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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (April 19, 1922)
Ji THE MORNING OKEGOXIAN, WEDNESDAY, APHTL 19. 1023 ID FRICTION 1ST GENOA SELLING IS HEAVY HITS STOCK MARKET TAKING OF PROFITS REDUCES RECENT GAINS. rO Tendency Toward Caution Is Noted on Street. TRADERS STILL HOPEFUL Belief Is That Rehabilitation of Europe, Though Perhaps Slow, Will Be AchieTed. tCopyrljrht by th Public Idpr Company, Published by Arrangement.) BT MONITOR. NEW YORK. April It. (Special.) For- iffn complications, to put It mildly, cast their shadow over today s stocK marwi, - and while-the outlook for the Genoa con- ferenca was not regarded with extreme pessimism, the apparently imminent rup ture caused by the Ruso-German pact pro duced a decided tendency toward caution. Wall street does not take a statesman's lew of the Incident, for it is inclined to Iook at the question more xrom us xman cial and economic trian Its political as pects. It does not believe that there is the slightest danger of war, as some of the amateur diplomats hastily suggested. It feels that there is a possibility that the meeting may break up with nothing ac complished, but it 1b confident that re newed efforts will be made to bring about the rehabilitation of Europe and that prog ress, no matter how ragged and inter rupted, wilt be made ultimately. Today's market pursued the line of least resistance. 1 he Improving position of the railroads, both from the standpoint of earnings and credit, the latter being evi denced by the success of recent security offerings, has led the average operator to believe that many stocks in the railroad list re selling too low. and that they are bound to go higher even if Genoa becomes an ill-starred memory. Consequently, while sharp reactions took place among the motors, oils, equipments and a wide range of specialties, there was a stiff undertone in the rails, at least until the unsettled action of the industrials to ward the close spread throughout the gen eral market. St. Paul common and pre ferred, Southery Railway, St. Louis & Southwestern, Rock Island and Missouri Pacific issues figured prominently in the day's turnover. Some sharp setbacks took place among the industrial favorites, the chief losses being registered by the motors, equip ments and oils. Studebaker, Chandler, Baldwin, American Woolen, Pacific Oil, Electric Storage Battery, Stromberg Car buretor and numerous others showed losses of 1 to I! or more points. Trading was on a large scale, with the aggregate well in excess of 1.500.000 shares. Call money renewed at 3 'a P" cent for the first time in nearly a month and remained at that figure thnoughout the day. The announcement that the senate re publican caucus had voted in favor of passage of the soldiers' bouns bill quite naturally did not contribute to the general cheer. Despite the long-awaited reaction which came in the industrials today, following the report from Washington that a republican caucus in the senate had decided to put through a bonus bill at this -session, the rails broke away from the rest of the market and held their strength consistent ly. St. Paul common and preferred con tinued as leaders in this group and worked to new highs for the movement. Coco Cola, according to Atlanta reports, . is showing a great improvement in busi ness and with a lower cost basis It is expected that the first quarter net will show a substantial increase over the same period a year ago. However, it is likely that the directors will maintain a con servative position at the coming meeting ana no increase in tne dividend is antici pated. Stewart Warner made good on advance Indications. First quarter earnings of $516,000, against $51,000 for the same pe riod a year ago, reflected the full measure tf improvement in the motor- and motor accessory industry. The directors will meet Thursday for dividend action. United States Rubber, according to Chairman Seger of the board, has been shewing a steady increase in business since the close of last year. American Smelting- & Refining is now operating four of its five Mexican smelters, . the Monterey plant being closed because of lack of ore, according to William Loeb Jr., vice-president of the corporation. Mr. I.oeb Is at present In Mexico investigating the company's