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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (April 28, 1922)
' f 25 THE MORNING OREGOXU2N, FRIDAY. APRIL 28, -1922 STOCKS WEAKENED BY GENOA EVERTS Lloyd George's Speech Ex erts Pressure on Market. DECLINES ARE ORDERLY IXcgular Dividends on Betlilcliem Steel Surprise Pessimists; Reac tion Held to Have Run Course. . ET MONITOR. Copyright l-2. by Public Ledger Com pany. Published by Arrangement.) NEW YORK, April 27. (Soecial.) Throughout most of today's session the market waa under pressure and while ir regular upcurns Interrupted the down ward tendency the movement as a wiiole was reactionary. It could be said that the market wps weak, for such decline as occurred were "orderly" to say the iast. Selling: emanated from various sources, part of it representing profits taken by those who had failed to do so higher up. Still others sold to take moderate losses for fear taat the market might run into r real break. Undoubtedly there was also the usual quota of offerings from pro fessional bears. Hwirii ncj ?h iff morn ne were sumcienuy unsettllnr. or upsetting, to check buying demand. The timid ones placed an alarm ist construction on Lloyd George's speech emphasising: the necessity of co-operation nd. regretting- tree absence of America from the conference. Altogether, the news from Genoa exerted a marked effect on sentiment. Feeling was not reassured by the comparatively firm early showing of Declined were general throughout the list and no cne of these calls for special com ment. On the other hand, there were -a iapufi PTflinnipi nf Btrentrtn repre sented by New York Air Brake, Lake .Erie & Western. American Kadiator ana -ui cago A ILastern Illinois issues. Th rhipf incidents of the day were made nnhiin after the close. Evidently the declaration of the regular dividends on Kethlehem will surprise some of the pro fessional pessimists. The sale of New Tork Central s interest in Lake Krie &. Western appears to have been consummated- at a price lower than was registered, by the preferred stock in today's market. Comment late this afternoon in finan cial circles disclosed a feeling of pro nounced hopefulness and the belief that the reaction had about run its course. This was based largely on the reported German attitude toward Lloyd George's policies at Genoa. TVppite various rumors to the contrary -which have been afloat in the street for some time, Bethlehem today declared the regular dividend on both the common and the preferred. In an interview after the meeting President Grace stated that not Withstanding the fact that dividend re quirements were not earned during the q uarter the directors felt justified in de claring the usual dividends in view of surplus earning accumulated during the past year, the deckled improvement in business as reflected in the market in crease in the volume of orders at higher prices and the strong cash position of the corporation. Kew Tork Central has sold its con trolling interests in the Lake Erie & Vestern to the Van 8wringen interests whfrh control the Nickel Plate. A. H. Harris, vice-president of the New Tork Centra!, confirmed the sale today. New Tork Central owned 59,400 shares of com mon and 59-. 300 chares of preferred, the whole being sold for $3.0O0;0OO. This pur chase by the Cleveland interests is in line with the consolidation plans outlined by William c. Ripley, which excluded the Lake Erie & Western from the New Tork Central system. It will he recalled that the Van Sweringens recently acquired con trol of the Clover Leaf. ..- New Tork Air Brake was decidedly firm tiere today and established a new high, showing a net pain of six points early in the day. The prospects of this company re said to be very bright at the present time and it is believed that the p'ants ehould be working at capacity by May 1. Oulf State Steel's report for the firpt uarter shows net operating income of $ Hifi ttJ6 and a balance after taxes, etc., of IW&IH. Traders are looking for a rather unfavorable Midvale report to be Issued within the next few days. With the rising tendency in the market as a whole apparently checked for the time being, traders are attempting to an alyze the Inherent strength of the market basis. Thfre is no inclination to look for a continuation of the me series of ex plosive advances, as it is realized that the first heavy; burst of buying has spent its force. Longs who accumulated their stock considerably below today's levels are ap parently taking profits and thits move ment mwt'be completed before a second ary movement can b expected, and it is t he basis of the secondary move that is being considered. Tespite the tremendous bond offerings over the last two months, the money mar ket still exhibits considerable resiliency. It is beMeved that bankers are supporting this market. It is considered probable that it will be allowed to lag until these new issues have been fully absorbed. Computing and Tabulating will here nfter issue reports quarterly and the state ment for the first quarter of this year is clue in the Dewr future. It ia understood that the statement should show first quar ter earnings at the rate of about $1:150 per shaie. and the stock is holding firm on the strength of this belief. Tleplogle Steel first quarter earnings mount to $J1.47. or a net of 177,576 after payments on current loans. Th Lehigh Valley for the first quarter Will show operating revenues of $17,200,538 ph against ?1 7,62. S75 last year for the same period. Operating expenses, however, show a substantial derreast and amount to but $M.:-0.5S4 against $18,514,771. Net income, for the period was $1M04.4U sgains; but $I.40!.041. The most encour aging feature of the report ts the operat ing ratio, which has dropped to S3. 