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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Sept. 4, 1922)
TJUJi MOKJSJLNCi OKJiOONlAiV, MONDAY, SEPTEMBEK 4, 1923 17, SHORTAGE OF CAES FELT BY 1LUIH Situation Due to Strike Becoming Acute. Is icial.) Russell G. Pond, upper val- ! t ley orchardist, has invented several appliances to facilitate the work ot growers that have proved popular. Mr. Pond, an eastern college man, scion of the pioneer piano manufac turing concern, first won note among fruitgrowers for a screw eye and hook, to be used . with twine for supporting overburdened branches. By means of the eyes the outer branches were tied to a central supporting branch. Mr. Pond this year is marketing an orchard ladder, known as "the centipede." The ladders' made from a single fir or pine piece, with tough oak rounds, are built in 16 and 18-foot lengths. MILLS MAY BE CLOSED Iiuiriber Manufacturers in Many Cases Compelled to Refuse to Take Orders. Schools, Churches, Community Hall Buildings to Be Built at Long-Bell Center. PTJGET SOUND BUREAU. Seattle. Industry and threatens to force tne ; yfgh Sept 3. The new town of closing down of a number of mills. Lon&view, which is to be added to branch railroad lines are not re The shortage of cars becomes more acute as the railroad shop men's strike continues, and is hav ing a serious effect on the lumber NORTHWEST FARMS HAVE POOR CROPS Rural Districts Also Hit by Low Prices. - N SEATTLE ARCHITECTS LAY ING OUT LUMBER TOWN. ceiving more than one-fourth of the required number of cars daily and tha situation is becoming worse rather than better. Mills located in cities where cars are more ac cessible are having their car prob lems also and see no hope lor lm orovement for some time to come. There are just as many cars as there were a few months ago, but they are not reaching the mills. Lack of motive equipment is in part responsible for the scarcity of cara Here in the northwest the railroads are in much better shape than in the st. where strike conditions are , most serious. Cars go east with loads of lumber, are unloaded and then remain on sidings because there rna.ir to permit their return, it is said. Strike Blow to Industry. The car shortage is coming at the worst possible time, for the lumber industry has been entering the greatest period of activity that it has ever known in tha northwest. Orders are at hand for practically every type of mill in tne country and nrices have been strengthening. Manv of the mills have refused to take more orders than thev now have on their books. They refuse to bind themselves for deliveries that are uncertain as leng as cars are not available. Buying is prac tically impossible and orders are go Irg begging. Gloom now prevails in the lum ber industry," declared a manufac turer a few days ago. "'Before the strike started I would have gambled that the manufacturers would ex perience the best year they have ever had. Now cars are few and far between and we are unabla to get out many of the orders that are on our books. Deliverias by rail are made very uncertain And have not arrived in time to supply the de mands of purchasers. Should the strike be settled immediately it would be at least 60 days before we could experience any great relief. It would take that length of time to repair the engines on the eastern roads and get them in condition to bring cars here. ; Problem Same Elsewhere. "Not alone are the manufacturers of the northwest embarrassed by the car shortage, for the operators in the south and other sections are ex periencing conditions just as seri ous. In fact, the lumber-producing areas of the entire country are suf fering." The demands for lumber have con tinued to be great in -volume, and as has been said many orders have not found mills willing to accept them. At this time the demand from the central states is particu larly strong, but cars must be de pended upon for delivery and as a consequence many cannot be ac cepted. Much of the business that goes to the Atlantic states finds its way by water, and there is less difficulty in delivery. Another situation that is encouraging is the fact that the business to the orient is rapidly im proving and large cargoes of Jap- . anese "squares are being sent across the Pacific. This business was the "backbone" of the lumber industry on the Pacific coast last year and is now proving beneficial to the manufacturers. California Still Bnyinfc, The demand from California con tinues strong, and many of the or ders from San Francisco and San Pedro are shipped by water. The logging camps are still run ning full force and have seemingly hit their stride after having been disturbed for. several weeks by for est fires. The slowing up of the manufacturing end of the game, through the car shortage, will give the camps an opportunity to catch up. There has been a shortage of logs, and very few that have been taken from the timber have found a place in storage for winter months. Should the mills or any number of them be forced to close on account of the car shortage, the logging camps could continue working and the logs could be placed in storage ponds or in booms for later con sumption. The mill operators will not suf fer alone in case they are forced to close their plants because of lack f cars. Hundreds of men who have found steady employment will be forced into idleness, and a serious unemployment condition will result. Ail Business Affected. At present the mills and logging camps are putting minions 01 aoi lars in the pockets of labor each month in the northwest. New camps are being constructed and new mills are in the process of con struction. There is work for prac tically every experienced mill work er or logger who desires a- job. The closing down of any portion of the mills would throw a lars number of men with dependent families out of work and cut down the supply of money that goes into the pockets of