THE OREGON DAILY JOURNAL, PORTLAND, WEDNESDAY, JANUARY 24, : 1917.
1?
SUPPLY. AND DEMAND ARE REGULATING THE PRICE OF EGGS
Ediud by
Hymn H. Cokn
POTATO
MARKET
IS
MASS OF EXCITEMENT
IN LOCAL TERRITORY
BIGGEST STORAGE TO
HANDLE FRESH FRUITS
By Hyman H. Cohen.
Th Pacific northwest fruit industry la rrowinr mo much In lm Dorian c
that leading men connected with the buainees are hurrying to eatabliah connec
tion here
The latest is the Earl Fruit company or the nortnweat, which la connectea
with the Earl Fruit company of California. Joseph DeGiorglo, president of the
Karl Fruit company of California, is president of tb northwest corporation."
He is also one of the biggest, if not the biggest, individual In the general fruit
Market T- KrAra1rivA Affair With 1 trade of the United States. He operates several fruit auction companies In tne
mv&c 11 opecuauTe AHir, IVtui l . . n1. h,vv tVl. Kann trade. In fact, ha ! tha on
Many Dealers Incline!! ,t Boost individual that the United Fruit company is said to fear In the banana game.
As soon as the war is over and ships again become more plentiful, it Is likely.
to Aid Themselves Government
Contract Bald to Be Awarded.
that Mr. DeGiorglo will ship bananas to this coast from his plantations and
use Pacific northwest fruit as a return cargo, possiDiy to nairope.
One or tne DlX thlnsrs that the Karl fruit company or inc novmwesx nas
promised It will burM the largest individual cold storage plant for fruits In
this section of the country. Two storage houses of 600 cars will be con'
,. . . ,h. I striicted ; one at Yakima and the other at Wenatchee.
inters. F. V. Martin, th district field manaff
above wnat tbey caa actuallT Mcare lor tbalr interests buying prunes and other fruits In the northwest for many years. For
nr.rtf Ishai
wo. a. a- .--- I Ul 1U&IIU.
xu ai inox ia apc - .. T . T,Tharn , tha Rnolcan. eountrv will ba reneral minanr
wim itv uiumui.B - 1 of the company.
and ck sod twine furnUhed. paid for e-1 Wllmer Siee. for some time sales manager of the Hood River Apple Growers'
ut m,ii. t h nrni there r I association, will be sales manager of the company. Mr. Sieg. with a salary of
k. r..w m th buTtn war and 110.000 a vear. will be one of the hlsrnest priced fruit salesmen in tne country.
thU is eauala- muca coocera to th gancrai 1 ine company win maxe its neaoqnaners at epoaane.
trade ! District offices will be established with men in charge at Medford, North
The bit-beat price bring paid for potato Taxi ma, Wenatchee, Milton-Walla Walla, Twin Fall ana two outer points la
at other points la t.J per cental ror -i iwdu
lctd quality. Quit fair stocks were pur-
tbaaad at ula price auric a isat JJ noura,
altfeoodi faw of the bajrtr are willing to
-confirm socb Information. The fact of tb
a:tter is that bartra are paying the conn try
abont averr rent tha market will atand for
potato at this rim and seme are actually
paring more.
It to atatad that a California dealer who
secured a big government contract for potatoe.
la- sow la ta city ana t&is may eus
SPECULATION IS SAID
TO BE CAUSE OF THE
TIMBER TRADE LOSS
Instability of .the Market, Reports
to Government Forest Service Is
Responsible . for Much of the
Troubles of the Industry.
i Eggs Demoralized;
Eedeipts Heavy m
Front St. Markets
farther nnheaval of values.
Oanaraur aneaklnc. the market is a specu
lative affair. Moat ef the dealer pnrchaaed
supplies aome time ago when values were
rack lower, ror that reaaoa tney are in
clined to "booat" ralua.
Sales of Candled Made Down to
34c Dozen Case Count at
82c to 33c as Top.
TEAL MARKET IS WEAKER Market for cc is again weaker and lower
Market for country killed calve ia weaker Atroil or c"tle atock are anown at
and aome coneefona are shown in the price. I Me a down, which mean not al'ore 823
Crlea of beat calvea were ahown along the for CU(I or cul.rcnt recelDta.
COUNTRY HOGS ARE FIRMER
may be aald to be thoroughly demoralized.
Coon try killed hogj are ahowing a flrmei " w " --" "l
inr, tha vhoiul war with the lui-1 ecgs down at thla time. Hoppiy ana oemana
proved price and demand for lWeatock. While ea the factor and generally rales the trad
the bulk of aale are auown at lavfcc im i wurr r
tooa. tha trend of the trade la better I aeceipie or egga aiong tne aireei are uaiiy
UniUIa DlkliUi.u Dwiix nore than Uken care of
Salea of onion n the local market are I Some interior demand Is shown, bat buyer
verr alow. In fact, the trade here aaa been I there are not paying more than compelled to,
filled with eupplle of No. i atoca ana wnow i storage trading axi practicauy ceaea nere
Limited Trading in
Wheat in Northwest
With Price Erratic
Situation in Chicago Mixed, With
Good Foreign Tone Want
State Grain Inspection.
