Morning Oregonian. (Portland, Or.) 1861-1937, April 21, 1922, Image 23

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Morning Oregonian., April 21, 1922, Page 23, Image 23

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Newspaper Page TextI) THE 3IORXIXG OltEGONIAX, FRIDAY, APRIL 21, 1922 2.T. ARMIES ARE HEEDED TO PRODUCE Material Use of Defense Forces Held Beneficial. LOWER TAXES POSSIBLE Amn Agr Chfm 7Mm.. 1041 104 Amn Rm 1st 5a 194 7 814 Amn Tobacco 73 ........ lt)23 1023 Anaconda 6s A 1029 300 Anaconda 73 B .............. 1029 - l'3 Plan of Britisher Would Fit Sol diers for Rehabilitating Nations. BY RICHARD SPILLANK. tOpyrlfrht, 1922. by the, Public ledger Company. Published, by Arrangement.) PHILADELPHIA, April 20. (Special.) While the diplomatists and economists fathered at Genoa have been struggling with the European problem and apparently Setting mere involved, a Britisher with axperlence In the world war has laid before the league of nations a novel plan for the rehabilitation of the distressed continent. Appreciating the deep-rooted prejudice against reduction of armies as Imperiling national security, he suggests that each nation retain Its present armv If It so desires but reduce the cost of maintenance by putting troops at work en projects productive of national wealth. The traditions are all against soldiers fceing employed "to work," he admits, but the world war was an engineers' war and 80 per cent of the time of the various armies was spent on engineering construe tlon work. In the latter years of the struggle the crack regiments, even the cavalry, proved they could work Just as well as they could fight. The urgency for "winning the peace" is as great now as the winning of battles was in the war period. Technical Training Reward. In the engineer corps of each, army there Is high skill. This is not utilized in times of peace for human progress and better Jnent. The Britisher suggests that the league of nations utilize its international finance corporation to enter into contracts with each of the European states to de velop their resources, such as railways, canals, harbors, mines, forests, hydro electric enterprises and various dormant Industries, the finance corporation to issue bonds secured on the various public works and guaranteed by the states. The army engineers and the troops of the states ahouid carry out the work. It should rest with the International finance corporation to determine whether any particular project was practical from an economic viewpoint, and the corpora tion would have supervisory powers from start to finish with its own staff of eng-i. neers drawn from the best talent of Great Britain. France, the United states and thr lands. The British gentleman would reward troops through larger food allowances than they now receive, together with weekly cash bonus based on their ability. But their greatest reward, the Britisher points out, would be in fitting them for excellent Jobs when their service in the army ends. Some of them, he believes, would get a technical training of vat benefit. At present their period of army life is of lit tle value to them aside from disciplinary training. One argument he advances is that in no other way can a gigantic amount of work be done In Europe so expeditiously and economically as under this arrangement It would not be conducive to unemploy ment, but quite the contrary. For the ma terial required in many of the undertak ings heavy draft would have to be made n outside industries. which would strengthen the whole structure of business. j lie net result, tne Britisher declares. wouia oe to lower Duagets. lower taxes. Improved exchanges Increased production, transportation throughout tho continent not oniy restored to a pre-war basis, but Improved and extended, improved interior waterways ana harbor facilities and gradual return to peace and prosperity. Material Vso Suggested. . - - Finally he ventures the suggestion that theexhibltion of a material and worthy use of armies rather than a destructive and costly use of them as has been the practice for centuries would be a lesson so impressive to the world that It in nrnh. able it would lead to mutual confidence to si degree mat wunm three years the var. lous European states would do voluntarily wnat now iney nesitate to risk, that is, reouco tneir standing armies a third and probably as much again at the end of live years, mis would leave each nation with an army sufficient lor police pur poses. The author of this idea is A. I. Watts. Whether the league of nations adopts his plsn or not remains to be seen. One fact that la beyond contravention Is that di plomacy has failed utterly. Another is that if the European nations persist in maintaining huge standing armies 'they will go bankrupt. Huge armies and huge navies inevitably lead to war. Huge navies are to go. Huge armies hould go, or go to work. New York Bonds. Furnished by Herrin & Rhodes. Inc. Portland. Railroad Bonds-, Atcn gen 4s 1905 a c l 4 rrrrrrrr.1952 1!,3l B O gold 4s ijug do con 41js cv ....... .....1983 do ref fis 1995 Canada Southern 5s .......... 