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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (Dec. 31, 1922)
THE SUNDAY OREGOXIAtf, PORTLAND, DECEMBER 31, 1023
HDP PRICES SHOW
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
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
"he feed grains were quiet with oats
unchanged and corn 75c SSI higher ihan
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
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
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
Year ago . . 65
Pea. to date 8.903
Year ago 6,789
Friday .... 35
K48 245 101
B05 147 92
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
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
The records of the Merchants' Ex
change snow grain, flour and hay re
ceipts at Portland for the past ten years
Wheat Barley. Flour. Oats. Hay.
EGGS WILL BE DOWN TUESDAY
lower JJuying and Selling Prices Are
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,
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
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:
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 of the Northwestern
cities yesterday were as follows:
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:
Tacoma (transactions) 14,655,000
Portland bank clearings in December
Total Portland bank clearings for the
1917 , 868,331,422
PORTLAND MARKET QUOTATIONS
Grain, Flour, Feed, Etc.
Merchants' Exchange, noon session:
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
38-lb. natural ....36.80 36.50
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;
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
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
RICE Blue Rose, 66c lb.
COFFEE Roasted, bulk, la drums.
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.
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,
GASOLINE -Tank wagons and - iron
barrels, 2jc; cases, 26c per gallon.
DISTILLATE Tank wagons and Iron
barrels. 18 lie per gallon.
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,
DRY SALT BACKS 2023c; plates,
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
Flooring ' High. Low.
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
No. 2 & B TO.OO 65.00
Finish No. 2 and better
1x8 10-inch 60.00
Casing and base
x4 No. 2 & B 40.00 87.00
1x4 No. 2&B 40.00 38.00
1x4 No. 3 ' 37.00 36.00
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
Fir 5.00 4.25
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
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 &
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
Hartford Fire In
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
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
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
"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-
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
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
OWL DRUG COMPANY PROSPERS
Tear Now iEnding Best in Corporation's
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
S HELD NECESSARY
Immediate Aid of Federal
BUSINESS IN GOOD SHAPE
Report of Bank Superintendent
Shows Resources of State In
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
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
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
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
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
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
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
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
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
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
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
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,
I&ggs steady; Faeine coast whrtw,
firsts to extra tfireta, fiUg'Sc,
Live poultry firm; chicJcena by express,
32$2"3;; dressed poultry weak; turkeys,
CHICAGO, Dec 30. Butter unchanged.
Eggs unchanged; receipts, 1989 cases.
Poultry Aifve higher; fowls, 1523c:
eprings, 19c; roosters, 13c; turkeys, 25c;
SEATTLE, Dec 30. Butter and eggs
unchanged. , e
SPOKANE, Dec. 30. Retail prices of
eggs dropped 5 cents a dozen today, to
b0$&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
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
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
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
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 $350.00.
Delayed delivery. Details on ap
plication. Trans-Atlantic Estates &
Foreign Estates, Bonds, Securities.
210 Exchange Bldgn
Second and Stark Streets
Start this new
Because it combines in one book ALL the
forms necessary to keep a complete, and
accurate record of ALL your investments
and in addition shows at a glance all the
information necessary in making out your
income tax return.
Sent free without obligation
yesterday and today estimated at around
Leading futures ranged as lollops.
rinm. HI eh. Low. Close.
Dec. ..$ 1.27 $ 1-27V4 t 1-23
May.' 1.22 1.22 1.2014 1.22
May . .
caaft prices were as iouuws.
Wheat No. 2 hard, U.25.
Corn No. 2 mixed, 78ViiS74c
Oats No. 2 white, 44 c; No. a white,
Kye .no. 'z, nwc.
Timothy seed $6.r0.
Clover seed $152U.25.
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
good, 54 67c; lower, 60(j53c.
RV&-JNO. 2. BZ'J&c; IO arrive, o--.
FlaNo. 1, $2.562.57; to ar
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
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
tush Grain Markets.
Furnished by Jordan Wentworth &
DULUTH, Dec. 30. Wheat, No. 1 dark
northern, $1.25 1.30.
Oats 35 40 c.
WINNIPEG, Dec. 30. Oats No. 2
Wheat No. 1 northern, $1.09; No. 2
KANSAS CITT. Dec. 30. Cash wheat
No. 2 hard, $1.141.19; No. 2 red,
. corn No. 3 white, 69c; No. 2 yellow,
San Francisco Grain Market.
SAN FRANCISCO, Dec. 30 Wheat
Milling, $2.252.30; feed, $2.202.25.
Barley Peed, J1.501.65; shipping,
Hay Wheat, J1720; fair, $1517;
tame oat, J1721; wild oat, $1416;
alfalfa, $1921; stock, $1215; straw,
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
20 Portland Gas & Coke Pfd.
20 Pacific Power & Light Pfd.
10 Northwestern Electric 7 Pfd.
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
Highest prices obtainable any
where. TOrect nrivate wire to E. F. Hutton
& Co., Members New York Stock Ex
change. dORDAN-WENTWORTH &(g
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
winter, $1.22; northern spring:, western
Feed and hay unchanged.
BKOCCOLI SEED IS SCARCE.
Stores in Koseburg Banks Are Practically
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
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
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
FEAR & GRAY
102 Fourth St
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