The Oregon daily journal. (Portland, Or.) 1902-1972, December 05, 1920, Image 37

The Oregon daily journal., December 05, 1920, Page 37, Image 37

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Newspaper Page TextTHE OREGON SUNDAY JOURNAL, PORTLAND, SUNDAY MORNING, DECEMBER 5, 1020. SHARP ADVANCES ARE -FORCED FOR WHEAT DURING WEEK'S TRADING HARD WHITE GETS 22-CENT ADVANCE trj 6harp Hise Is ' Shown All llmmgh Wheat Trade for the WeekShort Sellers Are Alarmed. MOW "WHEAT BTJLKD . - . Week Portland Sat. Hard White Koft White White Club .... Herd Winter Northern Spring Jied. Walla ..... 16 Hi 168 1ST 17 lit Ago. I4S IIS HS 1M its lit Gain. tu 13e 17e 19e Ue lie Edited br HymanlL Cohen CLOSE OF STOCKS SHOWS STRENGTH New York Market Advancea Al thmig Chan res Are Moderate Oil Share Are ReoelTtng Attention. - Wheat market closed the week at Port' land with one of the most ' sensational advances seen for many a day. Utter rout, at least for the time being, of. the short sellers, was shown ! during the - week, in place of the big prof its they had t igured upon paper as a result of their short sales, the exporters today face, extreme louses. - On th Portland Merchant' nehanze wheat hid, closed th week with an advance of 2 2o fat hard whits and. down to 17a tm lor whit, olub. Developments of late indicate an unti stmftsge of hard white and naturally Lhia baa caused -a scramble (or auch offerings. How ever no neg lect whatever ,has been ah own any of th arrival. Kvery thing that lokd Uk wheat vu sold at . .xtivcie pries, vm tranaaetiona of offgrads atock at tntttrior point during the week being made far above th Portland basis for th bttr stock. Little action was thaws In coarse grains dur ing the week, practically all of tha in tar eat ba ins centered in wheat. Flour market ahowed a steady ton generally with a noticeable increase In foreign inquiries. Mlllstuffs lost heavily at th atari of the week, but thereafter remained steady. KLOL'R Selling price, mm door: Patent. t9.IO; Montana spring wheat, $10.20; Wllltm ett valley brand.. 18.11; local straight, 87.80; bakers'; local. $9 259.60; graham. $8.00; whole wheat. $8.20. Price (cut city deliveries 16o extra ; suburban, 30 extra. : HAT Buying price, nominal. Willamette timothy, fancy, $34.00 010.00 per too; clover, $20.00; cheat, $23.00; iUaw, $11.0011.60; rain. $25.00; alfalfa. $24.00 pet ton. G1UIN SACKS Nominal. No. 1 Calcutta, 10c; domestic, ilo, ia car lota; be a mo ante : higher. illM.RTTTITS MM ran at mill, tacked, ton $40.00; carload. $39.00 par ton. OATS Per ton. burins price! Fasd. $41.00 0 43.00. BARLEY Buying price: feed. $42.00; mlll Ins, $41.00. SEED Buying Brio, nominal; no . demand. Ilsd clorer, TOcleaneu, ( ) par lb.; alsikt, t 1 : retch, f ). FEP.DSTUFKS F. O. B. mill! Rolled bar ley. $63 00: alalfa meal, $35.00: commit niaaL $38.00; cracked corn. ; $53.00; whole corn. $30.00 ton; scratch feed. $87: soy bean meal, $63.00; unseed v - $80.00; whole eats, I $51 00; rolled oata, $68.0 per tan. 1 ftOLLED OATS gallli.g price: $10.50 bbL Merchants Exchange -bida: WHJCAI Hard whtta . . . , Soft whit . . . , White rlob .... Hard winter . . . Northern spring Jtea Walla . ' No. 2. white No. 2 fray , No bida. FEED OATS No. No. eastern S local co an irmlkl.... (balk) Ds. - Jan. 165 1S 155 155 160 180 157 1S7 157 157 152 152 4150 4150 4050 4050 $800. $600 8700 8800 New York. Dec 4. (U. P.) The Evening- Sun financial review said to day : There was a strong- tone in today's short session of the stock market, al though price fluctuations were neither broad nor uniform. The old descriptions continued to show more pronounced strength than other parts of the list, Mexican Petroleum advancing; to a grain of more than 4-points In the first half, Pan-American nearly 2 points and Cali fornia Petroleum a point or so. The motors were-not buoyant, but neverthe less made a fair showing. In the railroad department there was less evidence of accumulation, and while many of the issues held firm some of them, like New Haven and one or two others, were under no little pressure. Southern Pacific had moments of strength, but it seemed to want In stay ing: power and swayed within a range of 2 or J points. Trading: was only moderately animated for the session as a "whole, m In the second hour with few exceptions the industrial and railroad lists sprang forward, In union, with the oils In the van. . Mexican Petroleum pushed through 180 for the first time since November 6. Crucible Steel gained more than 4 points, while net fains among the stand ard shares averaged 1 to 2 'Points. Wheat Shorts May Be Forced t To Account Within Near Future By Hyman H. Cob.es The bearish avalanche which has carried wheat market prices far below the actual cost of ' production, or even to figrures Justified in any way by world conditions, is likely to Spend itself some day. Some day the element that has persistently sold "paper" wheat on the big exchangee and aided the movement to arbi trarily foroe values down, will have to account. ' Short sales of wheat are not always profitable, even when everything looks favorable to the manipulating Influences. Some day the shorts find that they have sold plenty of wheat out are una Die to una the actual grain to deliver. BV-aSMBamaaa-l J C Furnished by Overbaek ot Trad building: Sale, f STOCK. ' Coots Co, Board ni. 6Q0iAaT.Cbe.rn. . ... . ... Alaaka Gold . .. SOOiAUie-Chalaer .. 