THE HORNING bREGOXIAN, SATURDAY, AUGUST 19, 1022
21
GERMAN CURRENCY
VALUE IflRIIG NIL
Further Decline Feature of
Financial Market.
STOCKS ARE HOLDING UP
Wall Street Confident Coal and
Railway Controversies Will
Be Settled Shortly.
BY ALEX DANA NOTES.
(By Chicago Tribune Leased Wire.)
NEW YORK, Aug. 18. In the broad
fild of financial events the further col
lapse of the German mark was the out
standing occurrence of today. Our own
stock and .bond markets continued to
display the composure and confidence
which th1 have maintained ever since
the coal and railway controversies be
came acute. But this was merely mani
festation of an unchanging attitude. The
movement of mark exchange indicated
that Germany's financial problem was
passing into a new phase.
The day's decline to 7 hi one-hun-dredths
of a cent, as compared with 84
the day before, with 14 c a week ago
and with 2514 c in July, could not be ac
curately described except as indicating
an acute stage or currency panic. It
was not a consequence of news from
the commission's deliberations over the
moratorium on reparations payments;
there was no indication during the hours
of business today aa to what theirde
cision would be.
There is no great use in assigning the
blame for this reckoning which has
overtaken the German currency: the
practical question in finance being what
will stop the progressive movement to
ward virtual worthlcssness and where it
can be made to stop. The present decline
may be1 temporarily overdone; panickly
liquidation usually has that effect in any
market. But even the granting of a
long moratorium ' on foreign payments
could hardly reverse the movement now.
unless accompanied by an effective home
or foreign loan,' or both.
Wall street was left as ignorant today
. concerning the course of the railways'
negoations as it had been yesterday. Un
der other circumstances, this might -have
caused misgivings as an indication of
deadlock in the conference. It had no
such effect on this occasion, obviously,
for the reason that the failure of pre
vious efforts at settlement has occurred
along with prompt and immediate rejec
tion of a compromise plan as inadmis
sible. Prolongation of this latest discus
sion was therefore regarded on the
whole as indicating purpose on both sides
of finding a basis of agreement.
President Harding's message to con
gress published during the afternoon had
no effect on financial settlements.
AMERICAN TELEPHONE STRONG
Company Will 'Handle Note Maturity
Without New Financing.
J-?,..t'hicaeo Tribune" Leased Wire)
NfiW YORK, Aug. 1 S. The acti vfty of
American Telephone Telegraph today
approximateing IO.O00 shares turnover
was generally attributed to the recent
statement by the company that it would
handle its J3o.OOQ.00o note maturity on
October 1, without any new financing.
This was construed In Wall street as
. v,aence ot the companvs claims
as to a strong cash position. The stock
moved only fractionally.
As a result of the announcement of a
readjustment of the financial structure
of tho Bethlehem Steel corporation, to
be made in connection with the merger
with the Laokawanna steel .ompanv
trading in the new stock started on the
curb market on a "when issued" basis
Under the plan there will be only two
classes of stock outstanding, namely
common and preferred, ail of which will
have voting power against four classes
or stocks now outstanding.
The new common stock on a "when
Issued" basis opened at S2 and immedi
ately dropped to 18", and the preferred
fter opening at 100 dropped to 9.
Trading In both Issues was on a small
scale. There was considerable arbitrage
trading in the old stock in view of the
fact that at current prices of Bethlehem
Lackawanna will be, taken in at around
fS5 a share and with Lackawanna sell
ing around 80 professionals were selling
Bethlehem and buying Lackawanna.
Worthington Pump common attracted
Attention in today's firm market by de
.ettnlng from 504 to 45 and recovering
to 4TA. at which level it scored a net
loss of Zhi points.
A tentative plan under which the
Maxwell Motor corporation will take over
title- to all properties of the Chalmers
company is understood to have been
agreed upon as a result of negotiations
recently carried on by the former com
pany and a committee representing the
Chalmers holders. The terms of the
plan, according to report, will give each
holder of a $1000 note of the Chalmers
company 10 shares of Maxwell Motors
"A" stock and 10 shares of the B stock
in addition to $B0 in cash. The holder of
10 shares of Chalmers preferred stock
will receive six shares of Maxwell B and
the holder of 30 shares of Chalmers com
mon stock will receive one share of
Maxwell B.
do inc 6s 1SB0
St L. & S W 1st 5s . 1!SJ
do con 4s 1132
do 1st 4s 1!V,
Tex P..c 1st 5s '. . 20
In Pac 1st 4s 1!'47
do cv 4s 1!27
do ref 4S 2'ioS
do t;s l!l-'S
Un Tank 7s 1030
Wabash 1st 3s 1IB9
do 2d 5s lifts
West Pac 5s 1S48
indust rials
Allied Packers fis 1!39
Amn Agr t.'h 7's 1!41
Armi Sin 1st 5s 1147
Amn Tob 7s . 1023
Anaconda 6s A............. 1020
do 7s H 1020
Armour cv 7s 1030
do his 1039
Beaver Board 8a 133
Beth Steel 7s 1123
do eq 7s .. 1935
do ref 5s 1042
Cerro de Pasco 8s 1031
Chile conv 6s A 1932
do conv 7s . ... 1923
Col Graph os 1!I2,"
Copper Kxp 8s ............ 1923
do Ha 1924
do Ss
Colo F & I fc'en 5s..
Colo lnd os
Cuban Amn Sug 8s
Cuban Cane cv 7s
Distillers Sec cv 5s
Diam Match 7 his .
Dupont IhiB
Knipire Gas Fuel 0s
FisU
1925
1943
1934
1931
1930
1927
1935
1931
1924
8s 1941
den Elec deb 5s
do deb tis
Goodrich 7s
Goodyear Ss
Heinz 7s
Hershey 7Us ,
111 Steel deb his ..
lnd Steel 5s .
Int Agr 5s
Int Marine CT 8s ..
Kelly Spgfield 8s ..
Kennecott 7s
Lack Steel 5s
do 1st 5s
Libby McN Lis
Lig & Myers 0s
do is
Loriilard 5s
do is
Midvaie 5s
Morris & Co 74s ...
Proc A Gamble 7s . .
Republic I & St 5s..
Sears Roe 7s
do
Steel & Tube 7s
Swift & Co 7s
do
1952
1940
1923
1941
1 930"
1 930
1940
1952
1932
1941
1931
1931)
1923
1 950
1931
1951
1944
1951
1944
1936
1930
1923
. 1940
1922
1923
1951
1 925
9.;i
l"n Drug 8s 1941
U S Rub 1st ref 5s
do 1
V S Steel sf 5s
Va Chem 5s
V'a Car Chem 7t.s .
West Klec 5a
West i; T col Tr 5s
West Union If-s
Wilson 1st 6s
Wilson cv 6s ........
West Klec 7s
WestinghouFe 7s
Puhiic utilities
Am Lt & Tran 6s .
Am Tel coll 4s
do 5s
Am Tel 6s
Bell Ttl of Pa 7s . .
B K T 5s '.
Cal Gas uni 5s ....
Cities Service 7s B .
do C
do D
Int Met 4V.S
Int K T ref 5s
Laclede Gas 7s ....
Mont Power 5s A
Northwest Tel
Pac Tel 5s . .
Pac Gas 5s .
Souwest Tel 7!
Oil bonds
Anglo Am 71s 192."
Atlantic Ref 6is 1931
Galena S Oil 7s 193o
Gulf Oil 7s 1933
Humble 7s 1923
Pan Am 7s 1930
Mex Pet cv Ss 1936
Sinclair 7V-B : 192.-.
