TUT. MORNING OREGONIAN. THURSDAY, MAY i. 1022
27
VOLUME OF STOCK
TRADING INCREASES
Special Strength Indicated
in Oil Shares.
headed by Speyer A Co. an issue o&$t,93:!,
000 aeries D U gold bonds, maturing in
1942. A public offering will be made
shortly.
BONO MARKET IRREGULAR
PUBLiC UTILITES FIRM
Reported Friction at Genoa, Coal
Strike, and Doubts of Rail Set
tlement Check Industry.
BT MONITOR.
(Copyright, 1922, by the Public Ledger
Company. Published by arrangement.)
NEW YORK, May 3. (Special. ) To
day's stock market displayed a substan
tial Increase In the volume of trading, and
warn particularly notable for special
strength In tha oil shares, some of the
public urlUtiaa and a lew specialties. There
,.- h rh rest of the Ut
showed a disposition to drag, with opera- j
tions among the industrials some ul
In check by reports of frictions at Genoa,
the continuant of the coal strike and
doubt regarding- the adjustment of some
Of our railroad problems that come up for
consideration in the near future.
Ontwfitrirfin features among the oils
were represented by Standard Oil of New
- -- 1 . n h on of California. Asso
ciated' Oi:. Pacific Oil. California Petro
ls. .m Rova i nm rh and Texas company
Diplomatic denials of a deal between the
soviet government and Royal Dutch hava
been made. buL it seems laarij " coi
Hoheri tht nctni ia t ions at least have as
sumed taneible form. The trading
Texas company was on an enormous scale
and it looked as if the large blocks of
trw-ks that have been hanging over the
market for some time past had been fairly
well absorbed.
Among the public utilities marked
strength was displayed b Columbia Uas
& Electric, Brooklyn Union Gas and Con
solidated Gas. ,
Strong specialties included Burns Broa
issues, American Bosch Magneto, Mack
Truck. Orpheum Circuit and American
Cotton Oil. Mack Truck is doing a very
iare business with a big increase in pro
duction compared with even a few months
ago.
According to the weekly review of the
Iron Age, steel production remains practi
cally unchanged, notwithstanding the lack
of effort on the part of operators to fores
a settlement of the coal siike. With pro
duction going along at a rate of about 70
per cent of capacity, price have shown a
tendency toward firmness, particularly in
pig iron.
The poor quarterly statement of Midvale
is believed to have been the factor respon
sible for holding this stock back in the
face of the advance of other independents
supposed to be included in the neven-com-pany
merger. Now that it is out of the way
it is believed that the chief deterrent to
strength by thi issue has been removed.
American Bosch Magneto is another
stock which is benefiting by the current
improvement rn the motor industry. Ac
cnrdlne to reliable information the com
pany has shipped 82,000 sets of starting
mi ditins systems so ur in is ear,
compared with a total of oN.000 sets for
ihp entire vear of 1021. and shipments are
now going forward at the rate of 10.000
systems per month. While buying of the
iturk h4 not been t-speciaJy aggressive
the under tons? has been well maintained
and the issue sold as High as 43 today.
VHTOtt OUTPUT 18 SATISFACTORY
Production of Talking Machines Equals
Best Previous Year.
PHIIjADBLPHIA. May 3. (Special.)
Prospects of a large volume of output for
1922 by the Victor Talking Machine com
pany are good. Eldridge R. Johnson, pres
ident, stated at the annual meeting of
stockholders.
"The volume of output maintained." he
said, "is almost identical with that of 1920.
our best previous year.
"Production was somewhat curtailed in
the summer months of 1921. but that pe
riod was followed by a fall season in
which demands of the trade could scarcely
be met by overtime work. We are now
striving to re-establish the more efficient
procedure of uniform production through
out the year."
Retiring; directors were re-elected.
The balance sheet, as of December 31.
1921, shows total assets and total liabili
ties of 943. 426.755. increase 6410. Total
surplus was $31,351,024. increase $2,190,
681. Current assets decreased $209,331, to
$29,037,456, and current liabilities $2,1S4,
272 to $7,074,830.
New Y'ork Bonds.
Furnished by Herrin & Rhodes, Inc
Portland.
Raiiroarl Ronds
Atchison gen 4s 1995
A C L 4s 1952
do 7s 1930
B O gold 4s 1948
do con 41,4s cv 133
do ref 5s 1995
Canada Southern 5s 1962
Canadian -North fl'is
of
4s
do 7s
Cent Pac 1st 4s
Ches & Ohio cv 4s
do gen 4!,js
do cv 5s
do con os
C B Q 111 div
C & West Indies 4s
C G & W 4s ...
C M St P cv 4s
do deb 4s
do gen 4s A . . . .
do cv 5s
do g r 4s A .
Chi N W gen 4s ..
do 6s
do 7s
C R I A P ref 4s .
Col Sou rf ex 4ss .
do 4s
Del & Hud
do 7s . ,
D R G i
do ref 5s
Urle P L. 4s
do con 4s A . . . .
do B
do D
do C G 4s
Gt Nor 4 t3s
do 7s
Gt Trunk 6s
do 7s
Ill Cent jt 5s
do ref 4s
K C South ref 5s .
Keo &. D M 1st 5s
1. tS A M S 4s ....
L & S Ts
do uni 4s
M St P & S S M 6 4s
M K & T 4s
M P gen 4s
M P ref 5s
ao 5s
NYC deb 4s
do con 4s
do ref imp 414s. . .
do cv deb 6s .....
do coll 7s
X Y N H & AH cv 6
N O Tex Mex 5s. .
N P P L 4s
do m
N P (Jt Nor jt 6Hs..
O S 1. ref 4s .
Penna 8s
do gen 4's
do 4(4s
do gen 5s
do
twit
82
82
85 S
98
1124
114
Kelly-Spgfld 52
nnecott 34U
Keystone Tire 23
-aok Steei RUtt
Lee Tire 34
I JLenigh v allev 63
J.'j.-tliard 15U
TRACTIOXS ARE STRONG AD , Lowe Theaters 17
L & N
WAR ISSUES EASIER. ?Ialianl
'Martin & Parry 31
i ... . May Stores 122 7b
! Mex Pet 133 4
Vc. r.j r-i f if Telonhono T.rn Finrts; Miami 29'-.
r j Middle States Oil-
Ready Sale Conflicting
Changes in Rail L-ist.
