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