r
r 21
TOE MORNING OREGONUX, TUESDAY, FEBRUARY 28, 1023
DUTCH BDNDJ5SUE SOLD
NEW GOVERNMENT OFFERING
IS SUCCESS.
French, Chinese and Japanese
Loans at Higher Prices Do
mestic List Also Gains.
NEW YORK, Feb. 27. The successful
ale of the new Dutch government, 75,000,-000-guiliir
offering lu 'this market today
was the foremost feature of another active,
strong and diversified demand for bonds.
French government 7tes and fcs led the
European list and Chinese railway 5s made
the greatest gain of any Issue, rising 4
points
Japanese government bonds and several
o the municipal bonds were strong.
In the domestic groups, rails of ths
speculative type were in further demand.
but fractional to 1-point gains In that
group were slightly shaded by the reversal
In the stock market. Buying of libertj
bonds expanded, although several of those
Issuee closed at slight losses. Local trac
tions, notably Brooklyn Transit 7s, regis
tered substantial gains. Total sales, par
value, aggregated J19.273.000.
Foreign developments over the week-end
were accelerating factors In the greater
strength and activity shown by the stock
market during the first half of today's
session, leaders making extreme gains of
1 to 4 points.
Practically all of the Advance was lost
in the final hour, however, when selling
of steels, equipments, oils, tobaccos and
chemicals caused a heavy close at extreme
reversals of 1 to 5 points from maximum
Quotations.
Transactions again were broad, aggre
eating 1.000,000 shares.
The outcome of the meeting between the
British and French premiers, which in
turn imparted buoyancy to, leading Euro
pean currencies, resulted in the further
retirement of the shorts during the forenoon-Domestic
advices also offered ground for
encouragement, importance being attached
by bankers to the senate committee's fav
orable report on the treaties adopted by
the arms conference.
Railroad tonnage at principal terminals
continued to gain on the more expansive
movement of foodstuffs to distributing
centers, but western investors showed a
disposition to await the result of the
bonus legislation at "Washington before
assuming new commitments.
Rails were the mainstay of the market,
yielding oniy moderately when such issues
as Baldwin and American Locomotives and
independent steels, Studebaker, Mexican
Petroleum, California Petroleum, Tobacco
Products, Retail Stores and Davison Chem
ical were under fire at net losses of 1 tft
4 points.
The money market was not especially
responsive to last week's better clearing
house statement, opening at 5 per cent
for call loans and yielding very gradually
to 4',s per cent. Short time loans were
unchanged at 4 per cent, and few longer
maturities were reported. I
On the better Anglo-French situation,
sterling remittances rose 2 cents and other
allied currencies were from 10 to almost
2i points better. The German rate was
not benefited by the Boulogue conference,
showing marked heaviness, but Dutch end
Scandinavian rates again strengthened
and the discount on Canadian exchange
fell bolow 2 cents.
CLOSING STOCK QUOTATIONS.
3oo
200
1,700
400
700
1.500
0,700
200
' lioo
4,300
High.
14
35
58 Vi
13 14
57
4014
1)1
4114
400 13014 149
Furnished by Overbeck
pany of Portland:
Sains.
Advance Rum.
do pfd
Agr Chpm. . . .
do pfd
Ajab Kuhber..
Alaska tlold. .
Alaska Juneau
Allied chem..
Ailis-Chalmers.
do pfd
Am Beet Sug..
Am Bosch
A m Can Co , . .
do pfd
Am Car & Fdy
do pfd
Am Cot Oil...
do pfd
Am Drug Kynd
Am Hide & L.
do pfd
Am Ice ......
Alu lull Corp.
Am Linseed. . .
do pfd
Am Loco
do pfd
Am Faf Razor.
Am Ship & C.
Am yjneUwv.,i.0i
no pro
Am Krtuff
Am Steel Fdy.
Am HuKar
do pfd .....
Am Sumatra. .
Am Tel & Tel.
Am Tobacco. ..
do "B"
Am Wool
do pfd
Am w p pfd..
Am .cine
Anaconda .... 7,300 4!i
Ass'd Oil...... 900 10414
Atchison 2,900 97 Vi
do pfd 400 8314
At Coa-st Lino. 3(io M)
At Gulf & W I 8.800 27V.
.Baldwin Loco. 9,500 109
& Cooke com.
Low.
1314
3H
3314
6814
14
07 14
45
91
'38 54
40
1,400
200
4UII
1,400
4110
1,4110
6,:tlH)
1,300
700
8U0
V.300
,700
9110
1. HCKI
5oil .
2. HII0
2,tlM
400
00
4,700
100
2314
49
5
1.1 "4
7'4
1(10
4314
32
83 '4
100
"414
11
32
37
98
2HV4
1197
13814
13H
80
10i
23
49
34
14
B0T4
118
43
32
31
107
"4"
U
3154
14
9714
25 '4
11914
138
135
85
106
4814
103
9B14
8514
23 TA
10414
Bid.
