Morning Oregonian. (Portland, Or.) 1861-1937, August 26, 1922, Image 21

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Morning Oregonian., August 26, 1922, Page 21, Image 21

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Newspaper Page TextTHE MORNING OREGONIAX, SATURDAY, AUGUST 26, 1922 21 STOCKS AGAIN SAG L AFTER EARLY RISE Failure of Industrial Confer ence Responsible. NEXT MOVE IS STRIKERS' Wall Street Xow Confident of Col lapse of Walkout and Re- 1 turn of Men to Work. BY ALEXANDER DANA CJOYE3. (By Chicago Tribune Leased Wire.) NEW YORK, Aug. 25. For the re action which occurred on the stock ex change today, after an Irregular advance in the earlier market, the failure of the j effort to settle the railway dispute through, arrangement between separate committees and their striking shopmen was commonly held responsible. Few people in or out of Wall street, bow aver, had expected any other result. It was evident that the shop craft union was insisting on recognition of re stored seniority privileges as a principle and on the nation-wide application of it, and that it wouia tnerefore reject the proposal of action by individual railways vhnsM fittnntlnn wiijrhf m&kA such restOr? atlon possible without conceding the W principle. The view of the matter gen erally ta&en in imauciai viruiea vb that the shopmen's union now stands quite alone in the matter, since the mediating brotherhoods had pressed for acceptance of a compromise. This being so, the next development is not unlikely to be the individual return of the strik ers and the general collapse of the strike. The stock market's movement was not uniform. Some stocks gained ground for the day, and prices of those whish de clined were in most cases left somewhat higher than the closing returns of last week. As a rule they ended today at a light recovery from the day's lowest. There was not muoh discussion of the proposals in congress for the government to take over and operate the coal mines in cue the Rtrike continues. From the I first this proposal, whether applied to mines or railways, has been regarded in financial circles as ne practicable solu tlon. Only on the supposition of the government's surrender to all the d mands of the striking employes could federal operation accomplish more in re suming production than private opera tion is accomplishing. Foreign exchange was distinctly af fected by the announcement that the oonference of the reparations commission with the German government had fftllei if rARiilt);' hilt h m nvampn t rf V.iiT-n I Dean rates was remarkably conflicting. as it had been yesterday. The mark went a small fraction lower, the fran loJt nearly cent for the day, and Bel gian and Italian exchange gave way sharply. But Czech exchange advanced again. Dutch exchange was higher and the- Swedish, rate went within a trifling traction 01 parity. tears Roe T 1923 do 7s , ,,, 19:3 Steel & Tube Ts. .......... . 1951 Swift & Co 7s la.'S do 7s 1931 Uni Drug 8s 1941 U S Rub 1st ref 5s 14T do 7iss ;.. 1H8H V 3 Ktvel sf Ss 19ti3 Va Chrm i ............... ID ,'3 do 7"k 19; West Elec Ss .t...... 102 West U T col tr 3s.?. 1HH West Union Bs 13 Wilson 1st 6s 1941 Wilson cv 6s ,..,.....,... 198 West Eleo 7s lBl'S Westinghouse 7s............ 1931 Public Utilities Amn I.t & Tran 6s 19'J5 Ami Tel coll -4s lB-'tt do Ss 194H Amn Tel Ss llC'S Bell Tel of Pa 7s 1945 B R T 5s A.. 1945 Cities Service 7s B, ......... 19B6 do 7s C 10H do 7.i D 196 Int R T ref 3 196 Laclede Gas 7a 1930 1943 1941 1937 1942 1U25 lB'.'S 1931 1930 1933 1923 1930 1936 1925 1931 1931 1931 1936 Mont Power Ss A Northwest Tel 7s .. Pac Tel 5s Pac Gas 5s . . . , . v 9 . Souwest Tel 7s ........... Oil Bonds Anglo Amn 7Hs ... Atlantic Her b'-ss Galena S Oil 7s Gulf Oil 7s Humble 7s ..... Pan Amn 7s .... Mex Pet cv 8s . . Sinclair 7s .... S u tal is do N Y 7s Tidewater Oil 6&s vacuum uii 7s Foreian eovernmenr Argentine 7s 1927 Belgium 8s 1941 Bolivia Ss ., 1947 pa ................... 1941 Brazil 7s 19.12 Canada 5s .............. 1952 Chile 8s 1946 Czecho-Slovak Ss .......... 1951 Denmark 6s 1942 Dutch Bast Indies 6s 1947 do im2 Mexico External 5s ......... 1954 do 4s 1954 Netherlands 6s 1972 Paris-Lyon-Mdtrn 6s 1958 Rio de Janeiro 6s 1947 Seine 7s 1943 Foreign government city bonds Berlin 4s Greater Berlin 4s. ..... .. .... Hamburg 4s ......... , .. Bremen 4s .... ..... ...... Cologne 4s . .i Dresden 4s . . . .. ... ... do 4s . . ..... .v. .. . . Dusseldorf 4s Frankfort 4s , Leipzig 4s ... do 414s .... Munich 4s..., Stuttgart 4s Essen 4s Bremen 4a Hamburg 4Ve ........ .... French Internal 4s ......... 1917 French Victory Bs .1920 Belgian Restoration 5s. .... .... British 214 consols , ... Ital Cons War Loan 6.... ... Curb bonds Allied Packers s Am Tel A Tell 6s 1922 do 6s 1824 10014 10114 101 102 10314 112 9814 102 9, 10414 111014 105 100 li 114 101 96 10H 104 V J07 93 'A 99 114 109 6414 123 14 93 21 7214 102 99 10T 81i 94 102 103 103 J 1 ' 104 10B14 101 14 10614 10a 10514 1031, 10U14 DECLINES DUE TO SLUMP IN EXCHANGE RATE. 1995 1952 1930 1948 1933 1995 1963 1946 New York Bonds Furnished by Jordan, Wentwortb. Co. of Portland: Railroad bonds - Atch gen 4s . . A C L 4s ................ A C L 7s .......... IWN, B O gold 4s ............. B O con 4a cv ....xm. B O ref 5s Canada Southern 5s ..... Canadian Northern 614s.. Canadian Northern 7s ...... 1940 Central Pacific 1st 4s 1949 Chicago N West 614s 1936 Ches & Ohio cv 41is ....... 1930 Ches & Ohio gen 41s . 1992 Ohee & Ohio cv 6s 1846 Ches & Ohio cv 5s ......... 1939 C B & Q 111 div 4s.......... 1949 O A West Ind 4s , C G & W 4 C M & St P 4s C M & St P cv 414s C St e St ? deb 4s C M 4 St P gen 4s A ... C M t St P cv 4s OM&StPg&r 414s A Chicago N w gea 4s 1952 1959 1925 1982 1934 1989 2014 2014 1887 Chicago N W 7s. ......,.,.. 