The Sunday Oregonian. (Portland, Ore.) 1881-current, December 31, 1922, Section One, Image 14

The Sunday Oregonian., December 31, 1922, Section One, Page 14, Image 14

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Newspaper Page Text14 THE SUNDAY OREGOXIAtf, PORTLAND, DECEMBER 31, 1023 HDP PRICES SHOW HO IIPHEIIIT Best Grades Are Selling at 7 to 8 Cents Pound. MOVEMENT STEADY HERE large Surplus of AH Growths Re mains on Pacific Coast; Export Outlet Closed. Th hops that are left unsold in Ore gon will probably bo worked off before apring Is over, but there is nothing to indicate that prices will be much bet ter. The movement out of first hands Is regular and buyers are paying 7 to 8 cents for the best grades. Among the sates lately reported at these Trices .were 176 bales -of Hlllsboro hops and three or four Chinese-owned lots In the Aurora. Donald and Canby sections. A crop of 120 bales in western Washington brought 7 cents. The California market has also been fairly active at the same prices that have ruled here: About 1200 bales, meetly Mendocinos, were moved, the bulk of them bringing 8 cents. Although only 6700 bales of Oregon hops remain in growers' hands, they are or.- the Pacific coast in all hands and of all growths. No less than 67,000 bales, according to figures compiled by deal ers. The larger part of this accumula t on is made up of Sacramentos of the 1921 and 1922 crops. It is difficult to see how this big surplus can be disposed cf, in the. present condition of the mar ket, except at very low prices, No hope at all is held out of an ex pert outlet. England raised enough hops In 1922, with the reserves, for home neds and will undoubtedly produce still more in 1923. The domestic situation is not expected to change for the better, from a grower's standpoint, unless there Is a modification of the prohibition liWS. WHEAT PRICES ABE MAINTAINED little Demand From any Quarter on Last Day of Year. Ihe last business day of the year found the wheat market almost lifeless. While L26 for club and J1.27 for 40 fcld was still available. Exporters were ranking no effort to buy. As for the mills they showed no interest whatever in wheat. Bids at the Merchants' Exchange wore 1 cent higher on soft white nard winter and western red and unchanged on other grades. "he feed grains were quiet with oats unchanged and corn 75c SSI higher ihan Friday. The Chicago wheat market was greatly unsettled, breaking to a new .ow for the week early, only to more than recover the loss later. The uneasiness ap parently was a result of year-end even ing up. .At the finish wheat was down i-cent to 1 cents up. Scattered iqui catlon was on with a continuation of pressure from eastern longs at the start Ihe ensuing reaction, carrying the mar ket to above Friday's finish, was caused chiefly by short covering. Trade was on a broad scale and fluctuations were rapid. At one time May was off 65io frcm the high of the day and July was off 4 cents. December was the most erratic in the early dealings, touching J1.23 on a break and then rallying to $1.27. The changes were so frequent that at times there was a dif fence of a -cent between trades. About mid-session, however, business quieted .down some what with shorts more inclined to take profits and even up for the start of 1923. A considerable amount of export busi ness was reported done in Manitobas, v.ib confirmation of sales of 240,000 fcushels. The Buenos Aires wheat market closed t 1 cent lower. The weather was re ported fine for the crop. Terminal receipts, . In cars, were re ported by the Merchants' Exchange, as follows: Portland WM.Bly. Fir. On. Ot. Hay Paturday ... 48 ... 4 13 2 10 Year ago.... 80 ... 3 1 S.a. to date .12,496 3fi8 9S2 8R8 4R2 1173 Tear ago 20,144 137 1320 299 550 97 lear ago.... 618 6 33 Tacoma Friday J5 Year ago . . 65 Pea. to date 8.903 Year ago 6,789 Seattle Friday .... 35 1 K48 245 101 B05 147 92 369 617 lear ago.. 6 3 Sa. to date 5,148 27 1481 767 847 1064 Year ago 5,328 134 1348 538 288 968 Sea. to date.. 499 WHEAT RECEIPTS LESS FOB YEAR Smaller Crop Responsible for Lighter Arrivals Here. The movement of wheat to tidewater In the past 12 months showed a material decrease from the previous year's figures. This was due to the small size of the 1922 crop when compared with that of 1921. Receipts of other cereals were in good volume. The records of the Merchants' Ex change snow grain, flour and hay re ceipts at Portland for the past ten years as follows: Wheat Barley. Flour. Oats. Hay. 1922... 1921... 1920... 1919.., 1918.., 1917.., 1916... 1915.., 1914.., 1S13... 21.591 516 1.918 811 2.2b 32,423 13,840 7,082 S.0S6 6,760 5,286 13,661 15,855 17,748 278 242 475 1,149 343 444 2.075 2,218 3,700 2,481 873 631 612 1,376 1.197 1,744 2,279 2,567 2,186 3,610 2,633 1,536 1,150 1,684 1,983 1,416 1.429 2,251 2,325 2,812 2,567 2.423 1,940 2,306 1,761 1,830 EGGS WILL BE DOWN TUESDAY lower JJuying and Selling Prices Are Announced! Thej"e was no material 'change in egg pries as quoted by jobbers yesterday as supplies were cleaned up well. A number of local shipments went out but no car lots. When business opens Tuesday. however, the market will be on a lower plane. Selects will be quoted at 42 cents, candled ranch at 40 cents and pullets at 86 tapes. Buying ' prices sent to the country Kfr deliveries early in the week are T cents for henneries, 3334 cents ior Btandard current receipts and S2?33 certs ror pullets. Cube butter was firm and unchanged at tne close. The shipment of a car load to San Francisco end another to Los We Pay Promptly and We Never Charge Commission TOP QCAXITT PRICES. Prwfwed beef 8c to 9c XArge veal, yearliiijp and 2-year- oia oeei 8c to 12c (Snip with hides on and leave heart, liver aud lung attached). Small veal X4c I.iffht block hogg .'...-.13c Weavy live hens 2le Heavy drefwed hens.......... !24c lretsed turkeys ................... 35c Live turkeys ,.30c J.ive jreese 18c lressed Reese 2'lc iAve ducks ..!jJ0c Pressed ducks 22c Mutton ;..t0c to 15c Lambs loo to 18c Jdes 7c Pelts ....