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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (July 9, 1922)
19 THE SUNDAY OREGONIAtf, PORTLAND, JULY 9, 1922 in en 5 ICHOR OF AUSTRIA Frank A. Vanderlip Offers Solution of Problem. WOLVES READY TO SPRING Financier Now Studying? Eco nomic Conditions in Central Eu rope Urges Plan for Republic. I is almost immeasurably great and be-1 neficent. Whatever it may be possible ! to do to bring to the American mind ; a true understanding of the situation I and arouse American Imagination to the opportunity ought to be done and it is In the hope of doing a Utile in that I direction that I have written thia article. New York Bonds. Furnished by Jordan it i WentVorth company of Portland: Atch gen 4 a '. 19!5 AC L 4s MS? do 7s 11131) B O gold 4s 1648 do con 4fts cv 1633 do ref 5s , 1905 Canada Southern 5s 1662 Candaian Nor 8s 1846 do 7s 1940 Cent Pac 1st 4s 1940 Ches ft Ohio cv 4Vs 1030 do cv os 1646 do con 5s 1939 C B A Q 111 dlv 4s . 1649 C A West Ind-4s 1652 C O A W 4s 1959 C MA St P 4s 1925 do cv 4s 1932 do deb 4s 0 1684 do gen 4s A 1899 do cv 5s 2014 do g'and r 4s A..... 2014 Chgo N W gen 4s ., 1987 do 6s . 1638 do 7s ! 1930 GERMAN SITUATION BT FRANK A. VANDERLIP. (Copyright, 1922, by the New York World. Published by Arrangement.) BUDAPEST, July 8. tSpecial cable.) The boy in the fable falsely cried "Wolt!" until the shepherd ceased to believe In th warning. Finally the wolves really came. The boy's warning cries were dis regarded and the flock was destroyed. For more than two years observers of Austrian affairs have cried' "'Wolf!" Tbe world has been told a disaster was Imminent. Nevertheless, the general condition ot life in Austria today is not worse In some respects it is better than at any time since the armistice. The cry of "Wolf." is beginning to fall oti dull ears. The world says it has heard the cry before too often and no longer believes it. , I have spent some weeks in Austria carefully investigating the situation. I have motored from one end of the coun try to the other. I have seen prosperity in the agricultural sections and entirely bearable conditions of life have been ap narftni in Ihn rltlns. T have had unusual facilities for getting the facts. These have included ample opportunity to ex change views with the president, the new premier and other government offi cials and party leaders, as well as with bankers, industrialists and many other representative citizens in all grades of life. If my conclusions are wrong it is because of erroneous interpretation, not from any lack of opportunity. Red Wolves Surround Austria. My conclusion Is that there are wolves, real wolves this time, surrounding the Austrian republic. They are strong, dan gerous, capable wolves. They are plan ning an early attack, and the state is undefended. The shepherds of Europe, if one may so far strorch the metaphor as lo call the powers shepherds, either have ears dulled to the cry of "Wolf!" or are otherwise occupied. Or else they find themselves in such a position that, while believing vividly in the real peril of the wolves, they are impotent to guard the flock. The political student in Vienna today has the advantage of looking through a powerful microscope at a drop of the ditchwater of European politics. Every evil-working animalcule and microbe that is attacking the wellbeing of ail Europe can here be seen. They are magnified until they look like crabs, lobsters and devilfish. Nearly all Europe has unbalanced budgets. Austria's budget is so unbal anced that the financial position of the government cannot be accurately ana lyzed. She has printed paper money until the crown stands second only to the infinitely depreciated Russian ruble and exchange rates fluctuate over an astounding course each 24 hours. Her unfavorable foreign trade balance ap pears incredibly vast, but the difficulties of accounting, when the measurements are made in terms of such a wildly fluctuating crown, are. so great that the nffffial cruras a ro tvhn7v uirh,itit tniA significance. Financial Figures Fade. Financial figures mean literally noth ing under such conditions. It ,is wiser not to make a single statistical quota tion. The essential fact is that there is a vast deficit in the government's in come as compared with its . expenses. There can be seen here in he most ex aggerated form, as If under high-powered microscopical magnification, the effect of beyond belief with unnecessary employes; public undertakings, such as the rail roads and industrial monopolies, operated with enormous deficits, and fresh de mands successfully made on the gov ernment monthly for increases in the pay of officials, in the hope of having in comes keep pace in. some measure with the rapidly rising prices. Mutilated as Austria Was by the Paris peace surgeons, who seemed to have no conception of -the various fundamentals of the economic hfe of a state, there would be doubt, under the most favora ble conditions, about, the ability of present-day Austria to advance her foreign trade to the point where she could sell abroad enough of the products of her labor to pay for the food which she must have. Authority Must Be Borrowed. Austria Is bankrupt, but she is not truly a financial bankrupt. Her bank ruptcy is political. She is utterly bank rup of political authority. In that re spect her bankruptcy has reached suoh a point that it is absolutely impossible to collect sufficient political authority out of her own political resources eco nomically to rehabilitate the state. Here is presented, then, a novel po litical problem. The remnants of a great empire, still a state of great economic possibilities, must find a way to borrow political authority if the state is to be saved from complete catastrophe. It Europe Is to be saved from this catastrophe, and I believe it to be an immediately imminent catastrophe, some formula must be found by which a na tion placed as Austria is placed can bor row political authority. At the samd time there wlil have to be a loan of financtal credit. The amount of credit