THE MORNING OREGONIAX, WEDNESDAY; APRIL 28, 1020
23
rrnpv Tnmr mnrnm in
oiuuiv infiUL mnLbULHn
MARKET CLOSES HEAVY AFT
ER MIDDAY ADVANCES.
Proposed Tax Legislation and Un
settled Financial Conditions Af
fect Speculative Sentiment.
NEW TORK. April 27. The decision of
the supreme court lu Uie Reading case,
acute weakness of foreign exchange, the
proposed retroactive 0 per cent war tax
and several favorable statements of rail
roads and industrial earnings comprised
the conflicting developments -of todays
active session of the stock market.
Early and mid-day trading 'was charac
terised by ' further substantial gains in
Heading issues. ' Other rails, notably trans
continentals and trunk lines, had their
periods of activity and strength. Union Pa
cific presenting an excellent report for
3918.
Among industrials recent strength, of
American Woolen was explained by the
issuance of the lull) statements, disclosing
earnings of almost $40 on the common
lock.
-United States Steel was less prominent
than usual on its quarterly meeting day
and offered no clue to any change of di
vidend policy. Karnings for the first three
months of the year, made public after the
close of the market, exceeded popular esti
mates, showing 3.b8 gained for the com
mon stock.
Heavy selling of the last hour coincided
with a 10 per cent money rate and Wash
ington advices indicated progress of the
war tax measures, but exchange rasped
lightly. Total sales 1,250,000 shares.
Railroad bonds were strong for a time
but eased with the stock list at the end.
Liberty issues, with one or two exceptions,
closed at nominal gains. ' Total sales (par
value) l;l.27.").liu0. Old United States
bonds unchanged on call.
CLOSING STOCK QUOTATIONS.
Last
. Sales.
Am Heet Sug. t)(0
Am Can 3,000
An Car & Ftiv a.-fno
Am H &. L. J)fd KOO
Am I.ouo 10.7H0
Am Sm & RffT 1,000
Am .Sugar Rfg
Am Sum Ton. , OuO
Am Tel & Tel. l.soo
Am V. L & am ;t0
Anaconda Cop 4.400
Atchison :i,!ltO
A O ilSS Blind
Baldwin Loco. 70.0OO
Halt & Ohio .. ll.'JOO
Keth Steel B .. al.'-'OO
H & S Copper.
Calif Petrol ..
Canadian Pac,
Cent .Leather,
i hes & Ohio..
Chi M & St P
chi & N W ...
Chi K I & Pac
Chlno Copper.
Col Ku A Iron
,-00
noo
.l.fcno
2, M0
2, OHO
a, wo
."iiiO
2S..-.O0
1I.4O0
2O0
Corn Products 10.200
Crucible titce
Cuba Car.e fcttg
XJ S Fd Irod.
i:rle
Con TClcctric..
Cen Motors ..
ct No pfd. . . .
'It No Ore ctfs
Illinois Central
Inpir Copper,
lnt M M pl'd..
Inter Nickel..
Inter Paper . .
K O Southern.
Kennc-ott cop
.SIlO
3,:i"0
6,0( H
1.IMM)
10.000
l.'.lOO
!O0
: . i
l,::oo
HOO
7. '-'')
5. loo
r.oo
1.MIO
Mexican Petrol 10.2OO
llnnil Copper ToO
Mldvalc Steel. ""
Missouri Pac. 3,o0
Nevada Cop . . TOO
N Y Central . . 10.00O
N Y N H & H 7, Old)
Norf & West., !o0
Northern Pac. l.'.'oO
Pac Tel & Tel 200
I'an-Am Pet. . 42..00
I'ennsvlvania.. 4,700
Pitts W Va. 1:'..im
Pittsburg Coal 2.IMM1
Tiay Con Cop.. otio
Heading 110.4O0
Pep Ir & Steel 22,cho
Stmt Arl2 Cop 1O0
Sin Oil & Rfg.10.000
p.-uthern Pac. l.v.'O
Southern Ry.. 4,st0
Studebaker Co 2B.:toO
Texas Co . .. . 14.2O0
Tohacco Prods 1.0iK
Vnion-Pacific. 2.200
Vntd Rtl Strs. 3,MH
V Ind -A-lco. 6.000
U S Siel 104..-00
do pld a.-""
High.
07
44
i::ss;
io;i.
00 !
