Morning Oregonian. (Portland, Or.) 1861-1937, April 08, 1922, Image 21

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Morning Oregonian., April 08, 1922, Page 21, Image 21

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Newspaper Page TextTITE MOItNIXG OltEGONIAX, SATURDAY, APREL 8, 1923 2L STRIKE COST PLACED AT 5,000,000 DiSILY Loss to Miners, Operators and Others Figured. 4,550,000 WORKERS IDLE 3ft Kail roads Affected About Same as Strikers by Decrease In Freight Earnings. BY RICHARD SPILLAXE. Copyright by the Public Ledger Company. Published by Arrangement.) PHILADELPHIA. Pa.. April 7. (Spe fetal.) What is the. coal strike costing? A conservative estiina-te would put it at S5.OO0.000 a 1v. In the anrhrar.it territorv. aDOroxl- 1 Jvennecott snately 155,000 men are out. The average 1 Lack 6teel 5s VBa nalri tn mlr...... tUafa t t)ia last half 1 dO 28t 5S of October, 1921, according to the national f,.lbbJf McN L conference board, was 175.18. That would l be about 123,250,000 a. month, or 4776,000 Lor"nard 5s Reports vary greatly as to the number v,dv.'i- i" ,....1! Union Pac first 4s . . 1947 do cv 4s 1927 do ref 4s t..20O8 do 6s 1928 Union Tank 7s 1930 Wabash first 5s 1939 do eecond 5s 1939 West Pacific 5s 1948 M K & T adj 5a Phii Pete 714s Otis Steel 8s Industrials Allied Packers 6s 1939 Amn Agr Ch 74s 1941 Amn Sm 1st 5s .............. .1947 Amn Tob 7s 1923 Anaconda 6s A 1929 do 7s B 1929 Armour cv 7s ,1930 do 4s , .1939 Beaver Board 8s 1933 Beth Steel 7a ...'....1923 do eq 7s 1935 do ref 5s . . 1942 Cerro de Pasco 8s .....1931 Chile conv Gs A 1932 conv is 1923 Col Graph 8s . . . . 1925 Copper Exp 8s 1923 do 8s ....1924. do 8s 1925 Colo P & I gen 5s ..1943 Colo Ind 5s : 1934 Cuban Amn Sug 8s 1931 iuDan cane cv 7s 1930 Distillers Sec cv 5s 1927 Diam Match 7Us tws Dupont 7s 1S31 Empire Gas Fuel 6s 1924 Pisk 8s inn Gen Eleo deb 5s 1952 do deb 6s 1940 Goodrich 7s 1925 Goodyear 8s 1941 neinz is l3o Hershey 7H ..d 1930 III Steel deb 4 'As 1940 Ind Steel 5a lor.o Int Agr 5s 1932 Int Marine CT 6s ; 1941 Kelly-Spgfield 8s 1931 '? 1930 .1923 .1950 .1931 .1961 .1944 .1951 1944 f men out in the bituminous regions. A I Morris a- CniiLL Proo & Gamble 7s Renublic I & Kt Sears Roe 7s , do 7s Steel & Tube 7s .. 936 .1930 .1923 .1940 .1922 .1923 1951 1923 1931 low estimate would be 800.000. At $4 day that would mean $1,200,000 a day kn wages. The losses of the operators are milch less. The investment in anthracite prop erties is at least $450,000,000. Interest at Swift & Co Tier rent vnnid he 27 099.000 vej.r or I do 7s . . ei4,ovo & day. to this must -De aaaea --rug es 1941 everhead. George Otis Smith, director I u S Rubber lat ref 5s 1947 f the United States geological survey, I do 7 s 1930 figures the cost per ton for selling anthra- cite at 9 cents. Adding 6 cents a ton for other organization expenses during Idleness, the total on the average produc tion of anthracite would be $4o,000 a day, r a gross loss of $119,000 a day. Others Also Are Losing, The investment in the bituminous mines Ht operating is approximately $1,000,000.- OO. At 6 per cent Interest that would u e oieei sr 5s . 193 va cnem oa . 19-'3 X-a Car Chem 7s I.'.'.'l932 "Mi rjec OS 192 West Union col Tr 5s .1938 do 6 -Us 'inn, Wilson 1st 6s ...'.'."I.;." 1941 do cv 6s viaci West Elec 7s .....'.'.'.105 Westinghouse 7e ........ ' 1 n - 1 Public utiliti-l aaitl k r T O. m - be about $164,000 a day Adding 5.00 Amn Tel coU 4s 7 "I!" ' ' day. do 6s "'. in? If these estimates are accepted the I Bell Tel of pB im " iifr; miners now on strike are suffering a loss B R T os .. " 194 ef $1,929,000 a day and the operators Ca! Gas uni 5s ...7.' 1997 $339,000 a day. Cities Service 7s B lnna But thi Is only the beginning of the I -ity feervice 7s C - iu Th TaMrnnAt mnr!la nrHitinrilv fr-nm I do 7s D .... . n ., 6,000,000 to 6,000,000 tons of anthracite a Con Gas cv 7s Jl925 month. The average freight rate to the n Met 4 He 195 seaboard is $2.57 a ton on ail sizes. That int ,R.T J,ef 5s iSS6 Cleans a loss of $14,135,000 a month to kii? " Is '. 1930 the roads that haul anthracite. S2l50e!i. 1943 Railroads use a fair proportion of the i. 4.", V " 141 bituminous production but get revenue on pa. r k- 1937 more than 300,000,000 tons a year. What I Southwest Tei7 their gross revenue on this freight amounts 1 on k to must be estimated. A fair guess would Anglo Amn 7t4 nn be $50,000,000 a month, or nearly $1,700,000 Atlantic Ref 6s " iq?? a day. The railroads, therefore, are los- Galena S Oil 7s inik lng about as much as the miners. Guif Oil 7s ! Railroad Workers Suffer. I c "m i9 7K '.MM To the loss of the railroads, there might r xJi ... J 0 be added loss to railroad workers. Some I Sinclair tu. ..1936 coal roads have begun to lay off men. S O Cal 7s ..!" ioi This may be exnected to become more I a j v t- pronouncea n tne strike lasts a long time. 1 Texas Co . .1942 ..1925 SI 3V4 6 103 H 103 97 88 86 53 108, 100 71 ',4 101 90 4 102 A 99 54 103 102 88 V 60 Vi 102 10214 93 llOtt 86 101 40 102 - 102 104 84 V, 76 104 85 46 hi IOTA 105 94 104 99 106 99 115 104 101 90 100 76 06 106 103 90 84 95 114 95 113 . 87 103 101 94 100 100 97 101 102 106 88 105 102 03 95 99 96 I lfl-8 96 89 108 106 106 90 97 114 107 5T . 