Morning Oregonian. (Portland, Or.) 1861-1937, July 21, 1922, Image 25

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Morning Oregonian., July 21, 1922, Page 25, Image 25

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Newspaper Page Text25 THE MORNING' OREGONIAN, FRIDAY, JULY 21, 1922 T ME IS IE EUROPE England and Scotland Said to Be Good Markets. CANAL SHIPMENT EASY liegular Service of Refrigerated VeBsels From Northwest Is ' New Opportunity. BT ARTHUR M. GBART. Article No. 2. GLASGOW, Scotland. Juno 18. (By Mall.) The establishment of regular service of refrigerated vessels from the Pacific Northwest to Europe should mean much to the meat packing indus try of Portland. Go Into the cold stor age rooms In any of the cities of Great Britain and you will find bacon, hams, lard and other pork products with the brand of the United States upon them. There were large importations of pork products into Germany from the United States before the world war, and there is at present a limited market in Germany and Scandinavia for backs and heavy lard cuts of pork and lard. Somewhere through the Dakotas and Nebraska runs a line that has been wav ering back and forth' according to the rising and falling of rail and ocean car riage rates. Kuropean Market Open. To the west of this line Ilea 'territory from .which live hogs can be shipped to Portland, and after being slaughtered there, can be sent on in the form of frozen or chilled pork or as pickled hams or lightly cured bacons or as . lard or backs to markets in Europe cheaper than the same products can be handled by rail to Atlantic ports and by boat from there to Europe. Charles Frye, the Seattle packer, has not been unaware of the opportunities for boosting the meat packing business of the Pacific Northwest through the Panama canal. Just before the world war he had completed plans for a branch distributing house in Germany. ince the war, he has come to Europe twice to investigate conditions. The first time Mr. Frye returned disappointed, as he found that war and necessity had taught the peoples of central Europe to live without using much meat of any kind, and that the adverse exchange rates added difficulties that were insur mountable. Some pork products were disposed of, however, and as the mark took a downward turn Mr. Frye invested his marks in gloves, which he brought B O gold 4s 1948 do con 4 Vis cv 11)33 do ref 5s 1995 Canada Southern 5a 19G2 Canadian Nor 6 1946 do 7s ; 1940 Cent Pac 1st 4s 19411 Ches & Ohio cv 4Vs 1930 no gen i&8 do cv 5s 1940 do con as . 1939 C B & Q 111 dlv 4a 1949 C & West Ind 4s 1962 C G & W 4s i.. 19B C M. St P 4s 1B25 llo cv 4t 1932 - do deb 4s 1934 do gn 4s A do cv fis 2014 do g & r 4t A !014 Chgo N W gen 4s 1987 Chgo.N W OVjs ... 193U Chgo N W 7s 1930 C R I & P ref 4s v 1934 Colo Sou rf ex 4V4S 1!88 Colo Sou 4s 1929 Del & Hudson cv 6s 1935 - do 7s j 1930 D & R G cv 4s ........ 1930 do ref 5s i, 19.15 Erl P I. 4a 1& do con 4s A 1&53 do B 1953 do D ,. . . . 153 Brie Pa C G 4s 1951 Gd Trunk eq s 1936 Gt Nor 4 lis 1B1 do 7s W3 Gt Trunk 6s l3tt do 7s 140 111 Cent Jt 9s 1983 do ref 4s 1955 K C Sou ref 5s 1950 Keo & Des M 1st 5s 19-3 L 8 & M S 4s 1931 I. A TsT 7 1930 MStP&SSMM 6s 1948 M K & T 4s 1990 M P gen 4s 1975 do ref 5s 1923 do ref 5s ' 1-'G N T C deb 4s 1934 do ref imp 4V4s 2013 do cv deb 6s 1935 do coll 7s 1930 N T N H & H cv 6s 1948 N O Tex & Mex 5s......... 1935 N P P L 4s 1997 N P 8s 247 N P Gt Nor Jt 6s 1838 O S I ref 4s , 1929 Penna 814 1936 do gen 4 lis .i. 1965 do 4Hs I960 do gen 5s 1968 do 7s 1930 do R R 6V4s 1938 Reading gen 4s 1997 S A 1. 4s 1950 do 5s 1949 do 6s A .. . 1945 Sou Ry can 5s 1994 So Pac cv 4s .............. 1929 do ref 4s , 1955 do sf term 4a 1950 S P ref 4s 1949 do conv 5s 1934 St I, & S F P I. 4s A 1950 do gen 5s -..1931 do P L. 5s B - 1950 do gen 6s 1931 do adj 6s 1955 to Seattle and sold. do inc 8s 1960 Second Trip Token. Mr. Frye is now on his second trip, if he has not already returned to Seattle. Charles Frye's Interest in developing traffic in meat and meat products through the canal may be due in part to his having but one plant, at Seattle. Swift and' Armour, whose names ap ppar on much of the pork and pork prod ucts shipped from the United States to Europe, v'Jm their great plants in the middle west and with plants of their subsidiaries In the eastern part of the United States, have an established busi ness and may have no incentive for de siring to shift a part of the business to the Pacific coast, unless, of course, money is to be saved. The American Institute of' Packers, under the leadership of H. B. Heineman, is very active in the fight now being carried on to place upon the ocean car rier greater liability towards the ship per. The packers of the middle west have lost fortunes from pilferage and wastage of shipments of meat and meat products from their., middle . western plants. The combination land and ocean route presents opportunities for