04
llto.H
90
17
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47 li
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no
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94
424
i:t
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ntHi
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88 14
OS 'i
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n
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Wis
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100S
4".
6l! 14
I17i
70
8SV4
07 "4
109-4
" SS
.Vafc
21 Vi
80
40
110 'A
Sale.
04
4 1
l:itf "4
10 2
06 V4
C-V4
1:10 a
88 V4
''
17
r.si
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151
115V4
on
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76 la
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86
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8
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76 V4
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170
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44 24 1,4
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91
76
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03 V4
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no4
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IS V.
87 V4
97
10
37 V4
94 V4
21 S
109i
45H
67
117H
70
88 U.
07 Tn
100 v4
72
86
r.nvi
21 H
8lli
40V4
110 V4
dented dervajM for fine drools has resulted
in tremendous icreaes in prices of fine
stock:. Since February, 1&19 price of
these wools have risen 30 per cent to 40
per cent and at the close of the year were
still advancing." 1
Referring to the foreign" business of the
company Mr. Wood faid its export agency
and subsidiaries had maintained branch
offices in Argentina, Brazil, Chile, Colom
bia, Peru, Cuba, Mexico and the countries
of northern Europe as well as in England,
France, Belgium, Spain, the Philippines
and South Africa.
These earnings by the company show
that for the year ending: December 31,
1019, the surplus after all charges and the
federal tax of 10,779.604 had been paid,
was equal to a dividend of $:!9.89 a share
on the 20.000,000 of outstanding common
stock, against the earnings of f5. 572. 527,
or $13.80 on the common stock in 1913.
REGCXAK STEEL DIVIDEND LARGE
Total Faming for First Quarter of Tear
Show Upward Trend.
NEW TORK. Arll 27. Total earnings
of the United States Steel corporation for
the first quarter of 1920 show an upward
trend from the final quarter of- 1919, the
aggregate of $42,089,019 representing an
increase of $6,297,717. Net income of 31,
323.701 increased $8,283,426 and a surplus
of $13,373,085 Is a gain of $8,130,797.
Regular dividends of 1 per cent .on the
preferred and 1 Vi on the common were in.
keeping with general expectations, no ad
vance in the common rate of distribution
havlns; been regarded as probable after the
recent statement of Chairman E. H. Gary.
Analysis of the quarterly report dis
closes some irregularity of business. Jan
uary, returns were well above $14,000,000,
while those of February, a shorter month,
fell slightly under $1:1.600.000. with a re
bound to $16,402,898 for March.
The year's first quarter made a better
showing than any since the third quarter
of 1018, when the earnings reached $42,
961,589. Record figures during the war
were established in the second quarter of
1918. when earnings amounted to $62,
637,391. CXIOX PACIFIC SCKPLCS INCREASED
NEW TORK, April 27. The net Income
of the Union Pacific Railroad company
from all sources, after federal tax pay
ments of $34,419,213, and payment of pre
ferred dividends, was equivalent to $13.69
per share on the common stock, against
$12.87 in 1918, according to the annual
report made public today.
The operating Income of $38,460,067
shows an increase of $468,915 and. the net
income from railroad properties totals
$36,459,099. an increase or $1,192,309. .
The total income of $49,575,786 repre
sents an increase of $2,471,684.
HOGS WEAKER AT YARDS
ONLY SMALL. SUPPLY AVAIL
ABLE FOR DAY'S BUSINESS.
Cattle Are Steady With Fair Run.
Xo Change In .Sheep or
Lamb Divisions.
The livestock market was moderately
active yesterday, with a run of 26 loads.
Cattle were no more than steady at the
recent advance. Steers sold for the most
part at $12.50 12.75 and the best cows
offered brought $10.50. The available
supply of hogs was small, but in spite of
this the market had a weak undertone.
Sheep and lambs were unchanged.
Receipts were 574 cattle and 118 hogs.
The day s sales were as follows:
t'lah Copper.. 3 00
"Western Union ' iioo
WIMing rcieot !
Villys-Overlnd 2.500
National Lead
Ohio Cits Gas. 4,500
Itoval Dutch.. 2,00
BONDS. '
TJ S Lib. isv4 nrt.n-jiAnsflo-TV. r.s...
do 1st 43 811.110 Am T&T cv 6s
0,1 i, srr.o1 Atch gen 4s. .
do 2d 4 '-.I? : : :5.S0,M T C deb OS...
do lid 4iis 00.62 Nor Pacific 4s.. 71
do 4th 4i4s.. .Sr..04!Nor Pacific ..8.. M
VIciot-v S'iis 06 so Pac T&T 5s 82V4
do 4s '.i'.r!Ui I'enn cv
98
1
V S 2s. rcg 101
"lT S 2s, cou. . . lol
IT S 4s. reg '106
V S cv 4s, cou.'lOO
Tan 3s, rcg... 82
do 3s, cou . . . 82
So Pac cv 5s.
