THE SUNDAY OREGOXIAX, PORTLAND, 'JULY- 13. 1919.
MICE IHI BUTTER
Production in Northwestern
States Declining.
DRY WEATHER CUTS SUPPLY
local Receipts in Part Week 10,-
COO Pounds Under Previous
Week; Storage .S locks Large.
Th advaort In butter prices, usual at
this tlm of year, im close at hand an4 may
not b dfrret beyond, the middle of the
ek- Production Is declining, as shown
by the decrease of nearly lO.Ovo pounds In
iee.pta durlnf the pat: week.
There was mora activity in cubes than
sual for Saturday. Extras trortng 92 points
old at 51 cents, whits Inferior trades
moved as low as 4i cents. Flint prices
ware uniform. Street storks ars still large,
mounting to pounds, and until
omi of thfs Is worked off prices may not
advance, ftorare no.dingB Increased 50S;:
pounds to a total cf l.liS.Tls pounds. Re
ceipts Frttlay wara: Pounda1
rreron 6.sr.4
Vaiiforsta WO
Total
The trend of tha coast market has ben
fefterallr upward during- the week. At the
pen!rg Monday the San FrancUro market
wss qu!t. weak and inactive and declined
bout 1 while at Portlsnd It was reported
uncertain and Inactive. Durlnf tha remain-
der of tha week a firmer tone developed at
Both markets, and closed with an advance of
1r at San Francisco sod 2c at Portland.
Trading at San Francisco wss light through
out the week, walls Portland had an Im
proving demand for all grades. Receipts for
tne week closing Friday were very heavy
at Fan Francisco and amounted to a total
cf Cii.oiv pounds for both markets. Stor
age ni-reasea fur the week at Portland and
hn Frances amount to StMVMT pounds.
hife at Seattle the Increase la storage
feoldlncs was !o.717 poun'la
Advances showing sustained net gains of
from two ro threw cnts. characterised the
market at ft'hlsgo. New York. Boston and
Philadelphia the pant week. Tha accumu
lation of what pracrK-ally amounted to a
tiree-day holiday the previous week-end.
filled to g:ut tne market seriously and with
the very jt-xxl trailing which developed Won
day. all fur markets rallied for a week of
prr'tr a?if jctory business. Ths low prices
in effect at the close laat week, thought by
Aianr to be the low mark for the season, have
ru'wd In a large Increase In consumption.
This. nrMh-r with a general return of buy
Ins -onfld-n. has probably been responsible
fr the Improed conditions. Scarcity of fine
butter and funSer export also have helped
th market. Hoi ton reports s small amount
f buying for expert, mostly on under grades.
h!l arl'i rumnrs are current from New
ork crediting exports of from &oot to
lVKn tuhs for the week, mostly of better
grades. Considenahle export buying was done
by houses having Chicago connections.
aitorae stocks la the leading markets
ara as follows:
Increase. Tnjreas. F forks In
M'k. enri g Wit. end g storace
Julys. July.?. July 13
rr?ant .... IK. T 1 . 1 r. . Tif
Fit" :HC.J !.TiT 1. T.'i'i.i".".
fn . Franclaco Trt.r.o r?1.7T4 1. 1 1
V.T'.T l.'.o 12. l!"'
M-g 2..vn.o7t 2.?.-X4 I'.i.h-'T.wk;
New York . . . .J.v r.-.'rt a.vt.r.o.t Sl.9KTt.uT 4
PhitadeLpbia, . 1M .MM3 il.J lO -l.l'J.OT
rains ara not up to expectations. Recent
precipitation, however, has been very fav
orable for good grain. Importations of
Australian grain continue.
Egg Market Closes Flrne.
Eggs closed firm. The general buying
price, was 4S to 4S4 cents, but thero was a
wide spread In Jobbing quotations. Street
stocks vera cases, compared with
2454 cases the day before, and 903 cases
a week ago. Receipts Friday were V91
caees from Oregon; 117 from Washington,
and 23 from Idaho, a total of 1133 cases.
Receipts for the first five days of the
week totalled 46 J 4 cases as against 34S9
casa In tha same period of the previous
week.
Cheese receipts Friday were 10,709 pounds
from Oregon, 2450 from Washington and
00 from California.
Walla Walls. Onions Lower.
Another car of new crop Walla Walla
onions arrived yesterday. They were quoted
at $3 a hundrad. Walla Walla is now ship
ping 20 cars dally.
New potatoes were In small supply and
steady at 3&4 cents. Old Yakimaa were
quoted at Lt2.2.v Two cars arrived.
Linseed OH Advances.
An advance of 3 cents a gallon In lin
seed oil was announced yesterday. Ra
In barrels Is quoted at S2.32 and In cases
at -,4-'. boiled In barrels at S2.34 and In
cases at 1-44.
Bank Clearings.
Bank clearings of the northwestern cities
yea i era ay were as XoUown:
4. learinrs. Balance.