13 14
3814
35
6814
14
5714
43 14
91
35
4014
100
14814
120
23
49
5
14
SB 14
97V4
43
32
2(i
107
114
4
31
4'i4
9
135
31
6014
S
26 14
11914
137
135
84
10514
. 13
4814
104
90 '4
8514
89
2414
104
Int Paper .... 1,400 49 48H 4S14
do pfd 80
Invincible OiL 17,800 16v4 15T4 15T4
Island Oil 9,200 1 1"4 l
Jewel Tea ... 3.200 1814 171i 17'sj
K C Southern. 8,400 27 2 28
do pfd 100 63 63 53
Kelly-Spgfld .. 2,00 404 39 314
Kennecott ... 7,900 28 27 Vi 27 '4
Keystone Tire. 1,000 16V4 15 15
Lack Steel 1,600 45 45 45
Lee Tire 200 28 28 27
Lehigh Val... 2,500 6114 (if 14 69
Lorillard 5W 152 151 130
Lowe Theaters 2,700 13 12 13
L & N 300 113 113 113
Marland Oil.. 8,000 28 27 28
Mart & Parry. 2,000 27 28 2i
May Stores ... 2,400 111 109 111
Mex Pet 20.0(H) 124 120 120
Miami 1,800 27 2614 26
Mid States Oil 18,100 13 13 13
Mldv Steel ... 3,000 30 29 29
il K & T 10,100 11 11 11
do pfd 7,100 34 33 33
Mont Power... 10O 66 66 65
Mont Ward... 2,5(M 15 ' 14 14
Mo Pac 6,000 21 21 21
do pfd 4,500 62 61 61
M St P & SSJI 2,500 71 69 69
Nor Am 3,000 69 68 58
Nat Biscuit 130
Nat Enamel.. 2,400 34 83 33
Nat Lead .... 100 89 89 88
Nev Con 1,300 14 13 14
New Haven... 1.10O 18 17 17
Nor & West.. 1,700 101 101 100
Nor Pac 3,100 81 80 80
Nov Sco Steel. 100 24 24 24
N Y Air Brk. . 100 69 59 69
N i" Central.. 3,000 78 77 77
Ok Prod re.. 1.300 2 2 2
Ont Silver 5
Ont&West... 800 22 21 21
Otis Steel 48) 10 9 9
Pac Dev 1W 7 7 7
Pac O & E... . 300 66'4 66 66
Punta Allegre. 50O 38 37 37
Pacific Oil 2.51H) 50 48 48
Pan Am Pet.. 4.300 55 54 54
do B 1,100 50 49 49
Penn 3,400 35- 34 34
Peo Gas 6o0 75 75 74
Pere Marq 6,700 27 26 214
Pure Oil 2.10O . 35 3-514 35 tl
Phillips Pete.. 1,000 33 32 32
Pierce Arrow. 600 17 16 16
Pierce Oil 2.300 8 8 8
Pitts Coal .... 400 61 60 60
Pitts & W Va. 1,900 26 16 25
do pfd 100 78 78 77
Pr Steel Car. . 1,600 68 66 65
Pullman 1.20O 118 115 113
Ray Con 1,300 14 13 13
Reading 16,700 76 74 74
Remington ... 200 31 31 31
Replo Steel... 100 29 29 20
Rep I & S 2,900 4 7 46'A 46
do pfd 600 7S 76 78
Rep Motors '3
Rjl Dutch Oil. 8,100 54 5314 63
Ry Steel Spg.. 500 97'i 9 6 96
Saxon Motors. 1,100 1 1 1
Sears Roebuck 6,200 70 63 68
Shattuck Ariz 7
Shell T & T... 500 43 42 4ii
I Sinclair 40,600 2:i 22 224
.Stand Oil Ind. 5,000 88 87 87
Stand Oil N J. 200 170 179 176
Sloss Shef 200 38 38 AS
Sou Pacific 86 85 85
Sou Ry 7.400 21 20 20
Stan Oil Co... 1,000 9 96 66
St L & S F 11,100 30 29 28
Stromberg Crb 4,100 44 41 , 42
Studebaker ...61,00 102 99 99
Swift & Co 107
Ten Cp & C. 1,000 10 10 10
Texas Oil 12,700 46 46 46
Texas Pac 13,400 33 31 31
Tex. Pac C & O.6.S00 28 27 27
Tob Products . 5000 62 58 5S
Tran Con Oil. 4,900 10 9 9
Union Oil Del 3,000 18 18 18
Union Pac ... 8,000 1 35 134 134
United Alloy . 400 27 27 27
United Drug .. 700 67 66 66
Un Food Prod 1,800 3 3 3
United Fruit .. WM 141 140 138
Union B & P 200 65 65 64
U S C I Pipe 500 27 26 25
Utd Retl Sires 32,900 48 43 44
US In Alco.. 1,400 4ii 4414 44
U S Rub.-... 1,800 55 54 54
do 1st pfd.. 100 99 99 99
U S Smelting. 600 33 3.1 33
IT S Steel 34,600 94 . 92 82
do pfd ..... 700 116 116 110
Utah Copper . 5,700 63 61 61
Va Chem 500 311 32 32
do pfd 100 69 69 6 8
Vanadium Stl 3,800 37 35 35
Vivandou 300 7 7 7
Wabash 0O0 8 7 7
do A pfd .. 8,000 25 24 24
do B pfd .. 200 15 1514 35
Wells Farce 80
Western Pac. 2,100 18 18 17
do pfd 2O0 52 5a 52
Western Union 400 92 92 92
Wstghouse AB 99
do E & M.. 1,700 55 55 55
West Md 0
White Motors 400 39 '4 39 89
Willys-Ovid .. 1,100 5 5 5
do pfd 200 26 26 26
Wilson Pk? .. 6,600 41 40 40
Wis Central . 1,000 .10 28 28
Woolworth ... 500 149 148 148
Wthg Pump.. 7O0 46 46 4(1
W & L K 200 .7 7 7
White Oil 2,500 9 9 914
Colo Sou ref ex 4s. ...1935
Colo Sou 4s 1929
Del & Hudson cv is 1935
Dal & Hudson 7s 1930
r & R G vc 4s 1938
D & R G ref As 1955
Erie P L 4s 1996
Erie cou 4s A...... ......1953
Erie B 1953
Erie D 1953'
Erie Pa C a 4s 1951
Grand Trunk eq 6s 1938
Great Northern 4fes 1961
Great Northern 7s 1836
Great Trunk 6s 1938
Great Trunk 7e 1940
Illinois Central joint 5s 193
Illinois Central ref 4 1955
K C Southern ref 5s 1930
Keo & Des Moines 1st 5s 1923
L S & M S 4s 1931
.. .1930
1940
....1946
....1990
1975
1923
....1926
.1934
L & N 7s
L & N uni 4s
M St P & S S M 6s..
