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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (March 25, 1922)
TTTE MORNING OREGOXIAN, SATURDAY. MARCII 25, 1923 WHEX T SITUATION HELD IS BULLISH Exportable Surplus Not Over Requirements. SUPPLY MAY RUN SHORT Statistics Compiled tor Grain Ex port Show Closely Balanced World s Wheat Situation. A very strong wheat market position is frown in statistics covering the import requirements of foreign countries before the new crop comes on, and also the prob able exportable surplus that remains in America and other producing countries. The statement was prepared by the J. Kosenbaum Grain company of Chicago and shows a very close balance between sup ply and demand. The statement follows: "Actual world's shipments of wheat and fleur to 'Europe only' aggregated 250,000, 00O bushels from March 1 to July 31. 1921. "Although Europe produced around 225, 4)00,000 bushels more wheat in 1921 than In 1920, her needs are proving to be greater. In fact, Broomhall only recently revised his estimate on probable imports s.s follows: Europe, 558,400,000 bushels; Russia, 24,000,000 bushels (perhaps too low); non-European countries, 96,000,000 bushels, or a total of 678.400,000 bushels. "The following table exhibits actual im perts from August 1, 1921, to March 1, 1022, also probable requirements and prob able imports between March 1 and July 31, 1022, in bushels: The supply of cubes was limited, particu larly of top grades, and the. demand was good. Poultry continued slow and rather weak. Country dressed meats were unchanged. wr Asparagus Cleans Tip. The first large shinment of California asparagus arrived yesterday and cleaned up readily at 3840 cents a pound. Other California vegetables were " in sufficient supply. Hank Clearings. Bank clearings of the northwestern cities today were as follows: Clearances. Portland 4, III'-'. 4-4 I Seattle 4,038.816 Taccme transactions Spokane transaction Balances. t 805.357 L1IW.592 2.130.0O0 3,569.845 Bankern' Acceptances Quotations on bankers' acceptances fol ic w. Days 30 60 90 Prime eligible members, pet... 4 4 4 Prime nenraembers. pet 4 & 4 4s rOKlLAND MARKET QUOTATIONS Grain, Flour, Feed.. Etc. Merchants' Exchange, noon session: , Bid Wheat March. April. May. Hard white 1.25 t 1.25 S 1.25 Soft wh-ite 1.24 1.24 1.24 White club 124 1.24 Hard winter 1.25 1.25 1.25 Northern spring .... 1.25 1.2o 1.-5 Red Walla 1.22 1.2a 1.23 Oati No. 2 white feed 35.00 35.00 No. 2 gray 34.00 34.00 Barley Brewing 29.00 29 00 Standard feed 28.50 28.50 Corn No. 2 J5. T. shipment. 27.00 27.00 No. 3 4. Y. shipment. 26.50 26.50 FLOUR Family patents, iS.60 per bbl. ; whole wheat. $7.60; graham, 7.40; bakers' hard wheat, J7.S0; bakers' bluestem pat ents. 7.80; valley soil wheat. 16.50; straights. 6.35. UILLFEED Price f. o. b. mill: Mill- run, ton lots, $29; mixed cars, straigni cars, $27 per ton; middlings, $43; rolled barley, i3739; rolled oats. $42; scratch feed. ?52 per ton. CORN White. $36; cracked, $38. HAY Buying price f. o. b. Portland: Alfalfa. $17.5018 per ton; cheat, $12.50 13; oat and vetch, $15;. clover, $13; valley timothy, $14 13; eastern Oregon timothy, J18.50 19 Dairy and Country Produce. BUTTER Cubes, extras, 36c per lb.; ATCffiSOfJ Fi.ASLROAD TO BE DOUBLE TRICK Main Line From Chicago to Coast Affected by Plan. COST TO BE $30,000,000 35.50 34.00 26.50 26.30 M P fren 4s 1075 do ref 5s ,.1923 do ref 5a , 1923 NYC deb 4fl .,.1934 do con 4s ,1908 do ref imp 4s 2013 do cv; deb Ga do eq 7b ........ N O Tex Mex 6s N F P L 4s....,.., N P 6s do eq O S t ref 4a Pac Fruit Ex 7sr . . . Penna sen 4 ft .... do 42 do gen 5s do 7s. Penna R R 6 Hi 1935 1930 .....3035 1907 3047 1O30 1929 1930 . . ; . 165 1O60 . ..,,1930 . 1936 Improvement Regarded as Certain Sign of Business Recovery and Future Stability. Kingdom Poland, Czecho-Slovakia. United France Belgium Holland Germany, Italy Spain Portugal Greece, Tu rkey Scandinavia .. Austria Switzerland Other Continent 4,2SS,000 Russia Subject orders destination , 59,040,000 309,640,000 , 67,160,000 Imported to Men, 1, 1922 9t, 128,000 14.20O.Ot0 22,176.000 , 25, 104.0(H) 23.432,000 45.616.4JOO 6,632.4)00 320.000 9.632,000 8,072,000 Kon-European countries Requlrem'ta for Season 200,000.000 24,000,000 4K,tU0O,0O0 22.4H).O(0 104.000,000 80,000.000 8,000,000 4.000.000 12.000,000 20.SO0.000 17.600,000 17,600,000 24,000,000 582,400,000 96,000,000 Prob. Impts Mch 1-Jiy 31 108.872.000 9.800,000 25.S24.0O0 Re-exporting 78.176,000 34.384,000 1.368,000 3,60,000 2,368,000 12, 728,00t 277,200,000 28,840,000 306,040,000 Grand Total 376,800,000 678.400,000 Imports of 4.288.000 bushels went partly to Russia, while amount of 59,040,000 bushels is to be distributed among various European importers. "It will be seen that about 300,000,000 tmsJiela are still to be Imported, to be sup piled as follows: "Probable remaining surplus on March 1, 3922; "Bushels. 2o.0O0.0O0 75,000,000 , 75,000,000 40, 000,0 (0 40, 000,000 56,000,000 United Statee Canada ........... Argentina Australia India Alloa t to Europe.. Total .' 