Image provided by: University of Oregon Libraries; Eugene, OR
About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (April 24, 1922)
THE MORNING OREGONIAN, MONDAY, APRIL 24, 1922 17 LIBERTY BO! RISE DUES OVUMERS : Increase in Value Approxi mately Two Billions. ADVANCE IS SIGNIFICANT Investment Transactions in Week Large Coal Strike Fails to Disturb Strength of Stocks. BI MONITOR. Copyright by the Public Ledger Company. Published by Arrangement.) NEW YORK, April 23. (Special.) In vpito of several untoward incidents besides the prolongation of the coal strike, the took market last week has made a favor- Bible lmnreaslon on sentiment by the man Jier In which It has maintained Its tone and the volume of trading. The total of transactions for the full day has ranged from about 1,250,000 to more than li.uw, GO shares. Before the yea- Is out the volume Is ex pected to increase materially. There prob- ttbly will be sessions when the total will xceed 3,000,000 shares without creating trie impression of strain or excessive Bpecu tion. Such volume has been attained pre viously only twice, but times have changed Inee the day of the Northern Pacific oorner, more than 20 years ago. and the culmination of the great bull market of war days In 191B. The addition to the fllstinga on the stock exchange lays the "basis for a higher aggregate, and quite Jegltimately so. Twenty years ago mere was not an oil Mock listed on the "big board." The Standard oil shares had a market on the ourb. Now a score or more of petroleum toeues1 are actively traded in. One has only to think of the dealings in Mexican Petroleum, Royal Dutch, Pacific Oil, Sin clair, General Asphalt and others to see what the old markets missed. Twenty years ago there was no such security as an automobile stock. Today we have Btudebaker, General Motors, Chandler and many othera Today the investment department has numerous issues of foreign bonds, gov ernmental, municipal and others, which go Co swell the aggregate of transactions. These observations (seem timely in order to obviate a possible impression that "big days" on the stock exchange are likely to result more from the growth of the mar ket than from Intensive and objectionable activity in speculation. Genoa Effect Temporary. Genoa has brought only a momentary flurry in the market. The Rapallo pact may have been justified by certain political considerations, but as an economic com bination. It may prove to be a disappoint ment. In the old days, Germany was Russia's banker and industrial adminis trator. Today, however, the Teuton lacks the capital essential to Russia. This can be supplied only by the United States and Great Britain for the present- Subse quent developments at the conference have created a hopeful impression. The ground work for international economio comity has been laid. Thanks to the patience and tenacity ot the British premier. Natnrally the financial district is dis gusted over the attitude of the republi can senatorial caucus on the bonus. With a deficit of nearly 500.000.0OO in. ordinary revenues staring the country in the lace, It is hardly believed to be the time to buy a political victory at the expense of the taxpayers. The obstacles In the way of setting forth specific revenues keep the bonus question from being more of a fac tor than it is at present. The coal strike does not loom up as a disturbing Influence, chiefly because it is believedthat an adjustment of certain eco nomic features of the question, possibly a regulation of the output and distribution of coal may figure in a settlement of the problem. These phases are believed to be more vital than a mere wage adjust ment. Money Is Abundant. The money situation in several of Its aspects continues to be one of the im pelling market forces. Funds are abund ant and rates are relatively easy. The in fluence of money is reflected in the tre mendous investment markets of the week, as transactions have been large and ad vances numerous. In this connection it la inter sting to take note of the effect of the general advance in securities on the financial fortunes of the investment pub lic. From the low level of last year the prices of listed securities have risen from 10 to more than 60 points. Nearly $19. 00.000.000 of outstanding liberty bonds have added more than $2,000,000,000 to the wealth of investors through their re covery. The total increment in listed and unlisted securities, stocks and bonds as a result of the rise, bas added many billions to the investment wealth of the country. Home estimates here running as high as $25,000. 000. 