Image provided by: University of Oregon Libraries; Eugene, OR
About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (July 30, 1922)
THE SUNDAY N)REGtKslAX, PORTLAND, JULY 30, 1922 19, GRAIN PR ICES MOVE ilWliE Market Somewhat Nervous and Trade Light. LAST SALES SHOW LOSS Export Business Smaller and . Country Offerings Limited; Corn Prices Also Decline. BT CHARLES D. MICHAELS. (Bja Chicago Tribune Le5ed Wire.) CHICAGO. July 29.-Graitl prices moved within a narrower range. The market was nervous. The trading was lighter. Early recessions were followed by bulges. Although there was a sharp I advance at the last on buying attrib uted to exporters, which cleaned up the wheat market, the last sales were at losses of c to He on the distant future and lc on July. Corn lost c ttt-.Hic, July leading. Oats were off c. Rye was Uc lower. Lard gained 2o to 7c and short ribs 6c for the day. Export business was smaller and coun try offerings not so heavy. News on the whole was mixed. There was a gen eral evening up for the week end. The range of prices for the week gen- erally was lower. The close, compared with a week ago, showed wheat losses ' of o to 114 c. Corn was off o to lttc for the distant futures, December lead lng, while July gained c. Oats were unchanged for July, c lower for Sep tember and 14c higher for December. Eye was 2Ho to 3c lower. Lard was off 1214o to 3214c, January leading. Short ribs were 4214 c to 65c lower than a weplr Asm. Wheat today was on sale 6Ni all bulges from hedgers and local traders, but the pressure was not heavy. The day's range was Inside of 114c on the deferred futures. There were liberal hedging sales on strong spots. There was good buying on price recessions. 'Liverpool closed unchanged for July to d and Hid lower for the futures, while spot was off Id to 2d. The money exchange market was weak, with German marks down to about the lowest on record. Thau had a restricting influence on ex port buying for that country, while buy ' ing by other countries was liberal for Saturday. The trade had in mind the big business of Friday, nearly 4,600.000 bushels for export, and there were good bids today. The movement was liberal. but the southwest showed a falling off from that of a week ago, the three mar kets having 720 cars against 879 cars a .week ago and 1645 cars last year. Chi cago receipts were 4,236,000 bushels for the week and shipments 1,888,000 .bushels. Trading in corn was light. The price range small, except on July. That was under pressure. It closed near the bot tom. Cash demand was good and coun try offerings fair, but a little over the market. High temperatures were re ported in the southwest and good rains in northwestern and western Iowa, The week's movement shows a decrease in Oats were picked up by local traders. but there was little interest in the mar ket. Cash business was fair and trading was on a September basis, with No. 3 whites c under to lc over. Stocks show a decrease for the week. Rye was bought by exporters, who ab sorbed all the September, and a .good - business with the seaboard was on. Cngo"l west 614a . Ches & Ohio cv 414 oo gen ,.s do' cv -3s do H:on -5s C B & Q III dlv 4s...... C & West Ind 4s C O & W 4s C M St St P 4s , do cv 414s d deb 4s ........... do gen 4s A do cv 5s . . do g St t Chgo N Vf gen. 4sA..... do 614 . do ' 7s . . C R I ret 4s Colo Sou rf ex 414s .... do 4s . Del St Hudson cv 6s .... do 7 . D & R Q cxAa do ref 6s Erie P L 4s Erie con 4s A do B do D r do Pa C G 4s Grand Trunk eq 614s .. Great Northern 414s ... do 7s Gt Trunk 6s do 7s Ill Cent Jt 5s do ref 4s K C Sou ref 6s Keo & Des M 1st 5s L S St M S 4s L & N 7s . do uni 4s '. Sinclair 7s MStP&SS M 614s .. MK&T 4s ,.. MP geh -4s do ref 5s do ref 5s NYC deb 4s..... ' do con 4s do ref imp 414 s.. do coll 7b NYNH&H cv 6s NO Tex & Mex 6s... NP PL 4s.. NP 6s NP Gt Nor jt 6s.. OSL ref 4s Penna-6148 v do gen 414s do gen 5s ........ do 7s ............ Penna BR 614 s Reading gen 4s .... SAL 4s do 6s ....,. do 6s A Sou Ry con 5s Sou Pac cv 4s do ref 4s do sf term 4s SP conv 5s StL&SP PL 4s A.... do gen 5s do 6s B - do gen 6s do ad j 6s do inc 6s StL&SW 1st do con 4s 1938 1930 1982 1946 1939 ; 1949 3952 1959 -1925 1932 1934 1988 2014 2014 1987 13 1930 1934 1935 1929 1935 1930 - 1936 .' 1955 1996 1953 1953 1953 1931 1936 19l 1936 . 1936 , 1940 . .1963 , 1955 . 1950 , 1923 . 1831 . 1930 1940 ! 1946 . 199(1 . 1975 . 1923 . 1926 . 1934 . 1998 . 2013 do cv deb 6s 1935 5s 1930 1948 1935 . 19T 2047 1936 1929 1936 1965 1968 1930 1936 1997 1950 1949 1945 1994 1929 1955 1950 1934 1950 1931 1950 1931 1955 1960 1952 1932 do 1st 4s 1989 CANNED GOODS STEADY OUTLOOK IX EASTERX MART BEST IN THREE YEARS'. Stock of Surplus Army and Xavy "war Supplies Is Liquidated and Demand Is Increasing. (Copyright, 1922, by the Public Ledger company. Published by Arrangement.) PHILADELPHIA, July 29. (Special.) The outlook for canned groceries is better than at any time in three years, wholesalers report. Stocks of surplus army and navy war supplies and "dis tress" goods have been thoroughly liqui dated. The 1921 pack of several vege tables was short and for that reason spot stocks, except in corn, are small. Prices for futures are considerably lees than spot goods. Lower costs of tirr plate and boxes helped to lower future prices. The eastern pack of peas this year was so small that it already is said to be exhausted, but peas from Wiscon sin are beginning to arrive. Fruit generally is higher this year. Two large packers are quoting choice peaches at $2.60 a dozen, 26 cents higher than last year's opening price. Other peaches are offered or 15 cents less. Farmers' co-operative: associations in California have a strong influence on such stocks, as they set the prices for raw fruit. A new . branch in condensed milk, packed in glass, has been introduced re cently. A normal between-seasons lull is the chief characteristic of the mar ket. Jobbers are buying only what they need for immediate orders." Tex Pao 1st 5s.. Un Pac 1st 4s. .. . . . do' cv 4s . . do ref 4s do 6s Un Tank 7s ....... Wabash 1st 6s do 2d 5s West Pac 6s Mkt 6s Ady ... Otis Steet 8s Amn Agr Ch 714s Amn Sra 1st 6s . Amn Tob 7s Anaconda 6s A .. do 7s B Armour cv 7s Armour 414 s Beaver Board 8s .. Beth Steel 7s .... j3o ref 5s Cerro de Pasco 8s . Chile conv 6s A ..... do 7s 51 - Graph 8s ... . Copper Exp 8s ... do ., 4 , do Colo P St I gen 5s Coio Ind us . . . : Cuban Amn Sug 8s . Cuban Cane cv 7s Distillers Sec cv 5: Dlam-Match 714s . Dupont 714s Empire Gas Fuel . 