THE MORNING" OllEGONIAN, WEDNESDAY, HAKCIT 13, 1922
OUNCES in
. GRADES PROPOSED
NEW ISSUE
$45,000,000
Suggestions Made by Loca
Grain Traders.
1
.THREE CLASSES OF WHITE
Walla Varieties to Be Eliminated
Another Hearing Set for
L Tills Month.
At the request of Secretary of Asrlcul
.usv vtauace lor suggestions as to pro
posed changes In the federal wheat grades,
local grain men held a meeting at the
Merchants" Exchange yesterday and thor
oughly discussed the subject. It was the
ense of the members of the association
that the changes . should include a re
grouping of white wheats to grade as hard
white, soft white and western white. The
elimination of the grades of red and white
Walla waa also favored. Another hearing
will be held on March 20i
There was very little business passing
rn the wheat market yesterday. The tone
of the market was steadier than for sev
eral days past. Bids were advanced 1
cent on all grades.
The Lfverpool wheat market closed at
lis. 4d for May, or 3d lower than Mon
day's close.
Buenos Aires wheat opened 1'4 cents
lower. The Argentine exchange rate de
clined from a basis of 36 14 -cents to 36
cents and is partly responsible for the
apparent decline in Argentine quotations.
isew York reported that Germany is
buying wheat to arrive and also on pas
cage. Italy wants to bay and la waiting
or exchange to become more settled.
Winnipeg announced that interior ter
tninal stocks of wheat in country eleva
tors are 26,000,000 bushels against 13,700,
O00 bushels a year ago.
Bradstreet's estimated - the available
wheat supply at 177,896,000 bushels against
139.035,000 bushels a year ago.
Idaho farm reserves arc: Wheat, 4,333.
000 busheV against 6.150,000 buehels; oatj,
2.M4.000 bushels against 2,953.000 bushels;
barley, 668,000 bushels against 966,000
fcushels. Percentage on farms: Wheat, 16
per cent against 25 per cent; oats, 33 per
cent against 42 per cent; barley, 24 per
cent against 30 per cent.
California farm reserves are: Wheat,
"Aoi tons against 62,174 tons last year
corn, 44.055 tons against 59,OS5 tons; oats.
30i tons against 11,160 tons; barley,
l.4. to.ns against 122,906 tons. Percent
age on, farms: Wheat, 5 per cent against
is per cent; corn, 39 per cent against 46
er cent; oats, 10 per cent against 15 per
cent; oariey, a per cent against 19 per
cent.
Terminal receipts, in cars, were reported
By tne iiercnants- Exchange as follows:
Portland Wheat.Bar.Flr.Oate.Hay.
" . ......... a o d
Tear ago 10
Season to date.... 25,070 156. 1798 720 148
jr ago ll,33o Ja8 &a8 3r8 16i
A ' " I li it
Monday .... .!.... 13 ... 5 ... .
27 ... 8-... .
8.S6S 97 1086 124 676
3,8 47 753 105 753
stamp of Approval
The only tond buyer who can afford to make a really
thorough, first hand investigation of albond is the -bond
house that originally buys the issue for resale
to its clients. ,
The individual investor must rely upon the "under
writing house" to establish the permanent safety and
investment merit of the bonds he buys. Indeed, to
him that is the primary function of the bond house. '
The clients of BlythJ Witter & Co. haye come to
place a fine faith in the integrity and conservatism of
our underwri tings. They know that every bond we
sell must measure up to high standards of safe invest
ment for otherwise, we would not recommend it.
Perhaps you have funds now waiting for invest
ment. If you are of a conservative turn of mind on
such matters, you will find the bonds we sell to be
good bonds for you to buy An inquiry places you
under no obligation.
Year acn
eason to date...
Tear ago
Seattle
Monday ........
Tear ago ......
Season to date...
Tear ago
23 2 5 B 11
8 1 3
T.OSO 173 1755 332 1336
3.W96 191 301 S22 1143
ArSTKAUAX WHEAT CONTROL SET
agreement reached Between Common
wealth Officials and Farmers.
