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About The Oregon daily journal. (Portland, Or.) 1902-1972 | View Entire Issue (May 31, 1908)
;;op prospect NOT OF BEST Decreased - Consumption, Heavy Carryovers and Big Crops Hurt Trice, v. j ' By Hyman It Cohen. " ' :' :, ., :'. Considering: the present' situation: In its every phase It Is scarcely "wonder that practically every hop man la bear .Ish regardine- the immediate future of . the market and the price for next sea son. . '. Chief among the factor which go to cause & lowering of hop' prices' la, of course, the demand or .lack of It..' Just at this time several-, conditions enter to make tnis demand seem - less .' man usaal. While there has up to this ttme been but a small decrease in the amount of beer brewed in the United Btates. the decrease' la sure and has continued for several months. ( This, however, Is scarcely . the time-to show decreased beer consumption or brewing, for most of the beer is manufactured during the several months of . the sum mer season. . - - Already during the worst four months of beer-selling in the year, the brewera-1 have made 848.1 Zl barrels of beer less than durtna- the same period in 1907. The beermaker In general uses on an average or i pound or nops to me par sine;; RULES 0 T Heavy Reactions Disappoint- nig to ' Leaders Many Troubles the Cause. fi - . By Thomas C ShotwelL v( ,j(Hrt News by Longest Leased Wlre.fr t New York. t May 80. A condition' of nervous uncertainty characterised the stock speculation at frequent Intervals during the week, and there were soma violent fluctuations, with occasional Aa. .ine8'. Tn ' cnanK In the speculative oiiuauuiK in uig ttnori space' or aooul 10 days has been very 1 pronounced. Around Mav 14 til a hlrhmt nrli bull movement, and .Tun in vnanv .a ha wi ma year, were made. At the low point this week Lackawanna ahnwari a decline of S9H points, Missouri Pacific 19, Union Pacific Denver oV Rl- preierrea ja. t jfaul ll, 'PO0' Northwestern 9. Louis ville & NBahville . Great Northern: 8. Southern Pacific 8, Baltimore & Ohio 7 94. New, York Central ifc, and.Atchl- - This I certainly a heavy reaction, even taking Into consideration the pre vious great advance, and it was cer tainly disappointing to bull Interests, both larra and .mull. Tin frna m.ptnt had, many unfavorable things to eontend With. In tha flrat -nlarta. th waa lha " i w . . k. I lingering Influence of the rovtmnuuil i. i.. - nvu . i -.. 1 Suit Against the New Ha van rn1 during the four cool months of the new cAn?,t,urLyi-ff2rdel. opportunity vr tht brewers have .consumed 848.-1''. tne circulation of various rumors, 121 pounds of -hops less than 7r r'J.10 oa, unrounaea, , or ago. This means a fraction more than l f Jr " Z " "1. i"1" v.i -s i i w I Influence, however. hurt harrllv aiihaMa,! W. Tl . Aalft " - IT . . w kwm v. III, 1IIUU1WCHCRRI. -v- w m- I into Diav as a bear r.limanl an.4 h a Were onlv this decrease to be con-1 were verv effective, for th. ran atn t h a Tinuea aunne me rest oi in year it i me roaas in mat section war. in mmr would mean that the brewers of the condition to meet the damage to tracks l liuea mates iranninim ohicb vi i ana linages necause Or previous pro Iiods more in 1907 than. they did Inlnounced losses In imln. ; ,. 1908. However. Itibannot be expected But depressing factors did not end that consumption Will not show a fur-1 here, and rumors flew thick and faBt qiiddi V.-AMIY. riFMAMn-tfi I . rinn Tnrir in I SIUKY m IHt WUUL lYIAnKtlo 1 LOCAL WHEAT ther Ions durinar the hot months as com-1 in resrard to the, lmnanili nap rrntiht.. In pared with previous years. 