Morning Oregonian., April 11, 1922, Page 21, Image 21

2L
TTTE MORNIXG OREGOXIAX, TUESDAY, APRIL 11, 1922
PUBLIC EVIDENTLY
BUYING SECURiTIES
Activity in Stocks Indicates
Outside Demand.
PRICE TREND STILL UP
fresh Impetus Given to Market by
Vnfilled Tonnage Figures of
Steel Corporation.
BT MONITOR.
'(Copyright by the Public Ledger company.
Published by Arrangement.)
NEW YORK, April 10. (Special. Well
sustained activity marked the first trad
ing session of the week, with the total
of transactions approximating a million
and a haif shares. Buying power was in
evidence from the opening, with over
- night advances in rails, steels and oils,
as well as some of the specialties. Price
fains were not so marked as thty were
on several days of last week, but the man
ner In which profit-taking proceeded gave
ovidence of a strong demand for stocks,
probably from- fresh sources. In other
"words, it looks as if the public was com
ing into the market on an increasing
seals.
Thus far there appears to be little
frround for misgivings over the technical
position. This morning there was plenty
of selling to take profits and plenty of
talk about a reaction being overdue. In
roost cases the sellers found their offerings
taken with the closing above their sell
ing price.
.Fresh impetus was given to market mo
mentum by the publication of the unfilled
tonnage figures of the United States Steel
corporation. Even the optimists did not
look for as much as 3"3.lM0 tons in view
of the increased seals of operations. These
figures and the reports of general im
provement in business, as well as the ex
pectation of a better showing by the rail
roads through Increased tonnage, offset
the less reassuring nws items in respect
to the coal strike. The early dispatches
About the opening were without marked
influence. Steels and rails furnished the
most pronounced group activity and
strength.
Gulf States moved spectacularly, but Jts
performance was not as impressive as the
r.ew high levr-l established by United States
Steel, aiidvale and Bethlehem Steel B.
The equipments wore strong under the
leadership of Baldwin and American Car i
& Foundry. Features among the rails were j
furnished by Illinois Centra!, Baltimore & j
Ohio, Rock Ifand, Missouri Pacific and
Pittsburg & West Virginia.
The motors and shipping shares were
higher and there was pronounced strength
in some of the specialties. Among the ex
ceptional gains registered was one of five
points in Market Street second preferred
and another of more than two points in
United States Realty. Other strong spe
cialties were Virginia Carolina Chemical
preferred, Stroiriberg Carburetor and .Elec
tric Storago Battery.
Publication of the United States Steel
unfilled tonnage f igurps more than justi
fied the optimism which has ben ex
pressed hre regarding the outlook for the
steel industry. A n increase of 353,079
tons for the month, despite the large in
crease in mill operations, was accepted as
very bullish on the steel stocks in general
and- the group came in for good buying
operations. Unfilled tonnage on March
81, on the bonks of the largest producer,
amounted to 4,4!4.14S tons, against 4.141,
0i9 the previous mon( h ; 4,1M1,7H8 as of
December 31 and 6,-&4,7bo on March 31,
1921.
Royal Dutch met with further encour
agement on the Washington report con
firming previous statements as to the ac
tion taken by the Dutch Kast Indies on
the oil tax question. The department of
commerce advice on the subject was to
the effect that the Dutch first chamber
had rejected the proposed increased tax
and that from January 1, 10:i3, the pres
ent tax may be replaced by a temporary
refining tax to be collected until income
taxes on profits and dividends are suf
ficient to cover the colony's revenue re
quirements.
n. xt. Jriaiiinson as to., inc., according
to sources reported to be very close to the
management, showed earnings for the
first quarter sufficient to account for the
an tire preferred dividend for 19U2, and
according to this same source April is
making a better showing than any of
Che preceding three months.
a
Public buying in today's market was
probably the heaviest of any day of the
current movement, with rails and steels
favored to a large extent because of the
showing that the steels are making at the
present time and the expected continua
tion of good rail earnings. The market
exhibits no signs of worry over the Genoa
conference, nor has the closing of some
of the steel mills because of the coal
shortage detracted from the strong de
mand for steel stocks. 1
As expected, the Keplogle Steel and Em
pire Steel merger was announced this
morning, with Replogle taking over the
Empire. This merger will add 250.000 tons
to the annual production of Replogle, mak
ing1 a total of 600,000 tons. Leonard Peck
itt, now president of the Empire, is to be
alected president of the new Replogle com
pany, which is contemplating a resump
tion of operations at its New Jersey and
Pennsylvania plants.
With the news out in reference to Re
plogle and Empire, the stock of the former
dropped to 34, a fractional loss for. the
day. Traders interested in the long side
of the market are nourishing a report that
Keplogle will bring -out a new stock issue
to be offered to present stockholders at
about 35, the proceeds to apply on the
acquisition of Empire.
