Morning Oregonian. (Portland, Or.) 1861-1937, July 27, 1922, Image 23

Morning Oregonian., July 27, 1922, Page 23, Image 23

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Newspaper Page TextTHE MORNIXG OREGONIAX, THURSDAY, JULY 27, 1922 23, BAD Fill HANDLING COSTING MILLIONS Great Market Centers Lack Proper Facilities. BURDEN IS ON SHIPPER Produce Unloaded at London Must Be Handled by Train and Then by Motor Vans. BY ARTHUR M. GEARY. ON BOARD STEAMSHIP RESOLUTE, . United American Line, July 22. (Special Correspondence.) A toll of untold mil lions of dollars is being paid by industry because of avoidable congestion and awk ward, expensive handling that lack of foresight and planning makes neeessary In the great market centers. The fruit and produce market of Lou . don, Covent Garden, has no rail connec tion either with the docks on the Thames Kma 12 to IS miles below the city .or with the surrounding country. Fruit un loaded at the docks from ocean-going easels must be handled first by train and then by motor vans or first by light ers up the Thames and then by motor vans or by motor vans direct. Each sack of potatoes or box of' fruit upon arriving at Covent Garden is han dled by hand labor, generally being slid Into and carried out of deep basements. All of this is very expensive for the consigning shipper who must pay the bills. The redeeming feature of the London market is its capacity for consumption. Eighteen and a half million people live within the London area and they furnish a. volume of demand that forces the products in one gigantic, struggling txeam of movement through Covent Garden. Building for Dance Ball. The building which forms Covent Gar den proper was built for and used as a great dance hall and was not planned to erve as a fruit, flower and produce mar ket. Another feature of the London fruit and produce market from the viewpoint of the shipper is that a dozen auctions are carried on in Covent Garden at the same time and, in addition, private sell ing Is conducted in every corner. There is no adequate check upon proceedings. The locks Jat Southampton, on the other hand, are admirably situated for economical handling of fruits and vege tables, but the only adequate salesroom on the docks is controlled by one firm. Since the world war Southampton has taken away from Liverpool a large por tion of the trans-Atlantic liner business. The White Star, Cunard and Canadian lines now have great palaces of the eea arriving and departing every few days. These ships, and the smaller steamers as well, bring fruit from the Atlantic seaboard of the United States. Also the refrigerated ships with direct cargoes from Portland and Seattle call at Southampton when there is cargo to' unload at this port. Southampton Lacks Demand. Rail lines run along the piers and there is no extra handling of fruit at Southampton. The shed space is large, affording opportunity for ready sorting. But the weakness of Southampton, vice versa to London, Is lack of large volume of demand. In the Southampton terri tory there are less than 3,000,000 people scattered from Bristol on the west coast to Brighton on the southern coast. Lon don buyers have been attending the ales, but always with the idea of getting the fruit for a shilling, more or less, cheaper than the same fruit will cost them on the London market. As in Southampton, sales of fruit at Glasgow and Liverpool are sold ex-dock, only samples being brought to. the auc tion salesrooms. The buyers of the fruit first go to the docks, which are in a radius of three or four miles of the auc tion salesrooms, and examine the fruit, then attend the auction sales, later tak ing delivery of the fruit at the docks. In Liverpool there Is probably the best- organized fruit auction in th world. Six auction companies take their turn in selling in a theater that resembles a stock exchange. Only members of the iruit auction Duyers' association that are in good standing are allowed to bid, or, lor that matter, even to come inside the doors. The objection heard to the closed auction at Liverpool is that the buyers have toe much power and have rules that favor the buyer over the seller in such matters as rejections -when samples are not in accord with bulk, and like situations. Glasgow Sales Checked. in uiasgow there are two rival seta auction companies. Three companies rotate in holding auction sales in one salesroom ana tnree other eamran u rn. tate In holding sales in another auction room, i juurerent rrom London, it is possible tor the shipper to have an accurate cnecK upon me sales of bi. tmtt there is only one sale croinsr on at timo The auction companies In Great Britain