So Ry 5s
Union Pac 4s . .
U S Steel 5s. ..
84
97
7814
70
82 V4
Blil.
'Mining Storks at Boston.
BOSTON. April 27. Closing quotat
Aloucz 32 Mohawk
Arix Com 1 ' V4
Cat & Arir HIVfc
Cal & llecla. . .343
Centennial ..... 12
Con R Con Co . . '41
:i
80 V4
4
V. Butte Cop M.
1'ranklin
Isle Roy, cop. . .
Lake Copper...
North Butte
Old Dominion. . .
.Osceola ........
Quincy
Superior
Su & Bos Min..
Shannon
Utah Consol....
Winona ........
inns:
63
20
30
45
56
5V4
4 '4
1V4
7
1
Money, Exchange, Etc.
NEW YORK, April 27. Mercantile pa
per unchanged.
Exchange, weak. Sterling. 60-day bills,
$11.73114; commercial, 60-day bills on banks,
$3.734t; commercial, 00-day bills, $3.73V4 ;
demand $3.78, cables $3.78. Francs, de
mand 17.04. cables 17.02; Belgian francs,
demand 15.02. cables 15.90; guilders, de
mand 3i4. cables 36 V4 ; lire, demand 22.09,
cables 22.07; marks, demand 1.73, cables
1.74. Sterling rallied strongly in the
later dealings. Sterling 60-day bills. 3 78;
commercial OO-day bills on banks, 0.18
commercial 60-dny bills, 3.77 V4 ; demand
3.82V4, cables 3.83V4. Government bonds.
strong; railroad bonds, ineguiar. Time
loans, strong, unchanged, can money,
strong: hliih. 9 per cent; other unchanged.
A fur the close of the market the follow
ing quotations were made: Call money
high, 10 per cent; closing bid, 10 per cent;
last loan, 10 per cent.
Par silver $1.12.
Mexican dollars 85c.
TlVnflV Ami "7 Tine silver fiTH
ounce, a drop of 4!Sid from yesterday. The
uuciinn T iiuc iu iiiuiH, inina ana inn
continent eelling and a scarcity of buyers.
Money, 414 per cent. Discount rates, short,
Cii) per cent; three months, 64 $6
per cent.
' Swift Co. Mocks.
Closing prices of Swift & Co. stocks at
Chicago were reported by Overbeck &
Cooke company of Portland as follows:
Swift & Co 116
Lihhy. McNeill A Llbby 27 i
National Leather 12-
&wut intcrnaiioiial 40
BIG YEAR IN WOOL TRADE
ET PROFITS OF AMERICAN
AVOOLEX ARE INCREASED.
wt.
1 steer. .. S30
1 steer... 970
1 steer.. .1110
20 steers. .1216
22 steers. . 913
12 steers. .1 1 60
1 steer.. .1240
5 steers. .1476
2 steers. .1705
7 steers. .1105
17 steers. .KW5
14 steers. .1165
1 cow.. . . 800
1 cow. ... 840
1 cow. . . . 580
1 cow.. . . 880
1 cow.. . . S10
1 COW.. . .1100
1 cow.. . .1010
Price
$ 9.00
12.00k 1 bull.
11.0OI
12.73
12.75
12
1 bull..,
1 stag. .
12 hogs..
1 hog. .
2 hogs..
Wt. Price. I
.1410 $ 8 00
.1150 7.00
1LOOI14 hogs. . .
12.0O
12.00
11.50
12.50
11.50
6.50
9.00
2,
10.00
5.50!
9.7
13 hogs. . .
20 hogs. . .
5 hogs.. .
1 hog 450
.1110
250
190
260
2:'.6
205
184
1 cow.
1 COW. .
1 COW. .
3 cows. . .
20 cows..',
29 cows. . .
1 calf
14 calves..
1 calf.. . .
1 calf....
4 calves..
1 calf....
1 calf....
1 calf.. . .
1 calf... .
1 calf
1 calf.
1 calf
1 calf
3 ca Ives.