NEW YORK LIFE WITHDRAWS
Insurance Company Quits Germany, Owing
to Money Situation.
(Copyright by the Public Ledger Company.,
Published by Arrangement. )
BERLIN, April 10. (Special Cable.)
The New York Life Insurance company
has retired from Germany. Its German
business has been transferred to a new
company formed for this purpose because
of depreciation of German currency, which
makes all actuarial calculations for an
outside company speculation and has im
pelled the company to refuse new busi
ness in Germany since the revolution.
The currency depreciation has worked
the other way for a number of German
life insurance companies which operated
abroad, particularly in Switzerland, be
fore the war. The Swiss government de
clared a special moratorium for these
companies, which are unable to pay poli
cies due in Swiss franca and would be
come bankrupt if this year's policy claim
ants were allowed to demand full payment
f sums due them in foreign currency.
The Victoria insurance company has re
tired from the field of installment-payment
insurance among the poorer classes. The
company finds the workingman, or work
ins man's wife, no longer Interested in
this type of insurance. The company
could not afford to pay its collectors the
prevailing wages. In plce of the in
stallment policy, the company is featuring
its "insurance without medical examina
tion" policy.
directed improvement work in and near
Pittsburg to cost about $8,000,000, it was
announced here today. The work will pro
ceed as rapidly as possible.
Colonel James A. McCrea, vice-president
of the central region of the Pennsylvania
railroad system, said estimates of improve
ments had been made to the extent of
$100,000,000 to furnish the relief desira
ble in this district.
The improvement covered by the pres
ent authorization is the first work of this
kind the railroad company has been able
to undertake for some time.
Colonel McCrea said the plan would in
volve no new financing, as funds are
available from previous financing.
JAPAN
GETS
AFRICAN
TRADE.
Imports of Cotton Cloth Into Abyssinia
Largest of Ali Countries.
ROME, April 10. (Special.) Evidence
of Japanese commercial penetration in
eastern Africa is given by a recent report
of the Italian legation at Addis -Abeba,
capital of Abyssinia. In importing of cot
ton cloth Japan leads. Japan also has
supplanted Germany in supplying most of
the pottery, matches, paper, pencils and
smoking accessories. It is said that poor
quality of Japanese merchandise has
caused much complaint. .
Abyssianian commerce, which increased
during the war, has declined so much since
li20 that the report advises the Italians
to invest no more capital in the country
for the present. The chief reasons for th
drop, are internal difficulties, lack of se
curity and high maritime freight rates.
ALL STOCKS DEMAND
ADVAXCE IX MARKET AT XEW
TOKK CONTINUES.
Previous High Records of Tear
Exceeded by Many Issues;
Bonds Are Also Strong.
NEW YORK. April JO. Th new week
on the stock exchange opened with a
resumption of the past fortnight's ex
traordinary demand for securities of al
most every variety. Many issues exceeded Pacific Dev. . .
Lcew Theaters
Mailand Oil .
Martin & Parry .....
May, Stores. . ..
Mex Pet 6.200
Miami 1.800
Mid States Oil. 15.100
Midvale Steel. 9,600
M K & T. WI
do pfd
Mont Power... 7,500
Mo Pac
do pfd
Nor Amn
Nat Enamel..
Nat Lead
Nevada Con..
New Haven.. w
Norf & West..
Nor Pacific. ..
Nova Sco St..
N T Air Brake
N Y Central. .
Okla Prod ref
Ontario Silver.
Ontario & W
Otis Steel 2,100
1514
28
28
117 V.
183 M
29 &
14
36
800
6,000
4,600
3.000
STEEL DEMAND STRONG
UNFILLED ORDERS 250,000
TONS IN MARCH.
Negotiations for Large Railroad
Supplies Have Bullish Effect;
Prices Advance.
(Copyright by the Public Ledger Company.
Published by Arrangement.)
PHILADELPHIA, Pa., April 10. (Spe
cial.) Steel makers show a steadily in
creasing, diversified demand. The quar
terly report of unfilled tonnage of the
United States Steel corporation, is expected
to show excess over that at the end of
February by 2i0.000 tons, making the total
4,400,000 tons. New orders placed by the
New York Central railway for 16,000 cars
is another bullish factor. Negotiations
for other large railroad orders are pending.
Ferro-manganese has advanced $2.50 a
ton to $j f. o. b. seaboard. Probability
of a tariff levy, the comparative strength
of sterling exchange and a better demand
for this alloy are cited as reasons for the
rise. Sales of f erro-silicon are greater.
Standard cast pipe now Is $44 a ton in
carload lots f. o. b. Philadelphia, an ad
vance of $2 within a. week, ascribed partly
to the recent Jump in pig iron. Coke con
tinues steady. No market effect from the
reported strike of some non-union miners
in the Connellsville region has developed
Piates, shapes and bars continue active
at $1.00. One large nearby plate mill' ha
so much business that it expects to op
f.rati ort of its plant double time within
ten days. Some makers say they are re
fusing small orders at quotations.
