ii
THE MORNING OREGOXIAN, THURSDAY, APRIL 20, 1922
21
AFFIG IN STOCKS
ON SMALLER SCALE
;itant Attitude on Part of
Traders Noted.
I PESSIMISM IS SHOWN
fl Street Considers Genoa Sit-
ution Somewhat Clarified and
Expects Xo Rnpture.
BY MONITOR,
yrlght by The Public Ledger Company.
Published by Arrangement.)
2W YORK, April 19. (Special.) It
' to b expected that the adoption of
.or cautious attitud on the part of
ra would result in more or less irre&u
y and a moderate diminution in ac
. as a consequence of yesterday's set
. , and the action of today's market
,rmed this impression. The opening
tered a degree of hesitation that
d throughout the first hour or so,
n the upward tendency in some of the
ilative favorites caused a renewal of
tig In -which yesterday's short sellers
iciuated. In fact, the covering of
)ts was quite pronounced in Steel,
eoaicer ana certain or. me specialities,
linen t among which was American
all utreet is of the opinion that the
l situation has been somewhat clari-
fj ny tne reportea aamission or mo
ifiian delegates that their announcement
'jt-ieir pact with Russia was a political
ier. Moreover, in financial circles
it ts not believed that the agree
lit amounts to much more than a ges-
4 unere was a lime, or course, wnen
aany was a irenmeiraous lacior in
lan enterprise, through financial aid
executive management. Germany now
, not the requisite capital for aiding
la and even if she attempted to furnish
. large quantities the reparations com
Ion doubtless 'would speak In no on
tin tone. With the entent holding the
.icial club over the heads of the two
ftcltrants. It is to be taken for granted
11 nothing will be done to cause a con
Since rupture.
farther indications of industrial pror-
fl were furnished today by reports of
ling of large equipment orders, one
1 nearly lot) locomotives, with the
rlcan Locomotive company and a cora
: ion to the effect that from the first
ne year up to the middle of April the
ra for freight oars thus far placed
1 nearly 5:;. 000, compared with about
0 for all of last year.
ie weekly review of the Iron Age calls
ation to the advance in prices, with
ng of steel stimulated by inability of
s to make prompet deliveries and con
ers coming to the conclusion that it
setter to stock up than to rely on
npt shipments under existing coal
conditions.
ovements of specific stocks call for no
lai comment. xx. is Deuevea tnat re
ins will occur from time to time as
-confidence places the market In a
lierabie position. The rails, steels and
r stocks figured prominently in price
eraents. Consolidated gas was one of
leaders among the specialties. The
were firm, but less active than usual.
nlted States Steel played a prominent
in the recovery today, touching a new
at P9. This movement of the leader
u raged traders who believe in the old
"when steel moves the market
es," and many a eold-out bull bought
Us stocks again. American Ice turned
the shorts and was quickly run up to
new mgn.
ack Island, which is sharing popularity
i tne sc Paul issues in the medium
ed rail group. Is being spoken of here
of the oil rails. The storv eoina
rounds is that Rock Island and Colo-
bout hern, which. Jointly -control the
ity & Brazos Valley railway, running
tne -Mexican oli rieias, has potential
possibilities along the right of way;
that Rock Island has potential rxissi-
Lles along its Oklahoma rleht of wav.
it Is believed that road is negotiating
ia certain on interests with an idea of
uluth. South Shore & Atlantic has been
r of the moat active of the cheap rails
this movement. This road has been a
sistent loser for years, but traders take
no comfort in the fact that the operat
deficlt for January and February was
y 11.12,538 as against $202, GU 4 for the
ue two months last year.
The Turman Oil company, which is man-
ul by Middle States Oil. has called a
cial stockholders' meeting for April 29,
which time authority will be asked to
rease the capital stock iron? $3,000,000
$6,000, 000. Stockholders will also be
ed to vote on the proposed acquisition
the, Oli nha tit. Petroleum enmnanv ri
f rman, the purchasing price to be partly
ck and partly oil.
Illinois Central stockholders, as gen
ully expected, voted favorably on the
iposal to issue $50,000. 000 preferred
H'k convertible into common at today s
. Wing in Chicago. This brings the total
pitaUzation ux the road to $173,002,000.
American Loco is at present doing bui
s at a rate infinitely greater than that
r any similar period in 1J21. Orders in
'week totaled 9ll locomotives of dif-
ent types, tins bring the largest single
ek s business since lu2(.
A local financier who is In close touco
;h prominent fmancial steel interests in
: r j !i t- cr h!d i)i s rt 1 1 - n . i T rt. m trin
that city, and is decidedly optimistic
yer the outlook for steel shares. This
1 server emphasizes the fact that 75 per
nt operation in the steel industry usually
feans that practically the entire industry
working, as a few high-cost producers,
;lch are st ill shut down, must be taken
lo account when compiling an average
t do not matter so much in th fina:
Ltput of steel.
the fiscal ytar will form a distinct con
trast to the first, and the year as a whole
will prove a profitable one."
"w York Bonds.
Furnished by Herin fc Rhodes, Inc., of
Portland.
Railroad Bond
Atch gen 4s 15
A C L 7s -..,.130 1084
B O gold 4s 1948 80 M
do con c 2933 82
do ref os 1915 88
Canada Southern 5s 1902 974
Canadian Northern 6 1946 111
do 7s .....1940 112
Cent Pac 1st 4m 1949 85
Ches & Ohio cv 4fcs 19:10 8fl$t
do gen 4i&m 1992 83
do cv 5s 1946 W'a
do con 5s 19;( 101
C B ft Q 111 div 4a 1949 904
C ft West Ind 4s 1952 75
C G ft W 4s 3959 62
C M & St P 4s ll25 80
do cv 43 1932 71
do deb 4s 19:.4 674
do gen as A 181)9 77
do cv 5s 2014 74
do g & r 49 X ,...2014 65 Vi
Chi Nr W gen 4s 19h7 844
do 648 19.(6 1()8
do 7s 1930 107
C R I ft P ref 4s 1934 81
Colo Sou ref ex 4 Vis 1935 88
Colo Sou 4s 1929 91
Del & Hudson CV 6 1935 97
do 7s li30 1084
D & R G CV 4s 1936 78,
do ref 5a 1955 49
Erie P P 4a ,19!6 64
do coa 4s A 1953 50
do B 1953 49
do D .....1953 51
Erie Pa O G 4s 1951 h9
Grand Trunk eq 6 14 a 1936 1054
Great Northern 4 Vfc a 1961 90
do, 7s 1936 108
Grand Trunk 6a 1936 102
do 7s 1940 111
III Cent it 5a 1963 96
do ref 4s 1955 864,
k. o sou rei ss ,..,1950 SO7
K.eo & JJe M 1st 5s 1123
L S & M S 4s 1931
L & X 7s 1930
L & N uni 4s 1940
Allied Packers 6s 1939
bond same still on
PRICES ARE AGAEV WEAKENED
BY REALIZING.
