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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (July 29, 1922)
21 THE MORNING OREGONIAN, SATURDAY, JULY 29, 1922 K V K V RIORTH PORTLAND MARKET PRAISED Sales Records Protect Pro ducer and Consumer. PROFIT OR LOSS LEARNED Closer Contact Between Shipper and Commission Mei . Prevent Congestion, to arc a great protection to "the shipper if he or hiti organization is on the alert. Also, they provide the means for the con sumer o learn who is profiteering. ; RAILS. TRACTIONS LEAD Standard Oil Stocks. I BT ARTHUR M. GEARY. ON BOARD TRAIN, July 25. (Spe cial.) A seven or eight-day boat and then three days upon a speeding trans continental train brings one from poverty-stricken' Europe into that great ibinterland of Portland, which, with a splendid port organization at Portland, 1 forcing upon the world realization of the "rising importance of the Port of Portland. . Through the middle west and across tho Dakotas splendid crops are to be seen, and here In Montana the drought of the past seasons Is forgotten end the cattle ere seen grazing In deep green pasture in midsummer. One's mind naturally turns to the great wastes In marketing which bear so heav ily upon producer -and consumer alike. Tie time must come when the producers and consumers assert themselves, not through government action, which Is al ways expensive and ineffective, . but through organized -erfort. and insist that efficient, economical methods be used in distribution, and that waste ' be mini mized. The control that the producers have of the supply gives them great pow er and Influence over methods of mar keting. In the marketing of perishables, whether they be fruit, eggs or livestock, there are certain fundamental principles that can be applied in all lands and which stand the test of time. Any market for perishables can be graded by the application of these principles. Sales Records Give Protection. In the stockyards at North Portland the City of Portland has one market for perishables that is of rapidly Increasing Importance. As fully 65 per cent of the livestock iconsumed on the sound and many trainloads that are, slaughtered in California pass through North Portland, it Js of interest to the livestock pro ducers and meat consumers of the Pa cific coast that this market is econom ical and effective as. a distribution center. There is no better protection to pro ducer and consumer than permanent public records of all sales made. The rules of the Portland Livestock Exchange provide that a scale ticket must be issued bv the stockyards cotnpany covering each transfer of title to livestock, showing the seller, the buyer and the commission firm that represented the seller, and also the weight of the livestock sold and price paid per pound if fold by weight. These scale tickets become permanent records available for the inspection of the public. Any falsification- of these records is a violation of the federal packers and stockyards act, as the secretary of agri culture has adopted the rules of the Portland Livestock exchange as the rules of the United States government. The livestock shipper that comes to the market with his livestock or sends an agent can be" present or have his agent present when . his livestock are driven across the public scales of the stockyards company. If he knows the relative value of livestock he can com pare the prices that his commission -firm obtains for him with the prices that oth er cattle brought on the same market. If -he Is a cow Talser, he knows when he Is not getting service and ships to an other commission house next time. Profit or Loss Learned. If the raiser of livestock Bells In the eountry to the speculators who make a business ox buying in tne country ana . sealing on the Portland market, he al ways can- learn whether or not the spec ulator made a profit or suffered a loss and what either amounted to, as he tias access not only to the records at the stockyards company -but also to the rec ords published in the daily papers of Portland. In the great livestock markets at Glas gow, Scotland, and Birkenhead, near Liverpool, the commission firms do not keep -public records, as they consider that their books are private. In these British markets, different from the practice at North Portland, the greater portion of the livestock is sold at auction. It is easier for the commis sion men to sell at auction than uX pri vate sale and where the auctioneers ro tate in the selling so as to have but one sale going on at a time the prices are apt to be what law of supply and demand dictates, provided all the buy ers are present and engage in competi tive bidding. The buyers are more nu merous at these British markets and the auction system works better than it would at North Portland or any market where about 50 per cent of the sup plies are normally purchased by one company. Weakness to Be Overcome. There is a great deal more livestock bought at North Portland by others