NORTHWEST GRAIN RECEIPTS.
-Care-
kler cannot secure extreme price tor the I at thla time, practically the only buyers be-
lt quality. Market firm In the country. lng the cheaper-priced reataurants.
WOOL SELLS AT BIG PRICE COTTON DECLINES FOR
What la eW to be the extreme price re
ceived for Wlllnmett valley wool la Indicated
br tha reported aale of coarae atock of tha
Id Id clip at 41c a pound. It Is ctated that
the Columbia Basin Yiuol Warehouse company
boa made some high priced sales recently."
LACK OF BUYING POWER
HALIBUT GOES TO RECORD
Price of halibut has advanced to the record
tn' thla market at ISr a oound for the limited
offerlr.ea of fresh atok. There Is also a rreat 16 to 18 points higher.
New York, Jan. 24. (I. N. 8.) There was
a lack of buying power In cotton at the
opening today. Declines of 9 to 16 points
wtre recorded at the outaet, with the ex
ception of January, which opened 4 point
higher.
Price at Liverpool were 8 to 9 polnta higher.
An advance In the afternoon carried prices
Realizing near the
scarcity of salmon. On account of the closing cloee caused a alight setback, final prices
of the sen sou for shrlmpa December 31, the showing a net advance of 3 to 10 points.
ci rket since that Hme has been supplied
with cokl storage meat in can.
Range of New York prices furnished by
BRIEF NOTES OF THE TRADE
Chicken market erratic but abont nncha
In otire.
' Canby rhubarb eelllng fair at lSe a pound j
ror hothouse.
Trend of the butter trade contlnuea firm
at foil price.
French artichokes are higher at fl.001.15
dfcen for fancy.
Trade In beans ia very slow because of the
extreme prices.
SHIPPERS' WEATHER NOTICE
Weather bureau adviaes: Protect ehlpmenU
dcrtng the next 48 hours as far north aa Se
at 11 agalnat minimum temperata-ea of about
So degrees; northeast to Spokane, 20 degrees;
aontbeaat to Boise, 30 degree; aouth to Ash
land, 88 degrees. Minimum temperature at
Portland tonight about 40 degreea.
JOBBING PRICES IV PORTLAND
Oierbeek X Cooke Co., 210-217 Board of Trade
building:
Open. High. low. Close.
January 1679 1601 1660 10S5
March NWO 1705 1670 1606
May 1698 1724 lti88 1715
July 1691 1722 1687 1712
September 1615
October 1599 182T 1693 1617
December 1604 1634 1604 1624
BANK STATEMENT OF COAST
Wheat. Barley, fir. Oats. Hay.
Portland. Wed.. 6 2 8 4
Year ago 8 .... 6 .... 1
Season to date.. 3602 138 1001 1605 1600
Year ago S104 1328 1048 813 1478
Tacoma, Tuea... 6 1 13
Year ago 12 2 15
Season to date.. 4782 110 .... 234 1883
Year ago 6676 470 .... 244 1W
Seattle, Tuea... 2 .... 9 8 4
Year ago 13 3 18
Seaaon to date.. 3780 365 1020 1006 2645
Year ago 7062 1214 1488 734 3064
Wheat market was rather erratic at Chi
eago during' the early trading with aome weak
net indicated at the start.
Situation la the Pacific northwest trade la
rather -quiet, although aome trading la shown
in small volume at interior points.
The local trade ia making a determined ef
fort to secure the passage of the a tat In
stectlon grain bill, because It realise that
the law will remove aome of the c&nee of the
difference of opinion aa to the grading of
grain. !
Flour market Is ahowing a ateady tea, bat
despite thla some of the mills are aald to be
shudlng value.
Bruomhall cabled from Liverpool:
Liverpool wheat firm with demand good. Ex
port offer light. Oat firm, spot demand
good: offers light. Provisions strong. Flour
strong but dull with sillers' supplies moderate.
Argentine weather la generally clear and
hot. Freight are strong.
Australia Many estimates Indicate yield
of wheat of 130,000,000 bus be la, but oar agent
as ye 100,000,000 buahela will sot be exceeded.
France Wet weather and the situation la
bad. Froat and snow is of ntmct Import
ance. Demand for foreign wheat la large.
United Kingdom Crop la backward with the
a c ether unfavorable.
FLOUR Selling price: Patent SS.40: W0
1617 lamette valley, $7.90; local straight, $7,604)
8.00; bakers' local. SH.204gg.40; Montana
spring, (9.40; export, $7.33; whole wheat,
88.60; graham, 88.40; rye floor, 88.75 pet
barrel.