$1.50 "We can use all sorts of livestock, car lots or less. Have winter feed for horses, cattle and aheep. Frank L. Smith Meat Co. "Fighting the Beef Trust." , Kew Location, 107 Front Street, Portland, Oregon. Angeles relieved the market of Us sur plus. There was a good demand for 'dressed turkeys yesterday and with not many offering the market was firmer with sales at 3840 cents. All poultry cleaned up well except dressed ducks and geese. Oregon Apples at Auction. Sales of jOregon apples at eastern auc tions were: At Chicago Jonathans, extra fancy, medium, tl.802; small, $1.65; average, : 87; fancy medium, 1.601.65; small, $1.551.60; choice medium, tl.0o1.30; Winter Bananas, choice, all sizes, J1.10. At St. Louis Homes, extra fancy, me dium to very large, $1.752.10; average, $1.60; fancy. $1.551.70; choice, J1.35 1.55; average, $1.40. Decrease in Wheat Exports. Official figures on cereal exports from the United States in the first 11 months of this and last year compare as follows: 1922. 1921. Barley, bushels... 17,687,839 25,004,06 Corn, bushels 158,850,964 118,731,271 Oats, bushels 29,679,488 3,126,338 Rye, bushels 43,497,014 27,843,050 Wheat, bushels. . . 155,015,271' 269,606,218 Flour, barrels 13,624,273 15,786,793 Onion Shipments Resumed. Onions are again beginning to move out in a small way. One car was dis patched, the first since the recent cold weather, and a number of others. will go out early in the week. Prices are un changed. The potato market continues dull with no shipping outlet. Bank Clearings. Bank clearings of the Northwestern cities yesterday were as follows: Clearings. Balances. Portland $4,534,062 $1,076,739 Seattle 5,524,170 1,073,657 Spokane 1,944,414 899,787 Tacoma, transactions 2,619,000 Bank clearings of Portland, Seattle and Tacoma for the past week were: Portland $26,607,252 Seattle 29.954,714 Tacoma (transactions) 14,655,000 Portland bank clearings in December were: 1922 $136,960,386 1921 130,244,025 1920 150,605,544 1919 151,642,264 1918 140,970.428 1917 83,947.007 1916 58,526.894 1915 48,084,703 1914 45,116,837 1913 53,031,393 Total Portland bank clearings for the year compare: 1922 $1,600,507,594 1921 1.528,445,024 1920 1,900.796,901 1919 1,652,950.820 1918 1,323.082,798 1917 , 868,331,422 191 649,775,141 1915 654,440,756 1914 578,884,018 1913 627,818,010 PORTLAND MARKET QUOTATIONS Grain, Flour, Feed, Etc. Merchants' Exchange, noon session: January. February. Wheat Bid. Ask. Bid. Ask. Bluestem, baart. . .$1.48 $1.53 $1.48 Soft white 1.27 1.27 Western white .... 1.25 1.28 1.25 1.28 Hard winter 1.20 1.25 1.20 Northern spring .. 1.21 1.22 Western red 1.18 1.18 Oats 38-lb. natural ....36.80 36.50 Corn No. 2 . T. ship't.. 32.75 83.00 No. 3 B. T. ship't. .32.25 32.50 FLOUR Family patents, $7.80 per barrel, whole wheat, $7; graham, 56.80; bakers' hard wheat, $7.30; bakers' blue s'.em patents, $7.55; valley bakers', $6.30; btraights, $6.15. MILLFEED Price f. o. b. mill; mill--run, ton lots, $35; middlings, $47; rolled barley, $4244; rolled oats, $45: scratch fed, $49 per ton. CORN White, $42; cracked, $44 per ton. HAT Buying prices, f. o. b. Portland; Alfalfa, $21 22 per ton; cheat, $20; oats and vetch, $22; clover, $20; va.lcy tim otly, $23; eastern Oregon timothy, $24. Butter and Country Produce. BUTTER Cubes, extra, 4743c lb.; prints, parchment wrapped, box lots, 51c; cartons, 62c. Butterfat, 53c delivered lortland; 50c station buying prizes. EGGS Buying prices: Henner.es. 37 38c; current receipts, 344&35C. Selling prices: Front street, candled ranch, 42c; selects, 45c; pullets, 37c; association se lects, 45c; association firsts, 43c; associa tion pullets, 37a. CHEESE Tillamook triplets, price to Jobbers, f. o. b. Tillamook, 30c; Young America, 51c; longhorns, 31c lb. POULTRY Hens, 1422c; springs, 17 20c; ducks, white, 1820c; gees.3, 18c; turkeys, alive, nominal; dressed, 3840c; VEAL Fancy, 13c per lb. PORK Fancy, 13c per lb. fruits and Vegetables. Local Jobbing quotations: FRUITS Oranges, navels, $45.50 box; Japanese, $2.25 per bundle; lemons, $8.509.50 box; grapefruit, $3.75fc7.50 box; bananas, 10llHc lb.; cas-bas. 2si4c lb.; pears, $1.752.25; grapes, 9 10c lb.; apples, 7oc$2.50 per box; cran berries, $21.50 per barrel, $10 per half barrel box, $6.757 per third-barrel box. POTATOES Oregon, 6090c per sack; Yakima, 85c$1.50 per sack; sweet po tatoes, 3 1, 4c lb. ONIONS Oregon, $2.252.50 per sack. VEGETABLES Cabbage, 24o per lb.; lettuce, $4 5 crate; garlic, 16 20c lb. ; tomatoes, $44.50 per box; Hubbard squash, l2c lb.; beets, $1.75 per sack; turnips, $22.25 per sack; cauliflower, $2.25 per crate; celery, $55.50 crate; pumpkins, l&2c lb.; carrots, $1.50 per sack; artichokes, $2.25 per doz. ; sprouts, low 17c .10. Staple Groceries. ' Local jobbing quotations. SUGAR (sack basis) Cane, granulat ed, 7.90c lb.; beet, 7.70c lb. NUTS Walnuts, 15 30c lb- Brazil nuts, 1315c; almonds, 162Sc; pea nuts, 8&8c; filberts, 19 25c: pecans. 30c; chestnuts, 16 40c; hickory, 14 per lb. RICE Blue Rose, 66c lb. COFFEE Roasted, bulk, la drums. 2030tte lb. SALT Granulated, barrels, $2.6llw2.e5: half ground, tons, 50s, $17; 100s, $16. utiltiu fruits Dates, 11c per lb.: figs, 1522c lb.; apples, 1214c lb.; peaches, 15c lb.; prunes, 813c lb.; apri cots, 2731c lb. BEANS Small white, 8c; pink, 7c: red, 6Hc; bayo, 6o lb. HONEY $4.7o5.25 per case. Oils. LINSEED OIL Raw, in barrels. $1.10. 5 gallon cases, $1.25; boiled, in barrels, $1.12; 5-gallon cans, $1.27. TURPENTINE m drums. SL82: 6- gallon cans, $1.97. WHITE LEAD 100-pound kegs, 13?io, per pound. GASOLINE -Tank wagons and - iron barrels, 2jc; cases, 26c per gallon. DISTILLATE Tank wagons and Iron barrels. 18 lie per gallon. Provisions. Local jobbing quotations: HAMS All sizes, 2527c per pound: skinned, 2027c; picnic, -1617c; cottage roil, zdc per pouim. BACON Fancy, 3342c; choice, 29 B2e; standards, 27 28c. LARD Pure, tierces, 16c; shortening, 14c pound. DRY SALT BACKS 2023c; plates, 1HC. ' Lumber. The following are direct quotations on Douglas fir and represent approximately prevailing f. o. b. mill prices in carlots and are baoea on orders that have been negotiated. Pre- Taiirn Flooring ' High. Low. price. 1x4 No. 2 VG S53.00 $i8.00 1x4 No. 3 VG 40.00 1x4 No. 2 & B, SG . . 40.00 38.00 1x6 No. 2 & B. SG... 43.00 41.00 Stepping No. 2 & B TO.OO 65.00 Finish No. 2 and better $51. W) 40.00. 