THE MORNING OREGONIAN, FRIDAY, JULY . 14, 1922
27
UIISGQUHT fflffE LOWERED
6C1UMU.SIXG CUT IS MADE BY
BANK OF MXGLAXD.
Reduction of One-Half of One
lJer Cent Expected to Stimu
late Security Buying.
LONDON. July 13. (By the Assocl
Ited Press.) Tho Bank of England
Vuday lowered its discount rates to 3
er cent, a reduction of one-half per.
cent from the figure -established on
June 15.
The reduction of the official minimum
burnished another of the periodical sur
rises which the Bank of England has
liven the niony market during the past
;ar. '
It was anticipated when the federal
reserve bank rate in the United States
was lowered that the lower bank rate
here would follow, but hope for this
vanished with the tightening conditions
in the money market and the collapse
of maVk exchange, as well as heavy bor
rowing by the government . from the
Bank of England.
The government has since repaid vir
tually all this indebtedness, and, as the
Jcreign exchange situation is admittedly
less strained, the bank has given trad
ers further help by taking one-half of
1 per cent from the minimum. The re
duction also is expected to stimulate the
buying of government securities on the
mock exchange.
NEW YORK. July 13. Lowering of
the Bank of England's rediscount rate
today from 3 to 3 per cent came aa a
Burprlse to local bankers, who believe
that the New York Federal Reserve
bank will soon cut its present rate of
; per cent.
WASHINGTON, D. C, July 13. Re
duction of the rediscount rate of the
Bank of England from 3 to 3 per cent
was regarded today at the treasury as
being unlikely to affect the rediscount
rate of the American federal reserve
system.
High treasury officials declared that
no occasion was seen for a reduction of
federal reserve system rates below 4
per cent, now the low rate in the sys
tem. These officials explained that the
volume of borrowing in the American
market was small and the present rate
of 4 per cent now in effect In Boston,
New York and San Francisco, and
likely to be adopted in other federal re
serve districts, was regarded as the
Jroper level under present conditions.
New York Bonds.
furnished by Jordan &
fe&mpany of Portland.:
rAtchtson gen 4a . .
A -! 4s . . . . ..- . . - i .
iO Iff - - .......
B O gold 4s
do con 4s ct.m..,j
do ref 6s .-ot
Tanada Southern 5s .......
Canadian Nor 6&s
do Ts
Central Pac 1st 4s
Chicago N Western 6s
,Ches & Ohio gea 4s
do cv 09 -
do con 5s
C B & Q 111 div 4s
C & West Ind 4s .....-...
O O & W 4e
C M & St P 4s
do cv 48 .. ..... ......... .
do deb 4s .
do gen 4s A.. .. .... .
do cv 5s ..,.-..
do g & r 4s A..........
Chgo N W ef 6s....
- do gen 4s ............ .... .
do 63 .:..
C R I &"p"rei"4s
Coio Sou zS ex 48......
do 4s ....m...
Del & Hudson cv 6s .... . .
do 7s
D & R G cv 4s
ref is
Erie P L 4s
do con 4a A ,. ........ .
do B
do I) ...
do Pa C a 4s
'Grand Trunk ey 6s.
Great Northern 4s .......
do 7s
Gt Trunk s
do 7s
HI Central jt 53 . . . ......
do ref 4s-
K C 'Southern, ref 5s.......
Keo & Des M 1st (is
L S & M S 4s
X, & N 7s i i jf
do uni 4s
Sinclair 7s
Jl St P & S3 M 6H.-- ...
M K & T4s
M P gen 4s ................
do ref 5s . . . .
do
NYC deb 4s ..............
do con 4,s .'. . ......
do ref imp 4s .......
do cv deb 6s .............
do coll -7s
N Y N H & H cv 6s......
N O Tex & Mex 5s . .
KPPUl
do (is
NP Ut Nor jt 6&s.....
O S L ref 4s
Penna fis ................
do gen 4s .............
do 4s
do gen 5s ................
do 7s
Penna R R 63 ...........
Heading gen 4s
S A L 4s
do 5s
do (is A
Sou Ry con 5s
So Pac cv 4s
do ref 4s
do sf term 4s
do conv 5s
St L & S P Pli 4s A
do gen 5s ................
do fL, 5s B
do gen tis ......... ,w , ..
do adj tis ...............
do inc (is ................
do 1st 5s
do con 4s ........
do 1st 4s
Tex Pac 1st 5s ............
Un Pac 1st 4s .............
do cv 4s .
do ref 4s
do Bs
Vn Tank 7g i
Wabash 1st 5s .............
k west x ac s ...............
Industrials
Xllied Packers 6s
Am Agr Cr 7s
Am Sm 1st os. . .-.
Amn Tob 7rt
Anaconda 6s A
do 7s B
Armour cv 7s
do 4s
Beaver Board Ss ...........
Beth Steel 7s
do eq 7s ........ . .
do ref 5s
Cerro de Pasco Ss. .
Chile conv tis A...............
do conv 7s ............
, Col Graph 8s
"Copper Exp 8s
do Ss
do 8s
Colo F & I gen 5s
Coin Ind 5s
Cuban Amn Sug 8s .....
.Cuban Cane cv 7s
PlEtillers Sec cv 5s.........
Diam Ma-tcjt 71as
Pupont 7s
Empire Gas Fuel 6s ........
Fisk 8a
Gen Elec deb ds ...........
do tis ....... ..... ....... .
Goodrich 7s . ...
Goodyear 8s
Heinz 7s
lierfchey la
Ill Steel deb 4s
Ind Steel 5s
Int Acrr 5s
lilt Marine C T 6s
Kelly Springfiled 8s
Kennecott 7s .......a..
Lack Steel os ....
do 1st os '
I.ibby McN L 7s
Lig & Myers 5s
do 7s
Lorillard 5s
do 7s
Midvale 5s
Morris & Co 7H
Proc & Gamble 7s...........