for the most part do not publish their saie prices Broadcast as they do in Amer jca. inis practice may save printing umo, uui creates me tendency to srranl concessions to buyers after the sales have been completed where buyers show that me irun is m poorer condition than thei counted upon. The principle of auction selling generally is that the hnvar nk. It as is and cannot object if his judg- ".ciii vl tuuuiiiDn is lauity. Liverpool supplies an area with population nearly as large as that of .noimon. mancnester is close by and the cost of sending a box of apples by rail from Liverpool to London or Glasgow is only about 20 cents. The Union Cold oiorage company, which is affiliated with the Blue Star line, has a large cold storage plant connected by moving belt womiui nun tiie snipsiae. witn large cargoes of apples being hipped through the Panama canal, fruit shippers of the Pacific northwest are considering cold storing apples at one or more oi me iingusn ports so as to pre vent large quantities being dumped mo at a time. . M. Gil bert, president of Richey & Gilbert com pany oi lanma, wash., made a study of the cold storage situation upon the visit ne nas just completed. Copenhagen Facilities Good. In Copenhagen, Denmark, there are ex cellent piers in me free port, being well ventilated in summer and vrnvirit with steam heating pipes for winter. No duties are charged-at the free port as long as me l'loujaa are not Drought into Den mark for consumption. There are two auction companies in Copenhagen that handle the selling of the foreign fruits, including Jamaica and Canary bananas, Italian lemons, Spanish oranges, apples and many other kinds of fruit, and such vegetables as tomatoes,, potatoes and onions, as well, The two companies take turns selling, so as to concentrate the selling and obtain the full attention of all the buyers. There are six- fruit auction companies in Hamburg having a situation some what similar to that at Glasgow, in that the six are divided into two sets of three each, using a dirr.--ent salesroom. At Bremen tl Is a unique .fruit auction in that the bidding is downward Instead of upward. A pointer on a clock shaped dial points first at a high figure and then gradually at lower figures until some buyer can restrain himself no longer and presses a button which in dicates that the man In box number so-and-so Is willing to pay the price the pointer is aiming at. The buyers are ani mated by the desire to get their supplies and by the fear that their rivals will press the button before they do. Germany is not interested in American apples this year. In fact. Germany will not buy the Swiss and Hungarian Tyrol apples that she normally does when ex change is not so adverse. . This will leave these Swiss and Tyrol mountain apples to compete in Scandinavia Bel glum and other countries with the Amer ican apples. But these apples will be out of the way by the last of November. New Tork Bonds. " Furnished by the Jordan & Wentworth company of Portland: Railroad Bonds Atch gen 4s 1325 91 A C L 4s 1952 82Vi do 7 1930 106 B O gold 4s 1848 do con 4ha cv 1U33 do ref 5s 1995 Canada Southern 5s 1952 Chgo N West 14s 1930 t;nes & Ohio cv 4iss 193U Canadian Nor 64s 194U do 7s .. 1940 Cent Pac 1st 4s .... 111411 do gen 4 "as . 1992 do cv 5s l4ii do con 6s 1939 C B at Q III div 4s 1949 C & West Ind 4s 19&2 C G & W 4s 1959 C M & St P 4s 1025 do cv 4 Vis 1932 do deb 4s 1934 do gen 4s A isw'.i do cv 5s 2014 do g & r Vaa A 2014 Chicago N W sf 5s 1929 do gen 4s mm do B14S 193(1 do Ts 1930 C R I & P ref 4s 1934 Coio Sou rf ex 4s 193.1 do 4s 12S Del & Hudson cv 5s 1935 do 7s 130 D & R G cv 4s 11)30 do ref 6s - lVoa Erie P L 4s 1898 Erie con 4s A 1853 do B 1953 Erie D 1953 Erie Pa C G 4s 19.M Gd Trunk eq 6s 193(1 Gt Nor 4fts 181 do 7s 193B Gt Trunk s 1930 do 7s 1840 . Ill Cent jt 5s 1803 do ref 4s 1955 K C Sou ref 5s ,.. I860 Keo at Des M 1st as r.r-t L 3 k M S 4s 1831 L & N 7s , 1930 rtn nni 4a i 1940 M St P & 4S 8 M 64s 1948 M K & T 4s 1990 M P gen 4s 197n do rer 38 if" do 1928 NYC deb 4s 1934 do con 4s -iw-fo do ref imp 4s 2013 do cv deb 6s 183,1 do coll 7s :.. 1930 N Y N ,H & H cv 8s 1948 N O Tex & Mex 5s 1935 N P P L 4s 1997 N P fin 2047 N P Gt Nor Jt 6ttS 1936 O a it ret 41 f- Penna 6s 1938 do gen 4)&s ioj do 4M.S I960 do gen 5s 1963 do 7s 1930 Penna R R 6s .., 1930 Reading gen 4s . 1997 3 A L 4s 150 do 5s lw do 6s A 145 Sou Ry con Ss 1994 So Pac cv 4s 1929 do ref 4s iv.v do sf term 4s 1950 S P ref 4s -. 