20u,Am. Beet Snsat lioo 700 700 100 Ant. Can Co. Am. Car Fdy. dcjL pld. ... Am. Cot Oil . . Am. Drug 8md Am. Exorea . . Am. Bide Leather! Am, lee .... Am. Intl. Corp. 65-4 sin 88 it' 12a 7i 1400 1100 lOOOLAm. Loco. 1000 Am. Sraeitor 1)00 Am. eteel id. 1000 Am, Am. $00 400 700 4000iAi .lAm. 2500 WHOLESALE PltlCTES Ilf POItTLAWU Thea are prices retailera pay. wbolcaalcra, z - cept aa otiMTwia noted: Dairy Product BOTTtB Seliins price, box lota: Cream ery, uu, parehment wrapped, 65e par lh. Jobbing price: Cube, extraa, SO0Sle-lb.; dairy, bovine price, 82o per lb. BDTTERFAT Portland delirery baria, 63. 54c, brnt grade; country atauona, 47(60. Unc.c,nK Helling price : -ruiamooc traaB Oregon fancy tripleta. 83c per lb. ; Young Amer icas, 84o lb. Price to jobbara, f. o. b. Tilla mook: Triplet,, 80c; Young America,. 8 la. Belling prine: Block Swias, 48(g) 49ei limbotgar, 40 (a 42c per lb. lXMiS-Bn)nog prlcea: Oamnt reacipts, 87 58c dn. ; candled, aeUing. pries, 63 l 64 do. ; aieet. 4(8r.c per doxen. LIVE POULTRY Celling ptIc: Hear? bans, 26o per pound ; licht hana, 17 018s per pound; apring llaht, 28 30c; Wry, 20 0 21c; old tooi ten. 12 014c per To.; turkey,, lira, 85c; dreeead, 40c; ducka. 28 80a; . 22 0 25a Freeh Vegetable and Fruit, FRKSH FR11T Oraneea. $8.60 7.50 box; baiana,. 12 Vi 013 He lh: lemon. $4.78 ft 5.00 a crate; grapefruit. Florida, $8,00 9 $0.00; California, $3.00; peara, $2.5002.75; Tokay grapaa, 15 par lb.; Jap orangaa, $3.00 bundle. APPLES New. $1.00 08.80. DRIED FRUITS DaUe.. Iromedarla, $8.89; Fard. $3 60 per box; tigi. $2.00 04.00. ONIONS Selling price to retailera: Local, ,$1.50 0 1.75 j aaaociation wiling price, per cental, ' $1.00; garlic. 12 018e; green onion. 40a doses bunches. POTATOES Selling price: Oregon fancy, $1.75; aweetai 40 4 He per lb. BElUiliia Huckleberries, 18e lb. ; cran berriea, local. $3,600 $.00 par bos; Maters. $18.60 bbL VEGETABLES Turnina, $2.00, per sack; earrota, $1.50; beet. $1.76; lettuce, $3,250 S.50 per" crate; cucumber. ( ) rtomatoea, ' California, $3-0013.60 per lug; egg plant,. 15 0 20?; broocoU. $1.73 02.00; bU peppera, 16 017 He lb.; oelery, 85C0 8J..OO do.; Hubbard aoouk, liHi P lb. - Sleet, and Pius tuna COUNTRY MEATS Selling price: Country . fcogK, 17 018o per lb. for to block en; heavy, ; 13 015e; real. 17 0 ISa par lb.; haary reai. ' 12 013a bee lb. MOKVEU UKATS Ham, 42 048. per lb.; I braakfaa bacon, 83 0 58c; pirn in, 27e per lb.; ' cot tag roll, 85e per ib. IBI KetU rendered. 20 Ib.j tteree baaia. eompouad. SOHe. Flail and Shllflah FRESH FISH Salmon, steeihead. ( ) pee lb.; froaca Chinook, 20c; halibut, freah. 22c; . atqrgtoo, ( )J black cod 11012c; kippered ralmon, 62.50 par 10-lb. baaket; kippered cod, 82.85; raaor elama. ( ); crab. $2.7503.76 par dozen ; lias cod. 8 0 8a Per lb. , OYSTERS Eaatem. pel gallon, I5.0C; Olympia. $5.50. Oracerias i BCGAB Refinery baaia: Cab,- $11.75; fruit and berry. $10.00; D yellow, $0.40; gran ulated. $10.00; axus C i $8.80; golden 0, sa.50. 1 UOXEY New. $7.00 0 7.50 eaae; bulk. IS par lb. " RICE Japan stjla. No, 1. T He; Blue Rose. 10c per lb. SALT Coarea, bail ground. 100a, $17.28 per ton; 50a. $18.75; table dairy, 60a. $27.25; oaiea, a.ouay.uv; ianr. taoie $34.50; lump rock. $20.50 per ton. BEANS Sale by jobber: Small whits, 8c lb. ; large whiu, 8e; pink, 7o per lb.; limaa, 10c; bayou, He; reds. 7 fee; Oregon beaoa. baying prices, nominal CANNED MILK Camatioa, $8.00; Border. $6.00; A,tor, $6 0; Eacle, $12.50; Libby, $5.80, Mount Vernon. $5.00 par eaaa. COFFLMt Roaated. l042e in sacks or arum. . SODA CRACKERS In bulk. 18e per lb. NUTS Walnut. 23 026c pe rib.; slmonda. 27028; fiibarta, S2e in sack .lots; peaasta. aate sy aoa; vscana, soc; uraaua. sac. . Rope. Paint, Oil F.OFS Siaai, dark. 16c; whit. 18a BV; Undardj'Banila. 26 Wc . UN,1 OIL Eaw, -bbto.. gal; let. tie ooieta.,9ta.. use; raw, eassa, $1.11; Dolled, caaea, ( rv par gallon. COAL OIL Pearl or water white, in drums or iron baxrali, 17 Vie g&Uoa; caaea, 30a per gallon. -. GASOLINE Iron barrel. 28; eaae. WHITE LEAD Toa lots, 18 He; 600 Iba., 14c per rib. TURPENTINE Tank. $1.41; eases. $1.66; . av um ca, ic tees. - Hop. Wool and Hid HOPS Nominal 1920 crop, 25 028c. MLUt-S Calfskin. 8 010c; kip, 7 08e; Iiwn oiur U oc per ID. MOHAIR Lom, 25e: ahort. 15e. TAiLpW AND GREASE No. 1 tallow. Be; CASCARA BARK New. 8e lb. W001 Coarm. 10c; medium, 20e; fine, IBs Sugar Bumatre . . , . TeL Tal . . Am. Tobacco . . . . Wool ...... Anaconda lAaaociated OU . , . 700iAtchiaon ........ 7000IAU. Oulf A W. L. . 8300Baldwin LooanotiT 400!Baltimor A Ohio . 200jB. B, T. ..." ...i. Butt C. A Z. . . . Butte A Sup. . . . lieO,Ceddo Oil 800,Canadiaa Pacific . , lOOOiCen. Lsatluir ..... IChicago A N. W. . . 400IChicao Gt. W..., 8300ChUi Copper 8600iChino , a600;O., M. St. P 200O. A O. ...... jColo. F. A I , . . . . Colo. Southern . . . . v ujta uu aa jbie. . Con. Uaa iCrma. Cigara Corn Prod. .....ICoaden Oil C.'R. L A P.... 14300Crucibla 800 800 72001 table and dairy, DAIBT PKODTJCTS OF THB COAST aesxu Market i Beattla, Dec 4 L N. 8.) Btrtter-rClty V.cmuw vuum. wc.- unci!, DOC Ear Fresh ranch, 65c; pullet. SBa. . Milk $1.88, - Los Angeles Market Los Anrrles. Dec. 4 (1 N. JS ) Butter, ooe; nc niru, t ie; eaao count, 70c: culleta. 