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