merchants and business. the present city of Kelso, is being laid out on paper in Seattle, and two Seattle architects have been com missioned to prepare the plans and specifications for the buildings to be constructed by the Long-Bell Lumber company. This is the biggest housing project ever undertaken in Washington, ex cept that conducted by the United State Housing corporation at the Bremerton navy yard for the ben efit of the war-time working popu lation. , The Longview project calls for the laying out of a miniature cityr with streets, parks, sewers, water and lights, and with plans for the im mediate construction of 300 cottages and five large hotel dormitories. The further building programme, to be undertaken as soon as these living quarters are completed, includes schools, churches, a community hall and numerous store and office build ings. The Long-Bell company ia said to be planning to make Long view the center of a population of not less than 4000, with every fa cility for comfort and enjoyment that should attach to a community of that size. John R. Nevins and David J. Myers are the Seattle architects. The homes to be immediately erected will be of frame construction, of five rooms each. The hotel dormi tories will also be of frame. It is expected that the construc tion will be carried forward by the Long-Bell company with its own men who will afterward be employed in its mills and camps. SHEEP' MEN GET PROFIT MILK HELP TP ID GENTS TACOMA DISTRIBUTORS UN CERTAIN AS TO FUTURE. Pierce County Dairymen's Asso ciation' Said to Be Insisting on Wholesale Boost. TACOMA, Wash., Sept. 3. (Spe cial.) Tacoma's big milk distrib utors have announced that with smaller distributors they are hold ing the retail price of milk down to 10 cents a quart after a month at 12 cents, despite the insistent attempts of the Pacific County Dairymen's association to put into effect the raise of 10 cents a 100 pounds wholesale announced for September 1. None of the distributors would predict how long the price would remain at 10 cents. Bert W. Walker of the Royal Ice Cream company be lieving that October 1 would be the limit. All distributors declared themselves uncertain as to their fu ture moves, but added that for the present they would get along as best they could and endeavor to meet the prices of their competi tors. Distribution of milk by the dairy men's association has not material ized, but was expected to start to- xlay with two trucks serving cus tomers, announced B. W. Reeve, president of the organization. Wool and Mutton Sell for Enough to Put Growers on Easy Street for Year. Without any mincing of words- it may bs said that croo conditions tnrousnoui tha northwest have been anything but satisfactory for the farmer this season. Thrt month aro all rospecis indicated that there would be a big wheat crop and that the man who foT the past few years has found himself burdened down with mortgages and debt would be able to make profit enougn irom m to square himself, in a measure at least, with the financial world. The long period of hot weather and th hot winds ruined a great percentage of the growing grain and the farmer has found himself face to face with con ditions that are equally as bad as last year, when crops were fair in yield but insufficient from the price standpoint to insure a profit. The northwest farmer has suffered more through crop failure than any other farmer of thef United States. In other sections, such as Minnesota, Montana and North Dakota, the wheat growers have reaDed bis. almost bumper crops, and rhi has had an ill effect upon the north west farmer. Were crop conditions in other sections similar to those of Ore gon and Washington, the farmer might expect higher prices, but there is an abundance of wheat in the country, and with such a situation existing the farmer cannot expect a price for his grain that is much higher tnan tnat now oeing offered. A few days ago a "Washington banker who came from a wheat-growing section of his state arrived in Portland with a pessimistic story of wheat crop failure. He told how many of the renters in his section had' been so disappointed by short crops that, they had packed their belong ings and moved to otner localities, wnere they hoped to start anew. Other bankers from the wheat growing sections have carried stories there that are almost as disappointing in detail. Plane to In.pect Forest. ALBANY. Or., Sept. 3. (Special.) An airplane inspection of the Santiam national forest will be made Tuesday by Supervisor Hall, it was announced from the reserve of ficer here today. The flight over the forest will be made in one of the planes from the air squadron at Eugene. DAILY METEOROLOGICAL REPORT PORTLAND, Sept. 3- Maximum tem perature. -7o degrees; minimum. 54 de grees. River reading. 8 A. M.. 4.0 fret: change in last -4 hours. 0.2 ft. rise. Total rainfall (5 P. M. to 5 P. M.), none: total rainfall since September 1, 1922. trace: normal rainfall since September 1. 0.09 inch; deficiency or excess of rainfall since .September 1, 1922, -O.09 inch. Sunrise. R:34 A. M. ; sunset. :4l! P. M. : total sunshine. 10 hours r:t minutes; pos sible sunshine. 13 hours 12 minutes. Moonrise. 5:f5 P. M. Monday: moonset. 4:02 A. M. Monday. Barometer (reduced to sea level). P. M., 2!.S inches. Rela time humidity. 