HAY Buying price, new crop; Willamette
That unstable and partly speculative forest
ewnerablp In the weet and sooth is the cease j
of frequent over-cutting of the market and
waste ef forest resource la announced by
the forest service In a report jnat off the
government press. Too large stork of timber
acquired from the public domain and too
much umber specaiatlun mixed with the man
factor of lumber, saya the service, underlie
the present Instability of the Industry.
ill thla. tn service polnta out. coocera
the lumber user. Many atatee are paying
dearly for lumber because their ewa timber
ia need largely up, and outside supplies caa
be obtained only at high cost for transporta
tion. With little being dose te grow new
forests on caterer landi, a more widespread
shortage ef forest product to threatened in the
future.
Th forest aervlc advocates varum forma
of open-price cooperation among lumber man
ufacturera to aoake th Industry mora era.
dent and check wasteful over-production. Bat
It la strongly against changes in the present
competitive character of the business through
combination to control output or regulate
prices, even though advocated la tha name
of conservation.
The report contain the boiled-down conclu
sions of a study of timber ownership and
th lumber business, undertaken by the forest
service to find out how thla bartnesa aa con
ducted today affects forest conservation and
the Interests of the million of users of wood
In tb United States, and to see whether the
public policies for conserving the nation's
forest wealth go far enough. It la also sought
to help the industry solve the serious prob
lems which confront It. Added weight is given
to the report by th concurrence In Its pub
lication of th federal trade commission,
which cooperated with the forest service In
the Investigation. The commission, however,
reserve its specific conclusions or remedies
for a report of lta own to be published later.
Th for eat service Hods that the mala prob
lem of the lumber Industry haa grown out of
the hundred of billion of feet of timber
acquired cheaply a lew yeera ago from the
public domain. Lumbermen In the west are
cirrylng vast quantltiea of timberland beyond
all possible needs of their present sawmills
and logging camps, widespread speculation
during a few years of sudden development
cxrrled timber value very high, and many
western atumpage holdings have been over
aanlmliaari
The bualneaa of making lumber, any tne re- !
port, haa thua been loaded down with Inveat-
ments in timberland. The productive brancn
AMERICAN LIVESTOCK PRICES
Chicago, Jan. 24. 'I. N. & O a 13-ccnt
advance shipping bog- sold st $11.50. and
Cher were few below $11.00 Supply waa light
ever j where. Cattle trad waa strong and) tb
steep market had an upward tendency.
Omaha Hogs $11.81.
Omaha, Jan. 24. (1. N. a.) Csrttl 7406,
strong. Beeves, 8T.75OH-10: cow sad belt
ers. gS.OOQ8.50: stockera and feeders aa
.SO; calve. $8.004212..
nor Receipts 18.VXJ. lOc higher. Mixed
ana Dutcner. aiu.iilJJCU; good and rnolct
havy, $1140411.25; rough heavy. giOMXa
ll.lOr light. $10.5O4J11.10; pig, 58.25ai0.26;
bulk. I10.8O4J 11.10.
Sheep Receipt 11.800, steady. Yearlings.
$10.7O 12.50; wethers, $9.60ei0.50; tombs.
$lf .83 tf 14.85.
St. Louis Hon flLM.
St. Loula, Mo.. Jaa. 24. (I. N. 8.) Cattle
Receipt 4300, Including 8O0 oatherns
atrong. Native beef ateera, $7JK311.S0; yearl
ling steam and belter. $8.00011.60; em,
$S.C0eS.50; stockara and ftdr. $6.8038.50.
l-aaaa I -Baaaaaaaaaaaaai
ear, $6.00014.50; Texaa steer. 83.5068 00:
nrtae aoatbar nx steer, S9.00r.uu; beer
ecw antf-aelfer. $4-S04J7J0; art yearling
and hatfera, $7.6OJ9.00.
Hog Receipt 10,000. S4J10 higher. Mixed
$11311j$6: good. $11.50011 S; rough, $10.T5
eil-OO; Ught. $10.851 U JO; pig. $a.OOj
M JO; balk. $11.004Jil SO.
Shop Beeernt 50J, steady. Ewes M-B04J
10 20; yearling, $11.00212.25; lambs. $11.753
MAO.
Denver Hoc $11.16.
Denver. Jan, 24. (U. V.) Cattle Receipts
8000. Steady. Steer. $7.OCJ10Jk; eowa a ad
heifer, $COO2T.7S-. tockers. end feeders. $6.74
29 ?S; calve. $&.00f 10.50.
Bogs Receipt sou, atrong to 10 higher.
Top. $11.1; balk. 10.9Oeil.0O.
Kbeep Receipts zooo, steady. Ewe, $9.00J
t.60; tombs, $la-0Ovjl.50.
Xsassa Caty Hogs, $11.41.
Kansas City. Jaa. 24. I. N. 8.) Cattle
Receipt 4000. steady to 10c higher. Steers,
$9.00g9.5X; cow and heifer. $0.0010.50:
atockers and feeders, $6 00410.23; calvea. $6
e ls-oo.