Portland S 1.037. 124
Statue o.-'."3.Sl2 1.7AC.SA3
Ta. oma ia.l'77 ;r.U.7:i0
Spokane l.oT0.3bl 443.414
Clearings of Portland. Seattle and Tacuma
for the past week and corresponding week
la former years were:
Portland. Seattle.
.138 343.ei.V1 $4.1,034.991
1519.
11S.
J17.
1316.
ri4.
1!13.
)M I.
I!M.
1 Tf .
J '.
I :.
44l4
liM .)
in...3,i 13
3 .:'.. 4J7
11.5M.4
.ytH.7:is
11.4M.l:'4
S.34.t(iO
4. (. M4
:t. i.4"o
4.i7.H
l.'.3o3.56A
ll'.MM.liHl
13.379.313
J.513,6f
. 187.172
31.553.514
3S.J303J
.11A,7
e.lu7.t
931M'A2
Taroma.
6.197.140
3. J44,!i57
2.&OH..M2
1.7J7.6A9
5.13.93
4. ni',2.M
3.911.10!)
3.7 10. 393
6.70.3f3
4.U71.392
4.b33.13
3,0A3,96o
SPECIAL STOCKS H LEAD
TOBACCO SHARES AXD 3IOTOR
' ACCESSORIES STRONG.
NEW.
ISSUE
r
We Offer Subject" to Prior Sale
150,000
Shares (par value $10.00) of. the Full Paid
and Non-Assessable Capital Stock of the
Atlas Petroleum Corporation
A Steady Income
Government and Municipal Bonds assure the in
vestor a steady income the moment his money is
placed in such securities. Better investments are
not obtainable, because Government and Municipal
Bonds combine every element of safety with un
usually good interest yield. They are the "promise
to pay" of the government, state, county, district
or municipality issuing them, and have all respective
taxable resource? pledged to payment of principal
and interest when due. Make a selection from the
following group of Bonds turn your idle dollars into
a steady income BE A COUPON CLIPPER.
Exempt From All FtdenI Income Taxm. ' .
CAPITALIZATION:
Orrsnfxed vnder ths Isws of the State of Telsw-7s.
Authorized
Unissued . - '
Outstanding Including present offer!' .
....t5,oO.O0O.fl
..ZKO.OoO Shares
..250,000 Shares
Coppers Slow In Responding to Ad
vanced Price of Metal Steel
Strengthens at Close.
To tali
.It ft.."...-..! n.47.T4J2 $.S0.42t
PEACH FS CLEANING VP READILY.
First Car sff Cantaloup Shipped From
Tsrlork for rsrtlaad.
Peahee r leaned up readily at steady
ffflres. Earlr Orearons hrlnrins; SOcfill and
California St. Johns $ 1.23 1.5. Receipt
Included 1?7 box from Oregon and 78
f mm Cal 1 f om la. A st r I rh t car of Call -fom
i a apricots arrived and wss put on sale
at J2.iO a 2.7V
Cantaloup wre In !Hera! impr7. fl"
mrs romlrr in from the south. fome stork
ef poor ju.iTtt Is belne offered. Prices
ranged from f 1.75 for flats to 4.50 for the
-r-t standard. Twr cars were shipped
f-nrn Turic k on Krtriay. one of th"m fnr
Port Ian.!. Imperial Valley shipments for
the ssn have broken all records passing
the "W.r.if rn.irk the mi idle of the past
werk. The dally movement ts derlinins;
rapldfy. ep-taily In the northern portion
f the a'lT. Ijite crops rrown on lettuce
and p land are new supplying rod stock
and th year's output Is expected to fx
red 70 cars unless the present hot weath
er eus down thf movemrnt suddenly. There
h ben little nw thts saimn from aphis
and the crop has hen handled with lesa
rx'. (Kan tl.-ll I In anil. r,f if. va atv. 1
Root knot caused by nematodes has done J"1 M M J,i
STtoua dimif ln certain fields. Three ! j JJ'J !
thnuand a-rrs have Nn reported tn the J K iT fS.uihe'-n .
Tiktma valley or approximately the same i Kenn-cott cp.
mm jt year. Frost has done tittle dam-I 'ivljoi'
m k nui corn wrarner in ur ana June nin- . .Mtaint topp
at red rrowtns to It la expected there will ' Mi'Aale tte
be smMer melons than usual. The crop Is
about aVJ per cnt of normal.
NEW TOEK. July 12- 8tartinr at a mod
erate pate, today's brU f session of the
tovk market soon Ix-came active on renewed
luyliiff vt speculative hares, especially to
bacwa and motor accessories.
letter the movement embraced equip
ments, shippings, steels and miscellaneous
issues. lo low -pried rails, with Denver ft
Itio ;rsnue prefvrred ths leaturs at a sain
of virtually J pom:.
I'mtcd 6tates eitcil was variable at tha
outset but developed marked strength to
ward th close, gamins; almost 2 points,
while CruUble Steel mde a sudden rise of
t j-cints.
Coppers were tiot very responsive to the
21c price quoted for the refined metal, al
though Anaconda. Utah and American
me.ting hardened with ths general list in
the wveplna; uprush at the end.