1930 C R I & P ref 4s Colo Sou, rf ex 414s . Colo Sou 4s ......... Del & Hudson cv os Del & Hudson 70 .... D & R a cv 4s D & R a ret 6s ..... Erie P L 4s , Erie con 4s- A. Erie B ............. Erie D Erie Pa C G 4s Grand Trunk eq 614 s Great Nor 414s Great - or ! 1934 1985 1929 1935 1930 1936 1955 19S6 1953 1953 1953 1951 1836 1961 . .u 1936 Great Trunk 6s 1936 Great Trunk 7s ............ 1940 111 Central Jt 6s ........... 1963 111 Central ref 4s ........... 1955 K C Sou ref 5s ..."-......... 1HSO Keo & Des SI 1st 5s -j,. ...... 1923 L S A SI S 4s 1931 L & X 7 193t LAN uni 4s 1940 M St P & S S M 614s 1946 SI K & T 4s 1990 M P gen 4s 1975 do ref 5s ....ji.. 1923 do ref 5s 1926 NYC deb 4s I... laSi do con 4s l'.ins do ref imp 414s ... ......... 2013 do cv deb 6s 1935 'do coll 7s 1930 N Y N H & H cv 6s.......... 1948 J O Tex & Mex 5s.......;.. 1935 N P P L 4s , 1997 do 6s 2047 N P Gt Nor jt 6 lis 1936 O S L ref 4s ..T 1929 Pennsylvania 614s ......... 1936 do gen 414s ............. 1965 do gen 5s ...... ......... 19;8 do 7s 1930 do 61,s 1936 Heading gen 4s 1997 a A L 4s 1950 do 5s .................... 1949 . 1945 . 1994 . 1929 . 1955 . 1950 . 1934 . 1950 . 1931 , 1950 , 1931 . I960 , 1952 . 1932 . 1989 . 20110 , 1947 . 1927 , 2008 . 1928 . 1930 . 1939 , 1939 . 1946 19S9 1941 1947 1923 1929 1929 . , 1930 1939 1933 1923 1935 1942 1931 ' 1932 192S 1925 1923 1924 1925 1943 1934 1931 1930 1927 1935 1931 1924 1941 1952 1940 1925 do 6s A Sou Ry con 5s ........... So Pac cv 4s ............ do ref 4s do sf term 4s ......... S P conv 5s Bt L S F P Ii 4s A. do gen us ...... ....... do P L 5s B do gen 6s do inc bs St L & S W 1st 5s .. do con 4s ......... do 1st 4s Tex Pac 1st Ps ..... tin Pac 1st 4s ..... do cv 4s .......... do ref 4s .......... do 6s X'n Tank 7s ......... Wabash 1st 5s do 2d 5s W-st Pa c OS .. Induptria Is Allied Packers 6s ... Amu Agr Ch 71,3 .. Anin Sni 1st 5s ..... Amn Tob 7s Anaconda 6s A ..... do 7s B Armour cv 7s do 4 !js Beaver IJuard Ss ... Bethlehem Steel 7s . do eq 7s do ref 5s Cerro de Pasco Ss Chile conv 6s A .... do 7s Col Graph' 8s Copper Exp Ss ...... do 8s ,, do Ss , Colo F I gen 5s Colo Ind 5s Cuban Amn Sugar 8s Cuban Cane cv 7s .., Distillers Pec cv 5s ., Diamond Maxell TlsS- Dupont 71,s , Empire Gas Fuel 6s . Fisk Ss ............. Gen Elec deb 5s do 6s Goodrich 7s ......... do Ss ................... 1941 Heinz 7s 1930 Hershey 7Hs 1930 111 Steel deb 414s 1940 Ind Steel 5s 1952 Tnt Agr 5s 1932 Kelly Springfield 8s ...... 1931 Kennecott 7s .............. 1930 Lack Steel 5s ............. 1923 do 1st 3s 1950 Llbby SfcN L7s 1931 Llg & Myers 5s 1951 do 7s 1944 Lorillard Ss 1951 do 7s 1944 Midvale 5s 1936 Slorris & Co 71js .......... 1930 Procter & Gamble 7a ....... 1923 Republic I & tit Ss . 1310 93 91 107 14 88 87 92 101 11214 11314 901, 1121 901 !W4J 88 14 10314 9214 771 624 S614 7814 79 79 68. 90 i 10914 85 91 93 88 11014 79 4714 69 64 541. 59 9014 108 111 11114 10414 113U 821i 92 82 94 1914 3fc 105 8314 6914 10014 97 91T4 8614 90 107 100 84 7514 80 109H 10414 9414 110 8414 10314 11U 110 8614 6114 31 71 9914 93 92 "4 8514 102 uu 88 10414 78 8414 80 8014 9814 94 95 u 80 10514 103 99 14 111 8714 8214 1414 94 102 102 104 105 8114 19 106 10414 964 12714 95 106 3914 102 103 103 '4 9114 79 100 89 45 108 108 101 1; 107 10214 107 103 115 105 104 93 100 81 95 108. 105 100 93 100 98 111 90 117 90 105 101 45 100 103 9.1 ) 10.?. 91 99 103 94 98 95 85 57 44 98 75 8S 1 1 1 1 T4 1 1 1 x 1 84 08 6S 52 35 3 81 'A 100 1M Anaconda Conner 63 . . lOIT Anaconda Copper 7s ' 104 Anglo-Am OH 7s 103 Armour Co 7s............. .... 104 Beth Steel 7s 1935 104 Copper Ex Aesn 8s 1924 102 Copper Ex Asn 8s 1925 103 Gulf Oil Co 7 .... 104 Humble Oil 7s .... 10i .-ers .rioe is a-year. J8Z3 301 14 So West Tel 7s 103 Stand Oil N Y 8s 1933 109 stana uu r Ts. 1926 10KK Swift A Co 7s....... 3925 101 ft do 1931 103 vacuum uu is. , .... zuu foreign Bonds. Furnished by overbeck & Cooke con pany of Portland: . , ... ...... k Belgian rest 5s ..... 1919 do prem 09 . 1920 do 7s .......... 1945 do 6s 1925 Brazil 8s 1941 do 7s ............. 1932 British Ss .......... 1922 do 5s 1927 . do 5s ............. 1929 do vky 4s ......... 1919 do ref 4s ......... 1919 U K 5a ........... 1922 do 6s 1920 1937 1934 1926 1927 1929 1937 1TI31. 100 1II0 Ss .......... 1951 52 54 ' JU3 104 do Slzs Bordeaux 6s Canadian 5s do 5 s .. do 514s .. do 5s .... do 5s Chinese Chile 8s 1841 French 4s 1......... 1917 do 6s 1920 do 5s ............. 1931 do 7s 1941 German W L &s. ..... .... Berlin 4s .... Hamburg 4s ........ .... do 4fes ........... . Leipslg 4s .... do as . Munich 4s do 5s Frankfort 4a .... Italian 5s ........ Jap 4s do 1st 4s .... do 2d 48 .... Norway Ss Swedish 6s .... Denmark 6s do 8s Russian 5s ao os ........ do 614s Sao Paulo 8s ..... Swiss 5s . do-Bs Bid. 68 104 99 101 9914 92 95 S3 78 78 109 109 105 82 99 98 102 89 Asked. 71 76 104 100 101 89 85 98 96 80 80 109 110 105 - 82 100 100 102 lou 48 69 58 88 101 1918 1931 1925 1S25 1940 1939 1942 1945 1921 1826 1919 1936 1928 1S40 35 80 94 T 94 111 104 95 116 13 . 100 103 120 49 H 2 5814 99 102 1 -i 'ii! 1 1 1 1 114 36 60 94 04 112 105 . 95 111 17 2 17 100 104 . 120 Foreign Exchange. NEW YORK. Ann 25 change steady. Great Britain, demand. 14.47 1-16; cables. $4,47 5-16; 60-day bills on banks J4.44 13-16. France, demnnrl ii: cables, 7.47. Italy. demand, .2014: cables 4.29. Hlhi,U 7.09; cables. 7.09. Germany," demand! .05; cables. .05. Hollanst. rirnnri 89.03; cables. 39.08. Norway, demand! 1 .o0. Sweden, demand, 26.73 Den. mark, demand. 21.57. Switzerland h. mana, 19.07. Spain, demand. 15.56. Greece, demand, 3.20. Poland, demand. l-i. Czecho-Slovakia, demand. demand, 13.35. Montreal, 89. 