needed, however, is in' comparatively light figures. If the borrowing of authority from the combined allies were to be considered, from England, France and Italy, there are already such differences between them that the result would be disas trous. Where else can Austria go? There is is a vital political movement irt Austria favorable to a union between Austria and Germany, but Germany Is financially bankrupt now and the assassination of Rathenau indicates she is .In danger of becoming politically bankrupt- as well. It is conceivable that America would make the loan of political power to save Austria and to save Europe .from the danger of Austria? The first answer to that, Irom anyone familiar with the trend of political sentiment In America, snyone understanding our lacft"of un derstanding, anyone appreciating' our re verved attitude toward entangling foreign relationships, would he an emphatic "No." I mjself am inclined to believe that The answer must - be negative, and still i i-su see. ii oniy America did under stand or could be brought to understand the Ruropean situation, we might make a contribution to civilization. Indeed to the preservation of civilization, which might be of Incalculable value. America ran Nave Austria. If American hankers and financiers r a''o world statesmen. If "they were rl!.p:"'el to undertake one or the most alluring financial adventures ever pre sented, and If they could carry through such an operation a breadth of under standing and real wisdom of statesman ship, they might save Austria and avert from central Europe a terrible danger. With these provisos, it would be possible for American financial Interests to make a private loan to Austria, which should be surrounded by such conditions of po litical control that the situation might be saved. Personally I am convinced that a fi nancial loan made without accompany ing political conditions that would amount to a considerable measure of political authority would be ineffectual. . Such a mere loan of financial credit will not avail. There must accompany it political authority. If American financial Interests, counled with and probably largely aided by Brit ish interest, Bhould rise to possibilities of this situation, they probbaly could save Austria from disaster. The amount-of money involved would be less than American spent in a sincle day during the height of the war. The aim to be a'talXLOd, considering all that' ia involved. C R I A P ref 4s Colo Sou rf ex 4Ks . do 4s Del A Hudson cv 5s do 7s , D A K 'G cv 4s . . . do ref 5s Erie P L. 4s con 4s A B 1984 1935 1929 1935 1930 193 1955 199 1953 1953 1953 1651 1936 1961 19SS 1950 1923 1931 1930 1640 1946 1960 1975 1923 do do E Erie Pa C G 4s . . Gd Trunk eq 6s Gt Nor 414s do 7s Gt Trunk 6s 1936 do 7s ...' -. 1940 III Cent Jt 5s 1963 do ref 4s 1955 K C Sou ref 5s Keo & Des M 1st 6s Li S & M S 4s L A N 7s do uni 4s M St P A S S M '4s M K A T 4s M P gen 4s do ref 'a do 1926 NYC deb 4s 1984 do con 4s 1998 do ref imp 414s. " 2013 do cv deb 6a 1935 do coll 7s r 1930 N Y N H A H CV tls 1948 N O T A M 5s i 193.1 N P P L. 4s 1997 N P 6s 2047 N P Gt Nor jt 614s 1936 O S I, ref 4s 1929 Penna 614 s 1936 do gen 4 Via 1965 do 44s 1960 do gen 5s 18 do 7a 1930 PH H 814a f.' 1636 Reading gen 4s....' 1667 S A I. 4s 1950 do 5 1949 do 6s A 1645 So Ry con 5s 1964 So Vac CV 4s 1829 do ref 4s. 1655 do sf term 4s 1950 do conv 5s 1934 St I. S P P L, 4s A 1650 do gen 5s 1931 do 5s 1$ .'. . 1650 do gen 6s 1881 do adj s 1955 do Inc 6s I960 St U & S W 1st 5s 1952 do con 4s 1932 do 1st 4s 1989 Tex Pac 1st 5s 2000 Un Pac 1st 4s 1947 do cv 4s . 1627 do ref 4s - . 2008 do 6s 1928 Un Tank 7s 1630 Wabash 1st 5s 1936 do 2d 5s 1639 West Pac 5s 1946 Industrials Allied Paackers fis...: 1939 Am Agr On 7V48 . 1941 AM Sm 1st 5s 1t Ain Tob 7s ItKKI Anaconda 6s A 1929 do 7s B.... 19211 Armour cv 7s 10:w do 4 Vis V.r.w Heaver Board 8s 1933 Beth Steel 7s...-. 1923 do eq 7s 1935 do ref 5s . . 1142 Cero de Pasco 8s iHCU Chile conv 6s A 1932 do conv. 7s 1623 Copper-Exp 8s 1923 oo 8s 1924 do Ss 12." 162.1 Colo F & I gen os 1943 Colon Ind 5s..... 1934 Cuban Amn Sug 8s 1931 Cuban Cane cv 7a 103O Distillers Sec cv 5s 1627 Diam Match TVjs 1933 Dupont 7 Vis : 1931 Empire Gas Fuel '6 1924 Fisk Rs 1941 Gen Elec deb 5s 19.12 rio deb His... 15)40 Goodrich 7s 162.1 Goodyear 8s ..... 1941 H-einx 7s 1930 Hershey 7V4s .....i 11180 III Steel deb 4 lis 1940 Ind Steel 5s 19.12 Int Agr os 1932 lnt Marine C T 6s 1641 Kelly Spgfleld 8s 1931 Kennecott 7s , 1630 1-ack Steel 5s 1923 do .1st os 1650 Ubby McX -L 7s 1631 Lig A Meyers 5s 1651 do 7s 144 Lorillard 5s 1951 do 7s 1644 Midvale os 1936 Morris A Co 7 Via 1i:l0 Proc A Gamber 7s 1923 Republic I A St 5s... 1640 Sears Roe 7s 1622 do l23 Steel Tube 7s 16,11 Swift A Co 7s , J62.1 do 1631 Uni Drug 8s . JB41 U S Rub 1st ref 5s 1947 do 7V4s isiso U S Steel sf 5s 1KR3 Va Chem 3s 1023 do 8s 1H24 West Elect 5s , 1922 West U T col Tr 5s 193S West Union 6Vis 163ti Wilson 1st 6s , 1041 do cv 6s i6-ft West Elec 7s 1625 Westlnghouse 7s 16,'U Public Utilities Amn Lt A Tran 6s. Amn Tell coll 4s. . . do do 6s Bell Tel ot Pa 7s.. B R'T 5s Cal Gas uni 3s . . Cities Service 7s B. do C do D 1966 Con Gas cv 7s 162.1 Int Met 414s 16-16 Int R T ref 5s IftfiR I.aciede Gas 7s 1930 Mont Power 5s A 1913 Northwest -Tel 7s 1641 Pac Tel 6s 1637 Pac Gas 5s 1942 South west Tel 78 3923 Oil Bonds Anglo Amn 7'4s 1925 Atlantic ref 6V4s 1031 Galena S Oil 7s 1630 Gulf Oil 7s .' 1933 Humble 7s 1623 Pan Amn 7s.. 1 '. . . . 1930 Mex Pet cv 8a 1636 Sinclair 7Vts 1925 S O Cal 7s 1931 do N T 7s 1931 Texas Co 7s.. T". - 1923 Tidewater Oil 6V4s 16S1 Vacuum Oil 7s :t936 Foreign eovernment bonds Argentine 2d 7s , 1623 Arcentlne GI 6s 164.1 Belgium 8s 1940 Bergen Ss 194.1 Berne 8s '. 1645 Christiana 8s . ..; ...... 1645 Copenhagen 5'4s 1644 Danish consol 8s 1646 French cities 6s 1634 Italy 6VtsA i 162.1 Hwedlsh govt. 6s 1636 II S Mex 4s , 16.14 doextSs . 