Image provided by: University of Oregon Libraries; Eugene, OR
About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (July 31, 1922)
THE MORNING OHEGONIAN, MONDAY, JULY SI, 1922 17 BOND PUCES SHOW FURTHER SUKIH New Offerings Floated To taling $72,000,000. LIBERTIES RISE AGAIN Calling for September 1 of One Million Outstanding Victory Notes Due Dec. 15 Aids. , NEW YORK, July 29. (By the Asso elated Press.) Continuance of an abun dant supply of money, with resultant low rates, caused a furtner strengthening of bond prices last week and resulted In the notation of new offerings, totaling $72,- 000.000, one of the largest amounts in recent weeks. beveral Liberty Issues reached new , high records, the calling for September 1 o $1,000,000 outstanding VIctury notes , due "December 15, giving impetus to the active buying of this group. During the wsek the government also announced Its intention of offering $300,000,000 i inereabouts of four-year per cent treasury notes to take care of issues ma Iturtng within the next few months. Industrials Are Active. Industrial Issues, totaling $27,150,000 featured last week's flotations. State and municipal bonds, aggregating $14, 895,000 were next on the list The prin cipal individual feature was the $15,300,' VOO offering of the Philippine govern ment. while the volume of sales has not been large, the market both for old and new bonda was good last week. Most of the higher class issues registered mod erate aavances and improvement was rioted in many of the Industrials and second class rails. Foreign bonds, as rule, were Irregular reflecting the un certain trend of most European ex changes. Offerings Are Large. Principal offerings last week included: $16,000,000 30-year 414 per cent gojd uunua ui me xniiippins government or fered at 99 to yield 4.55 ner cent $12,500,000 15-year Ta per cent sinking gold bonds of the Virginia-Carolina Chemical company offered at 98 to yield 7.73; $6,000,000 25-year 6 per cent first mortgage gold bonds, series A of the Southern Colorado Power company, of fered at 94 to yield 6.50; $6,000,000 20 to 60-year 4 per cent bonds of the City of Philadelphia, offered to yield 3.93 per 1 cent and over; $5,000,000 25-year 7 per -. cent first mortgage sinking fund gold bonds, series B of the Otis Steel com ' pany, offered at 95 to yield 7.95; $5,000, ,v 000 15-year 6 per cent gold debenture bonds of the American Republic corpora tion, oiierea at t lo yield 0.75; $3,000, uuu u-year per cent first mortgage . gold bonds of the Consolidated Machine Tool Corporation of America offered at 90 to yield 7.10; $3,600,000 32-year 5 per cent general moitgage sinking fund gold bonds, series A of the Havana Elec- trie naiiway Light & Power company, offered at So to yield 6.07. , JVew York Bonds. NEW YORK, July 30. Following are last week's hirh, low and closing prices . sw iora stock Ex change, and the week's total sales of each bond; V. S. Bonds. Sales (in $1000) High. Low. Close, liberty Sa ...3002 101.16 10o. 100.92 Liberty 1st 4s... 4 101. K8 101.30 101.68 .. Liberty 2d 4s... 31 100.80 100.52 100.52 Liberty 1st 4K- "88 10L78 101.84 101 44 li berty 24 4',is.4567 101.00 100.60 100.62 Liberty 3d 4VU.4763 101.00 100.56 100.00 . IJberty 4th 4HS.5834 101.86 101.36 101.30 ' ili0ry ie - 100.90 100.54 100.88 Victory 3s ....1709 100.62 10O.40 100.46 , Foreign government, state an-d munic ipal: . Sales. High. Low. Close. Jkjtrentine 7s 159 lOovi 99i 100 " Chinese Gt Ry 5s. 12 54 hi 54 54 Vk City of Bergen Ss. 5 lOV'i 108V. 1WV. City of Berne 8.. 103 JUli iioh no City Bordeaux 6s. 84 S4 83 84 City -Christiania Ss 5 109& 10914 108 U 92 83 9114 1)2 83 84 84 84 89 99 M, 99 100 'A 7114 71 111 111 VI lus los Both Stl Ref 5s... 14 96 do p m 5s 31 2S4 Braaen cop s.... is loo Bk Edis gen 7s D B R T 7s ctfs stpd Cal Gas & Elec 5s. Can North 6Vs. .. Can Pac deb 4s. .. Cen of Ga 6s Cen Leather 5s... Cen New Eng 4s.. Cen Pac gtd 4s. . . Cerro de Pasco 8s. Ches & Ohio cv 5s 275 do cv 4 'As 118 96 96 91 9H4 99. 99V 19 107 106 107 38 834 79 82 4 96 96 96 47 1105s 110 110 269 80 79 79 30 100 100 100 25. 