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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (March 30, 1922)
THE 3I0RXIXG OREGONTAX, THURSDAY, MARCH 30. i922 RAILS' ARE FEATURE N GOTHAM MARKET Stocks Strong From Opening With Buying Brisk. OIL TAKES BRIEF FLURRY Fair Amount of Activity Is Xoted in Motor Group, With Chancller and Studebaker Leading. BT MONITOR. Copyright by the Public Ledger Company. Published by arrangement.) NEW YORK, March 29. (Special.) To day's stock market, which was a fairly active affair, - developed along the line of upward movements by groups. A few specialties were strong, and one or two were weak. Among the former were Na tional Lead, which made a belated sponge to the improvement in building operations, and United Fruit, which had brief spurt of intensive activity. Sears, Roebuck, on the other hand, was under pressure. The feature of the market, however, was furnished by the rails. They were strong from the opening, and maintained their gains fairly well throughout the day. Reports on F ebruary operations have reg- lstered an encouraging gain in gross earnings, and this feature appeared to furnish the incentive for the day's buying. The advance was confined to no particular class, although the medium iand low-priced issues exhibited a marked increase activity. Sharp advances were scored by "Wabash A preferred. New Haven, St. Paul preferred, Missouri Pacific, Southern Pa clflc, Chesapeake & Ohio, Baltimore Ohio, Chicago .Northwestern and others. There was a brief flurry in the oils, led by Ro3'al Xutch, which advanced gubstan tially and held up well throughout the day. Alexican Petroleum and Pacific Oil were active and higher. 3n the Motor group there was a fair amount of activity, with Studebaker and Chandler, of course, the leaders in the movement. The Rubber and Tire stocks responded to an outburst of buying in the second hour. United tHatea Rubber, Ajax, Kelly-Springfield, and Fisk were bought on reports of an increased demand for auto mobile tires. The Equipments were strong In the fore noon, although their gains were not fully Held. Xjetniehem Steel IS was the strong est of the steels. The weekly review of the Iron Ase was the most cneerful that has appeared in a long time. Even the optimists throughout the street were sur prised by the statement from this authority that both producers and consumers ap parently had been surprised at the rate at wnicn buying had developed and the fur ther statement that March bookings prob aoiy would snow the largest total since July or August of li0. Otherwise there was little news to tc count for the strength displayed by the general list today. It was reported that several operators who recently had been active in selling the market had come to the conclusion that there was little in the short side and were taking in their com mitments. The Steel stocks generally were strong In today's trading. , Bethlehem Steel B was the leader in the group, reaching new high for the present movement 72 's. Buying of this issue was due to an nouncement of the awarding of the con tract for the construction of the Vehicular tunnel under the Hudson river. Of 110.000 ions oi cast iron segments, this company wHl provide about 75 per cent. Total steel lequirements of the operation were fig ured at 35,000- tOBS, of which 10.000 tons are steel segments, which will be furnished by the Bethlehem corporation, which also will supply all of the caiasoa steel and about one-half of the high, tensile steel Doits, nuts and washers. While strong, the Steel stocks were com paratively inactive and this despite the weemy. trade reviews' ontimistic renort. Operations of the mills are maintained at aDout iu per cent capacity for the United states Steel corporation, and about 60 per ctnt for the independents, according to ice autnonties. With the jobbers carry ing from three to four months' reouire nients bought at low prices, there is a ten dency in the trade to question the amount or new business to be obtained at the re cent advances announced. Until this is more definitely determined, commission nouses are advising caution In the pur- (.uaafl oi cnese stocks. The copper stocks were firm, despite un favorable trade reports. It is intimated in some quarters that metal recently was of fered In miliing-in-transit territory at 12 cents. - These offerings, according to re ports, resulted in resentment being mani fested by some of the large agencies, which as a result are offering metal at 12 cents for prompt and April shipments, c 1. f. British, port or Hamburg. The equipment stocks all were strong, with Pullman an outstanding feature. Buy ing in these issues was accompanied by a report that there are now in the market Inquiries for 41,000 freight cars. Total or ders placed thus far this year amount to 84.0O0 cars. The necessity for the roads replenishing their rolling stock has led to buying of equipment stocks on the theory that largely increased earnings are in prospect. Special strength in Baldwin Loco was to a report that the company has arranged for the sale of its properties at Phila delphia, and with the proceeds of the sale would retire the preferred stock at 1"J The short interest derived little Satisfac tion from the denial, however New Haven again today was the leader in the low priced rails. Buying was due In part to the