NEW
YORK.
May 3- Business
Midvale Steel
I M K A T Wi
do pfd Wi
I Mont Power
I Mont Ward
I Mo Pac
i do pfd
Nor Amn
15
38
184
42
73
22
59 J
50
33
23
59
34 V
62 !4
150
17
304
31
121
131
9
u
37
17
414
72
21
23 4
59 4
GRAIN PROSPECTS 0000
CANADA TO PLANT BIG AREAS
DESPITE DEPRESSION.
83
S3
59 4
34 4
62 4
150
17
118
30
31
122
1324
29
15
bonds today was comparatively light and j at Biscuit .111111. I1
the tone for the most part showed in- Nat Enamel 41 40 40
creased irregularity, especially among do- Nat Lead 94 934
mestic and foreign war issues. -evaa Con J JJS U
Th lihort v series closed main I v at mod- ; -""V " wym -2
. - . Vnrfn b -0.'
erate declines and internationals were un
certain or lower, especially Argentine 5s
and some of the Swiss and Mexican issues.
Norfolk A W
Nor Pac
Nova Seotia Steel ....
V V Alt- Rralrs
Local Tractions npreseniea me mi- j y Central
kefs constructive side, notably New York : okla Prod ref
railways, whose recent rise has been one J Ontario Silver
of the mysteries of the bond market. j Ontario A W
Changes among domestic rails were con- . utis itei
iraciions 10 uvei unu
.107
. . 774
'. 79
. 90
. 3
. 8
.. 28
14
5s 1935
1930
4a 1!(36
1955
flirtine. losses of fractions to over
point being" offset by gains of like ex
tent. New Haven 34s of 1954 rose 3
points and the 34s of 1947 gained about
one-half that much.
In keeping with expectations the new
$25,000,000 Pacific Telephone A Tele
graph issue found ready sale.
Today's bond sales, par value, were
$17,482,000.
Apart from the oils, which monopo
lized the greater part of speculative at
tention, together with several of the in
dependent steel, shippings and coppers,
today s stock market session was more or
vki. . Ies negative in its net results.
88 Under guidance of Associated Oil, which
92 registered a further gain of 6 points.
00 1 or a total of 13 for two days, various
issues of that type changed nands m
enormous lots at advances of two to six
points.
Among out sanding features were Stan
dard Oils of California and New Jersey,
California Petroleum. Pacific and Houston
Oils. Texas company, Freeport. Texas and
Producers A Refiners. Several of these
have been mentioned recently in connec
tion with rumors of probable "mergers."
European and Mexican oils did not share
appreciably in the rise of the domestic
division.
Ralls figured to a smaller degree than
before, although the later dealings were
characterized by some inquiry for Pacifies.
New York Central. New Haven and sev
eral of the grangers, Omaha making a 5
point gain.
Sales amounted to 1. 350.00O shares.
An initial quotation of 4 4 per cent for
call money, the maximum opening rate
in several weeks, indicated that demand
funds were less plentiful than in April.
Time money rates were unaltered.
For the third consecutive day. British
exchange moved counter to the general
trend of international remittances. Ster
ling held at $4.43 for demand bills but
allied exchanges, German marks and the
more important neutrals eased 1 to 6
points.
CLOSING STOCK QUOTATIONS:
Furnished by the Ovcrbeck A Cooke
company of Port Land :
62
72
65
78
75 4
B6
85
109
107
82
49
Despite denials of persons most ln
timatejy concerned with the reported
Poyal Dutch -Russian oil deal, further re
ports emanating in Amsterdam tend to
the belief that these denials are techni
cal and are based on the fact that nego
tiations have not been actually completed.
It is admitted that negotiations are under
way.
The Midvale first quarter showed a de
ficit of $1,152,827, as against a deficit of
$1,379,782 for the last quarter of 1921.
The first quarter-in 1921 showed a deficit
Of $1,395,202.
Sinclair Consolidated is holding its place
in the oi!s in spite of the teapot dome
controversy. This company has been
benefited by the success of Mexican Sea
board. Sinclair owned four-fifths of the
total issue of a $10,090. OlKJ of the Mexican
Seaboard 7 per cent debentures, and as
(he latter company has retired $4,700,000
of these debentures since January. Sin
clair has received $3,760,000 in liquid cash.
At the same time Mexican Seaboard has
paid $3 per share so far this year, and
M Sinclair owns 250.000 shares of the
stock. this has meant an additional
$750,000 in cash for the company.
-
Texas company again is showing signs
of activity and is joining with the general
movement in these oil groups here. Texas
company is believed to have very large
stocks, and current advances In refined oil
prices moan automatic increase in value
for these stocks. At the same time it is
believed in the market here that the light
oil situation in the middle west is well in
hand and that further advances may be
expected m the near future. This senti
ment forms part of the buying motive for
the general oil list. The fact that two
large estates with considerable holding
of Texas company stock which had to be
sold have now been completely liquidated
Is another optimistic factor concerning
TMtas company.
Industrial Alcohol is meeting with a fair
demand from bargain hunters who are in
clined to chance the future. It is believed
that a newly perfected device for conver
sion of alcohol Into commercial fuel should
be successful. If this line of thought
should prove correct Industrial Alcohol's
chances of entering the dividend class
again would naturally be much better
Loading of revenue freight totaled 714.
088 ears during the week which ended
on April 22, compared with 706,713 cars
during the previous week, or an increase
of 7375 cars, according to reports just
received from the carriers by the car serv
ice division of the American Railway asso
ciation. This was an Increase of 945
cars over the corresponding week last year,
but a decrease of 3HS0 cars compared with
the corresponding week in 1920.
The Western Pacific report issued today
shows a net Income of $2,808,533 for 1921
as compared with $2,416,212 for 1920. In
xp!a nation of this showing. President
paries M. Levy calls attention to the
4Mrt that in arriving at the net for 1921
the company cails into account as non-operating
income, rentals received from the
government amounting to $2,815,908 for
the period from January 1. 1918. to Feb
ruary 29. 1J20, operating expenses of $267.