98 97 97 32 6S 67 68 64 89 89 89 47 119 118 119 96 89' 94 88 95 68 C B & Q ref 5s A. 115 101 li 100 100 Chi & E 111 5s S9 83 Chi Gt West 4s... 52 60 U M&St P cv 4S 333 70 82 59 do ref 4M-s. Chi & N W 7s C & N W 6s Chi Rys 5s C R I & P gen 4s. do ref 4s Chi & W Ind 4s.. CC & StL gen 4s 155 65 7 108 14 110 25 80 61 84 894 82 13 75 12 82 59 69 V4 62 65 108 108 110 110 9 .79 82 81 74 Chile Cop 7a 26 106 105 . do 6s 123 92 92 Colo Ind 5s 14 78 Colo & S ref 4s. 18 90 Col Gas & El 5s.. 8 96 Con Coal Md 5s.. 53 90 Cons Gas 7s 773 123 , Cuba C Sgr deb 8s 244 90 do deb 7s Ill 90 Cuba R R 7s A. 17 105 Cuban Am Sgr 8s. Dela & Hud cv 5s D & R G imp 5s. Detroit Ed ref 6s. Det Un Rys 4s. . Diam Match 7s. Dist Sec 5s. Du P de Nem 7s Duquesne Lt 6s... Erie gen 4s do pr lien 4a... Fisk Rub 8s Fram Ind Dv 7s Gen E'ec deb os. . 84 82 75 82 105 92 78 89 8 88 121 89 48 78 68 95 88 119 87 86 103 104 23 107 106 107 4 2 98 97 97 70 81 81 81 55 103 102 103 it e os -a a 1 108 108 108 4 45 45 45 61 107 107 107 79 108 102 103 133 65 54 55 ld DO ""TV 15 107 10 91 99 !V7 107 97 101 15 101 101 Good Tire 8s, 1931 192 101 101 101 do 1841 59 116 115 116 Gd Tr R of Can 7s 40 113 112 112 do 6s 59 104 102 103 Gt North 7s A 235 110 Mj9 110 do 5s B 12S 102 1011 102 Hud & M ref 5s A. 157 85 S4 85 do adj inc 5s.. Ill 64 64J 4 in uenirat os... o iuj iuii joa do ref 4s 40 w 111 Steel deb 4s. 5 91 Ind Steel 5s 57 100 Inter-Met 4s ... 113 12 do 4s ctfs 652 12 Inter R Tr ref 5s 181 70 inter Mr Mr s i 6s 86 Inter Pap ref 5s B 135 Invincible Oil 8s. . 40 Iowa Cen ref 4s.. 20 91V? 9114 ivu 100 K C Ft S & M 4s. K C Sou 4s Kel-Spg Tire 8s. . Lack Stl 0, 1923 do 1950 L G of St L 1st 5s LS&M S deb 4s,'28 87 97 45 80 89 49 108 3 100 27 89 8 91 U 94 do 1931 38 93 :oo )12 0 tv 9J 45 79 89 108 100 89 90 94 1 93 103 96 99 107 107 11 68 96 86 95 44 79 88 108 100 94 93 96 98 Lehigh Valley 6s.. 9 103 102 ng ac flyers as., it 97 Lorlllard Ss 10 99 L & N ref "5s. . . 70 107 L & N unified 4s. 85 93 93 93 Mar St Ry con 5s. 52 88 87 87 Marland Oil 8s... 50 102 102 102 .viexican t-ecroi os iu lull l(o Midvale St'l cv 5s 182 90 88 ivi ct i. ret OS.. -iU 40 4.1 M St P & SS M 6s Mo Kan & Tex new pr lien 5s A do new adj 5s A do 1st 4s Mo Pac gen 4s. 28 103 103 68 239 97 689 84 57 83 66 OS 72 84 56 '82 64 97 70 106 89 45 103 84 57 82 66 97 71 Montana Pow 5s A . 24 N O T & M inc 5s 25 N Y Cen col 7s... 139 105 1J)5 105 do deb 6s 292 108 . 106 108 I do con 4s 15 84 84 84 N Y Edl ref 6s.. 63 110 109 110 N Y X H & H cv 6s, 1948 do deb 4s, 1957. N Y Rys ref 4s ctfs in Y l aeb 6s, 1949. do ref 11S 81 9 67 45 37 53 lOS 80 57 37 106 N Y W & Bos 4s Nor & west cv es Norf & W con 4s. . No Pac pr lien 4s ; No Pac-G N jt 6s No St P ref 5s A. N W Bell Tel 7s . . Or & Cal 1st 5s... O K & N 1st 4s... O S L gtd 5s ctfs. . do ref 4s O W R R A N 4s . . Otis Steel 8s A. . . . Pac Gas & E 5s . . Packard M C Ss. . Pan-Am P & T 7s. 1941.. 112 105 105 80 57 87 107 103 30 SO 56 54 49 113 110 113 39 92 91 92 41 89 89 89 21 103 10S 103 28 91 91 91 71 107 107 107 2 89 89 12 105 105 89 93 91 141 S2 82 101 101 100 41 91 00 30 107 107 9 101 101 Pa R R 6s...... 109 109 109 21 48 20 29 171 58 91 95 94 102 77 106 100 98 96 96 92 101 99 95 95 102 100 93 78 100 100 98 86 97 110 104 79 Copenhagen 6s-. 65 City of Lyons 6s. . 101 City Marseilles 6s. 75 Kio da Janeiro 8s. 210 100 City Ban Paulo 8s 60 101 City of Tokio 20 71 City of Zurich 8s. 47 112 Danish Mun 8s A. 17 108 Dent of Seine. 7s. . 279 93 Can 67o ns, 1929 134 101 100 OD va, JLJ1 ZJO 119 D m ind US, 1847. 388 95 Dutch E I 6s, 1962 468 95 French Repub 8s.. 371 1021 do 7s 895 100 100 Japanese 1st 4s. 283 93 93 CO 48 227 78 King of Bel 7s. 126 107 do 6s 87 101 King of Den 6s... 133 99 King of Italy 6s 202 96 King of Nether 6s 199 97 King of Norway Ss 94 110 110 King of Sweden 6s 69 104 103 Pans-Lyons-Me Cs 147 80 791; R of Chile 8s, 1946 198 104 Vi 100 100 R of Cuba 5s, 1904 22 96 96 96 Re of Uruguay 8s 23 105 103 105 State of Queens 7s 55 110 109 110 - do 6s 125 102 101 102 S of R G do Sul Ss 4.T 102 100 100 Swiss Confed 8s.. 66 110 118 118 U K of G B & I 6s, 1922 185 110 110 110 do 5s, 1929.... 219 110 110 110 do 5s, 1937 204 104 1034 104 TJ S of Brazil 8s.. 349 101 100 " 100 U S of Jlexico 5s. 77 58V4 57, 58 do 4s 190 46 45 45 Railway and miscellaneous bonds Adams Express 4s 2 80 80 80V AJax Rubber 8s. . . 80 100 99 99 63 104 104 104 124 93 92 93 134 103 102 102 40 115 115 115 10 UU Sift 35 87 85 40 91 90 179 93 92 o 12 93 79 81 88 81 71 73 81 81 77 0314. 28 45 99 101 92 97 35 9 102 , 80 93 78 81 7 80 70 72 79 81 76 ,62 27 44 98 99 89 105 92 82 100 91 107 101 109 101 93 97 M5 98 102 85 93 78 81 87 81 71 73 79 81 77 63 II TAX DAiEl 0 son 1 Public Is Urged to Guard Against Freak Laws. CALIFORNIA TRADE GOOD Building Active, Crops Excellent and Buying Power Increases, Says H. B. Ainsworth. 