Liberties, Foreign War Issues and
Domestic Rails Are TTnder
Presstire.
M St P SSM
North Am . . 1,500
Nat Biscuit
Nat Enamel . 2,500
Nat Lead ... 1,700
Neva Cons .. 3,500
New Haven . 38,300
Submarine beat has finally settled Its
rectorate differences, with the Rice ean
ilate losing out in a close vote. The
sanization candidates received 3L'3,2i to
3,tK2 votes as against i;;,a,2!5 to 247.600
r the optosltion. The Rice proxies voted
refuse approval of the directors' act in
21. The new directors are Stephen Pea
dy. Otto Marx and Frank Wallace, re
jelnK Isaac Rica Jr., Thomas Cochran
lid YV. H. Remich.
...
Rtudehaker was picked up araln this
orning with the resumption of the bullish
eraiions in the entire market. It Is
iieved that Studebaker has been accum
ated rather heavily during the past week
comparat i ely dull trading. The street
ipects a very bullish report at the corn
s' meeting and believes that record--e&kiug
car sales wilt be shown.
"f nsvfni report, issued after the
leeting today, was as favorable as could
looked fnr and justified the recent
rength in this stock. The road showed
i operating ratio, of 77.74 per cent of
rosa earnmtis in March as against 95.37
er cent on the same month a year ago.
his improvement is more strongly em-
' hasited by the net after all expenses, rent
nd charges of about .7"J.Oo0. which com
ares with a deficit of .l,tW0,-21 for the
ima month a vear ago.
4 ...
Cosden, which is holding its own among
ie oil stocks very weli. is being bought
ere on the suppos;lion that the s a
nare earnings which were shown last
ear should be greatly exceeded ia 1!)L"J.
1: he company is regarded as being in sa
xcellent position to take advantage of fa
orabie developments in the Mid-Vontinen;
eld. and it is b.'heved that the annual di
idend rate of IJ.oO a share may be in.
reased.
Callahan Zinc, which has been meeting
"ith heavv liquidation. is apparently
Trough th worst of this for the, time
elng. One long line known to be more
Tan 50 000 shares held by Interests which
r. now out of the company has finally
eea sold.
.
In reference to the Packard Motor Car
onipsny report for the six months end
g February -3. President MacAuley
ays:
"The finisncinl statement of the .com
pany for tl.e six months ended February
.8, 191'?. showing a loss through factory
Derations ct $204.34- and through branch
perations of $.170.19?. reflects th very
nusual trade condition from which the
utomobile Industrj' Is now emerging. With
he Increased volume of business which
he company Is now enjoying the Indiea-
. una are tut the second six months of
Am Agr Co. 7i4s ls41
Am Sm 1st 5s 1947
Am Tob 7s 1923
Anaconda Cs A 192U
do 7s B 1929
Armour cv 7 ............... .1930
do 414s 1939
Beaver Board 8a 1933
Beth Steel 7s 1923
do eq 7s 1935
do ref 5s . 1942
Cerro de Pasco 8s 1931
Chile conv 0s A 1932
do 7s 1923
Col Graph 8s 1925
Copper Em 8a 1923
do 1924
do 1925
Colo F & 1 gen 5s 1943
Colo Ind 5s 1934
Cuban Amn Sug 8s 1931
Cuban Cans cv 7a 1930
Distillers Sec cv 5s .....1927
Dlam Match 7 'As 1935
Dupont 7tii 1931
Empire Gas Fuel 6a 1924
Fisk 8s 1941
Gen Elec deb 6s 1952
do os 1840
Goodrich 7s .................. 1925
Goodyear Ss .1941
Heinz 7s 1930
Hershey 7 'is 1930
111 Steel d.o 4 Hi 1940
Ind Steel 5s 1952
Int Agr 5s 1932
Int Marine C T 8s 1941
Kelly-Spgficld 8s 1931
Kennecott 7s .....1930
Lack Steel 5s 1923
do 1st 5s 1950
Libby McN L 7s 1931
Lig & Meyors 5s 1951
do 7s 1944
LoriHard 5s 1951
do 7s 1944
Midvale 6s 1936
Morris Co 7is 1930
Proc & Gamble 7s 1923
Republic I & St OS 1940
Sears Roe 7a 1022
do 7s 1823
Steel & Tube 7s : 3851
Swift & Co. 7s 1925
do 7s 1831
Uni Drug 8s 1841
U S Rub 1st ref 5s 1947
do 7,s 1930
U S Steel sf 5s 1903
Va Chem 5s 1923
Va Car Chem 7ii lfl32
West Elec 5s 1922
West U T col Tr 5s 1938
West Union 6VjS 1931
Wilson 1st 6s 1841
do cv 6s 1028
West Elec 7s 1925
Westinghouse 7s 1931
Public utilities
Amn Lt & Tran 6s 1925
Amn Tel coll 4s 1929
do 5s 110 .
do tis
Bell Tel of Pa 7s .
B R T 5s
Cal Gas uni 5s
Cities Service 7s B .
City Service 7s C . .
do 7s D
Con Gas cv 7s .....
Int Met 4s
Int R T ref 5s
Laclede Gas 7s
Mont Power 5s A . ,
Northwest Tel 7s
Pac Tel 5s
Pac Gas 5s -
Souwest Tel 7s ....
Oil bonds
Anglo Amn 7's ...
Atlantic Ref 6V4s . ,
Galena S Oil 7s ....
Gulf Oil 7s
Humble 7s
Pan Amn 7s
Mex Pet cv Ss
Sinclair 7M:S
S O Cal 7s
S O N T 7s
Texas Co is .
Tidewater Oil
Vacuum Oil 7s "
MStPASSM 6tts l
M K & T 4s 18
M J gen 4s "JS
do ref 5s lr
.in ref 5s 1926
NYC deb 4s . .
do con 4s
do ref imp 43
do cv deb 6s ...
do coll 7s ...
N Y N H & H c
N O T & M 5s
N P P L 3
do 6s
N P Gt Nor Jt 6HS
O S li ref 4s
Penna 6as
do gen 4as .....
do 4fts
do gen 5s
do
1945
1945
1937
1869
,1909
"198
1925
1956
1966
1930
1943
1941
1937
1942
1925
1023
1931
lnao
1933
1923
1930
1936
, 1925
1931
1931
19"3
6s
.. .1934
. . .1998
...2013
...1935
. . .1930
...194S
...1935
...1997
.. .2047
...1938
...1929
...1936
...1965
. . .I960
...196S
. . .1930
do 6S , 1936
90 "4
92 H
10744
91
79
104
81
102
99
103 i
104
89
68 hi
102 vs
102 j
961,
115
89
102
384
102 Va
102
104 1
87
85
104
85
47
10714
106
99
107
99 4
106
99
115H
104
100
90
10014
79
96-14
108 Vs
105
S9hb
85 s
98
96 "4
114 'A
95
113
87H
104 Si
101
94
101
102
99-',
101
103
107 '4
88
107
102
99
8814
100
96
107
100
92
106
106
90
97 54,
115
108
62
94
121
93
87
115
18
6
99
.-..