1SMI2 Canadian Nor 6as .......... .1941 do J 1940 Cent I'ac 1st 4s ......... 11149 Ches & Ohio cv Hi 1980 do gen 4fe. .. ...... ..lir.ij do cv 5s ................... l;)4(i do con lis ....... . 1939 C R tr Q III dlv 4s 114.) C . West ,nd 4s 11152 c & w 4s lo.-.u C M & St P 4s 1925 do cv 4a ................ 19:12 do deb 4s ......... 1934 do gen 4s A ls9 do cv 5s .. 2(114 do Iff & r 41js A 2014 Chi N w gun 4s ............. 19S; do 6'4s lli:18 do 7s 19X0 C R I t P ref 4s w.,.1934 Colo Sou rf ex 4 lis. ......... .11135 do 4s Iel & Hudson cv 5s do 89 88 i 106 V. 81 V4 82 Mi 81 Vi 98 111 112 8G b- StPi 90S 1004 90 75 62 81 71 H r & R O cv 4s....... do ref 6s .......... Erie P I. 4s do con 4a A ....... Io R do ! do Pa C G 4s Cd Trunk eij Ca .... Ot Nor 4??s ......... do 7.1 tit Trunk 6s ......... do 73 Ill Cent Jt 5s do rot 4s K C Sou rt f 5s Ke. A les M 1st OS. . I.S& M S 4s ........ 1. & V 7s do u:ii 4s M SI P i S S M 6Sl. M K & T 4s ..1929 ..1935 ..1930 ..1936 ..1955 ..1998 ..1953 ..1953 ..1953 ..19.11 . . 1 936 . .1961 . . 193-1 . . 1 9311 . . 1940 . . 1 !(!;! ..19. Cirt do N v do 0 . .1923 . .1931 . . 19.10 . . 1940 . .1946 . .1!H g.'n 4s 1975 ref is 1023 5s 1926 C deh 4s 1934 4s 19HS .2013 .1935 . 1 930 H cv 6a 1V48 193, t imp 4ViS d.'b 6s .. 11 7s X H & do N Y N O Tex & Mex X Y P L. 4s ; P Its JC P lit Nor Jt 6'js. O S L. r.-f 4s Pennii 6s Pentin gen 4 Vis .... do 44s do ?ea 7a ........ do 7s do K R 6. Rending gen 4s ..... 6 A L. 4s do 5s ., do 6s A Sou Ry con Ls ..... Eo Pac cv 4s ....... do ref 4s do sf term 4s .... ft P conv 5s St L. & S ' P L 4s A do iren 5s ....... o P L. 5s B ... -w t-en Ss ........ m adj r3 do inc 6s , Et I. & 9 W do con 4s .... do 1st 4s Tex Pac 1st 5s . I'B Pac 1st 4s . do cv 4s . do ref 4s .... do Rs Vn Tank 7s .... iVwhash 1st 5s . do 2d 5s Wert Pac 5s . . . . lmiuMruUd Allied backer, 1st 5s . . .1997 . . .204 7 ; . . 1 936 ' ...1929 . . . 1 936 . . . 1 965 . . . 1 960 . ..196S . . . 1 930 ...1936 . . .1997 ...1950 ...1941) . . .1943 ...1994 . . .1929 . . . 1 955 . . . 1 930 ,..l:i34 . . . 1 950 ...1931 ...1950 ...1931 . ..19.-.5 . . . 1 MH ...1952 . . . . 1 9S9 . . . . 20 . ...1947 1927 . . . . 21108 ....1928 . 1930 ....1939 1939 1946 8 74 't 60S 85 S 107' 101! S 81 87 91 97", 108 S 78", 60 64 50 S 50 '4 53 89 105 90 108 1113 112 6 86 Vi 88 92 93 107 91 S 102 H 81 66 Vs lt'0 96 tj 90 82 86 Vs 104 106 75 69, 85 106 10.1 92 10S 90 91 9854 107 107 S4 59 29 61IU 95 Va 91 87 82 i, 101 74 98 86-4 102 82 70 81 76 14 91 14 94 i 86 lo.'i 14 in.! i 97 , 88 8S Armour cv 7s. ............... .1930 Armour 4'4a . ........ .1939 Beaver Board 8s 1933 Bethlehem Steel 7s 1923 Bethlehem Steel eq 7s 193.1 Bethlehem Steel ref 5S 1942 Cerro de Pasco S3 1931 Chili conv 6s A 1932 Chill conv 7s 1923 Col Graph 8s 1923 Copper Exp 8s 1923 Copper Exp 8s 1924 Copper Exp 8s 1925 Colo F & I gen 5s 1943 Colo Ind 5s 1934 Cuban Amn Sug 8s 1931 Cuban Cane cv 7s ............ 1930 Distillers Securities cv 8s 1927 Diamond Match 7Ss 1935 Dupont 7s 1931 Empire Gas Fuel 6s 1924 Fisk 8s 194t Geneleral Elec deb 5s 1952 General Elec deb 6s.... 1940 Goodrich 7s .1925 Goodyear 8s ....1941 Henz 7s 1930 Hershey HJs 1930 111 Steel deb 4s 1940 Ind Steel 5s .....1952 Int Agr 5s 1932 Int Marine CT Ss 1941 Kelly Springfield 8s 1931 Kennecott 7s 1930 Lackawanna Steel 5s 3 923 Lackawanna Steel 1st 5s...... 1950 I.ibby. MsXeil Libby 7s 1931 Liggett & Myers 5s 1951 Liggett & Myers 7s 1944 Lorillard 5s 1951 Loriilard 7s 1944 Midvale 5s 1936 Morris & Co 7Vbs 1930 Procter & Gamble 7s .. 1923 Republic Iron & Steel 5s 1940 Sears Roe 7s 1922 Sears Roe 7s 1923 Steel & Tube 7s 1951 Swift & Co. 7s .....1925 Swift & Co. 7s 1931 Uni Irug 8s 1941 U S Rub 1st ref 6s 1947 U S Rub 7 Sb 1930 U S Steel sf 5s 1963 Va Chem 6s 1923 Va Car Chem 714 1932 West Eleo 5s 1922 West BTcolTr 5s 1938 West Union 6s 1936 Wilson 1st 6s .........1941 Wilson cv 6s 1928 West Elec 7s 1923 Westinghouse 7s .1931 Public Utilities Amn Lt & Tran 6s ........... .1925 Amn Tel coll 4s 1929 Amn Tell coll 5s 1946 Amn Tel 6s 1925 Bell Tell of Pa 7s 1945 B R T 5s 1945 Cal Gas uni 5s 1937 Cities Service 7s B 1906 City S-rvice 7s C 1966 City Service 7s D 1966 Con Gas cv 7s ............... .1925 In Met 4V4s 1958 Int R T ref 5s 1966 Laclede Gas 7s . .............. .1930 Mont Power 5s A 1943 Northwest Tel 7s 1941 Pac Tel 5s 1937 Pao Gas 5s 1924 Souwest Tel 7s ...............1923 Oil Bonds Anglo Amn 7s ............. .1925 Atlantic Ref 6Hf ............ .1931 Galena S Oil 7s ........... 1930 Gulf Oil 7s 1933 Humble 7s .1923 Mex Pet cv 8s 1936 Sinclair 7 Via 1923 S O Cal 7s 1931 SO NT 7s :.193t Texas Co 7s 1923 Tidewater Oil 6V4 3931 Vacuum Oil 7s . .1931) Curb Bonds Allied Packers 6s Am Tel & Tel 6s 1922 Am Tel & Tel 6s 1924 Anaconda Copper 6s........... ... CO ,s ... Anglo-Am Oil 714s Keth. steel 73 loss Copper Ex Assn 8s...... 3 924 Copper Ex Assn 83 1925 Galena Signal Oil 7s ... 10'JW . 1"V ... J1I5 tUiI tMI tO IS ... Humble Oil 7s Inter Rapid Tran 7s Libby, McN & Llb7s Sears Roe 7s 3-yr. ............ 1923 So West Tel 7s Stand Oil N T 6 4s.., 1933 Stand Oil N T 7s 19"6 Swift & Co 7s. 1925 Swift & Co 7s 1931 Texas Co 7s Notes Vacuum Oil 7s Foreign Government Bonds Argentine 2d 7s 1923 do G I 5a.............. 1945 Belgium 8s 3940 Bergen 8s 1945 Berne 8s .. .....1... .1945 Christiana 8s 1943 Copenhagen 54s ............. 1944 Danish consol 8s .1946 French Cities 6s 1934 Italy 6s A 1925 Rus ruble 5s 1926 Swedish govt 6a ........1939 U S Mex 4s J954 do ext 5s ... taAK "Uruguay ext 5s Eurico ss 1945 Foreign Government City Bonds Berlin 4s m Greater Berlin 4s ". Hamburg 4s .1 Bremen 4s I Cologne 4s a Dresden 4s Dresden 4VaS ll Dusseldorf 4s Frankfort 43 ..."I.'II Leipzig 4s Leipzig 4s ' Munich 4s Stuttgart 4s J." "" Esen 4s ................I. Bremen 4Hs I" Hamburg 4Ha !" French Internal 4s 1917 French Victory 5s 1920 Belgian Restoration 5s British 254 consols Ital Cons War Loan 6 Lei 104 S 90 'i 68 103 y, 102 96 115 89 102 40 102 102 104 87 76 104 84 47 108 106 99 107 99 107 99 115 305 102 90 101 76 7S 108 108 99 86 88 85 114 05 114 87 104 111 94 101 101 99 101 103 109 89 108 103 99 98 100 80 108 99 82 108 107 107 1 93 115 107 62 84 132 96 89 117 18 66 99 85 107 94 91 102 103 104 102 104 101 105 104 106 108 101 102 106 84 100 101 99 103 113 102 102 104 304 101 86 98 101 102 305 105 101 103 301 106 100 84 307 110 113 lit 92 112',, 88 96 5 101 58 68 . 73 112 BOND DEALINGS LARGER : ' 5IAKKET FOIXOWS UNCERTAIN COrKSE OP STOCKS. Liberties Close Generally With Gains Sew Underwritings All Find Ready Sale.. NEW YORK. April 20. Bonds followed the uneven course of the stock market to day, but dealings were large and com prehensive. The liberty series rose and fell within narrow bounds, closing for the most part at gains. internationals were irregular, Mexicans strengthening with several of tho Euro peans. Changes among domestic rails were con fusing, but higher in the main, especially for the convertible, income and refunding issues of western, southwestern and coal roads. Strength was shown by industrials and utilities, the feature of those groups including Armour and American Telephone :w onderwritings or tne nay, an whtnh found readv sale, included $30,000, nno Sinclair Crude Oil 6 per cent notes, $10,000,000 Paris - Lyons - Mediterranean bonds, $7,635,000 Chesapeake & Ohio trust .oT-fiflcatea and the &0.U0U.UUV gunneni wi- ferine- of the Holland -America line. Pros- oertive offerings Include another Xlutc tract Tnriiea flotation Today's sales, par value, aggregated 500 147 neft . Business on the stock exchange today heran with manv indications that the ses sion would establish a record in activity and breadth for three years, but opera tions slackened visibly during the inter- mediate, and final periods. Aside from United States steeL which rose to 100 iA. ita highest quotation In ex actly two years, and the new maximum ma.de bv other leaders of the industrial and railway divisions, the- session developed no snectacular features. Extreme gains of one to three points were scored by a number of shares, but these suffered partial or entire cancella tion as the day progressed and the desire to take profits became more insistent. No restrictions to the market's upward course were interposed by monetary con ditions. Further ease was evinced by local money rates and International cur rencies seemed in no serious degree dis turbed by latest aspects of the Genoa conference, including Russia's refusal to pay her war obligations. The firmness of coal shares was cited as evidence that the coal strike is becom ing less of a market influence. This was supplemented by advices from centers of steel and iron production, mostly of an encouraging tenor, Among the relatively few substantial net gains were American Locomotive, Crucible Steel. Sears-Roebuck, Mont gomery-Ward, Computing