properties and to discuss various operating features with the Mex ican government. Colorado Southern, which Is selling in new high ground around 49H, is attracting considerable attention here. This stock hae done little since 1911, when it touched 6 and 1912. when it reached 45. At pres ent its position is unusually strong and with earnings running at the rate of $7 a share, traders who are following the stock are extremely optimistic over pros pects that the $3 dividend which was paid last year might be declared as a semi annual dividend this year.i Inasmuch as the Chicago, Burlington & Qunicy con trols the Colorado Southern and the Burl ington in turn Is controlled by the Hill roads and the latter are apparently in need of money at this time, there is every pros pec that the Chicago, Burlington A Quincy will collect dividends from its sub sidiary roads to pass on to Northern Pa cific and Great Northern. The gross earnings of the Colorado Pom horn and its subsidiaries, the For: Worth & Denver City railway and the Wichita Valley, for February, 1922, were off a bit from the Fame month a year ago, but the net for the same period shows a moderate Increase and very substantial increase over January of this year. It is believed that the interests which are back ing Colorado Southern in the market at present are closely allied with market groups which have shown a large degree of success in the past in similar move ments. With the St. Louts Southwestern be ginning to pick its wit among the rail locks, the street ia full of tips and sug gee lions a nd has been for the past few days. This road also shows a slight de crease in gross from last year but a good gain In net. The oil companies operating in the mid- i continent district are benefiting by cur- I rent reports to the effect that crude oil prices may be advanced further in this field. It is regarded as rather significant that with Cosden selling 1.200.000 barrels of fuel oil to the Santa Fe. this being the total available supply of this company for the balance of the year, a price of $1.20 a barrel is named. The contract, however, also provides for a sliding scale to cover any advance in mid-continent crude. Foreign Bonds. Furnished by Overbeds: & Cooke com- pu oi i'on;ana; Maturity. Bid. Ask. 764 84 loss 104 SS 93 94 95 81 78 90 99 99 1 101 9914 99 58!4 105 12 112H 60 86 73 104 107 14 -IS Belgian rest 5s... d,o prem 5s do 7 u s oo tts Chile lis Chile 7s British 5s oo 5s . do 5s do vky 4s 1o ref 4s . Bordeaux (is ..... Canadian 5s 5 so . . 1 945 . .1925 . . 1 9;; 2 , . 1 !-'3 ..19J2 . .1927 . .1929 103 u 87 101 , 89 91 92 78 75 89 4 9S 99 9"t S 55 111414 10 112 59 S 84 S, 71 lost, 107 ..lf.14 . .1! do 5s 19l!6 do 58 . ...,1!'24 do 5s . . .19;il d 3Si 1921 Chinese 5s 1951 Chilean 8s C1941 Ru&s currency ......... ... Denmark es 1945 French 4s .....191T do 5s 1921 do 5s mat do 7,s 3941 do Ss I9j5 fierman W L, 5s ..... ... Berlin 4s ... Hamburg 4s ... do A 1 s HEAVY HENS, 27c Checks by Return Mail. mediately. Ship Im- THE SAVINAR CO., INC. 100 Front St. Portland, Or. Leipsig 4',-is 3 J do .-8 S4 Munich 4s 4 5 do 5s 3 4 Frankfort 4s 4 5 Italian 5s 1918 42 "hi 43i Jap 4k 19:tt TS 7' do 1st 4s 91 do 2d 4fes 1525 ttl 904 Norway 8s 1940 112 11 2 Vi Russian 5 Via 1921 1 - do .V.&S: 1923 5 6 do 6Hs 1919 27 -10 Swiss 5S ....192 1014 101 Swiss Ss 3940 11 117 San Paulo Ss 1 i mft U K 5s 122 107 1074 do 5 4s 1P2U 107 I0"1 do 137 102 102 Swvdlsh 6s 1:i9 100 101 Money, Silver, Ete. NEW TORK, April 18. Money, easy; high, 34 per cent; low Pr cent; rul ing rate. 3 per cent? closing bid, 3 per cent, offered at per cent; last loan. 3 1-3 per cent; ca-H loans, against acept anres. 3H per cent. Time loans, steady; 60 days, 90 days and six months, 4 per cent. Prime mercantile paper, P cent.- Foreign bar silver, 66c. Mexican dollars, 50 Sc. LONDON, April IS. Bar silver, 33 d per ounce. Money, 2 per cent. Discount rates, short and three-month bills, 2fc!&2 per cent. Foreign Exchange. NEW TORK, April 18. Foreign exchange, easy; Great Britain, demand $4.42 14 . ca bles $4.41, 60-day bills on banks $4.38; France, demand 9.29c; cables 9.30c ; Italy, demand 5.45c, cables 5.45 He; Belgium, de mand 8.595c, cables 8.0c; Germany, de mand .34c, cables ,34c; Holland, de mand 37.851c, cables S7.88c; Norway, de mand 18.80c; Sweden, demand 25.95c; Den mark, demand 21.25c; Switzerland, demand 19.46c; Spain, demand. 