Republic'l & St as
Sears Roe 7s
do
Steel & Tube 7s
Swift & Co 7s
do
ITni Drug Ss
V S Rub 1st ref 5s
do 7tas
T S Sttel sf 5s
Va Chem 5s
Va Cix Chem 7&s
West Elec 5a
West tl T col Tr 5s
Western Union 6s......
Wilson 1st tis i
do cv 6s
West Elec 7s
Westinghouse 7s
Public Utilities
Amn lt & Tran 6s
Amn Tel colli 5s
in Tel fi
11 Tel of Pa 7s
U R T 5s
Cal Gas uni 5s
Cities Service 7s B
do C
do
Con Gas cv 7 .............
Int Met 411,3
Int R T ref 5s
laclede Gaa 7s ..........
Hont Power 5s A. .....
Wentworth
1052
1930
IMS
1933
1995
11W2
1946
1940
1949
1936
199B
1946
1939
1049
19 M
1959
1925
1932
1934
1999
2914
2014
1929
197
1936
1930
1984
1935
1929
1935
1930
1936
1955
1996
1953
1953
153
1951
1936
1961
1936
1936
1940
1963
1955
1950
1923
1931
1930
1940
i4
1991)
1975
1923
1926
1934
1998
201S
1935
1930
1948
1935
1997
2047
1936
1929
1936
1965
I960
1968
193
1936
1997
1960
1949
1945
1994
1955
1950
1934
1950
1931
1950
1931
1955
1960
1952
1932
1989
2000
1947
1927
2008
1928
1930
1939
1946
1939
1941
1947
1923
1929
1929
930
1 939
1933
1923
1935
1942
1931
1932
1923
1925
1923
1924
1925
1943
1934
1931
1930
1927
1935
1931
1924
1941
1952
1940
1925
1941
1930
1930
11140
1952
1932
1941
1931
1930
1923
1950
1931
1951
194
1951
1944
1936
1930
1928
1940
1922
1923
M5t
1923
1931.
1941
1947
1930
1963
1923
1932
1922
1938
1936
1941
1928
1925
1931
1925
1946
1925
1945
J945
1937
1966
1966
inns
1925
1956 '
J!)0
1930
1943
94
84
lOT
83
93
87
98
111
113
90(4
IIO14
87
9414
101
92
74V4
60
80
68
62
75
74
63
99
88
110
106
81
89
93
97
110
7854
46
64
53
52
67
66
105
92
110
103
113
95
89
89
89
93
108
93
9
102
' 81
62
100
S
91
86
81
103
105
81
71
89
107
193
92
108
93
98
102
109
108
84
68
26
60
95
92
90
83
100
72
98
85
103
109
70
81
75
79
93
96
95
89
103
103
99
86
83
194
92
102
100
103
104
90
.79
104
13
96
108
91
195
38
101
102
104
!)04
79
106
85
45
108
107
101
105
101
105
103
116
104
103
91
100
79
96
108
194
94
89
99
91
114
95
114
89
105
101
92
100
104
10(1
101
103
111
90
108
102
99
135
100 ij
97
110
99
92
108 '4
107
150
78
114
108
61
95
96
l
122
116
68
99
96
Northwest Tel 7s
Pac Tel 5s
Pac Gas 5s
Souwest Tel 7s
OU Bonds
Anglo Amn.7s
Atlantic Ret 6s
Galena S Oil 7a
Guif Oil 7s
Humble 7s '
Pan Amn 7s
Mex Pet cv 8s
Sinclair 78 .'. ..
S O Cal 7s '..
S O N Y 7s
Texas Co 7s i
Tidewater Oil s
Foreign Government Bond!
Argentine 2d 7s
do G I 5a
Belgium Ss
Bergen 8a ........1..
Berne 8s
Christiana 8s
Copenhagen 5s
Danish Consoi 8s
French Cities 6s
Italy 6s A
U S Mex 4s
do ext 5s
Uruguay Ext 5s
Zurich 8s
French Internal 4s
French Viotory 5s
Belgian Restoration 5s
British 2 P C Consols
Ital Cons War Loan 5 P C.
Curb bonds
Am Tel & Tel 6s
do 6s
Anaconda Copper 7s
Angio-Am on 7s
Armour & Co 7s
Beth Steel 7s
Consoi Gaa Co 8s
Galena Signal Oil 7s
inter Han d Tran 7s
So West Tel 7s
Swift & Co 7s
Texas Co 7s Notes
Western Elec 7s
1941 106
1937 9
1942 91
1925 102
1925
1931
1930
1933
1S23
1930
1936
1925
1931
1931
1923
1931
103
103
105
103
190
101
104
104
105
109
101
100
1923 100
1945 84
1940 105
1945 109
1945 109
1945 109
1944 91
1946 108
1954
1925
1954
1945
83
96
46
58
.... 72
1945 111
1917
1920
50
01
32
25
Last Sale.
1922 100
1924 101
93
103
104
1935 102
.... 100
.... 103
90
.... 102
1925 102
. 101
108
RESERVE RATIO ' GAINS IN WEEK
Increase of One-Half of One Per Cent
Reported by Board.
WASHINGTON. July 13. Combined re
sources and liabilities of the 12 federal
reserve banks at the close of business
July 12 were reported tonight by the
ieaerai reserve board as follows:
Resources
Gold and goW certificates..? 317,832,000
Gold settlement fund, F. R.
ooaru 514,500.000
Total gold held by banks. t 832 422 oott
Gold with federal reserve
agents X2.161 5fiO non
Gold redemption fund 41,851,000
Total sold reserves 13.035.833 on
Legal tender notes, silver,
tc 120,207,000
Total reserves 13,157,040,000
- Bills discounted
Secured by TJ. S. government
oougations I 167,&53.000
Other bills discounted 272,887,000
Bills bought In open market 157,875000
Total bills on hand 1 587.617 OOA
U. S bonds and notes. . .$ 208,248,000
U. s. certificates 01 In
One-year certificates (Pitt
man act) 74,000s000
Other certificates 274,349,000
Total assets .