5 A. M.. 8ti per . cent; noon. SO per cent: . P. M.. 50 per cent. THB WEATHER. Charles H. Stewart, vice-president of the Northwestern National bank, who knows the conditions of the farmer and the stockman of the northwest as well as any financier in the city, stated yesterday that the pocketbook of tne wneat grower of this section is just as flat as it was year ago. Six months ago he was of the opinion that the 1 wheat crop would be great and that prices would be suf ficient to compensate the grower for his labors. Farmers economized more this season than they have for several seasons past. Where possible they dispensed with help and went into the fields and did the work themselves. Many of them were bent on making a profit and using this profit to pay principal and Interest notes at the banks. Dry weather and big wheat - crops in other sections shattered their hopes. - The farmer Is not the only man in the northwest who is making complaint against conditions. The cattleman is be wailing the fact that prices are not high enough for his stock to compensate him. Some time ago it seemed as though th worst period had been passed by the stockman. But prices have slumped from temporary advances and the outlook is anything but encouraging. ; The sheep man, on the other hand. feeling better than he has for a Ion time. Prices on sheep and wool have advanced materially and good profits are being made. A year ago the prices of wool and sheep were exceedingly low and many of the big men in the industry were facing rum. The tide seems to have turned for them and debts will be liqui oatea tnis law. The hop grower who was unfortunate enough not to have been able to contract his crops is also in the .pessimistic class. frices are not nign enough to insure profit to the average grower. In some cases crops will not be harvested. Independence is . one section where different situation exists. According to C. w. Irvine, president of the Farmers' State bank of that city, most of the growers along the Willamette have con tracted their 1922 crops and are assured of good returns. The contracts have been made with English firms v"In my opinion," said Mr. Irvine, whe in Portland last week, "75 percent of our hops are contracted and this puts us in fine shape. , $77,879,522 and & crop value an acre of 193.21 a year for the ten. years from 1912 to 1921, inclusive, the Yakima reclamation project ranked second among all federal reclaoma tion, projects, according to statistics gathered from federal reports by J. S. Mcintosh, deputy commissioner of the bureau of statistics and immi gration in the office of Secretary of State Hinkle. Th net construction cost of the project was $10, 804,500, on which the district has paid $2,743,000. There are 132,733 acres in the proj ect foe which water is available, of which 100,733 are In the Sunnyside district and 32,000 In the Tieton district. The 1921- crop of the project, as a whole, was valued at $10,903,410, or approximately $100,000 more than the total cost of the project. Of this total the Sunnyside district crop had a value of $7,797,000 and the Tieton division -of $3,106,410. BEARS ABE MM TIMID ITKT7IER MATERIAL BREAK IN GRAIN NOT EXPECTED. Crop Movement Little Below Five-Year Average Despite Railroad Strike. STATIONS. generally helps BUILDING IS HELD SAFE Inspection Is Made of School Structure at Fossil. FOSSIL,, Or., Sept. 3. (Special.) E. Swanson, state inspector, with members of the local school board made an examination of the Fossil school building last week and de clared it safe. At the annual school meeting in June the directors were authorized to have a thorough inspection made by a competent person before the opening of school this fall, as con siderable uneasiness was felt among school patrons. INVENTOR AIDS GROWERS ' Centipede Ladder Used by Hood River Orchardists. , OX RIVER, Or., Sept. 3. (Spe- 'Wlnd, Weather. Baker ... ,'iUj sS,lj.OliiU'iS iClear Boise ... !" (LOO!. . NWiClear Boston ...I... I 820.0o:io:sw JCIoudy Chicago .....) 8010.001.-. IB Clear Denver . .... 820 . 001 . . iSVT Cloudy D. Moines. Mi'O. 00; . . ISEJ Clear Eureka 2!n.00!..lN Clear. Galveston ... SO t. on . . SE Clear Helena 84:0 .Of) .. !NW Clear Juneau J4ti O.OOI . . I Kan. Cty ...I 900.oo' . . INB Pt. cloudy L. Angeles... 82 0.10!. . ;W Clear Marshfld 401 TtlO.OO! . ,NW Pt. cloudy Medford . . . . i 02 O.0O-30.NW Pt. cloudy Minn'plis K0O.02jl2.S Clear N. Orleans!... 880. 0Si..lSB Cloudy New York ... 80'O.OOj.. S Cloudv No. Head I 54 6O,O.01,22iS Cloudy Phoenix J4'0.00). .IW Clear Pocatello .... 88IO.OO..S Clear Portland . 5fi 76 0 .00. . NW Cloudy -Roseburg . 52 86 O.OO' . .!NW Clear Sacra nto I 60 P0 0.fMK16 Clear St. Louis ... 88 0.02j..iSW Pt. cloudy Salt Lake.... 84 0.00!..s Clear San Diego ... 780. 0012 XW Clear San Fran I I 68-0. 001BISW -Cloudy Seattle .. B4f 70-'O. 00:18ISW Cloudy, Sitka I ... . t48; I. .1 Spokane ..( 52 86 0 .00! . . !sw Pt. cloudy Tacoma .....' 74l0.fMl..W Cloudy Tatoosh Is ' 52 5fii0.B4!12W Hain Valdezt t54 0.H: I ' Walla W.. 50 00 0.0"! . . SW IClear Washint'n ... 84 o. 0O .. SB IClear Winnipeg ... 8A0.no!... S IPt. cloudy Yakima .. 50 840. 001.. j ICloudv tA. M. tQday. Ing day. JP. Ar. report of preced- rORECASTS. Portland and vicinity Monday, showers: winds mostly westerly. Oregon Monday, showers, cooler east ern portion: moderate winds, mostly westerly. Washington Monday, showers: -cooler east portion; moderate . southwesterly winds. Phone your want ads to The Ore- gonian. All its readers are Inter ested in the classified columns. The federal farm loan commission definitely committed to a policy of ut most strictness in passing on farm loan made by the joint stock land banks. This was made very plain at the annual con vention of the American Association Joint Stock Land banks, at Chicago, according to Carl Detering. vice-nresi- dent of the Lumbermens Trust company Dank and casnier of the Oregon-Wash tngton Joint Stock Land bank, who h just returned from the meeting. "The reason why the commission h decided to pass only strong farm loans is to protect the interests of agriculture. said Mr. Detering. "The hoard takes the attitude that any loose loans would re act on the bonds which the loans secure. If the bonds are of unquestionable worth as they are, then money to make the loans will continue easily available. In other words the- security behind the bonds must be solid, otherwise the bonds cannot be sold and money to make loans thereby procured." At the convention it was shown that practically $300,000,000 has