Morning Oregonian. (Portland, Or.) 1861-1937, July 01, 1922, Image 21

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Morning Oregonian., July 01, 1922, Page 21, Image 21

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Newspaper Page Text21 TITE MORNING OREGONIAN, SATURDAY , J1JLY 1, '1023 BULL DAY IS PASSED Bl STOCK EXCHHH Turnover Is Many Smallest Months. in UNDERTONE IS FIRMER Fair Demand for Rail Shares. Oils Under Heavy Pressure. General Asphalt Strong. BY MONITOR. (Copyright, 1922, by the Public Ledger Company. Published by Arrangement.) NBW YORK. N. Y., June 30. (Spe cial.) Extreme dullness marked today's session and the turnover represented the smallest aggregate in months smaller even than the low total of Wednesday. The general undertone, however, was much firmer, due largely to a more hopeful view taken of the railroad strike situation, which was reflected In a fair demand for the rail sharea and good buying of the equipments. It is probable, also, that short cover ing in some of the stock that have been actively sold this week played some part in the recovery. The oils, which were under heavy pressure throughout the early session came back toward the close, although Mexican Petroleum did not regain all its loss General Asphalt, Phillips Petroleum, Producers & Re finers an4 Pacific Oil, however, were taken in fairly large blocks. There is a particularly good demand for General Asphalt. Stocks Show Firmness. Several issues among the motors and iron and steel group are showing pro nounced firmness today. Iron products was more active than it has been for several weeks. There was good buying of Gulf States Steel for southern inter ests that have sponsored its fortunes. Studebaker & Chandler reflected short coverings, as these stocks had been ag gressively sold in the week. American Hhijl & Commerce, of course, was favor abjy affected by the extra dividend de ured by the Cramp Ship building com pany. , Buying Is Precautionary. s A good deal of the buying today was precautionary on the part of the shorts and anticipatory by those wha are bull ish. Whether rightly or not, "Wall street is becoming thoroughly convinced that before the market opens next week after tn fourth of July definite progress will have been made in the settlement of the coal strike -and s. railroad walkout will have been averted. This view has been largely responsible for the buying in the ranroaa group. Decline In Rates Shown. ' , The weekly statement of the federal reserve banks shows a decline Jn ratio to the basis 0f 77.5. This is a reflection, probably, of the recent lowering of the discount rates by the New York and Boston institution's. The moat significant change is an increase of $80,000,000 in bill holdings, due chiefly to transactions undertaken by the New York and Boston banks. Although it had been ' generally ex pected that the conference between American oil leaders and the Mexican uejegaies was neartng an end, it was an nounced today that the meeting will prooaDiy, extend over tinto next week Incomplete reports, so far received by the interstate commerce commission. snow tnat ,in May 336 class 1 railroads wim a totai mileage ot 170,933 miles had a iibl operating income of f4tf,l.)67,TU0l compared witn ?:iit,3tt3,000 which these roads had during the same month last year. Operating revenues of these roads m may wmountea to ,T70,500, an in v'raB vx. six-ientns ot 1 per cent over the same month ihe preceding year. , "pera-ung expenses to- iiiea -:t)A,uou, a decrease of 6U per cent compared with JMay 1 a. year ago. The North American report showing an increase in May gross to 45.33 per cent over the same month a year ago and a balance before depreciation and dividends of $S42,5tJ0, which is 90 per cent over the May, 1921, figures, was followed by sharp buying in the stock, especially the common. It is estimated that current earnings are running at the rate of about $20 per year on the common. The rise of 2 points in America Ship and Commerce was based on the dec laration of an extra dividend of $25 per share on the stock of William Cramp & Sons. American Ship owns a large ma jority of the Cramp stock and this divi dend, which was a good deal of a sur prise to Wall street, will add J2.800.O00 to the income account of American ship. " Aitnougn tne Associated Dry Goods owns $1,003,575 of the Lord & Taylor first preferred, 'the declaration of 12 per C"- unmenu on rnis stock failed 'lo help the Associated Dry Goods market portion. inis dividend is equal to 88 cents per snare on the of that company. Liverpool cables and advanced further on buying influenced by the publication oz a, number or reports of black rust in the best sections of the spring wheat belt. These reports, however, were rather vague and not fully coonfirmed. which fact caused some selling late in the day Conditions northwest to date have been perfect and not conducive to the spread of black rust, but further rains followed by high' temperatures, would undoubtedly result in a serious scare If not actual damage. Private re ports, on winter wheat showed reduc tions of 33,000,000 to 62,000,000 bushels from the government June indication. All cash markets were strong, premiums in some instances being 1 to 3 cents higher, the latter at Minneapolis. Ex-, I port news was discouraging, advices claiming more offers to resell than, fresh bids. It looks very much as though this situation will have to change and out side buying broaden materially it the bulges are to be maintained. Corn. Favorable crop reports follow ing general rains over the surplus pro ducing states induced enough selling of futures to offset the reports of liberal export sales. The cash market was ex ceptionally strong, gaining another half cent on the futures, with the demand showing no let up. Country offerings to arrive increased slightly on the early advance, but were not heavy. One out standing factor not yet recognised in the market is the prospective increase in hog production and consequent heavy farm consumption, which promises to take care of -the 121 overproduction. We" still feel that purchases Judiciously made on soft spots will bring good re turns. Oata Liquidation of July contracts preceding the first delivery day gave the market a rather weak appearance. Some message from the northern part of the belt reported Improvement in the crop conditions as a result of rains in the past few days, but reports on the average were pessimistic. We favor pur chases during weak periods. Rye. Ruled rather weak due to per sistent liquidation of July, which re suited in further widening between that month and September. There was no cash rye on the market, which was quot ed nominally at yesterday's basis. Leading futures ranged, as follows: WHEAT. - HiKh. $ 1.1.". $ 1.1 1 1.19 CORN. .62 -6C OATS. .36 .39 .42 LAJID. 