than Kwift & Comoany than is generally known by the producers back in the country. As the population of the northwest increases and as a maraet is iouno. oy water route for meat products, this greatest weakness of the North Portland market undoubt edly will fade away, as naturally the smaller packing companies will- become larger and other packing companies will be established. It is fortunate that such a large pro portion of the buying and selling of live stock is centered in jNonn fortiana the larger the volume of business the less variable and changeable are prices. Where there are several market centers one may be glutted and another prac tically without Bupplles. The livestock shippers know that if they ship to Port land they will get the most that the northwest market offers, as the Seattle buyers are on hand eacn Monaay to ob tain their purchases for the week. Although North Portland is the one marketing center for the Pacific north west lying west of the cascade moun tains, the volume of demand is often not sufficient to absorb without sudden low ering of prices the large supplies of live stock that occasionally arrive at one time on ,the market. One Monday there may be 100 cars of cattle to sell and another Monday there may be but 50 cars. The packers take advantage of the glutted markets to the loss of the producers and speculators, but in turn pay extra high prices when the market is not well supplied. But on a market that is going up and down, the producer . and cattle feeder generally come out tho small end of the horn. Timing of Supplies Difficult. . It is very difficult to re'gulate the sup plies that come to the North Portland market, but by the shippers keeping in closer touch with their commission firms and holding them responsible for the accuracy of the information given, a great deal can be accomplished toward preventing gluts on the Portland market. When North Portland harbor is com pleted there will be facilities for loading meat and meat products from packing house to ocean carrier as economically as at any livestock market in the world. The meat packers are very efficient, all admit. They claim that their percentage of profit is small and they quietly en deavor to pass the buck to the retailers as being the profiteers that make the consumer pay such high prices while the producer and shipper get so little com paratively. There is safety and perma nence in having your business based upon large volume with small percentage of profit rather than upon large profits and small turnover. The commission charges of the com mission men at North Portland are $12 to $20 a car based on kind and variety nf shipments. Considering overhead ex penses in office rent, telephone and tele graph tolls and traveling, the wonder is that the commission firms make ends meet The commissions are but a frac tion of the charges made by handlers of fruit, eggs and poultry and the work of the commission firm that is on the job is fully as strenuous and the credit risks as great. The livestock shippers have the oppor tunity of knowing what is going on be . hind the scenes at the North Portland market and if some .dealer or commis sion firm is not giving them the service or deal that they should have, the records are there to furnish the evidence. Pub licity as to sales and permanent records Overbeck & Cooke company of Portlaml.l Bid. Asked. Anglo 1814, lSVi Borne Scrysmer .400 ' 410 Buckeye 1)11 93 Cheesebrough 190 200 do pfd 108 111 Continental 130 133 Crescent 39 35 Cumberland ... 13S 140 Eureka SS 90 Galena com' . 52 54 do Old pfd 108 , 112 do New pfd 101 105 Illinois Pipe .1112 165 Indiana Pipe ..- . 88 90 Nat'! Transit .'. 26 2T N. Y. Transit 162 187 Northern Pipe 97 99 Ohio Oil 272 275 Inter'l Pete 2014 20 Penn Mex 32 35 Prairie .Oil 570 575 do Pipe ....246 ' 250 Solar F.efg 340 350 ' Southern Pipe ill 93 South Penn Oil- ..28 213 S. W. Penn Oil 00 64 S. O. Ind 108 108 do Kansas .035 . 445 do Kentucky 93 94- do N. Y. 410 420 do Ohio i 450 460 do pfd ex. dlv 116 118 Swan & Finch 32 35 Vacuum 418 420 Washington .... 24 .28 S. O. Nebraska 170 185 Imperial Oil . . 110, 112 Collapse in German Marks. " NEW YORK, July 28. Another col lapse in German marks occurred here to day, quotations being at the rate of 17c a hundred marks. This represents a de crease of lite a hundred under last night's close. The normal, or pre-war, price ol the mark was 23.8 cents each. Unfavorable dispatches concerning, the present German economic situation and reported crop failures were contributing factors. : ACTIVE BUYING. VALUE DROPS BELOW PREVI OUS JjOW POINT. Weakness in German Exchange Is Day's Outstanding Feature of Financial Market. BY ALEX DAW NOTES. (By Chicago Tribune Leased Wire.) NEW YORK, July 28. The event -f j largest interest in today's financial mar- I kets was tne fail of, the German mark to considerably less than - its previous low point of July 8, this further decline coinciding with an advance -in the bank rate at Berlin