1 Foreign exchange rates at that fln nt nusiness yesteraay. rurnlsned bv North western National bank of Portland. The amount quoted is the equivalent of the lu'ift" unit ill Ulllieu OIULCB lUDOS: country Foreign unit. Rate Austria, kronen .............. .S .00003 Liberty Group Yields Slightly. RaUa In Less Demand and Irrqgular In Price. NEW YORK, August 25-Pronounced weakness of French government and mu nicipal issues was the outstanding devel opment in toe more restrict. d in bonds in today's market. Declines of Tilt HJp?mt?, were roistered by French 7s and 8s. Bordeaux 6s, with substantial , . , ; in all other French issues reflecting the decided slump in French exchange? ifaneSe fnd Mex'can governments 4s t, r ,?." ""I"' or ore' hut Cuba 5s of 1904 were relatively strong ?Ur.J'W,n issues yielded slightly. In the industrial list. Marine 6s recov ered more than a point, following their recent decline, which was attributed to reports of prospective cuts in traas-Atlan- n fuueiKer rates. Cerro rt T.Sr t. scored a substantial nlvin.-a hut .. 2,800 . 100 . . 900 500 B4 80 18 100 111 111 112 1,400 42 41 41 I'.'.'.'.'.'.'.'. 38 1 4 8 8 110 110 14 15 also American Teleohone tinuad heavy under the dampening in "Hf00 f. an early offering of 1115,000. 000 additional stock. Rails were in much less demand and mixed changes prevailed. New York State Railways 4s advanced S in light dealings, while gains of 1 to 1 points took place in Chicago. Burlington & Quincy. Illinois divisions 3s, Minne apolis & St. Louis refunding 4s, Texas & Pacific firsts and Western Maryland 4s, While losses Of a DOlnt Or mr w.r. noted In Chesapeake ec Ohio convertible s ana est. .raul general 4s. 000 tal Bal6S Par vaIue) w 113,103, The principal new offering today was m. io,,iu issue 01 Chicago Joint stock uuiu uan oonas, wmcn was offered yield 4.60 and were quickly subscribed. The stock market, after an early dl play of strength, turned decide.Htv haw in the final hour today in respense to ex tensive selling pressure exerted upon the announcement that the strike conference oetween certain railroad executives and uiuinernooa cnieis, acting, as mediators, naa been definitely broken off. Most of me aay s gains were canceled and man stocks were depressed one to two points otfiow yesteraay s closing quotations. Liquidation was directed nrincinallv against railroad shares, steels and equip, ments on the theory that those industries would suffer most by the prolonged labor u-ouoie. Aowever, rails orrered stubborn resistance in the face of an announce ment by B. M. Jewell, shopcrafts leader, tnat It would be a "fight to the finish.1 Stocks like Northern Pacificc. Chisago i Northwestern and Atchison, which had advanced materially In the last few days, sold off more than a point, while shares like Union Pacific, Southern Pacific, Reading an ttrte, wnlch were in a bet ter technical position, yielded only frac tionally. Louisville se Nashville. Omaha and Ann Arbor preferred established new high records during the day, but re ceded with the general list at the close. United States Steel was pushed up to luo, the highest price in two years, but sold off half a point at the close. Crucible and Vanadium also established peak prices and managed to hold part of their gains: Activity in steel shares was attributed to the announcement of high er prices for steel and iron products. which is expected to find reflection 1st forthcoming earning statements. Public utilities issues, especially gas shares, were in active demand'. New high records for 1922 were made by Consoli dated Gas. Columbia' Gas. North Amen pan company and Laclede Gas. Leathers were also strong, peak prices being reached by Central Leather common and preferred and American Hide &. feather preferred. Speculative attention was conrineq. argely to special stocks. Lima Loco motive was pushed up to a new high on the announcement that it baa received. an order for 4o locomotives from tne Katy" system and American Telephone recovered most of its recent loss wnen further study of. the proposed 1116,000, 000 new stock Issue revealed that the proceeds would be used largely for busi ness expansion, which in turn would un doubtedly mean increased earnings. Por phyry copper shares responded well to the increased output figures and de creased deficits revealed by the latest quarterly reports. Call money again opened at 3 per cent, but hardened to 4 at tne close Time money was quiet, with funds avail- ble for 60 days and uu days it 1 111 i ner cent. Failure of the reparations commission to reach an agreement with the German government caused a violent aecnne in continental exchange rates. German marks fell to the extreme low rate of 5 cents ner 100. and French francs r cted 36 noints to a new low record lor the year, with, slightly smaller declines In the Belgian ana Italian rates, owtsu ish kroner touched par for the first time n three years, but reactea later, taeens- Slovakian crowns rose iy jjuiuio u ah nih.r new hiirh level. Total sales for the day were uuo.uvu shares. ' CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland: Gulf S Steel Glen Alden Houston OH . , . Hupp Motor ... Ilia Central .... Inspiration . .. Int Ag Cpr com do pra ...... Interboro . ......... ..... do pfd Int Callahan .. 500 8 Int Harv 800 111 Int Merc Marine 8,500 15 do pfd ......12,500 57 Int Nickel .... 2,100 18 Int Paper 3,400 58 do pfd ...... Invincible OH . 8,200 14 Island Oil 200 "Si Jewel Tea 500 K C Southern.. 600 do pfd Kelly Springfield 1,400 Kennecott ..,.,.11,000 Keystone Tire. . . 300 Lack Steel 2,200 Lee Tire 800 Lehigh Valley.. 