43.00 1x8 10-inch 60.00 53.00 63.00 Casing and base 66.00 Ceiling x4 No. 2 & B 40.00 87.00 1x4 No. 2&B 40.00 38.00 1x4 No. 3 ' 37.00 36.00 Drop siding lxB No. 2 & B 44.00 88.00 - 1x6 No. 3 39.50 36.50 Boards and SI, No. 1 -lxS-10-inch. S 1 S... 21.50 16.50 lxl2-inch 21.00 19.00 Dimension No. 1, S & B 2x4 12-14 19.50 17.50 Planks and small timbers 4x4 12-16 S 4 S 23.50 19.50 3x10-12 12-18 S 4 S. . 24.00 21.00 Timbers 32 feet and under 6x6-8x10 S 4 S 25.00 20.00 Lath Fir 5.00 4.25 39.00 40.00 42.00 37.50 19.50 20.00 18.50 21.50 4.50 Hides, Hops, Etc HIDES Salted hides, all weights, 8c; salted calfskins, 13c; salted kip, 10c; salted bulls, 7c; dry hides, 14c; dry salt hides, 11c; culls and salted hail siipped skins, half price. SHEEP PELTS Dry sheep pelts, lon wool, 5c; short wool kua and pieces. half prices: salted long wool lamb skins, $1.502; salted sheep skins, tl.2o1.75. TALLOW Nol, 5c; No, 2, 4c per lb.; grease, 3c lb. CASCARA BARK New peel, 8c per pound; old peel, 8c per pound. OREGON GRAPE ROOT Per lb., 7c. HOPS 1922 crop, 78c per pound WOOL Valley woo!, fine and half blood, 3540c; three-eighths blood, 320 35c; quarter blood, 30 32c; low Quarter, 2S27c; matted, 22 25c. MOHAIR Long staple, 45o, delivered Portland; short staple, 40c; burry, 250 per pound. INSURANCE FIRMS UNITE Walker, Jewett & Barton Succeed Henry Hewett & Co. Consolidation of the insurance firms of Henry Hewett & Co. and Walker & Barton unde the name of Dow T. Walker. Charles S. Barton. Walker, Jewett & Barton, successors to Henry Hewett & Co., was an nounced last week and will take ef f e c t tomorrow. The move means the Joining of the forces of the two large concerns in' this city which represent the Hartford Fire In surance company. Officers of the oonsolidated con- Stanley G. Jewett. cern will be: Stanley G. Jewett, president; Dow V. Walker, vice-president, and Charles S. Barton, secretary-treasurer. Henry Hewett & Co. was estab lished by the late Henry Hewett in 1870. Stanley Jewett took a part interest in the company in 1909 and, following the death of Mr. Hewett in 1914, assumed full control. The firm of Walker & Barton has been in existence for the last three years. , The consolidated company, it is ssaid. will handle all types of in surance except life. SAN FRANCISCO PRODUCE MARKET Frlces Current on Vegetables, .Vresb Fruits, Etc.,' at Bay City. SAN FRANCISCO, Dec. 30. (State Division of Markets.) Poultry Fryers, 2528c; broilers, 2535c; young roosters, 2127c; old 1418c; hens, " 18 28c; ducks, 18 20c; turkeys, live, 32 36c, dressed, 8843c; hares, pound, 1518c; squabs, dozen, $33.50; jackralbtts, dozen, $2 2.50. Fruit Apples, box, J1.1O01.7S; avo cados, dozen, $1.50; grapes, crate, $1 165; grapefruit, $26; lemons, $56.50; oianges, navel, $3..04.50; pears, box, $12.75; persimmons, flat crate, 75c $1.25; quinces, box, 75c1.50; tangerines, lug, $3.50 4. Vegetables Endive, pound, 65c: mush rooms, pound, 2oGpZ0c artichokes, crate, $2022; beans', pound, 522c; cabbages, pound, llc; cauliflower, dozen, $1.25 1.50; carrots, sack, $l1.2o; celery, crate, $3.505; cucumbers,- English, dozen, $23; lettuce, crate, $1.253.25; teets, sack, $11,25; onions, brown, yel low, white, cwt., $1.90 1.75 at wharf; green, box, $1.601.75; peas, pound, 8 14c; peppers, lug, o8c; potatoes, cwt., 75c$l.bO; sweet, pound, 22jc; sum mer squash, lug, $1.251.75; spinach, pound, 56c; turnips, sack. $1(3)1.75; btussels sprouts, pound, bic; garlic. pound, 5 8c;, olives, ripe, pound, 7 8c; pumpkins and squash, sacked, $1.2i(f 1.50. Receipts: Flour, 3330 quarter sacks; barley, 1600 centals; corn, 4000 centals potatoes, 4586 sacks; onions, 111 sacks hay, 90 tons, hides, 1329; lemons and oranges, 1650 boxes. OREGON INVESTMENTS ARE SAFE State Rated High in Financial Markets of Country. "Oregon should feel proud of the posi tion it holds in the estimation of the In vestment buying publio of the east," said n. N. Strong, general manager for Ore gon of the National Life Insurance com pany of Vermont, who has just returned from an extended eastern trip. "Oregon bonds are rated among the best securities offered, on account of our securities having scarcely ever gone by detault In either principal or interest. Safe and sane legislation will count in attracting millions of new capital for development in Oregon, and 1 prediot the most prosperous 15 years ever expe rienced in Oregon. The demand for lum ber still exists in spite of high building costs, .astern contractors predict this will last for two years, after which there, will be a slight letup. In many cities apartment house building has about reached the point of saturation. This will be overcome by the increase of suburban building on account of the automobile. Portland will be the woolen inanu facturing center of the United States if she will go after some of the big mills of the east. Cotton manufacturers are moving south to the source of supoly. ana it is predicted many additional woolen manufacturers can be attracted to Oregon. Already the woolen industry ox Oregon has done much to advertise Oregon as a manufacturing center, and now is the time to go after big busi- TAX EVASION IS SUSPECTED Increase in Capitalization Is Tractd to Fear of Congress. OLTMPIA. Wash., Dec. 30. (Special.) Another reason for the rush of amend ment filing's increasing capital stock of corporations, such as the secretary of state's office has been experiencing for two or three weeks past, becanie known here today. It is based on the belief of corpora tion attorneys that the next session of congress will enact legislation to force the attribution of surplus stock divi dends on hand to increase income tax returns, suon dividends belns taxable wnen distributed ay increasing capital stock before the beginning of the new year the corporations plan to cover their surplus wltli capitalization and thus es' cape the effect of such legislation. The move to increase capital stock was started by several large eastern corpora uons eany in uecemoer ana has been folluwed by a daily stream of similar filings, both by , state and foreign cor porations. OWL DRUG COMPANY PROSPERS Tear Now iEnding Best in Corporation's Experience. The Owl Drug company yesterday sent owt Its thirty-second seml-anaoal divi fiasd checks to holders of its 