The w.eakness in German exchange had too many other possible causes to make the assumption necessary that it foreshadowed another disagree ment over reparations; nevertheless Paris exchange declined along with the Berlin rate. Our own market appeared to have Its mind on other things. On the stock ex change the recovery in prices continued, although with considerable reaction toward the close, and in general the mar ket's action was still ascribed to the nu merous evidences that -settlement of the labor difficulties was at least within reach. . The stock market movement was highly speculative and in the end the net changes in the more active Industrial shares were extremely variable. In the week-end mercantile reviews a good deal of stress is iaid on the effect which the fuel embargo is already having on trade and industry. One of them fore shadows what it describes as "virtual strangulation of industry" if the strikes are not quickly settled. With the present demands on industry this might very rea sonably describe the results of a greatly prolonged dispute. But strangulation of industry in general could not be one sided in its consequences; its effect on labor would be even more serious than its effect on capital. But of this the labor organizations are perfectly well aware. SAN FRANCISCO PRODUCE MARKET Prices Current on .Vegetable's, Fresh Fruits. Etc., at Bay City. . SAN FRANCISCO, July 28. (State Di vision of Markets.) Poultry Broilers, 27 35c; young roosters, 23 45c; old roosters, 14 lac; hens, 16 r$ die; ducks, 10i&20c; live turkeys, . 32 35c; .dressed. 240c; hares, pound, ldiffioc; squaDs, dozen, 33.50; jackrabbits, dozen, $2 6)2.50. F'uit Apples, 3 to 4 tier, S2.2584: oranges, Valencia, en oox; lemons, $3.506.50; grapefruit, S46; apricots, pound, 37c; strawberries, drawer, 65 90c; raspberries, drawer, 65 85c; black berries, drawer, 25 35c; loganberries. drawer, 25 35c; cherries, pound, nomi nal; figs, single layer, 85c$l; peaches, crate, 75c$l; currants, drawer, $1.15 1.25;- watermelons, per pound, llc; plums, crate, 75c$1.75; grapes, crate. $2.2u4.50; pears, box, $1.501.75; can taloupes, crate, $5c$1.50. Vegetables Artichokes', large crate, $49; asparagus, per pound, nominal; beans, pound, l9c; carrots, sack, $1.50 1.75; celery, crate, $6; cucumbers, lug, 5075c; eggplant, pound, 58c; lettuce, crate, $1L25; onions, white, crate, $1 1.25; yeliow, cwt., $l.o0L75; parsnips. sack, $2.503; peas, pound, 46c; bell peppers, pound, 5Sc; new potatoes, 1 2c; sweet. 6c; rhubarb, box. $1.25g? 1.50; summer squash, lug, 50S5c; spin ach, pound, 34c; tomatoes, crate, 40(9 50c; turnips, sacks, $11.25; green corn, dozen, 1020c; beets, sack, $12. Receipts Flour, 1968 quarter - sacks; barley, 3613 centals; potatoes, 1415 sacks; wheat, 840 centals; corn, 900 centals; onions, 428 sacks; hay, 100 tons; oranges and lemons, 400 boxes; livestock, 3 cars. Industrials Dull and Featureless. Recent Gains in Liberties Partly Cancelled. NEW YORK, July 28. Liberty bonds made further cancellations of recent gains today, but the tone of the general market was strong on further buying of rails and local traditions. Tb.e lat ter group scored advances extending from large fractions to almost two points on the concurrent strength of those is sues in the stock list. , Among rails. New York Central de-' benture 6s were especially strong, with mora moderate strength in Southern Railway first 5s, Chesapeake & Ohio con vertible Ss, Northern Pacific refunding 6s, Great Northern 5s and the several issues of Erie, New Haven. St. Paul and; the St. Louis & San Francisco, system. ll.ilustrials were dull and featureless. Consolidated Gas convertible 7s forfeiting part of yesterday s rise, oenerai Elec tric 3s and Lackawanna Steel 5s were moderately better. Total sales, par value, aggregated $13,400,000. The only new offering of more than nominal proportions was the $2,000,000 Issue of the Province of Nova Scotia two year 5 per cent bonds, which were sold at a price to yield 5.J0 per cent. On broader, dealings today's stock market maintained a fairly strong tone during the first half of the session, but eased irregularly later on realizing sales of the usual week-end character, Sentiment in trading circles obviously was encouraged by advices indicating an early termination of the rail and coal strikes. Another favorable development was the publication of additional June statements by important railway sys tems, which showed, in general, sub stantial increases of net returns over the previous month and the correspond ing period of last year. Buying of representative industrials seemed to be largely of a technical char acter, that is to say, covering of short contracts. Oils manifested much of their recent uncertainty, although several of the do mestic issues and Mexican Petroleum Were firm to strong. , Mexican Seaboard, common and certificates, were again un der heavy pressure undoubtedly due to salt water. Sugars improved on the further ad vance of