11.35 11.02 RIBS. July 32.10 11.95 Sept 11.75 11.70 DISCUSSION IV . oijwras Corporate , Consolidations ; Under Way in East. 1 do coll 7s..... 1930 10514 I N Y N H & H cv 8s 1048 794 N O Tex & Mex 6s 1133 ?ltt IN P P L 4s : 1907 87 IX P 6s 2047 105 K P Ot Nor it H lm 105ft 'OBI, ref 4s , 1829 91 iFenna. S9 .-........... 196 108 ' do gen 4&s. ...... .1963 H4 I do 4e , I960 98 do gen os....:- ........ jnws lw'a. do 7s ..j V.. laao 108 ReadiiMT ren ta 1997 84 SAL 4s v '. 1030 07 BONDS FIRM TO STRONG POWER EXPANSION DUE July . SeDt. . "Dec. . July . Sept. Dec. . July . Sept. Dec. . July . Sept. Open. .$ 1.14 . 1.16 . 1.18 . ' .82 . .60 .06 .38 .39 . .43 . 11.35 . 11.82 Low. 1.14 1.15 1.18 .02 .85 .85 VS, .35 .38 .4114 11.27 , 11.55 6363c; 3741c; N Close. t 1.1414 1.15 1.18 .62 .65 . .05 .35 .38 .41 11.27 11.55 11.95 11.70 Cash prices were: Wheat No. 3 red. $1.15; No. 2 hard. 81.18. Corn No. 2 mixed, 2 yellow, 6364c. Oats No. 2 white. White. 36Si40c. Barley 58 64c. Timothy seed $4 5. - Clover seed $1018. Pork Nominal. Lard $11.27. - Ribs $U.7512.75. Cash Grain Markets. Furnished by Jordan Wentworth & Co., Portland. MINNEAPOLIS, June 30. Wheat No. 1 dark hard Montana, $1.41 1.43 ; No. 1 hard Montana, $1.85; No. 2 dark northern, $1.42 1.4B ; No. 2 northern, $1.3914 1.42. Oats No. 2 white, 34 35c. Barley 47 57c, Flax $2.5014 2.59c. ST. LOUIS, July 1 30. Wheat No. 2 red, 11.20. Corn No. 2 mixed. 03c: No. 2 yellow, 6414 65c; No. 2 white, 64c. Oata No. 3 white, 37 38c. KANSAS CITY, June 30. Wheat No. 2 "hard, 81.16; No. 3 hard, $1.30. Corn No. 2-mixed, 5Sc; No. 2 yellow, 82c; No. 2 white, 58c. OMAHA, June 30. Wheat No. 2 hard, $1.09. Corn No. 2 white, 5656l4c; No. 2 yellow, 58c; No. 2 mixed, 5556c. Oats No. 2 white, 35c. Interest on Part of Standard Oil Group of Financiers Is Mak ing Itself Shown. (Copyright by Public Ledger Company. Published by Arrangement.) PHILADELPHIA. June 30. (Special.) -Corporate consolidations have been one of the chief subjects of discussion in investment circles the last week. From do 5s 14S do 0s A 145 Sou Ry con Se 1894 So sPac cv 4s 1929 do ref 4s 1955 , do sf term 4s.. 1950 do ref 4s... , 1949 do conv 5s 1934 St. L & S F P L 4s A t 1950 do gen 5s... 1931 do P L r B..... 1950 do gen 6s 193L do adj 6s , .... lo..5 do tnc 6s .... 10 fit. L & S W 1st 5s 1952 1 do con 4s 1932 do 1st 4s .198!) Tex Pac 1st 5a 2O00 Un Pac 1st 4s 1947 do cv 4s 1927 do ref 4s - 20i8 do Os 1928 Un Tank 7s Wabash 1st 56.... 1939 do 2d 5s. i .. 1938 West Pac 59....,. 1946 M K & T adj 5s do st 5s Osit 8s ,1 v .- otti 5s............... Phil Pete7s 118 Industrials Allied Packers 8s .... 1939 Am Icr Ch TUl 1941 Am Sm 1st 5s... 1947 Am Tob 7s 1922 58 88 82 88 102 7114 9S 85 103 7S 08 . 80". 73 78 92 94 95 - S7 103 I0314 98 SH 80 56 V. 87 100 60 HIGHER, PRICES SCORED BY LIBERTY GROUP. B. Pittsburg comes the report that the t Anaconda 6s A 1929 Pennsylvania-Ohio Electric company will expand its services through absorption of the Mercer County Light, Heat and Power company and the Northwestern Electric company, operating in the re gion of Brie. Also, that its high-tension transmission lines will be extended to a connection with those of the West Penn Power company, which gives thought to much larger possibilities. The Pennsylvania-Ohio Electric com pany, formerly known as the Mahoning and Shanango Railway and Light com pany, was to a large degree financed locally, many of its securities and those of its subsidiary companies being owned in Philadelphia and this district. The company is controlled by Republic Rail way and Light company, of which Har rison Williams is chairman of the board. He also is chairman of the North Amer ican comopany, which controls electric power and lighting properties and, in some cases, other utilities of Cleveland, Detroit, St. Louis, Milwaukee, etc. The West Penn system is said to be in con trol of the Monongahela Power and Rail way company, which performs utility "services in West Virginia and Ohio. DULUTH, 2.50. June 30. -Flax I2.55J common stock me eariy over-subscription of the $25,000,000 offering of New York Tele phone stock by subscribers of the com pany was construed very bullishly in the ' me strong movement in Coco Cola today is based on a realization of the fact that June earnings of more than Jl.000.000 constitute a new high record . ..... .....Kjr. jjuims tne second Quarter this company not only earned the entire year's dividend on - th to 0,01!0 preferred stock, but also earned the $4,000,000 dividend on the common. lEAHlTlSETTLED EARLY GAIXS WIPED OCT IN CHICAGO TRADING. No Actual Damage to Spring Crop Reported In Black Rust Sections. black did today, CHICAGO, June SO. Although rust reports from the northwest gooa aeal to lift wheat rrice the bullish effect failed to last, no actual damage yet to the spring crop being noted. The market closed unsettled at cents net decline to cents gain wuii juiy i.uft i.i4c and Septem ber, 81.lSffil.16. Corn lost '. ffl u i 5t c- oats c and for nackins- hm,.. nw,4- ucts, the finish varied from 10 cents off 10 a rise 01 zc. Bulls in the wheat market hart in ltial advantage owing to an unexpected upturn in Liverpool quotations and be cause ot correct lorecasts that unoffl ciai estimates ot the domestic winter crop yieia wouia be sharo v rertuoeft ttt, easiness regarding chances of a railroad striKe tenaen. also to stimulate buying. Black rust gossip, however tnkon in connection with much increased Rtront-fh of values at Minneapolis, soon became tne nominating iactor ana for a while the dealingi were on a rather broad acaie. With only a short session of the board of trada tomorrow and on Monday and a tun nouaay. slackening of rie mand became very evident in the wheat market nevertheless before business ended. Efforts during the last couple of nours were aevotea chiefly to transac tiona or an evening-up character. It was at this time in particular that the absence of any damage reports from tha places where black rust had been discovered was the subject of increas ing comment and had much to do with practically wiping out the gains which were scored earlier in the day. Kama in lowa, Illinois and Nebraska mprovlng the outlook for the new corn crop, tended to ease the market for Corn and for oats rs well, despite bullish crop estimates which were current. Provisions averaged lower in line with hog values. ( The Chicago grain letter received yes terday by the Overbeck & Cooke com pany of Portland follows: Wheat. Started higher on the firm ' Winnipeg Grain Market. WINNIPEG, .June 30. Cash No. 1 northern, $1.37; No. 2, No. 3, $1.20,; No. 4, $1.10; $1.03. Futures July, S1.2i; Oct $1.20; December, $1.17. wheat $1.83; No. a, o b e r, Minneapolis Wheat Futures. MINNEAPOLIS, June 30. Wheat July, $1.86; September, $1.25; De cember, $1.24. , Grain at San Francisco. 