0(H). This development cannot foe overlooked in .relation to its tremen dous significance and its bearing on the general business and economic position of the country. In professional circles there is a feeling that the advance In the speculative issues o prominent of late may come to a halt in the near future and leave tho market liomewhat stale. Aside from this the ftenerai view is hopeful, as many issues ni-re or less inactive continue to ffive va riety to the display of strength. CGtW4s C Ind &L, ref 5s , CM&StPcv44s ... do ref 44s CtSWTi dos Chi Rys 5s C R I & P gen 4s do ref 4s .......... C & W Ind 4s CCCiStL gen 4s . . Chile Copper 7s do 6s Colo Ind 5s Colo & Sou ref 44 s .. Cons Coal of Md 5s Cor.s Gas 7a Cuba Can 8er deb 8s . CubaRR7V4sA Cuban Am Sugar 8s .. Del & Hud cv 5s D & R G imp &s D M & Ft D 4s "Detroit Edison ref 6s. Detroit Utd Rys 4s . Diamond Match 7 $s Dl3t Securities 5s DuPt de Nemours 71rsS Dequeue Light fis ... nine gen 4s .......... do pr lien 4s ...... Fisk Rubber 8s Framer Ind Dev 7Hs. Gal Hous & Hend 5s . . Gen Elect deb 5s Goodyear Tire 8s, 1931 do 1941 G Tk of Can 7s do 6s Gt Nor 7sA do 5 sB Hud & Man ref 5sA . . do ad j lnc 5a ...... Ill Cen 64 a do ref 4s Ill Steel deb 43 Ind Steel 5s Inter Agri 5s . . Intero-Metro 4 a ... do4sctfs Inter Rap Trans ref 5s Inter Mer Mar sf 6s ... Int Paper ref 5sB .... Inv 111 8s Iowa Central ref 4s . . KCFtS&Mem6s .. K C Sou 5s Kelly Spf Id Tire Ss ... Lacka Steel fis, 1923 .. do 1950 LSAMS deb 4s. 1928 do 1931 Lehigh Val 6s . Lig & Myers 5s ...... Lorillard 5s ......... L & Nash ref Btfls ... do unified 4s ...... Market at Ry con os . Mar land Oil 8s ...... Met Pet 8s Mich Cen deb 4s Mich State Tel 1st 5a Mid vale Steel cv 5s .. Min & St L, ref 5s MStP&SSM6s . M K & T new prlien5sA do 58A ............ do It 4s Mo Pao 5s. 1923 do gen 4s ......... Mont Power 5sA ..... Morris & Co 1st u . Nat Tube 5S ........ NWT&MincBs ... NT Cen col 7' ....... do deb 6s do con 4a N Y Edison ref 6s .. NYNH&HC.6S, 1948 OO 43. 1U07 N Y Ont & w ref 4s ... N Y Rys ref 4s eft s . . N Y Tel deb 6s. 1919 . do ref 6s. 1941 N Y West 4 Broa4Hs Nor & Sou 5sA ...... Nor & West cv 6s .... do con 4s Nor Pac pr lien 4s ... do gen 3s N States Pwr ref 5sA N W Bell Tel 7s O & Cal 1st 5s Or Short L gtd Es ctfs do ref 4s Or-Wash R R & Kar 4s Otis Steel 8sA ....... Pac Gas & Blec 6s .... Pac T & Tel 5s Packard M Car 8s ... Pan-Am Pet & T 7s . : PennKR6iis do gen 5s ......... do gen 4s Pere Mar ref Bs ...... Peoria & E ine 4s .... Pierce Oil deb 8s P C C & St L 6sA Portland R L & P 5s. Prod & Ref 8s Reading gen 4s .. Rep I & Steel col 5s . . R G & W It 4s R I A & La 4 M:S St L I Mt & So ref 4s . St L & S Fran adj 6s do inc 6s do"pr lien 4sA .... St L Southwest 1st 4s. St P & K C3S Line 4 Vis S Ant & Aa Pass 1st 4s Sea Bd A Line con 6s do adj 5s do ref '4s . . . Shar Stl Hoop 8sA .. Sinclair Oil cv 7 Via .. do col 7s . SS P cv4s do ref 4s .......... do col tr4s ....... S Ry gen 6 Vis do con os do gen 4s 9 Porto Rico Sgr 7s . . Stand Oil of Cal deb 7s T & Pac 1st 5s Third Av adj 5s o ref 4s Tidewater Oil 6V ctfs Tob Pdts 7s U Pac 1st 4s do cv 4a .......... do ref 4s Uni.on Tank Car 7s . . United Drug 8s Utd Ry Inv 1st 5s Pitt U S Realty 5s USRub7Vs do 5s ............. V S Steel sf 6s Vtah P & Lt 6s Va-Carol Chem 7V6s .. do 1st 5s Virginian Ry 5s ..... Wabash 1st 5s ....... West Electric 5s West Maryland 1st 4a Western Pac 5s Western Union 6Vis .. Westinghouse Elo 7s . W & L Erie 4 V4 s .... Wick-Spcr Steel 7s .. WlI&Cosf7Va do cv 6a ....... Wis Cen gen 4s Total sales of bonds for the week, $116, 163,000. 213 513 3S3 36 40 60 12 541 52 25 140 620 89 111 154 827 94 13 47 34 13 - 17 113 bS7 47 12 94 131 457 24 31 294 67 4S 186 86 184 431 618 146 407 65 82 ISO 59 IS 244 3SS 1.178 375 33S 88 150 183 98 114 33 50 81 114 29 24 19 115 38 45 7 133 37 23 84 155 114 118 950 135 29 732 62 18 6 239 60 215 J15 188 161 107 80 351 83 238 414 18 145 25 98 78 19 141 129 104 62 343 2 114 30 90 42 60 180 8K1 53 25 7 13 2 15 182 18 48 62 139 817 445, 155 60 186 56 404 306 443 J17 1.3S6 476 167 ' 161 111 436 240 63 93 V 72V4 68 107 108 8IV2 S3 824 75 .. 81Vi 102Vi 91 73 4 89 89 117V, 86 1021s 105 Vi 97 88 54 'A 103 85 108 43 107 103 57V4 89 107 12 96 H 99 103 HOVi 112 103 109 99 Vi 85 65 V4 101 90 V4 92 Vi 101 SO 19V4 17 69 97 86 98 47 80 88 109 99 86 99 93 103 98 5 102 91 91 103 105 91 99 i 8 48 103 85 69 83 100 67 96 85 98 70 107 104 80 110 80 49 75 40 106 103 65 89 109 88 86 64 93 107 99 101 92 81 102 92 94 103 99 108 98 98 96 33 99 96 85 105 84 94 79 82 89 82 71 74 78 83 62 93 70 65 106 107 80 - 82 81 14 79 101 88 75 87 88 109 84 102 104 e 84 53 102 78 107 42 102 102 55 64 107 101 9fl 99 102 115 110 102 107 96 81 59 100 8 90 99 76 16 14 65 6 84 96 46 79 86 108 99 85 94 92 102 95 95 102 90 81 93 104 91 97 87 46 102 80 56 IKS BUSINESS OW FAST UPGRADE Feeling of Confidence in Fu ture Is Widespread. RISE IN BONDS CONTINUES Member of Logan & Bryan Declares Readjustment Period Has Led to Solid Foundation. 92 29 SS4 75 151 74 71 106 63 30 81 12 OS 67 206 226 34 137 33 21 SI 46 45 13 132 198 48 71 250 154 110 63 30 4(1 100 104 100 91 88 84 100 96 68 99 107 93 60 67 103 100 92 96 87 103 109 87 95 108 89 103 92 99 9!) 