44 98 Amer Agr Ch 7s Amer Smelting 5s. Amer Sugar 6s... A T & T cv 6s . . . do col tr 5s .... Am Writ Paper 7s Armour & Co 4 At T S Fe gen 4s. do adj 4s ' At C L 1st con 4s Atl Refining 6s. ialt & Ohio 6s, 91 84 90 64 103 103 99 85 90 92 84 91 103 92 90 88 102 97 69 92 89 87 102 97 6S 99 100 94 106 105 106 59 62 63 64 103 103 103 104 95 95 95 95 88 89 9 193 103 103 41 111 110, 111 1 87 87 30 96 96 39 109 108 196 91 90 138 103 103 43 91 90 63 105 105 105 12 t or B 25 99 99 7 100 S3 65 65 89 86 85 8 110 110 9 108 107 4 74 74 22 100 100 do cv 4s 240 85 Tel of Pa 7s. 41 H(S 123 101 10O 100 84 1074 85 107 do gen 5s 89 102 do gen 4s 72 93 Pere Marq ref 5s. . 43 98 Peo & E inc 4s 25 Pierce Oil deb 8a.. 5 9S Prod & Ref 8s 21 102 Reading gen 4s... 94 86 Kep 1 & st col as. R G & W 1st 4s.. RIA&La4s.. S L I M & S ref 4s S L & s F adl 6s do inc 6s do pr lien 4s A. 209 StLSW 1st 4s . . 12 StPKCShL4s. 4 S A & Aran P 1st 4s 5 Seahd Air L eon 6s. 85J do adj 5s 13 1 do ref 4s 87 SharonS Hoop 8sA. 21 Sinclair Oil cv 7 3 123 104 104 104 do col 7s 179 99 98 99 Sou Pacific cv 4s.. 139 92 do ref 4s 61 90 doeol tr4s 65 88 Sou Rygen 6s ... 136 102 ao con os ii do gen 4s 234 69 S P Rico Sugar 7s. 178 100 SOU of Cal deb 7s. Third Ave adj 5s. . 209 62 do ref 4s 27 64 Tidew'rOsctfs 21104 Tob Pdts7s 20 104 U P 1st 4s 69 95 do cv 4s 25 95 do ref 4s ... 63 89 U Tank Car 7s ... United Drug 8s . . . U Ry Inv 1st 5s, Pts U S Realty 5s U S Rubber 7s . . do 5s US Steel 1 Ss... Utah Pow & Lt 5s Va-Car Chem 7s Virginian Ry 5s.. Wabash 1st 5s West Elec 5s West Md 1st 4s.. West Pac 5s West Union 6s.. West Elec 7s W & L Erie 4s. W-Soncr St 7s Wlsn &. -Co sf 7 156 104 104 do cv 6s 40 03 Vi 92 Wis Cent gen 4s.. 7 81 Cz Slv rep 8s ctfs 244 96 Dom Can 7s 1952. 601 99 Rep of Bolivia 8s 17S 100 C M & St P cv 5s 65 74 Em G & F 7s cts 187 98 Mo Pac con Os... 104 100 N E T & 1 fst mt 101 98 No Pac ref 6s... 740 108 107 108 P T & T 5s 1952 c 115 92 92 92 Pub Serv 5s 42 85 85 85 Sinclair C Oil 5s 190 98 98 98 Un B & P 6s A ct 117 98 96 98 Va Car Ch 7s ctfs 147 98 98 98 Total sales of bonds for the week were J2,374.0"0 87 96 108 90 103 91 99 Business conditions in California r more favorable than for a- long time, ac cording to H, B. Ainsworth, first vice president of the Wells-Fargo Nevada Na tional bank of San Francisco, who hs.s been visiting his brother, J. C. Ains worth, president of the United States National bank. 4,The evidences of growth and stability ao noticeable in this district are equally marked in San Francisco and Los An geles." declared Mr. Ainsworth, "and barring serious interference due to strikes or freak legislation, it may be safely assumed that the worst of our post-war troubles are over. "A very active building programme is glvlnff employment for all who care to work, ejid. added to this, the large rail road buying orders are stimulating prices and encouraging all lines of industry. "Excellent crops throughout the United States and an improved market have gone far to restore the buying oower of the farmer, and as this is said :o rep resent practically one-half of the buying power of the nation, our merchants are looking forward to a better volume of business, with the reasonable assurance that further radical price recessions are no longer a menace. "It seems to me that an era of unpre cedented prosperity may be looked for, if we will make the most of our oppor tunities. "One of the greatest dangers, as I can see it, lies in the apathy of our Ameri can citizens toward public affairs and legislation. Politicians and their iiench men, in and out of public offrce, are constantly active in evolving schemes for separating the taxpayer from his mmey and the rate of increase in the public debt of Oregon and California should prove a warning to all loyal citi-zer-s who would attract industry and wealth to our states rather than to mark them as centers of -freak legislation. The sound sense of the great American public cannot be questioned, but our progress muse depend to a large degree upon the awai-enlng of public confidence and th giving expression and force to the will of the majority." .. A liew bond issue which has directly to dq- with the further development of Oregon's agricultural landfc will be placed upon' the market by G. E. Miller & Co tomorrow. This is the $400,000 issue of Eagle Point Irrigation district 6 per cent goldi bonds. T'he Eagle Point district comprises ap projtimately 19,000 acres of land north of Med;ford. Settlement of the section start ed as