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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (July 23, 1922)
THE SUNDAY OREGONIAX, PORTLAND, JULY 23, 1922 19. CACKLES IN POUND II COMPETITION Oregon Hen Has Rival Many Foreign Lands. in DENMARK IS CONTENDER World Egg Markets Iiike Product i , of Pacific Coast; Egyptian Eggs Are Speckled. BY ARTHUR W. GEARY. ARTICLE NO. 4. GLASGOW, Scotland, June 18. (Spe cial.) The cackles of the hena in Den nark, In the Balkans, Poland. China and down in the Argentine herald competi tion with the Oregon, Washington and Idaho hens. The triumphant flapping of Egyptian hens near the Pyramids and In Morocco must be observed and con sidered to get the status quo of the in ternational egg situation, for all the cackling announces the arrival of more eggs lor the world markets. The Interest of the poultrymen .of the Paciflo coast in the Danish hens is that they are worthy competitors, of the White Iieghom strains of the Pacific coast in the laying of large white eggs, and the Danish poultrymen are organ ised to maintain standards and market eo-operatlvely under well advertised and supported brands. Danish Eggs Heavy. A shipment of Danish eggs arrived in New York on Hay 10. Their weight was 17 pounds to the ten dozens while the Pacific coast eggs on the market weigh but 15 pounds 40 the ten dozens. There was a peculiar flavor to these foreign eggs which came supposedly from some particular kind of feed. Otherwise they were competitors of the first rank. This first shipment of Danish eggs old for 29 to 30 cents a dozen and the price in London at that time for Danish eggs of this grade was 83 to 34 cents. No more Danish eggs will be shipped to New York when the London market is higher, and the Pacific coast producers continue to have undisputed sway in furnishing the top notch egg for the New York market. But let us hope that the London market holds up in the fu ture as it has in the past. The Argentine produces ' a white egg and when the price in New York be comes high shipments are attracted there, but the Argentine eggs have not been serious factoa. In the American market although they .are well known In the British markets. . British Like White Eggs. The English markets like the white egg, but in Scotland the high priced egg must have a bloom on it. The Irish eggs are' mixed in their coloring and have first call at Glasgow and through out Scotland and the north of England. Canadian and American eggs of brown and mixed coloring are popular "because they look like the fresh Irish' egga There are no storage restrictions in England requiring a case of eggs to be marked "cold storage" after being in temperatures of less than 45 degrees for 30 days. The eggs from Canada and the United States come upon the British market during the latter part of September, and during October, November and Decem ber. This is the season when there is a shortage of fresh eggs and the cold storaged eggs are in demand. Chinese Eggs Dirty. These many thousands ' of cases of Canadian and American eggs, that are hipped to the United Kingdom compete with a cosmopolitan assortment of eggs." Listed in the markets of Great Britain now are the following eggs: Dutch, all brown; Danish, English, Italian, Irish, Syrian blues, Jugo-Slav, Russian, Hun garian, Polish, Bulgarian, Lithuanian, Styrlan reds, Moroccan and Chinese eggs. The Chinese eggs are brown and dirty and have a shade to them like a nest gg. The Egyptian eggs for the most part are small, one-half sized, brown eggs with specks like a robin's eggs. There re some full-sized Egyptian eggs, also. M. McCallum, one of the buyers for the Scottish Co-Operative Wholesale society. Is shortty to leave for the United 6tates and Canada in search of supplies of eggs, dried fruits, canned fruits and apples and winter pears. . He will be in Portland during the first part of August. Mr. McCallum's books show that he purchased for his department more than 18,000,000 worth of eggs during the past year. Included in the purchases were 20,000 cases of Canadian and 2000 cases I American egga Balkan Cackles Heard. Mr. McCallum claims to have heard cf much cackling in the Balkan states during the present storage season and that .100.000 more cases will be produced there this year than during the previous year, and he refers to cases that contain 120 dozen, not 30 dozen, as do the Americifi cases However, his opinion as to the large supply of eggs in the Balkans may be more noisy than real, as he is a buyer and naturally is in terested in bearing the market until he gets his supplies. Although the demand in the United Kingdom for the mixed eggs from the United States may be curtailed this year, there is every prospect that the ' select white egg from the Pacific coast will hold undisputed sway In the New xork market without appreciable for eign competition. The tariff, it in honed. will aid in offsetting the higher freight rates that the producers of the Pacific coast must pay -In competing with such producers as Denmark, who . have avail able a cheap and comparatively short water route. Then, too, there is every prospect that the London market for Danish whits eggs will be too favorable lor shipments to be attracted to New York. New Jersey Competitor. There is Increasing competition from the poultry producers of New Jersey. The mild climate of the Pacific berth west Is considered to be ideal for the raising of a first-class egg, while the New Jersey poultryman has the- hot ummer weather to contend with. ' But . his main difficulty is inability to organize and stay organized. The chain stores have adopted the Pacific coast select white egg as being the best and buy them by the carload. The chain stores will not use second-class white eggs at all and, accordingly, desire to buy them under a reliable nu-lade brand. The chain stores buy in such quantities that they cannot be bothered with small lots that might be procured from poultrymen in New Jersey. Five co-operative egg marketing asso ciations, including the Pacific Co-Operative Poultry Producers, with head quarters in Portland, have formed a Joint selling agency under the name of the Pacific Egg Producers, with J. H. Barber of Petaluma, CaL. as general manager and Earl W. Benjamen of New York City as their eastern sales manager. In all. the Pacific Egg Producers will have annually 1000 cars of select White eggs to dispose of. In addition to the Pacific Co-Operative Poultry Producers, the associations that have