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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Jan. 17, 1922)
p TOE MORNING OREGOXIAN, TUESDAY, JANUARY 17, 1923 21 t t 1 A X i j BUIS JFJL5 HEM OXE TO THEEE-POIXT GAIXS MADE BV IiEADIXG ISSUES. Stock Market Strong In Spite of Ad vance Jn Money Rates Lib erty Bonds Easier. NEW YORK, Jan. 1 Purchases of railroad aharei on a comprehensive seals and at gross gains of one to three polnta furnished firm xoundatlon for today's ac tive and generally strong atoclc market. There were several exceptions to the ad Vance, mainly among atocka in which the short Interest continued dominant. Crucible Steel. International Paper..a- tlonal Enameling and several obscure specialties were conspicuous examples at reactions of one to three points. Equipments, motors, several Independent steels, as well as coppers, utilities, tex tiles and miscellaneous spectaltiea were sustained by the demand for rails. Hesitation was shown by olio during most of the session, but that group came forward in the' final hour with Mexican Petroleum the central feature. Gales were 80U.OOO shares. For the most part, closing prices were irregular under maximum quotations, .ex . tensive realizing being provoked by the steady advance of money rates. Call loana opened at 8 per cent but rose gradually to b per cent Just before the end. The firmer money rates were attributed to withdrawal of federal deposits from local banks. Foreign affairs made little Impression en the market for International remit tances snd most domestic developments over the week-end received favorable In terpretation. A canvass of conditions in the middle west confirmed advices of prospective revival In many lines of manu facture, although railroad tonnage ehowed further reductions from the correspond ing period of last year. The bond market moved contrary to the tone of stocks, prices In that quarter showing considerable confusion, which ex tended to liberty Issues, all of that series Closing at moderate recessions. New un clerwrltlngs are projected by railroad and domestic and Canadian municipalities. To tal sales, par value, aggregated $18, 75U.OUU. CLOSING STOCK QUOTATIONS. (Furnished by Overbeck & Cooke com pany of Portland. Adams Exp . . Advance Hum Agr Chein ... do pfd Ajax Rubber. Alaska liold . Alaska Juneau Allied diem. Allia-ChRltn .. du pfd Am lit Hugar. Am llosoh.... Am Can Co.. A Car & Fdy. Am Cot Oil... do pfd Am lJrug Syn Am H A Leat do pfd Am Ice Am lnt Corp. Am Unseed.. do pld Am Loco .... do pfd Am Suf Razor A Ship & Com Am Stnelter.. do pfd Am Stefl Fdy Am Sugar... do pfd Am Sumatra. . Am T t Tel. Am Tobacco.. do "It" Am "Wool .... do prd Am W P pfd.. Am Zinc ..... AmicolKla ' . . . Ased Oil .... Atchison .... do pfd Atl Coast Line At U t W I. sales. High. Low. Bid. 1,U0U 63 Oil 5j 1U 1,200 Si's WHs SO'. Mi) 3111 Ml Ml l.WMl lJ", lit nv, 3oU U"U T 5. Too 58 i, 57 ' ilhi 41 811 is 411 2IH) U0 110 1)0 4on 34 to 84 hi 4oi 38 4. TOO 31; 34 3t UO0 147 147 147 ' Miami -500 2714 Hid States-Oil 9.800 Ill's, l.ldvale Steel. 13.S"o 31 W M K A T "Wi" I'OO 8 "i do pfd 200 25 V, Mont Power . 400 67 S Mont Ward .. 2o0 13 Mo Pac S'M) 17 V do pfd 1,500 46' M St P 4 SSM 400" 64 Nor Amn .... 2.5O0 50 Nat Enamel . 4.20 8514 Nat Lead ... 1.5O0 911, Nevada Con . 1.300 15! New Haven . 2.900 14 Norfolk ft W. 2.100 811V, Nor Pac 8,500 7s No Sco Steel N T Air Brke N T Central.. 