The mure proiiiliiont features were Amer
ican and Lorjilurd tobaccos. United Cigars.
AJax Kubber. Kelly-Springfield and Key
tonu tires. United States Kubber. Mexi
can and Fan-Am rican Petroleums. tiilf
States Steel, Central Foundry. Pennsylvania
Sen hoard Steel and several food shares, bales j
amounted to shares. '
The bank statement preeented no note
worthy changes, actual loans showing only
a nominal Increase, deaplte the weeks ac
tive stork dfaJinsTS. while an lncrae nf
atKut ;.it.oi m res-rves reported only
a partial recovery from the preceding week's
laro contract ion.
1 radins in bonds lacked soeclal featur.
but liberty Issue and bonds of secontlury
trar.spurttions were steady to firm. Total
sU-s. par value, apjregated 4.37o.oOO. Old
l nttea ntstes bonus were unc hugged on
cj.11 during the week.
CLOSING STOCK QUOTATIONS.
Twtst
sales. High. lxw.
l.tx HO 14
Comprise about 33,100 acres of .1 gas leases located in Mirlon Connty. West
Virginia, and In Kimble. Sutton k . Edwards Counties. Texas. The West Virginia
acreage Is proven territory in the prolific Mannlngton District. The Texas hold
ings are located upon the well-known Edwards Plateau and were originally selected
bv oil experts for Benedum and Trees of Pittsburgh, more than a year ago. The
Edwards Plateau Is believed by numerous geologists and oil operators to overlie the
southwestern extension of the Pennsylvania formation which has proven so pro
ductive in the Central Texas fields.
There are now seven producing wells upon the West Virginia properties. Well Ho. I
Is drilling and there are locations for at least eleven more. Three locations have
been selected on ths Texas properties, the material and equipment for which ars
on the ground and operations are being conducted as rapidly as possible.
The properties of the Corporation both tn West Virginia and Texas are equipped
with standard rigs, casing, cable, strings of tools, automobiles, motor trucks, ware
houses, etc., etc. In fact everything necessary to complete the work now under
way. t
A conservative estimate of the value of the assets of the Corporation suggest a
book value for the stock comparing favorably with the price of the present o daring.
The Corporation has no bonds no preferred stock the financing arranged for will
provide cash for future development, and, the $3,600,000.00 unissued stock will suf
fice for the contemplated acquistlon of additional production, leasee and their proper
development.
ALEXIS I. duPONT. Wilmington. Delaware.
Secretary E. I. duPont de Nemours ds Co.
EDWARD B. RICH, Oil Operator,
Menard. Texas, and Parkers burg, W. Va.
C. A. PATTERSON, Wilmington, Delaware.
Vice Pres. E. I. duPont de Nemours A Co.
SYLVESTER D. TOWN SEND. Jr.. Wilmington, Del.
Pres. Delaware Workmen's Compensation Board
, SIMON L. WOLFE. Oil Operator.
Parkersburg, W. Va.. and Alacksburg, Ohio.
CORPORATION GUARANTEE AND TRUST CO
Lnd Title Bldg.. Philadelphia, Pa.
TTNTON TRUST 4 DEPOSIT CO.. ParkeWbura!, W. Va.
BAN:: OF MENARD. Menard, Texas.
WILMINGTON TRUST COMPANY, Wilmington. DeL
PEOPLES BANKING 4 TRUST CO.. Marietta, Ohio.
It Is the belief of the men In charge that the properties of the Corporation can be
developed successfully and profitably.
The present management advises that no application will be made to list the stock.
This Is In line with the policy adopted by the Standard Oil Companies.
Thi issos im rec ofnm ndd as m specofatisfi that satisfactorily tsmmsnm thm inherent risk at m pioneering 4f
bnMtnesM, with a financially interested management whote pro Pen capabilities and integrity ara a sufficient
guarantee that its business will be conducted and tha properties developed in the best interests of all
cent si nsaf. The legality of this tssus has been approved by
PROPERTIES:
DEVELOPMENT:
EQUIPMENT:
APPRAISAL:
FINANCIAL:
OFFICERS &'
DIRECTORS:
REGISTRAR AND
TRANSFER AGT.t
DEPOSITORIES:
FUTURE:
LISTING:
EDGAR J. PERSHING,
Attorney at Law
Land Title Building, Philadelphia. Pa.
SYLVESTER D. TOWNSEND, TBL,
Attorney at Law
Ford Building, Wilmington, DeL
Suh.eHptlon. will b. rgfrivrd dfrct by the umi.rlrned er from and throurh y.nr own brokgr. Th. right l
rrarrved to accept or rjct any aub.crlptlon and to allot . Ieer number of .hare, than aub.cribed (or.
Price $S.SO Per Share
Winslow
Taylor & Company
MAIN OFFICE:
130 SOUTH 15th STREET
Opposite the Union League.
-g PHILADELPHIA, PA.
BRANCH OFFICES:
Race 7
New York. N. V. , Plrtabnrgh, Pa. Johnstown, Pa. Chester, Pa.