106 "5
94
91
102
10
3014
104
101
98
104
104 ",i
306
108
301
102 1 i
106
102
81
65
100
96
90
82
86
104
106
73v4
69
85
106
105 '4
01
107
vfTTTrr -r o W A rn.fl lO TT I Biecra n IT I
the general rally in the stock market, to- j pfo
day's bond dealings were again influenced
by realising for profits, this tendency
being especially notea In Liberties and
several of the foreign war offerings.
A number of domestic rails also gave
way to Belling pressure, particularly the
various Seaboard Air Line issues, Missouri.
Kansas &- Texas and St. Louis & San Fran
cisco. The stock market threw off many of
the reactionary influences which prevailed
during the greater part of yesterday'B
session. Prices in general made extreme
recoveries of 1 to 5 points on dealings
amounting to 1.475,000 shares.
Continuance of relaxed morey rates and
the partial rally of international exchanges
contributed to the improvement.
Hesitancy characterized the initial trad
ing in consequence of renewed selling
pressure, which was chiefly directed
against coalers, steels, coppers and several
of the high-grade rails, notably. Canadian
Pacific.
Before noon, however, the list ran into
higher ground under leadership of United
States Steel. That stock rose to within a
nominal fraction of par and the indepen
dent steels also responded to steady
Absorption,
Motors, equipments, secondary rails and
various industrials, comprising the textile,
tobacco, rubber, leather and mail-order
groups, were again taken m hand by pools,
some scoping record prices of the year.
At intervals, when the market was dis
posed to give way to profit-taking, dividend-paying
rails became the sustaining
features, although advances in that group
were comparatively moderate. Final deal
ings centered in Studebaker, Mexican Pe
troleum, Consolidated' Gas, Standard Oil
of California, New Haven, Baldwin and
Bethlehem, Crucible and United States
steels. Coca Cola, Consolidated Textile
and American "Woolen were foremost
among the strong specialties.
Adhering to yesterday's course, all eall
loans were placed at the fixed rate of 2
per cent. Thirty to 90-day funds were in
freer supply, and concessions were made
oh gilt-edge merchant's paper.
Early firmness of sterling exchange
originated In the London market, but the
advance here was partially forfeited later.
The Paris remittance was slightly higher,
German marks were firm and Dutch bills
hardened, but Scandinavian quotations
were mixed. Far eastern - exchanges
strengthened on the brjsk rise of bar sil
ver here and in the London market.
CLOSING STOCK QUOTATIONS.
Furnished by the Overbeds & Cooke com
pany of Portland:
High. Low.
IS 18
49 14 49
Nor W
North Pac . .
Nova ScotiaStl
N Y Air Brake
N Y Central .
Okla Prod Ref
Ontario Silver
Ont & West .
Otis Steel ...
Pac Deve! -.
Pac G ft E ..
Punta Allegre
Pacific Oil . .
Pan Amn Pet.
do B
1.200
2,400
100
400
5.400
3. 6O0
" 166
2,200
S6.400
1,200
8,100
15.900
6,400
1.200
8.300
1.200
00
Peoples Gas
fere Alarq .
Pure Oil . 7,200
Phillips Pete . S.TOO
Pierce Arrow. 3,800
Pierce Oil ... 8,300
Pitts Coal . . 1.200
Pitts & W Va 3.500
do pfd 100
Pressed St Car 1,100
Pullman 3.100
Ray Cons ... 1.500
Reading 4,600
Remington . . 700
Replogle Steel 2,100
Repub I & S 4,600
do pfd 200
Rep Motors . 200
R Dutch Oil . 17,000
Ry Steel Spg.
baxon .Mtrs
500
500
Sears Roebuck 2,300
100
500
Stock.
Adv Rum ....
do pfd
Agr Chem ...
Ajax Rub ....
Alaska Gold...
Alaska Jun . .
Allied Chem .
Allis-Chal
do pfd .....
Am Beet Sue.
Am Bosch . . .
Am Can Co..
do pfd
Am Car & Fy
do pfd
Am Cot Oil..
do pfd
Am Drug Syn
Am H & L. ..
do pfd .....
Am Ice
Am Int Corn.
Am Linseed...
do Pfd
Am Loco ....
do nfd
Am Saf Raz. .
Am Ship & C.
Am Smelter...
do pfd .....
Am Snuff ....
Am St Fdy...
Am Sugax ...
no pld
Am Sumatra..
Am T & T.. ..
Am Tob
do "B". ...
Am Wool ...
do pfd
Am W P pfd.
Am Zinc ....
Anaconda ....
Atchison .....
do pfd
Atl Coast L. .
Atl G & W I .
Bald Loco ..
do pfd
Baltl & Ohio.
do pfd
Barnsdall Cp
Beth St "B"..
Booth Fish
B R T
Butte C & Z.
Butte & Sup..
Burns Bros....
Caddo Oil ...
Cal Pack
Cal Pet
do pfd
Can Pac ....
Cent Leath . ..
Cerro de Pasco
Char.d Motor..
Chi 4N W...
Chi Gt W..
Sales.
300
2O0
, 200
2,000
' "600
3.200
2,100
100
1,100
1,000
7,500
100
800
100
200
100
200
800
800
3.600
3,-500
a,2oo
'5760
100
BOO
5.000
3,700
300
200
3. 800
9,000
200
3,700
2.70O
9O0
1,000
10,700
" "boo
100
s.soo
5,500
800
200
1.200
20,400
22,i66
8O0
l.eno
16,000
100
4,600
500
700
2,lO0
700
800
1.800
100
3. 400
6,900
600
4,200
1,700
00
do pfd ..... 1.400
Reading gen 4s ' "V'T
S A L 4s l5ll
do 5s l4!l
do 6a A 1943
Sou Ry con 3s 1994
So Pac cv 4s 1929
do ref 4s 19o
do sf term 4s 3950
do conv 5s 1934
StL&SFPL4sA 1930
do gen 5s 1931
do P L 5s B 1950
do gen 6s 1931
do adj 63 19o
do inc 6s I960
St L S W 1st 5s 1952
do con 4s 1932
do 1st 4s " 19S9
Tex Pao 1st 5s 2000
Un Pac 1st 4s 1947
do cv 4s 1927
do ref 4s 2008
do 6s 1928
Un Tank 7s 1930
Wabash 1st 5s 1939
do 2d os 1939
West Pac 5s 1948
Foreign Government Bonds
Argentine 2d 7s ..1923
do G I 5s 3 945
Belgium 8s 3940
Berne 8s 1943
do 3 945
Christiana Ss 1943
Copenhagen os .......1944
Danish Oonsol 8s ...1946
French Cities 6s 19.54
Italy s A 192."