1945 Uruguay ext os Zurich 8s ......... Curb bonds I Allied Packer 6s . I Am T A T 6s OO OS Anaconda Copper 6s Anscohda Copper 7s Beth Steel 7s Copper Ex Assn 8s 1924 Humble OH 7s Inter RanM Tfsn 7s . I.ibhv McN A 1,1b 7a . So West Tel 7s Stand Oil NT 6 V4 8 do 7s Swift A Co 7s do 7s ' Texas CO 7s notes .... French International 4: do victory 5s Belgian restoration 5s British 214" consols Ital cons war loan 5 93 93 10714 82 824. 86 98 Si 110 112 91 88 ' 64 101 9114 73 6014 80 74V4 62 7514 74 Vi 63 87 10714 106 54 71 Vi 88 93 96 11014 78 V4 4614 63 V 13 Vi 53 ' 6X 90 105 62 '4 109 103 113 9514 88 H 88 90 82 ,108 64 102 V4 80 V4 64 100 96 4 90 Vi 84 86 106 -4 105 V, 81 71 88 4 106 14 106 92 108 V4 62 98 101 106 108 Vi 8414 65 25 60 95 91 89 83 '4 101 72 98 86 108 Vi 80 69 82 Vi 76 7 3 95 9514 87 103 103 97 i 89 86 82 Vi 103 92 102 100 103 104 9014 64 14 104 102T4 95 118 91 Id. IV. 102 102 104 90 Vi 78 105 80 44 106 107 101 105 100 106 103 116 104 Vi 103 91 100 80 Vi 96 108 104 -99 89 69 99 TT5 96 114 89 104 101 94 100 101 100 104 101 102 109 90 107 102 99 10.1 99 94 96 92 108 107 SLIGHTLY BEARISH; - , , -i : I . - . 1 Stocks Held in Check by Late Developments. OPENING BIT IRREGULAR! Oils Continue More or Less Easy. Steel Stocks Appear to Be Holding Their Own. 106'4 91 97 114 107 18 192.1 1929 1946 192,1 164.1 164.1 1937 1966 MSOVi 1906 06 91 IIS 12 68 99 96 ion 96 90 102 103 103 104 104 101 101 107 104 106 108 101 103 107 99 64 105 108 111 109 91 109 ' 83 96 102 46 57 1945 110 82 100 101 100 108 102 11 100 96 98 102 105 105 101 102 101 50 60 71 62 34 1922 1924 193.1 193S 1926 1925 193t 1617 1920 Chicago Potato Market. CHICAGO. July 8. Potatoes, barrel stock strong; trade holding off; receipts 14 cars; total United States shipments 855; eastern shore Virginia stave barrels Irish cobb'ers operators asking $.1.25 for leading brand. no sales reported": sacked atock demand good: market firm; Kansas sacked early Ohlos No. 1 mostly J2..1ti cwt. Sugar Market. SAN FRANCISCO. July 8. California Hawaiian raw augar 6.05c. BT "MONITOR. (Copyright, 122. by the Public Ledger company. Published by Arrangement.) NEW TORK. July 8. (Special.) Al though .sentiment in commission houses is aga.in.shlfting toward tbe bullish, side of the market as a result of the much , healthier technical position, and despite the fact that the trend of averages con stitutes rattier a bullish indication, the Influence of the unsettled German situ ation was sufficient to hold the market in check for the better part of the day. The opening was irregular, with little change from Friday's close. The only move of Importance in the oils was the con-ttnuation of the weakness in Pan American and Mexican petroleum,- which are still meeting with scattered liquida tion as a result of the salt water in vasion. At the same time, domestic oils are holding firm on Hie general theory that the removal of some percentage of competition from the Mexican fields is hound to improve the position of Ameri can producers. In other respects the oil group as a whole was rather quiet. ' Steel stocks, particularly those con cerned in the big three-company merger and the Bethlehim-Iackawanna merger, were fractionally higher overnight as a result of the better prospects of a fa vorable decision on the stee. merger plans from the attorney-general. As the market progressed there was a let-up in the pressure against tbe Mexican Oil group, as traders were apparently of the opinion that the salt water menace has been overestimated, and -also that the sharp decline during the past week was sufficient to discount any loss in pro duction to Mexican petroleum. This consideration encouraged enough cover ing and new buying to keep both Pan American and Mexican Petroleum within a very narrow trading area and at the close little change was shown from yes terday's list. Studebaker failed to maintain the strong tone held in Friday's trading, and while this issue is still the undisputed leader of the motor group and setB the pace for all of Its followers, there were signs of profit taking today and at the close a net loss of three full points was shown. However, Studebaker Is still better than a point up from Thursday's last sale. - and the undertone appears decid edly healthy. American Can was the outstanding feature among the special ties and atter opening with an, overnight gain of Point this Jssue advanced to 51, which Is very near the year's high. However, enough stock came out oh the rise to' send the price back in the sec ond hour and the close showed a frac tional recession for the day. Truck sales of the White Motor conr pany continue to show improvement and the month just ended was the best since 1920. The second quarter sales increased 40 per cent over the first Quarter and new orders are coming in at a very good rate. The cash position of the company has also improved materially and notes payable have been reduced to $1,2110.000 wHh cash on hand of 2.500.up0 and no customers' paper discounted. Railroad buying of the new equip ment continues steadily and the St. Paul has Just been granted authority to Issue $8,085,000 in trust certificates, the pro ceeds from which will be used to pro cure 2500 gondolas, 30O boxcars, 500 motor cars and 25 mikado type locomo tives. Suspeneion of u. operations in the an thracite coal fields is bound to be re flected in all of the anthracite roads and particularly in the Lehigh valley, which will show a deficit for the second quar ter. ' The strike affects Lehigh valley both in loss of freight revenue and in loss to the company's coal subsidiaries. Surplus as of July 1, for the first half year operations, will be less than $250, 000. which- is but a minor traction of diwidend requirements for the period. ' Net income of Royal Dutch for 1921 amounted to 104.098.178 florins, as com pared with 129.450,364 florins for 1620. At current rates of exchange these fig ures are equal to $40,390,093 and $56, 776.741. While Wall street is not directly in terested in production of the Ford Motor company, it Is recognized that sales of Ford can provide a very good barometer both for general business conditions and for conditions in -the motor field. The foreign production, of" this -company dur ing May showed aharp increases. The six foreign companies increased produc tion about 50 per cent over the April rate and more than 100 per cent over May, 1921. Figures for the specified periods are aa follows: Copenhagen. 