Hogs Receipts 11.000, 15e higher. Top,
$11.46; bulk. $10.95811.40; beavlee, $11.0OQ
11.45; medium, $10.95011.40; light, $10.75J
11.2b
t fair. Lambe $18.00014.60, w, 94tO
10.25i yeartiags, $100012.80.
CUoag Bags HXM
Chicago, Jan. 24. (1. N. S.) Hog Re
ceipt 43,00, lOOlSe higher. Mixed end
batch. $10.00011.48; gmd heavy, $ll.Ht
11.60; rough heavy. 10.S6ttll.13; tight. $16.80
vllJO'.'pIn, $9eiO.30, balk. S11.190U.40.
Cattle Receipt 17.U0O. 10 hlgtter. Boevos,
$7 K011.90; eow and heifers. 83.00010 63.
stock era and feeder. (6.23(1 8. (O; Texana, $7.T
9.90; galve. $11.00jl4.7&.
Bheep Receipt 19.000. steady. Natlv and
me term. $6.23013.00; lamba, $11.75. 14.40.
Seattle Hogs $1L1.
Reattto, Jsa. 24-P. N. S.) Be Be
eelpta 271. higher. Prim light. $100011.13;
mediuni to cbotc. $10.5iOM.79: assoath
be vie. $10 0ftjl0J5O; roagh heavy. $9,830
9.90: pigs. $8.6509.90.
Cattle Receipt 250 strong. Bt steers.
aa ia. i . waIma ik uvaaa va.. -
ntou te medium. M.7507.7S; best cows. $7.83
V8.00: common to medium row. eo.Z3Qi.av;
hull. 82.754Xl.0lr: ealvoa. S7.25r9S.
Sheep Receipts boo, strong. I is be, 89.T8
O104W; wethers, $8JK19.00; ' ewe. $6JOCJ
8.00.
' Money Whd ExchRnge.
New York. Ja 2a. U. P.) Money
I call SU nor cent: six xooaths. 8 per cost: sseo
uuwmy uvuiya qvw, icmtij . quality plain CF Q ilia pmpax, on par wa. mi un,
87 S-ldi bar aiivac. Xow York. Mlmtt aessasd
Sterling $t.7S $-16. - - ; . -
1 -ssxw J
POTATOES ALONG THE COAST
WmXOm KarWt, - .
SemttSe, Wash.. Jan. 24. ftT. P.) 0i a
Orsgoaa, c: Yakima. . 44t; AsatraUaw
brawn. SMttci Spanish, caa. $1.76; beiW
lag. do,
i-otaneWhrt - Rivet, $43046; j Taxima
Oema. $56: locaJa, $44.
Las Angels lUrasi.
Ltt Aar, Jaa. tt. (P. K. .) Pota.
to), northern. $X96S16: Loaopee, $X23
local. 82.eoejg.86: oreao rVarkaoka. $2,664
B.7S: Idaho P.eaaet. $3.0008.10; seed pota
to. Early Bos. $3 00; Whit Bom. $2.85;
Aaxrleaa Woadrr. $3J; aweeta. $3.8604.00
ewu, $1.35 bag.
aa rrsnelse Market. - '
Ras Praacfses, Jaa. 24. D. P. V River.
$2.4002.60 pea? eewtal for choar ea wnartj
Stol brands $2.T: SaJUa IIIOW.
wet potaaaee, cellar srk. $X2ft a th
treet aad $3 ex car: Orogoa Rwrbaaks, $XB0J
2.63; Wataonvttl. 82.40O2.6; Tskla 0ms,
ga. 4002.50.
Oiihms rsllf "- $ trass tie
Icaj kooe aad $4.00(2. BO oa th tret.
Clearings:
Monday . . .
Tuesday . .
Wednesday
Clearinga .
Balance
Clearing
Balances . .
Portland Bank.
This week. Tesr ago.
$ 2,676.294.82 $ 1.9'28.280.T3
3. 127.854 48 .61,920.08
2,090.711.40 1,711,598.51
Taooraa Banks.
i $ 838.647.00
70,322.00
Seattle Bank.
valley timothy, fancy. $17.00: eastern Ore
suaira, i7.uo;
1 1dabo fancy timothy. $22.50
alley vetcn, tis.uu;
12.00.
valley vetch, $18
These prices are theae at which wholesaler
.sell to retailers, except as otherwise stated.
Dairy Produce.
BUTTER Creamery prtnta. In parafln
wrappers, extras, 89c; prime firsts. 37c; firsts,
86Hc; cubes, lc less; cartons, lc advance.
BUTTKRFAT Portland delivery No. 1 socr
cienm, 88c; No. 2, J9c.
EGG -Selling price: Caae count, 82633c.
buying price, ii'2r; selling price, csndled, Mc;
selected. In cartons. 85c: 'April storage. 30c.
1.IVB POULTRY Hens heavy Plymouth
. P.ocks. 17lSr: ordinary chickens, 16iilOU,e,
strgs 14c; broilers, uuder V Ins., 2i c; turkeys,
20c; dressed, fancy, 242&c; culls, 18&20c;
iitabs, $2 dosea; treeee, live, 12jl3c lb.;
Pekln duck, yonng, 18c lb.; Indian Kunner.
young. 19c; old duck, lSo lb.; pigeons, $1.00
d en.