8 per cent cumulative preferred stock. With the checks went a report to the stockholders showing the year just closing to be the best the company has ever had. The vol ume of business transacted exceeded all past years by a substantial sum. Three new stores were installed this year two in Los Angeles and one in Denver. T Plans for the installation of several new stores in 1923 have already been per fected. Work on one at Second and Broadway, Los Angeles, will begin Im mediately. This company has the distinction of never having missed a day in sending out its preferred stock dividend checks. Chicago Potato Market. . CHICAGO, Dec. 30. Potatoes, steady; receipts, 43 cars ; total United States shipments, 472 ; Wisconsin sacked and bulk round whites, 8090c cwt.; Minne sota sacked and bulk round whites, 75 85c cwt-T Idaho sacked russets No. 1, branded, $1.40 cwt.; unbranded and frozen, $11.10 cwt.; Michigan bulk whites partly granded, 80 Sue cwt Cottonseed Oil Market. (By Chicago Tribune I-eased Wire.) NEW YORK, Dec. 30. Closing prices for cottonseed oil: January, $10.63 10.66; February, $10.6910.70; March, $10.S110.82; April, $10.S510.93; May. 10.05 10-97 ; June, $ 11 11.05 ; July, $n.071Lia; August $U.10U.2U, , f A fp rsi t V - ; - , I f ,t 1 " t I Bamf rnfl tf-'jW, jM rn-fit QUICK FJWfUEF S HELD NECESSARY Immediate Aid of Federal Government Asked. BUSINESS IN GOOD SHAPE Report of Bank Superintendent Shows Resources of State In stitutions Increase. SALEM, Or.. Dec 30. (Special.) The farmer, who, because of uncertain mar kets, has been hard hit by the depres sion following the war, must have relief based upon unsecured obligations with a low rate of Interest and maturities ex tending over a period sufficient to per mit liquidation through profits derived from products of hia labor. This was the contention made here to day by Frank C. Bramwell, state superin tendent of banks, in a statement cov ering the operations of his department during the past year. The report will be filed with the governor, and later may receive censideratlon by the legislature which meets here January 8. 'On December 81, 1921," said Mr. Bram well's report, "the aggregate re sources of all banks was $288,434,859.49. On September 15, 1922. the resources ag gregated $302,281,208.27, or an increase from January 1 to September 1&, l!WZ,'oi $13,746,348.78. More Increase Predicted. Unofficial reports submitted, to this department since September lo, ivA Indicate that there will be a substantial increase reported at the close of business on December 81, 1922. One of the most favorable conditions indicated by reports is the continued liquidation of loans and discounts, which, during the last year. haa aggregated approximately $20,000,000. Dunne the same Derlod or time banu. de posits have materially Increased. A sub stantial percentage of excess reserves have been, accumulated throughout the state. In addition to reserve accumulations, there has been an investment in United States securities, municipal and other bonds of approximately $12,000,000. This condition presents a substantial rein forcement and will provide future guar antees. The accumulation of this class of investments is a secondary reserve available, if necessary, to strengthen the ability of all banks throughout the state to meet future demands and provide funds for all essential industries and necessities. . 4 Business Is Optimistic The financial conditions during the year 1923 are anticipated with general optimism. There is every Indication that business will be stimulated and that money will be available for general fi nancinsr throughout the country. There are, however, many angles in volved when we survey the general con ditions which may develop in the future. One of " the most essential requirements will involve relief for the farmers and the agricultural sections throughout the entire country. This relief from present Indications must be made available through some convenient and active In strumentality of the government. 'During the past two years farmers have liquidated their obligations by ob taining relief through the federal loan bank and the joint stock land banks which have been organized for that pur pose. Available funds through these sources, however, are not sufficient to meet the requirements. The farmer must have relief basd upon unsecured obliga tions with a low rate of interest and ma turities extending over a period sufficient to permit liquidation through profits derived from products of the farm. Loans Are Made. At the present time the farmers gen erally have secured their obligations by executing loans secured by real and per sonal property. No further security is available for future relief. His general obligation, therefore, must form a basis of his future credit. 'The farmer is the very nucleus of our existence, prosperity and business ac tivity. If his operations are to be throt tled or strangled for want of financial relief, there will be no substantial im provement in the general business con ditions throughout the country. The live stock industry stands very largely in the same position. Oregon has a diversity of resources and products, but to stabilise our industries and to insure an equi librium which will maintain a gradual and steady business we must use the farmer and his products as the founda tion. When this relief is available there will be a decided improvement through out the country and business activity in general will be noticeable and decisive. Farm Belief Needed. "I am firmly convinced that our gov ernment can extend no greater stimulant to the general welfare of our country than to provide immediate relief to our farm ers. Our local financial institutions can go no further. They have extended practically all available credit. To give them relief tlie farmer must discharge a substantial portion of his obligations already created. In addition funds must be made available Immediately to fi nance operations during the spring and the harvest season of 1923. "If provision is made for this relief through prompt and active machinery of our government, I predict successful business activity during the year 1923, There are other elements to be considered which are fundamental and necessary, but from the evidence based upon past experience, the relief to our agricultural sections is the first and most necessary essential to our future welfare." LIVESTOCK MARKET IS STEADY No Trading at Yards on Closing Day ot Week. There was no trading in the livestock market yesterday during the half day the yards were open, and no receipts. The yards will be open as usual on Mon day. The tone of the market at the close of the week was steady. Official prices at the Portland Union stockyards follow: Cattle- ' Price. Choice steers $7.00 7.50 Medium t good steers 6.25(g) 7.00 Fair to medium steers... ..... 