Rus Rub'e 3c 1926
Sw-dish Govt 0s llKiti
U S Mex 4s 19CH
do ext 5e 194.3
Uruguay ext o
Zurich Ss 145
Foreign Government City Bonds
Berlin 4s
Greater Berlin 4s
Hambunr 4s
Bremen 4s
Cologne 4s
Dresden 4s .......................
do 4s
Pusseldorf 4s
Frankfort 4s
Leipsig 4s
do 4s
Munich 4s
Stuttgart 4s
Essen 4s
Bremen 4s
Hamburg 4 s
French Internal 4s 1917
French victorv 5s 1920
Beigian Restoraton 5s
British !. consols
ltai Cons war loan 04
L R
Curb Bonds
Al.ied Packers 6a 78
Am Tel & Tel 6s .' 1022 10O4
do 15124 lot
Anaconda Copper 6s 99 "4
do 71 103
Anelo-Am Oil 7s ion
Armour & C 7s 104U
Beth Steel 7s 1935 3 025
Copper Ex Assn Ss li.24 lc2
Galena Swnal Oil 7a 102
Grand Trunk 6. 3taS
Gulf Oil Co 7s 34
HumVe Oil 7s 101
Inter Rapid Tran 7s. ............. . 87
IJbby McN & Lib 7a 9
Pea.rs Roe 7s S-yr 192-3 1013
.0 West Tel 7s 302
Stand Oil N Y 6s lO.rt 10514
Stand Oil X Y 7s lf: 103
Swift Co Ts 102S 101
do 7s 1931 103
Tea Co 7s Notes............. 101
Vacuum Oil 7s 106..
90
96
97
107
107
84 .
59
, 27
60
93
91
87
82
99
73
9S
86
102
81
69
81
76
77
93
91
93-4
86
103
103
87
88
83
100
83
107
110
112
111
92
112
8S.
96
5
100
38
67
74
112
8
S
4
4
4
3
4
4
4
4
4
4
4H
4
4
102
73 t
7i
54
4:1
79
Chili Con...
Chino
C M St P
do pfd
Coco Cola
C & O
Colo F & I...
Colo Southern,
Col G & E
Colum Graph.
Con Gas
Cons Cigars..
do pfd
Contl Can
Cities Svc Unit
Corn Prod .
do pfd ....
Cosden Oil ...
C R I & P.
do ""A" pfd.
do "B" pfd.
Crucible ..
do pfd
Cuba Cane. . ..
do pfd
Cub Am Sug.
Dei & Hudson
Dome Mins..
Del & Lack
Davison Chem
Endi Johnw.n.
E,rie
do 1st pfd..
Elec Stor Bat,
Fam Playets..
Fed M & S . . .
do pfd
Fisk Tire
Gaston Wins..
Gen Cigars
Gen Elec
Gen Motor. ..
Glen Alden...
Gen Asphalt . .
Goodrich ....
Goodyear
Granby
Gt Nor Ore . . .
Gt Nor pfd...
Greene Can. . .
Gulf S Steel..
Houston Oil..
Hupp Motor..
Ills Cent
Inspiration
Int A C com..
do pfd
Interboro ....
do pfd
Inter Cal ....
Int Harv
do pfd
Int Merc Mar.
do pfd
Tnt Nickel
Int Paper
do pfd ....
Invincible Oil.
Island Oil....
Jewel Tea ...
K C Southern.
K C Sou pfd.
Kelly-S'fleld ...
Kennecott -
Kevstone Tire
Lack Steel ..
Lee Tire ....
Lehigh Valley
Lorillard ....
Lowe Theaters
L & N
Marland Oil
May Stores
Martin & Par.
Mex Pet
Miami
6,300
1,200
4.500
11.000
15.000
1,300
1,000
600
2,200
H,00
17,500
200
17
"i
67
49
94
42
46
48
104
162
118
26
53
,6
36
70
110
47
34
iis
116
8
17
58
7i4
133
37
76
99
36
121
341
"34
16
53
101
91
99
32
117
'49
61
47
79
6
23
28
129
14
77
56
95
142
39
36
76
75
8
22
19
29
28
46
55
65
31
49
S3
3
11
28
17
.....
66
48
94
40
44
46
104
160
118
25
55
6
35
68
105
45
33
iii
116
8
16
56
97
132
37
72i4
99
34
120
139
136
90
'33" '
16
02
100
91
99
31
113
47"
61
47
76
6
22
6
27
126
13
77
55
95
Bid.
17
49
39
17
1
67
48
94
"41
45
48
104
161
118
24
55
6
15
69
107
47
33
56
114
113
7
17
57
97
133
37
74
98
34
121 ,
140
136
92 54
104
34
16
53
100
91
99
32
116
109
48
00
47
78
6
22
6
27
128
33
77
as
95
140 141
37'
36
74
74
8
22
18
28
28
45
52
. 645
31
48
82
3
113
28
400 65 64
6,600
200
12,900
17,000
300
300
4.300
100
7,200
2.700
4,100
' '766
600
5,800
6.800
1.900
2.300
8.500
6,700
103
113
41
47
05
82
64
87
16
35
28
'26"'
115
61
87
13
22
172
80
102
115
40
45
95
82
-62
S7 .
16
34
22
'25
115
59
84
13
21
166
78
4,300
100
3,600
400
23,100
loo
3.400
4,500
" "266
8.100
1.0O0
100
7.000
3,01)0
500
1.000
6O0
100
100
4.000
4.200
1.300
500
20O
1.900
9. 30O
4.800
1.500
"700
5.400
100
1.2O0
300
6.200
7.2O0
3.500
1,300
700
700
100
6 700
100
700
40O
1.500
S0.6O0
1.000
Mid Sts Oil .. 22.400
Mid Steel ... 12.7"0
M K T ... 2.400
do pfd 4O0
Mont Power . 100
Mont Ward . 2.600
Mo Par 4.600
do pfd . . . . 4.QQ0
17
76
162
12
47
63
41
27"
43
75
28
82
79 4
16
107
40
30
39
3
9
6
96
109
20
83
37
4S
"ii""
74
20
27
58
48
32
19
54
84
63
131
18
117
28
117
30
133
29
13
35
13
36
71
20
24
S3
17
73
160
12
47
61
40
"'f' '
40
28
79
77
16
107
40
10
39
. 3
8
6
95
108
19
81
16
40
"18
20
27
68
46
31
18
52
32
62
151
17
117
27
116
28
39
36
76
75
8
22
18
28
28
45
54
65
30
49
83
3
116
26
40
f4
22
103
115
41
48
95
82
63
S6
16
S3
23
120
28
- 115
61
86
33
22
172
80
10
S9
17
76
161 V.
12
4 1
63
41
13
26
42
75
28.