94 115 90 86 ioe 17 64 98 94 107 94 89 102 HIGHER PRICES SCORED LIBERTY BOXDS CONTINUE TO ADVANCE. New High Records Made by 3 y2 s, Second 4s and Second 4 s. Flurry in Tractions. .1931 Then there are the coal middlemen, the I Tidewater on'iii. wholesalers, who now have little business I Vacuum Oil 7s.. loli htt , a 1,a nmaniToti,., malnfaln I CncS,... ........... ItfiO .1923 but have organizations to maintain. There! Foreign Government Bond are many hundreds of these in the I Argentine 2d 7s ' bituminous trade but not so many In an thracite. Few persons appreciate the magnitude 01 tne coal industry of America. The pro. Belgium 8s .'. '. " 1940 Bergen 8s VlVl Brit War loan Ss 199 Auction in Pennsylvania eauals that of all I " ,ana 1945 the British isles. f. 1naen 5?48 1944 Danish Consol 8s r rencn Cities 63 . Italy 6s A Rus Ruble 5s .. Swedish Govt 6s U S Mex 4s do ext 5s .1946 ..1934 ..192-5 . .1926 ..1939 ..1954 ..1945 One of the peculiarities of this strike Ja that officially it is not a strike, at least o far as the anthracite field is concerned. At the tri-district convention of anthra cite workers at. Shamokin. Pa., on Jan- nary 20. the last clause of the resolution adopted Instructed the scale committee to I Uruguay Ext 5a ieriect arrangements. nrovidlne lor b uncn os tnt uspenaton of mining on April 1." I Foreign Government City Bonds Design Seen in Order. Greater Berlin' "is" x nere majr nave neen aesign in mat. The I riamourg 4s union ooes not allow strike benefits for Bremen 4s "suspension of mining." Possibly the union Cologne 4s leaders desired to have 1 the men start Dresden 4s nrnHonDv .nrtt wast-. ' , r . A ' C-il. dO 4 A R benefits may be paid later, but there would 5"sstldor.f 4.3 nave to oe a mammotb war chest to stand tL orain such aa the strike will entail later In some districts of the anthracite field the miners would seem to be fairly well lixed financiaUy. Mount Carmel, Pa., is a typical coal town of the best type. It Etas nearby sections of about 85,000 in habitants. It has four banks. Recent state menta of these banks- show time denosita. I French Victnrv k' that is, savings accounts, aggregating Belgian Restoration 5s 4.796.327. or nearly S14rt ner ranita fnr British 24 Connl the section or $(00 per family. If you es- I Italian Cons War Loan 6 live iu a. liiimiy. I wuuus Big as the losses are today they will be increased greatly if the struggle con- Frankfort 4s I Leipzig 4s do 4s Munich 4s , Stuttgart 4s Essen 4s Bremen 4s , Hamburg 4s French Internal 4s Allied Packers 6s 1917 .1920 tinues until there is a fuel shortage and I A'm TeI 03 industry is halted. do 6a Anaconda Copper .1922 1924 103 104 101 103, 100 97 103 103 100 ios 101 -ll 106 09 83 108 108 430 109 98 74 112 81 94 4 110 56 63 73 112 8 3 3 3 8 8 4 4 4 4 4 3 4 3 3 68 70 76 25 1 Last Sale. 11 100 1U1 87 I'ew Vork Bonds. Tumle-hed by Herrln & Rhodes. Inc., Portland: Railroad Bonds Atcli gen 4s , 3095 AOL 7a .....19CM) B O gold 4s '..104S do con 4a cv... ,....19:t3 do ref 6s ....19!M Canada Southern 5s 19J2 Canadian Is'or 6s 146 do 7s 1940 Cent Pac 1st 4s 1949 Ches & Ohio cv 4s 1!K10 do gen 4s ......1093 do cv 5s 1946 do con fs 19Ci9 C B ft Q 111 div 4s 149 C & West Ind 4s 19T.2 C G & W 4s 1959 C M & St P 4s l2i do cv 4fes ....1932 do deb 4s , .....1934 do gn 4s A 1819 do cv 5s 2014 do glr 4s A 2014 Chgo N W sf 5a 1929 do pen. 49 1987 do 6s 19,16 do 7a 39:40 C R I 4 P ref 4s 1934 Colo Sou rf ex 4s 1935 do 4s 1929 TV1 & Hudson cv 5s 19.15 Iel & Hudson 7s 1:)0 D & R G cv 4 3936 do ref 5s 19f5 Erie P L 4s 1996 50rie con 4a A It53 fcirie B 1953 do D 19G3 Krle Pa C G 4s io-,i Gi Trunk eq 6s 1936 Gt Nor 4s 3961 do 7s 193tf Ot Trunk 6s 19.(6 do 7e i tHO 111 Cent It 5s 1HK3 do ref 4s 19t5 X C Sou ref 5s. lacio Keo & Des 1st 5s 9123 Xi S & M S 4s 1S31 Xi & X 7s 1930 do uni 4s 3940 5 C 7s" 30;i7 IS" A Kd 6s ' 3952 M St P A S S M 6s 3946 Jt K & T 4s 1990 it P gen 4s 1975 do ref 5s 1923 do ref 5s 3926 U T C deb 4s 1934 do con 4s .1998 do ref imp 4s 2013 . do cv deb 63 1935 do coll 7s 1930 J r N H & H cv 6s I 1948 JT O Tex & Mex 5s 1935 H P P L 4s 1997 J P s 2IV47 N P Gt Nor Jt 6s' 1936 O S L ref 4s ; 1929 rtnn 6H;s 19SB do gen 4s 1965 do 4s 19B0 do gen 5s .lftf.8 do 7s 1930 (Reading gen 4s 1997 6 A 1. 4s 1950 do 5s 1949 do 6s A ,.1945 cW Ry con 5s 1994 60 Pac cv 4s 1929 do ref 4s 1955 do sf term 4s .............. 19-"0 e P conv 5s 1934 fit L & S F P L. 4s A... 19f,0 do gen t3 1931 do 5s B 1950 do gen 6s 193! do adj 6s 195.7 do inc 6 1960 gt L & S W first 5s 1952 do con 4s 1932 do first 4s ..I9S9 Tt Pac 'vt ?vm 89 75 62 76 67 62 75 68 61 8 84 307 106 79 8S 92 94 108 78 4-6 63 44 45 48 87 105 89 107 101 109 94 80 87 85 91 108 91 98 10 77 63 99 95 87 81 85- 102 ;07 72 67 S4 306 105 90 106 89 94 97 107 83 58 23 50 93 90 87 81 96 71 07 85 .02 63 103 -IU3-b 102 ..1935 102 ..1924 102 ..1925 103 101 105 103 100 84 99 102 ..1923 100 ..1933 105 ..1931 102 ..1925 101 ..1926 105 101 106 Foreign Exchange. Foreign excha ne-e rat. af " , n . business yesterday, furnished by North western National Bank of PnnionH amount quoted is the equivalent of the ""it in united states funds: Belgium, francs Bulgaria, leva Czecho-Slovakia. kronen uenmarK, Kroner England, pound atPrlinir Flnland, finmark Anglo-Amn Oil 7ti Armour & Co 7s ..... Beth Steel 7s Copper Ex Assn 8s do 8s . : Galena Signal oil 7 " " 106 Grand Trunks 6s f n I "un jh io is ......... 