Bank premises
r- ive per cent redemption
xuna against . R. bans:
note3
Uncollected Items
All other resources .......
11,144,214.000
41,985,000
7,561,000
611,733,000
16,169.000
Total resources ...... .44.978,872.000
Liabilities
Capital paid In ...i. 105,224.000
Surplus 215,398,000
Deposits
Government 20.837.000
Member banks reserve ac
count v 1,875,229,000
Other deposits 28,871,000
Total denosits 7 Xl.924 9x7.oon
F. R. notes in actual circu
lation '....12458.122,000
F. R. bank, notes in actual
circulation, net Mabilitv.. 67.380.000
Deferred availability items. 486,360,000
AH other liabilities 21,450,000
Total liabilities $4,978,872,000
Ratio of total reserves to deposit and
federal reserve notes liabilities combined,
77.3 per cent.
Foreign Bonds.
Furnished by the verbeck &
company of Portland:
Maturity. Bid.
Belgian rest 6s.
00 prem os.
do 7s 1B4S
Belgian 63. .... .... ... 1925
.British afts 1922
do os 1927
do 5s 1929
do vky4s
do ref 4s
Bordeaux 6s 1934
Canadian
do 5s. .......
do 5s
do 5s
do 5s
Chinese 5e
Chilean 8s ......
Denmark bs ....
French 4s
do 5s .........
do 5s
do 7s ,
do 8s
German W L 5s..
Berlin 4s
Hamburg 4s ....
as 4s .......
Leipsig 4s ....
do os
Munich 4s
do 5s
Frankfort 4s
Italian 5s
Jap 4s
do 1st 4s
do 2d 4s
Norway Ss
Russian 5s . . .
do
do 6s
SWISS OftS
1937
1926
1929
1931
192t
1B51
1941 C 102
JW40 199
66
70
104
10O
90
93
94
78
77
88
98
99
100
98
9S
.33
1917
1920
1931
1941
1945
70
60
Cooke
Ask.
70
74
105
100
93
95
96
. SO
79 Vi
SS
99
99
101
98
"99
54
103
110
51
73
62
88 . 99
101 101
. . 1918
. . 1931
.. 1925
. . 1925
.. 1940
.. 1921
.. 1926
. . 1919
1929
1
1
1
2
2
2
33
. 77
92
92
110
16
3
10
102
118
2
2
2
2
3
3
do Ss 1940
Sao Paulo 8s 101
U K 5s 1922 1 08
do 56...- 1929 JOSii
do 6s 1037 103
I
341
77
92
92
110
17
4
20
103
118
101
108
1!8
103
3
14
..19'
Boston Mining Stocks.
Boston mining stock quotations fur
nished by the Overbeck & Cooke com
pany of Portland:
Bid
Arizona Commercial 9
Adventure 65
Ahmeek 61
Algomah 20
Allouez
Arcadian
Bingham Mining, .i.
Cal & Ariz
New Corn
Centennial 9
Copper Range 43
Lavis iaiy (
East Butte , 10
Franklin Mining 2
Hancock 2
Keewanaw 2
Kerr Lake 4
Mohawk 62
May Old Colony-... 44
Mason Valley 1
North Butte 12
Nlpisslng 5
North Lake 50
Old Dominion Copper 25
Oseola Mining 32
Isle Roya! .23
South Lake 45
Union Shoe Mch 38
do pfd 27
Superior Copper ............ 4
Ventura 32
Victoria - 1
Winona 1
Wolverine 12
Wyandott 50
Shan 85
Ask
90
62
50
25
3
15
61
19
12
44
7
11
2
3
2
5
63
44
-J
6
55
26
34
. 24
48
39
27
2
1
12
(a
90
LIBERTY BONDS H16HER
GROUP ADVAXCES ALMOST TO
BEST PRICES OP TEAR.
Leading Rails Gain One to Nearly
' Two Points Foreign Loans
Generally Improve.
NEW YORK. July 13. Liberties were
the prominent features of today's bond
market, coming forward almost to the
year's best prices in the later deaUngs,
after showing some hesitation. '-
Most foreign war loans, especially
French municipals, were moderately bet
ter, but changes in the International
group were trivial at best.
Rail gains of 1 to almost 2 points
accompanied the trend of Pennsylvania
general 4s and 5s. Ontario & Weetern
4s, New York Central refunding 4s,
Northern Pacific 4 and Missouri, Kansas
& Texas $s - with fractional advances of
the 'Rock Island refunding 4s and Atch
ison, general 4s.
New -Haven 6s were heavy with 'Sea
board adjustment 5s, St. Paul refunding
4a and several of t-he prominent indus
trials, including United States Steel 5s.
Total sales, par value, aggregated $14,
739,000. Of the day's new offerings, the most
noteworthy "was the Philippine govern
ment $2,750,000 4 per cent bond Issue,
for which a ready market was available.
The stock ' market was irregular and
unsettled! in spots despite new factors
of an encouraging character, chief
among which was the lowest quotation
on call loans since the latter part of
June. "
Cumulative evidence .of world-wide
monetary ease was found in another re
duction of the Bank of England redis
count rate to 3 per cent. This Is the
lowest fure for this form of accommo
dation at the British metropolis since
January, 1914.
Advices from Washington attributed
to treasury officials promptly dispelled
the . idea of any further cut in federal
reserve rediscounts and Secretary Mellon
was quoted in opposition to such action
on the ground that it might "stimulate
speculation."
Oils were the vulnerable features of
the day's moderate and professional op
erations, Bhorts evidently taking av hand
in the depreciation of those issues. Mex
ican Petroleum sustained an extreme
reaction of 8 points to a level 0O points
under Its -high of June and closed at a
net loss of 6 points.
Pan-Americans, ' Mexican Seaboard,
newly listed on the exchange, and most
other foreign and domestic oils were
lower by 1 to 3 points, but made up part
of their reversals In the final dealings. -
About the only stocks to show con
sistent strength were Consolidated Gas,
at s, net gain of & points to the year's
high, and Western Union, which added
S points to yesterday's substantial
gains Sales amounted to 800,000 shares.