2 per cent this year as against 105.1 per cent last year. The rail stocks are marking time pend ing th. interstate commerce commission rate decision. In local railroad circhs it 1 bt-lieved that total rate cuts will amount to about 0.O0O.OOO, this including a 10 per c.it cut on coal amounting to $110. 000 noo plus $55,0tK).000 whirh would be lost to the roaas through the extension of the voluntary t per cent cut on certain agri cultural products aggregating $55,000, 000 and by a '0 per cent cut on some basic building materials which would amount to about S'0,OO0.0OO. It is also expected that the wipe decision may be expected to be operative by July I. and it is the opinion of railroad men that the roads are conservative in lookinp for a de crease of atout $250,000,000 in their wage bill, which would make the rate cuts about a stand-off. The roads are asking for total wage cuts of $350,000,000, including train aerxice men. the year, with a number of departments runninjf to full capacity." This, he ex plained is equal to the normal pre-war production. CATTLE RECEIPTS ARE INCREASES G J t March Report Shows Slump In flog Slaugh tering In Vnited States. CHTCAGO, April 27. Receipts and slaughter of hogs at the 68 markets in the I'nited States decreased from February, but for eatt'e, calves and sheep, increased, ac cording to the March report of business conditions issued today by the federal re serve henk for the Seventh district. , Returns from 36 meat packing bouses in the country showed a decrease of 6.1 per cent, in average weekly sales (in dol lars) in March from those for February, the report said. At the same time 18 re tail meat markets showed an increase in total s;es for March. March production of creamery butter In the United States was larger than for February. 1922. and for March, 1921, ac- cdrdine- to the figures given. The wiscon sin cheese output and the receipts of cheese at principal Wisconsin markets for the four weeks ending March 2o, was shown to be greater than for the preceding; four week period. BANK DEPOSITS ON THE INCREASE State and National Institutions in Oregon Hold Their Own. SALEM, Or.. April 2T. (Special.) De posies in the 273 state and national banks of Oregon at the time of the call. March 10, aggregated $232,508,694.29, according to a report prepared here today by Fran B ram well, state superintendent of banks. This represents an increase of $1,226,027.07 over the deposits on December 31, 1921. Resources of banks totaled $283,927, 688. 6. a decrease of $23,983.33 since the call of February 21. 1921. Forty-seven towns are listed as having deposits aggregating $1,000,000 or more. Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by .wortn western National bank of Portland. The amount quoted is the equivalent of the foreign unit in united States funds: FEDERAL RESE LOIS DECREASED Banks Meet Needs Without Outside Assistance. BUILDING AT HIGH MARK Country, foreign unit Rate. Austria, kronen $ .00025 Belgium, francs .0855 Bulgaria, leva 0080 Czecho-Slovakia, kronen ......... .0205 Denmark,, kroner .2130 England, pound sterling . 4.4425 Finland, finmark .0210 France, francs .0928 Germany, marks .003(125 Greece, drachmas .O4o5 Holland, guilders 3815 Hungary, kronen .0020 Italy, lire 0538 Jugo-Slavia, kronen 0045 Not way. kroner .1000 Portugal, escudos 0858 Roumtnia, lei 0080 Serbia, dinara .0175 Spain, pesetas .3512 Sweden, kroner .2005 Switzerland, francs .1055 China-Hongkong, local currency .. .5625 Shanghai, taeis "H00 Japan, yen 4800 NEW TORK, April 27. Foreign exchange, easy. Great Britain, demand. $4.424, cables $4.42; tiu-day bills on banks, $4.40; France, demand, 9.92; cables, 9.22; Italy, demand, 5.321.; cables. 5.33; Belgium, demand. 8-40; cables, 8.50; Germany, de mand, 35; cables. 35; Holland, demand, 38.05; cables 38.08; Norway, demand. 18.90; Sweden, demand, 25.90; Denmark, demand, 21.20; Switzerland, demand, 19.40; Spain, demand, 15.53; Greece, demand, 4.48; Poland, demand. .02; Czecho-Slovakia, demand, 195; Argentine, demand, 36.00; Brazil, demand. 13.75; -Montreal, 9854. Standard Oil Stocks. Standard Oil quotations furnished by Overbeck Ac Cooke company -of Portland:. Bid. Asked. Anglo 2014 20 norne scrysmer doj Buckeye 97 Cheesebrough ...190 do pfd . . . 109 Continental 143 Crescent 33 Cumberland 140 Eureka 101 KTEEL DIVIDEND IS DECLARED Bethlcbem Corporation to ray Regular Quarterly Amount. N'KW TORK. April 27. rireetors of the Hethlehem Steel Corporation today de clared the regular quarterly dividend of J V. p-'l cent on both classes of the com son slock, although it was not earned. Tola action practically follows that of the directors of the V. S. Steel Corporation which failed to earn dividends on either the preferred or eomr.ion shares. The cor porations based their action on the decided improvement in business. Kugcne Grace, president of the Beth lehem corporation, declared In a statement that "notwithstanding the fact tha-t divi dend requirements were not earned dur ing the quarter, the directors felt justified In declaring the usual dividends in view of the Bin lus earnings accumulated during the past years, the decided improvements in bus..:ess as reflected in the market In crease in the volume of orders at higher prices, and the strong cash position of the corporation." "The corporation's steel production," he added, "is now on an approximately 80 per cent operating basis as compared with 40 to wO per cent during the first quarter of Galena com do old pfd , do new pfd ..... Illinois Pipe ...... Indiana Pipe N T Transit National Transit . . Northern Pipe .... Ohio Oil International Pete Penn Met Prairie Oil Prairie Pipe ...... Solar. Refining .... soutnern Pipe .... South Penn Oil ... S W Penn Oil S O Indiana S O Kansas S O Kentucky S O New Tork S O Ohio 53 109 101 185 , 95 102 . . '. 