CHEE8E Selling price: fresh Oregon fsncv
full cresm triplets . 21c; Young Amerlcs, 23c.
price to jobbers: Flats. 20c; Young America,
21i. f . o, b.; cream brick. 27g28c; Umburger,
226c; block Kwlso. 3433c.
Fresh Fruit and Vegetables,
FRESH FRUIT'S Oranges, navel, $2,000
2.76 per box: bsnauas. 6c per ib.; lemons.
3.00.75; California grapefruit, 2. 25 a 2. 50;
Florida, $4.20(5.00; pears. $1.5U1.75.
BEURIE8 Huckleberries ( ); crsnberrles,
local. $3.00 per box; eastern, $9.00&K per
barret'
APPLES Local. 40c S $1.75. according to
.$ 2,670.900.00
456,958.00
San Francisco Banks,
Clearings $12,814,717.00
Los Angeles Bank.
Clearings .$5,768,765.00
American Cash Wheat.
May. July.
Duluth 186 I!;
Winnipeg 184V, . 1S1H
Minneapolis lStlV, 180
Kansas City lS0)s 149V4
yew York Sugar and Coffee.
New "York, Jan. 24. (U. P.) Coffee Spot
No. 7 Ilin. 10c; No. 4 Santo. 10?,c.
Sugar Centrifugal. $3.27.
GRAIN SACKS 1916. nominal: No. 1 Cal
cutta, lmollfte la car lota; less amounts
aro higher.
MILLS TUFFS SelHnt nrlce: Bran. S2&A0:
tort, $30.50.
K(ILLKI) OATS $7.5O8.00 per barrcL
KOLLKD BARLEY $41.00042.00 per ton.
With the exception of th September option.
which was aharply higher, the Chicago market
for wheat showed little change at th close.
Portland Merchant Exchange bids for Jan
uary wheat were 1 to 2c advanced.
January oata were nncbanged. A sale ef
200 tons January waa made at $36.00.
January barley bids lost 60c a ton during the
ealon.
Merchant Exchange January bids:
WHRAT.
Wad Tue. Moa.
1917 1916 1917
duality.
ONIONS No.
1. $5.50; No. 2. $3.50-34 00
EARL FRUIT COMPANY
TO BE 616 FACTOR
New Organization Secures
Prominent Men to Tako
Charge in the Northwest.
A big new fruit concern has been
organised here and will be known aa
tne Earl - Fruit Company of Ihe
xsorthwest. The organization includes
mree ui uie Deai Known and most euc-
OtBSfUl fruit riealtra in tlm nrlh..f
Its operation! will extend over all of
wregon, wasnington. ldano and Mon
tana.
Joseph De Giorgio, president of the
karl 1-ruit company of California, has
been elected president of the new con
cern. He haa associated with him F.
V. Martin as district field manager
. P. A. Pernhain as general manager and
w mum- sieg as general Sales maiia
Ker.
Mr. Martin, who is probably one of
the best known fruit men in the north
west, is now making the rounds of
the territory to be embraced by the
new concern, and acquainting . himself
with all details of the industry.
P. A Pernham. am a-anernl inunar
of the company, will make his head
quarters in Spokane. He Is now on
His way to attend the Western Fruit
Jobbers convention which will take
plac in New Orleans January 29. 39
and 31. At the close of th session
there he is expected to come to the
northwest to mak arrangements
vi iu iniuui vi uuiuiea lor wi4
new company.
Wilmer gleg -will assume his duties
as general sales manager for the new
company as soon as he can arrange to
De reliever! frflm tlto nrcDAn nnelttAn
It is generally concedea by the big
men in the fruit business that Mr.
Giorgio, president of the Earl Fruit
j-ompany pi ui xvortnwest, by bring
ing this trio into his company, ' hart
assured himself of the same complete
success that has attended all his pre
vious operations. Wherever Mr. Qlor.
flo and his associates have operaieu
heir success has reflected upon t"i
growers for the general prosperity of
th . country. Business of th is
Fruit company has i always meant
better ' returns , for the growers, and
what these men have done for fruit
growing- communities elsewhere . they
v propose to do for producers of - the
northwest. y ,y ,
tr
er cental; aiaociitlon aelKng price at coun
r point, fo.ouigo.au per cental.
POTATOES Selling price: New
$2.oot2.lo; aweeu. No.
r price: New local. $2.25
2.50. Buying price: Ordinary ahlpplng, $1.73
1.90: fancy
VKtjh,! ABUKS Turnips, Sl.O0fifl.75 aack
carrot. $1.00; parsnips, $1.25; Oregon cab
base $4.50 cwt. ; creen onion. 2&c doaen
bori'bea; DeoDera. 20 lb.: bead lettuce. S2.50
crate; celery, $5.U0i5.o0 crate; articnokes. $1
11.10; cucumDera, 91.au doaen; tomatoe,
allfornla. ( ) erate; est plant. 2oc lb.:
tring oeans, iajC 10.; rnuoarD lac lb.; pea
IStf'itOe; cauliflower, California $2.50 crate.
ateata, r is ana irroriauma.