15.55c; Greece, demand 4.55c; Poland, demand .02 c; Czecho-Slovakia, demand 2.03c; Argentina, demand, 36c; Brazil, demand 13.70c; Mon treal, 97. High Record for Coffee Futures. NEW TORK, April 18. An opening ad vance of 5 to 11 points in the market for coffee futures established new high rec ords for the season, but caused consider able realizing, while there also was some selling here for European account. The close waa at a net decline of 3 to 12 points. Sales estimated at 65.0O0 bags. May, 10.40c; July, 10.5-Oc; September, 9.84c; October, 9.80c; December, January and March, 9.72c. Spot coffe, firm; Rio 7s, llllc; San tos 4a, 1515e. Marnhfield Banker Honored. MARiSHFIELD, Or., April 18. (Special.) The Coos County Bankers' association will be headed during the siext year by Ralph Williams of Marshfield, president of the Coos Bay National bank. Mr. Wil liams was elected recently at the annual meeting of the aseociation held at Coquille. John H. Greve, cashier of the First Na tional Bank of North Bend, is vice-president, and John Ferguson of the Marsh- field First National bank, secretary -treas urer. SAS FBANCISCO PBODtCt MARKET Prices Current on Vegetables. Fresh Fruits, Ktc, at Bay City. SAN FRANCISCO, April 18. (State Di vision of Markets.) Poultry Broilers, 32 48c; young- roosters. 2547c; old. 15 20c; hens, 2236o; ducks. 262c; livs turkeys S235c; dressed, 36 44c. Fruit Apples. 34 to 4-tier. S1.503.50; oranses. $5.257.25: lemons. $45.75; grapefruit, $3.504.50: strawberries, crate, $363.50; loquats, 15 20c Vegetables Artichokes, large crate, $9 12; asparagus, per pound, 812c; beans, per pound, 2oc; carrots, per sack, $11.50; celery, crate, $24; cucumbers, dozen, $1.75 2.50; lettuce. crate, 76c$2.75; mushrooms, pourtd, 20c 1; olives, pound, 810c; peas, pound, 8$12Mc: potatoes, $1,9062.70; new potatoes, pound, 12c; rhubarb, pound. 35c; summer squash, crate. $33.50; N Hubbard, pound. 68c; spinach, pound. S4c; turnips, sack, $1.25 1.50. Receipts Flour. 13,747 quarter sacks. barley. 2830 centals; corn. 1600 centals; potatoes. 6o06 sacks; onions, Ul sacKs; hay, 30 tons; hides. 134; oranges and lem ons, 3200 boxes; livestock, 50 head. . QUOTATIONS ON DAIRY PRODUCE Current Prices Ruling on Butter, Cheese and Ergs. SAN FRANCISCO. April 18. U. S. Bu reau of Markets.) Butter Extras, 36Vic; prime firsts, 35 Eggs Extras, 25c; extra firsts, 27c; extra pullets, 25c; extra pullets firsts, 24c; .undersized pullets No. 1, J21c. Cheese California flats, fancy, 24c; -do, firsts, 23c;" Young Americas, fancy, 23c. NEW TORK, April 18. Butter, strong; creamerv, higher than extras, 39fc40c; do, extras. S9c; do, firsts. 36V438V4C. Eggs, firm. Cheese, easy. CHICAGO, April 18. Butter, unchanged. Eggs, higher: receipts. 47,021 cases; firsts, 234 1024c; ordinary firsts, 22tt 23c; miscellaneous, 28)23iic; storage packed extras, 27c; do firsts, 2626He. SEATTLE, Wash., April 18. Eggs and butter, unchanged. Naval Stores. SAVANNAH, 6a.. April 18. Turpentine, firm, 77c; sales, 183: receipts, 261; ship ments, 128; stock, 1503. Rosin, firm: sales, 363; receipts, 860; shipments, 649; stock, 56,172. Quote: B, D, E. F. G, H, I. $4.10; K, $4.13; M, $4.40; N, $5; WQ, $5.50; WW. $5.80. Oregon Banking and Bond News. That there is continued improvement in the bond market was convincingly shown yesterday when the city of Port land opened bids on $500,000 worth of 4 per cent 25-year bonds of the water de partment. Nineteen bids were submitted and the price of 96.317 offered by the Anglo A. London-Paris National bank of San Francisco in conjunction with the Security Savings & Trust -company of Portland was considered eminently satis factory. This bid, as the highest, prob ably will be accepted at an early meet ing of the city council, the bidders tak ing the entire issue. Second highest bid was made by Eldredge & Co.. and the Northwestern National bank of Portland at 95.42. There was pointed evidence , yesterday that Portland now absorbs an attractive issue of bonds with encouraging alacrity in the fact that this city's quota of Wash ington Pulp & Paper corporation 6H per ceut sinking fund gold bonds were sold by Blyth. Witter A Co.. by 9:30 A. M. BIyth, Witter 6c Co. handled the entire issue of $850,000 of these bonds. Most of them were