1 SAN FRANCISCO. June 80. Wheat- Milling, $1.8091.85; feed, $1.S01.85. Barley Feed, $1.12 1.17 ; ship ping, $1.251.85. Oats Ked feed, $1.40 1.50. Corn White Egyptian, $2.12 2.17 ; red mi4o, $1.90 jj 1.95. 1 Hay Wheat, $1618; fair, $1416; tame oat, $1518; wild oat, $1113; al falfa, stock, flu1.-; straw, nominal. Seattle Grain Market. SEATTLgr June 30. Wheat Hard white, soft white, white club, soft red winter, northern spring, $1.16; hard red winter, $1.17; eastern red Walla, $1.13; Big Bend bluestem, $1.25. City delivery Chop, all grain. $42; corn, $36; corn, cracked and feed meal, $38. All others unchanged. SAX FRANCISCO PRODUCE MARKET Prices Current on Vegetables, Fresh Fruits, Etc., at Bay City. SAN FRANCISCO, June 29. (State Di vision of Markets.) Fryers, 333Sc; broilers, 2636c; roosters, young, 25 50c; old, 1418c; hens, 1431c: ducks. 2022c; turkeys, alive, 3235cT dressed, S640c; hares, pound, 13(i 10c: squabs, dozen, $33.50; jackrabbiu. dozen, $2 W2-80. . Fruit Apples. 3 to 4-tier. C.154; oranges, Valenclas, $3.509.50; lemons, $56.75: apricots, pound, 4-8c; grape fruit, box, $35.50; strawberries, drawer, 4550c; raspberries, drawer, 6080c; blackberries, drawer, 3545c; loganber ries, drawer, 8540c; cherries, black, pound, 68c; Royal Anne, pound, 10 13c; figs, small box, 65cS5c: gooseber ries, pound, 10 15c; peaches, crate, $1.25; 1.2; currants, drawer, $11.15; new green apples, lug, $11.1S; watermelons, pound, 22c; cantaloupes, standard crate, $1.25 1.75. Vegetables Artichokes, large crate. $48; asparagus, pound, 5llc; beans, pound, 46c; wax, 46c; carrots, sack. $1.502; celery crate, $8; cucumbers, dozen, $2.753; lettuce, crate, 75c $1.25; onions, crate, Stockton red, $1 1.25; green, box, .$1.251.50; parsnips, sack, $3 3.25; peas, pound, l4c; bell peppers, pound, 2530c; potatoes, $1.602.76; new potatoes-,' pouhd, 22c; rhubarb, box, $1.501.75; squash, sum mer lug 50c$l: spinach, pound, 3 to 4c; tomatoes, crate, $1.251.75; tur nips, sack, $1,304? 1.50; new corn, doz. 25c J1; garlic, pound, 23c; beets, sack, $12. . . Receipts Flour, 2,412 quarter sacks; barley. 2,288 ctls; corn, 800 ctls; pota toes, 363 sacks; onions, 297 sacks; hay, 130 tons: hides, 857; lemons and oranges, 900 boxes. WOOL VALUES GENERALLY STEADY Week's Trade Quieter at Boston Slow Buying Jn West., BOSTON, June 30. The Commercial Bulletin tomorrow will say: "The wool market has been quieter this week, but values are generally steady, especially on standardivools. Someibusiness is-reported in new territory wools on grades running three-eighths and above at un changed rates. Some wools in bond also have been eold at steady rates. " ; "In the west desultory buying is re ported on the lower basis of limits given by buyers two weeks ago. The manu facturers are getting ready for the new goods -season and are buying only mod. erately at the moment. - Little apprehen sion over the railroad strike is felt. "The foreign markets are fairly steady on the basis of closing rates at Lon don." The Commercial Bulletin tomorrow will publish wool prices as follows: Scoured basis: Oregon eastern No. 1 sta- pla, si.30a1.3i; line and fine medium canning, xi.zu4?1.23; eastern clothing $1.101.15; valley No. 1, $1.07 1.10. Metal Market. NEW YORK. June 80. Copper steady. Electrolytic, spot and later, 13 3 13 cents. . Tin firmer. Spot and futures,' si.OOc. Iron steady and unchanged. Lead easy. Spot 5.75c. . " . Zinc easy. East St. Louis, spot and nearby 6.355.37c. AntimonySpot, S.005.28. For many days reports of an ap proaching merger of the Chicago and Alton railway with the Missouri, Kansas and Texas railway system has been cur rent, and something of the sort has been easily discernible in the market for Alton securities. Now, according to latest information, a merger is oroposed that will 'unite the" Buffalo, Rochester and Pittsburg, W e s t e t n Maryland, Wheeling and Lake Erie and Toledo, St. Louis and Western into a single railroad system of more than 3400 miles. When testifying before the Interstate commerce commission the president of the Louisville and Nashville is reported as sayirtg, in effect, his company would raise no objection to the railroad con solidation as planned. This statement is highly important as representing the view ot the president of one of the roads having large earning power which it is proposed to merge with one of the weak est of the large systems of the country. v The fundamental of it is probably that the managements of " profitable lines have figured closely the value of the physical properties of weaker com panies with which it may be contemplat ed to consolidate them, and have come to the conclusion that the right to earn 5 per cent on the consolidated prop erties, weak and strong, will increase the amount they will be permitted to retain from the operation of the well paying tines. The reorganization of the Missouri, Kansas and Texas has not been com pleted; that of the Alton has not com menced and may not come. Control of the latter company now rests with the Union Pacific and Chicago, Rock Island and Pacific. Of a total of nearly 400,000 shares of preferred and comomon stock of the Alton outstanding, the Rock Island owns more than 25.84 per cent and the Union Pacific more than 25.88 per cent. In addition the Union Pacific owns $8,417,000 of general mortgage 6 per cent bonds, and interests friendly to it are believed to own $8,417,000 addl tional, indicating that the Alton's junior