Tabulating, Western Pacific preferred and Market street railway prior preferred. United States steel closed at a small loss an most of the oils were affected by heavy selling of Texas company and Mexican petroleum. Total sales amounted to 1,435,000 shares. For the third successive day, all call loans were placed at 3 per cent. Time funds were plentiful and private loans on approved collateral were made for the shorter dates at 4 per cent, that same rate applying to good names on com. mercial paper. Sterling's reaction to the foreign situa tion was a decline of of a cent, ailied bills easing 3 to 5 points. Dutch 111 Scandinavian rates were firm to stron and central European-Quotations were not materially changed. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland: Sales. S 4 4 3 S 8 4 4 4 4 4 4 4 3 61 72 76 42 74 SAN FRANCISCO PRODUCE MARKET Prices Current on Vegetables, Fresh Fruits, Etc., at Bay City. SAN FRANCISCO. April 20. (State Di vision of Markets.) Poultry Broilers. 32 48c; young roosters, 27 40c; old do, 15 20c; hens. 2236c; ducks, 2628c: live turkeys. 3235c; dressed do, 3Uffi44c per pound. Fruit Apples. 3 to 4-tier. $1.50013 so per box: oranges. 5.257.25 per box; lem ons. $45.75 per box; grapefruit. $3.50 4.50 per box; strawberries. $3t&3.50 per crate; loquats, 1520c per pound. Vegetables Artichokes. $9 12 per large crate; asparagus, 612c per pound: beans, 20ff23c per pound; carrots, $11 30 per sack: celery, $24 per crate; cucum bers, S1.752.50 per dozen: lettuce 75,-ibi $2.25; olives, S10c per pound: peas. 6i c per pound: potatoes. S1.90f??-i 7o p sack; new potatoes, 7 12c per pound; rhu barb, 35c per pound; summer squash $33.50 per crate; Hubbard do. 68c per pound: spinach. 24c per nound- inmiT,, $1.732 per sack. Receipts Flour. 3506 quarter sacks barley, 5084 centals: potatoes. 450S sacks' onions, 108 sacks; hay, 143 tons; hides, 528; oranges and lemons, 800 boxes; live stock, 283 head. QUOTATIONS ON DAIRY PRODUCE Adams Exp... Adv Rum. . . . . do pfd Agr Chem.... do pfd Aiax Rubber.. Alaska Gold.. Alaska Jun. ... Allied Chem.. Allis-Chalm... 13.300 do pfd 2,200 Am Beet sug. Am Bosch . . . Am Can Co. . . do pfd Am Car & Fdy Am Cot Oil... Am Drug Syn Am H & L... do pfd Am Ice Am Inti Ccrp. Am Linseed 1,000 600 700 200 3,300 600 300 1,900 400 2.500 8.400 - 300 1,000 400 100 300 500 600 2,900 600 Am Loco 7,400 do pfd Am Saf Razor Am Shp & Cm Am Smelter .. do pfd Am Snuff .... Am Steel Fdy. Am Sugar .... do pfd Am Sumatra. . Am T & T... Am Tobacco. . . do "B" .... Am Wool .... Am W P pfd. Am Zinc ..... Anaconda .... Assd Oil Atchison .... do pfd At C Line... At G si W I.. 100 2,700 3,200 2,000 100 " '666 7,600 400 1.200 8,300 1,800 200 6,300 200 500 1.500 400 8,900 300 700 500 Baldwin Loco. 12,500 High. "is 60 39 67 17 1 68 50 96 41 47 49 104 163 26 6 36 69 109 46 iii" 116 8 17 58 97 "38 76 100 35 122 142 138 93 85 17 53 116 102 91 103 82 117 Low. 18 49 39 67 17 1 66 49 84 41 46 48 104 161 26 6 16 69 108 45 ii6 116 7 17 ' 58 97 '37 74 89 34 122 140 137 92 35 16 53 134 101 91 10O 31 116 Bid. 65 18 49 19 67 18 1 66 .10 86 41 45 48 104 161 25 6"4 16 69 108 45 33 116 116 17 07 97 134 38 75 98 34 4i 122 141 137 92 35 16 53 114 101 91 102 32 11674 do pfd 109 .13 83 Current Prices Rating on and Kggs. SAN FRANCISCO, April reau of Markets.) Butter- Butter, Cheese Bait & Ohio. do pfd Barnsdall Beth Steel B. B R T Butte C & Z. Butte & Sup. Burns Bros... Caddo Oil Cal Packing.. Cal Petro ... do pfd Can Pacific. . . Cen Leather.. Cer de Pasco. Chan Motor... Chi & N W... Chi Gt W.... do pfd Chili Cop .... Chino C M St P do pfd ..... Coco Cola . . . C & O Colo F & I... Colo South... Col Gas 0. (U. S. Bu Kxtras. 35 1 e : ., .--..- prune iirsut, 00c. Eggs Extras. 28c; extra firsts, 26c; extra pullets, 2.1c; extra pullet firsts, 24c; undersized pullets No. 1. 21c. Cheese California flats, fancy. 24c; do firsts, 22c; Young Americas, fancy. 23c. NEW TORK, April 20. Butter Unset tled; creamery, higher than extras, 39 40c; extras, 38&39c; firsts, 3638c Eggs Steady to firm. Cheese Unsettled. CHICAGO. April changed. Eggs LTnchanged. 20. B u 1 1 e 1 -Un- SEATTLE. Unchanged. Receipts, 21,412 case. April 20. Butter and eggs Sugar la Again Reduced. Following the 10-cent refinery drop in sugar prices an additional 10-cent Jobbers' decline was announced locally .yesterday. Cane granulated is now quoted at $6.30 per hundred pounds. NEW TORK. April 20. Raw sugar, cen trifugal, S.86c; refined, fine granulated, 3.25c to' 5.40c. SAN FRANCISCO. April 20. Hawaiian raw sugar, 3.86c. Iifornia Cotton Seed Oil Futures. Cotton seed oil futures at New York, fur nished by Herrin & Rhodes, Inc., of Port land: May. $11.35811.38: June. $11.25 11.30; July. $11. 