S O Cnl 7s 1931
do X Y 7s 1931
Tidewater Oil Bhi 1931
Vacuum Oil 7s 193ft
I-oreisn Government Bonds-
1941
1!::n
963
1923
1932
1922
1 1MS
i !):
1941
1 92S
1 !)2."
1931
1925
1929
1946
1925
1 945
1945
1 937
19015
1966
1 966
19,-
1 9C.6
1930
1943
75
82
79
SiOTi
96li
U5
104
.104
S5!4
81
104
95
102,
102
101 S
104 ?
91
79
106 hi
104
96
123
H4
103Vi
105
101 7
102
104
91
78 li
106 hi
, 89 14
46 hi
107
107
101
101
106
107
103
115
li4
103
93
100
.80.
95
10i
105
100
92
100
09
117
89
117
91
105
lol
94
loovi
101
101
102
103
111
90
loss
1 03
300
1"5
100
99
112
100
95
BONDS AT HIGH RECORDS
RAILS AXD INDUSTRIALS
STRONG DEMAND.
IX
Renewed Activity in Liberty Is
sues at Advanced Quotations,
foreign Loans Are Slow.
a 1941
1937
1942
1925
Argentine 2d
do G I 5s
Belgium Ss
Bergen Ss
Berns Ss
Christiania 8s . . .
Copenhagen 5s
French Cities 6s
Italy 6 s A ... . .
Swedish Govt "is
1923
1945
1940
1943
1945
1945
1944
19.34
1923
J 939
U S Mex 4s 1954
do ext 5s ; 1945
t'rugua.v Ext fls
Zurich Ss 1945
Foreign government city bqnds
Berlin 4s
Greater Berlin 4s
Hamburg 4s
Bremen 4s
Cologne 4s
Dresden 4s
.do 4s , 1 ....
Dusseldorf 4s
Frar.kfort 4a .".
Leipzig 4s
do 4s
Munich 4s
Stuttgart 4s . ,.
E.-.en 4s
Bremen 4 lis . .'
Hamburg 4Vs
Fre'ieh Internal 4s
Co Victory 5s
Belgian Restoration 5s . . .
British 2rr consols
Ital. Cons. War Loan 5't .
Curb Bonds
Am Tel & Tel 6s .
do 6s
Anaconda Copper 6s:....'.
00 7s
Anglo-Am Oil 7s
Armour & Co 7s. T.. .
Beth Steel 7s
Consol Textile 7s
Copper Ex Assn 8s
do Ss
Galena Signal Oil 7s
Grand Trunk Gs
Humble Oil 7s
So West Tel 7s
Stand Oil N y 6s
Vacuum Oil 7s
1917
1920
106
ios
106
93
99
116
1I)S
62
96
124
93
91
12
69
101
99
107
98
93
3 0.1
103
1 03
lh
104
100
101 ,
31)5
3 03 TV
106
1 119
1"3
109
100
84
103
3 09
113
309
93
82
96
104
44
57
74
114
1
1
3
3
1
1
1
.3
1
1
1
' 1
1
1
1
3 u,
50
60
TO
Bid.
Foreign Bonds.
furnished by Overbe
pany ot Portland:
New York Bonds.
Furnished by Jordan, Wentworth & Co.
of Portland:
Atch gen 4s 1995
A O L 4s 1952
do 7s 1930
B O golds 4s 1948
do con 4s cv 1933
do ref 5s 1995
Canada Southern 5s 1962
Canadian Ntl eq 7s.. 1935
Canadian Nor 6s :. 1946
do 7s 3940
Cent Pac 3st 4sa 3949
Ches & Ohio cv 4s 3930
do gen 4s 39!
do cv 5s 3946
do con 5s 1939
C B & Q 111 div 4s HHi)
O & West lnd 4s 3932
O G & W 4s 1939
C M & St P 4s 1925
dOCV 4S 1932
do deb 4s 1934
do gen 4s A . . . 19.S9
do cv 5s 2014
do g & r 4s A 2014
Chi N W gen 4s 1987
do 6s 3936
CO 7s 1930
C R I & P ref 4s 1034
Colo Sou rf ex 4s 1933
Colo Sou 4s 1929
Del & Hudson cv 5s 11133
do 7s 1930
D & R G cv 4s 1936
do ret 33 1933
Erie PL 4s 1996
do con 4s A 1953
do B 1933
do D ". . . 1033
Erie Pa C G 4s 1031
Gd Trunk eq 6s 1936
Gt Nor 4s 1961
do 7s 11V36
Gt Trunk 6s 1936
do 7s 1940
III Cent jt 3s 1963
do ref 4s 3935
K C Sou ref 5s 3 930
Keo & Dps M 1st 5s 1923
L s & M S 4s 1031
L & N 7s 19,10
do uni 4s 1940
M St P & S S M 6s 1946
M K & T 4s 1990
M P gen 4s 1M7J
do ref 5s ...'... 1923
do 1026
N Y C deb 4s 3934
do con 4s ....v 3998
do ref imp 4s ......... 2013
do cv deb 6s 3933
do coll 7s 1930
N Y X H & H cv is 3 94S
N O Tex & Mex --m 3935
W PL 4s 3 997
V P 6s 4. 2047
X P Gt Nor jt 6s 3936
O S L ref 4s . . . 929
Penna 6s io:t
do gen 4s 193
dO 4S ; . . jiMil)
do gen 5s lor.s
do 7s 19.30
Penn R R 6s 1936
Reading gen 4s 1997
S A L 4s 3 950
do 5s 1040
do As A 1945
Sou Ry con fs 1994
So Pac cv 4s 1929
do ref 4s 1935
do sf term 4s 1930
S P conv 5s 3 934
St L S F PL 4s A 1950
do gen 5s ia.il
do PL 5s B 1930
do gen 6s 1031
do adj 6a 1955
03
91 hi
107
86
87
89
100
111
3 32
112
, 90
91
89
99
103
91
77
60
84 U
73
67
79
77
67
89
311
10
92
93
9S
111
77
47
6S
33
53
57
9W
106
S9
111
103
112
90
90
92
H2
93
109
93
303
83
68
100
97
1
S3
89
S3
103
S2
. 73
S9
1 09
103
94
110
94
99
103
109
110
60
29
67
99
94
91
84
104
74
no
87
104
83
Belgian rest 5s...
do prem 3s
do 7s,
ilo 6s .1
British 5s
do 5s
do 5s
do vky
do ref 4s
Brazil hs
do 7s
U K 5s
do 5s
do 5s
Bordeaux 6
Canadian 5s
do o s
do 5s
do 5s
do 5s
Chinese 5s
Chile 8s .
1919
1920
1945
3925
1922
1927
1929
1919
1019
1941
1952
1922 '
1929
1937
1934
1926
1927
1920
1937
1931
1951
1941
French 4s J917
1920
1931
1941
1945
do 5s
do 5s
do 7s
do 8s ,
German w 1
Berlin 4s
Hamburg 4s
do 4s
Leipsig 4s
do 5s
Munich 4s
do 5s
Frankfort 4s
Italian 5s
Japanese 4s
do 1st 4s ...
do 2d 4s . ... .
Norway Ss ......
Denmark 6s
do 8s
Russian 5s ....
do 6s
Sao Paulo 8s
Swiss 5 s . ,
do 8s
Dutch E lnd 6s..
do 6s
1918
1931
1925
1925
1940
1942
1945
J921
3919
1931!