Cable adviaes to the department of com
',"-T irum Australia indicate that the
Song agitation as to whether or not con
trol of wheat should b continued has
een settled by an agreement between the
commonwealth government and the wheat
'""" me main features being as fol
lows;
The commonwealth government will ad
ance to farmers, on delivery of wheat at
sidings, 3s. per bushel in cash, with a
negotiable certificate for further payment
wneat is sold, freight and him
dling costs np to 8d per bushel to be a
nisi coarse on the, wheat.
A sole selling agency will be established
In London by the commonwealth to ar
range for oversea eaJeo. and the common
wealth (government) line of steamers will
as sole cnartering agent.
A committee of three is to be appointed
y the farmers of each state to make
local sales, with a central committee con
sisting of one farmer from each of the
-wheat states to receive wheat from the
state committees for export.
The price of wheat for local consump
tion will be reduced from 9s. per bushel
to 5s. 3d.
The Commonwealth bank, with the as
sistance of other banks, will finance the
pool without responsibility, being reim
bursed by the commonwealth for Jta ad
vances up to 3s. per bushel.
CAUFOKXIA ORANGES INSPECTED
Ceverament Expert on Watch for Frosted
Fruit.
A. J. Brown of the bureau of chemistry
department of agriculture, is in the city
working with C. L. Hawley. Oregon dairy
and food commissioner. In keening a watch
on the arrival of oranges from the frost
sections of California.
Of the 50 or more cars of oranges that
Jiave reached Portland since the cold wave
struck southern California, only one car
had to be condemned as frost injured One
or two cars that came in yesterday are
aiiiuci examination.
In fn- ...
, io coast markets were
occasionally flooded with frozen oranges,
fcut this season the California exchanges
are making a determined effort to prevent
. ... irom Deing shipped out
cor Fourth and Stark Streets
SEATTLE
SANrRANGSCO
NEW YORK
CHICAGO
LOS ANGELES
SAN DIEGO
practically unchanged prices at the week's
close.
Cream deliveries to creameries are about
normal for the seasons with good demand
from consuming trade. Very little' foreign
butter is in sight, and prices are generally
steady. .
Bakers' Flour Prices Cut.
All grades of bakers' flour prices were
reduced yesterday. Bakers' hard wheat
flour was cut 40 cents to $7.90 a barrel;
bakers' bluestem patents 20 cents to $7.80,
and valley soft wheat flour 20 cents to
$6.50. No changes were made in family
grades.
iOCAI. EGG MARKET IS FIRMER
association Advances Its Selling Prices
2 Cento.
in egg market was firmer yesterday.
There were a number of shipping orders
on band and with the storing this cleaned
up the surplus. Resales were made at 18c
and 18e cents. The association advanced
its selling prices 2 cents to 24 cents for
selects, 22 cents for firsts and 21 cents
or puuets.
iiicre was aiso a firmer feeling in the
butter market. Top grade cubes were
scarce ana even the lower grades were
not plentiful.
Poultry and dressed meats were steady
and unchanged.
EGG SrPFLY IS LARGER THIS YEAR
Increase In Production Throughout Coun
try Is Indicated.
Increased production of eggs due to the
mild weather, has been reflected in larger
receipts at selling markets and in lower
prices, says the weekly produce review of
ewift Co. of Chicago. There is every
indication that a larger supply of eggs
will be available this season than last.
A good steady demand has been noted
for both live and dressed poultry, with
EGGS
Checks same day shipments arrive.
2c per dos. nrrmlon on fancy white
henneries. Write for prices and tags.
The Savinar Co., Inc.
10O Front Street, Portland, Oregon.
Bank Clearings.
Bank clearings of the northwestern cities
today were as follows:
Clearinirs. Balances.
Portland I4.96-!42 X 7S1.041
Seattle 6,491,914 1,404,593
Tacoma (transactions) 4,716,000
Spokane (transactions) 4,661,784
Bankers' Acceptances.
Quotations on bankers' acceDtances fol
low : Days
SO 60 90
Prime eligible members, pet... 4 4 4
Prime nonmembers, pet 4 44 4
PORTLAND MARKET QUOTATIONS
Grain, Flour, Feed, Etc.