There is less tendency to shade quota
tions for tin plate following the $3 a ton
advance in sheets last week. Some pro
ducers have not raised prices, preferring
to wait until demand strengthens. Sheets
are active and demand is diversified.
Continued strength of structural Bteel Is
one of the principal reasons for the ac
tivity in plates. Wire and nails are strong
and unchanged.
Foreign Exchange.
Foreign exchange rates at the close oi
business yesterday, furnished by Norlh
western National bank of Portland. The
amount quoted Is the equivalent of the
foreign unit to United States funds:
Country and unit RfSe.',
Austria. kronen .... JfH!.-J
Rpiiniim. trancs .uo..
Bulgaria, leva
Czevho-Slovakia. wronen
Knerland. pound sterling 4.4;to
Finland, fir.mark
France, francs
Germany, "marks
Greece, drachmas
Holland, guilders
Hungary, kronen
Italy, lire
Jugo-Slavia, kronen ..........
Norway, kroner
Portugal, escudos ............
Roumania. lei ................
Serbia, dinara ...............
Spain, pesetas ...............
Sweden, kroner
Switzerland, francs
China
Hongkong, local currency ....
Shanghai taels
Japan, yea
all previous high records of the year In
the day's turn-over or 1.475.000 shares.
Rails were the more solid features of
the session, although the substantial gains
in that division were confined to sec
ondary shares. Steels, motors and equip
ments all yielded occasionally to the
weie-ht of realizing sales and oils eased
with sugars, tobaccos and local tractions.
United States Steel rose to within a
small fraction of par before the close,
but reacted a point with affiliated issues,
finishing at a nominal advance.
Net gains of one to five points were
registered by Gulf States, Bethlehem,
Lackawanna and Crucible steels, Baldwin,
S:udebaker, Stromberg, Pierce-Arrow, Co
lumbia Gas, Electric Storage Battery, Mar
ket Street Railway preferred and Manhat
tan Elevated.
Call loans were made at 4 per cent,
while time money continued to rule at
4M to 494 per cent. Reported concessions
on commercial paper were not confirmed.
Proceedings at the Genoa conference in
its preliminary stage received favorable
interpretation In the foreign exchange
market. Sterling was conspicuously strong
on the higher quotation posted in London,
but reacted moderately later All allied
remittances were better, the German rate
showing appreciable Improvement, and
Czecho-Slovakian bills made further gains
on the strength of the bonds recently
placed here.
The bond market again followed the
rapid pace and higher prices set by the
stock list. Trading was stimulated at the
ready sale of the new Rio de Janeiro
$13,000,000 bond Issue.
Liberty second 4s made a new high.
Erie convertibles and Seaboard Air Line
consolidated 6s rose two points each and
Atchison convertible 4s of 11)60 gained 2.
Northern Pacific ,1s, St. Paul 4s of ln23,
Western Maryland 4s, Market Street Rail
way us, Interborough Rapid Transsit 5s
and Goodrich 83 gained one to 1 . points.
CLOSING STOCfc QUOTATIONS.
Furnished by Overbeck & Cooke company
of Portland:
5,800
6,900
1,900
9,500
Sales.
.OoSt)
,02!l.'t
.0205
.0203
.IHioH
.041.0
.:iso5
.001s
.0.-.4H
.oo:;
.IS. -.5
.OK'.HJ
.ooso
.1505
.26:50
.1006
.5475
74.T.0
.4800
NEW YORK, April 10. Sterling ex
change strong at $4.39 for 60-day bills and
$4.41 for demand; Canadian dollars,
$98.16; Francs, demand, 9.24; lire, de
mand, 5.42.
Money, Silver, Etc.
LONDON, April 10. Bar silver, 33 d
per ounce; money, 2JA per cent. Discount
rates Short bills 2 per cent; three
month, bills, 2542 13-16 per cent.
NEW YORK, April 10. Foreign bar
silver 65.
Mexican dollars, 50 U.
Exchanges Will Close.
NEW YORK, April 10. The New York
coffee and sugar exchanges today voted to
close on Good Friday and Saturday,
April 15.
LONDON, April 10. The stock ex
change here will be closed April 11, 15 and
17, Easter holidays.
Sugar Markets.
NEW YORK, April 10. Raw sugar, cen
trifugal, 3.98c; refined, fine granulated,
5.25 4p o.oOc
SAN FRANCISCO, April 10. California
Hawaiian raw sugar, 4.10c
Stock
A gr Chem . .
Ajax Rubber.
Alaska Gold. .
Alska Juneau
Allied Chem..
Allis-Chalmers
Am Beet Sugr
Am Bosch....
Am Can Co..
do pfd
Am Car & Fdy
Am,Vot Oil..
Am Drug Syn
Am Hd & Lea
do pfd
Am Jce
Am Intl Cor
Am Linseed..