1288 la May, 824 in April and 600 in May last year; Sao Paulo, 228 as against 154 and 50; Bordeaux, 1440 as compared with 609 and 250; Cadiz. 410 against 305 and 100. Manchester. 3527 against 3013 and about 2000; Buenos Aires, 673 as against 350 last year'. LARGE GAIN IN EXCESS RESERVES Increase of Twenty-one Millions Reported by New York Banks. NEW YORK, July 8. The actual con dition of the clearing house banks and trust companies for the week (five days) shows that they hold $37,907,490 in ex cess of legal requirements. This is-an increase of $21,040,000 from last 'week. The statement follows: Loans, discounts, etc.. $4,689,543,600; decrease $48,350,000. Cash in own vault members federal reserve banks, 462,815.000, increase $7,608,000; reserve in federal reserve bank of member banks $500,253,000, in crease $8,463,000. Reserve in own vaults state banks and trust companies, $7,681,000: increase $484,000. Reserve in depositories state banks and trust companies, '$10,026,000; de crease $826,000. Net demand deposits, $4,035,058,000; decrease, $98,466,000; V. S. deposits de ducted, $31,607,000. Time deposits, $452,204,000; increase $10,012,000. ; Circulation, $34,021,000; decrease, $395,000. Aggregate reserve, $377,960,000. Excess reserve, $37,907,490; increase $21,040,000. Summary of state' banks and trust companies in greater New York not in cluded in clearing house statement: Loans, discounts, etc, $754,143,300; in crease $90,648,400. Gold, $5,473,700: increase $44,800. Currency and bank note, $18,919 200' Increase $2,792,100. Deposits with federal reserve bank of New York,. $66,848,200; Increase. $10 214.400. Total deposits, $803,959,500; increase, $103,258,400. Do eliminating amount due from re serve depositories and other banks and I trust companies in. New York and United states: Deposits, $762,427,500; Increase, $92 407.500. Banks' cash in vault. $26,473,800. Trust companies' ' cash in vault, $64 767,300. t . DEALINGS IN STOCKS MORE STABLE Confident Buying of Dividend Paying Kalis Strikes Have Little Kffect. NEW YORK, July 8. Apart from the further severe depreciation In the value ot foreign currencies, foreshadowing a greater strain on Europe's remaining economic resources, conditions in the local financial market this week were more reassuring. Bankers were frankly apprehensive at the graver aspect of events abroad. Their interest was no less Keen, however, in the matter of tne juriusn. and French war debts- to this country. .These, it is understood, will soon take the form of definite discussions in Washington. Dealings in stocks, though smaller In volume, vera of a mora stable charac ter, as represented by the confident ab sorption of dividend paying rails and the gradual subsidence of excessive op erations in shares of doubtful intrinsic value. - The further decline in Mexican Pe troleum to a level where it forfeited the greater tart of . Its June advance was attributed mainly to the enforced with drawal of the short interest, but old time rumors of "salt water" in the Mex ican fields also were effective. The coal strike and walkout of rail way employes cast their shadows Dver Industrial and transportation conditions, but apparently made little impression on speculative sentiment. The high rate of production attained during the spring months in the steel and Iron trade was maintained and re turns already available point to very favorable June earnings by most of the important railroad systems. June tonnage figures of the United ttates Steel corporation, to be issued next Monday, are expected to disclose another gain In unfilled orders. Renewed activity In the eharee of Independent steel companies seemed to be predicated on the hope that federal approval of proposed mergers would soon be grauted. Money rates suffered no disturbance from the temporary drain on bank re serves Incident to midyear disburse ments. Call money relaxed almost to the low points of the preceding month, but time funds, while quotably un changed, were less plentiful. Offerings of commercial paper here and at other banking centers were more readily taken. Latest surveys by mer cantile authorities indicated, however that general business remained In a transitory stage, although better than in the corresponding period of last year. METAL MARKETS GENERALLY FIRM UlLS, UTILITIES Fli LIBERTY SECOXD 4s AT NEW HIGH RECORD. Steel Orders Gain on - Production Cop per Movement Large. NEW YORK. July 8. The demand for steel continues active- and orders are gaining steadily on production. Prices are firmly held and producers are of fering cautiously as labor conditions fur nish a disturbing factor. Pig iron is firm, owing to the fuel situation and buyers are conservative, although stocks are moderate. Copper has shown', a steadier tone. There were reports that some copper was being resold at concessions in Ger many early In the week, but if so, lt appeared to be soon absorbed as sales were reported later at 14c c. I. - f. European ports, which is equal to 13 f. a. s. New York. Meanwhile there has been a moderate Improvement in the Inquiry from domestic consumers for July and August shipments at steady prices with no offerings below 18c. Production is still hampered by shortage of labor. Deliveries into do mestic consumption in June are esti mated at 80.000.000 pounds and exports at about 50.000.000, making a total of 130.000.000 for the month. Tin has been quiet, but firmer. The strength in London, with Improvement in sterling exchange, and the small In crease In the visible supply, formed the basts for the advance. Lead is steady. While present trade is light, cable interests are expected In the market shortly for liberal amounts. Zinc is firm with a good demand for ore. which suggests Increased produc tion. There has been, a better demand from galvanlzers herev and abroad. , Antimony is steady and unchanged with only a