4.5O0 75 Okla Prod ref 1.300 2 Ontario Silver 1,000 S la Ontario ft W. 700 21 Otis Steel .... 1.00 11H Pacific Dev Pac Gas ft El 100 Punta Allegre S.200 83T4 Pacific Oil .. 5.400 46'4 Pan Amn Pet 7.5O0 53 do pfd .... l.aoo 47 Penna 2,8l0 84 hi Peo Gas 2,6'MJ 65 I'ere Marquet. 1.2oo 21 Pure Oil 2,300 8 6 Phillips Pete. 1.500 31 Pierce Arrow. 8.000 154 Pierce Oil ... 8,100 10 Pitts Coal . . . 200 62 Pitts & W Va Pr Steel Car. 200 64 '4 Pullman 1,600 10U Ray Cons .... 400 15 Reading 7,&o0 75 Remington .. 100 26' Repiogle Steel , Repub I ft 8. do pfd . . . . , Rep Motors . . Ry Dutch OH. Ry Steel Spg. Stand Oil ... Sears Roebuck Shattuck Arts Shell T ft T.. Sinclair 8,100 Stand Oil Ind Sloes Bhef. .... 500 Sou Pacific... 15.4O0 Sou Ry 3.000 Stand Oil Cal. 1.300 St L ft S F... Stromb g Carb. studebaker . Switt & Co. . Tenn C ft C. . . Texas Oil .... Texas Pac .... T P C & O Tob Products.. Tran Con Oil. . Union Oil Del. L'nion Pac . United Alloy. .. United Drug. . L'n Food Prod. United Fruit. . l'n Rds of N J , Union B ft P. . in Ret Stores. U S Ind Alco. . 2T 11 so 8 25 y, 66 13 , 17 46 63 4UVs 33 SST4 13 13 S 76 74 , 2 3 2014 10 hi 65 82 46 61 46 " 83 63 20 36 30 14 10 61 '64 108 13 74 2S '52' 100 2.700 600 2.400 1.000 100 3O0 1.400 3.700 63,9o0 400 4.8O0 2.100 1.800 2,300 2,200 9.400 5,7O0 6U0 ' Y.900 1.S00 "ioo 16.900 8,800 U S Rub 3,700 200 500 l,tO0 2.5O0 600 12 00 : 41 31 12 0D 80 40 81 6.2O0 108 105 2O0 l.ooo 1.4(H) 2O0 1.1O0 6,100 400 1.4O0 5.000 1.100 1,700 8.800 4 T'4 46 90 33 0 lit 35 118 1:15 131 82 45 89 33 59 111 34 117 134 130 81 400 4.400 13 48 13 48 7.7O0 400 2.500 1.0O0 HaUtwIn Loco 16.5O0 4I0 of d ..... L'tm B ft O 4.7O0 do pfd GOO Set Steel "B" 4. 4O0 Jonth Fish... 2,3oo BUT 200 Hulte C ft Z. 2O0 Slutte ft Sup.. 3110 Jtiarns tiros.. 300 Caddo Oil ... 2.(8)0 Cal Packing.. 1,800 Cal IV t 300 do pfd..... Can Tac 5.900 C'en Leather.. 3.200 erro de I'asc 1.300 Chand Motor. 1.7O0 C ft N W l.soo Chi Gt West. 2800 do pfd Chill Cop .... 11.600 Chlno l.-jnn C M St P 3.3(Ht do pfd 6.1100 Coco Cola . . . 5.iwo C A O l,lll Colo F ft I. ... Soil Cole Southern. 3o0 Colo O ft E... 4.1O0 Col Graph .... 3, 000 Con Gas 7iNl Con Clcara .. 7oo do pid 100 Conti Can ... I..V00 Corn Prud . . . 8,500 do pfd 3(H) Conii-n Oil ... 6.200 C It 1 ft P 3.20I) do A pfd . . . 3iH) do li ufd... 400 Crucible 13.500 500 1.8(H) l.tllMI 1.6O0 8.200 2(H) 700 ' i.Yoo MM) 4,90) do pfd Cuta Cane ... do pfd Cub Am Sua.. lel ft lludron. I tome M I new . .. liel ft Lack... I'aviaun Chem l-.ndt Johnson. lirltt 1,41X1 do 1st pfd. . 300 do pfil . ., L'ihi Fain Ylayers. 10.100 fed M ft iim do pfd Flak Tire Gallon Wms. Gen Cigars .. Gen F.lec . . . , Gea Motors. . Glen Aiden.. Gen Atphult. 4;nodrlch ... GiMiilyear Granby 400 Gt Nor Ore... 3oo do pfd 2.4O0 Greene Can Gulf S Steel.. lla.sk Itarkt-r.. HouMon OH.. Hupp Motor. 1!1 (. .-ntrai w. Insiilration lnt Agr Corp. do pfd Interhoro .... do rfd Intr Cailahan. lnt Harv lnt M.r Mar., lnt Mer Mar. lnt Nickel ... lnt I'ap.-r .... do pfd ..... Invin Oil ' I,land -oil ... Jewel Tee, ... K C Pouilirn. K C S.iu rfd. Kelly-Spgfld . K ennecott . . . Keystone Tire Lack Steel ... Lee Tire .... I.chlgh Valley I.ortlutrd .... Low Thea .. I. ft N 'orianil Oil May l-pt Str l'.-t 100 87 V, 87 31 1)7 106 34 34 58 7 7 5 23 111) 11 71 48 123 31 37 67 64 o"4 28 14 18 32 45 57 25 31) 68 1 92 i2 5(1 H'.l 115 34 32 8.1 '. 