12 THE OREGON SUNDAY JOURNAL. PORTLAND. SUNDAY MORNING. JULY 17, 1L WEST NILUS IS TO PLY IN TO NORTH CHINA Shipping Board Crafts of 3485 JTon$, Idle Because of Strike, . Allotted to Pacific S. S. Co. -Additional tonnage has been added to 4E North China line of the Pacific Steamship company by the allotment of at' steamship Weet Xilus, a shipping board craft of 3485 net tons which ar rived in San Francisco late In May from Kahului. She has been idle on account of- the strike situation, which was more arlous by long odds at the Bay City than in Portland. The West Nilus will Mis' a mixed cargo of wheat, flour, lumber and general plunder. Captain Ole Hansen, formerly first of fiosr of the steamship Senator, is in command of the West Nilus. Captain Hansen was called off the Senator last Monday 30 minutes before the sailing time of that vessel. P. Peterson took the berth of mate on the Senator. Cap tain Hansen's sailing orders called for Outfitting and sailing from Portland. The steamship Abercos, of the same Una, sailed Saturday night with a full aargo for the Orient, four ports. She carried the usual amount of flour, wheat, Ipgiber, Port Orford cedar and general. Vln the intercoastal service of the Isthmian line the steamship Robin Good- fellow will load 500 tons of canned goods at Portland and proceed to sea Monday. The steamship Robin Adair, of the same Hne, will reach Portland Monday and discharge 1000 tons of general from the Atlantic side, She has considerable car go booked out. FOHEIGX STEAMSHIP LIXES ENCOURAGED BT SUBSIDIES Ship subsidy in this day of maritime competition is one of the weapons for eign governments use to encourage their steamer lines. With rate wars In virtu- By all parts of the world and everyone striving for additional freight for their shins, the ouestion ia one closelv watched by all shipping interests. The advent of the Japanese in the grain carrying trade of the Pacific has -become more noticeable each month The Japanese are giving rates to wheat for Europe far lower than other nations have been able to offer. From Columbia river to European ports charter rates for Japanese vessels has been 55 shillings for some time. The Scandinavians and Dutch have been giving rates of about 67s 6d, while the British rate is 60 -billings. In a recent announcement by the Jap anese department of communications the reason for the low rate Is to be found The department announces an annual subsidy of ships amounting to 7,263,300 yen, about $3,337,710 at the present rate of exchange. This amount would more than make up for the lower charter rates the Japanese are taking, even if the cheaper cost of operating were not considered Of particular interest in British cir-1 cles is the subsidy granted by the Dutch 1 parliament to The Netherlands South African Steamship company. This line runs in direct competition with the Brit- ish and serves practically the same terri- tory. A subsidy of 1.000,000 florins was granted them for 1321. SHIPPING BOABD CONTRACTS lit C ALIFO R N I A SEARING END (By Universal Service) San Francisco, July 16. Construction nf -raw.!, for th .hinnins- hoard in f!H. fornla is drawing to a close. Two tank- m th. Ham and Wammsuv from h R,rhi.hom Khinhuiininp romoration v.h. wwh win h turn. ovr nfor- the end of this month, will complete the ahiDDinsr board construction nroarram at San Francisco At Oakland the Moore Shipbuilding company still has three more tankers to -launch. These are the Bohemian Club Tus tern and Lubricie. They will take the water before the end of August Thursday at Los Angeles the West Prospect was launched by the Los An geles Shipbuilding & Drydock company Three vessels, the West Chopaka, West Faralloti and West Greylock, will be launched before the end of November. These will complete the shipping board program as far as this yard is con cerned. The Bethlehem Shipbuilding corpora tion announces that even with the com pletion of the shipping board program its yards at Alameda and San Fran cisco will be kept going There are rumors or otner snips to De constructed at these yards for private owners, but notnmg aerinue is yet forthcoming. The I pians or otner California shipyards, with I the suspension of shipping board work. I pave not been announced. I COAST SHIPPING CONCERNS SEEKING NON-UNION CREWS 1 San Francisco, July 16. (U. P.) De- tarmining to wait no longer for a nos- I sible settlement with the unions of the I Wtrike which has been on here for several I .asontnsi. me fcnip owners Association of iwe i-acmc coast ana tne Pacific Amer- ..pan Meamship company today began v-er-Tising tor non-union crews to man the large number of steam schooners fisswiich are tied up in the bay district be- ,cause of the strike. The '"American plan" of open shop "Kill prevail henceforth, the owners said They have opened an employment bu reau in the heart of the shipping dis- ict here and have begun recruiting 'fjjen. It is to mt this situation, union lead gs Intimated, that the Waterfront Fed cMatlon of Unions has been revived. An attempt is being made to organize "one "big union" upon