prices for raw and refined products, but yielded in the heavy liquidation during the last half hour. The movement among other specialties lacked a definite tone. Studebaker continued to be sold by shorts and some of the secondary motors registered concessions as a result of con flicting reports relating to conditions in that Industry. Total sales approximated 00,000 shares. There was little aemand for call money, which opened and renewed at 2 per cent, declined to 3 during the noon hour and held at., that figure until the close. Estimates of brokers' loans show an expansion from the decline of two months ago. This is ascribes, in part, to heavy borrowings by pool op erators. , ' Another slump in German marks prob ably contributed to the lower tone of foreign exchanges. The Berlin rate fell to 17 c a hundred, a new low record. All continental remittances were in clined to ease, but sterling made a slight gain over yesterday's final rates. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland: High. 300 64 Mtdvale Steel . . 2.400 .36 35 35 "a it K & T 200 17 17 17 do pfd . 41 Mont Power .... 100 72 72 72 Mont Ward .... 3,000 22 22 22 Mo Pac 1,100 22 22 22 do pfd 1,700 56 56 86 MStP&SSM. 100 62 62 62 Marland Oil ... .1,500 39 38 38 Martin & Perry. 800 30 30 30 Nat Enamel ... 3,700 56 55 55 Nat Lead 400 100 100 100 Nevada Con .... -400 16 16 1 New Haven ....10,500 31 31 31 Norfolk & W ... 900 112 111 111. Nor Pao . .' 6.700 78 77 77 Nova Sco Steel 31 N Y Air Brake. 500 80 7K su N Y Central 11,800 98 96 Nor Am .. 400 70 70 Okla Prod ref .. 1,000 2 2 Ontario Silver Ontario & W 400 Otis Steel . : 1.300 Pacific Dev 1,100 Pac Gas & Elec. 200 Punta Alegre . .. 1,100 Pacific Oil 8,800 Pan Am Pet ... 8,700 .. 1.300 ..10,600 . . 500 '3,000 4,300 8.200 2,000 800 26 11 6 70 51 55 74 67 47 87 ' 34, 28 43 10 7 65 41 8 82 do B Penna . Peo Gas ...... Pere Marquette Pure Oil ...... Phillips Pete .. Pierce Arrow . Pierce Oil Pitts Goal 1,400 Pittn Xr W Va .. 6.600 Penn Sea Steel.. 2,000 Prewri Steel Cr 300 Pullman 300 123 Ray Cons -.. . 600 16 Reading S.9UU Replogle Steel... 2.100 Republic I & S. . 1,800 t)o pfd 400 Rep Motors .... ..... Royal Dutch Oil 2.200 Rv-Steel fapg . . Stand Oil Cen. Sears Roebuck Shattuck Ariz Shell T & T Sinclair' Stand Oil Ind 76 34 74 92 26 11 6 70 '50 54 72 66 46 86 34 27 43 9 7 65 39 7 81 123 16 75 S2 74 92 54 KASTEBN SUGAR DEMAND IGHTK Refiner's list Prices Are Unchanged at New York. The daily sugar market letter received by Overbeck & Cooke company of Port- iana says: . -, Ihe domestic demand for refined sugar was a little less urgent today, with refiners' list prices unchanged. Buyers have sugar on refiners books since last may ana yet Ufiaeuvered; thl(t situation Is bringing buyers In the market fo prompt delivery from the only local re finer able to make that shipment. Raw sugar was quiet, buyers and sellers apart. Futures opened unchanged to a decline of five points, then eold off on offerings from weak longs, only to rally at midday." C. M. Bull says: . "Sugar futures opened practically unchanged, but sold off 2 to 4 points soon after. Evidently on the Federal Reporter's advices that the' next European beet crop would be 650,000 tons larger than the last. Out side buying orders continued to come in and the market quickly advanced 3 to 4 points. The difference between Septem ber and December is widening. Septem ber closed only 1 point higher than yesterday, while December, March and May closed 5 to 6 points higher than yesterday. No sales reported in refined sugar today." NEW YORK, July 2S. Raw sugar, centrifugal, 5.36c; refined, fine granu lated, 6.90c to 7c. 200 38 38 11,700 31 30 108 108 Vi rt NT 300 181 181 180 Sloes Shef ...... 300 46 46 46 Sou Pac 6,700 91 91 , 01 SouRy.. 7,400 25 24 25 Stand OH CaL... 8,500 106 104 104 St L & S F 1, -JH, - S;t, 2(10 43 42 43 Studebaker .....56,000 133 124 130 Swift & co .... y;7 Tenn Cop & Ch. 700 10 jo iu Texas Oil ZX7 Texas Pac 900 3U j' Tex Pac C & J. " fo i-'S '','7? Tob Products ... 1,100 54 04 54 Tran Cont Oil... 4,000 14 14 14 Union Oil Del...- 600 20 20 20 Union Pac 3,200 143 141 141 United Alloy ... jvi' . . . United Drug ... 200 70 TH i Un Fd Proa iuu i a n is United Fruit ... . . . 1 U S C I Pipe.... 1,400 35 34 MK Un Ret Stores...; 400 62 62 62 U S Ind Alcohol. 7,000 65 63 63 U S Rub 3,900 60 fit) 59 , do 1st Ptd ..... ..... U S Smelt .. 100 40 jO ,s U S Steel lOi.ouu jiu J"i do nfd 3"" J-iis i-"y Utah Coo 900 So h4 ' o. Va Chem 2,900 do Did l.vuu Vanadium Steel.. 15,200 Vivandou 400 Wabash 600 do A pfd. ... . . ,oou do B nfd 100 Wells Fargo .... 1,000 Western Pac . . . 400 do pfd Western Union... 20M05 10,1 Westhse E & M. 1.200 62 -61 West Md 601) White Motors ... 100 Willys-Overland.. 2.100 do Ptd -vv Wilson Pack . . Wis Cent 200 29 29 Woolworth 200 174 174 Worth Pump null 02 !z W ft L E 1,300 14 13 White Oil ...... 400 8 734 White Eagle Oil. . 