584 and various adjustments amounting
o $2'1.7ni. making an ontrafinr cmne
of $288.2841 all for the control period. In
asmuch as these figures pertained to op
erations for a period other than 1921,
Attention Is called to the -fact that an
elimination of these items would leave
$486,083 as the true addition to surplus
for 1921 operations.
The market is full of rumors regarding
Pass i hie purchases by the railroads of
equipment and locomotives, and so far
these reports have been borne out by ex
ceptionally good orders in the various
fields. In the equipment circles here it
ts believed that the Pennsylvania should
soon be in the market for 20.000 ears,
with M . K A T.. Erie, Southern. Chesa
peake A Ohio and Wabash also looking;
for equipment.
Strength in Freeport. Tex., today was
due largely to the sharp rise in the 7 per
cent 1937 bonds, convertible Into stock at
the rate of 58 shares for each $1000 bond.
The sale of these bonds was quite suc
cessful and today they rose from their
issue price of par to 113. The prospects of
Freeport will be considerabtv enhanced by
the development of the Hosklns Mound
Sulphur properties, which is taken over
from the Texas company through the pro
ceeds of the sale of the uwsm of $4,000,000
of the bonds.
BRAZILIAN BONDS ARK OFFERED
Seven Million Pound- Sterling of Paper
for Sale in Imdon.
NEW YORK. May 3 Public offering of
a Brazilian government lean of f 7.OOO.000
will b made tomorrow in London and an
offering of 2.000.000 In this city, either
tomorrow or Friday. The bonds, which
will bear 7 4 per cent, will run for 30
years. Th local sale price has not been
fixed.
The St. Louis A San Francisco Rallway
company has s:d to a banking syndicata
.1941
.1947
. 1923
.1939
. 1023
.1942
.1931
.1932
. 1923
Reading gen 4s
A L, 4s
do 5s . .'
do 6s A
Sou Ry con 5s
So Pac cv 4s
S P ref 4s
do conv 5s
St L A S F P L 4s A
do gi'ii 3s
do P L 5s B
do gen As
do, adj He
do inc 6a i
St L A S W 1st 5s
do con 4s
do 1st 4s ,
Tex Pac 1st 5s
Un Pac 1st 4s
do cv 4s
do ref 4s
do 6s
Un Tank 7s
Wabash 1st 5s
West Pac 5s
Industrials
Amn Agr Ch 74s
Amn Sra 1st 5s
Amn Tob 7s
Armour 4 4s
B'th Steel 7m
do ref 5s
Cerro de Pasco 8s
Chile conv 6s A
do 7s
Col Graph 8s
Copper Exp 8s 1923
Colo F A I gen 5s 1943
Colo Ind 5s 1934
Cuban Amn Sug 8s 1931
Cuban Cane cv 7s 1930
Distillers Sec cv 5s 1927
Diam Match 7 4s 1935
Dupont 74s 1931
Empire Gas Fuel 6s 1924
Gen Blec deb 6s 1940
Goodrich 7s 1925
Goodyear 8s 1941
Hems 7s 1930
Hershey 7s 1930
III Steel deb 4s 1940
Ind Steel 5s 1952
Tnt Agr 5s 1932
Int Marine C T 6s 1 141
Kelly Spgfield 8s 1931
Kennecott 7s 1930
Lack Steel 5s 1923
do 1st 5s 1950
Lig A Meyers 5s 1951
do 7s 1944
Lorillard 5s 1951
do 7s 1944
Midvale 5s 1936
Morris A Co. 74s 1930
Proc A Gamble 7s 1923
Republic I A St 5s 1940
Sears Roe 7s 1922
steel A Tube 7s 1-L
t ni urug s mn
U S Rub 1st ref 5a 1947
U S Rub 7s 1930
U S Steel sf 5s 1963
Va Chem 5a 1923
Va Car Chem 7 4" 1932
West Elec 5s 1922
West U T col Tr as 1038
v si Union 64s 1936
WlUon 1st 6s 1941
Wilson cv Ga 1928
West Klec 7s HI2T)
Westinghouse 7s 1931
Public Utilities
Amn Lt A Tran 6s 1925
Amn Tel coll 4s 1929
Amn Tel coll 5s 1046
Amn Te- 6s 1925
B R T 5s 1945
Hell Tel Pa 1945
I Cat Gas uni 5s 1337
mes oervice s t i it
do C 1966
do D 1966
Con Gas cv 7s 1925
I nl Met 44s 1956
Int R T ref 5s U0ti
Laclede Gas 7s 1930
Mont Power 5s A 1843
Northwest Tel 7 1941
Pac Tel 5a 1937
Pac Gas 5s 1942
Oil Bonds
Atlantic Ref 64s 1931
Pan Am:. 7s 130
Mex Pet cv 8a I9::0
Sinclair 7s 1925
SO Ca 1 7s 1 03 1
S O N Y 7s 1031
Texaa Co 7s 1123
Tidewater Oil 64s li,tl
Foreign Government City Bonds
Berlin 4s
Greater Berlin 4s
Hamburg 4s
Bremen 4a
Cologne 4s
Dresden 4s
do 4 4a
Dusseldorf 4a
Frankfort 4a
Leipzig 4s
do 4's
Munich 4 s
Stuttgart 4s
Essen 4s
Bremen 4s
Hamburg 4 4s
French Infernal 4s. .
do Victory bm
Belgian Restoration 5
British 2 4t consols
Ital Cona War Loan
Curb Bonds
Allied Packers 6s
Am Tel A Tel 6s
do
Anaconda Copper 6s
do 7s
Anglo-Am Oil 74s. . .
Armour A Co 7s
Beth Steel 7s . . . .
Copper Ex Assn 8s. .
do
Galena Signal Oil 7s.
Grand Trunk 64s . . .