mortgage bonds are in sufev hands. This is evidenced in the annual report of the Union Paclfio for 1921, it being stated that there is due to the Union- Pacific for accrued and unpaid interest on Chi cago and Alton general mortgage bonds $3,543,158. ' . - The financial history of the Alton reads more like fiction than fact, for while it has been running behind in bond interest It has reconstructed and double-tracked virtually its entire line; has spent much money in the improve ment, of stations and freight facilities and haB, at. a cost exceeding $3,000,000, erected its own freight terminal and office building in Chicago. Now, in the annual report for 1921 its president states that, under an agreement with the Standard Oil" company, the Alton acquired in 1921 five new mikado loco motives and 500 aondola coal cars, this equipment to be useu exclusively in transportation service furnished to the Standard Oil company. Standard Oil interests are believed to control the Western Maryland and Wheeling and Lake Erie railroads. There is nothing new in the suggestion that these properties might be consol idated. It is logical and has been ex pected many years. The Pittsburg and West Virginia would ftrm an important part of the system, even though, its coal properties might be segregated. But the interstate commerce commission's tentative plan provides that the Western Maryland shall become part of the New York Central system,- and that the Buf falo, Rochester and Pittsburg,- Delaware and Hudson and Lackawanna systems shall go together. Whether these conditions are effected and whether they are made as planned by the commission, an interest on the part of the Standard Oil group of finan ciers is making itself shown in the prop erties, whose merger now seems likely and in respect to which the security markets are responsive. Bond buyers might well investigate now Chicago and Alton 8s. Toledo, St. Louis and Western 3s, Wheeling and Lake Brie consolidated 4s and other un derlying bonds for investment; and Al ton 3s, Toledo, St. Louis and Western 4s. Wheeling and Lake Erie 4s,and Western Maryland 4s. All present bonds of the Buffalo, Rochester and Pittsburg system are regarded as choice. THE BOND JUAN. do Armour do 4s Beaver Board 8s...... Beth Steel la. do eq "s do ref 5s Cerro de Pasco 8s f Chile conr 6s A do conv 7s Copper Exp Ss do do Colo F & I gen 5s. Colo Ind 5s Cuban Am Sug 83... Cuban Cane- cv 7s Distillers Sec cv 5s. r; .... Diam Match 7s. Dupont 7s Empire Gas Fuel 0s....... Fisk 8s Gene Elec deb 5s do 6s , Goodrich 7s do 8s Heinz 7s HrwhAV TU9 ............. Ill Steel deb 4s 1940 Ind Steel 5s 1952 Int Agr 5s .., ...,1532 Int Marine CT 6s 1941 Kelly Spgfield 8s 1931 Kennecott 7s 1930 Lack Steei os 1923 do 1st 5s. , 1950 Libby McN L 7fl 1... 1931 Lig & Myers os 1951 do is jy-s Lorillard Gs j. 1951 do 7s.. 1944 Midvale Gs M36 Morris & Co 7s 1930 Proc A Gamble 7s..: 1923 Republic I ft St Gs 1940 1929 1930 1939 1933 1923 1935 1942 1931 1982 1923 1923 1924 1925 1943 1934 1931 1930 1927 1935 1931 1924 1941 1952 1940 1925 1941 1930 1930 64 103 91 102 104 H 103 104 80 64 104 102 93 117 90 104 102 102 104 90 105 81 44 108 1X17 100 105 99 106 102 103 104 103 90 100 78 96 108 104 99 88 98 8(1. 113 95 113 88 105 101 95 Sears-Ros7s 1922 1001s do 7s 1923 Steel & Tube 7s ...1951 Swift & Co 13 l2a do 7s 1931 Uni Drug 8s ...1941 U S Rub 1st rel 5s .1947 do73 ..1930 U g Steel sf 5s 1963 Va Chem 5s 19-i Va Car Chem 7s 1932 West Elec 5s 1922 West U T col Tr 5s 1938 West Union 6 s 1930 Wilson 1st 6s 1941 do cv 6s . 4. 1928 West Elec 7a 1925 Westinghouse 7s ;. -.1931 Public Htiutle Am Lt & Tran 6s Am Tel coll 4s- do 5s . . Am Tel 6s Bell Tel of Pa 7s .. B R T 5s Bel Tel Pa Cal Gas uni 5s Cities Service 7s B do 7s C do7sD Con Gas cv 7s . . . . IntMet4s Int R T ref 5s Laclede Gas 7s . : . Mont Power 5s A . Northwest Tel 7s . Pac Tel 5s Oil bonds Atlantic Ref 6s . Galena S Oil 7s Gulf Oil 7s , Humble 7s Pan Amn 7s Mex Pet cv 83 . .. . Sinclair 7s S O Cal 7s S O N Y 7s Texas Co " 1929 ....1946 1925 1945 1945 1945 1937 ..I960 ....1906 ...;1!Hj6 1925 1956 1966 1930 1943 1941 1937 1931 1930 ....1933 1928 ....1930 193ff ...1925 . . ..1931 1931 ...1923 Tidewater Oil 0s ..... 131 Foreign government bonds Argentine 2d 7s do Gi os Belgium 8s Bergen 8s . . Be-me 8s . . . Christiana Ss 1923 1945 1940 1945 1945 1943 Copenhagen 5s 1944 Lanisn consoi s 1946 French Cities 6s 1934 Italy 6s A 1925 Russian Ruble 5s 1926 Swedish Government 6s ..1.. 1939 U S Mex 4s 1954 do ext 5 1945 Uruguav ext 5s Zurich 8s 1945 French Internal 4a .- 1917 do Victory 5s 1920 Belgian Restoration 5s British 2 consols Italian Cons War Loan 5.. .... Curb Bonds Allied Packers 6s Am Tel & Tel 6s 1922 do 6s 1924 AncoWIa Copper 6s - do 7s Armour & Co 7s Beth Steel 7s 1935 Grand Trunk 0s , Gulf Oil Co 7s v Sears Roe 7s S-yr 1923 Stand Oil N Y 6s 1933 do 7s 192B Swift & Co 79-..., 1925 do 7s 1931 Texas Co 7s notes Vacuum Oil 7s ' 101 100 101 102 110 89 10S J02 99 105 100 99 109 !)S 91 108 106 91 97 114 107 00 107 94 134 98 91 114 12 67 . 99 98 100 ; 98 103 103 104 100 101 107 104 105 108 101 103 99 84 . 105 107 108 100 91 109 83 96 3 101 48 60 13 111 t3 64 73 39 100 100 101 100 103 104 102 105 104 101 107 105 101 102 101 1 09 Fourth 4 s Sell, at New Record. Rails Also Make Advances. Foreign Loans Irregular. KEW YORK, Juno 30. In keeping with the very dull stock market, trading in bonds today was comparatively small, but the undertone was one of firmness. occasionally verging upon absolute strength. Liberty issues furnished the greater part of the business, with a new top for the fourth 4 Vis at 10O.3O and net gains for most of the group. Among foreign loans the Dutch East Indies issues of 1947 and 19G2 made ma terial gains. French governments also were better and Brazil 7s and Cuba 4s featured the other strong internationals, while Danish 6s and Cuba Cane 7s eased moderately. Advances of large fractions to a full point were registered by various tssues of the leading railway systems, includ ing Great Northern 4s, New York Cen tral debenture 6s, Atchison 4s, Southern Pacific t collateral 4s, St. Paul general 4s arid Chesapeake & Ohio converti ble 5s. The few heavy -Issues embraced sev eral of the Eries, Baltimore & Ohio 6a, St. Louis & San Francisco incomes and Seaboard 6s. Total sales, par value, ag gregated $12,071,000. - Dullness incident to the