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
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62
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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
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60
95
91
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72
98
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108 Vi
80
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82 Vi
76
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92
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64 14
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102T4
95
118
91
Id. IV.
102
102
104
90 Vi
78
105
80
44
106
107
101
105
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106
103
116
104 Vi
103
91
100
80 Vi
96
108
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-99
89
69
99
TT5
96
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89
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101
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101
102
109
90
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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.