The open rate for call money was S
per cent until the final half hour,' when
plenty of money was offered at 3 per
cent. Time funds were quotobly un
altered, but private loans for 30 and 60
days were reported at 4 per cent.
Business vin foreign exchange was
light, except for sterling and lnch
francs, the former being in demand at
the week's best quotations, while francs
were under speculative pressure. The
German mark also yielded with variable
changes for other remittances.
CLOSING STOCK QUOTATIONS.
Furnished by Overbeck & Cooke com
pany of Portland:
High. Low. Bid.
Adams Exp .... .. ..... ..... 62
Advance Rum . . 17
do pfd 49
Standard Oil Stocks.
Standard Oil Stocks furnished by the
OveroeCK tooxe company 01 r-oruanu:
"Bid. Asked.
Anglo '.'.'.'.I'.'.'.'.'.'... 19 20
Buckeye . . . .
Cheesebrougb.
do pfd
Continental
Crescent
93
175
108
138
33
Cumberland .140
Eureka 90
Galena com ............... 56
do Old pfd 108
do New pfd .-; 101
Illinois Pipe 165
Indiana Pipe 90
Nat' I Transit 26
N Y Transit 168
Northern Pipe 98
Ohio Oil 295
Intern'l Pete 22
Penn Mex 33
Prairie Oil 612
Prairie Pipe 248
Solar Refg 345
Southern Pipe 92
South Penn Oil 213
S W.Penn Oil 6
SO Ind ...110
S O Kansas 545
S O Kentucky 94
SONY
S O Ohio
do pfd
Vacuum '
Washington .
S O' Nebraska
Imperial Oil .
.440
.. .455
...117
.. .427
...24
. . .180
. . .112
95
200
111
142
35
150
92
58
112
105
170
92
27
172
100
298
22
40
620
252
355
96
217
64
111
555
95
443
465
119
430
28
185
114
Agr Chem
do pfd
Ajax Rubber . ..
Alaska Gold ....
Alaska Juneau..
Allied Chem ...
Allis-Chalmers .
do pfd ...1....
Am Beet Sugar.
Am Bosch
Am Can Co
do pfd
Am Car & Fdy.
500
200
63
15
63
15
600
3,300
69
53
68
52
300 44 44
38
83 .
15
1
68
51
97
44
40
53
108
6,300 54 52
100 108 108
100 164 164 164
do nfd 120
Am Cot Oil ' 300 26 28 26
Am Drug Synd.. 100 5 5 5
Am Hde & Leth 200 14 14 14
do Dfd 69
Am Ice 800 110 109 108
Am Intl Corp... 800 43 42 42
Am Linseed .... 200 oa do . dta
do pfd : 54
Am Loco 500 114 112 112
do pfd 117
Am Sat Razor.. 100 6 6 6
Am Ship & Com 1,700 20 19 20
Am smelter 2,ou 02 bi 02
do pfd 400 Bb 98 98
Am Snuff 133
Am Steel Fay.. SOO 36 36 30-51
Am Sugar 700 74 78 78
do Tfd 100 1U& Yt loo Vm -iwo
Am Sumatra ... 1,200 40 39 39
Am Tel & Tel.. 11,200 121 120 121
Am Tobacco ... 300 141 141 141
do B 100 139 139i 139
Am Wool 1.000 91 90 90
v do pfd sou io& -tuatt tun
do Pfd , 29
Am Zinc 18
Anaconda ...... 2,800 53 52 02
Assd Oil 113
Atchison 500 101 101 101
do pfd 200 90 90 90
Atlan Coast Line 500 108 108 .. 108
Atl Gulf & W I 2,000 38 37 37
Baldwin Loco .. 3,600 116 114 115
do Dfd
Bait Ohio;... 17, 600 52
do pfd 200 64
Bernsdell Corp.. 700 . 33
Beth Steel "B". 1.300 77
Booth Fish 1,000 8
P, R T 22,100 26
Butte C & Z 100 , 7
Butte & Sup 10,000 29
Burns Bros
Caddo Oil
Calif Pet
do Dfd
Canadian Pacific
Cen Leather . . .
Cerro de Pasco..
Chandler Motor
Chgo & N W...
Chgo Gt W
do pfd
Chill Cop
51
63
31
76
7
24
7
29
110
51
62
32
71)
7
25
6
28
132
12
C M St P
do pfd
Colo F & I
Colo Sou
Col Gas & Elec. .
Columbia Graph.
4,200 '62 . 60 61
. 04
"VOO i39 139 ' ' 139
700 39 38 88
700 37 36 37
.400 70 69 69
600 77 75 75
100 9 9 9
, 2tM) 22 22 22
. 3,800 23 22 22
. 1,200 30 29 29
, 3,100 29 28 28
. 1,600 44 43 44
500 71 89 69
. 8,700 69 69 68
31
100 ' 48 4S 48
. 800 89 88 88
. 2,500 5 4 4
.17,200 123 120 123
300 33 30 31
Maxwell Mo "A" 600 67
do "B" 1.5O0 23
May Stores 200 115
Mex Pet 26,100 163
Miami 400 29
Midvale Steel. .. 4,800
M K & T Wl... 800
do pfd Wi 1,500
Mont Power . . . 100
Mont. Ward .... 3,000
Mo Pac 3,600
do pfd 700
Marland Oil .... 9.000
Martin- & Perry. 700 31
Nat Enamel .... 700 54
Nat, Lead . 600 101
Nevada Con ... 2,000 16
New Haven 11,200 81
Norfolk & W. .. 500 110
Nor Pac 500 77
Nova Scotia Steel
N Y Air Brake.. 100
N Y Central.... 6,500
Nor. Amn 2,000
Okla Prod ref... 9,700
Ontario & W 100
Otis Steel ,, 1,000
Pacific Dev .... 800
Pac Gas & Eleo 200
Punta Alegre .. 100
Pacific Oil 21,500
Pan Amn Pet ..27,700
do "B" 6,000
Penna 5.000
Peo Gas 400
Pere Marquette.. 900
Pure Oil 2,000
Phillips Pete ...22,700
Pierce Arrowy . 900
Pierce Oil 800
Pitts Coal 300
Pitts & West Va 3,000
Penn 'Sea Steel. 600
Press. Steel Oar 100
Pullman
Ray Cons
Reading ......