sold through the four Pacific coast offices of the bond house, the pulp and paper company being a coast enter prise, backed by the Zellerbach Paper company of San Francisco and Portland. Portland investors, it was said, took ap proximately one-fourth of the bonds, do ing as well as the bond company's San Francisco, Los Angeles and Seattle offices. The bonds were sold at 9744 to yield 6 per cent. They are dated 1941 .tnd are nonmailable prior to December 1, 1931. ... Business conditions in San Francisco are improving satisfactorily, with pros pect that normalcy will soon be reached, according to A. W. Hendricks, vice-president and executive head of the joint stock land bank in operation in the Bay city. In talks with Portland bankers he told of the benefits accruing from operation of the government-supervised banking establishment which he directs. Incidentally. Mr. Hendricks was, before he took up his banking career, president of the University of Nevada, and as edu-i cator of wide prominence. Lyman G. Rice, assistant cashier of the First National bank of Pendleton and a member of the state bonus commission, visited for a few hours yesterday with Portland bankers. Later he left for Salem to attend to duties connected with rhe bonus commission. It was reported that Mr. Rice, who served as a captain in the 91st division, did not get out of the city until after the baseball game. a Associates of Walter M. Cook, cashier of the Ladd & Tilton bank, in some way learned of the fact that yesterday was his birthday and put over a pleasant surprise upon him. Five minutes before closing time a gold watch chain and pair of cuff links were presented to him. J. M. Anderson, vice-president of the Astoria National bank, transacted business in Portland yesterday. . Lesli Butler, chairman of tho board of directors of Butier Banking company of Hood River, was a visitor in Portland banking circles yesterday. His trip to the city was said to have been due partly to the fact that it waa the opening day of the baseball season. Or p ho qui matinee today, ls-25-eO-Ad. liberties and Internationals Are Affected Domestic Rails at New High Levels. NEW TORK, April 18. The bond mar ket kept pace with the reactionery stock list today, heavy selling for profits going far to efface recent gains. Practically every issue of the liberty series was moderately affected by this movement, although declines in all in stances were relatively trifling. Internationals were sold on develop ments at the Genoa conference, many of the British, French, Swiss and Japanese losing from fractions to 114 poins. In cidentally, the new Paulista (Brazil) $4,000,000 offering was soon over-subscribed. Many domestic rails were lifted to new high levels on the strength of stocks of that description, western and southwest ern issues being most in demand. Sales, par value, aggregated $23,748,000. For the first time in several weeks, the stock market today was dominated by re actionary influences. Leaders of almost every group, except rails, sustained ex treme declines of 1 to 7 points. Dealings again, were active and unusu ally diversified, approximating 1.700,000 shares . That total, however, fell far below the record for almost two years made on the previous day. Lacking mere convincing or obvious rea sons, observers ascribed the day's almost continuous reversal to technical conditions as represented by an over-extended posi tion of the very large bull account. In other quarters, there was a disposi tion to associate the setback with the growth of the coal strike, bonus legis lation and latest European developments, notably the Russo-German treaty. Foun dation for the latter belief rested on the unsettled tone of the foreign exchange market at this center. Oils led today's retreat just as they had featured the recent advance. Steels, equipments, motors and affiliated issues fell back, net losses being most severe in Mexican Petroleum, Sinclair, Baldwin, Electric Storage Battery and United States Rubber. Pacifies, erangers and issues of the roads traversing the cotton belt were 1 to 2 points higher at their best, but lost much or all of this advantage in the li quidation of the closing hours. The money market was all the comfort to the bullish interests, all loans holding throughout at 314 per cent. This is the lowest stationary quotation since the stock market began its protracted advance. Sterling fell almost 1 cent In the course of the dav one very heavy dealings. The Paris rate lost 5 points in connec tion with the French protest against the Russo-German pact and practically the entire continental list eased 3 to 7 points. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke com pany of Portland Sales. High. 1814 394 67 94 IS 14 1 674 49 94 41 H 46 4814 i634 118 2614 "614" 16 70 14 10614 46 33)4 55 115 11514 7 '4 17'4 5914 Low. B:d. 17 17 39 39 67 14 67 17 17 1 1 66 68 48 48 94 94 4014 40 44 ',4 44 46 46 104 160 160 118 117 25 25 63 6 6 15 15 68 68 105 305 45 45 32 S2 55 55 113 113 115 115 7 7 1674 1674 57 67 97 133 132 37 37 72 72 99 99 35 35 120 120 139 139 135 135 90 90 104 33 16 16 52 52 113 113 100 100 91 90 99 100 32 32 115 115 109 47 47 6014 60 46 46 77 77 6 6 "6 6 27 27 45 -.6 13 13' 77 77 54 54 96 5 142 142 37 37 36 36 Vi 74 74 74 74 8 8 22 22 18 18 28 28 27 28 44 45 52 52 64 64 30 30 48 48 82 82 3 3 111 112 26 .64 64 24 24 102 102 115 114 40 40 45 46 95 95 82 , 82 62 62 87 86 16 16 34 34 22 22 120 120 25 25 115 115 59 60 83 84 13 13 22 21 166 186 80 80 11 40 40 17 17 ' 72 72! 161 161 12 12 45 45 61 62 ! 40 40 13 26 26 40 40 74 74 28 28 78 80 78 77 16 106 107 40 40 10 10 39 39 3 3 8 8 6 6 95 95 19 19 81 81 17 17 45 46 80 18'4 18 20 10 27- 27 68 . 67 47 47 31 31 18 18 63 53 82 32 62 62 150 150 17 17 118 117 85 27 27 28 28 116 116 129 129 29 29 14 14 84 34 13 13 35 35 71 70 19- 19 23 23 57 57 57 56 137 135 36 36 91 91 J7 17 21 21 104 104 77 77 31 31 14 IS Adv Rum 400 Agr Chem 1.400 do pfd .... 600 Ajax Rubber.. 5,000 Alaska Gold.. 500 Alaska Jun... 1.500 Allied Chem. . 2,500 Allis-Chalm . . 2,000 do pfd .... 300 Am Beet Sug.. 400 Am Bosch . . . 400 Am Can Co. . 2,900 do pfd Am Car & Fdy 1,900 do pfd .... 100 Am Cot Oil.. 900 do pfd Am Drug Syn 1.400 Am H & L... 2,600 do pfd 1.800 Am Ice 1.000 An-. Intl Corp. 5.300 Am Linseed.. do pfd .... Am Loco . do pfd Am Saf Razor Am Sh & Com Am Smelter.. do pfd .... Am Snuff . . . Am Steel Fdy Am Sugar. . . . do pfd Am . Sumatra. Air T & T Am Tobacco.. do "B" Am Wool .... do pfd .... Am W P pfd. . Am Zinc .... Anaconda Assd Oil Atchison do pfd At! Coast Line 700 200 6.600 200 4.300 1,400 4.100 500 1,800 4,000 300 2.800 2.100 1,500 1.S00 9.230 38 73 99 74 3614- 121 141 137 'i 9314 1.600 12.900 soo 10,700 600 1.600 2.300 17 5414 115 1011 91 14 100 34 33 117 54 '4914 61 48 78 v4 6M: 22 27 48 '4 14 . 78 56 96 143 39 K. 3674 7614 76H 8 74 1914 29 29 47 53 74 65 74 82 4014 83 3 113 '6514 24 10414 115 41 '4 47 95 74 83 64 74 8114 35 22 12114 25 110 61 14 85 13 22 74 174 8114 "46" 18 73 181 12 45 64 41 4 Ati G & W I Baldwin Loco. 29.300 do pfd Btlto & Ohio. 27,600 do pfd 900 Barnsdell Cor. 2.500 Beth Stl "B". 14.600 Booth Fish 600 B R T 4.300 Butte C & Z. . 900 Butte & Sup. 1,000 Burns Bros. .. 800 Caddo Oil 500 Cal Packing.. 1.600 Csl Pet 500 do pfd 2O0 Canadian Pac. 6,100 Cen Leather... 5.400 Ccrro de Pasco 2.900 Chand Motor. 6.100 Chi & N W. . . 7.300 Chgo Gt W .. 1.200 do pM 2.400 Chili Cop 19.800 Chino 2.100 C M St F 26.200 do pfd .... 21.600 Coco Cola 1.600 C & O 1.900 Colo F I .. 1.000 Colo South .. 1.500 Col Oas & E . . 4,300 Col Graph a. mm Con Gus .... lo.uuo Cons Ci:r .... ..... Contl Can .... 600 Cities S B Corn Prod 10.000 do pfd 2O0 Cosden Oil .. 28.600 C R I &- P 63.700 do "A" pfd 700 do "B" pfd 600 Crucible ..... 3.800 do pfd 300 Cuba Cane . . 3.000 do pfd 4.5O0 Cuban Am Sug 3.200 Del V Hud .. 400 Dome Mines . . SOO Del ft Lack. . . 1.100 Dav Chem . . 7.500 Endicott John 2.500 Erie 6.400 do pfd 8.400 Elec Stor Bat 4.400 Famous Player 4,300 Fed M ft S do pfd .... 100 Fisk Tire 6.000 Gaston Wms.. 400 Cen Cigars... 500 Gen Elc 900 Gen Motor .. 24,800 Glen Allien Gen Asphalt.. 10.400 Goodrich 3.000 Goodyear Grsnby ...... 300 Gt Nor Ore . . 3.400 do pfd 4,300 Green Cananea 100 Cult S Steel.. 8.500 Houston Oil .. 2.600 Hupp Motor .. 1.900 Ills Cent 900 Inspiration . . . 6,000 I A Corp Com 800 do pfd 500 Interboro l.fioo do pfd 1.400 Inter Callahan 7.800 Int Harvester 3O0 Int M Marine 3.500 do pfd .... 10.400 Tnt Nickel 5.300 Int Paper 2,900 do pfd Inv Oil 8.400 Island Oil .. 3.5O0 Jewel Tea . 800 K C South .. 5.800 do pfd .... 1,100 Kelly-Sppfd .. 4.500 Kennecott ... 17.200 Keystone Tire 6.100 Lack Steel .. 