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