receipt of private reports from Washington to the effect that the government presently will petition the United States district court here to order the return to the company of its trolley company's securities holdings as well as those of the Boston & Maine, which now are in the hands of trustees. It is re ported that the one man motor cars, with a capacity of S3 passengers, recently put in service, have proved satisfactory and that a number of new cars of 40 passenger capacity are to be ordered. -' There was a short-lived demonstration In the fertilizer stocks on reports of unex pectedly good collections In the south, with a resulting decrease in the number of ac counts receivable carried on the books of the companies. arations for first of the month disburse ments. Bankers believe that the 6 per cent rate probably will be maintained throughout the week. X'ew York Bonds. New York bond quotations, furnished by Herrin & Rhodes, Inc.. Portland: Foreign government bonds Argentine 2d 7s 192? do GI as ...1!4. 8:i Belgium 8 ! JJ8"4 Bergen Ss MJ-i 110 Berne Ss 1 Christiana 8s , l- 1?H Copenhagen 5 ! Danish Consol fcs 1 French Cities 6s ina m Italy 6V4s A 12 Rus Ruble 5',-sS : 1926 - 4 Swedish Govt. 6s ...... 13 12?4 U S MCI 4s 1054 . 48 A do ext 5s 1945 51 Uruguay Ext 5s 44 Zurich 8s 19 1135 Foreign government city bonds Berlin 4s Greater Berlin 4s. ............ Hamburg 4s ... Bremen 4s ............... ... Cologne 4s ................... ... Dresden 4s ................... ... do 4s Dusseldorf 4s - Frankfort 4s Leipzig 4s .................... .. do 4s Munich 4s ... Stu-ttgart 4s .................. ... Bremen 4Hs ................. Hamburg iMtS ... French Internal 4s.. ,...1917 French Victory Ss 1920 Belgian Restoration 5s ... British 2 consols ...... ... Ita! Cons War. Loan 5 Atch gen 4s 1S A C L 4s li52 do 7s 13 B O gold 4s 148 do con cv 1933 do ref os im Canada Southern Sis ...192 Canadian Pac ea 6s ....1932 Canadian Nal eq 7s 1935 Canadian Nor 8s 14 do 7s 190 Cent Pac Is 4s 1949 Ches & Ohio cv 4 ',i a 1930 do gen ...1992 do cv 5s 1946 do con 5s 1939 C B & Q 111 div 4s 1949 C & West Ind 4s .: 152 C G & W 4s 19: C M & St P 4s do cv 4s do deb 4s 1934 do gn 4s A - 1899 do cv 5s 2014 do g&r 4hia A 2014 Chgo X W gen 4s 1987 do 6Hs 1936 do 7s 1930 C R I & P ref 4s , 1934 Colo Sou rf ex 4s 1935 do 4s 1929 Del & Hudson cv os 1935 do 7s 1930 .1959 .1925 D R G 4s do ref 5s Erie P L 4s Erie con 4s A. ." Erie B Erie D Erie Pa C G 4s Gd Trunk eo 6V4s .... Gt Nor 7s ........... Gt Trunk 6s do 7s Ill Cent it os do ref 4s . . . K C Sou ref 5s L S & M S 4s L & N 7s do uni 4s M 61 P t B S M OVis. M K & T 4s .... M P gen 4s M P ref 5s M P ref 5s NYC deb 4s NYC con 4s NYC ref imp 4s .. NYC cv deb 8s . . . . NYC col 7s N Y N H & H cv 6s. . N O Tex & Mex 5s . . . 1936 ...1955 . . .1996 ...1953 ...1953 ...1953 . . .1951 ...1936 .. .1936 ...1936 . . .1940 . ,.1963 . . .1955 ...1950 I'.'.ioio ...1940 . . .14B . . .1990 . . .1075 . . .1923 . . .1926 . . .1934 . . .1998 ...2013 .. .1935 ...1930 .1948 .1933 N P 6s 2047 N P P 4s .1997 N P G N loint 6i4s 1936 O S L ref 4s 1929 Penna 6V4s 1936 Penna gen 4&s 1965 Penna 4i4s 1960 Penna gen 5s 196S Penna 7s 1930 Reading gen 4s 3997 9 A Lis 1950 S A L 5s 1949 S A L 6s A 1945 Sou Ry con 5s 1994 80 Pac cv 4s 1929 So Pac ref 4s . . i 1 955 So Pac sr term 4s 1950 S P ref 4s 1949 S P conv 5s 1934 St L & S F P L 4s A ....1950 St L A S F gen 5s 1931 St L & S F P L 5s B 1950 St L A S F gen 6s , 1931 St L ft S F adj 6s 1955 St L & S F lnc 6 10KO St L S W 1st 5s St L & S W con 4s St L & S V 1st 4s , Tex Pac 1st 5s .... Union Pac 1st 4s .. Union Pac cv 4s ... Union Pac ref 4s . Union Pac 6s Union Tank 7s .... Wabash 1st 5s ..... West Pac 5s ...... Allied Packers 6s . Amn Agr Ch 7&s. Amn Sm 1st 5s.... Amn Tob 7s do Anaconda 6s A.... do B Armour cv 7s Beaver Board Beth Steel 7s. do eq 7s do ref 5s Cerro de Pasco Ss Chile conv 6s A do 7s 1 Copper Exp 8s do -- do Colo F I gen 3s uoio ma os... 8s... . . .1952 1932 19S9 2000 1947 1927 2008 1928 1930 .....1039 . ... .1946 1939 1941 3947 1922 1923 3 928 1929 1930 3933 3923 1935 1942 1931 1932 .....1923 1023 1924 3 925 3943- ..1934 Cuban Amn Sue 8s 1931 Cuban Cane cv 7s 1930 Distillers Sec cv 5s 1927 Diam Match 714 s 1935 Dupont 7 It s 1931 Empire Gas Fuel 6s 1924 Flsk 8s , 1941 Gen Elec deb 5s 1925 do 6s 3940 Goodrich 7s 1925 Goodyear 8s 1941 Heinz 7s 1930 Hershey 7Hs 3 930 11 steel deo 4i4s .....3940 nd Steel 5s 1952 nt Agr 5s 1932 Int Marine CT 6s 1941 Kelley Spgfleld 8s 1931 Kennecott 7s 3930 Lack Steel 5s 1923 do 1st os 3950 Llbby McN L 7s 3931 Llg & Meyers 5s ,1951 do 7s 1944 Lorillard 5s 1951 do 7s 1944 Mid vale 5s 1936 Morris & Co 714s ...1930 Proc & Gamble 7s 1923 Republic I & St OS 3940 Sears Roe 7s 3922 do "s 1923 Steel & Tube 7s 3951 wlft & Co 7s 1925 do 7s 1931 Uni Drug 8s ,.1941 3 3 34 3!4 3. 814 3 SM 4 14 4 4 ' 3 3 56 6834 76 50 39 87 8714 106 14 7914 79i,4 81 9614 101 'A 109 108 74 40 83 s.