approaching holiday was the feature of today s aim less stock . market. In the turnover, of barely 500.000 shares, many of the usual leaders were quoted only occasionally and some were utterly neglected. ' Ralls were the strongest issues. Ac cumulation of some of the more sea soned shares of that group evidently in dicated Wall street's growing conviction that means would be found to break the deadlock between employes and railroad executives. Oils resumed their uncertain course. but pressure against that division was less insistent Mexican Petroleum re acted, however, after an early show of firmness, its extreme decline of 4 points being, reduced to 1 points at the end. ' Aside from the strength 01 Kaiawin, Crucible and Studebaker at iinal ad vances of 1 to 2 points, most otner gains of the day were limited to abscure industrials and specialties. Chief among the latter were Coca cola at a gam 01 3 and American Ship & Commerce, which was sustained by the declaration of an "extra" dividend on Cramp ship shares. United States Steel moved within frac tional limits the greater part of the day. but was in demand later with several ot the independent steels. Brooklyn Rapid Transit's additional rise of 1 points accompanied reports showing further marked recovery in the company s imau cial position. Call money's gradual rise from the opening and renewal rate of 4 per cent to 5 per cent just before the close was traceable to further withdrawal of funds to meet tomorrow's interest and divi dend payments. Time loans running into the year's last .quarter were reported at 4 per cent, shorter dates being offered at 4 per cent on high-grade security. Excepting the German rate, which made yet another decline to the new. low of .028, and another slump in Greek bills, the entire range of Enropean ex changes was substantially better. Re covery in sterling sliver amounted to al most 2 cents, allied remittances gained 5 to 7 points and Dutch, Swiss. Spanish and Scandinavian quotations rose 5 to 10 points, with slight improvement in Austrian, Polish and Czecho-Slovakian rates. N CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland: Stock Sales. Adams Express . 300 Advance Rum 000 300 600 13 14 MeX Pot .11.400 179 17 176 Miami . 30O 28 27 27 Mid States Oil.. 3.800 13 13 13 Midvale Steel. 2,400 33 32 33 M K & T Wi 500 17 17 17 do. pfd Wi 500 38 87 38 Mont Power ' . 100 68 68 68 Mont Ward 2,100 22 22 22 Mo Pac 2,200 21 20 21 do pfd 1,600 53 52 53 M St P & 3 S M. 5 ; Marland Oil 14,500 43 41 42 Martin Perry 80 Nat Enamel 600 50 49 50 Nat Lead.. 300 93 93 93 Nevada Con 500 16 16 16 New Haven 8.500 30 29 29 Norfolk & W 1,600 108 108 107 Nor Pac 1.200 74 74 74 Nova Scotia St 31 N Y Air Brake.. 2O0 75 73 73 N Y Central . 3,500 94 93 94 Nor Amn 4,900 64 62 63 Okla Prod ref.-, 700 3 3 3 Ontario Silver .. 7 . Ontario & W-, 25 Otis Steel 100 12 12 12 Pacific Dev 1,200 7 6 7 Pac Gas & El... 600 69 68 68 Punta Allegre... 200 47 46 47 Pacific Oil 13,900 55 54 55 Pan Amn Pet.. 15,300 78 76 77 do B 4.600 73 70 71 Penna 3,700 42 41 42 Peo 'Gas 83 Pere Marquette.. 1,000 31 31 31 Pure Oil 4,200 30 29 30 Phillips Pets 700 50 48 49 Pierce Arrow 500 19 18 18 Pierce Oil 1,400 8 7 7 Pitts Coal L400 64 63 64 Pitts W Va... 800 3B 36 36 Penn Gen Steel. . 1,200 9 9 Pr Steel Car 100 76 76 76 Pullman 300 119 118 118 Ray Cons ...... 100 16 16. 16 Reading 2,600 74 74 74 Remington 206 ' 33 32 33 Replogle Steel... 100 31 30 30 Repub I & S 300 71 70 70 do pfd 200 92 82 92 Rep Motors 100 11 11 11 Royal Dutch Oil. 3,800 59 58 58 Blyth Witter furnish nnv offices witti ly Ry Steel Spg. Stand Oil Ky.. Sears-Roebuck . Shattuck. Aril. Shell T & T 200 Sinclair ...11,600 300 94 75 93 75 41 32 Stand OH Ind... . 107 41 31 100 94 75 9 40 31 800 181 2.700 89 2.400 23 5,500 102 1,700 27 47 34,000 129 1: do N J. Sloss Shef Sou Pacific. Sou Ry Stand Oil Cai St. L & S.F. . Stromberg Carb. stuaeoaker Swift & Co. Tenn Cop & Ch. 200 10 Texas OH 5,500 47 Tex Pac C O 1,600 27 Tob Products.... 2,200 80 Tran Contl Oil.. 4,100 14 Union Oil Dei.,. 1.80O1 21 Union Pac 2,000 140 United Alloy United Food Prd Unwed Fruit... 700 141 Union B & P U S C I Pipe... 800 30 Utd Retl Stores 8,400 60 U S Ind Alcohol. 700 55 U S Rub ,. 2,300 63 do 1st ofd 100 105 TJ S Smelting U S Steal 4,500 99 103 106 179 181 -. 42 S9 - 89 22 23 100 102 a 47 Utah Conner 500 Va. Chem 100 Vanadium Steel. 500 Vlvandou 500 Wabash . . .. 1,900 do A pra 2,100 do B pfd Wells Fajrgo. ... 100 Western pac do pfd 300 western union. Westinghse A B ao t. & it West Md. White Motors... Willys-Overland do pfd Wilson Packing. Wisconsin Ce-nU. Wool-worth Worthing PumD. W & L E 1,000 White OW 2,600 W hite. Eagle Oil 200 Agr Chem do pta ., Ajax Rubbr .. . Alaska Gold Alaska Juneau. Allied Chem Allis-Chalmers . do pfd Am Beet Sugar Am Bosch Am Can Co.... do pfd ...... Am Car & Fdy. do pfd Am Cot Oil do pfd Am Drug Synd. Am Hide & L6at do pfd .... Am Ice Am Intl Corn Am Linseed do pfd Am Loco do pfd Am Sat Razor Am Ship & Cor Am Smelter .. do pfd . . . . , Am Snuff Am S Fdy x d Am Sugar do pfd Am Sumatra . Am Tel Sc Tel. Am Tobacco . do "B" High. Low. 64 64 39' 38 . 65: 93 Bid. 63 17 39 05 15 CARRY-OVER IS N01 PREDICTIONS MADE EARLY IN SEASON ARE UPSET. New York Bonds. Furnished by Jordan & Wentworth company of Portland: Railroad Bonds Atch gen 4s 1995 A C L 4s 1952 do 7s 1930 B O gold 4s 1948 do con 4s cv 1933 do ref 5s 1995 Canada Southern 5s....... .. . 1962 Canadian NNor 6s..; .. 1946 do 7s 1940 Cent Pac 1st 4s 1949 Chgo N West 6s :. 1936 Ches & Ohio cv 4s 1930 do gen 4s 1992 do cv 5s 1946 do con 5s . .. 1938 C B & Q div 4s 1949 C & West Ind 4s ; 1952 C G & W.4s 1959 C M & St P 4s: ...... 1925 do cv 4s .. 1932 do deb 4s 1034 do gen 4s A 1899 do cv 5s 2014 -do G & R 4s A , 2014 Chgo N W sf 5s...,.,,..,.. 1929 do N W gen 4s..,.. 1987 do 7s 1930 C R I & P ref "4a (... 1934 Colo Sou rf ex 4s.. 1933 do 4s 1929 Del & Hudson cv Ss... 1935 do 7s .- . 1930 D R G cv 4s.. 1936 do ref 5s 1955 Erie P L 4s 1996 do con 4s A.. ............ . 1953 do B 1953 do. D 1953 Erie Pa C G 4s..; 1951 Gd Trunk eq 6s : 1936 Ot Nor 4s 1961 Gt Nor 7s 1936 do 68 ... 1938 do 7s 1940 111 Cent j-t 5s 1963 do ref 4s., 1955 K C Sou ref OS 1950 Keo & DeS M 1st 5s ...... . , 1923 L 3 & M S 4s.... 1931 lX Jl 1930 do uni 4s 1940 S O 7s ; .... N A Ed 6s":.. M St P & S S M-6S 3946 M K & T 4s........ 4 1990" M P gen 4s 107fl do ref 5s 7- 3923 do ref 5s 3 926 NYC deb 43 . ... . 