7 the! southern ' roads. These ' finally While the American consumption nasi sifted down to the Wabash-Pittsburg iiwii uo;iraiai iiiwio uaa ieuiuimi ompnn74 Wnicn PSSSed Into derful increase In the amount of hops the hands of a receivership, and the grown. Oregon produced upwards of week closed with a very general belief 140.000 bales of nops last season and that other companies in tha system k aiuurnia proaucro nearly iv,uv wouia escape receivership, "While there will be a decreased acreage The monetary situation all over the to harvest this season, the production world Is easier, except In Germany. The here Is not expected to fall much be- Bank of England this week reduced its low that of a year w because last sea- rate of discount t per cent, and open eon a large per cent of the acreage was market quotations fell to nearly XV, per not picked at all. - v vm cent for first tlma In many years. . wimro u.v uui.jnru uwi.ci. wu. im: atuc or Franco Increased .Its et the money for harvesting the com- gold holdings to the unprecedented sum jng crop even the interests who arelof $608,000,000, but the German reichs- rn.ji iv, i ma u. mic situ maintains its discount at S say. Banking interests an agree . mat per c.nt, and tha week- closed with nn. ttiev cannot possioiv aavance tunas ioritimied bidding on the part of th In- ilV tha AMD ah 4 Vi a alma ioimi .1 V . . -;' M is when hops Ve high-tekin "I moft-l 5"lu" xor go.a ,n tnis marKet, this time therS are indications that the GRASS CATTLE FOR SOUND. rop may not oe worm me cost or nar-i , . bankers to take and considering the "rye-- ,hm Company Purchases difficulties they encountered during the October unpleasantness, they have learned a hard lesson. To be sure, al most anyone would advance nicking monev to hon irrowers if a mort trace on the yards could be secured instead of on tne crop.- , v , - : ; seU at low. Price. It la Indeed aore straits the hop pro- oucers nave louna themselves in when their product cannot be morteaa-ed even forfthe coat of gathering it, At.this time -and . for some time past Pacific icoast dealers have been selling hops snort to tne orewers at 8c a noun a r. o. . Portland. This means that not over Be or 6o could or would be paid the growers ana even less than that amount if the short sellers succeed In forcing the producers to take care of tneir product and mort rage tneir homes to pay for -gathering the crop this fall. Wltn the consumption of hops da. creasinff vary month and a gTeatu ds- traaaa axpaetod by aU before season is over and filling p of engll th fcrew houses with hoos that ees ths beer makers around 7o8o a ponnd f. o. b. the cars, Portland, 1 la quite avidant that a further decrease la the acreage Xnnst pa mad before tie bop business can again beoome profitable to the pro' anoar. -' V; k-ti- Because of the enormous supplies- Bunch in Orecron. w f enaieton. May 80. Five hun e dred head of range cattle, the '4,e w iirst snipment oi grass cattla to - f be purchased In eastern Oregon 4 this spring have1-Just beenpur- , e chased from VmatlUa county a e cattlemen by Nate Raines of this f city, buyer for the Fry-Brubn e company of Seattle, ! The ahlp- e 4 ment is the top, or choice , of , e e' about 800 head and will be mad from thla city on June 10 to ' 4 Seattle. .The remainder of the 4 800 head will be shipped on June ,20. The 600,;; head i of I choice 4 4 . were purchased at 14.30 delivered a at this city while tfie 800 head ta '' be' shipped'' June" 80 will go5, 'at''e 14.10 and 84.20.- Over 8,000 head of choice cattle will be sent .out or the county this season, prao- ticaiiy an of this number to be ready by July 15. - .. , . . - . '' By Hyman H. Cohen. . What : Is the trouble - with, tht wool market T. .";. v Why. are prices lower than usual T These two questions are being asksd b every sheepman, not alone In Ore gon, but in Washington, Idaho, Mon tana, Wyoming and. In fact, every state In this country ana In every wool-producing country In the world this season. There is scarcely anything the matter with the market juat at the moment St aeema to be a case of demand and sun- ply. In all lines of manufactured goods there has been a curtailment oi opera tions since the October crisis. ' Many thousands of men have been thrown out of employment in the United States since the panic, and the wanta or these men are much more limited than they were when they had steady work and at wages that were the best in years. - Thla caused a sudden stoppage of de mand for wool, that had been in a very