far back as 1S50 and agricultural development . has been going on ever sinoe. At Uie present time a large part of the land which will be irrigated through the new bond issue Is already unper cultivation and is dotted with or cbtards, grain fields and pasture lands. Foj- some time irrigation has been going on in the district, but for the most part th individual farmers have owned their owin systems. The bond Issue will place all projects under one system and the interest and principal on the issue will b paid through taxes levied upon the entire property of the district.. The col lection of these taxes will be handled by tjne county authorities. ( The bonds of this district are con sidered by bond men to be among the rjest of any that have been placed upon irrigation districts in Oregon. They are gaid to be equally as good as those of the ipsue placed upon the Talent district, also of Southern Oregon, some months' ago. Tihey will mature serially from 1927 to lv47 and are scheduled to yield 6.25 per sent annually. ' k nnha,. Hnnri lECila nf a nnnlv ln.,1 naVure that will be offered some time this waek Is the Blyth Witter & Co. syndicate J.f ( the $650,000 worth of 6 per cent 10st mortgage bonds on the Wells-Fargo Mildtng. Some time ago this building; which has Jr years been the home office headquar- yjrs of the Oregon-Washington Railroad Navigation company, was sold to San Francisco residents. The new issue of bonds will place a first mortgage on the Structure. i Builders who have investigated the ftuilding since the first thought of the Jiond issue was made have declared that t'he construction could not be made today or less thsn $1,000,000. The bonds are denominations of $1000, $500 and $100. ioey will mature serially from 1923 to la'36 and are scheduled to yleeld 6.50 per ceot. JThe railroad strike is one of the prob- lems that is causing worry to the busi ness Interests of the country. Shippers are becoming more and more cautious in routing their cargoes of perishable goods. There already have been big delays in the shipments of transcontinental freights and the situation is anything but pleasing to those interests that must depend upon the railroads for their service. A recent letter of the Moody Investors" Service has this to say about strikes in general: "Waiting markets are usual at this season of the year, and this is excep tionally true now because of labor and political problems wnich tend to hold back new business. Nevertheless, the major developments are favorable. To be sure it is reported by high authority that close to 1,250,000 persons are idle because of strikes and that the conse quent loss is about 10,000,000 man hours per day. Figuring at an average of 70 cents an hour, the loss of $7,000,000 per day looks very imposing at first sight; but when we consider that wage losses in the case of unjustifiable strikes are as apt to be beneficial as Injurious, r the case puts on a different appearance. I The belligerence of labor organizations ! is partly proportionate to the surplus j earnings over living requirements of the I men; and sometimes the public interest calls for less belligerency. "Except for the two big strikes how ever, unemployment is gradually dimin ishing. In the metal and machinery trades of Pennsylvania, for example, the number or unemployed, according to the state labor department, was only 25,000 July 1, as compared with 33,500 June 15 and 49,075 May 15. Likewise in the factories of New York state the number of persons employed increased 2 per cent during June, although it usually shows a slight decrease for the month. "Industrial expansion Is indicated by the June shipments or iron ore via Lake Superior. These were 6,629,711 tons against 3,600,989 a year ago. Building operations in May established new high records in many sections and the growth of industrial building is consum ing more and more steel. Freight .car loadings last week showed a slight de cline from the previous week, but a sub stantial gain over the previous year. In the event of an early settlement of the big strikes, then a very prosperous au tumn trade is to be expected." EXPORT BUSINESS WHEAT IS LARGE LIS BUSINESS GROWS BETTER DE SPITE STRIKES. Exchange of Checks Over Country 20 Per Cent Greater Than. . Month of Year Ago. Foreign Buying Is Greatest Since War. CHICAGO TRADE MIXED 100 100 65 85 110 107 74 100 104 93 81 96 98 100 100 73 74 98 98 100 100 97 81 95 98 CITY OF Mills, Wyoming 6 GENERAL