THE MORNING OREGONIAN. WEDNESDAY. MAT 17, 1922
27 -
lira STOCKS
1P1ES I HE
rice Changes Irregular and
Narrow, However.
EW STOCKS EXCEPTED
nnounceincnt of Terms of Beth-
Jehem-Iiackawanna Merger
Has but Mild Effect.
BT MONITOR.
Copyright by the Public Ledger Company.
Published by Arrangement.)
NEW YOKK. May 16. (Special.) To-
ay's stock market furnished something of
improvement in tone comparea wltn
nat of yesterday, but price changes -were
regular and narrow, wltn me exception
f a fow stocks that were influenced by
pecial conditions that caused cains or
sses above the average.
The announcement of the terma of the
5thlehem-Lackawanna merger had but
mild effect on the Steel shares. The
ews, although encouraging, had been
urgel? discounted. Lackawanna, which
a distinct beneficiary, closed at a
light loss after selling above 81. Equip-
.ents were steady, but moved within a
istrlcted range.
The strongest group of the lot was the
tappers. Prices for the red metal are
ardenlng, and supplies are getting low.
'redlctlong of 15-cent copper are confi
ently made, and few probably would be
urprised to see 16-cent before the end of
he summer. American Smelting & Re
ining, Kennecott, Cerro de Pasco and
Hah, as well as other copper shares, dls-
layed strength.
There was little doing In the oils, and
e unsettled outlook for rate and wage
clsions is holding' the rails In check. A
w specialties ran up Bharply. Among
ese were 1'ederal Smelting & Kenning
mmon and preferred. Computing. Tabu-
ting and Recording, United Retail Stores,
id American Cotton Oil preferred.
Ths Motors had quite a burst of ac-
vlty with Btudebaker and Maxwell mo-
emonjc the leaders. .Keystone 'lire
so made a substantial recovery and Mack
Uned two pointa
Cotton made another new high level.
ilea were large in Liverpool and raven
is spot demand was reported from the
uth at a higher basis.
Although steel stocks reacted a bit to-
a.y, especially the Bethlehem and Lacka-
anna Issues, the street was still filled
1th rumors concerning steel merger
ana. The purchase price agreed to be
kid by Bethlehem Is an aggregate par
uount of Its 7 per cent preferred stock
Ind olass B common stock equal to the
amount of the stock of Lackawanna
itstanding, 35,108,500, consisting of 40
.cent in the 7 per cent preferred stock
ind CO per cent In the class H common
ock of Bethlehem, with an option in
ethlehem to reduce the par9 amount of
preferred stock and increase the par
mount of the class B common atock to
t delivered by $1,543,400, upon payment
' approximately $300,000 In cash. Beth
hem is also to assume the debts and
ligations of Lackawanna.
Lackawanna stockholders met today
.d approved the purchase by Bethlehem
-eei oi ail its properties and assets.
There were no developments of imnort-
nce In "Six Company" merger plans to
ay, although officials of the companies
-ncerned met in conference at the of-
cea of K-uhn, Loeb & Co. Steel men who
ore approached after the meeting said
at no statement would be ready at this
me, and it is probable that this merer
not much nearer settlement than it was
st week wiien news of the withdrawal of
ackawanna was received.
One report which was put out on some
ires here today and which gained con
ierable credence in the late afternoon
as to the effect that the leaders of the
x-company merger plan were to make
Ivances to the Bethlehem-Lackwanna in
fests with an idea of formine an imie-
ndent merger consisting of Bethlehem,
.Li;ticivvaiiim, iniana, loungstown Sheet
XUDe. jMiavaie. stee & Tube of America,
epublic & Brier Hill. It is also under
nod that this merger would accent leader.
up of Charles Schwab and Eugene Grace.
. m
Tobacco stocks, especially American To
icco and P. Lorillard, were fairly firm
day. These two stocks have been selling
' very high yield basis, although both
iinpanies are In a strong financial posi
m and business is good enough at least
Justify the belief that the dividend is
fe. Deflation of cigarette prices has
ade large inroads on the earnings of the
'mpanies for the current year, while the
tal turnover is also slightly smaller.