Merchants' Exchange, noon session :
Bid
Wheat War Anrll
Hard white SI .-'R XI "S
iort wnite 1.24 1 24
wnite club 1.24 1 24
Hard winter 1.25 1.25
orthern spring 1.23 1-25
itea vvaua , 1.21 1.21
vats
No. 2 white feed 35.00. 35.00
No. 2 gray , 34.00 34.00
torn
No. 2 E. Y. shipment 27.23 27.25
iso. 4 j. 1, shipment 27.00 27.00
Brewing DBflfl M3I)
Standard feed 27.00 27.50
FLOUR Family patents, is.60 per bbl
uoie wneat, granam. S1.4U- bakers'
hard wheat, 17.90: bakers' bluestem nat-
ents, S7.80: valley soft wheat, S6.50:
straights, $6.35.
MILLPEED Price f. o. b. mill: Mill
run, ton lots, JJ29; mixed cars, $28; straight
cars, i per ton; middlings, 43; rolled
barley, 3739; rolled oats, i42; scratch
feed, 4550 per ton.
CORN White, 36; cracked. $38.
HAY Buying price f. o. b. Portland:
Alfalfa, $13.5014 per ton; cheat, ill
11.50; oat and vetch, $15; clover, $11;
valley timothy, $14i5; eastern Oregon
timothy, $16 17.
Dairy and Country Produce.
BUTTER Cubes, extras, 33g 34c per lb.;
parchment wrapped, box lots. 3Sc; cartons,
39c. Butterfat, buying prices: No. 1 grade,
34 37. delivered Portland.
EGGS Buying price, 17c per dozen; re
sales 1818c dozen: Jobbing prices, case
count, 20c; candled ranch, 22c; association
selects, 24c; association firsts. 22c; asso
ciation pullets, 21c.
CHEESE Tillamook triplets, price to
jobbers, f. o. b. Tillamook, 26c; Young
Americas, 27c pound.
POULTRY Hens. 2125c; ducks, 250
30c; geese, nominal; turkeys, live, nomi
nal: dressed, 35 40c.
PORK Fancy, 15c per pound.
VEAL, Fancy, 15c per pound.
Fruits and Vegetables. .
l-ocal jobbing quotations:
FRUITS Navel oranges. $5.5O7.0O box:
Ir-mons, $6.25C&8: grapefruit, $3.257.50
box; bananas, OffvlOc per pound; apples,
S2.75'ft13.75 per box.
POTATOES Oregon, SI. 50(91. 75 per 100
pounds; Yakima, $2W2.50 per 100 pounds;
sweet potatoes. 6 is 6c per pound; Nancy
Hall, $2.1.1 per crate.
ONIONS Yellow, S7.50(f 8 per cental. '
VEGETABLES Cabbage, 4(83c per
pound; lettuce, $4.755.50 crate; carrots,
$22.50 sack; garlic, 15c per pound; green
peppers, 40c per pound; celery, $1012
crate: cauliflower, $2tff2.50 crate; sprouts,
20i!2SVtc; parsnips,.2 6t 2.50 per sack; to
matoes, 4.505 per lug; artichokes, il.85
2 dozen; cucumbers, $23 dozen; rhu
barb, 1020c per pound; spinach, $2
2.25 per crate. 1
Staple Groceries,
Local jobbing quotations:
SUGAR (sack basis) Cane, eraulated.
6.30c pound; beet, 6c per pound.
NUTS Walnuts, new cron. 23 36c per
pound: Brazil nuts, 23c; almonds, 27c;
peanuts, lltiHc per pound.
kiuk Blue Rose, 6.606.75c ner nound:
Japan style, 64c per pound.
COFFEE Roasted, bulk, in Brums IS (HI
S3c per pound.
SALT Granulated, bales. $3.2304.05:
half ground, ton. 50s, $17; 100s. $16.
HONEY Comb, new crop. $4.75 5 per
case. 1
DRIED FRUITS
pound: figs, $1.403.50 per box; apples,
13c pound; peaches, 16c; apricots, 23c;
prunes, 914c.