the Pacific coast to include every sort of labor having to do with ships or the shipping trade, in cluding teamsters and stevedores. ii Although the new Federation of wtfttlons claims already to have signed '.ftp 60,000 members on the coast, the employers declare that this figure is greatly exaggerated. In view of today's .developments, the settlement of the . strike appeared more remote than ever. me owners proposition includes an , approximate 10 per cent cut and the -American plan" of non-discrimination aEtbe employment of union and non union men. While the workers declare themselves .ready to accept a moderate wage reduc tion, they refuse to negotiate at ail upon the basis of the "American plan." HAWKETE STATE SAILS FROM iaEf - MEXICO FOB SAN FRANCISCO San Francisco. July 16. (U. P.) A 4iwireless message received by the Mat son Navigation company here from the . wHMer Hawkeye State contained the in , formation that the vessel sailed today .from Salina Cruz. Mexico, for San Fran cisco. The Hawkeye State recently put in hurriedly at Salina Cruz when salt water instead of fresh was found in the The trouble was attributed by RUN NEW QUEEN OF Wj-- .'I ' f ( ' f TaaassJsSEBsEBESSsaa raHnre' VttHkmfiltfiWm List,-' alas ' BfcrtSr1 - - " 1 Hbw38 f 1 SW -"-SEI Rebuilt, the steamer Undine of the Hosf night run to Astoria and Megler. While on the ways the boat was given an additional length of 22 feet and equipped with new boilers, engines and machinery. She leaves for Astoria each night at 9:30, from the foot of Alder street. - marine officials to sabotage as a re sult of the shipping strike. The vessel is en route from Baltimore to San Francisco and has a number of notables aboard. She is due in San Francisco July 22, but will put in at San Pedro harbor for a day en route here. $1!.00,000 WOULD REFIT LEYIATHAJf, SATS LASKER New York, July 16. (L N. S.) It will take between $10,000,000 and $12,000,000 to recondition the Leviathan, the great est ship taken over from Germany, ac cording to A. D. Lasker, chairman of the shipping board, after completing an inspection of the vessel today. Reports that the huge liner can never be made seaworthy again were denied by Lasker. If the ship is reconditioned it will be turned over to the International Mercantile Marine company under a five- year operating contract. SEW CHIXESE-AMEBIC AS SHIPPING LIE FORMED A new Chinese-American shipping line ha been established by a number of Chinese overseas merchants with cap ital of $4,000,000, and has been granted registration with the Peking government Hitherto only foreign lines have been running between China and North and South America. The company will be known as the China Steamship company, Ltd., and will have two routes, one be tween Hongkong and Chile via Shanghai, Honolulu, Mexico, Panama and Peru, and the other between Hongkong and New York via Honolulu, Panama and Cuba. It is expected that the service will begin soon. ELECTION" OF OFFICEB8 HELD BT ASTORIA SHIPPIXG FIRM At the meeting of the Astoria Ship ping Co., Inc., held in Astoria on July 15, the following officers and directors were elected : President, J. Bremmer : vice president and manager, C. K. West ; secretary and treasurer, O. B. Setters. Directors J. Bremmer, mayor of the city of Astoria ; B. F. Stone, president Port of Astoria ; J. E. Roman, cashier or the Bank of Commerce ; J. Fred Lar- son. managing director of the Astoria Overseas corporation ; O. B. Setters of Anderson & Setters, attorneys ; Captain F. M. Sweet, harbor master ; A Van- Duxen, M. D., and C K. West, president Northwest Shipping Co., Inc. TTNITED STATES SECOND IN STEEL SHIP TONNAGE The United States stands second in the sjn&UBt of steel tonnage in the world a?c?rdTf to, Shipping Register f 1920-C1, with 25.82 per cent registered under the American flag. Great Britain leads all nations with 38.5 per cent Of l?"wL " me '"u ' r many. Her tonnage Is leas man 1 per less than 1 cent to be exact 0.81 per cent From the second leading maritime power she has fallen to twelfth place. The list of nations in order of standing follows Great Britain. 38. 5 -"V France United States. .25.825fc,IUly ... Japan 6.29 Nonray 6.22 3 .06 3.68 SAXON I A FIRST CUNARDEB TO TAKE PASSENGERS TO DANZIG The Saxonia will be the first Cunard line passenger steamer to sail into Dan zig. She will sail from New York July 23, the sailing appealing strongly to Polish passengers, as it will be thus possible for travelers to go direct to Danzig. The Cunard line announces that it has arranged this sailing because of the eeneral demand for nasaae riirprr tr Danzig by Poles and Baltic states pas sengers returning from this country and has selected the large and commo dious Saxonia so as to aocommodatn a great mimber of passengers. PROPERTY OF SLOAN YARD ORDERED SOLD BT COURT Olympia. Wash.. July 16. All nronertv of the Sloan Shinvarda nomnrarion In. cludins the machineirv. tool anA m'nin. ment in the shinvard at th foot of Washington street and tools and equip- ment in the Capital City Iron Works plant, have been ordered by Jeremiah Nearer, federal 'district Judge, to be sold by J. D. Kuhns. receiver. An effort will be made to sell the iron works plant as a unit, but if this is not successful by August 1 it will be sold piecemeal. News of the Port Arrivals, Jury 10 Mandasan Maru. JimnM. tremr from Yo- kohama, general Kl S.