DRESSED MEATS Selllna- nric. Oonntrv
killed b6t hog. I31bic; poor i0$jl2c; beat
veala, 14fijl4c; ordinary, 13(itl3(C; heavy, 3
0i9c; poor, it; goat, 4c lamb, 104J17C; mutton
lift 13c: beef. 4Zc ib.
SMOKED MEATb Hama. 2124c per in. ;
ueuiui oacuu. mikuoic: picnics. MViC: cot
tage roll. 17c; abort clear, l?ftc19c; Ore
kon export, rmoaea, zuc 10.
LAUD Kettle rendered ttercta. lBUc:
ctandard, 19c; lard compound. 16 c.
OY3TEBS Olympla, gallon, $3.50; canned
eastern, 00c; o.jhi aoeo; eastern la abell
$1.80 per 100; raaor clam I): eastern oya
ters, per gallun, aolld pack. $2.73.
KISH Dressed flounder. 7c: ailveralde, sal'
mm i 1 ateel had. littliv. iw.r,.h
lobetera, ( ); allver amelt, 9c; aalmon trout!
per iu. , aauuuL, jioiuoc; sturgeon, 13c
Oluuioia feneii. unc
CRABS Large, $2.00; medium, $1.50 doaen
nerring, oc; uiaca coo, vc id.
Groceries.
6CGAR Cube. $8.10; nowdeiud. $7.95; fruit
or berry, $7.35; Honolulu. $7.30; beet, $7.15;
dry granulated, $7.55; U yellow, ttt.75. Abov-3
uuoiauone are w uays net caan.
I,i,VBlV V 1 t. fU -
SICE Janan style. No. 2. 4Kc: Km n
lean head. k4i6V,c: bine roae. I.XLe
eva.i.x umric, uu grounds, iwt si J ner
iuu , vw. fii.ivi v 'i, j vMa a i n.iAi : luua
$15 50; bales. $2.25; fancy table and dairy
$22.00: lump rock. $20.00 too.
b Bmau. wuite. uc; larre white.
cheat, $13.00; clover.
of tha Indnatrv haa haen Interlocked too laree- I
ly with apeculatlona m lta raw material; and
instead of Undine on its own feet aa a man
ufacturing business, has tended to be the tail
of tb dog, made frequently to serv the exi
gencies of timber speculation. According to
the report, pressure from an overload of Um
ber 1 the first caus of th general Insta
bility of the industry. For one U.lng, It ba
led to building mills beyocd tb demand for
their product. At least a third of the saw
are now Idle.
On the other band, tb forest servle re
ports that aoclal and economic change in the
United State ar reducing its proportionate
use of lumber. Uae taken over by other
structural materials within tha last 10 year
ar estimated at one fifth of tb prevent
yearly cat of lumber, and tn tb asm pe
riod the per capita conaunrpttao of lnmbet
seems to have pasaed Its peak and dropped
nearly on fourth.
Caua-bt with It burden of timberland en the
one hand and thee change tn the country's j
cs of wood on th other, th bomber industry, '
tbo report polnta out, ba been between an 1
upper and nether mlUaton. 'in cejmblned ,
result is an Ill-adjustment of lumber prods-1
tlon to market requirements, with frequent.
ahpoat chronic overproduction. Up and down i
have been th role with moat manufacturer tn
the west and aouth. Occasional years of bin
earnings have been followed by uanally longer
periods of email profit or me. Tne latter
reached their climax In 1914 and 1915, al
though 191$ brought somewhat better condi
tions.
In the regions studied by tbe forest service.
it found that lumber production, with local ex
ceptions u competitive, a rule keenly so.
Competition becomes still more vigorous in Its
straggle between different regions in selling
lumber in the main consuming marcst oi
th country.
Blueatem l&n 1134
Fortyfold 163 108
Club ltt ln
Bed Bnaaian 158 108
OATS.
Feed 8850 2750
BARLEY.
Feed 3900 2923
Futures were quoted:
WHEAT.
February blueatem
March blueatem
February fortyfold ,
March fortyfold
February club
March club
February Ruaaiaa
March Russian
FEED OATS.
February
March
FEED BARLEY.
February
1S
182
100
157
IRS
165
13
100
8C50 $50
8950 4000
Bid
.. lftd
.. 167
.. 163
.. 164
.. 162
.. 163
.. 158
.. 158
..BfH)
. .3700
..3000
March 8900
DAIRY PRODUCE ON THE COAST
Seattle Xarkat.
Seattle, Wash., Jan. 24. (U. P.) Batter
.auve waanington creamery- cube, 39c; do.
ones, uc; storage cubes, 36c; do. brick. 38c.
Egg Select ranch, 38c.