BEANS Small white, 6c: large white,
54c; pink, 6c; bayo, 6c; red, 6?c;
lima, 10c pound.
Hides, Hops, Etf. '
HIDES Salt hides. 5c: salt 'bulls, 4c;
green bulls, lc less; salt calf, 10c; salt kip,
7c: salt horse hides, $12 each; dry horse
hides, 50c(g)$l each; dry hides, 10c; dry
cun nines, naif price.
PELTS Dry pelts, 13c (long wool); dry
short wool pelts, 7c; salt pelts, February
take-offs $12 each; dry goat skins, 10c
long hair).
TALLOW No. -1, 414c; No. 2, 3c per
pound: tank tallow, 2c pound.
CASCARA BARK 6c pound delivered,
Portland.
OREGON GRAPE Grape root, 5c per
pound.
HOPS 1921 crop, 1820c pound; con
tracts, 15 16c.
WOOL Eastern Oregon, 21 30c per
pound; valley wool, medium. 20r:
quarter ,blood. 1820c; low quarter blood.
16rrl8c; braid, 1214c: matted. 1012c.
MOHAIR Long staple, 24c; short staple.
15c pound.
GRAIN BAGS Carlots, 7s coast.
Provisions.
Local jobbing quotations:
HAMS All sizes, 3438c; skinned, 38
40c; picnics, 1819c: cottage roll, 26c.
BACON Fancy, 40 46c; choice, 30
36c; standard, 24 26c.
LARD Pure tierces, loc pound; com
pressed, tierces. 15c.
'DRY SALT Backs, 1821c; plates, 15c.
HOGS RECEIVED DIRECT
EIGHT IiOADS ARE BROUGHT
IX BY PACKERS.
Oils.
LINSEED OIL Raw, in barrels, $1.10
l-gallon cans, $1.25; boiled, in barrels,
$1.12; 5-gallon cans. $1.27.
TURPENTINE In drums, $1.15; 5-gal
ion cans. SI. 30.
WHITE LEAD 100-pound kegs, 1214c
ner nniind:
GASOLINE Tank wagons and iron bar
rels, 26c; cases, 384c.
QUOTATIONS ON DAIRY PRODUCTS
Current Prices Ruling on Butter, Cheese
and Eggs.
SAN FRANCISCO. March 14. Butter
Extra, 40c; prime first, 3!)c.
Eggs Extras, 25Itc; extra firsts, nom
:iai; extra pullets, 22c; undersized No. 1,
20iAc.
Cheese California flat, lancy, 23c; flat
Tirsts, nominal.
NEW YORK, March 14. Butter Firm;
creamery, higher than extras, 4UH0'41cl
creamery extraa, 4-Oc; creamery firsts, 36
39 He.
Eggs Firm.
Cheese Firm. .
CHICAGO, March 14. ButterHii,-hr;
creamery extras, 38 c; firsts, 33Vs
37c; .seconds, 313L'V4c; standards,
37c. "
Eggs Easy; receipts, 16,967 cases;
firsts, 2122c: ordinary firsts, 1920c;
miscellaneous, l21c.
SEATTLE, Wash.,
butter unchanged. -
March. 14. Esss and
Cotton Consumption Increased.
WASHINGTON, D. C. March," 14. Cot
ton consumed during February amounted
to 473,073 bales of lint and 38,509 bales
of linters compared with 393,115 of ;int
and 37,535 of linters consumed in Febru
ary last year, the census bureau announced
today.
Cotton on hand February 23 in consum
ing establishments amounted to 1,596,582
bales of lint and 177,472 of linte-s, com
pared with 1,327,155 of lint and 206,243 of
linters a year ago, and in public storage
and at compresses stocks wero 4.221.H30
bales of lint and 122,645 of linters com
pared with 5.503,139 of lint and 322,863
of linters a year ago.
Imports during February amounted to
54,761 bales compared with 28,055 in Feb
ruary last year.
Exports for February were 338,440 bales
including 12,694 bales of linters. compared
witn 493,426 baits, including 9T13 of lint
ers in February last year.