1 bull...
1 bull.. .
1 bull...
1 but
9.10
..1250
. . 810
. . 670
.', 86
. . 915
, .. mo
305
130
0O
102
110
140
1)0
130
110
140
IOO
160
106
1560
1170
7.".0
1110
1 hog. -,
10 hogs. . .
9 hogs. . .
4 hogs. . .
4 hogs.. .
2 hogs....
13 hnn...
S.50I24 hogs.. .
7.00 7 hogs...
9.50 5 hogs...
5.50l14 hogs.. .
5.0O61 hogs.. .
2 bulls.. .1500
2 bulls.. .1580
1 bull.. . .1610
1 bull 1 150
1 bull. . . . 760
3 bulls.. .1456
10.5O
10.50!
12.0OI
9.00
17.0O!
ll.OO
16.00
14.00
17. 0O
16.00
17.00
12.501
17.0(1
18. OO
17.00
16.00
9.00
6.15
8.75
0O
2 hogs:.
1 lamb
13 ewes.
1 cow. .
1 calf.
19 hogs....
1 hog
1 hog
1 hog
1 hog
3 hogs. . . .
3 hogs. . . .
1 hoff
3 hogs.. . .
2 hogs
2 hogs.. . .
4 hogs .
38 steers
500
184
. 268
. 172
. 192
. 2o8
. 350
. 103
. 115
. 304
. 140
. 182
. 205
. 110
. 127
.1210
. 140
. 116
. 230
. 390
. 340
. 250
. 173
. 370
. 410
. 240
345
100
182
loo;
4 steers. .1017
3 steers. .1033
7.75123 steers. .2365
8.5033 steers. .10l2
9.00
6.75
5.
9.00
36 steers. . 1038
4 hogs.... 112
4 bogs.. . . 135
11.00
15.25
16.50
16.50
1 1(7,0
16.50
10.50
13.50
13.50
16.50
10.50
16.50
16.50
16.85
14.00
16.50
15.00
14.75
15.50
16 75
16.50
17.00
12.50
8.75
13.00
16.50
16.5(1
14.00
16.00
16.50
18.50
14. SO
14.00
16.50
14.00
16.7
16.50
12.75
1 l.OO
12.00
12.50
12.50
12.75
14.75
15.00
FHEE FROM ALL DO. MI. MO X GOVERNMENT TAXATION
$82,000.00
Province of Ontario
Emms
Surplus on Hand Is Equal to Divi
dend or Nearly Forty Dol
lars Per Share.
NEW TORK, April 27. Set profits of
the American Woolen company fcr 1919
amounted to $tr,Eri,-415, less reserves for
taxes and contingencies, according1 to the
annual report issued today. Payment of
tiivid-nds on $2,800,000 of preferred ntock
and f :J,-MX.ooo on common and deprecia
tion of $3.7;io,61 (, left a balance of profit
tor the year of $."i.779,S04. Surplus for
UHt amounted to $12.0J9.S04, -which added
to that of 1V18 brings the total surplus to
Rev'ewinjr the activities of the company
for 191ft, President William W. Wood said
in part:
"The year 1919 has been a successful
one onMdertnsr the very unusual and dis
turbed condition, and the readjusting- of
industry to a pre-war or civilian bafln.
t the first of the year the cancellation
of government contracts with no civilian
orders in sicrht left a great deal of our
machinery id ie.
'One of the features of the year has
been tho great dmmd for fine wool and
- cloth maic of- fine stock. This unpreuo-
Livestock nrlces at th a PnrllnnH ttflr
yards were as follows:
Best grain, pulp-fed steers. . J1 2. 5fiv' 13.1 TiO
Choice eteers n noralli.V)
Good to choice steers lO.iiOrfir 11.:0
.neaium io gooa steers .oQa 10 30
Fair to medium steers 8.75 9.30
summon io iair sceern 7.n0'tf S.i.
Choice cows and heifers 11.001130
Good to choice cows, heifers.. 10.23 h 1 1 .OO
medium io gooa cows, neuers. 8.73 to 10.;
tanners 5.30 7 30
Bui1" .00ftf 9.00
Prime light calves 13.OO'17 0O
Medium light calves 10.0tK13CO
Heavy calves 7.O0''10.00
Blockers and feeders ......... 7.50y 8.50
Hoes
Prim mixed 16.30"?? 17. 00
.weaium mixea 3.00(SJ 1 6.30
Rough heavy 12.0O& 13.30
Pirs 12.0Olil3.3U
Sheep
Spring lambs 17.fH 1 S.00
eastern lamos IT.oOfilS.OO
Lig-ht valley lambs 13,73tfi l7.00
Heavy valley Iambs 14.23 ut 13.75
Common to medium lambs ... 11.00t'14 5
yearlings 13.00 W 15.30
Wethers 14.3drtfl3.25
Ewes 10.00:14.00
Chicago Livestock Markets.