1949 do conv 5s ...f 1934 St L S F PL 4s A 1950 do gen 5s i9.li do PL 5s -B 1950 do gen 6s 1031 do adj 6s 1955 do inc 6s 1960 St L & S W 1st 6s 1952 do con 4s 19oJ do 1st 4s 19S9 Tex Pac 1st 5s 2000 Un Pac 1st 4s 1947 do CV 4S IV t do ref 4s 2008 do 6s i... 1928 Un Tank 7s 3930 Wabash 1st 6s 1939 do 2d us 1939 West Pac 5s 1946 Industrials Allied Packers 6s... 1939 Amn Agr Ch 7s.... 1941 Amn Sm 1st 5s 1947 Amn Tobacco 7s 1923 Anaconda 6s A -. 1929 do 7a B 1929 Armour cv 7s 1930 do 4b . 1939 Beaver Board 8s 1933 Beth Steel 7b 1923 do eq 7s 1935 do ref 5s ...i 1942 Cerro de Pasco Ss . . 1931 Chile conv 6s A .'. 1932 do conv Ts , 1923 Col Graph 8s 1925 Copper Exp 8s 1923 uova do 8s 1925 Colo F & I gen 6s 1943 Colo Ind 8s 1934 Cuban Amn Sug 8s 1931 Cuban Cane cv 7s 1930 Distillers Sec cv 5s 1927 Diamond Match 7 'As ...... 1936 Dupont 714e 1931 Empire Gas Fuel 6s 1924 Fisk 8s 1941 Gen Elec deb 6s 1952 do deb 6s 1940 Goodrich 7s . ,. I -1925 Goodyear 8s 1941 Heinz 7a 1930 Hershey 7s 1930 111 Steel deb 4s 1940 Ind Steel 5s 1952 Int Agr 6s 1932 Int Marine CT 6s 1941 Kelly Springfield 8s 1931 Kennecott 7s........ 1930 Lack Steel 6s 1923 . do 1st 6s 1950 Libby McN Libby 7s ,' 1981 Liggett & Myers as 1951 do 7s 1944 Lorillard 6a 1951 do Ts 1944 Mid vale 5s 1936 Morris & Co 7s 1930 Proc & Gamble Ts 1923 Republic I & St 5a ......... 1940 Sears Roe Ts 1922 do 7s 1923 Steel & Tube Ts 1951 Swift & Co 7s 1925 do Ts 1931 United Drug 8s 1941 u a Run 1st ref os 194T do 7a 1980 L S Steel sf Ss 1963 Va Chem 5s 1823 Va Car Ohem 7s 1932 West Elec 5s ; 1922 West U T col Tr 6s 1938 West Union 6Hs 1936 Wilson 1st 6s .............. 1941 Wilson cv 6s 1928 West Elec Ts 1925 Westinghouse Ta 1831 Public Utilities . Amn Lt & Tran 6s 1925 Am Tel coll 4s 1929 do 6s 1946 do 63 1925 Bell Tel of Pa Ts... 1945 B R T 5s 1945 Cal Gas unl 5s .. 193T Cities Service Ts B 1868 do Ts C 1966 do Ts D 1906 Con Gas cv Ts 1925 Int Met 44s 1956 Int R T ref 5s 1968 Laclede Gas Ts 1930 Mont Power 5s A..... 1943 Northwest Tel Ts 1841 193T 1942 1925 1925 1931 1930 1933 1923 . 1930 1936 1925 1931 1031 1923 1931 1936 88 biib 88 Vi 100 110V4 88 110 112ft 89 89 94 101 on, 74 ft 59 Vl 81 69 63 T5 T3Vi 65 105 89 110 108 82 89 83 97 liovi 77 'A 46 6514 62-i, 63 6i 88 V, 106 90 1094 103 .112 97 89 88i 91 93 108 83 103 8214 100 96 90 84 87 106 Vi 11)5 80 70 89 10T 103 93H 108 93 100 102 108 11854 86 58 27 62 9T 92 89 83 89 101 T3 891.4 86 103 80 TOT? 81 . 76 79 94 85 95 88 104 103 99 80 88 64 104 92 102 100 103 105 90 76 104 103 96 119 92 105 33 101 102 104 . 91 . 78 106 90 ' 45 10T 10T 101 10T 101 107 103 116 104 108 91 100 80 96. 108 105 ,100 80 99 97 116 98 116 88 105 101 83 100 101 101 102 103 110 80 108 103 89 105 100 98 110 99 92 108 108 106 9T 98 115 108 61 98 130 92 91 120 12 69 100 9T 107 9T 81 112 VICTORY NOTES HIGHER PRICES GO UP WHEN RE DEMPTION DATE SET." Liberty First 4s Register New Maximum Record; Foreign Issues Dull and Narrow. NEW YORK, July 26. A brisk ad vance in the uncalled victory 4 per cent notes on -the treasury's announce ment of the redemption of 1,000.000,000 of that issue next December was the outstanding feature of today's bond market. Liberty first 4s scored a new high record-for the year at 101.T8, and others of that group were firm, but eased later with the reaction in the stock market. Foreign loans were dull at narrow changes. Mexican 4s rallied slightly from yesterday's setback and CubaCane Sugar Ts and 8s strengthened on the further advance of raw products. Ralls were mainly better, especially Union Pacific 6s, Erie prior 4s, Rock Island general 4 and Central Pacific debentures. Total sales, par value, ag gregated J1T,6S1,000. . The important new offering of the-day was the $15,000,000 Philippine govern ment 30-year 4 per cent bonds, for which a good demand was reported. Other underwritings included a $5,000,000 T per cent gold bond of the Dtls Steel company and the Havana Electric rail way $3,600,000 6 per cent issues. , Stocks were active and strong at me opening of today's session on news that the federal authorities nao. taiten con trol of food and coal traffic, but heavy selling later caused many net losses. Oils and motors were again rne vul nerable features. Mexican Seaboard common and certificates registered new lows for the movement. Pierce Arrow common ana prererrea were subjected to lurtner nquiaation. Studebaker was freely offered, despite predictions of increased dividend dis bursements, i . Although the report of the United States Steel corporation for the year's second quarter was regarded as ex tremely favorable, that issue showed occasional pressure with most of the prominent independent steels. Buying of equipments, as well as coppers and af filiated shares, was intermittent at best. Rails cancelled the greater part or their moderate advances in the latter part of the trading. x few Kt.nr.ks sucn as corn rroaucts and Industrial Alcohol were inclined to ignore the reaction in the general' list, but Mexican Petroleum, which had shown consistent strength, gave way in the general reversal towards the close, a heavy tone then prevailing. Sales amounted to TOO, 000 snares. Oa.ll monev rates held at 4 Per cent until the final hour when offerings were made at 3 per cent. The demand lor time funds was very light, with no change for the important maturities. Foreign exchanges aadea very gener ally to yesterday's reactions. Sterling demand was quoted under S4.45 and ail the allied remittances were lower witn German marks and most of the north European bills. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland: Stock. sales, nign. low. xiiu. 00 IT ' 48 38 63 .13 1 Adams Express. Advance Rum. . do pfd Agr Chem do ntd Ajax Rub ...... 1,200 Alaska Gold 400 Alaska Juneau. . TOO Allied Chem ... 1,300 AUis-Chal 1.4O0 do titd zuu Am Beet Sugar. 600 Am Bosch sou Am Can Co 13,000 Am Car & Fdy. . oo pfd Pac Tel 6s Pac Gas 5s Soutfcwest Tel Ts Oil Bonds Anglo Amn Ts ....... Atlantic Ref 6s Galena S Oil Ts Gulf Oil Ts Humble Ts Pan Amn Ts Mex Pet cv 8s Sinclair Ts S O Cal Ts do N Y Ta Texas Co Ts Tidewater Oil 6s A'acuum Oil Ts Foreign government bonln Argentine 2d 7s 1923 Argenlne G 1 5s 1940 Belgium 83 1940 Bergen 8s 11)45 Berne 8s 3945 Christianla 8s 1945 Copenhagen 6s 1944 Danish Consol 8s 1946 French Cities 6s 1934 Italy 6sA 1925 Swedish government 6s 1939 U S Mex 4s, 1954 do ext os la45 Uruguay ext 5s Zurich 8s 1945 French Internal 4s.- 1917 French Victory 5s. t 1920 Belgian restoration 5s British 2 consols Italian cons war loan 5 36 Allied Packers 6s Am Tel & Tel 6s..., 1922 do 6s 4 1924 Anaconda Copper 63 do Ts . , -. . . . ". Anglo-Am Oil Ts Armour & Co 7s Beth Steel Ts 1935 Copper Ex Assn 8s......... '1924 do 8s 1925 Grand Trunk 6s Gulf Oil Co Ts Humble Oil Ts Inter Rapid Tran Ts - .... Libby. McNeill & Libby Ts So West Tel Ts S O New York 6s 1933 do Ts .- 1926 Swift & Co Ts 1925 do Ts 1931 103 103 105 104 100 101 106 104 105 108 101 103 10T 99 4 306 109 110 109 91 108 84 97 104 42 58 71 111 52 64 73 64 82 100 301 100 103 104 104 103 102 104 105 104 100 'Jt 99 102 109 106 102 303 vacuum OH Ts iot WHEAT YIELD IS SPOTTED Nat Lead 1,100 100 99 - 99 Nevada Con . 400 16 16 16 New Haven- ... 2,400 30 29 29 Norfolk & W -. . 400 109 109 108 Nor Pac 1,500 T6 T5 Nova &co steel N Y Air Brake N Y Central ... 2,000 Nor Amn 1,400 95 10 2 Okla Prod ref .. . 1,100 Ontario Silver .... Ontario & W ... Otis Steel 2,400 12 Pacific Dev Pac Gas & Elec. Punta Alegre . . Pacific Oil ....31,000 Fan Amn Pet ..12,100 do B 1,400 Penna . 6,300 Peo Gas ....... 1.50U Pere Marquette. 2,200 Pure Oil 3,200 Philliips Pete ..ip,500 Pierce Arrow . . 8,600 Pierce Oil- 2,500 Pitts Coal 300 Pitts & W Va . . 200 Penn Sea Steel. 8,200 Pr Steel Car Pullman . . Ray Cons . . Reading . . Remington . Rejlogle Steel . 1.100 Rep 1 & S 3,500 do pfd 200 Rep Motors .... 300 84 69 2 T6 31 T9 94 69 2 T 100 TO 6 400 61 65 74 08 45 87 32 28 48 11 7 63 37 7 600 80 1,400 121. 700 18 11 ...J 70 50 52 T2 66 44 85 32 27 41 8 7 63 3714 7 79 119 118 16 16 11 6 69 49 62 72 66 n 32 2T 41 8 T 62 37 T 1,400 74 73 Royal Dutch Oil 9,100 Ry Steel Spg atan oil Ken .. Sears Roebuck Shattuck, Ariz. Shell T &. T .. Slsclalr Stan Oil Ind 32 T3 82 10 85 31 71 2 .9 63 600.105 105 900 200 100 T.SOO 80 T8 8 9 38 88 30 29 T3 35 31 Tl 82 9 53 104 93 T8 0 37 30 .. 108 106 106 N J .... . 900 1T8 1T8 1TT loo 45 45 . 44 2,200 90 89 89 2.T00 24 24 23 3.900 103 101 101 500 2T 2.400 43 40 40 45,700 135 131 131 101 10 45 29 24 55 14 19 3,700 141 139 4UU AV A 39 80 7 10 45 28 24 64 13 19 39 78 60 34 02 65 6 . 400 105 105 100 40 40 ..1T.600 101 99 .. 600 120 120 i,uo 04 ft 04 28 62 46 11 12" 31 600 600 2,100 300 TOO 1,100 60 33 62 62 67 27 61 45 10 12 .30 300 18 . IT 100 67 5T 800 105 104 200 38 '38 13 1 14 1 68 53 98. 4T 38 59 200 166 166 100 120 120 52 88 46 38 58 Am Cot Oil. 300 26 26 52 9T 46 37 58 165 120 25 do pfd - - ..... 50 Am, Drug Synd. 100 5 5 Am H & L 100 13 13 do pfd oou oafi xavi Am Ice 500 107 107 Am Int Corp... 2,000 42 41 Am Linseed 100 33 33 do pfd Am Loco 700 1U5 114 do pfd Am Saf Raz ... -800 6 6 Am Ship & Com 1,800 20 ia Am Smelter. 900 61 69 do pfd Am Snuff Am Steel Fdy... Am Sugar do ptd ....... Am Sumatra . . . Am Tel & Tel... Am Tob do B ...... Am Wool i ..... . Am W P pfd... Am Zinc Anaconda 900 ST 88 2,000 82 t0 100 106 108 TOO 38 38 TOO 122. 122 500 143 343 400 144) i 139 140 600 90 89 89 100 2? 29 28 . 100 1T 1T 1T 2,500 53 UZ 03 5 13 6S 10T 41 33 53 n$ 11T 6 39 58 97 130 36 80 106 37 122 142 Assd Oil . . . .' 