consolidated their marketing interests are: Waghing. ton Co-Operative Egg and Poultry asso ciation. Poultry Producers of Central California and the Poultry Producers of San Diego. Through their consolidated organiza tion new markets can be developed and the output can be marketed economically and systematically. Last year J. H. Barber, the general manager, was in England studying - the possibilities of marketing eggs from the Pacific coast direct through the Panama canal. With regular service of refrig erated ships from the Pacific ports to the UnHed Kingdom and with a splendid coastwise organization of poultry pro ducers, there is no doubt that whenever market conditions warrant it there will be Pacific coast eggs upon the British znarke. BAIL AND COAL STOCKS STEADY. Wall Street Indifferent to Labor Trou bles Oils and Motors React. ,. NEW YORK, July 22. Regardless of Wall street's traditional Indifference to labor troubles, the week in the financial market offered cumulative evidence that . the prolongation of the eoal and railroad ' strikes had finally left Its impress on trade and industry. Figures issued by - the department of BtwiiHTn at Washington and authorita tive mercantile agencies plainly lndicat- 1 ed that the improvement noted in June had not been maintained and that the immediate future is more obscure. These conditions were in part attrib uted to seasonal slackening, but they were accelerated to a marked extent by higher production costs, prospective re ductions of railroad earnings and an enormous shrinkage of buying power through labor's loss of wages. The stock market lapsed into its cus tomary midsummer dullness, but values in the transportation and coal groups were not materially affected. Reactions were more pronounced in the oil and motor divisions, some of those issues showing sharp depreciations. Predictions that the oil Industry is ap proaching a state .of over-production and that further cuts In raw and refined products are inevitable gained wider currency. Reversals in the automobile list were accompanied by well defined reports of Impending reorganization of capital re adjustment. Steels, equipments, coppers and kin dred' industrials denoted good support at moderate concessions. Forecasts of the quarterly statement of the United States Steel corporation, which will be issued next Tuesday, were of an optimis tic character. Anomalous conditions .ruled In the money market, call loans evincing a ftrmer tone, while, virtually all time of ferings, bank acceptances and mer chants' paper eased and were in better demand by Interior as well as local banks. International exchanges showed tem porary unsettlement, especially Central European rates, but later advices which suggested an understanding between PJngland and France regarding Ger many's obligations to'the allies, effected substantial recoveries. 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 202V4 212ft Citizens State bank 158 175 Canadian Bank of Com. ....180 190 First National bank ..210 225 Hlbernla Com. & Savings.... ITS 100 Ladd & Til ton bank 800 860 Livestock State bank 150 175 Lumbermens Trust Co. ...... 90 100 Multnomah State bank .'150 175 Northwestern National bank 150 175 Peninsula National bank .130 150 U. S. National bank 320 835 Public Utilities Am. Pvwer A Light com.... 85 . 0 Am. Power A Light pfd. ...105 . 118 Boise (Jas, Light A Coke pfd. 25 40 Calif. & Oregon Power pfd,.;. 80 90 do com 3 x 5 Federal Telegraph 5 6 Idaho Power 7 pfd "... 87ft 92ft, Northwestern Elec com..... 15 16 do 8 pfd 75 - 85 do 7 pfd 93 98ft Pac Power A Light 7 pfd.. 94 97ft Pac Tel & Tel com 55 60 do pfd j. 87 94 Port Gas & Coke 7 pfd.... 94 B Port Ry, L A P com 10 14 do 1st pfd 50 55 . do 2d pfd SO 85 do prior pfd 91 93 Puget Sound Power com..... 40 45 do pfd 102ft 105ft Tacoma Gas & Fuel com.... 2ft 5 do pfd 25 35 Washington Water Power.... 9 104 Insurance Stocks Firemans Fund 324ft Home Fire & Marine 25 ft Montana Fire ...9 45 Montana Life 20 New World Life 11 Northern Life 125 Occidental - Life 135 Oregon Surety ft Casualty.. 95 Pacific States Fire 5 Pacific Mutual 500 Vulvan Fire 15ft' Western Bond & Mtge....:. 85 Western States Life 15 Lumber and Pulp Stocks Arctic Construction 35 Central Coal ft Coke com... 75 do pfd 77 ft Crown Willamette 400 do pfd A 95 do pfd B 90 Hawley Pulp ex-div. ...... .200 Mult Lumber ft Box com... 35 .. do pfd 80 Oregon Pac Timber 2d pfd.. 2ft Ore Pulp ft Paper com 103 do pfd 102 Peninsula Lumber pfd...... 95 Tum-A-Lum Lumber com. . . 75 do 8 pfd 95 do 10 pfd 100 Washington Pulp ft Paper.. 45 Weed Lumber" com 140 Weyerhaeuser Timber -.350 Yamuna Rav T.nmher com . - do pfd 25 Miscellaneous Stocks Aero Alarm com ........... 1 830 . 27 ft 55 25 12ft 140 150 105 10 600 16ft 83 16 45 85 87 ft 166" 100 "so" 90 5 108 107ft 105 85 100 110 55 150 450 5 do pfd 40 Alaska Packers ; 140 Alaska Steamship 77ft Albers Bros., com 45 do pfd 77 American Chain com 90 do pro . 95 American Nitrogen com .... 8 do ptd .- 15 Am' Type Founders' com. .. . 45 00 ptd 90 Booth, F e; pfd ... . 7 Centennial Mills 110 Cheney Phonograph com ... 95 do 8 pfd 95 Coast Tire com 4ft do ptd 4ft Connor & Co. Syrup 60 Denny-Renton Clay ft Coal.. 20 Durant Motors Calif 10ft Dollar Steamship 30 Fairbanks-Morse com 47 ft do pfd 92ft Federal System Bakeries... 8ft Fidelity Security cora 95 Fisher Flouring Mills pfd 97 Fieischmann Co pfd '. . 97 Foster ft Kleiser pfd 77 . General Petroleum com 119 do pfd ; . . . . 95 Goodyear Tire of Cat Ftd... Graton ft Knight Mfg com. . 50 do pfd 90 - Great N W Livestock . . 70 Holt Mfg 1st pfd 87ft Hartman, J L, pfd 80 do pfd redeemable. ..... . 85 Lilly. Chas H, ft Co pfd.... 83 Luckel, King ft Cake Soap.. 110 Owl Drug com 70 do pfd 100 Pacific-Alaska Navigation.. 45 Pacific Car ft Foundry..... 72ft Pacifie Coast Co com 12 do 1st pfd 35 do 2d pfd 20 Pacific Coast Biscuit 110 Pacific Portland Cement.... 82ft Palmolive 7 pfd 90 Portland Vegetable OH 85 Refrigerator Car Equipment '20 Reid Bros com 90 do pfd 85 Samson Tire & Rubber 2ft Santa Cruz Port Cement.... 87ft Sound Rubber 60 Sperry Flour Mills com 50 do pfd 87ft Superior Port Cement 85 Todd Shipbuilding 74 Union Oil of Calif .1 17ft Kjni'on Oil Calif Associates. .174ft Vtah-laaho sugar 2ft Wash Brick, Lime pfd 15 Western Auto Supply 10 - Western Meat Co 40 W estern Wallboard pfd .... 80 Zellerbach Paper com 85 do pfd 95 Bonds Am Power deb 6s, 2016 886 do sec 8s, 1941 .