300 7-00 . 100 13,000 300 6,000 700 3O0 300 "soo 8O0 800 ""266 "&66 "206 1,8(10 200 4-00 "ioo 200 . 200 BONUS LEGISLATION AFFECTS STOCKS Wall Street Unanimously Opposed to Bond Issue. NEW YORK. Feb. 18. The conflicting course of political developments at Wash ington, due to proposed bonus legislation, and easement of money rates here and abroad were foremost Influences of another inconclusive week in the financial mar kets. - Banking and commercial interests were divided regarding the advisability of a sales tax and little thought seemed to be given to the question of compensation again, but opposition to a bond- issue was practically unanimous. Reduction of the Bank of England dis count rate to the level prevailing at this and other leading federal reserve districts occasioned no surprise in view of the sharp rise of sterling exchange and - the very favorable turn in the British trade bal ances. Improvedvfrade and better general eco nomic conditions were the chief reasons given for the further advance of France. Belgian and Italian currencies. Buoyancy of neutral exchanges, especially those on Holland and the other north European cen ters, suggested that the recent financial tensions in those countries had relaxed. Interest in the question of Europe's war obligations was revised by the statement of a prominent member of the French chamber of deputies (Louie Heur), that France cannot pay herv. debt to America. Regardless of this statement, French and other- European underwritings were active and strong, trading embracing the largest number of foreign issues since tne ciose of the war. In the stock market, gains predominated among popular shares, but the movement lost some of the strength as a result of profit-taking and resumption of the bear ish operations in Mexican oils and inde pendent Bteels. Industrial conditions were, again ob scured by additional price cuts in fabri cated steel and iron, further slowing down of production in the automobile and af filiated trades and fresh labor disturbances at New England and southern textile centers. . Closing Stock Quotations. Furnished by Overbeck & Cooks com Ttanv nf Portland. Sales. High. Low. 200 62 61 do pfd Interboro . . . . do pfd Int Callahan.. Int Harv do pfd Int M Marine. do pfd..... Int Nickel.... Int Paper.... do pfd Inv Oil Island Oil . jBwei j en ... K C Southern. do pfd Kelly-Spgfld.. . Kennecott . . . Keystone Tire Lack Steel... Lee Tire .... Lehigh Val.. Lorlllaxd Lo w e-Th eatrs . L & Jf -Marland Oil.. Martin & P.. May Stores. Mex Pet . . Miami Mid State Oil Mldv-ale Steel M K &.T Wi. lo fd Mont Power.. Mon Ward:. . Mo Pac do pfd MStP & SSM Not Amn..-. Nat Biscuit... Nat Enamel.. Nat Lead ... Nev Con New Haven. . KM & W Nor Pac N Scotia Steel N Y Air B. .. N Y Central . Okla Urod ref' Ont Silver.... Ont & W Otis Steel ... Pac Ie-v , Pac Gas & E. Punta Allegro Pacific Oil... Pan Amn .Pet do "B" .... Penne. Peo Gas Fre Marq... Pure OU Philllns Pete. PiereeV Arrow. . Pierce Oil.... Pitta Coal... Pressed S Car Pullman Ray Cons.... Reading Remington. . Replogle Steel Rep I & S... do pfd Rep Motors. . R Dutch Oil. Ry Steel Spg. Saxon Motors. Sears-Roebuck -Shattuck Ariz Shell T & T.. Sinclair Stand O Ind 170 Stand Oil N J Sloss Shef 200 So Pac 2,100 So Ry 1,200 Stand Oil Cal. 3,500 st. L at H F . . Strom Carb. . . Studebaker ... Swift & Co Tenn C & C. . Texas Oil Texas Pac Tex Pa C & O Tob Prod Tr Cont Oil. . . Union Oil Del. Union Pac . . . United Alloy.. United Drug.. Unit Fd Prod. United Fruit... Union B & P. U S C I P db. Unit Rt Stores U S Ind Alch'l U. S. Rub do 1st pfd. . U S Smelting. U S Steel do pfd...... Utah Copper.. . va onrai do pfd Vanad Steel.. Vivandou .... Wabash do A pfd do B pfd.. . . Western Pac. . " do pfd .. West Union. .. Wsthse E & M West Md White Motors. Wlilys-Ovrld S 8 85 3 . 8 51i 85 75 72 12 48 'uL 2 17U 24 87" 27 15 47 M 61 149 14 113 26 2814 106 121 26 WVi 80 10 vm. 18 48 67"' 40 i.i 17 loo 69 tj 7-6 2 75 71. 12 7 "1334 1 1614 23 86 2714 15 4 60 149 14 112 - 26 27 XK9 11 26 13 29 10 30 13 18 484 6T" io i;i ' 17 100 TiHi 6.9 76 2 106 120 - 26 13 30 10 30 60 13 18 48 66 56 130 40 "i 89 ia 17 19 79 24 - 69 1,300 38 37 3.30O 47 48 2,100 54 53 800 49 49 800 34 S4 700 76 75 500 22. 22 SOO 33 '33 800 32 31 500 15 15 700 8 7 100 eo eo . 2O0 64 64 300 117 116 100 13 13 1,300 75 74 "ioo 30 30 600 52 51 ioo 0. 5 700 - 51 50 "'BOO 63 63 100 500 200 'oi366 39 1 86 179 ' 41 84 18 98 24 3f 11) 83 178 40 83 1S 47 24 Adams Exp... Agr. Chem... do pfd Ajax -Rubber.. Alaska Gold. . Alaska Juneau Allied Chem.. Allis Chalmers do pfd Am Beet Sug. Am Bosch.... Am Can Co. . . do pfd '. Am Car & Fd do pfd Am Cot Oil... do pfd Am Drug .Syn Am Hide & L. do pfd. . , .v. km Ice Am Intl Corp. Am Linseed.. do ptd..-.,. Am Loco do pfd Am Snf Razor 600 15 15 600 '57 '57 300 44 44 Bid. 61 34 ' 2,400 100 600 9 39 99 147 146 Am Smelter.. do pfd Am Snuff Am Steel Fd Am Sugar.... do pfd Am Sumatra.. Am Tel & Tel Am Tobacco.. do "B" Amv Wool 100 14 14 600" 66 66 600 99 98 1,000 43 42 1,000 33 32 8,700 iio 109 "ioo "4" "i" 12,100 11 9 500 46 45 2.000 800 300 1,000 800 400 500 500 SOO ' i!ooo 3,000 700 1,000 200 'iiiioo 300 84 65 I 45 - 30 25 63 10 19 13,1 '' 138 '25 54 44 B44. 99 '91 116 62 '9$ 104 "45" 30 25 62 6 19 130 3 137 '24 53 44 yt 53 99 '66 116 61 SOO 300 300 200 "soo 100 100 6.70p 34 7 7 21 'i6' ' 51 91 55 34 7 7 21 'is' 51 91 54- 300 4 . 63 S 89 Jl9 S6 177 40 84 18 97 24 38 94 105 10 45 30 25 62 9 19 331 76 66 3 138 67 25 53 ,.44 54 83 n n 61 31 66 34 7 7 21 13 15 51 91 54 8 38 do pfd tiiA Woolworfh 149 Wilson Pkng. 500 37 37 37 Worth Pump.. 46 W & L E 100 7 7 v 6 White Oil 1,000 9 9 9 BONDS. U S 2s reg..101N Y C deb 6s.. 99 do 2s cpn..101iNor Pac 4s.... 84 u a 4s reg. . , ,1U4 or ,rac 3s HO'a U S cv 4s cpn,104Pac T Se T 5s.. 95 Pan 3s reg 79 Penn Con 4s. 94 rantscpn.... -1 ijso fac cv OS.. 'OS A T & T cv eslimiSo Rwy 5s 90 Atch Gen 4s 87:Unlon Pac 4s. ; 91 D & R con 4s.. 74 U S Steel 5s.. 100 'Bid. 1,300 200 100 2,400 700 200 500 500 32 66 95 25 119 136 132 83 32 66 95 24 119 136 131 83 ARE YOU LOOKIG FOM A I1R. PENDABLE PKODLCE DEALER? veai Hutler . Pork Cheese Poultry Esk noney 1 Any Product Ask tot latent methods osed to prepare shiitmeuts for higher price. HI 111 & t'0 100 Front St., Portland, Or. Fruits and Vegetables. Local jobbing quotations: FRUITS Navel oranges, $4,50 6.50 box; lemons, $78; grapefruit, $3.757.50 