Atlantic City, N. J. I moniown, ra. ijiudb, raw uuer, xm. muiniiw, xm
The information contained herein has bean obtained from what wa regard as reliable sources and while
wa do not guarantee it we believe it to be accurate.
8. ."'H
7,iio
l.T'N)
V -'H
Am Beet Sugar.
American I'.n. .
Am fur eV Jrdry.
Am HAL. pid.
American i-tn'o.
Am Sm si Hetg.
Am S'jfcar Kelg.
Am Sum Tobne.
Amer Tel TeL
A:u Z ! Sr Sni. .
Aricioitnda Cop. .
Atchtsuit
A OaVVISSi.
Baldwin l,ouo ..
Ha t A Ohio ...
Heth Steel B ..
B a S I'opper . .
t'aiir j'etroi
Canadian Iscif. S.mhI
tVntral Leather o..mi
rhfi & Onto ... :tM
Ch M !St P . . 1.4M0
Chicago N W
Chi K I Pac. 7,.1t
Chino Copper .. I.'Jimi
c ! Fu i Iron. 'J.hm
Corn Products..
Crucible Stel ..
Cult Cane Sue.
V S od I'rutls.
Krie
t.enerat Ktectric
i.enra I M otors .
H Nor Pfd ....
C.t Nor Ore ctfs.
Illinois Central.
Inspir copper
7ih
b.."tN N5
la,
3.t, i;i
ll4
17I
I s
r.4
7.INM Il
1.1 Mt
I'lHI
2 IMH)
2.:w
171
l.-.54
51 A
4, 1 BT 4
;
4.2UO
ALL Ripa JOB OATS ARC KAISEd!
Iel Market M r-ets ta S1.M nighec
Harliy Inehanxed.
fss we- the Bt-oficst of the cereals
t the ToraT board at the close of the week.
Tt's for bu'k p.i:i ere advanced fl 17 1.0
and sack I o&ts offered were raised SO
rr.ta C.'n a'so AO cnts higher. Bar
lv was uncuncd at the previous day's
Weather corM'Tns In the middle west
as wi-r.i fmn cht.-aro: '"North writ, mostly
r'ouJT. s-'ivt- rtn lost n:Ut; Xu!utX ar,
fine; Wtnnipec. clear. ?0; Chicago, cloudy.
arm; Lvri. r .oudy, p easant: Omaha,
Pt r- ; Tcrvk .. cler. ht; taven-
prr. f'oo.lr. 70. Ohio va:er. c'oudy. 7."
Terrrirtil rv-.p-. m cars were reported by
the X'rchants ri-:iAnc as fo?1os:
v ii-at. i:ar:eyJ-:our.Oas.Hay.
. 1
10 twxi
'.74M(
3"..1
M issouri P-.rIic XiWJ
Montana Po'r.
Ne ad Copper. 1. ''
N V iVniral ...
N V Ml H..
Norf W.
Northern Vsrif . ;m
Fan -Am Tetrol. 11.
l.iMI
i !"
til ,
'"
4.".',
'.'IS
r.n
1 13
lu:;'i
i'5 ';
177
lilt
-Ml.,
f..-.
:.i
:i.;
!-,
Jn7
4H
.'.4
Kli
11
"
171
'i
1'H
SI
.-.1 V.
71.
4lTi
4!S
bale.
ll'i
KU
1 lo,
l;4 is
1
K.
111,
JU4
70
1"1 i
17K
li:i
4.-.,
7,
:4rt
ls
44 'i
lwH
hi
1-1
7I'
171
11.-. S
JIMI
117 "4
4J'.
1JO,
Ml
1. Sat..
T-.iI Ihi. ...Ic
V.. I At
! .i.e..
l.T.H
T.. om.. t'r:d y
t-.ra..
a-.-n : .
. r ifu .
'a?t. Friday
.r .....
) ..r
t
1
I
St
1.7-h
S. 4MI
71S
.) 1114
T. B44
7,1tm ii,
i.hhi
Pc nn.ylv.nu
Pit. At W a . .
Pltlsbura Coal-.
R.y m:ol Cop.
K.adlna
B-p lr Stl..
Sh.t Aria Cop.
Sin Oil Jk Km..
outhrn Paclf.
tf..ulh.,n Itv
U..l.4.lk.rCor. 1lO
T Co 4"" S
T.l'A'CO Prtt... 4.1'0 10.1
I rion I'aclflr .. 1.H 114H
t'nll Cia ptr...
V S Iml Alcohol 14
! . .107. 7" 11 :"i
Jo pf.l 3"!T
rt coppt ... .-"
Wrm-.trt F.l"trto --..Ml .'.
lllv.-"v.rland . .!
Koyal Dutch ... Ct. -H HIS
BONDS.
3
"n"
in.-. 14
4.-.,
:t7s
71
J.-.s
SM1-,
li
K17S
SOi.
ins
l'7:t
1".TTi
1-14
14l
111
11S
1.7
774
a
so
1"7
'..!