31 106 304 17 29 595 229 ... 350 101 198 62 97?4 560 809i 3i0 .400 do Did 117 Swan & Finch 30 Vacuum 400 Washington 20 S O Nebraska 195 Imperial Oil 109 370 99 195 112 147 38 150 104 55 112 104 189 102 106 32. 108 308 18 31 600 233 370 103 202 65 97 570 811i 394 480 119 35 4115 30 205 110 BCYIJfG AT BOSTOX JS IX GREATER VOLUME. Speculation Also Is on Increase. AH Low Grades Reported as Being Absorbed. Lumbering Industry Active, Em ployment Conditions Improve and Retail Sales Large. SAN FRANCISCO, April 27. Banking conditions In the 12th federal reserve dis trict continue to Improve. John Perrln, San Francisco, federal reserve agent, declared in his monthly report made public here today. "Borrowings from the Federal Reserve bank of both city and country members combined fell from $61,106,000 on March 8 to $49,025,000 on April 12, a decline of $12,081,000, or 19.7 per cent This reduc tion was accomplished at least in the case of the country member banks at a season of the year when the requirements of their customers are unusually heavy, and indi cates a growing ability on the part of these banks to meet customers' needs without se curing outside assistance. "The most striking Industrial develop ment in recent weeks is the record activity In building operations. Figures of build ing permits for March were, in point of value, the largest figures ever reported In this district, exceeding the previous record month of October, 1921, by 17.5 per cent. Compared with the month of March a year ago, this year's figures exhibit an increase of 47.9 per cent in value and 14.7 per cent in number. Indicating a period of unusual activity in construction lines during the summer and fall. Lumbering Most Active. "Among other industries of the district, lumbering is most active. Production dur ing March was approximately 90 per cent of normal, the highest percentage reported by this Industry in the past 16 months. New orders received by mills, in the four principal lumber associations weas 22.4 per cent greater than March production. "Sales of electric power for industrial purposes in February continued on the same high level as in January, primarily reflect ing the activity In lumbering and mining industries. "Agriculturally, there have been few new developments during the month. In many sections the winter season extended well into March and farm work has been de layed from two to three weeks. Demand for Labor Increased. "An increased demand for unskilled la borers, partly seasonal and partly due to greater productive activity in the district, has increased the number of men employed and all states report that the peak of un employment has apparently been passed. I "Trade at retail during the month was c.z per cent less in value than in March, 1921, bat the comparison loses much of its significance when it is remembered that Easter buying occurred in March last year and will be largely reflected in April sales this year. After making due allowance ror aeciines in retail prices or from o lO per cent over the year Derlod It is prob able that the physical' volume of business in jyiarcn, l2Z. was at least eaual to that of March, 1921. At wholesale, trade in general was dull, and did not compare favorably with 1921 figures either in value or in pnysical volume of sales. "Leblts to individual accounts in 20 prin cipal clearing house centers were only 6 per cent less tnan in Alarch, 1921. This ts ap proximately the same percentage of decline as in the wholesale and retail price indices during the year period, and if allowance be made for a smaller amount of Income tax payments In March, 1922, than in March, 1321. n wouia appear that tne volume of business represented by these debits was greater in jazz tnan in 1921." RESERVE RATIO GAINS DURING WEEK , - Increase of 1 Per Cent Is Reported by the Federal Board. Washington, April 27. Combined re sources and liabilities of the 12 federal reserve banks at the close of business April 26 were reported tonight by the federal reserve board as follows: Resources. Gold and gold certificates . 326,638,000 Gold settlement fund, federal reserve board 453,974,000 Total gold held by banks... J 780.612.000 Gold with fed. reserve agents. 2,154,510,000 Gold redemption fund 60.080.000 Total gold reserves $2,995,202,000 Legal tender notes, silver, etc. 129. 637,000 Total reserves $3,124,839,000 KillR I li n ril H Secured? by TJ. S. government obligations S 178.991.000 All other 321.106.000 Bills bought in open market.. 82,518.000 BOSTON, Mass., April 27. (Special.) The wool market has broadened this wees. Buying is in greater volume; speculation has increased. Scoured wools, mostly sec ond clips, and all grades of low wools are being absorbed. Much of this is going to the mills. Prices of low wools have risen 10 cents a scoured pound in a fortnight, half of the rise coming this week. News comes from territory wool sec tions that manufacturers and dealers are competing for the new clip. Shearinir is getting under way In eastern Oregon and shortly will be in full swing in all the territory wool sections except the colder mountain states. Quotations for the best fine wools are 30 to 32 cents to the growers, which Is considerably above the level of the early contracts. In central Utah the new clip is reported to have been well cleared ex cept the Jericho wools. It is understood that these wools are to be offered again at a sealed bid sale, May 1. In Nevada the best clips are said to have been con tracted or sold outright. In Washington and Oregon the new clip is be'ing taken largely by eastern buyers it is reported, and at much higher prices than seemed possible earlier. Growers in the Takima valley of Wash ington are taking as high as 