1929
1940
1962
1947
53
36
. 1922 100
.. 1924 101
. 102
104
103
104
. 1935 104
. .... 93
. 1924 ,102
. 1923 104
106
107
100
103
. 1933 109
. 108
: Cooke com
Bid. Asked.
6S 71
72 76
104 105
9 99
01 94
94 9S
93 9S
80 82
'77 80
101 noi
92 93
110 110
110 110
105 105
82 83
99 99
98 100
102 102
99 99
9S 100
52 34
103 1 03
49 50
70 . 73 '
59- 60
98 98
100 100
1 2 .
1
' .
1 , 2
1 ' 2
1 2
1 . 2
33 36
79 79
94 94
93 94
110 111
99 no
31 114
15 IS
13 14
100 10O
103 103
119 320
95 - 05
94 95
Foreign Exchange.
Foreign exchange rates at the close of
business yesterday, furnished by North
western National bank of Portland. The
amount quooted is the equivalent of the
foreign unit in United States funds:
Country.- Unit.
Austria, kroner.
Belgium, francs
Buigaria, leva . .
Cssecho-Slovakia. kronen
Denmark, kronen
England, pound sterling
Finland, finmark
France, francs
Germany, marks
Greece, drachmas
Holland, guilders
Hungary, kronen .......
Italy, lire
Jugo-Siavia. kronen ....
Norway, kroner
Portugal. ' escudos ......
Roumanla. lei ..1
Serbia, dinara
Spain, pesetas .........
Sweden, kroner
Switzerland, francs
China-Hongkong, local ci
Shanghai, taeis
Japan, yen
Rate.
. $ .O00O7
. .07880
. .OO740
. .03040
. .21800
. 4.49375
. .02220
. .08080
. .00150
. .03450
.39150
. .O0130
. .04600
. .00370
. .17520
. .07650
. .00850
. .01310
. .15760
. .26600
. .19180
. .58030
. .77730
. .48250
NEW YORK, Aug. 18. Renewed activ
ity in liberty issues, combined with
the creation of several new high records
for the year in the railroad and indus
trial lists, featured today's fairly active
dealings in bonds on the New York
stock exchange.
Among the railroad issues which es
tablished new top prices at gains averag
ing about a point were Northern Pa
cific 5s, Chesapeake & Ohio convertible
5s. Baltimore & Ohio 4s, St. Paul
convertlbia 4s, St. Louis & Sa Fran
cisco prior lien A's, Iron Mountain 4s,
Pennsylvania general 5s, Missouri Pa
cific general 4s and Chicago & Eastern
Illinois os.
The largest individual gain was made
by Southern Pacific convertible 5s, whichj
weiw UfcJ 7S liutu.s.
In the industrial and public utility
groups, new highs were made by Sinclair
7s, Goodrich 6s, Norm American
Edison 6s, Brooklyn Union Gas 7s and
Colorado Industrial 5s, the last of which
was up 5 points. Other strong features
were Cerro De Pasco 8s and American
Telephone company collateral 4s.
Liberty 3s -were particularly active,
mere than four times as many being
sold today as yesterday. They closed at
a gain of more than half a cent. Most
of the other issues showed nominal ad
vances. Few changes of any importance took
place in the iforeign group, in which
there was iittle activity.
The slow but steady absorption of
stocks at constantly rising prices con
tinued in today's stock market, which
showed a tendency to break away from
the restraint imposed by pending labor
troubles. .
Dealings, which totaled 650.000 shares,
continued to be largely in the hands of
professional operators, but accumulation
by investment interests was reflected in
the conspicuous strength of several high
grade shares. More than a dozen new
high records for the year were again re
corded by active issues, but most of the
gains were. of a nominal nature.
President Harding's declaration to
congress that the government would use
all Its power to maintain transportation
and the right of men to work was well
received in the financial community, but
it had no visible effect on prices. Rail
shares held firm, the sharp advance in
Chicago &. Eastern Illinois common and
preferred, which were .up 3 and 2
points, respectively, being the outstand
ing exception to the general fractional
changes in prices of carrier shares.
Trading in industrials featured today's
session. United States Steel common
pushing through 104 to the highest level
In two years, with relatively conspicuous
strenetb .being shown by equipments,
sugars, domestic oils and a number of
specialties.
Average price levels of railroad and
industrial shares are now at the highes
levels of the year.
Mexican and domestic oils continued
to be influenced by reports of lessened
Mexican production, the former showing
pronounced weakness and the , latter ex
hibiting marked strength. Mexican Pe
troleum moved within comparatively
narrow limits, but closed at a loss of
one point, with corresponding heaviness
being shown by the Mexican seaboard
issues, and Pan-American, Standard Oi
of New Jersey and California moved up
1 and 2 points, while substantial prog
ress was noted in Tidewater, Superior
Oil and Sinclair.
Sugar shares recovered from the heavi
ness imposed by the senate's action in
raising the tariff duty, American Sugar
pushing up 2 points to a new high record
with sympathetic advances taking place
in Cuba Cane. Punta Allegre and Manati.
Copper shares, which have been play
ing the role of wall flowers recently,
became more active today, moderate ad
vances being recorded oy Utah, Inspira
tion, Kennecott, Butte & Superior and
American Smelting & Refining.
Call money opened at 3 per cent, but
eased off to three in the final hour.
Time money rates were unchanged with
little activity being reported. The market
for commercial paper also continued
quiet.
Foreign exchanges were irregular,
early strength giving way to weakness
the day progressed. Sterling was
down 1 from yesterday's close, with
only nominal declines being noted in
the European rates. German marks con
tinued to collapse, selling as low as 7
cents a hundred with little business be
ing transacted.
CLOSING STOCK QUOTATIONS.
Furnished by the Overbeck & Cooke
company of Portland:
Houston
Hupp M
2.300 77 70
"206 iM 109
500 41 41
'200 "39" 39
1.70O 1 1
100 4 4
600 8 8
1,000 113 112
"'300 'ihhi "is
900 64 64
2.300 18 17
2,300 9 56
MKM) "i4" ia
41
111
29
1
3T
8
112
116
15
64
Int A Corp com
do pfd
Interbttro ......
do pnr-
Interst Callahan.
Int Harv
do pfd
Int Merc Marine
do pfd
Tnt Nickel
o
Ho nM - 80
Invincible Oil .. 4,000 14 13 13
Island Oil 200' .
Jewel Tea 17
K C Southern... 600 26 26
do pfd 57
Kelly-Sprgfld .. 900 45 44 45
Kennecott 4.000 37 36 3i
Keystone Tire .. 700 8 J 8 8
Lack Steel 9,200 '81 80 80
Lee Tire 200 26 26 26
Lehigh Valley .. 4,500 68 61 b 1
Loriilard ,- 1"?
Loew Theaters.. 400 17 17 3
L & N 200 134 134 133
Mex Seaboard ..16,400 20 19 19
Maxwell Mtr A. 1.000 60 59 59
do B 1,000 20 20 20
May Stores 700 130 127 130
Mex Pet 13,000 174 173 12
Miami 200 29 29 29
Mid States Oil.. 3.800 33 32 .12
. D.HOO 36 dO Oiva
1,000 18 18 18
500 43 43 43
. 1,000 73 72 73
. 5,200 24 23 23
1.000 23 22
1,400 57 57
WHEAT SELLING GENERAL
AlARKET IS OX DOWN-GRADE
THROUGHOUT SESSION.