already been lent to the farmers by joint stock land banks and federal land banks since they were created under congressional act. bv the 5-3 banks now operating in various parts ot the United States. v hat impressed me most of all." said Mr. Detering, "was the high ideals of service that are actuating joint stock land bank officials. "The association fully realizes the im mense responsibility that joint stock land banks have assumed and realize that by neiping tne iarmer, that it is doing great work in the upbuilding of staple prosperity ior tne country as a whole. "The bonds issued by the banks and which are in turn secured hv farms on which loa-ns are made, are being readily purcnasea oy investors. Investors rec ognize that they are backed by the best security possible and furthermore ap preciate tne lact that agriculture the foundation of our economic structure, and as such oners tne nnest security possible. 1 he response from the farmers is proving enthusiastic and they are taking advantage as rapidly as possible of the long time loans which joint stock land banks make. From every indication this method of finance will replace to a large i tne mortgage loan system for th reason that It gives to agriculture the cheap money and the long terms of years for repayment, which the nature of the industry demands. furthermore it will operate strongly toward rehabilitating our farm popula tion. At the present time there are four iarmer tne tarm worker, the farm tenant, the farmer who owes n mortgage and finally the farmer with his uiear ot encumbrance. Throne-h ..tv eration of joint stock land banks the farm icnicr win oa advanced to the .position of the farmer with a mortgage and ulti mately he will come to be the finest type of farmer, which is the man who owns his land debt free.' The election of five new directors of the Northwestern National bank last weok revealed the fact that eastern capi- 0 now nere ior the purpose of exploiting the timber resources of the , inning gtocs in tne iinancial institution. growing The addition of Chauncev TWcCnrmicv vice-president of the Miami corporation, which is controlled by the Deering inter ests, to the directorate, is held as a big thing for the bank. For the next few years the Miami corporation will be a big developer of Oregon's timber properties. YAKIMA PROJECT HUGE Reclamation District Is Second Largest Government Scheme. OL.YMPIA, Wash., Sept. 3. (Spe cial.) With a gross crop value of i BY CHARLES D. MICHAELS. (By Chicago Tribune Leased. "Wire.) CHICAGO, Sept. S. Wheat prices have declined to a level where the farmers in the northwest and southwest are -retting less than SI. Durum wheat, which is nearly M per cent of the total crop in the northwest ern states, ia selling at 50 cents in some sections. Prices are so low that those who have been extremely bearish are disposed to eo slow on the selling side, but, while they believe that there may not be any advance for the present, there is little to be gained on the selling aide other than the carrying charges. For two weeks prices for December wheat had almost the same range and net losses for the week were only 2 cents, while -September finished with a loss of 2 74 cents and May cent for the week. A decreasing movement in winter wheat in states of the middle west and southwest was more than offset by in crease in the northwest, but the primary movement is materially under last year's. Spring wheat estimates in the American and Canadian northwest are being re vised upwards and there will be a move ment marketward from those sections that will be only restricted by the ability of the railroads to furnish cars. A car shortage exists in all sections, but it is no worse than usual at this season, there being an average move ment of grain on. This is shown by the aggregate of 8,488,000 bushels at Chi cago last week, a decrease of 1,068,000 bushels from last year and of only 120,- 000 bushels as compared with the five year average. Primary receipts of 28,783,000 bushels i increased 6S8.000 bushels for the week, i but decreased 3,468.000 bushels from last j year and were only 27,000 bushels below the average. In very few years have the railroads been enabled to furnish suffi cient cars to move all the grains of fered from the interior at this season number of the 'largest western and southwestern railroads report that they have fewer bad order cars than last veaT and as compared with July 1. What effect the large supplies of wheat in the United States and Canada will have on prices in the future problematical. A number of close mar ket students believe that all bearish conditions have been discounted. Others say that wheat is within five cents of the bottom, while the third set. who are bearish, expect a greater decline with no material rally. Based on a carryover of 79,000.000 bushels in all positions In the United States on July 1, with a crop of 820, 000.000 bushels this season, there is i total supply of approximately 900,000, 000 bushels, which is sufficient for an exportable surplus of 275,000,000 bushels. Based on a Canadian crop of 400,000,000 bushels and allowing 100,000,000 bushels ior consumption and seed, Canada should have 300.000.000 bushels, making a sur plus of 575,000,000 bushels, or within 100,000,000 bushels of Europe's import re quirements. It is not probable that the United States wili export more than 225,000.000 bushels, if it can do that much, and ex port buying will have to improve mate rially to enable a movement of that size. Europe needs about 50,000,000 bushels a month from exporting coun tries and will have no trouble getting it. Drought and extreme heat has dam aged the-corn crop severely in southern and western Nebraska, northern and central Kansas, western Oklahoma, Tx as. southern Minnesota and South Da kota, southern Illinois, part of Missouri and a considerable section of Ohio and Indiana. Private estimates are for 2,705, 000.000 to 2,860,000,000 bushels, com pared with 3,017,000,000 bushels last week and 3,081,000,000 bushels harvested last year. Crop damage has brought more buy ing from the outside and the trade is moderately bullish. Export demand has improved and movement from the coun try has also enlarged, although it is below last year's. Oats are selling at 20 cents a bushel ess in the northwest and they are being fed to hogs in preference to selling Prices here are so low that there is lit tle in the short side and the principal trading is spreading between September and the distant months. NEW YORK OFFERS HUGE eOlD ISSUES $18,150,000 in Paper Put on Gotham Market. PROSPECTS ARE HUGE Argentine Securities Expected to Bo Vp tor Sale "Within Short Time. : 1 Intel bor-Met. 4 h . 