- 106 Assoc'd Oil 1st mtg 5s, 1922 99 do 1st ref 6s, 1930 9Tft Bdwy-Yamhill bid 7fts 1924 100 do 7ft, 1926 101ft Butte, An ft Pac 1st 5s, 1944 91 Cal-Oregon Power 6s 98 Fed Telegraph 7s, 1923-27.. 85 Gen Petrol 1st mtg 7s 103 ft Home Tel 1st mtg 5s, 1935.. 91ft Idaho Power 1st 5s, 1947.... 91ft N W Elec 1st mtg 6s, 1935 93 ft Oregon-Cal 1st 5s, 1927 85 Oregon Elec 1st mtg 5s. 1933 45 Oregon R R Nav 4s, 194B... 75 O-W R & N 1st 4s. 1961... 67ft Owl Drug Co. 6 notes 95 Pac Power 1st ref 5s, 1930.. 90 do 8s, 1930 104 Pac States Lhb 1st 8s, 1937..101 Pac Tel ft Tel 5s, 1952 91ft do 5s, 1937 98 do 5s, 1942 w 95 Port of Astoria 5s, 1925 94ft Port Gas Coke 1st ref 5s 1940 139 do 5s, 1951 90 do 7s, 1940 103 Port Golf club 1st mtg 7b.. 97ft P R L ft P 8 notes, 1926. .102 do 1st ref 5s. 1942 87ft do 1st 7fts. 1948 102 . do C & S 4s, 1030 : 83 do G E 5s, 1935 .' 87ft Portland Keaity s bo Rogue River Water 5s. 1926 75 Slide Irrig DIst 6s. 1938 90 S P 1st ref 4s. 1955 89 ft S P-C P stock coll 4s, 1949.. 83ft S P 20-yr conv 6s, 1934 85 do 20-yr 4s. 1929 91 Spryy Fir 1st mtg 6s, 1984.. 102 ft Santa Cruz Port Cement 6s. 98 Union Oil of Calif 6s 100ft do 1st 5s e f 1931 94 Wash-Idaho Wat 6s, 1941.. 85 Western Rubber 7s. . .' 45 Willam Val Sth 5s, 19S7... 87ft Willamette Valley 6s, 1939.. J5 GENERAL ELECTRIC PIE-GUT HIED do 7s . . . . 1930 Penna R R 6fts. . . ........ . 1938 Reading gen 4s.... 1997 A L 4s lr0 do as 1949 do 6s A . 195 Sou Ry con 5s -, 1894 So Pac cv 4s 129 A.-. Talk of Paying Extra Divi dend Is Heard. do ref 4a do sf term 4s ao conv us. .... . St L ft 8 P P L W do gen. bm ......) do P L 5s B. . . . . . . - do gen Bs do adj -6s do lnc 6s. - -. St L & S W 1st 5a do con Am. . do 1st 4b Tex Pac lt 5s. . . . .. Un Pac 1st 4 do cv 4s. do ref 4b. AMERICAN ICE IS UP Stock Again Responds to Same Reports Circulated Prior to : Each Directors' Meeting. rt . 1928 TJn Tank 7s. ls Wabash 1st OS....-". do 2d 5s...-..;.. ..4 .-. . West Pac 5s.. ..... lto M K & T adj. as... do 5s .-. Phil Pete Tft.. 8 T 3d Ave adj 08. Industrials Allied Packers 6s 13 Am Agr Chem 7fts 1941 8 50 150 82 ft 63 83 100 105 12 25 50 95 85 120 100 100 6 6 70 40 12 40 62ft 97 ft 6ft 100 102 103 S3 121 100 80 55 97 ft 80 92ft 90 , 95 86 125 75 110 70 77ft 17 45 25 130 87ft 97ft 95 25 96 90 5 92ft 1 55 97ft 90 77 175 175 ft 5 25 15 60 85 95 105 80ft 108 100 ft 100 101ft 102 94 104 ft 92 93 ft 96ft 90 50 77 ft 72ft VH 91ft 105 ft U3ft 93 7ft - 87 97ft 90ft 92 ft 105 100 105 90 105 - 85 8ft 95 '85 98 90 ft , 86ft . 90 93 104 ft 99 101 ft 95ft 43 50 90 85 BY MONITOR. (Copyright by The Publlo Ledger. Pub- iisnea ay arrangement.) NEW YORK. July 22. There is talk of an' extra dividend on General Electric while American Ice Is again responding in a. marked way to the same reports wtoloh have been In circulation before directors' meetings throughout the year. In the case of the latter -stock a stubborn long interest has been accumulated and Is strongly committed to the belief that the company's earning power justifies an extra disbursement end Is perfectly content to hang on until such payment Is made. Sears-Roebuck Is expected to resume dividends early next year If the refund ing plan now under contemplation should be carried out In full. ' . Although it seems a far cry from the foreign exchange markets to the domestic steel situation, the virtual collapse oz German' exchange constitutes one of the strongest factors in the prosperity of the Crucible Steel company. The products of this coompany have little competition from domestic producers but In normal times German mills are well able to handle the same sort of business. The unsettled financial situation In Ger many is practically eliminating mills of that- country from foreign markets and it Is partly for this reason that Crucible has been doing so well. At the same time it Is generally believed that much of the current trading In this stock Is really based upon the technical position of the market. Jones Brothers Tea is strong and ac tive and reflects the general belief that the company is making efforts to se cure additional distribution facilities. Although this stock is still below 60 cur rent market expectations are based on a pries in the neighborhood of 70. Store sales of Jones tea in June amounted to (1,432,068 as against 1,392,843 a year ago. Sales for the first six months to taled S8.605.800 against J8.657.185 for the same period last year. As retail prices are 85 per cent below the 192U level and 15 per cent below 1921, the Increase In actual turnover Is much larger than Is represented by the Increase in money value. . New equipment buying continues and the Illinois Central just purchased 65 new locomotives at a total cost of about SS.000.000. Lima secured an order for 25 central types, the American 25 Mikados, and Baldwin 15 switch engines. It la generally expected that the re duction of about 10 per cent in tire prices announced by Goodrich will be followed by other large manufacturers of tires. i With raw sugar apparently headed for 4 cents, C. and F., and refined already selling at 6.80 to 6.90 cents, the com modity markets are decidedly active. This forms the background for the re cent good accumulation of the sugar stocks, especially Cuban-American. 8econd quarter earnings of Gulf States Steel were equal to $1.70 per share on the common as against a net of 40 cents per share in the first quarter. This in dicates a net on the common for the entire year of from $5 to $6 per share if the second quarter rate can be main tained. --- - Decision of the Pittsburg Coal Pro ducers' association to resume operations in the bituminous fields was very bull ish on Pittsburg & West Virginia, which has been making a very good show ing despite the inroads made by the coal strike and the walkout or rail way shopmen. Even with these handi caps taken into consideration the com pany shows a modest net for the first five months of the year as against deficit for the same period a year ago. ... Accumulation of Internatilnal Nickel is more evident and is a natural result of . the widespread resumption of nickel consumption. This metal finds its broad est market among manufacturers of motorcars and similar industries, all of which have been improving steadily throughout the present year. Brighter outlook for industry through out the country at large as well as the morej tangible expectations of increased operations and purchasing power in the farming district is giving rise to re newed expectations of a restoration of the International Harvester $6 divi dend as against the present $5 rate. . - Loading of revenue freight cars totaled 718,319 cars during the week, which ended on July 8. compared with 876, during the preceding week, or a reduction of 168.577 cars, according to reports filed with the American Railway asso elation. The reduction was due to the observance of the Fourth of July as holiday throughout tho country. Despite the coal strike, however, there was an increase of 77,784 over the same week last year' but a decrease of 77,872 cars compared with tho corresponding week In 1920. Freight cars Idle on American rail roads because of business conditions totaled 405.185 cars on July l as com pared with 429,074 cars on June 23, or a reduction of aa,8 cars. New York Bonds. Furnished by the Jordan A Wentwortli company oi Portland: Railroad Bonds Atcfc gen 4s 1996 9ift ACL 4s 1952 92 do 7s . 