1,500 ijorlilara Loew Theaters. . L & N Lima Loco .... May 6tore .... Maxwell pfd A do B 300 184 Mex Pet 13,200 185 181 82 54 78' 15 83 54 79 17 HIT GROWERS STRONGER ACREAGE AND MEMBERSHIP . DOTJBIiED IN YEAR. 54 17 56 18 26 44 37 19 80 27 68 t 500 171 500 18 1114 18 25 43 36 18 79 '26 68 168 170 18 18 56 17 68 So 14 fi 18 25 58 43 37 8 80 27 08 1,000 138 137 137 18.200 63 60 61 18 291 13 35 19 '23 23 60 19 41 58 Sales, High. Low. Bid 1 - Belgium, franca ... Bulgaria, leva Czecho-Slovakia, kronen Denmark, kroner England, pound sterling: Finland, finmark ., .. .. France, francs ............. Germany, marks ......... ...... Greece, drachmas Holland, guilders .... I Hungary, kronen taiy, lire . Jugo-Slavia, kronen ........... Norway, kroner . . . .. ,.M .. . .. . Portugal, escudos Roumania, lei . Serbia, dinara ................. Spain, pesetaa Sweden, kroner Switzerland, francs China, Hongkong, local currency do Shanghai taela .......... Japan, yen .0730 .0067 .0365 .2170 4.49 .0223 .0765 .0007 ,0332 .3910 .0010 .0440 .0085 .1725 .0625 .0088 .0128 , .1563 .2685 .1915 ,6T0S .7775 .4825 QUOTATIONS ON DAIRY PRODUCE Current Market Ruling on Butter. Cheese and Kggs. SAN FRANCISCO. Aujr 25. fTT a. Bureau of Agricultural' Beonomlcs) Butter, extras, 43c: prime firsts. 40c: firsts, 39c. Eggs Extras. 40c: extra- firsts. 39c: firsts, nominal; extra pullets. 31c: un erased pullets. No. 1, Sic Cheese California flat fancv. 18U.O- California flat fancy firsts, 19c: Young Americas, 26c. , NEW YORK, Aug. 25. Butter firm. Creamery higher than extras, 8737e, extras. 36 36e. Eggs Firm; fresh gathered extra firsts. S0f?32e; do firsts. 28 fp 29c: state, nearby and western hennery browns ex ras, 36(B42c: firsts to extras. 3735c Cheese firm. CHICAGO. Aug. 25. Butter, higher: creamery extras, 84ft34e; firsts, 2014 10; extra iirsts, B- 33Vc: seconds. 28ffl 2c; standards, 33c. Eggs Higher. Receipts. 7885 cases: Firsts. 23tr24c; ordinary firsts, 20 21e: ' miscellaneous, 23$28c; storage paeked firsts, 24 25c. SEATTLE. Wash.. and eggs unchanged. - Aug. 25.-Buttr Metal Market. . NEW YORK. Aug. 25.- Copper rteadv: electrolytic, spot and futures, 18 T4 014c. iin easy; spot ana xuiures, 3ic. Iron steady and unchanged. Lead steady; spot, 5. 90S 8c. Zinc quiet; East St. Louis soot and nearby delivery, 6. 20 6. 25c. Antimony- spot, e.255.S7e. Sugar Market, NEW YORK. Aug. 25. Haw sugar. centrifugal, 4.80c; refined granulated. 80c. SAN FRANCISCO. Aug. 85. Califor nia-Hawaiian, raw aucar, 4,80, 78 21 70 1i .1214 82 50 300 100 . 200 47 300 41 8,900 61 i 400 186" 100 27 500 200 300 600 100 '2,26' 2,500 T7 20 70 8l" 57 '"u7 47 40 00 14 77 "20 70 i 58 "99' 4t!Vi 39 60 Stock- Adams Express.. Advance Rum .. do pfd Ajax Rubber ,t. Alaska Gold Alaska Juneau.. Allied Chem. ... llis-Chalmers . . AHi8-Chalmers . . do pia Am, Beet Sugar. m. Jtioscn . m. Can Co. m. Can Co. pfd. Am. Car & Fdy. Am. Cot. Oil Am. Cot Oil pfd.. Am. Drug Synd. . Am. Hd & Leath. Am. H. & L. pfd. Am. Ice Am. Intl. Corp, Am. Linseed . Am. Linseed pfd. Am. Loco Am. Loco nfd. .. Am. Saf. Razor . 800 7 Am Shin & Com 2.900 16 Am. Smelter ... 3.700 65 5 83 64 Am. Smelts, pfd. 300 102 101 101 Am. Steel Fdy. . 2,700 42 Am. Sugar 1,600 83 Am. Sugar pfd.. 100 HQ Amv Sumatra Am Tel. & TeL. 16.200 121 Am. Tobacco ... 300 151 151 Am. Tob. "B" ... 30U 149 149 Am. Wool s Am. W P. pfd.. 200 32 Am. lno 200 18 Anaconda 13,000 56 Assd Oil 100 116 Atchison 1.300 104 Atchison pfd. ... 100 94 100 14 600 74 100 111 2,700 34 , 100 55 3,500 121 185 27 'ii' 73 111 33 185 27 , C2 6 14 73 H 84 34 35 55 118. 119 .119 6 6 15 15 64 ; 82 no 41 as 110 36 119 121 lot 149 98 18 53 lib 103 94 Miami 20O 29 Mid States Oil... 2,700 13 Midvale Steel... 6,100 36 MKT WJ 5,100 19 do pfd 5,500 47 Mont Power 100...... Mopt War4,.., 24 Mo Pac 4,500 24 do pfd 5,500 61 Mex Seaboard.... 9,800 20 Maryland Oil ... 2.40O 42 Nat Enamel 1.400 59 Nat Lead -. 17,000 107 103 103 jsev&oa.cen. , . . . 500 17 New Haven ..... 6,800 32 Norfolk se W..,. 6O0 118 Nor Pac 9,200 90 Nova Scotia. Stl 200 38 N Y Central.... 3,300 98 North Amn .... 6.600 86 Okla Prod ref.. ,1300 2 Ontario & W.. 800 27 Pacific Dev . . ., 200 5 Pac Gas & Elec. a. 900 80 Punta Alegro ..26,700 49 Pacific Oil' 5,000 57 Pan Amn Pet.., 8.700 80 do B 2.300 76 Penna 2.500 47 Peo Gas 400 92 Pere Marauette.. 6.100 40 Pure Oil , 6,600 57 18 Mo 13 35 19 23 23 60 19 41 08-14 03 17 17 31 81 117 l!7l 88 . 86 36 85 98 88 83 86 Phillips Pete ... 100 44 Pierce Arrow . . . 300 12 Pierce Oil 400 7 Pitts Ooal 1,400 6 Pitts & W Va... 2,000 40 Penna Star Steel 1,500 8 Pressed Stl Car 700 83 Pullman ,, 2,600 127 Ray Cons 1,000 16 Reading Remington .... Replogle Steel. . Republic I S Ren Motors. . . . Royal Dutch Oil 7,200 rty steel bpg. Stand OH Ky Sears Roebuck 39 3, 00 . 3 ,2000 1,800 600 Shattuck. Ariz... Sinclair Stand Oil Ind.. 79 37 371 33 33 74 73? 3 31 54 531 100 113 113 200 100 100 1.10O o 90 400 8 33 Stand Oil N Y.. Sloss Shef 2,000 52 Sou Pacific 6,200 94 Sou. Ry 9,400 37 Stand Oil Cal . . 2,200 110 St L & S F 2.400 31 Stromberg Carb. 2,000 56 Studebaker . 22,000 129 Swift & Co .- Tonn Cp & Chm.10.000 fxas Oil ......50.000 Texas Pac ..... 3,300 do C & O 600 Tob Products ... 4,100 Tran Contl Oil., 6,200 Union Oil Del... 400 Union Pac ... United Alloy . United Drug ... 600 Uni Food Prd..-. E00 Ull Bag & Paper 100 U S Cast I Pipe 4,000 Uni Retail Stres 5,200 U 3 Ind Alcohol 4.700 XI S Rub 6.000 do 1st pfd ... 20O 104 U S Smelting .. 100 42 U 8 Steel ...i.. 51,600 105 do pfd 200 121 Utah Copper ... 4,000 68 Va Chem , 500 do pfd 100 Vanadium- Steel.14,800 vivandou ...... aou Wabash .... 2.200 do A pfd 8.30O do B Dfd 200 Western Pac ... 800 do nfd 600 Western Union.. 