311.000,000 roubtful. "This shows the closely balanced world's wheat situation. We expect a very keen export demand to develop during May, June and July. Furthermore, we do not believe that either Argentina, Australia or India (India extremely doubtful) will be cible to supply the amounts set forth above.' The wheat situation is extremely bullish and we believe -that It warrants investment purchases of July wheat on all good breaks." WHEAT MARKET HAS STEADIER TONE Uttle Business Is Passing Her or . in Country. ... There was a steadier feeling in the wheat market yesterday, but trading was very quiet, both locally and in the country. All bids at the Merchants' Exchange were the same as Thursday. Offers for coarse grains were also unchanged. The Chicago wire to the GrayRosen baum Grain company said : "Nothing of especial interest. Some ex port business, unimportant.. Market in better position technically and further ad vance would not be surprising. Foreign markets appear less depressed and renewal of foreign buying would start market up ward. Feel friendly to July wheat on breaks." At Buenos Aires, April wheat was un changed at $1.30 and May wheat up 1 cent at $1.34. Corn and oats were unchanged. Broonihall's Liverpool cable follows: "Spot wheat. Australian, none left; No. 1 Manitoba 12s lOd. up 2d; central market firm but quiet. Corn d to Id lower." The week's shipments from North Amer ica were 5,500,000 bushels wheat and flour vnd 3.750.000 bushels corn. Argentine shipments ' this week were .071,000 bushels wheat, 64S.000 bushels corn and 352,000 bushels oats. Terminal receipts, in cars, were reported by the Merchants' Exchange as follows: Portland Wheat Barley Flour Oats Hav rnday ... Tear ago. . . 10 Se'n to date.25.300 Tear ago. . .13.026 Tacoma Thursday .. 24 Tear ago. . . 25 Se'n to date. 9.135 Tear ago... 3,865 Seattle Thursday . . 12 Year agn S"n to date. 7.215 Tear ago... 4.007 WOOL MEX INTERESTED IN TARIFF Demand for Goods Is Slow and Lower Mill Wages Expected. BOSTON". March 24. The Commercial Bulletin tomorrow will say: Interest in the wool trade has centered chiefly this week upon the industrial situation and the tariff. The latter is reported agreed upon by the senate finance committee at 33 cents a pound, clean, for wools for clothing pur poses, with carpet wools practically free. It is believed that the government, if this proposal is adopted, will find it & very difficult tariff to administer and one which probably will be abandoned very quickly. to far as the mills are concerned, there is little change. Demand for cloth is slow a nd lower wa ges a re declared to be inevitable. The situation in the west is still quiet. The Commercial Bulletin will publish wool prices as follows: Scoured basis: Ore gon eastern No. 1 staple, $1.101T1.12; fine and fine medium combing, $ll.t5: east ern clothing, SoigeftOc; valley No. 1, 90 95c. 1 2 5 10 5 14 5 100 1S46 754 1546 216 657 438 2025 .... 3 13 8 1 3 97 1116 131 692 47 790 111 801 1 5 l 3 176 1S03 355 1377 194 313 336 1163 Hawaiian Pineapple Pack Large. The Hawaiian Pineapple Packers' asso ciation reports a production of 5.263.156 cases as being the pineapple pack from the Hawaiian islands for 1921. A large per centage of this production is from the Island of Oahu. The pack of 1901, when the industry was first started, was 2000 cases. parchment wrapped, box lots, 39c; cartons. 40c. Butterfat. buying prices: No. 1 grade. 38 4 2c, delivered Portland. EGGS Buying price l9e. case count; henneries, 22c; resales, 2020c dozen.: jobbing prices,' case count, 20c; candled ranch, 22c; assqeiation selects, 24c; asso ciation firsts, 22c; association Rullets, 21c. CHEESE Tillamook triplets, price t jobbers, t. o. b. TiilamooK. 26c; Young Americas, 27c pound. POULTRY Hons, 1924c; ducks, nom inal; geese, nominal; turkeys, live, nomi nal; dressed, 35 (3-3 bo. PORK Fancy. 15c per pound. r VEAL Fancy, 14c per pound. Fruits and Vegetables. Local Jobbing quotations: FRUITS Navel oranges. $5.257.50 box; lemons. $6.258; grapefruit $37.50 box; bananas, 910c pound; apples, 1.404 per box. POTATOES Oregon, fl.50Q1.75 per 100 pounds; Yakima, $1.852.35 per 100 lbs.; sweet potatoes, 5 (ft 6c per pound; Nancy Hall, $2.75 per crate. ONIONS Yellow, $7.508 per cental. VEGETABLES Cabbage, 44c per pound ; lettuce, $4. 50 & 6 crate ; carrots, I2&2.50 sack; garlic, 15c per pound, green peppers, 40 45c per pound; celery, $9U crate ; cauliflow;, $2 & 2.50 crate; sprouts, 2022c; parsnips, $22.50 per sack; to matoes, $4.50if5 per lug; artichokes. $1.85 g2 dozen; cucumbers, f2fy3 dozen; rhu baxb. 15 & 17c per pound : so.nach. S1.S5 (8) 2 per crate; asparagus, 38&40c per pound. Staple Groceries. Local jobbing -quotations: SUGAR (sack basis)- Cane, granulated, 6.50c pound; beet, 6.20c per pound. NUTS Walnuts, new crop, 23 37c per pound ; Brazil nuts, 20c ; almonds. 24 27c; peanuts 10&12c per pound. RICE Blue Rose, 6$c per pound; Ja pan style, 6Mc per pound. COFFEE Koaited. bulk. In drums, 18 35 3-4. c per pound. SALT Granulated, bales, f3.254.05; bait ground, ton. 50s, $17; 100s, $16. HONEY Comb, new crop, $4. io5 per case. DRIED FRUITS Dates, 14c per pound; figs, $1.90 & 3. 75 per box; apples. 15c per pound; peaches, 16c; apricots, 23c; prunes, tt(&14c. BEANS Small white, 6 c, large white, 5c. pink, 6 He; bayo, tac. red. 614 c, tima, 10 pound. Hides, Hops. Etc. HIDES Salt hides. 5c: salt bulls. 4c; green oiuos, lc less; grubby hides and ju.i. ic ess; sait. can, 10c; salt kip, ic; salt horse hides, $12 each; dry horse hides, 50c&$l each; dry hides, 10c; dry cull hides, haif price, PELTS Dry pelts, 15 17c; dry short wool peits, half price; salt pelts,x full wool, March take-off, f 1.251.73 each dry goat skins, 12c (long hairj TALLOW No. 1, 4c; No. 2. 3c per pound. pound; tank tallow, 2c pound CASCARA BARK oc pound delivered. Portland. OREGON GRAPE Grape root. 6c per pound. HOPS 1921 crop, 18!Q)20c pound; con tracts. 