3 to 25 cents for their best fine clips and IS to 23 cents for medium. Eastern buyers are reported to be pay ing as high as 30 cents in Oregon. The new Arizona wools are all sold in the stats and trading in them is transferred to the Boston market. It is said that the prin cipal buyers of these wools recently paid as high as $1.10 to $1.15 clean for choice Arizona. Some excited members of the trade are mentioning this as the probable standard of price for the new clip fine staple wools. Other territory wools remain exceedingly scarce here, with prices un changed. Prices of fleeces are advancing again. Ohio fine unwashed Delaine has sold al 48 cents. Other lots are held at 46 to 47 cents. Some dealers are taking 45 cents for half-blood combing, but this grade cannot be quoted above 42 to 43 cents. Thre-eighths-blood combing is quotable at 38 to 39 cents, quarter-blood combing at 36 to 37 cents and fine unwashed clothing at 38 to 39 cents. Scattering car loads of wool have been taken in Ohio lately on the basis of 35 to 36 cents for fine, 30 to 32 cents for medium and 25 cents for rejects. Some wool has been bought in Michigan, possibly for mill ac count, on the basis of 30 cents for medium and 35 cents for fine. In western New York 30 cents has been paid for medium clips. Pulled wools of desirable grades are active and strong. All foreign martlets continue strong and advancing. At a sale of East India wool in Liver pool this week prices rose 15 to 25 cents, American buyers bidding the market up on themselves. Carton Market. NEW TORK. April 27. Cotton future opened steady; May. $18.05; July. $17.73; October. $17.72; December, $17.80; Janu ary. $17.77. The cotton market closed steady at net decline of 1 to lO points. - Cotton futures closed: May. $17.99: July, $17.60: October, $17.65: December. $17.i0; January, $17. 65 ; spot quiet; middling. $18.15. Naval Stores. SAVANNAH. April 27. Turpentine, firm, 86c; sales. 3t0: receipts, 390; ship ments, 346; stock. 19. Rosin, firm: sales. 14-'t9: receipts. 1033; shirments. 797; stock. SUM. Quote: B. $4.CT4.15; D. E. $4.20i 4.2-5; F. G. H. $4.25 M.Sn. I. $4.".&4 32 : K. $4.30 4.32; M. $5 405.t0: N, $5 VG. $3.50: WW. $5.75 to ii.HU. Total bills on hand $ 882.615.000 U. S. bonds and notes 250,185,000 (J. S. Certificates of Indebtedness. One-year certificates (Pitman act) $ 84,500.000 All other '. ... 232,448,000 Municipal warrants 102.000 Total earning assets $1,149,850,000 Bank premises 39,568.000 Five per cent redemption fund against fed. res. bank notes 7.601,000 Uncollected items 519.627,000 All other resources.. 18,587,000 Total resources $4,860,072,000 Liabilities. Capital paid in $ 104,311,000 Surplus 215,398,000 Reserves for govt, franchise tax 2,308,000 Deposito. Government $ 45,194,000 Member bank reserve account 1,748,755,000 All other 39,281,000 Total deposits ; $1,833,230,000 Federal reserve notes In actual circulation 2,157,568,000 Federal reserve notes in cir culation, net liability 79,497,000 Deferred availability items.. 449,347,000 All other liabilities 18,413.000 Total liabilities $4,860,072,000 Ratio of- total reserves to deposit and federal reserve nofe liabilities combined, 78.3 per cent. Sinclair Earnings Decreased. NEW YORK, April 27. Net earnings of $10,785,312 for the year 1921. as compared with $35,580,415 in 1020, are shown in the report of the Sinclair Consolidated Oil corporation, made public today. Gross earnings for 1921, exclusive of inter-company sales and charges for transportation, were $122,529,187 In 1921 and $166,648,931 In 1920. and the Income available for sur plus and reserves at the end of last year was $5,151,556, as compared with $30,388, 217 the year before. "Notwithstanding the fact that this was one of the most disastrous years in in dustrial history," says a statement to shareholders by H. F. Sinclair,, chairman of the board, "your corporation now is in a financially stronger position than ever before. Last year's depression was utilized to prepare for this year's anticipated re covery. The tide turned several months ago. the movemenf is now quickening and there is reason to believe business wiH be spirited before the end of 1922." New Tork Furnished by Herrln Portland: Railroad bonds Atch gen 4s A C L 7s B O Gold 4s B O con 4s cv ....... B O ref 5s Canada Southern 6s .... Canadian Nor 6s .. Canadian Nor 7s ....... Cent Pac 1st 4s Chgo N West 6s Ches & Ohio cv 4s .. Ches & Ohio gen 4s . Ches &, Ohio cv 5s ...l. Ches & Ohio con 5s .... C B Q 111 dlv 4s C WW West Ind 4s . . . C O & W 4s C M St P 4s C M St P cv 4s C M & St P deb 4s C M & St'P gn 4s A .. C M St P cv os C M St P g.fcr 4s A . Chro N W gen 4s .. Chgo N W 6s Chgo N W 7s r. R 1 & P ref 4s Colo Sou,rf ex 4s Colo Sou 4s Xel & Hudson cv 5s .... Del & Hudson 7s .... D & R G ref 4s D & R O ref 5s Erie P Lis Erie con 4s A Erie B Erie D Bonds. & Rhodes, Inc., of .1995 .1930 .1948 .1933 .1995 .1962 .1946 .1940 . 1949 .1936 .1930 .1992 .1946 .1939 .1949 .1952 . 1959 .1925 .1932 .1934 .1899 .2014 .2014 .1987 .1936 .1930 .1934 .1935 .1929 .1935 .1930 .1936 .1955 .1996 .1953 .195 .1953 106 82 82 8H 97 112 1134 87 108 88 87 74 101 91 75 63 81 ?2 65 78- 74 67 85 108 106 82 88 5i 92 98 108 79 49 65 4 50 50 si a Erie Pa C G 4s ......... Gd Trunk eq 6s ..... Gt Nor 4s Gt Nor 7s Gt Trunk 6s Gt Trunk 7s ........... Ill Cent jt 5s . Ill Cen ref 4s K C Sou ref 5s Keo & es M 1st 5s ..... L, S & M S 4s L & N 7s L & N unl 4s M St P & S S M 6s... M K & T 4s M P gen 4s do 5a ............... do 5s NYC deb 4s do con 4s do ref imp 4s ...... do cv deb 6s . do coll 7s N T N H & H cv 6s ... N O Tex & Mex 5s NPPL43 N P 6s N P Gt Nor jt 6s O S L ret 4s Penna 6s do gen 4s do 4s do gen 5s do la Penna R R 6s Reading gen 4s S A L 4s do 5s do 6s A Sou Ry con 5s So Pac cv 4s do sf term 4s - do ref 4s ............ do conv 5s ... StLSFPL4sA .. St L 1 S F gen 5s StL&SFPL5sB.. St L & S F gen fis . do adj 6a .... do inc 6s St L & S W 1st 5s . . do con 4s . do 1st 4s Tex Pac 1st 5s ......... Union Pac 1st 4s do cv 4a. ............ do ref 4s do 6s Union Tank 7a Wabash 1st ts do 2d 5s ........... West Pac 5s M K St 5s Phillips Peto 7 ...... Ot!s S 8s Third Adv 3s Industrials Allied Packers 6s Am Ag Ch 7s Am Sm 1st 5s Am Toil 7s Anaconda 6s A ......... do 7s H Armour cv 7s .......... do 4s Beth Steel 7s do eq 7s rln ref 5s Cerro de Pasco 8s .... Chile conv bs A ....... Chile conv 7s Col Graph 8s ........ Copper Exp 8s do do Colo F & I gen 5s Colo Ind 5s Cuban Am Sug Ss ...... Cuban Cane cv 7s Distillers Sec cv as .... Dlam Match 7s Dupont 7s Empire Gas Fuel 6s .... FIsk 8s Gen Elec deb 5s do 6s Goodrich 7 Goodyear 8s ............ Heinz 7s Hershey 79 Ill Steel deb 4s Ind steel &s Int Agr 5a Int Marine C T 6s Kelly-Springfield 8a Kennecott is Lack Steel 5 do 1st 5s Libby McN L 7s Lig & Meyers 5s ......... do 7s Lorillard 5a ............. do 7s Midvale 5s .............. Morris & Co 7s ........ Proc & Gamble 7s ........ Republic I & S 5s ....... Sears Roe 7s Sears Roe 7s Steel & Tube 7s Swift & Co. 7s Swift & Co. 7s Uni Drug 8s TJ. S. Rub 1st ref. 5s U. S. Rub 7s U. S. Steel sf 5s Va Chem 5s Va Car Caerri 7s West Elec 5s West U T col Tr 6s ... West Union 6s Wilson 1st 6s Wilson cv 6s ........... West Elec 7s Westlnghouse 7s Public Utilities Amn Lt & Tran 6s Amn Tel coll 4s Amn Tel col fis Amn Tel 6s BRT 5s Cal Gas uni 5s Cities Service 7s B City Service 7s C City Service 7s D Con Gas cv 7s Int Met 4s Int R T ref 5s Laclede Gas 7s ........... Mont Power 5s A ........ Northwest Tel 7s Fac Tel 5s Pac Gas 5s Souwest Tel 7s .,, Oil Bonds Anglo Ammn 7a Atlantic Ref 6s Galena Oil 7s Gulf Oil 7s Humble 7s Pan Amn 7s Mex Pet cv 8s ........... Sinclair 7s SO Cal 7s SO NY 7s Texas Co 7s Tidewater Oil 6s , Foreign government bond: Argentine second 7s do G I 5s Belgium 8s Bergen 8s Berne 8s Christiania 8s Copenhagen 5- s Danish consol 8s French Cities 6s Italy 6s A Russian ruble 5s ....... Swedish government 6s.... U, S Mex 4s do ext 5s Uruguay ext 5s Zurich 8s Foreign government city Berlin 4s Greater Berlin 4s Hamburg 4s Bremen 4s Cologne 4s Dresden 4s . , do 4s ... Dusseldorf 4a Frankfort 4s Leipzig 4s do 4s Munich 4s .. Stuttgart- 4s Essen 4s Bremen 4s ... ...... Hamburg 4s French Internal 4s French Victory 5s Belgian Restoration 5s... British 2 consols Ital Cons War Loan 5.. Curb bonds Allied Packers 6s Am Tel & Tel 6s do 6s Anaconda Copper 6s do 7s Anglo-Amer Oil 7s Armour & Co 7s. ........ Bethlehem Steel 7s Galena Signal Oil 7s Gulf Oil Co 7s i Humble Oil 7s Inter Rapid Tran 7s Libby, McNeill & Libby 7s Sears-Roebuck 7s, 3-year. Southwest Tel 7s Standard Oil N T 6s... do 7s Swift & Co 7s do 7s Texas Co 7a (notes) 1951 1936 ....1961 ....1936 1936 1940 1963 1955 1950 1923 ....1931 . . . .-1930, ,...1940 ....1946 1990 1975 ....1923 1926 1934 1098 2013 193-5 1930 1943 ....1935 1997 ....2047 1936 1929 1936 . . . . 1965 1960 1968 1930 1936 1997 1950 1949 1943 1994 . . . . 1929 1950 1949 1934 1930 1931 . . . . 150 1931 . .. .1955 1960 1952 ... .1932 1989 2000 1947 1927 2008 . .. .1928 . . . . 1930 . t . 1939 1939 1946 88 106 89 109 ii 104 114 S 96 88 89 91 93 107 91 102 82 63 1O0 97 80 90 ft 88 103 106 83 70 87 106 54 106 92 107 90 96 994 108 108 85 89 26 59 96 91 83 88 91 74 103 86 103 81 69 81 77 79 95 91- 93 87 103 103 97 88 88 91 108 102 6154 , 1939 1941 1947 1923 1929 1929 , 1930 , 1939 1923 1935 1942 , 1931 1932 1923 1925 1923 1924 1925 1943 1934 1931 1930 1927 1935 , 1931 1924 1941 1952 1940 1925 1941 1930 1930 1940 1952 1932 1941 1931 1930 1923 1950 ...1931 1951 1944 1951 1944 1936 1930 .1923 1940 1922 1923 1951 .X..1925 1931 1941 1947 1930 1963 1923 1932 1922 1938 1936 1941 1928 1925 1931 ,....1925 1929 1946 1925 1945 1937 1966 1966 1966 1925 1956 1966 1930 1934 1941 ....1937 1942 l!ft5 ....1925 1931 1930 1933 1923 1930 1936 1925 1931 1931 1923 1931 1923 1045 ....1940 1945 1945 . ...W45 1944 1946 1934 1925 1926 1939 1954 1S45 '. 1945 bonds ........... .1917 .120 .1922 .1924 .1923 !l933 .1926 . 1925 .1931 104 91 102 100 103 104 91 104 102 96 114 91 102 46 102 103 10414 87 77 105 84 It 42 108 106 100 10T 99 106 100 116 104 102 82 90 79 98 108 106 99 87 98 94 114 95 114 89 105 101 M 94 100 101 100 101 103 108 89 108 102 98 99 100 97 10S .99 92 108 107 106 91 99 115 62 95 J30 97 90 115 68 67 99 96 106 96 91 102 103 104 103 104 101 100 105 104 107 108 101 102 100 86 107 .111 113 HO. 93 112 86 96 5 102 57 67 74 113 3 3 4 3 4 3 4 3 4 4 4 4 4 4 4 854 59 72 77 54 42 82 100 101 100 103 103 104 102 103 104 101 89 98 101 103 106 105 101 103 101 Foreign Bonds. Furnished by Overbeck & pany of Portland: Maturity. Belgian 7s 1945 l-o jw-o Cooke corn- Chinese 6s 1932 do 13 IHJii Bordeaux 6s 1934 Canadian 5s 1926 do 5s 192U do 5a 1931 Chinese 5s 1951 Chilean Ss C1941 Currency Denmark 88 ... . n'4 French 4s 1917 do 5s 1921 French 5s 1931 do 7s i41 do 8s 1945 German W L 5s Hamburg 4s - ... Lelpsig 4s do as ... Munich 4s ............. ... do os ... Frankfort 4a .......... ... Italian 5s 1918 Jap 4s 1931 Jap 1st 4s 1925 do -a 4s ........ iwo Norway 8s Russian 5s . do as do 6s .... riss 5 S . . . . Swiss Ss San Paulo Ss . U K 5s do 5s do 5s Swedish 6s ... ...1940 ...1921 . ..1929 .. .1919 . . .1929 ...1940 ;ril922 . . . 