excited stage for several years. Dur ing that period prices went far beyond their ordinary - limits; so, of course, while tip-top conditions lasted, wool men were In clover. Now, with the sudden stoDDaa-e of much work, the throwing and the reduction iof wages in man lines, wool manufacturers found them selves with heavy stocks on hand. Most of them purchased very heav ily of wool at the enormous values of a year ago, and when the panic came they atill had a la rue per cent of this stock on "hand. ' The new wool clip therefore finds the clothing manufac turers with full stocks Of manufactured foods on hand. ' They cannot buy more rom the woolen mills because they al ready have more goda than they care to carry at this time. The milling peo- fle therefore are forced to hold nacK heir purchases of raw wools because they cannot . find an outlet for the manufactured product.- The lesser de mand and the normal consumption win therefore combine to pull down prices. . That seems to be the wool situation for the 1908 season in a nutshell. Ac therefore has no Interest In the price ene way -or the other:1 At tnis time; there is tu a -small amount of wool grown in the Wlllam.nilarkct ' AltllOUgll Quiet IS etts valley. that can be classed as fine.l - . , t, TT -TTw,i' -r ...i noming up wiiu. jumie Stock Offering. -There was a very firm tone to the lo in, rears cone bv the . Willamette val ley produced a 'very- large per cent of fine wools, but of late years, on ac count of the high price of mutton sheep, the woolmen have been gradu ally getting Into the coarser grades,, until at this time onlv a small por tion of the total clip of the Willamette - ' " I " valley sheen can be araded fine. The c1 wheat market during the past week's small amount ... of fine wool produced I trading on the Portland board of trade, here is quickly gobbled tip by the mills, Praetieallv little wheat la tielna- offered which pay -aometimes 8 or 4 aenta , fraiicaiiy mtie wneat u being offered pound over ordinary quotations, but I Mne ana men omy at a price tney can wen siiora to oo tnai necauseitnat is very close to the dollar' mark. Viyj!!!i not buy the coarse stuff at Thef a conUnuatlon of the demand A I VIU VBUlVi ' IS 4AVI1U UU lit It 41VUUUIII U COXSIGX WOOL TO EAST. thT,uUmrDraotiiiv la scarcely a Question as to "what we would like to pay. pay.: but "what we can As to the WlUametta Valley. There seems to be much indignation among some Interests in the Willam ette - valley as regards the - low prices generally . ruling on valley wools. For years the wools from the Willamette valley have been among the higher- priced In the country. Now buyers will .ay no more ror tne vauey stoca man hey would for the ordinary run else where, Woolmen ask why. Here's the exDlanatlon of a buyer who purchases only on commission and1 malning supplies held by producers are MUllon Pounds Already . Shipped -Lr willing ? Vet ""rnere" from xaano Miinout Aarancca. seems little doubt at this time that It was learned that approximately ,ther will be an actual shortage of 1,000,000 pounds of wool from this year s J"1! wh "UPP"? beJf. th8 new crOD clip has already been shipped out . of is ready for grinding. MUlera are scour- thls stata to . the eastern market on ig the xonntry in an effort to land nrnil.nm.nti hlrh war. maila hafora btOCKs: this lOO in the face Of the lona- the clip started by local sheepmen, aaya eontined dullness In the export flour the Boise (Idaho) News. trade. a. . The -clip Is better than usual and as There is only a semblance of trade In larre as . that of last year, the grade the export flour market. Some millers being finer. ) .' - profess to be asking high prices for When asked If it would be possible their product but it is a notable fact that the Idaho producer would attempt that even those quoted S6o a barrel less to centralise their wool with the cur- are unable to land any arrest amount of pose of holding H - for-future delivery I business. - During -the week - all grades ami until tne marxet onens un ana Dei-1 or local riour .excem vaiiev uviiimii ter prices