95 97 100 66 SS 108 107 66 99 104 92 80 100 65 9$ 84 99 68 106 103 82 109 72 46 73 85 104 103 48 9 107 88 85 63 92 106 98 89 81 80 102 94 102 as 107 97 90 95 82 98 95 85 104 84 '98 68 80 82 81 69 73Vi 76 81 75V4 58 26 42 99 104 99 HI 87 67 95 97 106 9A 63 65 102 97 91 93 8 103 107 87 94 107 Vi 88 91 97 98 94 96 100 65 88 107 106 66 97 JM 1 90 78 New York Bond. 1NEW vuki., April 22. following are the week's high and low prices of bonds on the New York Stock Exchange, and the weea s total sales 01 eacn bona: United States bonds Sales (in $1000) J.iberty 8s Liberty 2d 4s Liberty 1 st 4 Vis . Ltberty 2d 4 V.S J.iberty 3d 4s .. liberly 4th 4Vs . Victory 4 s .... Victory S-Vs Foreign government, ipal Argenttne7s . ,. tliinese govt Ry 5s .. City of Bergen 8s . . . lo Ss City of Bordeaux 6s .. City of t'hristiania 8s. t'.ity of Copenhagen 5s City of Lyons 6s t'lty of Marseilles 6s . Ciiy of Rio Ue Janeiro Ss City of San Psulo Ss . . 4"iiy of Tokio As ..... Ciiy of Zurich 8s ..... Danish mun Ss A .... 3 'opart nient of Seine 7s Dom. of Can. 6 notes, 1929 do 5s. 1981 Dutch E Indies 6s. 1947 do ti, 1962 French Republic Ss .. do TVia Japanese 1st 4s .... do 4s Kgdm. of Belgium 7s do 6s Ivgdm of Denmark 6s. do Italy 6 ijs do Netherlands 6s. . rio Nurivsy Ss tio Sweden 6s Farisi-l.yons-.Mediter 6s Ki'pub of Chile Ss.1946 do Cuba 5s. 1904 . . . do of Uruguay Ss . . taie of Queensland 7s do 6s Plate Rio Gr do Sul Ss Swiss Cnnfod ss UKottlBt 1 5s '22 do s. Jii-'O do 5 s. 1987 US of Brazil Ss US of Mexico 5s ..... do 4s 2.6KS 196 569 11.364 14.872 14.202 15.3H5 350 . state 85 100 5T 91 117 35 28 303 161 349 109 693 149 917 1,86 4l 748 123 830 132 445 200 12 f 50 RS ISO 1.812 97 20 32 92 110 54 107 25 t 411 679 s.-.t 443 364 Raiiway and miscellaneous bonds Adams Express 4s Ajax liubber ts Am Agr Chem 7s .. Am Cot Oil 5a Am Sbflt 5s AroSugsrOs Am T T cv 6s do col tr 5s Armour & Co 41, s ... A T & San Fe gen 4s . do ad.i 4s At Coast L 1st con 4s . Atl Refrlg s B O 6s .,. do cv 4s Hell Tel of Pa 7s Tleth Steel ref 5s .... 3traden Copper 6s ... Jk Edison gen 7D . lilt R pd Tmn 7s cts st Cal Gas & Klec 6s .... CanadNor6s ...... Can Pac deb 4s ...... Cen of Georgia fis .... 4n Leather 5s Cerro de Patsco fis .... Ches Ohio cv 5s .... docv4LrS ........ C B & J ref As A Chi at ut lu it S 62 54 53 . 151 576 :.m 203 26 133 49 13 107 632 273 44 1 21 4 0 108 OS so 723 31 20 168 240 834 6TW 86 High. Low. 99. SO 99.04 99.90 99.16 f.9S 99.60 99.76 9H.16 99.96 99.12 14)0.00 99 84 100.82 10060 100.08 100.02 and munic- 101 100 67 55 111 110 113 111 90 8S 111 110 93 92 90 88 90 88 106 104 105 103 T4 73 113 112 112 111 98 86 101 100 100 98 96 93 97 98 108 106 104 103 91 90 78 76 109 V 108 104 103 99 8S 96 96 95 94 112 1 1 ! 101 100 S3 88 10(1 104 SHI 90 106 103 109 10S 103 101 14 103', 117 113 105 106 107 107 102 101 108 107 70 67 81 57 bonds 78 76 lO0 100 104 10S 87 87 92 90 100 98 110 114 91 90 91 89 89 SS 84 S3 99 S2 104 103 99 9S 10S 107 96 96 99 98 107 106 84 78 93 94 112 110 81 79 1O0 99 97 96 113 114 91 S9 88 86 97 W 60 79 GLEE CLUB OPENS SEASON Whitman Co-Eds Give Concert in Washington Penitentiary. WHITMAN COLLEGE. Walla Walla, Wash.. April 23. (Special.) The Whitman Colleg-e Women's Glee club, composed of 24 co-eds and director, opened its 1923 season today with a concert in the Washington state, peni tentiary, while tomorrow the club leaves on a week's tour, visiting Day ton, Pomeroy, Colfax, Pullman, Mil-ton-Freewater, Or., and Walla Walla. Featuring the programme are a number of costumed pianologues by Fern Powell of Wenatchee; readings by Cora Martin, Spokane; a skit, "Mademoiselle's Mistake." bv Thelma Munselle of Milton, Or., and Eula Ledgerwood of Pomeroy; a group of costumed songs by the quartet com posed of Eula Ledgerwood, Elizabeth Jones, Wenatchee; Glrtie Kicker, Milton, Or., and Wrtha Armentrout, Spokane. ROAD SAFETY DEBATED Commissioner Williams Back From Sleeting at Olympia. SALEM, Or., April 23. (Special.) Uniform safety appliances for the protection of travelers on the state highways in the northwest was the topic discussed at a meeting of rep resentatives of the public service commissions of the states of Wash- ngton, California and Oregon held at Olympia Friday, according to Fred A. Williams, member of the Oregon com mission, who returned here today. Special consideration was given the problem of night traffic, Mr. Williams said, and a plan may be worked out whereby all railroad crossings will be provided with lights which shall remain burning from dark until day light. BOND ELECTION CALLED Canyon City to Vote on . Provision for Electric Light Plant. CANTON CITY, Or.. April 23. (Spe cial.) At a special meeting of the city council Monday a resolution was adopted and an ordinance passed pro viding for a special city election to votei on a $5000 bond issue. It is proposed to use the money thus derived to build an electric light system. " 4 The election is to ba callecron, pri mary election .day. Business throughout the entire -nation is gradually improving and a more confident feeling than has existed since the war is widespread, according to Benjamin B. Bryan of the New York firm of Logan & Bryan, dealers in stocks and bonds, who is in Portland. "A year ago I was here and at that time said