Gulf Oil Co 7s
Humble Oil 7a
lnt.r Rapid Tran 7s.,
Libbv McN A Lib 7s 1931
Sears Roe 7s 3-yr 1923
So West Tel 7s 1925
Stand Oil N Y 6" 1933
do 7s 1926
Swift A Co 7a ...U25
do 1931
Texas Co 7s Notes
Vacuum Oil 7s 1936
High
184
-. 38
. - 17
. . 47
. . 49 4
115
10
I 03
105 4
104
106
108
101
102
.1917
. 1920
. 19t
. 1922
. 1924
. 1333
. 1921
. 1925
. 1130
. 1035
. 1024
. 1925
. 1030
.1936
. 1033
.1923
81 4
100
loi 4
101
103
1034
104
102
102
103
103
105 4
1044
101
92
98
101
102
1064
105
101 4
102
101
lOG '
Advance Rum . . .
do pfd
Agr Chem
A jax Rubber . . .
Alaska Gold ....
Alaska Juneau
Allied Chem
Allis Chalmers ........ 50
Am Beet Sugar
Am Bosch
Am Can Co
do pfd
Am Cotton Oil
do pfd
Am Drug Synd
Am Hide A Leather
do pfd
Am Ice
Am IntI Corp
Am Linseed
do pfd
Am Loco
do pfd
Am Saf Razor
Am Ship A Com . . .
Am Smelter
Am Snuff
Am Steel Fdy
Am Sugar
do ptd
Am Sumatra
Am Tel A Tel
Am Tobacco
do "B"
A m Wool
do pfd
Am W P pfd
Am Zinc
Anaconda
Assd Oil
Atchison
do pfd . . .'
Atlantic Coast Line
Atl G A W I
Baldwin Loco
Bait A Ohio
do pfd
Barnsdall Corp
Beth Steel "B"
Booth Fish
B R T
Butte C A Z
Butte A Sup
Barns Bros
Caddo Oil
Calif Pack
Calif Pet
do pfd
Canadian Pac
Central Leather
Cerro de Pasco ....
Chandler Motor
Chi A N W
Chicago Gt Western. .
do pfd
Chili Copper
Chino Copper
C M A St P
do pfd
Coco Cols
Chesapeake A Ohio .
Colo Fuel A Iron ....
Colo Southern
Colo Gas A Electric.
Columbia Graphophone.
Consolidated Gas Ill
Olmsolidated Cigars. . .. 21
Continental Can fit
Cities Service Bankers.
l orn Products .
Cosden Oil
C R I A P
do "A" pfd. . .
do "B" pfd. . .
ruci Die steel .
do pfd
Cuba Cane
do pfd
Cuban American Sugar. 22
Delaware A Hudson .... 121
Dome Mines
Delaware A Irfteka. . . . 113
Davison Chemical 61
Endicott Johnson 84
Erie 14
do 1st pfd 2S4
Electric Storage Bat... 1704
r amous fmyers
Federal Mining A Sm .
do pfd
Flsk Tire
Gaston Wms
General Cigars
General Electric
Genera 1 Motors
Glen Alden
General Asphalt
Goodrich
Goodyear
Granby
Great Northern Ore..
Great Northern pfd...
Greene Cananea
Gulf S Steel
Houston Oil
Hupp Motor
Illinois Central
Inspiration Copper . . .
Int Agrl Corp
do pfd
Interboro
do pfd 7
Interstate Catlahan . . . 7
International Harvester BvV
int .Mereanti ie .Marine . (
26
- 15
!l07"
. 46
. 33 4
. . 74
.. 18
. . 58
39
. . 76
. . 35
. .1234
. .142
. .137'.
. . 92
". ! 35 " '
. . 1 o
. . 54
. . 1354
. . 1014
' ioi ' '
. . 35
. .119
. . 47
54 "
. . 79
. . 31
.137
. 13
. . 79 4
. . 59
"142 4
- . 38
37
. . 76
.. 75
- -
. . 23
.. 20
-. 29
. . 21
.44
.. 56 V
. . 65
-. 31 U
89
.103
. 44
. 46
. si 4
66
. 92
. 16
34
81 4
45
19 4
. 1 G3 "k
13
. 47
. 64
- 42
' 26
. 40
. 5
- 31
. 87
. 81
. 19
. 106
. 41 4
: iiH
Low.
1SH
81 ,i
17
48 V:
48
6
13 !i
io '
33
714
58',,
'38
7SH
'is
121
140
136
91
34
inv.
53
128
100?,
166 '
37
117
47
52
78
30!4
134
13Vi
78
57
142' "
37
37
75 4
74
o
19
28
26
48
55
65
30
87' "
4
115
28
68
ioiii
43
45
'si ' '
65
91
15'i
38
Bid.
18
48
38
17
1
67 .i
50
40
47
48
119
25
55
6
15
69
105
46
33
56
116
116
7
18
58
132
39
75
101
35
121
140
137
91
106
34
19
53
131
101
91
101
87
118
47
81
52
78
7
22
7
30
IS
IS 78
57
05
142
37
37 7,
75
74
9
22
19
28
Pacific Dv lli
Pac Gas & Elec 71
Punta Allegre 40
Pacific Oil 86
Pan Amn P4t 65
do B 58
Penna 41
Peo Gas . S7
Pere Marquette 30
Pure Oil 34
Phillips Pete 44
Pierce Arrow 22
Pierce Oil 10
Pitta Coal 64
Pitta & West Va 34
Pressed Steel Car
Pullman '. 124
Ray Cons 16
Reading 78
Replogle Steel 31
Republic I & S 66
do pfd 91
Rep Motors 8
Royal Dutch Oil 66
Ry Steel Spg 103
Haxon Motors ......... 3
Sears Roebuck 75
Shattuck Ariz
Shell T & T 48
Sinclair 32
Stend Oil Ind 109
do X J 191
Slnss Sheffield 45
Southern Pacific 90
Southern Railway .... 25
Standard Oil Cal 121
8t Li & -S F 30
Stromberg C.irb 56
Studebaker 123
Swift & Co 101
Tcnn Cop & Chem 11
Texas Oil 50
Texas Pacific 34
Tex Pacific C & 0 31',
Tobacco Products 68
Transcontinental Oil .. 12
Union Oil Delivery.... 22
I'nion Pacific 138
United Alloy ' 34
United Drug 71
United Food Products. 5
United Fruit 144
Union B & P
U S Cast Iron Pipe.... SRH 34 S3
United Retail Stores... 52 51 52
I U S Rubber .66 65 65
do 1st pfd KM
U S Smelting 41 41 41
V S Steel 98 97 97
do pfd 119 118 119
Utah Copper Rfi 65
Virginia Chemical 34 34 34
do pfd 74
Vanadium Steel 42 42 42
Vivandou 12 12 12
M'aba.oh 1 1 1 1 1 1
do A pfd 32 31 31
Wells Fargo 29
Western Pacific 22 22 22
do ufd 61
Western Union 98
Westinghouse Air Brk 95
Westinghouse El &. M . 62 61 62
Western Maryland 11 11 11
White Motors 49 49 49
Willys Overland 8 7 7
do pfd 38 38 38
Wilson Packing 46 46 46
Wisconsin Central .... 29
Woolworth 160 160 158
Worthington Pump.... 53 52 33
Wheeling & Lake Erie. 12 11 12
Whife Oil 11 10 11
Liberty Bond Quotations.