73 2 82 8 17 10', 1(10 22 114 53 811 9 13 S, 84 97 87 85 30 96 10(1 84 64 68 6 7 5 22 118 10 10 43 i22 31 34 55 03 0', 'i 27 IS 31 45 r. 25 39 67 1 92 2rt 92 49 98 113 33 32 85 72 3S 81 8 17 1.1 lox 21 114 52 7:) 8 13 8 82 12 12 73 141 9 14,600 59 8 'S7 7.0O0 3H) 8.2(81 7.3UO 1. 118) 8(H) 200 ioo 37 81 77 13 J02 41114 8 33 27 31 73 'S2 SI 74 12 10O 38 8 33 1.100 5(H) SlH) 100 4.300 2.1IMI 4.600 'rj.6o() 2,5(8) l.(HK) 2.2O0 l.OOO 2.600 3.1 in) 6.400 600 300 2.900 40I) 1.5(H) 2.100 5'HI 900 40 IH10 4 6 8.1 1 4 '4 65 12 48 'ii !S 12 S 2.1 53 38 1 26 18 47 151 13 112 24 107 1'4 4 .1 82 14 64 11 - 46 ir. 2 11 23 54 37 26 18 47 2 58 130 1.1 10!) '4 24 106 1 1014 42 4 12 811 81 40 30 5(1 106 "it- 43 90 33 59 . 93 34 117 134 130 81 104 22 18 48 100 97 87 87 30 9(1 106 35 53 58 7 7 5 22 11S 4 11 " 70 47 83 123 31 84 6(1 63 16 17 27 1N 4 56 24 89 68 1 92 27 92 49 98 114 33 32 8.1 72 68 81 8 17 15 108 21 113 52 , 79 8 13 8 82 9 3S 12 72 140 8 43 67 86 11 27 . 31 73 26 56 Ml'; 74 12 loo 38 8 S3 1 4 V 8.1 144 68 12 46 80 15 2 12 23 64 37 2 18 14 4(1 27', 58 150 13 110 24 1 0(1 '4 111 7)4 82 98 183 64 9 88 21 'ii" 82 19 96 V, 22 40 86 102 10 43 27 23 64 10 20 130 27 125 '67 53 42 55 lUO 37 84 118 64 28 7 32 6 8 21 13 79 13 "92 00 8 38. 6 7 62 97 180 63 9 87 20 '87 ' 81 18 93 21 88 83 loo 10 45 2(1 25 63 10 19 128 26 "7 124 "67 52 40 54 100 30 94 117 63 . 27 67 31 - 6 6 20 13 77 15 '92' ' 50 8 88 6 800 82 31 do 1st ofdV . loo U H Smelting.. 200 U 8 Sleel. .. 9.5O0 do pfd . i . . . 600 Utah Copper.. 2.300 Va Chem 500 do fd 50O Vanai Steel. . . l,7oo Vivandojl .... 200 Wabash .- 201) do A pfd. . .. 1,000 do B pfd. . . . 2O0 Wells Fargo.. 1.700 Western Pac. 600 do pfd Western Union 300 West E & M.. 700 West Md 211O White Motors. 6,300 Wlllys-Overld. 700 do Dfd Wilson Pack.. Wis Central. . . Woolworth ... 100 Worth Pump.. l,5uo W ft L E 100 White Oil.... 1,400 Ex-dlv. 2. BONDS. U S 2s reg !01 No Pac 4s .... do coupon. .101 j do 8s do 4s reg. . . 104 1, (Pac T ft T 5s. . do cv 4s cpn104;Penn con 4a., Pan 3s reg 80 So Pac cv 5s.. do cpn 80 so liy 5s A T ft T cv Os.lllil;n.on Pac 4s.. Atchen gen 4s. 89U S Steel 6a... I) ft Rio cons 4a 7.T I - NYC deb 6s.. 99 i -Bid. Liberty Bond Quotations. Liberty bond and victory bond quota tions at New York an furnished by Over beck ft Cooke company of Portland: Onn H .h T u. I-1 . ,-iDerty 3s.... 07.00 97.96 96.50 Liberty 1st 4s Liberty, 2d 4 Liberty 1st 414s. 90 2 Liberty a J 4s. 97 68 Liberty 3d 4Ws. 97 90 4th 4s 97 84 140 46 140 45 '4 6 8 27 1 12 j 30 j 8 I 25 I 66 I ?: : 46 64 30 33 89 14 - 13 99 77 23 58 74 2 6 21 - 10 7 65 82 46 62 47 33 64 20 36 80 14 10 61 24 64 108 15 74 26 26 62 84 7 62 97 179 63 8 87 20 87 87 82 1!) 93 22 39 85 lou 10' 45 26 2.1 64 10 20 129 26 69 8 125 8 67 53 41 54 99 36 84 117 63 29 67 81 6 8 2o 1.1 78 15 52 92 50 8 87 6 27 31 25 13!) 45 6 8 8Td 62 1)3 It 9(1 97 90 91 100 97.66 97 Jfl 97.80 97.68 96. 30 97.50 97.48 66 97.84 97.74 97.92 Liberty 4th 4s 97 84 97.8S Victory 4s 100.24 100.211 I0O.I8 KM). IS Victory 3s. . . 1(H) 20 1O0.26 100.22 100.18 Mining Stocks at Boston. BOSTON. Jan. 16. Closing Quotations: itoues zttoiiso ttuite 13 Arls Com -8 .Old Dominion... 24 Cal ft Ariz 58 lOxceola 32U Cal ft Heula ...275 IWuincy 44 Centennial .... 9!Sdperior 2 Cop Ra Con Co 42Sup ft Bos Mln. 1 B ilutte Cop M. lliShannon 1 Franklin l;UtahCons 1 Isle Royalle ... 24 Winona 35 like Cupper .. 