61 Fisk 8s Gen Elec deb 5s . . . do 6s Goodrich--7s Goodyear Ss Heinz 7s Hershey 7s Ill Steel deb 414s . Ind Steel 5s ...... Int Agr 5s . . . : Int Marine C T 6s . Kelly Spgfleld 8s . Kennecott 7s Lack Steel 6s do 1st 5s -. Libby Mclf L 7s . Lig St Meyers 5s . do.- is . . . Lorillard 5s ,. 1951 do 7s 1B44 Midvale 5s 1939 Morris & Co. 714s 1930 Proc & Gamble 7s ......... .J923 Republic I & St 5s . 194H Sears Roe 7s . . 1922 2000 1947 1927 20(18 1928 1930 1939 1939 1946 1941 1947 1922 1929 1929 1930 1939 1933 1923 1842 1931 1925 l2a 1924 1925 1943 1934 ' 1931 1930 1927 .1935 1931 1924 1941 1952 1940 1925 1941 1930 1930 1940 1952 1932 1941 1931 1930. 1923 1950 1931 1951 STCDEBAKEB DOWN THREE POINTS Second Quarter Earnings May Alter Plans of Directors. (By Chicago Tribune Leased Wire.) NEW YORK, July 29. The speculative entnusiasm which has existed in Stude baker was chilled to a considerable ex tent Friday when the stock dropped three points net in face of the many reports recently circulated that the directors next Monday either would increase the regular dividend or declare an extra payment. In some Quarters, extra pay ments of S3 to $5 a share were expected in addition to an increase in the regular dividend. Second quarter earnings pub lished Wednesday are regarded as likely to alter the plans of the directors, as they were not as large as expected. Wide interest Is attached to the June report of the Pennsylvania railroad, be cause of the recent speculation as to the chances of the road regaining, through general merchandise traffic, the freight that the company lost on account of the coal strike. Pennsylvania stock continued its upward trend today, touching a new high at 47, although the close at 47 was unchanged. The road's June state ment is expected in the next fs-w days. It has become a favorite practice in the last month or so for a little clique of pessimists to wander about the floor of the stock exchange seeking a stock in which there are no buying orders under the market and sdddenly slamming the specialists with sales orders ranging from 500 to 1000 shares. These tactics have proved especially successful in the small, non-dividend paying stocks, which have been proved vulnerable to sudden and sharp attacks. It probably is the re verse of the tactics wiiich used to be pursued in the old-time bull markets by the little cliques which traveled from post to post, giving each one of their -favorites a whirl. Next to trying to guess the slae of the short interest, 'the favorite indoor sport of Wall street at the moment is trying to guess the size of Wall street's broker loans on 'stock exchange collateral. This, along with trying to estimate the short interest at any given time, is much -like trying to count the leaves on a tree. One of the guesses put out today placed the loan account slightly in excess of $1,500, 000.000. The same estimator declares that within "the last month it has soared approximately $100,000,000 above that figure, but is now back to the $1,600,000, 000 mark. New York Bonds. Furnished by the Jordan St Wentworth company of Portland: - Railroad bonds do Steel & Tube 7 Swift St Co 7s do 7s Uni Drug' 8s U S Rub 1st ref 6s do 714s V S Steel sf 5s Va Chem 5s v Va Car Chem 714s .?..... West Eleo 5s West U T col tr 5s West Union 614s Wilson 1st 6s do cv 6s West 'Elec 7s Westinghouse' 7s Public utilities Amu Li & Tran 6s Amn Tel coll 4s do 5s do 6s Bell Tel of Pa 7s B R T fis Cal Gas uni 5s Cities Service 7s B j. City Service 7s C do 7s D ; . . , Con Gas cv 7s ........... Int Met 414s Int R T ref 5s .- x... Laclede Gas 7s Northwest Tel 7s . ..." Pac Tel 5s Pae. Gas 5s Souwest Tel 7s ........ , Oil bonds Anglo Amn T4s Atlantic ReT 614s Galena S Oil 7s Gulf Oil 7s Humble 7s Pan Amn 7s Mex Pet cv 8s Sinclair 7s S O Cal 7s S O N Y 7s Texas Co 7s , Tidewater Oil 614s ...... vacuum 011 is 1923 1951 1925 1931 1941 . 1947 .1930 1963 1923 1932 1922 1938 1936 1941 1928 1925 1931 1925 1929 . 1946 1925 . 1945 1945 1937 , 1966 . 1966 , 1966 . 1925 . 1956 , 1966 1930 . 1941 .1937 . 11)42 . .1925 . 1925 . 1931 . 1930 . 1933 . 1923 . 1930 . 1936 . 1925 . 1931 . 1931 . 1923 . 1931 1936 Forelsrn Gnvernmn p.t. Argentine 2d 7s 3903 do GI 5s ..1945 Belgium 8s . . ., . ' 1940 Bergen Ss 1945 Berne 8s t i04a Ohristtania 83 -, Copeirh,gen 514s . 1044 Danish Consl 8s 394 French Cities 6s 1934 Italy 614s A .- 1.925 Swedish a-ovt fis imi, u s Me .4s 1954 Uruguay Ext 5s Zurich 8s 1945 f oreign government city bonds- Greater Berlin 4s . , Hamburg 4s . . . .' Bremen 4s Cologne 4s Dresden 4s do 414s. I Dusseldorf 4s ....... . Frankfort 4s Leipzig 4s . do 414s Munich 4s Stuttgart 4g '. Essen 4s French Internal 4s do Victory 5s Belgian Restoration 5s ... British 254s consols Ital Cons War Loan 5s Curb Bonds- Allied Packers 6s Am Tel & Tel 6s do ,.,W Anaconda Copper 6s r. . do 7s .'. Anglo-Am Oil 7s Armour St Co 7s Beth Steel 7s Copper Ex Assn 8s do Galena -Signa( Oil 7s Grand Trunk 614s Gulf .Oil Co 7s . . .