Am Loco .....
do pfd
Am Pat Razor
Am Slip & Cm 1,400
Am Smelter.. 2,900
do pfd
Am Snuff
Am Steel Fdy 7.400
Am Sugar... 1,900
3,400
200
3,100
'2,000
4O0
2,900
2,400
2,300
High.
4 Vi
16-i
"f.7',4
49 14
41
4r,i,i
48
155 4
(Hi
3 5 Vz
69 ',i
J.O w.
39
16 V4
7'4
48
41
45 '.4
47 V.
issii
25 "4
6
15
69 14
li 'S ',4
45 Vi
:to
lll'j
3414
57 ii
3S
Last
Sale.
4i
16
t
"ii
67 Vi
48 Vj
41
45
4SV4
303
155
26
6Vi
3 5 V
69 V4
108
46
30
3 11
115
SVi
3 4":,
57
S
12S
38
71
do pfd 1'8 Vs
Am Sumatra. .
Am Tel & Tel
Am Tobacco. .
do 'B"
Am Wool. . . .
Am W P pfd
Am Zim;
Anaconda
1.100
1,400
3.600
0,500
3.1'i
321V.
3 39
136
89
33
33
3 20
33S
336
8S Vi
33
517
33
320
3:i9
138
9
33
3 5
9.200 5:
Assd Oil 111
Atchison 99 98 98
do pfd ; 46
Atl Glf & W I 2.100 34 33 33
Baldwin Loco 10,700 117 114 110
do pfd
Business News Notes.
RAILWAY
TO
SPEND
58,000,000
Improvo-
Fennsylvania Line Will Make
tnents Near Pittsburg.
PITTSBURG, April 10.( Special.) Di
rectors of th" Pennsylvania railroad have
BROILERS
35c Per Pound.
Net Portland. CHECKS DAILY.
THE SAYINAR COL, INC.
10O Front St., Portland, Or.
ARE YOU LOOKING FOR A DE
PENDABLE PRODICE DEALERf
Veal Butter
Pork Cheese
Poultry Ecs;s
Honey Any Product
Ask for latest methods used to
prepare shipments for higher prices.
HI BY CO,
169 Front St Portland. Or.
PHILADELPHIA, April 10. (Special.)
Cotton .yarn prices are easier, especially
for nearby delivery. This business is ex
periencing the quietest season in years.
The insulating trade has been buying in
a small way, but no other line appears to
be getting any business. The hosiery and
underwear end is dull. Philadelphia
quotations are, 30-2 ply warps, 3bi&3t c;
skeins, 35((i30c. 20-2 ply warps,
33c; skeins, 3uy;31c.
Poultry supplies are in the best demand
that has ever been known, according to
a Market street dealer. Baby chick busi
ness Is bigger than ever, and prospects
are that there will be a similar call for
ducklings, particularly for the Easter
trade. After that they wili be purchased
tor raising. Good orders are In hand for
Peking for meat purposes and for Indian
Runners for eggs. The low price of eggs
has Influenced the demand for day-old
cuicks. in the past the Leghorns have
been in chief demand, but with prospects
for low-priced eggs the call is changing
to the American breeds which give a
liberal amount of meat as well as being
good layers. The demand is for Plymouth
Kocks, Rhode Island Reds and Wyan
dottes, with an occasional inquiry tor
Buckeyes. There does not appear to be
any choice in Rock varities.
Prunes are the most active of dried
fruits. The 20-30 California prunes are
selling well. Dates and figs are still hav
ing tome sale, but hot weather will close
this trade. There are no California figs
in the market, but there is a good quality
0 Smyrna fruit. Fard dates of a good
quality are having a fair sale.
Worsted yarns continue quiet, with but
little business developing. One dealer says,
"Everybody is waiting for the movement
over the counter." There is a belief that
with seasonable weather and more people
at work the movement' over the counter
will increase and create activity all along
the line to first hands. Jobbers are still
offering yarns much below spinners' figures
and weavers continue to offer stock yarns.
George F. Sproule, president of the port
of Philadelphia ocean traffic bureau, has
named Hubert J. Horan, chairman; Walter
T. Roach, Emil P, Albrecht. Reeves K.
Johnson and H. De Witt Irwin as a com
mittee to draw up bylaws and make ap
plication for a charter in connection with
the work of the bureau.
The sharp trading in chemicals has not
been maintained and business has re
turned to its former spotty character.
Some large buying in heavy chemicals has
been reported for- futures. Prices have
declined in bleaching powder. Caustic
soda has advanced and ash is normal.
Heavy acids are firm and sulphuric has
advanced for spot orders. Citric and
tartaric acids have been slow, but prices
have been maintained. Most of the
chemicals and other materials used in
the paint and paper trade are firm. There
is a reported shortage in. varnish, gums
and copais.