61 do ctfs 84 Int Merc Ma a f 6s.2ia Int Paper ref 5a B. 94 Invincible Oil 8... 32 la Central ref 4s... 101 K C Ft S & M 4S..1H7 K C So 5s 23 K C Terminal 5s... 23 Kelly-SDKfid T 8s. Lack Steel 5s 1923 10 16 90 97 45 92. 85 Vi 19 108 4 10T4 18 10U4 10O 14 144 92 Va 42 82 l 83 1514 li 93 89 97 . 43 ft 82 92 85 107 100 Z 92 ft 95 94 do 1950 43 93 9214 LS&MS db 4s, 1923 15 85 9554 lo 1SS1 73 S4A 94 Lehigh Valley 6s.. 6 1034 103 103 Liggett & Myers 5s 4 ltK 108 100 Lonilara 5s 4 ioe luo iuo Louis & N ret 5Hs. 20 93 i-iOUlSV & N unl 43 62 89 ft 11 102 22 106ft 5 94 (SO 90 23 48 ft 63 106 160 86 149 64 ft 78 84 ft 204 69 56 99 93 89 102 106 83 ft 89 46 104 85 62 83' 68 ft 9ST4 MARKET BRIGHT NEW YORK. Sept. S. By the Asso ciated Press.) New bond offerings, to taling $18,150,000 were put out by local bankers last week, as compared with J7,50,000 the week before, which was the .owest of the year. SMve industrial Issues aggregating $13,600,000, provided the bulk of the week's output. The largest of these was an offering of $5,000 000 live-year 6 per cent. Gold notes of the General Petro leum company . were offered first to stockholders at par. The periods of the issue will be used to make additional purchases of crude oil. One of the largest offerings m pros pect is a $200,000,000 issue of 6ft per cent bonds of tne Argentine govern ment, which were purchased during the week by a local banking syndicate at a price of 97. It is expected that not more than one- half of these will be offered at one time. Hatii Off era Loan. Haiti is planning to dispose of a $40,- 000.000 loan here to refund old French loans, the Intention of the Haitien gov ernment being to sell $16,000,000 worth of bonds at this time and the remainder later, providing the approval of the state deuartment Is obtained. Porto Rico also has asked permission to sell a $12,000 000 loan in this market. Peru is still nego tiating for a long term loan of $50,- 000.000. Bonds called for payment In September In advance of maturity aggregate $115,- 275 000 as compared with $96,725,000 In August and $670,000 in September, 1921. An unusually largo numbei for this time I of year, amounting to $113,650 000. are to be paid off entirely, and In a number of cases replaced by issues bearing smaller coupon rate. $25,000,000 Issues Due. The three largest issues to be paid off. each for $25,000,000. are the Consolidated Gas of New Tor etjnvertible 7s, Humble Oil Refining company 7s and the New York Central 10 year 7s. Practically all the Consolidated Gas bonds were con verted into stock at par. The New York Central issue waE financed through th rec9nt sale of a refund. RiiOent sale of a. refunding 5 per cent issue of the Humble Oil issue was taken care of by the sale of 10-year 5ft per ' cent debenture bonds. Other large offerings last week were $4,000,000 20-year 7 per cent first mortgage sinking fund gold bonds of the G. X. Oery corporation (silk m&nufac turers), whi-ch were offered at par; $2, 000.000 15-year 7 per cent first mortgage convertible gold bonds of the Martel Mills, which were offered at 95.55, yield 7ft per cent; $2,000,000 30-year per cent farm loan bonds of the Pacific Coast Joint Stock Land bank, offered at 103 54, to yield 4 to 5 per cent and $1 500,000 17-year 7ft per cent sinking fund secured gold bonds of the Rosemary jnr.uiacturing company, which were of fered at par, New York Bonds. IUKH-, sept. 3. following are the week's high, low and closing prices ot oonas on tne iNew lork tttock &x change and the1 week's total sales each bond (In $1000): U. S. bonds Sales. High. Low. Close Liberty 3fts 98 100.94 100.66 100.66 dost4s 3 100.56 100.66 100.56 do 2d 4s 38 100.24 100.18 100.18 dolt4Vis 368 1 00.76 100.22 100.36 ao2d4y.s 2513 100.28 100.04 100.1 doSd4Vis 2409 100.50 100.14 30O.2S do 4tn 4 lis. . . 3918 100.72 1O0.24 1(10 40 Victory 4s 657 100.74 100.64 100.68 4 101ft 101 54 78ft 76 59 105ft 105 29 88 ft 21 108 67 107 83 6S 42 70 Mkt St Ry con 5s. Marland Oil 8s Mei Pet 8s . Midvale 6t cv 5s M & St L ref 5s M St P&-SSM 6fts MK4T n p 1 5a A do ad 5s A do 1st 4s Mo Pac gen 4s Mont Pow 5s A.. N C St L con 5s. N O T & M inc 5s NYC col 7s do deb 6s 101.107 ft 107 do con 4s M 86W 85 N Y Edi ref tffts 91 112ft 111 NTNH4H o 6s '48 155 85 ft 84 do deb 4s. 1957. 2 68 ft 56 ft N Y Ry ref 4s cfs N Y Tel deb 6s '49 do ref 6s, 1941. N Y W & Bos 4fts Norf & So 5s A . . Norf Sc. W cv 6s. . do con 4s No Pac pr lien 4s. N St P ref 5e A. N W Bell Tel 7s.. Or 4 Cat 1st 5s. . . O R & N 1st 4a... O S L gtd 5s ctfs. do ref 4s. O-W R R & N 4s. Otis Steel 8s A... Pac Gas St El 6s.. Pack Mot Car 8s. Pan-A P& Tr Is. Pa R R 6fts 1!M 11074 110 do gen 5s....... 68 103ft 102 do gen 4fts S6 96ft 93ft Pere Mar ref 5s.. 19 101ft 100 Feo & East inc 4s Pierce Oil deb 8s Port R L & P 6s Prod & Ref 8s... Reading gen 8s... Rep I & a col 5s. Rio G & W 1st 4s. R I Ark & La 4fts St L I M&So rf 4s St L & S F adj 6s 108 do inc 6s 153 do pr Hen 4s A. 191 St L Sw 1st 4s . . . 