American Ice showed a flash of strength
oday and closed 414 points higher. Ice
vas one of the speculative favorites on
he movement which carried stocks to
resent levels but for the past two or
hree weeks has been backing and filling
vith very little feature in the trading,
owever, a dividend meeting Is due in the
ear future In this company, and this fact
as given rise to a recurrence of rumors
oncerning the possibilities of an tr.
Liisbursement.
It is generally believed that the plan for
e exchange of stock of the Cuban-Amer-:an
Sugar for National Sugar Refining
nnpany is practically ready and will soon
e submitted to National Sugar etock
olders. It is understood that the letter
ontalning the detailed terms of h
ransaction is only awaiting final legal sp-
Action of the Federal MIf!ne A Smslt-
g company in increasing the nii.rtsriv
vidend from the basis of 1 per cent to
i per cent is understood to be a direct
flection of the much stronger position
the lead markets as lead Is one of the
mcipal products of this company. Prices
tvo been firm in the metal market, and
e heavy volume of building which has
en going on throughout the country is
obably making a heavy drain upon job
rs stocks.
Atlantic coast line 1021 net Income was
,iJU,M,0 after taxes and charges. This
equal to S2.6:i wr iht.M c ..
Consolidated Gas is holding firm and
ored a further advance of 1 points In
OHV n truino- IJ . . . .
- " "'o- -ncveui rate decisions
ai'8.i Ve,ry f.avorab.le to this company,
L, L I""""""; tor some action
hich will permit stockholders to shore
a distribution of surplus asset of thm
pmpany.
New York Bonds.
Furnished by Herrln & Rhodes, Inc. of
ortiand:
Railroad Bonds
lc' 13 1903
-c 43 10oi
do 13 1 r.tii
B O Gold 4s "imJs
do con 4V3 cv
do ref 5s 11H5
anada Southern 5s i 19(i'
anadlan Northern Gjs ...!!'.194G
. . .1910
Na Ed 0s
MS1P4 S. S. M eVis 1946
M K sc T 4s 1UU0
M P gen 4s 19T5
II P ref 5s 1023
do 1B28
NYC deb 4s 1934
do con 43 1993
do ref Imp 4.4s 2013
do cv deb 6s 1935
do coll 7s 1930
N Y N H & H cv 6s ....1948
X O Tex Mex 5s 1933
N" P P L 4s 1997
do Cs 2047
N P Gt Nor jt aia 11)80
O S L ref 4s 1928
Penna 8i4s '. 103S
do gen 4s 1963
do 4 Vis I960
do gen 5a 1903
do, 7s 1930
do R R 64s 1938
Reading gen 4s 1907
S A L 4s 1930
do 5s 1049
do 6s A 1943
Sou Ry con 5s 1994
So Pac cv 4s 1929
do ref 4s . 2935
do sf term 4s 1950
do onv 5a 1934
St L & S P P L 4s A 1930
do gen 5s 1981
do P L 5a B 1930
do gen 6s 1931
do adj 6s 1955
do inc 6s 1900
t L & S W 1st 5s 1052
do con 4s 1932
do 1st 4s 1989
Tex Pac 1st 3s 2000
Union Pacific 1st 4s 1947
do cv 4s 1927
do ref 4s 2003
do 6s 1928
Un Tank 7s 1930
Wabash 1st 5s 1939
do 2d 5s 1039
West Pac 3s I 1940
M K & T adj 3s
Market St 5s
Philips Pet 7'As
Ost 8s
3d Ane adj 5s ...
lnuustrla s
Am Agr Chem 7V4. 1941
Am Km lit 58 1947
Am Tob 7s". 1923
Armour 48 1939
Beth Steel eq 7s 1935
do ref 0s 1942
Cerro de Pasco 8s 1931
Chile csnv lis A 10S2
do conv 7s 1923
Col Graph Ss 1925
Copper Exp 8s 1923
Colo F & I gen 5s , 1943
Colo Ind 5s 1934
Cuban Amn Sug 8s 1931
Cuban Cane cv 7s. 1130.
Distillers Sec cv 5s 102T
Dlam Match Js 1935
Dupont 74s 1931
Empire Gas Fuel 6s 1924
Fisk 8s 194V
Gen Elec deb 5s 195C
do deb Os 1940
Goodrich 7s U925
Goodyear 8s 194J.