Remington .
Replpgle Steel. .
Republic I & S.
do pfd 400
Rep. Motors 400
Royal Dutch Oil 1,500
Ky Steel Srg... 100 1001
Stand OU Ken 94
ears rtoeDWCK
Shartuck, Ariz. . 200
Shell T & T.4.. 200
Sinclair 30,600
stano. mi ina. .
Cons Cigars
ContI Can 67
Cities Svc Bank.
Corn Prod
do pfd
Cosden Oil 31.200 47
C R I P 3,100 43
do "A" pfd 200 95
do "B" pfd .... 200 81
Crucible 75
do pfd
Cuba Cane 600 16
do pfd .... 300 85
Cuban-Am Sug.. 2,400 23
Del & Hudson
Dome Mines 400 30
Del & Lack 200 129
Davison Chem... 800 45
Endlcott Johns'n 390 Si
Erie 1,810 17
do 1st pfd 1,700 24
Eleo Stor Bty. . . 400 44
Famous Players. 1,700 82
Fed. Mn A Smlt
do pfd ... 300 50
Fisk Tire 600 15
Gen Cigars
Gen Elec
Gen Motor 4,800 14
do 6
21 V,
103 103
114
44
42
94
81
73
15
35
23
30
129
45
81
16
24
44
82
50
15
1
Vorelgn Exchange.
NEW YORK, July 13. Foreign ex
change. Irregular. Great Britain, demand,
$.4.44; cables, $4.44; 60-day bills on
banks, $4.42. France, demand, 8.21; cables,
8.21. Italy, demand, 4.64; cables,
4.55. Belgium, demand, 7.82; cables,
7.82. Germany, demand, .22; cables,
.22. Holland, demand, 38.78; cables.
38.83. Norway, demand, 16.42. Sweden,
demand, 25.55. Denmark, demand, 21.50.'
Switzerland, 1 demand, 19.15. Spain, de
mand, 15.60, Greece, demand, 2.80. Po
land, demand, .0134. Czecho-Slovakia, de
mand, 2.10. Argentine, demand, 35.8T.
Brazil, demand. 13.62. Montreal. 93,
Gen. Asphalt 10,000 69 67
Goodrich 100 39 39
Glldden Paint.... ' 100 16 16
Granby 400 30 29
Great Nor Ore. .. 400 40 40
do pfd 2,400 80 lj0
Greene Cananea
Gulf S Steel 1.800 82 81
Glen Alden .... 53
45
43
94
81
74
90
15
34
23
123
30
128
44
80
16
24
44
82
12
49
15
'77
169
14
81
68
39
16
29
39
80
31
82
13
35
18
41
70
22
23
56
42
76
96
67
3
25
12
6
69
48
67
73
67
44
84
32
30
48
18
8
64
39
8
77
700 121
500 16
600
200
700
1,400
Houston Oil 1,600 76 74 74
Hupp Motor 1,300 19 19 19
Ills Cent 200 107 106 106
innpimuun i.ow m U Ife 41
Int Agr Crp com ft
do pfd 38i
Interboro 100 1 1
do pfd 200 8 3 3
Int Harv 99
Int Mer Marine.. 400 1 8 18- 18
u Km IOV4, 744
Int Nickel 6.800 17 17
Int Paper ...... 1,100 52 61
do pfd :
Invincible Oil ... 2200 14 14
Island Oil 3,500 51
Jewel Tea
K C Southern. . .
do pfd
Kelly-Spgfld . . .
Kennecott
Keystone Tire . .
Lack Steel
Lee Tire
Lehigh Valley
100
200
18
25
74
nl
85
14
II
25
50
3.1
J
74
2S
64
600 48 48
8,000 36 S5i4
600 1 6 1514 .
500 75 73
200 29 29
1.G0O 65 64 14
Lorlllard 153
Lowe meaters . 1,400 15 35 15
L & N.. 200 131 130 130
Mex Seaboard. . .32,800 34 30 32
' Metal Market.
NEW YORK, July 13. Copper, firm;
electrolytic, spot and nearby, 14c; later,
1414c.
Tin Quiet; spot and futures, 31c.
Iron Steady; prices unchanged.
Lead Steady; spot, 5.709.75c.
Zinc Firm; East St. Louis, spot and
nearby delivery, 5.70c.
Antimony Spot, 6 5. 25c
.-'
70
3U
32
71
93
10
57
78
10
41
33
111
do N J 1.300 182 V,
Sloss Shef 100 45
Sou Pacific 1,400 90
Sou Ry : 2,100 24
Stand Oil 15.200 10654
St L & S F 1.100 28
Strombg Carb . 500 47
Studebaker 62,000 137
Swift & Co. ... 101
Tenn Cod i Ch
Texas Oil 17.700
66
22
114
154
29
13
34
17
40
70
22
22
55
41
30
53
99
16
30
110
77
'7"
94
65
2
25
11
6
69
48
55
68
63
44
83
32
29
45
. 18
8
64
38
8
77
120
16
. 75
34
32
70
92
10
66
100
94
77 .
10
41
81
108
180
45
90
24
103
28
46
131
101
46
30
27
80
17
.'1
20O 141
1UO o514
45
29
26
79
15
21
141
38
800 7 7
9,200 100
70O 121
Texas Pac 2.000
Tex. Pac C&O 2.900
Tob Products .. 12,800
Tran ContI Oil 10.800
Union Oil Del. 4,800
union &o ....
United Alloy ..
united vmg . .
United Fd Prod
United Fruit ..