81
78
16
107 -
40
10
39
3
9
6
93
109
20
82-54
17
47
80
18
20
27
87
48
31
19
64
33
62
150
18
117
27
117
29
Shattuck Aria
Shell T T
Sinclair 90,200
Stand Oil Ind 10,000
Stand OH JM J 1,000
Sloss Shef . . . 1,000
Sou Pacific . . 1,0400
Sou Ry 700
Stand Oil Cal. 11,100
StL & S F. . 2,200
Stromberg Cb 4,300
Studebaker .. 73,400
Swift & Co
Tenn Cn & Oh 2.100
Texas Oil .... 16,700
Texas Pao 2,500
Tex Pc C & O 3,700
Tob Products. 3.200
Tran Contl Oil 16,200
Union Oil Del 7.6O0
union Pac ...
United Alloy. .
United Drug..
Utd Food Prd
United Fruit
Union B & P.
U S C I Pipe. .
Utd Retal Sta
U S Ind Alhol 12,000
U S Rub 7,000
do 1st pfd.. 300
TJ S Smelting. 100
U S Steel 80,20O
do pfd 800
Utah Copper.. 1.400
Va Chem 300
do pfd
Vanadium Stl.
Vivandou . . . .
Wo-bash. .....
do A pfd...
do B pfd ..
Well Fargo ..
Western Pac.
do pfd
Western Union
Westghse A B
do E & M-.
West Md
White Motors.
Willys-Overlnd
do pfd
Wilson Packg
Wisconsin t;en .......
Woolworth
Worthing Pmp 600
W & L E 1,300
White Oil ... 2,600
3,900
1,300
3,900
1,00
S.50O
9,400
5.100
4.100
1,100
4,900
600
100
500
400
200
"is" 600
900
3,40O
4,700
700
300
59
57 56 57
136
37 36 36
94 92 94
17 16 17
23 21 23
105 104 105
77 76 77
31 31 30
74 73 74
91 90 81
2 2 2
7
28 27 28
15 14 14
12 10 11
70 70 70
40 38 40
59 57 68
63 63 64
58 56 57
42 41 41
84 84 84
30 29 29
34 344 34
38 88 88
22 21 22
9 9 9
60 59 60
33 32 33
83 83 83
7 78 79
124 123 123
16 16 16
77 76 76
33 32 33
33 32 32
56 -64 55
81 81 81
7 7 7
63 61 63
101 100 100
4 3 4
75 T4 75
9 9 9
47 46 46
33 30 32
85 95 93
180 177 177
44 42 43
91 89 90
23 24 24
109 103 107
30 29 29
55 55 55
121 117i 120
102 101 101
11 11 11
47 45 46
34 83 34
28 ' 28 28,
69 68 69
12 11 11
21 20 20
13974 138 ' 139
34 S3 33
69
4 3 4
144 141 143
64
37 34 36
49 4.8 49'
- 4 48 4fl
65 63 63
103 103 108
38 88 38
99 97 99
118 117 7. 117
66 65 65
34 33 84
"43 'ii 43
13 11 12
10 8 9
33 82 83
21 20 21
78 78 78
22 22 1 2
61 61 61
94 9754 97
89
62 61 61
11 10 11
47 45 46
88 8
38 88 S8
43 42 43
80
. 160
52 51 51
10 9T4 9
10 10 10
Liberty Bond Quotations.
Liberty bond and victory note quota
tions furnished by the Overbeck & Cooke
company. Portland :
-Close.
Low.
99.04
9fl! 16
99.60
99. ie
99.32
99.60
Bid
99.10
99.50
99.12
99.62
99.56
99.70
99.88
Open. High.
Liberty SHs ,99.63 98.56
do, 1st 4s
do, 2d 4s 99.46 99.46
do, 1st 4s... 89. 68 99.80
do, 2d 4s... 99.30 99.3
do. 3d 4s... 99.68 99.78
do. 4th 43... 98.88 99.88
Victory 4s 100.82 1O0.70 100.63 100.68
0.0, a-jfcs .. . iw.ua 10U.O2 100.02
Swift Jt Co. Stocks.
Closing prices of Swift & Co. stoclts at
Chicago were reported1 by the Overbeck &
Cooke company of Portland as tallows:
swift & Co ,- ,
National Leather -
do new
Swift International
Libby ,
Mining Stocks at Boston.
BOSTON, April 19. Closing quotations:
Allouez 27 (North Butte.... 12
Ariz Com 9 Old Dominion.. 25
Cal & Ariz 58 i Osceola 36
Cal & Hecla..27S IQuincy 44
Centennial .... 1 (Superior 3
Cp Rge Con Co 44 Sup & Bos Min 1
E Butte Cp Mn 115(Shannon 1
Franklin 2'utah Con 2
I Royale (cop) 24" (Winona ....... 1
Uke Copper... 4 (Wolverine 12
Mohawk . . 57 I
Money, Silver, Etc.
NEW YORK, April ' 19. Call money,
steady: high, 8 per cent; low, 3 per
cent; ruling rate, 3 per cent: closing bid,
3 per cent; offered at 3 per cent; last
loan,- 3 per cent.
Call loans, against acceptances, 3 per
cent.
Time loans, steady; 60 days, 90 days and
six months, 4 per cent.
Prime mercantile paper, 44 per
cent.
Foreign bar silver, 70c.
Mexican dollars. 53 c
LONDON, April 19. Bar silver, 35 &
per ounce. I
Money, 2 per cent.
Discount rates, short and three months'
bills, 22 per cent.
Foreign Bonds.
Furnished by Overbeck & Cooke com
pany of Portland:
Belgian rest 5s .
do premium 5s
do 7s, 1915 ..
do 8s, 1941
do 6s, 1925 . . .
Brazil 8s. 1937 .
Chile 6s, 1932 . ..
do 7s. 1923 ...
. Bid.
.. 73
.. SO
I. .308
...107
-.103
..104
. . 88
. .101W
Asked.
76
84
109
108
104
105
88
102
British 6s, 1922 89 93
do 5s, 1927 91 94
do 5s, 1929 92 95
do vky 4s 78 54 81
do ref 4s ............... 75 78
Bordeaux 6s, 1934 89 89
Canadian 5s. 1937 98 99
do 6s, 1926 99 4 99
do 5s, 1929 lO0 101
do 5s. 1931 9S 99
do 5s. 1927 9S 99
Chinese 5a, 1951 . ......... 56 .....