109 Atchison , 1,600 102 101 101 do old i Atl Coast Line.. 300 107 107 106 Atl Gulf & W I. 4.S0O 36 30 32 Baldwin Loco.... 5,700 117 115 115 do pfd 111 O.O Dtd 100 62 Barnsdell Corp.. 1,000 80 Beth steel tt a.wu 1 1 Vl Booth Fish 1,100 8 B R T 900 25 Butte C & Z S00 T Butte & Sub ... 1O0 28 Caddo Oil Cal Pack Cal Pet 8,900 58 56 do ptd Can Pac 2,300 139 13S Cen Leath .....11,400 39 37 Oerro de Pasco.. mo 01 Con Textile 16,800 9 Chand Motor 5,100 65 Chi & N W..... 800 75 Chiro Gt W do pfd 20 Chili Cop 1,000 22 21 21 Chino 200 29 29 29 C M St P 1,300 28 27 27 do pfd 1,100 44 4:i 43 Coca Cola 1.800 70 68 68 C & G . 1.100 69 07, 67 Colo F & 1 100 30 30 29 Colo Southern . . 400 46 45 45 Col Gas & Elec. TOO 92 91 92 Columbia Graph. 1,600 4 4 4 Con Ga 2,400 121 120 120 Cons Cigars 100 34 34 33 do pfd 6b Contl Can ...... 900 T4 T2 T2 Cities Svc Bkrs. 20 19 19 Corn Prod 13,200 108 106 107 do pfd 115 Cosden Oil .... 8, TOO 41 40 C R 1 & P 1.900 43 42 do A pfd 100 94 94 53 62 25 T5 8 24 6 28 36 63 T5 53 62 29 T5 8 24 6 28 11 77 5T 93 " 138 37 36 " 9 63 75 8 do Sloes Shef Sou Pacific .... Sou Ry Stand Oil Cal .. St L & S F .... Stromberg Carb. Studebaker Swift & Co Tenn Cp & Chm 1,400 Texas Oil 2,600 Texas Pac 400 Tex Pac C & O. 2,100 Tob Products .. 500 Tran Contl Oil.. 3.000 Union. Oil Del . 1,200 union r'ac . United Alloy United Drug . . . 2,200 United Food Prd 800 United Fruit Union B & P . . . , 100 U S C I Pipe 800 Uni Retail Srs.. 000 U S Ind Alcohol.12.6U0 U S Rub 6,000 do 1st pfd U S Smelting U S Steel ... do pfd Utah Copper . . . Va Chem do pfd ....... Vanadium Steel.. Vivandou Wabash , do A pfd ao a pm Wells Fargo ... Western Pac ... do pfd Western Union.. Westinghse A B do E & M ... 1,500 West Md 300 White Motors .. 100 Willys-Overland. 1,500 do pfd 2,000 Wilson Packing. 200 Wis Central 400 Woolworth 400 168 167 Wthgton Pump. 200 ok 61 W & L E 300 13 13 White Oil 100 TV TV White Eagle Oil 800 25 25 -25 ' - Liberty Bond Quotations. Liberty bond and victory note Quota tions furnished by the Overbeck & Cooke company or Portland: Open. High. Low. Close. Liberty 33... 101.00 101.00 do 1st 4s 101.50 da 2d 4s 100. TO do 1st 4s. .101.60 101.T8 101.60 101.60 do 2d 4 s.. 100.96 100.98 100.80 100.84 do 3d 4s. .100.82 300.90 10O.T0 100.T8 do 4th 4S..101.6S 101.70 101.62 101.84 Victory 4s.. 100.58 100.58 100.46 100.50 Money, Silver, Etc. NEJW YORK, July 26. Call money, easy: high, 4 per cent; low, 8 per cent; ruling rate, 4 per cent; closing bid. 3 per cent; offered at 3 per cent; last loan, 3 per cent; call loans against ac ceptances. 3 per cent. Time loans, steady; 60 days, 34 per cent; 90 days, 34 per cent six months, 4(31 per cent. Prime mercantile paper, 44 per cent. Foreign bar silver, 69 c . Mexican dollars, 53 c. LONDON, July 26. Bar silver, 35 d ner ounce;, money, 1 per oent. Dis count rates, short bills, 1 per three months bills, 11 15-16. 60 11 48 -8 43 44 28 59 11 48 8 41 44 28 10 45 28 24 64 13 19 139 38 T8 . T 143 60 33 62 63 57 105 40 99 120 64 28 60 44 10 11 30 20 75 17 5T 104 93 59 '11 48 8 43 44 28 18 51 13 T cent Swift Co. Stocks. Closing prices of Swift & Co. stocks of Chicago were reportea Dy tne uvei uwa & cooite company ot rortianu a iuiwwb Cf, Sr Ce. ........101 Swift International 18 I.lhhv Mr-.VeiH & Libby 2 National Leather : 7 Boston Mining Stocks. Boston mining stock quotations nlshed by the Overbeck & Cooke pany of portiano: Bid. Arizona Commercial 9 Adventure .... 63 Ahmeek " Allouez " Cal & .Ariz" 60 Calumet & Hecla 255 New Corn 1 Centennial Franklin Mining 2 Hancock - Island Creek 103 do pfd Keewanaw o Kerr Lake J Lake Copper JJ4 La Salle Mohawk "J May Old Colony 4 Mason Valley 1 Al,rth Ttiitre .-. 12 Ninissing North Lake Old Dominion Copper Osceola Mining Quincy Mining Pond Creek .......... Tula TOnVflllft South Lake -S'A Superior & Boston 1 TTt.Q HVino Machinery aS1! do Pfd South Utah 6 Shattuck "73 Trinity (Jopper 2 Tuolumne 6o Utah Consolidate. 30 25 , 32 43 21 23 5,100 85 S3 17 40 25 123 29 127 43 82 16 23 45 81 82 16 23 46 81 do B pfd Crucible . . do nfd .. Cuba Cane 7,200 1T do pfd - 9,200 - 41 Cuban Amn Sug.23,50O 26 Del & Hudson. . . 200 123 Dome Mines ... 300 29 Del & Lack 100 127 Davison Chem.. 1,100 44 Endicott Jobnsn 300 Erie 1,600 do 1st pfd.,.. l,20t( Eleo Stor Bty... 600 Famous Players. 400 Fed Mln & Sm do pfd 400 51 Fisk Tire 400 14 Gen Cigars 1,100 Gen Elec . .. 600 Gen Motor 6,300 do 6 pfd. Gen Asphalt ...20,100 Goodrich 1.800 Glidden Granby Great Nor Ore.. Great Nor pfd. . Greene Cananea. Guif S Steel... Glen Alden ... Houston Oil Hupp Motor . . Ills Cent Inspiration 400 Int Agr Corp... 100 T5 175 14 50 13 T5 174 13 40 42 93 81 . 