Morning Oregonian. (Portland, Or.) 1861-1937, March 21, 1922, Image 23

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Morning Oregonian., March 21, 1922, Page 23, Image 23

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Newspaper Page TextTIIE MORNING- OREGONTAX, TUESDAY, MARCH 21, 1922 V s RESOURCES IfJ BANKS DROP SB4,532,8G4I 280 State Institutions Are Covered by Report. LOANS ARE LIQUIDATED Chelae brouirh ....190 Cheesebrough preferred.. ... . .111 Continental i.130 Crescent , 33 Cumberland 145 Kureka 9-5 lena common 44 Ip-na oM preferred ........110 lena new preferred lOO inots Pipe- ......174 diana Pip ................ 104 National Transit ............. 25 N T Transit 3 78 Xofthern Pipe 107 Ohio Oil International Pot& . Penn Mex ......... Prairie Oil Prairie Pipe Solar Refining .... Southern- Pipe ...... South Penn Oil..... S W Penn Oil S O Indiana. S O Kansas 72 .. -W . .555 . .2H3 . .SAiS ..07 ..182 ,. M 88 6-40 Demand Deposits Show Decrease of $46,475,894 in Year End ' ing January 1, 1922. SALEM. Oft. March SO. (Special.) Be- eorts of the. condition of 28 state and na tional banks, savings banks and trust companies within the state of Oregon, cov ering the period January 1. 1921, to Jan- ' uary 1, 1922, disclose aggregate resources In the amount of 12S8.433.84S. 49 as com pared with $32,532.064.11 at the close of business November la, 1920, or a net oe . crease of 84.096,086.52. This was set oat in the annual report prepared here today by Frank Bramwell, state superintendent of banks, for submission to the elate banking board. The liquidation of loans and discounts during the last year shows a substantial reduction. On December 31, 19-21, these assets aggregated 19,803,83..44 as com pared with J2H.g54.140.) on November 15 000,000, and still loans and discounts on Uecember 31, 1821, were 142,000,000 more than they were on Isovember 20, 1W3 7 J21.000.000 in excess of those reported No vember IT, 1918, and $36,000,000 less than the aggregate reported November 17 1918. Iuring the same period of time there- has been a liquidation of loans and other in- vestments, consisting chiefly of bonda, in the approximate sum of 145,000,000. Borrowed' Money Reduced. Thi condition," said the report, "clear lyt indicates that She liquidation of loans and other securities, represented by vari ous classes of investments, has' been suf ficient to meet the decline in deposits and at the same time substantially reduce obligations representing borrowed money. ''Demand deposits have decreased $46,- 475.894.22 since November 15, 1920. United fttates deposits and postal savings deposits class of demand deposits has shown a de creased 1838,65.37. The aggregate of this class of demand deposits has showna de crease of only 5500.000 since June 30, 1921. "On November 15. 1920, bills payable, rediscounts and certificates of deposit, rep resenting borrowed money, aggregated- the eum of 17,315.791.54. On December 81, 3921, these obligations represented $10, 234.809.40. This is a net reduction of 87,- VHO,S2.14, or 41 per cent. "Dn December Si, 1921, time and sav ings deposits combined aggregated the sum of J80.769.216.30. November 15. 1920, this class of deposits were $84,841,685.11, show ing a decrease of $3,572,468.81. On No- vember 20, 1917, hey were $50,445,849.89, showing an increase of $30,323,666.41 with- - in the -five-year period, or approximately 60 per cent. Savings Change But Little. "Savings deposits alone, on December 31, 1921, aggregated the sum of $59,990,604.69 compared with $59,821,075 on November 15, 1920, or a net Increase during- the year of $169,529.69. On November 20, 1917, savings deposits aggregated $29,502,727.22. This shows an increase during the period of five years of $30,987,972.47, or more than 100 per cent. While the time end savings deposits combined have shown a slight decrease during the last year, there is no indica tion that -the people are depleting or with drawing this cfass of deposits.. It Is quite generally conceded ithat the aggregate de cline in time deposits is chiefly the result of