moderate Inquiry. Pacific Northwest Stocks and Bonds. Quotations on leading stocks and bonds of the Pacific northwest, furnished by Jordan, Wentworth & Co. of Portland: Bank stocks Bid. Asked. Bank of California. N. A.. French Governments and Other Foreign Bonds Weak New ' York Market Bull. . NEW YORK, uly 8. A new high rec ord for liberty second 4s at 100.10 and weakness of several of tbe foreign of ferings, notably French government, 8s at a decline of 1 points, were tbe only features of today's dull and uncertain bond market. v Prices were higher in the main, with especial firmness in several of the do mestic rails and utilities. Fractional im provements were shown by Wabash first 6s, St. Louis & San Francisco adjustment 6s, and Kansas City Southern 6s, with a two point gain in Southern Bell Tele phone 5s. Total bond sales, par value, aggre gated $10,749,000. Selling for both aocounts during -today's short but active stock market ses sion was largely Inspired by overnight advices which directed renewed atten tion to the more critical conditions into continental Europe. Ralls forfeited the better part of their mid-week advances, pressure being espe cially marked against Louisville & jNasn vrlle and several of the grangers, coalers and trans-continentals at . extreme de clines of 1 to 5 points. Domestic oils were heavy throughout and attempts to Tevive that group underv cover of a demand for Mexicans were un availing, final quotations showing sub stantial losses. Independent steels were buoyed for a time on intimations that all "merger" difficulties had been overcome, but these reacted later on comparatively small of ferings. Coppers, equipments, shippings and popular miscellaneous issues were included in the general recessions at toe weak close. Sales were 886,000 shares. Again, excepting the rate on London, 11 allied foreign exchanges were lower. while the German mark fell to a new level to a depreciation of a fraction under .0018, rallying to a point slightly above .0019 before - the close of , the market. . " Confirmation of recent reports that the British government is preparing to pay interest on her war obligations to this country was found in the arrival of gold oars amounting to about $2,500,000 to De applied to that account. The weekly re turns of the clearinghouse banks were favorable in that they disclosed another reduction of actual loans and discounts, making a total contraction of about $153,000,000 in the past fortnight. The cash gain of $21,000,000 was accompanied by an increase of excess reserves to al most $38,000,000. CLOSING STOCK QUOTATIONS. Stock. Sales. Mlirh. Low. Bid. Adams Exp..... 200 62 Advance Rum do ptd Agr Chem do ptd 100 04 Ajax Rubber , Alaska Gold Alaska Juneau.. 1,200 1 Allied Chem 900 69 Allis-Chalmers .. 600 60 do pfd . . . . Am Beet Sugar.. 200 45 Am Bosch 100 41 Am Can Co 10,700 51 do pfd Canadian Bank of Com First National bank, Port.. Hibernia Com. & Sav. bank. Ladd & Tilton bank Livestock State bank - Lumbermens Trust Co...... Multnomah State bank Northwestern National bank Peninsula National bank... U. S. National bank Public utilities American Power & L., com. do preferred Federal Telegraph Northwestern Electric, com. do 6 per cent preferred.-. do 7 per cent preferred... Portland Gas A C, 7 pfd. Pacific Power & L, 7 pfd. Pacific T & T common do preferred Portland R, L & P, common do 1st preferred do 2d preferred Puget Sound P & L, com... do preferred Tacoma Gas & Fuel, com. . . Washington Water Power. Insurance stocks Montana Life New World Life Oregon Life Occidental Life Pacific States Fire Pacific Mutual . . Vulcan Fire Western States Life Lumber and pulp stocks Arctic Construction, com... Crown Wil P & ,P, common. do preferred Hawley Pulp & Paper Multnomah L & Box, com. . do preferred do do preferred Miscellaneous stocks Aero Alarm, common Alaska Packers' Assn......' Alaska Steamship Albers Bros, common ... do preferred American Nitrogen, com... do preferred : American Securities UnitSi , Bankers' Mortgage Corp.,. California-Oregon Gas, com. do preferred Centennial Mills C. L. Best, preferred.. ...... Coast Tire & Rubber Conner & Co Syrup. .'. Commonwealth Fin, com... Dehny-Renton Clay & Coal. Fidelity Security Corp Foster & -Klelser. preferred. F E Booth, preferred Fisher Flour Mills, pfd General Petroleum, com.... do preferred Goodyear T & R of Cal. nfd Great N W Livestock Units Hecla Mining Holt Mfg. preferred....... J I. Hartman. preferred.... King's Products, common.. Lueckal King & Cake Soap N. W. Finance Units' Owl Drug, common do preferred Pacific-Alaska Navigation.. Pacific Car Foundry Pacific Coast Co, common.. ' do preferred Pacific Coast Biscuit Pacific Portland Cement.. Portland Vegetable Oil Refrigerator Car Equipmt. . Reld Bros Inc. common.... do preferred Samson Tire & Rubber Santa Cruz Portland Cement Pound Rubber Sperry Flour Mills, com.... do preferred , . Superior Portland Cement.. Todd Shipbuilding Union OH of California do Associates , Utah-Idaho Sugar Western Meat Western States Fin. com. . . do preferred 2ellerbach Paper, common. . do preferred Bonds Amer P 1. deb 6s 2016... Assd Oil 1st mtK 5s 1922... do 1st rf 5s 1930 Bdwy-Yamhill Bldg 7a.'24 do 7s. 1626 Cal-Oregon Power 6s Federal Tel 7s. 1623-27. . . . . Gen Petroleum 1st mtg 7s. Home T & T 1st mtg 5s, '36. Idaho Power 1st 5s N W Electric 1st mtg 6s.'36 Oregon i;al 1st ntt, iy7.. Oregon Klec 8, 16.13 O-W R R & N 1st 4s. 1961 O R R Is N 4s, 1646 Owl Drug fl notes. . . Pac Piwer & L 6s, 1930..,. do 5s. 1930 Pacific T & T ref 6s. 1042.. do 5s. 1652 Port of Astoria 5s. 192,1 Port Gas C 1st ref 5.'40. do 5s. 1951 .do 1st 7s, 1940. . . . jf Port Flour Mills 8s. 1936... Port R. L & P gold 6s,-26 do 2st ref 5s. 1942. . , - do 1st 7s. 1946 do City A Sub 4s, 1930. . . do Oen Elec 5s, 1923 . . .'. . Sou Pac 1st ref 4s, 1953. . . . do C P stock col 4s, 1649. Santa C-Port Cement '6a. . 208 150 180 185 190 . 195 175 185 300 150 175 90 105 50 150 175 180 150 300 320 ' 86 89 107 118 5 0 14 15 85 93 90 95 95 92 95 55 57 88 88 14 16 71 75 37 40 45 47 102 106 2 5 25 35 100 104 325 328 28 27 21 23 " 11 12 130 140 lleo 140 150 13 14 500 600 15 16 14 15 38 43 40O 95 100 400 ..... 