M, K T 4s
Mo Pacific gen 4s....
Mo Pacific ref 5s
Mo Pacific ref 5s
N Y Central deb 4s....
N Y Central con 4s 1908
N Y Cent ref imp 4s 2013
N Y Central cv deb 6s 1933
N Y Central coll 7s 1930
N Y, N H & H cv 6s 1948
No Tex & Mex 5s .1935
N P P L 4s 1997
Northern Pacific 6s 2047
N P Gt Nor jt 83 1936
O S L ref 4s 1929
Pennsylvania 6s 1938
Pennsylvania gen 4s 1965
Pennsylvania 4s '. :1960
Pennsylvania gen 5s .1968
Pennsylvania 7s 19:10
Reading gen 4s , 1997
O A Li 43 19.JO
S A' L OS
S A I. 6s A
Sou Railway con 5s...
rou r'acltic cv 4s
Sou Pacific ref 4s
Sou Pacific sf term 4s.
Sou Pacifio ref 4s
Sou Pacific conv 5s....
St L & S F PI 4s" A...
St 1 ft S F gen 5s
St L & S F PI 5s B. . .
St L & S F gen 6s
St L & S F adj 6s
St L & S F inc 6s
St L ft S W 1st 53
St L & S W con 4s. . .V
St L & S W 1st 4s
Texas Pacific 1st 5s...
Union Pacific 1st 4s..
Union Pacific cv 4s... 1927
Union Pacific ref 4s ...2008
Lnion Pacific 6s 1928
Union Tank 7s 1930
Wabash 1st 5s 1939
Wabash 2d 5s 1939
West Pacific 5s 1946
Industrials
Allied Packers 6s 1939
Amn Agr Ch Ch 7s 1941
Amn smeltins 1st 5s 1947
Amn Tobacco 7s ..1922
Amn Tobacco 7s ,. . . 1923
Anaconda 6s A ....1929
Anaconda 6s B 1929
Armour cv 7s 1930
Armour 4s 1939
Beaver Board 8s 1933
Bethlehem Steel 7s 1H22
Bethlehem Steel 7s 1923
Bethlehem Steel eq 7s 1935
Bethlehem Steel ref 5s 1942
Cetro de Pasco 8s 1931
do pfd K,7
Bait & &Ohio
do pfd
Beth Steel "B'
Booth Fish...
B R T
Butte C & Z..
Butte & Sup..
Burns Bros . .
Caddo Oil
Calif Packing.
Calif Pot
do pfd
Canadian Pao.
cen Leather..
Cerro de Pasco
tJband Motor.
Chgo & N W.
cm at w.....
ffo pfd
Chili Cop 10.400
Chino 3.800
C M St P 7.400
do pfd 7.700
Coco Cola . . .. 4,600
C & O 1,800
Colo F & 1 100
Colo Southern 500
Col Gas & EL a ono
i-oium tirapn.
Con Gas
Cons Cigars..
do pfd
Contl Can . . .
Cities S Bnkrs
Corn Prod . . . 5,000
10,700
400
24,800
2(8)
400
700
2.4O0
,100
100
700
6.200
11,100
2,900
1,900
27,900
2,500
900
1,000
1.500
5,000
200
38
65
63
6
10
5
26
120
12
75
64
140
83
344
72
69
ii5
17
26
24
38
45
60
26
45
7.5,
- 98
21
37
65
62
6
10
5
25
119
11
75
62
138
32
32
69
68
6
18
10
25
23
87
44
59
26
44
75
2
94
20
900
64
20
103
53
19
101
.d,.Efl,;--- -o-jaa -a--" lis
37
54
62
6
. 10 4.
6
25
110
11
74
51
87
139
32
33
69
68
7
18
16
8
23
37
45
. 69
26
44
75
o
94
21
45
63
20
10114
cosden Oil ... 8.400 36
C K I & P.... 35,100 42
do A pfd... 200 93
do B pfd... 600 80
Crucible 14.100 65
do pfd 200 81
Cuba Cane . .. l.ooo 10
do pfd 2.000 28
Cub Am Sug.. 3,200 19
Del & Hudson 800 111 '
Dome Mines.. 700 25
Del .& Lack... 800 115
Davison Chem 8,600 60
End & John.. 800 81
Erie 8,400 It
do 1st pfd.. 2,200 18
Elec Stor Bat 300 142
Fam Players.. 12,300 83
Fed M S
do pfd 200 38
Fisk Tire .... 700 12
Gaston Wms.. 100
Gen Cigars... 100 . 68
Gen Klec .... 700 153
Oen Motor.... 24,500 8
Olen Alden... 1.500. 45
Gen Asphalt.. 11,400 64
Goodrich .... 500 87
Goodyear ....
Oranby 200
Gt Nor Ore... 3.000
Gt Nor pfd... 2,500
Greene Can... 100
Gulf S Steel.. 8,700
Houston Oil.. 6.500
Hupp Motor,. 2,000
Ills Cent .... 400
Inspiration ... 2,000
lnt Ag C com
do pfd .... 200
Interboro .... 30
do pfd 400
Intersta Cal.. 200
lnt Harv 200
lnt Mer Mar.. 1,200
35
40
ft
62
81
9
27
18
111
24
113
67
.80
10
17
140
81
'sk"
12
68
131
8.
44
62
37
do pf(1 2,700
Tnt N'lfkel
2.3'Hi
2814
35
76
25
71
79
14
100
39
'38
' ?