81 I Humble Oil 7s ... . 85 Inter Rapid Transit 7s .. 96 Llbby, McNeil & Llhhv 7. 109 So West Tel 7s 131 I Sears Roe 7s 3-yr 84 Stand Oil N Y 6s 86 do 73 84 swift & co 7a ::::: 90 do 7s 98 Texas Co 7s Notes vuuin jh France, francs Germany, marks Gretce, drachmas Holkand, guilders Hungary, kronen Italy, lire Jugo-Slavia. kronen .......17" Norway, kroner Portugal, escudoa Roumania, lei ...7"". Serhia. dinara ... ......... Siiain, pesetas .. Sweden, kroner Switzerland, francs 77"" China Hongkong, local currency Shanghai, taels Japan, yen .00025 . . .0855 . . .0080 . . .0197 . . .2120 .. 4.4200 .. .oeo4 . . .0117 . . .0036 . . .0455 . . .3790 . . .0018 . . .0533 . . .0037 . . .1830 . . .0SS7 . . .0080 . . .0138 . . .1560 .. .2618 . . .1953 . . .5450 . . .7400 .. .4S00 NEW YORK. April 7. Foreign exchange firm: Great Br tain. ri,.,j , 0 8?S o4,:T.?;.r.an- d?ma"d 813 -cables i.i -V j ' uouio.im o.sii4, caDIes 5.30 Belgium, demand. 8.45, cables 8.45- Ger many, demand 32. cahlea- :i3L. ixi,- demand 37.74, cables 37.77; Norway demand- 18.20; Sweden, demand 26.08; Den , i.iu, v-zecno-siovakia. de mand 1.93; Argentine, demand 35 25- Bra zil, demand 13.70; Montreal, 87- Swit ?triand. demand 19.43; Spain, demand 13.52; Greece, demand 4.42; Poland, de mand .02. Standard Oil Stocks. Standard Oil quotations furnished by Overbeck ie Cooke company of Portland: Bid. Asked. NEW YORK, April 7. Bouyancy in the bond market was unabated today on an other very large volume, of dealings. Sev eral of the liberty series, notably the 3s, second 4s and second 4s registered still higher records, though easing later on profit-taking. Local utilities were the dominant issues, however, on the outcome of the traction situation, which averts receivership other serious financial consequences. The several Interborough Consolidated and Interborough Metropolitan issues showed extreme gains of 3 to almost 9 points, but these too. gave way to realizing. Man hattan Elevated, Third Avenue and Brook lyn Rapid Transit also made substantial gains. Rails continued to follow the upward course of stocks at new maximums, coalers, cotton carriers and grangers leading. Total sales, tar value. $14,109,000. For the fifth consecutive session of the week trading on the stock exchange today took on enormous proportions, transac tions aggregating 1,650.000 shares and es tablished yet another new record for al most two years. The movement ot prices was "spotty at intervals as a result of realizing lor nmrita in ovnr.l of the issues, which n... ooataat calns In the preceding days of the week. This was most noticeable in such stocks as Baldwin and Studebaker, although the net losses in both cases were limited to fractions. nul State. Steel was the dominant faatura B-ainine 104 points on steaay K.,uina. nx..i.h o-rreerieri the demand for any other stock. Crucible was used to drive in the shorts and several of the less promi nent steels, ncluding Sloss-Sheffield. Great Northern Ore. Otis and Iron Products, m a ,1 s nntrwnrthV l?ainS. Rails contributed largely to tne maricei a constructive side, coalers leading tnai division on the heavy accumulation of Lehigh Valley. Reading ana Konom ot Western. Secondary rails were featured by Rock Island at a gain of 2 and many of the investment shares, including Pa cifies, grangers aad cotton carriers, rose 1 to 8 points. Local utilities made impressive response to the plan by which Interborough Rapid Transit receivership was averted. Inter borough Consolidated preferred gained 4 points. Manhattan Elevated 2 and Brooklyn Rapid Transit 3, similar or greater advances being made by bonds of those companies. The course of money was helpful to stook dealings, all call loans holding at 4 per cent, this applying to renewals into the coming week. Time funds were quoted at 4 per cent for the longer dates, but this was shaded to 4 per cent on prime collateral. Foreign exchanges reflected the more hopeful advices respecting the forthcoming Genoa conference. Sterling rose 1 point, almost its best quotation of the week. All the allied remittances showed moderate improvement, as did also German, Dutch, Scandinavian and Spanish bills, the latter rising 12 points. Czecho-Slovakian rates hardened on the strength shown by the new bond issue. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland. Stock. Sales. High. Low. Adams Ex .. 200 68 68 Adv Rum do pfd .... 100 47 47 Agr Chem do pfd .... 800 67 66 Ajax Rub ... 2,100 17 17 2,300 8.100 6,000 13,200 400 700 5,000 1,200 6,iob 5,600 200 900 700 9,700 Midvale Steel. 7,900 M, K & T-WI 3,000 do pfd. .. . .. 100 Mont Power.. 400 Mont Ward... 10,800 Mo Pacific 6.500 do pfd 4,200 MStP&SSM ... 100 NorAmer. .. 1,300 iMat biscuit... Nat Enamel.. . Nat Lead..... Nevada Con. .. New Haven. . . Nor & West.. Nor Pacific. . . N Scotia Steel N Y Air Brake N Y Central. . Okla Prod ref. Ont Silver Ont & West.. Otis Steel..'... Pacific Dev. . . Pac G & Elec. Punta Allegro Pacific Oil .... Pan Am Pet.. 21,400 do "B" 6,200 Penn 12,800 Peoples Gas... 400 Pere Marq 3.600 Pure Oil 11.200 Phillips Pet. .. 500 Pierce Arrow. 4,lou Pierce Oil 4,000 Pitts Coal... 100 Pitts & W Va. 4,300 do pfd P Steel Car.. Pullman .... Ray Cons.... Reading . . . .. Remlneton . . Replogle Steel. 