2 W'olverlne 10 Muhawk , 65 I .MONTHS AGO, before bond prices began to advance, we advised our clients to purchase bonds for the reason . that conditions indicated a raise in prices and a decrease in yields. We again call attention to the situation and for the same reason advise investment in such solid securities as 6 General Obligation Improvement Bonds CITY of PORTLAND Due 1931 Optional after October, 1924 - PRICE TO YIELD 5 Yield. 5V Due. Morrow Countv. Or- 514s.. 1929 Wallowa County, Or., 5i2s 1932-34 5.00 Dutch East Indies (Netherlands) 6s 1947 6.75 Bonds of these types undoubtedly will command higher prices as we progress back into settled paths of business. Buy now and profit. LUMBBRMENS jkusx (Scanty -BANK BROADWAY and OAK Overbeck ft Cooke company of Portland: Bid. Ask. Belgian rest 5s 60 Keisian prem 5s 74 '8., Bels-ian 7s. 1U45 104 104 Kela-lan 8s. 1941 105 100 Belgian 6s. 1023..; 95 96 Brail! 8s. 1941 104 1 04 British 5s. 1922 86 88 British :.s. 1927 85 87 British 5s. 1929 84 84 British vky 4 67 69 British ref 4s 62 65 Bordeaux 6s. 19:t4 S3 83 Canadian 6s. 19:17 94 94 Canadian 5s. 1920 96 97 Canadian 5s. 1929 98 98 British 5s. 1931 96 98 British 5s, 1927 93Vj 95 Chilean 8s. 1941-C lOl 102 Currency 11 a 13 Denmark 8s, 1945 108 108 Dan Muni 8s. 1945 106 1(7 French 4s. 1917 49 50 French 5s. 1921 74 75 French 5s. 1931 63 64 French 7s, 1941 94 95 French 8k. 1945 100 100 German WL 6s 3 4 Berlin 4s 4 6 Hamburg; 4s 6 6 Hamburg- 4a 6 - 6 Lelpslg- 4s 6 6 Lelpaig 5s 5 1 Munich 4s 5 6 Munich 5s : 6 8 Frankfort 4s 6 T Italian 5s. 1918 33 33 Jnp 4s, 1931 74 7414 Jap 1st 4a, 1925 87 88 Jap 2d 4s. 1925 87 87 Norway 8s. 1040 109 109 Russian 5s. 1921 18 20 Russian 5s, 1926 4 5 Russian 6s. 1919 19 20 Swiss 5s. 1929 97 9T Swiss 8s, 1940 113 114 U K 5s. J922 IOO14 100 U K 8s. 1929 100 100 U K 5s, 1937 98 98 Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by North western National Bank of Portland. The amount quoted Is the equivalent of the forelirn unit in United States funds: Austria, kronen 9 .0007 Belgium, francs Bulgaria, leva Czecho-Slokakia, kronen Denmark, kroner Knglnnd. pound sterling... Si I Finland, flnmark Si. 154 I . c.reece. drachmas ............. Holland, fruildx-rs Hungary, kronen Italy, lire I Norway, kroner Fortugnl. escudos Koumania. lei Serbia, dinars. SpAln. pesetas Sweden, kroner Switzerland, fiancs 1941 Chlrta-Hongkong.Hocal currency 5500 Shanghai, laels 7750 Japan, yen 4850 W5T MORE Merchants and Producers EGGS Our Outlet Enables L's to I'ay Top Prices. SHIP TODAY BLUE VALLEY PRODUCE CO. Fourth and Gllaaa Sta. l'ortlaad, Or. AHK YOir LOOKlVd FOR A DR. I-fc.XDAHl.K FHODI CK Ut.MtKI Veal Huttrr I'ork 4 kerne I'oultry F.Ka-s Hoary Any Prod art Ank for latest mrlhoda sard .to prepare shipments for kluhrr prices, HI BV et CO. 16S Front SI, Portland, Or. Swift & Co. Stocks. Closing prices for Svrlft & Co. stocks at Chicago were reported by'the Overbeck & Cooke company of Portland as foliowa: Swift & Co 100 I.lbby. McNeil & Libby 5 i National Leather 2 National Leather, new 10 Swlt international 23 - Money, Silver, Etc. NEW YORK. Jan. 1ft. Call money, strong; high. 6 per cent: low, 3 per cent; ruling rate, 8 per cent; closing bid, 6 per cent; offered at 6 per cent; last loan, 6 per cent. Time loans, steady; 60 days. 4 per cent; 90 days, 4 per cent; six months. 