70c; pee see, S2e. Poultry Hess, 300 82c; nneii 40 047c; fryers, 40c. San Franelseo Cash Barley Baa Francisco, Dec, 4. Cash; barley: per cental. $X.B501.eO; ahippinc. e. Feed, $2.00 100 100 800 2100 100 1400 2500 1300 600 200 Dome Mines D. K. O Erie Fed. Min. A Smelt. Gaston Williams . , General Cigars . . , General Electrie . , General Motors . . . Granby ' ....... Great Nor. Ore... do Did. Green Cananea . Haak Barker $400 Houiton Oil ... eoOjlllinoia Central . 10001 Inspiration , .". 400ilni, Agr. Corp.. e 7 00; Int. Callahan , . SOOllnt. Harreater . 1100 Int. Merc. Marin.. a auu int. Mckel 600 Int. Paper ..... 1000;ln?incibl Oil ... 2800Isiand Oil ...... 100;K. a Sou them. .. 1700 KenneeoU HOOiLsckawanns Steel . . . .... Lekith Valley .... JU A. N .... 4500Mexican Petroleum . 300 Miami .......... SaooiMiddle StAtea Oil. . . leOOMidrala Bteel .... 2001M., K. A T. . . . . . 700jMiiouri Padfio . . .. 1000Monta-omery Ward . 10M., St P. A S.S.M. 700;Nat Asalin ..... 400 National Lead . lSOOjNerada Cona. Low. 66 . . . r, 81 'is 126 TH 81 78" 32 31H 87 H 14 12H so 1 80 H 80 87 H 81 S3 98 15 14 62 26H 6H 18 M 68 H lidT" 41 40 68 67 -87 86 V 464 46 83 V SSH 94 88 Vt 73 H 73 la 89 98 34 'hi" 'ii. 'hi" '$8H 84H 114H 111H 9314 93 88 88 10 10. 'is is 117 118 40 89 75 74 8 8 9 8 13 18 82 81 62 82 80 78 81 80 94 14 " 128 15 80 79 84 88V 82 98 " 14 51 25 61 1 81 64 it 20 128 100 20 1 118 8 41 41 67 86 46 33 94 76 98 118 74 7 88 94 88 114 97 89 10 5 11 16 116 40 76 8 8 18 81 62 80 28 67 81 66 74 81 80 97 11 1 14 ,6 S 66 129 19 80 79 20 69 87 88 32 14 7 86 14 14 6ltt 25 18 64 180172 10J 18 12300 1100 800 1200 200 600 16800 18 60 49 H 101 180 10 !S 83 3H 20 19 75 68 78 8 19 99 84 85 78 8 18 . 18 47 88 40 86 34 12 64 104 11 90 72 69 68 85 103 26 103 24 24 46 106 8 60. 20 81 9 23 4 119 70 68 41 82 57 88 44 8 8 V, 47 32 86 42 7 ' 38 Total aalea stocks for the L ..... . nToa abarea, with bonds amounting to 88,109 000 Total aalee stocks for week were 4.369j6O0 ahara. with boob amountinc to 886.814,000. 2Tew York Bond Market (Furnished by Orerbeck & Cook Co.) New Haeea Norfolk A WesUra. Northern Pacific . . N. Y. Air Brake.. N. t. Central. . . . Okla. Prod. Ret... Ontario 4k W Pacific Dev Pae. Gas A Elee. . Pan Ama. Pat 1700 Penna. ......... 260 Peoples' Gas ..... v eOOiPura Oil TOtfPiare Oil ....... P. Stael Car,.,... eOO'Pullman ,. 800Ray Cons........ 12000 Reading " IReplogl Steel .... lSOOlRepublie I. A 8... 6400'Royal Dutch OU. . ..... Ry. Steel Spring , . . eOOISear Roebuck Shattuck, Aril. . . . 7500 Sinclair ......... 19800 Sou. Pactna ..... auo sou. &y .13 33 ii" 19 '63 74 30 100 86 e f 78 8 18 e a 48 86 40 88 12 104 12 Va 91 69 68 108 600 2000 1000 4000 iisoo St U A 3, F.. stndebakar . . . . Swift 4b Co. ... . Tenn. Cop A Chem. leis ua ....... Texas Pae Tex. Pad. C. A O soo Tran. (jontL Oil. . 8100 Union Oil Del. . . . . 900'Uaion Pae . ., 1500;U. 8. Ind. Alcohol. .... .IU. S. Rubber... 1001U. S. Smelting . 11900iU. 8. Steal 1700 Utah Copper .... - on!v. .v t, vuem. ...... 8 uouj vanadium Eteel , too virandou eOOjWabash ....... Wells Fargo . , . , Western Pae. . , . Western Union 4000 Weauniihse E. at M 4800 Will. Orerlanrf .... Wigconnn Central.. 200 26 10 24 47 8 60 sin 9 23 Va 130 71 69 is" S3 '45 9 8 43 7 18 32 20 18 63 74 8 19 99 84 74 8 18 47 84 Vi 40 86 84 12 104 11 60 68 67 104 26 104 24 46 8 49 29 9 22 119 70 87 '82 61 44 sva 43 6 DROP N EGGS S SEASONABLE HERE Very Sharp Cut In Price Is Forced fop . Week Batter Decline Put Market on sv Steady Basis. aw ' X - - m suero wiu do an accounung some oay, ana ir. wui 00 louno t v mat itmencan proaucers nave . Deen tne suoiect 01 inter' nauonaj conspiracy wmcn nas Deen oacKeo Dy almost un limited capital, while the producers have had .only their own resources tor protection. "Canadian Wheat Sales for Effect "Wash" sales of Canadian wheat are repeatedly reported in order to influence the price of the cereal in this country. Reports Indicate that practically none of this Canadian wheat reported sold-actually changes hands, except .perhaps from one ally of tiffs International clique to another just for effect It has been demonstrated that the bearish figures on the iuctigo board of trade and upon exchanges close at home, represent nothing but the desirs of certain parties to force farmers into liquidation. The fact that during the week as high as 25 cents a bushel premium above the December price basis was paid for actual wheat to load actual ships on the Atlantic; The manipulators have found that "paper" wheat was not suitable for loading, and they were therefore forced to pay a small portion of their profits to secure the needed supplies. M Illli f Paper Registers Pretest - . Not only has the American farmer, but the miller as well, has been hurt by the manipulating influences of the international clique. Modern Miller of Chico. one of the real worthwhile breadstuff publications, registers this echo of The Journal protest: "There was a weriod of frertxted finance In this eonntrv that held mr until a bold pen let the public know. There is a period of frenzied wheat trading now that is running amuck and making peril of a serious sort of commercial men,, whose business in flour forces them to the hazard which wheat e peculators .create. Publicity would be a cure, if the facts were not hidden. I "Such desperate wheat markets are past all understanding, and back of It all there is reason to believe some master manipulators with world wide graspnot local are playing a determined game. , "The farmer has taken his stand and Announces his determination to hold his