6
92
15
72
11
27
34
75
25
66
75
14
100
88
-38"
2
6
9.1
15
70
1 1
35
40
91
79
64
80
9
-J(
18
110
113
58
SO
10
17
138
81
o
87
12
68
150
8
62
37
10
27
H4
75
25
6914
75
14
100
38
9
38
2
6
.5
92
15
70
Liberty Bond Quotations.
Liberty bond and victory bond -quota
tions at New York as furnished by Over-
beck & Cooke company of Portland:
Open. High. Low Bid
Liberty. 8s..
do 1st 4s...
do 2d 4a
do 1st 4s .
do, 2d 4s .
do 3d 4s .
do 4th 4s .
Victory 4s..
do 3s ....
97.00 97.02 9890
96.70
97.18
90.88
97.54
97.16
96.90
97.28
97.0O
97.84
97 38
96.70
97.14
96 82
97.50
97.14
98.94
97.10
96. 80
97.20
96.94
97. 7 S
97.22
.100.26 100.28 100.26 100.
100.00
Mining Stocks at Boston.
Allouez 25 North Butle ... 11
Ariz Com 8 Old DommLon. . .24
CaJ & Ariz... 57 Osceola 32
Cal & Hecla.,.275 Quincy 43
CentenniaJ .... 10 Superior 2V4
Cop Rg Con Co. 41 Sup & Bstn Mn. 1
R Btttto Cp M. 10 Shannon 90
Fra-nklin 114 Utah Cons .... 2
I Royal (Oop.). 23 Winona 40
Lake Copper... 2 Wolverine 10
Mohawk 53 1
Money, Silver, Etc.
NEW YORK, Feb. 27. Call money
easier; high, 5 per cent; low, 4; ruling
rate, 6; closing bid, 4; offered at 4;
last loan, 4; call loans against accept
ances, 4.
Time loans firm; 60 days, 4o per
cent; 90 days and six months, 4$d.
Prime mercantile paper, 4g-5 per cent
Foreign bar silver, 63c.
Mexican dollars, 48 c.
LONDON, Feb. 27. Bar stiver, 32 d
per ounce. Money, 2 per cent. Discount
rates short bills, 3 3-16 per cent; three
months bills. 33 3-18 per cent.
...1949
...1945
...1094
...1929
...1955
...1950
...1949
. . .1034
...1950
.. .1931
...1950
...1931
.. .1955
...I960
...1952
...1932
...1989
.2000
.1947
86
91
91
107
74
, 44
5814
39
39
41
81
104
8814
107
101
109
93
64
84
80
90
106
89
101
76
62
89
93
86
79
86
S9
105
70
65
84
102
106
89
105
87
95
96
106
82
54
- 18
52
90
88
84
81
84
96
69
96
82
102
76
62
i o
73
77
91
91
91
85
103
103
95
86
84
68
100
88
101
102
96
102
103
88
68
101
101
102
92
111
83
100
38
101
102
102
104
85
71
104
78
35
107
108
92
101
98
105
97
1 1 2
104 ?i
100
89
98
74
93
103
102
98
85
99 H
93
113
93
114
86
103
100
101
92
100
99
98
101
103
106
86
104
10014
99
94
108
95
87
106
106
99
88
96
11 2 i
107
39 '
84
104
87
85
Con Gas cv 7s 1923 106
Int Met 4s 1956 1 16
Int R T ref 5s 1966 63
iaclede lias Ys 1930 95
Mont Power 5s A 1943 94
Northwest Tel 7s 1941 107
Ohio Cities Gas 7s 1925 100
Ohio Power 7s 1951 101
Pac Tel 5s 1937 93
Pac Gas 5s 1942 88
Souwest Tel 7s .....1925 101
Oil Bonds
Anglo Amn 7s 1025 104
Atlantic Ref 6s 1931 104
Galena S Oil 7s 1930 101
Gulf Oil 7s 1933 103
Humble 7s 1923 100'A
Pan Amn 7s 1930 90
Mex Pet cv 8s ..1936 101
Sinclair 7s 1925 100
SO Cal 7s 1931 105
SO NY 7s 1931 107
Texas Co- 7s.
Tidewater Oil 6s.
Vacuum. Oil 4 6
....1923, 101
1931 101
...193 107
Bid.
Foreign Bonds. ' :
Foreign bond quotations furnished by
Overbeck fc Cooke company of Portland:
Belgian prem 5s . .
Belgian 7s. 1945
Belgian 8s, 1941 ..
Belgian 6s, 1025 ..
Brazil 8s. 1941 ...
British 5s, 1922 ...
British 6s, 1927 ..
British oat, 1929 ...
British ref 4s
Bordeaux 6s, 1934 ....
Canadian 5s, 1937
Canadian 5s, 1926
Canadian 6s, 1929 ..
Canadian 5s, 1931.....
Canadian 6s. 1927 ..
Chilean 8s, 1941 C ....
Russ currency
French 5si 1920 ...
French. 5s, 1931 ...
French 7s, 1941
French 8s, 1943 ..
Berlin 4s ...
Hamburg 4s
Leipsig 5s....
Munich 4.S
Munich 94
.1932
...1923
...1923
...1922
...1923
...1924
...1925
...1943
...1934
. . . 1931
...1930
. . . 1927
...1940
...1952
...1932
. . .1941
. . .1931
. . . 1930
. . . 1923
. . . 1950
...1931
Chile conv Os A
Chile conv 7s
Columbia Graph 8s
Copper 'Itxp 8s
Copper Exp 8s
Copper Exp 8s
Copper Exp 8s
Colorado Fuel & Iron ben 5s
Colorado Ind an
Cuban Amn Sugar 8s
Cuban cano cv is
Distillers Sec cv 5s
Diamond Match 7s -. 193:
Dupont 7s 1931
Empire Gas Fuel 6s 1924
Fisk 8s 1941
General Electric deb 5s 1952
General Electric deb 6s 1940
Goodrich 7s 1925
Goodyear 8s 1941
Heinz is 1930
Hershey 714 s 1030
lMmois Steel deb 4s ....