-.i 84H 88 V4 S94 88 V4 72 V4 6114 93 '4 6414 60 7414 66 584 8314 10714 10314 7914 88 9614 9414 10714 7714 "4514 61 39 3814 4214 81 10514 107 10174 10914 94 8614 86 9214 10714 81 10114 78 ' 6214 100 9514 88 8014 86 101 10014 6S94 6S4 106 85 106 90 10614 88 8814 96 108 83 53 1914 4014 84 9014 86 8014 86 9714 80 95 Si 102 78 62 79 7914 77 ' 93 91 93 8511 103 10314 97 87 7114 101 14 8914 3 0114 102 98 122 103 73 101 101 93 11214 96 10114 30214 103 10414 88 7214 10414 8314 LIBERTY BONDS STRONG XEAR1Y ALL ISSUES ADVANCE IX SEW YORK MARKET. Several Climb to Year's Best Quo tations Ralls and Foreign Offerings Also Firmer. NEW YORK, March 29. Persistent ac cumulation of liberty issues was the dominant feature of today's bond market, several of the fours and all of the 4!4s mounting to the year's best quotations. Extreme gains of 6 to 40 cents per $100 bond were shaded here and there in the speculative profit taking of the later deal ings, but final prices testified to the In creasing inquiry for these issues. High and low quotations for the year furnish an interesting commentary on the fluctuations of this premier security. The 31s at the maximum of 9$. 40 compare with a recent low of 94.48. - The first 4s at 74.40 compare with a low of 95.70 and all the 414 s, which seem to be most favored by small investors, show gains of 2 to 314 points or sz to 13.50 per 1100 from mini mum quotations of the early weeks of the year. 1 Factors which have been given the liberty bond market its recent momentum are pro vided by easy money and the . enormous amount of April interest and dividend pay ments seeking an easy and secure outlet. Today's dealings were most extensive in the second, third and fourth s, those issues recently being attractive because of their larae interest yield. The tax ex empt 314 also were heavily- traded in with victory 4s. which are callable this year. Among foreign offerings, Mexican fours and 5s made gams of 1 and 1 points, re spectively, and several of the European mnnicitiHis also strengthened. Domestic rails continued to be absorbed on better earnings, conspicouous features of that group including Baltimore & Ohio 4s, St. Paul general 4ias ana Illinois cen tral -refunding 4s at gains of 1 to .1 Total sales, par value, aggregated 14,- T3!l OOO " ' - Prire tendencies In the stock market istakablv upward, although profit-taking took place in the final hour on the gradual rise of call loans irom to 5 per cent. The nrivnnce was attended by a pro nounced increase and breadth of operations to which the short interest mine tary but substantial contribution, trast to recent dealings, today's tions comprehended a majority Elec Stor Bat. Fam Players, Fed Min & S. do pfd .... Fisk Tire Gaston Wms. Gen Cigars. . . Gen Elec Gen Motors... Gleun Alden . Gen Asphalt.. Goodrich .... Goodyear .... Granby Gt Nor Ore. . Gt Nor pfd... Greene Can... Gulf S Steel. . Houston Oil. . Hup Motor . . Ill Central ... Inspiration .. Int Agr Corp. do pfd .... Inter'boro .... do pfd .... Int Callahan.. Int Harv Int Merc Mar, do pfd .... Int Nickel ... Int Paper . . . do pfd Invinc Oil . . . Island Oil ... Jewel Tea K C Southern. do pfd Kelly-Spsfld.. Kennecott . . . Keystone Tire.. Lack steel -. . . Lee Tire Lehigh Valley. Lorillard Lowe Theaters L & N Mackay Mariana Oil . Mart & Par... May Stores 2.30O 3.100 " "iod 9,500 400 soo 700 3,500 2,000 3,100 1,300 "200 1,900 1,700 100 1,700 900 2,200 600 SOO "iod 800 800 500 1,100 1,400 2,000 3,1-00 3,100 15714 -. 7854 - "39" 1714 69 15614 1014 44 60 39 5s '2614 37 72 27 71 7614 15 101 4014 "4014" 3 8 6 9514 16 7114 1614 46 15414 7 a 39" 1614 14 6814 154 1014 42 5914 3854 '2614 36 ' 71 H 27 70 75 15 10114 40 134 : 78 9 39 16 Helvetia A 1 ?4 Keewenaw 114 Kerr Lake ,,. 314 Lake Copper 2 La Salle . .., 114 Mohawk ,,......... 5714 : 8 614 95 1-5 70 16 4514 69 (May Old Colony . 4 15414 Mason Valley 1 101s Nipissing 6I4 431s North Lake 20 .6014 Old Dominion Copper......... 24 . 39 Osceola Mining 34 10 Obijawa 1 2614 Isle Royal 23-' 36 South Lake- 4314 72 Superior & Boston 77 2614 United Shoe Machinery 43 701a Southern Utah 5 75 Superior Copper i 2214 1514 Shattuck 814 101 Trinity Copper, 214 40 54 i iuoiumne 6S j. 1014 Utah Metals 114 4014 Utah Apex ; 3614 Ventura 23 Winona .' ., 30 Wyandotte 50 13,900 7,200 300 1,600 500 5,600 2,400 3,900 1.40O 2,200 1,600 - 100 2,600 , 300 ""o6 200 2,300 Mex Pet ..... 13,100 volun In con- transac of the high-class or dividend paying rails and industrials. ' , Retter industrial fcrospects again were the chief accelerating force. Still higher prices were quoted for finished iron and steel, and latest surveys of conditions by trade authorities. Including the Iron Age, were almost optimistic. Even coppers were not unfavorably influenced by fur ther weakening of prices in the metal market. . A very considerable portion of the day s business apparently emanated from pro-. fessional sources, but no small part of the inquiry for seasoned shares and bonds was credited to investors seeking an outlet for April interest and dividend incomes. Steels, equipments, oils, motors and utilities were the stocks in demand. Coal ers furnished much of the buying power among the rails, together with junior is sues especially Toledo, St. Louis & West ern common and preferred. Sales amounted t0wffhrawllrsreSfor federal account oc casioned the firmer tone of dmandaer'ie(f rates but time funds were .unaltered. Many 30 to 90-day offerings were made . na. ppn t basis ana sevei a. fongemalurfues commercia! paper eaTfn forli were un Kn and irregular. Ster ling howed a further slight recovery from the recent reaction ' The Paris rate eased nominal y and most other continental bills were o to almost 10 points higher. BEGTJI.AB I V IDE K I DECLARED General Motors Corporation in nourishing Condition. 