3934 do con 4s 3988 do ref Imp 4s 2013 do cv djeb 6s..,...,, 1935 91 89 107 81 82 86 98 111 112 88 110 S3 87 93 102 . 1 73 60 79 68 , 61 .73 74 62 98 86 107 81 86 93 93 108 7S 46 62 51 61 - 55 89 103 91 109 102 112 95 87 88 89 92 108 91 98 82 102 . 79 3 100 95 87 83 .8 104 Crorl News Dominates Week's Market at Chicago; Foreign Situation Is Mystery. The weekly wheat review of Logan. & Bryan ot Chicago, received yesterday by Overbeck & Cooke company of this city, follows: Crop news dominated the market all week and prices showed small gains de spite stagnation m export trade, which has been a deterrent to bullish activities for some time past. Strange enough, the unfavorable hews came from the winter wheat belt in the form of disappointing threshing returns, the high - temperatures the past two weeks apparently doing more damage than was thought possible. - Private crop authorities, in statements made public today, estimated losses of 83,000,000 to 52,000,000 bushels from the government June 1 figures and said that further reductions are probable in the final figures. While the condition of the spring wheat crop is uniformly favorable, the exper iences of past years make the trade apprehensive as to the final outcome. .. Perfect weather will be necessary for the next three to four weeks to maintain the present high condition. Some black fust reports have been circulated the past few days, but they have been rather vague and are not taken seriously as yet. With the end of the 1921-22 crop year at hand, we find that statistical com pilations maii ! early in the season have been thoroufelily upset. The apparent carry-over into the new crop is at least up to .normal, despite exports which were calculated to result In an extremely close adjustment of supplies at the end of the season. At the same time, looking ahead, it is evident that North America must have bountiful crops to supply the Kuro peah demand for the ensuing year. The foreign situation has been more or less a mystery for the past two months in the sense that foreigners have not been after our old crop wheat, a3 everyone thought they would, nor have they shown any interest as yet in the hew crop. It is virtually certain, however' that by the time the movement of new,.wheat gets well under way they will be com peting with American millers for the offerings. For the immediate future weather con ditions in the northwest will very likely predominate In the market. . - Phone your want ads to The Ore gonlan. Main 7070, Automatic 0-95. do Am W P pfd... Am Zinc Anaconda Assd Oil x d 1 Atchison do ofd Atl Gulf & W I. Baldwin Loci do pfd "... Balto & Ohii do pfd ... Barnsdeil Coi Beth Steel "I B R T Butte C & Z...., Burns Bros .... Caddo Oil Calif Packing .. Calif Pet do ofd Canadian Pac .. Cen Leather . Cerro de Pasco... Chandler Motor. Chgo & N W Chgo Gt W do prd Chino Chill Cop C, M & St P do pfd . 200 1 - 600 67 700 48 "ioo '45 - 300 89 400 46 , "266 160" . "i66 26 ""ioo 67" 2O0 104 . 900 43 . 300 . 33 . 100 33 . 600 112 ! "566 "5 .12,200 20 . 500 58 I ','400 '36 . 300 79 ! "ioo "46" . 200 120 . 100 141 '. "ibo 88 ; "200 '37 . .100 51 . 100 110 . 2.400 100 , 800 89 . 500 38 , 7,200 114 '. "7,506 '49 ! i',8o6 '76 .25,200 29 1 67 48 '" 39 45 ieo" 26 1 67 48 93 44 89 46 104 160 419 26 00 5 .... 13 67 67 03 103 41 43 33 33 53 52 116 5 20 58 96 131 38 79 103 40 5 19 08 35 78 1,000 TOO 1,400 400 400 600 1.40O 2,700 3.S0O Coco .Cola 9,500 40 120 120 141 140 i 238 88 88 '1071 . 29 17 17 5) 50 110 110 99 99 89 89 37 37 112 114 ..... 114 49 Bl 35 76 28 6 129 11 76 61 94 1.100 138 137 138 100 3? 8 ( aili 3 200 11 48 75 27 11 800 81 59 C & O Colo F & I Colo Southern . Col Gas Sr. Eiec. Columbia Graph Con Gas Cons Cigars Contl Cat Cities Svc Bkrs. Corn Proe, , . . . . dO Did Cosdon Oil C, R I & P ... ao a . do "B" pfd . Crucible Steel 400 500 400 35 70 74 2 20 29 20 26 42 69 66 86 4 34 69 74 8 19 28 19 . 69 74 8 20 28 20 23 16 41 42 66 86 86 4 69 66 29 45 85 4 8,200 115 114 114 37 37 IOO 100 300 104 103 . 8,800 .11,000 800 1,200 48 43 3 44 42 78 73 35 64 22 108 114 3 43 93 70 73 do pfd "" '0" ?- Cuba Cane 800 16 do nfd auw a Cuban Am Sugar 700 23 Dome Minee ow icon Del & Lack Davison Chem.. SOO 44 Endicott Johnson 200 79 Erie 3.2X 15 do 1st pfd .... 900 23 Elec Stor Bty.. 400.45 Famous Players.. 300 81 Fed Ming & Sm do pfd , ' Fisk Tire .. 1,800 15 13 lln Clrram . " . Gen Electric ... 500 167 Gen Motor 10,100 14 63 13 29 38 .78 74 19 100 104 104 104 00 40 39 40 100 n fl.r cent. Gen Asphalt 6.800 66 Glldden Paint .. 40O 13 Granby ' W0 29 Great Nor Ore . . 8W) 39 Great Nor pfd.. 2,800 77r Green Cananea .- .... Gulf S Steel 1,700 -77 Glen Alden ..... Houston Oil 800 73 Huoo Motor 1,000 . 10 Ills Cent .... Inspiration ; . Int Agr Corp fln rhM Tnterboro 1,000 do pfd 800 Interstate Cal... 2,300 Int Harvester . ; .... Int' Merc Marine .... do pH 400 Int Nickei 300 Int Paper 400 do pfd ... Invincible Oil .. 1,100 18 Island Oil ...... 1,10 1 .Tewel Tea K C Southern ., 600 24 24 do pfd Kelly-Spgfld .... 1,000 48 47 Kennecott' l.iou 33 , 33 Keystone Tire... 400 Lack Steel 600 Lee Tire Lehigh Valley - .... Lorillard , i Lowe Theaters. . 400 15 15 L & N Maxwell Mot A.. 400 66 65 do B 1,000 23 28 , May Stores.,,.............! 15 34 23 28 127 44 78 30 , 23 . 42 80 11 46 10 74 163 166 13 13 16. 84 23 28 43 78 14 23 . 41 80 S3 65 13 28 38 77 20 77 51 7S 19 30 1 8 8 78 16 47 39 1 8 7 73 U 45 14 15 15 73 73 9 1 3 7 99 19 73 16 47 85 14 17 24 55 47 33 15 73 29 62 151 15 121 65 23 lit 10 48 26 79 13 20 139 105 "B8 do pfd 300 120 120 62 30 45 12 12 30 100 1,300 SOO 200 600 1,200 ioo 200 100 600 58 . 96 91 68 11 48 8 43 41 27 '46" 13 8 27 47 128 100 10 46 26 79 14 20 139 37 8 139 139 02 28 30 65 65 63! -54 63 tK JOu 38 99 120 62 30 44 11 12 30 21 76 1!) 58 6 89 58 11 . 48 8 43 41 27 157 48 13 7 27 62 30 44 11 12 29 58 06 89 58 11 48 8 43 40 27 '48 13 8 27 DESKS DLYTH-WITTER, well known Pa- cif ic coast bond firm, furnish their new Portland offices with West Made Desks! Leading financial con cerns all up and down the coast are selecting; West-Mades. Recent pur chasers are the Federal Reserve. Banks, Bank of Italy, Seattle Na tional Bank of Commerce, and Anglo-California Trust Company, of San Francisco. How about the desks in your own office? Are they comfortable efficient business-like? It's poor economy to use the old-style desk. Equip with West-Mades and see for yourself how much their well-planned drawer arrangements and special features increase efficiency! Your office furniture dealer will gladly show you the line and help you make your selection. WEST-MADE DESK COMPANY Manufacturers Portland, Oregon. U. S. A. Sold in Portland exclusively byi BUSHONG & GO. 81 PARK STREET. WEST The Fifty -Year Desk Liberty Bond Quotations. Liberty bond and victory note Quota tions furnished by the Overbeck & Cooke company of Portland: open. tgh.