THE 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