pilferage. - Refrljfrration Is Problem. Also It is difficult to maintain proper refrigeration throughout the shipment and transshipment. Steamship compa nies, under The Hague rules, which the Edmunds bill now before congress pro poses to adopt for American shipping, have liability for shipments only while on board. There is a, great advantage to be gained from slaughtering at seaboard, as Is recognized by the middle western packers. Long & Squires, located at Boston. being subsidiaries of middle western packers, have the live hogs snipped to their plant at seaboard that the products can be loaded from the packing plant to ship. Once the cargo is put 'aboard at Port land the hatches are closed, .there need not be the variation of more than dt-gree or two of temperature until the h'..tche are opened in Europe, and ht such ports as Liverpool, where there is a large meat trade, automatic carriers can convey the cargo Into cold storage rooms adjacent to the docks. At one point in the Liverpool harbor six refrig erates vesse.a a tjpn up. due to the quieter condition of Australian and South American meat trade. Ocean rates should be low. Scotland Likes Hams. Scotland likes the American hams if they are but lightly cured, and accepts readily a heavier ham than the Eng lish people to the south, providing it is lean. The .Scotch do not care for bacon, as It j necessarily too fat for them: but the English absorb large quantities of bacon. Scotland and England offer a good market for chilled or frosen fresh pork of dressed weights of not more than 120 pounds a carcass. But due to the poor quality of pork products dumped on Great Britain just after the war, the American brands have a bad reputa tion. E. C. Squires, deputy agricultural commissioner for the United States in England, has an office at the American embassy in London. He contends that the length of the voyage would make it difficult for chilled pork or lightly cured bacons and hams. to. be shipped direct from the Pacific coast; but con trary views were held by the practical men in charge of the cold storage plants at Glasgow and Liverpool. These men opened chambers where they were keep ing lightly cured hams and bacons from the United States for periods ot six months. Mr. Squires of 'the agricul tiiral department was of the opinion . that our shipments from Portland and Seattle would necessarily be re stricted to lard, very fat cuts of heavy pork and to frozen hams and carcasses. Pork Sources Varied. The chief source of supply of fresh pork and pork products for England is Holland and Denmark. Scandinavia also exports pork as does. Ireland. Increase ing quantities are also being received along with the frozen beef from the Argentine. A large proportion of the beef that is found In British butcher shops bears the ramiitar names of American packers. but is shipped from their plants on the Klver l"Iate, South America, and not from the United States. Considerable fresh beef is furnished by Ireland and Scotland. The slaughtering Is done in a large way at or near Glasgow and Liv erpool. These are the ports at which the fat cattle from the United States and Canada formerly arrived. The selling of beef by the united states to Great Britain fell off before the world war. From March to July, 1921, it had temporarily a spurt again, due to prices on beef falling more rapidly in the United States than on the British market. But beef is much too low in Great Britain now to afford a market for the cattle of the United States. Canadian Shipments 81ump. . 1 Canadian shipments of fat .cattle and of dressed beef have fallen off under the competition of the meat from the open country in the valley of the River Plate. At present praclcally no Brazilian beef is coming to Great Britain. There is much ado In Great Britain now concerning (he embargo that exists upon all feeder cattle. Including those from Canada. Mass meetings have been held demanding that parliament lift the ban on Canadian feeder cattle. As the British government practically promised during the war to allow Canadian feeder cattle to be imported after the war, there is great probability that Canadian feeder cattle will soon be imported in large quantities. ' Xew York Bonds. Furnished by the ordan & Wentworth company of Portland. Railroad Bonds Atch gen 4s 1995 (14 A C L 4s ... i 1952 2 do 7s 1930 107 St L & S W 1st 5s do con 4s do 1st 4s Tex Pac 1st Us...... Un Pac 1st 4s...... do cv 4s ......... do ref 4s .... do 6s , Un Tank 7s .... Wabash 1st 5s ...... do 2d 5s West Pac 5 M K T adj 5s do Bt 5s , . . . Phil 3d Ave adj 5s Industrials Allied Packers 6s ... Am Agr Chem 7s.. Am Smelt 1st 5s Am Tob 7s Anaconda 6s A do 7s B Armour cv 7s do 4Vis Beaver Board 8s .... Bethlehem Steel 7s.. do eq 7a do ref 5s Cerro de "Pasco 8s... Chile conv 7s do conv 7s Colum Graph 8s. .. . Copper Exp 8s do 6s 1B52 1932 1989 2000 1947 1927 2008 1928 1930 llt:!9 1939 1D48 5s... do its Colo F & I gen Colo ind os .......... Cuban Am Sug 8s Cuban Cane cv 7s Distillers Sec cv 5s..... Diamond Match 74s.. lupont 7s empire (jas Fuel 6s.... Fisk 8s Gen Elec deb fis ...... do deb 6s Goodrich 7s . . . ., Goodyear 8s . Heinz 7s ......' Hershey 71s Ill Steel deb 4s. 1939 1D41 1947 "1923 1929 1929 1930 1989 1833 1923 1935 1942 19S1 1932 1928 1925 1923 1924 1925 1943 1934 1931 1930 HI2T 1935 1931 J 924 1941 1952 1940 1925 1941 1930 1930 1940 Ind Steel 5s 1952 lnt Agr 5s 1932 Int Marine C T 6s 1941 Kelly Springfield 8s 1931 Kennecott 7s 1930 Lack Steel 1st 5s 1950 Llbby McN & L 7s 193t Liggett & Myers 5s 1951 do 7s . , ... B44 Lorillard 5s 1951 do 7s 1944 Midvale 5s 1936 Procter & Gamble 7s 1923 Republic I & S 5s 1940 Sears Roe 7s 1922 do 1923 Steel & Tube 7s 19,11 Swift & Co 7s 1MB do mat Uni Drug 8s 1941 U S Rub 1st ref 5s 1947 , do Tiia lorio U S Steel sf 5s I9fi:l Va Chem 5s ij:i Va Car Chem 7s 1923 West Elec 5s 19'2 West U T col Tr os 1938 West Union 614s i:i Wilson '.st 6s... , Ifl4t do cv Hs 1928 West Elec 7s.. 19l'5 Westlnghouse 7s 1931 Public Utilities Amn Li & Tran 6s 1925 Amn Tel oll 4s J929 do 5s 1946 Amn Tel 8s ........4...... vr5 Bell Tel of Pa 7s 1945 B R T 5s isj.-. Cal Gas uni 5s 1937 Cities Service 7s B. 1986 City Service 7s C 1966 City Service 7s D IfXM! ( on Gas cv 7s 1925 Int Met 44s 1956 . Int R T ref 5 1966 Laclede Gas 7s 1930 Mont Power 5s A 1943 Northwest Tel 7s 1941 Pac Tel 5s ln".7 Pac Gss 5s .".., 1942 Souwest Tel 7 , 1925 Oil bonds Anglo Amn 7Hs. k ... . 1925 Atlantic Ref 6VJs . 1931 Galena 8 Oil 7s 1930 Gulf Oil 7s 1933 Humble 7s 1923 Pan Amn 7s msfl Mex Pet cv 8s , 1936 Sinclair 7Hs 1025 S O Ca! 7s . ; 193t S O N Y 7s 1931 Texas Co 7s 1923 Tidewater Oil 64s 1931. Vacuum OH 7s 1936 Foreign Government Bonds Argentine 2d 7s 1923 do G I 5s J!!45 844 84 88 Vt 111 1124 89 894 88 V 102 92 74 54 61 82 704 63 78 75 65 874 110 107 83 894 83 67 110 79 47 T, 65 4 53 5354 564 89 4 105 4 92 110 1034 118 95 80 89 89 93 83 64 100 90 80 904 1084 105 81 71 90 108 103 92 108 934 99 102 1094 ivy 87 58 4 27 034 9 5 90 i 83 90 102 73 99 4 8 1034 80 70 4 79 4 TB 934 6 95 894 104 103 4 99 90 85 574 87 100 4 60 83 103 74 93 1024 101 103 '4 104 - 914 76 1044 103 964 119 92 105 4 40 1014 102 4 104 914 784 106 85 4 46 108 107 KM 1074 191 106 108 115 104 4 103 4 914 106 80 97 108 165 V, 89 894 96 115 ' 97 1144 ' 89 1014 95 1004 101 1004 102 102 110 90 108 102 99 "i 165 4 11 10. 97 109 99 ii 98 ?i ins 4 108 1064 91 99 115 1 08 61 4 97 130 93 '11 12.3 114 68 1004 107 r 91 102 NEW RECORDS ESTABLISHED BY THREE ISSUES. Foreign Loans Irregular and Occasionally Heavy; Domes tic Rails Firm to Strong. NESW YORK,. July 20. United States war loans again dominated the bond market today, ney high records being established by liberty first 454s at 101.26. third 4s at 100.70 and fourth 43 at 101.24. These . gains were the more .striking because of the irregularity and occa sional heaviness manifested by several of the foreign issues. Mexican govern ment 5s fell 14 points and Cuban re public 5s lost 1 point with - narrow changes, mostly lower, in the European division. The one noteworthy exception was city of Berne 8s, which gained 14 points. . . " . . 1 Amonir rails, especial strength was displayed 'bjr. New! York Central deben ture 6s, St.i.ouis & San Francisco ad justment 8s, Cnesapeake & Ohio con vertible 4 its. St. Paul convertible 4 4s, Southern railway Bs. and Missouri. Kan sas & Texas first 4s. Chile .Copper 6s, Goodrich 64s. Mid- vale Steel 5s and United States Steel 5s were firm to strong with Armour 44, Wilson convertible 6s and several of the local tractions, inelud'.iu; Third Avenue adjustments and Interborough Rapid Transit refunding 5s. Total bond sales, par jralue, aggregated $14,182,000. The stock market was firm to strong during the. first half of today's fairly active -session, but developed irregular tendencies later on renewed selling of prominent specialties, including the mo tors. Traders for the long account showed greater caution as a result of the less favorable aspects of the coal and ' rail road strikes, although shares of those descriDtions were well supported. Offerings of- automobile issues were at tended by rumors dealing with the fi nancial status of several of the promi nent companies, but general conditions in the motor trade were declared to be favorahle. Washington advices intimating that the federal trade commission is likely to announce formal approval of the Re Dublic-Mldvale-lnland merger stimu lated further buying of secondary steels and United States Steel established i new quotation for the current movement. Changes among equipments, coppers, textiles, rubbers and chemicals ranged from one to two points at best, but these were much Impaired or entirely canceled in the liquidation of the final hour, when Pierce-Arrow preferred and Stude- baker led the reaction. From its extreme rise of 6 points to level 21 points above the recent low. Mexican Petroleum fell back