4.00 6.25 Common to fair steers....... 4.00 5.50 Choice heifers 5.00 5.35 Choice cows, heifers....'..... 4.50 5.00 Medium to good cows, heifers 4.00 4.50 Fair to medium cows, heifers 8.50 4.50 Common cows 2.50 3.50 Canners 1.50 2.50 Bulls S.0O 4.25 Choice feeders t.00 5.50 Fair to good feeders 4.00 5.00 Choice dairy calves 8.00 8.50 Prime light calves 8.00 8.50 Medium lierht calves 7,50 8.00 Heavy calves 4.00 7.50 Hogs Prime light 0.25 9.50 Smooth heavy, 250-300 lbs... 8.00 9.00 Smooth heavy. 300 lbs. up... 7.50 8.00 Rough heavy 6.00 7.50 Fat pigs 8.50 9.00 Feeder pigs 8.00 8.50 Stags, subject to dockage.... 4.50 6.00 Sheep East-of-mountain lambs. . . . .10.50 12.00 Choice valley lambs .10.50 12.50 Common valley lambs 8.50 9.50 Cull lambs .... 6.75 8.50 Light yearlings .9.50 10.00 Heavy yearlings fi.OO 9.50 Light wethers 7.00 7.50 Heavy wethers 7.00 7.50 Ewes 2.00 7.00 Chicago Livestock Market. CHICAGO, Dec. 30. (U. S. Depart ment of Agriculture.) Hogs Receipts, 8000. Market 1015c higher; lighter weignt up most; ouik, kd to 300-pound butchers, SSObulk 150 to 210-pound averages, $8.508.55; top, $8.65; bulk packing sows, $7.507.75; desirable pigs, mostly $7.75 8i estimated holdovers 3000; heavy hogs, $8.258.40; medium, $8.358.50; light, $8.508.65; light light, $8.35o.oo; packing sows, smooth, $7.608; packing sows, rough, $7.40 7.65; killing pigs, $7.508.25. Cattle Receipts, 500. Compared with week ago: Beef steers, largely 50c$l lower; medium and good grades showing most aecime; extreme , top matured steers, $11.90 ; yearlings scarce : best youngsters, $10.50; beef cows and heifers largely 50c higher; bulls, 35 50c higher: veal calves, $11.50 up; stockers and) feeders, steady to 25c lower; plainly bred light kind reflecting decline; week's bulk prices follow: Beef steers. $7.75 9.25; stockers and feeders. $5.656.75: butchers' she stack, $4,406.64j canners and cutters, $8 8.50; veal calves, $10 11. Sheep Receipts, 2000. Market com pared with week ago: Fat wooled lambs. weak to 15c lower: heavy kind off more; handy shorn offerings largely steady; extreme top wooled Iambs, $15. bu to city butchers; packer top, $15.50; closing top wooled lambs, $15.30 to ship pers, $15 to packers; shorn lambs numer ous; bulk, $12.75 13.15; fed yearlings closing unevenly lower; best yearlings, $13; fat sheep, largely 2575c higher; best aged wethers, $9.35; fed ewes up ward to $8.65; feeding lambs scarce, steady; mostly $13.7514.50: few lots $14.65. Pasoo LivestockjMarket. PASCO UNION STOCl YARDS, Deo. 30. Cattle were about steady with a week ago. Light receipts did not give the market a full test, but U is thought that feeder classes would sell according to quotations. Hogs were holding steady the fore part of the week, but closed a trifle weaker. Country butchers are bid ding higher than the packers on killing swine. Sheep were the object of most activity and all offerings were cleaned up as fast as they were offered, strictly fat lambs and yearlings are very scarce and demand a strong price from all bidders. Cattle Receipts, 175 head; prime steers, $8.507; good to choice, $66.50; fair to good, $5.506; common to fair, $5 5.50; choice cows and heifers, $3.50 4.50; feeder steers, $55.50; stocker and feeder cows, $33.5Q. Hogs Receipts, 79 head; prime lights, $8.509 smooth heavies, $77.50; rough heavies, $67; feeder pigs, $88.50. eheep Receipts, 540 head; prime' lambs, $1011; fat yearlings, $89; fat ewes, $4.505.50; feeder ewes, $3.50 4.50; breeding ewes, $10 11 per head. San Francisco Livestock Market. SAN FRANCISCO, Dec. 30. (Federal- State Livestock Market News Service.) Cattle Beef steers, good grade, $7.508; medium grade, $77.50; common grade, $6T; beef cows, good grade, $5.255.75; medium grade, $o(ff5.2o; common grade, $45; canners and cutters, $2 3.50; bologna bulls, $34.50; calves, 150 to 200 pounds, good and choice, $7.507.75; 200 to 250 pounds, good and choice, $7.25 7.5Q; 250 to 300 pounds, good and choice, $6.757.25; over 800 pounds, $5.50 6.50. Hogs Good and choice grain-fed Cali fornias, 150 to 200 pounds, $9.S510.25; 200 to 250 pounds, $99.50; 250 to 300 pounds, $88.50; over 300 pounds, $7 7.50; smooth sows, 250 to 300 pounds. $6.507; rough sows, 250 to 800 pounds, $0.50 to 6; over 300 pounds, $4.50 5.50. Sheep and 'lambs Full wooled lambs, good and choice grade, $13.7d14.25; me dium grade, $12.5013.5O; ewes, medium and good, $5.506.30; wethers, medium and good, $8.50 10. Kansas City Livestock Market. KANSAS CITY, Mo., Dec. 30. U. S. Department of Agriculture.) Cattle Receipts, 125 head; for week: Bea steers mostly 75c lower, some off more; top, $10; bulk, $78.50; fat she stock, steady to 15c higher; canners and cutters, 10 15o higher; bulls, big quarter higher; calves, averaging 50c higher; stock calves and stock cows and heifers, steady to strong. Hogs Receipts, 4000 ; mostly 10c higher ; packer top, $8.40; shipper, top, $8.30; bulk 150 to 260-pound averages, $8.30 8.35; packing sows, steady; mostly $7.50. Sheep Receipts, -400 head; for week: Killing classes, strong to 25o higher; Colorado lambs, $15; bulk fed lots, $14.25 14.80; shorn, $12.60 13.10; light ewes, $7.50; wethers, $8.50. Omaha Livestock Market. OMAHA, Dec. 30. (U. S. Department of Agriculture.) Hogs Receipts, 8500 head, mostly 5c higher; bulk $7.107.40; bulk butchers, mostly $88.J.0; top, $8.15. Cattle Receipts, 200 head ; compared with week ago : Steers, 25 50c lower; week's top, $10.15; bulkk $78.50; she stock, steady to 25c higher; bulk cows and heifers, $45.75; canners and cut ters, steady; bulk, $2.503.50; veals, 50c$l