wheat. The determination is going to be put to the real test in the next 30 days. Wily he stampede? Will declining markets shatter his morale and stampede him into selling, or will he hold fast and make the wheat shorts like if when time for delivery comes? , -Sentiment Undergoes a Chaste "This last week there was a great change in sentiment many bears shifting to the bull side. It was reported that France and her colonies needed 60.000.000 bushels of wheat and Great Britain 24.000 000 bushels before Argentine And Aus tralian wheat is available: there was held well before public gaze the fact that in Chicago the wheat hedging of two continents was gorne; on and that onlv 650.000 bushels of, wheat is now privately held to meet deliveries with small prospects of material enlargement of supplies. But with active exporting from our 75.000.000 bushels of whent still available for export, the market was beaten down and bulla were cowed like rabbits. .-"The losses are being taken 4) y millers and flour buyers, who have no compsss to guide them in the frenzied storm that iL. sweeping our exchangea The farmer has a paper loss ; the miller finds a loss in every wheat purchase and every flour sale; market stability Is a thing of the past; frenzied speculation has forced enormous profits from short selling. Crash Is Expected Soos There will he a crash soon. What form it will, take we are not predicting. It may be a trail of ruined commercial firms : a- stampede of farmers ; or a day of reckoning for short sellers, but such violence begets no good and it may take a crash to stop speculation. Flour buyers have suffered heavy losses. They have allowed stocks to dwindle, andanother 30 days may find bread shortage, unless normal marketing is restored. "The frenzied twists of wheat on the boards of trade have violated every economical lw and big exports seem to be, legitimate cause for market declines. "When will the reckoning- come and who will the storm hit?" LIVESTOCK RUM IS SLIGHTLY GREATER Small Increase Over Nominal Show ing of a Week Ago Hogs Advance and Then Iose Cattle Are Steady. Liberty Bond Sales Reported by Ororberk 4k Ceeke Board of Trade building: . High. Lew. Liberty. Ss ......... 904S o36 liberty, 1st 4.... 8618 8800 Idbetty 24 4a.. ....... .... .... Liberty, lit 4s 8620 8604 -Liberty. 2d 4a ...... 8550. 8584 liberty, ad ttl ...... e4J-B81 Liberty, 4th 4s ...... 8574 8664 Victory, 4 a ......... 9558 9550 Victory. 8a .... 9554 9548 Extracted Honey Market - Showing Only Nominal Sales Atchison GnL 4s RaJ. A Ohio Gold 4s........ Beth. Steel Ref. 6a Cent, -pacific 1st 4a C, B. A J. CoL 4a. . St. Paul Genu 4 a .. Chicago N. W. GeaL 4s VAN. Lni. 4a. . . New York Ry. 6a.......... Northern Pac. P. L. 4a...... Reading GenL 4. ......... . Union Pac lat 4., ........ V. S. Steel 6. ...... ....... Unton Pac. 1st Ref. 6a. ..... Southern Pac Cone. 6a ..... . Southern Pac Cone. 4s...... Panna. Con. 4 He.".". ...... Penna. 1st 4a Che. A Ohio Coot. 6a...... Ore. Short Lin 4a Bid. 73 88 77 72V4 98 a 77 77 80 27 76 82 80 91 73 103 76 88 79 84 '78 Ask. 75 68 . 80 . 72 4 96 H 77 77 80 76" 82 80 92 74 198 76 89 79 $4 79 Dullness in tone and unsettled market conditions continue to be dominant fac tors In the extracted honew tiuslness. A general feeling, of uncertainty ia.notiee able, although wholesale prices have not yet fallen off to any extent. In some cities dealers have laid In their winter supplies and will do little further purchasing for several months. Dealers in many other places are buying on a hand-to-mouth basis, with the expecta tion that the market will continue to weaken to lower levels. Eastern beekeepers hare largely disposed of. this season's crop, and will not be greatly af fected U further reductions are made in the market pric. Western beekeepers and asso ciations, howeear, atill hat large stocks on hand, and aom concerns are besinninc to un load at lower price. A wide range exiata in carload quotation f. o. b. Southern California, with few aalea being mads. Fire gallon eana of; Whit Grant and White 8ae are quoted at' 16 Vie to 20c per pound. Light Amber Or ance at 18 c. Light Amber Sag at 12c to lSe and Light Amber Alfalfa, at lie to 17c j City Mark Price Vary The market la New York city is dull, with very light demand and mo rem, at. Sales to Job bers, large wholesale grocers and confectioners are be ins made at 18 to 14e per pound for California Light Amber Alfalfa, 16e to 16o par pouna tor ufint Amoer saga, witn Wnlt Ur anga Bloaaom and Whiu Sag topmna th mar ket at mostly 17 o per pound. Chicago prirea are noitung ateaay ana practically unchanged. western ana Minnesota White Clorer and White Alfalfa are being sold by original receirers at 18c to 19c per pound. St Louia reports -sale to wholesale grocer of Mississippi and Arkansas Light Amber mixed Peach, Clorar and other flarora at 15e to 16e per pound. Boston re tains a steady ton at high Wrela, selling old crop California White Sage to confectioner and bottlers at 22e to 22 e per pound, and New York Whit Clorer at mostly 20c Comb Honey Scarce Comb honey continue earce and high in price. In Boston 24-aectloa caaea of No. 1 White Clorer bring $8.75 la aales to retailera, with Vermont atock in it odd-sis 20-section case holding firm at $8. New York rsceire rery little comb honey in proportion p its size and to its receipt of extracted stock. A few sale of Whit Clorer are