14,800 Rep I & S 2,400 do pfd 500 Rep Motors... 100 Royal D Oil.. 13,700 Ry Steel Spg. . 700 Saxon Motors. 3,800 Sears Roebuck 3,100 Shattuck, Ariz . Shell T A T... 1,400 Sinclair 16,200 Stand Oil Ind 1,600 Stand Oil N J 300 SIoss Shef.... 2.800 Sou Pacific... 17,800 Sou Ry : 9,900 Stand Oil Cal 100 St L & S F. . . 6,300 Stromberg Car 7,700 Studebaker .. 28,500 Swift & Co Ten Cop & Ch 1,200 Texas Oil 9.600 Texas Pac... 8,500 Tex P C & O 7,100 Tob Pdts 8.200 Tran Con Oil. 4,100 Union Oil Del Union Pac. . . United Alloy.. United Drug.. Utd Food Pdts United- Fruit. Union B '& P. USCS Pipe Utd Rtl Stores U S Ind Alco. 84 14 35 67 20 23 65 60 67 84 13 34 67 19 22 54 60 67 3.100 37 36 200 500 800 1,000 33,800 200 1,800 7,700 400 3,000 200 900 200 2,100 6,700 2,400 U S Rub 4,000 100 400 22.900 300 6,400 "i66 9,500 600 do 1st Pfd.. U S Smelting. U s Steel.... do pfd Utah Copper. Va Chem do pfd Vanad Steel.. Vivandou Wabash 1.300 do A pfd... 4,600 do B pfd Wells Fargo Western Pac. 7,400 do pfd 500 Western Union 800 Westing A B. 100 do & M. .. 11.2IIO West Md 200 White Motors. 1.700 Willys-Ovid .. 8,100 dop fd sou Wilson Packs Wis Central Woolworth . . 600 WorthP ump. 400 W & L E. 40O White Oil ... 2,400 White Oil.... 2,400 15 21 106 76 28 71 88 2 29 13 8 68 40 64 . 61 55 43 82 29 31 36 20 8 61 81 81 77 123 15 79 35 34 544 78 7 60 100 4 76 45 " 26 88 175 44 89 24 97 80 51 117 104 11 45 34 28 64 9 19 136 31 71 5 146 61 37 49 47 64 104 38 98 117 65 "77" 44 11 9 31 15 21 105 75 28 70 87 2 28 12 8 68 40 53 59 53 42 82 29 30 36 19 9 61 30 - 81 76 123 15 78 35 33 53 78 7 69 99 4 75 44 26 88 174 44 87 23 96 29 48 115 103 11 44 34 27 63 9 18 134 31 69 5 146 61 36- 48 45 63 104 37 97 117 65 "77" 42 10 9 31 84 ( 13 ' 84 67 . 19 23 65 60 - 67 136 37 90 15 21 ltm CMD11 LINES SHOW LOSS RAILROAD DEFICIT IN 1920 IS $67,000,000. 28 70 OS 2 7 28 13 8 68 40 64 61 64 82 29 31 19 68 99 89 62 10 43 9 40 19 86 98 89 01 10 42 8 38 163 53 10 10 161 62 91 9 9 20 9 59 30 81 75 123 15 78', 85 34 64 7S 7 60 99 4 78 T4 8 44 28 k 88 173 44 88 23 97 30 50 117 103 11 44 : 34 27 63 9 18 136 30 69 5 144 60 36 48 46 83 104 38 97 117 65 84 TO 43 10 9 81 20 78 19 - 00 98 89 61 10 42 8 9 41 28 162 62 V 9 400 200 600 8,700 400 400 Alas Gold Alas Juneau.. Allied Chem. . 11,400 Allis Chalmers 3,200 do pfd Am Beet Sug. Am Bosch ... Am Can Co... do pfd .... Am Car & F. . do pfd .... Am Cot Oil... do pfd .... Am Drug Syn. Am Hide & L. do pfd Am Ice Am Int Corp. . Am Linseed.. do pfd .... Am Loco .... do pfd .... Am Saf Razor Am Ship & C. Am Smelter. . do pfd . ; . . Am Snuff . . . Am Steel Fdry Am Sugar ... do pfd .... Am Sumatra. Am T & T... Am Tobacco.. do B Am Wool 68 48 93 "46 48 103 155 700 25 8.300 700 ' 100 400 8,400 1,700 6 61 70 107 46 35 4,800 113 2,500 300 7,300 400 ' 6,506 1,800 100 ' 800 1,800 800 600 2,100 8 15 67 98 "ss"' 72 98 33 121 140 137 '66 47 93 '45 47 103 155 "is" ."6"' 61 70 107 45 34 iii "'8 14 65 98 "S7" 72 98 3 120 139 138 88 Bid. 67 17 47 40 65 17 67 48 . 93 41 46 47 103 155 117 ' 25 63 6 51 69 107 45 as 67 112 llo 8 14 57 98 128 37 72 98 32 121 139 136 88 Ex div. Government Bonds. NEW YORK, April 7. Government bonds closed: U. S. 2s registered do coupon ...... do 4s, registered ao coupon Bid. ...103 ...103 . . .lua ..105 Panama 3s, registered .............. 83 do coupon 83 Liberty Bond Quotations. Liberty bond and victory note quota tions, furnished by the Overbeck & Cooke company, Portland: Open. 99.28 Liberty, 8s . do 1st 4s do 2d 4s . . , do, 1st 4s. do, 2d 4s. do, 3d 4s. do, 4th 4s. Victory, 4s.. do, 3s ... High. 99.70 Low. 99.20 . 99.44 99.58 99.14 99.24 , . 99.50 99.58 , . 99.44 99.56 .100.00 100.92 100.86 100.90 .100.02 100.04 100.02 100.02 Bid. 99.24 99.30 99:06 99.30 99.40 99.10 99.24 99.42 99.56 99.40 99.56 do pfd 104 7,400 300 8.800 300 900 10.800 400 400 800 1.000 1,300 2,200 52 114 99 89 98 34 115 "43 60 77 7 24 8 26 128 14 78 64 4,100 139 6,100 38 Am W P pfd. 6.100 34 Am Zinc ... Anaconda ... Assd Oil ... Atchison do pfd . . . At C Line.. A G & W I. Baldwin Loco. 15,000 do pfd Bait & Ohio. 13.900 do pfd . . . . 800 Beth Steel B. 18,300 Booth Fish .. 600 BB R T 84,300 Butte J & z. Butte & Sup. Burns Bros... Caddo Oil . . . Cal Pkg Cal Pet do pfd .... Can Pac ..... Cen Leather.. Cerro de Pasco Chand Motor.. C & N W Chgo Gt W. . do pra Chili Cop (Jhino C M St P do pfd Coco Cola . . . C & O Colo F & I. . . Colo Southern Col Gas & EIc Columbia Gph Con Gas Cons Cigars . . Contl Can Cit Svs Bnkrs Corn Prod . . . do pfd Cosden Oil . . . C R I & P. . . do A pfd.. do B pfd.. Crucible .... do pfd Cuba Cane . . do ,pfd. . . . 800 6,200 5,900 900 1.000 6,000 700 4,000 4,400 300 6.100 900 500 2.200 2,300 1,100 "'966 ' 566 4,600 83,800 400 400 11,900 66 79 74 77 93 ii Hmvv Fat Hone v j ma Net Portland. Checks day of arrival. THE SAVINAR CO., INC. J00 Front St. Tortland, Ot. Anglo Borne Scrysmer Buckeye Cheesebrough . do pfd Continental .... Crescent ....... Cumberland ... Eureka Galena com ... do Old pfd ... do New pfd . . IUnois Pipe ... Indiana Pipe .. Nat'I Transit .. N. Y. Transit .. Northern Pipe . Ohio Oil Inter-! 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. Y. S. O. Ohio do pfd Swan & Finch . Vacuum ....... Washington ... S O. Nebraska Imperial Oil .... So Ky new .. .. .... 