83 92 17 40 25 121 29 26 44 81 16 23 46 81 12 49 34 75 1T4 13 81 68 3 Tl 68 88 37 Paint : 14 1U0 29 41 29 29 38 38 81 T9 30 30 81 T 100 100 100 1,406 400 100 18 100 107 40 8 71 18 107 40 8 39 80 29 79 54 18 106 40 s do pfd 37 Interboro 600 1 1 do pfd 500 3 3 Inter Callahan.. 300 8 7 Int Harv 200 103 103 Int Merc Marine 200 1S 18 do pfd 1.000 T2 71 Int Nickel i 1,000 1T 1T int Paer . .p z.aoo do pfd Invincible Oil ., -1,800 Island Oil ...... 2,000 Best Walla Walla Field Runs Fifty-five Bushels to Acre. WALLA WALLA, Wash., July 26. (Special.) Wheat yield in the Walla Walla valley is spotted this year, ac cording to statements today of dealers and farmers. Some fields are returning a normal yield, while others are falling far short of normal. Foothill ranches ordinarily yielding 35 bushels are turn ing out 25. The largest yield so far is 55 bushels to the acre on the Tom Jones ranch on Russell creek. Several dealers estimate the crop at T5 per cent of normal. In the Waltsburg section smut has done much damage, some fields ruffning 50 per cent or more to smut. Little wheat has been contracted in this county so fat, dealers reported. In Umatilla county. Oregon, about 1,000.000 bushels have been contracted. Jewel Tea K C Southern. do pfd ICelly-Spgfld .. Kennecott . . . Keystone Tire Lick Steel . . . Lee Tire Lehigh Valley Lorillard . Lowe Theatres 300 100 1T 63 'l2 IT 25 12 IT 1 3 7 103 18 71 17 52 85 12 17 24 56 45 35 10 T 28 . 62 158 la 2,200 4T 1,000 '36 4,300 11 2,200 T8 200 28 1.200- 63 200 159 J 1.200 15 I & N 100 128 128, 128 Mex seaooara ..a4,uou 21 zi 22 Max. Motor "A'. 900 62 62 61 - do "B" 1,800 22 21 21 May Stores ' 116 Mex Pet 2T.100 168 J62 163 Miami . 400 SO 29- 29 Mid. States Oil. T,000 12 12 12 Midvale Steel .. 4,500 35 34 34 M K fir T Wi .. 1,300 1T 1T 37 do pfd 1,000 40 40 39 Mont Power , . . . . T2 1,100 22 21 1,000 22 21 500 64 53 U S Mining do pfd . . Utah Apex . Ventura Victoria . Winona j Wolverine .. VVyandott .- Shaw 40 47 2 29 1 1 11 67 85- fur- coin- Ask 9 70 64 26 81 25T 20 2 104 93 3 3 4 1 62 4 2 13 5 00 26 ,84 43 2 24 -46 1 39 26 10 11 2 TO .. 3 41 4T 2 30 2 1 12 T3 100 amount quoted is the equivalent of the foreign unit in United 8tates funds: N Austria, kronen $0.0001 Belgium, francs 0805 Bulgaria, leva .0013 Czecho-Slovakia, kronen .1 -.0235 Denmark, kroner .2160 England, pound sterling.. 4.4625 mnland, llnmark . ......... ...... .0222 France, francs 0833 Germany, marks 0022 Greece, drachmas 0324 Holland, guilders 3890 Hungary, kronen 0010 Italy, lire 0464 Jugo-Siavia, kronen 0035 Norway, kroner .1692 Portugal, escudos .0TTT Roumania, lei , OflTO Serbia, dinara 0140 Spain, pesetas 1562 Sweden, kroner .2605 Swltzerlnad. francs ' .1915 China Hongkong, local currency. .5805 Shanghai, taels . 7750 Japan, yen 1 , 4S25 NEW YORK-. Sillv 9R K-lo-- - change, easy; Great Britain, demand. J4.44; Cables, J4.45; 60-day bills on hfl.nk fi 14T1 1 o ni, . cables, 8.28; Italy, demand, 4.58; 'cables! r.uorj; Deigium, aemand. 7.85; cables, 7.86; Germany, demand, .19; cables, H-n!1n.nri Aamr,A son. ..h.. 38.80; Norway,', demand.' 16.80; ' Sweden! demand. 26o0r ricnmo -b- Aman 01 kiv. Switzerland, demand, 19.00; Spain, de- uia.jiu,. 10.00; Greece, . aemand, 3.10; Po land. AmanA OI 8 f cm demand, 2.25; Argentine, demand, 38.65; i ii, ueuiana, 1.0.00; Montreal, 99 1-16. Foreign Bonds. Furnished by the Overbeck & Cooke company of Portland : " Mnfiirllv nA Belgian rest 5s 1919 , TO oiian pram os 1020 Belgian T 1945 do 6s 182s British Ss 1922 do 392T do 1929 do vky 4s 3919 do ref 4s Iftlfl U K 5s 1922 do 3929 do 1837 Bordeaux 6s 1934 Canadian 6s 1928 ! do 5 1927 do 5s 1929 do 5s 3937 do .. 3931 Chinese 5s 1051 Chile 8s 1841 French 4s 1917 do 5s 3931 do Ts 1941 do 8s 1943 German W L 5s Berlin 4s Hamburg 4s .... do 4s Leipsig 4s do 5s .... Munich 4s .... do 5s Frankfort 4s Italian Ss 1813 Jap 4s 1931 do 1st 4s 1925 do 2d 4s 1925 Norway 8s 1940 Denmark 8s 3 945 Russian 5s 1B21 do 5s 1926 Russian 6s 1919 Sao Paulo 8s 1936 Swiss 8s 3940 Brazil 8s 3941 do 7s 1952 Denmark 6s 1942 Dutch East Indies 6s 1962- do 1947 T4 106 101 91 95 95 SO TH 110 T10 103 y. 84 99 98 100 98 99 54 103 53 64 100 102 1 , 1 1 1 36 TTH 93 2 110 109 14 . 2 14 100 319 103 96 98 95 95 Ask. 74 TS 107 101 94 97 97 82 80 110 110 104 85 99 100 101 300 94 55 104 54 65 300 102 2 2 3 3 s 3 37 T8 ' 93 9.1 111 110 IT 4 IS . 