1 DETROIT, Mich., March 29. (Special.) -Eors of the General Motors corpora- r-rSrKeVdlvidend upon the preferred ana aeoeiuuic -- Sff1 referred. 10 a share; ( . rf.hon.tu.re. 11.50 a share; 7 per 1 .1 . II Tr fi. K I lit It. " V,.7V. hi! Mv 1. 1922, to stock- Sower. of Record at the close of business Pril 7- n,r,T-n! Mo- P. S. DUponi, pramcut va . vnnr3Hon r-nmmeDUng n ms ness outlook, says: tt t isfactory. Bank loans and cash Miami Mid States Oil Mid vale Steel. M K & T wt.. do pfd wi.,. Mont Pow ... Mon t Ward . . Mo Pac ...... do pfd M St P & S S M. No Am Nat Biscuit- .. Nat Enam. . . . Nat Lead .... Nevada Con .. New Haven . . Norfolk & W. . Nor Pac N S Steel ... N Y Air Br. . . N Y Central . Okla Prod ref. Ont Silver . . . Ont & W .... Otis Steel Pac Dev Pae Gas & El. Punta Allegre.' Pac Oil Pan Am Pet.. do "B" Penna ....... Peo Gas ..... Pere Mara . . . Pure Oil 7 Phillips Pete . Pierce Arrow. . Pierce Oil Pitts Coal . . . Pitts A W Va. do pfd Pressed St Car 200 9,300 4,10O 2.90O 400 '3,'S00 1,500 1,900 100 3,400 700 400 1,000 300 19,900 4,500 . 2,800 100 's',300 ' ' 200 800 - 2,700 10O 700 1,900 200 13.800 6.500 1,400 1,000 1'.200' 6,400 9,500 700 600 l.OOO 500 200 300 100 Sinclair Oil was active at a slight re cession from its recent high price, the activity today being accompanied by an official statement announcing the com pletion of its 135-mlle pipeline into the Mexia field. The company also has com pleted at Mexla 34 steel storage tanks with a capacity of 2,370,000 barrels. , Since group operations were suspended In the Market-street issues they have suf fered an extensive decline. There are in timations la well-informed quarters that the market operations had resulted in complications In effecting a settlement for the transfer of the street railway prop erties. During ths la.t hour Marlin Rockwell broke from Its close of 24 last night to 15, with a iaet minute's rally to 1914. The recent advance was engineered by a spec ulative group ami its holdings were dis tributed tin the story of Its being "mys tery stock." with a liquidating value of 40 per share. The stock Is carried on the books of the company at $ 13 a share, it is said. ; Call money after opening on renewing at 4 per cent, advanced to 5 per cent before the close. The rise was due in part to the withdrawal tomorrow of y ; -i nop. i00 bv the government and to prep- U S Rub 1st ref 5s 1947 do 7s 1930 S Steel sf 5s... 1963 a Car Chem 7 V, s 1832 West Elec 5s 1922 West U T col tr Ss. 1938 West Union 14s 3936 Wilson 1st 6s 1941 do cv 6s ......392.8 West Elec 7s 1925 Westinghouse 7s 1931 Public utilities Amn Lt & Tran 6s 11925 Amn Tel coll 4s 1929 do coll 5s 1948 do 6s 3925 Bell Tel of Pa 7s 1945 B R T 5s 1945 7s B.. VEAL 15c Market firm, short; ship imme diately; checks same day shipments arive. THE SAVINAR CO., INC ICO Trout St. Portland, Or. Cal Gas uni 5s. Cities Service 7s do 7s C do 7s r Con Gas cv 7s...... .... Int Met 44s Int' Met 414 Int R T ref 5s Laclede Gas 7s....... Mont Power 5s A..... Northwest Tel 7s. . . . . Ohio Oities Gas 7s.... Ohio Power 7s........ Pac Tel 5s Pac Gas 5s Southwest Tel 7s...... Oil bonds Arglo Amn 714s Atlantic Ref 614s..... Galena S Oil 7a....... Gulf Oil 7s Humble 7s ........... Pan Amn 7s Mex Pet cv 8s Sinclair 714s S O Cal 7s S O N Y 78 Texas Co 7s ..; Tidewater Oil 614s ... Vacuum Oil 7s........ Curb bonds Allied Packers 6s Am Tel T.l ftx "Ai.aeonda Copper 6s.. Anglo-Am Oil 714s.... Galena Signal Oil 7s... Inrer Rapid Tran 7a.. So West Tel 7s Stand Oil N Y 614s... do 7s , Swift & Co 7s Texas Co 7s Notes.... Vacuum Oil 7s . .3937 ...1966 . . .1966 . . .39KK ...1925 ...1956 . .. . 1956 ...1966 ...1930 ...1943 ...1941 . . . 1925 .. .1951 ...1937 . ..1942 ...1925 ...1925 .. .1931 ...1930 ...1933 .. .1923 ...1930 ...1936 ...1925 ...3931 ...1931 ...1923 ...1931 . ..1936 . .1922 ..1933 ..1926 . . 1925 3 0814 104 9314 104 V. 99 54 108 98 114 104 11014 9114 10014 7614 9514 10554 303 9914 84 99 0014 11314 o 11314 8614 10614 10114 9314 10014 10014 9714 10114 102 10614 30514 101 A4 95 94 JUU 46 10714 75 4 804 10054 10614 106 84 96 11414 JOS 41 '4 9414 J15 90 861, 109 1414 14 60 38 95 101 4914 30114 94 5814 102 10314 3 04 30114 303 101 14 10314 10314 J 0.1 54 105 '4 101H 10214 10614 7014 10014 98 103 98 82 10214 105 105 101 101 106 41 140.000 have been reaucea since the beginning or tne j"i which .tow Stands at t37,OO0,OOO decreased only J3 000,000. making a net improvement in cash position of J4.S00.OOO While tt may oe -- of motor-cars of tne nrst in i9-2 will be available, preliminary ng- - . , . j .nrniir&KiiK. . . . " i . uary were 16.060V February 20,664 and sales Krch wiUbe approximately 30,000, or total Of 66,OW. inn wii.K.. so j9s o,-a In the orevioUB iiuwtci, further, with 40,023 for the first quarter loet v.ar. '' . -ah riwiainni of the corporation are en joying a substantial increase in business and reports from our distributors and deal ers indicate a strong retail demand to- our products this spring ana summei. rinsiTNO STOCK QUOTATIONS. r,,iheri bv the Overbeck & Cooke company of Portland. , Sales. Tho prestige of Oregonian Want Ads has been attained not merely by The Oresonian's large circulation, but by the fact that all its readers are Interested in Oregociau "Want-Ads. Adams Exp .. Advance Rum do pfd Agr Chem do pfd Ajax Rubber. Alaska Gold.. Alaska Jun... Allied Chem.. Allis-Chalmers do pfd Am Beet Sug. Am Bosch.... Am Can Co.. do pfd Am Car & F dl pfd Am Cot Oil. . . Am Drug Synd Am H & Leath do pfd Am Ice ...... Am Intl Corp. Am Linseed.. do pfd ..... Am Loco 400 800 '2,000 200 7,500 100 300 2,500 1.900 "niio BOO 2.400 200 600 200 800 High. 69 1614 '40 66 17 14 1 . 