Heinz 7s 1930
Hershey 7s 1930
111 Steel deb Hit 1940
Ind Steel os 1952
Int Agr 5s .....1932
Int Marine C T 6s 1941
Kelly Spgfieid Ss. 19:11
Kennecolt 7s 1930
Lack Steel 5s ..1923
do 1st 5s .1950
Lig & Myers 5s 1951
do 7s ..1944
Lorillard 7s 1944
Mldvale Cs 1930
Morris & Co 7&S 1930
Proctor ft Gamble 7s 1923
Republic I & St Os 1940
Sears Roe 7s 1922
Steel & Tube 7s 1951
Swift & Co. 7s 1925
Uni Drug 8s 1941
U S Rub 1st ref 5s 1947
do 7Hs 1930
TJ B Steel sf 5s 1963
Va Chem 5s 1923
Va Car Chem 7&s 1932
West Elec Os 1922
West U T col Tr 5s 1938
Wst TJnion 654s 1936
Wilson 1st 6s 1941
Wilson cv 6s 1928
West Elec 7s...... 1925
Westlnghouse 7s 1931
Public utilities
Amn Lt & Tran 6s 1925
Amn Tel coll 4s 1929
do coll 5s 3 946
do 6s 1925
Bell Tel of Pa 7s 1945
B R T 6s 1945
:1 Gas uni os 1937
Cities Service 7s B 1906
City Service 7s C -...11160
do 7s D 19(16
Con Gas cv 7s 1925
Int Met 4s 1956
Int R T ref 6s.
Laclede Gas 7s
Mont Power 5s A...
Northwest Tei 7a
Pac Tel 5s
Pac Gas 5s
Oil bonds
Atlantic Ref 6H. .
Galen S Oil 7s
Humble 7s
Pan Amn 7
Mex Pet cv 8s
Sinclair 7Vts
SO Cal 7s
9 O N Y 7s
Txa Co 7s
Tidewater Oil 08..
..1906
..130
..1943
. .1941
..1937
..1942
..1031
. . 1 930
. .1923
..1930
..1936
..1925
..1931
..1931
. .1923
1931
2
102
8IW
64
100
.97
'885,
83
85
102
106
81
70 94
86
io--.
105 Vi
91 is
109
89
93V4
99
108 44
108 '.(
So
56 44
23
57
9544
914
87 44
82
103
72
98
87 44
103 4-i
8044
67
8044
74 44
78
85
91
94
8644
103
102
9744
87
87
56
89
117
103
6044
102
92 44
102
90
102
05
11044
90
103
4544
102
89
7844
104 44
83
42
10744
107
100
106
99
105
100
115
10444
10-
914
i9
80
90
10S44
100
100
9144
95 44
11344
114
92
105
101
96
10044
101
102
10S
89 44
107
101
100
104
100 44
9944
109 74
99
94 ii
107
10744
106
80 44
97
114
107
65
95
134
95
91
117H
114
72
100
96
106
INDUSTRIAL BANDS Hi
STEELS' asd coppers active
AND STKOXG FEATURES.
Chino 13.500
Trading in Liberty Issues Light
With Few Price Changes.
Rails Are Quiet.
NEW YORK. May 16. Industrial of
ferings were the active and strongest fea
tures of today's bond market, responding
to the prominence of those issues in the
stock list.
Steels and coppers Improved on the
ratification of the Bethlehem-Lackawanna
deal and the growing inquiry for copper
metals at higher quotations. Lackawanna
Steel 5s of 1923 and United States Steel
strengthened with Chill Copper 6a and
Cerro de Pasco 8s.
Local utilities and tractions showed a
further disposition to ease, but Pacific
Gas & Electric 5s, Duquesne 744s and
Consolidated Gas 7s Improved, the latter
giving way.
Changes among the substantial domestlo
rails were narrow and speculative issues
of that class were dull. Pennsylvania gen
eral os, Southern Railway Ds and Colorado
& Southern refunding 4s were nrm,
moderate recessions being made by Sea
board Air Line 6s and St. Louis & San
Francisco adjustment 6s and 4s.
Buying of Liberty bonds was light, but
no changes of note occurred in that
grouS.