30 StPftKC St L 4ftB 93 S-A & A P 1st 4s. 19 Seabrd A L con Us 497 do adj 5s 313 do ref 4s Sharon St Hp 8s A Sinclair Oil col 7s. So Bell Tel 5s So Pac cv 4s do ref 4s do col tr 4s . . . , So Ry gen 6fts . . . do con os do gen 4s 275 72 do4s 1309 100.30 100.26 100.28 Called Foreign govt., state and municinal- Argentme ta Chin Govt Rv 5s. . City of Bergen 8s.. City of Berne 8s. . City of Bord 6s. City of Copen 5ft. i-ity or iyons 63. . City of Mars 6s. . . City of R de J 8s. city of S Paulo 8e City of Tokio 5s. . City of Zurich 8s.. Danish Muni 8a A. Dept. of Seine Dom of Can 6ft notes, iyy D E Ind 6s, 1962. Fr Rep 7 ft s Jap 1st 4fts Japanese 4s King of Bel 7fts. . King of Bel 6s. . . . King of Den 6s. . . . OUTCOME OF REPARATION'S CONFERENCE CHEERING. Effort of Bears to Cover Runs Securities Up After Slump Until Friday. BY ROBERT STEELE. (Copyright, 1922, by the Chicago Tribune.) iiiy jnicago Tribune leased Wire.) LONDON, Sept. 3. Up until yesterday the city was kept in a state of suspen sion regarding the outcome etf the repa rations commission's deliberations, and with business consequently at a low ebb there was some tendency to give way to unwarranted anxiety. When the com promise and its acceptance by the French cabinet came buyers came back into all departments and the efforts of the bears to buy back acted as a spark to tinder, with' the result that prices blazed up all over the house and dealers separated for the week end in a very cheery frame of mind. " The gilt-edged securities suffered dis couraging vicissitudes, prices sagging owing to a good deal of liquidation and lack of support by the large interests. As a result consols were the dullest, in triking contrast to their rather . recent brilliancy. "War loans, however, tipped the balance the other way, romping up to par at one time and sinking at the close only a fraction below. The for eign market was mostly wrapped up in the fortunes of the French government and railway bonds. In which considerable bear account had accrued Friday. There was a regular stampede to buy; with prices consequently closing around the top and the entire atmosphere wonder fully clarified and brightened. Home rails were irregular, with notice able losses appearing in the middle of the week. Generally, however, the close was more satisfactory. Foreign rails were weak, with the exception of French railway loans, which recovered sharply toward the close. , j Mines were quieter, but firm through out, the kaffirs giving off, but later rallying well, other issues holding .a satisfactory demand. In oils, where there were signs of a steadily broadening market, the leaders found a good deal of Influential support Public interest is temporarily absent. however, and consequently some issues uf fered declines, notably the Rumanians, though these held above the worst. Royal Dutch was strong and the Trinidads teady without attracting much atten tion of any sort. . 201 102 101 103 1 54 54 54 . 26 109ft 109 109ft 2 112ft 112ft 112ft . 206 81ft 76 Sift 70 93 ft 93 93 171 82 76V4 81ft 171 82 78 82 31 99ft 99 99ft I 47 102 ft 10 10t 12 724 71 72 43 115 113ft 114 35 110 109 110 847 89 84 89 107 102 302 102ft 58 100 . 100 100 ' 293 95 ft 94 95 371 95 94 9474 697 101 ft 99 100 1756 98 ft 95 ! 98 88 95 94 95 210 81 79ft 80 139 104 103ft 104 96 100 ft 99 99 163 99 99 99 ! 184 96 ft 94 95 ft 22 98 95 98 36 112ft 112 112 360 105 104 105 ' 773 76ft T0 75ft 42 104 ft 104 104 1 93 93 93 23 108 J06 108 13 112 111 111 85 103 102 102ft 132 101 99 101 83 121 120ft 120 King of Nrwy Ss. . King of Sweden 6s .Far-Lyons-Med 6s R of Chile 8s, 1946 R of Cuba 5s, 194U R of TJru 8s S of Qunslnd 7s. . S of, Qunslnd 6s. . Swiss Confed Ss. . U K of G B & I 5fts, - XV Ul U D 1 OS, tt . A '.';; 382 108- ln7i4 "8ft VJ u, U1 X JE t US, 1S7 566 105 103 U S of Brazil 8s.. 170 101ft 100 101 ft ,j ui jicaico us.. 1S1 o ft 06 ft 58 u o or jviex 4S.... 178 44 42 Railway and Miscellaneous Bonds Adams Ex 4s 6 SO 80 Alax Rubber 8s... 11 8 97 44 Amer Agr C 7fts Amer Cot Oil 6s.. . 16 9: Amer Smelt 6s. .. . 71 95 Amer Sugar, 6s... 389 104 Am T & T tv 6s '. 38S 3 20 AT&T col tr 5s 131 100 A Writ Pr 7s-.. 20 86 Arm & Co 4 ft s . . 73 92 A T & S Fe jren 4. 1 79 OS V. a- -l ce o r e aaj 4S At Ct L 1st con 4s At Ref 6fts 5 6Z O 6S 80 97 65 104 104 104 ft 91ft 91 04 94 103 104 115 119 99 99 85 86 SI 91 92 93 u, a 15 91ft 90 90 6 103 103 103 82 102 101 101ft 95 87 86 86 ft 63 109 108 108 . . 87 96 06 36 94 93 94 19 99ft 99- 09 54 87 84 87 37 97 96ft , 97 B & O cv 4fts Bell T of Penn 7s Beth Steel ref 6s. Beth Steel p m 6s Braden Copper 6s. Bkn Edl gen 7s d Bkn R T ctfs stDd Calif G & E 5s . . Canadian N 6 fts. . 58 113ft 112 ll.'ift Cent of Ga 6s 7 101 101 101 Cent Leather 5s.. 72 98 98V, 9S Cent Pacif gtd 4s 54 90 89 90 Cerro 'de Pasco Sc 65 128 126 128 Ches & O sv 5s... 289 98 97ft 08 Ches & O sv 4fts. 49 90ft 00 pftft C H & Q ref 6s 3 . 124 101 ft 101 101 C & E I 5s 137 84 84 , - 84 C Gt W 4s . . . . . . 96 62 ft 56 59 C M & St P sv4fts 222 76 74ft 74 C M & St P rf4fts 149 6S 67ft 87 C & N 7s 1 109 C N W 6fts... 1 112ft 112 112ft Chi Rys 5s... 57 82 82 82 C R I & P gen 4s. 15 85 84 84 do let 4s Chi & W Ind 4s. . Chile Copper 7s. Two Inches of Rain at Albany. ALBANY, Or., Sept. 3. (Special.) -Only two inches of rain fell in Albany during August, according to the local weather observer. One nd sixteen-hundredths inch of this amount fell on August 12. Seventeen days were clear and 14 cloudy. The maximum , temperature for the month was 90, the minimum "46. do 6s 117 Col Ind 0s : Col & So ref 4ft s. Col Gas & Elec 5s. Cons Coal & Md 5s Cuba C'ne S deb Ss do 7s Cuba R R 7fts A. . Cu Amn Sugar 8s. Del & Hud cv 5s. . D & R O imp 5s. Det Edison ref 6s. Ost Uni Rys 4fts. Dlam Match 7fts. Dlst Sec 5s DuPont de N 7fta Duquense Lt 6s... jrie gen 4s. . . . . . Erie pr lien 4s.... Fisk Rubber 8s... Fra. Ind dev 7fts. . Gen JUlec deb os. 466 85 ,84 aa it 76 62 106 105 s: 77 106 94 77 89 96 ft 91 93 SO 106 95 94 ft 26 7Sft 77 7 90 89 80 96ft 96ft 29 82 ' 91 84 93 ft 92 13 90 89 5 106 105 48 107 106 ft 196 48 98 98 98 42 82 80ft 82 15 104 103 103 150 85ft 84 85 41 108ft 107 108ft 20 46 46 46 72 108ft 108 198ft ss 104 ft 104 104 257 56 ft 54 ft 64 171 68 ft 65 ft 66 ft 72 107 108 ft 107 64 94 91ft 94ft 15 102ft 101 101 wjoayn os ivai. , . joo .iiius IOO do 1941 142 115 114 114 Gr Tr R of C Ts... 24 113 113 113 do 6s 61 105 104 105 Gt Nor 7s A 458 113 111 112ft do 5fts B 175 104ft 103 104 Hud & M ref 6s A. 40 87 88 87 do adj Inc 6s 68 66ft 66 66ft 111 Cent 5fts 43 102 101 102 do ref ,4s.