box; bananas, S9c per pound; apples, $1.353.25 per box; cranberries,- eastern, $20 pel barrel. POTATOES Oregon, $1.752.00 per 100 pounds; Yakima, $2 2.50 per 100 pounds; sweet potatoes, 54V6c per pound; Nancy Hall, $2.50 per crate. ONIONS Yellow, $8 8.25 per cental. VEGETABLES Cabbage, 34c per pound; lettuce, $4.aO5.25 crate; carrots, $11.75 sack; garlic, 15c per pound; green peppers, 45c per pound; beets, $202.50 per sack; celery, $8.5010 crate; cauliflower, $2.253 per crate; squash, 44 c; sprouts 2022c; parsnips, $1.5O2.50 per sack; tomatoes, $55.50 per lug; artichokes, $22.25 'per dozen; cucumbers, $2.503 dozen; rhubarb, spinach. $2 per crate. SAN FRANCISCO PRODUCE MARKET Prices Current on Vegetables, Fresh Fruits. Etc., at Bay City. SAN FRANCISCO, Feb. 18. (State di vision of markets.) Broilers, 8540c; youn groosters, 233l33c; old, 1620c; hens, 26 30c; ducks. 22 28c; live turkeys, 36 38c; dressed, 3645c. Vegetables Artichokes, large crate, $16 22; carrots, sack, $11.25; celery, crate $2'6; cucumbers, dozen, $1.252.75; eggplant, pound, 510c; lettuce, crate, $2.754.50; onions, white globe, $89; peas, nominal; bell peppers, 1015c: po tatoes, $2.253.25; pumpkins, sack, 75c$f $1; rhubarb, box, $33.50: cream squash, sack, $2; hubbard, $1.25 1.50; sprouts, pound, 1516c; spinach, crate, $4.7sf5.25; hothouse tomatoes, small, crate, $2.50 3.75. Fruit Apples. 3 and 4-tier, $1.40 3.50; navel oranges. $2.505j50; lemons, $4.50B:6: grapefruit, $34.25; pears, box. $1.752.75: cranberries, nominal. Receipts Flour, 6726 quarter sacks; wheat, 3210 centals; barley, 8118, centals; corn, 1901 centals; potatoes, 7704 sacks; onions, 13 sacks; hay, 60 tons; hides, 35; oranges and lemons, 850 boxes. - QUOTATIONS ON DALEY PRODUCTS Current Prices Ruling on Butter, Cheese and Eggs. SAN FRANCISCO. . Feb. 18. Butter- Extra, 45C4ejrrlme firsts, 37c. -Eggs Extra, 29c; extra pullets, 25c; undersized. No. 1, 22c. Cheese California flat fancy, 26c; Cal ifornia loung America fancy, 26c. CHICAGO, Feb. 18. Butter Higher creamery extras, 86c; firsts, 8135c; seconas, zwtaauc; stanaaras, 34c. Eggs Lower; receipts 14,721 cases; firsts, 32a'3i!i4c; ordinary llrsts, 2930c miscellaneous, 31S,31c. NEW YORK, Feb. 18. Butter Steady; creamery, extras, 3838c; creamery, firsts, 33(ff37c. Eggs, steady. , - Cheese, firm. do pfd Am W P pfd. 500 24 23 Am Zinc 200 13 13 Anaconda 1,700, 48 47 Assd Oil Atchison 300 97 96 Atchison pfd.. 900 84 85 Atl Coast Line Atl G & W I. 200 26 26 Baldwin Loco. 15,500 106 104 Baldwin pfd Haiti & Ohio. 800 36 35 do pfd 100 54. 54 Beth St 8 ... - Beth St "B" .. 3,200 63 62 Booth Fish... 200 6 B B R T,. Butte C & Z. . Butte & Sup.. 600 26 , 26 Burns Bros... 300 116 115 Caddo Oil 100 10 10 Calif Packing. 800 74 73 Calif Pet 300 48 48 do pfd j.. Canadian Pac 600 ftO 129 Cen Leather.. 1,000 33 '32 Cerro de Pas. 200 33 33 Chandler Mot. 1,300 63 . 62 Chgo & N W. 300 67 67 C Gt W 100 ' 6 6 do pfd Chill Cop ... 7O0- 16 16 Chino 200 26 26 C M & St P... 300 20 . 20 do pfd 600 - 34 33 Coco Cola.... 1.000 45 45 - C & O Colo F & I... 190 27 27 Colo Southern 600 44 44 Col G & Elec. 8,500 77 74 Col Graph ... 2,700 2 ,- 1 Con Gas .'. SEATTLE, Feb. unchanged. 