Union B. & P
USCIPlpe... 400 32 92
Un Retl Stores. 2,305 68 67
U S IndAlchl. 1,000 67 55
U S Rub 1.200 62 61
V 8 Rb 1st pfd!
u s smelting ..
U S Steel
U S Steel pfd. .
Utah Copper ..
Va Chem 400 S0
Va Chem pfd . 400 65
Vanadium Steel 2,300 46
Vivandou 500 11
Wabash 200 12
Wabash A pfd. 1,600 32
Wabash B pfd
Wells Fargo
Western Pac . .
Western Pc pfd
Western Union
Wetnghse A B.
Wstnhse E&M .
West Md
White Motors.. 100 48
Willys-Ovrld ...10,000 0
W-O pfd 400 45
Wilson Packing . ,
Wis Central .
Woolworth
Wrthgtn Pump 200 50 60
W & L B 200 14 14
White Oil '. 3,200 9 8
Whte Eagle Oil 600 27. 27
99
120
64
'80
65
44
11
12
31
100
10
1,666 i03
'i,i66 6
19
ioo"
'59
'is
8
44
66
23 -
114
156
29
13
34
17
40
70
22
22
55
41
30
53
98
16
30
109
77
30
. 78
95
66
2
2.1
11
6
69
47
65
70
65
44
83
32
29
46
18
8
63
38
8
77
119
16
75
34
31
71
82
10
50
100
94
78
10
40
32
109
180
44
90
24
103
28
46
136
101
10
46
29
26
79
16
21
140
38
79
7
142
02
82
67
65
61
107
402
99
120 ft
64
30
65
40 W.
11
12
31
76
19
58
103
92
. 59
11
48
8
4:
42
28
164
48
13
' 9
20
Liberty Bond Quotations.
Liberty bond and victory note quota
tions furnished by the Overbeck & Cooke
company of Portland:
closing
Open. High. Low. Bid.
Liberty 3s... 100.46 100.54 100.46 100.50
do 1st 4s 100.24
do 2d 4s 100.06
do 1st 4S..100.S8 100.48 100.38 100.44
do 2d 4As.. 100.14 100.22 100.14 100.20
do 3d 4a. .100.16 100.22 100.10 100.18
do 4th 414s. .100.40 100.4S 100.40 100.48
Victory 4s... 100.50 100.62 100.50 100.50
Money, Silver, Etc.
NEW YORK. July 13. Call money.
easy; high, 3; low, 3; ruling rate. 3;
closing bid, 3; offered at 3; last loan,
8; call loans against acceptances, 2.
Time loans, easier; 60. days. 4: 90
days, 44; six months, 44.
Prime mercantile paper, 44.
sj LONDON, July 13. Bar silver, 35 d
per eunce. Money 1 per cent. Discount
rates, short bills, 1 per cent; three
months, 2 per cent.
Swift & Co. Stoekn. v
Closing prices of Swift & Co. stocks of
Chicago were reported by the Overbeck
Cooke company ot Portland as fol
lows: .
Swift & Co 101
National Leather (new) 7
Swift International 19
Libby, McNeil & LlbbV 2
Railway Foreclosure in Court.
MUSCATINE, la.. July 13. Foreclos
ure proceedings for $517,800, brought by
the Continental ' & Commercial Trust &
Savings bank of Chicago, against the
Muscatine. Burlington & Southern rail
way .engrossed the district court here
for the third day. Claims aggregating
several hundred thousand dollars. In
addition ' to that sought by the bank,
are being argued by attorneys. It is
understood that agreements have been
reached upon practically all accounts.
However, it will be up to the court to
determine priority.
WOOL DUTY PROTESTED
LEADING MANTFACTTIRERS
REGRETFULLY PAY.
Decision on Whether Combings
Come Under Present Tariff
Is Now Awaited.
BOSTON", Mass., July 13. (Special.)
The Boston wool trade Inclines to the
belief that the senate failure to adopt
cloture means no new tariff law this year
and that it is better to go ahead on
emergency tariff basis. That act was
drawn bo loosely that "combing" wools
are not mentioned and possibly they may
be imported duty free. A government j
official Is said to be taking testimony on
this point. If it is allowed it will in
volve nearly all the 100,000,000 pounds
of wool now held in bond here and will
throw both the wool trades and manu
facturing industry into chaos.
Leading manufacturers are paying
duty under protest on such wool as they
withdraw from bond, pending decision
on this point. Territory wool in original
bags is moving moderately here at un
changed prices. Good three-eighths blood
is quoted at 85 to 85 cents. Many trad
ers think this grade will become prom
inent later, the mills finding a way to
use It. Eastern buyers are returning
from the territory wool-growing states
and it is expected that most of the re
maining wools, especially in Montana
and Wyoming, will be consigned.
Present interest oentera in Texas and
New Mexico. At Mertsson, Texas, with
offerings Monday of 325,000 pounds, only
about 57,500 were sold. Bids for other
lots were rejected. Prices paid are es
timated to show a clean cost of $1.18 to
$1.20 for good clips, on the basis of
wool landed in Boston.
On Tuesday 250.000 pounds were of
fered and only 70,000 sold. Prices ruled
fsomewhat lower than on Monday, when
three Boston houses were tied for the
bulk of the offerings, but at a lower
figure than growers would accept.
At Rosweir, New Mexico, where the
sealed bid sale last week was a fiasco,
some private purchases have been made.
What Is claimed to be the best clip
among the withdrawn offerings has
since been sold at an estimated clean
cost, landed here, of $1.18 to $1.20.
Another clip containing SO per cent
half blood sold at $1.12 clean and a very
heavy clip at $1.22 to $1.27. In the grease
the recent ratnge of prices at Roswell
has 'been 35 to 38 cents. Ohio fleeces
are rather active here at 50 cents for
half blood, 48 cents for fine, unwashed
clothing and 46 cents for three-eighths
blood combing. Fine, unwashed Ohio
delaine is quoted at 50 to 67 cents, de
spite lack of sales, and quarter blood
combing at 43 to 44 cents. Most Ohio
farmers have sold their wool, but th
Columbus pool has secured quite a lot.