64 46 3914 43 46 101 155 '4 11714 25 100 1,700 800 2,200 71 106 4314 34 Low. 6814 1554 '30 66 16 14 1 6314 44 '3814 42 4& 101 154 54 117 25 71 10314 42 33 Bid, 6714 15 46 4014 6 1714 "A 1 63 45 97 38 42 45 10014 15414 11 25 5 15 7014 10514 42 54 33 57 110 1.500 110 10914 do pfd Hr Am Saf Razor 1.700 7'4 711 7 Am Ship & C. Am Smelter. . do pfd Am St Fdy... Am Sugar.... do pfd Am Sumatra. Am Tel & Tel Am Tobacco.. do "B" Am Wool .... do pfd do P pfd .. Am Zinc . v . . . Anaconda .... Assd Oil Atchison ..... do pfd Atl Coast Line Atl Gulf & WI 1.400 1.500 '3.306 l.SOO 200 300 2.500 800 900 1,500 14s 5154 '36 70 98 32 120 136 134 86 200 27 Baldwin . do nfd Balto Ohio do pfd ..... Beth St 8.. do "B" B R T Butte C Z.. Butte & Sup., Burns Bros... Caddo Oil.... Calif Pack .. Calif Pet . do pfd ..... Canadian Pae. Cen Leather.. Cerro de Pasco Ohand Motor. Chgo & N W. . Chi Gt Wets. do pfd 3,900 200 2,000 loo 300 600 Loco 13,300 50 105 97 88 97 29-108 14 51 36 69 98 32 120 135 132 86 '2T' ' '56" 105 96 T4 88 , 91 28 107 17,700 600 "b'.soo 6.200 200 100 800 20O 1.300 1,900 400 4.000 2.2DO 1.4O0 8.400 3,700 800 1.200 Chill Cop .... 3,400 Chino CM St P. . . do pfd . . ,. Coca Cola . . . C & o Colo F I... Colo South... Colo G & E.. Col Graph . . . Con Gas 2,800 cn uigars pfd Cont Can Cit Sec Bkrs. Corn Prod . . do pfd .... Cosden Oil . . . C R I & P... do A pfd... do B pfd... Crucible ..... do pfd .... Cuba Cane . . do pfd Cu Am Sugar. Del & Hudson Dome Mines. . Lftl & Lack . . Davison Chem Endi Johnson. Krle do 1st pfd.. 400 2.500 4.000 2,700 1,000 700 200 3,900 000 100 " Y,906 "o.206 5,200 100 300 6,000 100 11,700 4.900 4.4O0 9i0 1.700 8.BOO 2.000 700 2.6O0 4.304 39 07 '72 18 '4 6 26 127 12 75 52 54 91 138 36 35 71 ' 71 8 19 -17 26 23 37 49 62 29 46 83 3 54 110 '66' 165 "3614 40 92 " 79 57 84 . 15 34 22 117 27 116 65 . 83 11 88 56 "71 17 6 26 127 12 91 136 36 85 70 69 7 18 17 26 22 ; 37 48 6014 29 46 83 3 109 '60- 104 'ah 88 91 78 87 84 14 83 21 118 28 13 4 54 82 11 1814 14 51 95 36 ' 70 98 31 120 336 134 86 106 26 14 50 105 97 87 91 29 107 106 39 56 110 72 18 . 5 25 127 12 75 52 SO 137 36 34 71 -70 8 39 1714 26 23 37 48 61 29 46 82 3 109 52 60 20 304 114 36 39 92 79 56 84 14 81 117 27 115 54 83 31 15 ii Pullman 1,000 Ray Cons .... 500 Reading ..... 3,400 Remington ... 100 Replogle St . . J00 Republic I & S 600 ao pra ..... Rep Motors . . 306 Roy Dut Oil . 3,300 Ry Steel Sdit. . una oaxon Motors. Sears Roeb Shattuck Ariz. Shell T & T. . 1,700 Sinclair 3,200 Stand Oil Ind. 2.400 do N J 200 Sloss Shef Sou Pacific . . 3 300 Sou Ry 1,800 Stand Oi! Oal finn StL&SF... a.irtn Strom berg Car 400 fetuaeoaker ... 19,100 Swift & Co.. Tenn C & Che 500 Texas Oil 4.000 Texas Pac ... 1,500 do C & O. . . 4,200 Tob Products. 200 Tran Contl Oil 1,700 Union Oil Del. 2,400 Union Pac . . . 1,300 United Alloy . 100 United Drug . 100 United Fd Pro 1.600 United Fruit . 2.000 Union B & P.. 2, 10O U S C I Pipe. 1,500 United Re Sto 700 U S Ind Alcoh 1,500 do Rub .... 3,900 do 1st pfd. . 300 do Smelting. ...... do Steel ... 13,000 do nfd 600 utan uopper Va Chem . . do nfd 4ilO Vanadium Stl. 3,000 Vivandou .... 300 Wabash 200 do A pfd... 18.200 do B pfd... 100 Wells Fargo Western Pac . 200 do pfd 200 Western Union Westing A B.. 400 do E & M. . . 1,008 West Md 700 White Motors. 100 Willys-Over . . . 2,900 do pfd 200 Wilson Pack . 100 Wis Central Woolworth : . Worth Pump. 300 W & L B 700 White Oil 1.700 19 114 19 25 56 45 29 18 49 34 09 149 - 15 135 '25 27 318 120 27 13 34 13 34 "17 22 04 00 56 137 35 ; 91 15 21 103 76 -23 ''87 ' 2 8 24 . 12 9 69 4014 50 55 49 39 83 28 30 38 17 8 -61 27 78 70 123 14 74 34 32 62 "7" 54 96 19 1 1954 24 56 44 : 29 17 48 33 59 149 15 114 26 116 118 27 ' 13 33 12 33 "ie 21 53 60 56 138 35 89 -14 2 101 75 23 "sf" 2 14 24 12 9 68 014 49 53 48 38 82 27 29 35 16 8 61 27 78 70 123 14 73 84 82 52 "7" " 53 6 8,000 75 73" 41 24 54 87 173 . '86' 22. 96 29 48 107 'ii" 43 32 26 '62 . .9 17 134 30 -67 6 139 60 . 34 45 48 61. T4 105 "95 117 1,300 - 83 000 3314 . 74 39 10 9 29 19 'i9 54 '86 58 10 39 8 38 38 50 9 9 40 24 87 172 '8514 21 95 28 45 10614 ' i i " 43 32 25 61 9 17 132 30 67 5 137 57 33 " 45 1 47 60 105 '94 117 62 35 74 38 10 9 28 19 "19"' 54 'S3 57 10 39 7 37 38 50 9 -9 - 7 6 95 15 70 18 46 75 1994 1 19 25 56 ' 44 29- - 17 , 48 33 59 148 15 114 81 25 26 116 13 9 ' ' 27 33 83 12 33 65 16 22 54 60 56 138 35 90 14 T4 20 102 75 23 62 67 2 8 24 12 9 69 40 49 55 49 38 82 28 80 36 16 8 60 27 78 70 123 14 73 34 - 30 52 78 ' 6 54 96 3 73 8 40 24 87 173 40 88 22 96 28 45 107 102 11 . 43 32 26 61 9 17 133 30 67 5 138 . 60 33 45 4714 61 103 35 95 117 62 35 74 38 ' 9 9 29 39 79 39 53 96 86 57 9 39 7 37 38 29 162 50 9 9 2 18 3 3 2 58 6 40 25 35 2 24 45 100 43 10 23 9 2 70 1 36 23 54 40 55 Money, Silver, Etc. NEW YORK, March 29. Call money firmer. High 5 per cent; low, 4 per cent; ruling rate, 4 per cent; closing bid, 4 per cent; offered at 5 per cent; last loan, 5 per cent; call loans against Acceptances, 3 per cent. Time loans steady; 60 days, 44 per cent; 90 days, 44 per 'cent; six months,44 per cent. Prime mercantile paper, 44 per cent. Foreign bar silver, 65 per cent. Mexican dollars, 50 c.. LONDON, March 29. Bar silver, 33d per ounce. - Money, 3 per cent. . Discount rates Short bills, '3 per cent; three months bills, 33 per cent. Swan Finch . Vacuum ...... Washington . . ., S. O. Nebraska Imperial Oil . . . 