711.
S
HIS
!7S
11
ion
i"Vs
1
14JS
Jl.-.S
.-.s
114 117
i:inrr bhinc Argentina corn
l-.rc hlpmnt. t. CMtlnrataJ Cntrlr.
Th. com situation la th Tnitrd Klnr
riom .hows no chancr. rablra Broomhall.
Contin.n'.ml countrlr. .pp..r ntor. tntrr
.il tn Plat, com and I. la ipctrd .hip.
a.nia from Arg.nttna to Euro p. will b
anintalnrl In go4 volumr. DanuMan
crop. coo!!nu t. b watched and latest
I'iTtcf are of a. mora farorabl. nature.
Arrenttn. .blpnlenta to th. Vnltetl Cltates
will probably continue (air. but further
chartering, are difficult. Portlona of tl.e
atock of Imported Ckata. which hav. been
weld tn ator. for the t'nlted Klnsdom for
aim time, ar. now belna; offered, and
meeting reailr abaorptlon. I'roapecta In tha
Vntted KmcdoTn. as recarda the crop. can
aot b. considered eaceltent. .lthouah th.
recent weather haa been helpful In re
lieving th. dryneaa. French reports ar.
pessimistic: la fact, reports from all west
ern ITuroo. mention dsmift complalnta.
win, to th. drouth.
India. Latest cab!, advice, ear that th.
1 or 11 mi a ao uracil vary weak, and tau
U ft I.I SHI... " R'Am T T cv Ss.l0?ij,
do l.t 4. ....! IM Alrh rB 4n .... MM,
to III ' K.t -' D R G ref Ss.. w
l.t 4'e 9:. UK N' Y C deb 6a... !s
rfo -.1 4 V.... M lO V P 4s ..ml
do .l 4Vs KSOOV P 3
o atn 4's 4 14 Pac T T Ss ':
IVI. torr a . .H'M l' con Ss
1 do 4 POMS P cv it u.s
1- l u ref ;s rea-.-.it11. So Fly Sa
do coui-on .... f"S I' P ss
- I U 8 cv 3 re.. .. S! ICS Steel Ss. . . .10S
4 ' .lo muDon .... ri lAnclo-Fr OS U7W
U S 4 re 1H
do coupon ....lOol
products waa most clearly shown In en
larged bank rtearlnea. the substantial gain
in unfilled orders reported by the United
.States Steel corporation and the Widespread
demand for leading commodities, aa Indi
cated by the rise in metals, refined copper
being quoted at L'l cents a pound.
Weakness of sterling and francs, tha for
mer receding to lowest levels In almoat five
years, waa without effect upon market
values, but among international bankers this
movement emphasized the needs for early
completion of the plan to effect Europe's
financial rehabilitation.
The president's address to the senate
w us mnue tho occasion of & bear attack,
but prices rallied eafily in the various issues
which have been the apecial objects of
speculative attention for the past four
months.
From the viewpoint of the Investor the
most disappointing feature was the further
backwardness of high-grade rails and the
failure of the bond market to reflect more
than a moderate mid-year Inquiry. Tills
was accounted for in part, however, by new
corporate financing, which absorbed much
of the floating supply of new capital.
latest official advlcea show a downward
revision of estimates for some of the prin
cipal crops, especially wheat, but the pros
pective yield, even allowing lor additional
deterioration, promises to exceed by fully
1'iti.iMiu.iMiu pusneis the high record of lour
years ago.
COLD RESERVES STILt, DECI-tSIJfa
Decrease In Past Week of Over Seventeen
Millions Reported.
WASHINOTON. July li. Gold reserves of
the 12 federal reserve banks showed & de
crease lor the fourth successive week on
the statement of conditions at the close of
business July 11, issued tonight. The de
crease amounted to $17. 12J,04Hi and reduced
the ratio of gold reserves to the notes which
they secure trom 61.7 per cent, as it stood
on July 3, to tXi.5 per cent. The statement
follows:
Resources
Oold coin and certificates t 270.545.000
Gold settlement fund K. R. B. . n34. 812.000
22.37c; December, 22.10c: January, 22.04c;
March, 21.0.1c: May. L'l. 85c.
Spot, coffee, nominal; Rio 7a, 2354c;
Santos 4a, 2Sc.
Eastern Dairy Produce.
NEW YORK, July 12. Butter, firmer:
creamery higher than extras, 534 &64c;
extra, &2x0S3c; first. My52c
Eggs, irregular: unchanged.
Cheese, firm; unchanged.
CHICAOO, July 12. Butter, firm. Cream
ers'. 4tir51c.
Eggs Receipts, 15.S00 cases; unchanged.
Poultry Alive, unchanged.
Dnlnth Linseed Market.
DUL.UTH. July 12. Linseed on track,
f(!.ll; arrive. $11.10; July and September.
etf.10 bid; October, S6.03; November. 50.S3
bid: L'ecember, S5.S0 bid.