Liberty bond and victory note quota
tions furnished by the Overbeck & Cooke
company. Portland:
Open. High.
. 99.14 99.26
75 75
S
47 47
31 32
105 l9
187 191
45 44
89 90
24 24
1 1 4 1 20
30 30
55 53
121 121
101 101
11 11
47 50
33 34
1 43
Prosperity of Prairie Provinces
Vital Factor in Commercial
Interests in Kast.
(Copyright by the Public Ledger Com
pany. Published by Arrangement.)
OTTAWA, May 3 'Special.) Prospects
are for another large acreage in grain in
the west this year. Although prices may
be uncertain and freight high, wheat is
the best-paying crop for the western
farmer. On the whole. western business is
noticeably more optimistic and is finding
evidence of steady improvement.
General Manager Powell of the Weyburn
Security bank, Saskatchewan, an institu
tion organized by Americans, says:
"People in the west are not giving up.
Atthough some have the blues, the greater
number intend to stick and win. We have
produced good crops in the past and will
do so in the future. When we do produce
heavily again there will be a larger per
centage saved than ever before in western
history. The people who settled here at
first had everything to buy and everything
to buiid. This is not the case now and the
next thing will be increased savings ac
counts. Farmers Intend to hire as little
help as possible, make what they have go
as far as it will and are getting a whole
some respect for debts."
In the United States the prosperity of
far eastern states is a big factor to east
ern business interests but not as big as the
prairie provinces are to eastern Canada
Industrial and mercantile interests of
eastern Canada are dependent directly on
the prairie provinces and the same may bo
said of British Colunrbia. which sells its
timber and fruit very largely to the
prairies.
Conclusion of an agreement between the
dominion government and the British gov
ernment, whereby the latter has under
taken to liquidute its indebtedness of 5130.
000,000 to Canada at the rate of J5.000.
000 a month, will ease off the financial
situation.
Mining Stocks at Boston.
Closing mining stocks at Boston, fur
nished by the Overbeck & Cooke company:
do 7s, 1941
do 8s. 1945
German W L 5s
Berlin is
Hamburg 4s
do 4s
Lelpsig 4s
do 5c
Munich 4s
do 5s
Frankfort 4s
Italian 5s. 1918
Japanese 4s. 1931
do first 4 Us. 1925 ....
do second 4 Us, 1925 ..
Norway Ss. 1940
Russian 3s. 1921
do 5 'is, 1926
do 6s. 1019
Swiss 5s. 129
do 8s. 1940
San Paulo Sa
U 5 s. 1823
do 5 'is, 1929
do 5s. 1987 ,
Swedish 8s. 1939 I .
102 102
105 105
2 S
2 S
3 4
3 4
3 4
4
S 4
4 5
3 4
40 41
90 91 B
90 91
111 112
20 26
5 6
22 26
.101
.11'!
. 107
.107
.107
.103
. 102
H'1
117
106
107
107'v
10
102
"The faith of the city of Seattle is pledged to the prompt
payment of principal and interest of Seattle Local im
provement Bonds through the Local Improvement Re
volving Fund," writes City Treasurer Ed L. Terry.
M
PRODUCTS OF FARM RISE
HUGE INCREASES ARE SHOWX
BY CENSUS RETURNS.
We offer subject to prior sale and -h ansa In pr.c th
unsold portion of $61,400
CITY OF SEATTLE
WASHINGTON
6 Improvement Bonds
Denomination 200
Dated February, 1021 Optional Dor t hrimr j . tlM.1
121
iis "
60
83
tfjf
22
170
81
45' '
163
12
46
62
41
25
39 4
81
85
78 '
19
106
41
1(1',
39
64
31
49
88
4
114
28
67
24 V,
1021,
44
45
95
81
65
92
15
33
22
121
27
115
61
84
13
28
170
81
1 1
45
19
163 4 !
12i 1
461.
63
41
13
26 V
40 75
ir
85
SOU
19
106
41
11
40
Liberty 3s .
do 1st 4s
do 2d 4s
do Is 4s
do 2d 4s.
do SO 4s.
do 4th 4s.
Victory 4 s . .
do 3i! . . .
. . 99.40 99.40
. . 99.72 9'9.84
. . 99.46 99.50
.. 99.82 99.84
, . 99,80 99,86
..100.56 100.60 100.54 100.56
..100.06 100.00 100.02 100.0
Low. Close.
99.08 99.24
99.00
m.34
99.70
99.48
90.78
09.84
99.34
99.78
99.42
99.76
99.76
Money, Silver. Etc.
NEW YORK, May 3. Call money firm.
High 4 per cent, low 4, ruling rate
4. closing bid 4, offered at 4, last
loan at 4. Call loans against accept
ances 4.
Time loans steady. "Sixty and 00 days,
4 per cent; six moths 44.
Prime mercantile paper, 44 Jer
cent.
Foreign bar silver. 67c.
Mexican dollars, 53c.