withdrawals for investment purposes or transfers to either commercial or savings accounts. A large volume of -time and savings funds have been -invested hi gov ernment and municipal bonds. - In fact, the investments in this class of securities bave shown a substantial and continued increase. Invested Capital $31,039,493. The aggregate invested capital and sur plus on December 31, 1921, was the sum of $31,039,592.35, as compared with $30, 762,695 on November 15, 1920, or a' net increase of invested capital aggregating $278,897.35. This compares with $2,290, 720.17 November 20, 1917; $27,147.8JS.82 November 1, 1918, and $28,690,825.12 on November 17, 1919, or an increase, of in vested capital during the five-year period f 4.748,S72,18, or approximately 18 per cent. .- On December 31, .1921, 47 cities repre senting 143 banks with deposit in excess of $300,000, reported an- aggregate of $.209,550,408 66, with 123 other towtra. em bracing 137 banks, representing aggregate deposits of $21,790,203.56.' -There were 61 cities with deposits in this class February SU192I. Of the cities and towns having deposits ' of $500,000 or more, 18 have Shown increases since September 6, 1921. It Is evident that during the year 1921 the fixed cost of doing business, not in eluding losses, was 76.10 per cent of the aggregate income, including earnings and recoveries oa prior assets, which had been charged off or removed. Dividends paid on invested capital were T.07 per cent. Dividends on the invested capital and surplus combined were only 6.24 per cent. Taxes paid during the year 3921, aggregating $389,656.09, which repre sents approximately 5.89 per cent on in vested capital or an expense of 6.74 per cent on the gross earnings and income. Foreign Bonds. ' Foreign bond quotations, furnished by wcuclo. at i-uio company or i-ortlana Belgian rest Ss . ,. do prem 5s ..... Belgian 7s ..... do 8s ...... do 6s Prajell 8s ........ ' Chile 6s do 7s .......... British 5s ........ do ' do do vky 4s ...... do ref 4s Bordeaux 6s Canadian 5s do S O Kentucky ........470 S O New Yrk 376 S O Ohio ..i 393 S O Ohio preferred... I....... .13-5 S wan & iFIncll , 35 Vacuum ............ .......353 Washington 28 S O Nebraska 168 Imperial Oil 101 195 1 14 131 34 155 97 46 114 10-5 178 107 23 1S2 110 276 16 28 560 237 870 99 188 64 884 4 SO 3SO 405 116 " 45 S60 32 173 102 Foreign Exchange. Foreign exchange rates at the closV 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: Country Unit. Rate. Austria, kronen ...................J, .0003 Belgium, francs 0862 Bulgaria, leva . .....i.. . .- .0080 STORMS INTERRUPT WIRE SERVICE. The usual complete- reports on bond prices and stock trans actions were not received yes-, terday, owing- to wire trouble occasioned by storms in the middle west. Czecho-Slovakla. kronen .......... .0186 Denmark, kroner .2128 England, pound sterling 4.3800 Finland, f Inmark .0217 France, francs .0905 Germany, marks .0040 Greece, drachmas .................. .0443 Holland, guilders ., .3812 Hungary, kronen ................. .0020 Italy, lire 0515 Jugo-Slavia, kronen .0038 Norway, kroner ................... .1760 Portugal, escudos .099 Roumania. lei j0082 Serbia, dinara .................... .0145 Spain, pesetas .1565 Sweden, kroner 2630 Switzerland, franca .1960 China-Hongkong, local currency 5425 Shanghai, taels 7300 Japan, yen .4800 NEW YORK, March 20. Foreign ex change, easy; Great Britain, demand, $4.37 5s, .. GERMANY BUYING WHEAT HAIiF M1XMOX BUSHEIiS NEW CROP TAKEN. OF ..1945 . .194t ..1925 ..1941 . .1932 -.1923 -.1922 . . 1927 ..1929 1934 1937 ia CO t.s .1929 do 5s .1931 do fi49 1927 Chir ese 5s ....1951' Chilean Ss ..1941C Buss currency ........ ... Denmark 8s .......... .1945 Tar. Muni 8a 1945 French 4s ' 1917 do 5s 1920 do 1931 do 7?is ....1941 d 8s . . . . : 1945 Cetman W L, 5a ....... ... Berlin 4s ... Hamburg 4s .......... ... do 4s Leipsig; 4tas ... do 5s ... Mur.ich 4a do 5s ... Frankfort 4s' . Italian 6s ......1918 Jap 4s ...1931 do 1st 4VeS .'