Cheese Oregon triplet, 12c; Wisconsin trip-
nria, uu. twins, zocs louag America, Joe
San rraneUoo Market.
San Francisco, Jan. 24, (U. P.) Butter
Extras, 87c; prime flrats, S6e; firsts, 85Hc
Egg Extras. 3244c; pullets. 3le.
Cheese California fancy, 18c; flrats, ITc
Oregon triplets, fancy, 19 He
In Angelas Xarkat.
Los Angeles. Jan. 24. (P. N. 8.) Eggs
Caae count, 82 He.
Better Freeh extra, 7c.
When writing to or calling on advertiser
pletse mention Tb Journal. (Adv.)
9c; bayou, oc;
BEAN
104 Pink. 84c; limaa,
red. tKc
jieps, wo 51 ana Hides,
HOPS Nominal, buylrar price. 11 nn
oidlnary, 5&6c; (elected. 7ft8c lb.
WOOL 1910 cup: Willamette valley coarse
CtUwold, 33c; mediuni SJiropshu-k., 4c; fine,
22c, eastern Oregon ttuple, 2025 per lb.
wsrse and medium, -k(Q'S2c lb. '
HIDBtJ Salted itldba, 25 lbs. and up 18c
aahed stafi. 50 lbs. and up, 14c; green ani
aalted kip, 15 to 25 lb., 18e; green and
aalted calf skins op to 15 lbs., 28c; green
hides, 23 lb, and op. 17c; green staga. 60
lbs. and up, 12c; dry hides, Sir: dry salt
hifea, 25c; dry horse bide $1.0002.50: Bait
huw bid, $3.00S5.U; horsehair; 30c: dry
long wool pelts, 24c: dry abort wool naita
17c; dry afaeep ahearlinga, each 10Q25c; aalted
irep umriup. cam jvwaoc; aaltrd long
wool' pelts, each, $t.502.6O; salted short
wool pelts, eaca, otigi.uo.
TALLOW No. 1, 8Vc; No. 2, Se; grease, c
PCH1TTIM OB OASCARA BARK Buying
price, per car lots, 64c per lb.
MOHAIR 1916. 85&45C.
SISAL Dark, lie; white. 15c lb.
Paints and Oils.
COAL OIL Wktar white la drums and iron
barrel, 10c
LINSEED OIL Raw, bbla.. $1.08 gaUon
ketUe boiled, barrels, $1.10; raw, cases
$1.13; boiled, caae. fl.lZ gallon; ku of
250 gallons le less. '
TERPENTINE Tanks. 7ci case 72c raL
WHITE LEAD Tin kto. hiTlV: 600 IU
tot, 1134c; leas lot, HViC lb. .
: GA60UNE Baal price, 21 He gallon;. Ala
ttllate, lOHe ganon.' . '"rT
""' - Seed, Baying IMos,
'. CLOVEB Bed. 14o; eistle, 15 -Ja: -S
TIMOTHY 4He; domestic rye grass,
Vi4ci vetcb Vi33e; octon, 54. f JT
San Francisco Grain Market.
San Francisco, Jan. 24. Barley calki:
Jan, 24 Jan. 23
Open- Clone. Cloee.
VJ 223 22S
Barley salea. 900 tons May.
Spot qnotatlons: Wheat Walla WaTla.
key red. $3. 0038.10: blueatem, $3.00ji.io.
,0d-B''ley. $2J2H2J23; white oats.
$2.ooBM.50: middlings.
$37.0038.00: ahorta, $30,004)31.00
Foreign
Government
Short Term Secured Loans
4)
offer remarkable invest-
ment ojortunities. We are
devoting a large amountt of.
capital to this branch of
our business.
a We Invite Inquiry
Lambennens Trust Company
Capital and Surplus $600,000
Lumbermen Building
Portland, Or.
First National Bank Building
San Francisco
Short Term Investments
We recommend the Foreign Government' Se
cured Loan Gold Notes now on the market as a
safe, profitable and convertible investment.
Detailed information furnished upon request.
MORRIS BROS., Inc.
Railway Exchange Building
$250,000,000
United Kingdom of Great Britain and Ireland
ONE-YEAR AND TWO-YEAR SVz SECURED LOAN CONVERTIBLE GOLD NOTES
Dated February 1, 1917 ' Interest Payable February 1 and Angvut 2
$100,000,000 One-Year Nofet, Due February 1, 1918
$150,000,000 Two-Year Notes, Due February 1, 1919
Principal and Interest Payable at the Office of J. P. Morgan & Co.
Coavertible upon notice, at the option of the holder, at any time before maturity, or (rf called for earlier redemption) at my tim
until and including tbe djite of such redemption Into twenty-year S4 bonds of the United Kingdom of Great Britain and Ireland,
payable February 1, 1937, and not subject to prior redemption.
Principal and Interest of the notes, and of the bonds into which tier may be converted. Is to be payable, without redaction for
British taxes, present or future, in New York in United States gold coin, or at the option of the bolder, in London in Sterling at
the fixed rate of 4.864 to the pound.