-sundo. American .teamer. from Francisco, oil. Robin GoodfeeVnv, American steamer PnsTet Sound, canjo in transit. San treat n-J Lewark. American steamer from San Jury 10 Abercos, American steamer, for Orient ten- avsjaa C. C Morse. York, general. American steamer, for New AT WORLD'S PORTS Astoria. July 18. Arrived at 3 and left up at a. m.. steamer West Gewarx. from San ". "iniTO ai u sv am lett , up at S:30 - m.. steamer Room GoodfeOow. from Facet ' ni i o.o, ai American destroy ers; arrived at 6:30 and left np at 0:30 a. Jspsneas steamer Msnrtnan Mara, from i:oi.iun; uniea at and lelt up at 8-45 a. m., steamer El Sesundo. from San Ftan crro. Sailed at 3 a. m.. Dutch steamer Go- nrotajo, iur orient; sailed at 11 a m er City of Reno, for San Francisco. san fnvndaoo. July 16. Arrived at 8 a. vjiti uiinm. i rum seatue: ar rived at 6 a. m.. steamer Coiusa. from Pon- " aw orawie tor w eu toast. Norfolk. July 16. Arrived, steamer Guide, from Portland for Jiimn. Honolulu. July 16. Arrived, steamer Mexi can, from Portland. New York, July IS. Arrived, -mrr Ub- ci. .... . iran rmuaay. ou tiuii, juij jo. saued atop. . Jaine steamer Seine Mara, for Port- 2Si-rTat "ssev Pomona, for 5tlwI ..'rom Antwerp; sailed at 6 p. am.. yer.. tom Portland for Ant werp; sailed at 6 p. m., steamer Kenneoatt. rrom -tJF. lort for Portland. Arrival at 7 P CssOUBt Lewis Luckenbach. from Se- for Now York. Sailed at RIVER FLEET ord fleet, baa been put on the fast for Portland via TMn St High Water. 12 3 3 a. SV 6.9 feet I 11:38 p. m . 8.6 fact 1 Lew Water. 6:25 a. am.. 0.6 foot 6:24 p. av. 2.8 feet SHIPS AT SEA North Head. Wash.. July 16. Radio report from ahipa at 8 p. m. gaxe their poainoi as loUows : Westison. Vancouver for Yokohama, 60 miles west of Flattery. City of Reno, Portland for San Francisco. 106 miles from Portland. Admiral Dewey, San Francisco for Seattle. 247 miles from Seattle. Bensloe, Japan for Portland, 800 miles from Astoria. Vessels From Steel Worker. . Cape Henry... Kennecott . . . . . . .Seattle July 16 ...!. T. and way..Jty 18 ...New York. .... .July IS ...San Fran July IS . . . San Fran July 20 . . .Mobile 77 Job SO ...San Fran July 20 ...Grays Harbor ... July 20 ...Yokohama .....July SO Rose rats iei n e Mara . . . ADDJstOB City. Mexican Mnndelte mat Denmark Mara Orient Jaly 20 Admiral trans. Han rraa Jury :i Cordova Seattk Jnlv 22 Rayfuko Mara Japan .July 24 west liatan Antwerp ......July 25 Robin Adair New York. July 25 Derblay San Fran July 25 aatnna mcaenoacn. . . Sew xora. . . July 26 July 26 Steel Ranrer .New York.. West Nivsria. Somersetshire Willhilo Ohioan ..... Bearport .. . . China .... . . . . .London . . . New York.. New York.. . , . .Japan . , Rotterdam . Bnetea .. . . . J apan . ..... S. America . . . . .San Fran. . New York.. New York.. .July 27 .July SO .July SO .July SO .Jury SO Kinderdiik . . .July SO West Isleta. . . Koeho Mara. . .Ant. 1 .Aas- 1 .Auc 6 Anyo Mara. . . Taisondari . . . H. 8. Grove. Willsolo . . . . .Ana 6 .Auc. .8 .Ana 8 .An. 10 "oaiet .Orient .... Hoyeiaan Mara. Orient Auc. 10 Ax ocas New York. Ana. 14 Yoahida Mara. Japan Amc. u Lehieh New York, Ana SO Kaisho Mara ....... .Orient July 20 Willfaro New York. Auc. 28 Moerdijk .......... .Rotterdam Auc 25 Liberator New York Auc. 26 Cnoyo Mara. . Janan Anr SO urnono jaara Japan Bent. 1 WiUpolo New York Sept. 8 Montague Orient Sept- 10 Brusn New York Sept. IS Noorderdijk Rotterdam 8Dt- 25 West Tocos New York Sept. 28 I alia New York Oct.. 18 Mobere .....London Oct. SS West Isleta. ..New York. Oct- SO To Pipit From Portland Vessels For Data Oeaater tea Fvan jaly IT lsi Philadelphia ....July 18 West Keats North CBtna. . . . July It Effingham Europe July 10 Curacao Marshfield Jnlv 51 Kennecott Seattle Jnlv 21 Admiral Evans. San Fran July 22 City San Fran Into Cape Henry Seattle July 26 Cordova Honolulu July 24 West Cayote. Japan July 26 Rayfuko Mara S. America. .... July 27 Derblay San Pens JnW ST MundelU East Coast Jaly 27 Katrina Luckenbach. . . Mew York' inly 28 West Satan Seattle July 28 WUUulo Seattle July 81 West Isleta, A.. Boston Ana. 2 Kinderdijk Rotterdam Ana 3 Somersetshire London Ana 6 West Nivaria China Ana 8 Anyo Mara, Orient Ana 10 Willsolo ....Seattle Ana. lO Pawlet Orient an n H. S. Grove Seattle Ana IS Bearport Japan Ana IS Anitas New York Auc. IT Letnch New York Aug. 23 Willfaro Seattle Ana 25 Liberator Seattle Aaa 60 Sboyo Mara S. America Sept. 1 ( oaxet . .... lass a aw a Vrash Seattle '.Scot. 10 JjUlPolo New York Sept. 1 8 Montague Orient Oct. 2 West Isleta. New York Oct. 6 Vessels la Part Eastern Mariner. . . Dolnhi r Wawalona rv.M SwiftUcat Dolphins Swiftwind Dolphins Anson 3. Brooks T. u.n. c naauntea Peninsula Lor. Oracon Pin. v Oreeon Fir Peninsula Lbr. West Keats . . . . Inaaan-Ponlaen City of Reno Terminal No. 4 wesi