1718c. WOOL Eastern Oregon, 2l30c per pound ; va Uey wool, fine, 25 27c ; me dium, 2325c; quarter blood, l8&20c- low quarter blood, 15 & 18c; braid, 13(&15c; matted, 1012c. MOHAIR Lonf staple, 26c. delivered Portland; short staple, 18c pound GRAIN BAGS C a. riots, 7fr &8c' coast. Provisions. Local Jobbing quotations: HAMS AH sizes, 34 38c; skinned, 38 40c. picnics, law 19c; cottage roll, 26c BACON Fancy, 40 (& 46c; choice. 30 36c, standard, 242ttc. LARD Pure tierces, 15fec pound; com pressed, tierces. 15a DRY SAL1' Back. 18ig21c; plates. 15c OUa. sXINSEED OIL Raw, n barrels, $1.10; l-galion cans." $1.25; boiled, in barrels. $1.12; 5-gaIion cans. S1.27. TURPENTINE In drums. $1.15; 5-ga.i-ion cans, S1.3U. WHITE LEAD 100-pound kegs, 12 hi per pouLd. GASOLlNE-r-Tank wagons and iron bar re is. 20c; caaea. 38 He ' Lumber. The following are direct quotations on Douglas fir and represent approximately prevailing f. o. b. mill prices in cariota orders that have been Pre vailing Price. $49.00 . BY RICHARD SPTLLANB. . (Copyright by the Public Ledger Company. Published by Arrangement.) PHILADELPHIA, March 24. (Special.) -Announcement is made by W. B. Storey, president of the Atchison, Topeka & Santa Fe system that his company will double track its main line from Chicago to San Francisco. This Is the most welcome and significant statement that has come from a great railroad executive In several years. , Most of the declarations of railroad chiefs as to the future have been pessimistic. This one is highly optimistic. The distance traversed by the Atchison, In its course from Chicago to San Fran cisco, is 2543 miles. Part of this main line now is double-tracked, the principal section being that between Chicago and Newton, Kas., 636 mites. There are various other small portions of the road that are double-tracked, but there are, perhaps, 1500 miles of new track to be constructed to complete the double-tracking. Mountain Construction Expensive. The most expensive part of the work will be in the mountain district between La Junta, Colo., and the Raton pass, where the road sweeps down into the val ley of the Rio Grande, and farther west where the Atchison crosses the Sierra Nevada range. It would be modest to put the cost of the double-tracking of the main line at 30,000,000. Few railroads have been better managed and given better service to the public. Back in the 90s it was a financial wreck. For a time it was in receivership. Today it is a monument to the managerial genius of E. P. Ripley. Its earnings have been good through all the troublous years the transportation companies have known in me last two aecaaes. Credit of System High. Its credit today is high. Its operation has been so good that long ago it earned the title or Pennsylvania of the West. The Atchison's territory is not as good as that of some of its competitors, yet it has prospered in both freight and pas senger traffic, and has branched out and absorbed other roads, until today it ranks as one of the biggest transportation' sys terns of the world. When there is sufficient traffic to war rant double-tracking a decided economy is effected. Evidently Mr. Storey and his associates see sufficient traffic for the Atchison. Normally a boxcar Is on the main line in gainful service on the Ameri can railroad only an hour out of eight throughout its life. Its service on a double-track road is better, of course, than on' a single-track line, there being less sidetracking of freight trains to clear the way for others. Harvey Hotels Great Asset. The Atchison is remarkable in some ways. It commands a big share of the passenger traffic to the Pacific coast largely on account of the excellence of the Harvey notels, eating houses and din lng car service, yet never In the lifetime of Fred Harvey, nor since his sons have managed the business, has there been any thing in the nature of a written contract between the railroad and the Harveys. The railroad owns the hotels, the eat ing- houses and the dining cars. The Harveys provide the napery, the dishes, the foods and the service. They want no contract. They say the fact that there is no contract makes - It necessary for them to do their best all the time,, and that It not only Is insurance of their continuance with the Atchison, but also safeguards them from complacency or carelessness. Pride Taken in Service, ) It has done another thing; it has broad ened the pride of the Harveys in their work. Today Fred Harvey and his brothers, whenever they have a decision to make in regard to their service, ask themselves the question as to what their father wonld have done in the circum stances. Few persons appreciate the mag nitude of the business conducted by the Harveys, who now serve not only the Atchison, but some other roads. One day, in Kansas City, Fred Harvey was ctiattlng with the writer and asked him If he had any Idea of the quantity of tobacco the company - carried. The writer confessed he did not. Thereupon Mr. Harvey showed to him the Inventory of the tobacco on hand as of that day. It represented a cost value of $800,000. There is a lesson for ail railroad execu tives in the success of the Harveys. A well-fed person is likely to bear the minor irritations of travel with complacency and not be critical or fault-finding. There is virtue In the mother's suggestion to her daughter as to the way to retain a hus band's love feed the brute. Bright Outlook for Railroads. Biggest of all in the Atchison announce ment is the suggestion that it carries a brighter outlook for the railroads. If the Atchison requires double-tracking from Chicago to the coast, it would appear that Its competitors will require double-tracking likewise. If the Atchison sees Increase of traffic, the others must see it also. There has been a disposition to believe the rail roads are unable financially to expand to meet the needs of the nation's growth. Many are not or think they are not be cause there has been so much talk of poverty by the railroads. Sentiment plays a large part In every branch of business, even in financing rail roads, vne decision or tne Atchison lilts the pall of pessimism, somewhat. It's about time. 1050 1931 1900 ....,1052 1952 ......3932 190 .. .2000 .. . . . .1947 1927 2008 1928 1930 1939 1939 1946 ....1939 . . . .1941 1947 3 922 . .1923 1 929 . . . .1929 ...1930 .1923 , . . .1935 3942 1931 .. ..1932 . ...1923 . . . . 