Coiton spindles active during February
numt ered 33,797,329 compared with 32,
496,856 in February last year.
Not Much Stock Available for
Open Market Prices In All
Lines Are Steady.
The entire rail receipts a.t the stock
yards yesterday, eight loads of hogs, went
direct to packers and .there was not much
available for the open market. Prices
were unchanged in all lines and the tone
of the market was steady. Most of the
hogs on hand were sold at $11.75 to $11.85,
a few head bringing $12.
Receipts were 1050 hogs. The day's
sales were as follows:
Wt. Price. I Wt. Price.
990 $3 3.40120 hogs. .. 145 $11.75
1 cow. .
1 cow. .
1 cow . .
1 cow . .
1 cow. .
1 cow . .
1 cow . .
2 cows . .
1 cow. .
1 cow . . ,
2 cows. ,
1 cow. . .
3 cow. . .
1 cow. . .
2 cows. .
1 cow, . ,
lcalf.,
900
910
1010
890
nso
820
910
700
700
770
900
8R0
810
875
880
90
4.501 9 hogs... 121
4.001 6 hogs... 135
5.25110 hogs.. . 169
' 4.50
5.3?
4.65
5.'75l
3.00
4.
4.00
8.00
8.50
17 hogs. .. 71
6 hosrs.. . 348
13 hogs.. . 172
z nogs. . . 24,
6 hogs. . . 1 83
1 hog 230
2 hogs. . . 3R5
2.75i 1 hog. ,
4.50! 1 hog. . .
5.50114 lambs.
1 lamb. ,
15 hogs. .
6 Hogs. .
35 hogs. .
1 steer. ,
320
270
78
120
11.1
148
72
830
11.85
11.50
11.85
11.75
9.00
11.60
1 1.35
11.60
9.50
9.00
11.2
10.00
12.00
11.00
12.00
11.8
10.00
5.
6.65
Union
1 calf... 110
1 bull... 650
9 hogs. . 174 11.751 7 steers. .1030
Prices quoted at the Portland
stockyards were as "follows:
Cattle Pr ce.
Choice steers S 7.50g 8.00
Medium to good steers 6.7513) 7.50
Fair to 'medium steers 6.25(S 6.75
Common to fair steers 5.25f 6.25
Choice feeders 5 00 6 50
Fair to good feeders 4.50ifi 5.00
Choice cows and heifers 6.00ftt 6.50
Medium to good cows, heifers 5.25 f 6.00
Fair to medium cows, heifers 4.5a 5.25
Common cows 3".50 6.25
Canners . 2.00 3.50
Bulls 3 50ffl 5 25
Choice dairy calves 100010.50
NEW YORK, March 14. Spot
quiet; middling, 18.45c.
cotton,
Metal Markets.
NEW YORK, March 14. Copper
Steady; electrolytic spot and nearby, 13c;
later 13 IS He r
Tin Easier; spot and futures, 28.50c. -
Iron Steady; prices unchanjrd.
Lead Steady; spot, 4.704-7i.c.
Zinc Quiet; East St. Xiouia delivery
SDOt. 4.654.70c.
Dates, 1325c per Antimony--Spot, 4.25c.
Prime light calves 9.00 10.00
Medium light calves 6.50ft 9.00
Heavy calves 4.50 6.50
Hogs
Prime light 11.50 11.85
Smooth heavy, 200 to 300 lbs. 10.25O11.2S
Smooth heavy. 300 lbs. up.... 9.25 10.25
Rough heavy 7.50is 9.75
Fat pigs 11.50 11.75
Feeder pigs ll.Bfli11.75
Stags, subject to dockage.... . 6.00 8.00
bheep
East-of-mountain Iambs.'. .. .13.00 14 50
Best valley lambs 11.0011.B0
Fair to good 10.00S11.00
Cull Jambs 6.00 8.00
Eastern Oregon feeders..... 9.00 10.00
i-ignt yearlings 10.0O11.00
Heavy yearlings 9.00 10.00
Llttht wethers !1 soft If) on
Heavy wethers 9.0OS 9.50
Ewes - : . . 3.00 7.00
Chicago Livestock Market.