75 ' 90 85 92 102 106 100 110 - 80 60 95 100 ' ' 140 150 350 400 1 5 140 150 77 82 40 52 77 82 12 .25 30 65 25 .1 5 90 05 110 125 100 106 4 6 60 70 24 28 45 50 20 40 10 . 12 80 90 77 82 70 80 95 93 120 121 9.1 100 76 77 i 75 80 6 6 87 92 85 8,1 75 85 i 140 145 . 35 55 70 75 ' 10,1 115 45 75 70 75 12 16 01 96 110 130 90 95 ' 85 60 20 25 92 96 87 92 -3 4 t 87 90 .60 1.00 SO - 62 63 88 85 SO - 76 78 175 177 174 176 2 3 35 40 40 60 60 75 85 9(1 97 100 90 03 99 100 98 66 I 100 101 101 102 98 98 95 105 - 105 92 93 91 63 I 94 66 88 86 60 65 66 72 75 76 95 97 - 69 91 104 104 . 65 7 61 63 95 67 62 63 . 60 02 , 102 103 85 6(1 96 67 . 87 89 . 103 104 65 67 . 87i,4 - 86 87 .88 . 8.1 8 , 102 103 . 97 68 , 98 96 . 100 101 .85 45 I 97 100 . 75 85 . 65 75 . 73 78 Otis Steel 300 Pacific ' Dev Pac Gas & El.. 300 Punta Alegre... 1,000 Pacific Oil 8,100 Pan-Am Pet.... 8.300 do "B" 1,700 Penna 8,700 Peo Gas t 100 Pere Marq 1.000 Pure Oil 500 Phillips Pet.... 2,000 Pierce Arrow... 200 Pierce Oil 500 Pitts Coal...... 100 Pitta & W Va. .. 600 Pa S Steel 800 Pr Steel Car . 100 Pullman . . . . ' Ray Cons 400 Reading 500 Remington .... 200 Replogle Steel.. 900 Rep 1 & S 1,200 do pfd 200 Rep Motors..... .... Royal Dutch O. 5.70O Ry Steel Spg. . . .... Stand Oil Kan Sears-Roebuck . 2,300 Shattuck Ariz.. .... Shell T & T .... Sinclair 10,400 Stand Oil Ind.. do N J 400 Sloss Shef 300 So Pacific 1.700 So Railway 2,500 S O Cal 6,700 St L ft S F 800 Strom Carta. Studebaker 3,600 Swift & Co Tenn C- & C .' Texas Oil '. 2,300 Texas Pacific ... 1,200 -do C & 0 1,300 Tob Products.... 300 Tran Conti Oil.. 4,300 Union Oil Del... 3,700 Union Pacific... 2,300 United Alloy 100 United Dnjg. . . . 600 United Food Pro 300 United Fruit ... 300 Union B & P... - 200 U 8 C I Pipe. . . 400 United Ret Stra.' 4,600 ,U S Ind Alcohol 200 V S Rubber 1,000 do 1st ptd... U S Smelting U S Steel 4,100 do pfd 100 Utah Copper. . . . 800 Va Chem do pfd 12 70" 49 68 72 e 44 83 33 30 61 19 8 64 "J 77 12 12 70 48 67 89 48 6' 70 70 64- 65 43 44 83 83 32 32 29 29 49 49 19 18 7 64 62 'hi" "iSi 89 49 46 41 49 100 300 13 69 62 17 48 39 64 16 1 68 46 95 45 41 49 105 161 i 120 26 53 5 13 68 Am Car & Fdy.. 100 162 162 do pfd ... 100 120 120 Am Cot. Oil 100 26 26 do pfd Am Drug Synd. . Am Hide & L... do pfd Am Ice 7 Am Intl Corp.... Am Linseed do pfd Aih Loco do pfd Am Saf Razor Am Ship & Com. 700 19 Am Smelter 700 62 do pfd 100 98 Am Snuff T 200 134 Am Steel Fdy... 400 36 Am Sugar do pfd .... Am Sumatra 300 40 Am Tel & Tel... 900 120 Am Tobacco 200 142 do B Am Wool 1,500 90 89 do pfd ............ Am W P pfd Am Zinc 200 18 Anaconda 2.700 63 Assd OU --- Atchison 1.500 101 101 j h 700 90 89 Atl Coast Line.. 108 At! Gulf & W I. 500 37 87 37 Baldwin Loco... 2,600 116s113 118 OO PLU , - " - - Bait & Ohio 8,100-51 do Pfd 100 62 Barnsdell Corp.. 200 34 OU 13 69 300 105V1 104 104 800 42 41 41 33 54 1.200 112 112 112 117 6 19 60 98 133 36 79 106 40 120 141 137 89 107 29 17 62 111 100 86 19 60 98 134 86 89 12h4 142 17 52 76 49 62 34 Vi 75 112 50 34 75 7 26 t 28 130 11 78 62 94 - 600 140 189 139 500 38 37 37 3,100 28 200 26 1,000 132 1,400 65 26 28 130 62 Beth Steel B... Booth Fish B R T Butte C & Z.... Butte & Sup. . . Burns Bros Caddo Oil Calif Packing Calif Pet do pfd Canadian Pac... rn T.pa.ther. . . . . Cerro de Pasco..' 400 37 Chandler Motor.. 1.0(H) 71 Chgo A N W ' 600 77 Chicago Gt W.. 700 9 do pfd 100 21 Chill Cop 3,600 . 22 Chino .. .... 30 30 a M St P...!... 3.2O0 28 Vi do pfd 3,50 44 Coco Cola 6,000 72 C & O ......... 8 Colo F & I si Colo Southern... 100 48 Col Gas & Elec. 500 88 Columbia Grah. 100 4 Con Gas 3.400 120 Cons Cigar do pra A- -i ran ( 36 70 76 8 21 22 29 27 43 T 69 68 31 48 87 4 36 70 75 8 21 22 29 27 43 70 67 31 48 87 4 118 118 Z 16 76 36 32 72 91 68 77 3 36 8 8 77 76 121 16 16 75 75 ' 35 35 Sl 31 ?0 70 91 67 S3 115 1S5 45 60 25 108 29 lit"' 101 47 29 28 79 16 22 141 37 74 8 141 61 32 67 66 63 99 64 64 90 -10 I 57 101 . I .... 95 T 76 .... 1U 40 32 82 110 110 183 183 45 44 90 90 24 24 104 104 28 28 47 131 131 101 101 10 46 47 28 28 27, 27 78 ' 78 15 15 22 22 140 140 37 37 74 74 8 8 141 141 61 61 Sl 31 6 67 66 65 61 61 106 40 98 V 98 122 121 Vanad Steel ... 1,000 46 Vivandou 600 1 2 Wabash 700 13 do A pfd ..j. 1,700 82 do B pfd Wells Fargo western faciric. .zuu zo& do pfd 200 60 W'estern Union . . s . . . . ... . Westing A B : Westing E i M. 400 59 West Md 1,300 12 White Motors Willys-Overland. 400 8 do pfd 100 43 Wilson Packing. Wlscon Central.. Wool worth Worthing Pump. 400 48 W & L B 300 14 White Oil White Eagle Oil. .... .... A3 31 67 44 12 12 12 45 12 31 31 21 76 20 20 60 60 96 .... 91 69 59 11 11 48 8 8 43 42 41 .... 28 , 157 48 48 Jit 8 27 14 Liberty Bond Quotations. Liberty bond and victory note quota tions furnished by the Overbeck & Cooke company of Portland: Closing Open. High. Low. Bid. Liberty 3s ...100.30 100.30 100.24 100.24 do 1st 4 100.00 do 2d 4s 100.02 dolst4 ..100.36 100.36 100.24 100.28 do2d48 ...100.18 100.18 100.08 100.10 do3d4s ...100.14 100.18 100.12 100.16 do4th4s ..100.36 100.88 100.22 100.26 Victory 4s ...100.50 100.52 100.50 100.50 Money, Surer, Etc. v NEW YORK, July 8. Foreign bar sil ver. 71 c Mexican dollars, 64 c. Wash-Idaho 69.1941. . Wash Pulp & Paper 6s.'41 Willamette Valley 5s. 1837.. do 1st 6s. 930., do 6s, 1639 Dried Fruit at New Tork. NEW YORK. July 8. Evaporated ap ples, scarce. Prunes quiet, -but steady. Apricots nominal. Peaches quiet. Raisins steady. , t Contl Can Cities Se Bankers .... .. Corn Prod ....... 800 103 An T,ffl J Cosden Oil 5O0 C R I & P 2 102 102 114 pfd pfd... 100 49 44 94 MOO 74 72 1.400 2,100 300 16 36 24 100 80 ' 200 128 300 200 1.500 600 600 600 4' 80 18 24 44 83 - 200 50 600' 1.1 1,900 78 100 188 ,500 14 67 39 16 26 39 80 81 81 do "A do "B' Crucible do pfd Cuba Cane do pfd .... Cuban-Amn Sug. Del & Hudson. .. Dome Mines Del & Lack Davison Chem.. Endic'tt Johnson Erie do 1st pfd Elec Stor Bty.... Famous Players. Fed M & Smt... do pfd ....... Fisk Tire Gen Cigars Gen Elec Gen Motor do 6 Gen. Asphalt Goodrich Glidden Paint .. Granbv 200 Great Nor Ore. . . 