Other sections of this market are very
dull. Australian markets close this
week until September 15. Cablegrams
report offerings very poor, prices firm
and England the principal buyer.
LIVESTOCK SHIPPERS ARB ASSURED
Adequate Railroad Service Promised In
Umatilla County.
PE-NDLETON, Or., July 13. (Special.)
Livestock shippers of Umatilla county
have been Assured by F. D. Hall, local
agent of the Oregon-Washing ton Rail
road & Navigation company, that ship
ments of lambs will be received regu
larly and -that as far as the Union Pa
cific system is concerned livestock ship
ments will get the usual consideration.
Many shippers will start lamb shipments
in & few days, with the rush point about
July 20. Strike conditions at Umatilla,
Rieth and Pendleton are quiet and shop
work is being carried, on with a reduced
force. Smythe Brothers, the Cunning
ham Sheep company and Frank Sloan
are making shipments this week.
Fifty deputy sheriffs are at work at
railroad points In this county, according
to a statement made today by Sheriff
House r. Nearly 20 are at Umatilla, the
remainder being at Rieth, Pendleton and
M each am.
Strikebreakers are being charged
double for their meals in some restau
rants and one Chinese restaurant at
Umatilla is credited with punching an
entire meal ticket for one meal.
QUALITY , OF WHEAT IS HIGH
Umatilla County Yields Reduced by Hot
- Weather.
PENDLETON, Or., July 13. (Special.)
Quality of the 1922 wheat now being
harvested in Umatilla county Is better
than was expected and much wheat in
the lighter lands of-Pendleton Is weigh
ing up to No. 1 grade. The average
wheat is from 58 pounds to 62 pounds
a bushel, according to J. J. Chisholm,
who has been testing the newly-threshed
grain.
Yields have been cut down by the hot
weather, and Nolin and Yoakum fields,
which are light land, are running from
20 to 25 bushels an acre. This is better
than was expected and is a good average.
Lands of Elmer Moore, just west of
Pendleton, where harvest has been going
all this week, are averaging about 26
bushels an acre, which is also a good
yield for this section.
Some turkey red and club wheat on
light lands has been shattered and shriv
eled by the hot winds, but the Umatilla
county crop will be a fair average yield
and much better than in most sections.
Sugar Market.
NEW YORK, July 13. Raw sugar,
centrifugal, 4.93 4.98c; refined, fine
granulated, 6.506.Oo.
Cottonseed Oil Futures.
Cottonseed oil futures at New York,
furnished by Jordan-Wentworth & Co
Portland: July. $10.50 10.65; August, $10.47
10.48; September, S10.48&10.49: October.
SIO.OS ; December, $8.S7 fi.58 ; January,
t5i : February, ?H.r5tff'8.57.
SAN FRANCISCO. July 13. California
Hawaiian raw sugar. 4.93c
Chicago Potato Market.
CHICAGO, July 13. Potatoes slightly
weaker; receipts, 50; total United States
shipments, itn6; Eastern Shore, Virginia
barrel Cobblers, $4.25 4.50; Oklahoma
sarked Cnbblprs. one car, $2.25; Kansas
High Grade Bonds for
Investment
Issue. Rate. Maturity. Price. Yield.
New York Cent. Eqp...... 5 June 1, 1928 98.48 5.30
Humble Oil & Rfg.. Co.. . . 52 July 1, 1932 100.00 5.50
(Standard Oil Group) ,
Los Angeles G. & E. go... 5 12 June 1, 1947 s.96.50 5.75
Amalgamated Sugar Co.
1st Mtg 7 April 1, 1937 100.00 7.00
New York Cent Ry. Co. Mt..5 Oct. 1, 2013 942 5.30
Province of Manitoba: .5 May 15, 1925 99.00 5.375
Province of Alberta .52 July 1, 1927 100.00 5.50
U. S. of Brazil. 7 June 1, 1952 96.50 7.30
Kingdom of "Netherlands.. 6 Mar. 1, 1972 96.00 6.10
Douglas County, Oregon.. 412 Oct. 1, 1929 98.23 4.80
Yamhill County, Oregon. .5 '2 Aug. 1, 1928 103.61 4.80
F.l Devereaux Company
.INVESTMENT BONDS
6T 8S3CTH STREET PORTLAND. OREGON BROADWAY 1043
CROUND FLOOR WELLSARGO BUILDING '
We Offer Two Choice Issues of
OREGON SCHOOL BONDS
, at prlwa
to yield
5
Ask for Descriptive Circulars ,
ATKINSON ZILKA & COMPANY
INVESTMENT BONDS
418 K. W. Bank Bids. Phone Main TOO,
M
unici
Bonds
To yield over
1
Income
Tax
Exempt
THE full faith, credit and taxing power of the Iliff municipal irrigation dis
trict are pledged for the prompt payment of principal and interest, and both
are paid from taxes levied upon all the taxable property within its limits.
These taxes are by law a prior lien and must be met. This power of taxation
cannot be destroyed by legislation. Supreme court decisions, recognizing the rights
of the bond holder, have resulted in placing municipal bonds next in security to
U. S. government bonds. These bonds are owned by us, purchased, with our
own money. They offer a greater security for investment and savings (by our
partial-payment plan) than any corporation can offer.
Maturities and Prices
$13,500 June 1, 1923, 99.76 S $25,000
16,000 " 1924, " 99.54 29,500
18,000 " 1925, " 99.33 34,000
20,500 " 1926, " 99.13 21,500
22,500 . " 1927, " 98.94
June 1, 1928,
1929, "
" 1930, "
" 1941, "
98.77
98.60
98.44
Iliff Irrigation District lies in the heart of Logan County, Colorado, immediately
adjoining the famous Logan Irrigation District. Logan county is one of the state's
most prosperous counties first in wheat, second in number of farms, third in poul
try, corn and sugar-beet acreage. The district issuing these bonds is close to the
city of Sterling, county seat, the principal city of the valley, a railroad division
point and home of wholesale groceries, grain elevators, flouring mills and other
industrial plants. Beet growers in the sterling district received $1,791,556 for
the 1921 beet crop.