CHICAGO. March 14. (TJ. S. hnrenn of
markets.) Keceipts, 12,000. Very slow.
undertone weaic to lower on ail classes.
few early sales beef steers and fat she
tork 15c to 25c lower: bulk beef aiexrs of
quality to sen (i.ium.;'s.
Jtiogs Keceipts, 23.000. Slow, mostly
c lower than yesterday's averan-e- tor.
10.70 early; practical limit. $10.65; bulk,
lO10.50; pigs mostly 25c lower: hulk
desirable 100 to 120-pounders, $99.35
bheep Receipts, 18,000. Fat lambs nDen-
ing weak to lower; fat sheep, 2flc to 50c
nigner: snearing iambs, steady: shorn
lambs, $12.75 13.10; no fat wooted lambs
sold early; wooled ewe top, early, $9.75;
good 136-pound shorn ewes. 1:7.50: shear
ing lambs to yard traders. $14.50.
Kansas City Livestock Market.
KAUfSAS CITY. Mo.. March 14 in. S.
bureau of markets.) Cattle Receipts,
14,000. Beef steers, dull, 1525c lower than
the best Monday; early too. S8.10: she
stock, stockers and feeders, steady to 25c
lower; few cows. $6; common to good
kind, $4.505.50; good and choice heifers,
$6.50 7.25; some held above $7.75; plain
to choice stockers, $67.50; early sales
feeders, $6.75 7.50; calves, steady to 50c
Ibwer; mostly 50c lower; few vealers,
$9.50; good and choice, mostly $89;
other classes around steady.
Hogs Receipts, ,11,000. - Opened slow;
some later sales fairly active. 2540c
lower than yesterday's range, or 2530c
below yesteraay s average; xio.10 paid;
packer top, $10.05; closing weak at de
cline; bulk of sales, $9.5010.05; most
throw-out sows, $8.50; stock pigs, 1025e
lower; very few over $9.50.
Sheep Receipts. 10,000. Sheep steady,
best ewes offered $9; yearlings, , $13.50;
Sinclair Consolidated Oil Corporation
First Lien Collateral Fifteen-Year 7 Gold Bonds
Series "A"
Dated March 15, 1922 Due March 1 5. 1937
Interest payable March 15 and September 15
Redeemable as a whole at any time or in part from time to time at the option of the Corporation on 60 days notice at 07Yz
and interest on or before March 15, 1927; thereafter at 105 and interest on or before March 15, 1932; there
after at 102 J2 and interest less Yl for each twelve months elapsed after March 15, 1932.
Interest to be payable without deduction for any Federal Income Tax up to 2 per annum, which the Corporation or Trustee
' 'may be required to withhold. Pennsylvania four mill tax refundable.
, Coupon Bonds in denominations of $100, $500 and $1000.
Total authorized 'issue, $100,000,000; present issue. Series "A," $45,000,000.
THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK, TRUSTEE
For information regarding these Bonds, we refer to a letter of Mr. H. F. Sinclair, Chairman of the Board, dated March 1 1, 1922,
and which he has briefly summarized as follows: .
SECURITY: To be secured by pledge of $90,000,000 face amount of First Mortgage 7 Bonds of subsidiary
companies and by substantially all the capital stocks owned except the stock of the Mexican Seaboard Oil
Company.
The $90,000,000 First Mortgage Bonds to be pledged comprise those of Sinclair Oil & Gas Company
($45,000,000). Sinclair Refining Company ($35,000,000) and miscellaneous ($10,000,000). including
, Sinclair Navigation Company and Union Petroleum Company. These Bonds, in opinion of counsel, will
constitute a first lien subject to $1,255,488 upon substantially all the important operating properties of the com
' panies located in the United States. The stocks to 'be pledged include 50 of the total outstanding stock of
Sinclair Pipe Line Company and 50 of the total outstanding stock of Sinclair Crude Oil Purchasing Com
pany, the remaining 50 W each being owned by the Standard Oil Company of Indiana.