cayote Terminal No. 4 Ecres Coast Shipbuilding Co. Snsawaai . .".V.V. V.V.V. ".V. ".".".. . oSE Ainsworth FORECASTS Portland and Vicinity: Sunday fair and rmer: nortnwesterlv winds Oreeon and Washington Sunday fair, wanner except near the coast; moderate west erly winds. OBSERVATIONS Wind. STATIONS 11 p. ra , steamer Curacao, war porta. aaarla Wtmm 1 ii N"W Clear NW Clear SK Clear NK Cloudy SW Cloudy S Clear N Clear SK Clear W Clear ' 8 Cloudy B Clear SW Clear NW Clear NW Clear SE Clear SW Ft- cloudy 8 Clear N Clear W Clear 8 Cloudy NW Clear N Clear 8 Clear 8 Clear E Cloudy W Clear SW Ctoady NW Clear SW Clear" N Clear SW Clear SW Raininc W Clear SW Clear NE Clear NW Char it Baker 80 00 T2 82 84 02 58 82 86 0 0 0 0 tl 0 0 0 .02 0 0 0 0 10 12 Boston ... Chicaco . . . Denver . . . Das Moines. Bnreka Galveston Helena ... Juaeant Kansas City. Los Angeles. 10 10 92 S4 (54 P2 T4 94 80 56 10 it' 12 12 to 14 12 12 23 io 12 Marshfield . Med ford . . Minneapolis .16 New Orleans! 0 0 0 0 0 0 0 0 0 0 0 0 0 New York. . North Head. Phoenix . . Ponateam .. Portland . . Rosetrurc . . Sacramento St. Loom . . Salt Lake. San Diego. San Fran. . Seattle Sitka t Spokane 104 02 78 86 04 02 00 74 64 TO 160 63 TO SS 164 66 84 86 84 0 0 o Tatooea XaL tVaMaa . . .20 WaBa Walk. 0 Wasavatton Yakima . . .021 .60 10 a. m today. to. m. report of precedinc day LOCAL DATA Portland: July 18. Hicheat tiampiiafli. 78 decrees: lowest stsaperature, 56 readme. 8 a. ra. 11.8 a; chance in hast hours at ft- minus; total rainfall isao. 4. o sac 1. 44.31 inches 1. 1920, 1.64 inches ; sunrise, 4 .86 a. m lT'awwatas; possible inmfctoi, 16 hoars, 22 minutes; BsnTen. 6:06 p. as Sunday: mooctset. 2:53 a m. Sunday; barometer (raise 1 8 san level) 5 p. m.. 80.00 inches: relative humidity. 6 a an. T per cent, neon 62 per east. Ian 3k par cent. ' Colatabia River Bar North Head, Jury 16 at a ft av: BUSINESS CONFIDENCE IS PROFITS MADE BY Increase of Their Purchasing Power Tends to Help Business Generally; Outlook Encouraging By Byroa Sailor Special Correspondent of The Journal New York, July C The farmers throughout the country will have some thing besides the handle of a pitchfork to rasp against their callouses in the next few weeks, for the hard-earned money from the 1921 crop Is beginning to flow into their hands. Moreover, as they take stock of the season's work, they axe finding that no matter where prices have gone the profits are there. For the crops are good and they have been cheaply raised in some cases more cheaply than any since the Civil war. FREIGHT CABS NEEDED The position of the farmers and the increase in their Immediate purchasing power has had an immediate reflection in the feeling of confidence and optimism among business men and financiers throughout the entire country, according to business dispatches received within the last 24 hours. It is even calculated to have an Imme diate effect on the steel trade, which continues the spot of deepest Industrial depression in the general situation. For demand for additional freight cars is coming from all grain centers, and the long delayed repair of cars now out of commission with attendant purchase of steel products oannot bo much longer delayed by the roads if they are to take full advantage of the revenue proceeding from freight of the crop movement. STEEL PBICE CTJT Whether the recent reduction in prices of steel products eventually will serve to stimulate buying still remains to be proved. So far no material quickened beat has been noticeable in the pulse of the industry. Consumers assert that the cuts simply were the formal announcement of prices previously available to buyers and some go as far as to assert that a new list already is being shaded by concessions which vary according to the attractive ness of the tonnage and the eagerness of the seller, and that prices $2 a ton below the official list are obtainable. With continued reduction in labor costs. Bethlehem Steel having announced a cut of 15 per cent today, they believe that additional price recessions are possible. OTHER LINES IMPROVE Along other lines, however, indica tions of better times to come have been multiplied There is decided improve ment in the dry goods and apparel trades. Retailers are buying on a fair scale and. While manufacturers are us ing caution against overloading on raw materials, large unliquidated stocks no longer are hanging over the market. The wheat and fruit crops of the West and Pacific coast are counted on to bring millions In balance of trade to these sections. No lack of credits to finance the crop movement baa been evident, although country banks are car rying farmers' loans still unliquidated in belief that the country is consuming more than it is producing. New England is anticipating an in crease in production and a swing up ward in business activity In textilea shoes and other manufactured lines. PO KOBE ADVERTISING Increase in prices of many of its agri cultural products has given rise to feeling of optimum in the Soutb. wnicn is reflected in betterments of wholesale and Jobbing trade as well as