Illinois Steel 5s
int AgT 5s
Int Marine CT 6s
Kelly Springfield 8s
Kennecott 7s
Laekawarr.a Steel 5s
Lackawanna Steel 1st 5s ,
Libby, McNeil & Llbby 7s
Liggett & Meyers 5s 1951
Liggett & eMyers 7s 1944
ijoriliara os 1951
Lorillard 7s 1944
Mldvale 5s 1935
Morris & Co. 7s 1930
Proc & Gamble 7s 1922
Proc & Gamble 7s 1923
Republic Iron & Steel 6s 1940
Sears Roe '7s 1922
do 1923 . : 1923
Steel & Tube 7s 1951
Swift & Co 7s 1925
do 1931
Uni Drug 8s 1941
U S Rub 1st ref 5s 1947
do 7s 1930
U S Steel sf 5s ...1983
Var Car Chem 7s 1032
West Elec 5s 1922
West. U T col Tr 5s 1938
est Union 6s ..
Wilson 1st 6s
Wilson cv 6s ....
West Elec 7s.....
Westinghouse 7s ..
Public Utilities
Amn Lt & Trans . ,
Amn Tel coll 4s. . .
do 5s j...
Amn Tell 6s
Bell Tel of Pa 7s.
BRT 5s
Cal Gas uni 5s....
Cities Service 7s B
do C
do D
1930
.. .1941
. . .1928
...1923
...1931
...1925
. . .1929
...1946
...1925
...1945
. . .1945
.. .1937
...1966
.. .1966
. .. 19(16 i
99
80
107
108
102
108
111
103
425
98
96
97
108
104
107
107
108
100
104
85
93
75
89
88
109
4
101
114
98
98
44
55
70
105
105
99
111
LIGHT HENS 22c
HEAVY HENS 26c
On Tuesday and Wednesday Arrivals.
cnecics bame Day Shipment Received.
The Savinar Co., Inc.
Front St., Portland, Or.1
iR YOU LOOKING FOR A DE
IUAHI,B PHOD11CB UKALKRf
' i nuuer
Pork Cheese
Poultry Keg
Honey Any Prodaet
(k for InleM methods nsrd tn
pare shipments for higher prices.
KLIil at (JO.,
Front St Portland, Or.
New York Bonds.
New Tork bond quotations furnished by
Herrin & Rhodes, Inc., Portland:
Foreign governments
Argentine 2d 7s 1923
do GI 6s 1945
Belgium 8s 1940
do 7s 1945
do 6s 1925
Bergen 8s 1943
Berne 8s 1943
Brazil 8s 1941
Brit War Loan 5s 1929
Canadian 5s 1926
do 1931
do 1937
do 5a 1929
Copenhagen 6s 1944
Chile 8s 1941
Danish, Consol 8s . '.l4t!
do Mun Ss 1945
Denmark 8s 1945
French 7s 1941
do Ext 8s .1945
do Cities 6s 1934
Italy 6s A ....1925
Jap ext 4s 1931
do 1st ext 4s 1925
do 2d 4 Ger S 1925
Norway 8s 1940
Rus Ruble 5s 1926
San Paulo 8s 1936
Swiss 8s 1940
Swedish Govt 6a 1939
Swiss 5s 1929
U S Mex 4s 1954
do ext 5s 1945
Uruguay Ext 5s
United Kingdom cv 5s 1922
do 1929
do 1937
Zurich 8s 1945
Foreign government cities
Berlin 4s 4
Greater Berlin 4s 4
Hamburg 4s 5
Bremen 4s 5
Cologne 4s .- 5
Dresden 4s 5
do 4s 5
Dusseldorf 43 5
Frankfort 4s 5
Leipzig 4s 5
do 4s 6
Munich 4s 5
Piuiugitri
Essen 4s
Atch gen 4s- 1995
A C L 4s 1952
A C L 7s 1930
B O gold 4s 1948
B O con 4s cv 1933
B O ref 5s 1995
Canada Southern 5s, 1902
Canadian Nal eq 7s 1935
Canadian Nor 6s 1946
Canadian Nor 7s 1940
Central Pacific lt 4s 1949
Chea & Ohio cv 4s 1930
Ches & Ohio gen 4s 1992
Ches & Ohio cv 5s 1946
Ches & Ohio con 5s 1939
C B & Q 111 dlv 4s 1949
C & West Ind 4s 1052
C G & W 4s. . 19.-.9
C M 4 St P 4s 1925
C M 8t P cv 4s 1932
C M ft St P deb 4s 1934
C M & St P gn 4s A 1899
C M & St P cv 5s 2014
C M 4 t Pt i and r 4s A.. ..2014
Chicago NW gen 4s ....1987
Chicago NW 6s 193
Chicago N W 7s. ..............1930
C a l & P Kt 4a. 1934
5
87
87
104
78
77
78.
v,i
105
108
109
82
83
83
86
98
8S4
70
60
74
65
59
72
64
58
83
10
106
78
Wallowa County
Oregon
5y2 Road Bonds
Due SI arch 1, 1938-39 Incl.
Free from all Federal Income
Taxes.
Eligible as security for Post
al savings deposits.
Assessed valuation,
1920 $17,501,490
Total bonded debt... 300,000
Population 1920 census, 977S
At Prices Yielding
5.00
(According to maturity.)
The National City
Company
Offices in more than 50 cities.
' Yron Bolldinsr Portland.
Telephone Alain 6072.
Same Principle
Applies .