-. Humble OH 7s Inter Rapid' Tran 7s .. ... Libby McN & Lib 7s., Sears Roe 7s 3-yr 80 West Tel 7s . ' .' Stand Oil M Y 6Vts .... do 7s . ....... Swift & Co 7s do -. , Texas Co 7s Notes ; . Atch gen 4s AC L 4s do 7s B O gold 4s do con 414s cv do ref 5s Canada Southern- 5s Canadian Nor 614s do 7s Cent Pao 1st 4s 1995 1952 1930 1948 1933 1995 1962 1946 1940 1949 2 921, 107 8514 8514 89 100 110?4 11214 8& 11014 ! 8914 ! 89 ! 95 1 102 92 78 59 ,8114 8914 -64 76 7414 0514 89 110 108 It 8214 ' 8954 04 97 K 110 78 45 66 -52'-62 5614 89 1U6 9114 11014 .103 113 87 89 89 91 93 107 93 99 105 82 96 100 97 - 91 84 - 87 108 105 : 80 72 89 108 - 103 92 109 93 101 110 109 85 69 27 63 97 92 : 90 - 83 . 102 - -73 99 103 81 71 81 77 79 84 95 95 89 104 103 . 9 89 85 76 100 104- :s 102 100 ' 103 -105 .90 77 96 95 119 82 105 34 lyi 102 , 104 ; .91 7 107 88 45 107 107 101 . 107 101 107 103 116 104 103 91 100 "- 80 i,-.7 10.4 105 100 59 . 99 85 116 98. 116 89 105 101 - 93 100 101 100 102 103 111 . 103 100 105 100 98 110 89 93 108 107 106 92 99 115 107 61 96 128 92 90 121 12 70 99 107. 97 91 102 102 103. 105 104 100 101 106 104 106 109 101 103 107 100 5 106 1091? 110 109 92 108 84 96 1(14 45 71 11 BEST RAIL BONDS FIRM JtWIOR ISSCES IRREGULAR AT CLOSE OF MARKET. Further Reactions In '. Liberty. Group; Foreign Loans and' Utilities AlmostNeglected. NEW YORK, July 29. The day In the bond market was featureless on very light trading. Liberty issues scored further-reactions from the mid-week's best quotations, c and foreign loans were al- most entirely neglected. The one change.; in that group was a slight gain in ..Uru guay 8s. , . Rails of the higher class were firm to strong .on the better tone of - stocks of that description, but underlying or junior issues closed at mixed gains and losses, all within fractional limits. Industrials and utilities were only oc casionally traded In, with a sharp sst back in Consolidated Gas 7s. . Total bond sales, par;-value, aggre--gated $7,740,000. . '' With comparatively few - exceptions, prices on the 'New Tork stock exchange moved to tilgher ground in today's brief session. reflecting the. financial com munity's.' belief that thsend of the coal and rail strikes is near. Trading was quiet, the day's sales approximating 276,-, 000 shares. . Rails were again the dominant factor, registering gains of large fractions to 2 points. Stronger Issues of this group were Central Railroad of New Jersey, Delaware & Hudson, Lackawanna, 'Penn sylvania, '.Canadian Pacific and Read ing. Equipments advanced ' on reports of heavy buying orders by prinicpal rail roads. -V - ' Crucible, with, a net gain of 2,'was the strongest of ths steel shares. Beth lehem and Gulf States rose moderately, but United States Steel common and some nt thA laa. r,inrtinn ftf that emllD were relatively backward. ijA There was a fairly large- turnover UlAj Mexican Petroleum at a net gain or a points, and Mexican Seaboard common and the certificates threw off some of their' recent, heaviness. Studebaker was the most active fea ture of the day, its early rise of almost 2 points being followed by a sharp re action and a fractional net loss. Chemicals, tobaccos and miscellaneous shares followed la the wake of standard Issues, but give way In . the realizing movement before the close. Exceptional strength was shown by Allied Chemical and the two American tobacco stocks. The heavy features Included Maxwell Motors -A, Atlantic Gulf. Standard Oil of Nsw Jersey and a few of the food specialties. r . The clearing house statement showed an . increase of actual loans and dis counts of about $33,000,000, compared .with the -.previous week's decrease of $84,000,000, Cash holdings were reduced by : about $4,250,000, leaving excess re serves at approximately $39,600,000. CLOSING STOCK QUOTATIONS. . Furnished by' the Overbeck & Cooke company of Portland: Nat Lead ......' Nevada Con New Haven .... Norfolk & W. .. Nor Pac Nov Scotia Steel N Y Air Brake... N Y Central. ., 1,800 Nor Amn ....... 400 Okla Prod ref., 500 Ontario Silver ... Ontario & W.-, ; 100 Otis Steel ...... '. , Pacific Dev .. .---.'.'. . Pac Gas & Elea- . . : . . Punta - Alegre. . . 1,000 Paclfio Oil ..-!.. 1,000 Pan Amn Pet..-' 700' do "B" pfd. .'. , 700 Penna .:v; Peo Gas ..... i Pere Marquette.. 1,690 Pure Oil .;.,...' 1,400 Phillips Pete ,. . ; 2,700 Pierce Arrow . . w .... Pierce Oil . 100 Pitts Coal . :j. . . 100 Pitts & West Va 1.700 Penn S Stee4. .. 2,100 i-100 101 S ioi 100 Paclfio Coast Go com..;:... 12 16. do 1st pfd ................ S5 1,200 31 31 81 - do 2d pfd ......20 200 J12 112 112 ; Pacific Portland Cement.... 92 2,400 78 78 78 ! Palm Olive Co t pfd t0 .... 34 i i-aramne Co com 17 . 79 I do pfd 78 97 97" I Portland Feeder Co...... 90 70. 70 Portland Vegetable Oil. 85 2 2 Refrigerator Car Equipmt. . 20 ..v. 7 neia sro3 com r..... u 26';26 26 I do pfd , 85 . ir i Samson Tire & Rubber...... 2 - . ...... v -o ! oaiiLei uis roruana lament Bl 88 . 70 . 2 51 : 55 74 68 . -f 600 47 400 7 ST . 34 29.: -44 :.' 50 54 73 ." '67 47. '4 74 67 47 86 .86 34' 84 28 39 ,43,, 7 Bo 7 65 T'rnL-.nri fi, I'ur ! Pullman -V'. .' I Ray Cons Reading Replogle Steel.. . Repub I & S. ... do pfd. ' ....... Rep Motors- .. Royal Dutch OIK Ry Steel Spg. . . Stand Oil Ky-- . Sears Roebuck. Shattuck, ' Ariz. .-: Shell T & T. Sinclair Stano. Oil Ind.. do N J . . .'.... Sloss Shef ,. . . .. Sou Pacific ". Sou Ry -;..'..',.1 Stand Oil CaJi. St L & a F . . . Stromberg Carb. 40 1 o : - ( -to ' 1 100 - 82 , 82 200 "100 100 1814 75 33. 16 75 32 44 - . ,9 7 64 40 ' 7 -82 -122 16 75- 33 73 92 9 54 108 84 80 ...... ......... 9 38 2.700 31" .31 31 . .'. . . 108- 107 J08 100 180 180 180 . 46 2,400 91 91.-.- 91 1.200 25 25 25 3,500 106 104 105 5,800 30 29 30 vv - 4-js :43 100 92 i 82 '"S00 64 " 54 300 108 103 -'sob 80 . 86"; Sales. High. . . . 