200 25 25 Adams Exp. . . . Advance Rum . ; Agr Chem do pfd Ajax Rubber ... Alaska Gold . . . Alaska Juneau . Allied Chem ... Allis- Chalmers . do pfd Am Beet "Sugar, Am Bosch Am Can Co .... do pfd Am Car & Fdy. Am Cot Oil do pfd Am Drug Synd.. Am Hde & Leth do pfd Am Ice Am Intl Corp . . Am Linseed do nfd Am Loco ..... .. do pfd Am Saf Razor .. Am Ship & Com Low. 63 1,300 300 4,300 6,000 700 100 200 500 3,300 Bid. 63 17 39 36 36 64 83 63 13 9 10 ...... 1 70 68 69 54 53 53 98 98 97 46 46 46 36 36 36 59 58 58 109 108 170 400 26 26 - 26 200 50 .50 50 5 100 14 14 13 68 300 110 109 109 800 43 42 43 400 34 33 33 53 7,400 118 116 117 116ti 600 6 6 6 400 19' 19 19 100 109 1,500 172 169 Am Smelter 2,000 "61 60 61 00 pia 4U0 97 ,97 97 Am Snuff , . 132 Am Steel Fdy .. 1,700 38 ' 37 37 Am Sugar 1,800 82 81 81 do pfd 106 Am Sumatra ... 100 37 37 37 Am Tel & Tel... 1,100 122 122 122- Am Tobacco 3,400 144 143 143 do B 400 141 141 141 Am Wool 2,100 92 90 91 do pfd 107 do P pfd 28 Am Zinc 100 18 18 18 Anaconda 2,500 54 53 53 Assd Oil 200 112 10 112 Atchison 4,500 101 100 101 do pfd 100 91 91 91 109 33 119 111 B7 63 Atl Coast Line.. 1,000 110 109 Atl Gulf & W I, 600 34 33 Baldwin Loco ..15,800 120 118 do pfd ; Balto & Ohio . ..16,000 do pfd 600 Barnsdell Corp.. 200 Beth Steel B ... 2,000 Booth Fish 7,300 6,400 58 64 29. 79 9 26 67 63 29 78 9 25 78 9 20 . 6 30 137 10 78 60 'JUft 1,400 140 139 140 1,800 39 38 38 3,500 30 2,400 137 200 11 " 200 79 2,000 60 29 136 11 78 59 200 6,700 2,600 3,300 400 200 1,900 500 2,800 6,900 3,400 5,200 10O 500 40u 100 SAN FRANCISCO, July 28. fornia-Hawailan raw sugar, 5.345c. Cali- COTTON FUTURES TEND UPWARD Market Supported by Shorts, Trade Buy ing and LiverpooL . (By Chicago Tribune Leased Wire.) NEW YORK, July 28. The cotton market's tendency .was again upward today on support from Wall-street shorts, the. trade and Liverpool, which was attributed largely to tb,e strength of stock prices. The market opened 7to 11 points up. dipped a bit and then rose to a level of 18 to 28 points net gain from yesterday's finals. The list continued firm in quiet dealings as business pro gressed, most of, the trading represent ing evening up on the part of local pro fessionals for over the week end and prior to the government report. Senti ment was a little confused by the differ ent condition reports that appeared but the list closed steady to firm, 19 to 23 points net higher. Spot cotton quiet, 20 points advance, 21.75c for middling upland. , , Southern spot markets: Galveston 21.95c, 10 points advance; New Orleans, 21.50c, unchanged; Savannah 21.50c, 22 points advance: Augusta 21.88c, 25 points advance; Memphis 22.50c, unchanged; Houston 21.90c, 20 points advance; Little Rock 21.50c, unchanged. NEW YORK ,July 28. Cotton futures opened steady; October, 21.32c; Decem ber, 21.30c; January, 21.16c; March, 21.12c; May, 20.96c. ' Cotton futures closed very steady; Oc tober, 21.47c: December, 21.40c: Janu ary, 21.23c; March, 2127c; May, 21.10c 37 10 65 21 22 30 29 45 71 71 31 47 ' 94 4 600 123 '122 200 33 33 37 10 64 76 8 21 22 29 28 45 70 70 . 31 " 46 93 4 37 10 64 77 8 21 22 29 28 45 71 70 30 47 - 93 122 32 66 73 19 3,400 106 107 107 118 200 '74? , 74 3,800 3.800 .400 - 500 B R T Butte C & Z.. Butte & Sup , Burns Bros . . Caddo Oil ... Calif Packing Calif Pet. do- pfd Canadian Pac Cen Leather . Cerro de Pasco.. Con Textile ... Chandler Motor Chgo & N W . . Chgo Gt W..., .do pfd ...... Chili Cop ...... Chino C M St P do pfd Coco Cola . C & O Colo F & I Colo Southern... Col Gas & E... Columbia Graph. Con Gas Cons Cigars do nfd ContI Can Cities Svc Bank. Corn Prod do pfd Cosden 011 ..... C R I & P do "A" pfd.. do "B" pfd.. Crucible 15,800 do pld 500 Cuba Cane .... 5,200 do pfd 8.400 Cuban Amn Sue. 8.600 uel & Hudson.. oir 125 Dome Mines. ... 300 30 Del & Lack 200 128 Davison Chem... 1,800 46 Endicott John... 600 Erie 4.600 do 1st pfd . . . 3,200 Elec Stor Bty.. 1,100 Fam Players . . . '. ..... Fed M & Smelt. do pfd Flsk Tire ...... Gen Cigars Gen Elec Gen Motor ..... 6,700 do 6'c Gen Asphalt ...11,100 72 uoooricn 41x1 Glidden Paint... 100 Granbv . . .- Great Nor Ore.i Great Nor nfd. . Greene Cananea. Gulf S Steel. Glen Alden . Houston Oil '. Hirpp Motor. . . . Ills Central inspiration .... Int Agr C com. . do pfd 300 34 Interboro 500 1 do. pfd 500 3 Inter Callahan.. 300 7 Int Harv ... 00 103 Int Merc Marine.. do pfd 400 72 72 Int Nickel ..... 2.30O 17 17 int raper , z.yuu a ft 03 43 44 95 82 91 93 17 41 26 42 43 94 82 8R 93 15 38 26 123 29 42 43 82 88 93 15 38 25 1-: 29 128 127 100 200 800 1,700 82 17 25 42 13 50 13 76 600 180 14 45 82 "16 25 36 "l3' ' 50 12 76 . 177 13 54 900 107 107 94 94 1,900 81 80 97 70 2 7 26 11 5 70 50 54 73 66 47 86 34 28 43 9 7 64 40 7 81 121 16 75 33 73 92 54 107 94 80 9 38 30 107 Third Ave 5s Industrials Amn Agr Ch 7s. ....... 1941 Amn 5m 1st os - 194 1 Amn Tobacco 7s ..... Anaconda 6s A do 7s. B Armour cv 7s ........ do 4s .-. Beaver Board 8s Beth Steel 7s ....... do ref us , Cerro de Pasco 8s.... Chile conv 6s A ..... do conv 7s ... ... . 