101 119 301 90 90 95 95 T DRIFT AGAIN; DOWNWARD IN STOCK MARKET. Traders Believed to Have Been Influenced by Priority Or ' ders Issued at Capital. BY ALEXANDER DANA NOYES. (By Chicago Tribune Leased Wire.) NEW YORK, July 26. Today's mar ket appeared to draw an unfavorable in fluence from the Interstate commerce commission's announcement that "pri ority orders" would be applied in rail way freight traffic while the coal strike continues. That inference may have been based on the mere fact' erf the commission's declaration of a "public emergency," or it may have been caused by apprehension over the effect of such readjustment of traffic on Industrial plans or expectations. The Iron Age for instance, points out as regards the steel trade that this industry will not only have to await its turn for trans portation far down the line, but will presumably have to depend hereafter on the stock of fuel actually on hand. The -day's decline in various indus trial shares, which canceled most of the previous day's advances, was of a tentative and speculative character; it did not of itself indicate much except the perplexity and fluctuation of feel lng about the coal strike outlonk. which -An Unusual Combination Long term, high coupon rate 7Y2. High jieU for 15 years, 7.73, and high call rate ' graduated up to 7,. Valuable privilege of conversion into common stock at option of holder. Virginia-Carolina Chemical Co. This company, incorporated in 1895, is one of the largest manufacturers and dealers in fertilizers, sulphurie acid, cotton seed products and edible pil prod ucts and production of phosphates. . ' Net earnings for sixteen years after absorbing inventory adjustments in 1921 averaged approximately $4,404,220 annually, which is nearly three times the average annual interest charges on all indebtedness. Consolidated net assets $82,000,000. Consolidated net quick assets $32,000,000. These fifteen-year V2s have a call on new common voting stock at $35.00 per share. Since 1910 the market value for stock, of the company has in every year (except in 1914) materially exceeded the conversion rate figure. For example, the high price for the common in 1920 (64.20) is equivalent to 183.42 for these convertible 7 J2S. The strong position of the company, coupled with the high yield and the attractive conversion privilege, caused immediate oversub scription for these bonds when the books were opened. We offef our allotment at the original offering price strictly subject to prior sale and privilege of withdrawing this offer without notice. at 98 to yield 7.73 Without deduction for 2 Federal Income Tax. Denominations $100, $500, $1000. Cash or Partial Payment Plan. Wire or phone "collect." Freeman, Smith Sr Camp Co. First National Bid,.. Van Nnys Bidg.. BAN FRANCISCO, LOS ANGELES Douglas 21 Mt 18t Syndicate Bid-., Lumbermen Bld, OAKLAND PORTLAND, OR. Lakeside 720 Broadway 670. has been visible for some time past. The commission's action was inevitable under existing circumstances,' whether or not the strike is to be prolonged. The gov ernment was bound to act through this arency on the supposition of continued blockade of coal and continued harassing of transportation; because, if the trouble were to continue the postponement of measures giving priority to food, to perishable articles and to fuel directed to communities whose need of it might presently be. urgent would be taking rash chances. But the actual interference with the industrial situation depends entirely on the duration of the strike. A not un interesting sidelig'ht on the position of things was provided by the statement of railway car loadings for the second week t of July, as published today, rne total of loadings exceeded the same week of 1921 by 86,000 cars, or more than 11 per cent. It had been exceeded only by two previous weeks in the present year. The loadings of merchandise and mis cellaneous freight (not including grain or fuel) were larger by 85.SS6 cars than in the week preceding, and by 104,554 than in the same weekea year ago. Foreign exchange rates slipped off another fraction, though the change was slight except in the case of the German mark, which, measured in hun dredths of a cent, fell from 19 to 19 Vt; a rate pretty close to the low figure oi 18 Vs. touched or. July 8.- . Naval Stores. SAVANNAH, Ga., July 26. Turpen tine, firm, fl.l3K; sales, 250; receipts, 616: shipments, 87T; stock, 6290. Rosin, firm; sales, 1455; receipts.- Ii33; slllpments. 211; stock. 76,860 Quote: B S454.70; D, f4.; E, 5.05S.16; F, 5 07V45.15; G. 5.105.15; H, 5.12H 5 15; I, S3.15li.20; K, S5.S5; M, 5.40Ca 5.50 N, S5.603.70; WG, S6.20; WW, 6.80. . Phone your want ads to The'Ore-g-onian. All Its readers are inter ested in the classified columns. LINCOLN COUNTY, OREGON 5 ROAD BONDS Dated Sept. 1, 1921 Denomination $500 . Due Sept. 1, 1926-35 FINANCIAL STATEMENT Assessed value, 1921 $12,345,909.00 Real value (estimated) ; . . . 