LONDON, May 3. Bar silver, 35d per
ounce. Money, 1 per cent.
Discount rates Short bills and three
months bills, 22 7-16 per cent.
9
. . . 60
...25
27
"3
. . . 59
. . .256
... 18
... 10
42
8
. . . 2
... 11
... 3
... 1
. .. 2
. .. 8
. . . 4
. . . 1
.. 12
... 5
. . 30
. . 25
. . 35
2
45
1
41
26
65
1
41
1
9M
100
3
18
12
43
8
3
11
3
1
2
4
4
59
5
2
18
6
50
23
36
3
44
24 V-
45
1
42
26
70
1
41
46
3
29
1
60
Standard Oil Stocks.
Standard Oil quotations furnished by
Anglo
Borne Scrysmer .
Buckeye
Cheesebrough ....
Cheesebrough pfd
Continental
Crescent
Cumberland
Eureka
Galena com
Galena Old pfd .
Galena New pfd
Illinois Pipe
Indiana Pipe ....
Nat'l Transit ....
N. Y. Transit ....
Northern Pipe . .
Ohio Oil
Inter'l Pete
Penn Mex
Prairie Oil
Prairie Pipe ....
Solar Refg
Southern Pipe ..
South Penn Oil . .
S. W. Penn Oil . .
S. O. Ind
S. O. Kansas
S. O. Kentucky
S. O. N. Y
S O. Ohio
Su-an & Finch
Vacuum
Washington
S. O. Nebraska
Bid. Asked.
.21 21
.365 385
.97 98
.200 205
.109 112
.144 150
. 33 35
.140 150
.104 105
. 59 60
.108 112
.102 105
.197 200
. 99 102
. 30 31
.175 179
.107 108
.328 332
. 22 23
. .".0 32
. 625 630
.225 230
.365 375
. 1 04 106
' "63 65
.108 108
.570 581
.81 82
.423 428
.470 480
.117 119
. 30 35
.405 410
. 20 30
.200 210 I
.112 114 1
Ariz
Adventure
Algomah
Allouez
Arcadian
Cal & Ariz
Cal & Hecla
New- Corn
Centennial
Cop Range
Davis Daly
Daly West
East Butte
Hancock
Helvetia
Keewanaw
Kerr Lake
Lake Cop
La Salle
Mohawk
May Old Colony ....
Mason Valley
North Butte
Nipissing
North Lake
Old Dom Cop
Oseola Mining
niiliawA
Qulncy Mining 34
Isle Royal
South Ijike
Supp Boston
Uni Shoe Mch
do pfd
Tuolumne
Utah Metals
Utah Con
U S Mining
do frfd
Utah Apex
Ventura
Winona
Wyandot
Foreign Exchange.
Foreign exchange rates at the close or
business yesterday furnished by the North
western National bank of Portland. The
amount quoted in is the equivalent of the
foreign unit in United States funds:
Country Unit. Rate.
Austria, kronen $ "o2?o
Belgium, francs ooa
Bulgaria, leva 78
Czecho-SIovakia. kronen 0204
Denmark, kroner 2128
England, pound sterling 4.4520
Finland, finmark 0216
France, francs .0918
Germany, marks 0033
Greece, drachmas 0453
Holland, guilders 3847
Hungary, kronen 0020
Italy, lire 0540
.Tugo-Siavia. kronen 0042
Norway, kroner 1857
Portugal, escudos 0857
Roumania. lei 0078
Serbia, dinara 0158
Spain, pesetas 1558
Sweden, kroner 2593
Switzerland, francs 1946
China-Hongkong, local currency . .5675
Shanghai, taels 7730
Japan, yen 4800
NEW YORK, May 3. Foreign exchange
irregular. Great Britain, demand $4.43,
cables $4.43. 60-day bills on banks
4.41. France, demand 9.14c, cables
9.15c. Italy, demand 5.31 c; cables 5.32c.
Belgium, demand 8.34c, cables 8.35c.
Germany, demand ,33c, cables ,33c.
Holland, demand 38.32c, cables 38.35c. Nor
way, demand 18.50c. Sweden, demand,
25.80c. Demark, demand 21.38c. Switz
erland, demand 19.34c. Spain, demand
15.53c. Greece, demand 4.52c. Poland,
demand. 2c. Czecho-SIovakia. demand
1.95c. Argentine, demand 36.37c. Brazil,
demand 13.75c. Montreal, 98c.
Foreign Bonds.
Bid.
Belgian rest 5a
do prem os
do 7s, 1945 103
do 8s, 1941 107
do 6s, 1925 103
Brazil 8s, 1941 100
Chile 6s, 1932 90
do 7s, 1923 102
British 5s. 1922 89
do 5s, 1927 92
do 5s, 1929 92
do vky 4a 78
do ref 4s 76
Bordeaux 6s, 1934 87
Canadian 5s, 1937 .' 98
do 5s, 1926 99
do 5s, 1029 101
do 5s. 1931 99
do 5s. 1927 98
Chinese 5s, 1951 f. 52
Chilean Ss. 1I141C 105
Russian currency 11
Denmark Ss, 1945 111
Danish municipal Ss, 1945 Ill
French 4s, 1917 58
do 5s, 1920 80
do 5s. 1931 69
Ask.
76
83
109
107-Ti
103TI
107
91
102'.
93
81
79
87
99
99
1-01
99
100
53
106
12
111
nil,
59 '
82
70
do pfd
International Nickel
International Paper
Invinclhle OH
Island OH
Jewel Tea
K C Southern
K C Sou pfd
87
18
54 1.
IS
( 0
7 7
96 06
S 26
86 '4 86
1 8 1 8
52 52
17 17
21 21
28 28 '
58
Dulnth Linseed Market.
DULLTH, May 3. Flaxaeed, 2.S0)
WILL SELL
$5000 all or part of 9 Se
cured Gold Coupon Notes in
big going; concern earning
more than double of interest
charges of this issue. Assets
over $350,000. If sold in one
lot will offer a working in
terest or discount on pur
chase. No brokers.
HERRIN & RHODES, Inc.
Established 1894.