Coupon notes in denominations of $1000, $6000 and $10,000 ,
Redeemable at the option of the Government, in whole or in part, on thirty (30) days' notice as follows:
One-Year Notes Two-Year Notes
From February 1, 1917, to January 31, 1918 101 and interest 102 and interest
From February 1, 1918, to January 31, 1919 101 and interest
The notes are to be secured by pledge with Bankers Trust Company, New York, undera pledge agreement exe
cuted by the Government, of securities approved by J. P. Morgan & Co., of an aggregate value of not less than
$300,000,000, calculated on the basis of the then prevailing markets. Sterling securities being valued in dollars at
the prevailing rate of exchange, via :
Group I. Stocks, bonds and or other securities of American municipalities and corpora
tions and of the Canadian Pacific Railway Company, and bonds and or other ob
ligations (either as maker or guarantor) of the government of the Dominion of Can-
ada, the Colony of Newfoundland and or Provinces of the Dominion of Canada and
or approved Canadian municipalities: Aggregate value not less than $150,000,000
(Of the foregoing there will be somewhat over $100,000,000 in value in the securities of
t municipalities and corporations of the United States and of Canadian Pacific Railway
" Company).
Group II. Bonds and or other obligations (either as maker or guarantor) of any or all
of the several following Governments, to wit: Argentina, Chile, Cuba, Common
wealth of Australia, Egypt, Japan, New Zealand and Union of South Africa, and
or bonds and or other obligations of approved railways in Argentina and J or of ,
the Grand Trunk Railway Company of Canada, and or approximately $25,000,000
Value in bonds and or other obligations of dividend-paying British railway compa
nies: Aggregate value not less than $150,000,000 j
T
Total $300,000,000
Pending the antral and deposit of definitive securities is above, the Government Is to denosit (emnnrarilv with the trt
company either approved New York Stock Exchange collateral or cash.
If the pledged securities depreciate in value, the Government Is to deposit additional securities to maintain the 20 margin.
The Government is to reserve the right from time to time to sell for cash any of the pledged securities, the proceeds of
sale to be applied to the retirement of notes by puchase or.by redemption by lot
Upon the retirement of the one-year notes or upon' reduction of the amount of notes outstanding, through conversion, t
f.vKW'v"1"" aiuvuiaa ji tunaierw may oc wimorawn approximately raiaDiy irom eacn class. j
The Government also from time to time may make substitution of securities, but such substitutions are not to vary the then
relative amounts in value of the groups. All substitutions, withdrawals and valuations of securities are to be approved by j
' J. P. Morgan & Co.
" . " ,
This offering is made subject to the approval by our Counsel of necessary formalities.
- . .
WE OFFER THE ABOVE NOTES FOR SUBSCRIPTION AS FOLLOWS:
Trie One-year notes at 99.52 and interest, yielding 6 per cent
The Two-Year notes at 99.07 and interest, yielding 6 per cent
Subscription books will be opened at the office of J. P. Morgan & Co. at 10 o'clock A. M, January
24, 1917, and will be closed at 10 o'clock A. M., January 31, 1917, or earlier, in their discretion.;
THE RIGHT IS RESERVED TO REJECT ANY AND ALL APPLICATIONS, AND ALSO, IN ANY,
EVENT, TO AWARD A SMALLER AMOUNT THAN APPLIED FOR.
AMOUNTS DUE ON ALLOTMENTS WILL BE PAYABLE AT THE OFFICE OF T. P. MORGAN & CO.
li an c vv xuiJ. r u-wua, iu lri.lK UKDliK, AiSU ltifc. DATE Oh rAYMtwI WILL .
BE GIVEN IN THE NOTICES OF ALLOTMENT.
t
.A.
--. m
Temporary certificates will be delivered pending the preparation of the definitive notes.
FIRST NATIONAL BANK
New York City
J. P. MORGAN & CO.
HARRIS TRUST AND SAVINGS BANK
NATIONAL CITY COMPANY
New York CKy
Chicago. 1
J. & W. SELIGMAN & CO.
LAZARD FRERES
WIVt A. READ & C0.: 4
LEE, HIGGINSON & CO.
WHITE, WELD & CO.
BROWN BROTHERS & CO.
KIDDER, PEABODY & CO.
KISSEL, KINNICUTT & CO.
GUARANTY TRUST COMPANY OF NEW YORK
BANKERS TRUST COMPANY FARMERS LOAN & TRUST COMPANY
New York City New York City
CENTRAL TRUST COMPANY OF ILLINOIS HALSEY, STUART & CO.
Chicago Chicago
CONTINENTAL AND COMMERCIAL TRUST AND SAVINGS BANK . ; -
MARINE NATIONAL BANK Chicago UNION TRUST rOMPANY
A PitUburg.
MERCANTILE TRUST COMPANY
. v:--i ; . -;St. Louis .
Buffalo
FIRST AND OLD DETROIT NATIONAL BANK
. Detroit ......
J9-!-.,-'-- ,';': -