PURPOSE: These Bonds are to be issued in connection with the refunding of $46,429,600 Five-Year 7Vlco
Secured Notes, which it is proposed will be called for redemption on November 15, 1922, at 103 and interest.
The refunding will release for delivery the 50 interest in the stock of the Sinclair Pipe Line Company sold
to the Standard Oil Company of Indiana, upon delivery of which this Corporation will receive the sale price
of $16,390,000.
ASSETS: The preliminary consolidated balance sheet, as of December 31, 1921, shows total net assets of over five
times the face amount of these $45,000,000 First Lien Collateral Bonds; the net quick assets alone on the
basis indicated in this balance sheet are in excess of $45,000,000.
EARNINGS: The consolidated net earnings available for interest and Federal taxes before reserves for depiction,
depreciation, etc., as certified by Arthur Young & Company, public accountants, were:
Year ended December 31. 1917 : $ 1 6.222.654
Year ended December 31. 1918... 20.524.5R8
Year ended December 31, 1919 22.670.898
Year ended December 31. 1920 .' 35.380.415
These earnings averaged about seven times . the combined annual interest on the proposed $45,000,000 First
i Lien Collateral Bonds and $5,851,090 other debt outstanding on December 31, 1921.
The consolidated net earnings similarly computed for 1921 were approximately $ 1 0,000,000, so that even
in a year of business depression and readjustment such net earnings were equal to about three times the above
mentioned annual interest charges.
SINKING FUND: Sinking fund payable semi-annually commencing December 15, 1922, will provide for retire
ment through purchase of 50 of the Series "A" Bonds before maturity, if obtainable at 100 and interest If
Bonds are not available for purchase at 100 and interest within 60 days after each semi-annual payment, any
unexpended -moneys are to revert to the Corporation. -It
is expected that application , will be made to list these Bonds on the New York Stock Exchange.
The legal proceedings in connection with the issue are being passed upon by Messrs. Hornblower, Miller & Garrison and Messrs.
Russmore, Bisbee & Stern.
Interim Receipts or Temporary Bonds will be deliverable in the first instance. All offerings are subject to authorization of th; issue
by the stockholders, to approval of proceedings by counsel, and "when, as and if issued and received by us."
Price 98 and interest to yield 7.22
' .
Sinclair Consolidated Oil Corporation 5-year Secured 7 Gold Notes with all unmatured coupons attached will be accented
at 103 and accrued interest in payment of or in. exchange for Bonds of this issue dpliverable on confirmed allotments. This privilege
la subject to withdrawal at any time.
BLAIR & CO., INC.
New York
KISSEL, KINNICUTT & CO.
New York
Y J. & W. SELIGMAN & CO.
New York
JANNEY & CO.
Philadelphia
ILLINOIS TRUST & SAVINGS BANK
Chicago
CONTINENTAL & COMMERCIAL SECURI
TIES CO.
Chicago
LUMBERMENS TRUST COMPANY BANK
Portland
CHASE SECURITIES CORPORATION
New York
WHITE, WELD & CO.
New York
SPENCER TRASK & CO.
New York
FIRST TRUST & SAVINGS BANK
Chicago
THE UNION TRUST COMPANY
Cleveland
FREEMAN, SMITH & CAMP CO.
Portland
LADD & TILTON BANK.
.Portland .
BOND, GOODWIN & TUCKER
Portland
BLYTH, WITTER & CO.
Portland
The statements presented above, while not guaranteed, have been obtained by telegraph from sources which are
believed to be reliable.
lambs, 2545c lower; one load, S14.70;
bulk fed lots, S 14 014. 60.
Omaha Livestock Market.
rviwAHA. March 14. U. S. bureau of
markets.) Hogs Receipts. 12,000. iow,
fully 25c lower; 160 to 220-pound butchers,
S9.659.7o; top, a.o; duik -u o--pound
butchers. SD.400.60; packing
grades, S7.758.50.
Cattle Keceipts, 1 .
mostly 25c lower; sue siocjc, ioei.n.
lower; bulls and veals weak to 25c lower;
stockers and feeders about 1015c lower.