34'u 11.35: August, $11.2MJJ11.33; September, (11.23011.26: October, $10.53 10.56: November. $9.5769.65; January, $11. 35S 11-70. Sales. 5900 barrels. Dried Fruit at New York. NEW YORK, April 20. Evaporated ap ples easy; prunes quiet; peaches steady. Cotton Market. NEW YORK. April 20. Cotton, spot, quiet; middling. 17.95c. . Duluth Linseed Market. DULUTH, Minn., April 20. Flaxseed, (2,6302.'Oh 13.000 400 13,000 9,100 15,500 600 l.OOO 1.000 100 300 1,200 100 1,500 2.400 1.300 3,900 2,700 1,000 1.200 1,800 1.100 4,600 4.000 8,200 1.500 2.200 1.200 Col Gas &SI. 900 Colum Graph. 10.000 Con Gas 194,700 Cons Cigars . . 300 do pfd Contl Can 800 Cit Serv Bkrs Corn Prod . . . 4,900 Cosden Oil ... 11,800 C R I & P 29,100 do "A" pfd. 200 do "B" pfd. 300 Crucible 2,600 do pfd 300 Cuba Cane ... 1.200 do pfd 1.500 Cub Am Sug.. 2,700 Del & Hudson. 100 Dome Mines . 2.700 Del & Lack... 1,100 Davison Ohem. 10.S00 Endicott John. 1.600 Erie do 1st pfd.. Elec Stor Bty. Famous Play.. Fed M & Sm. do pfd Fisk Tire .... Gaston Wms... Gen Cigars .. Gen Elec .... Gen Motor ... Glen Alden .. Gen Asphalt.. . Goodrich ...... Goodyear Granby ...... Gt Nor Ore . . . do pfd Greene Canan.. Gulf S Steel... Houston Oil . Hupp Motor . Ills Cent Inspiration . . . Int Agr Ccrp. do pfd Interboro do pfd Interstate Cal. Int Harv .... Int Mere Mar. do pfd Int Nickel . . . Int Paner . . . Invincible OIL. Island Oil ... Jewel Tea K C Southern. do pfd - Kelly-Spgfld.. Kennecott Keystone .... Lack Steel . Lee Ttire .... Lehigh Valley Lorillard Lowe Theaters L & N Mackay ..... Mariand Oil.. Martin & Par May Stores M ex .fel . Mianal . Mid States Oil Midvale Steel. Nat Lead .... M K & T WI-. do pfd.. UM 7,900 8.200 1.100 3,500 ' "ioo 6,800 eoo son 400 14,600 500 6,200 700 "i66 1.900 1,100 300 7,100 700 1.200 500 2.0OO 100 1.000 1.5O0 3,100 4.4IMI 4.800 800 2.SO0 2,700 800 6.500 3.400 8OO 1,300 ' E',266 36.00 5.8O0 700 400 5.500 800 3,400 200 100 SOO 400 500 16.500 1.100 8,100 5.400 1.700 10.300 SOO 49 61 51 79 23 7 28 130 .33 77 56 9.1 143 39 37 76 8 22 19 29 29 47 55 65 32 51 84 3'4 118 26 '65 ioi 41 48 5 S3 el 16 35 23 122 29 116 64 S7 13 23 174 81 "46" ' 18 76 164 12 47 64 42 42 75 -4 29 S3U S0 17 10S 41 10 39 3 , 9 6 95 20 83 17 48 19 20i 2S 49 32 19 64 34 63 152 18 117 90 2S 30 118 134 29 15 35 94 14 ai ,48 60 47 78 22 6 27 129 33 77 53 93 142 37 36 76 76 8 22 1874 2S 28 45 54 63 31 49 83 3 117 26 'si'" ios 41 46 95 83 64 87 3 6 35 22 122 26 115 61 86 13 23 172 80 "46" 17 75 163 12 46 63 41 41 75 29 81 78 16 108 40 10 39 3 9 6 85 20 82 -, 17 47 18 20 i-7 48 31 19 54 33 117 SO 27 2S 117 130 29 34 93 14 36 48 eo 50 78 22 6 27 129 33 77 56 85 142 87 36 76 75 8 22 18 28 28 45 63 64 so 49 83 3 117 26 60 64 23 103 41 47 93 82 - 64 87 16 S5 23 121 27 115 62 86 13 23 172 81 10 39 17 1 .1 162 32 46 62 43 12 26 41 75 29 82 7S 16 108 40 10 39 8 6 05 3 9 , 83 17 47 18 20 27 56 48 81 19 54 33 62 151 17 117 893 28 29 117 130 29 34 93 14 46 Mont Power.. 500 71 70 70 Mont Ward... 2.300 21 18 21 Mo Pac 2.800 24 24 24 do pfd 2,600 59 07 5S MStP&SSM 100 58 59 59 Nor. Amn 10,200 59 57 58 Nat Biscuit .. 50O 141 139 140 Nat Enamel.. 1,000 37 36 36 Nevada Con.. 1.3O0 17 17 17 New Haven. .. 22.900 24 23 23 Norfolk & W. 3.4O0 107 105 10S Nor Pac 1,800 78 77 77 Nova Scotia St 200 SI 30 29 N Y Air Brake 1,300 74 74 73 N Y Central.. 5,700 82 81 81 Okla Prod ref 900 2 2 2 Ontario Silver 200 8 7 7 Ontario & W. 700 28 27 28 Otis Steel ... SOO 15 15 la Pacific Dev... 8,400 31 30 11 Pac Gas & EI 700 70 69 69 Punta Allegro 1,700 40 39 39 Pacific Oil... 13,900 59 58 B8 Pan Amn Pet. 4,600 65 63 63 do "B" 1,200 . 5S 57 57 Penna .3.000 42 41 41 Peo Gas 1.600 88 84 85 Pere Marquett 3,700 30 29 29 Pure Oil 4.0O0 34 '4 33 33 Phillips Pete. 1,900 88 38 38 Pierce Arrow. 1.40O 22 22 22 Pierce Oil ... 2,700 9 9 8 Pitts Coal ... 500 60 60 60 Pitts & W Va 1,700 33 33 33 do pfd 1.000 85 84 : 84 Pressed Stl Cr 1.800 83 80 80 Pullman 6.500 126 124 124 Ray Cons 1,600 36 36 16 Reading 7.400 78 77 77 Repiogle Stl.. 3.100 33 83 82 Republic I S 1,300 66 55 65 do pfd 200 81 81 81 Rep Motors .. 300 7 7 6 Roy Dutch Oil 6.000 64 63 63 Ry Steel Spg. 1,100 103 101 102 Saxon Motors 200 3 3 3 Sears Roebuck 7.O0O 77 75 76 Shattuck. Ariz 1 00 9 9 9 Shell T & T.. 200 47 47 47 Sinclair 68,300 34 82 82 Stand Oil Ind 85 do N. J 1,000 179 177 177 Sloss Sheffield 100 48 43 43 Southern Pac. 6,300 1 90 91 Southern Ry.. 12.800 25 25 25 Stand Oil Cal. 3,200 108 107 107 St L & S F... 1,000 30 80 30 Strom Carb... 1.200 56 66 55 Studebaker ... 34,700 122 120 120 Swift & Co 102 Tenn Cop & C 1.200 1 2 11 11 Texas Oil..... 12,300 47 45 45 Texas Paciflo. 