that we had emerged from rock bot tom and were on the financial upgrade." said Mr. Bryan, yesterday. "What I then said has proved true. Readjustment la passed, there has been a great change tor thA better. TnoneT rates are improved ana a feeling- ot confidence is spreading rap dly. ' "With the end of the ww came also the end of the period of reckless financial ex penditures. The nation found it necessary to go through a readjustment period and to get back once more on solid ground. Thla has been accomplished and a period of normal conditions is approaching. A steady improvement will come, for busi ness men have learned to use caution and move' slowly." Mr. Bryan's firm deals in cotton and other products -of the south. "We have found conditions much better in the cotton-growing states,", he con tinned. "From the great prewar pricts the cotton market dropped to the point wt,a h nr-n-n ootild hardlv be narvesieti at a profit. The growers have taken their losses tut now an improvement in their condition seems to be at hand. "What the entire nation neeas- xoaay w a bettei foreign condition. Our problem is to get Russia and Germany duck on feet. When this is accomplished we will have opened up great fields for trade. The great financiers of the country are taking a great Interest in the Genoa con ference. What is accomplished there will mean much to this country. "I have been coming to Portland for the past SO years. I have always been a booster for the northwest and long ago stated that this section or tne unnea CI., ,nnM not- ,o hAJri HacIc. It iS comer and there is a great future ahead of all sections of the Pacific coast. "The great thing for this section is the oriental trade. China and Japan furnish a great market for the products of this country. 1 understand that much lumber from here Is now being shipped to the orient. This will be followed by the mar keting of other products with the Chinese and Japanese. The Panama canal has done much to improve conditions on the coast. I re cently made a trip from New Tork through the canai to San Francisco. There is no limit to the financial ruiure of the Pacific coast and the great northwest, Horace Greeley had a great idea and was right when he said: Go west, young man, go west." ORDERS FOR LUMBER HIIET0G1 Rush of Business Received by Northwest Mills. will be able to Mquidate at least a portion of his indebtedness. Reports from tne wheat -growing districts are encouraging'. The prospects for crops in most sections were never better. Weath er conditions have not injured the wheat and bumper crops are confidently expected. Improved conditions for the farmer will do more to strengthen the -finances of the country than any one thing. If the farmer is having his financial troubles he, is not suffering alone, but has the company of practically every manufacturer in the na tion. Prospects for good fruit crops are prom ising. In the prune and apple sections of the state reports indicate that there will be an abundance of fruit. The prices of apples do not fluctuate to any great ex tent. Prunes, however, are not so reliable. Last season was a bad one for prunes. Many of the growers of the state found their trees almost bare of the product and in some cases did not go to the extent of picking. This season promises to bring: forth a bountiful supply of prunes and the price situation probably will be more acceptable to the growers than for some time. Bond men of the entire country are ex periencing great difficulty in obtaining good municipals. Not since the war has there been snch a, decline in tne number oi good issues of this character. This scar city, according to Frank W. Camp of Free man, Smith & Camp -Co., investment bank ers, has caused the prices to advance by leaps and bounds and it is now practically impossible to et any sort of municipals on better tnan a o per cent basis. "Money Is cheaper now tnan at any time since the war,' said Mr. Camp yesterday "The result is that interest rates have de- in 1919. Many prophecies have been made whether the sudden flood of orders as to bond prices changing, but apparently wnicn started two weeks ago is a they increased much more rapidly than flurry In the market, brought about anyone anticipated. While prices have Dy 3ow etocks. or is the atartinir Of HOME BUILDING ACTIVE Stronger Demand for Lower Grades Expected When Agricultural Districts Begin to Buy. Demands for lumber continued to increase throughout the entire North west during: the past week. The coming: two weeks will determine moved upward many points, there is no in dieation yet that the advance has stopped- As a matter of fact, the evidences are to the contrary and there is every indication that prices will continue to advance a number of points before ceasing. "Only a lew days ago we were orferin good county and school bonds which were tax exempt on a 6,10 per cent basis. A few days ago an eastern concern offered 14..OO0.000 Greater Winnipeg water dis trict 30-year 5 per cent bonds on a S.10 per