OBLIGATION WjATER BONDS Dated June 2, 1022. Optional After 15 Yrs. Due June 2, 1952. Denomination $500 FINAA'CIAI, STATEMENT Actual valuation, real estate J625.000 Assessed valuation 284,000 Total bonded debt (this issue only) 70,000 Price par to yield 6 BY ALEXANDER DANA NOTES. (By Chicago TTibune Leased "Wire.) NEW YORK, July 30. Not withstand ing the more or leas confused situation caused by the labor trouble in the coal and railway Industries, the fact whicb appears to stand'' forth unmistakably is that the business revival which got un' i der way last spring is continuing. Apart: from the two unsettled strikes all signs ! of increasing financial and industrial ! activity have continued to point in the i same direction. The latest monthly fig- ures of the country's iron production were the largest of any month since 1920, ; and exceeded even last March by 20 per j cent The latest monthly report on steel j production showed an increase of 160 j per cent over the same month of 1021. ; Orders on the steel corporation's books at the beginning of J uly overtopped those reported at the beginning of the year by 1,367,000 tons, or 32 per cent. Weekly exchanges of checks drawn on ' the banks of the United States have this month been, running 20 per cent or more above last year. In the face of the rail- ! way mechanics' strikes, weekly -loadings of freight on the railways reached in the middle of July nearly the highest level of the year; indeed, if coal Is elim inated from the comparison, the number of cars loaded was the largest of any week on record except for a short time in the autumn of 1920 when it was claimed that the highest mark In rail way history had been reached. ' All this may be true and yet the situ ation be completely reversed, so far as concerns the revival of production and trade, by indefinite prolongation of the coal and railway strikes. It is possible to imagine, as a result of such prolonga tion, industrial conditions under which the largest mills would shortly have to stop for lack of fuel ; in which unem ployment would be forced on a scale not witnessed in the worst part of 1921: in wfeich the problem with many essentials would be not so much their cost as the possibility of obtaining them at all. This would certainly be substituting hard times for business revival. But the best assurance against such a chapter of events is the fact that every one, including the labor unions, is per fectly well aware of the probability of these results if the strikes are to be con tinued indefinitely. On the other hand, supposing an early settlement , of both industrial disputes, a curiously interest ing situation would result. If business activities are being now held back by the uncertainties of the labor situation. if orders have been turned down because!) of doubt regarding fuel and transporta tion facilities to fill them, then the pres sure of such facilities when the restrain ing influence was removed would be ex ceptionally good. Which ever wind blows we are entering ari autumn season that is bound to be full of Interest, America Iiikely to Supply Europe "With Great Quantity of Grain This Year. BY CHARLES D. MICHAELS. (By Chicago Tribune leased wire.) CHICAGO. July 30. The grain trade is mixed. On one hand, there is a large export business, on the other an Increas ing movement of new wheat and light speculative trade. It is & supply and demand market with sufficient of both to satisfy requiremeiita of millers and exporters and not enough speculative trade to be a facter in making pricea. This causes sharp fluctuations within a moderate range. , Wheat had a range last week of Wo and closed with losses of c. September showing the most strength and December the least. Corn closed .u higher for July, and 2e lower for other futures, with December leading. Oats were 5fc lower to higher, the latter on September. Rye lost 2&3c, lard 12&13c and short ribs 42 55c for the week. Export Buying Largest Since War. Export buying of wheat last week was the largest since the war. Heaviest purchases were on Friday when 3,200,000 bushels were sold for export at the gulf and 2,000,000 bushels at Chicago. Most of the business was late in the day. The big buying of September and December in the last 30 minutes of trading on Sat urday was to cover shorts for a New Tark onerator who turned bullish on stocks and evidently thought it time to eet In on hlB wheat. That so much wheat could be bought with so little