Sheep Receipts, eouu. tamra.
ly 25c lower; early saies,
some neia nigner, enccji
steady; ewe top, S9.
Seattle Livestock Market.
SEATTLE, March 14. Cattle, steady.
Receipts, 51. Quotations uncnangea.
Hoes steaay. neceipi, -joo. w""10
tions unchanged. v
San Francisco Meat Market.
SAN FRANCISCO, March 14. Steers
No If 7&7c; No. 2. tKo.c.; cows ana
hifor. No. 1. 8V56'ic; No. 2, 4H5"4o;
bulls and stags, 4ift5c; calves, lightweight.
10c; heavy, 7c. eneep, weinrro,
89c; ewes, 6 to 7c; iamos, ijjhjc,
hogs, 125 to 200 pounds, 13c: 200 to 250
pounds, 12c; 250 to 300 pounas, lie.
SAN FRANCISCO PRODCCE MARKET
Prices Current on Vegetable, Fresh Fruits,
Etc., at Bay City.
SAX FRANCISCO, March 13. (State
Division of Markets.) Poultry .Broilers,
43 47c; young roosters, 2542c: old, 15
20c; hens. 2029c; ducks. 2228c; live
turkeys. 8235c; dressed, 36&44c. '
Fruit Apples. 3 Vt na, -lier, I i.n'ffl
3.50; n-avel oranges, S4b; lemons, dis
5.25; grapefruit, $3a l.zo; pears, dox, oaj
3.75. . '
Vegetables Asparagus, pouna, ujc;
artichokes. larg crate, JloW.'O: Beans,
pound, 152uc; carrots, sack, Jlfg-l.-j;
celery, crate, J27.5U; cucumbers, dozen.
$23; lettuce, crate, ii.ww.z.i; mutn-
rooms, pound, zotgivw;; poiatoes,
a '25: numpklns. sack, 7oc?5l; rnuDaro,
box, $2L503; cream, squasa, ius, ji-a;
hubbard, pound, BSfec; sprouts, pound,
1415c; spinach, pound, 6 fa Sc.
Receipts r lour, oioo quar. sicks ;
wheat,. 800 centals; barley, 7J11 centals;
corn, 1685 centals; potatoes, 5814 sacks;
onions, loo sacas; nay, ov tons; maes,
1383; oranges, lemons, 3800 boxes.
land: March, ll.20ll.40c;- April, 11.S5
11.39c: May. 11.4H11.47c; June, 11.509
11.68c; July, 11.561157c: August, 11.64
11.66c; September, ll.70ll.78c; October,
11.3011.33c; spot, 11.20011.75c. Sales 24,
300 barrels.
Sound Line Reduces Kates.
OL.YMPIA. Wash., March 14. (Spe
cial.) Reduction of 60 cents a ton
on general freight between Tacoma
an( Seattle, effective March 15, Is
carried in a tariff filed with the de
partment of public works) today by
the Merchants Transportation com
pany, operating a boat line. The re
duction Is from $2 to $1.50. The tariff
also shows establishment of a rate
of $2 a ton on general freight from
Seattle or Tacoma to Port Orchard
bay points', or from either terminal
to Everett, services not heretofore ;
covered In the tariffs.
Orpheum matinee today, 15-25-BO-Ad.
Orpheum matinee today, 15-25-50-Ad.
Cottonseed Oil Futures.
Cottonseed oil futures at New Tork, fur
nished by Herrin & Rhodes, Inc., of Port-
Warning!
Protect yourself against dis
honest brokers.
Be sure your account is safe."
Before buying stock or doing
business with irresponsible
brokers consult our IN
QUIRY BUREAU.
Protecting investors for 15
years is our record. We have
saved thousands for others
why not you ?
Our paper, published weekly
costs $5.00 yearly. .
Sample copy mailed on request.
NEW YORK CURB
2 Rector Street New York
Established 15 Years
Clark,- Kendall & Co., Inc.
Fifth and Stark Streets, Portland, On
ANNOUNCE
the removal of their offices to
temporary location
295 Stark Street
directly opposite old quarters