1923 Col Graph 8s 1925 Copper Exp 8s 1923 do ss do 8s Colo F & -I gen 5s Colo Ind 5s Cuban Amn Sug 8s .. Cuban Cane cv 7s Distillers Sec cv as . Diamond Match 7s 27 59 50 11 13 33 23 77 19 !5 &3 48 10 12 75 18 12 48 8 11 48 . S 26 57 48 . 10 12 32 22 77 18 57 105 61 11 48 8 24 44- 29 174 52 13 7 25 - Liberty Bond Quotations. T.ihertv 'bond and victory note quota tionB furnished by the Overbeck & Cooki company of Portland: iDen. niRn. uuw. Liberty 3s . .100.90 101.12 100.90 100.90 do 1st 4s i"i do 2d 4s 100.70 100.74 100.70 100.66 do 1st 4S-.101.74 101.74 101.00 101.62 do 2d 4s ..100.80 100.86 100.68 100.68 do 3d 4s ..100.84.100.84 100.68 100.68 rin 4th 4U:101.62 101.68 101. .41 101.44 Victory 4s... 100.50 100.54 100.40 100.44 do 4 can 1923 100,86 100.90 100.S6 100.88 Money, Silver, Etc. NKW YORK. July 28.-CalI money, easy; high, 3 per cent; low, 3 per cent; rnliner rate. 3 per cent; closing bid. 3 per cent; offered at 3 Per cent; last loan, 3 per cent; can ioauo 6.u,oi. ov- ceptances, 3 per cent. Time loans, steady; ou nu. .u.vp, 3 (B4 per cent; six months, 4fSMi per "it. ... ... Prime mercantile paper, 151 cent. ' ,. Foreign bar silver, oa'fec. Mexican dollars, 53 c. 1923 1929 1929 1930 1939 1933 1923 1942 1931 1932 1924 1925 1943 1934 1931 1930 1927 1935 Dupont 7s 1931 Empire Gas & Fuel 6s 1924 Fisk 8s 1041 Gen Elec deb'os ' 1952 do deb 6s . . 1940 Goodrich 7s 1925 Goodyear Ss 1941 Heinz 7s . . 1930 Hershey 7s . r. - 1930 111 Steel deb 4a 1940 Ind Steel 6s 1952 Int Agr 6s- 1932 Int Marine CT 6s 1941 Kelly Spgfleld 8s .......... 1931 Kennecott 7s 1930 Lack Steel 5s 1923 . do 1st 5s 1950 Libby McNeil Libby 7s 1931 Lig & Myers 6s 1951 do 7s J .. 1944 Lorillard 6s 1951 do 7s 1944 Midvale 3s 1936 Morris & Co 7s 1930 Proo & Gamble 7s 1923 - Republic 1 & St 6s 1940 Sears Roe 7s 1922 do 7s 1923 Steel & Tube 7s 1951 Swift & Co 7s 1925 do 7s 1631 Unl Drug 8s 1941 , U S Rub 1st ret 6s. 1947 do 7s 1930 U S Steel sf 5s 1963 Va Chem 5s .' 1923 Va Car Chem 7s .1....... 1932 West Elec 5s i...... 1922 West V T col tr Ss .... 1938 West Union 6s 1936 Wilson 1st 6s 1941 do cv 6s .- .- 1928 West Elec 7s 1925 Westinghouse 7s 1931 Public Utilities . Amn Lt & Tran 6s .... 1923 Amn Tel coll 4s 1929 do 5s '1946 Amn' Tel 6s :-. 1925 Bell Tel of Pa 7s 1945 B K T 5s 1945 Cal Gas uni 5s- 1. 1937 Cities Service 7s B 1966 do C 1966 do D 1966 Con Gas cvJs l"-3 Int Met 4s ... ....... 1956 Int R ff ref 5s : .... 1966 Laclede Gas 7s ............ 1930 Mont Power 5s A.. 1943 Northwest Tel 7s 1941 Pac Tel 5s 1937 Pac Uas 5s 1942 Souwest Tel 7s ." 1925 - Oil Bonds Anglo Amn 7s ..; 1925 Atlantic Ref 6s 1931 Galena S Oil 7s : 1930 Gulf Oil 7s 1933 Humble 7s -: 7... 1923 Pan Amn 7s ' 1930 Mex Pet cv 8s 1938 Sinclair 7s 1925 S O Cal 7s ..." 1931 S O N Y 7s 1931 Texas Co 7s 1923 Tidewater Oil 6s 1931 Vacuum Oil 7s 1936 Foreign. Government Bonds Argentine 2d 7s 1923 do G I 5s 1945 Belgium 8s 1940 Bergen 8s '. 1945 Berne 8s , 1945 Christiana 8s 1945 Copenhagen 5 1944 Danish consoi ss 1946 81 104 93 102 100 103 104 90 77 104 95 118 92 105 33 . Wl 1 102 194 91 78 106 89 45 107 107 101 107 101 107 103 116 104 103 91 100 80 96 108 105 100 90 99 97 116 98 115 S9 105 101 93 100 101 100 102 103 111 90 108 103 100 105 100 98 110 99 03 108 107 106 91 99 115 108 61 96 128 92 90 122 12 '61 09 97 107 98 91 112 103 102 105 104 100 101 105 104 106 109 101 103 107 99 85 106 109 110 109 ',, HI 108 84 90 45 57 111 LONDON, per ounce. July 28. Bar silver, 35 d Money, 1 per cent. Dis count rates, short bills, 1 1 13-1 IB i per cent. Three montns cms iio-i,owy per cent. . ,: Swift & Co. Stocks. 11 nfte nf Swift & CO.. Stocks of Chicago were reported by the Overbeck & Conke company of Portland as follows: Swift Co ........ - - 10J" Swift international Libby, McNeill iiuuj - National Leather ' New York Bonds. Furnished by the Jordan & Wentworth company of Portland: Atch gen 4S ACL 4s do 7s B O gold 4s . do con 4s cv. do ref 5s Canada Southern 5s... Canadian Nor 6s do 7a Central Pac 1st 4s...-. Chi fc NW 6s Ches & Ohio gen 4s. do cv 5s do con 5s C B ft Q 111 DW 4s. . . C & West Ind 4s... t.. Chi & Gt West 4s C M & St P 4s... 195 1952 1930 1948 1933 1995 1962 1946 1040 1949 1936 1992 1946 1939 1949 1952 1959 1925 92 600 1.500 200 38 15 , 40 83 30 70 37 15 '39 82 oil . 6,000 .35 82 5O0 75 1.90O. 18 1,200 109 ' 200 41 18 46 82 1 i 25 16 82 12 49 12 . 76 178 13 . 80 70 37 15 29 39 83 30 82 54 74 18 108 108 41 41 34 1 . 3 10 8 34 1 I 7 103 18 72 17 B3 do pfd 85 Invincible OH. Island Oil .. Jewel Tea K C Southern... K C Sou pfd . . . Kelly-Spgfld ... Kennecott Keystone Tire.... Lack Steel Lee Tire Lehigh Valley . . Loriliard Loew Theaters. LAN Mex Seaboard . . Maxwell Motr A do B ... May Stores Mex Pet Miami Mid States Oil 200 500 900 1,500 1.600 1,200 2,300 1,800 2,800 100 7,700 13 1S 26 58 48 36 11 79 28 66 V, irni 101 100 15 300 133 V, 130 3.800 23 21 ' 1,600 62 62 2.500 22 20 11.200 168 169 800 30 , 30 1,500 12 ; 12 2 17 25 57 46 36 10 77 28 65 161 15 12 18 62 46 ' 36 10 77 ' 2R 65 161 15 128 22 61 20 117 167 29 12 do cv 4s 1932 do deb 4s 9J do gen 4a A 1089 do CV 5s 20H do g and r 4s A 2014, Chi & NW gen 4s.. h. ....... 