erfect on the market Bhowed an abun dance of offerinKs from various sources. There is also a large amount of new buying with sales for shipment extend ing from August to December and in cluding hard and red winters. England, France and Italy are the heaviest buyers. Europe will seed large quantity of wheat this season and indications are that America will sup ply a liberal percentage. How much ef fect its buying will have on prices de pends upon the size of the purchases and the volume of speculation. Wheat stocks are larger than last year and there are more factors which tend to affect wheat prices adversely than last season. There is a big potato and rye crop being marketed at lower prices and trade expectations are it will sell nearly down to corn values. With wheat, rye und potatoes it naturally should affect consumption of wheat. Price Stability Sought. There are indications of an economic movement under way to sustain grain prices around a good level to assist in more rapid revival of business activity. The plan of the propagandists has not been divulged, but they are watching the situation closely and wjii maKe their move a little later. It would be a good thing for the country in general to have the grain prices maintained around the present level, although the trade is di vided on this point. Pressure was put on December corn early and it declined to the lowest of the season so far, 5c. Those who are selling it expect to see prices materially lower should nothing happen to the crop. A covering move ment later in the week, owing to July corn moving up from a discount to lc premium over September, made an ad vance from 57 c to COHc- It has moved of late from half cent premium over September to 4c discount and 4c at the close. Those who are bearish await a narrowing of the spread before renewing their sales. convention held In recent years. Conse quently the intimations of this year's range of prices are not very numer ous. Undoubtedly the largest deal of the convention period was the purchase by Steinhardt & Kelly of New York, of the entire block of King Davis from the Ajnerlcan Fruit Growers orchards at Wenatchee. This block will run to 13 carloads or better; but the sale price has not been made public Other sales of the convention, with price indications, were one lot of Yel low Newtowns from the Hood River dis trict at fl.50, extra fancy; a few deals for Delicious at 2.50, and a number of sales of Jonathans at $1.50, with a pre mium of from 10 to 15 cents for ship ments prior to October 10. No sales were made on Winesaps, Rome Beauties or other varieties. The total sales during the convention period. It is said, will run to fewer than ! 200 cars. In earlier conventions the sales 1 have been much heavier. Two reasons are advanced for the fewer transactions of last week. In the first place, the Se attle convention was held two weeks earlier than usual; and, secondly, the purpose of the Pacific northwest fruit growers in bringing the convention to this section was not so much to effect sales of carry on trade negotiation as it was to get the members of the interna tional association into the northwestern orchards and Into closer touch with con ditions in this great producing region. The Seattle convention was free from "peddling" on the part of the producers, and every sale made is said to have been on the initiative of the visitors. Many of the visitors left for Portland Saturday and the remainder went down today. Now that they have gone, the members ot Seattle committees concerned in their entertainment are gossiping over an Incident of the formal cere monies of the opening session of the con vention last Wednesday, which hosts and visitors refrained from discussing white the convention was on. At the opening session the delegates were welcomed to the state by Lieutenant-oovernor w. J. Coyle, to the city by Mayor Brown, an on behalf of the chamber of commerce by Colonel Howard A. Hanson of the state development bureau. When these three dignitaries had spoken their pieces they faded out of the convention picture so promptly that Edward J. Hearty of Boston, rising to respond to the assorted welcomes, found no one officially qual ified to receive his thanks. - The usual expressions of gratification at being In the city and state had to be eliminated from Mr. Hearty's speech. This incident did nothing to detract from the general enjoyment of the visit ors. Aside from the serious business of