1B30 107 B O gold 4s F... 1948 84ft do con 4fts cv 1993 8454 do ref 5s 1995 88 Canadian Southern to 1962 99 Canadian A or efts lB-JB ill do 7s '. ... 1940 113 Cent Pac 1st 4s... 1949 89 Cha & Ohio cv 4fts. .. do gen 4fts .; Am Sm 1st 6s Am Tob 7s Anaconda 6s A.... do 7s B Armour cv 7s do 4VtB Beaver Board 6s . Beth Steel 7s do eq 7s rin ref Gs erro de Pasco 8s Chile conv 6s A... v. lj32 do conv 7s ......... Col Graph 88. Copper Exp 8s IJ-J do 8s 124 do 88' l2a Colo F A I gen 5s 1 Colo Ind 5s 1934 Cuban Am Sugar 8s 1931 Cuban Cane cv 7s 1930 Distillers Sec cv 5s 1927 Diam Match 7fts 1935 Dupont 7fts 1M1 Empire uas uei os Wisk 8s 1041 Gen Elec deb 6s ., 1952 do deb 6s M Goodrich 7s 1926 Goodyear 8s 1941 Heinz 78 Hershey 7fte. ...i 1930 111 Steel deb 4fts 1940 Ind Steel 6s.. 1952 Tt ttrr-t KB V . 1932 t. V;.i tr. r. 1941. 97 Kelly Spgfield 8s : 1931 108 ft Kennecott 7s , 1930 Lack Stl 8s 123 do 1st 5s V la0 Libby, McN & Libby 7 1931 Lig & Meyers ds i do 7 1944 Lorlllard 6s ..' lol do 7s 1 Mldvale 6s W3 Morris & Co 7fts . !. Proo ft Gamhle 7s 1923 Republic I & St 6s 1940 Sears Roe 7s .. 1922 . do 7s jHa Steel & Tube 7s 1961 Swift ft Co 7s 1925 do 7s .'. - 1831 United Drug 8s ...1941 U 6 Ruboer 1st rer os xvti do 7V4s 1930 TJ S Steel sf 5s . 1963 Va Chem 6s 1923 Va Car Chem 7fts 1932 Western Electric 5s ne west U T col Tr 5s 1988 Western Union 6fts 1936 Wilson 1st 6s 1941 do cv 6s .- 1928 "Western Electric 7s 192o Westlnghouse 7s iaoi Public utilities Am Lt & Track 6s 1925 Am Tel coll 4s 1929 do coll 5s 1948 Am Tel 63 1925 Bell Tel of Pa 7s io B R T 5s .. 1945 Cal Gas unl 5s 1937 Cities Services 7s B 1968 do 7s C iae do 7s D 186 Con Gas cv ,7s 192.) Int Met'4ftS . l'r'8 Int R T ref 5s 1966 Laclede Gas 7s 1930 Montana Power 5s A 1943 Northwest Tel 7s 1041 Pacific Tel 03 1937 Pacific Gas 5s 1942 Southwest. Tel 7s 1925 Oil bonds Anglo Am 7fts 1925 Atlantic; Ref 6fts .;. 1031 Galena s uu is js'ow Gulf Oil 7s 1933 Chicago Oil Market. By Chicago Tribune Leased Wire. CHICAGO, July 22. Gasoline Tank wagons, 21c; service stations,' 23c; ma chine, 35.9c; oils summer, 13.4; winter, 11.9c Carbon perfection Iron barrels, llftc. Linseed oil, raw.l to to 4 barrels delivery. $1.06; boiled, $1.08. Turpentiae, $1.37. Denatured alcohol, 40c. Sugar Market. SAN FRANCISCO, July 22. California Hawaiian raw sugar, Miao. 1996 1952 1B30 1948 1993 1995 .i.. 1962 .... 1946 1940 . ... 1949 1930 .... 1692 196 .... 1939 1949 W52 1IW9 1035 1932 1934 1898 2014 .... 214 1967 1996 .... 190 1934 1935 .... 1929 193S 1930 1938 18-56 1998 19 1953 do cv 5s do con 5s C B & Q 111 div 4a. . . C & West Ind s. . . . . C G & W 4s . C M ft St P 4. do cv 4fts... do dob 4s......... do gn 4s A.-. do cv os CMftStP gftr 4fts A. Oh go NW gen 4s. . . . do efts do 7s ORI&P ref 4s Colo Sou rj x 4fts. . 0 3 Del & Hudson cv 6s. do 7s D&RG cv 4s do ref 5s ......... Brie PL 4s do con 4s A. ... do B .-. do D , 1953 do Pa CG 4 10M Gd Trunk eq 6ft 1936 Gt Nr 4fts 1961 Gt Nor 7s. 1838 Gt Trunk s 1936 do 7s 1940 111 Cent t s 1983 111 Oen ref 4s 19S5 K C Son ref s MvO Keo ft Des M 1st 5s 1923 LS4MS 4s lfil L&N 7s 19.10 do unl 4s 1940 Sc 7s No Ed 6s M St P ft S S M 6fts 1946 M K & T 4s 1990 M P gen 4s 19T5 do ref 5s 1923 00 do ref 5s 1928 97 NYC deb 4s... 1034 do ref imp 4fts 2013 do cv deb 6s 1935 do coll 7s 1930 N Y N H ft H cv 6s 1948 N O Tex ft Mex 5s 1935 N P P L 4s 1907 N P 6s 2047 N P Gt Nor Jt 6ft 1936 Penna fta 1936 do gen 4fts 1985 do 4fts - 1960 do-a 5... ... 1988 . 88 ft &5ft 102ft 92ft 74 ft 60ft 82 ft 69ft 64 76 75 64ft 87 1M 107 82 ft 89 98ft 98ft 110ft 79ft 4Tft 68 53 53 ft 58 88 ft 105 92 ft UOft 103 ft 112ft 6ft 89 89ft 89ft 93 113 ft ' 93ft 99 ft 92. 102 ft 8.1 63 91 90ft 108 105 ft 81 108 ft 103 ft 109 93 ft 100 ft 102 1955 1950 .. 1934 .. 1950 .. . 1931 . . 1950 .. 1931 .. 1955 .. 30 . . 1952 .. 1932 . , 3989 .-. 2000 ,.. 1947 1927 2008 109 ft 10 88 ft 58 ft 28 . 83 97 ft 92 ft 90ft 84 101 73 ft 99 ft 87 . 103 ft 70 ' 81ft 76 ft 79ft 94 98 ft 95 ft 88 104 103 ft 99 ft 90 88 57ft 88 ir 60 ft 64ft 104 ft 93 102ft 101 LIBERTIES HOLD SAINS FOREIGX IiOAXS IRREGTJTjAR JN NEW YORK MARKET. Rails Are Quiet, "With Fractional ,' Changes "From .-Friday' '." !.'" " v.-- - ' : V" Clqsing Quotations. "v. Ray Cons .. ' 100 18ft Reading 100 74 ft Remington Replogle Steel.. 600 Rep I ft S...... 4.900 do pfd. Rep Motors . , 500 Roval -Dutch Oil 1.800 Ry Steel Spg 200 106 Stand Oil Ken 93 ft Sears Roebuck.. 300 80 Sliattuck, Ariz .... Shell T&T Sinclair 2,600 31ft 33 ft 76 ft 11 65ft 16 74ft 33 ft 73 ioft 55 ft 106 93ft 79 1947 1923 1A29 1929 103ft 1930 103 1939 1983 1923 1935 1942 1931 1023 1925 91 78 104 102ft 96ft 119ft 92ft 105 34ft 101ft 102ft 104 ft 91ft 78ft. 106 1 85 46 ft 107 ft 107 101 107 ft 101 104 103ft 115ft 104 ft 103 ft 91ft 99 ft 80 ft 105 100 ft' 90 99 ft 99 116ft 98 114 89 105 ft 101ft 94 100ft 101ft 100 102 103 ft 110 90 ft 108 103 ft 100 105 100 97 109 ft 99 ft 93ft 108 ft 1U8 106 ft 91ft 99 115ft. 108 ft 61 96 130 93 91ft 122 12 69ft 99 97 107 97ft 91ft 102 108 105 104 100 100 101 105 104 106ft 108 101 104 107 ft 100 MM 106 109ft 111 109 91ft 108 784 97 103ft 47 59 71ft 1114 53 64 ft 72 64 ft 36ft 82ft 100i 101ft 100 103 104 102 105ft 105ft 104 100 95 99 102 109 108ft 102 103 101 U Vacuum Oil 7s 107 Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by North western National bank of Portland. The amount quoted is the equivalent of the foreign unit in United States funds: Austria, kronen : $0.00010 Belgium, francs 08050 Bulgaria, leva 00730 Czecho-siovak-la, kronen 02280 Denmark, kroner 21680 England, pound sterling 4.47250 Finland, finmark .". 