1.800 117 Wstghse E & M. 2.200 64 1.200 116 114 114 48 83 25 67 14 19 2,100 150 300 39 80 7 69 86 76 67 06 39 68 58 12 13 34 23 21 62 30 30 53 V, 127 128 106 10 48 33 25 56 11 19 149 38 80 7 69 86 75 65 nt. 104 42 104 Co-operative Association of Ore gon Said to Have Done Muctl to Stabilize Market. PENDLETON, Or., Aug. 25. (Special.) A two-fold growth in acreage con tracted and more than doubled mem bership Is i reported ' by the Oregon co-operative hay growers, with headquar ters at Hertniston, 85 miles west of Pendleton. L. A. Hunt, manager of the co-operative movement, reports that the membership in one year of operation has grown from 115 to 350 and the acreage from 4000 to approximately 8000. The association has embarked on its second year of activity with a much higher general scale of prices for alfalfa hay. First and Becond cuttings of hay in the Hermistoh country, one of the large shipping points of the hay growers, are now bringing 816.50 a ton and the prioe is expected to hold up. Farmers in the irrigated section of Umatilla county who are members of tho association, and many who are not, loin in declaring that tho Oregon co-operative hay grow ers have done much to stabilise the market. Hay is now sold every month in the year by the co-operative concern. Announcement has been made that arrangements were completed for the acceptance by the railroads of the hay growers' Btate certified weights at ship ping points, on which the tariff is charged without further adjustment. The Oregon co-operative hay growers are proud of this arrangement," wlrten will greatly facilitate the shipping of hay and freight settlements.. . I PHONE STOCK RIGHTS TRADED N 48 32 25 66 14 19 149 38 80 7 69 85 74 65 65 104 42 104 121 120 66 67 West Md White Motors .. Willys-Overl'd .. do pfd Wilson Packing. Wisconsin Cen . Wthgtn Pump .. White Oil White Eagle . . . 800 200 1,100 800 800 100 1,100 100 100 15 49 38 43 30 43 8 27 80 68 Bl 11 12 83 23 20 62 115 63 48 6 SB 43 30 42 8 27 29 68 52 11 12 34 23 20 62 116 63 V, 14 48 6 31. 43 30 424 8 Liberty Bond Quotations- Liberty bond and victory note quota tions furnished by the Overbeck & Cooke company of Portlana: Closing. Open. High. Low. Bid. Libertv 3s ..100.62 100.70 100.62 100.68 do 1st 4s , , loti.oz do 2d 4s 100.10 do 1st 4s.. 100.64 100.78 100.60 100.68 do 2d 4s.. 100.14 100.28 100.16 100.24 do 3d 4s.. 100.32 100.3.8 100.30 100.38 do 4th 4s. .100.64 100.80 100.62 100.70 Vic. 4s call. 100.30 loo.ao loo.ao ivo.30 Vic, 4, 1923.10068 100.70 100.66 100.70 Money, Silver, Etc. NEW YORK, Aug. 25. OaUl money firm; high, 4; low. 8; ruling rate, 3; closing bid, 4; offered. 4; last loan, 4; call loans against acceptances. 3. Time loans firm: mixed collateral. 60 to 90 days, 44 ; 4 to 6 months, 4 4. Prime commercial paper. 44. Foreign bar silver. 69c. t Mexican dollars, 53 c. LONDON,-Aug. 25. Par silver, ?5d per ounce: money, 1 per cent.. Dis count rates: Short and 3 months' bills, 8.7-162 per cent. Mining Stocks at Boston, Mining stocfc quotations at Boston fur nished by the Overbeck & Cooke com pany of Portland: 1 32 18 54 116 103 94 Atl. Coast Line. 1,100 118 117 117 Atl. Gulf W, Baldwin Loco .. Baldwin pfd. Hal to as omo ... B.4 O. pfd. Beth Steel "B". B. R. T Butte & sup. ... Caddo Oil Calif. Pack Calif. Pet Calif. Pet pfd. . Canadian Pac .. Cen. Leather . . . Cerro de Pasco. Chandler Motor , Chgo & N. W. .. Chgo Gt W do pfd CMUl Cop Chino . ....... do pfd C M Ik. St P ... Coco Cola ..... C ' O Colo F I..... Colo Southern.. 4,700 59 I. 600 30 28 29 10,900 127 125 125 . . . . , US 58 58 65 78 2514 30 o i- V 61 82 3.200 146 145 145 9,000 42 41 41 2.600 41 39 40 4,400 61 60 60 1,000 90 88 88 4,700 1,800 1,400 '"'166 400 79 26 31 "81 62 78 25 30 "81 61 9 22 28- 9 21 28 22 31 30 52 ?rv 70 32 . 49 53 7 33 49 9 21 22 SI 52 n 76 32 49 600 500 8, GOO 1,300 1,300 4,800 1.800 1,000 400 200 Cel Gas & Elaa 3,800 102 100 101 Colum Braph. 500 4 3 374 Con Gas 22,400 131 128 130 Cons Cigars ... 300 88 38 88 do pfd 000 vtiw 1.1 711 Contl Can 2,300 81 78 80 City S Bank , 19 Corn Prod 1,300 118 11T 117 da pfd sou 11s 11a 11s Condon Oil . . C R I & P. .. do A pra do "B' pfd Crucible do pfd Cuba Cane ,. do tf a Cuban Amn Bug 6,400 25 Del Hudson , Dome Mines .. D L W Davison Chem.. End Johnson .. Erie ........... do 1st pfd . . Elec Stee Baty. Famous Players 5,400 Fed Mln & do pfd ...... 1UJ1 Gen Clgai Gen Elec Gen Motor Gen Asphalt ... Goodyear .- Gran by Ot Nor Ore .... Gt Nor Pfd .... preen Cananea. 1 H n 4W 4. 7 ITU . 1,600 45' 44 44 . 300 980 97 85 .17.300 94 93 95 i l'.OOO 'i3 is 13 .11.400 86 ' S5 85 400 25 24 25 100 129 129 129 900 37 37 37 100 132 JS2 132 70O 62 52 52 1,500 86 85 85 1,600 18 .17 17 2,100 27 26 26 300 47 47 47 82 90 811 63 63" 53 7S 100 184 184 184 1,800 13 18 1S 4.700 67 66 86 85 33 82 32 42 41 41 2,600 2.400 6,900 109 93 S2fe Arizona Commercial Alluuez , Arcadian Bingham Mines .... California & Arizona Calumet & Hecla ... New Corn -.- Centennial .......... Copper Range ...... Davis Daly , East Butte 9. Hancock ................ Helvetia ................. siand Creek Keweenaw Kerr Lake . ..,,..... Luke Copper La Salle , Michigan Mass Con ...,......... Mohawk May Old Colony Mason Valley ............ North Butte t Nipissing ...,.,.......,.. North Lake Old Dominion Copper Osceola Mining .......... Ojibway , Quincy Mining , Pond Creek , Isle Royal ,, South Lake Superior & Boston United Shoe Machinery... do pfd South Utah Superior Copper .......... Trinity Copper ........... Tuolumne Utah Metals Utah Consolidated United states. Mining dO pfd Utah Apex Ventura Victoria .. Winona Wolverine ...... Shannan ... , , . . . Bid. . - 9 . 24 .. 8 . 14 . 61 .296 . 18 43 7 ..... 15 7 109 . 2 3 4 Ill ?! !i v2 4 ... ,.. ,. 8 ,. 25 - 35 . 37 . 2 . 43 :: l ' . 46 - 1 . 40 . 26 . a . 4 o : t5 . 1 . 2 . 43 . 47 . 2 29 2 1 11 80 AFk. 9 ?6 8 15 62 300 19 no 44 - 7 15 2 7 109 . 