25
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.