are offered, the sheepman too a barrel the latter grade remaining said that he had heard nothing to this unchanged because of the nominal busi- effect and that Tie did not think this neat. i , would be done, although the conditions Mlllfeeda are quoted firm but at tin- rlght now are so unusual that It would changed values but there Is not so much be hard to tell what would result. strength displayed In oata and barley. A query was advanced as to wnetner I However, neither market le showing any any of the Idkho clip this year had been 1 faltering of values, sold at lOtsehts and this i was Instantly L The- hay market Is firm for best aeniou wiin in- answer iimi iu. I graaes ..with I prices ; quite well main WW WVUIU Ul Ilia wk ytlVV a.iawMV 1 UilVQa ' v 1 that anywhere, v : I- - - ' ' " 1 several or tne eastern ouyera were consulted at the hotel but without ex ceptlon they had nothing to otter. When asked how long they Intended to stay vln this territory and what their plans or offers are about buying the Idaho cup, tne Duyera railed to com nrehend the drift of the conversation and said they did not know.' They are apparently waiting. Local woolmen have been Informed that business rushed for the Utah Wool- SUGAR BEET CROP PROSPECTS BETTER owers association recently when the I T?irfif Planting Alrnnat f!rtTri. alt Lake office filed with the aheei men from different parta of the state who had come to mak arrangements to store tneir wool in tne east. BUTTER PRODUCTION CLOSE TO FLUSH OF THE SEASON plete Failure and Sec-" bnd; Looked Bad. . IDAHO WOOL: MEN WORRY. nearly 100,000 balesexported thus far tifj.'i.j.n..,..- , "" during the pr-osent season as compared Wonder Just What's Going to Hap- with 63.8SI bales for the same period pen to this Price This Season, a year ago, and a normal exDort shin- .-w . ment of about 60.000 bales annuallv. -V'u"".l A""la-' ay una wool . English and other foreign brewers have P," ? "? "0.? ?, fB ' dls- a suiricient amount ror hops already I J. k1i "uy: !n their . warehouses to Insure them fT. r?Ju!!.be.Klnnl"-to com 1 and against any materia advance In prices ,V,i . !i,rlJ?f?ml "me ,n.th" ine coming season. All or these hops i "T-,- - Z. I . ,'"ra fcent abroad-only- a small part has 151' l bA ?Sl,rl1 vn h.and t...-: I may be disposed of. Th.n h. hu. ..in iik .1 u ioi, 1 brought to the forwarding hnn... ornn anrf anma 10nK.o7(ll ha nmA with I thla City 'OVr a half million DOUndB. at only a small amount of new hops fori w. !lfx ana eignt the sake of fresh flavor. - ' - i 5251 . arrlvtaf every day . While we have but few bales of hops A.'J''"., r 1 " ""nging more, remaining here in Oregon or on the J.lf-'JS.011 ' TeT&2 as befng seri- Iiad every bale we sold to Europe this fected largely .by. the .condition of iReason- because every . bale of low- the stock men and farmers, priced hops they purchased from grow- 1 "l.5onlpany ,n.tnl section that has rs in 1907 or 1908 will be a baJe aaralnat brought the greatest amount of wool Tne price-ror the 10S crop. Brewers I ir n''ii" oiDDaid Mo- hi. i..a. .n4 vnu. .Anv. I Kenzle. the Ovrhm mumtv nm.... well orenared for anv shortage which which has sheep ranches scattered all production may show. - , , I through the southern part of Idaho uiu uuiuioin i-cBiin, xnese men have OP XEW T0BK BANKS fld7aa4S2-li'-J?"i- f- I " " " MJWlt ' P ' r ' . I 1 New-' York. Mar 0 Weekly state ment or New York banks lor live days: Members' daily average cash reserve, 88.72 per cent. Reserve rtenrensn. 1H K7B..175: do. leas 1J. H. decrease. ll,27,326; leans, de. rrease. S3.920.400: aoecie. decrease. 113.- S26.600: leeals. increase. 11.968.600: Jde- rosits, decrease, sil,l34,600; circulation, cerrease,' 4.id,uu. Mem be re actual cash reserve. 28.68 fer cent,.i ' JResorve.- decreases - $9,017, 75: leasees' decrease. S11.1S7.500: loans. fiecrease, ,1,411,400; species, decrease, S14.618.200; legale, , Increase, $2,892,800; deposits, decrease, $12,830,900; circula tion, decrease, lS7.voo. ... -.-.