1929 ...1937 . . .1933 Bid. 109 104 90 302 88 99 101 99 55 105 71,4 111 60 83- - to 103 106 3 3 3 4 3 4 3 42 77 91 89 112 23 5 24 101 116 105 107 107 102 101 Ask. 109 104 91 303 88 99 101 99 55 105 8 112 61 85 73 103 106 3 4 4 5 4 5 4 43 77 91 90 112 2 6 28 101 116 106 103 102 BOND MARKET IRREGUUR ADVAXCE HALTED BY NEW IS SUES OFFERED. Dealings in Liberties Large With Closing Prices Slightly Lower. Foreign- Loans Weak. NEW TORK, April 27. Technical con ditions accounted mainly for the further irregularity shown in today's bond mar ket, the receiii. upward movement of prices halting as new Issues were being distrib uted among investors. Dealings in" liberties were large, but of ferings exceeded the demand, practically the entire series closing at nominal de clines. French governments and municipals were heaviest of the foreign group. There was no disposition to associate their relatively moderate reaction with developments in the international situation. Mexican and Brazilian issues also eased, the latter prob ably being influenced by delay in the plac ing of a new loan here. Coalers and . underlying issues of the western and southwestern roads forfeited large fractions to 1 points and profit taking contributed to the uneven tone of local utilities, but the market in general lost little of its powers of absorption. The day's new underwritmgs included $10,000,000 of Southern railway trust cer tificates and $4,500,000 of Pennsylvania public service refund bonds. 879 00o' Balea par Yalu8' aggregated $23,- Recent reactionary tendencies on the stock exchange became more accentuated today. Virtually every branch of the list figured in the extreme declines of 1 to 3 points on dealings approximating 1,450,000 shares. The coal strike, which caused a further decrease of carloadings, persistent reports of freight-rate reductions by the interstate commerce commission and the less favor able aspects in the international situation were among the day's restraining influ ences. Railroad earnings were favorable, how ever, both Norfolk & Western nd Atchison showing large March gains. Despite the substantial revival of activ ity in tne steel and iron trade, gossip in trading circles dealt with the dividend status of various prominent companies in that line of industry. Most of the steels and equipments were unoer pressure, as were also utilities, to. baccos, food specialties and numerous un classified issues. Domestic oils were com paratively steady, but Mexicans and kin dred shares sustained additional losses. Announcement of the retention of the regular dividend on Bethlehem steel com mon shares, made just before the market's close, helped to bring about a partial rally from lowest quotations. Net declines among leaders were limi-ted to a point, Studebaker losing 1. Among rails the only exceptions to the setback' were Lake Brie & Western pre- ierrea ana cmcago & M-astem Illinois, new common and preferred, these finishing at advances of 3 to 4 points. Lake Erie's extreme rise of 5 points was accompanied by reports that new interests were seeking control Trom tne flew York central. The money marekt held to its recent course, call loams being made throughout the session at 3 per cent. Time funds were more plentiful, but unchanged as to rates for either the short or long maturities. Further buying of sterling on cotton bills sustained the London quotation In the local foreign exchange market, but continental rates were irregular. Francs eased slightly, Belgian and Italian remittances hardened. German marks were firm and the Dutch quotations also were higher. Other so. called neutrals showed no material altera tion. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke comDany of Portland: - Sales. High. Low, Adams Exp... 200 65 . 65 Ad v Rum .... do Dfd Ag Chem.. 600 Ajax Rub 2,900 Alaska Gold.. 500 Alaska Juneau 5.000 Allied Chem.. 2.800 Allls-Chalmers 1,000 do pfd 200 Am Beet Sug. 60O Am Bosch ... 700 Am Can Co . . 5.000 do pfd 200 Am Car & Fdy 1,700 do pfd 300 Am Cot Oil... 400 do pfd 100 Am Drug Syn 1.400 Am H & Lea. 1.000 do pfd 1,000 Am Ice 1,300 Am Intl Corp 6,000 Am Linseed... 300 do pfd 100 Am Loco. ... 4,300 do pfd 100 Am Saf Rt-or 300 Am Sh & Com 6,300 Am Smelter.. 6,400 do pfd . . . '. . , Am Snuff 200 Am Steel Fdy 2.000 Am Sugar ' 2,200 do pfd .... 700 Am Sumatra.. 1,400 Am Tel & Tel. 3.500 Am Tobacco.-. 1,400 do "B" 2,200 Am Wool 7,000 do pfd - 100 Am W P pfd. 400 Am Zinc 1,200 Anaconda .... 3,100 Assd Oil Atchison 4,100 do pfd 400 Atl Coast Line 700 Atl Glf & W I 3.000 Baldwin Loco. 20,500 do pfd ' 100 Bait & Ohio.. 19,400 do pfd 500 Barnsdell Cor 11,200 Beth Stl "". 17,100 Booth Fish.. 1.900 B R T 6.300 Butte C & Z.. 900 Butte & Sup.. 1,000 Burns Bros... 600 Caddo Oil 600 Cal Packing.. 800 Calif Pet 2,400 do pfd , Canadian Pac 6,300 Cen Leather... 3,500 Cer de Pasco. 1.000 Chand Motor. 13,100 Chi & N W... 3,300 Ciiicago Gt W. 7,600 do pfd 1,200 Chill Cop 5,100 .Chlno 1.-100 C M St P... 3,500 ds pfd 4,000 Coco Cola 10.500 C. & 0 2,600 Colo F A I. 1.100 Colo Southern. 1,600 Colo Gas & El 1,900 Colum Graph. 13.200 Con Gas 6,200 Cons Cigars... 100 do pfd..... Contl Can 100 Cit Svs Bkra Corn Prod.... 8,000 do pfd Cosden Oil 25,200 C R I & P 13.400 do "A" pfd. 300 do "B" pfd. 500 Crucible 6,800 do pfd. 100 Cuba Cane 2,700 do pfd 1.800 Cub Amn Sug. 3,300 Del & Hudson 200 Dome Mines... 300 Dela & Lacka. 1.500 Davison Chem. 3.200 Endicott John. 800 Erie . . '. 4.600 do 1st pfd.. 4.500 Elec Stor Bat. 1.300 famous . Play. 2,000 Fel Min & Sm ., do pfd 500 Fisk Tire 8,100 Gaston Wms. . 200 Gen Cigars... 300 Gen Elec . 700 Gen Motor.... 13,000 Glen Alden... lOO Gen Asphalt.. 12.100 Goodrich 2,200 Goodyear .... Granby 200 Great Nor Ore 680 Great Nor pfd. 2,700 Greene Cana.. 200 Guf S Steel... 7,300 Houston Oil... 1.900 Hupp Motor... 3,100 Illinois Central 1.300 Inspiration .. 2,100 Int Ag Cor cm 100 do pfd 200 Interboro .... 3,600 do pfd 3.000 Interstate Cal. 3.900 Int Harv 400 Int Met Mar.. 5,900 do pfd 11.900 Int Nickel.... 5.900 Int Paper 3.400 Invincible Oil. 6,100 Island Oil 3,100 Jewel Tea.... .400 K C Southern. 4,400 K C Sou pfd-. 100 Kelly-Spgd ... 13.000 Kennecott 8.000 Keystone Tire, ju.bwu 39 17 1 . 