Belgian 74 s, French municipals, Mexi
can 4s and 5s and Philippine railway 4s
made fractional gains.
Total bond sales, par value, aggregated
$15,073,000.
Steels again were the Divot around which
today's fairly active stock market re
volved. Early strength in those shares
soon spread to coppers and related metals,
also chemicals and miscellaneous Issues.
Sales amounted to 975,000 shares.
Lackawanna Steel rose to a new maxi
mum during the forenoon, but announce
ment of the ratification of its merger with
Bethlehem was the signal for an exten
sive profit-taking movement, Bethlehem
also giving away, presumably for the same
reason.
Rallies at midday occasioned renewed
realizing sales later, the final hour being
marked by much confusion. Accumula
tion of the popular steels, oils, American
Can, Corn Products and tobaccos during
that period was balanced by selling or
several of the cheaper equipments and
motors.
' On the other hand. Studebaker was
steadily bought with Maxwell "A." Bald
win Locomotive ana Crucible Steel were
in demand with United States Steel, all
at substantial gains, metals also respond
ing to short covering.
Federal Mining & Smelting preferred
w-as the day's strongest stock, closing at
a gain of 7 points on the declaration of
an increased dividend. American Smelt
ing also retained the better part of Its
gain and Mexican Petroleum and United
Retail Stores helped measurably to sus
tain the higher average of quotations.
While the day's operations In steels
were uncertain throughout, traders seemed
disposed to pay little heed to threats of
federal and state investigation, of merg
ers. Their attitude evidently Tvas based
on assurances that such combinations are
being made with due regard for existing-
laws.
Money and commodity markets were fa
vorable to the long account In the stock
murkt. Copper prices were firmer on ex
pansion of the foreign mquiry and hiffher
prices were quoted for lead and raw and
refined sugars, but intimations of an
other advance in fabricated steel and iron
were not confirmed. ,
Foreign exchanges were duller than
usual, but all the Important remittances
displayed firmness, with marked strength
in -the Butch rate. Central Europeon bills
continued to ease, especially the Austrian
quotation, while Czecho-Slovakian bills
were not perceptibly benefited, by the pros
pective loan to Prague.
CLOSING STOCK QUOTATIONS.
Foreign Government Bond
Argentine 2d 7s 1023
do GI 5s 1945
Belgium 8s 1940
Bergen 8s -.,....1945
Berne 8s 1943
Christiana 8s ...1045
Copenhagen 5s '..1944
Danish Consol 8s .1946
French Cities 6s 1934
Italy 644 s A 1923
Swedish Govt 6s '. 1939
U S Mex 4s 1934
do ext 5s , 1945
Uruguay Ext 5s
Zurich 8s 194.S
French Internal 4s .......... .1917
French Victory 6s ....li020
Belgian Restoration Ss
British 2 consols
Ital Cons War Loan 5
Curb Bonds
Allied Packers 8s ...
Am Tel ft Tel 6s 1922
no 1024
104
104
101
100
103
10444
106
109
101 Vi
102
99
86
106
110
113
111
93
110
86
9644
101
53
66
73 44
113
59
70
70
63 44
42
81
100
101
Anaconda Copper 6s 100
do 7s
Anglo-Am Oil 7 .
Armour ft Co 7s ...
Eeth Steel 7s
Copper Ex Assn 8s .
do
Grand Trunk 6s ..
Gulf Oil Co 7
Libby McN ft Lib 7s
Sears-Roe 7s 3-yr .
So West Tel 7s
Stand Oil X Y 044s .
Swift tt Co 7s
Texas Co 7a Notes .
Vacuum Oil 7s......
..1933.
..1924
,..1923
.1923
.1033
.1931
103
103
104
102
102
103
104 44
104
99
100
102
106
102
101
100
Saval Stores.
SAVANNAH. Ga., May 16. Turpentine,
firm, 83c; sales, 237; receipts. 410; ship
ments, 284 ; stock, 1463.
Rosin, firm; sales, 84; receipts, 1543;
shipments, 943; stock, 63,455, yuote: B,
$4.20; D, 14.30; E, $4.45; F, H, 14.50; I.
S4.55: K, 94.70; M, $4.00; N. $5.80; WO,
$6; WW, $6.30.
Orpheum matinee today. 15-25-50-Ad.