414 1 I 63 414 2 13 6 60 26 38 3 43 22 23 48 1 41 27 10 4 75 1 3 44 48 3 30 . 1 S5 Ga Companies May Profit by Coal Shortage ia Winter. (By Chicago Tribune Leased Wire.) NEW YORK., Aug. 25.-Tradinff in "the rights"-' to subscribe to the new American Telephone & Telegraph stock started an the New York stock exchange today. The first sale was at 2 and they fluctuated thereafter between 2 and 3, closing at 2, with something more than 50,000 of the rights changing handa. It is the contention of some of the deal era in these rights that they are selling too high with the stock at 121 or there,- abouts and that for the rierhts to be worth $3, the stock should sell at 12S. Probably the last of the important Industries which show signs of getting back to somewhere near normalcy is the leather industry, and the recent strength in this group of stocks is attributed te the improvement reported in the trade. A new explanation was met with in Wall street for the continued ferwafig movement today of the sras company shares. The activity was held to be traceable, in part, to the possibility of coalless winter days and the belief that in the event of an anthracite shortage, gas consumption would run considerably higher than normal. The gas pom panics tnemseives, it was asserted, are fairly well stocked up with coal and in the case of a nationwide shortage it is believed they will be . close to the top of the priority. In today's trading Consolidated Gas advanced nearly 3 points to a new high price, while Columbia Gas lc Electric and Brooklyn Union Gas also made substantial gains. It was reported in the financial dis trlct today that certain banking inter ests nave under consideration a pro posal to form a merger of several im portant silk companies. H. R. Mallinson, Inc., is reported to be the nucleus of the proposed merger. COTTON I.OWEK WITH REALIZING, Last Prices at ' few York Down 20 to 49 Points. (By Chicago Tribune Leased Wire.) NEW YORK, Aug. 25.-The trend was narrowly irregular with quiet dealings in today's cotton market until the after noon when selling pressure brought about a considerable decline. In the morning the majority of operators were holding off, due to the proximity of the next government condition report. Prices went lower after 6 to 13 points net gain on short covering and trade demand, but at the end of the second hour losses did knot exceed 20 points. x uc iiat. v,iy ii . 1 1 1 it (. iu iubc ki uuiiu though, slowly, in rather featureless aft ernoon trading, largely professional giver anI-take. At one time a little better demand on the part of room traders developed and lifted prices back to about on a level with last night's close, but the last hour further realizing left prices at the close 20 to 4tf points net lower. bpot cotton was quiet. 45 points de cline, 22.25c for middling upland. Southern spot Galveston, 21.90c, 40 points decline; New Orleans, 22c, 38 points decline; Savannah. 21.75c, 3D points decline; Augusta, 21.81c, 57 points decline: Memphis, 22.o0c, unchanged Houston, 21.8Qo, 45 points decline; Little jtoctt, zj..uuc, uncnangeci NEW YORK, Aug. 25- Cotton futures closed weak, October 21.9Jc; December 22.08c; January 21.94c; March 22.05c May 21.90c. The New York cotton exchange today voted to close the Saturday preceding Labor day. LABOR TROUBLES BLOCK PROGRESS Bases for Solid, Commercial Expansion Exists. NEW YORK, Aug. 25, Dun's Review tomorrow will say: while a solid basis for commercial ex pansion clearly exists, progress is still impeded by the prevailing labor un s&ttlement. Resumption of co&l mining operations at different points has some what relieved tne industrial tension, but the continuance of the railroad strike, despite negotiations for its settlement, is repressing iactor. Stimulus to trade activities is to be expected as the end ef summer approaches,' yet various uncer tainties exert a restraining influence and full measure of business development is. lacking. Hesitation in entering upon important new commitments not unnaturally re sults and not a few transactions, as in steel and iron, are prevented by the in ability of sellers to make deliveries. With costs of production further enhanced in some industries by upward wage revi sions, price increases are bein estab lished and premiums over the regular market are obtainable where there 44tny advantage in shipments. Weekly bank clearings were 5,625, - 187.P00. Coffc Futures Irregular. NEW YORK, Aug. 25. The market for coffee futures was irregular today- It closednet 6 points higher to 10 points lower, late month being relatively easy. Sales were estimated at about 5.00 bags. September, 9.35c; October, 9.37c; December and January, 9.40c; March, 9.41c; May. 9-43c; July, 9.43c. fepot coffee -steady; Rio 7s, 10c; Santos 4s, 14c14c , . Oregon Wool at Boston. BOSTON, Aug. 25. The Commercial Bulletin tomorrow will publish, wool quo tations as follows: Scoured basis: Oregon eastern Ne. 1 staple, $1.25 1.28; fine and fine medium combing, $145L20; eastern clothing, $1.051.12; valley No. 1, $1.07 1.10. Cotton Seed Oil Market. Furnished bar Jordan, Wentwortb A Co., Portland: August, 0.5Oc9.85; September, 9.32 9.34c ; October, 8.55 8.56c; November, 7.827.89e; December, 7.817.85c; Janu ary, 7.8p7.90c; February, 7.957.96g. Spots, 9.509.88c. Total galea, lfl.OOfl. Chicago Oil Market. (By Chicago Tribune Leased Wire. CHICAGO, Aug- 25. Gasoline tanif wagops. 21c; service stations, 23c; ma chine. 