the convention Uie delegates naa a good time in Seattle and expect to have a good time in Oregon. It is generally un derstood among the delegates that an other convention will be brought to the Pacific northwest within the next five years, to be held, either in Portland or Spokane. APPLE SALES ABE FEW TRANSACTIONS OP SEATTLE MEET UNDER 200 CARS. Members of International Ship pers' Association Visit Pro ducing Regions. PUGET SOUND BUREAU, Seattle, Wash., July SO. The convention of the International Apple Shippers' association, held in Seattle last week, is said to have been marked by fewer sales than any V iHOERlS BROTHERS C0RP0MH0N Government and Municipal Bdnds BMaslPorfland, i&ifeg CITY OF Morton, Washington DISTRICT NO. : 8 PAVING BQDS uatea Aogr. l. hkks. optional Aug. l,;x023. Due Auk. 1, 1834. Denomination 500. Eat. Maturities 1923-1034. FINANCIAL STATEMENT Assessed valuation, entire city. . -$964 672 Real valuation, entire city f 42o'o00 Assessed valuation, (this districK 209 510 Real valuation (this district) " 325 6S2 . 1 .T.J j..Vt C ! uenerai uunueu ucul. . . . . . .fj,nQ0 13 .Jess for water. T DEBT ...... 7,000 Nothine- Prices to yield 634 Bdwy. 8151.Telegraplt teIephoie ordrr. ,t expen,e Bdwy. iJ51 Bonds of a Basic Industry You cant get along without sugar. Consumption is increasing faster than production. The business of the strong producing companies has returned to its stabilized normal basis. Relation of current assets to current liabilities ($3,321, 663 versus $283,138), ratio of 11 to 1. Relation of total assets to total indebtedness ($14,660, 662 versus $3,783,138), nearly 4 to 1. ' Relation of net earnings (average during past ten years $1,142,000 per annum) to maxiumum interest require ments on these bonds, more than 4Vz times. During past six years $2,000,000 of its preferred stock retired through surplus earnings. Directly owns or controls through subsidiaries seven mod- ern, fully equipped refineries in widely diversied loca tions California, Colorado and Wyoming assuring un interrupted supply of raw material. Appraisal of plants exceeds book value (real estate at cost and plants and machinery depreciated) by $447,000. Increase in annual output of refined sugar since 1905 (from 50,000 bags to more than 1,000,000 bags) 3900. Inventory losses due to price deflation have been taken and company has reserves for depreciation and contin gencies of $3,876,435. These are a few of the high lights on the Holly Sugar Corporation, whose first mortgage fifteen-year sinking fund gold bonds are available to you at par and accrued interest, to yield 7 without deduction for 2 normal federal income tax. The company is one of the large beet sugar refining companies of the United States. It was established in 1 905 and has been successfully oper ated ever since. The management of the company is nationally recognized as of the best. The officers and directors are eminently qualified. In addition to the sugar properties the company owns 50 of the capital stock of the Holly Oil Company, a producing concern with valuable holdings in the Huntington Beach district, California, now , developing lands formerly belonging to the Holly Sugar Corporation. Finishing cattle on sugar beet pulp is a source of large revenue to the company. These bonds offer yon a prime investment. Wire or telephone orders "collect." D enominatio n s $500, $1000. Ask for circular with fall details. SM, Freeman, Smith & Camp Co. PomaNo Sam fmncisco. Los Anacixs . Oakland ) Firm AMD STARK HOUHD PLOOII L.UMBERMENS BLOO, PORTLAND. ORE.' PHONC -BR DWAT S740 LONDON STOCKS ABE FIRM Demand for Good Investments Continues Steady. (Chicago Tribune Foreign News Service. Copyright by the Chicago Tribune.) LONDON, July 30,; Despite a cloudy political horizon and the Italian minis terial crisis which has delayed the Air rival ot Premier Poincare in London to confer with Premier Lloyd George over some arrangement of the reparations matters, the London stock market was very little affected in the last week. The general tendency was extremely irregular but there has not been a great volume of business enterprise. Price ac tivity was ohiefly confined to the gilt edged and home rails sections. A broadening of demand for good in vestment has continued. All offers, either of a government nature or of sound stock issues, were snapped up in record time. General trading, outside of routine transactions, has hit a dull period, an even smaller movement in stocks being anticipated until the end of August when the holidays are over. Gilt-edged, while firm, inclined to the bull side. The British government se curities reacted, their best war loans. Victory bonds, being quoted slightly lower. Indians remained stationary, ex cept for some isolated titles which rose higher. Phone ydur want ads to The Ore gonian. Main 7070. Lincoln County Oregon 534 ROAD BONDS Dated Due Sept. 1, 1921. Sept. 1, 1927-34. Denom. $500. Price to Yield 5.10 Income Tax Exempt t RALPH SCHNEELOCH COMPANY MUNICIPAL ll--MMHj CORPORATION Second Floor Lumbermens Bldg. 