2.700 Lee Tire 1.3O0 I-ehish Valley 4,100 Lorillard 300 Lowe Theaters 18.8O0 I. ft N 600 Mackay Marland Oil . . 2.400 42 76 2814 8214 80 17 109 74 41 1014 39 34 8 6 74 9514 20 84 17 47 19 ti 2n 28 68 49 32 19 54 34 63 150 18 119 28 29 117 133 29 15 35 14 36 72 20 25 59 Martin ft Pary 4t May Stores .. 800 Mex Pet 33.10O Miami 1.700 Mid States Oil 25.900 Midvalo Steel 6.0O0 M K ft T Wi . . 5.3O0 do pfd Wi. . 1.400 Mont Power. . l.ono Mont Ward .. 0.100 Mo Pac 161. 0O0 do pfd .... 6.000 Nor Amn 2,400 ' 57 Nat Biscuit .. ..... Nat Enamel .. 7O0 Nat Lead .... 2.600 Nevada Con . . 4.500 New Haven .. 14.300 Norfolk ft W.. 2.900 Nor Psc 2.000 N S Steel .... 200 N X Air iirais 600 139 36 93 ir 22' 105 78 31 II SEATTLE SAN TRANCISC0 N T Central 14.400 92 90 90 : 1.000 2 2 2 7 3.800 28 27 27 8.000 15 14 14- 6.800 10 9 10 I 1.000 70 69 69 1.600 39 38 38 3.900 58 57 67 : 10,700 65 63 63 3.000 58 56 56 7.300 42 41 41 400 84 84 83 , 21.000 30 29 29 9.300 35 33 33 2,800 38 37 37 4.200 22 21 21 3,500 9 9 9 400 69 - 59 59 . 1.400 33 32 32 , 83 . 2,5o6 '80 '77 77 2.200 124 123 123 4.500 17 16 18 8,500 . 78 76 76 700 34 33 32 I 2.100 32 32 32 I 3.300 56 54 64 4O0 81 81 81 600 7 7 6 I 16.900 64 62 62 200 101 100 100 500 4 3 74 3 74 : 3.100 75 78 73 i 100 9 9 9 - 2.000 47 46 46 102.500 - 32 80 30 1.000 95 -98 93 1,800 179 176 178 42 17.800 91 90 90 31.100 25 24 2414 5,400 107 103 103 6,600 30 29 29 5.000 56 52 53 60,400 119v"116 118 102 101 301 3,100 . 12 11 12 244 47 45 46 8.900 35 33 33 1 9.200 29 27 27 3.400 70 68 68 Vi 21,600 12 11 11 6.400 20 19 19 10.100 140 138 138 700 33 33 33 2,100 69 69 68 : 2,600 4 4 4 300 341 141 140 100 64 64 64 900 35 34 34 5.900 48 47 48 8.700 48 . 46 48 15.200 66 63 63 74 100 102 102 102 600 38 38 38 30,100 98 97 97 1.600 118 117 117 3,700 67 65 60 500 34 33 34 100 77 77 77 7.100 42 41 4114 3.100 12 12 11 3.800 10 9 9 14,900 34 32 32 . 500 21 21 21 100 77 77 78 2.600 22 22 22 500 62 61 61 200 97 97 96 5,200 "62 '61 61 3.800 11 10 10 2.000 46 Vi 45 45 2,500 8 8 8 400 39 38 38 1,400 44 43 42 600 30 29 29 400 162 1 60 160 300 52 51 51 2.900 10 9 9 3.900 10 10 10 Okla Prod ret Ontario Silver Ontario & W . . Otis Steel Pacific Dev . . Pac Gas ft E Punta All ... Pacific Oil . Pan Amn Pe do pfd "B" Penna Peo Gas . . . Pere Marq . Pure Oil .... Phillips Pet , Pierce-Arrow Pierce Oi Pitts Coal . . . Pitts & W Va do pfd Pres Steel Car Pullman .... Ray Cons .... Reading Remington RenloKle Steel Republic I ft S do ptn .... Rep Motors . . Roy Dutch Oil P.y Steel Spg. . Saxon Motor. . Sears Roebuck Shattuck Ariz Shell T ft T Sinclair Stand Oil Ind do N J Sloss Sbef . Sou Pacific. , . Sou Ry -. Stand Oil Cal. St L & S F. .. Stromb Carb.. Studebaker . . . Swift & Co. . . Tenn C & C. Texas Oil Texas Pac. . . . Tex Pac C ft O Tob Prods Tran Con Oil, Union Oil Del. Union Pac . . . United Alloy.. United Drug.. Ut. Food Prod Urited Fruit. . Union B ft P. U S C I Pipe. Uu Retail Str. U S Ind Alco. U S Rub do 1st pfd. . U Smelting. U S Steel . .'. do pfd Utah Copper.. Vh Chem do pfd Vanadium Stl. v:vandou Wabash do A pfd. . . do u pfd... Weils Fargo.. Western Pac. do pfd Westn Union. Westghs A B do E M West lid White Motors. Willys-Ovlnd.. do pfd Wilson Pkg... Wisconsin Cen Woolworth . .. Worth Pump.. W ft L E White Oil V S 2s, ref 103 do coupon ,.103 U S 4s reg 105 U S cv 4s, cp.105 Panama 3s, rg. S3 do coupon . . 83 A T ft T cv 6si 114 NYC deb 6s.. Nor Pac 4s do 3s Pac T ft T 5s. . Penn con 4 3. . Sou Pac cv 5s. . Sou Ry 5s Union Pac 4s. . 108 88 63 94 95 99 96 91 102 Atch gen 4s . . 88 u ft K con 4s. 8iU S Steel Ss Bid. Liberty Liberty bond Hons furnished Bond Quotations. and victory note quota Cooks Close. by the Overbeck ft company, Portia: nd: Open. High. Low. . 99.80 99.S0 99.56 . 99.70 99.70 89.70 .' 99!82 99!9S ,'99.86 . 99.62 99.68 99.54 . 99.84 99.86 99.70 . 99.90 99.94 99.86 .100.62 100.70 300.62 .300.02 100.04 100.02 Literty 3s .. do 1st 4s ... do 2d 4s do 1st 4s... do 2d 4.s... do 3d 4s... do 4th 4s... 99.62 99.70 99.46 99.80 99.60 99.78 99.90 100.64 100.02 Victory 4s ... do 3s Swift Co. Stocks. Closing prices of Swift ft Co. stocks stt Chicago were reported by the Overbeck ft Cooke company of Portland as follows: Swift ft Co 101 National leatner 2 An new 10 Swift International 20 Libby 2 Mining Stacks at Boston. Closing mining stocks at Boston, fur nished by the Overbeck & Cooke conapany of Portland: Bid. Asked. Arizona Commercial 9 9 Ahmeek 2 3 Algomah .................... 