4 per cent. Prime mercantile paper, 4 05 per cent Bar silver, foreign, 65c. Mexican dollars, 50c. LONDON. Jan. 16. Bar silver, 5d pet ounce. Money, 2 per cent. , Discount rates, short bills, 3 per cent; three months' bills, 3 per cent. - New York Bonds. New Tork bond quotations furnished by Herrln 1 Rhodes. Inc. of Portland: Maturity. PTlce. Am Tet & Tel 6s 1922 100 Am Tel & Tel 6s 1924 101 Am Tob 7s 1923 ln.' Annconda 7s B 1929 102 Anaconda 6s A 1929 9S Armour cv 7s 1930 102 Armour 4s 1939 87 Argentine C.I 5s 1945 77 Am Ag Chm fs 1941 102 Beth Steel 7s 1922 101 Heth Steel 7 1923 lOl Bfth Steel Eq 7s 1935 101 Belgium Ext 7s 1945 ll'7 Helltlum 6s 1025 95 Hegium 8s 1910 1IW Birgen Ss. City of ......1945 107 Heme 8s. City of .... 194.1 107 Brail 8s 1941 104 Canadian 6s 1926 97 Canadian 6s 1931 97 Onn Nat Eq "s 1935 lort Chi A N-1V 6s 1036 107 Chicago. N-W 7 1H30 106 C. M St P gnArf 4a A 2(H4 5s Cm Nor 7s 1940 110 Chile 8s 1941 Kill,, Christiana 8. City of 1945 107 Copprr Exp 8s 1922 101 Copper Ep 8s 1023 lltl Copper Exp Hs 1924 103 Copper Exp 8s !0-M 104 Cuban Amer Sugar 8s 1931 102 Con Gas cv 7s 1925 104 Ilia Match 7s 1935 109 Benmark 8s 1943 los Ianish Mun 8s 1945 107' lunont 7s 1931 104 French ext 8s 1943 100 French 7'As . . 1941 95 Grand Trunk 7s 1940 110 Goodrich 7s 1025 1)8 Goodyear 8s 1941 112 Gulf Oil 7s 1933 10344 Humble Oil 7s 1D;'S 101 lnt Rap Tr ref 5s 1968 60 lnt Mar CT s 1941 92 lnt Rap Tr 7s 1921 81 Kelly Springfield 8s 1931 104 Kennecott 7s 1930 13 I.tlibv, McNeil A Libby 7s 1031 fto Morris A Co 7s 10.10 103 Mexicin Pete 8s 1936 100 N V C call 7s 1930 107 Norwav 8s null 109 N P G N Jnt)-s 1936 108 X P 6 2047 110 Northwest Tel Is 1941 108 Ohio C a 7s 192.1 99 Ohio Power 7s B 1951 99 fan Amer s ... .......... . l'J.lu fenna 6s 1936 Kus Rubies ns ... San Paulo 8a ..... Sothwt Tel 7s SweKh Gove. 6s.. Standard OH. N. T. Stand. Oil of Cal 7s Steel A Tubs 7s. . . . Swiss 8s Sears Hoe 7s do Sinclair. 7s Swift at Co. 7s Vn Tank 7s Uruguay Ext 5s... I- S Rubber 7s.. Wilson 1st 6s...... West Elec 7a Westinghouse 7s .. Zurich 8s 7s 97 106 4 102 102 95 110 1(7 9S 114 10O 99 HO KM 102 64 lo R 104 107 107 Foreign Bonds. Foreign, bond quotations furnished bjr .. .19::6 . ..193S .. .1923 . . .19.19 .. .1931 1 93 1 1951 1940 1922 1 92.1 1925 1925 1930 !.'"!.1930 . . . 1 928 1925 19111 1945 .079 .0012 .0170 .2(815 4.2350 .0193 .OH27 .005A rri44r. .3s .0021 .044.1 .0040 !0S35 .00S6 .01 65 .15O0 .2503 $1; celery, crate, $3.5005; cucumbers, dozen. 1.203; eggplant, pound, 5315c; lettuce, small crates $1Q2.75; mushrooms, amall box, 50975c; olives, pound. 699c: onions, cwt., brown, $5.506; white globe, $7.50: peas, pound, 1520c; bell peppers, pound, 20&25c; potatoes, $2.15,2.85; pumpkins, sack. ?3cgi$l; rhubarb, box, $1.753.25; summer squash, small crate. $3A3.50: hubbard. sack, $181.50: aprouu. 79c; spinach, pound, 910c; tomatoea, crate, $2.50 2.75. Receipts Flour, 3908 quarter sacks; wheat, 67 centals; barley, 1112 centals; corn, 960 centals; potatoes, 8153 quarter aacka; hay 365 tons; hides 80; livestock, SiO bead. Metal Market. NEW TORK, Jan. 16. Copper, steady. Electrolytic, spot and nearby, 13(?14c; later, 14c. Tin Weak. Spot and nearby, 82.62c; fu tures. 32.37c. Iron Steady. No. 1 Northern. $19,500 20.50; No. 2 Northern, $19 20; No. 2 Southern. $18 504) 17. Lead Steady, spot, 4.704.80c. Zinc Quiet. East St. Louis delivery, spot, 4.80c. .Antimony Spot, 4.60c. Dried Fruit at New York. NEW TORK, Jan. 16. Evaporated ap ples steady; state 15S17c. ' Prunes, quiet; California, 6318c; Ore gons. 6 14 c. Apricots firm but quiet; ' choice, 25 26c; fancy, 814133c. Peaches firm; choice 13014c: ex tra choice, 1415t,; fancy, 1720c. Raisins dull; loose muscatels, 14 9 16c; choice to fancy, seeded, 14916c; seedless. 