5,400 12 1,000 400 pfd. Adams Express. Advance -Hum. do pfd '. Agr Chem do pia . . . AJax Rubber Alaska. Gold . . . Alaska Juneau. Allied Chem 10,000 Allls-Chalmrs ... 200 do pfd Am Beet Sugar. Am Bosch. Am Can Co.."..: ,1,200 do Df d' ....... Am Cr & Fdy. : .- do pfd .. . . .. .-. Am Cot Oil...... do pfd ....... Am Drug Synd. Am Hde &.,Lthr do pfd . . , . Am Ice . . . . .: Am Intl Corp Am ijlnseea . . . . do pfd . . . . ... .- Am Loco do pfd. Am Saf. ..Razor. Am Shp & Com? Am Smelter ...... do pfd ; . Am Snuff '.:-.'-... Am Steel Fdy. .-. Am Sugar . ... .-. . do pfd. Am Sumatra . . . . Am Tel 4 Tel.. . Am - Tobacco. do "B" Am Wool do nfd Am W P Am Zinc Anaconda .... Assd Oil Atchison do pfd- Atl Coast Line. Atl Gulf & W I Baldwin Loco, . do pfd ,: . .-,''. Balto & Qbtbrj do pfd . - -.-: .' Barnsdell Cop. Beth Steel "B". Booth Fish B R T . . Butte C-& Z.".. Butte & Sup . . . Burns Bos , . . Caddo Oil -.'..-. Calif Packing.. Calif Pet ..... do pfd ....... Canadian Pac. . . Cen Leather '. . Cerro de Pasco. . Con Textile...-.. Chandler Motor.. Chgo & N W.... Chgo Gt W.. do pfd........ ChLH Cop (Jnlno C ?l St P do pfd Coco Cola C & O Colo F & I. Colo Southern... Col Gas & Elec.-i Columbia ; Graph Con G-as '. .... .... Cons Cigars ..... do pfd. , ..' Contl Can . . . Cities Svc Banks Corn Prod do pfd .:. Cosden Oil . C R I & P do A pfd. do B pfd. Crucible do pfd ........ . Cuba Cane , . . . . do pfd. . Cuban Amn ' 1 72 64 Closing Low. Bid. 63 - .'.... 17 . ... . 49 36 . 64 11 :- -1 72 37 'ii- 70 53 69 300 172' 100 13 200 70 .-1,500 111 110 100 42 97 . ..... . -40 .. . .. 36 58 58 108 171 171 121 26 50 ' 5 13 69 110 Tob Products , . Tran Contl Oil. Union Oil Del Union Pac ... . . United Alloy .. umtea urug . United Food Pro . .. .. United Fruit Union B A P. . U! 3 C I Pipe..: 800 d Retail Strs. 1,700 S Ind Alcohol;. 600 10 40 30 25 bo 14 20 Studebaker ....22,000 131 12814 ISO Swift & Co. .,.:.'.... 101 i enn uop a m . iuu to - lu Texas Oil ....V1.300 46 46 Texas Pac-.-. . . . . : do i: o .. (JIM) 25 35 1,300 65 55 600 14 .14 900 2014 2014 1,700 143 .142 143 .... r. .. Vv. ... 88 .... 79 -..-,-y..,. 9 144 62 35. 34 35 " 62.-62 ,62 63i ' fi.t i. . au Law . oya o o 100 106,. 106 105 .2.200 ioi iiio 100 100 121, -121 120 ou ! bouna Rubber com.......... .60 50 ' 2a N W Finance Units 20 . oic,i riuui lUUltt VUlll uu ' do pfd . 90 Superior Portland Cement. . 85 Todd Shipbuilding ......... 74 Union Oil Cal 156 do Assoo . t. .. ..157 Utah-Idaho Sugar.. 2 . Wash Brick L & S P pfd... 15 .' Western Auto Supply 10 Western Bond & Mtg com.. 85 Western, States Fin Units.,.., 40 Zelierbacll Paper com 86 - do- pfd 97 . Bonds Albers Bros 7S 1942. . 99 Assoc Oil 1st mtg 5s 1922.. 99 do 1st ref 5s 1930 97 BdwyYam Bldg 7s 192S..10O do, 1926 ...101 Cal Oregon Power 6s 97 Federal Tel 7s 1927-27 85 Gen Pet 1st mtg 7s 102 . Home T & T Spok 1st mtg 6s 91 Idaho Power 1st 5s 90 N W Eleo 1st mtg 6s 1935.. 97 Oregon-Cal 1st 6s 1927 87 Oregon R R & N 4s 1946... 75 O-W R R & N 1st 4s 1961.. 65 Oregon Eleo 5s 1935 45 Owl Drug 6 notes 95 Paclf Power & Light 5s 1930 89 ' do 8s 1930 104 Paclf Tel & Tel 5a 1937..... 97 do 1942 93 do 1953 92 Port of Astoria 5s 1925 85 Portland Gas & Coke 5s 1840 89 do 7s 1940 103 do Bs 1961 90 PRL&P gold notes 8s 1926.. 100 do 7s 1940 103 do 1st ref 6s 1942 87 - do C & S 4s 1930 83 do Gen Elec 5s 1935...... 87 Sou Pac 1st ref mtg 4s 1965. 89 do 20-yr conv 6s 1934 84 . do Cent Pac col stk 4s 1949 70 Sper Fir Mills 1st mt 4s 1934.102 Santa Cruz Port Cement 6s. 98 Union Oil Cal 6s J01 Wash Ida W L & P 6s 1941, 35 Will Val Sou 5s 1937 87 U S Rubber . do 1st" pfd U S Smelting U S Steel .. do pfd . ... Utah Copper Va Chem . . . do pfd Vanad Steel Vlvandou . Wabash do A pfd . . do B pfd . . Well Fargo . . . Western Pac ' do pfd ..... Western Union. Weatinghs E&M West Bd White Motors J Wlllys-Overl'nd do pfd Wilson Packing. Wis Central - j, . Woolworth . Worth Pump ,. w et jj i White Oil .v ... ... 700 White Eagle Oil .... 300 600 1,800 . "soo 800 10O 100 27 60 49' 13 33 26 58 49 12 32 1814 58 18 OS is 64 27 60 49 1074 12 32 23 77 18 89 100 105 J05 105 900 800 10O 700 100 12 12 11 48 48 48 8 8 8 44 44 -42 4- 44 so 100 174 174 174 400 82 . 51 . 51 . :.;..-.,... lasK 1. 7 7 ......... 25 Swift t Co. Stocks. Closing prices bf Swift & Co.. to-k of Chicago were reported by the Overbeck o 7? H? ??mPany of Portland as follows: 101 Swift & Co. Swift International .. Libby, McNeil & Libby National Leather 13 69 42 ,42 3S 53 3,100 119 118 119 116 00 , 6 61 . . .. 61 200 87 37 300 39 37 300 122 122 z.vuo 147 1,200 143 . 100 91 6, 6 w-7S 60 97 132 37 81 106 38 122 144 147 141 143 91 9114 107 28 , ' 18 58 110 101 91 109 32 120 111 67 63 27 78 8 26 7 80 137 10 78 60 91 200 140 140 140 300 39 3 39 1.200 53 53 800 82 32 1,200 120 119 4,700 67 57 100 20O 200 100 600 - 100 l'.ioo 28 78 8 26 7 30 'io' '66 28 78 . - 8-' 26 7 30 'io' "eo" 3917 1920 3922 1924 3935 3924 1925 ... 3 923 iih r. - 1926 ..1925 ... 1831 2 2 1 2 2 2 2 2 2 53 " 64 72 54 36 82 100 301 100 103 304 . 104 103 302 304 305 1 05 7f4 100 - 06 - 10(1 3 02 109 106 102 102 101 300 8,200 3,800 700 . 100 . 100 1,200 500 700 38 10 65 77 8 21 22 '29' ' 45 400 . 71 1,700 71 300 30 200 47 - 100 93 100 4 800 122 300 33 i',400 77 "- "266 107' 38 37 10 9 63 85 77- . 77 8 8 21 ' 21 22 22 29 28 ft" I 2,100 800 BOO 200 5,800 Bid. Naval Stores, r ' SAVANNAH, July. , 2B.-Turpentine, firm, tlill 1.13: sales, 449 barrels; re ceipts, 275 barrels; shipments, 467 bar rels: stock, 6777 barrels. - .. Rosin Firm; sales,. SJ8 casks; re ceipts, 848 casks; shipments", 431 casks; stock, 80.230 casks. Quotei'B. $4.75- D $4.904.95; E. $,7.05: F, $5.055.10- G H, $5.10; I, $5.15; K, $5.20: M, $5.35 5.40; N, $5.50; WG, $610; WW, $6,705$ 6.75. Dried Frnlt at New York. . NEW YORK, July 29. Evaporated ap ples, dull; prunes, firm. Apricots, wait ing. Peaches, quiet. Raisins, slow.