37 Prospective Early Settlement of
Kail Strike Construed as Bear
ish. Export Trade Slack.
Midvaie Steel
M K & T w i.
do pfd w i..
Mont Power ..
Mont Ward . .
Mo Pac ,
do nfd
M St P & S S M .
Marland Oil 2,200
Stock-
Adams Exp
Advance Rum.
do pfd
Agr Chem
do pfd
Ajax Rubber....
Alaska Gold....
Alaska Juneau..
Allied Chem
Ail is-Chalmere ..
do pfd
Am Beet Sug. . .
Am Bosch
Am Can Co
do pfd
Am Car & Fdy. .
do pfd
Am Cot Oil
do pfd
Am Drug Synd..
Am H & L .
Bales. High. Low. Bid.
300
800
600
300
100
600
200
100
4.400
900
"260
200
3.800
.77
23
60
42
68
11
1
78
55
.'47
42
58
700 175
'266 '28
900
100
e
14
76
22
9
41
68.
11
1
77
54
'47
41
57
173
'28' '
6
14
76
59
41
68
11
1
78
54
99
47 .
41
57
109
173
123
27
51
6
31
do pfd . .., 71
Am Ice
Am Intl Corp. . .
Am Linseed
do pfd
Am Loco
do pfd
Am Saf Razor. .
Am Ship & Com. . . .
Am Smelter . 2,000
109
500 37 37 37
700 36 36 ' 36
100 56 56 55
400 120 119 119
100 118 118 118
200 7 7 6
' 1 1
63 61 62
do pfd 200 99 99 99
Am Snuff 136
4,900
200
42
84
Am Steel Fdy. . .
Am sugar
do pfd .......
Am Sumatra....
Am Tel & Tel..
Am Tobaccoo. . . .
do "B"...
Am Wool
do pfd
Am W P pfd...
Am Zinc
Anaconda
Assd Oil
Atchison
do pfd .......
Atl Coast Line..
Atl G & W -I..
Baldwin Loco... 4.500 125
do pfd-
Balto A Ohio..
do pfd
Barnsdell Corp. .
Beth Steel B...
B R T
Butte C Z..
Butte & Sup
Burns Bros
Caddo OI!
Calif Packing...
Calif Pet
do pfd .-
Canadian Pac. . .
Cen Leather. . . .
Cerro de Pasco. .
Con Textile
Chandler Motor.
Chgo & N W. .
Chgo Gt W
41 41
S3 84
. . 1 ID
300 38 38 38
5.200 123 123 123
1.800 149 148 148
100 147 147 147
200 92 91 91
100 107 107 107
am
-no iJH4 n
5,900 54 53
100 116 116
1.1O0 102 102
300 95 94
2110 114 114
30O 33 33
124
3,000 58
200 63
5,700 35
900 79
900 25
200 7
600 30
500 136
"SOO 82
3,000 62
Y.000 iis' '
800 40
2.900 40
1,200 10
4,000 62
1,000 87
57
63
32
78
-24
7
29
17
53
115
102
93
114
33
125
113
57
63
32
78
23
7
30
135 135
10
82 82
61 61
B2
142 142
-iii 40
Martin & perry
Nat Enamel 700 58 58 58
Nat Lead 300 103 102 102
Nevada Con 100 16 16 16
New Haven 1.200 31 31 31
Norfolk & W... 900 117 117 117
Nor Pac 1.800 83 83 83
Nova Scotia Stl.. 200 34 34 34
N Y Air Brake.. 700 75 74 74
N Y Central 1.500 98 98 98
Nor Amer 1.400 78 78 78
:Okla Prod Ref.. 2,100 3 2 2
1 Ontario Silver .. 6O0 6 6 6
Ontario & W 100 27 27 2t
Otis Steel 400 11 11 13
Pacific Dev 100 6 6 6
Pac Gas & Elec. 4.30O 79 77 78
Punta Alegre .. 1.700 51 50 51
Pacific Oil 5.100 57 56 56
Pan Amn Pet... 9.600 76 74 75
do B ......... 1.200 71 70 70
Penna .T . . . 1.400 46 46 4
Peo Gas 700 92 92 92
Pere Marquette. 5,000 39 38 38
Pure Oil 3.0OO 30 30 30
Phillips Pete ... 8.500 49 48 49
Pierce Arrow ... 1,000 12 12 12
Pierce Oil 1.100 7 7 7
Pitts Coal 1,000 68 67 67
Pitts & West Va 1.000 40 40 40
Penn Sea Steel.. 1.600 7 7 7
Pressed Stl Car. 400 81 81 81
Pullman 500 123 123 122
Ray Cons 200 16 36 18
Reading 3.800. 78 77 77
Remington 300 36 36 36
Replogle Steel .. 1.5O0 33 33 33
Republic I & S. 2.700 74 73 .73
do pfd 100 93 93 93
Rep Motors 500 5 4 3
Royal Dutch Oil 7,400 55 54 55
Ry Steel Spring. 100 109 108 107
Stand Oil Kan 97 97 97
Sears Roebuck . 2.S00 -92 90 91
Shattuck Aria .. 400 9 9 9
Shell' T & T 000 SS 37 37
Sinclair 12,800 32 32 32
Stand Oil lnd... 115 113 115
do N J 3.200 185 182 185
Sloss Shef 800 48 47 , 47
Sou Pacific 3.400 93 92 92
Sou Ry 3,500 27 26 26
Stand Oil Ca. . . 7,000 108 107 108
31
52
126
St L & S F. . . .
Stromberg Carb.
30
52
126
700 .31
3 00 52
Studebaker 7.500 127
Swift & Co 105
Ten Cop & Chem 1.000 10 10 30
Texas Oil 11,200 48
Texas Pac 1,100 32
Tex Pac C & O.. 1.100 26
Tob Products ... 2,000 56
Tran Contl Oil.. 2.700 14
1.60O 20
1,600 147
300 39
1,600 83
1,500 9
Union Oil Del
X'nion Pac
United Alloy . . .
United Drug . . .
U Food Prod
United Fruit
Union B & P. . . .
Uni Retail Stores
U S lnd Alcohol.
U S Rub
do 1st pfd....
U S Smelting . ..
U S Steel
do pfd . ,
Utah Copper ...
Va Chem
do pfd
Vanadium Steel.
Vlvandou
Wabash 1.300
do A pfd 3,000
do B pfd 1.
Wells Fargo
Western Pac . . .
do pfd
West Union ....
Westinghse A B
do E & M. . .
West Md
White Motors . .
Willys-Overland
do pfd
Wilson acking . .
Wis Contral ....
Woolworth .....
Worth Pump
W &. L E . . .
White Oil . .
White Eagle
2,500 70
3.800 67 .
1,000 58
100 106
100 41
4,400 104
200 120
1,800 67
700 30
700 73
4.300 50
700 1 S
400 60
100 110
3 00 94
3.300
2,800
" 500
200
400
1,500
400
CHICAGO. Aug. 18. Timely showers
and cooler temperatures dispelling fear
of damage to corn led to lower prices to
day for all grain. Wheat closed unset-
tied at 2"i to 2ac net decline, witn Sep
tember $1.00 to $J-O0, and December
$1.01 to $1.01. Corn lost 2 to 2c.
and oats to lor: In provision, the
outcome varied from a decline of 12c
to a rise of 2c.