17rl9c. a IWANTED NEW TORK. Jan.' 16 Foreign ex change Irregular. Great Britain, demand 4.22, cables 4.23; France, demand 8.20: cables 8.21; Italy, demand 4.40, cables 4 41; Belgium, demand 7.81. ca b'es 7.82: Germany, demand 54, cahla 55; Holland, demand 36.80. cables 36.86; Norway, demand 15.60; Sweden, demand 24.90; Denmark, demand 19.95; Switzer land, demand 19.43: Spain, demand 15.00; Greece, demand 4.36: Argentina, demand 33 e2; Brazil, demand 12 87; Montreal, 94. Standard Oil Stocks. Standard Oil stocks st New York, fur nished by Overbeck ft Cooke company of Portland: Closing Bid. Asked. Anglo 17 Borne Scrysmer 825 Buckeye 86 Cheesebrough 175 do pfd 106 Continental 125 Crescent 28 Cumberland 128 Eureka, ex. div. 80 Galena, com 40 do Old. pfd 103 do New. pfd loo Illinois Pipe 15 Indiana Pipe 87 Nat l Transit 29 X. T. Transit 142 Northern Pipe 92 Ohio Oil 287 Inter'! Pete 14 Penn Mex 16 Prairie Oil 525 do Pipe 228 Solar Refg ..360 Sruthern Pipe 78 South Penn Oil 180 S W. Penn Oil 60 S. O. Ind 86 do Kansas ................ 560 do Kentucky ..435 do N. Y 8.1.1 do Ohio 380 do Ohio, pfd 114 Swan & Finch 80 Washington 30 S O. Nebraska 180 Imperial Oil 102 17 850 88 185 110 130 30 135 83 42 107 103 170 89 80 14.1 93 272 1.1 18 530 232 370 80 lw) 54 8(1 570 44.1 360 390 115 40 40 170 104 -PARTNERS inquire at Rurtland Gas 6, Coke Cdmpany HS-2 Portland Cm A Coke Co. IaTeatment DeptGatvco Bide Portland Send me free Illustrated booklet and tell me how to become a partner In your Company. City SAW FRANCISCO PRODCCK MARKET Trices Current on Vegetable, Freah Fruits, Etc., at Bay City. SAN FRANCISCO, Jan. 19. (State di vision of markets ) Pruit Apples, and 4-tlr, 11.403.50; oranges, navel, 12 25 48 430; lemons. $1.503. ?5; rape fruit. $2 SO1? 4.75; cranborriti, box, $4.5l3 5.30; pears, box, 1.50tf2.50. Poultry Broilers, 85 tfrSSc; younjr roost ers. J432c; old, 17-gL'Oc; hens, 25e32c:T duck. 22-rJ2c; turkey's, live, 32$3isa; dressd, 405i42c. Vegetables Artichokes, esse, $I921; j benn. pound. 10jM5c; carrots, nack, JV JOHN PURSE & CO. CONSULTING PUBLIC ACCOUNTANTS AND AUDITORS 511 ARTISANS BUILDING. Broiglway 2853 Balance Sheets. Income Tax Financial Examinations We Recommend for InTestment Marion County, Or. Road 5J4 Bonds Due July 15. 1930. YIKLDI.Vfi ABOUT 4.90 Spokane Co., Wash. 5 Bonds Due January 1. 1932-34. YIELDING ABOUT 4.807. Circulars on request for OH 440 The National City Company Offices in more than 50 cities. Y roil Bills;., Portland, Or. Telephone Main 6072 Established 1901 George Black fif Company PUBLIC ACCOUNTANTS AND AUDITORS Worcester Building Telephone Broadway 7370 PORTLAND, OREGON GEORGE BLACK, C. P. A. Fellow of the American Institute of Accountants HARVEY N. BLACK General Practice Invest Igatlona Eatate Werk Special and Periodical Aadlts Tax Service $30,000,000 Southern Railway Company Development and General Mortgage Bonds Bearing 64 Interest Dated April 18, 1906 Due April 1, 1936 Not Subject to Redemption Prior to Maturity. Interest payable April 1 and October 1 in the City of New York. Principal and interest payable without deduction for taxes. Coupon Bonds in denomination of $1000, registerable as to principal. Registered Bonds in denominations of $1000 ' and authorized multiples thereof. Coupon Bonds and Registered Bonds Interchangeable. GUARANTY TRUST COMPANY OF NEW YORK, Trustee Fairfax Harrison, Esq