Balto & Ohio 39,800 47V4 4j
do rfd
Beth Steel 'B' 13.4I0 S0 79
Booth Fish... 4,200 7 7 V4
B R T 13.400 2 4 22
Butte C & Z
Butte & Sup. 2.400 27 27
Burns Bros. . . 400 12S 128
Caddo Oil 14 33
Calif Packing 3.600 77 77 V4
Calif Pet ' 1.900 04 54V4
do pfd - .
Canadian Pac S.400 142 3 41
Cen Leather.. 7,400 39 3SV4
Cerro de Pasco 30 30
Chandler Motr 4.90O 77 7
Chgo & N W 74 73
C'hg Gt vv
do pfd ....
Chili Cop
Chino
C M St P ,.m
do pfd ....
Coco Cola ....
C & O
Colo F & I..
Colo South
Col G & E
Colum Grap. .
Con Gas
Cons Cigars..
do pfd ....
Cont Can .
Cities Bank ..
Corn Prod ....
Coslen Oil ..
C R I & P ..
do "A" pfd
do 'B'" pfd
Crucible 14,400
do pfd ....
Cuba Cane . .
do pfd
Cub Am Sug
Del & Hudson
Dome Mines..
Del & Lack..
Davison Cham
Endi Johnson.
Erie
Erie 1st pfd . .
Elec Stor Bat
Fam Players. .
Fed Min & S. .
do pfd ....
Flsk Tire . . ,
Gaston Wms .
Gen Cigars . .
Gen Elec
Gen Motor ..
Glenalden ...
Gen Asphalt . ,
Goodrich . ..." .....
Goodyear .... .....
Granby
Great Nor Or
do pfd 3,700
Greene Canan
Gulf S Steel.. 27,400
Houston Oil . . 1,100
Hupp Motor .. .....
Ills Cent
Inspiration
Inter Callahan
Int Harv
Int Merc Mar 10.500
do pfd 10.500
Int Nickel .. 4.400
Int Paper 1.500
Invin Oil 7.000
Island Oil 3,000
Jewel Tea
K C Southern
Kelly Spgfld..
Kennecott ....
Keystone Tire.
Lncki' Steel...
Lee Tire
Lehigh Valley. 5.800 65 64
Lorillarrt 12.400 '135 151
1,400
3.000
3,000
3,300
1,800
1,800
3,900
4,000
4,200
1.400
2',4o6
1,200
6,900
12,100
12,400-
2,00
26,200
700
4,000
20
38
;?
41
49
65
33
46
84
3
"2S"
28
64
103
37
45
'si' "
'65
'3 5
35
22
122
25
116
64
84
13
22
167
84
17
72
101
3 3
45
65
40
20 V4
17
27
24
41
49
65
32 V4
46
83
3
'26
26
61
103
36
44
"si ' "
63
"l5
84
121
25
115
63
84
13
22
167
83
10
72
160
12
45
64
39
700
6.000
6.000
7,200
1,400
1.700
4.500
85
79
17
40
e
95.
39
79
17
48 Vi
19 -
'28
47
30
1R
55
40
74
"si""
78
17
'46" '
6
95
18
76
16
47
18
27
4
29
17
53
40T4
60
80
3 '4
6
27
128
13
77
54
94
141
38
35
77
74
7
20
37
27
24
41
. 49
64
33
- 46
84
3
109
27
27
64
21
103
36
45
94
81
64
87"
35
34
21
122
25
115
63
84
13
22
167
84
H
39
16
72
101
13
44
64
39
12
26
42
74
28
83
79
17
108
40
6
94
18
79
36
47
18
19
27
47
30
17
55
32
64
3 52
Pac Gas & El
Punta Allegre 2,500
Pacific Oil 5,800
Pan Amn Pet. 13.600
do . "B" 4,900
Penna
People's Gas
Pere Marq....
Pore Oil
Phillips Pete.
Pierce Arrow..
Pierce Oil....
Fitts Coal
Pitts & W Va.
do pfd
Pressed St Car 1.200
Pullman 2,900
Ray Cons
Reading ..... 14,200
Replogle Steel 8.600
Republic I & S 8,700
do pfd
Rep Motors...
Royal D Oil ..
Ry Steel Sprg
Saxon Motors.
Sears Roebuck
Shattuck. Ariz
Shell T & T..
Sinclair
Stand Oil Ind
Stand Oil N J.
Sloss Shef ...
Sou Pacific ..
Sou Rwy
St Oil Cal . .
St L & S F. .
Strom Carb .
Studebaker' ..
Swift & Co . .
Tenn C & Ch.
Texas Oil ...
Tex Pacific . .
t p c & o . ;
Tob Prod . . .
Transcon Oil.
I'n Oil Del ..
Union Pac ..
United Alloy .
United Drug.
United F Prod
United Fruit .
Union B & P.
U S C I Pipe.
II R Stores . .
IT S In Al ...
U S Rub
do 1st pfd .
U S Smelt ..
U S Steel
do pfd
Utah Copper .