STOCKS, BONDS,
COTTON, GRAIN
Correspondents E. P. HUTTON & CO., N. I.
Members all leading r"cchanjtea
Baboon' Service on File.
tBdwjr. 4723. S01 RUws ExcUane Bid.
HOW TO ACCUMULATE
t50,000 m
it Safe Bonds and an income of about 43jKWperYratafe66
Build an income for old age
START NOW
2fr our Partial Payment Plan to
can Invest in sound bonds at the rate
of WBT or more a month. Nc matter
what Your level of income, you can use
our plan to build up an estate and future I
cTtal now and Jet the jdvantaie of h'fflH
present hift riskls StadY this chart I I MM
art sm &t surprising results of system- l-fflV I "
abc savibjt aid inwtment -y-t I SggSB A Eg -coa
MBBdmua
DO IT NOW
FIFTH fll?fe r.HONI
HI1 --iS?Si!l i t b way
8TARK qMpP- 5740
hie mm an
OH? buy and sod onry bus id
pal, government and high trade
corporation bonds - the kind that
ba.iks.capitalists and insurance
companies buy- bonds that are
safe and that will give you. a
steady income of & to TYi
and sometimes more
Freeman, Smith
& Camp Co.
LuMBE RM ENS BlDG.. PORTLAND
Gross Value in 1919 152.2 per
Cent More Than in 1909,
According- to Data.
WASHINGTON, D. C May 3 Prod
uct? of the farms of the country had a
gross value of 2 ..42R.62S.8M In 1819. the
census bureau announces. That was an
increase of 1S2.2 per cent, or $11931.3!3.
807, over 19uft, when their grosa value
was $8,494,230,807. The gross value of
crops produced aggregated $14,755,34.894.
and It is estimated that animals sold or
slaughtered were valued at $3.5-1 1 .0C0, 000.
Iuives-tock products were valued at
$2,067,072,273 and forest products at $384.
321.828. Nursery and hothouse product!
were valued at $97,8 14.fi 19.
Statistics relating to Oregon and Wash
ington are as follows:
Oregon
Grosa value of farm products. . $200. 4fi9.2C
Ijivegtock products 3'5,14ti.671
Animals sold, slaughtered, est.. 30,200,000
Crops 131,884, 03fl
Forest products 5,229,123
Nursery, greenhouse products.. 928,683
Washington
Gross value of farm products. . S01, 271, 159
Livestock products 44,000.349
Animals sold, slaughtered, est.. 23.0OO.0OO
Crops 227.212.008
Forest products 4,738.116
Nursery, greenhouse products.. 1,3-54,680
QUOTATIONS ON DAIRY PRODUCE
Current Prices Ruling on Butter. Cheese
and Kggs.
SAN FRANCISCO, May 3 (U. S. Bu
reau of Markets.) Butter Extras, Zoic
prime firsts. 35c.
Eggs Extras, 28c; extra pullets. 22"rc;
extra pullet firsts, 23c ; undersized pul
letF. No. 1, 20c.
Cheese California flats, fancy, 19 Vz c ;
do. firsts, 19c; Young Americas, fancy, 24c
NEW YORK, May 3. Butter, unset
tled; creamery, higher than extras, 3T12
38c; do, extras, 37c; do, firsts, 3o436',,c
Eggs, firm.
Cheese, weak.
CHICAGO, III., May 3 Butter, lower:
creamery, extras, 35c; do, firsts, 30fg)34e;
do, seconds, 28(fS29c; do, standards, 34c.
Eggs lower; reee'.pts. 27,574 cases; firstp,
23H 24c; ordinary do, 2125c; mis
cellaneous, 22 23c; storage packed, ex
tras, 2526c; do, firsts, 2525c.
Price: Par and
interest to yield
6
No income
tax to pay
Principal and interest payable at the office, of the City
Treasurer. Seattle, Washington, or at the office of Morrla
Brothers Corporation, Portland. Oregon.
These bonds were issued under the local improvement
district law and are a direct charge against the property.
The Sanitary Fill, for which these bonds were issued. Is
industrial property and located in the industrial district,
and is provided with rail and water transportation facilities.
The Local Improvement District is No. .1156 of the City of
Seattle, and is protected by the pledge of the credit of the
City of Seattle, in the same manner aa all other Local
Improvement District Issues, through its revolving: fund.
Yield Am't.
'c 3000
Am't.
$0000
.1000
3000
3000
3000
3000
3000
3000
3000
3000
Kst
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Mat.
1, 1924
1. lttl
1. 1926
1, 1927
1, 1928
1. 1929
1, 1930
1. 1931
1. 1932
1, 1933
Price
Par
l'ar
Par
Par
Par
Par
Par
Par
Par
Par
6' ,
3000
3000
tTc 3000
fi". "
3000
3000
3000
4400
6
Est
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
Feb.
. Mat.
1. 1934
1. 193S
1. 193
1, 1937
1. 1938
1. 1939
1. 1940
1. 1941
1. 1942
1, 1943
Prlc field
Par
Par
Par
Par
Par n
Par
Par
Par
Par
Par
Telegraph or Telephone Orders at Our Expenaa
Morris Brothers Corporation
Morris Building. 30D-1 1 Stark Street, Part land, Oregon
Telephone Broadway Sir.l
In over twenty-seven years no investor has lost a single
dollar through the default of interest or principal by
any municipality of any of the $500,000,000 municipal
bonds sold by Morris Brothers.
SEATTLE, Wash.,
eggs unchanged.
May 3. Butter and
Swift $t Co. Stocks.
Closing prices of Swift & Co. stocks at
Chicago were reported by the Overbeck &
Cooke rcmoany of Portland as follows:
Swift & Co 10H4
National Leather
do new 9 Mi
Swift International SOVi
Libby 2
Naval Stores.
SAVANNAH, Ga May 3. Turpentine
firm. 77(g'7Sc; sales. 350; receipts, 200;
shipments, 37tt; stock, 2494.
Rosin firm. Sales. 744; receipts. 14ft4;
shipments, 604: stock, 52.901. Quote: B,
4; D, J4.05; E, $4. 10 4.1 2hi ; P, $4.12
4.15; G, H, $4.15: I, $t.l5(f4.17"4 : K. $4.20;
M, $4.404.50; N, $5; WG, $5.50; WW,
$5,80.