.92." do 2d 4VjS ..1923 Norway 8s ..1940 Bussian 6Hs .......... IOC'1 do 1926 do6Hs 1919 Swiss 6 Vis 1929 do Ss 1940 Fan Paulo Ss ; V K bhss .1922 do 1929 do 1937 Svedish Standard OU Stocks. Standard Oii quotations furnished by Overbeck & Cooke company of Portland: Bid. Ask. Anglo 174 17 ft Borne-Scrysmer 350 370 Bi"ttyp .' 93 - 95 Hogs 15y2-16c Quotations based on actual sales. Market firm, short. Checks same day shipments arrive. ' THE SAVIXAR CO. IXC, I0O Front St.. . Portland, Or. Bid. Ask. 71 73 80 ., ' 82 198 108H 107 107 H 1034 103i 104 "4 104 ft 85 14 86 , 100 101 89 91 89 91 S9V, 91 74 76 73 75 84 84 97U 8814 99 99 ft 99 100 98 , 98 97 98 V. 54 54 ft 103 103 4 5 109ft 110. 109 110 56 57 79 ft 81ft 66ft 68 101ft 101H 105 ft 105 5 Mii 3ft 3 3ft 3 4 . ' 3. 4 3ft 4ft 3ft 4ft 4 B 8ft 4ft Sft 39ft 74 75 89j 89 8S 89 11') ft 112 18 20 4 5 18 . 20 . 1001J 100ft 115 110 102ft 103 104 ft .104 104 104 99 ft 99 100 101 ARE YOB LOOKING FOR A DE PENDABLE PRODUCE DEALER f Veal Butter Pork Cheese Poultry Eggs Honey Any Prod net Ask for latest method, used t. prepare shipments for higher prices. IllBl & CO, 169 Front St., - Portland. Or. Export Trade Rallies Chicago Mar ket After Weak Session Most of Day, CHICAGO, March 20. Increasing; sun- plies on ocean passage, together with low er -quotations from Liverpool had a de pressing effect today on. the wheat market here. Prices closed unsettled at the same as Saturday's finish to lc lower, with May $1.38 to $1.38ft and July $1.2074 to $1.21ft. Corn and oats both finished un changed to c off and provisions un changed to a setback of 2ftc. Bears "In the wheat pit had the advan tage from the outset, owing to reports showing that world shipments for the week just ended were much larger than during the preceding week and nearly dou ble the total of a year ago. Word that Germany had purchased 50,000 bushels of new-crop wheat in this country was a fur ther help toward recovery of prices toward the end of the day. - Corn and oats were easier with wheat. Provisions Vere higher early as a re sult of an upturn in hog values, but de clined later. Loading futures ranged as 'follows: WHEAT. -. - Open. - High. r Low. Close. May '... 1.37 $ 1.39 ft $ 1.36 $ 1.38 July.... 1.19ft 1.21- 1.18 1.20 : : - CORN.. May ... . -61ft . . .62 .61ft .lft July .... .64ft ..64 '.63ft .64 OATS. ' " May ... ,38ft ..88 ' .38ft -.38 Julyi.... .40 H .40 .40ft -40ft ' MKSS PORK. May May July May July 20.00 11.15 11.37 10.80 10.27 LARD. ' 11.15 11.25 11.15 11.40 11.45 11.35 SHORT RIBS. 10.70 10.80 10.70 10.25 10.27 10.25 Cash prices were as follows: 1 Wheat No. 2 hard, $1.351.36. Corn No. 2 mixed, 58 59c. Oats No. 2 white. 38ft40fte. Rye No. 2, $1.04 1.04 ft. Lard $10.97. Winnipeg; Grain Market. WINNIPEG, March 20. Cash wheat No. 1 northern, $1.41; No. 2, $1.37; No. 3. $1.29ft; No. 4, $1.18ft; No. 5. $1.08; No. 6, $1.09; feed, 9ftc; track, $1.41. ;-- '.---' Oats No. 2 white, 49c; No. .3, 44c; No. 1 extra feed; 45ftc; No. 1 feed, 43c; No. 2, 40c; track, 49c. Wheat futures May, $1.37; July, U-35ft. Minneapolis lrain Market. MINNEAPOLIS, March 20. Flax, No. 1, $2.56ft &2.61 ft. Wheav May, $1.44; July, $1.33. - Seattle Grain Market. SEATTLE, March. 20. Wheat Hard red winter, hard white, $1.30; soft white, white club, soft red . winter, northern spring, $1.20; eastern red Walla, $1.26; Big Bend bluestem, $1.50. 1 City delivery Hay," timothy $24. double compressed $20. mixed $21, alfalfa $18, double compressed $23, straw $15 17; bar ley, . whole $36, ground and roiled $38, clipped $43; chick starter, $5759r all grain chop, $41; cocoanut meal, $81; corn, $36; corn, cracked andr feed meal, $38; cottonseed meal, $52; linseed 1 meal, $67; scratch feed $46 48; soy bean; $62; wheat, $48; Pugat - sound, $48. Grain at San Francisco. SAN FRANCISCO. March 20. Wheat Milling, $2.25 to $2.30; feed, $2.20 to $2.25. Barley Feed, $1.32 ft to $1.37; ship ping, $1.37 ft to $1.50. Oats Red feed, $1.601.7S. Corn White Egyptian, $2 to $2.10: red roilo, $1.85 to $1.90. . Hay Wheat, $17 to $19; fair, $14 to $17; tame oat. $15 to $19; wild oat, $11 to $13; alfalfa, $13 to $18; stock, $9 to $11; straw, nominal SAX FRANCISCO PRODUCE MARKET Prices Current on Vegetables, Fresh Fruit. Etc., at Bay City. . SAN FRANCISCO, March 20. (State Di vision of . Markets.) Poultry Broilers, 40 46c; young roosters, 25$f42c; old, .15 20c; hens, 2081c; ducks, 2228o;- live turkeys, 8235o; dressed. 