- 19 91 90 90 III Steel deb 4fts.. 25 93 91 93 Ind Steel 6a.. 14 101 100 100 So P R Sugar 7s s o or cai deb T & P 1st 6s Third Ave adj 6s.. 597 do ref 4s Tide Oils 6ft s ctfs Tob' Products 7s.. U P 1st 4s do cv 4s do ref 4s 93 102 106 94 89 46 106 86 63 84 68 99 101ft 76 105 107 85 112ft 85 53ft 38 38 106 ft 107 106ft 107 56 ft 5?ft 69 69 159 118ft 115 117 11 93 92 93 42 90 89ft 89ft 81 94 ft 94 94 91 108 107ft 107 13 100 100 ft 100 2 90 90 90 23 105 105 105 30 94 93ft 63ft 86 84ft 83 84ft 11 101 100 100 45 94ft 93ft 94 . 32 107ft 107 107 18 1U2 101ft luift lint 102 94 ft 101ft 33 ft 99 86 102 ft 86 95ft 79 ft 83 ft 89 84 77 ft 74 80 ft 85 78 68 28 ft 45 ft 98 100 ft 09 ft 93 91 89 103 99 1 9 33 17 57 77 38 ft 87 26 99 97ft 1 86 86 14 102 101ft 141 86ft 85ft 95ft 79 84 90 ft 84 ft 78 74 80 ft 86 79 ft 71 30 46 ft 98 S36 100 80 09 96 94 72 93ft 62 91 96 103 102 06 99 8 242 15 95 79 ft 83 ft 89 83 76 74 79 84 77 67ft 27 ft 44 ft 08 99 99 92 . 00ft 88 f Our service to j investors is without charge no matter from whom you purcLase your securities. SttocwritmgA letter renaming of service by placing your-nmc4ad I oddrcst here. I U U Tame 3. Address Eri r Cyrus PeirceCompany 1002 Wilcox BldK. PORTLAND Phone Rriwy. 6015 San Francisco Los Angeles Seattle Oakland ' San Diego San Jose Pasadena Fresno Stockton Sacramento Eureka 71 46 102 100 102ft 64 106 105 106 13 1IS6 98 Union Tank Car 7s United Drug 8s U R Inv 1st 5s Pitt U S Realty 5s U 3 Rubber 7fts . do 5s U S Steel s f 6s . . . Utah P & L 6s. .-, Va-Car Chem 7fts Virginian Ry 6s. .. Wabash 1st 5s ... West Elec 5s West Pacific 5s... West Union 6fts. . Westing Elec 7s .. W & L Erie 4ft.. Wick-Spen St 7s. . Wil & Co sf 7fts. do cv 6s Cze-Slo rep 8s ctfs 127 Dom Can 5s, 1952 486 Rep Bolivia 8s.... 201 C M & St P cv 5s.. 85 E G & F 7 ft s ctfs. 345 I & G N adj 6s WI 730 68 17 66 ft 1.1 104 39 106 00 95 71 9C 25 89 ft 1.) 104 82 112ft 111 66 68 66 66 103 108 ft 105 105 94 ft 05 95 95 89 89 103ft 103 20 91 10 09 ft 141 110 231 90 109 104 96 93 ft 30 105 78 99 2 99 13 1O0 ft 41 87 8 114 89 97 ft 10!) 90 103 92 105 9Sft 99 100 ft 86 ft 111 91 97 ft 109 ft 90 ft 108 113 105 sft 99 100 87 113 113 63 108 107 107 6 76 15 90 67 106 6S 96ft 95 99 99 78 97 54 6 99 105 95 ft 94 99 97ft 76 ft 97 63 76 99 105 ft 116 ft Ho , 99ft 99 77 97 54 64 102 101 102 ft Mo Pacific con 6s. New Eng T & T 5a. 1952 ctfs 175 Public Service 5s . 14 Sinclair Cr O 6fts. 127 U B & P 6s A ctfs. 35 United Fuel Gas 6s 1 Va Car Ch 7s ctfs. 203 Winchester 71-2s . 70 103 Total sales of bonds for the week were Jtjt,K4U,V0l. 94 90 99 ft 99 98 99 93 ft 89 99 99 ft 98 8 102 ft 04 89 99 99 98 98 103 890,000,000 FEET National Forest Timber for Sale THE FIRST rflT OF ONE OF THE I.ARFiT t XDKVFI.OPKI) TRACTS OK YELLOW PI.E THB I'MTF.U jITATKN. LOCATION AND AMOVNT All the merchantable dead timber stall ing or down and all the live timber marked or desiKiiateri for cutting on an area embracing about 67,400 acres In Twp. 15 S. Ranges 29, 30 and 31 E.. Twp. 1 S., Ranges 2l, 30, 31 and 3i K. and Twp. 17 S.. Ranges 29. 30 and 31 E., V. M.. .Silvi.s rl-r watershed, Malheur national forest, Oreunn, estimate.! to le 770,000,000 feet B. M., more or less, of wtstern yellow pine and 120,000,000 feet B. M., more or less, of Douglas fir. western larch, white fir, lodgupola pine and other species of timber. The cut ting of other species than western yellow pine to be optional with the purchaser. STLNPAUE PRICES Lowest rates considered. $2.73 per M for western yellow pile and 1.50 per M for other species. Rates to he readjusted April 1. 1928, and at three-year Intervals thereafter DEPOSIT $25,000 must be deposited with each bill to be kpp;i-'l in the purchase price, refunded or retained In part as liquidated damages, according to conditions of Bale. FINAL DATK FOR BIDS Sealed bids will be received by the I'is trict Forester, Portland, Oregon, up to and including February 15.1923. The right to reject any and all bids reserved. Before bids are submitted full information concerning the character of the timber, conditions of sale, deposits and the ul missison of bids should be obtained from the iMstrict Forester,. Portland, Oregon, or the Forest Supervisor, John Day, Oregon. pressure of public opinion against its continuance and of the well-known fact that suspension of work was now con tinued only through the obstinacy of union leaders, the men being out of money, wearied with inactivity ind eager to return. Looking back at this series or events. it is easy to see why ail of them were the logical outcome of the situation. The complete recovery of financial markets, after each occasional spajtm of despond ency, has become so llttte of a mystery that lt now merely indicates the fact that cool financial Judgment had again been able to see the real probabilities of Country Is Expected to Make Up the situation when public opinion, in its state 01 nervous apprenension, was in- FUTURE SEEMS BRIGHT RAILROADS GETTING CARS INTO BETTER SHAPE. for Hesitation in Laying in Stocks in Summer. BT ALEXANDER D. NOTES, (By Chicago Tribune Leased Wire.) NEW YORK, Sept. 3. The course of events last week, so far as it affected the larger economic problems of the hour, vindicated again the- similar tra dition that the public mind becomes most pessimistic over an unpleasant pit uation at the moment when that situa tion ia about to change for the better. Probably the gloomiest day of the season In Wall street was that on which, two three weeks ago, th markets mo