that of re tail merchants. Low costs of production of cotton and high prices for fruit have left the South em farmer in a relatively advantageous position. Throughout the Middle West there has been a change in the attitude of the con sumer with more live buying as a result. Cattle prices continue low, but flnan cial relief already has begun to be dis tributed to the stock raisers. One of the prime factors which has led to the restoration of confidence the fact that business men have come to realise that it costs them real money to say "business is rotten" and to feel that it ia Many dealers are backing their belief in business revival by increasing adver tising with most profitable results. Business Men Are Using Greatest Care In Their Methods The markets are on the verge of lm portant developments, any one of which might exercise influence on security prices. Most business men are operating with great caution in the effort to avoid un due speculative risks and the evils of over stocking. Money market conditions are more favorable and with the reduc tion in rediscount rates by reserve banks there have been freer offerings of money The crop outlook is for the most part satisfactory and the indications are that the farming classes will derive a large amount of new wealth from the coming harvest The situation is very inter esting. and while no one can speak with assurance as to the future, it deserves to be emphasised that underlying con dltions are in many respects more fa vorable than a year ago. MEXICO SITING SUPPLIES BERK Kl Paso. Tex., July 16. A steady gain in the demand from Mexico for food. grains, machinery and agricultural im piemen ts has been recorded In orders received through this port. Taxas live stock also is being sold on the hoof across the border for the replenishing of the Chihuahua ranges. Demand for American shoes is not so great as In the days of the Diaz regime as Mexican factories are supplying a large part of the shoe wearing population of the southern part of the republic FARMERS INSPIRE WHOLE COUNTRY Range in Prices of Liberty Bonds and Victory Notes During the Past Week OFFICIAL CLOSING PRICES Liberty first 4s. 1932-47 Liberty second 4s, 1927-43 Liberty first 4 Ha 180-47 Liberty second 4 Ha 1927-42 Liberty third 4Ha 1928 Liberty fourth 4Ha 1933-88 Victory 4a, 1922-23 Victory 34s. 1823-33 U. S. Leads Powers In Financial List; Debts 24 Billions Writing In The Nation's Business, Congressman Jamas W. Good, chair man of the appropriations committee of the bouse, estimates the relative national wealth and debt of the lead ing countries of the world as follows : Wealth Debt fin (in millions), millions). ...$ 69.600 IJ8.173 ... 58.500 46.025 ... 12.600 17.900 ... 60.000 O46.0O0 Great Britain . Franca ........ Italy Germany United States. 256.000 34.000 This does not Include indemnities or reparations. Eastern bankers familiar with the sit uation in Canada say that negotiations may be expected to begin soon for a Ca nadian loan In this market. Canada. U is stated, has a maturity of $15,000,000 In this country on August 1. It Is be lieved by bankers that Canada has two courses of action. One" is the shipment of gold to the United States. The other is by a new loan on the American market. Money in circulation on June 1 totaled $5,983,000 compared with $6,071,000 (re vised figure) on May 1 and $6,102,000 on the first of June, 1920, making the per capita circulation $56.43 compared with $56.31 a month ago and $57.42 a year ago. The stock of money in the United States on the first of the month w, $8,074,000 compared wltb $7,943,000 a month ago and $7,805,000 a year ago. There is little upon which to base ex pectation on any considerable change In business conditions, either for better or worse, until the fall crops begin to move to market,' says a Portland banker. "If crops fulfill their present promise, how ever, distinctly better conditions may follow the harvest season. Crops prom ise to be abundant and the proceeds de rived from them will stimulate buying Listings on the New York Stock Ex change for the first six months of 1921 aggregated $1,271,826,690, a decrease of $103,696,725 from the corresponding period of 1920. but nearly half a billion dol lars over the ltlt six months' total. Record for first half year, $1,965,43.850 was made in 1917, when there were heavy foreign and railroad bond listings. The mid-year investment demand, an ticipated at this time as funds are re leased by maturities and other pay ments, holds the center of attraction In the Investment, Anticipating an ad vance in bond prices many holders of short time maturities are converting their holdings Into long term high yield ing securities. Officers and employes of the Portland branch of the Bank of California held get-together party at the Oaks last Tuesday evening. After lunch swim ming was indulged In by most of the members. The latter part of the eve ning was spent in dancing at the Ore gon Yacht club. C. V. Esaroger. vice president of the First National bank of Chicago, and B. G. McCloud. vice president of the Union