sharply, making a net gain of 14 points. Re public Iron was the only stock of Its particular type to retain much of its advance in the reversal, rails also yield ing. Sales amounted to 725,000 shares. The money market followed its course of the preceding day until the final hour when call loans rose from 4 to 44 per cent. Two and three months money was offered at 3 per cent and some of the longer maturities were negotiated at per cent with an increased demand for commercial paper. Part of yesterday's setback in the lead ing foreign exchanges . was recovered. Sterling was firm, allied bills Improved 2 to 10 points and the German mark also rallied. Austrian remittances were at low ebb during the morning, but rallied feebly later. The Greek rate was better and .strength was shown by Dutch Scandinavian quotations. CLOSING STOCK QUOTATIONS. Furnished by Overbeck & Cooke com pany of Portland: Sales. High, Low. Adams Express . 100 62 62 Advance Rum... 100 IS 18 " do pfd Agr Chem 300 39 39 AJax Rubber ... 200 15 154 Alaska Gold - Alaska Juneau.. 100 . 1 1 Aiuea jnem.... z.soo 08 08 2.400 55 4 54 200 ..... ... -. 300 46 46 200 98 4 3854 4,200 57 "56 Fed M & Sm... do pfd Flsk Tire Gen Cigars .... Gen Eilec . . Gen Motors - do 6s Gen Asphalt Goodrich Glidden Paint ... Granby Great Nor Ore. . do PId Greene Cananea. Gulf S Steel Glen Alden ..... Houston Oil .... Hupp Motor .... central. Inspiration nt Agr uorp pld Interboro An Mil Inters Callahan.. Int Mer Marine.. flo ptd ,8, UOO 2.300 200 100 2.500 2,000 8,500 6,200 400 700 134. 19 23 57 50 37 15 ' 13 78 76 304 30 64 64 600 159 108 " .. 400 15 15 .. 41)0 1294 128 .. 5.300 33 824 A 400 66 1 64 ..11.400 23 100 119 ..27,800 173 500 30 13 37 18 .-. 11.600 ..19.400 . 200 71 . 22 22 4 564 Int Nickel i- ,200 Int Paper ...... 800 do pld nvlncible Oil . Island Oil .... Jewel Tea . . . . ! Southern. K C. Sou pfd . . Keliy-Spgfld '. Kennecott .... Keystone Tire Lack Steel .-. . Lee Tire Lehigh Valley Lorillard Loew Theaters & N Mex Seaboard Maxwell Motr do B May Stores . . . Mex Pet Miami ....... Mid States Oil Midvale Steel M K & T do pfd -'. ...... Mont Power ... 100 Mont Ward .... L100 Mo Pac 900 do pfd 400 M St P & S S M . Marland Oil 2,100 Martin & Perry. Nat Enamel ... 1.000 55 Nat Lead aou 103 Nevada Con ... 300 17 New Haven .... 2.700 81 ivortolk & w Nor Pac Nova Scotia Stl. N Y Air Brake. Y Central ... Nor Amn Okia Prod ref. . Ontario Silver ., Ontario & W Otis Steel 600 Pacific Dev 500 Pac Gs & Elec- 200 Punta Alegre .. 2,100 Pacific Oil 4.800 Pan Am Jet ...24.900 do B 10,000 Penna 2,900 Peo Gas .... 600 Pere Marouette.. 1.900 Pure Oil 5.400 Phillips Pet ... 1.500 ,454 Pierce Arrow ... 9,400 16 Pierce Oil . 1,200 . 8. Pitts Coal 500 654 Pitts & W Va. .. 1,000 39 Penn Bea Steel.. 4.000 . 8 Presed Steel Car two S1T4 Allis Chalmers. . do pfd Am Beet Sugar. Am Bosch Am Can Co. . . . ; do-pfd Am Car & Fdy. do pfd ....... Am Cot Oil Am Drug Synd. Am Hide & L-. do pfd ....... Am Ice ........ Am Intl Corp. , . Am Linseed, .w. Am Loco ...... do pfd Am Saf Razor.. Am Ship c C. Am Smelter- . . . do pfd . . . . Am Snuff Am Steel Fdy.. Am Sugar do pfd . . . Am Sumatra. . . . Am Tel & Tel. . Am Tobacco do B Am Wool ...... do pfd-v...... Am' W P pfd... Am Zinc ...... Anaconda ..... A 560 1684 168 100 2,300 274 5 1,000 71 7O0 111 1,700 44 2110 34 27 '764 111 42 34 Bi.d 62 ' 18 49 39 15 - 114 68 54 93 46 88 56 1084 Jrti 1194 26 5 144 II 110 4,1 34 100 39 39 0.1OO 122 121 200 143 142 100 140 140 1,800 9 2 9154 300 167 4 107 4 167 ., 31 i 31 29 54 MM! 18 '18 18 4.500 33 5352 S3U 1 Oil 114 V, trhlson 1.200 101 101 101 uo oia . . . . - nni, All uoast Line... 200 108 108 10.8 Belgium 8s 1940 Bergen Rs 1945 Berne 8s 1945 Chrlstiania 8 1945 Copenhagen 6s 1944 Danish Consols 8s.......... 1946 French Cities 8s 1943 Italy 6s A 1925 Swedish Govt 6s 1939 U 8 Mex 4s 1954 do ext .Is 1945 Uruguay Ext 5s Zurich 8s 1945 French Internal 4s ........ 1917 French Victory 5s 1920 Belgian Restoration 5a British 24 consols Ital Cons War Loan 6 Curb Bonds. Allied Packers 6s Am Tel & Tel 6s 1922 do 6s , 1924 Anaconda Conner 6s . no 11 103 104 103 4 105 104 100 105 54 104 106 109 10t 104 107 Y 100 83 4 lo 1094 111 4 109 4 91 108 84 964 103 47 59 72 1114 63 4 64 73 53 36 8254-L 100 1014 100 Anglo-Am Oil 74s. Armour a uo is ,, Beth Steel 7 1935 Galena Signal Oil 7s. . . ; . . .. . . . Grand Trunk 64s .... Gulf OH Co Humble Oil 7s Inter Rspld Tran 7s Libby McN Lib Js Sears Roe 7s 3-yr..,. 80 West Tel 7s Ktand Oil V T 64s. Stfrnd Oil N Y 7 6wi A Co 7 do 7s Texas Co 7s Notes . . Vacuum Oil 7s .. 1923 1933 . . 1926 . . 1925 .. 