02240 France, francs - 084.10 Germany, marks .00220 Greece, drachmas 03270 Holland, . guilders 889S0 Hungary, kronen 001 00 Italy, lire .04700 Jugo-Slavia, kronen 00350 rsorway, kroner .16920 Portugal, Escudos ' .07750 Roumania. lei uv7oo Serbia, dlnara .01380 Spain, pesetas 15650 Sweden, kroner , .26050 Switzerland, francs 1o?o China Hongkong, local currency .C6O50 onangnai, laejs 780IMJ Japan, yea . .48250 NEW YORK, July 22. Foreign ex change. Irregular. Great Britain, de-' mand. $4.45 ft: do. cables, $4.45; do. 60-day bills on banks, S4.-13ft; France, demand, 8.37ftc; do. cables, 8.38c; Italy demand, 4.64ftc; do. cables, 4.65c; Bel gium, demand. 7.92W.O do. cables. . Germany, demand, .19c: do. cables, .19ftc; nuimnu, uemana, so. hoc: ao. cables 38.90c; Norway, demand, 16.70; Sweden, demand, 25.90c; Denmark, demand, 21.53c; Switzerland, demand, 19.12c Spain, demand, 15.59c; Greece, demand 8.12c; Poland, demand, ,01c; Czecho slovakia, demand, 2.15o; Argentine, de mand, 36.75c; Brazil, demand, 13 75c Montreal. 99 l-16e. COTTON FUTURES STEADY AT CLOSE Bad Weather Reports Offset Bullish ' Statistics at Close'. (By Chicago Tribune Leased Wire.) NEW YORK, July 22. Th undertone was steady . and prices were little changed in today's abbreviated cotton market. Better weather reports offset bullish statistics. It was a typical Sat urday., affair of evening up on the part of local professionals and outside oper ators -With price changes limited. Trad ing was mixed, southern interests acting on both sides and Wall street and New OTleans selling. By the end of the first hour the market was down 3 to 17 points from Friday's finals, and there was no material change in the last hour.' The close was steady, somewhat up from the low, off 9 to 16 points- net. . Spot quiet, 1-5 points off, 21.95 for middling upland. Southern spot markets were: Galves- on'"22.40, .10 points down; New Orleans 21.75, 50 points down; Savannah 21.80. points down; Auasia un NEW YORK.-,- July 22. Week-end profit-taking was' -noted in today's bond market, but liberty issues . held the greater part of yesterday's record , quo--tations. ; '-' : -v ,. - - Foreign loans were irregular. British. French and other European issues., eas ing slightly with firmness.-for. Japanese first 4fts. V " .-, 1 Trading in rails and other domestic issues was nominal at fractional.- changes from yesterday's final prices.' Junior rails oi xne western ana southwestern ai visions were among the firmest features, . Mercantile Marine, ta lost half a point Tacit approval oy. tne xeaerau gov ernment - of the -'independent street mergers- prdvlded he,- only feature of today's duH- and otherwise featureless session of the stock market. - Extreme gains of 1 to almost 8 points were scored h. Bethlehem, Lackawanna, Republic : andy.3Hidvale steels, but this advantage was largely forfeited on real izing, sales.- . Y . '. Motors manifested much of their re cent reactionary trend, $tudebaker being subjected to further selling pressure with several of tbe-.less . prominent- issues of that group. - s ; . , Ralls were listless, DUt.llnai quotations wore mainly ' towards lower levels. Equipments,- coppers ana reiatea snares moved within the narrowest limits. Mexican petroleum again : featured the oils, its early strength, however, soon being dissipated. Sales amounted, to Weekly trade reviews oore out recent i statements oi a najt in general ousi npM due chieflv tri the coal and rail road strikes. Distribution of merchant! diss fell' below the corresponamg perioa of last year, but collections were better. A contraction ox .s-,uuu,vuu in actual loans -and discounts "was the 'noteworthy item in the, weekly clearinghouse state ment. This' was accompanied by a de crease of $95,600,000 in net demand de posits and a cash gain of .$31,564,000, Increasing excess reserves to almost $44,000,000. . ,. v CLOSING SUPCK QUOTATIONS'. ; Furnished-by Overbook' & Cooke com pany of Portland:- - ,.-. , .. Stock . . Sales. High. Low. Bid Adams Express.". ! 00 64ft 4ft 64ft AgrChem........ ,vt..: . .... 39 AJax Rubber. ..n- oo - , -14W-- i Stand Oil Ind... do 'N J Sloss Shef ., ; Sou Pacific . . Sou Ry Stand Oil CsJ. St L & 3 F... Stromberg Carb. 108 200 180 100 46 100 90 200 25 200 103 300 800 16ft 74 ft 35 33 ft 73 92 10 55 105 ft 93 ft 79 39 ft lft 8H4 107ft 108 180 179ft 46, 48 90 89 24 24 103 103 27ft 27 27ft 45ft 44 44 Studebaker 25X100 135 132 132 Tenn Cod & Ch. Texas Oil ....... 1,700 40 45ft Texas Pac Tex Pac O A O. 1,100 25 Tob Prod 100 66 Tran Control!.. 1,600 15 Union Oil Del.. union Pac United Alloy .. United Drug . . Un Fd Prod. 10ft 45 29 25 ft 55ft 14 .20 25ft 56 14 2,000 204 20 WW J.-4t-i 191 100 89ft 39 39 300 80 79 79 1.400 8ft 7ft 7 United Fruit 144 ft union B P 82 U S O 1 Pine... 100 34 34 34 Un"Ret Stores.. 1.000 84 -63 63 U S Ind AJoo. U S Rub . do 1st ofd. U S Smelting U S Steel ... do nfd ..... Utah Cop..,.,; Va ,Chem d ofd Vanadium Steel. Wabash ' do A. pfd.... do B pfd ... Weils Fargo .. west Pac 1.500 900 62 ft 62 61ft 81ft ox 01 108 41 40 . 100 41 t 8,700 101 100 101ft ; 1 100 120 120 120ft . 400 65 64 65ft 000 IIMii.'-'SSft 1.400 300 48ft 1.1 47 ft 10 400. Sift Sift 1,400 18ft 18 28 82 47ft 11 12ft 81ft 21 76 17ft do pfd i 58ft West Union Westinghse X B. Westhee E ft M. West Md White Motors.. WI1 lys-C-verland,. do pfd Wilson Pack ... Wis Cent Woolworth worth pump ... W ft li E White Oil White Eagle Oil 400 104ft 104ft 104 93 200 - 81 61ft 200 15 900 . 48ft 700 8 600 45 . 800 44 ioo ie'": 400 . 62 200 13ft 11 48ft 8ft 44ft 42ft 166'" 52 13 61ft 8ft 44 ft 43 28 ft 166 51ft 13 ft BOO S6ft' "25 25 Liberty Bonds Above Par FOR the first time since the War the market on all Liberty and Victory Bond issues has gone above par.. (J iany investors who have hesitated to "trade out" these bonds while the market was under par are now exchanging their holdings for higher rate bonds of other types or for bonds enjoying more complete income tax exemption. I If for any reason you seek to convert your low-yield Government Bonds into other securi ties better suited to your needs, the present is a good time to do so because you can now cash in your Liberties without loss. Call and discuss with us desirable exchanges in your investments. All Bonds we own have been carefully selected and have our unqualified recomfnendation. Freeman, Smith & Camp Co. Lumbermens Bldo Portland FIFTH vfSffft PH0NI STARK S7 QSjgSgBSSSBSBJSXSS Alaska Gold Alaska Juneau. .. Allied Chem Allls-Chalmers... do pfd Am Beet Sugar. . Am Bosch Am Can Co do pfd 1 Am Car ft Fdy.. . do pfd ........ AmCotdil Am Drug Synd. . Am H & Leather, .do pfd ........ Am Ice . .t Am Intl Corp. . .. Am Linseed . . ..; do pfd . Am Loco - . . '. . . . do pfd Am Sat Razor. .. Am-S ft Com.;. . Am Smelter . . ., do pfd . Amenuit .... . Am Steel Fdy . . Am Sugar do pfd Am Sumatra. , . ; Am Tel ft Tel. Am Tobacco do "B" . . .... Am Wool do pfd AmWPpfd ... Am Zinc An&conda . . . i . AssdOil ;.'400 500 600 ' - ft'-, .ft .... -. 114. 68ft 6Sft. 68 54ft 54 54 ..T. 1 9811 55 ft-'' 55 ft ....m..-A. 184 , 167 .......... "...C 120;. 26 100 ,5ft - 6ft 5ft w 200 70 70 :-70 TOO 111 111 .110 .. 43 84 ft 52 115 117 , 6ft 20 lft - 100 45 i,400 -5" 800 ", 43 ft 43" ''iw'8s!"-Mr. i;5(h i;5 lis "iio "ft -i:ft Humble 7s 123 Pan Am 7s io Mex Pet cv 8s 1936 Sinclair 7fts 1925 O California 7s ii S O New York 7s 1931 Texas Co 7s 1923 Tidewater Oil 6fts 1931 Vacuum Oil 7s 1936 Foreign government bondi Argentine 2d- 7s do u 1 os -Belgium Ss Bergen 8s......... Herns- 8s Christiana 8s Copenhagen 5ft s. Dantsh Consol 8s French Cities 6s Italy 6fts A. Swedish. Govt 6s ......... U S Mex 4s. do exc 5s Uruguay Ext 5s....:. Zurich 8s -. French Internal 4s........ do Victory 5s. . .- Belgian Restoration 5s..... British 2ft per ent consols . Ital Cons War Loan tie... . Curb bonds Allied Packers 8s . Am Te1 ft Tel 6s do 6s Anaconda Copper 6s.. do 7s Armour ft Co. 7s..... Beth Steel 7s Galena Signal Oil 7s.. Grand Trunk 6ft6. . .. Gulf Oil Co. 7s Humble Oil 7s.' Inter Rapid Tran 7s.. Libby McN & Lib 7s.. So West Tel. 7s Stand Oil NT 6fts do 7s Swift ft Co 77s do 7s Texas Co 7s notes 1923 1945 1940 1945 1945 1945 1944 1946 1934 1925 1939 1954 1945 1945 1917 . 1920- 1922 1924 1935 1933 1926 1925 1931 10O S 88 . .i-.-.'S;,. .. ';.. 30 600 80ft. 79 79ft ... ., 106 . 200 ' Sft" 38ft - 600 122 121 121 - J00- 14g. 14 .' 143 4s 140 140 140 , fW 90 90ft : 90 ft Jl ft V 29 ft 200 17ft , 17ft 17ft 2,000 54 53ft 53 v. ... Ill Atchison i,. 800 101ft 101ft 101ft do pfd 100 lft 91ft 91 Atl Coast Line.: 100 108 J08 108ft AtlG&WI...... 300 36ft S6ft 36ft Baldwin Loco... 4.300 118 118 118ft do pfd ...... 111ft B&O ........... 7.1O0' o5 54 54 dopfd 02 Barnsdell C 800 31 31ft 31ft Beth Steel s .. - 7,coe -79ft 77 77 300 -8ft 300.25 5s- Booth Fish B R T Butte C ft Z Butte & Sup ... Burns Bros Caddo Oil Cal Packing Cal Pet , . do pfd -. Canadian Pac. . : Cen Leather . .'. Cerro de Pasco:.: Chandler Motor,' L4O0 8 C&NW ........ 20 '75 Chgo Gt W. . .V. 80 do pfd 8ft 25 ft Chili Cop Chmo - C M St P. ...... T do pfd. Coco 'Cola .. . . C & O.. Colo F ft I Colo Southern . . Col Gas & Elec Col Graph . . . . . Jon uas . . Cons Cigars do pfd Contl Can City Serv Bkrs. ., Corn Prod do pfd ..iw...'.5 Cosden Oil '. . . C R I ft P. do A pfd.... J! do B pfd si, . . . Crucible . ... I' . . .- do pfd Cuba Cane -'u ..:.., 580 , 100 ... "100 ..Wi 200 .-.., 1,400 Sft 25 6ft .-..j.. t... ....... 131 ...:".'. lift .100 -78ft 78ft 77 I,.,, .. ..... 61 . .i .'.' 98 139 40 ft '37 67 75 ft 9 Liberty Bond Quotations. Liberty bond and victory' note quota tions furnished by the Overbeck & Cooke company or Portland: Open. . High..- Low. Close. Liberty Sfts. .100.94 100.98 100.90 100.92 do 1st 4s ' ...... 101.20 -. do- 2d' 4s... ...... .....: 100.70 do 1st 4fts..l01.18 101.60 10L16 101.40 do 2d 4ft s.. 100.74 100.90 100.74 100.80 do 84 4ft. .100.82 100.82 100.80 100.80 do 4th 4fts. .101.30 101.6O 101.30 101.46 Victory 4s. .100.54 100.06 100.54 100.54 Money, Silver. Etc. NEW YORK,- July 22. Foreign bar silver, 89 c. Mexican dollars, 53c LONDON, July 22. Bar sliver, 35ftd per ounce. , , . ' Money, 1ft per cent . Discount rates-, shoft and three months' bills, 2 per cent. . i. . . Swift & Co. Stocks. Closing prices of Swift ft Co. stocks of Chicago were reported by the Overbeck & uooKe company oi Portland as ioliows: HANDLING OF FINANCES AT CONFERENCE PLEASING. Swift ft Co. Swift International . . . Libby. MoNell ft Libby National Leather ..101 19 ft ' " Boston Mining Stocks. Boston mining stock quotations iur nished by -the Overbeck ft Cooke com- pany or Portland: 1,000 139 139 v-700 ,40ft 40ft 67 75 8 21 22ft 29 ft 28 44 70 68 22, 29ft 28 , 44ft 71 .1, 700 s; 68 300 93ft 300.'- 4 , 800 123 93 4 123 22 ft 29 ft 27 44 71 68 30 47 ' 93 ft 4 123 ft ... ...... .- 66 40 72 : 71 71 ft ... ...:.. 20ft 200 106ft 106ft 106 100-117 117 , 116ft 43 ft. 43 ft 43 '- 43ft 3 . 3tt 82 -,. lft 83ft , 83ft . Bid. Ask. Aril Comm . 0 ft Adventure - .' 80 75 Ahmeek 63 63ft Algomah 20 50 Allouez 25 26 Arcadian . t 3ft 3ft Cal & Ariz 61 81ft Calumet ft Hecla 272 " 275 New Corn i 19 iO Centennial ' 9ft 10 Cop Rge ..' 43ft 44 Davis Daly -. 7 7 East Butte 10 11 Franklin Mng 2ft 2 Hancock 2ft 3 Helvetia 1 1ft Island Creek 105 103ft Kee-wanaw 2ft 2 Kerr Lake - 3 4 Lake Cop 4ft 4 I.a Salle 1ft 1 Michigan 1ft 1ft Mass Con 3 3ft Mohawk , 61 6lft May Old Colony 4 5 Miason Valley 1 2ft North Butte 12 ft 13 Nlpissing 5 5 North Lake 3 50 Old Pom Cop... 2.1 20 Oseole. Mng .' 32 35 Qulncy Mng 44 46 Isle Royal 24' 2o South Lake 46 48 ' Supp Boston 1ft 1ft Unl Shoe Moh 38 38ft do pfd 26 ft 28 Superior Cop 4ft - 4 Trinity Cop 1 2 Tuoloumne 67 70 Utah Metals 1ft 1ft Utah Con ...i 3 3ft TJ S Mlnlns : 41ft 42 do pfd 47ft 48 Utah Apex 2 2ft Ventura 28 29 Victoria- 1ft 2 Winona 1ft 1 Wolverine 13 13ft Wyandott ' 60 75 . . 3.500 43 , ,:100- 43 J V'100 93 . - - 200 82-.- 6,100' 84 . f-100' 92 . .......y.SWiflflft 92 16ft 87ft 24ft do pfd .v.".". ... i. S00 37ft Cub Am Sugar. .;'800 - 24.' uome mines 4... . .... . Del ft Lack. ."..v-J ..: .. -.':.... . Davlssn Chem. . y4O0 47ft-. 46 Endicott . John. .V 700. 84ft'- 83 Erie '...... . w.tj do 1st pfd...' TV... Elec Stor Bty.. ' 200 4Tft Fam Players,. 7. 600 83ft Fed Min ft Smelt do pfd ..i-,-.-.., . Flsk Tire, it.. 400, 14 Gen Cigars . -: '. . . . . : , :xqr 178ft lTBft 176ft ',:-S.60iH 14 14ft 14ft 16ft 46 ft 82 14 Gen Elec Gen Motor .jy. .ao os ................. . Gen Asphalt 8,200 "VTl ft Goodrich ...........900 89 . Glidden Paint . 100 :io Granby'' 100 SOft Gt Nor Ore , 100 do pfd 800-, Si Greene Cananea. . Gulf S Steel 800 8 Glen Alden .... Houston Oil - 200 Hupp Motor 200 ills cent .... Inspiration '-.,100.41 Int Agr Corp., .':.,.. . do pfd '..:..!......' ..... Interboro ...... i,v w..'s '-.. ... do pfd ' Interstate Calla.. 100 7 7 Int Harv...'... 200-104 104 Ind Merc- Marine ... . : . do pfd" ..; ..... 400 TSft 73 Tnt Nickel'; 1,000 18 17 Int Paper .....'. 80 52ft 61 do pfd 92 16ft 36 24ft 30- - 128 ft 45 ,83ft 16ft 23 46ft 82 12ft 61 14 75 ft 74 ft 19ft 70 38ft 16 80 ft 40 80 '83ft '74 19 '4i" UU Fiu ....... .....r. ( Invincible Oil. .. 