18l Eggs and butter, 57 44 91 35 35 39 8 146 116 21 43 5 14 66 98 42 33 57 109 114 4 10 46 89 130 32 66 04 24 118 138 132 83 103 23 13 48 99 97 85 89 26 105 107 36 54 107 63 5 10 ' 5 26 11U 10 73 48 85 129 32 33 62 67 6 18 16 26 20 . 34- 45 57 27 44 76 1 91 Cons Cigars 20 Liberty Bond Quotations. Liberty bend and victory bond quota tions at New York. as furnished by Over beck & Cooke company of Portland: Open. High. Low. Close Liberty. 8s 96.96 97.08 96.94 96.92 do 1st 4s 96.80 do 2d 4s 98.70 do 1st 4s 97.10 97.10 96.99 96.82 do 2d 4s.....96.7( 96.92 96.64 96.72 do 3d 4s 97.62 97.62 97.34 97.86 do 4th 4s.... 97.38 97.40 96.68 97.06 Victory. 4s 100.26 100.28 100.26 100.26 do 3's. 100.00 Lake Cop 1 Mohawk 55 North Butte 11 Old Dominin ..23 Osceloa 32 Quincy 43 Winona 40 Wolverine 11 Boston Mining Stocks. Allouez 25 I Ariz Com 8 Cal & Ariz.;.. 58 Cal & Hecla....278 Centennial .... 11 C P R Con CoD. 41 E B Cp Mine. . 10 Franklin 1 Is Roy (cop).. 22 Swift & Co. Stocks. Closing prices of Swift & Co. stocks at Chicago were reported by the Overbeck & Cooke company or foruana as ioiiows: Swift & Co '. 105 Ubby. McNeil & LIbby 5 National Leather 2 do new 10 Swift -International , 22 Money, Silver, Etc. NEW YORK, Feb. 18. Foreign bar sil ver, 64 c. Mexican dollars, 4e. ' LONDON, Fb. 18. Bar silver, 33d ner ounce. Money. 2 per cent; discount rates, short and three months' bills, 8 per cent. . . The popularity of American Municipal Bonds as an" investment is due only in part to their exemption from Federal Income Tax. The intrinsic worth of bonds secured by general taxes gives them a high rank in investment securities. For the conservative investor who seeks first safety for his principal, we recommend any of the follow ing bonds which we ourselves have purchased after the most care ful consideration. Thesje are general obligation bonds backed by all the taxable property within the boundaries of the issuing muni cipality: , . Maturity. Yield. Benton County, Oregon, 5s 1926 5.00 Lane County, Oregon, 5s 1934-43 4-4.95 Lincoln County, Oregon, 53 ..1929-30 5.10 Malheur County, Oregon, 5Js 1927-39 5.10 Marion County, Oregon, 5Y2s... .. 1930 4.90 Sherman County, Oregon, 5s. 1939 5.09 Tillamook County, Oregon, 5Js 1929 x.5.00 Union County, Oregon, 5J4s '.1927-32 5.00 Yamhill County, Oregon, 5'is 1931 4.90 Lewis County, Wash. School District 6s 1924-25 5.60 Portland, Oregon, 6s, City of .....1931 ' ' 5.00 City and County of San Francisco, Cal., 4Js. .1934-43 4.75 Exempt from Federal Income Tax. Complete details on any of -these issues furnished on request. Telephone or telegraph drders at oar expense. Bond Department Open 8 -30 to 5:00 i Saturdays 8:30 to 2:00 Oldest in the Northwest WASHINGTON at THIRD Swift & Co 7s 1925 101 Un Tank 7s . ; 1930 103 Uruguay Ext Si 66 U S Rubber 7s 1930 104 Wilson 1st 6s 1923 85 West Eleo 7s 1925 106 Wesflnghouse 7s 1931 105 Zurich 8s 1945 110 Bid. Standard Oil Stocks. Standard Oil Quotations, furnished by Overbeck., & Cooke company of Portland: J3IU. AE&eu, Anglo 17 Borne bcrysmer ........d2o Buckeye .- 2 Cheesebrough .....185 do Did l"9 Continental 130 Crescent 32 Cumberland i3o Eureka 90 ' Catena com 48 do old pfd ins do new pfd 103 Illinois Pipe ..' 