3 925 . . . .1923 ....1924 ....1925 1943 ..1934 ....1931 1930 1927 .1935 and are based on negotiated : rTggs and Butter Firm. The egg market was firm yesterday but no higher. Receipts were large and the outside orders that came in were not at advanced prices. Local resales were at 20 '4 cents. Buttrr whs firm at previous quotations!. WHITE HENNERY EGGS 22c Wet Portland Guaranteed Bay of Mreeipt. THE SAVINAR CO., INC. 100 Front St 1'ortland, Or. Flooring Hierh. Low. 1x4 No. 2 VO $41.0U J43.50 1x4 No. 3 VLi 3-.uU ii 5IJ 1x4 No. 2&B.8G 32.00 ao.00 1x0 No. 3 & B, SG 3r.00 it-PIlng No. 2 & U B3.0O Finish No.. 2 and beuer 1x8 10-inch 54.00 51.00 Casing and base 58.00 Ceiling !,x4 No. 2 & B 2H.0O 20.00 1x4 No. 2 & B 32.00 1x4 No. 3 23.00 ..... Jrop siriinsc lxl". No 2 At B 34 00 30.00 lxti No. 3 2S.50 2S.S0 Bimrd-. and Si. No. 1 l&10-inch, SIS ... IS. SO 11.50 lxl2-irch. S 1 12.00 Ldnfn: ion No. 1. S1S1 B 2x4.12-14 11.50 10.50 f lanks and small tinibeiK 4x4. 12-1(1. H 4 S 18.50 14.50 3x10-12. 12-10. S 4 a .. 20.00 lti.OO Timlin 32 ft-et and under 6x6.8x10,84 3 21.00 18.00 L.ath Fir 6.45 3.05 New fork Bonds. New Ycrk bond quotations furnished by Herrin & Rhodes, Inc., Portland. Koreign government bondi Argentine 2d 7i. Arg-entine ti 1 OS ... . Belgium 8s Bergen 8? Berne 8u Christiunla, 8s ....... C'-penhagtn 5s .... Danish con.soi as ... French C'ties 6s .... Italy 6s A Hus Ruble 5Vss Swedish Government U S !x 4s U S Mex ext 5s. . .. .. Uruguay Ext 5s Zurich 8s Railroad bonds Atchison gen 4-s A C L, 4s A C 1. 7s li O gold 4s B O con 414s cv B O ref 5s . .1923 ..1945 . .li45 ..1045 . .11145 145 11144 1946 1H34 1025 1920 6s 1939 1054 1945 '.'.'.'.'.'.'.'.'.ibis 1093 1952 1930 1948 .1033 . .1905 11.50 Cotton Market. NEW YORK, March 24. Spot cotton quiei; middling, lT.trOc. Canada Southern 5s 19ti2 Canadian Nal eq Ts 1935 Cf-nadian Nor 6Vss 1940 Canadian Nor 7s 1940 Cent Pac 1st 4 1941) Ches & Ohio cv 4 'is .....1930 Che-s & Ohio gen 4ViS 1992 Ches & Ohio cv 5s 1940 Ches & Ohio con 5s 1939 C B Q. Ill div 4s 1949 C & West Ind 4s '. 1952 C O & W 4s , ...1900 C M & St P 4s 1923 C M St P cv 4 Lis 19S2 CMS Ft P gen 4s A ...1S99 C M & St P cv 6s 2014 C M St P g&r 4VjA 2014 Chicago M V gen 4a 1987 Chicago N V? O'As 1936 Chicago N W 7s , 1930 C R I & P ref 4s .1934 Colo Sou rf ex 4Viis 1935 Colo Sou 4s 1929 Dela & Hudson cv os !M3o Dela & Hudson 7s 1930 O & R O cv 4s 1930 D & R O ref 5s 1953 Kr e V I. 4s 1990 Kje con 4s A 1933 Erie B 19;i3 Erie I) 1953 Brie Pa C O 4s ....1951 Cirand Trunk eq 6 lis 1936 Great Northern 4143 1901 tiroat Northern ts ............ 1930 O Trunk 6s 1930 G Trunk 7s -..1040 Illinois Central jt 5s .....1963 Illinois Central ref 4s. ........ 1955 K C Southern ref 5s 1950 Keokuk & Des M 1st Ss W23 I, S M S 4s 1931 I. & N 7s 1930 I, &- N unl 4s 1940 M M P & S S M 6Vi 1946 Al K. & X 1W 99 83 108 H 108 4 1124' 109?i 90 110 86 H 83 4 . 100 56 56 74V4 112 86 It 87 54 106 78 78 79 86 ,1 109 1094 111 84 85 "4 84 Vi 87 89 88 60 73 V, 6414 74 66 5x14 82 108 14 106 79 'A 88 91 93 , 107 77Vi 46 61 3914 39 41 81 104 88 107 102 110 93 i 85 14 85 82 91 14 107 "4 90 "4 102 11H Reading gen 4s 1950 S A L, 4s 1949 do 5s 1945 do 6s A '. ..1994 Sou Ry con 5s I9r9 So Pac cv 4o .iocs do ref 4s 1960 do at term 4s 1049 do conv 5s .....1935 StL,ASFPL4sA 1931 St L 4 S F gen 3s StLtSPPLSiB . SI L 4 S P gen 6s . . . do ad J 6s do lnc 6s 6t t. & S W 1st 5 do con 4s . . do 1st 4s Tex Pac 1st 5s L'-i Pac 1st 4s do cv 4s do ref 4s ........... do 69 tin Tank 7s . Wabash 1st 5s do 2d 3s West Pac 5s Industrials Allied Packers 6s Amn Agr Ch deb 5s., Amn Sm 1st 5s Amn Tob 7s Amn Tob 7s Anaconda 6s A........ do 7s B Armour cv 7a do 4H 1!:!9 Beaver Board 8s 1933 Beth Steel 7s do eq 7s do ref 5s Cerro de Pasco 8s. .. Chile conv 0s A Chile conv 7s Col Graph 8s Copper Exp 8s do do Colo F & I gen 5s... Colo Ind 5s Cuban Amn Sug 8s.. Cuban Cane cv 7s... Distillers Sec cv 5s. . Diim Match 714s... Dnpont 714s :..l3i Empire Gas Fuel 6s 1924 Fisk Ss 1941 Gen Elec deb 5s 1952 do 6s 1940 Goodrich 7s 1925 Goodyear 8s 1941 Heinz 7s UKiO 111 Steel deb 414s 1940 Ind Steels 5s 1952 Int Agr 5s 1932 Int Marine CT 6s 1941 Kelly Spgfield 8s 19:11 Kennecott 7s 1930 Lack Steel 5s 1923 do 1st 5s 1950 Libby McN I. 7s Lie & Mevers 5s.... do 7s 1944 Lorlllard 5s 1951 do 7s 1944 Mid vale 5s 19:6 Morris & Co 714s . 1930 Proc & Gamble 7s 1923 Republic I & St 5s 1940 Sears Roe 7s 1922 do 7s 1923 Steel & Tube 7s 1951 Swift & Co 7s 1925 do 7s 1931 United Drug 8s...- 1941 U S Rub 1st ref 5s 1947 do Rub 714s ...1930 r S Steel sf 6s 19C3 Va Chem 5a 1923 Va, Car Chem 714 s 1932 West lee 5s 1922 West V T col Tr 5s... - .-. 1938 West Union 614s 1936 Wilson 1st 6s 1941 do cv 6s. 1928 West Elec 7s 1925 Westinghouse 7s 1931 Public utilities Amn Lt & Tran 6s 1925 Amn Tel coll 4s 1929 Amn Tel coll 5s 1946. Amn Tel 0s .....1925 Bell Tel of Pa 7s 1945 B R T 6s 1945 Cal Gas uni 5s . 