1,700"; 18ft 12lf Island Qll . 200 - , " 4fft -tft 81ft 71 38ft 14 29 40ft 81 30 83 ft 55 74 19 ft 9ft 38 1 3 7 104 18ft 73 17ft 51 85 12 18 25 S6ft I 9ft 77 ft 28ft Jewel Tea 'J. . . K O Southern... ...... K C Sou pfd....... .A'.; Kelly-Spgfd 1.300 4S Kennecott- ..'...' 800- 86 Keystone lire.. .S0O 12 Lack Steel....''. 6.400 79 Lee Tire .,, 300 28ft Lehigh Valley. . A, . .'.' t. . ... Lorillard . . ... Lowe Theaters. . i . L ft N ..-.....;-...,.. :.,-.:.. Mex Seaboard.. 7,000 81ft Max Motors VA" 800 t do "B" 600 '22 May Stores J, 100 117ft 117ft 117ft Mex Pet ...-v.-;. M00-188 ft 165ft 165ft Miami ......'.'. -100 .29 i, 29" 29 Mia states mi.,- i.ow . laii. la Mldvale Steel... 8,700 38 ,; 88ft M K ft T Wl... 400 17 ;i7ft do pfd. ,..-.,.-?!' .... Mnnt Power . .. . .... Mont Ward ...... 2,50022 Mo Pac '208 -22ft do pfd.' .; .V.7 -MK. 55ft M St P ft S SJt . : Morland Oil ...'8,900, 39ft Martin & Perry. .100 Nat Enamel ........ .... ,. Nat Lead . . ' 500 100ft 100 Nevada Coh . ..." 100;. 18 16ft New Haven ...w 1.400 30 29ft 86 10ft 77 28 64 ft 157 .... 16ft 129 ft 30 80 .... 64ft 22ft 22ft -1 36 17ft 40ft 71 22 22 54 88ft . 14 changed; Memphis 22.60, unchanged; Houston 22,20, 10 points down; Little Rock 22.00, 25 points down. 'NEW YORK, Jury 22. Cotton futures opened steady. October, 21.90; Decem ber, 21.68; January, 21.74; March, 21.65; Ma 21.55. Cotton futures ' closed barely steady ; October, 21.00; December, 21.80; Jan uary. 2L1; March, 21.55; May, 21.24. 22 64 62 38ft 29 54ft 99 16ft SO Foreign Bonds. company of Portland: Belgian Rest 5s.. Belgian Prem 5b. Belgian 7fta .... Belgian 6s ...... British 5s British 5s British vky 4s .. British ref4s ... United Kingdom Sfts 1922 United Kingdom 6fts 1929 United Kingdom Bfts 1937 Bordeaux 6s 1034 Canadian 5s 1926 Canadian 6fts .-.1927 Canadian Sfts 1929 Canadian 5s 1937 Chinese 5s French 4s ....... French 5s ....... French 5s - French Tfta French 8s German W L 6s.. Berlin 4s Ham'burg 4s .... Hamburg 4ft .. Lelpsig 4fts Leipslg os Munich 4s ...... Munich 5s ...... Italian, 5s Japanese 4s Japanese 1st 4fts. Japanese 2d 4fts. Norway 8s ....... Denmark 8s ..... Russian 5fts .... Russian Sfts .... Russian 6fts ... . Sao- Paulo Ss Swiss 5fts . Swiss as ...1919 ...1920 ...1945 ...1925 ...1927 ...1929 ...1919 . ..1919 ..1937 ..1917 ...1920 ...1931 ...1941 ...1945 ..1918 :.193l ..1925 ..1925 ..1940 1945 1921 1926 1919 1936 1929 1940 Brazil 8s. 1941 Brazil 7s .1952 Denmark 6s 1942 Dutch East Indies 8s 1962 Dutch East Indies 6s 1947 Standard Oil Stocks. Standard Oil stocks furnished by the Overbeck ft Cooke company of Portland !Ck ft Cooke Bid. Ask. 70 74 78 106ft 107 100ft 101 94 97 ft 95 98 79 81 77 80 111 110ft 111 103 ft 104 83 84 ft 99 99 98ft 99ft 100ft 101 98 ft 99 54ft 65 52 54 ' 73 76 83 , 64 100 100ft 102 102ft 1 1 lft 2 1 2ft 1 2ft 2 8 2 3 2 2 2 3 35 86 77ft 77ft 92ft 92 92 ft 93 110 .111 109 110 15 18 2 3 -18 19 100ft 101 108 108ft 108 ft 109 101 102 ft 96 96 ft 98ft .99 94 95ft 95 ft 96 Dr. Wellington Koo Declares No American Investor Need Feel Any Cause for Alarm. (By Chicago Tribune Leased Wire.) PEKIN, July 22. (Special Cable.) Dr. Wellington Koo. chief of the govern ment finance bureau, in an interview expressed the hope that President Hard ing would send Senator Underwood of Alabama to China this fall to represent America at the Chinese tariff revision ronferenre. Mr. Underwood handled the Chinese tariff matters at the Washington -conference, where he made a deep impres sion on the Chinese representatives for his fairness, sympathy ana me aepin oi his insight into the Chinese financial troubles. Dr. "Koo stated that Great Britain, in sending Sir Richard. Dane, the foremost English authority on Chi nese finance, makes it necessary for America to send a big man. Referring to China's default on Ameri can obligations, including the $5,000,000 loan of the Continental and Commercial National bank of Chicago, Dr. Koo said: "There is no reason ror pessimism, if America takes a long view and pays close attention to the Chinese situation. China is solvent and has plenty of as sets. ' ."The present dislocation was caused by internal troubles and we hope that permanent relief will result from unifica tion on the assembly of' parliament next month." According to Dr. Koo China is now behind on the interest and principal of $220,000,000 on foreign loans and $300, 000.000 on domestic obligations. China's defaults of more than $50,000, 000 on American loans necessitates the closest attention' of the United States government, otherwise Japan and Euro pean interests will use their prior rights and control over the customs and other revenues to drive America out of Chi nese trade. The delay of the senate in ratifying the Chinese trade act is em barrassing Americans in their efforts to protect themselves against Japanese and European competition. payroll of the city has increased by over 10.000,000. At the present time there sxe 1638 manufacturing plants In the city of San Francisco. Their capital investment Is $212,112,141. The annual value of their products is $493,105,392. They employ 56,823 people. A statement just Issued by the federal reserve agent here shows an increase of $13,400,000 In the total deposits of San Francisco commercial banks during the eight weeks ended June 30. There was. an expansion of $2,500,000 in total loans and discounts and $9,300,000 in cash and exchange. Dried Frnlt at New York. NEW YORK. July 22. Evaporated ap ples, quiet; prunes, slow; apricots, scarce; pearhee, quiet; raisins, steady. ES 10,886,960 FAMILIES ARE HOLDERS OF PROPERTY. WE WILL SELL: 30 Associated Engineers, com. 20 Associated Engineers, pfd. 50 Cheney Phonograjph Co., 8 pfd. 20 Connor & Co. Syrup. 75 Dennos Food. . 25 Hartman, J. L.., pfd. 10 Luck'el King: & Cake Soap. 15 Lumbermens Trust Co. $1000 Oregon Elec. 1st mtg. 5s, 1933 12 Oregon Surety & Casualty, com. 100 Pacific States Fire Ins. 15 Peninsula National Bank. 45 Portland Gas & Coke, 7 pfd. $500 Portland Golf Club, gold 7s. 10 P. R., L-& P., prior preference. $1700 Portland Realty Ss. 153 Portland Vegetable Oil. 63 hi Swinton Land Co. 25 Tum-A-Lum Lumber, com. 75 Western Bond & Mortgage, com. WE WILL BUY: $4000 Broadway-Tamhill Bldg. 7s, 1926. 10 Central Coal & Coke, com. 25 Citizens State Bank. 10 Di Giorgio Fruit Units. 100 Durant Motors, Calif. 