1931 103 104 102 105 1054 104 100 97 99 1014 1024 10914 105 1"Z 102 JIM 107 Farmers Need Large Loans, PRINEVILLE, Or., July 20. (Special.) Urgent need for long-time loans to farmers and stockmen at. a reasonable rate 01 interest Is evidenced by the ap plications for more than $150,000 of fed eral land bank funds nlaced with the Bank of Prlnevllle for the approval of an inspector wno arrived here yesterday The announcement of the plan which permits 01 8 per cent money, to be repaid under the amortization plan, with 33 years In which to repay the principal. and the option to pay off at any time after five years, was announced by the Dank less tnan three weeks ago. - Cottonseed OH Market. ! Cottonseed oil futures at New York, furnlsnea by Jordan-W entworth & Co, Portland: x July, 10.5510.60c; September. 10.51 10.53c; October, 9.909.93c; November, tvmijcs.Bac: December, 8.40S8.42c: Janu ary. 8.408.41c; February, 8.898.41c, -spot Did, 10.owt5p10.osc. 1 Total sales, 12,200 gallons. . 2,400 117 116 1164 1 3,400 21 1,200 62 "ino 135" 2.200 88 1,100 80 4 19 814 37 79 20 6154 98 135 . 37 19 106 89 121 143 140 914 AH Gulf & W I 1,500 38 37 37 30 1 Baldwin Loco. ..11,000 1214 118 114 ao pio Br Ho & Ohio:.. 9,100 do pfd 200 Beth Steel "B". 10.000 Booth Fish .... 100 B R T . 2,000 Butte C & Z... 500 Butte & .Sup..,. 100 Burns Bros Caddo Oil , Calif Packing .. Calif Pet , do- nfd Canadian Pac... 400 140 Cen Leather ...10,900 42 Cerro de Pasco. 800' 37 nanuier junior, z. ni Chgo & N W... 1,200 Chicago Gt West 100 do pfd 200 hill Copper .... 2.700 Chlno C M St P do pfd Coco Cola C & O Colo F & I Colo Southern. Colo. Gas & Elec 2.500 Col Graph 6,400 Con Gas ....... 8,600 124 123 4 Cons Cigars 100 34 34 31 do pfd 86 ntl Can ...... 700 71 70 i 70 u Cities Serv Bkrs 20 Corn Prod ..... 1,200 106 165 105 do pfd ij3 Cosden Oil'..,-. 6,700 44 43 43 C R I P.... 2,600 44 484 434 do A pfd .... 100 94 944 94 do B pfd 300 82 82 81 li Crucible 5,500 88 85 86 do ptd 91 XL Cuba Cane 2,800 16 16 1654 ao pta mo :,s 37 V4 37 u Cuban Am Sugar 4,400 24 24 24 Dome Mines' .... 500 30 80 SO Del A Lack 127 Davison Chem... 500 47 464 46 Endl Johnson ... 1,500 - 85 84- 84 Erie 1,500 17 164 16W do 1st pfd 1... 500 24 54 24 93 u Elee Storg Bat.. 8,200 4754 4654 47 Famous Players, i.nn.i 82 R24 R 800 1 .000 1,900 1,500 500 100 294 70 77 9 21 22. 30 28 44 72 69 32 '94 4 93 4 4 4 600 15 2,500 78 40O 178 16-7754 177 10,600 14'. 144 21,600 400 "66 1.700 1,600 V,6(Mi , "606 300 T394 40 36" 40 81 86 564 76 19 4 72 89 '29 54 - 39 81. . '84" 5454 75 194 ,124 1.81 15 77 1774 14 81 72 39 15 29 39 80 30 . 8b 56 74 19 3110 167 17 107 1,000 , 41 41 41 200 38 ,"-37 37 2,100 .154' 1 1 700 - 35i 3 ' 3 1,100 v8 ' 7 7 1,000 105 163 104 200 19 194 1 !00 73 4 17 13 . . 17 25 57 48 i 3 1111 3 18 '" 52 4 85 13 . 18 25 4 57 .-48 36 13 78 - 294 64 157 15 128 32 64 23 118 ,do 1st 4s.. 100.90 101.20 100.8 101.08 do 2d 4s... 100.58 10.80 100.54 100.74 ' do. 3d 4s.. 100.50 100.70 100.50 100.62 do 4th 4s. .101.00 101.24 1 00.98 101.20 Victory 4a.. .100.56 100.56 100.54 100.56 Money, Silver, Etc V NEW YORK, July 20. Call money, firmer; high 44, low 4, ruling rate 4, closing bid 44, offered at 5, last loan 44; call loans against acceptances 3 4- Tlme .loans, steady; 60 days, -3; 90 days, 3; six months, 44. .Prime mercantile, .paper, 44. Foreign bar silver, 79c. - . Mexican dollars, 53546. ? c ' LONDON, July 20. Bar -silver,-35d per ounce. - Money 1 er cent. JDis cotfnt -rates, short: bills, 1 percent; three months' bills, 1 115.-16 per cent. : ; ' 8wM Stocks, . Closing pripe of Swift & Co. stocks of Chicago wero reported by the Overbeck & yooae company 01 Portland as follows ' Swift ' ihternatioi.a! .' Llbby, McNeil & Llbby.. cables, .20. . Holland, demand. 38.85; cables, 38.90 Norway, demand, 16.55. Sweden, demand, 26.00. Denmark, de mand, 21.55. Switzerland, demand, 19.18. Spain, demand, 15.50. Greece, demand, 8.10. Poland, demand, .01. Czecho-Slo-vakia, demand, 2.23. Argentine., demand, 36.12. Brazil, demand, 13.62. Montreal, 99. RESERVE RATIO IS INCREASED Gain of One-half of 1 per Cent Reported '' ... by Federal Board. WASHINGTON, D. C, July 20. Com bined resources and liabilities of the 12 federal reserve banks at Uie close of business July 19 were reported tonight by the federal reserve board as follows: Resources. Gold and gold certificates ,;.$ 317,080,000 settlement zund, -i.-p ... fed-' 490.820.000 National Leather 167 I6814 30 13 36 17 71 22 , 22 56 40 89 64 102-17 30 2 13 36 17 40 71 22 22 65141 .2 39 554 161 5 17 30 600 11054' 109 110 1,000 160 i.Voo 2,700 .300 500 7 81 '964 68 . 2 - 7 ; 77 31 '5 68 2' .7 12 T?5 4 57 75 70 44 87 -,84 33 ' 33 1254 .. 6 71 48. 56 4 77 31 ' 8154 95 68 2 74 254 12 64 70 49 56 4 101 .- 19 , 7 1" , , Foreign Bonds. Furnished by the Overbeck". &. Cooke company 01 Portland: - Belgian rest 5s ." 1919 . do prem 5s 1920 do 74s 1945 British 5s 1922 do 5s 1927 do 5s 1929 do vky 4s 1919 . do ref 4s 191 Uhlted Kingdom 5s. 192 - do 54s 73 54 74 4 87 68 44 . 44 864 33 4 28 45 13 7 do 5 4 s Bordeaux "63 Canadian 5s do 54s "So 54s ...... do 5s do 6s , Chinese 5s Chile 8s French 4s do 5s ........ do 5s do 74s ...... do 8s German W L 5s Berlin 4s , Hamburg 4s .. do 4s - Letpstg 4)48 .-. do as ....... Munich- 4s .... MunlctcSs Frankfort 4s .. Denmark 6s Italian 5s Jap 4s ........ Jap 1st 44s .. do 2d 44s ... Norway 8s .... Denmark 8s ... Russian 53 1929 1937 . 1934 . 1926 . 1927 .. 1629 . 1937 ... 1931 1951 . 1941 , 1917 . 1920 . 1931 . 1941 . 1945 :.S54 44 ,13 '7 65 38 8 . 300 12254 122 ..-800 16 16 7.700 75 . 74 '700 36 ; 35 j. 3.3UU 33 - 33 54 2,700 7654. 734 J54 93 300 935; 64 54 38 8 8O 1214 16 ,'744 . 85 3354 74 93 104 55 -.auu -iui -juot loo . . . . : . .: . . i . 984 2,660 8154 ' 80 , 80 ..-..i v..;. W...,..t-9 ....-' - 39 5,800 31 31 31 109 108 108 ' 200 183 4 188 180 500 49 48 474 3,200 90 89 . 89 fi.000 " 25 24. 24 2,000 104 103 104 JOO 4T4 4t. 40 Pullman Ray Cons Reading . Remington Replogle Steel Republic l , do pfd . . Royal Dutch" Oil 3,"ooi "564 "55 54 Ry Steel Spg . Stand Oil Sears Roebuck Shattuck Ariz Shell T & T . Sinclair Stand Oil Ind do N J .... Sloss Shef Sou Pacific. . . Sou Ry i Stand Oil Cal. Stromberg Carb. Studebaker , 21,600 138 136 1374 Swift Jtr Cn. : . Tenn Cop & Ch.-i 500 H) ' 1054 Texas Oil... ...i 5,006.46 45 Texas Pac .. 400 29' 2954 Tex Pac C A O . 700 2 2 -Tob Products. -1,100 57 51! Tran Contii Oil.. 5,300 15 15 Union Oil Dei...- suo -'Ufc 20 Union Pac " 500 143 " 142 United Alloy.... 200 40 40 United Drug.... 4,800. 82- 784 Uni Food Prod.. 1,200 . 854 United Fruit..... ou 14 Union BAP 200 62 U S C I P pe. . .. 1.800 35 Uni Retail -Stores 6.860 66 U S Ind Alcohol. 1,800 80 U S Rub - 900 63 . do 1st pfd. . . . . . v. . . . U S Smelting... 100 41 U S Steel 21,200 1024 1014 do pfd. -. Utah Copper.... 400 Va Chem ."10O do pfd - 100 Vanadium . Steel.. 9,800 Vivandou 1,600 1014 1054 45 29 28 "56 15 20 142 89 " 79 854 145 144 6: 344 64 59 624 41 65 30 67 50 11 12 32 59 104 2,006 62 61 Wabash 7 600 do A pfd. .. .. 1,100 Wells Fargo ,.- Western Pac, do pfd 20O 59 Western Union.. 1,200 105 4 westingnse a. a. do is A At ... . West M White Motors. ..." -"400 ' 48 Willys-Overland.. 1,000 9 do pfd 400 4K WIson Packing. 200 42 WtscoTtsin Cent.. Wonlworth ..... 200 107 Worth tn Pump.. 900 54 4 W ft L E 200 13 White Oil 100 8 Whtie Eagle Oil. 5.400 25 65 29 67 40 11 1254 48 " 8 47 424 16X1" 53 13 8 25 v2 33 044 59 6254 106 41 102 102 65 4 29 67 48 10 12 31 18 19 59 104 4 93 61 11 48 .... 1918 1931 1925 1925 1940 1945 1921 do 5 4s 18-6 do 64s 1919 Sao Paulo 8s ....... 1938 Swiss 54s 1925 do 8s Jl'iu Brazil 8a 1941 do -7s . . - . Dutch East Indies 6s. 1926 .do 6s 147 - .Bid. 71 76 108 61 94 : 95 79 "77 110 . 110 103 , 83 99 984 101 98 8 534 1034 51 72 81 100 102 1 1 1 1 2 2 98 35 77 54 92 91 110 109 15 3 16 101 103 1184 102 96 r 95 9554 Ask. 73 79 106 93 97 98 . 81 80 11654 1104 103 4 84 99 994 101 99 68 5454 104 52 75 63 1004 102 . 2 2 3 3 2 8 3 984 36 774 92 -92 ll no 18 ' 4 1H 1014 103 4 119 102 98 - !5 90 Standard Oil Stocks. 1 iWanriard Oil stocks furnished by the Overbeck & Cooke company or Portland: . Bid. Asked. Anglo ..: 18 Borne scrysmer.. v Buckeve 92 Cheesebrough imi do nfd i 108 Continental 134 Crescent - Cumberland i Eureka 88 Galena com" 52 do Old pfd n8 do New pfd 101 Illinois Pipe 163 Indiana Pipe Es Dlv i 88 Nat'l Transit ' 26 N Y Transit r. 164 Northern Pipe 97 - Ohio Oil ... 280 Inter'l Pete .-. 21 Penn Mex i. :...".. 36 Prairie Oil .... 575 Prairie Pipe 246 Solar Refg , 840 Southern Pipe South Penn Oil... S O Ind ... do Kansas . ... do Kentucky . . . do N Y do Ohitf.. do pfd Swan & Finch.... Vacuum Washington ..... S. O. Nebraska,. . . Imperial Oil .' 02 60 108 535 9354 419 ' 455 117 32 418 24 175 110 19 415 93 201) 111 138 35 142 90 54 112 10.1 167 90 27 168 91) 285 w 40 8r 250 350 93 66 108 - 54 ft 95 432 65 lit) 85 423 28 185 11 Gold - eral reserve board Total gold held by banks, t 808,600.000 Gold with federal reserve. agents 1.: 2.19S.0B2.0OO Gold redemption fund . 41,673,000 Total gold reserves t3.045.335.0O0 Legal tender notes, silver. etc. 123.887,000 Total reserves ... J Bills discounted' Secured by United . States government obligations.-. .$ Other bills discounted 1 Bills boaght in open market .(3.169,322,000 176,268,000 267,205,000 148,970,000 Total bills on hand t U. S. bonds and notes. .' . U. S. certificates of: In- . debtedness r ' One-year certificates (Pitt- marf act) Other certificates .. Municipal warrants'........ 592,438,000 201,901,000 74,000.000 265,948.000 9,000 Sum mmnshine .U. .. it 1. f r VIM'S., . "J3j!7 11 .ii , i"'ii"iiii'i!'a j y " Total earning assets. J . . . . 11. 134.298 ullfl Bank premises .. .... i- .$ 42,417,000 5 redemption fund against 1 jr. K. bannnotes. . ... 7.496 000 Uncollected items 692,345,000 All other resources, ...... : 16,168,000 Total resource!!'"-.,. . . . . . I;$4,fl62,062,600 .. Liabilities. Capital paid in $ 105,239,000 Surplus 215,398,000 Deposits .", .:,, Government ...'.-... t ..... .$ 49.376,000 Member bank reserve acct.. 1.864.145.000 Other deposits ... . 29.010,000 . Total, deposits -?iv. , .-. '. . 81,942,531,000 Federal reserve notes In ac- tual circulation $2,132,848,000 a- , a. uAiimiviLca lu circuia- tlon net liability.. 66,053,000 Deferred availability items.. 