-: Del dt-Hudson, Dome Mines . . . Del & Lack Davison- Chem... Endicott Johnson Erie do 1st pfd.... Elec Btor Baty.:, Famous Players. Fed Min & Smelt . do pfd Flsk Tire ' Gen Cigars Gen Elec GenMotor ..... do 6 -. Gen Asphalt.... Goodrich . . -. .... Olidden Paint... Granby ... ... . . . Great Nor Ore . . do pfd.. ; ., Greene Cananea Gulf S Steel .' Glen Alden Houston Oil..... Hupp Motor Ills Cent ... Inspiration Int .Agr" Cp com do pfd Interboro do pfd Interst Callahan Int Harv do 7fd Int Merc. Marine do pfd Int Nickel Int Paner do pfd.... Invincible Oil.;. lland oil Jewel Tea ...... K C Southern. . . K C Sou pfd Kelly-Spgfd .... Kennecott Keystone Tire... Laok Steel 1. Lee Tire Lehlfth Valley... Lorillard Lowe Theaters.. L & Nt . Mex Seaboard. . . Maxwell Mo "A" do "B" ... . . r. . -May stores Mex Pet ..w.... Mlamlf .;-.. Mid States-Oil... Midvale Steel... MK&T Wl do pfd. . .. Mont Power Mont. Wrd Mo Pac do pfd; '. . ...... M St P S S M, Marland Oil Martin ft Perry. Nat enamel 3,300 200 sue 1.200 4a 44 95 82 91 ie 40 28 45 70 71 30 -; 47 93 4 121 33 '74 107' 42 44 95 82 88 'io ,38 100 1 25 26 , 26 30 47 - 93 4 121 83 ' 60 70 - 19 107 nr. 42 44 82 91 3 15 39 26 - 500 129 128 4,700 49 47 125 125 2 1.R00 1,600 17 25 47 300 82 200 1,800 800 600 182 2,800 14 50 13 77 300 500 100 1,800. 71 37 17 25 46 81 "56' ' 12 77' 183 13 'ii''' 37 40 S3T4 40 S3 129 47 82 17 26 46 81 32 49 12 77 179 13 80 70 37 14 29 ; 89 . 83 18 2 7 Liberty Bond Quotations. . Liberty bond and victory note quota tions furnished by the Overbeck St Cooke company of Portland : ,. ,9?ln- H'Kh- Low Close. LibertySs ...100.94 .100.98 100,92 100.94 00 Jst-48., ..,..,.5-,: ...., ...... 101.40 do 2d -4s.. ....... :- .V. . 100.52 do 1st 4 s. 101.60 101: 60 -101.44 101.44 do 2d 4s. .1,00.66 100.74 100.60 100.62 do 3d 4s.. 100.60 100.68 100.56 100.56 do 4th 41is.. 101.44 101 54 101 an 1,11 an Victory 4s. ,.100.46 100.46 100.44 100.44 do 3stcld). 100.88 100.90 100.88 100.8S Money, SlRwr.Ete, yK NEW TORK. Jul l&.-t-VBT&xr. llr LONDON, July 29. Bat silver. ,35d per ounce. .-Money, 1 per cent. Discount rates, ehort bills. 23t 113-16 per cent. Three month -bills, 1 13-16 1 percent. - . 15 ' : 1 45 -: 25 100 - , 80 100 85 25 95 90 5 92 1 40 65 97 90 78 160 160 , 5 95 60 " 95 100 101 ' 100 100 101 , 102 100 95 . 103 98 93 98 89 77 70 50 97 90 105 98 94 93 97 80 IDS 92 103 105 90 85 89 80 87 73 103 JOO 102 43 90 Mining Stock at Boston. ' Mining stock quotations at Boston fur- nisnea by the Overbeck & Cooke com pany or Portland: , Bid. Arizona Commercial , 9 Adventure- 60 Ahmeek 62 Algomah 20 AHouez 25 Arcadian 3 Bingham Mines 14 Calumet & Arizona 60 Calumet & Hecla 270 New Cornelia 19 Centennial . 9 Copper Range '. - 43 Davis-Daly 7 East Butte .' k 10 Franklin -Mining 2 Hancock 2 j'-eivetia : 114 ; ?,o 2O0 83 82 .83 ..... 55 200 ,75 75 74 ' 18 300 108 108 107 200 41 41 41 . 8 ; 37 000 1 1 1 300 3 3 100 7 T 7 . . ..... 103 115 100 1S 18. 1T7i 300 72 71 71 300 17 17 17 '200 53 52 53 05 400 33 12 12 400 , 17 ...... 25 57 3.100 47 46 46 1.000 SR 36 36 600 ' 10 10 10 200 77 77 77 r . . . . 28 800 65 65 ' 6514 ' 300 163 162 363 . 20O 15 1.1 15 100 131 130 J80 14,600 22 20 22 1.200 61 60 . 60 2,300 21 20 21 IOO 116 316 116 14.300 3 69 166 368 100 SO 29 80 . 1,400 32 32 32 , 1.500 35 35 85 2,500 3 8 37 37 200 40 40 40 , 200 72 72 72 200 22 22 22 2.300 22 22 22 600 56. 56 56 . ' 200 63 62 63 400 39 38 38 - .... .... 26 . TOO 55 66 Excess Reserves'-Decreased. NEW YORK, July 29. The actual con dition of the clearing house banks and trust companies for the week shows that they hold $39,625,500 in excess of legal requirements. This is.: a decrease of $4,257,220 from last week. - . .; , Paclfio Northwest Stocks and ponds. Quotations on lsadingtocks and bondi of the Pacific northwest,- furrtished by joraan. wentwortn -co, or Fortund. -ttanK Stocks " Bid. Bank of Cal N. A... '.'.'.'. . i ?;200 Citizens State Bank '..150 Canadian Bank of Com'.-i ; . . 180 First National bank j ... .. . .. 205 Hibernian Com & Sav bank. 175 ' Ladd & Tilton bank .... 1 300 Livestock State bank. .... ...150. Lumbermens Trust Co..... 85 Multnomah State bank-. ;.-. 150 Northwestern Nat bankw : .e145 Peninsula Nat bank .' . .125 U S National bank. ........ .320 Public utilities- ... -Boise G, L & C pfd....... 25 Cal & Oregon Power'com... 8 do pfd i ':.., ....... 75 Federal Telegraph ........ m 5 Idaho Power pfd...'... 85 Northwestern Elec .com. ... 1 13 do 6 pfd ............ 85 do 7 pfd 92 Portland G & C 7 pfd..... 96 Pacific P & IT1 pfd ,95 ;" Pacific Tel & Tel com 55 do pfd 87 P R, L & P com 10 do 1st pfd . . . ... ... . -. ...... ., 50 do 2d pfd........ 30 - do prior pref pfd .i-? 89 x' Puget Sound P & L com 40 -. -410 pfd ..i 100 Tacoma Gas & Fuel com;.,; 2 Tacoma Gas & Fuel pfd...; 25 Washington Water Power.., 98 Insurance stocks i ' Firemen's Fund ,315 . Home Fire & Marine. .4 . " 25 . Montana Fire ..-i. '48 Mdhtana Life ...20 New World Life............. 11 Northern Life . . . .125. - Occidental Life . .-. ..- ::,140- Oregon Surety & Casualty ,.. 100 - . Pacific States Fire 5-, .a Pacific Mutual .-.:.510 ;". Vulcan Fire 16 . Western States Life : 13 Lumber and pulp stocks ' - Arctic Construction 1 .. .... 3 Central Coal & Coke com... 78 do pfd , . 78 Crown-Will P & P com.'.... .400 - do pfd A oo, do pfd "B" .- 0 Hawley P & P (ex-dlv) .. :210 , Mult Lum & Box com...-. .. 40 . . do 10 pfd.... -85 : Oregon-Pacific Timber 2d... 2 Oregon Pulp & Paper com . . 102 do pfd . ,100 ' Peninsula Lumber pfd . ... 05 Tum-A-Lum Lumber Com...'- 75 - do 8 pfd '. 95 do 10 pfd.. .100 rWashington Pulp & Paper.. 45 - Weed Lumber .140 Weyerhaeuser Timber - 850." Yaqulna Bay Lumber com. . ;Vv, do pfd Miscellaneous stocks ! - . V Aero Alarm com. ' 1 do pfd- ...... . -.: . .'