25 50 ilouea 27 SA mam (JHERE ARE BONDS--and bonds! The fact that a security is called a bond does not make it a safe investment. There are bonds and bonds! To be safe, a bond must have back of it a perma nent earning ability adequate to meet all the business requirements of the obligor corporation. To be safe, a bond must be further fortified by a preponderate property value to which the bondholder has recourse , in case of necessity The' investor can judge for himself whether a bond is properly safe-guarded, once the facts are estab- lished. It is the function of the "underwriting" bond house to establish these facts by thorough, first hand investigation. In this respect, our high standards are a permanent assurance of safety for our clients. Perhaps you will want to consider Blyth, Witter & Co. securities for your next investment. You will find a well-diversified list of safe bonds from which to make your selection and an organization ready and able to render you a superior investment service. cor- Fourth and Stark Streets NEW YORK CHICAGO Arcadian , 1 3 Bingham Mines 15 15 Baiakalla , '.10 25 Calumet & Arizona 58 59 Calumet ft Hecla 275 277 New Corn 18 18 Centennial 11 12 Copper Range 44 44 Davis Daly 7 7 Daly West 1 2 East Butte : 11 11 Franklin Mining 2 2 Hancock 8 3 Helvetia 1 2 Keewanaw 12 12 Kerr Lake 3 3 La Salle 1 ;1 Michigan 3 3 74 Mohawk . . 67 58 May Old Colony 4 5 Mason Valley 11 12 North Butte :.. 12 13 Nipissing 6 6 North Lake 30 60 Obijawa ., 3 3 Isle Royale 24 24 Superior ft Boston 1 1 South Utah 10 12 Superior Copper 3 3 Shattuck 8 9 Trinity Copper 2 2 Utah Metals 1 1 Utah Consolidated 2 2 Utah Apex 3 8 Ventura 1 2 Wolverine 12 13 ' Wyandotte 75 100 New York Bonds. . Furnished by Herin & Rhodes, Inc., Portland. Foreign Government City Bonds) Berlin 4s 3 Greater Berlin 4s 3 Hamburg 4a . . . 4 Bremen 4s ... 4 Cologne 4s 4 Dresden 4s ... 4 do 4s 4 Dusseldorf 4s ... 4 Frankfort 4s . .. .5 Leipzig 4s .- 4 do 4s . . ..' 4 Munich 4s 4 Stuttgart 4s ... 4 7ssan 4s - 4 Foreign Government Bonds Bremen 4s , 4 Hamburg 4s 4 French Internal 4a 1917 62 French Victory 6s 1920 75 Belgian Restoration 5s ... 76 Britis h2 consols 64 Italian Cons War Loan 6 43 Lei 76 Curb Bonds Allied Packers 6s 86 Am Tel ft Tel 6s 1922 3 00 do 1924 101 Anaconda Copper 6s 99 do 7s 103 Anglo-Am Oil 7s ... 103 Armour ft Co 7s '. . . 104 Beth Steel 7s ..1935 102 Copper Ex Assn 8s, 1924 302 do 1925 104 Humble Oil 7s 100 Inter-Rapid Tran 7s 88 Llbby McN ft Lib 7s.. 98 So West Tel 7s 102 Stand Oil N T s 1933 105 do 7s 1928 105 Swift & Co la 3925 -301 do 3831 303 Texas Co 7s Notes 301 Vacuum Oil 7s , . ... 106 Standard Oil Stocks. Standard Oil quotations furnished by Overbeck ft Cooke comnany of Portland: Bid. Ask. Anglo 19 39 Borne scrymser .doo d 1 o Buckeye 99 301 Cheesebrougb. 190 195 do Pfd 109 112 Continental 142 147 , Crescent 33 34 Cumberland ................. .335 145 Eureka 102 105 Galena.com ... 51 53 do old pfd IC'J 112 . do new pfd - 101 104 Illinois Pipe 180 185 Indiana Pipe 104 108 National Transit 29 30 N Y Transit ;175 177 Northern Pipe 105 107 Ohio Oil 287 290. International Pete 1674 17 Moonshine Securities Cause Financial Headaches Buy Aged in the Wood Bonds UNION SAFE DEPOSIT & TRUST CO. 284 Oak Street Safe Deposit Boxes LOS ANGELES SAN DIEGO Penn Mex Prairie Oil Prairie Pipe Solar Refg Southern Pipe . . South Penn Oil . S W Penn Oil S O Kansas do Kentucky .. do N Y ... do Ohio do pfd Swan ft Finch .. Vacuum Washington .... S O Nebraska . . Imperial Oil . . . . 28 580 228 353 .... 99 188 . . 63 . J. .565 ...,510 381 425 116 28 385 20 ....175 . ... 