Students of how to preserve our
high ways are not concerned so
much with the necessity of figur
ing to a mathematical certainty
the maximum width of wheel and
load to be allowed on trucks, be
cause they fully realize that the
solution of the matter lies in ex
tending to the pavement itself the
same principle of discrimination
between cushion and rigid sur
faces that is made between solid
and pneumatic tires In state license
fees. For example, the laying of
resilient pavement like Warren
ite Bitulithic instead of rigid,, non
yielding surfaces, saves the road
from impact.
HOTEL HOYT
Strictly Fireproof. Near both depots
and convenient car servica to
all parts of city.
Single Booms Without Bath, St and UB
single Rooms With Bub, fi and op
E. . LAltlMORE, Manager.
Jap 4s, 1931
Jap 1st 4s, 1923
Jap 2d 4si 1923 .
Norway 8s, 1940 .
Russian 5s, 1921
Russia 5s, 1926
Russian 6s, 1919
Swiss 5s, 1929 ..
San Paulo 8s
U K 5 s, 1922
U K 5s. 1929 ...
U K 5a, 1937 ...
Chinese 5s, 1951 ..
Bid. Ask.
. 75 78
. 79 83
.107 108
.107 108
.101 102
.193 104
. 90 92
. 91 93
.90 92 .
..73 76
. 70 72
.85 ...
. 90 97
. 97 98
. 99 99
. 96 96 J
. 97 98
.102 103
.8 9
!!l08 109 s
.107 108
. 54 55
.-. 79 81
,. 67 68
.100 100
,.103 104
.. 3 4
,. 3 4
.4 5
..4 5
., 4 5
.. 4 5
4 6
.. 5 6
,. 4 5
..40 41
.. 7 75
.. 89 89
. . 88 89
..109 110
. . 18 20
.. 4 5
..IS 20
. . 90 100
..114 115'
..101 102
4 11-16 105
..105 105
RON MQ STEEL REVIVE
OUTIiOOK REPORTED BRIGHT
ER IX EAST FOR INDUSTRY.
9 11-16
&l
99 13-16
Standard Oil Stocks.
Standard Oil quotations furnished by
Overbeck & Cooke company of Portland:
Bid. Asked.
Anglo
Borne Scrysmer . .
Buckeye . . .
Cheesbrough . . .
ao pra.
17 !4
325
90
3 85
.1U9
Continental 1:
Crescent 33
Cumberland 1.15
Galena corn 48
do Old pfd 109
do New pfd 103
Illinois Pipe 172
Indiana Pipe J'3
N T Transit ....lo7
Northern Pipe ' 104
Inter'l Pete -. 34
Penn Mex 22
Prairie Oil i0
Pmirie Pipe 238
Solar Ref 3.15
Southern Pipe !1
South Penn Oil 173
S W Penn Oil 60
S O Ind ; SIM
S O Kansas 500
S O Kentucky 450 '
SON Y 358
S O Ohio 380
do pfd 115
Swan & Finch. 30
Vacuum 333
Washington 28
S O Nebraska i 370
Imperial Oil i 103
17&
350
92
195
312
130
34
3 45
50
312
3 05
174
94
3flf
106
35
24
540
241
375
93
176
62
R7i
525
4m
301
390
118
35
337
32
175
104
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
foreign unit in United States funds:
Austria, kronen $ .0005
Belgium, francs 0885
Bulgaria, leva 00 SO
Czecho-Slovakia, kronen 0185
Denmark, kroner .2115
England, pound sterling 4.4450
Finland, finrnark
France, francs
Germany, marks
.0210
.0925
.0047
Greece, drachmas , 04fi5
Holland, guilders
Hungary, kronen
Italv. lire . .
Jugo-Slavia, kronen
.3850
.0020
.0535
.0038
Norway, kroner , .1725
Portugal, escudoa .0793
Rournania, lei 0087
Serbia, dlnara 0135
Spain, pesetas ItUO
Sweden, kroner 2670
Switzerland, francs 1908
China -Hongkong, local currency. . .5275
Shanghai, taels 7600
Japan, yen 4800
NEW TORK, Feb. 7. Foreign ex
change strong. Great Britain, demand
$4 434, cables $4.43; sixty-day bills oo
banks, 4.401t. France, demand, 9.19, ca
blpR 9.20; Italy, demand 5.32, cables
5.33; Belgium, demand 8.69, cables 8.70-;
Germany, demand 43' r cables 44; Hol
land, demand 38.45, cables 38.49; Swit
zerland, demand 19.58; Spain, demand
16.0O; Greece, demand 4.53 ; Poland, de
mand .02 Czecho-Slovakia, demand
1.79; Argentina, demand 36.37; Brazil, de
mand 13.75; Montreal. 98U.
Inquiries for Plates and Sheets
Show Increase. Business Tide
Being More Diversified.
(Copyright by the Public Ledger Company.
Published by Arrangement.)
PHILADELPHIA, Feb. 27. Special.)
Plates continue to be the most active steel
product with the exception of tin plate,
which bids fair to be the market leader
for several months longer. One of the
largest platemakers says his orders are
increasing among a diversified number of
customers in all parts of the country He
is encouraged by the negotiations by the
Chicago, Burlington & yuincy for new
locomotives. Sales for structural uses are
increasing.
Cast pipe is in steady demand. Manufactur
ers are estimating on 105,000 tons of cast
ings required by Booth & Flinn, Ltd., for
construction ot the New York-New Jer
sey vehicular tunnel under the Hudson
river.
Sales of pi-g iron are confined to small
spot orders, indicating that stocks are
low among jobbers. Coke la strong. Sheet
makers report increased demand. Quota
tions are firm, but willingness to grant
concessions on attractive orders is ad
mitted. The convention of the Pennsylvania and
Atlantic Seaboard Hardware association
here failed to give wire and nail makers
any hope for an immediate revival in de
mand for their products, stocks of which
are known to be low. One of the largest
makers quotes nails at $2.50 and wire at
$2.25 and Insists his prices are firm, but
a competitor expresses willingness to
undersell him by 10 cents.