Chilean Ss, 1941C 104 105
Russian currency 7 9
Denmark 8s. 1945 J 11 y. 112
Danish muni 8s. 1945 Ill 112
French 4s, 1917 59 5- 60
do 6s, 1920 84 86
do 3s, 1931 71 73
do 7s, 1941 103 104
do 8s, 1945 .,.107 107
German W L 5a 2 3
Berlin 4s 3 3
Hamburg 4s 3 3
Hamburg 4s 3 3
Leipsig 4s 3 4
Leipsig 5s ................... 4 6
Munich 4s 3 5'
Munich 5s 4 ' 5
Frankfort 4s .-. 3 4
Ite.lian 5s, 1918 4254 43
Japanese 4s. 1931 78 78
da first 4s, 1925 91 91
do second 4s, 1925 90 90
Norway 8s, 1940 112 113
Russian 5s, 1921 , 25 2S
do 5s. 1926 5 7
do 6s. 1919 28 33
Swiss 5s, 1829 101 101
do 8s, 1940 116 ITS
San Paulo 8s 105 106
U K 5s, 1922 107 107
do 5s, 1929 107 107
do 5s, 1937 10214 102
Swedish 6s, 1939 ..100 101
Standard Oil Stocks.
Standard Oil quotations furnished by
Overbeck & Cooke comipany of Portland:
Bid. Aked.
Anglo 39 19
Borne Sohrusmer . ..355 370
Buckeye 89 101
Cheesebrough - 180 193
do pfd 109 112
Continental 144 149
Crescent 33 S4
Cumberland 136 145
Eureka 10O 104
Galena eom 51 53
do old pfd 100 112
do new pfd 101 104
Illinois Pipe 177 180
Indiana Pipe ....103 106
Nafl Transit 29 30
N Y Transit 172 17
Northern Pie 105 107
Ohio Oil 283 2S9
Inter'l Pete i 2J 26
Penn Mex 28 30
Prairie Oil 580 590
Prairie Pipe 227 231
Solar Ref ..350 370
Southern Pipe . 89 101
South Penn Oil 89 90
S W Penn Oil 03 66
S O Ind 93 93
S O Kansas 550 570
S O Kentucky olO 525
BON Y 378 382
S O Ohio 425 435
S O Olhio pfd 116 119
Swtan & Finch 28 85
Vacuum 3SO 385
Washington 20 30
S O Nebraska 175 . 1S
Imperial Oil 1M 108
SO Ky. new SO 81
Foreign Exchange.
Foreign exchange rates at the close of
business yesterday, furnished by North
western National bank of Portland. The
amount quoted Is the equivalent of the
foreign unit In United States funds:
Country Foreign unit. Rate.
Austria, kronen ........9 .0003
Belgium, francs 0805
Bulgaria, leva 0080
Czecho-SIovakia, kronen .0210
Denmark, kroner 2135
England pound sterling 4.4312
Finland, finmark 0200
France, francs .0935
Germany, marks .0036
Greece, drachmas 0450
Holland, guilders 3805
Hungary, kronen- 0020
Italy, lire 0566
Jugo-Slavia, kronen .0040
Norway, kroner 1920
Portugal, escudos ................. .0858
Roumania, lei 0082
Serbia, dinara 0150
Spain, pesetas 1565
Sweden, kroner 2603
Switzerland, francs 1952
China-Hongkong, local currency.. 5550
Shanghai, taels '. 7450
Japan, yen 4800
NEW YORK. April 19. Foreign ex
change, steady. Great Britain, demand.
?4.4l; canies, . 94.41 js ; ou-aay 0111s ou
banks, J4.39. France, demand, 9.20;
Italy, demand, 5.44; cables.
um, demand, 8.o; caDles,
8.58. Germany, demand. .34: cables.
.34. Holland, demand, 37.88; cables,
37.91. Norway, demand, 18.90. Sweden,
25.90. Denmark, demand, 21.15. Switzer
land, demand, 19.44. Spain, demand. 15.56.
Greece, demand, 4.50. Poland, demand,
.02. Czeclio-Slovakia, demand. 2.01. Ar
gentine, demand, ' 85.75. Brazil, demand,
13.87. Montreal, 97.
Government Bonds.
N03W YORK, April 19. Government
bonds closed:. -
U S 2s, reg. ..'lBS'iinJ S cv 4s. enn 105
do couipon.. 103Pan 3s. reg... 83
TJ S 4s. reg... 105 I do coupon. .. 82
EUROPE'S CROP IMPROVED
GRAIN GROWTH SHOWS PROG
RESS IX MARCH.
.101
10 I cables, 9.31. I
20 5.45H. Belgi
Bill
Drain Slls Water Bonds.
R OS ETBJ RG, Qr.. ApHl 19. (Special.)
Bonds have been issued by the City of
Drain and the money received from their
Bale will be used- for the purchase of the
Drain water plant. The bonds were issued
in the sum of $18,000 and were sold to
the firm of Rice & Rice, local bond buyers.
Spot Coffee Firm.
NEW YORK, April 19. There were re
actions in the market for coffee futures
today. Brazilian cables were considered
somewhat disappointing "while develop
ments at the Genoa conference have been
regarded In some quarters as modifying
optimism over the prospects for European
demand. The close showed a net decline
of 7 to 16 points. Sales were estimated
at about 63,000 bags. May, 10.2oc; July,
10.02c; September, 9.73c; October, 9.70c;
December, 8.62c; January, 9.65c; March,
9.62c.
Spot coffee, firm ; Rio 7s, 11 11 c ;
Santos 4s, 1515Kc.
Cotton Market.
NEW YORK, April 19. Cotton, spot,
qnfet: middling, 18.1Qc. -
Condition In Germany and Nether
lands Alone Reported to Be Un
satisfactory for Month, .
(Copyright by the Public Ledger Company.
Published by Arrangement.)
WASHINGTON, D. C, April 19. (Spe
cial.) The winter grain crop of Europe,
with the exception of Germany and The
Netherlands, made favorable progress last
month, a cablegram to the department of
commerce here states.
The February thaw in Germany left
the ground exposed to further frosts, with
injury to wheat and rye sowings. It is
feared that the great shortage of farm
labor, due to the keen demand for factory
hands, will reduce the expected expan
sion in sugar beet cultivation this spring
and will lessen the ability of the country
to re-enter the sugar export trade on a
broad scale.
The Italian wheat harvest can be no
more than fair, as the crop had a poor
start. The official estimate of winter
whea in Rumania shows an increase of
S00.000 acres, but still 800,000 acres below
last year.
Great confusion was caused in Germany
by the new collapse of the mark, a cable
gram from Berlin reports. The continued
rise in price levels further accentuates the
discrepancy between capitalization ana
turnover and causes money to become
more and more tight. Capital increases
are noted, however, comparing favorably
to those of the month preceding. The
chief industries report brisk business for
March, the domestic market being much
more active than the export. N
Cotton mills at Lodz, Poland, are
oneratfn at full capacity, it is reported.
The largest of the mills there reports 40
per cent of its February output was expert
business.
In contrast to weakened, conditions
which prevailed- for several months, the
Hungarian textile markets have recently
strengthened, prices advancing and demand
increasing, particularly for Italian cotton
goods.