65 50 99 , 40 45 47 104 101 116 24 65 6 ' 15 88 107 46 33 85 115 116 7 18 56 i34 38 74 101 33 122 140 135 91 106 34 18 62 i66 91 100 32 116 112 47 60 55 77 6 21 -I ' 29 133 13 78 55 140 37 36 75 74 8 22 18 28 27 43 55 64 30 50 88 5 116 21 38 17 . 1 64 49 98S 40 44 4fl 104 159 116 '24 55 5 14 68 103 43 33 55 113 116 7 17 S4 134" 38 73 100 33 121 138 134 90 106 33 17 51 '9 80 99 31 114 112 45 60 53 76 6 20 6 28 132 12 78 64 139 ' 87 36 73 8 21 18 27 26 42 54 64 30 49 85 4 113 21 Lack Steel. Lee Tire Lehigh al Lorillard T.owe Theatre. Mackay Marland Oil... Martin Per.. May Stores... Mej Peti....... 3,000 400 1.500 900 500 loo 2.500 1,000 200 34,900 , 64 IO3'" 42 45 96 82 65 87 15 34 21 3 20 26 116 60 84 14 23 169 85 ' "44 18 72 162 12 46 61 41 '27 ; 40 74 80 82 78 18 107 40 "39"" 3 . 8 7 97 23 83 18 48 18 28 49 31 21 55 33 63 148 18 82 29 31 118 12914 64 ioi" "-ii 44 95 82 63 87 15 33 21 120 26 115 . 59 83 13 21 163 86 "43 17 72 161 11 46 . 59 40 "27" 38 73 29 79 76 18 106 39 "39" i 7 96 22 81 18 47 17 18 27 '47 29 20 64 32 61 148 17 92 28 30 117 127 a. Bid. 65 16 47 89 17 I14 65 49 98 40 44 46 104 160 ' 116 24 55 6 14 67 302 44 32 55 113 116 7 17 65 97 132 38 5454 100 33 121 138 135 90 106 33 17 61 114 99 89 99 31 114 112 ,45 60 54 76 6 21 6 28 132 13 79 54 139 31 Yz 36 72 74 8 21 18 27 26 42 55 ' 63 30 , 4 115 21 55 64 23 101 114 42 44 96 82 ' 63 87 15 33 . 21 120 26 115 59 84 18 22 165 80 10 42 . 18 72 161 11 46 60 40 13 24 39 73 29 81 76 18 106 39 20 39 - 3 8 7 85 22 82 18 47 17 19 28- 67 48 30 20 55 32 62 147 17 82 28 SO 118 l-S',4 Miami ....... Mid Stat Oil.. Midvale Stel.. M K T Wl.. do pfd. ..... Mount Power.. Mont Ward... iio Pac ...... do pfd. .... M St P & S 11 Nor Amn .... Nat Biscuit . . Nat Enamel.. Nat Lead ..... Nevada Con . . New Haven . . . Norfolk & W. . Nor Pac ..... Nova Scotia S. N Y Air Brake N T Central. . Okla Prod pfd Ontario Silvers Ontario 6. W. . Otis Steel Pacific Dev... Pac Gas & El. Punta Allegro. Pacific Oil . ., Pan Amn Pet. do "B" . Penna ....... Peo Gas ..... Pere Mar .... Pure Oil Phillips Pete.. Pierce Arrow.. Pierce Oil Pitts Coal . . .. Pitts & W Va. do pfd Pressed Stl Cr Pullman ..... Ray Cons Reading ..... Remington . . . Replogie SteeU Repub I & 3.. do pfd. .... Rep Motors . .. Royal Dutch O Ry Stee' Spg.. Saxon Motors.. Sears Roebuck. Shattuok, Aria. Shell T ft X. .. Sinclair Stand Oil Ind. do N J Sloss Shef South Pac .. South Ry ... Stand Oil Cal St L & S F. . Stromberg Ca Studebakr Swift & Co .. Tenn C & Che Texas Oil .. . Texas Pac . . . Tex Pac C & O Tob Prod . . . Tran Cont Oil Union Oil Del Union Pac .. United Alloy. United Drug . U S Product. United Fruit . Union B & P. U S C I Pipe. Un Ret Stores U S Ind Alco U S Rubber .. do 1st pfd TJ S Smelting. U S Steel .... do pfd Utah Copper. Va Chem ... do pfd ..... Vanadium Stl. Vivaudou ... Wabash do A pfd .. do B pfd .. Wells Fargo . Western Pac . do pfd Western TJn . Westing A B Westing E&M West Md .... White Mtrs . Willys-Over . do pfd Wilson Pack. Wiscon Cent . Woolworth Worth Pump . W & L B ... White Oil .. 1.700 29 28 6.600 14 14 18.300 37 33 25.400 17 16 4.200 41 38 4110 70 69 11.500 21 21 4.900 24 23 5.000 67 65 2.9O0 59 59 2,900 69 58 2110 143 142 4.700 41 39 500 92 91 1.200 , 16 16 18,200 27- 26 2.100 106 105 3,900 75 74 "i",366 80" 77"" 820 90 88 4,500 3 3 300 8 - 8 1,800 28 27 3O0 14 14 20,600 14 12 1.000 72 71 3.100 38 38 8.100 58 66 8.100 62 60 1.000 65 . 63 6:900 41 41 1.100 87 84 2.900 30 29 0.800 33 33 1.000 40 39 8.500 22 21 20.100 10 9 4.700 64 63 3.200 33 32 3,200 85 85 200 80 79 4.600 126 123 2.400 16 15 4,200 77 ' 75 300 32 31 1.700 82 31 10,800 69 57 "i66 8 'b' 8,000 82 60 500 101 100 "2,866 75 74 "'366 ' 45 45 38,500 31 30 "2,666 178"" 176"" 100 43 43 8,800 89 88 5,800 24 24 2.700 107 105 4.300 29 28 1,100 53 51 66,000 320 117 102 101 1,100 11 11 11.100 45 45 4.100 34 33 1,500 27 26 1.600 69 68 4.200 11 10 6.000 21 20 2.500 137 136 1.000 34 34 200 69 69 1,100 5 5 100 140 140 100 63 63 1,200 34 33 7.900 60 49 96,900 51 49 8.800 85 1 63 100 103 103 200 39 39 -45,900 98 96 1.200 119 118 3,700 65 64 900 33 33 6.566 42 "46 2,800 13 12 8.300 10 10 6,000 81 30 800 20 20 "266 "22 "22 200 61 61 97 97 700 95 94 3.3O0 62 61 1.200 11 11 1.600 47 45 1.400 8 7 2',o66 "47" "45 "lOO 362 161 400 52 62 7,500 9 9 1,400 9 9 28 I 14 I 36 17 40 70 I 21 I 23 66 59 58 142 40 91 16 26 105 75 31 77 88 3 8 27 14 13 71 37 67 64 41 86 . 29 83 40 ,21 9 83 32 85 79 124 35 70 31 31 68 85 7 61 100 3 74 9 45 30 97 177 43 88 24 107 28 52 117 102 11 45 33 27 68 10 20 136 34 69 6 140 - 63 34 60 49 63 103 89 96 118 64 33 . 78 41 19 30 31 20 78 ' 21 81 97 84 61 10 46 7 38 48 29 161 61 8 9 Government Bonds. NEW TORK, April 27. Government oon as ciosea: Bid. TJ S 2s, registered 103 U S 2s, coupon 103 U S 4s, registered 105 U S Convertible 4s, coupon..... 105 Panama 3s, registered 83 Panama 3s, coupon S3 Liberty Bond Quotations. Liberty bond and victory note tlons furnished by the Overbeck & company. Portland : Open. High. Low. quota-Cooks Liberty, 8s... do let 4s . . . do 2d 4s ... . do 1st 4s.. do 2d 4s... do 3d 4s.. do 4th 4s Victory, 4s.. do 3s Close. .. 89.68 89.74 99.42 99.42 , 99.60 99.80 .. 89.86 99.94 99.72 99.70 . . 99.84 99.84 99.66 99.92 .. 99.94 99.98 99.92 99.92 , . 