1 0.1 30 590 2:12 370 102 192 68 675 523 392 435 118 33 390 30 ISO 105 STERLING BONDS SHOULD ADVANCE Behind them Is the Increasing investment demand of America, the advancing marjeet for Sterling- Exchange and the pros pective repurchase demand from England, due to easing money in London. Our "Choic est List" contains selected, of-' ferings which afford good inr come return and prospect of large advance in value. Call Main 4195 for Information and ' Offerings. G.E.MILLER & COMPANY 2ndfW NORTHWESTERN sSrSt BANKBLDG. PORTLAND , Placing the new issae of $lflOO,OOO.QO Cumulative First Preferred Shares of -Northwestern Electric Co. Light Power Heat is now nearing completion. Those to whom 7.14 (payable quarterly) looks attractive, with regular rise in price assured, should make immediate inquiry at office of the company, Washington at Tenth. Young man de sires to enter bond business with member of Invest ment Bankers' Association. AC 600, Oregonian HERRIN & RHODES, Inc. . Established 1890. STOCKS, BONDS, COTTON, GRAIN Correspondent! E. F. HUTTON & CO., N. T. Members all ladin; -xchaneea. Babeon'a- Service on File. Bdwr. ilia. 01 Uailwaj fcicliange Bide. mm HIGH GRADE BONDS We offer subject to prior sale: $3,000 Carmel-by-the-Sea, Cal., 6s., 1924-26, S.00r Due lec. 30. 1924-26. J&D. D. J1000 10!. o3-10t.lt $14,500 Wallowa County, Ore., S. D. No. 12 5y2, 1942 5.00 Due Apr. 1. 1942. Opt. 'ZZ. AiO, D. $500 103.80 $500 Forest Grove, Ore., Fdg. 6s, 1930. . .5.50 Due Keb. 1. 1930. F&A. D. Ji00103.: $700 Coos Co., Ore., S. D. No. 6 6s, 1923 . . S.60 Due Aug-- 1. 19-3. F&A D. J500-J200ei00.. $5,000 Prov. of British Columbia 5s, 1925... 5.75 Due Jan. C. 192S. J&J. I. S1000aS.12 $5,000 Prov. of Ontario 5s, 1926 .5.75 Due Dec. 1. 1926. J&D. D. 10009. $2,000 University of Alberta 4Vis, 1924. . 6.00 Due Jan. 1. 1924. J&J. D. S100O97.SS $1,500 Beaver D. D. (Columbia County) 6s, 1924-25 ...6.00 Due July 1. 1924-25. J&J. D. S500Q100 $1,000 Cordua Irr. Dist. (Cal.) 6s, 1927M-.6.00 Due July 1, 1927. J&J. D. S1OOO01OO $1,000 Peninsula D. D. (Multnomah Co.) 6s, 1940 ....6.00 Due May 1, 1940. M&N. D. $500100 $2,000 Dist. of Burnaby, B. C, 6s, 1924 6.25 $900 Cowlitz Co., Wash., D. D. No. 4 7 1938 6.25 Due Jan. 1, 1938. Opt. '25-'27. J&J. D. S500-S1009 101.86-103.04 $1,460 Vancouver, B. C, 4V2s, 1923 6.75 Due Feb. 1, 1923. F&A. D. S4S6.S7 U 3S.il $486.67 Vancouver, B. C, 4V2s, 1923 6.75 Due Dec. i:. 1923. .I&I. l. $486.67 ' 96.&1 $5,000 Argentine Govt. 7 Notes, 1923. . . .7.00 Due Oct-. 1, 1923. A&O. D. $1000Mkt. Call or phone for complete details. Do It flow Ask for details of oar P. P. P. M O O D Y The Story of Two Wills Three years ago, one of our clients died, leaving about $200,000 to his widow. But he named a strong trust company as executor with instructions that the money be kept continuously invested in bonds rated "Aaa" by Moody's Rating Book Service. Two years ago, another of our clients died, leaving about $100,000; but he appointed an inexperienced youth as executor, and left no instructions regarding the invest ment of the money. In the latter case, the good investments were promptly sold and within a year most of the money was lost in crude speculations. Today, the widow is being supported by her relatives. In the former case, the widow is enjoying s sure income of about $12,000 a year, and the value of the estate has appreciated over 15 as a result of the recent appreciation in the high grade bond market. Moral: Put Moody's rating require ments in your will to protect your heirs. R A T I N G S E R V I C E P R O T E C T S Y O U Moody s Investors Service 35 Nassau Street, New York City BOSTON PHILADELPHIA CHICAGO 101 Milk Strut Rul E.Ut, Tnul B1J,. PirM N.-.l Buk B1J Pacific Coast Repraeiitallve. Arthur V. Browi,a I'aclfle Flnaaca Bnildinir, Loi Anjreira. California. SEASONED BUSINESS COUNSEL When yon are in doubt as to a decision or have some business problem to solve, do not hesitate to consult our officers freely. Your account and banking business are invited. HOURS-8 A M TO 530PM S ATU R DAYS-8 AM TO 8 PM. Kead The Oregon ian claanllied ada. Freeman, smith a camp Co. LUMMKHINI iLfitt. POHTIAN WARNING! Protect yourself against dis honest brokers. Be sure your account la safe. Before buying stocks or dolns; busineaa with irresponsible brokers consult our INyUillV BUREAU. Our weekly paper coata $5.00 yearly. Sample copy mailed on request. INVESTORS GUIDE 2 Rector Street New York Katabllshea IS Years. WHERE RESILIENCY IS NECESSARY The Literary Digest aaya: "Ma terial intended to wlthatand hock should have a certain amount of elasticity. For Instance, materials having resilient and ehock-abaorb-lns; qualities must be uaed In the following: Rubber tires either solid or pneumatic for automo biles and motor trucks; rubber heels for shoes, golf balls that withstand Incessant banging, and roads and pavements that undergo terrific traffic" Warrenlte-Bltu-lithlc Is a resilient pavement.