3644c Fruit Apples. 3ft and 4-tier, $1.40 S.50; navel oranges, $46; lemons, $4i 5.25; grapefruit, $34.25; pears, box, $3 3.75; strawberries, crate, $6. 50 7.50. Vegetables Asparagus, 25 50c pound; artichokes, large crate, $1519; beans, 40 50c pound; carrots, $11.50 sack; Cel ery. $26.75 crate; cucumbers. $2g2.75 dozen; lettuce, $1.P04.25 crate; mush rooms, 3560o pound; olives, 810c pound; brown onions, $6.757 cwt.; white globe onions. $89; peas. 40c pound-; potatoes, $2.15f3.25; pumpkins, 75c&$l sack; rhu barb, $2.6003 box; cream squash, $1.25 hig; hubbard, 6g8o pound; sprouts, 1415c pound; spinach, 58c pound. Receipts Flour, 1426 quarter sacks; wheat, 1673 - centals; .barley, 13,686 cen tals; corn, 1600 centals;, potatoes, 1425 sacks; onions, 66 sacks:- bay, 10 bales; hides. 405; oranges and lemons, 1600 boxes; livestock, 800 head. Taval Stores. -SAVANNAH, March 20. Turpentine, firm. 8081c. Rosin, firm. Quote, B, D, E, F. G, $4.02ft. . BONDS AVERAGE HIGHER SEW RECORD FOR VICTORY 4 8 IX NEW YORK MARKET. French and Mexican Issues Also Score Spirited Advances. Stock Trade Active. NEW YORK, March 20. A new high for victory 4s at 100.98. a new maxi mum for French. - government 7fts and spirited advances in Mexican governments were the results of today's bond market. Utilities were active and strong, while numerous domestic rails of the convertible and refunding types again' were in. ae mand. New Tork Central 6s were espe cially responsive to the strength of the stock. Reports that a better understanding was Impending between Washington and Mexico affected sham gains in Mexican govern ments, the 4s rising three points and the 5s 1 ft points. The various ' liberty issues were gen- erallv better. Local tractions, especially Interborough refunding 5s, Brooklyn Rapid Transit 7s and Third Avenue adrustments. were ap preciably better, as were also Chicago Railwav 6s. Gains among rails and Industrials held within moderate limits and utilities, nota bly American Telephone convertible 6s, were firm to strong. French government 7Hs. French munici pals, St. Louis & San Francisco income 6s and most of the liberty division were higher later, but other foreign and do mestic Issues showed mixed changes. Recent active and comprehensive opera tions In the stock market were resumed today. Public participation apparently contributed appreciably to the turnover of approximately 1.17o.OOO shares. Investment as well as junior rail snares registered extreme advances of one to three points with independent steels. Another reaction in foreign exeflanges. with acute weakness in the German rate, was offset in part by the continued ease and abundance o local money rates ana freer offerings of time funds, particularly merchants paper. In the open market, transactions at a 3 per cent rate ruled. The reversal in International currencies carried- demand bills on London 2 cents under last week's final quotations. French, Italian -and Belgian bills were four to six points lower and all the former neutrals, Denmark excepted, eased correspondingly, with a low of 83 cents a hundred for the German mark, a new low for the year. CLOSING STOCK QUOTATIONS. Furnished by Overbeck & Cooke com pany of Portland: stock: tti-rn. low. aid. Adams Express 64ft Advance Rum 16 18 15 ft Agr Chem 39 ft Agr Chem pfd. .... 66 Ajax Rubber 16 Alaska Gold Alaska Juneau Allied Chem 64 ft 63 63 ft Allis-Chalmers 47 46ft 46ft Allis-Chalmers pfd 93 Am Beet Sugar 43 ft Am Bosch 44 Am Can Co 46ft 45ft 46ft Am Car & Fdy Am Car & Fdy pfd.... .... Am Cot Oil Am Drug Synd .. . . Am Hide & Leather... .... Am Hide & L pfd..... .... Am Ice .... Am Intl Corp 44 ft Am Linseed 33 Am Linseed -pia Am Loco .....109 Am Loco pfd 1 .... Am Saf Razor Am Ship & Comre. ... Am Smelter .... Am SmelterS pfd .... Am Snuff 124 43 ft 33 108 153 118 25 6 15 71 111 43 33 56 108 116 7ft 14ft 53 .... 