CHICAGO. April 27. Cattle Receipts,
8000. Beef steers and she stock 23c to 3oc
higher; bulk steers. $11.25 & 12.30; most
cows and heifers, $911; bulls, steady to
25c higher; choice bologna, $S.75g9; early
calf bids lower, new vealers, $14; feeders
uneven.
' Hogs Receipts. 22,000: market steady
to loc lower than Monday s average; top,
$15. o3; bulk light, 15t15.25; bulk 250
pounds up, $13.tka-14.2o; pigs lower; bulk,
$13.50ai4.50.
Sheep Receipts, 11,000; no early salee;
bids sharply lower.
Omaha Livestock Market
OMAHA, April 27. Hogs Receipts,
ll.OOO; market barely active, strong to 25c
higher; closing at full advance: top, $14.85;
bulk of sales. $14&14.60; piece of load at
$15.
Cattle Receipts, 4000; beef steers and
she stock active, strong1 to 25c higher;
bulla, tanners and cutters steady; veal
steady to lower; stock ers and feeders
steady.
Sheep Receipts, 4000; lambs, 13c to 25c
lower, other classes steady; top wool lambs.
S19.60; clipped, $17.60; shearing, $19.40,
Kansas City Livestock Market.
KANSAS CITY, Mo., April 27. Cattle
Receipts, 6100. Beef steers steady to 25
cents higher, quality plain; bulk, $11.50
12.25; yearlings, strong to 10 cents high
er; top, $13: fat she sfock, strong; bulk
cows, $8.50(gi 10.25; veals and calves, weak
to $1 lower: top veals, pacKers, $14.25
bulk. $12.7513.25; stoclsrs, strong; bulk.
19.50 10.35.
Sheep Receipts, 8000. Slow and 25 to
50 cents lower; top wool lambs, $19.75
shorn lambs, $17.75. -
Seattle Livestock Market.
SEATTLE, Wash., April 2T. Hogs Re
ceipts, 299. Twenty-five cents lower.
Prime. $16- 5 17.25; medium to choice.
$15.7516.75; rough, heavies, $14.75 15.25;
Digs, S13M14..0.
Cattle Receipts, 74. Steady. Beef
steers, $12.5013; medium to choice, $10
$12: common to good, $7.5010; cows and
heifers, S 10.25 & 10.75: common to good,
$710; bulls, $7.508.50; calves, $7.50
$10-
SAX KR AN CISCO PRODUCE MARKET
Prices Current on Vegetables, Fresh Fruits,
Etc.. at Bay City.
PAN FRANTTSCO, Anrll 27. Butte:
Extra grades 57 Vic: extra firsts, nominal
ggs Fresh extras, 474c: firsts, nom
inal; extra pullets, 44c; undersized. 35c
Cheese Old style. California flats, fancy
2Sc; firsts, 2oc; xoung Americas, 2H e
Poultry Hens, large, 44 Sj 45c; small
Dated: April 15, 192Q Due: April 15, 1925
DENOMINATION: $1000
Payable In Oold Coin of the United State, mt the
quarter of Morrli Brothers, Iuc.f or in At York.
This la an issue of 6 five-year PROVINCIAL GOLD BONDS
, and has behind it all of the taxable property, resources and
wealth of the PROVINCE OP ONTARIO, with a population of .
approximately 3,000,000 people.
ONTARIO ts the largest and moat important PROVINCE of
the Dominion of Canada. It has an area of 407,202 square miles
and contains over 300 towns and cities with a population of
J 0,000 people or more. Numbered among its cities are Toronto,
the largest in Canada, and Ottawa, the capital of the Dominion.
Price: 95 and Interest to Yield 7.20
LIBERTY and VICTORY BONDS
If yon mailt sell yoor Liberty or Vletory bonds, sell to nn.
It you can buy more Liberty or Victory bondi. buy from us.
