21
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.