1987 do 6s , " 138 do 7s 1930 C R I & P ref 4s 1934 Colo Sou rf ex 4s 1935 do 4s 12 Del & Hud cv 5s 1935 do 7s "SO D & R G cv 4s 1936 do ref 5s 1955 Erie P L 4s 1996 do con 4s A 1953 do B V 1963 do D 1053 Erie Pa C G 4s.. 1951 Grand Trunk eq 6s.. 1938 , do 6s : 1036 do T 'MO Great Nor 4b 1961 do 7s 1936 111 Cent pt 5s 1936 do ref 4s 1955 K C South ref 5s 1950 Keokuk & D M 1st 5s '. 1923 L S & M S 4s 1931 L & N 7s. 1930 do uni 4s 1840 L & C-7s N A Ed 6s MStPts'SM 6s.. 1946 M K & T 4s 1990 M P gen 4s 1975 do ref 5s 1923 do ref 5s 1926 NYC deb 4s .. ... 1934 do con 4s 1998 do ref imp 4s 2013 do cv deb 6s 1935 do coll 7s 1930 do ' eq 7s ? 1930 N Y N H. & H cv 6s 1948 N O Tex & Mex 5s......... 1935 N P PL 4s 1997 N P 6s ... . 2047 do eq 1930 N P Gt Nor jt 6s 1936 O S L ref 4s . 1929 Pac Fruit Ex 7s t . 1930 Penna 6s 1936 do gen 4s ........... . 1965 do 4s I960 do gen 5s 1968 do 7s 1930 do R R 6s 1916 Reading gen 4s 1997 S A L 4s 1950 do 5s 1949 do 6s A 1945 Sou Ry con 5s 1994 So Pac cv 4s 1929 . do ref 4s ; 1955 do sf term 4s 1950 S P -ref 4s 1949 do conv 5s 1934 do eq 7s E 1935 St L & S F P L 4s A....... 1950 St L & S F gen 5s .. ...1931 St L S F P L 5s B 1950 St L & S F gen 6s 1031 French cities 6s .... 1934 Italy 6sA , 1925 V S Mex 4s 1954 do ext 5s . . . . 1045 Zurich'Ss 1945 Berlin 4a .. Greater Berlin 4 s Hamburg 4s Bremen 4s ". .. .... Cologne 4s .... Dresden 4s 2 do 4s : 2 Luaseiuori s ..... 2 Frankfort4s 2 Leipzig 4s '. . . . 2 do 4s 2 Munich 4s 2 Stuttgart 4s ..1.. .... 2 Essen 4s .... 2 Bremen 4s' .... 2 Hamburg 4s 2 Frencn Internal 4a ......... 1917 53 French victory 5s 1920 65 Belgian restoration 6s 73 British 2 consols ,. 54 ltal cons war loan 5 36 LB i 65 Stockholm 2605 Christlania v--.- .... 1750 Copenhagen 2153 rtupes .... 29 Argentine Chile ;. Brazil Peru Greek Holland ., Spain , Czecho Serbian ' Swiss . . 1 Finland Curb bonds Allied Packers 6s Am Tel & Tel 6s do 6s 1922 1924 3660 13 1391 411 325 3875 1554 230 ' 129 1900 211 82 100 101 Anaconda Copper 6s 100 do do do do do ad 6s inc 6s ' 1st 5s . con 4s 1st 4s Tex Pac 1st 5s .. Un Pac 1st 4s . . . do cv 4s .... do ref 4s "... , do 6s do eq 7s . . . . . Un Tank 7s Wabash 1st 5s do 2d 6s West Pac 5s .... M K & T adj 5s , Phil Pete 7s 4 . . , O S T 5s Market St Ry ... 1955 1980 1952 1932 1989 2000 1947 1927 2008 1928 , 1930 ' 1930 1939 . 1939 1946 107 85 85 89 99 110 112 89 110 88 95 102 92 74 60 81 69 63 IS " 74 85 89 110 108 81 59 94 97 110 78 46 65 52 51 58 89 105 103 112 91 110 96 89 88 91 93 108 93 99 91 103 82 . 66 100 97 91 844 87 107 105 81 " 89 108 103 - 92 109 93. ioi 110 109 85 .v.t 27 62 97 92 90 84 : 89 102 73 ' 99 86 103 81 71 81 77 79 94 94 95 89 104 do Armour & Co 7a Beth Steel 7s Copper Ex Assn 8s do 8s Grand Trunk 6 s . Gulf Oil Co 7s Humble Oil 7s Inter Rapid Tran 7s Libby McN & Lib 7s Soars Roe 7s 3-yr . . So West Tel 7s Stand Oil N Y 6s do 7s Swiftfi Co 7s do 7s : . . . Texas Co 7s notes . Vacuum Oil 7s . . . . Arizona Comm Ahmeek Algomah Allouez Arcadian Bingham Mns Calumet and Arizona Calumet and Hecla... New Corn 103 104 103 102 10. 105 104 100 97. 99 101. 102 109 108 102 103 100 107 Mining Stocks at Boston. Mining stock quotations at Boston fur nished by the Overbeck & Cooke com pany of Portland: 1935 1924 1025 ... 1923 i933 ... 1926 ...1925 ... 1931 Bid. .;. 9 ...62 ...20 "3 ... 14 ... 60 ...275 19 , Centennial 9 Copper Range Davis Daly East Butte Franklin mining Hancock Helvetia Island Creek .... Keewanaw Kerr Lake 43- ... 7 ... 10 ... 2: ... 2 ... 1 ,,.108 ... 2 3 Mohawk , 60 May Old Colony 4 Nlpisslng : 5 .North L8K6 3U Old Dominion Copper. ...... 25 Oseola Mining 34 Obljawa 2 Quincy Mining 43 Pong creek 21 Supp. Boston 1 union isnoe men sufe do Old 2i South Utah 6 Superior Copper 4 Trinity Copper 2 1-16 Utah Metals 1 1-16 Utah Con 2 Utah Apex : 2 Ask. 9 63 50 - 26 3 15 61 280 20 10 44 ll 2 3 1 104 2 62 3 7 . 50 26 Ventura Winona . . . Wolverine Wyandotte Shan 1 1 .-11 :. 65 . . 80 3 -- 44 1 .40 29 10 4 2 1 8 3 2 12" 75 95 A revolution in real estate is predicted Now comes Roger W. Babson, celebrated economist and statistician who says "A big change is coming about in the real estate rrfarket, During the past decade or more people have been crowding to the cities. Now, however, a reverse move ment to the country is beginning which promises to be the greatest shifting in pop ulation since the institution of the rail roads. Within the next ten years or more the building of suburban homes should rival the growth of the automobile, good roads, movies, phonograph or the radio." This sweeping change is already operative in Portland and an opportunity for liquid-' ation presents itself to owners of tax ridden acreage. Our estate management organization has a distinct contribution of service to offer owners who desire to grasp this'opportunity. We are prepared to furnish the engineering and financing necessary to transform raw land into a thriving sub-division thereby releasing the owner's frozen assets. We re lieve owners of every care and petty detail. We plan, plat and produce profits. Our experience has been wide and suc cessful. Perhaps we can help you. We will be glad to make an appointment to discuss this matter with you. Strong & MacNaughton CORBETT BUILDING PORTLAND, OREGON Investment and Property Man' agers for Estates and Individuals Germany, marks Greece, drachmas Holland, guilders Hungary, kronen Italy, lire Jugo-Slavia, kronen Norway, kroner Portugal, escudos Roumania, lei Serbia, dinara ' Spain, pesetas Sweden, kroner Fwitzerland, francs China-Hongkong, local currency. Shanghai, taels Japan, yen - . .00200 . .03250 . .38800 . .0O100 . 