higher; top, $10.50; bulls, stock ers and feeders, steady to strong; bo lognas, $2.753.50; top feeders, $7.90. Sheep Receipts, none; compared with week ago: Lambs, steady to 25c lower; yearlings, steady; sheep, 50 75c higher; feeders, mostly 25c higher. Seattle Livestock Market. SEATTLE, Dec. 30. Cattle and hogs. steady; no receipts. STRONG MIET LIKELY WHEAT USUALLY HIGHER IX JANUARY AND FEBRUARY. Europe's Demands Must Be Sup plied by United States Dur ing Those Months. The weekly Chicago grain letter re ceived by Jordan, WenAworth & Co. of Portland follows: Wheat Attainment of a new high price in the May delivery renewed the attention of the trading element to the possibilities in the wheat market. The Deoemiber delivery had gradually worked out from under the congested condition of an over-sold market and the final week was without any noted activity, but a firm price. The com ing month is one of uncertainty as to the world's situation and being a pe riod when the Canadian wheat is tied, up by winter and. the southern hemisphere has not had seaboard deliveries suf ficient to ship heavily, the demand fur immediate needs rests upon this coun try. In previous years the market has ordinarily a very strong tone during the January and early February period. This year should show about the same char acteristic The trade is not wholly convinced that the importing demand will go forward at increasing prices with ample supplies in sight. Those who hold this view are on the selling side of the market and most likely will be prema ture in their operations. When prices rise ou the strong cash situation, which is apt to develop with large exports from this continent, the taking in of short commitments will advance the price to a higher level than justified by actual conditions. It la this technical condition that suggests caution on the selling side and favors the buying of wheat on declines. Corn Movement of corn to the pri mary markets has been fairly large. The need of money by farmers and the ex cellent price prevailing have been the causes of the general selling. Car con ditions have been a deterrent to bring ing forward supplies, and while the farm selling has been pretty well ex hausted for the season, the country elevators are - carrying large stocks. Most of these have been hedged on the market and the deliveries from time to time will not add any weight to the burden. The market is now carrying the surplus corn and as it is disposed to ultimate consumption the drift of prices will be uyward. However, no strong independent movement can be looked for In corn. Oats The use of oats for farm feed ing has broadened with the good qual ity of -.the crop and the price outlook la favorable. , QUOTATIONS ON DAIRY PRODUCE Coast and Eastern 3Iarkets for Batter, I Eggs and Cheese. j &AN FRANCISCO, Dec 30. Dairy prod- I uoe exchange closed. NiEW YOvRK, Dec. 30. Butter unset tled: creamery hisrher than extras; 64 54c; creamery extras, C3c; do firsts, 4752c j I&ggs steady; Faeine coast whrtw, firsts to extra tfireta, fiUg'Sc, Cheese steady. Live poultry firm; chicJcena by express, 32$2"3;; dressed poultry weak; turkeys, fresh, 384c. CHICAGO, Dec 30. Butter unchanged. Eggs unchanged; receipts, 1989 cases. Poultry Aifve higher; fowls, 1523c: eprings, 19c; roosters, 13c; turkeys, 25c; geese, 10c SEATTLE, Dec 30. Butter and eggs unchanged. , e SPOKANE, Dec. 30. Retail prices of eggs dropped 5 cents a dozen today, to b0$&c. Wholesale quotations are un changed. CHICAGO, Dec. 30. Despite the holi day season the butter market for the week continued dull with a steadily de creasing demand for all stocks, accord -tog to the United States bureau of mar kets. A surplus threw the market in favor of the buyer. This year's holiday season was marked by a greater degree of unsteadiness &nd dullness than an ticipated toy dealers, who based their calculations on its farm statistical con dition. Only two markets, however, sh o wed a change from th e open i ng of last Monday on 92-score stock. The closing price 'yesterday follows: Chicago, 50, 1 point loss; New York, 64, un changed; Boston, 54. point loss; Philadelphia, 6 unchanged GRIS HIT LOWEST PRICES FOR WEEK Profit-Taking in Wheat and Oats Continues. RALLY. COMES AT CLOSE 1,500,000 Bushels of Rye Sold to Germany in Last Two Days ; Corn Resists Pressure. BY CHARLES D. MICHAELS. . (By Chicago Tribune Leased Wire.) CHICAGO, Dec 30. Liquidation was on in all ' grains early today when the lowest prices of the day and week were established. There was a continuation of tha heavy eastern profit taking in wheat and oats, but it soon ran Its course and a rally came toward the last that carried all grains above the finish of the previous day. The December futures were decidedly erratic with, very rapid price changes. Shorts were forced to bid up to cover, while the leading longs were good sellers on the upturns. At the inside price May wheat showed 6c under the high of Thursday. Clos ing trades were o lower to l&c higher on wheat, while corn was 3la higher; oats c lower to c higher and rye c lower. Lard gained 1012c while ribs were 5c lower to 2 Ho higher. Heavy-profit taking was on in grains during the greater part of the week, tha bulk of which was regarded as evening up for income tax purposes. New York operators who lost heavily In stocks late in the year and had large profits in grains were disposed to take them. This was mainly responsible or the sharp break. At the last wheat was c higher to lc lower, the latter on May. Corn was &6c higher, December leading, oats lc lower and rye lc lower. Lard gained 25 to 27 c and ribs 720c. News developments counted for little in any grain. Liverpool wheat closed 1 ld lower, making a poor response to the decline in America Friday, but it failed to induce buying. Houses with eastern connections who have been free sellers for several days were active on that side during the first 15 minutes of trading, but the market quieted down thereaiter. There was an excellent class of buying in wheat at $1.21 and under for Ma. Local short covering made the final rally. Expo.t demand was active, but mainly In Manitobas. There was rfb material pressure on corn and the market showed stubborn