5 Fidelity Security Corp'n. 15 Multnomah Lumber & Box, pfd. 100 New World Life Ins. 100 Oregon Pulp & Paper, com. 50 Oregon Pulp & Paper, pfd. 10 U. S. Automotive Units.. dORDAN-WENTWORTH &(a SueotSSOQS TO f rtEWWIH Si RHODESma 200 "lift 11 Norfolk & 100 109ft 109ft 109 isor rw - ion id Nova Scotia- 8ti. .... N T Air Brake,:. j..: .... N T Central.... U00 85 95ft Nor Amn 2,800 71 70 Okla Prod pfd... v w. . . Ontario Sliver......... Otis Steel. .... J Pacific Dev Pac Gas Elec 100 Punte Alegre...: 200 Pacific Oil .... 2.900 Pan Amti Pet... 2.400 do "B" ,. 900 Penna ... . . 600 Peo Gas . : . . . Pere Marquette.-- 900 Pure Oil ....:. 2,20a Philllos- Pete...' 2.100 Pierce - Arrow. , .11.500 - Tt.wa ' r41 SOft y Pitts Coal... . . ; .- Pitts & W Va..i 100 Penna Sea Stl , .'. T.30O Pressed Steel Cr -100 Pullman ....... j.,. 71 48 65 74ft 88 -. 4S: 83 28 ft 44ft 12 7 38 ft - Sft 80- Tift 48 65 73 67 ft 44 33 ft 27 43 Oft ?- 38 ft 8$ 7 81 81ft 96ft 70 ft 2 7ft 25 ft lift 6ft 70 ft 47 ft 65 ft 73 ft 67 ft 44 ft 85ft 33 ft 27 - 43 . 9 eP 38 8 79 ft 20ft - - Bid. Asked. Anglo 18 19 j Borne Scrysmer 400 415 Buckeye 92 93 i Cheesebrough 190 200 i do pfd .-. 108 111 Continental 130 135 Crescent . 33 ,35 Cumberland 135 140 , Eureka 89 DO Galena, com 52 - 54 do Old pfd 108 112 do New pfd ...i... 101 105 Illinois Pipe 162 165 Indiana .Pipe 88 M Nat'l Tranett 26 27 N T Transit 164 168 Northern Pipe 97 !) . Ohio Oil 278 285 Penn Mex : . 35 39 . Prairie Oil 670 5SO Prairie Pipe 248 2.12 Solar Refg 232 234 Southern Pipe -90 93 South Penn Oil 210 220 S. W. Penn Oil 60 04 S. O. Ind : 107ft 107ft - . do Kansas 535 545. -.do Kentucky 93 94 do N. Y ,. 719 - 722 do Ohio 450 4G0 do pfd 117 119 Swan &,Flnch 32 35 Vacuum i... 418 422 Washington 24 . 28 S. O. Nebraska 175 185 Imperial Oil 109 111 Census Report Indicates America Is Probably Largest Home Owning Country In World. (Copyright, 1922, by Public Ledger. Pub JJshed by arrangement) WASHINGTON. D. C, July 22. Spe ctal.) Families owning the homes which they occupy total 10.8S6.980 in the United States, according to the official count of the census bureau. The United States is prabably the worlds biggest home owning nation, the census data indicates. Home-ownittg families constitute 45.6 per cent of all the family groups in the country. The number of home owners is now increasing in eome sections of ths coun try. To stimulate ownership, building contractors and real estate operators are carrying on campaigns In many local ities. Business men generally are sup porting these campaigns, because prop erty ownership involves, they say. good citizenship and helps to reduce hazards In all lines of commercial and industrial endeavors. This . is because property ownership is Ilnkjed with family thrift and economy. Tn 22 states more than half of all the families hold tKle to the homes they occupy. These states are iaxeiy njv agricultural sections. More than half of all families own xneir uomes of the states lying north of the Ohio river and also in those states between the Mississippi and tne Kocay moumim,. Th term home ownership as com monly used includes -homes held under a mortgage -as wen as xnose otiucuuii.u. Homes owned unincumbered total 6,oJJ. 119, according to the official count, while the total mortgaged homes Is 4.059.593. Armroxlmately 62,000,000 residents of "the United States live ill homes th&t are owned by some memoer oi im mediate family. Appruiim.i.Mj 000,000 is the estimated value of these properties. 4 STEEL UNITS TO RISE WESTERN MERGER TO RE SULT IX IiARGER PLANT. Excess Reserves Increased. , ITBW TORK, July 22. The actual condition of the clearing house banks and trust companies for the week shows that they hold $43,880,780 in excess of legal requirements. This Is an Increase of 131,564,230 from last week. Cottonseed Oil Market. (By Chicago Tribune Leased Wire.) NEW TORK, July 22. Cottonseed oil closed: July, 10.7010.84c; August, 10.64 10.67c; September, 10.70 10.75: October, 10.0710.08c; November. 8.78 8.80c; December, 8.6S8.60c; January, 8.64 8.55c; spot, 10.70 11. STOCKS AND BONDS! 201-3 Railway Ex. Bids. Broadway 4725. Direct Private Leased Wires to E. F. Hutton & CO., MEMBERS NEW YORK STOCK EXCHANGE. pJordan-Wentworth &fa auccRssoaa To ygRRIN &pHODESmc STOCKS AND BONOS STOCKS GRAIN BONDS COTTON MEMBERS Chicago Board of Trade . Private leased wires to E. F. Hutton & Co., members New York Stock Exchange. We extend a cordial invitation to the public to avail themselves of our exceptional facilities and experience in handling their in vestment accounts. Special department for buying and selling local and unlisted se curities. 201-203 Railway Ex. BWg. Broadway 4725 Construction at Pittsburg, Cal., to Be in Progress Before ' End of Year. (Copyright, 1922, by the Public Ledger Company. Published by arrangement.) SAN FRANCISCO, July 22. (Special.) The merger of the Columbia Steel company and the Utah Steel interests into the new $15,000,000 Columbia Steel corporation will mean the construction of four new units to the plant at Pitts burg, Cal., and although the merger is still in ths formative stage surveys have been carried to such a point as to pro vide a working programme. The new units will be built around the present rolling ' mill and foundry. There will be a rod mill, wire plant, nail plant and tin mill. Ths construction is likely to start in October, but will cer tainly - be In progress before the end of the year.- The town, of Pittsburg expects Its population to be doubled and that It will be recognized as the steel center of the Pacific coast. A survey oompleted by the San Fran cisco Chamber of Commerce shows that 102 new factories have been established here since January. Their annual pay roll is estimated at $1,000,000. In the entire year of 1920 there were 321 new factories opened and in 1021 there were 268 new plants. Since 1820 ths Industrial OVERBECK & COOKE GO. Brokers, Stocks, Bonds, Cotton, Grain, tc. 216-17 BOARD OF TRADE BLDG. Walla Walla, Wash. Portland, Or. Pendleton, Or. MEMBERS CHICAGO BOARD OF TRADE. Correspondents of Logan A Bryan, Chicago and 2iew York. MEMBERS New York Stock Exchange. Chicago Stock Exchange. Boston Stock Exchange. Chicago Board of Trade. Xew York Cotton Exchange. New Orleans Cotton Exchange. New York Produce Exchange. Winnipeg Grain Exchange. Liverpool Cotton Association. SUCCESS In the Stock Market FORTUNES Made From Small Investments Write for Free Booklet, The Most Simple Explanation of Profitable Stock Trading. We guarantee you that your money is safe and that yon get a square deal. KENNEDY & CO. Est. 1884. 74 Broadway, Xew York Members Consolidated Stock Exchange. - v1'