35 ....350 . ... 28 3 65 . . . . 98 45 354 32 172 100 Cotton Seed OH Fotitres. Cotton seed oil futures at New York, furnished by Herrin & Rhodes, Inc., of Portland, Or. April, $11.4011.60; May, 11.4511.49; June, 811.3011.42; July, $11.36 11.37; September, $11.3813.39; October, f 11.610 11.63. Sales, 10,300 barrels. Cotton Market, NEW YORK,, March 29. Spot cotton, quiet; middling, 17.85c. - Sugar Market. ' NEW YORK, March 29. Raw sugar, centrifugal, 3.92c; refined, fine granulated, 5.255.50c. SAN FRANCISCO, March 29. California-Hawaiian raw sugar, '3.86c. Business News Notes. Belgian rest 5s do prem 5s do 7s .... do 8s do 6s Brazil 8s .... Chile 6s ...... do 7s British 5s do 5s ...... do 5s ...... do vky 43 do ref 4s ... Bordeaux 6s . Canadian 5s do 5s ...... do 5s ... .... do 5s do 5s Chinese foreign Bonds. Maturity. Bid. 70 . . 1945 ..1941 ..1925 ..1941 ..1932 ..1923 . .1922 ..1927 . .1929 . .1934 . .1937 ..1926 . .1929 ..3931 . .1927 .1927 Chilean 8s ....C1941 Russ Currency ... Denmark 8s .......... 1945 Dan. Muni Ss 1945 80 109 108 103 104 86 101 88 89 87 74 73 86 97 98 99 97 87 53 103 5 114 111 Ask 74 84 109 108 103 105 86 101 90 91 91 76 74 86 8 99 180 98 98 55 103 6 French 4s ..1917 do os 1920 do 5s v .1931 do 7s 1941 do Ss 1945 German W L ... Berlin 4s .- Hamburg 4s do 4s : ... Letpsig 4s do 5s Munich 4s do 5s ... Frankfort 4s Italian 5s 1918 Jap 4s 1931 do 1st 4s . . .. 1925 do 2d 4s 1925 Norway 8s 1940 Russian 5s ...1921 do 5s 1926 do 6s . . . , 1919 Swiss 5s 1929 do 8s . '.. ...1940 San Paulo 104 L K 5s , 1922 304 do 5s 1929 104 do 5 3 . .. ..1937 99 Swedish 6s . . 100 79 68 102 10614 2 214 2 2 3 3 3 3 3 37 74 89 89 112 18 4 19 100 118 114 56 81 , 68 10214 107 3 3 3 314 . 4 4 - 4 4 4 38 74 SO 89 2i" 6 21 10014 119 104 104 54 105 100 101 Government Bonds. NEW YORK, March 29. Government bonds closed: U. S.,25. reg do coupon ...... do- 4s, reg ; do cv 4s, coupon Panama Hs, reg... do coupon Bid. ..103 . .103 ..103 . . S3 Liberty Bond Quotations. Liberty bond and victory note quotations at New York, as furnished by the Overbeck 6c Cooke company of Portland: Open. Hieh. Low. Close. .98.14 98.28 98.32 98.20 .98. 41 98.50 98.40 98.44 . 98 1!4 .98.50 .98.30 .99.52 . .98.56 Liberty. 3s . do 1st 4s . . . do 2d 4s . . . do 1st 4s. . do 2d 4s.. do 3d 4s.. do 4th 4 '4 s Victory, 4s.. do 3s 98.32 98.60 98.36 99.60 98.70 .300.84 300.90 300.82 100.84 .100.04 100.06 100.04 100.04 98.20 98.50 98.28 99.52 98.52 98.16 98.52 98.30 99.54 98.54 Swift & Co. Stocks. Closing prices of Swift & Co. stocks at Chicago were reported by the Overbeck & Cooke company of Portland as follows: Swift & Co .102' Llbby. McNeil & Libby 4 National Leather ................... ,2 do new I014 Swift International ................. 20 Mining Stocks at Boston. Closing mining stocks at Boston, fur nished by Overbeck & Cooke comoanv of ortiana: Ahmeek Algomah Allouez ................. Balaklava Calumet & Hecla. ...... . Centennial .............. Copper Range uavis Daly Daly West East Butte Franklin Mining ........ Hanrock Bid. Ask. . 61 62 20 50 26 26 .... 6 276 280 10 12 . 43 43 hi 7 7 - 2 2 10 10 1 1 2 3 OREGON School Bonds SCHOOL DISTRICT NO. 32, COLUMBIA COUNTY, a farming community, has is sued 6 per cent gold bonds due serially 1928 to 1940 to con struct and equip , a modem school building. " We have bought these securities, and, subject to prior sale, offer them to yield 5.40 Denomination $500. Clark, Kendall & Co., Inc. v 295 Stark Street. " h Portland, Or. Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by North western National bank of Portland. The amount quoted is the equivalent of the foreign unit in United States funds: Austria, kronen ... ., $ .0002 Belgium, francs .uo Bulgaria, leva .0O80 Czecho-Slovakia, kronen .0190 Denmark, kroner .2122 England, pound sterling 4.3850 Finland, finmark .0210 France, francs 0908 Germany, marks 0033 Greece, drachmas .0457 Holland, guilders 3785 Hungary, kronen 0018 Italy, lire OS12 Jugo-Slavla, kronen 0036 .Norway, kroner iiiki Portugal, escudoa ., .0908 Roumania. lei 0080 Serbia, dinara 0136 Spain, pesetas .3-iB0 Sweden, kroner ,.. .2620 Switzerland, francs 1955 China Hongkong, local currency... .5450 Shanghai, taels .................. .7350 Japan, yen .j4S00 NEW YORK, March 25. Foreign ex change steady.- Great Bmain, demand $4.37, cables S4.37, 60-day bills on banks $4.34; Franoe, demand 9.00, cables 9.00; Italy, demand 5.08, cables 5.0S; Belgium, demand 8.38, cables 8.38 ; Ger many, demand .30, cables .30 ; Holland, demand 37.68, cables 87.71; Norway, de mand 17.73; Sweden, demand 26.0-5; fen mark, demand 21.07; Switzerland, demand 19.41; Spain, demand 15.50; Greece, de mand 4.45; Poland, demand ..02 ; Czecho slovakia, demand 1.83; Argentine, demand 36.00; Brazil, demand 13.75; Montreal, 9714. Standard Oil Stocks. Standard Oil quotations furnished by Overbeck & Cooke company of Portland: Bid. Asked. 17 370 95 195 113 133 r 34 150 95 48 114 105 177 104 28 176 108 274 35 27 563 233 300 99 180 63 87 560 490 395 400 ! 118 Anglo 17 Borne Scrysmer -Huckeye Cheesebrough do pfd Continental .