18 350 .... 94 193 110 131 33 . ....140 .... 94 47 ....110 ....100 ....180 ....103 .... 28 170 ... .105 ....271 .... 15 .... 26 500 228 ....340 .... 97 ....178 ....61 ....88 540 ....475 . ...37 . ... 400 116 . ... 25 ....350 . . . 25 270 102 . .... 77 18 370 98 197 113 134 34 150 97 49 114 104 183 105 28 175 1I8 277 15 27 565 231 880 99 182 64 88 560 4S5 371 410 . 117 35 354 30 280 104 77 i 1,700 1.200 1,000 300 700 3,600 4,700 1.100 6,300 3.8O0 1.50O Am 6urar el & Hudson Dome Mines.. Del Lack . . . Davison Chem Endicott John Erie do 1st pfd . . Elec Stor Batv Fa-mous Plays 21,700 Fed Mn & Sm do pfd...... Fisk Tire 3,400 Gaston Wms . . 600 Gen Cigars 600 Gen Elec .... 600 Gen Motor ... 56,500 Glen Alden .. 100 Gen Asphalt.. 27,300 Goodrich 800 Goodyear .... Gran by 300 Great Nor Ore 9.800 do pfd 6,500 Green Can-anea 900 Gulf S Steel.. 60.400 Houston Oil.. 7,500 Hupp Motor. . 1.40O Ills Cent . . . 2,800 Inspiration . . 1,400 Int Ag Cp cm...... do pfd. . . . ; Interboro .... 11.300 do pfd 18,500 Inter Callahan 1,800 Int Harv 300 do pfd Int Merc Mar 5.300 do pfd 9.900 Int Nickel. . .. 3.700 Int Paper 2,600 do pfd Invincible OH. 5.2O0 Island Oil ... 74,900 Jewel Tea . . . 9oo K C Southern 14,400 do pfd 700 Kelly-Sprin ... 8.100 Kennecott . . .. 5,600 -Keystone Tire 11,300 Lack Steel.... 4.200 Lee Tire 800 Lehigh Vat... 18,400 Lorillard 300 Lowe Theaters l,3O0 I, N 300 Maryland Oil.. 7.700 Mar & Perry.. 700 Mex Pettrol... 52.000 Miami 1.100 Mid States Oil 6,900 88 78 73 20 II 24 40 49 65 31 '48 83 3 109 '62' ' 104 "37 44 94 , 81 64 "36 86 23 119 25 116 64 84 32"A 20 166 82 17 T2 162 13 67 40 '27 40 74 28 83 80 17 106 40 12 7 87 "lR" 76 17 48 'l9 19 27 57 47 80 18 53 83 64 151 15 116 28 29 132 28 13 29 51 114 97 tw 97 31 114 "42 59 76 6 21 6 2 127 13 77 64 i3g 37 85 76 71 8 19 17 27 24 89 48 64 30 46 83 3 108 "60 103 37'" 41 94 81 60 '35 35 22 119 25 114 63 86 12 20 163 79 16 71 161 12 .651 89 27" 39 72 27 74 77 17 104 40 2 8 8 97 'l7' 74 17 47 'is 18 26 56 46 29 18 61 82 62 150 14 116 26 28 12R 28 13 32 10 52 114 98 88 97 83 114 108 43 60 77 6 23 6 26 127 13 77 54 94 139 37 36 77 72 8 19 17 27 24 40 48 64 31 46 83 3 108 25 60 20 103 113 87 44 94 80 64 87 35 85 22 11.8 25 115 64 12 20 165 81 11 40 16 72 161 12 44 66 39 32 26 40 73 28 82 79 17 106 40 10 40 if14 6 97 108 37 76 17 48 75 ' 18 39 27 56 48 29 38 53 32 63 115 151(1 115 28 28 131 28 13 Money, Silver, Etc. NEW YORK, April 7. Call money, easy; high, 4 per cent; low, 4 per cent; rul ing rate, 4 per cent; closing bid, 4 per cent; tiffered at 4 per cent; last loan, 4 per cent; call loans against accept ances, 4 per cent. Time loans, steady: 60 days, 4 per cent; '90 days, 4 per cent; six months, 4 per cent. Prime mercantile paper, 44 pef cent. Foreign bar silver, 68. Mexican dollars, D0c. LONDON, April 7. Bar sliver. 83d per ounce. Money, 2 per cent; discount rates, short and three months' bills, 2 2 13-16 per cent. M ining Stocks at Boston. Closing mining stocks at Boston. nished by the Overbeck & Cooke company of Portland: I' ' - Bid. Ask. Arizona Commercial 9 9 Adventure 60 61 Ahmeek 62 63 Allouez 26 26 Arcadian 2 2 Balaklava 6 Calumet & Hecla 275 279 New Corn 17 18 Centennial 11 12 Cop Rge 43 44 Davis Daly 7 7 Daly West 2 2 East Butte 11 11 Franklin Mng 1 1 Hancock t 2 3 Indiana 40 50 Island Creek 103 103 Keweenaw 1 1 Kerr Lake 2 3 La Salle 1 2 Mohawk 58 ' 59 Mason Valley 1 2 North Butte 12 12 Nipissing 5 6 North Lake 20 40 Old Dominion Cop 24 25 Osceola Mng 35 36 Obljawa 1 Quincy Mng 44 45 Pond Creek . . . 18 18 Isle Royale 24 25 South Lake 44 45 Superior Boston 90 100 United Shoe Mach 43 43 do pfd 26 26 South Utah 5 10 Superior Cop 2 8 Shattuck 8 9 Trinity Cop 2 2 Tuolumne 60 65 Utah Metals 2 2 Utah Con 2 2 Utah Apex 3 3 Ventura 26 26 Victoria 1 2 Wolverine 12 13 Wyandotte 40 . 60 Operating Shortage for 1921 Re duced by $21,865,000; Heavy loans Increase Fixed Charges. (Copyright, 1922, by the Public , Ledger Company. Published by Arrangement.) OTTAWA, Canada, April 7. (Special.) The deficit of the four railways owned by the Canadian government last year was about $67,000,000. These figures are based on the report of the bureau of statistics. which shows operating loss on the Cana dian Northern, the Intercolonial and th Grand Trunk Pacific to have been $16, 339,000. Fixed charges were - $37,000,000, which is to be added to the deficit. The Grand Trunk had operating revenue of $5,678,000, but, as interest charges wero $20,000,000, its deficit was about $13,500, 000. ' There was marked reduction on operat ing loss on these roads in 1921 as com pared with 1920, saving in this respect having been S21.865.0OO. The largest re duction in operating loss was $9,866,000, on the Canadian Northern; there was a reduction qi se,l37,ouu on the urana Trunn Pacific and of $5,862,578 on the Inter- colonial. Fixed charges, however, have grown because several of the heavy loans a-ecently made to these roads are only now beginning to bear interest. It is low estimate to place the Increase under this head last year at $4,000,000. Canadian Pacific s surplus, , after fixed charges, was $22,682,668. Thus, while the government roads lost $67,000,000, the Can adian Pacific had a surplus of one-third that. In addition, its income on special accounts