President of Southern Railway Company, has summarized for us as follows his , letter to us describing these bonds: The bonds will be issued under the development and general mortgage, dated April 18, 1906, and the) principal, as well as interest at the rate of 49& per annum, will be secured by the lien of that mortgage. Pursuant to C supplemental indenture, the company is to affix to the bond its obligation to pay 2 additional interest, thus making the total interest rate 6 per annum. The 2Mi7 additional interest . obligation will not be secured by the development and general mortgage, but m the supplemental inden ture the company will covenant that it will not create any new mortgage upon any part of the railway subject to the development and general mortgage unless such new mortgage expressly shall secure the payment of the additional interest obligation equally and ratably Tjth any indebtedness secured by such new mortage. The total 6H interest obligation is combined in the several coupons. The proceeds of the sale of these bonds will be used by the company to, pay its three-year secured gold notes maturing March 1, 1922; to pay a demand loan owed to War Finance Corporation, and to reimburse) the company's treasury in small part for capital expenditures. Since the development and general mortgage was created in 1906, the company's capital expenditures on the property subject to the mortgage have exceeded 1135,000,000, upwards of $40,000,000 of which was from cash derived from earnings. The new capital has been used to provide improved facilities for the efficient and economical handling of traffic ( A comparison of the earnings and traffic results in 1920 with those in 1905 shows the following growth and expansion: ' Gross earnings, per mile of road, increased Revenue, ton-miles per mile of road, increased Average earnings, per freight-train mile, increased Passenger miles, per mile of road, increased Average earnings, per passenger train-mile, increased.... 227.7 152.79e 207.V& .132.5 .159.4 During the 5 years ended December 31, 1917 (when the property was taken over for operation by the Federal Railroad Administration) the average of the company's annual net income, after deducting rentes and miscellaneous income charges, was nearly 1 times the average annual interest charges. The "standard return" rental during Federal control was limited to $18,653,893 per annum (as compared with $26,085,574, the actual net operating income for the calendar year 1917). But it was sufficient, together with the company's other income, to produce a total income equal to about 1 times the company's inter est charges. The company's net operating income has recovered from the low levels touched in the latter part of 1920 and the early part of 1921, the monthly average rising from $357,324 for the first six months of 1921 to $2,004,377 for the. succeeding five months. The location and extent of the Southern Railway System are important elements of its strength. The company's Qwned and affiliated lines, reaching from Washington, Richmond, Cincinnati, Chicago, St. Louis r.nd Memphis to Norfo'.k, Charleston, Savannah, Jacksonville, Mobile and New Orleans, via the largest cities in the South, traverse a territory yielding a growing traffic of wide variety in agricultural and manufactured products. The Above Bonds Are Offered, Subject to Issue as Planned, at 9iY2 and Accrued Interest to Yield