-. Non-members' loans. Increase, . $5,- li.WUy,-,'- r -. -y-.. .,.. ; . . Species, Increase, S2.E87.Z00. Igals, increase, 171.600; total deposits, in crease,- J12.741.100; total deposits, elim inating other , banks and trust com rnnies in New York city, increase, J 8, 2SS.100: aggregate reserve on deposits, Increaga, $9,634,000. - . . Percentage of legal reserve, $3.40 . percent for five days. ; , uecreaaes are due to the heavy government-withdrawals. STEELHEAD SADTOX' PAYS ANOTHER VISIT Tha nroductlon of butter Is set in g very close to the flush! of the season, from present Indications, although It Is quite possible that a atill further in crease will be shown as soon as warm weather.' remains with us for several consecutive days. ! During the past week the recelDts of cream at Portland amounted to $6,180 gallons as compared with 80,026 gallons last Week, an In crease this week of about one fifth of the total output.- During the week the receipts of butter . at Portland from outside creameries amounted to 1.197 boxes, as compared with 771 boxes a week ago, an increase this week of 431 boxes over the previous six days. This indicates that the country creameries are receiving the bulk of the Increased cream recelpts.il- s . . i . The receipts of all produce at Port land for the past week, as compiled by (flDwdal tMmttea to The 7oaraal.l Nam pa, Ida., May 80. Prospects for tne sugar oet crop in tnis section were much -Improved during the past week, the recent rains; having given the sec ond nlantlna- a - rood start. . The M. backward spring caused almost a com plete failure of the first planting and iwnen tne extreme dry apeli came on. after the second planting, it began to look discouraging for this season's campaign of the Nam pa factory. Con- auions are mucn mora lavorame at the board of trade, were: Apples, . 13S boxes; asparagus. 87t boxes; apricots, 48 boxes; beans, 43 sacks; butter, 1,199 boxes; cantaloupes. i ""'.'L ?I7'A on.ee.""' present and Manager Horn of the fan .orn f ii.ST "ivcn ,e lor w-.-feels assured that a better c?eVm' Tin nnn-.Cra-Vt.Kx"i run Is in store , for the factory than h2 f Li.? i 1 H last year. Speaking of the Industry -ef cStes- erlra lSi -IsS-?- in Ja,slnr bMt th,' "on he said the hV..' Jih eSfwf;. ?lwnt,tl? 'aimers are beginning to learn .the boxes, fish, 63 . boxes; fruit, .131 value of thorough preparation of the K!t,fIiP, r?i.f.:c?"f":Lh6s.- 42I ' UW beets and that their efforts hXw.i i n . Tr. If. VT. aj I that direction throughout this com """" wv vnwen, aaTMWitBa X Uva( I Jllll filly Kri Vf milk, 78 gallons; mutton. 63 head; on-1 factory people, ions. 37 sacks; oranges. 1,8 boxes; I pfneple.'."' Tboxe.tatoeV P.TTPOP A AT TP A TlTVl crates; rhubarb, 187 boxes; squash, 8 ouxea;. virawmrriM, ,u . crates; to matoes, 48 boxes; veal, 849 head; vege tables, (98 boxes.- y munity are very, encouraging to the )IN IN STQCK9 IS LIGfHT THOMAS O'DAY Candidate for Reelection CIRCUIT JUDGE,, Department No, 2 No. 33 on Official Ballot OLD POTATOES ARE IN MUCH v. BETTER DEMAND THAN EVER : The old potato market was put under a severe strain In California during the week:-- but It had . no weakening effect upon the local situation for the very roM reason that available supplies of potatoes here are not more than ade quate to fill tne wanta of the trade until the new orop la ready for the table. New potatoes that are at present com ing from California are of rather poor shape, except perhaps the garni chills, which are better than the other varie ties. It will be fully a month before Oregon potatoes will be ripe even the earliest of -them and not until . that time -will the California stock be'ln- a condition where It can successfully coro- gete with the old potatoes from Oregon :y that time all the old stock will be consumed, from present Indication . (Heant Newt by Longest Leased Wlra.) e New York, May SO. European 4 stock markets -were dull' today, - owing to the holiday in America. Americans at London closed firm ton light trading.; At Paris trad-;' lng on the ; bourse was heavy, : and rentes were weak. e. . change on London was 26 francs, 1 H centimes for. checks. Bust- -ness at Berlin was quiet Prices were slightly lower. Exchange on London wag 10 marks 41 pfgs. for checks. . -. , . 