IROX AJTD STEEL HAKE PROGRESS
Little Forward Buying In Held to Be Fa
vorable Indication.
(Oo-pyrigfot by the Public Ledger Co. Pub
lished by Arrarwceiment.)
PITTSBURG, Feb 2.7i The i-ron and
steed made f urth er progress t hi s week.
Lifctfle farwaird buying is in evidence most
being for quick dJvery. But Instead of
being unfavorable, this ottwxuld be regarded
aet a propitious condition. . Since opea-uttans
fhow.a substantial Increase under hand to
mouth buying and consumption there re
mains practitti4y no action of stocks on
Inventory. Iiv the Pittsburg district the
laTgeg steel companies are o per kiting above
SO per cent or capac4ty wmie in rinisning
lines pilaaxtjs are operating in a lew ca
ud to tH p cent.
At the prices, buyera who "have fairly
substantia! tonnages to place, secure closer.
However, tJie trend is firmer and buyers
find, some difficulty m obtaining conces
sions from S1.40 on pla-tee, shapes and
hairs. Producers of sheets refuse business
In black and galvanized stock at Vess than
3 and 4 cents, respectively. With in
creased In q uiry, f rora j o bbers for w ire
products, there is apparently less disposi
tion to ehaxle prices.
The price situation varies and: not alrto
gether favors- the buyer. However, unt-W
mills accumulate such a volume, of otrders
as to be able to promkse ptroanptt Aellverd'es,
ccmpeitit jo n wil I d evel-op vr Jatwe prices.
Competition has not lowered the extreme
prices, the prices named on the largest
orders but has developed concessions from
regultar prices on snratl lots, -whereby in
som e steel prod uc t s It is onl y moderat e
sized ordjera which go at the full, or regu
lar prices.
Naval Stores.
SAVANNAH, Ga., Feb. 27. Turpentine
steady, 84c; Bales, GO barrels; receipts, fifl
barrels; shipments, 11 barrels; stock, 3975
barrels.
Rosin, firm. Sales, 562 casks; receipts,
332 casks; shipments, 210 casks; stock,
72,196 casks. Quote: B, D, E, F, G, H, I,
$3.054; K. $4.354.40; M, $5.105.15,
N, ?5.50; WO, $5.S5; WW, $6.10.
Cotton Seed Oil Futures.
Cotton seed oil futures at New Tork, fur
nished by Herrin Rhodes, Inc., of Port-
The
Netherlands
50-Year 6 Bonds
These bonds are the
direct, general obliga
tion of the Kingdom of
the Netherlands, a coun
try .proverbial for her
thrift and industry. Hol
land's credit ranks with
that of the United States
of America and England.
This is the first time in
history that a Nether
lands loan has- been of
fered in the United States.
The bonds will enjoy a
broad international mar
ket and will be listed on
the exchanges.
Although our participa
tion in the issue has been
disposed of, we shall be
pleased to purchase these
securities for you on the
market and strongly
r e c o m mend them as a
conservative and profit
able investment.
C1ARK-KENDALL
& CO.: INC.
Fifth and Stark Streets
arntrrr-MUNiaPAucoRrxif?AnoN-
BONDS
Backed by 'the entire
resources of this
wealthy city of 8000 people
15,980.04 6 Bonds
Pendleton, Ore.
Pendleton bonds always find a quick mar
ket, because the city is wealthy and is the
center of a rich wheat, livestock and wool
country. Bonds in ?500 denomination. Est.
maturities 1923-32. Are income tax ex
empt. PRICES TO YIELD
K9(W.
10
Hot Shot
Ask the man who buys
bonds on our Partial Pay
ment Plan.
Freeman, Smith
& Camp Co.
LoiMBXRMCNS BuDO, PORTLAND
land: March, 11.2711.30; April, $11.39
11.45; May. $11.5011.51; June. $11.60
11.85; July, $11.7311.75; Augrust, $11.84
11.85; September, $11.9411.05; October,
jii.suii.ost. tspot, $11.15 bid. Bales.
33.600 barrels.
WE OFFEB ATTRACTIVE
FIRST MORTGAGE LOANS
Oq Improved City Real Kutate and Ag
ricultural .Lands,
v By the
first Mortgage Security Company.
CorvalMs, Oregon.
Owned and Controlled by Officers of
FIRST NATIONAL BANK,
CorvaIli5, Oregon.
Denominations $1000, $5000.
These loans are made by the funds
of the company for their customers.
They are not made by agents or bro
kers Interested in commissions.
The management has been making
loans since 1880 and has never lost a
dollar on real estate mortgage loans.
Each loan is evidenced by a princi
pal note with interest coupon notes
attached. All notes bear 10 per cent
after maturity. If desired the com
pany will hoid - and collect interest,
crediting the amount or send draft.
For further information call on Ralph
A. Blani'uard Co.. 317 V. S. Bank bldg.
Investment Opportunities
and
Oar Twenty Payment Plan
Thes publications tell of good iavwt
ment itocks, which cut b purohaaAd on
mall payment extending tiwot a period of
twentp-nionth. Tbis plan was originated
hr na in IMS. Too can aaoura botn frea.
Write for 77--P.O.
- Investment Securities
40 Exchange Place, New York
Guaranteed
PUTS! CALLS
"The Safext Way to Trade."
ODD LOTS
We handle 10, 20 and 50-share
lots on Puts and Calls also write
7. 15 and 30-day papers.
P r o f 1 1 - taking? possibilities of
this foolproof method of trading: is
explained in our booklet, "How to
Trade in Puts and Calls."