0lLApr11 27 1020. the closing New York market prices were as clren be
low. They are the govern inn prices tor liberty and Victory bonds all ovsr the
world, and the hicheta. We advertise these prices daily in order that you mar
always know the New York market and the exact value of your Liberty and
Victory Bonds:
1st 1st 2d 1st 2d 3d 4th Victory
S'-s 4s 4s 4.9 4's 4'4S 4 1.S. 3. 4 a
Market... 193.01) JS5.R0 J8.1.60 J86.10 JS.V80 J00.62 85.00 J96.rt S9S.72
Interest... 1.47 1.81 1.57 1.92 .60 .19 1.38 1.73
Total J94.29 J86.9T $87.41 J87.S7 J87.72 101.12 $S6.05 ' J98.18 ?8.47
When buyinc we deduct 37c on a $30 bond and $2.50 on a $1000 bond. We
sell at the New York market, plus the accrued Interest.
and Fireproof Safe Deposit Boxes for Rent.
MORRIS BROTHERS, Inc.
The Premier Municipal Bond IIoue Capital One Million Dollars
Morris Building SOO-ll Stark Street, Bet. KiTta and Sixth
TELEPHONE BROADWAY 2151 Established Over a Quarter Ceatvry
.it) Ale ; Btrictly youni? roosters, r01?
for good ; old. :Mc; fryers, 58 fa 6;ic;
broilers, large, 44 4 tic; small, V.&40c;
j?etse. pe r lb., 33 W 3oc ; d ucks. P.3 3ie ;
Keiglan hares, 21'4c; Jack rabbits, $3
(f'3.50 pr dozen; pigeons, per doz., $2.50
,ju; squabs, j0c per lb.
Vegetables Beans. Imperial valley. 20
2Tc per lb.; bell peppers, per lb., large,
405Oc; small, 2023c; summer squanh,
per crate, $1.60f 1.T5; Italian squash, 91. M)
Wl.u per crate; tomatoes. Mexican, fancy.
?t per 30-lb. lug: Imperial, $3.r0(&4; po
tatoes, rivers, per cental; plow
outs, $6.2. & 6.75; sweet, nominal ; Netted
Gems, $7.25(ff8; new potatoes. Garnets, 8 r$
c; white, S&9c per lb.; onions, brown, 96
(&6.50, Imperial Bermuda, 6 to 7c per lb.;
crystal whit a, 7 Sq per lb. ; Australian
onions. 9$-2o 2 6.00: cucumbers, hothouse,
93:504 per box for No. 1; artichokes, $4
a 6 per large crate; turnips. $1.75; carrots.
$1.231.50; beets, $2.25(&f 2.75: lettuce, 91.25
! ; asparagus, 7$vlUc; fancy graded.
ll12c; green asparagus, 57c; spinach,
per lb., 24 3c; green onions. $11.25 per
box; celery, per crate, $26?4.25; eggplant,
Los Angeles, 15&20c per lb.; cauliflower.
91.50(1.75 per crate of 1 doz.; peas, 7 10c
per lb.
Fruit Oranges, navel, ?,Q1, according
to size; Valencia. $4.50 tfi 5.50 ; lemons.
93.25(55; grapefruit, $i!.503.50; bananas.
Central American, 0 1 lc ; Hawaiian. 10
12c per lb.; pineapples, $3. 505.50 per
dozen; apples, .Newtown Pippins. 3 -tier,
$2.753; 4-tier, $2.75i&3; 44-tieT, $2.50
irliu; rhubarb, bay stock, per box, Jl.-ww
5; San Jose, $1.603 1.75; strawberries.
peninsula and Watsonville, $1 4? 1.50; fancy.
$1.60 per drawer; Los Angeles. $2.753 ;
dates. Dromedary, per case, 97ff?7.25.
Receipts Flour, 12,184 quarters; wheat.
2687 centals; barley, 1620 centals; beans,
three sacks: corn, 115 centals; potatoes.
3400 sacks; onions. 7j sacks: eggs. loO.S.o
dozen; hides, 1253 rolls;, livestock, 1600
head.
"aval Store.
SAVANNAH, Ga., April 27. Turpentine
firm, 91.01 ; sales, 31 barrels ; receipts, 40
barrels; shipments, 22 barrels; stock, 1990
barrels.
Rosin, firm: sales, 138 barrets; receipts,
S5 barrels; shipments, none; stock, 17,fi69
barrels.- Quote: B, $14.90; D, 917; E,
$17.15; F, G, H. I. $17.40; K. 917.60: M.