479,274,000 All other liabilities 20,719 000 Total liabilities ... . $4,962,902,000 ....0.1.11, ua iuLBr reserves to deposit and federal reserve nbte liabilities combined, 77.8 .per cent. - E PRICES TURN IRREGULAR AS SEQUEL TO REPORTS. A BOND, like a note, is a promise to pay a specific amount on a certain A-lo TArt-,, ,trcA ia a nrnmise with. out the ability to make good? Back of every $500 bond of the Uiff municipal district is over $2,945 worth of land value. This sum represents 32 acres in one of the finest "sure crop" districts in Colorado, devoted to alfalfa, wheat, corn and sugar beets. Every $500 bond represents about $580 of actual construction cost. The beauty of these irrigation bonds is that physical security is actually there NO W and has been there for more than a generation and each year the security increases. Furthermore, the power of the munici pality to levy taxes and enforce their pay ment insures the regular and prompt pay ment of principal and interest when due. No corporation on earth can offer such character of securjLty. To express, absolute certainty the an cients would say "as unalterable as the law of the Medes and the Persians." Today we say "as certain as death and taxes." Some claim that death can be conquered. But the genius doth not yet appear who will assure us of escape from taxes and more taxes. These Iliff bonds are suitable for the 1 most exacting investor, certain as taxes 'and as sunshine. They yield byyc, in come tax exempt, for one to nine years for any maturity selected. 1 This is an investment opportunity. Get in touch with us TODAY. Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by North western National bank of Portland. The amount quoted is the equivalent of the foreign unit in united States lunds: Country Foreign unit. Austria, kronen . .-. ... . Belgium, franc V........ Bulgaria, leva .......... Czecho-Slovakia. kronen . Denmark, kroner. , ..... . England, pound sterling . Finland, finmark .-. . ...v. France, francs .....;... Germany; marks V. . Oreeee, drachmas ... . . , . Holland, guilders......... Hungary, kronen" :;: 47 41Vj 28 1H7 53 1354 8 "t 25'i s i Jugo-glavla, kronen K Wberty Bond Quotations. Liberty bond nd victory note Quota tions furnished by the Overbeck & Cooke company of Portland: tjpen. j-ngn. j.ow. ci. bio. Liberty 3 s..t 100.80 lon.ns loo.so ioo.no OO JUt 9S. . .IM.U'J -lUl.UU -JIMI.WU- JUO.WH do '.'d 4. ..'.Inn.f.8 100. 0 100.SS 100.00 i..olwr -. 'V escudos ...... Roumania. lei . . . ....... u-. uitiaru. ...... . penptas . .. . .k. .......... Sweden, kroner Switzerland, franca China-Hongkong, local currency. Shanghai, taels Japan, yen' .... ' A- Rate. ,0001 .0808 .007S .0285 .2172 4.4700 .0223 0843 .0022 .0330 .3890 .0012 .0407 .008S .170 .0775 .0006 -.0140 .1562 .2612 .1025 .5805 .71)00 .4825 NKW YORK, ' July 20. Foreign ex change firm. -Oreat Brtlain. demand, (4.45; cables, 4.45Vi; 00-day bills on banks.. 4.434. France, demand, 8.40; cables. 8.404. Italy, demand, 4.60; ca bles 4.60 Belgium; demand, 7.92: ca bles. T.021, Germany, demand, .20 Disposition to Realize Profits Is Noted After Bull Tone Early in Day. BY FRANKLIN-K. SPHAGUE. . (By Chicago Tribune Leased Wire.) jsw iohk, July 20. Prices In the stock market toda.y turned lrregultr. following early strength, as Drofit-takine began to make itself manifest. The closo was by no means weak, but most issues were down from their high point of the aay. xemporaruy at least, there was greater disposition to give heed to the course of events m the coal strike- and the railroad strike. ,Both of these diffi culties appeared in a fair way to be prolonged- struggles between the strik ers ana tne com-panles, and while it is, of course, possible that a settlement may take place quickly, the indications at the moment seem to be against this. It was perhaps a somewhat belated realization of the influence which the two strikes are- having on industrial af fairs which induced the turning of paper profits into actual cash assets. Here tofore the market has Ignored the rela tion between industry and the strikes, but this overlooking of events -was based upon the theory that neither one of the difficulties would extend over a ' eon siderable period. - Now the two .strikes are beginning to have something (ft .an interlocking nature, since the railroads themselves have not any too great sup ply of coal on hand. - - . . . The steel stocks were bid up in the early trading today, hut strength in 61 Inrone Tax Exempt Freeman, Smith & Camp Co. Lum.ikmxns Bleu.. Portuns 40 4p this quarter of the list was to be ac- 1 counted for by the record of earnings i for the second three months of the year. Both the Republic and LAcakwanna. re ports have already come to hand, and they have indicated to & marked degree the prosperity which the steel companies have been enjoying and which no doubt they will continue to enjoy provided there is an early settlement of labor