6,600 35 84 84 doC&O... 6.400 29 28 28 Tob Products.. 1,200 70 69 69 Tran Contl Oil 29,800 12 lt 11 Union Oil Del. 22,800 22 21 21 Union Pacific. 4,000 140 138 138 United Alloy.. 500 34 82 82 United Drug. .. 2,600 71 68 68 Unit Fd Prod. 800 4 4 4 United Fruit.. 300 144 143 143 Union B & P 64 U S C I Pipe. 2.700 37 36 36 United Ret St. 10.900 60 49 49 U S Ind Alcoh. 3.100 49 48 48 U a Rubber.. 3,900 66 65 65 do 1st pfd.. 200 103 103 103 U S Smelting. 2.200 40 39 39 U S Steel 45.600 100 98 98 do pfd .. 400 118 118 118 Utah Copper.. 1,400 67 65 66 Va Chem 200 34 34 34 do pfd ..... 74 Vanadium Steel 2,600 43 43 43 Vivandou 1,900 12 12 12 Wabash 1.500 10 8 8 do A pfd 4,900 33 82 S2 Wells Fargo..- 74 Western Pac. 800 64 61 63 Western Union 100 97 , 97 - 87 Westlngh A B 89 doE&M... 2,900 62 62 62 Western Md.. 1,900 31 11 31 White Motors. 1.200 47 47 47 Willys Overld. 2,200 8 8 8 do pfd 300 38 88 38 Wilson Pack.. .100 43 43 43 Wisconsin Cen SO Woolworth 160 Worth Pump.. 2,300 53 52 62 W & Ii B . 600 10 10 8 Whits Oil ... 3,300 30 9 10 Government Bonds. NEW YORK, April 20. Government bonds closed: U S 2s reg 103TT S cv 4s cou.I05 do coupon ..-utiles fanama s reg -m U S 4 reg....105 I do coupon .. 9ad Bid. . Uberty Bond Quotations. Liberty bond and victory note tions furnished by the Overbeds company, Portland: Open. High. Low. . 99.26 98.60 89.26 Liberty, 3s do 1st 4s . do 2d 4s . . do 1st 4s do 2d 4s do 3d 4 Us do 4th 4s. Victory 4s 99.66 99.96 99,54 99.60 99.40 99.80 99,70 99.90 90.6S 99.26 99.46 99.70 quota- & Cooke Close. 99.30 99.70 99.38 99.84 99.48 99.70 99.90 ...100.68 100.80 1 00.68 100.80 do 3s 100.04 100.O4 100.02 100.04 Swift & Co. Stocks. Closing prices of Swift & Co. stocks st Chicago were reported by the Overbeck & Cooke company of Portland as follows: Swift A Co 101 National Leather 2 do new 10 Swift. International . 20 Libby 2 Money, Silver, Etc. NEW YORK, April 20. Call money easy; high, 3 per cent: low, OV4; ruling rate, 3; closing bid, 3; offered at 3; last loan, 3; call loans against acceptances, d-s-a. Time loans easier; ou oy. w udja, 1 4 per cent; six months, 4. Prime mercantile paper, 4 per cent. Foreign bar silver, 68c. Mexican dollars. 52 c. LONDON, April 20. Bar silver, 34 d per ounce. Money, a per cent; uiuconni rates, short and three months' bills, 2 9-16 per cent. SMALL CHANGE IN RESERVE RATIO Decrease of Four-tenths Per Cent in Week Is Reported. WASHINGTON. D. C, April 20. Corn- federal reserve banks at the close or blned resources and liabilities of the 12 business April 19 were reported tonight bj the federal reserve board as follows: Resources Gold and geld certificates ( Gold set. fund F. R. board... 326,625.000 509,619,000 Total gold held by banks. .$ 836,244.000 Gold with F. R. agents z,u4,goz.uuu Gold redemption fund ...... 601,31,000 Total gold reserves $2,990,923,000 Legal tender,, notes, silver, etc 128,742,000 Total reserves $3,119,663,000 Bills discounted Secured by United States gov- ernment obligations -"'-"""" All other iai.oJb.uuu Bills bought in open market. 87,327,000 U. S. Total bills on hand $ 640,130,000 bonds ana notes ja,iii,wu II. s. certificates of indebtedness One-year certs. (Pittman act) 86,000,000 Al' other 192,057,000 Municipal warrants 102.000 Total earning assets $1,172,348,000 Bank premises I 3,44U,uiu per cent reaempnon iuuu against F. R. bank notes... 7,727.000 ncoilected Items 596,126.000 All other resources ii.tjua.twu Total resource $4,952,920,000 Liabilities Capital paid Jn $ 104,221,000 Surplus 215.398,000 es. tor Gov. rrancuise iu. ,j-ti,u'v Deposits, government di, 833, 000 Member bank reserve account 1,760,942,000 Ali other 04,uo,U00 New Issue $20,000,000 Dutch East Indies Forty -Year External Sinking Fund 6 Gold Bonds Authorized by law of December 30, 1921, passed by The Kingdom of the -Netherlands parliament and approved by the Crown Not redeemable during first ten years. To be dated March 1, 1922. To mature March 1, 1962 Interest payable March 1 .and September 1. Principal and Interest payable in United States gold coin of the present standard of weight and fineness or its equivalent at the main office of Guaranty Trust Company of New York, without deduction for any taxes, present or future, of the Netherlands or the Dutch East Indies Coupon bonds in denominations of $500 and $1000, rcgisterable as to principal only. Redeemable at the option of the Government on March 1, 1032, and on any interest date thereafter, as . a whole or in part, at par and accrued interest. Sinking: fund to retire entire issue by maturity through annual payments sufficient to redeem each