. ........ 40 Alaska Packers' . . . . . ..., . . 120 Alaska Steamship . . . '. . . .,: 75 . Alaska Pet & Coal.,....,. .10 Albers Bros com. . . .,- '. "40 do pfd ,v.W...;.v.. 78 American Chain Co com... .. 95 do pfd '.'..'. 95 . American Nitrogen, com.. . j, 8 Belgian rest Ks 1019 Belgian prem 5s .... 3920 Belgian 7s 1945 Belgian 6s 1925 British 5s 1922 LBritish 5s 1927 .Kruisn os British vky 4s 1910 British ref 4s . . . .: . 1919 U K s .:. 1922 U K 5s 1929 Keewanaw Kerr Lake ................ Lake Copper La Salle Michigan ., Massachusetts Consolidated. Mohawk May Old CoJony Mason Valley North Butte I r?.. Nipiesing ... North Lake .'..Tv... Old Dominion Copper Obljawa .... Qulncy Mining Pond Creek f Isle Royal South Lake Superior-Boston United Shoe Mch 3914 do pfd 26 Houtn utan .., Superior Copper . . Trinity Copper Tuolumne ,. Utah Metals- Utah Consolidated . U S Mining ao pia 2 3 4 ,J 1 3 60 . 4 1 12 5 30 , 25 43' 21 24 45 1 4 Utah Apex Ventura . . Victoria . . Winona -. . Wolverino . wyandott . 63 . 1 1-16 2 40 47 2 30 1 1 11 30 Ask. 9 75 63 50 26 8 15 61 275 19 10 44 7 11 2 2 1 4 -l Jt 5 2 12 5 50 26 3 44 21 25 47 1 39 26 10 4 - 2 70 1 48 2 30 XT" PHONE BROADWAY 6481 and have us mail you a copy' of our- INVESTMENT RECORD BOOK Investors find this loose-leaf leather cov ered book a genuine help in systematiziilij and 'maintaining an accurate, iriformative record of their holdings. It measures four by eight inches, with pages laid out to such blank forms as vnJl enable you, to 'enter a complete detailed list of your investments with a description of each and a record-of everytrarisaction. The loose-leaf feature permits you to withdraw pagesderote&tocrxritLes you have disposedNrfc'that-2rT)CT !bro ba at aDBS lxiKp holdings. . . Telflphon8'4as-or 1 wi!ll&isrjda3P$3QutJ we wiH maiTi yon- -aria baoklefe waUfuut'obTi" ' gatiaiw)T3yoicc,part, - SAN FRANCISCO NEW YORK CHICAGO -LOS ANGELES SEATTLE ' ' PORTLAND Blvth. Witter fL Cbi GOVERNMENT - MUNICIPAL-CORPORATION BONDS FOURTH AND STARK. PORTLAND BROADWAY 481 MARK STILL GOING DOWN ... . r ? INCREASE IN GERMAN PAPER CIRCCIiATION CONTINUES. ' 1 12 75 1 Forefpn Bonds. Furnished by the Over oeck& Cooke company or Portland: do ofd .: . . . 15 Amer Securities Co Units. : 20 Amer Type Founders com.,-.- 45 do Dfd . . 85 . Ass'd Engineers com 50 do pfd 75 Centennial Mills . . i ,110 Cheney Phonograph Co com. 90 , do pfd ...... .. . 93 , Cheney Phonograph Copfd.i 90 Coast Tire Co. com 5 .'. do pfd ..... . ': 5 Connor Co Syrup ....... 50-. ' Utnny-Renton Clay St Coal. - 20 ' Durant Motors. Cal ...V- 10 Dollar Steamship .-. 3tr. Fairbanks-Morse com. . . . . 47 do pfd . . . . v.-. . ; . Federal System Bakeries. ' .. ' 3 Fidelity Security Corpn. . . . .-5ft , Fisher Flouring Mills pfd... 93" Flelschmahn Co pfd...-'...... 97 i-'oster & Kleiaer pfd 78 -' General Petroleum ;com. . 1... 102 do pfd ..." 95 Goodyear T & ft of Cal..-.., 75 Graton & Knight Mfg com.. 50 An nfd ' 90 " Great N"W livestock Units. 80 70, Ask. 210 175 - 190 220 190 350 175 100 175 170 140 340 40 5 90 6 -95 15 90 95 98 ' 97 60 88 13 55 35 91 45. 105 5 35 103 325 '26 55 115 12 .140 150 115 .:- 7 . .600 .14 '42 60 -'82v ioo! ' 100 ;. '"66". 95 3 . 110 ", 105 105 ; 85 105 110 55 150 400 5 "25 2 50 -130 S3 .16 50 83 100 105 -. 12 25" ." . 40, ' 50 f5 , 60 .' 90 . 5" 100 too -400 : -.6 6 65 40.. 12. . 40 . 62V. 97 6 ' 100 TO . 103 . 83 ; 104 : 100 80 55 97 II K 5s Bordeaux 6s. Canadian 5s Canadian 59 Canadian 5s Canadian 5s . Chinese 5s . . Chile 8s French French 5s French 5s ... French 7s French 8s . . German W L Berlin 4s Hamburg 4s Hamburg 4s . Leipsig 4s ... Lelpslg 5s Muntch 4s ..... Munich 5s Frankfort 4s .... Italian 5s Jap 4s Jap 1st 4s ... Jap 2d 48 .. Norway 8s Denmark 8s Russian 5s Russian S4b Russian 6s Sao Paulo 8s . . . Swiss 8s. Brazil 8s Brazil 7s Denmark 6s Dutch' E Ind 6s Dutch E Ind 6s a37 1924 1926 1927 1937. 1931 1951 1941 4s 1917 1920 1931 i 1941 '. 1945 5s 19 IS 1931 1925 1925 1940 3945 3921 192(5 1919 3936 1940 - 111 3941 100 Bid. 70 74 106 100 91 95 95 . 80 78 , 110 110 103 83 49 98 98 99 54 103 53 75 63 . 100 102 -1 1 1 1 2 2 - 2 2 2 so1 77 92 92 110 110 15 2 15 100 1952 1942 1962 1947 96 99 95 94 Ask. 74 78 107 101 94 97 ! 97 82 80 110 110 104 84 49 100 99 99 54 108 , 54 77 65 100 102 O 2 2 2 8 3 2 3 8 . 37 '78 93 93 111 110 18 4 18 101 111 100 96 99 95 95 Foreign Exchange. - Foreign exchange rates at the close of business yesterday, furnished by North western National bank ot Portland. The amount quoted Is the equivalent of the roreign unit in united states funds: Country Unit Rate. Austria, kronen ' $ .00008 Belgium, francs .0786- Bulgarla. leva 0073 Czecho-Slovakia, kronen 0235 Denmark, kroner . . . : 2155 England, pound sterling 4.4625 Finland, f inmark 0217 France, francs 0820 Germany, marks . .v t .0018 Greece, drachma 0325 Holland, guilders 3875 Hungary, kronen O010 Italy, lire 0465 Jugo-Slavla, kronen 0035 Norway, Kroner 1725 Portugal, ftscudos 0777 Roumanla, lei .' 0068 Serbia, dinara .... .0140 Spain, pesetas 1560 Sweden, kroner 2622 Switzerland, francs 1915 China Hongkong, local currency .5815 Shanghai, taels 7775 Japan, yen 4825 NEW YORK, July 29. Foreign ex-change--Easy... Great Britain, demand, $4.44; cables, $4.44; 60-day bills on banks, J4.42. France, demand, 8.15; caoies, . in. itaiy, demand, 14.57: ca- Belgium, demand, 7.72 Germany, demand, . 15 Holland, demand. 38.60:. iorway, demand. 17.15. Sweden, demand, 26.10. Denmark, de mand, 21.50. Switzerland, demand, 19.05. Spain, ..demand, 15.55. Greece, demand, 3.10. " Poland, demand, 1. Czecho slovakia, demand. 2.27. Argentine, de mand, . -36.65. Brazil, demand, 13.70. Montreal. 99 7-16. , Standard OU Stocks. ' bles, 4.57. cables. 7.73. cables. 15. cables. 