73 .... 32ft ....122ft Am Steel Fdy Am Sugar Am Sumatra .... Am Tel & Tel ... Am Tobacco Am Tobacco "B" Am Wool 88 ft Am Wool pfd Am Zinc , Anaconda 62 Assd Oil Atchison 98ft Atchison pfd Atlantic Coast Line... 80 Atl Gulf & W I Baldwin Loco 108 72 ft 32 121 '88" ' 51ft '97" 96'" 105 33 72 32 ft 122ft 136 133 88 27 15 62 107 97 86ft 90 29 106 Baldwin pfd . 109ft Balto & Ohio 39 Baito Ohio via..... .... Beth Steel 8 Beth Steel "B" 67 Booth Fish B R T .- 18 Butte & Sun Caddo OH Calif Packing Calif ret Calif Pet pfd Canadian Pao ........137 Cen Leather 38 Cerro de Pasco ....... 86 Chandler Motor 72 Chgo & N W .'. Chi Gt W do pfd Chill Cop 17 Chino 28 ft C M St P 28 do pfd 38 Coco Cola .4 ft 5 C & O 63 Colo F & I Sift Col Gas & Elec ... 83ft Columbia Graph 3 Con Gas 109 Cons Cigars do pfd .... Cont Can ... Corn Prod . . Cosden Oil R I & P. . . pfd pfd 38 '64 'ieft 76 . -'76 136 ft -37 ft 35 71 17 28 ft 23 87 45 61 39 82 3ft 107 61 103 36 " 40 55 ft 17 87 24 ft 38 83 108 87 ft 6ft 17 25 12 76 51 88 136 37 35 72 -71 8 19 17 28 23 37 43 61 31ft 82 3ft 108 24 52 62 104 35 41 92 79 ft 67 17ft 38 24 03 ft 104 36 41 do A do "B Crucible 57 Cuba Cane J7 do pfd 38 Cuban Amn- Sugar .... 25 Del & Hudson 118 Dome Mines 26 26 26 ft Del & LACK ....110 114 Davison Chem ........ .... Bndicott Johnsotl- 84 -82 rio 10 , 10 do 1st pfd Famous Players 80 79 !,I"e1 Min & Smelt UU Fisk Tire Gaston Wms H Gen Cigars 69 Gen Blec 156 ft Gen Motor 10 Gien Alden Gen Aephalt -. 60 Goodrich .... Goodyear Granby .-. Great Nor Ore ,. Great Nor pfd . . Greene Cananea . . Gulf S Steel Houston Oil Hupp Motor 15 111 Cent Int Agr Corp com .... do pfd 29 ft 37 75 73 73 75 9 156 10ft '06" 29 - 35 74 71 71 74 15 114 58 83 10 17ft 80 9 37 ft 16 68 155 10 43 - 69' 89 10ft 28 ft 36 75 72 72 75 15 100 10 41 6 94 16 71 30 17 48ft 150 78 26 86 18ft 17 88. . 2 77 23 86 2 Interboro ............ . . . do pfd .... Interstate CaHahan ... 7 Int Harv 95 Int Merc Marine ...... 16 'do pfd 71 Int Nickel ........... .... ..... Int Paper 45 44 do pfd Invincible Oil-.. ... 18ft ,17 Island Oil 1ft 1ft Jewel Tea .20 19 K C Southern 26ft 25 do Dfdt .... ..... Kelly Springfield .... 46 44 Kennecott 31 Keystone Tire 18 Lackawanna Steel .... 60ft Lee Tire Lehigh Valley .... Lorillard ......, 150 Louisville & Nasnvine. Mackay ..... Martin & Parry 28 28 May Stores Mexican Pete 122 . 120 Miami Middle States Oil 14ft 14 Midvala Steel 83 82 Si K & T do pfd Montana Power ...... .... ...... Montgomery Ward..... .... ..... Missouri Pacific 22 22 do pfd North American ..... 66 66 National Biscuit National Enamel ..... 86 National Lead ....... .... Nevada Con ........ New Haven Norfolk & Western. Northern Pacific Nova Scotia Steel. . . N Y Air Brake N Y Central Oklahoma Prod ref. Ontario Silver ...... Ontario &; Western.... Otis Steel , .... Pacific Development.. .... ..... Pac Gas & Electric... Punta Allegre .... Pacific OH 49 49 Pan American Pet 56 .55 do "B" Pennsylvania 38 - 37 People's Gas . 83 82 Pere Marquette ..... Pure Oil 83 31 Phillips Pete Fierce-Arrow 17 16 Pierce Oil .... ..... Pitts Coal Pitts & West Va ..... do pfd Pullman 119ft 118 Kay consol , loft Reading 75 Replogle Steel : Republic I & S. ....... 62 do pfd Republic Motors ...... . . . Royal Dutch Oil Railway Steel Spring, Saxon Motors ...... Sears Roebuck ...... Shattuck Ariz Shell T & T Sinclair Standard Oil of N J, SOoss Shef Sou Pacific 87 86 Sou Ry 22 21 Stand OH Cal St L A 6 F 28, 28 Stromberg Carb Studebaker 102 101 Swift & Co Tenn Cop & Chem.... 11 1 11 Texas Oil 44 ft 44 Texas Pac ............ TexP ac C & 0 26 28 Tob Products 63 62 Tran Contl Oil 9 9 Union Oil Del ..... Union Pac United Alloy 80ft 29 United Drue United Food Prod... ...... United Fruit Union B & P U S C I Pipe United Retail Store. U S Ind Alcohol ... U S Rubber do 1st pfd U S Srhelting- U 6 Steel do pfd .......... Utah Copper ...... va tnem 53 'oft 15 74 'ri' '02 .'3"" 25H 24 36 47 35 46 63 62 95 65" 94 '63ft 39 do pfd ........ Vanadium Steel . Vivandou .... Wabash ..... do A pfd . . . . do B fpd - .... Well Fargo Western Union Westinghouse A B.... .... do E & M 57 West Md White Motors 41ft Willys-Overland 8 Wilson Packin-r Wisconsin Central Woolworth Worthington Pump ... 51 W A L E White Oil -. .-. 8ft . BONDS. 38 40ft 7ft 3ft 7 fl 94 ft 15 71ft 15ft 45ft 75 , 18 1 19ft 25 66 44 80 38ft . 50 33 , 60 150 113 81 28 111 121 28 ft 14 84 ft 12 83 ft 65ft 16 22 65 66 132 36 89 14 17 101 78 8 63ft 88 2ft 6ft 22 12 10 66 42 49 65 60.. 1 87 82 27 82 . 36 16 8 60ft 27 79 118 15 74 81ft 62 78 5ft 63 96 3 71ft 8 30 24 174 ft 42 87 21 953 28 " 47 102 105 ft 11 44 83ft 26 62ft 9 18ft 133 30 69 5 138 64 36 46 ft -47 62 103 . 36 93 117 64 33 76 ' 38 10 8ft 25 16 78 97 ft 81ft ?o 41 8 39 29 ft 149 51 9ft 10 U S 2 reg 103ft do coupon .103 do 4 reg. ..105ft do 4s. coup.105 Panama 3s, reg83 do -coupon , . 8.i AT&T cv 6sl15 Atchen gen 4s. 88 ft D & R con 4s.. 77 NYC deb 6s. N P 4s do 3s Pac T 4 T 6s. Pa con 4ft s Sou Pac cv 5s. Sou Ry 5s Union Pacific 4 U S Steel 5s. .100 - 85 . 62 .94 . 95 ft .95 . 9.3 ft S 91 100 Bid. Liberty Bond Quotations. Liberty bond and victory note quotations at New York, as furnished by the Over beck & Cooke company or Portland: Close Bid. Liberty 8fts 97.38 do, 1st 4s. . . .97.WU do, 2d 4s 97.70 do, 1st 4fts. .97.96 do, 2d 4fts.. 97.86 Close Bid. Lib. 3d 4fts... 98.86 do, 4th 4fts. 98.16 Victory 4s... 100.90 do, 3s 100.02 The prestige of Oreg:onian ' Want- Ads has been attained not merely by The Oreg-onian's large circulation, but by the fact that all its readers are Increases Life Resiliency in the various parts of an auto increases its life two-fold such as wire wheels, pneumatic tires, springs, etc. And so it is with pavement. The resiliency in Warrenite - Bitulithic -acts as an added cushion to offset the ruin ous effects of impact' resulting from the pounding of the wheel. You will find examples throughout the northwest, wherever you find good roads. HOTEL HOYT Newly furnished, and remodeled. -Strictly Fireproof. Near both depots and convenient car service to all parts -of city. Moderate Rates. E. E. LAR1MOBE, Manager. . Interest Declared To the holders of the GENERAL LIEN AND INCOME BONDS of the NORTH COAST POWER COMPANY 3 interest on the above bonds has been declared and is payable at the Commercial Trust Company, Philadelphia, on April 1, 1922, upon surrender of the April 1, 1&22, coupon. B. F. DONAIRIE, Treasurer, 441 Plttock Block, Portland, Or. The prestige of Oregonlan Want Ads has been attained not merely by The Oregonian's large circulation, but by the fact that all its readers are interested' in Oregonian Want-Ads. . Improvement Bonds 0 PENDLETON LEGAL INVESTMENT FOR ALL SAVINGS BANKS IN OREGON AND WASHINGTON Income Tax Exempt These bonds are a general obligation of Pendleton, one of the wealthiest and the most substantial cities of Oregon; The actual estimated value of taxable property is $10,000,000. Its net bonded debt $234,000. BONDS DLfE 1922-32 DEN. $500 Prices to Yield :.2o LUMBERlMBNS Traps x CiraAnr -1R A lTK BROADWAY and OAK NG STEEL KEEPS UP IKON ALSO CONTINUES TO BE IN DEMAND. Some of Activity Js Believed to Be in Anticipation . of Strike in Coal Fields. (Copyright by the Public Ledger Company. Published by Arrangement.) PITTSBURG,. Pa., March 20. Buying of iron and steel has continued ' almost as usual and it is evident some of the buy ing is in anticipation of a coal strike. An other phase of the market is buying for spring-time activities. While it seems that the attempt to establish the independent price at $L50 for plates, shapes and bars is not yet an accomplished fact, more independent companies have joined the movement. Some buyers claim they have purchased below 1,1.60 but it is unques tioned that the price position is growing stronger and stronger. ' Steel corporation subsidiaries have made no announcement, but their policy has been to follow the market. Purchnses by railroad and industries serving the rail roads show no signs of letting up. While most of the buying is for replenishment purposes, deliveries are not as prompt and some users are buying aa far as 60 days