year, commencing: 1933, l-30th of the amount of bonds outstanding on March 1, 1&32. These fund to be applied to retirement of bonds through purchase at not exceeding par and accrued interest or through call by lot at par and accrued interest. Guaranty Trust Company of New York, Fiscal Agents of the Loan These bonds are to be direct external obligations of the government of the Dutch East Indies and will not be redeemable during the first ten years. The Dutch East Indies is an integral part of the Kingdom of the Netherlands, the executive and much of the legislative power of the colony being vested in a governor-general and a council appinted by the home government. The colony originates budget and other fiscal mat ters subject to the control and approval of the government of the Netherlands. This issue of $20,000,000 completes the $100,000,000 loan which the Dutch East Indies was authorized to borrow by the law of December 30, 1921, passed by the parlia ment of the Kingdom of the Netherlands and approved by the crown. Price 96 and Interest To yield about 6.49 to earliest redemption date, March 1, 1932 To yield about 6.24 if held to maturity When, ab a.nd If Issued arid received by us and subject to approval of counsel. It Is expected that interim receipts will be ready for delivery on or about May 11, 1922. Guaranty Trust Company of New York Harris Trust & Savings Bank Bankers Trust Company, New York Lee. Higginson & Kidder. Peabody & Co. Co. The Union Trust Company of Pittsburg BIyth, Witter & Co. We do not guarantee the statements and figures presented herein, believe to be reliable. Anglo-California Trust Co. but they aro taken from sources which we Victoria .. Wolverine Wyanotte 1 12 SO 13 75 l''oreljcn Bonds. Furnished by Overbeck & Cooke com nanv of Portland: Mat. Belgian rest 5s do prem 5s - ; do 7Vis 1941 do 6s 1925 Chile 6s 1832 do 7s 1932 British 5s 1922 do 5s 1927 do 5s 1929 do vky 4s do ref 4s , Bordeaux 6s 1934 Canadian 5s 1937 do 5s 1926 do S6s 1929 do 5s 1931 do 5M.S 1927 Chinese 5s 1951 Chilean 8s C1941 Russ currency Denmark 8s 1945 French 4s 1917 do 5s lHU do 5s 1931 do 7A3 1941 do 8s 1945 German W L Bl Berlin 4s Hamburg: is do 4 It a Leipsig 4S Ho 53 Munich 4s do 5s - Frankfort 4s Italian 5s 1918 Jap 4s 1D31 do 1st 4s do 2d 414s 1925 Norway Ss 1940 Russian 5s 1921 do 5s IDB do 64s 1919 Swiss 53 1929 do Ss . . . .' jjhv San Paulo 8s 1921 U K 5V4s 1922 do oil ............ .1W2 do ........ . .1937 Swedish 6s 1939 Bid. 73 V, 80 10S 103 44 88 10H4 89 91 92 V. 78 4 98 99Jrf, 101 96 9S 55 hi 104 M 7 llltt 5914 84 7114 103 Vi 106 2 3 S 3 Stt 4 3V4 4 314 42 76 81 90 112 25 4 27 10114 11814 105 107- 10714 101 100 Ask. 7614 84 109 104 89 102 83 94 85 81 78 8914 89 89 10114 89 89 56 105 814 11214 6014 85 7214 103 10614 3 3 3 5 414 5 414 5 4 4314 9114 8014 113 27 6 80 101 118 106 107 10714 102 101 S. W. Penn Oil 62 65 S. O. Ind 9514 5 do Kansas 560 575 do Kentucky, new 81 82 do New York 390 8114 do Ohio 440 4.10 do pfd 117 118 Swan & Finch 28 35 Vacuum 400 405 Washington .. 20 30 S. O. Nebraska 175 185 Imperial Oil 103 14 105 Standard OU Stocks. Standard Oil quotations furnished by Total deposits .$1,852,860,000 , R. notes in actual circula tion 2,181,080,000 R. bank notes in circula tion, net liability 80.304,000 Deferred liability items 498,921,000 Al. other liabilities 17,979,000 Total liabilities $4,952,920,000 Ratio of total reserves to deposits ami federal reserve note liabilities combined .3 per cent. Minincr Stocks at Boston. Closing mining stocks at Boston, fur- ished by the Overbeck & Cooke company of Portland: Adventure Ahmeek gomah .......... ........ Uouez Arcadian Ingham Mns Balakalla . Calumet & Hecla ew Cornelia Centennial .... loooer Rangers Davis Daly ly West TCast Butte Franklin Mining Hancock Helvetia Keewanaw - ....... Kerr Lake Lake Copper La Salle Michigan Moh awk May Old Colony Mason Valley North Butte ... Nipisslng North Lake Id Dominion copper - Obljawa - umcy Alining ond Creek South Lake . Supp Boston nited Mioe jsiacame ....... do Did South Utah 8 Superior copper ........ Shattuck Trinity uopper Tuolumne ......... .... tah Metals ............ 0 S Mining do pfd Utah Apex Bid. Ask. . 80 100 . 62 63 . 20 50 , 26 27 314 3?4 . 1514 1514 . . 5 271 275 18 1814 11 12 4314 44 714 7 2 3 1114 11 2 214 3 314 S14 314 1 l'i 34 4 414 4 , 114 2 314 3 '4 5714 58', 5 5 4, 2 214 12 13 614 6 30 40 25 27 3 314 45 4514 18 181 45 46 1 1 4114 4114 26 26 8 10 314 3 814 914 214 214 65 68 26 54 27 34 4014 45 46 314 3 Overbecke & Cooke company of Portland: Bid. Ask. Anglo 19 2014 Borne Scrysmer 355 370 Buckeye 99 101 Cheesebrough 190 195 do pfd 109 112 Continental 144 148 Crescent 33 34 Cumberland 135 145 Eureka ' 99 102 Galena com. 51 53 do old pfd 109 112 do new pfd Ml 104 Illinois Pipe 178 187 Indiana Pipe 103 105 National Transit 29 30 N. Y. Transit 172 176 Northern Pipe 105 107 Ohio Oil 298 302 Inter'l Pete .