Wheat was on the down grade from
the start. The breaking of the drouth
and the passing of the hot wave led to
general selling, especially as Liverpool
quotations failed to reflect yesterday's
advance here. Prospective quick settle
ment of the rail strike was also generally
construed as bearish, because likely to
lead to increased receipts. Besides, some
notice was taken of a forecast that the
wheat crop in three western Canadian
57 provinces would be 27,1100.000 bushels
65 larger than the last government estimate.
38 '37 37 I Little power to rally was shown in the
wheat market, final prices being near
the lowest of the day. The -only buying
of consequence was attributed to Minne
apolis mills, ffhey took fairly good quan
tities, December delivery. On the other
hand, European continental finances were
not improved and export purchasing here
was confined to 300,000 bushels. Further
more, messages from the seaboard said
Greek acceptances, which it ' had been
supposed would be liberal, were relatively
small.
Corn fields in Nebraska, Iowa, Illinois
and Indiana all received more or less
rain and prices here broke sharply. Rural
offerings of corn to arrive were much
decreased as values fell. Oats were dull
and merely followed corn.
Provisions averaged lower with grain
and hogs.
The Chicago grain letter received yes
terday by the Overbeckt & Cooke Co. of
Portland follows: - !
Wheat The action of the market to
day was the reverse of yesterday. - Dis
appointing cables caused a lower open
ing and downward tendency continued
throughout the session, with only occa
sional and unimportant rallies, which
brought out liquidation by longs. Pros
pects of an early settlement of -the rail
strike had a bearish influence.. . Sales of
500,000 bushels of wheat were reported
made to exporters out of Chicago, but
the seaboard reported very little : fresh
demand, and quoted bids lower. Cash
markets generally ruled relatively firm
with millers good buyers. There is noth
ing tangible at the moment upon which
tn base hopes of an important price
movement in either' direction, and we
believe it will be well to adopt a trad
ing position with purchases on declines
preferable.
. Corn Bullish enthusiasm, which
so pronounced at the close yesterday, was
checked early today when rains were re
ported over the important surplus pro
ducing states. The. moisture was scat
tered and probably insufficient in most
cases, but the fact that indications
pointed to breaking up of the heat wave
made the trade skeptical of an important
crop scare. Other factors were given lit
tie consideration. Country selling over
night was rather liberal and hedging
sales weakened the September. . Irre
spective of the crop outlook we believe
this markot is at a level where the short
side is likely to prove unprofitable,
a stroijqr cash situation might develop as
a result or- rapidly decreasing stocks.
Oats Declined with other grains and
on seliin? by northwestern and south
western intermits, presumably in the way
of hedging. Receipts were only fair and
.the cash market steady as compared
with the futures.
Rye Reflected the decline in wheat
in a moderate way, with continued buy
ing by export interests serving to hold
prices relatively steady. The volume of
hedging pressure was moderate. Cast
rye was lower with the futures.
Leading futures ranged as follows:
. WHEAT. ,
Open. High. Low. Close.
Sept. .$ 1.02 $ 1.02 $ 1.00 $ 1.00
Dec... 1.04 1.04 1.01 1.01
May... 1.09 1.09 1.06 1.06
CORN
Sept... .61 .61 .59 .39
Dec 55 .55 .53 .33
May... .58 .59 .56 .57
48
31
25
56
14
20
147"
38
81
8
48
31
25
56
34
19
146
38
31
8
500 149 148 148
700 35 34 34
69 69
63 6n
58 57
106 103
41 41
302 303
3 20 119
66
30
71
49
13
34
13
34
62
13'
18
60
110
94
61
12
40 40
30
14
Oil 400 26
45
34
25
6i
30
71
49
11
13
34
23
80
18
SQ
109
94
62
18
48
6
40
45
30
180 !
47
34
7
26
Sept..
Dec. . .
May. .
Sept.
Oct. .
.31
.34
.37
10.57
30.65
OATS.
.31
.34
.37
LARD.
3 0.80
10.67
.30
.33
.36
10.50
10.62
.30
.33
.36
10 52
10.62
Liberty Bond Quotations.
Liberty bond and victory note Quota
tions furnished by the Overbeck & Cooke
company of Portland: Closing
Open. High. Low. hid.
Liberty. 3s... 100.56 101.25 100.52 101.20
Liberty, 1st 4s. . 100.60
Liberty. 2d 4s.. 100.40 100.40 100.3S 100 40
Liberty 1st 4c 100.94 101.10 100.94 100.04
Liberty 2d 4s 100.50 300-.52 1 00.44 100.46
Liberty. 3d 4 s 100.50 100.52 100.44 100.46
Liberty 4th 4s 1.01.10 101.10 101.02 101.06
Victory 4s. "22 100.34 10038 100.32 100.36
Victory, 4s, '23 100.72 100.78 100.68 100.78
Money, Silver. Etc.
NEW YORK. Aug. 18. Call money.
firmer. High. 3: low. 3: ruling rate.
3; closing bid, 3; offered at 3 1-3;
last loan, d; call loans against accept
ances, 3.
Time loans, steady: mixed collateral.
60 and 90 days, 44; four and six
months, 4.
Prime commercial paper, 44.
Foreign bar silver, 69.
Mexican dollars, 53.
LONDON. Aug. 18 Bar silver. 34 d
per ounce. Money. 1 per cent; discount
rates, snort ana tnree-months bins, 2
per cent.
Mining Stocks at Boston.
Mining stock quotations at Boston fur
nished by the Overbeck & Cooke com
pany of Portland:
39
9
n
ec
do lfd
Chili Cop
Chino
C M St P
do pfd
Coco Cola
C & O
Colo F & I. . . .
Colo Southern
Colo Gas & E:
Columbia Graph.
Con Gas
Cons Cigars . .
do pfd
Contl Can . . .
Cities-Rankers
Corn Prod . . .
do Pfd
Cosden Oil . . .
C R I P
do 'A pfd
do "B" pfd
Crucible
do pfd ... .
Cuba Cane . . .
do pfd
1.900
SOO
2.800
3.400
4,200
2.700
1.100
200
1.400
3 0ft
22
30
32 u
49
73
77
31
49
99
3
3.600 123
100 37
3.200 115 fl4
7O0
1,900
10O
100
2.400
. 30O
SIM)
8 00
45
45
96
85
93
94
15
89
39
10
62
86
8
21
22
29
32.
49
72
76
31
49
98
3
123 123
31 36
67
77
19
115
117
44
45
96
84
92
93
lfi
38
-'6
22
29'
31
49
72
76
30
49
98
3
44
44
96
83
92
94
15
38
18. Foreign ex
Britain, demand
60-day bills on
NEW YORK. Aug.
change easy. Great
$4.47. cables $4,475
banks. $4.45. France, demand 7 fl.tii
cables 7.96. Italy, demand 4 52, cables
4.32. Belgium, demand 7.35, cables
7 56. Germany," demand .07, cables
.07. Holland, demand 38.94, .cables
39 00. Norway, demand 17 40. Sweden,
demand 26.50. Denmark, demand 21.60.'
Switzerland, demand 19.08. Spain, de
mand 15.64. Greece, demand 3.20. Po
land, demand 0.138. Czecho-Siovakia.
demand 2.89. Argentina, demand 36 50
Brazil, demand 13.45. Montreal. 89 27-32.
Cuban Amn Sug, 4,400 2726
Del & Hudson.. 300 128 121 128
Dome Mines ... 1,000 34 34 34
Dal & Lack .... 200 132 131 131
uavison - nem . . j.wki 4W 40 49
Endicott Johnson 000 84 84
Erie 1.500 18 17
do 1st pfd ... 1,300 26 26
Elec Str Bty... 1.100 49 48
Famous Play. . 4,300 ' 89 86
Fed. M. oc smelt
do pfd 300
Fisk Tire 300
Gen Cigars .... IOO
Gen Elec . .