exceeded $11,000,000. The railways as a whole reported decrease in 1921 in both freight and pas senger traffic, with corresponding decreases in revenue. It should be taken into ac 'count, however, that 1920 showed the heaviest freight movement in the history of the roads and was approached only by the boom years ended June 30, 1917 and 1918. Passenger traffic in 1920 was ex ceeded only In 1919, and then only slightly BUSINESS REVIVAL IS EXTENDED Scope of Recovery Steadily Widening Gains Exceed Expectations, NEW YORK, April 7. Dun's Review to morrow will say; With recognition of the unsatisfactory phases which still prevail, the fact is nevertheless clear that the business re vival is being extended. Close observers of conditions do not disregard the dele terious Influence of present labor troubles nor the unsettling effects of past economic readjustments, but a basis unmistakably exists for the statement that the scope of recovery is widening. While uniform ity of improvement is conspicuously lack Ing, Irregularity of demand and prices is a national concomitant of commercial re cuperation and its absence now would be surprising. The maintenance of a conservative pol icy in many quarters is more to be ex pected after the experience of the last two years than a period of unwholesome inflation and prudent action at this time affords a solid foundation for subsequent progress. That confidence has strengthened rather than lessened is Indicated, and gains in actual transactions have exceeded expec tations in some industries. The weekly bank clearings. were seis.sn.ooO; SAN I-RANCISCO PRODUCE MARKET Prices Current on Vegetables, Fresh Fruits, Etc., at Bay City. SAN FRANCISCO, April 7. State Divi sion of Markets.) Poultry Broilers, 34c to 46c; young roosters, 2uc to 42c; old. 15c to 20c; hens. 21c to 32c; ducks, 28c to 28c; live turkeys, 32c to 35c; dressed, 36c to 44c. Fruit Apples. 3 and 4 tier, $1.40 to $3.'50; oranges. $5.25 7. 00; lemons, $4 to 5.75: grapefruit, $3.50 to $4.50: straw berries, crate. $4.254.75. Vegetables Asparagus, pound, 8c to 17c; artichokes, large crate, $1316; beans, pound, 25c to 35c; carrots, sack, 1 to $1.50; celery, crate, $34: cu cumbers, dozen. $2 to $3; lettuce, crate. S3 to &4.2a: mushrooms, pound. 10c to 30c; olives, pound, 8c to 10c; peas, pound. 2(8)170; potatoes, fi.su to $2.73; rhu barb, pound, 35c; Hubbard squash, pound, 6c to 8c: sprouts, pound, 12c to 14c: srlnch. pound, 2c; turnips, sack. $1.23 to $1.50, .Keceipis: r lour, 000 quarter aacKs; Dar- ey, 1317 centals; corn, 16 sacks; onions. 76. sacks; hay, 50 tons; hides, 1666; live stock, 25 head. Receipts Flour, 6ol9 quarter sacks: wheat, 4800 centals; barley 3807 centals; orn, 4000 centals; potatoes, 450B sacks; hay, 110 tons; hides, 4079; oranges and lemons, 800 boxes; livestock, 100 head. lnis handy INVESTMENT RECORD. is it ours f) j m FnttMAN, Smith a Camp Co. "7?. -'ZytT-lC U mmr. lum fj fajC Foreign Bonds. Furnished by Overbeck & Cooke corn- Bid. Ask. Belgian rest 5s 72 75 do prem 5s 80 84 do 7s 1945 108 108 do 8s 1941 108 108 do 6s 1925 102 303 Brazil 8s -..3 941 108 107 Chile 6s 3932 88 86 do 7s 3923 301 101 British 5s ,3922 90 92 do 1927 90 92 do 1929 90 92 do vky 4s 77 79 do ref 4s .... 73 75 Bordeaux 6s 3934 87 87 Canadian 5s 1937 97 98 do 3926 99 99 do 5s 3929 100 100 do 5s 1931 98 98 do 5s ....1927 97 9S Chinese 5s 1951 52 54 Chilean Ss 1941C 104 104 Russ currency 6 7 Denmark 8s 1945 112 312 Dan Muni Ss 1945 112 113 French 4s 1917 56 58 do 5s 1920 SO" 81 do 1931 68 70 do 7s 1941 102 102 do Ss 1945 103 103 German W L 5s 2 2 Berlin 4s 2 3 Hamburg 4s 3 3 do 4s ... 3 3 Leipslz 4s 3 , 4 do 5s ' 3 4 Munich 43 ... 3 4 do 5s 3 4 Italian 5s ,...1918 40 41 Jap 4 1931 90 90 do 1st 4 1925 89 89 do 2d 4s 1925 315 318 Norway 8s 1940 112 112 Russian 5 a , 1921 24 28 do 3926 4 5 do 6s 3919 24 27 Swiss 5s ..3929 .101 301 do 8s . .t 1940 315 116 San Paulo 8s 3 04 104 U K 6s 1922 108 10S do 1929 Ktfl 106 do 1937 1O0 - 1O0 Swedish Ss .......1938 100 101 QUOTATIONS ON DAIRY PRODUCTS Current Prices Ruling on Butter, Cheese and Eggs. SAN FRANCISCO. April 7. TJ. S. Bu reau of Markets.) Butter, extra, 33 c; prime first, 83c. Eggs Extras, 27; extra firsts. 25c: ex tra pullets, 24c; extra pullets, firsts, 23c; undersized, wo. 1, 21c. Cheese California, flat fancy, 28c; Young America, fancy, 22 c. NEW YORK, April 7. Butter Firmer; creamery higher than extras, 3536c; creamery extras, 3oc; firsts, 3334c. Eggs Irregular. Cheese Unsettled; state whole milk flats fresh specials, 1819c; state whole milk twins fresh specials, 18c. CHICAGO, April 7. Butter Steady; creamery extras, 34c; firsts, 3133c; sec onds. 29 61 30c; standards, 33c. Eggs Lower; receipts, 25,078 cases; firsts 2222c; ordinary firsts, 2121c; miscellaneous, 2222c; storage packed extras, 25c; storage packed firsts, 24c. SEATTLE, unchanged. toy ine J asking I Bat "'no'wu mJS itoiiit MMiit ouniaovB raici iVo"t?s "toi'i ' Frecmaii. Smith a Camp Co. I (I N(WIWHimiMHW1MJ4.lwZtfM!t 'l .rs. O wmipioiiw ..in Z, " iLwrn ' " . Vi' 2j-1. tar si u. ist, ii A handy time-saving Investment Record This compact and convenient form enables you to keep complete and ready data on all your investments amounts, prices, interest dates, ma turities, taxable status, profits and yields