cent basis. If can be seen from this that when bonds of Canadian municipali ties are offered in this country to investors on such a basis and the investor -has to a permanently improved demand The reports of the West Coast Lumbermen's association issued last Wednesday showed that for the week ending- April 15, lumber production came within 4 per cent of normal and the demand ran approximately 22 per cent above production. During1 the past week conditions were virtually the same as regards orders. From all avenues of lumber trade orders have poured in and the one drag: on the market continues to be the difficulty Financial conditions throughout the United States are gradually improving, if statistics of bank clearings are to be taken aa a criterion. For the week ending April 15 the clearings of 110 cities of the country showed an increase of 16.4 per ton niwr thnno of Iftflt VfiRT. Fof lOUf SUC cessive weeks the clearings nave been greater than they were for the'same pe riods of 1!)21. In the New York federal reserve district the dealings for the week showed a gain of 28.6 per cent, thus showing a marked improvement over conditions of a year pre vious. In Chicago, while there was a gain, lt was- but slight and snowed oniy 0.1 per cent. Philadelphia showed the de cided loss of 19.2 per cent, Boston devel oped a gain of 17. per cent. Kansas City, fed largely by livestock ana agriculture. showed a loss of 20.2 per cent. In San Francisco there was a gain of 10 per cent. Pittsburg one of the chief centers for the manufacture of steel products, reported a loss of 23.6 per cent. In Detroit there was a gain of 8 per cent. The loss In Bos ton was greater than in any other district end it foil to 27.S per cent. In New Or leans there was a loss of 5.5 per cent.. Bank clearings weekly fluctuate, but they are regarded as reliable in sum marizing business prosperity. L . Continually from tne east ana otner sec tions of the nation come reports of im proving business conditions. The manu facturing districts are speeding up ana emuloying men. The problem ot unem ployment is. becoming less acute. Money is being again placed in circulation and people are starting to buy. I In the northwest there is a marked dii- ference between conditions today and those of a year ago. . Lumbering is start ing in earnest. Right now orders are coming in to manufacturers as they have at no period In two years. Demands have had a tendency to . strengthen prices and the long expected period of prosperity seems to be at' hand. The problems of the livestock men are perhaps the most perplexing of all. No class of men the west have suffered more from a, financial standpoint than the sheep and cattle men. Debts at the banks have continued to increase at an alarming rate. Many have become so badly in volved that they will never be able to pay out. However, prices have advanced and the prospects for a further advance are good. The marketing of wool this fall will bring to the sheep raiser more money than he has seen in several years and he pay income tax on them prices have ad- I of fin-ding a sale for the lower'grades. vunceu iii jtLwi iii.li u uiiiig uxio yaai eigm I months. 1 nush uraerg rteceivea "II was not very long, ago when bonds Should the asrricultural dstrlcts iJ ft Urcaler y-ipnipes; water district start ordering lowers and the present "The most startling thing about the bond mand for uppers continue mills in market which was noticed here during the I tne entire northwest would run to capacity. One thing that featured the market during the past week . was the fact that a large number of orders came in to manufacturers and wholesalers by telegram. This indicated that sud- ; den demands found the retailers wth past week was the sale- of $500,000 worth of Portland water bonds. They sold at a price approximately four points higher than the prices offered the city a month ago when bids were offered, but rejected on technical grounds. A four-point in crease on a low-rate interest bond in the period of one month 4s remarkable and if considered by the investor the realization I exceedingly low stocks. They were required to place "hurry up orders to satisfy their customers. These de mands had a tendency to strengthen the market. The Atlantic coast has been buying strong during the past two weeks Many orders were placed for factory material. Improved weather condi tions in the east enabled home build ers to start work. Ketailers were un able to fill orders and the mills of the northwest were thus benefited. Business continued to improve In California and large orders were re ceived from Los Angeles, San Fran cisco and other points in the state. . Paget Sound Gets Business. The Japanese have been in the market for "squares" but a great share of their business has been placed in Puget sound. However, will come that we are confronting- the most unusual bond market since the war. Great preparations are belnsr made by the bankers of Portland for the annual convention of the American