The department has been informed that
the Chinese tussah silk crop, which has
been four months late in coming to mar
ket, is a poor one. There were plenty of
cocoons, but the yield will not be larger
than 22,000 bales, the same as last year s
production.
CENTBAL OfiEGON CO. BONDS SOLD
Portland Concern Buys $180,000 Irrigation
Securities at 93.
REDMOND, Or, April 19. (Special.)
The Central Oregon Irrigation company
sold its borfds of $180,000 yesterday to the
O. E. Miller company of Portland at 93,
the highest price ever paid in this part
of the state for irrigation bonds. Mr.
Miller, who has been here for the last
month, thoroughly investigated this vast
irrigation project and country and realized
the wealth and future of the country.
The Clark -Kendall company of Portland
was the next highest bidder at 91.1. C. E.
Baar of Baar & 'Cunningham Will be re
tained as chief engineer. A temporary
financing plan is under way and may be
worked out so as not to interrupt imme
diate starting of work. The supreme court
has 90 days to pass on the project. Flume
work to cost $75,000 is to be done. The
project takes in all land surrounding Red
mond. A number of property owners were
present at the meeting and were greatly
pleased. The sale of bonds was held at
the district's office in Redmond.
The- district comprises 50.0O0 acres
around Ben, Deschutes and Redmond. Of
thlli district 40,000 acres are now under
cultivation. The district has been under
Irrigation for the last 15 years and is
highly productive. The land has an esti
mated value of $4,500,000 and there la no
previous indebtedness against it.
"The Central Oregon Irrigation district
bonds are perhaps the best of any that
we have purchased," said Mr. Miller.
"The district Is in a horseshoe shape and
is irrigated by water from the Deschutes
river."
Several other Portland nouses bid for
the bonds.
SAX FRANCISCO PRODUCE MARKET
Prices Current on Vegetables, Fresh Fruits.
Etc.. at Bay City. .
SAN FRANCISCO, April 19. (State Di
vision of Markets.) Poultry Broilers, a J
48c; young roosters, 2.7 40c : old do, IS
20c; hens, 223c; ducks, 2628c; live
turkeys, 32 35c; dressed do, 3&44c per
pound.
Fruit Apples, 3 to 4-tier, $1.503.50
per box; oranges $5..2'7.25 per box; lem
ons, $46.75 per box; grapefruit, $3.50
(g4.50 per box; strawberries, 33.50 per
crate; loquats, 152Oc per pound.
Vegetables Artichokes, $912 per large
crate; asparagus, 8314c per pound; beans,
2025c per pound; ' carrots, $11.50 per
sack ; celery, $2 4 per crate ; cucumbers,
$1.732.50 per dozen; lettuce, 75c $ 2.50
per crate; mushrooms, 20c$l per pound;
olivea, 8 10c per pound ; peas, 6 L2 y c
per pound; potatoes, $1.902.70 per sack;
new potatoes, 7 10c per pound; rhubarb,
3 5c per pound; summer squash, $3 3.50
per crate; Hubbard do, 68c per pound;
spinach, 2 4c per pound; turnips, $1,25
1.54) per sack.
Receipts Flour, 17.055 quarter sacks;
barley, 809 centals; potatoes, 3182 sacks;
onions, 73 sacks; hay, 140 tons; hides, 730.
Metal Market.
NEW YORK, April 19. Copper, steady;
electrolytic, spot and nearby, 12 c, later,
12" 13c.
Tin, easier; spot and futures, 30.75c
Iron, firm; No. 1 northern, $2325; No.
2 do, $2224; No. 2 southern, $16.50g17.
Lead, firm; spot, 5 5,25c.
Zinc, steady; East St. Louis, spot, So.
Antimony, spot, g.!2c.
Interest and Principal
Payable in U. S. Gold Coin
$25,000,000
PROVINCE of ONTARIO
30-Year Non-Callable 5 Gold Bonds
Dated April 1, 1922. . Due April 1, 1932
Denomination, $1000
These bonds constitute a direct obligation
on the Province of Ontario. The assessed
value of all taxable property in the Prov
ince is more than two billion dollars.
Ontario is the wealthiest of all the Cana
dian provinces and contains one-third of
the total population of Canada.
Price 99.25 and Interest to Yield More Than 5
PROVINCIAL BONDS
Duo Yield
British Columbia 6s 1923 6.007o
British Columbia 6s 1925 E.90
British Columbia 5s 1925 5.90
Saskatchewan 6s 1924 6.90
CANADIAN CITIES
Greater Winnipeg Water 5s 1923 6.00
Greater Winnipeg Water 6s 1923-24-30 6.00
Burnaby, B. C, 6s. 1924 6.25
Greater Vancouver 5s 1923 6.50
IjIJMBEJRMENS
' Broadway at Oak
Municipal Bonds
129 V 5. 1324
29
J4X
34
13 vf,
38
71
19H
23 Vj
-'9
Id
34 TJ
IS",
70 H
24
HERRIN & RHODES, Inc.
Established 1896.
STOCKS, BONDS,
COTTON, GRAIN
Correspondent! K. P. HUTTOX CO, N. T
Members ftll leading; exchanges.
Babeon's Servica on .File.
Bdwr. trii. 01 ttaiiwa Kxclisac Bld
i!
The Last of Seven Per Cent
OR
EGON
County Bonds
We offer subject to confirmation the following general ob
ligation bonds :
V50.000
1,000
17,600
Jucbaon Co., Ore Road 5a . .
Lane County, Ore. Road fm.
Wallowst Co, Ore., Itoaa 5H
.H.(M
mio.ooo
94,000
20,000 Union Co., Ore, Road 5Vi
910.000
96,000
94,000
10,000 Union Co., Ore, Road 5Via
95.0O0
93,000
Marlon Co. Ore. Road 5H-
Yamklll Co. Ore. SV4a
Malheur Co., Ore. 3Va
Statnrlty
.. 1-1-37
.. S-1-3S
4.0O0
2.50O
12,000
. 3-1-3 .
. 3-1 -7
. .3-1-34
.1-1R-2
.1-15-2U
.1-15-30
. 1-1-2
. 1-1-1H
.7-15-30
. 8-1-31
.12-1-31
Prlea yield
102.66 4.75
102.78 4.7S
107.616 4 HO
1I7..I 4.WO
107.72 4.NO
102.1 S 4 SO
102.49 4.H4I
102.M1 4. Ml
102.R0 4. R0
1U.1.35 4.NO
105.07 4.75
IOS.44 4.75
105.29 4.80
the: above bonds are income tax eie.mpt.
E. H. Rollins & Sons
411 LEWIS BUILDING
Telephone Broadway 6759
PORTLAND, OREGON
aaimllll I . IKW I'II.-
mi ii 1 1 itr--- -fy
A New Issue
We offer our allotment
$15,000
Compare this list with
any bond list offered by
any bond house of this con
tinent. You will discover
that while dealers general
. ly are suffering from an
acute shortage, we are of
fering a list of the highest
grade investments excep
tional security and high
yields.