resistance to pressure. There was free buying by local professionals around 71 and with short covering brought about an advance of lc from the inside fig ure for the May. Exporters were after corn down state and outside markets outbid Chicago 1 2c -per bushel in the Springfield, 111., territory. Peoria sold 100,000 bushels to go to New Or leans. Houses with eastern connections head ed the selling of oats early, but the pressure quickly subsided and the under tone was much firmer than of late Domestic shipping demand showed im provement. A much larger export business has been put through in rye of late than reported. There was around 1,500,000 bushels or more sold in the past . two days, mainly to Germany. Houses with seaboard connections bought futures steadily. It was th belief of close observers at the close that the heavy liquidation in grains had spent its force. Large hold ers have sold for three days and weak longs went out today. Good support came on the break and many local shorts covered. At the last the trade was well evened up for the year and the market regarded as in a position to respond to new buying and constructive influences. December grains went out without any congestion. Wheat was on the mar ket freely at around $1.26, or 3c over the May. Corn finished at 75c or 3o over the May; oats 32c, a discount of 3c under the May, Open interest was so large that trading continued until about lo minutes alter the regular close in order to even up all the business. It is said that there has been a good sized short interest here in all grains and that it would not take much buying to start a general covering movement. Philip J. Reddy has been nominated as director of the board of trade. R. W. McKinnon of Thomson & McKinnon has withddrawn from the race, as it will be impossible for him to devote hia time to the work, as he spends a great deal of his time in New York. Board of trade membershbps are $5300, the range for the past year was $5000 to $7450, compared with $5000 to $8450 net to the buyer in 1921. John R. Mauff, secretary of the Chi cago board of trade, is said to be slated for the new position, assistant to the president, at $20,000 a year, and James J. Fones, who retires as vice-president, is said to be elected secretary at $15,000, according to the gossip of the board. The new directory, which takes hold a week after the annual election January 15, is expected to make appointments. " Thomeo-n and McKinnon will establish private wire connections with Baird and Botterell of Winnipeg, commencing Tuesday. ' Smith Center, Kansas, reports ' the most prolonged drought In the history of western Kansas. Rainfall in the last 18 months has been 10 inches compared with an average annual normal of 26 Inches. Jewell, Smith, Rooks, Phillips, Osborne and Mitchell counties are af fected by the drought with winter wheat in poor condition. The daily Chicago market letter re ceived by the Ovexbeck & Cooke com pany of Portland follows: Wheat Active deliveries dropped to a new low on the present downturn to day with May at the inside showing 64 cents under the high of last Thursday. There was a continuation of the free selling by eastern longs early and num erous stop loss orders were uncovered on tne way down. Under $1.21 for May, excellent support was received and a good rally followed, with local shorts inclined to even up for the year end ( toward the last As was to bo ex- pected the action of the December was most erratic, but with it out of the way, a disturbing element will be removed from the situation. Sentiment generally speaking is as strongly bearish now among the local element as It was bull ish a few days ago, but there inas been nothing in the news of late to account for the decline and while it may take a few days for the market to digest the profit-taking sales of late, a market that has taken as much long stuff in three or four days as the present one cannot be regarded as we&K. Corn Lower early out more than re covered the decline later. Talk of big cash demand with outside markets out bidding Chicago lQ2ij cents for caBh gram in tne spnngneia, territory, with 100,000 bushels to the gulf from New Orleans, had some effect on the market. There was an aoeencs or ag gressive sellinsr and the technical posi tion has improved as a result of the de cline. December was unsettled through out the day with general evening up under way. Oats Showed a mucn better unaer- tone with a broadening in the shipping demand. Market in tne main is aom irmttwi hv -the action on corn. Rye Liquidation was in eviaence. eany and later recovery causeu uy liih rar,trtY in wheat. Cash market was rel atively strong. Germany's purchases One Million Marks in German Government, Municipal and high-grade industrial bonds of extended maturities for $350.00. Delayed delivery. Details on ap plication. Trans-Atlantic Estates & Credit Co., Foreign Estates, Bonds, Securities. 210 Exchange Bldgn Second and Stark Streets 1 Start this new Investment Record with your January Investments Because it combines in one book ALL the forms necessary to keep a complete, and accurate record of ALL your investments and in addition shows at a glance all the information necessary in making out your income tax return. Sent free without obligation Ask us about our Partial Payment Plan yesterday and today estimated at around 1,600,000 bushels. Leading futures ranged as lollops. WHEAT, rinm. HI eh. Low. Close. Dec. ..$ 1.27 $ 1-27V4 t 1-23 May.' 1.22 1.22 1.2014 1.22 July. 1.12 LIB CORN. .75 .72 .72 OATS. .42 .45 .42 LARD. 10.87 11.12 1.11 1.13& Dec. May July Dec. May .74 .71H .42 .44 .41 .72 .70 V4 .41 .44 4 .41 Vi 10.75 11.00 .73 .7214 .42 .44 T4 .42 July Jan. May 10.75 11.00 10.87 11.10 SPARE RIBS. Jan 10.67 10.85 May . . caaft prices were as iouuws. Wheat No. 2 hard, U.25. Corn No. 2 mixed, 78ViiS74c No. 2 yellow, 74.75c. Oats No. 2 white, 44 c; No. a white, 42(6t43c. Kye .no. 