on your holdings. The loose-leaf form en ables pages to be added or discarded at wiJl. The record is pocket size and flexible. Call for your copy Keep Your Income Tax Data Up to Date A year from now you will be spared a lot of grief. With this form you can record purchases, sales as made, income tax provi sions and yields, keeping all in formation instantly available. Freeman, Smith & Camp Co. Lumbermen Bldo.. Portland rirTH x5Sm"N. hon and M0JIM.wr STARK ST40 OIL LEASING IS ACTIVE OUTCOME OF TESTS IX PHIL IPPINES AWAITED. Standard Oil of California and Iiencdum Croup Get Large Tracts for New Operations. April 7. Eggs and butter, Oregon Banking and Bond New. After having spent almost two weeks in Los Angeles and San Francisco, Glenn B. Miller, president of G. B. Miller & Co., investment bankers and bond dealers, re turned to Portland yesterday. "The bond business throughout . California is good," he said. "The market is exceptionally strong and dealers expect this strength to continue through the next year. Cali fornia ranks today as one of the best states in the union for the sale of bonds and it is continually improving in this respect." "While in Los Angeles Mr. Miller played a few games of golf with friends. , Prospects for wneat in Sherman county are better than they have been In years, according to W. H. Ragsdale, president of the Farmer's State Bank of, Moro, who was in Portland yesterday conferring with officers of ,the Northwestern National bank. The citizens of Sherman county have suffered great financial loss due to bad market conditions, but now feel en couraged. With good crops and advancing prices they now see their way clear to liquid-ate a share of their debts. Raymond J. Friss, vice-president of the C F. Chllds & Co.. bond house. of Chicago, was in Portland yesterday. His company specializes in the sale of liberty bonds and last year it bought and sold $3,000,- 000,000 worth of government securities. Mr. Friss is in Portland to study financial conditions and is conferring- with local bankers and bond dealers. County and municipal bonds in Oregon are exceedingly scarce, according to all of the local investment bankers. There has not been a period in many months when it was as difficult to obtain new issues This condition is due to the fact that cities and counties a-re not voting bonds just now because of high taxes. , Henry Boyd has returned from southern Oregon after having purahased - ibO.OOO worth of 5 per cent Curry county bonds. These securities will be disposed of by Blyth-Witter & Co. and Ladd & Tilton bank bond department. M S. Woodcock, vice-president of the First National Bank of Corvallis, con ferred with R. S. Howard, vice-president of Ladd, & Tilton bank yesterday. - Robert E. Smith, president of the'Lum- bermens Trust company, left yesterday for Roseburg. where he will transact fi nancial business. L. A Beckman, vice-president of the First National bank of 'Woodburn, was in Portland yesterday. (Copyright, 1922, by the Public Ledger Co. Published by Arrangement.; MANILA, P. I., April 7. (Special.) Under the petroleum leasing act of 1921, pertaining to both United States public lands in the Philippines and private lands, the taking out of leases on large tracts where oil indications are favorable la progressing actively. The Standard OH company of California and the Benedum independent group have obtained leases, some on Luzon and some on Leyte and in Mindanao. It is assumed the Boreo oil belt extenas under the Philippines. The question is whether or not deposits have been dissi pated through Tfaults in the formation. Seepages show the highest quality of para- fin-base crude oil; oil nas oeen aippeu up and used to run internal combustion engines without any refining. The Philippine supreme court has ruled that the law must respect mining claims previously filed on which assessments have been kent ud. This paragraph in the '.aw. which would have nullified all mining claims except where patent had already issued, has been declared unconstitutional, as it violates that clause In the Jones (Philippine organic law of 1918) act de claring a man can not be deprived of his property in the Philippines without due process of law. The court considers a claim a vested property right. This, however, it is asserted, does not affect the Standard Oil leases, as mining claim assessments are said not to have been kept up on their leases. The com pany sank one well 150O feet and aban doned it. because of caving. It is on Bon toe peninsula, in Tayabas, on Luzon. An other well is being bored to go much deeper. McDaniels, who has mining claims in Tayabas, has sunk five wells and alleges in his brief in the supreme court, where he won the case referred to here, that he has discovered oil. The lease law stopped prospecting in a small way, but opened the field to corporations amply financed. Leaseholders are awaiting the outcome of the Standard Oil's tests in the Tayabas field. Coffee Futures Strong. ntf.w YORK. April 8. The market for feoffee futures showed renewed strength to day on higher Brazilian markets ana cov ering by shorts. Sales were estimated at about 78,000 bags. Closing quotations May, 9.90c: July, 9.83c; September, October and December, 9.55c; January, 9.52c; March, 9.45c. , Spot coffee firm; Rioi 7s, 10 c; Santos 4s, 1414ci Metal Market. 