TIIE 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"