Gen Motor .
do 6
Gen. Asphalt . . 4.400
Goodrich 900,
Glidden Paint . . 200
Granby 3O0
Great Nor Ore .12.600
do pfd 3,600
Greene Cananea. 300
Gulf S Steel.... 1,700
Gien Aides
It
76
58
32
76
93
17
26
48
88
12
53
12
I 6
500 182 180 19;
7.100 4 18 13
Ariz Comm
Adventure
Ahmeek
Bingham Mns
Cal & Ariz
Calumet & Hecia
Centennial
Copper Range
Davis Daly . ."
East Butte
Franklin Mining
Hancock
Helvetia
siand Creek
do pfd
Keweenaw
Kerr Lake ............
La Salle
Mohawk ...
May-Old Colony
North Butte
Nipissing
North Lake . . . .
Old Dominion Copper..
Osceola Mining
Ojibway
Quincy Mining
Pond Creek
Isle Royal
Supp Boston
United Shoe Machine
do pfd
South Utah
Superior Copper
Trinity Copper
Tuolumne
Utah Con
U S Mining
Ventura
Victoria .
Wyandot
Shannon
Bid. Asked.
5
37 '
14
32
42
90
32
84
84
36
1
32
41
89
33
83
80
64
36
14
31
l
90
32
83
65
9
80
64
15
61 '
297
10
43
8
13
2
2
1
110
95
3
i
1
2
4
33
8
50
26
37
3
43
22
24
1'
41
26
10
4
2
73
3
40
30
2
60
95
Standard Oil Stocks.
Standard Oil stocks furnished by the
Overbeck i Cooke company of Portland:
Bid. Ask.
Anrio
Borne Scrysmer .........
Buckeye ,
Cheesebrough
do pfd
Continental
Crescent
Cumberland
Eureka
Galena common . .'
Galena Old pfd
Galena New pfd ..........
Illinois Pipe
Indiana Pipe
National Transit
New York Transit
Northern Pipe
Ohio Oil
International Petroleum ..
Pennsylvania Mex
Prairie Oil
Prairie pipe .............
Solar Refining ...........
Southern Pipe ...........
South Penn Oil
S W Penn Oil . '.
S O Indiana
S O Kansas
S O Kentucky
S O New York ,.
S O Ohio
do pfd
Swan A Finch
Vacuum
Washington
S O Nebraska
Imperial Oil .........
8
. SO
. 63
. 14
, 60
.294
. 9
- 43
- 7
10
2
.' 2 .
14
.109
. 94
2
. 3
1
. 3
. 4
12
. 6
. 30
. 23
. 37
. 2
. 42
. 21
. 23,
1
. 40
. 26
5
4
,
.70
2
. 40
. 30 1
. 1'
. CO
. 80
19 19
400 415
98 99
190 200
108 111
137 142
34 . 35
135 140
90 92 -
50 52
108 112
101 105
164 166
90 92
26 27
163 167
99 161
283 288
22 22
26 29
570 580
248 252
330 340
94 96
210 215
60 62
113 114
620 540
97 98
455 460
455 460
117 119
32 35
453 458
22 27
175 . 3 83
113 115
SHORT RIBS.
Sept... ..... 9.80
Oct .... 9.40
Cash prices were as follows: 1
Wheat No. 2 red. $1.03 1.03 ; No
nara, i.u4 l.oa.
Corn No. 2 mixed, 6263c; No.
yellow, 6364o.
Oats No. 2 white, 32 34c; No. S
white, 31&33c.
Rye No. 2. 70(?71c. .
-Barley, 51(57c.
Timothy seed. $4.255.15.
Clover seed. $1216.
Pork, nominal.
Ribs. $9.62010.75.
Lard, $10.60.
Grain Trade Notes.
(By Chicago Tribune Leased Wire.)
CHICAGO. Aug. 18. Broomhall's agent
estimates the new Argentine wheat acre
age at 12 per cent larger than last year
and oats o per cent larger.
Four northwestern states have
promise of a spring wheat crop of 220,-
000.000 bushels as shown, by returns to
the Modern Miller. The government Au
gust report suggested 206,000,000 bushel
Harvesting is practically completed
Much plowing is being done in vthe south
west.
F. F. Thompson,' who is out for J. E.
Bennett & Co., wired from Quincy, 111
that com showed a perfect condition i:
central Illinois. In counties bordering
the Mississippi river, both in Illinois and
Missouri, the crop is being damaged ma
terially by hot, dry weather.
Wheat and oats harvest$is in progess
all the way from Saskatoon, ' wired Le
Count to. Stein, Alsteln & Co.", from Win
nipeg. In some districts in Manitoba
harvest is nearly completed.
Operators who have studied the Cana
dian crop conditions predict that there
will be record marketing of wheat this
fall and early winter, weather permit
ting. During September and October last
year Canadian farmers marketed 93,000,
000 bushels.
Rains in the west put a damper on
buying of December corn and brought
realizing sales. Those long on corn and
short on wheat found their spreading
working all right at the wheat end but
wrong as to corn.
One hundred country elevators In Iowa,
Nebraska and Kansas, along the Rock
Island railroad, are full of grain and are
closed awaiting cars. ,-Elevators on other
roads also are mostly filled and boxcars
are scarce. Western railroads are fur
nishlng 75 to 90 per cent of their or
ders for boxcars.
Lake rates on wheat and corn, Chicago
to Buffalo, are 2c per bushel and ship
pers intimate that they might secure a
shading of that rate.
Readjustment has been under way be
tween the Liverpool and the Chicago
wheat markets for several days, which
accounts for the persistent weakness in
the former. It Is figured that on ac
count of a break of 23 cents per bushel
In ocean freights, a decline of 45 cents
per bushel in premiums and an advance
equal to 1 cents per bushel in ex
change that United Kingdom buyers can
secure hard winters equal to 7 cents
per bushel cheaper than a short while
ago. Liverpool handlers who had grain
bought at the higher basis have been
liquidating and until this is completed a
very slow demand is expected.
Primary Receipts.
CHICAGO, Aug. 18. Primary receipts.
Wheat, 1.747,000 bushels versus 2,194,
000 bushels." Corn, .816,000 bushels ver
sus 1.098.000 bushels. Oats, 1,036,000
bushels versus 1,227,000 bushels. Ship
ments Wheat, 1,329.000 bushels, versus
2,327,000 Bushels, corn, 774,000 bushel
versus 1, 25S.0O0 bushels. Oats.i 472,000
bushels versus 880,000 bushels. Clear
ances Wheat,, 457.000 bushels. Corn,
326.000 bushels. Oats, 23,000 "bushels.
Flour, 10,000 barrels; also 112,000 bush
els bonded wheat.
1,329,000 bushels versus 2,327,000 bush
els. Corn, 774,000 bushels versus 1,259,000
bushels. Oats. 472,000 bushels versus
880,000 bushels. Clearances Wheat, 457,
000 bushels. Corn, 326,000 bushels. Oats,
23.000 bushels. Flour, 10,000 barrels; also
112,000 bushels bonded wheat.
Winnipeg; Grain Market.
WINNIPEG, Aug. 18. Cash, wheat
No. 1 northern. $1.17; No. 2, $1.11;
No. 3, $1.06; No. 4, 92c; No. 5, 78c;
No. 6, 69c; feed, 68c; track, $1.06.