99.96 99.98 99.90 99.94 ..100.70 100.70 100.64 100.64 100.02 Swift A Ca. Stacks. Closing prices of Swift & Co. stocks mt Chicago were reported by the Overbeck & Cooke company of Portland as follows: Swift & Co 101 National Leather 2 .do new 9 Swift International : 19 Libby 2 Money, Silver, Efc. NEW TORK, April 27. Call money steady, high 3. low 3, ruling rate 3, closing 3, offered at 3. last loan 3, call loans against acceptances 8. Time loans, steady, 60 days 4, 90 days 4, six months 4 4. Prime mercantile paper 44. Foreign bar silver, 67. Mexican dollars, 61. LONDON, April 27. Bar silver 84 d per ounce; money, 2 per cent- Mining Stocks at Closing mining stocks nised by the Overbeck & Arizona Com Adventure Ahmeek Bingham Mines Balaa!la California & Arizona ..... Calumet & Hecla New Corn Centennial Copper Range Davis-Daly Daly-West ............... East Butte Hancock Helvetia Keewanaw .............. Island Creek Kerr Lake ..... Lake Copper. Mohawk May Old Colony Mason Valley North Butte Niplssing Old Dominion Copper .... Obijawa Quincy Mining Isle Royalle United Shoe Mach do pfd Shattuck Utah Con U S Mining Boston. at Boston, fur Cooke company: Bid. Asked. 8 9 60 60 15 35 67 273 .....17 10 .... 42 .... 7 ... . 2 10 2 1 .... 4 108 .... 3 .... 2 ... 87 4 .... 2 12 6 24 .... 2 ..... 43 23 41 26 .... 8 2 39 61 61 15 68 275 18 12 43 7 . 2 11 3 1 4 108 4 2 59 6 2 12 6 26 3 44 24 41 26 9S 2 40 Morrow County 5!2 Road Bonds DUE NOV. 1, -1929 Denomination $1000. FRICB 103.73 YIELDING 4.90 Gilliam County 514 Road Bonds DUE JAN. 1, 1942 Denomination $1000. PRICE 104. 40 YIELDING , 4.90 Cottage Grove, Or. 6 Bonds ESTIMATED MATURITY OCT. 1, 1925-31 Denomination $500. PRICE TO YIELD 5.25 Income Tax Exempt Ralph Schneeloch Ca KUKICTHU, AND CORPORATION nUAHtt IXlMBEinMCNS BUILDING PoxTUxa OscaoK. CROWN-WILLAMETTE PAPER CO. 7 Per Cent Cumulative First Preferred Stock Assets Over $32,000,000 Crown-Willamette is recognized as being one of the most successful paper-manufacturing concerna in the United States. Its assets amount to more than $32,000,000. It has QUICK ASSETS of $10,000,000. Crown-Willamette Paper Co. owns mills at Camas, Wash.; Floriston, Cal., and at Oregon City, West Linn, Lebanon and Warrendale, Ore gon. In addition to these it controls 85 per cent of the stocks and bonds of the Pacific Mills, Ltd., of Ocean falls, B. C. We offer a limited amount of this desirable stock in either large or small blocks. Immediate reservations suggested. PRICE: PAR TO NET 7 PER CENT LUMBEEMBNS Broadway and Oak. YIELDING w2 High - Yielding Income Tax Exempt Municipals Port Orchard Washington Seven Per Cent Improvement Bonds Inrd Auk. 15. 1020 rrnr An. IS, Optional 1-10 Annually Bat. Mat. 1823-90 Denomination S 100 FIXAWCIAI, STATEMENT Real Valuation, entire city $1,000.(100 Total general bonded debt .. otla Assessed valuation, this district 9'""9 Real valuation, this district 1!5'J22 This Issue improvement bonds 44,000 list 1m a ted population, 2000. PORT ORCHARD IS county seat of Kitsap County, Washington, located 15 miles from Seattle and 1 mile from Bremerton Navy Yard: chief Industrie consist of lumbering, manufacturing: and creameries. It Is a, lobbing center and point of trade for the county. Principal and interest (Aug. 16) payable at Fort Orchard, Wash., or at office of Morris Brothers Corporation, Portland, Or. Legal Investment for Banka, Trout Fnada or Eatatea. Telephone or Telegraph Orders at Our Expense Morris Brothers Corporation MORRIS BflMJIXG BROADWAY 2151 PORTLAND, OR. 300-1 1 STARK ST. SAFE DEPOSIT UOIKH do pfd 4S14 4 Ventura 26 M 28'4 Vlrtnrl. 1 K 1 Winona .1 1V4 Wolverine i J Wyandott 23 80 Metal Market. NEW TORK. April 2T. Copper, firm. Blectroiytio, spot and futures, 12'4lSo. Tin Firmer: spot and nearby, 31.12c; futures, S1.2SC. Iron Steady, unchanged. Lead Firm; spot. 5.25 5.45c. Zinc Firmer. East St. Louis delivery. spot, fi5.15c Antimony spot, xa.za. Here's the kind of a Bond you'll want-- The General Obligation Municipal, issued to in crease valuation and production, has a fac tor of Safety superior to other issues. We offer euch Bonds to yield up to J4. Call, write or phone Main 4195 for information. I G E.MILLER & COMPANY o..in wnr)TH WESTERN PUTS' & CALLS Bnys a 7-dar CaU on any N. T. Stock Exchange Hecority. There are no margin calls, no Inter est charges and no commission Is charged unless the Call is closed at a profit. Each point 1.00) the stock moves up above Call Price, means a profit of J1O0 to you. Write for booklet, "How to Trade in Puts ft Calls." Prompt attention to mall orders. WATSOV COMPANY, INVESTMENT SECURITIES S25 Stock Kxchange Bide, Los Angeles. ... HERRIN & RHODES, Ice. Established 1896. STOCKS, BONDS, COTTON, GRAIN Correspondents K. F. HUTTON at CO., K. T. Members all leading exchanges. Babson's Service on File, Bdwy. 4125. 201 BaUn-a, Exchange Bids. Carolina, Clinch field and Ohio Railway Equipment Trust 6 Gold Notes We offer the 1924 to 1935 maturities at price to yield about 5.50 to 5.70 According: to maturity Circular on request The National City Company Offices In more than 50 cities Yens Building, Portland Telephone Main r7J $7500 Federal Tax Exempt Municipal Bonds of the Prescott Drainage District Will Sell All or Tart Prlca to Yield . 2o Denominations 100 nod S500 At Prescott, Oregon. 40 miles from Portland on ths Astoria x Columbia River Ry. and ths Columbia river hlKh way. home town of Beaver Lumber Co. Legality of Issue spproved by Carsy Kerr, attorneys. Portland, Or. This la in opportunity for the Investor to buy direct and save commission. THOMAS A. HAYES President of Hoard ' riuperrlsors 4 IS Henry Hldg. Phone Broadway 1901 Cascara Bark Bides, Wool, Pelts. Mohair. We Are in the Market. Write for Prices and Shipping Tags PORTLAND HIDE WOOL CO.. GEORGE M. SULLIVAN. Manager. 101 Colon Ave. fw Portland, Or. Increases Life Resiliency In the various psrts of an auto increases its me two-iouj anch as. wire wheels, pneumatic tires, springs, etc. And so It Is J with pavement. The resiliency In Warrenite - Bltullthlc acts as an added cushion to offset the ruin ous effects of Impact resulting from the poundino; of the wheel. You will find examples throughout the northwest, wherever you find good roads. i Phone your want ads to The Ore gonlan. ilalu 7070, Automatic 1 6 0 -Si.