Trust company of the same city, were in Portland the latter part of the week transacting business with some local banks. The War Financing corporation an nounces that it has agreed to make an advance of $145,000 to a banking con cern for the purpose of financing the exportation of 500 tons of copper to Italy. The country is getting back to the old basis of real work for an honest wage. A year ago the public was buying In a happy-go-lucky fashion which made un justifiable prices easy to put over. The Edward H. Geary, vice president of the Security Savings tc Trust company accompanied by Mra Geary, is enjoying his annual outing in Alaska. Bradstreet's reports 310 commercial failures in the United States for last week, against 256 the week previous and 139 a year ago. average man these days, however, ts looking for quality Instead of Quantity and driving a good bargain as he can get U. S. Gold Imports In 1921 More Than Any Year But 1917 Gold imports into the United States in the fiscal year Just ended aggregate $650,000,000 more than in any year ex cepting 1917, when they aggregated $997,000,000. The golden metal has been coming Into this country since the first of the year to the tune of about $2,000, rw ner dav. The gold stock of the United States was reported at $3,175,- 037.198 on June 1. 1921. the largest fig ure on record. The quantity of gold Imported into the United States since the beginning of the World war Is more than that lm rjorted during the entire time since the records of gold Importations began. In crease In gold holdings of this country i. immarized in the following table. which shows figures from 1878. when the basis for estimating gold In the United States was established : June 80. 1818 . ..1 Jane 89. 1878 .... June 30. 1900 .... Mar 1. 1817 Mar 1. 1680 June U 1621 Th share of the United States In the existing gold monetary stock of the world is said to have advanced from about 33 per cent prior to the war to ap proximately 37 per cent at the present time. WSBSESS(? Mon. Tuea Wed. Thura Krt Sat. 10S iOS RH iDl iOS UM 87.16 87.10 87.04 87.13 87.14 87.14 86.80 86.78 86.86 66.16 86.88 86-86 87.70 87.20 S7.14 87 JO 87.34 87 J 4 86.92 86,86 86,90 87.83 86,98 86.88 80.84 90,88 80.96 91.10 91.10 91.10 87.00 87.04 S7.M 87.16 87.13 87.10 98.32 98.24 68-88 9I-J3 M S3 88.38 SsLtt 88-24 88-80 88-33 8602 88-XS RESTORED THROUGHOUT NATION THOUSANDS TAKE WAGE REDUCTION Tin Plate Workers to Return to Shops After Being Idle Since the First of July. Columbus. Ohio. July 16. Tbotmnnda of tin ptata workers wbo have agreed to a cut or 10 per cent in wages are ex pected to be back at work in the near future. Many plants laid off their men when the old wage scale expired July 1. Dunkirk. N. T July 16. The Brooks plant of the American Locomotive com pany will resume part Um operation here next week. The plant will be em ployed on an order for 17 locomotives for the National Railways of Mexico. Toungstow-n. Ohio, July 16, The Erie shops at Meadvllle, Pa., Gallon. Cleve land and Kent have resumed operations after a shutdown of two month a TEXTILES Ludlow. Masa, July 16 The Ludlow Manufacturing Associates, makers of Jute and twine, resumed operations with 3200 workers today. The plant closed June 23 for inventory and repairs. No change in the wage scale was made. New Tork. July 16. Spring lines of bathing suits for 1922 will be offered at offices and mills August 8. Salesmen are expected to take the road with these lines August 15. Manufacturers have de cided to open their lines simultaneously this year. Cleveland. July 16. Pressmen5. preas leeders and binders wbo have been on strike for a 44-hour week have agreed to sign a three-year contract for a 4$ hour weak and returned to work. The unions also agreed to a wage reduction of $6 a week beginningOctober L PAINTS Cincinnati. July 16. The painters' strike which has lasted for three months has been settled and the painters have returned to work at the old scale of 67 1-3 cents an hour. They had de manded $1 an hour. TRY GOODS New Orleans, July 16. Although the drop In the cotton market has affected sales In this territory, dry goods Jobbers expect to start their salesmen out next week with fall samples. The trade with Central America in drygoods has shown a marked improvement lately. BILK New Tork. July 16. Seasonable de mand for light silk materials continues good. This Is attributed to the spell of warm weather. PAPEB Detroit. July 16. Th Detroit Sulphate aV Paper company has reduced its fore of workers and has cut down operations to one third normal. 