reported from New York at $8 per 2 4 -section case, with Buckwheat at $7. Cnieago has weakened a hula to a range of $7 to $7.50 for western heary Clorer and Alfalfa No. 1 stock In 2 4 -section caaea Of much interest to the dairy industry generally for the week waa the acttlon of the egg and butter trade. Remarka ble drop wss shown In the price of both butter and. eggs for the week, although it must be confessed that much of the decline was due to the activities, of one crowd of local marketers who have been persistent in bearing the market of late ; a complete change from their previous bullishness. - . The drop in egg market prices for the week waa more rapid than would bare beat expected during normal periods, but this is bo normal period. , F resh egg prioea. hare been abnormally high because of the extreme vajuea obtainable in the eastern trade. It has bsersfthe custom of soma of th chipper to grad. out their finest wnrte egis lor ins ew lora trade and then attempt the sale f what waa left here, That the. market for eggs will be.goTerned entirely by weather conditions during the re mainder of th aeaaost ia the opinion now being generally expressed by handlers. With only nominal stocks in cold storage at Pacific North west there ia strong probability that the mar ket will steady somewhat after the first fright ia orer. Butter Decline I narked Drop of 4c a pound ia th price of creamery butter during the early part of th week occa sioned no surprise whaterer. The prerioua sharp drop In California price part of which waa later recoTared ecarad the local trad. There waa a decided opinion- against tha allowing of California to sell it surplus here, and for that reason towewwpilee were named to atop thia probable influx, eren though bom stocks of extras were by no meant plentiful at any time Storage stocks are likewise limited. Cheese Situation Steady In general there appeared a steady ton for cheaio in th local market. Tillamook mi ne change whaterer in its quotation. Reports from the big cheese making center indicated tli a practically ail of its late make had been sold. Chicken Market Sluggish Trade in the chicken market was alusxish for the week in the Front street houses. There continued Yery liberal offerings of light weight heaa and heary springs and a general absence of what is ordinarily called heary hens. Turkeys were la lair supply, with fancy dressed stock moring la a limited way at 4JO045e a pound. CountlT Killed Raaats Un During th week there wsa aa advance fat th pric of country killed meat. BeUt veal and bsga told at on time during th week as high as 19c a pound in a limited way, but thia pric was utterly out of line with what livestock was bringing and later the market loat at least lo a pound. Potato Trsde Quiet Aside from the nominal purchase for local use, there waa practically no activity reported in the market for potatoes at country points during tha weak. While California (Uppers re mained here, most of them appeared quite will ing to makethe local grower believe that higher values woulfl rule aa a result of holding. In the meantime the California speculators could unload their can atock without interference by th -Oregon movement. It' a achem that la worked every year er so. Onion Market Lower Limited carload 'business waa reported ia the onion trade at country points by the Confeder ated Onion Growers' association. A few aalea ware mad to Bortland at $1 par cental for No. 1 atock at country point. California con tinued to offer at low price, but th wholesale trad ia now giving th horn product preference. PORTLAND LIVESTOCK KtTN Hoes. Cattle. Calves. Sheep, i Cars. Thia week... 2537 1894 293 1988 1 98 1488 2920 8197 2359 2475 2281 2006 Week ago... 1398 1 weeks age. 8163 4 week ago. 2501 Year ago... 4818 2 year ago. . 4340 3 years ago. . 8708 4 years ago. .10160 286 294 838 .224 100 143 77 8171 4653: 6889! 8698' 2857 j. 1528! 1976 82 172 170 153 135 149 130 eompany, Cloa. cose 6550 8220 8600 r78c 8540 S8S4 8568 9550 9650 Tfew Tork Fonitry Market Hew Tork. Dec 4. (L N. .8.) Live poul try Market irregular. Chickens, 26 038c; turkeys, 46c; ducka, 88 040c; fowia, 23 032c; rooeurs. 20c; fee, 80 035c , Chicago Diry Prod ere Chicago. Dee. 4. (L N. H.) Buttar Be eelpts 5317 tuba. Creamery extra, 44el , tra fimta. 80c; finta, 40047c; packing stock, 16 0 25. - -.. Y.tt' ReceijU. 658 ease. Current receipts, . 67 0 73c; ordinary fimta. 68 0 73c: tint. 75 0 . cherts, 40 0 48c; dirties, 46 0 53c - ' Cheese Twins, new, S5025V;' daMa 25 0 26c; Young Americas. 27c; iongnoiue, . 27c; brick. 23 c Live poultry Turkeya, 85o; chickens, 20 8) 25 e; springs,. 28c; roosters, 18c; goat. 38o ducka, 27c Kew Tork Potato Market New York. Dee. 4. (I. N. B.) Potatoes (In bulk, barrel or bear) , steady. Nearby white, $2.50 0 4.60; Southerns, $2.00 0 8.00. , All told, there were arrivals of 88 car loads of livestock at North Portland for the week, or a mere fractional Increase over the nominal showing . of the pre vious week. Hogs were erratic, but closed at an advance ; cattle ruled about steady, with mutton in a similar position. ' Much Interest waa shown la tb hog trade at North Portland for th week. Arrival in the hog alleys showed a liberal increase over a wees ago, but thia did not atop the market ffrom showing a sheer advance of $1 on Monday to $12.75 for tops. This price was effective for only one day. $12.50 being the top Taeaday, wlul th week ended at $12.2-5 for tops. . General bng market range: ' Prim mixed ,113-00012.28 Smooth beary 11.250 11. T5 Rough heavy 9.00 0 10.25 Fat pig 10.26 011.25 Feeder rigs 9.00 0,9.50 i Cattle HeM Steady . i With nrertirallv rifl nriee change In the prin cipal divisions, th market for cattle held about steady at North Portland for the week. Arrivals were slightly in excess of a week ago. but agaia there waa an abasnes of what could be safety called extreme tops in the eteer division. - Other cattle line sold wall at tha prices listed. General cattle market ran, ' Choice Starr 8.T8 9 9 26 uoou to eiujicv aisvfr ........ Medium to good, steers ....... Fair to good steers Common to fair eteere ....... Choice cow and heifers ..... Good to choice cows-heifers .... Medium to good cows-beifer . . Fair to medium cows-heifers... Common cows and heifers..... Cannera Bulla . . . . , . . Choice dairy calves ......... Heavy calvea Best light calvea ........... Medium light calvea ......... Choice feeder ............. Fair to good feeders ......... 8.2 J 8 76 7.78 0 8.2 6 7.00 0 7.76 6.50 0 7.00 6.76 0 7.25 8.26 0 6 75 8.50 0 6.2S 4.75 0 5.60 4 00 0 4.75 2.50 0 4.00 5.00 0 H.OO 13.00 0 14.00 - 7.00 0 9 00 11.00 0 18.00 9 00 011.00 S60 7.2S 6.73 0 6.76 Sheep Rule Dull . Even though then was not sumcient prev an re to foroe any reduction in sheep and lamb prices for th week at North Portland, th trend f th trad waa merely steady to easier. In spots the market was inclined toward ex treme dullness. General aheeo manter ran. East of mountain lambs. ..... 8 8.00 0 Willamette valley lambs Feeder lamb ........ Heavy lamb ........ Cull lamb Yearlings Wethers Ewss .. 8.78 7.60 0 8 00 6.50 0 7.60 6.00 0 7.50 6.00 0 6.00 5.00 0 7.60 8.00 0 6 00 1.00 0 4.60 Disposition of Livestock Follnyrine waa the disposition of Hvestock at Now is the timm to plan the investment of your coming interest or dividends and the re-investment of funds arising from maturing securities. This list gives you option of an extraordinarily high yielding Canadian or profitable Income Tax Exempt Northwestern Municipals ; We Offer the BemeJalsg t7M0f City of Edmonton Province of Alberta 6 General ObUgatioa Geld Notes Yielding 9 Exempt Prom All Domlaios Government .Tax PfiVA QK OA - ated 8et. 1, l2t Ds. Sept. 1, 1921 A nee VJe-iT Denomination I1MS NORTHWESTERN ISSUES Exempt From Federal Income Tax Highway Bond $67,000 Jerome County, Idaho, Hillsdale) Highway -District . csonaa. $ 7,000 Minidoka County. Idaho, Bonds of 'the Heyburn-Taul Highway District. 115,000 Buhl Highway District 6 Bonds, County of Twin Falls, Idaho. School District Bonds 114,(00 Bonner County, Idaho, School District No. 4, V Building Bonds. f S.000 Fremont and Madison Counties, Idaho, Joint School Dis trict No. 7. Refunding 6 Bonds. . . $18,000 Fremont and Madison Counties. Idaho, Joint School Dis trict No. 8, School Building eBonds. $27,000 Fremont County, Idaho, Funding &H Bonds of St Anthony Independent School District No. J. 117,000 Rigby Independent School District No. 6. Jefferson Coun ty, Idaho. Building Bonda 112,000 Power County, Idaho, Rockland Independent School Dis trict No. 2, School Funding C Bonds. - PRICES TO YIELD 6 Principal and semi-annual Interest of the above Issues payable in U. S. Gold Coin in New York City and at the offices of Morris Brothers, inc. . Board of Trade Operator Defends Future Trading Chicago, Dec 4. Without a futures market everyone who handled grain Would be compelled to speculate, ac cording to L. !. Winters, a leading Chi cago grain man, who declared that the greatest danger to farmers lay In un organized speculation, which might de velop great combines. i "It would be utterly impossible so saves' tit rain crops without some speculation." be said. "With the future market functioning properly, the elevator man may eell In the futures mar ket as soon as be has bought the farmer's grain. This pro vide him with insurance and elimi nates speculation. The elevator man owns tha grain until it is shipped to the terminal for dis posal. But the professional epscuistor owns tb risk. "Without erranlsed speculation and the fu tures market, tha elevator man weald be dan gerously speculating from th tint he bought the farmer's grain until It was ehipped to the terminal market and sold, j Hi chaneea of losa would be enormous. Therefore he would sim ply pay the farmer leaa because of the neces sity of carrying th heavy risk. Thia merely shows on of the masy useful scoraomie aereloas of the organized grain exchanges. "We now have a free open market ia which the world's buyer and sellers meet em seual ground. Destroy the futures market and the business of marketing grain doubtless jwould re- SnlVM itutir Int. rM ... AAmKi. . i . . . farmer' combine either, but in air probability. wisum vaica vvouju eomTneteiy control the situation. Including price. With s futures market ho on is compelled to speculate Without it vryen r.TMiir.t grain must speculate." Wheat Closes at Advance After a Loss in Morning Chicago, Dee. 4. (X N. S.) Grains closed firm and higher. Week end evening up in the way of profit tak ing by longs caused 'some recessions from the high point of the day, but the undertone of the market was one of strength. Substantial buying by export bouses gave wheat a buoyant tone on early breaks and shorts bid prices up in covering. Increased offerings in the southwest on recent