27.9c. Cil: Summer, 11.4c; win. ter, 11.9c Linseed oil, raw, 1 to 4 bar rels delivery, J1.04; bailed, $1.08. Carbon Perfection, iron barrel, 10 e. Turpen tia, $1.49, Deaatur4 alcohol, 40o BUYING POWER LIMITED BIG RUN OF SPRING WHEAT BEARISH INFLUENCE. European Crop Reports Indicate Heavier Demand on This t Country Than Jjast Tear. The weekly grain letter received' by Jordan, Wentwortb. & Co., of Portland follows: , ' Wheat -The 'market showed very little strength during the past week. Harvest- ing has extended into the extreme north west and the run of spring wheat is hold ing back buying power. The winter wheat movement is lighter as farmers who are able te, hold their grain are waiting for higher prices. The Euro pean crops are generally lower en final estimates and suggest a heavier demand th&n last season. Corn The hot dry weather has now done irreparable damage ever a wide territory. The heaviest losses are in Texas. Oklahoma. Kansas, . Nebraska. South Dakota and the cotton states. On the whole, the outlook is for a decided drop from the indication compared with the first or tne present month. Oats Nothing new has developed In the oats crop. The new crop will p less than former indications, with a bet ter Quality than last year, which will enable holders of the poor quality of last season's crep to dispose of it by mixing. Until the heavy visible declines, the market will be draggy. Naval Stores. SAVANNAH, Ga., Aug. 35. Turpen tine firm, Jl-la. Sales. 500; receipts, 786; shipments, 2178; stock, 10,125. Rosin firm; sales, 1318; receipts, 2020; shipments, 1397; stock, 101,110. Quote: B, D, E, F, O, H, J5.25; I, $3.S0: K, $5.42; M. 3.4S; N, 5.5u; WQ, J6a6; WW, J6.70. v Dried Fruit at New York. NEW YORK, Aug. 25. Evaporated ap ple dull. Prunes quiet, peache easy The mathematics of a vacant lot in Portland This is a typical example $176,000 Assessor's appraised valuation, 1912. cI':I3z;II;;:z:zI:zz::.I::";":w'"WWI''JI'"'. " 1 " $189,583 Ten-year carrying charge, 1912-1922. Note that the carrying charge is greater than ' the 1912 valuation T 'HE figures given here show graphically what it -costs to leave Portland property undeveloped. They pertain to a close-in quarter block on the west side and are taken from the assessor's records, the county tax rolls, and the city's. bonded lien docket. Interest at 6 per cent compounded annually is figured on all payments made and on the appraised valuation iven the property by the assessor. (It is assumed that if the cap ital had not been tied up in the land it would have earned 6 per cent for the owner.) Assessor's appraised valuation, 1912 . . $176,000 Cost of holding property idle ten years: Ten years' taxes paid plus interest compounded at 6 on same . . $50,065 Bonded liens compounded at 6 304 Interest compounded annually et 6 on appraised valuation of $176,000 139,216 Total . . $189,593 Ten-year carrying charges exceed the 1912 valuation by $13,593. This example is not an unusual one. It can be duplicated in any other vacant lot. If ypu have a tract of land or city property about which you are concerned, make an appointment to discuss it with us. Strong It & MacNaughton CORBETT BUILDING PORLTAND, OREGON WjjJ Investment and Property Man agers for Estates and Individuals SMALL RUN AT YARDS IiXTTJE STOCK AVAlIiABLE FOR' OPEN MARKET. In- Day's Sales Are Made nf, changed Prices and General Tone Is Steady, The livestock market was quiet -with out pew features. , Only two loads were received by rail and most of this stock came on contract. The lew sales re- Dorted were at unchanged prices and the tone of the market on the whole was steady. Receipts were 21 cattle, calves, 83 hogs and 54 sheep. The gay s sales were as follows: wt. t-rice. 1 cow, , 1 cow. . 1 cow. . 3 cows. 1 cow . . 10 steers 2 steers g heifrs 10 hogs.. 1 hog. 1840 890 1080 710 810 805 91)0 86U 180 520 4.50 2.50i 4.00 Wt Price. 75 $ fl.00 120 6.50 120 12,1 78 102 135 230 270 3.S0 4.50 0.50 9.50 4.50 3.00 9.30 2 lambs. 1 yearl., ewes.. 3.00128 ewes.. 4 00134 lambs, 5.001 0 lambs. 6.50 18 ewes.. 4.25' 2 bucks. ll.OOj 4 calves. 7.00 Prices quoted yesterday at the Port land Union stockyards were as follows: Cattle Cholee steers Fair to good steers Pair to medium steers... Common to fair steers Choice cows and .heifers ... . Medium to good cows, heifers air a med. cows, iieiiers.. Common oows ..........a.. Canners Bulls Choice dairy calves Prime light calves Medium to light calves...... Heavy calves Common heavy calves ...... Hogs- Prime light Smooth heavy. 200 to- 300 lbs. Smooth heavy, 800; lbs. up., Rough heavy Feeder pigs tags, subject to dockage.. Ulieep East-of-mount&in lambs. ... Choice valley Iambs Medium valley iambs Common valley lambs ..... tuu lamos 7.75 8.25 7.25 7.75 6.25 7.25 4,5(1 6.25 5.50 & 6.00 4.50 5.00 3.75 g 4.25 3.00 3.51) 1.80 2.50 3.00 4.50 9.80 m 10.00 9.00 9.50 8.00 9.00J 4.00 6.00 11.25U.T5 10.00 11.00 9.0010.00 7.00 8.50 11.00 11.50 11.0011.50 6.00 8.50 regular on fat she stock; stockers, feed ers and plainer grass steers with under tone weak; all other classes around steady; best steers offered $9.60; better grades grassc-rs, $7.50(&'7.BO; most cows, $3.754.50; few sales, $55. SO: caanen and cutters generally $2.258-25; better grades vealers, $10 10.50. Hogs Receipts, 300O head. Fairly ac. tlve to packers and shippers, 1015o higher; spots up more on heavies; ship per top, J3. 10; packer top, $9; bulk, 8.30 9; 160 to 230-pounders, $S.809; 240 to 300-pounders, $8&9; packing sows, 10 25c higher; -bulk,. $6.757.25: few stock pigs steady; not enough to make a mar ket. Sheep Receipts, 2000 head. Killing classes about steady; tendency slightly lower; native lambs, $13.25; fat native ewes, large, $8 6. 75. Omaha Livestock Market. OMAHA. Neb., A.ug. 23. (U. S. Depart ment of Agriculture. )- Hogs Receipts, 6000 head. Active, 15o to 25o higher; bulk 200 to 300-pound butchers, 58 & 8.90; top, $0; bulk packing grades, $0.907.25. Cattle Receipts, 1250 head. Beef steers, she stock, stockers and feeders dull, weak at recent declines; choice corn fed beeves scarce; good corn fed year lings. 