difficulties. One of the favorable factors In the day's news had to do with a resumption of dividends by the Calumet & Hecia Minings company. A dividend of $5 a share was declared, the first In more than two years. Several of the smaller copper companies have already resumed dividends and this may be taken us evidence of a decidedly better condition prevailing. The foreign exchanges were firm to day, slight recoveries being made in all of the Important rates. REPUBLIC OF PERU MORRIS BROTHERS CORPORMW A' Tax Exempt General Obligation Bond. R2 MUNICIPAL BOPS Yielding 5 to 7 ';. Send for circulars. ; ATKINSON ZILKA & CO. Bonds fi. W. Bank Bldg. Main 700 Lbs Angeles Gas ahH Electric Corporations General and Refunding 2 Gold Bonds Series E) THE history of previous bond issues of this Company, which were offered at prices rang ing from 97 to 100 and shortly afterward commanded substantial premiums, justifies the ready response to our offering of this issue, Series E, at 962.. w V, , : The very high position held by Los Angeles Gas and Electric bonds among public "utility securities is. due to the inherent strength of the Company . and its assured future development. This Com " pany is now furnishing approximately 75 of the 'gas and 25 of the electricity used in'the terri tory including Los Angeles and surrounding towns embracing nearly a million people. Its total property value is estimated at over $45,000, 000, and its equipment is being "constantly in creased to meet the rapidly growing demand for both gas and electricity. Net earning for the -year ending April 30, 1922, were-$3,200,24246. - v Detailed circular will be gladly .sent 'upon re quest. Simply use the space below. : Name. Address . . , $70,000 City of MILLS, WYOMING 6 General Obligation Water Bonds. Dated June 3, 1932 Due June 3, 1053. . , Optional After 15 Year. , DENOMINATION $500 PRICE PAR TO YIELD 6 Principal and semi-annual interest payable at Mills, Wyom ing, or at tho headquarters of Morris Brothers Corporation, Portland, Oregon. - - . LEGAL INVESTMENTS FOR BANKS, TRUSTS AND ESTATES Financial Statement. .$625,000 . 284,000 . 70,000 Actual valuation, real estate Assessed valuation. . Total bonded debt (this Issue only)..... The city of Mills. Wyoming, is in Natrona County, three miles, southwest of Casper, the heart of a great farming and cattle-raising district, and assured of continued growth and prosperity. The population is 1100 and the only debt it carries la a water bond, for the payment of which all the revenue from the water system, as well as all taxable prop erty within the city, is obligated. GOLD BONDS ... Dated June 1, 1922 Due June I, 1932 These bonds are a direct obligation of the Republic of Peru, and are additionally secured by a first lien on all the taxes from the petroleum industry. PRICE 100 and Accrued Interest BLYTH. WlTTEft L CO. I Fourth and Stark, Portland ' " Broadway 6481 I LEGALITY APPROVED BV W. P. ( OREGON. LA ROCHE, PORTLAND, .Telephone or Telegraph Order mt On Expense. Cascara Bark .: HWh, Wool, Pelts. Mohair. We Are In the Market. Write for Prices and BMppinj: Tags. PORTLAND. HIDE WOOL CO. GEORGE MJ SULLIVAN, Manager. 101 Union Are. N., Portland. Or. Bond & Goodwin sTucker UNITED STATES NATIONAL BANK IUHDINC W PORTLAND ROMS BROTHERS CORPOMTOW Government and Municipal Bonds. MORRIS BUILDING PTflaTlfi r.rO0hTI 309"" SLARK BROADWAY 2151 Jtvi UdlLU.UllSgUIl SAFE DEPOSIT BOXES WHY NORTHWESTERN ELECTRIC CO. First Preferred Stock Pays 14 Gross Sales; and Net Profits' for the first five months ending May 31st, 1922, as compared with, the same period in 1921, are as follows: 5 months 5 months In- rndinic ending crease May a I, 1 122 May SI, 1921 Increase Gross Sales... $821,512 $731,962 $89,550 12.2 Net Profit. . . . 187,817 155,547 32,270 20.7 J. G. Tavares! Mgr. Stock Sales Dept. Northwestern Electric Co. ' Sir: Please send me without obligation on my part your freei booklet. . -- ' Utah Light and Traction Co. First and Refunding Mort ' gage 5 Gold Bonds, due 1944 GUARANTEED Unconditionally as to princi pal and interest by the UTAH POWER AND LIGHT COMPANY One of the Largest Hydro Electric Companies in the Country. Price to yield about 5.70 Complete circular on request The National City Company Offices in more than SO cltiea , Yeon Bids. Telenbone Slain 6072. - Name... Address-. A World-Old Law Contrary to what m pwpi thin k, there is no mystery about Warreaite-BltuUtbic. It -is a pave ment structure built evecordin to world-old natural -laws, namely, a mixture of various sized stones with travel and bitumen, forming a com bination that results in a non-skid-dingr surface and long life because of Its ability to absorb, as far as Is pos sible, the ehpek of traffic, just as spring- and pneumatic tires absorb the shock of impact to the vehicle. Without thic resiliency, the constant pounding- of the wheel would In due time crystallise the pavement Just as vibration crystallizes the finest steel.