1937 Cities Service 7s B 1966 do 7s C 1966 do 7s D 1966 Oil bonds- Con Gas cv 7s Int Met 414s ... Int R T ref Bs Laclede Gas 7s Mont Power Bs A ... Northwest Tel 7s . . . Ohio Cities Gas 7s .. Ohio Power 7s ...... Pac Tel 5s Pac Gas 5s Southwest Tel 7s ... 62 I 100 5 87 87 87 101 107 68 . 68 85 Vi 106 106 8914 1014 88 95 96 107 84 5314 19 49 84 88 83 80 8 70 14 8514 84 78 62 62 79 74 76 83 90 82 86 103 103 87 87 87 70 101 98 100 102 98 102 103 87 75 101 101 02 112 85 101, 38 302 102 103 85 72 104 82 44 107 104 93 104 97 105 98 115 104 90 99 76 95 106 103 99 84 RAILWAY BONDS ACTIVE OREGON SHORT IiIXE 6 s ARE STRONGER IN EAST. Tjiberty Issues Sold for Profits. Foreign Securities, Except Mexicans, Are Higher. .1931 100 .1951 95 Anglo Amn 7s Atlantic ref 6s ... Galena S Oil 7s Gulf Oil 7s Humble 7s ......... Pan Amn 7s Mex Pet cv 8s Sinclair 7s SO Cal 7s SO N Y 7s Texas Co 7s Tidewater Oil 6s .. Vacuum Oil 7s ..... Curb bonds Allied Packers 6s ... Am Tel & Tel 6s Anaconda Copper 6s Anglo-Am Oil 7s .. Galena Signal Oil 7s So West Tel 7s Stand Oil N Y 6s . do 7s Swift & Co 7s Texas Co 7s notes . . Vacuum Oil 7s 1925 1936 . .. .1966 . . . .1930 . . . . 1 943 ....1941 . . . .1925 ....1951 ....1937 . ...1P42 . .. .1925 ....1925 ....1931 ....1930 ....1933 ....1923 . .. .1930 1936 1925 ....1931 1931 ....1923 ,...1931 ....1936 . . .1933 . . .1028 ...1925 115 94 114 86 104 101 93 100 100 97 101 102 106 87 105 100 97 95 100 0B 108 95 86 106 100 105 89 96 114 108 39 95 115 90 86 108 14 60 98 94 107 88 102 94 88 102 103 103 101 103 101 97 103 103 105 108 101 101 100 70 100 98 103 101 102 106 105 101 101 106 NEW YORK. March 24. Liberty issues again indicated selling for profits in to day's moderate dealings, all but on of that series closing at trifling recessions. Many secondary rails continued fairly active, the most conspicuous features be ing Ann Arbor and Pere Marquette, which rose one to two points on reports that those roads were to form the nucleus of the new system between New . York and Chicago. Oregon Short Line 5s also strengthened. Foreign bonds, especially French govern ment and Swiss 8s, and French and Danish municipals tended upward, but Mexicans were adversely affected by denials of early payment of the country's external debt. Tnt-n! Rules segregated S17, 481.900. For the third consecutive session prices of stocks continued their irregular course. Pressure directed against certain of the more speculative issues indicated an ex tension of the bear position. Junior rails,-especially Ann Arbor com mon nd preferred, and Pere Marquette common and preferred, were strong fea tures of ths early trading, advancing one "to two points on reports that both systems were to figure In a merger oi roaas nnira this center and the middle west. Steels almost as a group strengthened .nnrei-iiihiv under the lead of Bethlehem. Advices from mill centers emphasized the Increase of manufacture and extreme proo ability of additional advances in finished and semi-finished products. The equipment division and motors snd their subsidaries also reflectedsubstantial support, Studebaker, Kelsey Wheel, Bosch Magneto and Stromberg Carburetor being the outstanding- features. The reverse side of the market was chiefly represented by leading oils of the domestic and foreign types, also sugars snd affiliated specialties and International Paper, common and preferred. Union Bag & Paper and several of the utilities, no tably, American Telephone. Sales were 875,000 shares. Call money opened and renewed at 4 per cent, the highest initial quotation of the week, and held at that price until shortly before the close, when the rate dropped to 4 per cent. Time funds, even for the shorter dates, were compara tively scarce and practically all one to three-month loans were made at 4 per cent. Confusion marked the day in foreign exchanges, sterling easing, with firmness in French and Italian bills and a slight easing of the Belgian rate. German marks rallied a trifle from yesterday's low mar ket, Norwegian bills were decidedly strong, but other Scandinavian as well as Swiss and eastern Europe quotations were ir regularly lower. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company or Portland. Stock. Sales Bid. FREIGHT BILL SII1C BIS $300,000,000 TO BE CUT FROM SHIPPERS' EXPENSE. Federal Officials Assert Redactions Should Iiower Production Cost of All Industries. (Copyright hy -the Public Ledger Company. W ASH 1NGTON. D . C MaVnh o'2 rQn.. SlnATSi?i2pir" wl" Sllve approximately $300,000,000 this year as a result of reduc tions In freight rates tht h. k. effective the last few months, it is com puted by or. Julius Parmelee, director of the bureau of railway economics. The level of freight rates was lowered 5 per cent in 1921. This represented an an nual saving of $200,000,000. Another $100 -000.000 was added to the in7 i i.,. ary when a horizontal reduction of 10 per cent was applied to rates on agricultural products through a voluntary reduction by the carriers, and a further cut of r cent was made by order of the interstate commerce commission in rates on errain. grain products and hay. inese reductions in rates should slt government officials feel. In lowering pro duction cos's of all industries. Dr. Parmlee's survey of the rate situa tion is based in part upon scrutiny of the receipts of all railroads per ton mile, data obtained from the interstate commerce commission. Receipts per ton mile are expected to average about $.01276 for 1921. This average is probably the highest in the his tory of the United States. It Is approxi mately 20 per cent higher than the aver age ton mile receipts for 1020. which was reported as $.01052. The 1921 average rate level was nearly double that of 1916, which was the lowest in the history of the country. In 1916 the earnings per ton mile amounted to $.00707. The average ton mile In 1919 was $ 00849, in 1918 $ 00849. and in 1917 $.00715. The years 1916 and 1917 were the last two full years of private operation of the roads. It is necessary to go back to 1880 to obtain rates that compare with those of 1922. Adams Ex... 300 Adv Rum ... 