$17.85018.2; N, $18.60; WG, $18.85;
WW, 919.10.
Brled Fruit at New York.
NEW YORK, April 27. Evaporated ap
ples, dull; prunes,, firm; peaches, inactive,
choice 1820. fancy 19 21c.
Province of
ntarto
Dominion of Canada
Five-Year
Gold Bonds
To yield over
S-yearG'satDS
Due April 15, 1925
Payable in U. S. Gold Coin
Call or phone.
Wire orders "collect."'
Freeman
sscaasnavs SMITH &
a.. 4. CAMP CO.
Two Issues
of 5-year, 7 bonds
of
Bell Telephone Companies
To Yield
750 and 760
Bell Co. of Canada
These bonds are a full obligation of one of the strong
est Bell Telephone companies on the continent. It
is an outgrowth of the American Telephone & Tele
graph Co. and operates throughout the Dominion.
Its net earnings for five years average 4.1 times in
terest charges, including this issue.
Price 98. To yield about 7 2
Southwestern Bell Co.
Owned by the American Telephone & Telegraph Co.
Price 97 '2. Yield over 7.60
Under- S npervlslon Oregon sUm Basiling Dcpariaaen,
BONDS TRUSTS ACCEPTANCES
Lumbermens Bldg
We own and offer the following
Canadian Bonds
Due Yield
6s 1925 7.20
6s 1925 7.20
5s 1924 7.25
PROVINCE OF MANITOBA
PROVINCE OF ONTARIO ,
PROVINCE OF SASKATCHEWAN..
CITY OF VICTORIA 4s 1923 7.50
GREATER WINNIPEG WATER DIST. 5s 1922 7.50
The House Built Square"
parstens & farles, Incorporated
Established 1891 '
GOVERNMENT, JIUNICIPAL & CORPORATION BONDS
Third Floor U. S. National Bank Bldg. Broadway 4108
$10,000,000
Pacific Gas and Electric Company
' FIVE-YEAR 7 CONVERTIBLE GOLD NOTES
Dated May 1, 1920
Due May 1, 1925
A total authorized issue of $10,000,000 secured by $15,000,000 par value
Pacific Gas and Electric Company General and Refunding 5 Bonds
Authorized by Railroad Commission of the State of California.
Exempt from State and local taxation in California. Application
has been made to the Superintendent of Banks to certify these
notes as a legal investment for- Savings Banks in California.
Principal, and interest payable in San Francisco, New York, Chicago. Interest payable lay
1, November 1. Coupon notes of $500-$1000 denomination with privilege of registration
as to principal. Registered notes in large denominations (multiples of $5000). Callable
at 101 and interest on any interest date upon thirty days' notice. Interest pay
able without deduction for Normal Federal Income Tax not exceeding 2r't.
BANK OF CALIFORNIA, N. A., SAN FRANCISCO, TRUSTEE
Notes are convertible on a basis of par at the option of the holder at any time on or before
maturity, or if the notes are earlier redeemed up to and includiig the redemption date, into
the 6 Cumulatve First Preferred Stock of the Company at 95, or into the Common Stock of
the Company at 80 prior to May 1, 1922, and at 85 thereafter. Conversion to.be made with
adjustment of accrued interest and dividend.
INVESTMENT FEATURES
$1500 Par Value General and Refunding Mortgage Bonds held by the Trustee as security for
each $1000 note.
'$1 155 represents lowest market value (during past nine years) of collateral securing each $1000
note.
Value of property over bonded debt as indicated by present market value of Preferred and Com
mon Stock amounts to more than $42,000,000.
Company's net working assets as of December 31st, 1919, exceeded $10,700,000. of which
$2,027,000 was cash.
Purpose of present note issue to provide additional hydro-electric power, including immediate
development of controlling rights recently secured in the Pitt River basin, one of the most valuable
water-power stations in the United States. It is capable of hyro-electric developments of an estimated
capacity of 420,000 horse-power under average low-water conditions. The first unit of 20,000 horse
power is now under way and should be delivering energy into the Company's system by Jan. 1 , 1 92 1 .
Additional developments will follow as the demands of the Company warrant; 50,000 horse-power
should be available in the latter part of 1 92 1 .
It is estimated that the substitution of hydro-electric energy for current at present generated by
steam will effect an annual saving of $2,000,000 in oil costs alone.