Advance in Refined Copper. , ,
NEW YORK, Joly 12. Refined copper
was quoted at 21 cents a pound by one of
the leading selling agencies today. This
week and 614 cents over the low price of
last March. In trade circles, runner ad
vances were predicted for high-grade cop
per. Germany, it is understood. Is in the
market for enormous quantities of the
metal. .
Seattle Feed and Bay.
SEATTLE. July 12. Hay and feed, city
delivery: Feed Mill run 40 per ton;
scratch feed, $81; feed wheat, 501: all-grain
chop, $67: oats. $13: rolled oats, $65;
cracked corn, $70; rolled barley, $68; clipped
barley. $73.
Hay Eastern Washington timothy, mixed,
f:ir.Xfi; double compressed, $40 41; alfalfa.
2!&30. '
Increase in Excess Reserve.
NEW YORK. July 12. The actual con
dition of clearing house banks and ti-ust
companies for the week shows that they
hold $3.1.082,270 reserve in excess of legal
requirements. This is an increase of $26,
004,570 from last week.
Cotton Market.
NEW YORK. July 12. Cotton Spot
ropres.-nts an ailvane of 1 lS cents for the i 'ady. middling. $"6.
Total gold held by banka.
Goid with K. R. agents
Gold redemption fund
Total rold reserves . tLMu ri aimi
Legal tender notes, silver, etc. 6S.3o70o0
. I o34.S57.noo
.$1,163,060.01)0
114.30U.000
Total reserrea ........... I2.180.iM l Oimi
Bills discounted:
becured by government war
obligations $1.64.P4.Ono
All other ant nun
Bills bought in open market... 360.Oo5.000
Total bills on hand .--.T-. t 2.!M1h 34 nun
t S. government bonds. ...... $ 27.13l!ooO
U. S. victory notes S74.O0O.llOO
L'. S- cert, of Indebtedness..... 206.054.Ooo
EXCLUSIVE DEALERS IN
GOVERNMENT CORPORATION MUNICIPAL
BONDS
PwOBERTSON & EWING
207-8 N. W. BANK BLDG.
PORTLAND, OR.
Total eamtns; assets S2.520.AOT.iKin
Bank premiere $ ll,6iii),000
Uncollected items and other de
ductions from irrojs deposits T40 fi4 fKVft
Fie per rent redemption Xund
atcalnat r. R. bank notes lOftR--ono
AH oincr resources- 10.334 'ooo
Mid,
Moaey. FwMnre. Kte.
XFW YORK. July 1 Mercantile paper,
jw,i; per cnt.
Srerlinc. ek-dr bills, nominal? commercial
CO-Uay b.Iis on banks. $4.47; commercial 60-
iv Mils. 4 4d; demand. 4.4; cables.
94 4. Krantf, demand. ti.S.": rabies, tls.
t.wtlifent. demand. 3"; cables. SH Lire. e
mSa. MTS. cables. 8 37.
:r s..vr. WlH-
Mexicaa dol.ars, -1TC
f LONDON". July 1- Bar silver. 53t4d per
ounce. Mcney and discount uncbancd.
TRAlt ACTIVITY 1TRE.SIC
Stock firpecnlAtloa Mimolated by 1m proved
BusinCM l oaiditlona.
NEW YORK. July 12. Greater Industrial
and mercantile activity, a sharp advance in
call loans to quotations approximating; the
year's niftiest rates, the more adverse move
men I of exchange acatnst London and Paris
and the president' delivery of ttie peace
treaty to the senate, were the outstanding
factor of anotlier busy week in tn stock
market
skUnaosion ot lenexsJ trads and finished
Total resources eo.4S3,l7,0o0
Liabilltl-s '
Capital pid tn S sr. i nnn
Surplus 81.UH7.0iK)
Government deposits l.M.JH. (mm)
Due to members, reserve acct. 1.7i:,3i'j!o0
Deferred availability items ui rum
Other deposit, including for
eign government credits 114.6T8.000
Total gross deposits $2,5is3,47 0W
Federal reserve notes In actual
circulation $2,533,127,000
Federal reserve bank notes in
circulation, net liability 184$ft6 0oO
All otuer liabilities 12.Sl'tM)0
Total liabilities $5,43.197,000
Ratio of total reserves to net deposits and
federal reservs note liabilities combined, 4V.8
pet cent.
Ratio of gold reserves to federal reserve
notvs in circulation after setting aside 33
per cent against net deposits liabilities, 60 5
per cent.
React ton in Coffee Futures.
5NSW YORK, July 12. There were re
act ions In the market for coffee futures
today under realising for over the week
end and scattered selling on the somewhat
easier showing of Brazil. The opening was
b points lower on September, but generally
to j! points lower, with ecarober sell
ing off to i'l.V5c and March to 21.70c dur
ing the middle of the morning, or 34 to 40
points under last night's closing figures.
At this level there was a lttUs European
buying or covering which may have been
due to ths reports of a resumption of
trade with Germany and the close was a
few poluts up from ths lowest at a .net
decline of 17 to 20 points. Closing bids:
Jul. 2-. 60c; September, -J2.50ci October.