200 do pf d .... 10 Agr Chem . . . 30 do pfd Ajax Rubber.. 1,500 Alaska Gold.. 500 Alaska Juneau Allied Chem.. 1,900 Allis-Chalmers 1.800 Am Beet Sug. 2,700 Am Bosch ... 1.800 Am Can Co... 3,400 do pfd .... 1O0 Am Car & F. 500 do pfd 100 Am Cot Oil... 600 do pfd Am Drug Syn 300 Am Hide & L. 800 do pfd 1,100 Am Ice 5,200 Am Int Corp. 2,200 Am Linseed.. 1.800 Am Loco .... 1,900 do pfd 100 Am Saf Razor 1,600 Am Ship & C. 800 Am Smelter... 1,100 do ptd 2O0 Am Snuff .... 100 Am Steel Fdy. 13.2O0 Am Sugar ... 6,100 do pfd .... 200 Am Sumatra... 800 Am T & T.... 1.6O0 Am Tob 3-00 do B 500 Am Wool 1,600 Am W P pfd.. ...... Am Zinc . . . . Anaconda 3,700 Assd Oil .'. Atchison 1,400 do pfd At Coast L . . . 20O At G & W I. 600 Baldwin Loco. 7.400 do pfd . . . Bait & Ohio do pfd . . . Beth Steel 8X . do B Booth Fish B R T.i 10,800 Butte C & Z. 200 Butte & Sup. 400 Burns Bros. . 2.300 Caddo OU ... SQ0 Cal Pkg ..... 200 Cal Petro ... 1,500 do pfd .... 200 Can Pac 1.8K Cen Leather.. 1,600 Cer de Pasco. 300 Chun Motor. . 6,000 Chi & N W. . . 1,600 Chi Gt West. . 800 High. 66 15 46 39 Low. 65 14 46 38 16 '63 43 41 43 46 101 135 118 2a 3 5 68 111 43 34 M8 117 7 14 52 86 124 36 70 97 32, 121 135 133 86 51 86 "80 28 107 800 38 31,000 71 16 '62 44 40 41 45 101 154 118 24 ..... 14 68 109 42 33 107 117 7 13 61 96 124 35 68 97 31 120 3 35 133 ', 86 86 '96" 28 106 '37 do pfd 3.200 Coffee Futures Strong. NEW YORK. March 24. Bullish activity in the market for coffee futures was re sumed today when prices reached new high levels on the present movement. The close was 12 to 14 points net higher. The mar ket opened 5 to 9 points higher, partly on firm cables and advanced steadily through out the day. Sales were estimated at about 44.000 bags. May, 9.39c: July, 9.34c; September, 8.24c: December, 9.24c. Spot coffee, active and firm with Rio 7s quoted at 9c to 10c and sales at 10c; Santos 4s were 13 c to 14c. Metal Market. NEW YORK, March 24. Copper easier. Electrolytic, spot and nearby, 1213c;J later. 1313c. Tin quiet. Spot and nearby, 29.25c; fu tures, 29.37c. Iron steady, unchanged. I-sad steady. Spot. 4. 70 04.80c. Zino quiet. East St. Louis delivery, spot, $4.704.75c. Antimony, spot, 4.23c. Uuriith' Linseed Market. PULl'TH, March 24. Flaxseed, 2.50 S.MM.0. Chili Con Chino C M St P..., do pfd Coco Cola .... C & O Colo F & I... Colo Southern Colo G & E... Col Graph.... Con Gas ..... Cons Cigars... Contl Can ... Cities Service. Con Prod .... do pfd Cosden Oil. . ., C R I & P do A prd... do B pfd. .. Crucible do pfd Cuba Cane . . . do pfd Cub Ans Sugar Del & Hudson. Dome Mines.. Del & Lack. . . Dav Chem . . .. Endi Johnson. Erie do 1st pfd. .. Elec Stor Bat. Fam Players.. Fed M & Sm.. do pfd . Fisk Tire .... Gaston Wms . Gen Cigars . .. Gen Elec . . -Gen Motors. . . Glen Alden. .. Gen Asphalt.. Goodrich Goodyear .... Granby Gt Nor Ore. .. do pfd Greene Can . ., Gulf S Steel. . Houston Oil.. Hupp Motor.. Hi Cent Inspiration . . Int Agr Corp. do pfd Interboro .... do pfd Intr Callahan. Intr Harvester do pfd Int Mer Mar.. do pfd Int Nickel Int Paper . .,. do pfd Invln Oil .... Island Oil ... J ewel Tea . . . K C Southern. K C Sou pfd. . Kelly-Spgfld. . Kennecott ... Kevstone T. . . Lack Steel ... Lee Tire Lehigh Val... Lorillard .... Lowe Theatres L & N Mackay Maryl'd Oil.. Mar & Perry. . May Stores. . .. Mex Pet Miami M States Oil.. Mid Steel M K & T do pfd Mont Power .. Mont Ward ., Mo Pac do pfd M S P & S S M Nor A mn .... Nat Biscut . . . Nat Enamel.. iNat Lead 4,500 300 500 2,800 11.600 1,400 800 400 3,300 1,600 1,000 V 00 "i.'eoo '2,700 3,300 100 200 3,500 'i.b'oo 1,800 2000 200 2,500 300 2,500 800 1,600 300 18 6 25 129 12 75 51 90 135 36" . 34 73 69 8 19 17 27 22 37 48 60 SO 47. 82 3 109 '62 20 104 114 35 40 92 78 67 'il5" 35 ' 28 116 28 115 " 56 82 11 18 2.200 79 200 1.000 200 100 300 10.600 300 8,500 300 800 1,800 2,000 '2,'400 500 1,000 10O 100 Vo'6 4.600 2.8O0 3,900 100 38 16 68 154 10 43 39 39 '27 36 73 73 74 13 10-1 40 '39 3 8 6 88 68 16 6 25 128 12 75 50 89 134 35 34 72 69 T 19 17 27 22 36 46 60 28 46 81. 3 108 '62" 20 304 114 35 40 82 78 55 'l3 31 21 116 27 114 55 82 31 17 "78 "38" 18 68 134 10 43 58 39 '27 -35 72 '' 74 15 101 39 '39" 3 8 6 93 300 1,400 12,500 3,200 ' 4.'40'6 8,000 " 200 1.100 3.200 4.500 2.600 1.700 2,2O0 700 100 2,400 900 500 100 36.300 100 5.3O0 15,100 600 100 300 900 1.3O0 2,300 3.400 100 1.600 100 35 71 16 43 "i7 1 19 25 '44 29 18 49 'A 33 59 1481, 13 25 .27 112 119 27 13 34 12 32 66 16 21 33 '56 136 35 88 . 13 70 1 4ti 'l7 1 IS 14 ' 2-5 "43" 29 17 47 32 ' 58 148 14 25 26 Hi! 117 27 13 33 12 32 65 16 21 52 .'54' 13 34 88 Bid. 65 14 45 39 66 16 1 63 45 40 42 43 101 155 117 25 62 5. 13 68 109 43 34 IO8 117 7 14 51 96 123 36 69 87 32 120 133 132 88 - 26 14 50 102 96 87 00 28 107. 107 38 55 108 71 6 17 6 25 128 12 74 50 89 135 36 34 72 69 7 19 17 27 22 37 47 60 30 46 82 3 108 24 62 20 ! 104 i 114 85 40 82 78 57 84 - 14 32 22 115 27 114 56 82 11 17 148 79 8 38 16 68 133 10 42 59 39 10 " 27 35 72 . 26 72 74 15 101 39 10 39 3 8 6 92 110 15 70 16 43 75 17 1 18 25 55 43 29 17 4S 33 58 147 15 113 81 25 26 '111 118 27 13 34 12 32 65 1 21 52 60 55 135 34 88 Nevada Con.. 800 14 13 14 New Haven .. 