400 do pfd 7 2,300 Greeae Cananea. 100 Gulf TS Steel..... 800 Glen Alden Houston Oil Hupp Motor Ills Cent : Inspiration Int A a Cm com. do pfd 100 Interboro 200 do tfd .... Inters Callahan. Int Harv Int Mer Mar. . . . do pfd Int Nickel Int Paper do pft! Invincible Oil... Island Oil Jewel Tea . ; K C Southern . . K C So pfd Kelly-Spgfld . . Kennecott Kevstone Tire., Lack Steel..... Lee Tire Lehigh Valfey.. Lorillard I,oew Theaters. . I. & N... Maxwell M "A" Maxwell "B"... May Stores Mex Pet........ Miami Mid States Oil.. 1,200 Midvale Steel... 8,100 M K & T wi 1,200 do pfd 100 Mont Power ... . 1 00 Mont Ward 1,600 Mo Pac... 1.2O0 do pfd. 1.100 Merland Oil 1,600 Mar & Perry... 100 Nat Enamel...-. 900 Nat Lead 100 100 Nevada Con ' 400 17 New Haven 7,900 31 Norf & West.. Nor Pac N Scotia Steel.. N Y Air Br.... N Y Central... Nor Am Okla Prod ref. Ontario Silver. Ontario & WM. 47 42 94 16 35 24 3n"' 127 46 80 16 23 44 81 50 15 77 168 14 65 36 16 29 39 79 31 78 800 400 1.400 600 200 100 400 200 1.100 300 1,100 '400 900 . . 4. , 800 100 400 2.200 1.600 2,400 600 65 400 1.13 50(1 1 5 800 132 900 67 900 23 4,400 163 160 lot! 2Vi 26 34 18 40 71 23 22 55 43 82 64 75 75 19 19 108 108 41 41 38" 3S'" IVi 1 '8 .'8 18 18 73 72 1 6 16 v; 4:1 14 14 26 66 66 49 47 3 35 16 15 76 76 64 152 15 129 130 66 6 22 47 43 93 80 73 89 16 85 24 125 ' 26 128 45 79 16 23 44 81 12 49 15 77 168 14 81 . 65 38 16 29 39 79 31 ' 79 53 l 71 19 107 40 9 38 1 3 8', 100 18i, 73 " 1'1 49 S.I 14 17 J?. 3.1 15 75 29 64 H 152 M 18 84 17 40 71 22 22 56 42 82 52 100 17 30 100 108 108 108 800 77 76 76 22 114 181 29 13 34 17 40 70 . 22 22 55 43 31 58 99 17 30 300 30 30 8.800 800 1,400 98 66 8 94 64 3 400 26 25 30 76 94 64 3 T 25 LONDON, July 8. Bar silver 86d per ounce. Money 1 per cent. Dis count rates: Short bills 22 per cent; three months' bills 2 per cent. Swift Co. Stocks. " Closing prices of Swift A Co. stocks of Chicaao were reported Dy me tjver- beck & Cooke company of Portland as follows: Swift & Co - . . 101 National Leather (new) 7 Swift International 19 Libby, McNeil & Libby 2 Foreian Exchange. Foreign exchange rates at the close of business yesterday, furnished by the Northwestern National bank of Portland. The amount quoted is the equivalent of tbe foreign unit in united, states tunas: Country, foreign unit Rate. Austria, kronen -. .0001 Belgium, francs ............. .0770 Bulgaria, leva .01)76 Czecho-Slovakia, kronen .0221 Denmark, kroner .2170 England, pound sterling ......... 4.61 Finland, finmark . .0235 France, francs ................... .0788 Germany, marks .0021 Greece, drachmas .0300 Holland, guilders 8990 Hungary, Kronen .0010 Italy, lire .0455 Jugo-Slavia, kronen 0033 Norway, -kroner .1665 Portugal, scudos .0750 Rumania, lei .00.it) Serbia, dlnara 0130 Spain, pesetas .1570 Sweden, kroner 2602 Switzerland, francs 1925 China: Hongkong, local currency, .5875 Shanghai, taels 8060 Japan, yen 4850 NEW YORK, July 8. Foreign ex change irregular. Great Britain, demand $4.44, cables $4.44; 60-day bills on banks, $4.42. France, demand 7.84, ca bles 7.84; Italy, demand 4.42, cables 4.42; Belgium, demand 7.48, cables 7.48; Germany, demand .18, cables .18; Holland, demand 38.83, cables 38.88; Norway, demand 16.55; Sweden, demand 25.80; Denmark, demand 21.53; Switzerland, demand 19.10; Spain, de mand 1S.58; Greece, demand 2.83; Po land, demand .02; Czecho-Slovakia, de mand 2.07; Argentina, demand 35.87; Brazil, demand 13.67; Montreal 98. Germany demand advanced to .19 ca bles .19, In the late dealings. Boston Mining Stock. Boston minln'g stock quotations fur nished by the Overbeck & Cooke com pany of Portland: Bid. Ask. Arizona Commercial 6 9 Adventure , . 65 90 Ahmeek 61 66 Allouez 26 26 Arcadian 3 3 Bingham Mines 14 15 . Cal & Ariz 61 . 61 Calumet & Hecla 270 272 New Corn , 18 16 Centennial 30 12 Copper Range. 48 44 Davis Daly 7 8 East Butte 10 11 Franklin Mining 2 2 Hancock 2 3 Helvetia 1 ivi Island Creek 109 109 Keweenaw 2 2 Kerr Lake 3 Lake Copper 4 4 La Salle 1 2 Mass Con 3 Mohawk 65 66 May Old Colony 4 6 Mason Valley .............. 2 2 North Butte .' 12 13 Ntptsstng 5 . 6 North Lake 20 50 Old Dom Cop 25 26 Osceola Mining 34 35 Qulncy Mining 45 45 Isle Royal 23 24 South Lake 47 4g Supp Boston .' 1 1 United Shoe Mach 38 88 do pfd : 26 26 South Utah 10 20 Superior Copper 4Vi 4 Trinity Copper 1 1 Tuolumne 63 70 Utah Con 3 3 U S Mining 40 41 do pfd 47 47 Utah Apex 2 2 Ventura 32 33 Victoria 1 2 Winona 1 1 Wolverine 12 12 Wyandott 50 60 Foreign Bonds. Furnished shy the Overbeck Cooke company of Portland: Bid. Ask. Belgian rest 3s 66 78 do prem 5s 75 7a do 7s 1945 107 107V4 do 6s 1925 101 101 British 5 1922 90 93 do 5s 1927 92 84 do 5s 1929 64 96 do vky 4s 78 80 do ref 4s 77. 79 Bordeaux 6s 1934 83 84 Canadian 5s 1937 98 99 Canadian 5s 1926 99 99 do 5a . 1929 101 101 do 5s .. 1931 97 97 do 5s 1627 98 99 Chinese ,1s , 1951 54 54 Chilean 8s .......... 1941C 105 107 .Denmark 8a 1945 106 110 French 4s 1917 49 51 do 5s 1920 69 72 do OS 1981 59 61 do 7s 1941 101 102 do" 8s 1945 103 103 German W L 6s 1 2 Berlin 4s 1 2 Hamburg 4s 1 2 do 4e ; 1 2 Lelpsig 4s ......... 2 8 do 5s 2 3 Munich 4s .... 2 3 do 5s t .... 2 ..... Fraankfort 4s 2 3 Italian 6s- 1018 84 85 Jap 1st 4s 1826 77 , 77 rXIJ.I J.I J.IJ.I.I.IJ.IJ.IJ.IJ.nTTlTXTJTT. I.I.I. I.l.t.1 .1.1. We Own and Offer Subject to Prior Sale Three High-Grade Industrials - The B. F. Goddrich Company 6'2 First Mortgage Bonds Dated July 1, 1922 Due July 1, 1947 . Price 97, to yield .75 Carman Manufacturing Company Vi Serial Gold Notes Dated May 1, 1922 Due 1923-1926 Price 100 to yield 6.50 Central Coal & Coke Company First Mortgage 6 Sinking Fund Gold Bonds Dated June 1, 1922 Due 1928-1942 Price 99 to yield 6.05 Details of any issue on request. Telephone or Telegraph orders collect. JV- Oldest in the Northwest y'- flpifT" WASHINGTON sSlilI?IS' t0y at THIRD do 2d 4s 1925 92 B2 Norway 8s ......... 1940 110 111 Russian 5s ........ 