Va Chem . . .
do pfd
Vanadium Stl.
Vlvaudo
Wabash
do pfd A. . .
do pfd A ..
Wells Fargo .
West Pac . . .
do pfd
West Union .
Westing A B
Westing E&M
West' Md
White Mtrs .
Willys Over .
do pfd .....
Wilpon Park
Wiscon Cent
Woolworth
Worth Pump
W L K
White Oil ... 900
20
25
58
57
37
92
15
21
106
77
28
72
88
2
"29
15
"68
39
54
63
56
43
84
30
33 Vi
30
20
9
60
32
77
124
13
80
35
66
7
62
99
4
76
8
45
26
88
'46
0
24
90
31
53
31S
103
31
3-fti
28
64
9 74
in
137
'71
24.400 144
7,900
2.100
2.1J0
1,400
1.500
1.90O
4,100
s'.ioo
29, 600
2,9o6
4.500
4,700
2.900
1,100
5,100
2,100
2.800
9.600
5,500
2,700
5,400
2.400
3.300
2.400
1,500
800
5,100
38
48
48 Vi
64
104
38
99
317
65
35
82
44
"9
31
58
99
44
8
41
161
53
30
15 15
28 28
28 28
117 116
131 131
29 29
13 13
34 35
14
35
39 20
.24 24
57 68
56 56
36 36
90 ' 92
35 14
20 20
105 105
77 77
28 28
70 70
88 88
2 2
7
2R 29
15 15
68 68
38 39
53 53
62 Vi 62
66 65
62 52
83 84
29 29
32 32
36 36
19 20
9 9
60 60 V,
31 32
32
76 77
122 123
15 15
79 79
33 33
65 56
81
7 7
61 62 Vi
99 99
4 4
75 75 ii
8 8
45 45
25 25
88 88
. 173
45 46
89 90
25 24
95 96
30 30
50 53
315 318
102 102
3 1 1 1
44 44
34 34
27 27
63 63
, 9 9
1 8 1 8
337 137
31
70 70
5
144 144
61
36 37
47 47
. 47 47
63 Vi 63
104 304
8R 38
97 98
117 117
65 65
33 Va 33
82 82
44 4i
10
9 9
31 31
2"
78
20 20
56 58
98 98
89
61 63
10
42 42
8 8
41 41
41 Vi
28
161 360
53 53
9
9 9
Wherry Bond Quotations.
T.ihprtv hnnH and victory note Quota
tions, furnished by the Overbeck & Cooke
company, Portland:
Open. Hieh. T-ow CIofo.
Liberty 3"s. 99.22 99.30 99.22 99.24
do 1st 4s 99.18
do 2d 4s ' 99.1-8
do 1st 4 Vis 99.44 99.50 99 40 ...:..
do 2d 4s. 09.26 99.34 99 22 99 30
do 3d 4 Vis. 99.52 99.54 99 50 99.52
do 4th 4s 99.44 99.54 99.44 99.50
Victory 4s. 100.90 100.90 30O.S6 100.90
do 3s. . ..100.02. 100.02 100.02 100.02
The Northern Ohio
Traction & Light Co.
General and Refunding
Mortgage 6 Bonds
- DUE 1947
This company operates a successful
and growing electric light and
power business and a comprehensive
system of city and Interurban rail
ways in the Important Cleveland
Akron Canton Industrial section of
Ohio.
Price Yielding About
6.30
Circular on Request
The National City
Company
Offices in more than 50 cities.
Y fot Bids. Portland.
Telephone Main 6072.
Swift & Co. Stocks.
Closing prices of Swift & Co. sK)cks at
Chicago were reported by the Oyerbeck &
Cooke company of Portland as follows:
Swift Co 10
I.ibhy, McNeill & Libby 2
Na tionHl Leatner 2 ',4
do new 10
Swift International 18
Mi nine Stocks at Boston.
Closlntr mining: Ft op ks at Boston, fur
nished by the Overbeck & Cooke company
ox Portland:
Bid.
Arizona Comm .., 9 i
A hmeek 6'J
Allouez '2 ft
Arcadian '2
Bingham Mns 13 Vi
Balakalla
Califmet & Arizona 50
Calumet & Hecla 27(i
New Cornelia 17
Copper Range 43
Davis Ta!y 7'H
Paly West 1
East Butte 10
Franklin Mining: 1
Hancock . . . i 2
Helvetia 1
Indiana 40
Island Creek 103
Keewanaw 1
Kerr Lake 3
Lake Cop 2
La Salle m
Michigan 1
Mohawk
May Old Colony -
Mason Valley .
Nipissing
North Lake
Oseola Mining
Obijawa
Quincy Mining .........