Odd Lots
Lincoln County, Ore., Road 6s to
Yield 4.90
$1000. Due 1926104.25
City' of Burlingame, Cal., Impt. 6s
to yield 6
$100. Due 1925100
Port of Nehalem, Ore., 5s to Yield
5.75
$500. Due 192797.06
City of Victoria, B. C, Gen. Ob.
5s to Yield 6.00
$500. Due 192796.S5
City of Edmonton, Alta., 6s to
Yield 6.60
$200. Due 192498.9
United Light & Rys. 6s to Yield
6.30
$4000. Due 195296
Manila Electric Co. 7s to Yield
7.10
$6500. Due 1942984
Standard Gas & Elec Co. 7'2s to
Yield 7.40
$1100. Due 1941101
All offers subject to prior sale.
Clark, Kendall & Co., Inc.
a 295 Stark Street
Portland, Oregon.
j m tttMH 1 1 1 1 tti 1 1 M144 $i 1 1 1 1 1 lit tttiiiiiitiiaiDPiirirtirif fitrtf titifiiitOMiiiiifti ( iiiMM sm tirritM$tf $$r)$P$Tiif mm i ittixrf irx i p i4i 1 1 f ratTTtij:
ODD LOTS
FOR THE CONSERVATIVE INVESTOR.
1000 City of Portland, 5, due June 1, 1924, 101.18,
yield 4.90
I 1500 City of Forest Grove, 6, due Feb. 1, 1940, 108.60,
yield 6.25
1 1000 Clatsop County, Or., 6, due April 1, 1931, 107.13,
I ' yield 6.00
1000 Port of Astoria, 6, due July 1, 1925, 101.00,
I yield 5
2000 City of Tillamook, 6, due January 1, 1931, 105.17,
yield 6.25
1 1000 Dominion of Canada, 5, due May 1, 1952, 100.00,
yield 6.00
1 1000 Province of Ontario, 6, due April 15, 1925, 101.00,
yield 5.0
1 3000 Pac. Power & Light Co., 5, due Aug. 1, 1930, 93.50,
yield 6.00
PHONE OR WIRE ORDERS COLLECT.
Ralph Schneeloch Company
MUNICIPAL AND CORPORATION FINANCE
LUMBERMENS BUILDING
Portland. Oregon.
5
HOGFEEDERS and POULTRYMEN
FRESH BUTTERMILK FOR SALE
10 to 100 gallons. . 2c per gallon
100 to 300 gallons ... lc per gallon
300 gallons or more . . Vc per gallon
SWIFT & CO., PRODUCE DEPT.
Phone Broadway 3857 Corner 4th and Hoyt Sts.
1
1
XOTICE OF REDEMPTION TO
HOLDERS OF VICTORY
"OTES AND OTHERS
CONCERNED.
Notice I Hereby Given a
Follows i
1. Call for redemption of 34
per cent Victory Notes. All of
these 3 per cent series of
L'nited States of America con
vertible sold notes of 1922-1923,
otherwise known as 3 percent
Victory Notes, are hereby called
for remption on June 15th,
1922. pursuant to the provision
for redemption contained in the
notes and the treasury depart
ment circular No. 138, dated
April 21 st 1919, under which
the notes were originally issue'l.
Interest on all Victory Notes of
the 3 per cent series will
cease on said redemption date,
June 15th, 1922.
2. Suspension and termina
tion of Victory Note conversion
privileg-e. in view of the call for
the redemption of all 3 per
cent Victory Notes on June 15th,
1922, and pursuant to the pro
visions of said treasury depart
ment circular. No. 138, the privileg-e
of conversion of Victory
Notes of either series into Vic
tory Notes of the other series is
herebv suspended fom Febru
ary 9th, 1922. to Jun 15th. 1922,
both inclusive, and on June 15th,
1922, will terminate. Victory
Notes, accordingly, cease to be
interconvertible, effective Feb
ruary 9th, 1922, and on and after
that date no conversions of the
notes may be made.
3. Detailed information as to
the presentation and surrender
of Z per cent Victory Notes
for redemption is griven in
treasury department circular.
No. 277, dated February 9thf
1922, two copies of which are
available at the treasury and
the federal reserve bank.
A. W. MELLON,
Secretary of the Treasury.
Management - Product
Financial Condition
The three items mentioned above
constitute the main essentials for
consideration by the investor in
industrials.
Excellent management. prod
uct constantly growing in popular
favor and a highly satisfactory
financial condition are the three
things of which the stockholders
in Northwestern Electric Com
pany are particularly proud and
which make the current issue of
cumulative first preferred share
so popular. The placing of the
issue is nearing completion. In
quire at office of the company.
J. G. Tavares, Mgr. Stock Sales
Northwestern
Electric Company
Bdwy. 580. Washington at Tenth
THE BEST
MUNICIPAL BOND
Through years of test the
General Obligation Municipal
Bond bears record of soundest
security.
Supported by the full faith
and credit and whole taxing
power of the community which
issues them, they stand pre
eminent. We offer such bonds.
TO YIELD 44 to 6A
Onr offrlna;a and arrvJreN are
your, fttr fhr aahina;. Call,
write or phone Mala 4105.
G.E. MILLER
& COMPANY
21 floor NORTHWESTERN
BANK BUIU kjkilajiu
mi -
Puts & Calls
Odd Lots
W handle 10, 20 and BO share lots
on Puts or Calls; alo write 7, 10 and
30-dav papers.
Profit -taking ponBlbilrtl! of this
fool-proof method of trading are ex
plained in our booklet "How to trad
in Puts and Colls."
WRITE FOR TOUR COPT TODAY.
Prompt attention to mail order.
WATSON & COMPANY
InveMtment Securities.
535 Stork Exchange BIdg., I.o Angeles
All Suckers Are
Avaricious and
Drat Into Sucker
Places
Good Bonds Travel
in Good Company.
Union Safe Deposit &
Trust Co.
28t Oak St.
Safe Deposit Boxen