I)
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.