ahead. Much of the recent buying is attributable to lower prices. On the other band, it would appear the railroads anticipate an advance in prices because they are now trying to close con tracts for several months requirements. The mills, however are unwilling to ac cept such contracts at current prices. On light buying, basic pig iron has es tablished an advance of 25 cents per ton to 18, while foundry is now firm at J19 and Bessemer at $19.50. For structural steel there Is a continued growth of inquiry and in orders placed, but the Inquiry is thcee or four times the amount of contracts. . Money, Silver, Etc. NEW YORK, March 20. Call money easy, high 3 per cent, low 8, ruling rate 3, closing bid 3, offered at 3 ft, last loan S. Time loans easy. Sixty days, 4 per cent; 90 days, 4ft 4; six months, 4 4 per cent. Prime mercantile paper, 4ft 4 per cent. Foreign bar silver, 64 c -Mexican dollars, 49c LONDON, March 20. Bar silver, 33 d per ounce; money, 3 1-3 per cent. Discount rates Short bills, 3ft per cent; three months bills, 3 7-16 per cent. Mining Stocks at Boston. BOSTON, March 20. Closing quotations: North Butte.... m Old Dominion.. 25ft Osceola 35 .Qulncy 47 Superior 2 Allouez 27 Ariz-Com ..... aft Cal & Ariz..,. 60 Cal & Hecla...283 nTttmjl .... 11 r- tp o- rnn rrt . 44Uiun fir Bos Min 1 B Butte Cp Mn 11 ft i Shannon 10 Franklin lftiutah conBolia.. a 1 Royalle (cop) 24 ft Winona 30 Lake Copper... 3 Wolverine li Mohawk ou ON Northwestern Electric First Preferred Shares Compare the equity, stability and security value of these shares with highKilass investment anywhere. Note the growth of Northwestern Electric over the four years past: Increase Gross Earnings, .121 Increase Net Profit;...... 85 Increase Power Sales 37 Increase Consumers ........ 22 Northwestern Electric Co. A $20,ooo,ooo.QO : Concern Serving Light Heat Power TO Sixteen Thousand Customers , Northwestern Electric Co. First Preferred Shares The Standard Investment Stock of the Northwest. AT ' (Subject to Change) i Represent one of the soundest investments' in the West. Shares can be purchased for cash or on the Savings Plan, giving 6 per cent on your savings. Mail Coupon, for Booklet NORTHWESTERN ELECTRIC CO. J. G. Tsvsna, Ma-r. Stock Sales, Tenth and W ash inxton Streets. Portland. Sir: Please send me full details ooncernina- Northwestern Electric- Company shares. Name Address Puts & Calls YOU CAJV'T BE CLOSED OUT OUT A PUT OR CALL The market may go against you temporarily, but if it recovers and sells above your Call price you have just as much profit as though it jumped there the next day after you made the trade. Furthermore, there are no Margin Calls or interest charges and no commission is charged unless the " transaction is closer! at a profit to you. Write for booklet. "How to Trade in Puts and Calls." WATSON COMPASTV, Investment Secnrltiea, S25 Stock Exchange Building, . Los Angeles. GERMAN MARKS Holders of marks, bonds and other foreign securities, communicate with the) West Coast Trading Co., 609 Couch Bldg., on how to realize the full value of your investment. For J I appointment Tel. Broadway 6589. 13 UNITED STATES SHIPPING BOARD Through the United States Shipping Board Emergency Fleet Corporation INVITES BIDS At Private Competitive Sale on 277 Three-Cylinder Triple Expansion Vertical Marine Engines 19"x32"x56" 36" y ... DESCRIPTION , Reversible "Stephenson" link motion type, designed to work at 200 lbs. of steam, which at 96 revolutions per minute will in dicate approximately 1400 horse power under normal conditions. Built by reputable American prio-ine .hirilriOTa in ncc.orrTanoe with- the rules of the American Bureau of Shipping and under the supervisioa of the surveyors of that Bureau, and Government inspectors. ' - All are new engines and can be readily boxed for export. Shipping weight of each engine, including thrust shaft, approximately 150,000 pounds. These engines are located in warehouses of the UNITED STATES SHIPPING BOARD EMERGENCY FLEET CORPORATION at the following places: 13 Alameda, Calif. 