Institute of Hankinc, Which will be held here July 16- 22. At that time bankers and investors from all sections of the United States wll be In attendance. ' All of the clearing House banks of Portland are taking an ac tive interest In the preparations for the convention. committees have been ap pointed and are at work in an ef fort to show the visitors who are to come not only a good programme, but an" enjoyab'.e one as wen. it is estimated t-hat 5O0O vis iting bankers will be in the city. TRADE PARLEY IS FUNNED PAU-PACIFIO CONFERENCE TO portion of tho business has reached BEHElDISHOXOLim Md " ColamBla "Ver More optimism is to be found ftmnno- f Vi lum hrm Ati fit th n-Ort h- Agenda of Sessions Have Been Ac- west today that has been evidenced in a long time. The men, however, cepted by Countries That Will Send Delegations.' (Copyright by the Public Ledger Company, ruDusnea oy Arrangement.) HONOLULU, April 23. (Special.) Plans are rapidly taking shape for the are cautious and are not taking any chances until they are sure that the condition which now exists is per manent and not merely a temporary improvement. Loggers have had ttieir difficulties due to bad weather conditions. Sat- turdav if snowed in pamns on the ccmmercial conference to be held 4n Hono- hi&her leVels. Today but about 63 per lulu, beginning October 25. under the! . , . J o asnfMe. v,- t !-,..! mv. cent of the camps are operating. Some official agenda of the conference, which I camps wui De unaoie to worK udui was preparea ana approvea oy represent a- i tne snows nave meuiea irom me tives of the department of commerce, delegates to the Pacific conference in Washington, the United States chamber of commerce and other commercial or ganizations in&Paciflc countries, has een accepted by the committee representing tne Pan-Pacific union ana given official publication In the current bulletin of the union. The number of delegates will be limited to 150 and they will be selected from among the leading commercial and ii nanclal men in Pacific lands. Sir Denison Miller, director of the Commonwealth banks of Australia, will co-operate in Australia: Wallace Ale: ander, president of the San Francisco $75,000 PAYETTE, IDAHO HIGHWAY DISTRICT NO. 2 6 GOLD BONDS TO YIELD 5.25 Bonds Dated January 1. 1922. Due 1942. Optional After January 1, 1932 INCOME TAX EXEMPT FINANCIAL STATEMENT Assessed Valuation $1J75,600 Real Value 526,800 Total Bonded Debt, Including This Issue 150,000 ESTIMATED POPULATION 1500 These bonds are a general obligation of the district, which contains 18,500 acre of IRRIGATED LAND and 234.460 acres of grazing lands. The district ranks very high in the production of fruit, alfalfa, general farm products, livestock and dairy products. Under the strict Idaho law, indebtedness is limited to 1 0 of the assessed valuation, and all taxable property is pledged security for the bonds. In addition MANDATORY provision is made for payment of principal and interest out of general funds of the district in case of necessity. Price 105.55 To Yield 525 V To Optional Date and 6 Thereafter Denominations flOOO XiUMBEIZiIVTErMS IkxXS TMEANT "BANK BROADWAY AND OAK Your Assurance of Investment Safety By concentrating purchases and sales upon Municipal Bonds, this house has become the rec ognized authority in this, the highest type of security. Fur thermore, it is zealous to guard and continue an unparalleled record,- for in over 27 years of business not one customer has ever lost a dollar through de fault in interest or principal by any municipality on any Ma- nicipal Bond sold or offered by Morris Brothers. More than a HALF BILLION in bonds were sold to investors during that 27 years, and the list today is of the same carefully chosen'char-acter. DAILY METr?OROIX)GICAl, REPORT PORTLAND, April 23. Maximum ' tem perature, 60 degrees; minimum. 3ft degrees. River reading, 8 A. M 5.5 feet; change in last 24 hours. 0.3 foot rise. Total rainfall (5 P. M. to 5 P. M. ), none: total rainfall since September 1, 1921, 34.44 inches; nor mal rainfall since September 1, 39.19 inches; deficiency of rainfall since Sep tember 1, 1921, 4.75 inches. Sunrise. 5:10 A. M. ; sunset. 7:08 P. M. Total sunshine April 23. 10 hours, 59 minutes: possible sunshine. 13 hours 58 minutes. Moonrise, 3:41 A- M. ; moonset. 3:53 P. M. Barom eter (reduced to sea level) at 5 P. M.. 30.29 inches. Relative humidity at 5 A. M.. 72 per cent; at noon, 46. per cent; at f. m.. 4a per cent. THBWBATHBR. STATIONS. S S "0 I Wind. f ? 2 : : Weathett Boise Boston ... Calgary Chicago .. Denver . . -Des Mo Ine Eureka Galveston Helena .... .Tuneaut . . Kansas City. I.ns AnerelesJ. Marshfield .1 28 Medford . .. 36! Minneapolis New Orleans, Tork.. North Head. Phoenix Pocatelio Portland ... Roseburg- . . . Sacramento St Louie. . Salt Lake . -San Diego. . ., Francisco. Seattle Sitkat ..... pokane ....! Taroma Tatoosh Isd., Valdeat Walla Walla Washinirton. "Winnipeg . . .1 . . . Yakrma 1 34 Baker I 301 PB'O.OO lOjN jPt. cloudy 60 0,00 10,.W Pt. cloudy 48iO.Oo!..iK Cloudy 60 0. 