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.
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