50 Corliss, Wis. 32 Hog Island, Pa. 15 New Orleans, La. 31 Beaumont, Texas 39 Erie, Paw 30 Tacoma, Wash. 23 St. Johns, Portland, Or. 44 Wilson Point, South Norwalk, Conn. No bid will be considered' unless accompanied i.i . K -ji ii i mil' , a i ytii-M- III I 1 11 i" il.TihVr I I I 'I i f " I I T 1 tf Js.t'mr jh. I i i.i fci' irf-rtrr I Bids are invited on any or all of these en gines f. o. b. cars at point of shipment' and) will be sold without warranty as to their condition, quality or capacity. Inspection of these engines can be arranged by communicating with representatives at the above locations. bv certified! check for ten per cent (10) of the amount of the bid. For full information and for complete terms of sale, communicate with the local representa tive of the Material Sales Division at the above warehouses, or with the Home Office, Wash ington, D. C. The right is reserved to reject any and all bida. Bids will be received at the office of the UNITED STATES SHIPPING BOARD EMERGENCY FLEET CORPORATION WASHINGTON, D. C. until 12 noon, April 14, 1922. Envelopes should be addressed to EDWARD P, FARLEY, Vice-President in Charge of Sales and marked "Bid on Sale 101 Long Term 'IsJI'v Jl J 10E(D. We believe the bonds issued by Oregon counties are the highest class character of investment open to you: GILLIAM COUNTY 5V4 Road Bonds Assessed value. Bonded debt 115,269,582 125,000 Population 3960 (1820 census) Due 1942 Price 101.55, yield S6 MORROW COUNTY 5V2 Road Bonds . Assessed value. ,$13,356,629 Bonded! debt 290,000 Population 5617 (1920 census) Due 1929 Price 102.40, yield Sy6 UNION COUNTY 5V4 Road Bonds Assessed value. .?26,41S,611 Bonded debt.... 860,000 Population 16,636 (1920 census) Due 1928-1931 Prices to yield 5 B ONDS of this type under normal investment conditions, to which we are rapidly returning, have values very much higher than those shown above. We will furnish full details upon request. Wire orders "collect." Freeman, Smith a camp Co. LUMIIKMINI BLDS. POKTLANa) HFTH ySStfflfl'v H hark q? llllllllllM Today's best of f erings The Choicest List, SELECTED FOR EVERY NEED WE OWN AND OFFER, SUBJECT TO PRIOR SALE, MUNICIPAL BONDS ' Rate Mat . Yield. City of Los Angeles, Cal 5 1934 4.7" City of Los Angeles, Cal , 1939 4 60 Beaverton, Or Jn"31 I II Portland. Or., Imp..... 6 .1930 5.00 City of Huntington, Or 5 1937 6.80 City of Jacksonville. Or. 5 6.00 City of Prineville. Or., Imp - Port of Kalama. Wash 1934 5.,S Port of Astoria, Or........ J 9-5 J-JJ Newdale, Idaho, water bonds f ih e So Tacoma, Wash., Imp 3 92 Lincoln Co.. Or....... 9-1-3X . 5.10 CANADIAN BONDS Prov. of British Columbia 6 192B 6.00 Prov. of Manitoba 6 19jO . Prov. of Manitoba........ 5J4 v 1942 6.30 Victoria, British Columbia ........... 4 19-3 6.60 Alberta Guar, Ed. Dun & B. C. R. R... U 1944 6.70 CORPORATION BONDS .,, Pacific Power & Light Co 5 1930 , 6.2S Shelton Looms. 7 i? New England Oil Rfg. Co 8 1931 8-"0 Portland Gas & Coke Co 7 1940 , Charcoal Iron 8 1931 8.00 Sears, Roebuck 1 1923 FOREIGN GOVT BONDS Dutch East Indies , ";s ' Belgian Government r Sou un City of Buenos Aires 5 1946 o.UO up Call, Phone or Wire "Collect" tor Reservations, G.E.MILLER & COMPANY ftidfW NORTHWESTERN Sd BANK BLDG. PORTLAND Phone Main 4-1-9-5 I n in iiillli:l!lll!ei!!li!lill!!!l!IUllDHiiii I1I11UI" A rgentine Government S Cold Loan of J 909 Due 1945 Cumulative .Inking fund nif flelent redeem entire Issue by maturity. Principal and Interest payable In V. K, nollara or pound, atrr llng at flaed ratea of exchange. t20 Denominational Price yielding about 6.50 The National City Company Offices in more than 50 cities Veon Bldg., Portland. Main 0072. HERRIN & RHODES, Inc. Established 1800. STOCKS, BONDS, COTTON, GRAIN Correspondents E F. BUTTON A CO.. N. T. Members all Lacing exchange Habvon's Kervlce on Kile. Bdwy. 72S. Z01 KaUway Kxenanga Bldg. U. S. D. & Trust Co. 284 Oak St. Southern Psr 4 to yl.M P Ft., U. P. IH" la yield 10 P B U A. P. 7'i to yield 7 00 p. K.. U P. Oold Notes 8. to yield 8.10 U. 8. Brazils Its to yield Phone Your Want Ads to THE OREGONIAN Main 7070 Automatic 560-93 i. "T"