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 as 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 tho manner prescribed by the secretary- of the treasury, are called for redemption on December 15, 192, pur suant to the provision for redemption contained in the. notes and in treas ury department circular 138, dated April 21, 1819, under which the notes were originally Issued, interest on all the 4 per cent Victory notes thus called for redemption will ceaso on said redemption date, December 15, 122. 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, 12'6. 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 2ft. 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. IF YOU BUY BRAZIL GOVERMENT BONDS today, you will get A u g us t 1st Coupon worth $11.00 on each 100. These bonds show 8 income. UNION SAFE DE POSIT & TRUST CO. 284 Oak St Safe Deposit Boxes Suggestions For August Investment Municipals Yielding to 525 Due Yield Net Myrtle Point, Or.. 6Ws, Serially 1926-'35 5.25 Lane County, Or., 5s 1934 4.70 Coquille County, Or., 5s '32-1952 5.10-5.50 Ephriam. Utah. Water 5a ' 1936 5.26 Marion County, Or., 5s 1927 4.70 Canadians Yielding to 6 Neur "Westminster, B. C, Water 6s.' 1952 6.00 Prov. of Ontario 5s. 1952 5.25 Corporations Yielding to 7Vi Wheeler Timber 1st Mortgage 7s. . ., 1926 7.05 Wm. Hanley 1st Mortgage 7&s 1924 7.50 A continued rise in bond prices, with a corresponding decrease in yields, is clearly indicated by conditions of the bond market at the close of July. Investors vrho take advantage of the present situation to increase their holdings of securities will assure themselves of sub stantial profits. LUMBERMENS Broadway and Oak WHY NORTHWESTERN ELECTRIC CO. 7 Cumulative First Preferred Stock is in demand at .00 per share (subject to change) Par value $100 per share Xot taxed in Oregon Preferred Stock Outstanding as of May 31st 7 First Preferred $2,016,600.00 6 Original Preferred 298,000.00 Convertible into 7 First Preferred. The total dividends for the year 1922 on this stock is $159,000. The Net Profits for the first five months of this year, were $187,817.00, which exceeds- the dividend require ment on the preferred stock for the entire year by $28,800.00. It is estimated that the total net revenue for the year 1922 will be approximately 2 times the total dividend require ment. Savings plan of Partial Payment makes it easy to buy this sound security with its assured returns. "The Standard Investment Stock of the Northwest" J. G. TAVARES, Mgr., Stock Sales Dept., Northwestern Electric Co. Sir: Please send me additional information concerning your investment. Name Address ,....0 NEW ISSUE $3,500,000 Holly Sugar Corporation First Mortgage Fifteen-Year 7 Sink ing Fund Gold Bonds Dated July 1, 1922 . Due July 1, 1937 Holly Sugar Corporation is one of the large beet sugar companies of the United States, with a present annual output of approximately 1,000,000 bags of refined' sugar. These bonds are secured by a first mortgage on all the physical properties of the Holly Sugar Corpora tion now owned or hereafter acquired, and consti tute its only funded debt. No mortgage can be placed on the properties of these subsidiaries while any part of this issue is outstanding. After giving effect to present financing, as of June 30, 1922, the Corporation showed total tangible assets in excess of $12,000,000. As of the same date current assets amounted to $3,321,663.18 against current liabilities of but $283,138.59, or a ratio of more than 11 to 1. Price 100 and Accrued Interest, Yielding 7 III I Bond & Goodwin Tucker INCORPORATED AM FRANCISCO UKTTEO STATES NATIONAL BANK BUHDIMC v PORTLAND 1Q AWCEIEI JEATTU 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 references. All applications treated in strictest confidence. P 836, OREGONIAN Phone Your Want Ads to The Oregonian. Main 7070 Automatic 560-95 V i