These notes are a direct obligation of the Company, which is the third largest of its' kind in the
United States. It serves 520,619 customers, distributed over 47,000 square miles of territory, having
a present estimated population of 1 ,850,000. This territory includes the important San FrancisGO Bay
section and the fertile Sacramento and San Joaquin Valleys.
Total number of customers served by the Company has increased 185 since 1907. During
this period gross revenues from all sources increased from $11,342,140 in 1907 to $26,582,688 in
1919. The Company was organized in 1905 as a consolidation of a number of well-established public
utilities. Including predecessor organizations, the Company has continuously and successfully operated
its gas business for more than 65 years and its electric business for more than 40 years.
The Company agrees to deposit with the Trustee additional General and Refunding 5 Bonds
should at any time the market value of the bonds pledged be less than 15 in excess of the par value
of the notes outstanding.
Present stability of the Company's financial structure is secure through unissued treasury securities
available when required.
Application ivill be made io lisl these notes on the San Francisco SlocJ and Bond Exchange.
Price 97Va, Yielding 7.70
BLYTH, WITTER & CO.
Yeon Building, Portland
BOND & GOODWIN
U. S. National Bank Bldg., Portland
CYRUS PEIRCE & CO:
San Francisco
HALSEY, STEWART & CO.
Chicago i
CONTINENTAL TRUST & SAVINGS BANK
Chicago
The above statements and statistics are derived from official sources, or those which we retard as reliable. "We d. not suaraste,
but believe them to be correct.
German Bonds
Bonds of the Following Principal
Cities: Per Mk. 1000.00
Berlin
Cologne 47
Frankfurt
Munich " 5
Leipzig ...4
Hanover 4
Hamburg:
Also the Following State and
Government Bonds:
German Gov't 3
German Gov't 5
Pruss. Consols..... 3
Pruss. Consols 5
Industrial Bonds of the Largest
Corporations in Germany:
Allgem Elektr. Ges.. . .4
Hoechster Farbyr er ..... 4
BadLsche Anilin.- 4
Siemens-Schuckert ....4 .
Benz & Co. 57 .
Bitterfield Coal 4
Because of the immense scale
upon which these securities are
being bought in America, a short
age is imminent. Prices are ad
vancing rapidly on the Berlin Ex
change. Now is the time to invest.
Write for price list immediately.
TRANSATLANTIC ESTATES
& CREDIT CO, INC. -222
Chamber of Commerce Bldg.
- Phone: Marshall 205
L.
BONDS
Canadians, to net from 7 to 7i?e
Sinclair Cons. Oil Corp'n 8
Franklin Co. Municipal, I.D...69V
Equipment Notes
To yield from 6'2 to S
Long list to select from.
Preferred Stocks
Portland Gas & Coke .7
Pacific Power & Light.'. 7
General Motors Corp'n.. 7
Oneida Community, Ltd...... 8
Local Securities
Will buy Washington Water
power stock.
Robertson & Ewing
207 N. W. Bank Bldg. .
Opportunity
Right now to purchase for
$5000 a substantial inter
est in well established pay
ing business. You can be
independent in fire years.
Your money against ours.
No" promotion. We must
expand to care 'for busi
ness now on books. Don't
overlook this chance.
P 162, Oregonian.
PAYMENTS
menVrfy buys oatriaM tnv stmcJt mr
bond, ftirchoimr mcjtm mtl iftmjtmtij
uaa ion carsptrmny mnfr nr tHttttd
list and full particular - FREE.
CHARLES C.VAN RIPER"
rmm CmtfSjM Stock (Khali
WBOAO ST, Nr.. vow.
Phone Tour Want Ads to
THE OREGONIAN
Main 7070 A 6095
OFFICE
SUITE
Central Location
Fire-proof Building.
2500 sq. ft. desirable, outside
offices, arranged to suit tenant.
Apply
Clark D. Simonds
703 Gasco Bldg.
OREGON HUMANE SOCIETY
IsTMtlrttM all eases o? alleged
cruelty to animals. Offices, room ISO
courthouse. Phone Main 378 from
8 A- M. to 5 P. M.
The society has full charge of the cits
pound at its home. 63S Columbia bou
levard. Phone any time. Wood lawn
74. Doss for sale. Horse ambulance
for sick or disabled hones, tfraul
animals painleesly electrocuted where
necessary, and stray animals cared
for. All dead animals, cows, horses,
eti. picked up free of chares.