001. .'SE Cloudy 2 O.OOj. .lSB Clear S6J.O0 .. NW Rain 40 64 0.00'. .ISB 52 0.00 10'N 760.00 18 E 54 0.OO1O SW l40:0.00j. .1 62 0.00112 SB 62 0.00;. ,!SW 54 o.oo;i2ixw Cloudy Cloudy .ft. cloudy Cloudy Cloudy Clear Clear 68 0.00..!NW!Clear 68.00!..(S Cloudy 78 0.001. .;SB Clear 60 0.00 16 N !Pt. cloudy 48 0.00 12.NW;Pt. cloudy w-'u.uti:.. w H-iear n:n on 60 0.OOLJN 64!0.00;10N SO O.OOi. .Isw 60 O.O010 S SW Clear Cloudy Clear Clear Cloudy 62 O.OOiW N-WfClear 62 0.001. 'SW 60 o.ooii2;sw 52 0.00 ..iW 44 0.001. . I S6I 54 0.001.. iSW .! 54 0.001. .;n v An n oiiiR a Clouy Clear Pt. cloudy Cloudy" Clear ICloudy mountains. In one camp a. Tew weeks ago there was 11 feet of snow. This made losffinff Impossible, It will re quire several weeks of warm weather to enable the logging industry to get back to normal, There has not been a period in re cent years when there was as much house building as now in th United States. Plans for the building of homes were laid aside when war was declared. War prices prevailed and it- was impossible for the average family to build. War conditions were chamber of commerce, for the Pacific followed by a period of financial de- coast of America; Herbert Hoover, in Washington; Dr. Jj. S. Rowe, director- general of the Pan-Ajnrican union for Latin America: Prince Tokukawa and Viscount Shibuzawa for Japan ; Dr. E. Moresco, vice-governor of the Dutch Bast Indies, for Java; Governor-General leon- UNITED STATES MUNICIPAL BONDS EXEMPT FROM INCOME TAX Rate. Int. Mdt. SAberdeen, Wash.. City of 7 Apr. 1827 tS'Bay City, Port of. Oregon... 6 J&J 3 92PI-57 IBellingham. Wash., City of.. 7 Nov. 1928-32 Bozeman, Mont., City of.... 6 Jan. 1923-42 SBozeman, Mont., City of.-.. 9 Jan. 1928-42 IBozeman. Mont.. City of.... 6' Jan. 193.1-42 tCasper. Wyo.. City of J&J 1924-31 tCharleston, Wash 7 Jan. 1929-34 SCosmonolis. Wash 7 Jan. 1923-27 Dayton, Orepron 6 JAD 1923 tHarney Co.. Or.. S. D. No. 4... FA A 1932-34 tHarrison, Idaho 7 Feb. 1926-30 fHoquiam. Wash 7 Mar. 1931-33 Kelso. Wash.. Water 6 A&O 1935 tKimberly, Idaho 7 M&N 1930 tLava Springs, Idaho. Water. 6 JA.I 1931-41 Malad. Idaho 7 J-I 1930 tOntario. Oregon 6 AA-V 1924 tPost Falls, Idaho. Water.... 6 J&J 1932-42 SPort Orchard, Wash 7 Auir. 1922-30 'Renton. Wash 8 Sept. 1923-30 tRidgefield. Wash 7 1932 fRoundup, Mont 6 Jan. 1929-36 Soda Springs, Idaho, Water.. 6 J&J 1930 Prlc. 102 11 100 00 3 02.4 S To vieM To ylwld To yield To vleld 102. 78 To yl.'l.I liiO.Oi To yield To vleld 10.1 37 100 00 103.0S ino.oo 10J.0H 100 00 100 00 To yield To yl.-ld 103 OH 98.60 100.00 Canadian Government and Municipal Bonds tAlberta. Province of Manitoba, Province of tManitoba, Province of ..... Medicine Hat, City of tPort of Coquitlam. B. C Prince George, B. C. Prince George, B. C. Saskatoon, City of tSaskatoon, Saskatchewan . tSaskatchewan, Province of... Victoria, City of, B. C gDenotes $100 denomination. tDenotes J500 denomination. BH J&T 4 J&D 4 JAIJ Bhi A&O 7 J&D F&A 6 F&A. 6 J&.l 6 J&J 4 J&J 64 A&O 1929 1 930 1929 14S 1941 1930 193 5 1928 19F.0 19.19 1938 f Denotes S2u0 Denotes J1000 100.00 90.40 91.38 91 02 I 00 00 95.42 M.vtio 93.1 1 ffl 71 H7.34 2.48 denomination denomination. Telegraph or Telephone Orders at Our Expense Morris Brothers Corporation Mprrla Building Broadway 2151 PORTLAND, OREGON 30n.lt Murk HI. Safe Urpo.lt Mvara presslon and through this no one ventured to do any building. Now conditions are seemingly adjusting themselves to normal, more optimism is existant, money is easier than it has been for a long period and the Nrd Wood, for the Philippines; the Chinese I building campaign has started. There munDers oi commerce, norm sn i s more home construction in Port for the great republic; and It Is expected fa j several years. In other the new prime minister at Ottawa for ? . - canaaa. oioeria aiso win we ibidiii --- -- - - . and It is expected Siam and French China I building as there is here but Ihe im- here declared that his company had all of the ties that it would need for a long period of time. Other roads, he declared, are in the same position. There has been a demand for bridge timbers from railroads and this has helped the small mills materially. will send deleg-ates. ACTION TO BE DEFERRED Remonstrators of Oregon Trunk Abandonment to Get Hearing. SALEM, Or., April 2S. (Special.) The Oregon public service commis sion today received a telegram from the interstate commerce commission at Washington indicating that the federal body will take no action with relation to the , proposed abandon ment of 29 miles of the Oregon Trunk railroad ir. Deschutes canyon until the remonstrators have been given an opportunity to be heard. In case the interstate commerce commission finally allows abandon ment of tne road involved in the ap plication the Oregon Trunk company will route its trains in central Ore gon over the tracks of the Oregon Short Lino railroad. proved condition is more or less gen eral. Demand for Lowers Expected When the crops of the agricultural