Isle Royal
Su Boston
United Shoe Machinery .
do pfd
Superior Copper
Trinity Copper
Tuolumne
Utah Metals
United States Mining ...
do pfd
Utah Apex 3
Ventura . . 25
Victoria 40
Wyandott 40
NEW ISSUE
$3,500,000
57
4Ms
1
A
20
3
14
4 Hi
24
93
44 '4
4fi'i
2
o
60
1
37
45 V,
Ask.
.-;
03
20 'i
2?i
14
6
0
277
18
44
7-'i
2 '4
10 '4
1
3
o
r.o
103'. 4
1 'i
SVs
3
5S'i
4
2
8 '-4
24
3
2
45
24
100
44?4
47
3
2U
6S
1
SO
40
34
28
6o
Foreign TSonds.
Furnished by Overbeck & Cooke com
pany of' Portland:
Belgian rest 5s
do prem os
do 7 J.s s. .
do Rs
do 6s
1045
1041
1925
108 .
102
Ask.
75
84
- 307
108
103
San Joaquin Light & Power Corporation
Unifying and Refunding Mortgage 6 Gold Bonds Series "B"
Dated March' 1, 1922 Due March 1, 1052
Principal and interest are payable at Equitable Trust Company of New York, Trustee, and the
semi-annual interest is payable March 1 and September 1 at the office of the Trustee and Union
Trust Company of San Francisco and the Union Bank & Trust Co. of Los Angeles.
Denominations $500 and $1000. These bonds not subject to redemption prior to maturity.
Equitable Trust Company of New York, Trustee
TAX EXEMPT IN CALIFORNIA
Application will be made for the certification of these lond3 as
legal investment for savings banks in the State of California
These bonds will be a direct lien upon all the property of the Corporation now
owned or hereafter acquired.
The value of the equity securing these bonds, as measured by market quotations
on the junior securities of the Company, exceeds $12,500,000.
The average annual net earnings available for interest and depreciation during
the past ten years, as shown in detail in the President's letter within, have been
more than twice total operating interest charges.
Further issuance of bonds under the Unifying and Refunding Mortgage is lim
ited to a par amount not exceeding 75 of the cost of plant extensions when net
earnings for twelve months out of the preceding fifteen months shall have been not
less than 1 VA times the total interest on all bonds of the Corporation outstanding
and those for which certification has been requested.
Under the terms of this mortgage no more. First and Refunding Mortgage Bonds
may be sold to the public; and when and as First and Refunding Mortgage Ronds are
available they must be deposited with the Trustee of this mortgage. At the pres
ent time there are $6,422,000 of an authorized amount of $25,000,000 First and Re
funding Mortgage Bonds deposited under the Unifying and Refunding Mortgage.
Eventually, there may be a majority of the First and Refunding Bonds deposited
under the Unifying and Refunding Mortgage.
These bonds are issued to provide for necessary extensions to the generating
and distributing plant of the Company t enable the Company to serve business
. now in prospect.
Legality to be approved by Messrs. O'Melveny, Milliken & Tullcr, Attorneys, Los Angeles.
Price 99.50, yielding over 6
Cyrus Peirce & Co. Blyth, Witter & Co.
Banks, Huntley & Company
All statements herein are official, or are based on information which we repard a3 reliable, and -while we do not
guarantee them, they are the data upon which we have acted in the purchase of this security.
APRIL 8, 1922
J
Brazil 8s . .
Chile fls ...
do 7s
British 5s .
do 5s
do 5s ... .
do vky 4s.
do ref 4s
Bordeaux 0s
Canadian 5s
do os
do 54s
do 5MB
Chinese 5s
Chilean 8s
Russ Currency
Denmark 8s ...
Dan. Muni 8s..
French 4s
do 5s
do 5s
do 7s
rin 8s
German W L Bs
Rerlin 4s
Hamburg 4s ...
do 4V4s
Leipsig 41ss ...
do os .......
Munich 4s ....
do os
1941
1932
1923
1922
1927
1029
1934
1937
1928
1929
1927
1951
1041
1945
1045
1917
1920
1931
1941
1945
107
86
101
89 '.4
90W.
90
77
73
87
99
1004
98
97
54
104
6
112
112
57
81
70
1024
100
2
2V2
3
3
3
3 '.4
3 4
3
10714
. 86
102
91
92
92
70
75
88
98
100
0?4
08 V4
54
104
7
113
112
S8
82
71
102
106
2T4
3
3
3
44
4
4
4
Cash to Pay Income Taxes
DUE
June 15,1922
September 15, 1922
December 15, 1922
March 15,1923
may be set aside now and invested in
U. S. Certificates
of Indebtedness
maturing on these dates, acceptable at par value, by the
Treasury Department in lieu of cash. Money
so invested will not be idle
We BUY and SELL
in any amounts at the current market 1
Ask for our booklet rx-12 giving full explanation and quotation
HALSEY. STUART & CO.
INCORPORATED
209 South La Salle Street, Chicago
f-HTrAfiO NEW YORK PHILADELPHIA BOSTON
DETROIT
MILWAUKEE
MINNEAPOLIS
ST. LOUIS
Frankfort 4s
Italian 5a
Jap 4s
do 1st 4s
do 2d 4Vis
Norway 8s . . .