mentarilv reflected the prevalent senti ment of hopelessness over the strikes and their industrial consequences. But the bituminous strike was vir tuaHv terminated only a few days later, Since then, instead ot announcements or mills and foundries closing down for want of fuel, the news began to tell gradual resumption of work at idle f naces and at the same time the brother hoods of operating railway employes em phatically repudiated all purpose of sympathetic strike with the railway shop men. Similarly, last Monday s market gave passing reflection to the public's mood of apprehension under the triple influence f the intimation or government seizure of the railways, continuance of the hard coal strike and the taik of Germany's economic ruV. But the same week sub sequently witnessed the government's de nial of any purpose of federal operation except In extreme emergency. Evidence that the railways were rap- Idly getting the problem of shop repairs in hand became indisputable. Thurs day's temporary compromise of the al lies with Germany followed, and the end of the anthracite strike was plainly in ght. It is po-ssibie now, wnen facts are replacing vague conjecture, to un- erstand the actual movement of events. However incomplete the compromise with Germany, its acceptance neverthe less shows the unwillingness, even on he part of France, to force a crisis. The daily reports on recruiting of rail- ay shop forces prove that not only are the new mechanics taking up the work, but that the older employes are return ing, a sure sign of a failing strike. That the anthracite strike should at the same time have approached its set figment was a tirf result both of th capable of doing so Reasonable forecasts or tlie immedi ite industrial and financial future must be conditioned largely on the prong t- j ness with which fuel supplies are re stored to a normal working basis on the i present occasion.' That question will be determined when the railway's far ill ties are fairly tested by the siTnuItanouj lovement or coal in quant i ties la rger even than in ordinary times, of jb.ln from the new harvest and of the traffic in general merchan dise whfr-h, despite th nuTnrnut Im pediments of the seanon, ha in one or two weeks thin summer narlv reached tlie largest recorded magnitude. Granting solution of the transportation problem, it 1h af a to avsuma from ail the Indices of trade that the country requirements, whlcn would have Increased very substantially In any cake this au tumn will be extremely large as a con sequence 01 the inldumnur nptanoTT of producers in accept In g or executing order. That Industrial revival will pro ceed at the pace which was imagined earlier in tlie season In more o,u -scion-able; trade ban now to contend with the vihibly Increased a'it)on of foreign bu -er, with the dilemma of a pniihle cot. ton chortaKe. and the accompanying high fx ll le prior, and with the tiorfimgrilv decreaaed purchases from t he nmm rf working men who have brn earn In nothing during the coal and railway strikr-M. If this meann only that tha movement of recovery will be gradual and dHh. rrat not forced bv the large f stllt im of credit and a Midden rife of prle1 ir a utage of excited activity whirh could onl y invite reftt ion. t hr re will be no Knod r Hison tor r(rr"t f ing t hat thn prophecies of an "autumn trade boom" of large dimenttfonH had not been ful- lJSLPm:Jkjr.:VX ' M w .-21, :'i NORTH ATLANTIC & WESTERN S. S. CO. Sl JLS I FTTTC.H illlKISH (I WESTBOUND Portland. M. Boston New York Thll. Bxltlmor, Charli-iton Ann. 28 Kpt. 1 ti-Pt. . Krnt. U S-!t. 1 SO WABAHH Hrpt.28 Oct. I Oct. 6 KASTuorivn fbom Portland S. Bl.rE TRIANGLE Kpt. I HRVM Oft. t ARTIC.A8 Sept. M U ABASH owmlut 4 LtlllOH Oct. 4 I t'OI.D HARBOR Nofrmbfl Id .NE, I'Mrlflc Coaat AcrnU, Krmdoir MIL 01 Third St. THE ADMIRAL 'I i North China Line COLUMBIA PACIFIC SHIPPING COMPANY Operating T'nltPd Stat Jovrrimnt Ships DIKECT FRKICiJIT UKRVIf'H ITIIOl T TRANSSHIPMENT nKTWKKX POHTLANU. OHKtiOX and YOKOHAMA. KORK, MI4NOH4.I, T(KIBR Tientin IAlHfc', USSB SS Wet Keats Oct. 1st USSB SS Went Kadr.. . .Nov. lt YOKOHAMA. KORK. HOXfiKONfJ. MANII.4 ontague Sept. 15th USSB SS KaHtern Sailor. Oct. ..t!t For rates, space, etc., apply to TRAFFIC DEPARTMENT BroariTrar S360 ,KHi-52S Board f Traic Hliln. Portland. Iirrtun USSB SS Montagu SAN FRANCISCO & PORTLAND STEAMSHIP COMPANY For San Fraaclaco From Portland Ainsworth Dock STEAMER ROSE CITY Tuesday, 10 A. M., Sept. 5 Thursday, 10 A. M., Sept. 14 and every nine days thereafter PASSAGE FARE FROM PORTLAND Promenade Deck $28.80 Outside Saloon Deck i 24.40 Inside Saloon Deck 24.00 Third Class (Males Only) 15.00 Round Trip (First Class) 50.00 All fares include berth and meals while at sea. AatMMkiles tomtnni by tnsoifeii will to cardial n Uttnt it tile f 1I.M aw 100 aaaaas, aiiiaaa cal Itttia aue4 M 20M atanas. r City Ticket Office 3rd and Washington Phone Broadway 5631 Freight Office, Ainsworth Dock F hone Broadway 02G8 raanmauw ' . w iff -j ivr" ft m if BTEASrSHTF Admiral Farragut from Municipal Dock No. Wednesday, Sept. 6. 10 A. M. Every Wednesday thereafter FOR SAN FRANCISCO LOS ANGELES BAN DIEGO STEAMSHIP Admiral Goodrich Sept. 5, 7 P. M. Harshfleld. Iiireka, Ban Ir'ranciaco. TICKET OFFICII 101 THIRD WT.. COK. STAJtK Fbone Broadway S48I THE DALLES-HOOD RIYEfi TKAMKR SKRVICK. FREIGHT A.Ml l'Atil;.;KH Lt. Portland, Daily Kxcept JSunJay, 7:16 A. Al. Lv. The Dallea, Daily Kxcept Mon day. 7:00 A. M. Fare to The Dallea, Fare to Hood Itlvrr. ai.oo The Harklna TrauauorlatloB to, Foot of Alder tit. ilroadwa 0:144. AUSTRALIA NEW ZEALAND AND W)fTM hKA VIh Tahiti and Itnratonjrit. Mull mnti pa warn or fivir from hit.il krmncun o fvery art duy. ifttcific Tuur, Honth Hrm, w Zalmnt, AuMi-hIIu, .'ri.V I Irst Mb. rNION. S. K CO. OF tU' KALA.M), 230 California ht., San KraiirtM-n, or local fttramnhlp and railroad aencfr. Telephone Main 7070 The Oregonian Telephone Main 7070 V