'NEW YORK. April 7. Coppei- Steady; electrolytic, spot and nearby 1212c; later, 12loC . Tin Firm: spot and nearby, 29.8ic; fu tures, 80.00c. Iron Steady; prices uncnaniffio. Lead Steady; spot, 4.905.ooc. Zinc Quiet; East St. Louis delivery spot. 4.904.9oc. Antimony Spot, 4.82c. Naval Stores. SAVANNAH, Ga.. April 7. Turpentine Firm 81c; sales, 86 barrels; receipts, 89 barrels; shipments, 266 barrels; stock, 710 barrels. ..'. Rosin Firm; sales, 24 1 barrels: receipts, 1581 barrels; shipments, 818 barrels; stock, 59,239 barrels. Quote: B, D. E, J4.05; F, 4.10; G, H, L K, 4.15; M, $4.60; N. $5.20; WO, $5.65; WW, $5.85. Sugar Market. NEW YORK, April 7. Raw sugar, cen trifugal, 4.08c; refined, fine granulated, 5 25c to 5.50c. SAN FRANCISCO, April 7. California Hawaiian raw sugar, 4.11c. furnished by Herrln & Rhodes, Inc., Port-1 are so high that they ran shin eco- land. Or. April, $11.B511.75; May. $1.'. 53r15.58; June, $11.45 11.50: July. $11.45011.47: Au gust, $1 1.48 ii 11.50; September, $11,424 11.40; October, $10.55(310.56; November, $0.509.7O. Sales 7000 barrels. Dried Fruit at New York. NEW YORK, ' April 7. Evaporated apples scarce Prunes easy. Peaches firm. Business News Notes. PHILADELPHIA, April 7. (Special.) Flour and grain movements at the pot of Philadelphia for the week ended March 31 follow: Receipts Flour, 88,760 bar rels; wheat, 784,5i2 bushels; corn, 628,529 buchels; oats, 76,881 bushels; rye, 44.558 bushels; barley, 1467 bushels. Exports Wheat, 594,418 bushels; corn, 615,4.13 bushels; oats, 29,923 bushels; rye, 20.000 bushels. Sugar receipts Consumption, lW.O.tO bags; warehousing, T8.M10 bags. Withdrawals, 18,999 bags. Tea is avancing in price and. according to. a Philadelphia importer, is likely to go higher. Demand is good and business ex cellent. Higher prices are due to cur tailment in harvesting the crop. When Russia was closed to world trade tea growers lost their best customer. In re adjustment of the business of the world the tea growers are said to have been hit hard. To lnlluence prices they have lim ited the amount to go on the market. As the source of supply is somewhat limited, this movement has been successful. Paving brick Interests with headquar ters in Philadelphia say they must get better freight rates If they are to do bus!- 1 ness in the eastern cities. Mot plants are In western Pennsylvania, West ir plnia and Ohio, and freights, they say. nomlcally only to points within loo nii ot the plants. It u pointed ciul that transportation Inequalities are shown In water rates, where it routs 70 ci-ntu a short ton for a alx-mlie delivery atid only $1.70 a long ton (or a l.m-mlle delivery. Representatives of the plants say that, with these difficulties removed, the paving brick business would receive considerable impetus. The Corn Exchange National bsnk lis received Information that a ntimhT of American firms are receiving conci-imlnni from the Turkish nationalist government. Including harbor development and railway projects. It seems probahje, the report says, with Increased stabilization of af fairs in that part of the world there wilt he an unusual opportunity for the sale of Philadelphia products which have b-n eotd in Turkey more than 100 yearn. Di rect steady steamship cemnitinloatan be tween Philadelphia and Turkish ports I needed, it is said. Hearing 011 Hay Grades Held. HERMISTON. Or., April 7. (Spe cial.) The public service commission of both Oregon and Washington held a hearing; In Ifermlston yesterday on hay grading-. The Oregon Hajr Urow- era' association with headquarters at Hermiston is marketing; a large part of the alfalfa which Is (trown In the state, and the Washington liar Crow, era' association markets most of the Washington hay. The local associa tion some time ago called the atten tion of the state cominiNfilon to the fact that there was no uniformity In grading hay bo far as Oregon, Wash ington and California were concerned, and contended that under present rules it In practlrHlly 'mpofsihle to grade with anv decree nf certainty. Cotton Seed Oil Futures. Cotton seed oil futures at New York HERRIN & RHODES, Inc. Established 1S96. STOCKS, BONDS, COTTON, GRAIN Correspondents E. F. HTJTTON 4 CO.. N. T. Members all leading exchanges; Baboon's Service on File. Bdwy. 472a. 201 Hallway fcicihange Bids. Durant Motor Co. of Ca It font ia Selects - WEST-MADE DESKS WEST To Durant's tireless energy can be cred ited the Buick, the Cadillac, Chevrolet, Oakland and Oldsmobile. And now the "Durant." It is part of the Durant formula of suc cess to be satisfied with nothing short of the best. In keeping with this policy, is the selection of West-Made Desks. West-Made Desks are as different from the old-styled desks as the quill pen from the typewriter. They are built to mrot the demands of modern business. Nothing haphazard about them every drawer space has a purpose; there's a reason for every construction feature. Ak your dealer to show yon I he West Made line and explain how Vft-Muil Desks will increase the efficiency of your office. WEST - M lK PKVK CO, Manufacturers. Portland, V. S. A. Sold In Portland by Glass & Prudhornmc Co. Kilham Stationery Co. Bushong & Co. -MADE The Fifty-Year Desk