Oats. No. 2 white, 43c; No. 3, 39 c; No.
1, ex-feed. 39c; No. 1 feed, 86c; No.
2, 34c; track, 33c, Barley, No. 3, 65c;
Portlands building short
age largest in United States
Nation-wide study of conditions reveals facts of
vital importance to Portland property owners
PORTLAND'S accumulated
building shortage since 1914 is
greater than that of any other of the
32 largest cities in the United States,
according to a nation-wide study
made by the Bankers' Economic
Service of New York City.
Accumulated Building
Shortage in 32 Largest
United States Cities.
City
Per Cent
Shortage
Relative
. Amount
Cleveland (surplus).
Baltimore .
Detroit
St. Paul
Boston
Columbus
Cincinnati
Pittsburgh
Minneapolis . '. . .' . . .
Buffalo
Philadelphia
Omaha
New Orleans
Milwaukee
Indianapolis . ......
Louisville .
Chicago.
New York.
Washington,
Newark
Richmond
Atlanta
Kansas City, Mo. . .
Rochester
-San Francisco
Seattle
Oakland
Memphis .........
St. Louis
Los Angeles
Denver
Portland, Oregon.
9.6
5.7
6.8
.DC.
7.
13.
13
14.
16.
18.
.18.8
20.7
.....21.6
21V
221
23.4
2. 6
26.2
26.5
27.9
28.4
30.0
.....30.5
30.8
32.2
32.3
33.1
34.2
35.6
35.7
36.1
38.8
45.6
$25,358,000
8, ZQ 1,000
26.769,000
10.358.000
31,739.000
9,065,000
18,114.000
31.732.000
36.691,000
29,163,000
115.178.000
'- 19.006.000
12.205.000
- 40,084,000
. 24.496,000
" 16,53 5,000
355,101,000
809,299,000
58.238,000
53,659.000
23,523.000
30,740,000
57,526,000
48,816,000
' 109,432,000
60,725,000
39,287.000
28.286,000
97,891.000
149,266,000
41,093.000
106,697,000
Fromf 1914 to 1921 this city has
accumulated a gross shortage of
45.6 per cent. The relative amount
of this deficiency is the huge sum
of $106,697,000!
In these figures, we believe, Port
land property owners will find food
for thought. They graphically fore
cast coming events. Our knowledge
of these events makes our service
valuable to our clients.
We are prepared to plan, finance,
and carry out the transformation
of idle land into a thriving sub
division or convert non-productive
city ' property into a producer of
profits.
Strong & MacNaughton
-gpL. CORBETT BUILDING vZpL.
PORLTAND, OREGON IJgM
Investment and Property Man
agers for Estates and Individuals
No. 4. 51c; feed, 47c; track, 5394c.
Flax No. 1, $2.22.
Futures vvneat, . Oct., fl.ux 's ; iiec.
99c; May, $1.04.
Minneapolis Grain Market.
Furnished by the McCaul-Dinsmore
company of Portland:
Wheat No. 1. darK northern, crooa to
fancy, to arrive, $1.141.22; No. 1 dark
northern, $1.141.22; to arrive, $1.22;
No. 1 northern. $1.08(5)1.14: to arrive.
$1.07; No. 2 dark northern, $1.11 1.19 :
No.v2 northern, Sl.oo xl l.ll ; iNO. a nam
northern, $1.05l.lo; No. 3 northern,
S1.01(&1.08: No. 1 dark hard Montana.
Rood to fancy, to arrive. $l.i31.19; No.
1 dark hard Montana, $1.121.21; to ar
rive, $1.11; No. 1 hard Montana, $1.01 i
1.06; No. 1 hard Minnesota and South
Dakota, $1.101.11; to arrive. $1.09(R
1.10: No. 1 hard Minnesota and South
Dakota. $1.011.02; to arrive, 11.02:
fancy No. 1 amber durum, $1.021.05; to
arrive. 95c(a $l: No. 1 amber durum. 91Ca
95c; to arrive, 88c; No. 1 durum, 83(5) ;
90c: to arrive, 81c; fancy, No. 2 amber j
durum, $1(3)1.03; No. 2 amber durum, 88 j
93c: No. 2 durum, 80(9870. '
Corn No. 2 yellow, 5758c; to ar
rive. r6c; No. 3 yellow, 56 57c; to ar
rive. 55c.
Oats No. 2 white, 2730c; No. 3
white. 2729c: to arrive. 27c.
Barley Choice fancy, 47 49c; medium
good, 43'a46C.
Rye No. 2, 66 hi 66 c ; to arrive,
64 34 e
Flax No. 1, $2.4014: No. 2, $2,4214; to
arrive, $2.29
Wheat futures September, $1.04;
December, $1.04; May, $1.08.
Cash. Grain3Iarkets.
Furnished by Jodan-Wentworth & Co.,
Portland.
HEDGING SALES WEIGHT
CHICAGO WHEAT , DROPS UN
DER DOLLAR MARK.
Movement From Winter Grain
Belt Has Passetf Crest Pub
lie Participation Limited.
ST. LOUIS, Aug. 18. Wheat, No. 2
rod, $1.091.11; No.' 3 red, $1.05(
1.07 hi: Nc 2 hard, $1.02; No.. 3 hard, $1;
r62i4c; No. 2
.No. 2 mixed. 61c.
r-nr, M 9 v.Mnw (11
white, aaf&Aic.
OMAHA, Aug. 18. Wheat, No. 2 hard,
95c$l; No. 3 hard. 93 98c.
Corn No. 2, yellow, 54mg55!ic.
.. Seattle Grain Market.
SEATTLE, Aug. 18. Wheat, hard
white, soft white, western white, hard
red winter, eoft red winter, northern
spring, $1.05; western red, $1.04; Big
Bend bluestem, $1.18.
Hay and feed unchanged.
San Francisco Grain Market.
SAN FRANCISCO, Aug. 18. Wheat,
milling, $1.751.80; feed, $1.75 1.80.
Barley Feed, $1.1714 & 1.20.
Hay Unchanged.
FOREIGN BUYING LIGHT
EUROPE UXABLE TO PUR
CHASE NEEDED SUPPLIES.
in
Arrangements May Be Made
Near Future to Finance
Wheat Traded
The weekly wheat review of Logan &
Bryan of Chicago, received yesterday by
Overbeck & Cooke company of Portland,
follows:
The market the past week was larsreH
repetition of that for several weeks
previous a question of absorbing: new
crop hedg-es. This burden was left mainly
to speculators, although there was some
buying by millers from time to time
against flour sales, this' trade showing a
steady improvement. .
As far as exporters were concerned
their buying was of small consequence,
the bulk of the business reported from
day to day being against old sales. This
branch of the trade has been a distinct
disappointment, I as foreigners at this
particular tlmef oi tne year should be
taking large quantities of our wheat,
from day to day. The explanation Is the
disrupted financial situation of conti
nental Europe; In other words, it is not
question of what they require, but
what they can buy. It is reasonable to
assume that in the near future financial
arrangements will be made for th neces
sary purchases.
Harvesting ana tnresning or serins
wheat is progressing favorably on both
sides of the international line and yields
are reported very satisfactory.