bulge and failure of cash markets to follow the advance to day of futures weakened the nearbly deliveries at the last Provisions were higher. Chicago, Deo. 4. (L N. 8.) Lack of Im portant buying sauced a decline ia wheat at th opening today. Decenroer was e to le lower snd March ranged from e higher to )e lower. Selling waa hi small lota I The. market opened irregular for corn, De cember being e lower to o higher and iMay e to a higher. Weakness in wheat the evening. . December eat were e lower and May e lower to higher .at the start. Leading ahort bought May oo the break. There waa lack of anweort ia provixtona and opening paiese were lower. Chicago rang of prices furniahad by United ' WHEAT . Open. High. 3Tew Tork Wool and Hides New York, . December 4. (L N B ) WoolEasy; doraestio fleece, XX Ohio, 20 0 52; do pulled scoured basks, 800 80: do Texas scoured baeu. 80 0100. . . rvso. March March May July Den, May July Jan. Jen. May Jan. May 189 173 15 .163 CORN 72 78 76 77 ,76 78 OATS 47 48 51 52 61 61 - PORE ......2355 2410 LARD ......1480 1605 ......1428 1466 BIBS 1238 , 1289 !ol .'. Lrw. . Cine. ' 168 171 163 167 : Tl T3 75 76 76 - 77 47 47 60 51 60 81 2358 . 2387 1475 1426 1259 ' I RYE Dec ...... 182 154. May ...... 138 140 ' BABXET. Dec 71 .. ,.. May ...... 78 78 Cash barley 6 0 86. 152 134 78 149ft 1446 1267 1270 153 139 71 75 Small Lots Wool Bought; Delivery Must Be Early Boston. Dec- 4.- In th absence of aa active demand for wool, diacuanaa of the big drive to be made on conereaa asxt weak fs-"wnHi.i, legislation for the benefit of the growers fui manes soon i voo aui matter of interest la tha Boston market, i Leaders in tha trade hare see little heps of an embargo being declared. Nor is It consid ered passible to aeour prafereatiai treatment for the wool growers, no matter how strong a ease they present to the wars aad means com mit tee. For it is considered certain that other interests would never stand back and allow the wool mea to secure legislation taverable to themselves alone, whehn they feel equally en titled to relief, if net la fully aa bad a position, j, j . Meantime, no hie buying of wool has been noted recently. One. ray f cheer is a fas fonnd in th present situation. - When manufacturers aa our uKie lew or wool early shipment ia called for. abowing that th surplus stock held against the canceled orders for goods practically have been exhausted. Wool men say that they are satisfied that instead of mmnnf.r-fnr... rying from four to. six montba wool supply aa in normal times, they have allowed their storks to become unprecedehtedly low.' From this they' argue that when buying, is resumed s acramDis ioi aeatraoi wools must result. Receinta for tha week wr - rw. 601,900 pound; foreign, 890,400 pound. PACIFIC COAST BAlt STATIME2TT ParUerrd tanks Clearings Thia Week. T ear-Are. Monday 6.811.2S0.68 $ 8.971.818.12 Tuesday .... 4.794,478.34 8,944.818.12 Wednesday .. 6.038.073.71 - 6.677,847.46 Tmrdy ... 6,OS,7TS.Tl , .lS4.282.ee Friday ..... 4.735,470.48' 6,839,422.77 batarday ... 4,yoo.712.08 6.524.280.88 Week .... .$31,895,993.91 $37,553,450.30 Tacoma Bank ' Clearings. Saturday ,.., fS78.44S.S0 nsjsncea, aasucay f 0.133.00 SpeAsfie' Bank COearlngs, Saturday .,...,.., $3.420.1 84.04 Balances, Saturday . 987.616.00 uuaibie asanas LIYERPOOL AD SPOT HOUSES SELLERS OP COTTOJT N.w Work- Dee. 4. L N. Si Ijvaj-nnol interests and spot houses were sellers at th I opening of the cotton market today and first I prices were 4 to 20 point lower. Wall Street and New Orleans bouses absorbed th offerings so that steadiness prevailed after the start with prices up 20 points from iniual levels, respond ing to relative strength at New Orleans. The National Ginners' aaaociation estimated the crop at 12,240,000 bale sxclusivs ef linter. and made the ginning to November 80, 10, 000,000 against 8.844,000 bale by the gov ernment a year ago. , ' Profit taking caused rceesaona from the top late in the trading, but the close Waa firm at a net gain of 11 to 28 point. Spot, cotton waa quiet today, 15 point higher at xe.ouc as North Portland for the week.' ; Delivered to Cattle. Calves. Boga Sheen. Adams Pkg. Co 75 ... ... 200 Bennett Meat Co. 31 ... ..L 156 Barton A Co 160 ... 84 Carstena Pkg. Co 79 ... 493 491 Chambers Pkg. Oo ... 94 . . , M. J. Gill 90 88 91 Henry Pkg. Co. 108 ... 898 ... T. R. Hewitt 78 ... 227 4 Uaitotd Meat Co...... 116 4 .... 802 F. L. Smith 138 1 ....... Schlewer Bros. ...... 4 8 ... . . v ... 8trrtt Pkg. Co 108 29 110 ... Swift Co. 614 64 168 941 North . . ... ... 260 Miscellaneous 158 40 140 143 Through stock i...... 163 17 ... ... Oregon feeders 147 48 118 ... ; Tlphore or Teisoreph Oilers t eue giaaywe. ; MORRIS BROTHERS, Inc. Established Over a Q Barter Cents, ry "The Premier Hnnlelpal Bond Hesse PORTLAND, OR. MORRIS BLDG, Capital 309.1 1 STARK BROADWAY 2181 One Other Offices at Seattle, Taooma, kfUllea Wash, and San Francisco, Cat DeUATS SAFE DEPOSIT BOXES Open. High. Low. Close. January ....... 1680 1000 1595 1590 February 1695 March 1570 1610 1565 1595 April 1600 May 1590 ' 16J0 1590 1612 June 1612 July 1590 1630 1S90 1613 August .... .... . . . 1602 September 1600 October 1562 1007 1562 1690 December 1540 1585 1540 1580 yew Tork Butter aad Eggs New Tork. December 4. (I. N. Butter Unsettled; creamery extras. S3 9 56c; do firsts. 