04650 . .00370 . .17150 . .07770 . .00700 . .01380 . .15620 . .26140 . .19140 . .58300 . .77750 . .48250 NEW YORK, July 28. Foreign ex change, easier; Great Britain, demand $4.44, cables $4.45; 60-day bills oh banks, $4.42: France, demand 8.23, cables 8.24; Italy, demand 4.58, cables 4.58: Belgium, demand 7.81, cables 7.82; Germany, demand 17, cables 17; Holland, demand 38.70, cables 38.75; Norway, demand 17.00; Sweden, demand 26.00; Denmark, demand 21.50; Switzer land, demand 19.00; Spain, demand 15.55: Greece, demand 3.10; Poland, demand .01. Czecho-Slovakla. demand 2.18; Ar gentine, demand 36-80; Brazil, demand 13.65; Montreal, 99. Foreign Bonds. Furnished by the Overbeck & Cooke company of Portland; Bid. Ask. Belgian Rest 5s 1919 TO 74 do Prem 5s 1920 - 74 78 do 7s 1945 106 107 .do 6s 1925 101 101 British 6s 1922 (11 94 do 1927 95 97 do 1929 95 97 do Vky 4s 1919 80 82 do Ref 4s 1919 7 80 U K 5s 1922 110 110 do , r. 1929 110 110 do 1937 103 104 Bordeaux 6s 1934 84 84 Canadian 6s 1926 99 99 do 5s ,. 1927 98 100 do 1929 101 101 do 5s 1937 98 100 do 1931 99 99 Chinese 5s 1951 54 55 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 funds: Country. Foreign unit. Rate:- Austria, kronen $.00010 Belgium, francs 07950 Bulgaria, leva 00730 Czecho-Slovakla, kronen ......... .02350 Denmark, kroner .21000 England, pound sterling 4.46504) Finland, finmark 02170 France, francs 08300 Notice of Redemption to Holders of Victory Notes and Others Concerned. Notice Is hereby given as follows: 1.' Call for partial redemption of 4 per cent Victory notes. All 4 Vic tory notes otherwise known is United States of America gold notes of 1922 23 which bear the distinguishing let--ters A, B, C, D. E. 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, 1922, 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 ertal 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 26, 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. Chile Ss 1941 103 104 French 4s 1917 53 54 do 6s 1931 64 65 do 7s- 1941 100 100 do 8s 1945 102 102 German W L 5s 1 2 Berlin 4s 1 2 Hamburg 4s 1 2 do 4s , 1 2 Leipslg 4s 2 3 do 5s 2 3 .Munich 4s 2 3 do 5s 2 3 Frankfort 4s 2 3 Italian 5s 1918 36 37 Jap 4s 1931 77 78 do 1st 4s ....... 1925 92 92 do 2d 4s 1925 92 93 Norway ; . . ." 1940 110 111 Denmark 8s 1945 109 100 Russian 5s 1921 14 17 do 1926 2 4 do 6s 1919 14 18 Sao Paulo 8s 1936 100 101 Swiss 8s 1940 111 111 Brazil 8s 1941 100 101 do 7s 1952 96 96 Denmark 6a 1942 99 99 Dutch E Ind 6s 1962 95 95 do :.. 1947 95 95 Dried Fruit at New York. NEW YORK, July 28. Evaporated ap ples, scarce; prunes, firm; peaches, quiet. Phone your want ads to The Ore troniari. Main 7070. Braley, Graham and Child, inc. IITH.& BURNSIDE Inother Complete WEST-MADE DESK Installation 103 97 89 85 ' 57 115 100 i7 SALESMAN WANTED " One "of Portland's old established financial institutions dealing in municipal bonds and com mercial paper has splendid opening for experienced salesman. ; - ' - State experience, age and give ref erences. AH applications treated in strictest confidence.' P 836, 0REG0NIAN Braley, Graham and Child, Port land's exclusive dealers for Dodge Brothers Motor Cars, have adopted , WEST-MADE Desks. These enterprising dealers se lected complete WEST-MADE equipment as best fitted to carry out their high ideals of perfect service. In offices of their exceptionally arranged building at Eleventh and Burnside streets. WEST-MADE Desks help to efficiently turn out work. "Tickler systems," card in dexes, specal WEST-MADE follow-up correspondence files avoid lost contact with prospects. Im proved offte morale and quicker service mean' more satisfied cus tomers. Daily office output is in creased through the exclusive con veniences of WEST-MADE Desks. Other leading institutions from Se attle to San Diesjo have proven the effects of such a change. WEST MADE Desks will bring greater Investment return in your office. WEST-MADE DESK COMPANY, MANUFACTURERS Portland V. S. A. Sold exclusively In Portland by BUSH0NG & CO. 91 Park St. Broadway 4104 x(Sa Jkk WEST-MAS "The fifty -Year Desk LINN COUNTY, OREGON , School District No. 55 - : 6 Coupon Warrants ' TO YIELD 5 Send for Descriptive Circular. ATKINSON-ZILKA & COMPAJT INVESTMENT BONDS 418 N. W. Bank Bldg. Phone Main 0700