-. . Crescent Cumberland Eureka ...... Galena com i . do Old pfd ., - do New pfd , Illinois Pipe .. , Indiana Pipe .. Nat'l Transit . N Y Transit Northern Pipe Ohio Oil .....270 Jnter'I Pete 15 .350 .... 94 ....190 ....110 ....130 .... 33 .. . .140 . ... 93 .... 46 110 . ... 1 00 ....174 100 27 172 .106 Penn Mex Prairie Oil Prairie Pipe . . . . Solar Refg Southern Pipe . . South Penn Oil . S. W. Penn Oil . S. O. Ind .... . . . S. O. Kansas . , . K. O. Kentucky S. O. N. Y S. O. Ohio , do pfd 26 .... .555 ... . .230 340 . .... 97 .178 60 86 4(40 475 ... ..371 ...,.390 115 PHILADELPHIA, March 29. (Special.) -rOffice supplies are selling at fair rate, according to dealers. One of the larger firms reported yesterday its sales were 25 or 30 per Cent greater than last year, but that sales were harder to make and were in smaller quantities. The effort required today to make a sale was contrasted with the facility of getting a much larger order In former years and the opinion expressed that this condition will last for several months. This same firm said the seasonal dullness of the summer will not be abnor mal. The general opinion was that a sub stantial increase in demand would come in the latter partof the year. Stationery is moving In normal quantities or even bet ter than normal, and while some firms re ported other office supplies are moving much better than usual, others said that purchases are cut as low as possible. Firms with a big trade in printed and engraved letterheads reported that demand In their line is the dullest in several years, with few hopeful signs in sight. They said in their lines the depression has lagged be hind that in other trades and is only now reaching its lowest point. One firm said its sales have doubled since the first of this month and expected even further in creases. Steadily improving business con ditions among- customers are responsible for this larger demand, it was said. Oth ers pointed out that demand for office sup plies did not in their opinion reflect any unusual improvement in other trades. . The Philadelphia testing house reports a fair volume of testing on hosiery tram for this week. There has been some let-up during the latter part of the week and prospects for the coming week are not very good, in view' of the condition of the raw silk market. Miscellaneous testing of tex tile fabrics continues good. - Raw cotton is quiet. There Is no demand from the Boston territory because of the strike situation and southern mills are not interested. There has been a slight in quiry from northern and Canadian mills. Demand from England is Improved, spot sales having run comparatively heavy this week. Crop news is slightly better. Owing to general lack of demand, holders of spot cotton have been . eager to liquidate De cause of the premium on the near months In the New York contract market. The chemlcal market Is fairly firm, with business normal. Imports have been slow and irregular, consequently domestic pro ducers have been able to keep prices firm. This condition is pronounced in bleaching soda. Some importers without spot stocks have been unable to fill orders booked in anticipation of shipments. Caustic soda was strong and prices advanced, while ash keeps quiet, with prices normal. Heavy acids are well stablized on contract prices. Citric acid keeps firm, with good demand, and prices advanced slightly. Tannic acid also is very active, with a slight advance in prices. -.. Raw silk advanced yesterday from 25c to 36c per pound, according to grade. The new prices are fairly firm and dealers are reluctant to make prophecies. Japan raw silk quotations are: Double X A crack chop, $6.70 per pound; double X B, $6.55; special extra, $6.50; extra,, J6.45; best No. 1 to extra, J6.40; best No. 1. 6.30; Kan sai, $6.25. Hosiery tram is quoted: Double X A crack shop, 7.60; extra, $7.25; best No. 1 to extra, $7.10; best No. 1, $7. e Wholesale sales of dried and canned groceries are dull and collections are slow. Although prices now average 50 per cent of what they were in 1920, they are still 23 to 35 per cent higher than in the early part of 1916 when advances started. Pur chases are almost entirely of the hand-to-mouth sort. . Although turpentine and white lead have undergone virtually no changes in the last 12 months, a wholesale Jobber says de clines in enamels, brushes and other sup plies make the general average price of painters' materials one-third lower than in the spring of 1921. A good, steady season is expected, and numerous orders for spring work already have been placed. Much of this Dusiness originates wun house owners who postponed repairs while prices were higher. Considerable quanti ties will be used for new buildings. The Diking District No. 5 Cowlitz County, Washington 7 Income Tax Exempt Paid From Municipal Taxes General Obligation Gold Bonds Dated Feb. 422, Due Jan.1,'39 Den. $500 For centuries the rivers have been build ing up the extremely rich and fertile bottom land of this district. Dairying, hay and grain raising are the principal industries. Price on Application LUMBBEMBHS ttsx(3otA3-BlAJOTS Broadway and Oak Safety First IT PAYS to advertise by doing unto others as you would have others do unto you. That's the explanation for $12,000,000 of prime bonds distributed during 1921 to investors by Freeman, Smith & Camp Co. Uihurmuis Blow- Pomtlan U. S. D. & Trust Co. 284 Oak St. Southern Pac 4s to yield 6 P. R.. L. P. Ss to yield 6.10 P. R U & P. 7'4s to yield 7.00 P. R., Lu & P. Gold Notes 8. to yield 8.10 U. S. Brazils 5s to yield 6 i.T.r.T.T.1. i J. i .i.i.i.i .f. m. i .i fiiiiimimi u in run iiiit The investor who seeks every safeguard when purchasing bonds should first consider the responsibility and per manence of the investment banker who sells them. Sixty two years of continuous service is the record of Ladd & Tilton Bank. . Government of Argentina Five-Year 7 Gold Bonds Dated February 1, 1922 Due February 1, 1927 Xon-callable Principal and interest payable in United States gold coin in New York City, free of Argentine taxes. Argentina is the leading South American country in the volume of foreign trade. Its currency is one of the strongest in the world, having gold reserve equal to almost 80 of the outstanding currency. These bonds con stitute a direct obligation of the Argentine Government. Owing to the popularity of this issue we have purchased an additional block of these securities which we offer, subject to prior sale and change in price. Price to yield about 7 BOND DEPARTMENT OPEN S:30 TO SiOO Saturday 8:30 to 2tOO umm B TILTON BANK . j-f"sk Oldest in the Northwest 5&;-r WASHINGTON raSnX -ra? at THIRD fcwp-T moat encouraging (actor, according to one dealer, is the greater efficiency of work men and the possibility of lower wages. Dried Fruit at New York. NEW YORK, March 29. Evaporated ap ples, steady. Prunes, quiet. Peaches, firm. Spot Coffee larkrt Firm. NEW YORK, March 29. The market frr eoffee futures stesflied durir. the riav on reports of a continued firm pot situa tion. The market closed at a net decline of only 3 to D points. SaleR were estimated at IM.OdO bK". May, gate; July, ft.2Ho; September, October. December, January and March 9. IS. Spot coffes. firm; Bio 7s, 10lfH4oi Santos 4s, 13 14He. Duluth Linseed Market. DtlLUTH, March 29. f'lanseed, 2 52 2.55. Road The Oreennian la!"lflerl L'lllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllillllllllllllllllllh' SALVAGE Grain and Feed 2500 tons Corn, Wheat, Oats, etc., ranging from absolutely dry to wet. Twelve cars per day will be placed on track at or near Olympic Cereal Mill for inspection and immediate sale. ANYONE INTERESTED HAD BETTER COME IMMEDIATELY TO Olympic Cereal Mills East First and Washington Ask for I. H. Curl illlllllllllllllllllll!IIIIMIIIIIIIIIIIIIIIIIIlllllllllllllllllllllllIIIIIIIIIIIIIIIIIIIllllllllllr. State of Oregon 4-y2 Veterans' State Aid Bonds Dated Due Feb. 1, 1922 April 1, 1932-46 Denom. $1000 These bonds are a general obligation of the State of Oregon and are supported by taxes levied against all taxable property in the State. pr;cet to yield 4.35 to 4.50' Income Tax Exempt Ralph Schneeloch Company MUNICIPAL AND CORPORATION FINANCE LUMBERMENS BUILDING Portland, Oregon. NOTICE OP" REDEMPTION TO HOLDERS OK VICTORY JVOTES ASD OTHERS CONCERNED. Notice la Hrrrby Ulrra Follow, i 1. Call for redemption of i per cent Victory Note. AH of these 2 per cent sertea f .United State of America con vertible gold note of 1922-1923. otherwise known a 3 percent Victory Notes, are hereby called for redemption on June 15th, 1922, pursuant to the provision for redemption contained in th notes and the treasury depart ment circular No.. 138, dated April 21t, 1919, under which the notes were originally issued. Interest on all Victory Notes of the 3 per cent series will cease on said redemption date, June loth, 1922. 2. Suspension and termina tion of Victory Note conversion privilege, in view of the call for the redemption of all 3 per cent Victory Notes on June 15th. 1922, and pursuant to the pro visions of said treasury depart ment circular. No. 138. the privi lege of conversion of Victory Note of either series into Vic tory Notes of the other series is hereby suspended fpom Febru ary 9th, 1922, to Jun 15th. 1922, both Inclusive, and on June 15th, 1922, will terminate. Victory Notes, accordingly, cease to be Interconvertible, effective Feb ruary 9th, 1922, and on and after that date no conversions of the note may be made. 3. Detailed Information as to the presentation and surrender of Si per cent Victory Notes for redemption is grlven in treasury department circular. No. 277. dated February th, 1922, two copies of which are available at the treasury and the federal reserve bank. A. W. M ELLON, Secretary of the Treasury. Puts & Calls VOIT CAN'T BK CLOSKD OI'T A PIT OR CAM. The market may go against you temporarily, but if It recovers and "lln above your Call price you have Jiiat as much profit as thoneh It Jumped there the next day after you made the trade. Furthermore, thrro ure no Martin Calls or IniertKt c h a r k e s and no commission I charged unless the transaction la closed at a profit to you. Write for booklet. "How to Trade In 1'uts and Calls." WATSON rOMIMNV, favratmenf Serurlf 525 Stork Kirhait Uuildins;, I. on Ana-eles. BUY BRAZIL GOVT. BONDS before Sterling- goes to par. Fine opportunity for good profit. Inquiries invited. Union Safe Deposit & Trust Co. 284 Oak St. Broadway 9 13 Safe Deposit Boxes HERRIN & RHODES, Inc. Established 1894. STOCKS, BONDS, COTTON, GRAIN Correspondents E. K.'m'TTO.N A CO.. W, T. MemhPn all lading; exrbnnrea, Bftbhon'l fcerl- o. Kit. Bdwy. iUZ, 201 fiUajr JUcUaag Bide