171 Indiana "ipe National Transit 28 New York Transit '. 154 Northern Pipe 102 Ohio Oil 270 International Pete 14 Penn Mex 18 Prairie Oil ...ojd Prairie Pipe 242 Solar Refg 360 Southern Pipe 93 South Penn OH 18d S W Penn Oil 60 S O Ind 86 S O Kansas .545 S O Kentucky ,..455 SONY 362 S O Ohio do nfd H5 Sun A; Finch 30 17 840 94 195 112 133 84 145 92 50 112 105 174 92 29 157 -105 273 15 19 545 245 880 95 190 63 86 565 460 365 365 116 35 344 82 175 104 Vacuum - 338 W.a,ln.lnTl ................. 30 S O Nebraska 170 Tmnerlal Oil 102 Foreign Bonds. Foreign bond quotations furnished by Overbeck & jooae toiaimuj ui w. Belgian rest 5s, Belgian prem 5s Belgian 7s, 1945 Belgian 8s, 1941 Belgian 6s, 1925 Brazil 8s, 1941 British 5s, ll22 British 5s, 1927 British 5s, 1929 British vky 4s... British ref 4s Bordeaux 6s, 1934.. Canadian 5s, 1937 Canadian 5s, 1926.-. A.. Canadian 5s. 1929 Canadian 5s, 1931 Canadian 5s, 1927.. Bid. . . 70 .. 78 ..107 . .108 . . 99 . .103 .. 88 .. 88 .. 86 ..71 .. 68 .. 83 .. 95 .. 97 .. S .. 86 96 Eastern Butter Markets Steady. CHICAGO. Feb. 18. The butter markets 9 ing the week ending February 18 "ned with a fairly steady condition pre ssing. The only unsettling feature was tM unbalanced condition carried over atom the previous week, according to the :au do pfd... Contl Can Cities S Bank Corn Prod 15,700 Cosden Oil ... 600 OKI4P 21,700 do "A" pfd .t do "B" pfd. 400 Crucible 700 do pfd 200 Cuba Cane. . . 1,300 do pfd 5,200 Cuban Am Sgr 1,400 Del & Hudson 100 Dome Mines-. )el & Lack... 400 Davison Chem 1,800 Endi Johnson. 400 Erie 500 do 1st pfd.. . 600 Elec Bty Fam Players. 2,400 Fed M & Smel do pfd 100 Fisk' Tire Gaston Wms. 100 Gen Cigars Gen Elec 1820c per pound- "tom the previous week, according to t - ! ekly review of the United States bure; 'r markets, ftew lorn was getting more 'ttter than could readily be absorbed and file market there was correspondingly easy to weak. At Chicago the reverse was true Receipts were-barely sufficient to supply regular trade needs, consequently there was a tendency to push prices higher. Staple Groceries. Local jobbing quotations: SUGAR (sack basis) Cane, granulated, 6.10c pound; beet, 5.80c per pound. NUTS Walnuts, new crop, 23036c pet Gen Motor.... Glen Aldon... Gen Asphalt.. Goodrich Goodyear .... Gran by Gt Nor Ore.. Gt Nor pfd. .. Grn Cananea.. Gulf S Steel.. Houston Oil . . Hupp Motor.. Ills Central., Inspiration Int Ag Cor cm ,100 1,900 2.000 100 200 300 Kill l.ooo- 2,6011 300 1,200 New York Bonds. New York bond quotations furnished by Herrin & Rhodes, Inc., of Portland: Am Tob 7s T 1922 101 do 1923 102 Anaconda 7s B 1929 102 do 6s A 1929 98 Armour cv 7s J930 102 do 4s 1939 88 Argentine GI 5s 1SH5 78 Am Ag Chem 7a 1941 100-), Beth Steel 7s 1923 101 do 12S 101 do Eq 7s 1935 101 Belgium Ext 7s 1945 107 do 6s 125 99 do 8s 1940 106 Bergen 8s, City of 1945 109 Berne s. City oi Ji. n Brazil 83 1941 .104 Canadian 5s . 1926 98 do 1931 86 do '...,1937 96 Chi & N W 6s ,...1936 106 do 7s 1930 10 C M A St P gn & rf 4s A---2014 5714 Can Nor 7s 1940 109 Chile 8S " 141 101 Christiana 8s, City of 1945 108 Copper Exp 8s 1922 102 do ... 1923 101 rto .