districts are harvested and sold at prices improved over those of last year, there will doubtless come general demand for the lower grades of lumber. As conditions now are the manufacturer is unable to accu mulate a stock of upper grades, on account of the demand, but his yards are being filled with lowers. These will be. saved until the time comes when the agricultural districts are in a position to start building. The railroads continue to buy car materials. There is, however, no great demand for ties and this works a hardship on the little mills located off of the railroads and in the timber. J. M. Rapelje, vice-president in charge of operations of the Northern Pacific, was In Portland Saturday and while NEW CONCERNS FORMED Sheppard Investment Company Has - Capital of $100,000. SALEM, Or., April 23. (Special.) The Sheppard Investment company, with a capital stock of $100,000 and headquarters in Portland, has been incorporated by C. A. Sheppard, P. G. jcWhinney and D. W. Pindell. Arti cles for the corporation were filed : the state corpomtion department her today. The Star Electric company has been incorporated by A. E. Mullineaux, L. R. MUlineaux and C. M. Barlow. The capital stock is $2000 and head quarters will be in Portland. The Dittman Construction company, with headquarters in Portland, has filed notice of dissolution. 40' 46 0.01 16 S ...i'4S:0.00!..l. SS; 60 0.02i..ISW lClear ... S2:o.o:. JNBlClear 72 0.00 14'NWiClear 64 0.00!. .iNTW'Clear tA. M. today. P. M. report of preceding ay. FORECASTS, and vicinity Fair; westerly Portland winds. Orejron Fair; hprht to heavy frost south west and east portions early morning; mod erate westerly winas. A ashlnffton Generally fair: light frost I east portion early morning; moderate west erly winda Liquidity Do not assume that the cur rent $1,000,000.00 issue of cu mulative first preferred shares in Northwestern Electric Com pany Light, Power, Heat Fa paying 7.14 are not liquid or R readily convertible into cash until you inquire at the office of the company, Washington at Tenth. NORTHWESTERN Electric Company J. G. TAVARBS Mgr. Stock Sales Dept. Washington at Tenth . A Higher Yield! MICHELIN (Regular Size) CORDS Tield 30 more mileage than a Fabric and the cost is only a few cents more. Equip your car with Michelins no w a n d re member. Miche lins are the only good, regular size cords on the market. TIKE SALES C BURNSIDE y A. AT 13TH FOR SALE All or Part 25 Shares NORTHWESTERN ELECTRIC 7 PER CENT PREFERRED Will Sell at 96 for Cash R. N. WEBBER, P, p. Box 174 Phone your want ads to The Ore gonian. Main 7070, Automaric 560-B5. Manila Electric Co. First Refunding Mtg. 7 Gold Bonds Dated May 1, 1022 Doe May 1, 1952 Denom. $1000 Earnings of this Company -for past 12 months equaled 3.8 times amount required to pay Interest on funded debt. Ask for detail Circular Price 98.50, Yielding 7.15 Ralph SchneelochCq MUKlCIBrU. AND CORPORATION J1HANCC , iojmsermcns building Portland. Qrzjxm. Western Bond & Mortgage Co. Investment Securities United States Liberty Bond issues. State, County, City, School and foreign bonds, . also First Mortgages o. Improved city and farm, property. 1,1st' of Cnrrent Offerings on Kequest. . Ground Floor, Board of Trade Bldg., Portland, Or. Manila Electric Co. First Refunding Mortgage 7 Gold Bonds Dated May 1, 1922 Due May 1, 1942 Callable at heavy premiums. Denominations: $1000 $500 $100 BUSINESS: Company furnishes entire electric light, power and street railway service in City of Manila and its environs in the Philippine Islands, serving a popu lation in excess of 350,000. SECURITY: Total funded1 debt of company, including this issue, approximately $7,200,000; appraised value of properties $12,300,000. EARNEVGS: Net earnings have been satisfactory for a period of many years and for the twelve months ended February 28, 1922, were over 3.8 times annual interest charges on the total funded debt, including this issue. Approximately 70 of net earnings were derived from sale of electricity for power and light. EQUITY: These bonds will be followed by $6,000,000 common stock of the Manila Electric Corporation which has paid dividends regularly since 1906 and since 1911 at the present rate of 6 or more per annum. Price: 98 and interest to yield over 7.10 Clark, Kendall & Co., Inc. 295 Stark Street, Portland, Oregon HERRIN& RHODES, Inc. Established 1896. STOCKS, BONDS, COTTON, GRAIN Correspondents B. P. HDTTON CO., N. T. Membprs all ladinjr sxcnsnxea fBabson's Service on File. Bdwr. 472S. S01 Railway Exchange Bids. ACHIEVEMENT A Bank Balance built up by careful economy and self-denial will give you greater satisfaction than an equal sum secured without difficulty or exertion. The advantages of such a reserve are worth a genuine effort. We welcome accounts, small or large. The Canadian Bank of Commerce Portland Branch Fourth and Stark Streets loM. ft O'l 50 50 2'. 6.00 6 2 "i 6.:o :i 6 00 R 7r, f.'l .50 6 no 6 uO 6 00 ft :,o .oo oo . no 7 oo r,o .: 6.00 r.o -,o F.0 20 no 7S .,) 4 0 25 1 2 i