'z, nwc. Barley 6070c. Timothy seed $6.r0. Clover seed $152U.25. Pork Nominal. Lard $10.87. Ribs $10.50 11.50. Minneapolis Grain Market. Furnished by the McCall - Dinsmore Grain company of Portland: MINNEAPOLIS. Dec. 80. Wheat No. 1 dark northern, good to fancy to ar rive, L251.39; fancy No. 1 dark northern, tl.32 1.40 ; No. 1 dark northern, $1.23 1.81 : to arrive, $1.23; No. 1 northern, $1.201.20 ; to arrive, $1.21; fancy No.. 2 dark northern, $1.27 1.35 ; No. 2 dark northern, $1.10 1.27; No. 2 northern, $1.171.25; fancy No. S dark north ern, $1.23 1.30 ; No. 3 dark northern, $1.14 1.23 ; No. 3 northern, $1.11 BJl.-; no. 1 aarK nam iviuuitum, $1.22 1.30; to arrive, $1.22 fi 1.30 ; No 1 hard Montana, $1.20 40 1.23; to arrive, $ 1.20 1.22 ; No. X dark hard Minnesota and South Dakota, $1.20 1.22 ; to arrive, $1.19 1.20 ; No. 1 hard Minnesota, and South Dakota, $1.191.20; to arrive, $1.19; fancy No. 1 amber durum, $1.10 1.13 ; to arrive, $1.081.10 ; No. 1 amber durum, $1.09 1.12 ; to arrive, $1.07 ; No. 1 durum, 99c(ij 'i.U4 : to arrive, 99c; fancy No. 2 amber durum, $1.08 1.11; No. 2 amber aurum, vx.utjtw 1.10; No. 2 durum, 98o$l-02. Corn No. 2 yellow, 65 j;i85c; No. 3 yellow, 6464c; to arrive, 64 Oats No. 2 white, 40&41c; No. 3 white, 3940c; to arrive, 3c. Barley Choice. 68 60c; mei medium good, 54 67c; lower, 60(j53c. RV&-JNO. 2. BZ'J&c; IO arrive, o--. FlaNo. 1, $2.562.57; to ar rive, $2.55. Wheat futures December, $1.20; May, $1.21; July, $1.17. Record Receipts of Corn. CHICAGO, Dec. 30. Corn receipts at Chicago in 192a smashed all records, figures available today showed. Re ceipts of corn for the year were 193,271, 000 bushels, compared with 182.982,000 bushels in 1921. Shipments were 119, 461,000, compared with 117,813,000 last year. Wheat receipts were 67,850.000 bushels in 1922 against 45,700,000 last year, and shipments were 60,885,000, compared with 41,078,000 in 1921. The big crop and unusual export de mand for corn were the principal fac tors in bringing in the largest corn re ceipts on record it was said at the of fice of the secretary of the board of trade. ' tush Grain Markets. Furnished by Jordan Wentworth & Co., Portland: DULUTH, Dec. 30. Wheat, No. 1 dark northern, $1.25 1.30. Oats 35 40 c. WINNIPEG, Dec. 30. Oats No. 2 white. 43c Wheat No. 1 northern, $1.09; No. 2 northern, $1.08H. KANSAS CITT. Dec. 30. Cash wheat No. 2 hard, $1.141.19; No. 2 red, $1.281.80. ' . corn No. 3 white, 69c; No. 2 yellow, 69 c. Hay Unchanged. San Francisco Grain Market. SAN FRANCISCO, Dec. 30 Wheat Milling, $2.252.30; feed, $2.202.25. Barley Peed, J1.501.65; shipping, $1.551.60. Hay Wheat, J1720; fair, $1517; tame oat, J1721; wild oat, $1416; alfalfa, $1921; stock, $1215; straw, $11 12. Winnipeg Wheat Futures. WINNIPEG, Dec. SO. Wheat Dec, $1.08; May. $1.13; July. $1.1214. Seattle Grain Market. SEATTLE, Dec. 30. Wheat, hard white. $1.28; soft white, $1.27; western white. XI. 20: hard red winter, soft red Local Securities WANTED i 20 Portland Gas & Coke Pfd. 20 Pacific Power & Light Pfd. 10 Northwestern Electric 7 Pfd. FOB SALE: 6000 Anderson Bros.. Inc. 10 Western Bond & Mortgage. 20 Luckel King & Cake. 10 Multnomah Lumber & Box Pfd. 5 Northwestern Electric 7 Pfd. Our Local Department for the re gale of unlisted securities of merit is indispensable to holders of theee shares. Highest prices obtainable any where. TOrect nrivate wire to E. F. Hutton & Co., Members New York Stock Ex change. dORDAN-WENTWORTH &(g SUCCESSORS TO Hsrrin & Rhodes me , STOCKS and BONDS . Broadway 4725. F reeman, Smith & Camp Co, Lumbermen BIdg. Portland Please send me, without obliga tion, details of your Partial Pay ment Plan. (Name) (Address) winter, $1.22; northern spring:, western red, Feed and hay unchanged. BKOCCOLI SEED IS SCARCE. Stores in Koseburg Banks Are Practically Exhausted. ROSEBURG, Or., Dec. 30. (Special.) Stores of broccoli seed in local banks have been practically exhausted, it was reported, and only a few pounds remain for eale. Because of the extreme value of broccoli seed it is carefully protected in bank vaults and in the safety deposit boxes of the growers, and is withdrawn only as reeded for planting. Broccoli seed recently increased In price from $2o to $32 a pound. Based on the price an ounce, broccoli Beed is three times as valuable as silver. Compared, however, with tlie territory covered with a pound of seed it is not much more ex pensive than wheat, for one pound of seed will grow enough plants to cover about eight acres of land. Broccoli peed is very difficult to pro duce. It takes two years to get the seed, which must be selected carefully from only the most perfect planta, for broccoli reverts to type easily and only by careful seed selection can tlie strain be perpetuated. The growing of seed re quires a long experience and very few growers have been successful in this work. Chicago Oil Market. (By Chicago Tribune Leased Wlm) CHICAGO, Dec. 30. Chicago F. O. B. prices: Gasoline, tank wagons, 18c; service stations, 20c; machine, 27.7c. Oils, summer, 11.4c; winter, 11.9c Carbon per fection. Iron barrels, llc. Linseed oil, raw, one to four barrels delivery, $1.03; boiled, $1.05. Carbon oil, packages, 25 pints, $6.25. White lead, 100-pound kegs, $12.75; 25 pounds, $3.40; 12 pounds, $1.75. Turpentine, $1.57. Denatured al- . . h . AR coho! 4fip Bond Issues WHERE LARGE SUMS , ARE REQUIRED, WE ARE PRE PARED TO CONSIDER PRO P0SALS INVOLVING IS SUING OF BONDS, OR PRE FERRED STOCK, BY PUBLIC UTILITIES, RAILROAD, TIM BER OR OTHER INDUSTRIAL CORPORATIONS HAVING A SUCCESSFUL RECORD BACK OF THEM. FEAR & GRAY 102 Fourth St OVERBECK & COOKE CO. BROKERS Members Chicago Board of Trade Board of Trade Bldg Portland. Pendleton, Walla Walla, Or. Wash. Direct Private Wirea to LOGAN & BRYAN ftew York and Chicago. MKMBKRS fir -vr York Stock Exchange, Chicago Stock Exchange. Boston Stock Exchange. Chicago Board of Trade. Aw York Cotton Exchange. New Orleans Cotton Exchange New York Produce Exchange. Winnipeg Grain Exchange. TRADE SAFELY IN 20 SHARES of any STOCK EXCHANGE ISSUE 7 DAT OPTION CIO PROFITS UNLIMITED $20 pcuATilf $40 Write for FREE Booklet 51. C. GOLDHURST & CO. Largest Put & Call Dealers In U. S. 50 BROAD STREET, New York SUCCESS In the Stock Market FORTUNES Made From Small Investments Write for Free Booklet, The Most Simple Explanation ot Profitable Stock Trading. We guarantee you- that your money In safe and that you get a square deal. ENNEDY & CO. Est. 1884. 74 Broadway, New York Members Consolidated Stock Exchange. r