Prompt Attention to Mail Orders.
WATSON Si COMPANY
Investment Securftiea,
525 Stock En-hanee Building;.
Lea Angelea.
giiiiiiiiiiiiiiiiiiiniiiiiiinfiiBnii!i
The Choicest List
Selected for every need:
We own and offer, subject to prior sale,
Municipal Bonds
Tillamook County, Or., Eoad.
Lincoln County, Or. .
Wallowa County, Or.
j-Huntington, Or., G. D. ..
Jacksonville, Or., G. 0...
Port of Astoria, Oregon. .
Silver Lake Irr. Dist., Or.
-Slide Irrigation Dist., Or.
Canadian Bonds
Univ. of Alberta, Prov. Gi
Foreign Government Bonds
Norway i
Corporation Bonds
Sou. Pac, San Fran. Tern
; B. B. & R. Knight, Inc. . .
Denominations lOOO, foOO; Norway 20.
We are always prepared to buy or
sell these or other high-grade bonds.
Rate Maturity Yield
. 5 1933 4.90
. 5Va 1933 5.00
. 5 1934 5.00
. 5 1935 5.00
. 5 1936 5.00
. 6 9-1-50 5.10
. 6 9-1-31 5.10
. 5 3-1-33 5.00
. 5 3-1-34 5.00
. 6 1934 5.75
. 6 1937 6.00
. 5 1935 6.00
. 6 1925 6.00
. 6 1926-45 6.50
. 6 1933-37 6.50
.4 1924 6.10
.. 8 1962 6.00 up
,. 4 1950 5.35
,. 7 1930 7.15
. 7 1936 7.39
. 8 1931 8.00
Provincial and Foreign 7.65c
Bonds to Yield to I A
, Due. Yield.
Province Alberta 42s 1924 Wso
British Columbia 6s 1923 67o
Province Ontario 4s..... 1926 6
Dutch East Indies 6s.. 1947 6.45
French Cities 6s 1934 7.65
Greater Winnipeg 5s............ 1923 6.23
City Victoria, B. G, 6s 1928 6.30
Victoria, B. C, 4s........ 1923 6ft
SAVERS
Reserve a bond. Pay as convenient and
get full interest on your money while paying.
XilJMJBEKMEHS
BROADWAY AND OAK
U.S.
Certificates of ,
Indebtedness and
Gold Notes
Unquestionably safe
Easily sold at any time
cAttraftive as to interest rate
WelUYkndSELL
in any amounts at the current market
o4sk for bookletVA-i i giving full
explanation and quotations
HALSEY, STUART & CO
INCOHPOBATEO
CHICAGO
DETROIT
209 South La Salle Street, Chicago
PHILADELPHIA BOSTON .
MINNEAPOLIS ST. LOUIS
NEW YORK
MILWAUKEE
Seattle
G.E. MILLER
& COMPANY
Second Floor Northwestern Bank
Ruildincr. Portland
Portland
Phone Main 4-1-9-5
'Himiiiniii!iii!iii!iggj j II !i U il n II U III! H il n " " JI 11 n "
CITY OF
HOQUIAM, WN.
10 year 7 Improvement Bonds
Lincoln Paving District No. 316
Dated Jan. 5 1022. Estimated Maturities 1 to 10 Trara.
Principal and Annual Interest payable at Hoqulatn. Wash.,
or at the office of Morris Brothers' Corporation, Port
land, Oregon.
DENOMINATION $1000.
PRICE
PAR
TO
YIELD
NO
INCOME
TAX
TO PAY
FINANCIAL STATEMENT
Aaaeaned Valuation Entire City. . . .$4,0RO,0OO
Asneaned Valuation TbU Dlntrlct... 2U4.430
Beat Valuation Thl District 678,458
Hoquiam, with a population of over 10,000, Is the prin
cipal mill and manufacturing city of Southwestern Wash
ington, having 'a monthly payroll In excess of $450,000.
It Is adjacent to 125 billion feet of spruce, fir, pine, cedar
and hemlock, which is assurance of vast prosperity.
Telephone or Telefrraph Orders at Our Expense.
MORRIS BROTHERS CORPORATION
Morria Building 309-311 Stark Street
Broadway 2151. Safe Deposit Boxes.
HERRIN &RHODES,Inc.
, Established 1898
STOCKS, BONDS,
COTTON, GRAIN
Correspondents E. F HUTTON & CO.. N. I,
U embers all leading: exchange .
Babson's Service on File.
Bdwr. 432a. 01 Railway lxcluuic Bids.
BONDS
U. S. D. & Trust Co.
284 Oak St.
INQUIRIES INVITED
We offer
KINGDOM OF NETHERLANDS
' (HOLLAND)
50-year 6 Bonds
(NON-CALLABLE FOR TEN TEARS)
Coupon Bonds in Denominations of 2500 Guilders or $1005 at Par of
Exchange.
Price to yield 6.15 to 6.30
(These yields are based upon exchange at 88 cents per guilder.)
Ask for fall details. '
p.l.Devepeaux Rfimpany
INVESTMENT BONDS
BT SrXffH STREET PORTLAND. ORCCON BROADWAY 1 043
GROUND FLOOR WCUS-TAftOO BUILDINO
Portland, Oregon
Special Offering
3 !.
Double Your Money
a 1 lt T 1 1 T T r r r
YZ o oierung outnaug ruuu iMnn issue oi isuo .
Province of Buenos Aires
Argentine Republic
Direct General Obligation Bonds.
Price $242.00 Per 100
Sterling Is Advancing
A. F. Bernstein
Co.
536 NORTHWESTERN BANK BLDG.
Phone Main 2672
Phone Your .Want Ads to
TheOregonianMairi7070, A 560-9S,
I V -.