TITE 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