over 6.90 Subscription books will be opened at the office of J. P. Morgan & Co. at 10 o'clock A. M. Tuesday, January 17, 1922, and will be closed in their discretion. The right is reserved to reject any and all applications, and also in any case to award a smaller amount than applied for. The amount due on allotments will be payable at the office of J. P. Morgan & Co.t in New York funds to their order, on or about February 1, 1922. Temporary bonds will be delivered pending the preparation of definite bonds. J. P. Morgan & Co. First National Bank The National City Company- New York - New York -Harris Trust & Savings Bank Guaranty Company of New York Bankers' Trust Company New York Dated, January 17, 1922. ' We uy and Sell u. s. I Certificates of Indebtedness arid Gold Notes in any amounts at the current market Dealers. Banks, Corporations and Individual Investors are invited to use our service QfsA for booklet CA-a giving full explanation and quotations H ALSEY, STUART & CO 209 South 'La Salle Street, Chicago CHICAGO NEW YORK PHILADELPHIA BOSTON DETROIT MILWAUKEE MINNEAPOLIS ST. LOUIS HERRIN & RHODES, Inc. HATCI UAVT stoSbonds, ilU i LL flu I 1 rnTTniU pn A 1U Strictly Flreproot. Near both depots tU I 1 Jn, VmXVrAlll and convenient ear serTloe to Correspondents B. T. HUTTON at CO, N. T. . " Pr' ' Members all leadlnc exchanges 8lncle Rooms Without Bath. SI and Babeo.-s Service oa Kile. '"""elSt S'komz "mILE? " Ualn tin . Z01 Baileraj Kxehajis Bids. KLBfcBT b. itOBZ. Manager. " ALFALFA HAY Phone Your Want Ads to Bay Direct St Money. Writ. . Wire for Prlcea. . j THE OREGONIAN ERJTEST T. FREEPOtfS, Walla Walla. W a. kin at on. . . . n n y Main 7070 Automatic 560-9a gonlan. Main 7070. Automatic S60-95. Phone your want ada to Th Ore- NEW ISSUE $150,000 Wasco County, Oregon 6 Road Bonds (The Dalles-California Highway Bonds) Dated January 14, 1922 Due January 14, 1942 without right of prior redemption. Exempt From the Federal Income Tax Legal investment for savings banks and trust fund3 and as security for public funds in Oregon. FINANCIAL STATEMENT Assessed valuation, 1920 $20,162,074.44 Total bonded debt (including this issue) . . 410,000.00 Population, 1920 13,649 Wasco County is the oldest county in Eastern Oregon. Fruit, livestock and wheat are the principal products. PRICED 112.55 TO YIELD 5 BLYTH, WITTER & CO, 4th and Stark Sts. . BOND & GOODWIN & TUCKER, INC. U. S. National Bank Bldg. PUTS and CALLS Guaranteed) "T1TB 8AFK8T WAT TO TRADE." ARE TOU 8TII.L. SrTTINO ON THR SIDE LINES? Why watch the market o through this constructive staxe and over look so many proftt-taklni; possibilities? ! Is a amall sum but It buys a 30-day call on 50 shares of any listed New York stock. The risk is limited and It may show profits 10 to 1. Write for booklet, "How to Trade In Puts and Calls." Prompt attention to mall orders. WATSON & COMPANY Investment Aecarltles. 2S Stock Eschanire Bids. Loe Aiigelc. Cal. rermanence Cheap butldinfra ara temporary, and all give way to permanent structures as cities grow. It Is no longer a question of a few dol lars' additional ezpensa for new buildlnics, the main considera tion being to employ skill and materials to create and erect structures that shall be endur. In if. Experience has likewise de veloped the same aentlment In the puhllo mind In r e g a r d to pavement; the best, namely, Warrenlte-Hltullthlc, belna- gen erally conceded aa the cheapest in th long run.