SECURITIES BASED ON CONSERVATIVE LAND
VALUES NEVER FLUCTUATE
PAY HIGHEST RATES OF INTEREST WITH
GREATEST SAFETY OF INVESTMENT -No
purchaser of our securities has ever had a default in
interest or principal.
COMMERCE SAFE DEPOSIT AND
MORTGAGE COMPANY
Ground' Floor Chamber of Commerce Bldg.
STOCKS BONDS GRAIN COTTON
J. B. Steinbach & Co., Brokers
Direct Private Wires to All Leadiifg Exchanges
Correspondents E. F. Hutton & Co., and Clement Curtis & Co.,
members New York Stock Exchange, New York Cotton. Exchange,
Chicago Board of Trade, etc
201-2-3 Railway Ex.
Phone: Main 283
Ji-J 1920-V9 fvno-in
JJ 1020-30 6 0O-2S
A&O 192K-3S BOO
AtO 1U39
6.00
S!A 1918-84 4 90'
ii'SxS Astoria, City of, Oreg-on, Improvement 8 JJ . l'.'0-24 5.00-W
Astoria, ny or. oreg-on. Improvement 0
87,827 Astoria. City of. Oregon, Improvement 6
, 1.000 Astoria, City of, Oregon. Municipal.... 5
45.000 Baker County. Oregon. S.D. No. 24.... 0
32,550 Clackamas County. Oregon. U.H.S.D.
No. 3 5
1.000 Columbia County. Oregon. Road.. 5
1.000 Portland, City of. Oregon, City Hall.. S
9,000 Portland, City of, Oregon, Water...'. 5
4.00O Portland. City of, Oregon, A. C 5
4.0(H) Sherman Countv. Oreirnn s r TJ "1 a
7S.U00 Tillamook, County of, Oregon, Road...fitt J&J 1924-28
ii.wu i.iuauua county, uregon, a. u. io. a., o M&s l32-is
2,000 Warrenton. City of, Oregon, Municipal 6 3iI-N 192K-38
1,000 Seattle, Washington, S. D. No. 1 4 MiN 1928
1.000 Seattle, Washington, S.D. No. 1, Ser.8. 44 M&N 192S
5.000 Seattle. Washington. S r. J.Jr. 1. 4 1. in-a
o,vw uiueiiu, iny oi, w asnington, water,
29,000 Bonner County, Idaho, S.D. No. 4..
40,000 Bonner County. Idaho, I. S. D. No. 1
62,000 Buhl, City of. Idaho. Water
25.000 Buhl, City of, Idaho, City Hall....
82,000 Buhl, City of. Idaho, Intersection.,
15,000 Buhl, City of, Idaho. Fire
60,000 Caribou County. Idaho, R. & B
10.500 Clark County. Idaho. S. D. No. 61..
25,000 Fremont and Madison Counties, J.S.D.
No. 8 6
85,000 Fremont County. Idaho. I. S.D. No. 2.. 54 J&D 1W0-39
1.000 Gooding County, Idaho, Bliss II. Dis. .. 6 J&J 1925-83
o,ruu Jerome county, idano, Hillsdale H. D. 6
7U.0OO Minidoka County. Idaho, Highway 8
41,000 Nez Perce County, Idaho, Clearwater
H.D 6
8,000 Owyhee County. Idaho, H. D 6
1,000 Power, County of. Idaho. I.H.D. No. 8 8
25,000 Power County, Idaho. Crystal High.. 6
42.000 Rigby, I. S. D. No. 5, Idaho (Jeff.Co.). S
24,000 Rupert. Idaho. I. S D. No. 1 8
19,000 St. Anthony, City of, Idaho, Genls.... 8
70,600 St. Anthony. City of. Idaho, Spec 7
5,000 Twin Falls County, Idaho, High. Dis.. 6
29.000 Twin Falls County, Idaho, Buhl I.S.D.
No. 3 6
?,ouu Koosevelt. city or, Utah. Water.
A&O 1924
J&J 1922
J&J 1923
F&A 1925-18
J&D 1935-38
8 M &.S 1924-I8
J&D 1920-39
5t J&J 1930-39
J&D 1930-89
J&D 1930-39
J&D 1930-39
J&D 1929-38
HocN 1930-31)
JD 1980-89
J&J 1930-39
J&J 1930-38
6
6
4.90
4 70
4 70
4.70
6.00
4 80
5 00
B.75
4.70
4.70
4.70
5 40
6 00
6.00
6.20
6 20
6 20
R 20
6.00
6.00
8 00
6.00
6 25
5 20
6.15
J&J 1029-39 6.25
J&J 1931 5.25
J&J 1930-38 B.2.1
J&J 1930-S9 5.25
M&N 1930-39
Jl&N 1930-39
J&J 1929-39 825
J&J 1920-27 5.50-8T
J&J 1934-87 6.10
6 00
5.00
8.00
5.40
J&D 1930-39
J&D 1932-3S
Exempt From AU Dominion Government Taxation.