Each issue of bonds pur
chased by us is subjected to
a most rigid examination
by municipal bond experts.
This examination is so
thorough that during the
entire period of over 27
years, during which time
more than $500,000,000 of
such bonds have been sold
by Morris Brothers, no cus
tomer has ever lost one
dollar of principal or inter
est through default by any
municipality on any Muni
cipal Bond sold or offered
by us.
UNITED STATES MUNICIPAL BONDS
Exempt From Federal Income Tax
tt?Bandon, Ore., City of
tfBay City, Port of Ore
SBozeman, Montana
Buhl, Idaho
tCasper, Wyoming
Charleston, Washington
SCosmoDolis. Washington
tHarney Co.. Ore., a D. No. i...
Rate Maturity Price Tield
6 J&D 1922-31 To yield 5.75
J&J 1925-27 100.00 8.00
Jan 1923-27 To yield 7.00
F&A 1927-29 100.00 7,00
J&J 1923-27 To yield 7.00
Jan 1928-30 100.00 7.00
Mar 1922-26 100.00 7.00
F&A 1932-42 To yield 6.75
Feb 1926-30 100.00 7.00
Mar 1928-33 100.00 7.00
M&N 1946-52 To yield 4.70
6
6
7
6
7
7
6
Harrison. Idaho 7
tHoquiam, Washington 7
Jackson Count y, Oregon 5
Lava Springs, Idaho, Water... 6
JMontesano, Washington 7
tPost Falls, Idaho, Water 6
Port Orchard, Washington. . . 7
Prineville, Oregon 6
Benton, Washington, Sanitary. 8
Rexburg, Idaho 7
tlRoundUD. Montana 6
san Bruno, uainornia i jatj 1923
Shoshone Co., Ida., Hwy. Dist. 6 J&J 1930
Soda Springs. Idaho.. . 7 F&A 1927-29
JToppenish, Washington 7 June 1928-33
J&J 1931-41
Mar 1922-32
J&J 1932-42
Aug 1923-30
A&O 1927
Sept 1923-30
J&J 1925-30
100.0 6.00
100.00 7.00
100.00 6.00
100.00 7.00
96.00 6.40
100.00 8.00
100.00 7.00
Jan 1923-27 To yield 7.00
100.00 7.U0
100.00 6.00
100.00 7.00
100.00 7.00
CANADIAN MUNICIPAL BONDS
fCalgary, City of
Edmonton, City of
Edmonton, City of
Edmonton, City 01 6
Lethbridge, City of 5
Moose. Jaw. City of .....6V4
Resrina, City "of 66
T&aSKatoon. scnool .......
Saskatoon, City of......
Saskatoon, City of
TPort of Coquitlam, B. C
Town of Yorkton, Sask..
,. 7
..5
.. 6
6
.5
. 6
. 7
. 7
J&D 192S 103.69 6.30
A&O 1929 97.00 6.00
M&S 1939 98.95 6.10
M&S 1924 97.80 7.00
F&A 1943 85.69 6.20
F&A 1927 100.42 6.40
J&J 1928 101.05 6.30
J&J 1950 , 96.71 6.23
J&J 1952 93.08 6.00
J&J 1942 98.85 6.10
J&D 1941 100.00 7.00
J&J 1926 100.69 6.80
Denotes S1000 Denomination. tDenotes $500. -JDenotea J200.
iDenotes- $100. zDenotes Fractional Bonds.
CHICAGO, MILWAUKEE
& ST. PAUL
U Trust Notes
Maturing In 1028
Interest payable J an nary 15th and
July 15th; coupon notes In denom
inations of $10O0. Call, write or
phono Main 4195 lor information or
reservations.
To Yield 5.75
G.E.MILLER
& COMPANY
2ndfW NORTHWESTERN
sSSTSSi BANK BLDG. PORTLAND ,
! PJI
Telegraph or Telephone Orders at Our Expense
MORRIS BROTHERS CORPORATION
Morris Bolldffip
Broadway 2151
PORTLAND, OREGON
.IOB-311 Stark St.
Safe Deposit Boxea
Joint Stock
Land Bank
5 Bonds
Dated Due
Nov. 1, 1919. Nor. 1, 1939.
Opt. Not. 1, 1924.
Price to Yield
5
Income Tax Exempt.
Ralph Schneelqch Co
MUNTClPJtt. AND CORPORATION TTKAKCl
Portland. Oregon
Placing the new issue of
$1,000,000.00
Cumulative First Preferred
Shares of
Northwestern Electric Co.
J. G. Tavares,
Mgr. Stock Sales
Light Power Heat
is now near in g completion.
Those to whom 7.14 (pay
able quarterly) looks attrac
tive, with regular rise in price
assured, should make imme
diate inquiry at office of the S
company, Washington at
Tenth.
WWM,MM,
NOTICE Of REDEMPTION TO
HOLDERS OK VICTORV
NOTKN A ' D OTHERS
COXCKB'VEW.
Netlee la Herebr llm aa
Followai
1. Call for redemption of 1
per cent Victory Notea. All of
these i per cent aeries of
United States of America con
vertible gold notes of 1922-1923,
otherwise known n 1 percent
Victory Notes, are hereby calid
for redemption on Juna Kth,
1922. pursuant to the provision
for redemption contained in tha
notes and the treasury depart
ment circular No. 138, dated
April 21st, 1919, under which
the notes were orlRlnalljr tnsue'i.
Interest on all Victory Notes of
the 3 per cent series will
ceasa on said redemption data,
June 15th. 1922.
2. Suspension s.nd termina
tion of Victory Note conversion
privilege, in view of tha call for
the redemption of all t per
cent Victory Notes on June loth.
1922, and pursuant to the pro
visions of said treasury depart
ment circular. No. 138. the prlvl-lea-e
of 'conversion of Victory
Notes of either series Into Vic
tory Notes of the other series is
hereby suspended fsom Febru
ary 9th, 1922, to June loth. 1922.
both Inclusive, and on June 16th,
192J. will terminate. Victory
Notes, accordingly, ceasa to ba
Interconvertible, effective Feb
ruary 8th, 1922, and on and after
that date no conversions of tha
notes may ba made.
8. Detailed information as to
the presentation and surrender
of J i per cent Victory Notes
for redemption is given in
treasury department circular.
No. 2"1. dated February th,
192J, .wo copies of which ara
avalLvla at tha treasury and
the federal reserve bank.
A. W. MEI,IXN,
Secretary of tha Treasury.
A good name
Freeman, Smith
& Camp Co.
LsHilAMUf Bid, Port LAMS)
Moonshine Securities
Cause Financial
Headaches
Buy Aged in the Wood
Bonds
UNION SAFE DEPOSIT &
TRUST CO.
281 Oak Street
Safe Deposit Boxes