38.65. Holt Mfg 1st pfd-,....,....-85; Hartmaa J L pfd : . . ... . 80 , do redeemable pid...... . 85 . King's Food Prods Unfts. . .- 20 - Lilly Chas H pfd-, 84. l.ucke'1 King & Cake Soap... 110 Oregon Portland Cement pfd 65 -Owl Drug com 70 do pfd , .. ..102 Oregon Worsted Mills 75 - Pacific-Alaska Navigation. ,. 50 Pacific Car & Foundry..'.,. 72 Pacific Coast Blucuit...... ..110 90 90 95 ; 40 t 87 i 120 85 -76 107 90 ; 55 77 180 5Standard Oil stocks furnished by the Overbeck & Cooke company of Portland: ' - . - Bid. Ask. Anglo 18 18 Borne Scrysmer 400 , 435 Buckeye '92 93 'Cheesebrough 190 200 , Continental f 130 135" Crescent 33 35 Cumberland 183 140 - Eureka i '..... 88 90 Galena com ....57 59 do old pfd '. 108 113 - do new pfd .-. 101 105 Illinois-Pipe 162 165 Indiana Pipe 88 90 ftafl Transit . 26 27 N T Transit 163 167 Northern Pipe ' 97 " 90 Ohio Oil 224 .228 ' International Pete 20 20 P-nn Mex 33 35 rf rairle Oil . 580 584 Prairie Pipe 248 250 Solar -rflefg 340 350 Southern Pipe ,..-., 91 93 South Penn Oil 208 218 S W Penn Oil 60 64 S O Ind 108 104 do Kansas ,.535 545 do Kentucky 93 94 do N Y .- 420 425 do Ohio 450 460 do' pfd Ex Dlv 116 ,118 Swan & Finch 30 1 40 Vacuum 418 - . 422 Washington 24 28 ' 8 O Nebraska 175 185 Imperial Oil -109 111 Strength Shown in Stocks Indi cates Wall Street's Confidence in Strike Settlement.' ' BY A1EXAN1DF.R DANA NOTES. (By Chicago Tribune leased Wire.) NEW YORK, July 29. The continued and rapid decline of "the German mark w& aigain tne event of outstanding im Dortance om tod&Va market The- atock exchange, whose attention was atiU ab sorbed In the labor situation, ended tihe week with, a ahowiag of strength which reflected Wall street's continued belief in. -the settlement of the strikes. It has been a somewhat peculiar tact in the situation that the stock market has fhown such absence of interest and concern- In this fall of the German cur rency's valuation to unprecedentedly low depths. .Measured in hundredths of a cent, the (mark's- lowest .price before the present year was S3; the 29 price ot March was the low point until June, when It reached 18, but has now fallen with accelerated rapidity Ho today's fig ure of 15. Tt In 1-mmrasil.hlA in measure such a movement on the basis of Intrinsto valua--' tions, 'for the reason tihat a paper cur rency increased week by week on such a scale admits of no lntrineic valuation. The weekly reichsbank statement or July 23, given out today, repeated the familiar story. Paper circule,tion- had increased 1,589,000,000 marks in a week. 18.507,000,000 in a month and 62,W84,ooo,- 000, or 55 per cent, since the baglnnlog of the year. The fall In the mark's gold value -which has accom-panied. that in flation was as inevitable as anything could be in an economic situation. In the -light trading of a midsummer 'half-holiday such noteworthy advances as occurred on today's stock market were mostly in the industrial shares; but rail way stocHs also showea tre-ngxn, a tew of them .rfsin-g a ipoint or more. Coiri parisoa of the week's closing prices with those of & week ago shows the extent to whioh the market's attitude has been changed by its "belief that the labor diffi culties will not be of long continuance. The bond market also hows a prepon derance of-advances for - the , week, al though (as perhaps was natural) with considerably more irregularity in the European securities. French exchange again decitneu along with -the German mark, 'but its' low rate for- the week la still- considerably above what was touched when the market was -falling -in. - the: first week of Januan-y. Sterling exchange closed today slightly above its final rate of any preceding week rla month. STRIKES LEADING MARKET FACTOR StocK Price -Recover From Irregularity . ..of Early Tart of Week. NEW ' YORK. July 29. Outstandino developments -'of the week in the finan cial' ami industrial markets left little doubt that all other considerations were being made secondary to the coal and railroad strikes. Prices in the stock market were irregular, the weakness of the first few days being followed by a sharp recovery, final week-end prices being at or near the higher -levels. Rail shares, several of which made new highs for the year, led the list. June earnings, with few exceptions, were regarded- as highly encouraging, while latest avail able figures on car loadings of revenue freight Indicated that the shopmen's strike had not greatly affected the car movement. Quarterly reports of the United States and Bethlehem Steel corporations re flected marked betterment in the lead ing lines of manufacture. Steel common earned the better part of ity dividend. in contrast to the previous audrter. when not ail of the preferred 'dividend was earned. The general business situation obviously has been retarded by strike conditions, but leading? authorities believe that con ditions have not yet become alarming enougn to tnreaterr seriously an early re sumption of the industrial revival. Mercantile authorities reported actual curtailment of production, due mainly to slackening of demand. Monetary conditions, save 1n the rate for call money, showed an easier tone. Borrowings of time funds were com paratively small because of the uncer tainty prevailing in the commodity mar kets. The foreign situation was again the cause ot much anxiety, as denoted by the extreme demoralization of German marks. German money has sunk to level where it practically ceases to have any value as a medium of exchange and the Austrian rate almost has reached the vanishing point STBIKF.S CHECK BUSINESS RETURN Demand Slackens Because Deliveries Are Uncertain. NEW YORK. July 29. Dun's Review today says: Existing strikes have unmistakably restrained the business recovery that had been steadily gathering