59.0(1: bulls and veals about steady. Sheep Receipts, 800O head. All classes steady; best western lambs, $12.90; na tive lambs, 512.75; fed clipped lambs. 512; yearlings, 510.25: ewes, S0.50; early sales feeding lambs, $11.9012.25; sorted lights quoted up to 512.60. Seattle Uvestock Market. SEATTLE, Wash., Aug. 25. Hogs and cattle steady; prloes unchanged; no re ceipts. . . TRADE WAITS ON EUHOPE WHEAT StIRPIiUS EQUAL THAT OF IAST YEAR. TO Light yearlings . Heavy yearlings Light wethers Heavy wethers .. Ewes 10.0011.00 9.50 10.50 8.00 9.00 6.00 8.00 5.00 6.00 7.00 8.00 6.00 7.00 6.00 7.00 5.00 6.00 2.00 5.00 Chieago IJvsstock Market. CHICAGO, Aug. 2S. U. 8. Depart ment of Agriculture.) Cattle Receipts, 550Q head. Market generally steady; strictly prime yearlings, stronger; beef cows and heifers, very slow; top long yearlings, 510-8o; weight 1031 pounds. bulk beef steers of quality and condition to sell at $8.7510; canner and cutter cows mostly 52.75 3.50; bologna bulls largely 944.15t veal ealves early around S11.508U2. nogs iteceipis, ao.uuu neaa. jjjgn-ter weight active, 10c to 15o higher; top, 59.70; duik, stj.bu9.td; others slow teady to strong; 210 to 24-pound butch ers mostly 9.2o9.a0; good and choice, 275 to 300-pound butohers. 58.709.10; packing sows mostly J6.50T.10; bulk pigs, 57.758.25; heavy, 57.759.1o; me dium, $8.759.60; light, 59.409.70: light llsht, 58.9039.45; packing sows, smooth, 56.757.45; packing sows, rough, $6.156.95; killing pigs. 57.508.75. Sheep Reeeipts, 8000 head. Fat lambs active; generally steady to strong; spots higher; .fat sheep and feeder lambs steady; top native lambs $13.25 to city butchers; packer top, 512.90 with $13 bid: bulk natives to packers. $13.50 12.75; native culls mostly $9; eight loads Idaho unsold; sheep scarce; few native ewes to killers, $47; Inside figure tak ing extreme heavies. Kansas City livestock Market. KANSAS CITT, Mo., Aug. 25. (TJ. a. Bureau of Agriculture.) Cattle Re ceipts, 3500 head. Trade dull and ir- Market's Future Depends Financial Ability of For eigners to Buy Grain. Swift & Company Onioa Stock Yards. Chicago Diridend No, 147 DMdend of TWO DOLLARS ($2.00) par share on the capital atock of Swift A Company, will be paid on October 1, 192S. to etoekholdera of record, September 9, 14922, aa aboira on the books of the Company. C. IACOCK. Secretary The weekly wheat review of Logan & Bryn ef Chicago, received yesterday by Overbeck & Cooke company of Portland, follows: "An analysis of tno world's supply and demand situation in wheat Is of little value at this time, due to the fact that it is not possible to forecast with any degree of certainty what Europe's buying power will be. The United States has a surplus approximately equal to that of last year and so has Canada, probably more European requirements based on the latest estimates of crops la Ger many. France, Italy and tho United Kingdom and using the accepted figures ofc consumption, will exceed last year's importations by some 25,000,000 to 50. OOp.OOO bushels. To date their buying has been all out of proportion, presum ably because of inability to finance pur- chases We are among those who believs that sooner or later arrangements will be made to finance purchases of foodstuffs. If nothing else, and our surplus produc tion will be well taken. At the moment th unfavorable car situation Is perhaps a blessing in dis guise in that the delayed movement at lengt temporarily permits ff hftt balanced situation than would exlxt with a heavy Influx of grain and slow ex port trade. Tiie domestic flour demand hus been exceptionally good and promises to con tinue as it Is generally acknowledged that stocks fn all positions are light. GRAIN HARVEST OV IX EIROPK Wheat Crop Averages Less Than Kx ptcttd Heat Hurts Corn, Crop oonditions abroad are summarUJ by Broomhall In hit) weekly cable review as follows: United Kingdom The wenther has imoroved and harvesting is now general. Oisecho-Hlovakia The cereal outturn this season is lower than last year. Finland An official statement gives thrj new wheat crop as apparently Im proved, and also the rye crop as better than first expected. However, the crops are all less favorable than last year. Germany The weather generally Is fine and favorable with warm, sunny days. Harvesting is progressing and tlia yield will be greatly enlarged from the first estimates. France Good progress is being made with tho harvest of the new crops. Balkans The excessive . heat Is hurt ing the new corn. Sweden An official report gives the new wheat and rye as under average. Italy The new corn Is being damaged from the too hot weather. Wheat I of good quality, but the outturn will be smaller than last year. Manchuria Our Da Iron agent cables that the new crops are turning out much better than at first expected. The pre vailing prices, however, are above the export level. , Phone your want ads to The Ore ponlan. Main 707ft. A Farm MORTGAGE Bond To Yield n . Only 22 of the appraised value of the Security ! Write us for particulars. G. E. MILLER COMPANY 2d Floor N. W. Bank BIdg. Portland, Or. NOTICE CALL FOR CITY OF ASTORIA GENERAL FUND WAR- f RANTS. TO ALL PERSONS, BANKS AND BONDING HOUSES HOLDING GEN. FUND WARRANTS. NOTICE is hereby given, that there is money in the treas ury to pay all City of Astoria General Fund Warrants en dorsed "Not paid for want of funds" on or before April 1, 1922. Same will be paid on presentation at my office in the city . hall. Interest will cease this date, to wit: August 28, 1922. G. ZIEGLER Treasurer, City of Astoria, Oregon. Dated, Astoria, Oregon, August 26, 1922.