Previous to completing purchase of these bonds our corps of municipal bond ex
perts and engineers and our soil experts made an exhaustive survey of all features
pertaining to the security and legality of the issue. We consider these bonds a
municipal TAX EXEMPT investment of -exceptional character.
These are old seasoned bonds with a perfect record.
PriCCSI As above, to yield over Qfyfoi Income Tax Exempt
y Further details upon request
Wire orders "Collect"
Freeman, , Smith & Camp Co.
Union Oil Bldc
Cos Angeles
Pico B388
824855
First Nat l Sank Bldh.
San Francisco
Douglas
2121'
Syndicate Bldh.
Oakland
Lakeside
720
lumbermen blds.
Portland, Ore.
3ROADWAY
S740
sacked Ear It Oliios, poor quality, $1.75
1.93.
Coffee Futures Clme Higher.
NEW YORK, July 13. Very small of
ferings were absorbed at an opening de
cline of 2 to 5 points iu the market for
coffee futures today. September sold
up from $i).50&D.5 or 10 points net
higher and th general -market closed at
a net advance of 1 to S points.
FOUNDED 187 6
Investment Suggestions
INDUSTRIAL BONDS
Amalgamated Sugar Co.,
1st Mtge 7 Apr. 1, 1937 100 7.00
-Empire Gas & Fuel Co.,
1st and Ref. Mtge 7 May 1, 1937 9S.50 7.65
Lucerne Vineyard Co.,
1st Mtgre S May 1, 1924-36 100 6.50
Walworth Manufacturing
Co., 1st Mtge .7 Jan. 1, 1942 99 7.10
Van Camp Packing Co.,
1st Mtge 8 Apr. 1, 1941 105 7.50
(All above bonds in denominations
of $100, $500 and $1,000.)
GOVERNMENT AND MUNICIPAL BONDS
Republic of Bolivia 8 May 1, 1941 101 7.90
Dominion of Canada, 30-.
year 5 May 1, 1952 98.50 6.10
Dutch East Indies 6 Mar. 1, 1962 95 6.25
Kansas City Joint Stock
Land Bank ..f 5 May 1, 1952 103 4.62
King. Serbs, Croates and
Slovenes (Yugo-Slavia) 8 May 1. 1962 95.50 8.40
x Klamath County. Oregon 5 Apr. 1, 1939-41 6.00
Pacific County, Wash... 5 July 1, 1929 102.92 6.00
PUBLIC UTILITY BONDS
Coast Valleys Gas & Elec.
Co.. 1st Mtge 6 Mar. 1, 1952 96.50 6.25
Great Western Power,
1st and Ref. Mtge 6 Feb. 1, 1952 100.50 5.95
Pacific Tel. & Tel. Co.,
Ref. Mtge 5 May 1, 1953 92.75 5.40
San Joaquin Lt. & Pwr.,
1st and Ref. Mtge 6 .Mar. 1, 1952 100 6.00
Northwestern Elect ric,
lBt Mtge 6 May 1, 1935 ' 98.75 6.12
Southern Illinois Lt. &
Power Co 7 Dec. 1. 1941 100 7.T30
WRITE FOR CIRCULAR
E H ROLLINS 6SONS
Investment Bonds ,
4n Lewis Building
. BROADWAY 7670
PORTLAND
BOSTON NEW YORK-CHICAGO
SAN FRANCISCO LOS ANGELES
7.14
and safety
NORTHWESTERN ELECTRIC CO.
preferred stock
yields 7-14
. on the investment
Present selling price
" 08 per share
(Subject to change.)
Savings Plan of Partial Payment makes it easy to buy this
sound security with its assured returns.
l. (i, TavaTea, Mgrr, Stack Sale Oept Northwestern Electrts Co.,
Sirs Please send me without obligation on my part your free
booklet, . -
Address t;;ii! ml lm Mutt
imiitniitni
, O
Life's Greatest
Essential
No other Bonds afford
greater security than those
issued by a municipality
to provide water for its
inhabitants.
We offer the Water Bonds
of Coulee City, Wn. (an
other little city of no net
debt) an investment that
provides a splendid return
with safety.
Prices to Yield 5.75 to 6.00
Call, write or phone Main 4195
i for reservations.
G.E.MILLER &CO
2nd floor NORTHWESTERN BANK BLDC.
PORTLAND yjsM SEATTLE
SAM FtAHCISCO LS&fjj L0S AN6EIES
New York Steam
Corporation
First Mortgage Gold
Bonds, Series "A," 6
Due 1947
HluMtraied circular showing
location of pi until, distribu
tion of v business In jVew
York City, earnings and
other attractive features.
Trill be sent upon request.
Price to yield about
6S0
The National City
Company
Offices in more than 50 cities.
Yeon Buildinjr, Portland
Telephone Slain 007-
Why Wait?
In commenting on what will bap
pen after the "hysteria" of road
building is past, The Oregon Motorist
says that taxpayers will, first, give
attention to the savins of the tire by
having a yielding surface to the road
and legislate against a rigid granu
lous eurface that increases wear of
the tire; and second, insist on the
protection of the road against fa
tigue" by bo constructing it as to ub
orb, aa far as possroie, the impact of
traffic. Examples of the long life of
shock-absorbing pavements are found
In Warrenite-BituHthic in every Fac
tion of the nortn-weat where good
pavements are used.
Cascara Bark
Hides, Wool, Pelts, Mohair.
We Ar in the Market.
Write for Prices and Shipping Tags.
PORTLiXD HTOE ft WOOt, CO.
GEORGE M. SULLIVAN, Manager.
107 Union A v.. X., Portland. Ur.
Bead Th-a Oregoaiaa classified ads.