24,000,000.00 Total bonded debt 586,240.00 . Population 6084 This issue of bonds is a direct tax general obligation of the County of Lincoln, Oregon, and is for the pur pose of building a permanent system of roads that will make the resources of the county more easily avail able to outside markets. Federal Income Tax Exempt Standard Oil Stocks. Standard Oil stocks furnished by the Overbeck & Cooke company of Portland: Anglo t Borne Scrysmer 0 Buckkeye, '92 or '93 190 Cheesebrough lj do pfd WO Continental Crescent Cumberland Eureka Y " Galena com J"? do old pfd WI do new pfd 1- Illlnois Pipe ... 88 Imperial Oil 109 Indiana Pipe National Transit f l New York Transit vl Northern Pipe-- 2I4,, Ohio Oil ;0H Fenn Mex ". '.54. - Prairie Oil 570 rrairle Pipe ; . Solar Refg 840 Southern Pipe l South Penn Oil , 20o S W Penn Oil 60 Standard Oil Indiana ..107 do Kansas 5?9,, do Kentucky do Nebraska 175 do New York 410 do Ohio 45u do Ohio pfd .117 Swan & Finch 32 Vacuum 418 Washington 24 1854 415 200 111 135 35 140 90 53 112 105 165 90 111 27 167 99 277 20 37 580 250 -350 93 215 64 108 545 93 H 185 415 460 119 . 35 432 28 Foreign Exchange. Foreign exchange -rates at the close of business yesterday, furnished by North western National bank of Portland. Th Mont Ward Mo Poe do pfd M St P & S S M Marland Oil Martin & Perry. Nat Knamei . . . 1,600 38 1.466 55 21 V4 21 53 00 37 53 ' LEASES If you are unsuccessful in selling your property, lease same tor 25 years and as sure yourself and heirs of a permanent NET income. . WILLIAM P. MERRY Title & Trust Bldgr. The trading center of Oregon's Second , largest dairying district G0QUILLE, ORE. Coquille, county seat of Coos County, stands in the center of the magnificent - dairying section of . southwestern Oregon the bottom lands of Coquille " Valley are considered as among the finest farm- ing lands in Oregon, and the city one of the 'most substantial in its class. 5y2 General Obligation Water Bonds Due 1952 Opt. 1932 Den. $500 Yield 5.10 to Opt. Date and 5.50 Thereafter J Legal Investments for Savings Banks INCOME TAX EXEMPT LUMBERMENS BROADWAY and OAK .STATE OF OREGON HIGHWAY BONDS Dated August 1, 1922 Denomination $1000 Due - ' October 1, 1927-47 These bonds are issued to provide funds for State Highway construction, and are a direct general tax obligation of the entire state. EXEMPT FROM ALL FEDERAL INCOME TAX PRICE TO YIELD 4.25 Ralph Schneeloch Company MUNICIPAL CORPORATION Second Floor LUMBERMENS BLDG. Price to Yield 5.10 Bond's5 Goodwin sTucker UNITED STATES NATIONAL BAMC BWIDINC IQI.AMCtlll tjy ntAwqsco HATTLI We own and offer Los Angeles Gas and Electric Co. 5H Gold Bonds ' Due June 1, 1047 (Non-Callable for 10 Years) This company serves a population of over 940,000 net earnings for the past year have been over $3,200,000 or equivalent to over 235 times annual interest charges. Price 9&i and interest to net 5.76 We recommend these bonds for investment. n FJ.nevereauxRgmpany INVESTMENT BONDS ST SIXTH STREET PORTLAND. OREGON BROADWAY 1042 GROUND FLOOR WELLS-FARGO BUILDING m Lincoln County OREGON Road Bonds Due 1926 to 1935 FINANCIAL STATEMENT Amued Value.. . 12,345,909.00 Real Value (Bit.) 24,000,000.00 Total Bonded Debt 88640.00 Population 6084 PRICE TO YIELD . 5.10 INCOME TAX EXEMPT Clark-Kendall Co., Inc. 295 STARK STREET . PORTLAND - OREGON Notice of Redemption to Holders of Victory Notes and Others Concerned. Notice is hereby given as follow,: 1. Call or partial redemption of 4 per cent Victory notes. All 4 Vic tory notes otherwise known as United States of America gold notes of Ha2 23 which bear the distinguishing let ters A, B. C, D. B. or F prefixed to their serial numbers, having been designated for the purpose by lot in the manner prescribed by the secre tary of the treasury, are called for redemption on December 15, ll22, pur suant to the provision for redemption contained in the notes and in treas ury department circular 138. dated April 21, 1919. under which the notes were originally Issued. Interest on all the 4 per cent Victory notes thus called for redemption will cease on said redemption date, December 15, 1922. Victory notes of the 4 per cent series bearing the distinguishing letters G, H, I, J, K or L prefixed to their serial numbers are not in any manner affected by this call for re demption and will become due . and payable as to principal on May 20, 1923. according to their terms. 2. De tailed Information as to the presenta tion and surrender of 4 per cent Victory notes for redemption under this call is given In treasury depart ment circular No. 299, dated July 29, 1922, copies of which may be ob tained from the treasury department, division of loans and currency. Wash ington, or any federal reserve bank. A. "W. MELLON, Secretary of the Treasury. Phone Your Want Ads to The Oregonian Telephone Main 707Q