An interesting leature or the spring
wheat outturn thi year Is the large per
centage of durum. The last detailed
government report placed the production
of bread wheat in Montana, Minnesota,
North and South Dakota at 128,070,000
bushels and of durum 79,572,000 bushels, i
Later In the season this may be quite a !
factor In government spring wheat j
values. Canada has undoubtedly raised
a bumper crop, -
Peter S. Goodman, in his weekly wheat
review received by Jordan. Wentworth
& Co. of Portland, says:
Prices for wheat touched a new low
with the September dropping under $1.
The new wheat has been coming in
fair quantities, but in the winter wheat
region the crest o the movement has
passed. SDrine wheat movement Is gath
ering some force and should run at in
creasing volume for tne next two weens,
The exDort trade has been fairly gooa
but no unusual effort to purchase for
distant delivery.
Heaw rains in Argentina were
ported and this is equivalent to early
March rains In our winter wheat Deit,
The oublic participation has not been
of a large volume and the weight of
hedging sales by millers and dealers has
been the prime cause or tne aeenne.
Some speculative selling has accompa
nied this movement.
As the supplies from the winter re
gion drop off there will be increased
buying on the taking off of hedges and
some of this class of buying- was re
sponsible for the upturn at the end of
the week.
As the lowest prices in years of com
fortable crops are usually made during
the latter part of August and first part
of September, the present market should
be a purchase on tne aecunes.
SAN FRANCISCO PRODUCE MARKEl
Prices Current on Vegetables, Fresh
, Fruits. Etc., at Bay City.
SAN" FRANCISCO, Aug. 18. (State
Division of Markets.) rryers. 32 35c
broilers, 28ffp32c; roosters, young, 88
42c: old. 14SlSc: hens, 14 32c; ducks.
18()20c; turkeys, live, 3255cj dressed,
nominal ; hares, lb., 13 15c ; squabs.
doz., $333.50; jackrabblts, do., 2ia
2.50.
Fruitsi Pears, Bartlett. box, $12; ap
ples, 3 to 4H-tier, $1.252.25; canta
loupes, standard crate, 85c $1.25;oranges,
Valencias. S$11: lemons, $4&6.50; nec
tarines, crate, $I1.50; grapefruit, $6
7.50; strawberries, drawer, 45q$3dc; rasp
berries, drawer, 60c only; biacKberries,
drawer, 202ac; loganberries, drawer,
60c only; - avocadoes, dozen, $47;
figs, double layer, box, J1.25(g1.50;
peaches, crate, 40?75c; plums, crate, 75c
$1.25: grapes, $11.75 crate; apricots.
nominal; Persian melons, rate, $1.(5'32
new green apples, lug box, 75c $1.25
watermelons 1 cent and less.
Vegetables Beans, pound 2?pic; car
rots, sack, 7Sc!g1$l; . celery, crate, $2.50
3; cucumbecs, lug, 40 5c; eggplant,
?ound. 34c; lettuce, crate, $11.25;
nions, Stockton red, 100 pounds, $1.25)$
1.40; yellow, 100 lbs., $1.401.65; green,
$1.25 1.50; peas, pound, nominal ; bell
peppers, lug. 75c$125; new potatoes,
yz 2c; sweets, 4 5c; rhubarb, box,
$1 1.25; summer squash, lug, 50 75c ;
spinach, pound, 34c; tomatoes, lug 40c
$1; turnips, sack, 75c$l; green
corn, dozen, 9 13c ; beets sack, $1
1-25 ; parsley, dozen bunches, 30c ; rad
ishes, dozen bunches 30c.
Receipts: Flour, 83 quarter sacks;
wheat. 830 centals; barley, 200 centals;
corn 50 sacks; potatoes. 2413 sacks;
onions, 2225 sacks; hay, 145 tons; hides,
971; lemons and oranges,- 450 boxes.
PROFIT TAKING WEAKENS COTTON
Net Losses at Close are Six to Fifteen
Points.
(By Chicago Tribune Leased "Wire.)
NEW YORK, Aug. 18. Early ad
vances in the cotton futures market were
canceled today by profit taking and the
list closed slightly under the previous
final prices. The buying movement be
gun Thursday continued in force in the
morning and lifted the market about 60
points in the first two hours.
Sentiment was Influenced to not a
little extent by strength of securities.
In the early afternoon, under force of
realizing sales, the list sagged off from
the top, the advance seemingly having
been too. rapid. By the start of the last
hour prices were pack within a few
points of Thursday's final bids, and
later slipped off steadily, but without
showing weakness. Net losses ranged
from six to 15 points. The closing tone
was fairly steady.
Spot was quiet, ten points decline
21.90c for middling upland.
Southern markets were: Calveston
21.75c, unchanged; New Orleans 21.50c,
25 points advance; Savannah 21. 25c, un
changed; Memphis 22c 00 points ad
vance; Houston, 21.50c, unchanged; Lit
tle Rock. 20.75c, unchanged.
NEW YORK, Aug. 18. Cotton future
opened firm : October. 22.00c; recmbr,
22.05c; January, 21.00c; March, 2102o;
May, 21.80c.
Futures closed barely steady: October
21.64c; December. 21.63c: January,
21.47c; March, 21.48c: May, 21.40c.
CHANGE FOR BETTER IS NOTED
Recovery from Strike Cnnettlement Like
ly to Be Blow.
NEW YORK, Aug. 18. Bradstre.t
tomorrow will sav:
While the outlook for the future, bota
of trade and industry, has changed for
the better, owing to Improved strike set
tlement prospects, there is slight reflec
tion, except in the matter of . more
cheerful tone, to be had in the weks
reports as to current trade and industry.
The as yet partial character of the
coal settlement and the uncertainty that
still lurks in the railroad strike Is partly
responsible for this. But in many ltn
the Improvement bids fair to be slow,
though perhaps not so slow as was the
growth of the species of slow business
paralysis that has made Its effects in
creasingly visible since the railway
strike began. In this direction, indeed,
the Installation of the eyatem of coal
priorities may prove hurtful to some
leading industries, notably Iron and steel,
which ive' suffered most from the fuel
shortage, but which are low on the
priority list, while helpful to the rail
ways and household consumers of ooaU
whose needs are likely to become urgent
very shortly.
Weekly bank clearings were $3,3Str
993,000. .
QUOTATIONS ON DALRT PRODUCE
Current Market Ruling on Batter. Cheesa
and Eggs.
SAN FRANCISCO. Aug. 18. (V: S.
Bureau of Markets.) Butter Extras,
434c; firsts, 40c.
J-itrKs Extras. 34 a: extra firsts, S4o;
extra pullets, 27c
Chaese California flat fancy, 22c.
NEW YORK, Aug. 18. Butter, firm;
creamery, higher than extras, 30 37c;
extras firsts, 32(&35c.
Eggs, easier.
Cheese, steady.
CHICAGO, Aug. 18. Butter, higher.
Creamery extras. 34Hc; firsts, 29Hfg31c;
extra firsts. 3133J4c; seconds. 27tj-28c;
standards, 34 He.
Eggs Higher; receipts. 9455 as :
firsts. 22H23c; ordinary firsts. 20g-21c;
miscellaneous, 21 22c; storage packed
firsts, 23V4 24c.
SEATTLE. Aug. 18. Ecgs, select
ranch, 30c; mixed colors, 28c; pullets, .
22g23c. Butter unchanged.
Dried Fruit at New York.
NEW YORK. Aug. 18. Evaporated spr
pies dull and easy. Prunes qulet Peaches
Now, what we would like
to know is, if "the world
is broke," why are secur
ities worth more now
than at any time during
the last five years? Can
you answer this ques
tion ? Perhaps the world
is not broke after all.
Freeman, Smith
& Camp Co.