- 1924 1 02 103.101 103 do 125 103 34 84 .34 Cnhan Amer Sugar 8 1931 104 38 35 37 Con Gas cv 7s 1925 104 Denmark 8s ., , i4o lUB Danish Mun 8s 1945 1 07 Dupont 7s 1931 103 Grand Trunk 7s 1940 108 Goodrich 7s 1925 97 Goodyear 8a 1941 112 Gulf Oil 7s 1933 103 Great Northern 7s 1936 107 Hershey 7s v ,..1930 100 Humble Oil 7s 1923 101 Int Rap Tr ref 5s 1966 04 Int Mar CT 6s 1941 92 Kelly-Sprtngfteld 8s 1981 102 Kennecott 7s 1930 102 Llbby McNeil & Libby 7s 1931 99 Morris & Co 7s 1930 103 Mexican Pete 8s 1936 101 NYC call 7s 1930 1 05 Norway 8s - J.. ..1940 110 N P & G N (Jnt) 6s...l 1936 106 N P 6 2047 106 Northwest Tel 7s , 1941 107 Ohio C ,G 7s ..125 100 Ohio Power 7s ...1951 101 Pan Amer 7s 1930 97 Penna 6s ...1938 105 Rus Rubles 5s ,.1926 4 San Paulo 8s ..193i6 101 Southwest Tel 7s 1925 101 5 Swedish Govt 6s 1939 97 Standard on 1 vs ,.imi 107 "3 do ot Cal 7s 1931 105 76 Steel & Tube 7s 1951 99. 14 SWiSS 83 1VW 114 98 Sears. Koe 7s ,1922 100 38 ) do' 1923 99 8 Sinclair 7s 1924 100 n,n.,n K 1941 ....101 Russ currency ; 7 Denmark 8s, 1945 108 nm Muni 8s. 1945 107 French 4s. 1917 01 French 5s. 1920 75 French 5s, 1931 65 French, 7s, 1941 b r-rencn nw, Ask. 73 SO 107 106 99 Vi' 103 90 90 88 73 70 83 96 98 98 96 97 101 8 108 107 52 76 66 96 101 German W L 5a 3 4 Berlin 4s 4 4 Hamburg 4s 4 5 Hamburg 4a 4 5 Leipslg-4s 5 6 Leipsig 5s 5 6 Munich 4s ............. 6 6 Munich 5s .'. 6 7 Frankfort 4s 5 6 Italian 5s. 1918 87 33 Jap 4s, 1931 73 73 Jap 1st 4s, 1923 88 88 Jap 2d 4s. 1925V. 87 87 Norway 8s. 1940 109 110 Russian s. 1921 17 19 Ru9slan-5s, 11)26 4 6 Russian 6s, 1919 18 19 Swiss 5s, 1929. 97 97 Swiss 8s, 1940 114 115 San Paulo s 101 101 U K 5s, 1922 105 105 U K fi, 1929 ..ICO 103 If K 6S, 1937 99 99 Foreign Exchange. Foreign exchange rates at the close of business yesterday, lurnisnea Dy Nortn western National bank of Portland. The amount quoted is the equivalent ot the foieign unit in United States, funds: Country Unit. Rate. I Austria, kronen ; $ .0004 Belgium, francs 0855 Bulgaria, leva 0075 Czecho-Slovakia, kronen 0198 Denmark, kroner 2090 England, pound sterling 4.3850 Finland, finmark 0210 France, francs 0900 Germany, marks .................. .0050 Greece, aracmnas Holland, guilders ..- 3780 Hungary, kronen 0020 Italy, lire 0500 Jugo-Slavia, kronen 0038 Norway, kroner .1722 Portugal, escudos 0800 Koumania, lei ovoi Serbia, dlnara 140 Spain, pesetas Sweden, kroner -600 Switzerland, francs 1965 China Hongkong, local currency.. .oiu Shanghai, taels 7600 Japan, yen .4800 NEW YORK, Feb. 18. Foreign ex change strong. Great Britain demand $4.37, cables 14.87, 60-day bills on banks J4.34; France, demand 8.93, ca bles 8.94: Italy, demand 4.93, cables 4.93; Belgium, demand 8.56, cables 8.57; Germany, demand .46, cables .48; Holland, demand 37.74, cables 37.80; Nor way, demand 17.05; Sweden, demand 26.60: Denmark, demand 20.80; Switzerland, de mand 19.49; Spain, demand 130: Greece, demand 4.65; Poland, demand .03; Czecho-Slovakia. demand 1.90; Argentine, demand 36.87; Brazil, demand 13.62; Mon treal 86-. Deficit In Excess Beserres. NEW YORK, Feb. 18. rThe actual con dition of the clearing house ianks and trust companies for the weekV shows a deficit of 2,19S,740 below legal require ments. Thlapls a decrease of J335.850 from last week. Naval Stores. SAVANNAH, Feb. 18. Turpentine Firm, 84 85c; sales, 43 barrels; re ceipts, none; shipments, 2071 barrels; stock, 4378 barrels. Rosin Firm; salea, 599 barrels; ship ments, 2362 barrels; stock, 71,186 barrels. Quote: B, D, E, F. G, H, I, 4; K. 4.40: M. S5.15; N, J5.45; WG, $5.75S.80; WW, $6 -Mew Issue 77 61 82 10 -26 19 111 iii 58 80 10 17 ;8i '3S "" is6 8. 