- Low. Close. Liberty 3s.. 100.06 100.10 100.06 100.06 do 1st 4s 100.04 do 2d 4s 99.92 do 1st 4s.. 100.20 100.24 100.10 100.22 do 2d 4s.. 100.02 100.08 100.02 100.04 do 3d 4s. .100.08 100.10 100.04 100.08 do 4th s.. 100.20 100.30 100.18 100.26 Victory 4 s.. 100.48 100.50 100.48 100.48 Money, Silver, Etc. "NEW YORK, June 30. Call money. stronger; high, 5 per cent; low, 4 per cent; ruling rate, 4 per cent; closing bid, 5 per cent; offered at 5 per cent; last loan. 5 per cent; call loans against acceptances, 4 per cent. Time loans, steady; 60 days, 4 per cent: 96 days, 4 per cent; six months, 4 per cent. Prime mercantile paper, 44 per cent. LONDON, June 80. Bar silver, 36 A per ounce. , Money, 3 per cent. Discount rates: Short bills, 2 per cent; three months' bills, 22 5-16 per cent. Eureka 90 Galena com 57 do Old pfd 108 do New Did ...100 Illinois Pipe 170 Indiana Pipe 90 National Transit N T. Transit Northern Pipe Ohio Oil International Petroleum Penn Mex .. Prairie Oil" do Pipe Solar Refg Southern Pine South Penn Oil ...220 8 W Penn Oil 60 S O Ind 106 S O Kansas 540 S O Kentucky 93 SON Y S O Ohio .'. do pfd Swan & Finch Vacuum ..h Washington S O Nebraska ...... Imperial Oil .. 20 ..108 . ... 98 ...287 ... 21 ...34 ...555 ...247 ...340 ...94 .420 ,.450 .318 ,. 30 .420 . 21 .ISO .110 02 58 111 104 174 92 27 172 k100 292 21 37 B75 250 355 96 224 64 107 650 94 424 .400 120 35 424 25 190 112 I ESTIMATE CUT Swift & Co. Stocks. Closing- prices of Swift & Co. stocks at Chicago were reported by the Over beck & Cooke company of Portland as follows: Swift & Co. National Leather do new Swift International Libby, McNeil & Libbyt ..100 .. 2 7 .. 19U .. 2 Foreign Bonds. Furnished by the Overbeck corny acy ot ruiuiuiu, , fod. Belgian rest 5s , 71 do prem os tb do7s " ..1943 307 do 8s ...J925 101 - British 5s 1922 90 do 5s .1927 93 do 5s 1929 93 do vky 4s 77 do ref 4s 74 Bordeauxes 1034 84 Canadian 5s 1937 98 do 5s 1926 98 doos 1929 100 do 5s 1931 87 do5s 1921 8 Chinese 5s .-...1951 52 Chilean 8s 19410 103 Denmark 8s 1945 110 French 4s 1917 51 do 5s 1920 72 do 5s 1931 62 do7s 1941 100 d6 8s 19451 103 German W L 5s 1 Berlin 4s 2 Hamburg 4s 2 do4s ... 2 Leipsig4s 3 do 5s 3 Munich 4s 3 do 5s ... 3 Frankfort 4s 3 Italian 6s 1918 36 Japanese 4s .'1931 77 d0ISt4S .1M25 '91 do 2d 4 1925 91 Norway 8s 1940 110 EussianBs ..1921 17 do5s 1926 3 do6s 1919 18 Swiss 6s .. . 1929 102 doBs 1940 118 Sao Paulo 8s 101 UK6s , 1922 107 do5s 1929 107 do 5s 1937 103 & Cooke Ask. 74, 107 102 93 95 95 80 77 85 99 99 101 99 100 53 104 110 63 75 64 100 103 2 3 8 3 3 4 3 4 4 37 77 92 1 110 20 4 21 102 119 102 108 108 103 Boston Mining Stocks. Boston mining stock quotations fur nished by the Overbeck & Cooke com pany of Portland: Arizona CommerciaA . . Arcadian Bin-ghajn Mining ...v. Cal & Arizona Calumet & Heels, .... New Corn Centennial Copper Range Davis Daly ., East Butte Hancock Island Creek do pfd s . . Kerr Lake Lake Copper Michigan Mason Valley North Butte Nipissing North Lake Old Dominion Copper. Obijawa . : Quincy Mining ronu ureeic Isie Royal South Lake 45 United Shoe Mch .... do pfd South Utah Superior Copper ...... Trinity Copper ........ Tuolumne Utah Metals Utah Con U S Mining do pfd Utah Apex Ventura Standard Oil Stocks. Standard Oil stocks furnished by the Overbeck,,& Cooke company of Portland Bid. Ask. 9 9 65 73 20 50 25 27 3 3 15 15 59 60 271 275 18 18 9 9 42 43 7 7 10 10 1 1 109 . 109 92 93 2 2 4 4 2 2 1 2 12 ' 12 5 6 30 50 24 5 2 3 43 44 22 23 22 . 22 45 47 38 89 25 26 ' 10 4 4 1 1 60 70 1 1 1-lft 2 3 39 40 47 48 2 2 32 32 banks, cables, cables, cables, cables, GOODMAN REPORT SHOWS IiOSS OF 52,000,000 BUSHELS. Foreien Exchange. NEW YORK, June 30. Foreign ex change, firm; Great Britain, demand, $4.42; cables, $4.42; 00-day bills on $4-40. France, aemana, o.-:c; 8.42c. Italy, demand, 4.73c; 4.73c. Belgium, demand, 8c; 8c. Germany, demand, 26c; 26c. Holland, demand, 38.45c; cables. 38.50c. Norway, demand, 16.30c. Sweden, demand, 25.70c. Denmark, de mand, 21.45c. Switzerland, demand, 18.98c. Spain, demand, 15.60c. Greece, demand, 3.05c. Poland, demand, .02c. Czecho-Slovakia, demand, 1.95c. Argen tine, demand, 35.08c. Brazil, demand, 13.62c. Montreal, 98 3-10c. BCMXESS RECOVERY. SUBSTANTIAL Many Interests "N'Ul Be More Active This Summer Than Anticipated. NEW YORK, June 30. Dun's Review tomorrow will Bay: The half year just ended brought ,a distinct advance in busi ness, with inost of the gain in confi dence and actual transactions achieved during the second quarter. Unsettled 'la bor conditions in some industries have long been a detriment, curtailing opera tions and enhancing costs of production, and the threatened railroad strike in creased uncertainty this week. Despite various drawbacks, however, recovery from previous depression has been sub stantial, if highly irregular, and many interests will be more active this sum mer than was anticipated. Interruptions from inventories and vacations will be experienced, as usual, but there is clearly more work to be done this year and shutdowns wil-l be less general and ex tended. - A new and rather unexpected phase has arisen with the mora frequent re ports of labor scarcity in certain lines, the steel industry among- them, and com petitive bidding for workers "is heard of in 'isolated instances. Weekly bank clearings were $6,664, 181,000. VEGETABLES ARK IN BIG DEMAND Farmers Advised to Take Care ot Their Garden Products. EUGENE, Or., June 30. (Special.) There is a big demand for canned vege tables this year and the farmers around Eugene are advised by J. O. Holt, man ager of the Eugene Fruit Growers' asso ciation; to care for their garden prod ucts, especially beets and carrots. Mr. Holt said he had orders for more beets than he thinks the cannery will be able to put up and he has ceased selling them. There are also large or ders on hand for canned carrots and other vegetables, he said. Loganberries and- Royal Anne cherries are now coming in at the cannery, but not in sufficient quantities to keep the plant operating steadily. A good-sized crew is employed each morning and a part of the afternoon, but next week it is expected that the berries and cher ries will be arriving in much larger quantities. The Royal Anne cherries that are arriving are of excellent quality and in some localities the crop is better than at first thought. 