momentum, and evidence is not lacking of a distinct check in certain quarters. Priority or ders in railroad transportation- and dis tribution of fuel reflect the more dis WILL take Portland Flouring Mills 8 bonds at 90 or Mult nomah Lumber & Box Pfd. at par in exchange for im proved orchard home in good Columbia River town, 65 miles ,ast of Portland. Good living income from start, -j - ' AO 830, 0REG0NIAN ARE you interested in fixed income securities? We don't handlevery thing but we DO handle the-best. Tf SAFETY AN1 CONSISTENT IN COME are your condition&-ivecanusnit yon. Call -on- as. Do It Now tVse onr Partial Payment Plan Freeman, Smith & Camp Co. LuMBsanwoM Bioa- Powilamo SALESMAN WANTED One of Portland's old established financial institutions dealing in municipal bonds and com mercial paper has splendid opening for experienced salesman. State experience, ageand give ref erences. AH applications treated in strictest confidence. P 836, OREGONIAN turbing aspect of the labor troubles, and present conditions cause the aeierment of numerous transactions which would otherwise be consummated. Hesitation 1n industrial circles not un naturally follows the development of doubts regarding supplies and costs ot coal while producing capacity in some leading mines cannot be utilized to the extent that had been previously fore shadowed. Actual curtailment of manu facturing, -where It appears, results more from the inability to maintain output than from restriction of buying, yet de mand has also slackened In some in stances because, deliveries are more un certain and there is anvlucreaslng dispo sition to postpone important action pend ing a clearer Inslgnt into tne luture. Although this is normally the quietest period of the year, the prevailing draw backs tend to accentuate the summer abatement of activities and to prompt a waiting policy in different quarters. Weekly bank clearings were $6,323, 118,000. s Cotton Seed Oil Futures. Cottonseed oil futures at New York furnished by Jordan-Wentworth A Co., Portland. August, siu.3!giiu.o; oepiem ber, 10.4910.oO; October, J9.899."2; December, $8.38.40: July, 8.408.43; November, 8.468.49. Spot Bid. J10.30. Total sals 5201V WE WILL BUY 50 Albers Bros., com. SS Allwrs Bras., pfd. 25 Citizens State Bank. 100 Durant Motors, Calif. 20 Fidelity Security Corpn. 10 Multnomah Lumber & Box, pfd. 25 New World Life Ins. 25 Northwestern Elec, com. 20 Northwestern Nat. Bank. 25 Oregon Portland Cement, pfd. 60 Oregron Pulp & Paper, com. 20 Oresrou Surety & Casualty. 25 Oregon Worsted Mills. 1 10,000 Portland Flouring Mill S. $10,000 Portland Gaa & Coke 7s. 1940. WE WILL SELL 75 Deasos Food. 40 Hartman, J. I,.. Redeemable, pfd. . 25 Units Kingr's Food Products. 10 Lumbermens Trust Co. 25 Oregon Pulp & Paper, pfd. 300 Pacific States Fire Insurance. 10 Peninsula Nat. Bank. . .. 50 Peninsula Lumber, pfd. 25 Portland Gas fe Coke, 7S, pf d. 10 P. H-. Lkt P. Prior Pref erenoe pfd. 1 1000 P. R, L. & P. 8 Gold Notes. 100 Portland Vegetable OU. 5 Second Northwestern Finance I nits. 75 Western Bond Mortgage. -25 Units Western States Finance. We can quote very attractive prices on the above -stocks. . Consult our local securities department for further Infor mation. Direct private wires to E. F. Hutton & Co. Members New York Stock Exchange. pJordan-Wentworth &(a UCCKS9O0S TO , tteRiN& Rhodes f STOCKS aho BONDS 301-3 Railway Exchange Bldg. Broadway 4725. Notice of Redemption to Holders of Victory Notes and Others Concerned. Notice Is hereby given as follows: 1. Call for partial redemption of 4 per cent Victory notes. All 4 Vic tory notes otherwise known as United State of America sold notes of 11)22 23 which ''bear the distinguishing: let ters A, B, C, D. E. or F prefixed ;to their serial numbers, having been designated' for the purpose by lot. in the manner prescribed by the secre tary of the treasury, are called for redemption on December 15, 1922, pur suant to the provision for redemption contained In the notes and in treas ury department circular 138, dated April 21, 101i, under which the notes were .originally issued. Interest on ail the 4t per cent Victory notes thua called for redemption will cease on said redemption date, December 15, 1022. Victory notes of the 4 per cent series bearing the distinguishing letters G, H, I, J, K or L prefixed to their serial numbers are not In, any manner affected by this call for re demption and will - become due-1 and payable as to principal on May 20, 192ft, according to their terms. .De tailed Information as to the presenta tion and surrender of 4 per cent Victory notes for redemption under this call Is given in treasury depart ment circular No. 299, dated July 26, 1922, copies of which may be ob tained from the treasury department, division of loans and currency, Wash ington, or any federal reserve bank. A- W, MELLON, ' Secretary of the Treasury'" OVERBECK & COOKE CO. Brokers, Stacks, Bonds, Cotton, . Uraln, Etc. 818-H BOAKDOMBADB BLDG. Walla Walla, Wash. Portland, Or. Pendleton, Or. --' ' MEMBERS CHICAGO BOARD OF , TRADE. Correspondents of Loron & Bryan, Chicago and Mew York. MEMBERS New Tork Btook Exchange. -Chicago Stock Exchange. Boston Stock Exchange. Chicago Board of Trade. New York Cotton Exchange. w Orleans Cotton Exchange. -New York Produce Exchange. Winnipeg Grain Exchange. Liverpool Cotton Association. GERMAN BONDS AND MONEY Bought and Sold TRANSATLANTIC ESTATES & CREDIT COMPANY, 210 Exchange Bide 2d and Stark. SUCCESS In the Stock Market FORTUNES Made Front Small Investments Write tor Free Booklet, The Moet Simple Explanation of Profitable Stock Trading. - - -We guarantee you that your money la sate and that too get a square deal. - KENNEDY & CO. Eat. 1884. 74 Broadway, New York Members Consolidated Stock . a. Exchange. .