76 61 , 82 10 25 " 19 111 iii 57 79 10 17 -'80 "38 "i -i50 . 8 37 ..1 37 46 53 1S 103 . 89 77 61 81 9 28 19 111 23 111 58 79 10 17 139 81 8 38 12 67 150 8 45 02 37 IS 35 35 8 75 75 7 25 25 2 73 72 77 " 75 14 14 99 98 to yield Exempt from Federal Taxes Paid from Municipal Taxes FREEMAN, SMITH' CAMP CO, Lumbermen Bids, Portland. Please send m details of your new Municipal issue yielding a minimum or 6 Income Tax Exempt. Name. ..C Address . Amer. International Corp. California Petroleum American Can Studebaker . Radio Are these Stocks a purchase and why? Latest data and com plete report on these and others, in the "Inv ten' Bollttin" Write ml ask or No. ree Pmup5HmfAN Company INVE STMENTg-SECTJRITIES 50 BROAD ST. NEWYORKi Guaranteed PUTS & CALLS "The Safest Way to Trade." ODD LOTS We handle 10, 20 and BttKsh&re lots on Puts and Calls also write 7, 15 and 30-day papers. Profit- taking possibilities of this foolproof method of trading Is explained in our -booklet, "How to Trade in Puts and Calls." Prompt Attention to Stall Orders. WATSON & COMPANY Investment TSccuxitien, 525 Stock Exchange Building, Los .Angeles. OVERBECK & COOKE CO. Brokers, Stocks, Bonds. Cotton, drain. Etc S16-217 BOARD OF TRADE BLDQ. Walla Walla, Wash. Portland, Or. Pendleton, Or. MEMBERS CHICAGO BOARD OF TRADE. Correspondents of IOgan Bryan, " Chicajro and Kw York. MEMBERS New Tork Stock .Exchange. Chicago Stock Exchange. Boston Stock Exchange. ' Chicago Board of Trade. N'ew York Cotton Exchange. New Orleans Cotton Exchange. New York Produce Exchange. W innipeg Grain Exchange. Liverpdol Cotton Association. 3 m x Our business is the purchase and sale of all classes of High-Grade Bonds. E.pevereauxR6mpany INVESTMENT BONOS 87 SIXTH STREET PORTLAN0. OREGON BROADWAY 1043 GROUND FLOOR WELLS -FARGO BUILDING .a ORGANIZING A COMPANY? Save the usual incorporating ex penses, avoid personal liability and ex cess profits taxes. Organize on the common law plan under a Declaration of Trust Demaree Standard Forms (approved by attorneys) furnish complete equipment with which anyone In any state can or ganize a company, issue shares and begin doing business the same day. Ak for circular A-42.- containing full descriptions. C. 8. DEMAREE. Legal Blank Printer, 613 Walnut, Kansas City. Mo. HERRIN &RHODES,Inc. Etabl!shed 189S STOCKS, BONDS, COTTON, GRAIN Correspondents E. P HTJTTON & CO., N. T Members att leading exchange Baboon's Service on Kile. Bdwy. 4725. 201 Railway Exchange Bldg. Safety and Profit In Stock Market Trading. Read HOW In oar booklet which explains Stock Pririfres. Mar ginal Trading, Partial Payments, and Outright Purchase, ft also tells HO W (40 to $126 Can Control 100 Shares of any Stock, Ask for free Booklet No. 61. PAUL K AYE 14m JTvik