1921 18 19 do 5s 1928 8 4 do 6s ; 1919 17 20 Swiss 5s 1929 103 103 do 8s 1040 62 . San Paulo 8s 103 103 U K 5s 1929 108 108 do 6J4S 1937 108 108 Standard OU Stocks. Standard Oil stocks furnished by the Overbeck & Cooke company of Portland: Bid. Asked. Anglo 20 20 Borne Schrysmer ...... .400 Buckeye .4. ......... 94 Cheesebrough ..... do pfd . . . -... Continental Crescent Cumberland Bureka ..175 ..108 ..138 .. 34 ..140 .. 90 .. 66 108 Galena com . ...... do Old nfd...... do New pfd. ..-.101 Illinois Pipe Indiana Pipe ... Nat'l Transit N Y Transit ... Northern Pip .. Ohio Oil Intern'l Pete . Penn Mex ... Prairie Oil . Prairie Pipe ... Solar Refg ------ g.ntham TMnft South Penn Oil a ii- T.1 Oil ........ 60 S O Ind Jljjtt S O Kansas . . . .. .....545 S O Kentucky ...--. SON Y ....,.488 S O Ohio JJJ do pfd "J Swan & Finch. - Vacuum 4 ' Washington ......... -? S O Nebraska Imperial Oil . .,,,,, 90 26 , -168 , . 98 298 ..... 22 43 ...600 . 24S H45 94 .112 415 96 200 111 142 86 150 92 58 111 105 173 92 27 172 100 300 22 45 610 248 355 96 t 232 . 64 110 655 95 440 460 119 35 430 90 185 114 OIL COMPANY BEYS STOCK Pacific Increases Its Holdings In Asso ciated Properties. , . SAN FRANCISCO. Oal.. July 8. In the annual report of the Pacific Oil company . .i... , V.Q. made public iqr wie va.cuua. j . by President Shoup. is the announcement ttoat the company nas oougnt. ditlonal shares of the stock of the Aaso ..nj S-.M Mmn.nw anA has acauired a third interest in the Associated pipe line. The income account for the year, as set forth in the report, shows that the Pacific Oil company earned in 1921. after all deductions, about 14.50 a share on Its outstanding ca4"uu Lutilk " , clared in the same period dividends to the amount of J3 a share. t -a ty. MMnt anauisitions by the company, the report says that the 29,630 shares of Associated Oil compamsrs stock were bought at an aggregate in vestment cost of $2,883,731.65. thereby increasing the investment in the Asso ciated to the aggregate of 230,320 snares, representing 67.93 per cent of the out standing stock. '" Cotton Market. NEW YORK, July 8. Cotton futures opened steady; July 22.88o bid; October 22.75c: December 22.50c: January 22.25c; March 22.12c Closed steady; July 22.48c; Ootober 22.45c; December 22.2jc; January 21.97c; March 21.83c. Spot cotton Quiet; middling 22.75c, Jordan-Wentworth&Co. Brokers 201-3 Railway Exchange Bldg. Seattle Portfand Tacoma Phone Broadway 4725 MEMBERS CHICAGO BOARD OF TRADE Direct private wires to E. F. Hutton & Co., New York and California MEMBERS NEW YORK STOCK EXCHANGE Excellent facilities for buying and selling listed stocks and bonds. Special department for trading in local and other un listed securities. Complete sta tistical records and latest in formation on all good stocks and bonds, including Babson and John Moody service. Ask for pur list showing bids and offerings on Portland and other Northwest securities. . Executive Accountant Office Manager Financial Manager SeeA executive position in , Portland with responsible manufacturin.fr or commercial corporation. Age 35. married, chartered accountant; thor oughly experienced in all general business, modern ac counting, office and financial management, systems, federal and state taxes, and with a record of past achievement in this field second to none. Desires to make permanent home in Portland and Is avail able for August or September 1st. Salary requested is very reasonable and depends , on future possibilities you can offer. Deal with principals only and would, like you to state in reply some particulars of your businesg requirements. Address S. A. CHAX.tr, 6343 Magnolia Ave, Chicago, I1L LOCAL SECURITIES WE WILL BUY: 25 Albers Bros." common. 15 Albers Bros.' preferred. 10 American Power & Light pfd. (2000 Broadway-Yamhill Building 7s, 1828. 10 Centennial Mills common. 25 Citizens State Bank. 4 Fidelity Security Corporation. 1-0 Foster & Kleiser preferred. 25 New World Lifw Insurance. 50 Northwestern Electric common 10 Pacific Car & Foundry com mon. 10 Pacific Coast Biscuit. 10 Zellerbach Paper common. 10 Zellerbach Paper preferred. WE WILL SELL: 20 Connor & Co. Syrup. 5 Great Northwestern Livestock units. 20 Holt Mfg. preferred. 20 J. L. Hartman Redeemable pfd. 25 Lumbermens Trust Co. 10 Lueckel King & Cake Soap. 25 Multnomah Lumber & Box pfd. 2 Multnomah Lumber & Box common. 50 Oregon Pulp & Paper common. 40 Pacific States Fire Insurance. $10,000 Portland Flouring Mills 8s, 1936. 103 Portland Vegetable Oil. 100 Tum-a-Lum Lumber common. All at attractive prices. Firm bids and offerings upon request. Special department for buying and selling local and other Northwest securities. Direct private wires to all markets in the United States and Canada. Jordan-Wentworth & Co. STOCKS AND BONDS. 201-203 Railway Exchange Bldg. Broadway 4725 1 - t 1 We provide a market later on for the securities we handle. Consider well the resale value of an investment before making it. An emergency may arise requiring you to raise money quickly. Before you make an in vestment you should know whether you can get your money out of it later on. Safety yon must have, Convertibil ity yon should demand. Freeman, Smith & Camp Co. Lumbermens Bldg.. Portland OVERBECK & COOKE GO. Brokers. Stocks, Bonds, Cotton, Grain, Ktc. 216-17 BOARD OF TRADE BLDG. Walla Wnlla. Waah. Portland, Or. Pendleton, Or. MEMBERS CHICAGO BOARD OF TKADiS. Correspondents of Lofrao Ss Bryan, Chicago and ew York. MEMBERS TCew York Stork Exehange Chicago Stock Exchange, Boston Stock Exchange. Chicago Board of Trade. New Vork Cotton Exchange. New Orleani Cotton Exchange. New York Produce Exchange. Winnipeg Gin in Exchange. Liverpool Cotton Association. Safe and Suet chhIuI Way to Trade in Stock Market $20 & Pls $40 With $20 you can purchase the privi lege to buy from us or tell to us at a fixed priro 40 shares of any New Vork Stock Exchange tue during 1 days. THE RISK IS DEFINITE THE PROFITS UNLIMITED An Interesting Explanatory Booklet Sent Free on Kequewt. Writ for Z C. GOLDHURST & CO., I&rKest Odd I,nt Put ft Call Dealer in V. S. 50 Broad St. New York City Phone your want ads to The Ore trondaa. Main 770. Automatic 564-96.