1 FOOD EXPORTS ON DECLINE. Shipments of Raw Materials and Mano factares Also Drop in May. WASHINGTON. D. C, June 30. De clining exports of raw materials, food stuffs and manufactures were revealed in foreign trade reports for May, issued Fri day by the commerce department. For the 11 months ended with Mar exports of raw materials aggregated $855,000,000, compared with n,214,000.000 during the corresponding months last year, while imports totaled JSIS.000,000, against ;083,000,000 during the same period in 1921. Exports of foodstuffs for the 11 months amounted to $1,047,000,000, compared with $1,644,000,000 last year, while im ports aggregated $571,000,000, against 1, 254,000,000 during the 11 months end ing May, 1921. Exports of manufactures for the 11 months tf this year aggregated $1,482. 000,000, compared with $9,180,000,000 in 1921, while imports totaled $940,000,000. against $1,200,000,000 for the 11 months ended with May, a year ago. - Cotton Market. NEW YORK, June 30. Cotton futures opened steady; uly, 21.55c; October, 21 50c; December, 21.28c; January, 20.98c; March. 20.92c. Cotton futures closed bat-ely steady; July, 21.56c; October, 2J.i2; December, 21.30c; January, 21.05c; March, 20.95c. Spot cotton quiet; middling, 22.10c. .Sugar Market. . NEW YORK, June 30. Raw sugar, centrifugal. 4.79c; refined fine granulat ed, 6.20 (30.30c. SAN FRANCISCO, June 30. California-Hawaiian raw sugar, 4.73c. Winter Grain Shrinkage Due to Watery Plant and High Temperatures. . The monthly crop report of Peter 3. ' Goodman of Clement, Curtis St. Co.. Chi- oago, as wired to Jordan-Wentworth St Co., of Portlajid, says: Winter wheat lost ground rapidly from the watery plant and high tempera tures. Threshing returns and estimates have been materially lowered a.nd tha .y final report may show a lower yield than 1 Is now indioated. Our oorrespondenits give the average condition on the basis ' of threshing returns and estimated yiold at 75.8 per cent as compared with 8L6 per cent in ourvreport last month and ; 81.9 per cent as shown by the govern-- -ment last month. Crop Indication is -' 555,000,000 'bushels. Official government -estimate last month was 607,000,000 , bushels, thus showing a loss of 52.000,000 bushels. Last year's final harvest wu 587.000,000 bushels. ' Spring whea.t lost ground In nearly yf every section, except the Dakotas and I Minnesota, The average condition is re- ,u ported to us ait 87.6 per cent as com- -. pared with our estimate of 9L2 per cent . last mon-th and the government estimate ' , of 90.7 per cent. Crop indication is for 1 200,000,000 bushels. Last month's gov- .. ernmewt official estim-aito was 247,000,000 bushels and last July on revised acreage 208.000,000 bushels and a ftnail crop ot 208,000,000 bushels. Fears of black rust are expressed, al though I we have only one report of the stem rust. 3 Farm reserves of wheat are 27,000,000 .'. bushels. ' Total wheat Indicated 816.000,000 bush els, against 854,000,000 bushels last month and 891,000,000 bushels last Jury on revised acreage. Final crop last year 795,000,000 bushels. Oaits Condition, 74.6 per cent, as com- . pared with our report of 84.5 per cent last month, and the government estimate ; of 85.5 per cent. Crop is going back up to last reports. Indication is for 1.205, 000.000 bushels against 1.035,000,000 last month; l,32S,0O0,00O bushels last July and final crop of 1,061,000,000 bushela. Corn acreage shows a slight decrease of 1 per cent, or 1.000,000 bushels lees than our final of last season. Loss was -largely in the cotton states. Condition is 85.2 per cent, which is one point be low the five-year average. Crop is latt and Indications are for 2,835,000,000 bushels against 3.051,000,000 bushels las July on revised acreage, and a final crop of 3,080,000,000 bushels. -i- Liquidation in Coffee Market. NEW YORK, June 30. There was a .1 further scattering liquidation in the mjur- v ket for coffee futures here today. SaleH were estimated to about 36,000 bags. Closing quotations: July. 9.91c; Septem ber, 9.73c; , October, 9.69c; December. 9.61c; January, 9.57c; March, 9.49c; May, -9.47c. Spot coffee quiet; Rio 7s, 10 10; Santos 4s, 1414c. Very few freali cost and freight offers were received. . , Santos 3s and 5s part bourbons were quoted at 13.95c for July September shlp- .,r ment, American credits. Naval Stores. SAVANNAH, Ga.. June 30. Turpentine firm, $1.18; sales, 200 barrels; receipts, 603 barrels; shipments, 393 barrels; stock, 6017 barrels. Rosin Firm; sales 978 casks; recelpbp. -3954 casks; shipments, 9606 casks; etook, 72,949 casks. Quote: B, $4.45; D, $4.65; " E, $4.95; F, G, H, I, $5.50; K, $6.25; M, ,h $5.50; N, $5.75; WG $6.85; WW, $6.80.' " Cottonseed Oil Futures. " Cottonseed oil futures at New York, ; furnished by Jordan, Wentworth & Co., .0 Portland. July. $11.17011.20; August, I11.21S? 11.22; September, $11.22 11.24; Octo- " ber, $10.62 10.63; November, $9.30) 9 31; December, $9.139.15; January, $9.149.15; February, $9.039.20. Spot 1 bid, $11.15. Bid. Ask. Anglo ! 19 20 . ,4UO 410 ..94 95 -.190 195 ..108 111 ..137 142 ., 34 86 ..135 140 Borne Scrysmer . Buckeye Cheesebrough do pfd .... Continental . . Crescent . . . . Cumberland . The prestige of Oregonian want ads has been attained not merely by The Oregonian's, large circulation, but by the fact that alt its readers are interested In Oregonian want ads. Dried Fruit at New York. NEW YORK, June 30. Evaporated apples quiet. steady. Prunes firm. Peaches 1 m 1 1 A dollar saved is a dollar madez' Oar business is to show you how to save the dollars made. I Freeman, Smith & Camp Co. LuHBiRMKMa Bun.. Port lams JORDAN, WENTWORTH & CO, Successors to HERRIN & RHODES. 'INC. STOCKS, BONDS, t! COTTON, GRAIN Correspondents E. F. Hutton & OCX. NEW YORK. Members All Leading Exchanges. Babson's Service on File. Bdwy. 4?25. 201 Railway Exchange Bids.