8BOES St. Louis. July 16. Price reductions and vigorous selling methods have stimulated buying from shoe whole salers and manufacturers In this sec tion. The volume of production and sales Is larger than for a similar period last year. Tha tendency for fall demand is for plain shoes, with fancy and costly models in smaller demand. AUTOS . Atlanta. Ga. July 18. Whil bust in new cars continues brisk th market for used cars Is overloaded and stagnant here. The sale of auto accessories ts not within 60 per cent of what it was at a similar period last year. GROCERIES St. Louis. Mo . July 16. The grocers of this section have reduced their oper ating costs about 20 per cent and ob viously adjustment Is not yet completed In this Una For this reason conditions still are unsettled. New Orleans. La., July 16. Revival of trade In groceries to th Latin-American republics has been" most marked in th last few weeks. Mexico has been a strong factor in this demand which has shown an Improvement of from 15 to 20 per cent. SUOAB New Tork. N. T-. July 16. Improve ment In demand for refined sugar has been noted generally throughout tha country for the last few days due mainly to exceedingly warm weather. This has had a strengthening effect on price, which have advanced. This firming up of prices has also Influenced demand for raw sugar. I'LOl'B Kansas City. July 16. Millers In the Southwest report that Jobbers and bakers are buying old wheat flour for lmmefll ate or 30-day delivery more liberally than for some time past. , -BABDWABE New Orleans. La.. July 16, Falling prices have stimulated the market some what In hardware but retail merchants still are wary of buying because ot fear of further reductions. JEWELBT New Tork. N. T.. July 16, The Im portation of uncut diamonds Into this country In May totaling $28,010 was the smallest for many months. Cut stones imported In that month totalled $2. 012.196 in value. METALS Louis, July 16 Lead and sine St. have shown slightly greater strength this week with small increases in prices CONEhCTIO.NERT Detroit. July 16 The sal of candtea Gold par Population . 41.ST7.0O0 48.8M.OaO . 76.81 .000 ,18.M6.00 .1M.867.0M , 107.64T.OOO Gold stork $ 1S6.0O0.0O0 3M.741.MT 1. 084.488.24 8.121.887.448 2.M6.618.7M 3.175.087.198 8 8 38 6.03 18.46 80 OS 24.78 28 41 In this section has dropped off nearly SO per cent recently, but th demand for fountain drinks has more than offset this so tar as receipts by confectioners Is concerned. MEAT Detroit, July 16. Th supply of live stock reaching local markets continues vary small with beat steers bringing about fJM a hundred pounds. Fort Worth, July 16. Hog prices have advanced at all southwestern markets and p'-r"g cantata. One carload rw osrved her brought $8 60 par hundred pounds, a record price for the year. July 16 Price for have advanced th In th last few days. I siah 8s with bind lass selling at 42 to 66 it a peauid and chops from .0 to 75 Investment Bankers Load Up With Bonds; Public Holds Back When In San Francisco last Robert E. Smith, ttrealdent of the Lum bermen Trust company, conferred with C A Miller of the firm of Girviti St Mil ler, investment bankers, wbo had Just returned from New Tork. The follow ing opinion was expressed by Miller on ue imanciai situation : "The greatest problem that the invest ment banker baa to face la the complete dissolving of securities now held by him "The national investment market has been flooded with so many attractive of ferings in the last six months that every dealer has fait bound to participate la the offerings so that their clients may have the highest grade bonds. At the same time the inverting public baa not matched up its Investing power to keep pace with the flow on securities. "Banks, as a whole, throughout the country nave been virtually oat ot the buying. Nearly every section ot the country has had some crop or Industrial tie up, due to readjustment of after-war conditions, which has caused heretofore unknown froren loans, which, necessar ily, the banks have had to bear together. Tor the first time In history of New Tork. Interest rates are not Indica tive of the money market. Money la not free at the banks, even though the rat for call money has dropped at times as low as 6 and Sv, per cent A client of a bank who has a satisfactory business can get money from his bank at the or dinary rata. Those desiring to borrow for speculative purposes, however, no matter what their security, are unable to secure a loan at any rata "No prospects were noticeable In the East or Middle West of a return to a good buying power before fall. After the moving of this year's crops, there should be money available for invest ment purposes'' , Acceptance Volume 18 Per Cent Short Of Last Year Total With a view to ascertaining to what extent the volume of bank and bankers' acceptances outstanding to this country Is being maintained, tha American Ac ceptance council recently completed an exhaustive Inquiry among accepting banks and bankers throughout th United States. Tha result shows that there wer outstanding on April 1. $664,092,113.79 bank and bankers' accept ances against $793,001,237.42 on th same date in th previous year, a decline of IS per cent. In connection with this shrinkage th following editorial comment ts made In the Acceptance Bulletin: 'These figures surely leave much to be desired, and clearly indicate that as an accepting nation w are falling far short of th ngrass ws should have made. Instead of pnigi sslng w are, indeed, retrograding. "The statistics on their face might he regarded with complacency on tha theory that