83,000 Alberta, Province of. University Guar
antee 4t J&J 1924 800
8,000 Alberta, Government of Provlnte of.. 4 F&A 1924 5.50
86,090 British Columbia. Province of 4V J&J 1920 5.50
75,000 British Columbia, Province of 6 J&J 1989 5.55
1,600 British Columbia, Province of 5V4 M&S 1939 6.50
10,000 Calgary, City of. Alberta, School 4(4 Feb. 1922 fi.00
4.000 Calgary. City of. Alberta. School 414 Feb. 1924 8 00
2,000 Calgary, City of. Alberta, School 414 Feb. 1928 (l oo
60.000 Edmonton, City of. Gold Notes 6 F&A 1924 6.00
44.000 Greater Winnipeg Water District 5 J&J 1922 6.00
17,000 Greater Winnipeg Water District 6 F&A 1923 6.00
83,500 Lethbridge, City of. Prov. of Alberta 6 F&A 1924 6.00
7O0 Montreal. City of. Province of Quebec 6 M&N 1023 6.75
98.100 Newfoundland. Government of 514 J&J 1939 5.50
1,000 Saskatoon, City of. Province of Sask. 5 J&J 1943 5.75
25,000 St. Boniface, City of. Province of Man. 5 J&J 1935 6. 75
74,900 St. Boniface, City of. Province cf Man. 5 M&N 1943 6.73
30,000 Victoria, City of. Province of B. C... 5t4 A&O 1939 5.75
6,000 Victoria, City of. Province of B. C 51 A&O 1940 6.75
LIBERTY and VICTORY BONDS
If Yon Mast Sell Toot IJberty or Victory Bond. Sfll to X'n.
If you can buy more Liberty or Victory Bood. Buy From In.
On .Saturday, July 12, the closing market prices were given below.
They are the governing prices for Liberty and Victory bonds all over the
world, and the highest. We advertise these prices daily in order that you may
always know the New York market and the exact value of your Liberty and
Victory bonds.
Victory Victory
3Us 1st 4s 2d 4s Iftt 45 2d 4b Si 4a 4th 4h -iB 4s
Mkt. price $Uy.32 $94.00 $i3.50 $D5.U4 .$94.10 $95.00 $94.10 $100.02 $ 00.:4
Ac Int... .28 .32 .68 .34 .70 1.40 1.05 .3ti .71
Total Ji9.60 $94.32 $94.16 $95.8S $94 SO $0(140 $99.1.5 SKtO r.M ftlOO.ftl
When buying we deduct 37c on a o0 bond and 12.50 on a $1000 bond. We
sell at the New York market plus the accrued interest.
Burglar and fireproof Safe leponit Boxes for Rent.
MORRIS BROTHERS, Inc.
THE PREMIER MUNICIPAL, BOND HOISE
Morris Bids., 309-311 Stark St Bet. Fifth and Sixth
Telephone Broadway 2151 Established Over SS Tears
ADVANCE OFFERING
We are members of the syndicate underwriting
$75,000,000
Ford Motor Company Notes
The obligation is to be evidenced by the company's prom
issory notes, maturing in 90 days or less.
The Ford Motor Company has never borrowed heretofore.
This financing is occasioned by certain adjustments
which the company is making and is of a temporary
nature.
Subject to prior sale and advance in price, WE OFFER
OUR ALLOTMENT OF THESE NOTES ON A 5'2
BASIS.
Lumbermens Trust Company
Lumbermens Bldg. Fifth and Stark
Six Hundred Thousand Dollars in Capital and Surplus
G. E. Miller & Company
Established 1912
INVESTMENT SECURITIES
Government Municipal Corporation
Bonds
205-6 NORTHWESTERN BANK BLDG.
Phone Main 4195
Bonds
for
Investment
"We own and offer a com
prehensive list of carefully
selected Government, Mu
nicipal and Corporation
Bonds which we recom
mend for investment, yield
ing up to
7
Ask for details.
SBCOND R0SR
Meat i hum i law Bank Bum.
Haul .4
Freeman
Smith
Camp
Co.
OVERBEGK &
COOKE GO.
Brokers. Stockn, Bonds, Cotton,
Grain. Etc.
216-217 BOARD OF TRADE BLDG.
31KMBEB8 CHICAGO BOARD OF
1 KADK
MEMBERS
Correspondents of Lojran ft Bryan,
Chicago and New York.
New York Stock Exchange.
Chlc&jro Stock Exchange.
Boston Stock Exchange.
Chicago Board of Trade.
w York Cotton Exchange.
w Orleans Cotton Exchange.
w York Coffee Exchange.
New York Produce Exchange.
Liverpool Cotton AstKM&Ulon.
FREE
"What's What"
in Texas Oil
Straight facts on the Wonder Oil Fields
of the World, told large independent
operator. Also map of prod&cing district.
It's Free. laaoe Limited. Send Tudar.
JAMES A. BOB,
Entire Floor, 1008- H Houston Street,
Fort Worth, Texas.