- 16 17 Penn Mex 28 30 Prairie Oil 600 602 Prairie Pipe 228 231 Solar Refg 850 370 Southern Pipe : 99 101 South Penn Ol! 187 190 Foreign Exchange. NEW -YORK, April 20. Foreign ex change easier. Great Britain, demand, 14.4114; cables, J4.4114: 60-day bills on banks, $4.38. France. demand, 9.27; cables. 9.2714. Italy, demand. 8.38; cables, 5.3814. Belgium, demand, 8.5214; cables, 8.53. Germany, demand, .3414; cables, .34. Holland, demand, 37.88: caDles, 37.91. Norway, demand. 18.80. Sweden, de mand, 25.85. Denmark, demand, 21.20. Switzerland, demand, 19.46. Spain, demand, 15.53. Greece, demand, 4.52. Poland, de mand, .024. Czecho-Slovakla, demand, 2.02. Argentine, demand, 35.75. Brazil, de mand, 13.75. Montreal, 87. of nine to ton points. Sales were esti mated at about 46.0O0 bags. May, 10.34c; July. 10.17c: September, 9.c; October, 9.85c: December and January, 9.81c; March, 9.80c. Spot coffee firm; Rlos, 111114; Santo. 4s, 151514. Metal Market. Railway Earnings Decline. CHICAGO, April 20. The Illinois Cen tral railroad earned net income equal to $8.89 a share on its $109,296,000 capital stock for the year ended December 31, last. This compares with $12.41 a share in 1920. The reduction is attributed to special charges Of approximately $7,000,000 in connection with the company's accounts with the government. Coffee Future. Higher. NEW YORK, April 20. Encouraged by rather a more favorable view of European politics and reports of continued steadiness In the cost and freight market, the cof fee futures market closed at a net advnnce NEW YORK, April 20. Copper Steady; electrolytic, spot and nearby, 12c; later, 12 13c. Tin Firm; spot and nearly, 81c; fu tures, 31.12c. Iron Steady and unchanged. Lead Firm; spot, 5.10 5.35c. Zinc Steady; East St, Louis spot. Sc. Antimony Spot. 5 12o. ' Placing the new issue of $1,000,000.00 Cumulative First Preferred Shares is now nearing completion. Those to whom 7.1454 (pay able quarterly) looks attrac tive, with regular rise in price assured, should make imme diate inquiry at office of the company. Northwestern Electric Co. J. G. Tavares, Mgr. Stock Sales Washington at Tenth. American Sugar Refining Co. 6 Gold Bonds Due 1937 These bonds constitute the sole funded debt of this Company, which is the largest sugar refining Company in the world. Price Yielding About 6.00 Circular on Request The National City Company Offices in more than EO cities. , Veon Bills;., Portland. Telephone Main 6072. Before Selling Your Bond Ask for Our Kid It Will Pay You Should you wish to sell short term Bonds and in vest money in onr term Bonds, which will advance in value, our offerings and our services are at your disposal. Call, Write, or Phone MAIN" 4193 G.E. MILLER & COMPANTV 2innor Nnrnnwi STFI1N fc.iu.Tk, BANKBLDO. PORTLAND Poultrymen Attention! The largest Hatchery in the WORLD offers special low prices on S. C White Leghorn Baby Chicks, from heavy egg laying strain, during the months of May and June, 1922. We pay all express charges on ship ments for these months. THE BIHN HATCHERY, PETALUMA, CAL. Safety First It works while you sleep. Bond interest never enjoys a holiday. It never stops. Freeman, Smith & Camp Co. LUU.IRMEN. BlD.. PoMTLANB Municipal Bonds Yielding 5 to 7 Send for circulars. Atkinson-Zilka & Co. Bonds N. W. Bank Bldg. Main 700 FOR QUICK DISPOSAL mt. Yiid. Rou P!vr Water Co. Ba.lii.'tl 7 City of Band on tin Unto (r; Grants P Irrigation . . "I ::; 1 H J 5 Opal Spring Wtr Co . . 1 .' 1" KalnlT Dlst. r'nnir M;,.V:(1I H 'J?t City of fjeifl(ie Funding 6h.11MJ 4 City of Astoria us 114 u Uberty Bonds Ho light. Ralph A. Blanchard Co. V. H. BANK BI.IX1.. I'ORTI.ANU. PHONE BDWY. J7T1. CanV'Iron Out" Eminent engineers consider re siliency of prime importance and of special value in the construc tion of roads and pavements. The inability of rigid, non-resilient pavements to "iron themselves out" under terrific modern traf fic is the reason for this general belief among engineers. Resiliency is a leading quality of Warrenite-Bitulithic. HERRIN & RHODES, Inc. Est.bll.b.d 16'je. STOCKS, BONDS, COTTON, GRAIN Correspondent. E. F. HUTTON CO., W. T. Member. tl le.dln .TrHsnn. rtabon' KrrvU-e nn rll. Bdwy. tVii. KUl Kall'va, tn limn Bids. Cascara Bark HMfi, Wool, P!ti. Mnhnlr. W Art In th Mnrket. Writ for Price nd Shipping Tags PORTLAM HIIB WOOL, CO.. GKOIKJK M. SULLIVAN, Miiniticer. 1U1 Lnion At. i., J'ortlanU, Or.