Russian 5s
do 5V4s ...
do 0s ...
Swiss 5s
Swiss 8s
San Paulo 8s
U K 5s ...
do Ss . . .
do 5s ...
Swedish 6s . .
191S
1031
1925
1925
1040
1021
1926
1919
1929
1940
'1922
1929
1937
1939
41
73
894
89 Vi
111
24
4
24
I'll
116
105
106 H
1004
10IH4
100
4
42
7!N
89
89
112
2
r
27
ii
117
Hl4
106
107
10
lot
Naval Stores.
SAVANNAH. April 10. Turpentine,
firm, 79 Vic; sales, 97; receipts, 31; ship
ments, 18; stock, 807.
Rosin Firm: sales, 790; receipts. 144;
shipments. 751; stock, 58.874. Quote B,
I, E, J4.05; F, $4.10; U. H, J, 4.1S; K,
$4.20; M, $4.20; N, $4.90; WO, $3.60;
WW. $5.75.
Dried Frnlt at New York.
NEW YORK, April 10. Evaporated ap
ple steady. State. 1020c.
Prunes easy. California, 6"Spl8c; Ore
gon, 6 1 4 ',4 c.
Apricots nominal.
Peaches firmer. Choice, 131i14c; ex
tra choice, 1617c; fancy, 19&20e.
Raisins easy. Loose Muscatels, 14 '4 (3
16c; choice to fancy seeded, 14344
llc; seedless, 16&20c.
Metal Market.
NKW YORK, Anr'l 10. Copper firm.
Non-callable
Los Angeles Gas and
Electric Corporation
6 CUMULATIVE PREFERRED
CAPITAL STOCK
Supplying gas since 18G7 anA electricity since
1882. Paid dividends on common stock for 27
years without a single omission.
PROI'ERTV A.D HISI.KSS FIEI.I.
The Corporation carries on a large and profit
able gas and electric business in Los Angeles, and
controls all of the gas business of Pasadena. Kouth
Pasadena, Monterey Park. Alhambra, San Gabriel.
San Marino, Watts, Huntinpton Park, Hyde Park
ajid Ingrlewood, together with a portion of the gas
business of Vernon, Eagle Rock and other suburban
districts, serving a total population estimated at
ajbout 941,000.
KQVITY.
Plant and equipment valued at ;14.KH,000
Total bonds outstanding 13.lMHf.500
Klectrolytic, spot and nearby, 12e; later,
12 4 13c.
Tin firm, to pot and nearby, $0 17c; fu
tures, Sic.
Iron steady. No. 1 northern, t.OtfSI;
No. 2 northern, $19620; Na. 2 southera,
$15,500 18.40.
Lead firm. Spot, SffS.IOc.
Zinc firm. Spot. 4 93 if 5 100.
Antimony, spot. 4.63c.
At London standard copper, spot lit
17s Od, futures i)U) 12s 8rt ; electrolytic,
dpot 64 10s. futures 169 10; tin pot
1152 7s (Id, futures 1123 17a 1; lead, sitvt
127 7 '! futures f.'l 17. SH
Problem
Practically
Solved
If It Is Important that IHp lire
be resilient In order to nffi-et the
destructive effects of Imi'ttrt on
pavement. It naturally foliomn
that thn good effei-ta would be
doubled by likewise reir n Int I ii
the Character of the pavement.
With resilient tires and reallfent
pavement like Warren Ite - Hit u
lithic assured, the problem would
practically be solved.
Value Back ot Preferred Stock $18,003,304)
Equal to $734.89 per share, or over eight times
the present cost of $87.50 on total amount Issued
and subscribed as of January 1st. 1922.
PRICE
Offered, subject to prior sale arid change in price, at
$87.50 Per Share, to Yield 6.86
Bond & Goodwin sTucker
UNITED STATES NATIONAL BANK BUIIDINC
PORTLAND
IOI ASCELE S
am rKAnctsco
S EATTLt
Some
Bond Buyers
Want Bonds,
Not Advice.
We Sell Bonds
and
Service
UNION SAFE DEPOSIT & TRUST
CO.
24 Oak HI.
8AKK DKPOKIT IIOXKtf.
HOTEL HOYT
Nwly furnlfhd unr! rfmnd11.
Strictly Fireproof. Nr both depot
tod convnlfnt cur rvlc to
It purl of city,
E. K. LAKIMUBK, Maniffr.
HERRIN & RHODES, Inc.
Eitabllsbed 18.
STOCKS, BONDS.
COTTON, GRAIN
Correspondent. K. F. HfTTON' A rn, N. T.
Member. .!i !ntn el'nce..
lialMMm' frlo an Kll.
Bdwr. iUi. Ml Kallwar tiiuiuii. il.l.
s