In reality there bad bssn no decline In th volume ot commerce financed un der dollar credits : that tha fan In com modity prices had made It possible to finance a much larger turn-over of goods with tha sain or a less amount of credit Instruments. And that Is true. But It Is true only in part as an explanation of th heavy tailing oft In the volume of acceptances created. That we have gone backward Instead of forward is, moreover, closely shown by information In our possession that tha amount of dollar acceptance cur rently Issued by certain widely known international bankers has fallen off about two thirds, while sterling credits granted by th same bankers have reached the highest level In their experience," BU8IKESS REVIVAL EXPECTED New York. July 11 Textile whole salers expect an Increase in business next week when Jobbing buyers arrive to attend th midsummer meeting of Jobbers' association of dress fabrics buy era Silk manufacturers feel that the Jobbers will be prepared to operate fairly heavily In silk goods. Jobbers now her declare they have had little success ia finding "something new" tn the cotton goods market. Men converters and mis sion merchants declare on their part that delayed buying has offered little incentive to bring out new designs and The Strength and Char acte r of These Municipal Bonds Make Them Legal Investments for Savings Banks 10-Year 6 Imp. Tillamook Den. $600 YIELD 6.25 6 General Obligation Bandon Due 1928-41 Den. $600, $1000 YIELD 6i Broadway and Oak HERRDi & RHODES, loc (Esta Missed IS) BROKERS CBICAGO BOABD OF TBADE to ai JBERTY AND VICTORY BONOS BOCGBT AS D SOLD 881- i aiaiTfr r ar----Ct awSBSB ass Local sad C abated illlwlia Edited by WB1 F. Bank Subscription Of $500,000 to Aid Stockmen Is Made At a meeting of the Portland Clearing nous association Friday reaentatives of the member the city subscribed $00,000. quota, to i the $50,080,000 pool recently designed to give financial relief to the livestock Industry. The amount Ik it lad to the twelfth federal reserve district is $2,500,000. It Is expected that this amount will b entirely subscribed for Monday. The action of the Poctlsawl clearing house banks was announced by W. U Thompson, vice president of tin First National bank. Thompson, with H. L. Corbett, was very active in the formation of tha pool. The plans war ratified by rapes aectatlv bankers of th East and Wast, at a meeting bM recently in Chicago. Demands for loans will be pssatd upon by a committee of three bankers la th state, to be named In th near future. Paper Isswd will have a maturity of ate months, with tha privilege of re newal, covering a period of 36 months. Tha rata of Inter sat will not exceed S per cent. The pool will land up to 75 par cent of th rang valu of tha stock. "This much needed aid to th 1. v-eartook growers will be available In th very near future," stated Thompson. "Soon after th close of th pool, which wtU probably be July 18. th iHiiilllaa ts pass on loans will be named, and X will be able to announce all flat lis la connection with th operation of tha pool.' Brokers' Loans Drop $1750 in Two Years Loans of New Tork brokers, ' who ab sorb practically an of th can money offered in th market, have been greatly reduced during th past two years. It Is estimated by the Wall Otiaat Journal that brokers' loans now stand at about $600,000,000. as compared with $1,750. 000.000 In July. 1819. Tha contraction has been more than $1,100,000,000, la th normal "bull" market th daily turn over of call money Is estimated at from $40,000,000 to $60,000,000. whereas the present turnover Is running between $10,000,000 and $ IS, 000, 000. 388 BAKERIES IK SAK FRAKCISCO San Francisco. July 16. Tha San Francisco baking Industry Is turning out $1,500,000 worth of products annu ally, according to a report made by the San Francisco Chamber of Commerce. There are In tha neighborhood of 280 bakeries ot all types In JJaa Francisco which have a daily output ot over 100, 000 ioavea KEBRA8KA BAKK CLOSED Lincoln, Neb.. July It (I. N. American Stat bank of Linecln closed her today by th state hanking board. No statement was made of th bank's condition. 'A special assessment was recently levied on all state banks to increase the stats guarantee fund owing to many bank failures this year. Factors of Safety A THOROUGH, expert analysis of each issue precedes our purchase sad offering of bonds. This, tofether with the stability and experience reflected in the sixty-two years' continuous standing of the Udd & Tilton Bank, furnishes the maximum of safety to those with funds to invest, BOND DEFT. Ladd & Tilton Bank Oldest la the Kortswest WA8HI 5GTOJT AT TILLED Municipal and Provincial BONDS We offer for Investment of your June and July funds a select list of Foreign and Domestic Bonds yielding 6 to 84 Descriptive circulars upon request. WESTERN BOND & MORTGAGE COMPaANY Gross Fleer. Beard ef Trad BaOdlag Mala 118 88) 4TB BT, FOBTLAJTD. OB. OverbecktS? Cooke Co. Stocks, Bonds Cotton, Grain, Etc. DIRECT PRIVATE WIRES TO ALL EXCHANGES ol of Logan Jfc Chicago New Yora Slw-217 of Trad