12,400 20 19 18 Nor & W 300 100 100 100 Nova S Steel ..... 27 N Y Air B 3 N Y Central.. 4.000 86 83 86 Okla Prod ref. 800 2 2 2 Ontario Silver. 1,80 8 8 8 Ontario & W, 500 14 V 24 23 Otis Steel . .i. 300 12 11 11 Pacific Dev... 2,800 9 8 9 P G & Elec. 70O 87 66 Pnta Allegra.. 2,900 89 38 39 Pacific Oil.... 5.800 49 48 48 pan Amn Pet. 9.300 64 52 53 do pfd -2.400 48 47 47 Penna 2,200 87 37 37 Peo Gas 700 80 79 80 Pere Mar 4.30O 78 27 27 I Pure Oil 4.400 80 29 29 Phillips Pete.. 600 83 35 35 Pierce Arrow. 1,900 17 16 17 Pierce Oil 900 8 8 8 Pitts Coal .... 60 61 61 81 P & W Va 600 27 27 27 1 do pfd 78 P Steel Car... 30 71 70 70 Pullman 8.400 125 123 124 Ray Cons .... 1.000 1 4 14 14 Reading ...... 1,200 73 73 73 Remington ... 1,000 32 32 82 Replogle Steel. 500 31 31 81 Republic IAS 1.80O 62 50 52 do pfd 600 77 76 77 Rep Motors .. 20 7 7 7 R Dutch Oil.. 8.300 63 B2 53 Ry Steel Spg. ., 100 96 06 86 Saxon Motors. 1.500 3 3 3 Sears Roe.... 8,300 72 70 71 Shattuck. Ariz 200 8 8 8 Shell T & T. . 100 89 39 39 Sinclair 7.700 25 24 24 Stand Oil Ind. 87 do N J 8.600 172 169 170 Sloss Shef 1.500 42 40 42 Sou Pacific... 3.800 83 83 85 Sou Ry 2.400 21 21 21 Stand Oil Cal. 1.300 95 94 84 St L & B F... 3.200 28 27 27 Strom Carb... 1,200 46 44 46 Studebaker... 61.200 106 104 106 Swift A Co 104 Tenn Cop A Ch 1.300 11 10 11 Texas Oil 6,700 43 42 43 Texas Pac 2.900 32 81 81 Tex Pac C & O 4,400 25 25 24 Tob Products.. 3o0 61 61 61 Tran Con Oil. 4.500 9 9 Union OU Del. 1,000 18 17 17 Union Pac .... 1,200 133 132 132 United Alloy.. 600 31 80 30 United Drug. . 500 67 65 66 Un Food Prod 600 6 6 6 United Fruit.. 200 137 137. 137 Union B & P. 200 56 66 56 U S C I Pipe. 4.800 861 84 85 Un Ret Stores. 8,000 44 48 44 U S Ind Alco. 1,100 48 48 48 U S Rub 3,200 61 60 60 do 1st pfd 103 U S Smelting.. 200 35 85 85 U S Steel 42,300 86 93 85 U S Steel pfd.- 500 116 116 116 Utah Copper.. 800 63 ,.62 63 Va Chem 600 34 t34 84 do pfd 200 73 73 73 Vanad Steel... 9,400 39 87 89 Vlvandou 500 10 10 10 Wabash 5,500 9 8 8 do A pfd... 11,800 28 27 28 do B pfd... 100 18 18 38 Wells-Fargo 79 Western Pac. 2,800 20 19 19 do pfd 100 53 63 63 Western Un... 6O0 97 97 97 Westing A B.. ' 100 85 85 85 West E A M. . 800 67 67 57 West Md 200 10 9 8 White Motors. 200 40 38 39 Willys-Over .. 7,800 8 7 8 do pfd 600 -40 39 39 Wilson Pack 39 Woolworth 133 Worth Pump.. 200 60 50 49 W & L E 300 8 9 8 White Oil ... .2000 9 8 9 Blyth-Witter jurmsn new offices wall- Government Bonds, NEW YORK, March. 24. Government bonds closed : Bid U S 2s, registered 103 do coupon ......Jt'sM do 4s, registered 105 do cv 4s, coupon ................105 Panama 3s, registered. .............. 83 do coupon 83 Liberty Bond Quotations. Liberty bond and victory note quota tions at New York, as furnished by the Overbeck A Cooke company of Portland: Ooen. High. Low. Close. Liberty 8s ...$98.00 $98.86 $97.90 $97.90 vs. in 97.80 98.10 98.30 98.06 98.20 97.90 98.00 87.70 87.86 98.24 89.38 99.04 99.84 98.20 98.32 98.06 98.26 do 1st 4s do 2d 4s do 1st 4s... do 2d 4 lis . , do 3d 4s ., do 4th 4s .. Victory 4s .100.80 100.80 100.80 100.80 do 3s 100.02 Swift A Co. Stocks. . Closing prices of Swift A Co. stocks at Chicago were reported by the Overbeck A Cooke company of Portland as follows: Swift Co.. .....103 ijiDoy, iuciNeu a L.lDDy 0 National Leather .. do new Swift International ! 30 Money. Silver, Ete. hbw 10KK, March 24. Call money easier; high, 4; low. 4; ruling rate. 4; closing bid, 4: offered at 4; last loan 4. Call loans against acceptances, Time loans, firm; 60 days, 44; 90 days, 468j4; six months, 44. Prime mercantile paper, 44. Foreign bar silver, 65. Mexican dollars. 49. LONDON, March 24. Bar silver, 83 d per ounce. Money. 3 per cent. Discount rates Short bills-, 3 .per cent; three months bills 3E3. Mining Stocks at Boston. Closing mining stocks at Boston, fur nished by Overbeck A Cooke company of fortiana: Bid. Ariz Comm 9 Adventure 60 Ahmeek 62 Algom&h 20 Ailouez 2614 Arcadian . . 2 Bingham Mns 13 Baiakalla Calumet & Hecla ...275 New Corn , 17 Centennial 10 Copper Range 43 Davis Daly Daly West . . . E&st Butte . . . Franklin Mng Hancock Helvetia. Indiana Is!a.nd Creek . Keewanaw . . . Kerr Lake ... Lake Copper . Mohawk May Old Colony 7 . . 2 . . 10 .. 1 .. 2 .. 1 ... 60 ..104 .. 14 .. 3 .. 2 .,68 4 Mason Valley 1 North Butte Nipissing North Lake . . . . . . . . Old Dom Copper Oseola. Mns 1 Obijawa. Pond Creek Supp Boston Uni Shoe Mch do pfd South Utah Phattuck Trinity Copper Tuolumne Utah Apex Ventura Victoria Winona Wolverine Wyandott 12 20 23 33 1 17 00 44 25 3 3 53 2 22 1 40 12 40 Ask. 8 61 60 50 27 2 JS 280 18 13 . 44 7 3 30 I 2 100 104 3 3 69 5 1 33 8 34 18 100 26 5 8 2 60 2 22 2 50 12 50 Foreign Bonds. Foreign bond quotations, furnished by Overbeck A Cooke company of Portland, Bid. Ask. Belgian rest 5s do prem 5s do 7s 1945 do 8s 1941 Do 6s '. ..4 1925 Brazil 8s 1941 Chile 6s 1832 do is 1923 .1922 .1927 .1929 .1934 .1937 .1926 .1929 1931 . 1943 . 1945 .3917 .1920 .1931 .1941 .1945 British 5s .... do 5s do 5s do vky 4s .... do ref 4s ... Bordeau -5s ... Canadian 5s .. do 5s do 5s do 5s do"5s 192 Chinese 5s . . . . Chilean 8.1 .... Russ currency. Denmark 8s ... Dan muni 8s .. French 4s do 3s ' do 5s do 7s do 8s German W L 01 Berlin 4s Hamburg 4s .. do 4s Leipslg 4s .. do 5s Munich-4s ...... do 5s Frankfort 4s .. Italian 5s . . Jap 4s Jap first 4 s . Jap second 4s Norway 8s . . . . Russian 5s .. do 5 V2S ..... do 6s Swiss 8s San Paulo 8s .. U K 5s , do 5s ..... do 5s ..... Swedish 6s 70 79 108 3 02 103 105 86 101 89 89 90 74 73 85 96 89 87 1951 54 3941C 103 4 . . .1918 . . .1931 . . .1925 . . .1925 . . .1940 ...1921 . . .1926 1919 . . .1910 .'