4 SHIP HEAVY YEARLINGS. who are engaged extensively In the raising of sheep and who have' aent a 5reat deal of wool to this place are: ndrew Little of Emmett, - Keith "of Owyhee, Walter Bibbaid and Bruce dc McCloud of Owyhee. , . heavy sheep SHipansyra Heppner Has Already Sent Out 113 Cam Chicago Parties Baying. "4 t (Special Dlipatcb ta Tlx toaraaLI -. ; Heppner, Or., May ;,. 30 These are busy times for every one in Morrow county. Notwithstanding the low prices on sheep and wool, up to date there have been shipped from the local stock yarus aja - vara ox sneep. ers, ,head the list so far this season with 64 tsars. ' Most of these are going to Wyoming points to graxe during the Echo Man Sends Out 9,000 Head Weighing 100 Pounds Each. Echo. . Or.. Mav SO. ft N ... RtanflaM has Just- shipped out- 6,000 of the best summer tnontna anil than wtn k- 1 - . . ; " 1 yearnngs ever snippea from this point, shipped to the eastern markets. , J many of them weighing 100 pounds af-Rwa--Brothers- Bheep - company; who 1 JO unda of wool lad been sheared iirura ureir uuukb. i ney . were SOla 10 are usually the heaviest shippers, fol- iow 'a cioao BBconu in tneir buying. Prices v are ranging from $8.25 for yearling wethera to 13.75 per head for ewea. : . . , J. Reynolds of Garrison. ' Nod m Waste of Time. From Life. , Feed for Sheep. , Echo. Or Mav 10. Josenh Cnn'na a big sheepman and landholder of - this place, nas lust purchased 700 additional acres of land from C. R. Lisle for There was to be a meeting of I about three miles 'northwest of Echo ana vo acres is airaira, and the bal ance is grain and pasture land. ' : Mr. y creditors today. Tod Well, wasn't theref Bicknell ifoiSa-'T' r-hVa, 1 .k"Na Shf '"' that Cunha will use this" pUci 5 feeding Bicaneii at oxman, the Chicago buy, they couldn't afford to spend the time." 1 sheep for the markets. PORTLAND ROSE FESIWAE? , JUNE 1 TO 6 n A Week o! Carclvsl ad Gaiety I ; ; Gorgeous Parades by Day. k' ' Brilliant Parades at -KtAi" OA Land and Water. Boat RacesAthletic Field .Contests Automobile Races, ft 'jjF Grand Fireworks Display,- LOW FARES f(?rf 'It riff I .V t 5v. W LOW SUMMER TOURIST FARES To the East and Return. ,- ; Tellowsfone Nallonal Park - Round Trip FaresNamed to and Through the Park."'11,1 NORTHERN PACIFIC RAILWAY For full information regarding fares, routes. ' etc., . call : on any agent of the company.. 1 255 Morrison Street r A. D. CHARLTON Assistant General Paseno-r . A o-n ---o -.,. .. . . .v. a -,' Portland,' Oregon- OverBech & Coahe Company OnMondav mornina will resume -the ' onlv nrlvata i wiia uni 'a-.w. y Portland to eastern exchanges and will havs . unexcelled facilities for the purchase or sale of . , t-. STOCKS, BONDS, COTTON, GRAIN vwaf waau. mm aai auuia.ll axe - 1T SUUO QaT - TBASB t ,4 riN Btrxxozara Correspondents Logan A Bryan,' i Chicago and New York. e e w W . 'It has been fully a week since steelhead salmon made " their first . appearance in4 the locaf market Their disappearance was flulte a sudden a their appear ance, and those who had ' hoped that the fish would aonear In great numbers Were disappointed. Ye The appearance of the steelhead salmon In numbers Is an indlca- e tlon. ; according V to ' fishermen, !e mav warm weatner la approach ing. In any 'event .quite a bunch of steelheads put in an appear nce yesterday. '- and there are good chances for better weather during the rose festival. The new Justice's Office.. . ' fnaer the riew law there are two jus tirea of the pence tf be elected. J. W r- U nrl i-rel Olson are the regular l .-nublltan iiottilnces. Vote for two m X 3; W. BtU and 120 X Fred aa . .... - - v w ay-w V .a.av. 0110 VII lUBllwlSjl " ' - - ' - ' ' 1 ' ... -- ii . ' 1 4 llr-- :-,! - - - v- '--V - AX N-lLL ' : ' r 7 ; 1 - : r3 1 V). ,iS;H.VVy j ii . . i y i in 111 f I I I X. V mr AT .. ' ... X ww 1 r . . .i ' I fl 1 1 I . 1 m : ' E 1 I I i . 1 . - V 1 '. . W : & m : M II -i. ' . I I I ' I I ' a r' I I I . X I t, ;'::;-,':;!v'::V--'S ' - - ' : -r !