44 0 54c; 'to higher soo ring, 54 57e; state dairy tuba. 38 0 62e; reno vated extras, 42 043c. . : Cheese Irregular, 25 to 28: Whole milk specials, 23025o; lower, 20022; whole milk, fancy Young Anurias, 29 0 30; akisss. special,, 18020c; do choice, 16017 e; do to ood. 13 014. : Eggs Irregular; nearby whtta, fancy, $1.06 01.08; do brown fancy. SO0 93o; extra, 84 0 88; Pints, 76 0 81s. ITew Tork Bask Statement New Tork, Dec. A .(L N. B.) Bank state ment -average: Loans decreased 89.865.000, demand deposit decreased $18,650,000, tints depoeita . decreased $3,729,000, reserves de creased $3,024,120. Actual: Loans decreased $26,140,000, demand deposits decreased $48, 876.000, time deposits decreased $6,952.000,. reserves Increased $26,058,640. , Oyerbeckl& Ccoke Stocks. Bonds Cotton. Grain, Eta DIRECT PRIVATE WIRES TO ALL EXCHANGES Members Cnlcag Board of Trade Correspondents of ixtgan a Bryan . Chicago Mew karat I18-217 Board ef Trade BeDdlng Herrin & Rhodes. Inc. Established S9w. Railway gichante Bide, , Fast PHvat Duplex Wire OAST TO COAST. Stocks. Bonds, Grain, Cbttoa. MaaceOaB. eus Securities snd Liberty Bond, bought sad sold for cash or aimsea isiive Btargia. Wssnbaia Oh lease Beers) ef Trese. Co, reeponderrU SU F. Htrttea ek Os. MEMSCP8 . New Terfc Stock Esobarme. Raw York Cotton Exchange. OfMcee Seattle. Pert land. Ti Main g VSSA. Clearings. Saturday $4,783,073.00 Balancea, Sarnrdav . 780,961.00 San Prancuo. Banks Claaxings. Baturday $22,300,000.00 Lea Angolas Banks Osxinas. Saturday ... .... $13.419.627 00 Saa Franclseo Fosltry Varket San Francisco. Dee, 4. (C. P.) SiwOers, 52 0 55c; large heaa, 35 0 37c; bast docss. 32 0 40a. General Insurance BONDS McCargar, Bates & Lively : Toon Buildxag Main 168. A2694 iOAST POTATOES AX02TO THE Seattle Mart at Seattle, Dee. 4. -IU. P. Potatoes Tak lma Gems,;' $42.00; local, $32.00086,00 toa, : tan Franelioe Market 1 Ra Francuco. Dee. 4. (U. T i River Whits. $222 0 2.40; Salinas. $3.00;; awesta, 3 3 e per pound. Onion Yellow and white, 78 090a; Aus tralian brown, 76e 0 31.10. ; Leg Angeles Market Lo Angeles, Dec 4. (L N. S ) Potminsa, Stockton Bnrbanka, 216 0 240; Idaho rusacta. mostly 200 0226. Sew Tork-London Stiver - ?T" "?? "-'4. L N. S ) Omreer elal bar silver waa today quoted a followa: Do mestic, unchanged at 99 c; foreign, le lower at 69c Ifndoa Bar sdver waa 144 knrer at AreYouAware THAI the best way to laereaae your bank account is to save your money and In ; Test It wisely ; p THAT successful business men do not speculate, but place S;eir money in consexva v lavestments ; :. THAT municipal bonds are con . sidered the safest and best ' Investments obtainable ; : THAT banks, insurance compa nies and trust orcanixa- tions regulated by law in vest In bonds; ; THAT municipal bonds are se cured by aU the taxable resources of the issuing communities ; , THAT municipal bonds are paya : . bie from taxes, aad these v taxes have to bs paid; THAT bonds ara a first charge on , all taxable property and are prior to all ether in ' debtedaesa. Including mort- sTagesi . THAT the supreme court ef the United States has held j that under the constitution I congress la devoid of pow- er to tax municipal bonds; THAT the prlee of bonds is ad- : vaneing and is expected to advance more rapidly i after January l, 1921; j ' ' THAT we purchased a large num ber ef issues before the advance, and are offering ' ' them at original selling prices ; i - i THAT It will be impossible to ob- t taln Inoome Tax Exempt j bonds at today's , prices when interest rates de cline. , . AX2 THAT municipal bond owned and offered by us will net aa much as 7ft , t per cent. , Ask for Oar Latest Offering 1,1st. fvFREEKtiUie P SMrrH oreooHO rvocet CAMP CO. Firm and atvaaa ; avsrav grS) - Embargo on Canadian bonds limits issues The Canadian Government is opposing; by aa embargo, tit practice of Canadian dealers purchasing Canadian bonds held in London by English investors and selling them In tha United States. This is done because of losses to the Do minion Government through the differences In exchange rates. : The embargo Is limiting the number of Canadian Issues in the United States. . We purchased direct from London before the enforcement i of this embargo, some high grade Canadian provincial and i municipal bonda These are old seasoned Issues which will, mature within the next few years. We offer these bonds to yield as high as 744 Freeman Smith a Camp Co. nouNO noon LUMBUHINS BuiUle FIFTH AND TAStK . WAT 8740 WSrTlANS) SAM watANctSCet : We Offer and Recornrnend j Kingdom of Sweden 3V2 Sterling Bonds of 1900 Free From All Swedish Taxes These bonds are the general obligation of the Swedish government and are payable, principal and interest, in London Exchange. . '1 : . Price $410.00 per i200 (Par Value $974.00) '... - -..' - v- - .- '''' . Your daily income at the present price of exchange is about 6.15 and will increase as exchange improves p to 8.31. In addition to this interest income, your prin cipal will increase 75 if bonds are paid at the present rate of exchange, and if exchange is at par when they are paid your increase of principal will amount to 138. " , As conditions become more normal English Exchange1, will advance in price, and we recommend these bonds as affording one of the safest and most profitable . invest ments now obtainable. i i ... . ' - . 1 -! . '.,1 1 Wiref or write for full details. , ! INVESTMENT BONDS 87 Sixth Street Broadway 1042 WellsFargo Buiding, Portland, Oregon