.'.' 1922 ...1929 . . .1937 . . . J939 109 109 55 79 67 102 105 2 3 3 3 3 3 3 4 3 89 74 89 89 111 18 8 IS 117 104 104 103 99 100 83 109 102 303 305 87 301 91 91 92 76 ' 78 86 97 99 100 88 98 56 104 6 110 110 37 81 09 102 105 8 3 4 3 4 4 4 5 4 41 73 90 89 3 1 1 19 4 20 118 104 105 105 99 100 T LYTH-WITTER, well known Pa D cif ic coast bond firm, furnish their new Portland offices with West Made Desks! Leading; financial con cerns all up and down the coast are selecting West-Mades. Recent pur chasers are the Federal Reserve Banks, Bank of Italy, Seattle Na tional Bank of Commerce, and Anglo-California Trust Company, of San Francisco. How bout the desks in your own office? Are they comfortable efficient business-like? It's poor economy to use the old-style desk. Equip with West-Mades and see for yourself how much their well-planned drawer arrangements and special features increase efficiency! Your office furniture dealer will gladly show you the line and help you make your selection. WEST-MADE DESK COMPANY Manufacturers Portland, Oregpn, U. S. A. Sold in Portland by: Bushong & Company Kilham Stationery & Printing Co. Glass & Prjudhomme Company. THe Fifty -Year Desk 4 p!IIIIIIICil!lfllll!!IIICllli:iBgH35Einn(llB Wanted! Canadian Municipals We will buy short or long- term bonds of the following Canadian provinces or cities (PROVINCES) Alberta British Columbia Manitoba New Brunswick Newfoundland (Colony) Nova Scotia Ontario Quebec Saskatchewan Call, Write. or Phone Main 4195 (CITIES) Calgary Edmonton Montreal Ottawa Quebec Toronto Victoria Winnipeg Winnipeg Water District We will pay best market prices for prompt deliveries. Our specialist will be glad to give you any information. G.E. MILLER & COMPANY mm VnAfi. NORTHWESTERN SeSa BANKBLDG. PORTLAND Phone Main 4-1-9-5 I limn' II !l II 1! !l II II I! I! II II I! I! !; !l II I! I! !l II II II II I! II II I I! !l '.111 II II I! II II II I! II II UII II I " " II II II II II II II I 1 II II I II II u ii " " Foreign Exchange. Foreign exchange rates at the close oiV' 1 business yesterday, furnished by North- western National bank of Portland. The I amount quoted is the equivalent of the ! foreign unit in United States funds: I r'rtimtrv Koreieir unit. Rate. I Austria, kronen I.OdO'J , (Belgium, trani 084(1, Bulgaria, leva "J8 Csecho-SIovakia, kronen 01 HI I Denmark, kroner i-o England, pound sterling VV" i Finland, finmark -'! Prance, francs nun Germany, marks W38 Greece, drachmas 04Ha Holland, guilders Hungary, kronen ""J T.ulv 1t!A 0518 Jugo-Slavla. kronen 0O83 I Norway, kroner il"-l Portugal, escudos I Roumania, lei Serbia, dinars VI4" Spain, pesetas Sweden, kroner r,.r? Switzerland, francs "'' rhina Hongkong, local currency 8.m Shanghai, taels Japan, yen 48-s NEW YORK, March 24. Foreign ex change, steady. Great Britain, demand $389i, cables M.38; 80-day bills on banks. 4.3S; France, demand 8.06, ca bles, 9.07; Italy, demand 5.13V. cables 5.14; Belgium, demand 8.444, cables 8.4.1: Germany, demand 30. cables "10: Hol land demand 3T.7. cables 37.8 1 ; Norway, demand 17.76: Sweden, demand, 26.1S; Denmark, demand. 21.20: Switzerland, de mand, 19.4H: Spain, demand, 15.67; Greece, demand, 4.26; Poland, demand, .02; Czecho-Slovakia, demand 1.76; Argentina, de mand, 36.75; Brazil, demand, ls.si; Mon treal, 97 Vs. Standard Oil Stacks, standard Oil quotations furnished by Overbeck & Cooke company or r-ortiana: Anglo Borne Scrysmer Buckeye "heesebrough ... do pfd Continental Crescent Cumberland ..... B-urega Galena com do old pfel do new pfd . . , Illinois Pipe Indiana Pipe .... Nat'l Transit .... N T Transit Northern P'.pe . . Ohio Oil Inter'l Pete Penn Mex Prairie Oil do Pipe Solar Refg Southern Pipe ... South Penn Oil . . S W Penn Oil . . . S O Ind S O Kansas S O Kentucky . . . S O N T E O Ohio do pfd Swan : Finch . . . Vacuum Washington S O Nebraska . . . Imperial Oil . firm. aiM-e: sales, 4!: receipts, t; ship ments, 203; stock, 676. Rosin firm. Sales, 609: rseelpts, 77: shipments, 300: stock. M.647. wuole: H, D. K, F. G. H. I. 4 05; K. 4.?; M, J4.80; N. 10.30: WO, f.1.79; WW, , Cottoo Seed Oil Futures. Cotton seed oil futures st New York, fur nished by Herrin Rhodes, Inc., of Port land: May. Slt.flftfr 11.T0; June. ll4n,i 11.65; July. S11 4.1B 1147; apnt. 111.60 b"l. Phone your want ads to Thu Or- a-onlan. Main 7070. Automatic BS0-9.1. Bid. Asked. .. 17", 17 . .3.10 370 , . 1)4 P5V4 ..His i:6 .111 114 ,.130 133 .. 33 34 .140 150 .. M3 l& . 45 47 .110 114 .100 105 .174 17(1 .102 105 . 27 28 .174 178 .106 1X ..273 276 . 14Ti 15H .. 20 271, 565 .232 235 ..840 3' . H7 1 .17ft . 12 . 60 63 . R 87 .540 RHO .4 HO 4!0 .87.1 378 .3!0 400 .11.1 116 . 3.1 4.1 .350 S(M- . 28 32 .16.1 172 .. !8' 100 FOUNDED 187 0 SOUTHERN CALIFORNIA EDISON COMPANY Common Stock Paying: f0 Dividends The Southern California Edison Company serve over 270,000 customers In South ern California, This company has paid dividends quarterly without interruption on its common stock since 1909. The earn ings for 1921 amounted to $16 a share on the common stock preferred dividends. Price 90 to yield K.0S"r. E.H.ROLLINS &SOSS 411 lewis mnuiiNO Jtleplione liivaihi'tiy O'jy PORTLAND OS-TOW NHW YORK- CHICAGO SAN FKANCIsCO UK AWkUtS Naval Stores. . SAVANNA H. Ha . March 24. TurpTtlne hfcKKlN & RHODES, Inc. Established 1896 STOCKS, BONDS, COTTON, GRAIN Correspondents K F HI TTON CO. N t Members all leading exchaogsa BabMn' (Service on Kile. Bdw. 4720. iol Railway sUobauoge sllu. Safety First Once tried never denied: Our Partial Payment Plan. ET nrrUAM ftjl !T-U rauux LuailKatNi Blds . Postlans "J