Furnished by the
company of Portland.
Overbeck ft Cooke
Stock
Adams Exp..
Advance Rum
do pfd ....
Agr Chem .'.
do pfd ....
Ajax Rubber.
Alaska Gold..
Alaska June..
Allied Chem .
Allis Chamber
do pfd ....
Am B Sugar. .
Am Bosch . .
Am Can Co..
do pfd ....
Am C & Fdy.,
do pfd ....
Am Cot Oil..
Am Drug Syn
Am Hide & L
do pfd ....
Am Ice
Am Intl Cor. .
Am Linseed..
do pfd .....
Am Loco .
do pfd .
Am Saf Razor
Am Sh & Com
Am Smelter.
do pfd .....
Am Snuff..-.
Am St Fdy...
Am Sugar. . . .
do pfd
Am Sumatra.
Am Tel ft Tel
Am Tobacca..
do "B" ....
Am Wool
do pfd
do W P pfd
Am Zinc
Anaconda ...
Assd Oil
Atchison .....
do pfd
Atl Cst Line,..
Atl O & W I..
Baldwin Loco
do pfd
Balto & Ohio
do pfd
B'dell Coup..
Beth St "B" . .
Booth Fish...
B R T
Butte C ft z..
Butte ft Sup.
Burns Bros...
Caddo Oil....
Calif. Pack...
Calif let
do pfd
Canadian Pan
Cen Leather.
Cerro de Pasco
Chand Mot...
Chgo ft N W.
Chgo Gt W...
-do pfd
Chill Cop
Sales. High. Low.
200 16 18
"ioo '39' 'so
"306 'ii" "1644
100
7,400 1 1
800 66 66
4O0 48 44 48
100 98 US
(100 41 40
3O0 44 44 43
1,800 47 48
'"ioo ioi" ibo"
2,466 '27 '27"
"'200 'ir '1544
900 70 - 69
2.800 108 104
1,800 45 43
800 33 33
200 54 53
1,000 114 113
100 116 116
1,300 7 6
400 17 17
11,300 61 59
1,400 97 96
100 130 130
1.100 38 37
1,700 7444 73
'"(MO '34 '34"
600 121 121
200 138 138
100 136 130
1,800 90 90
100 106 106
" bob "lb" 'is'
8,100 64 .63
""906 '99 44 "99
200 0 1 90
600 102 101
2,000 37 44 35
8,000 113 114
100 108 108
2,600 46 45
100 60 60
4.200 4 5 42
8,800 7!) 78
SO0 6 6
2,100 25 24
7.500 7 0
2.600 -81 30
200 133 133
200 12 12
100 78 7844
1,000 50 55
I "'800 189 13944
700 3844 38
p 2,200 88 37
1,900 73 71
100 7444 74
400 S44 8
100 20 20
:.12,20O 204. 19
Bid.
64
16
45
38
C5
16
1
66
47
97
40
44
47
104
159
119
27
5
15
70
106
44 '4
33
52
113
115
6
1
60
130
38
74
103 44
33
121
138
136
90
108
33
1844
53
124
99
90
101
36 44
115
108
45
60
44
77
o6
7
30
133
12
78
65
96
139
38
37
73
74
8
20
20
2,000
5U0
600
200
800
100
700
8,400
7,400
'"ioo
'2I266
'3.966
2,200
190
100
2,400
300
800
'"ioo
100
2,000
700
2,200
60
l.too
800
300
8,200
800
- 800
900
200
14,000
400
2,600
1.60O
400
400
4,400
"600
15,000
100
4,100
i.AOO
1,600
1,700
1.400
2.800
700
8.266
8,000
300
100
200
900
24,100
2.900
56,000
300
500
500
700
400
100
1,300
600
200
6.300
C M St P
do pfd ... .
Coco Cola . . .
C ft O
Colo F & I
Coio Southern.
Col Gas ft Elc
Col Graoh ...
Con Gas ....
Cons Cigars . .
Cons Cig pfd .
ContI Can . . .
Cities Svc Bks
Corn Prod ...
Corn Prod pfd
Cosden Oil . .
C R I & P . .
CRI&P "A" pd
CRI&P "B" od
Crucible 15.S00
cruciDle pld .
Cuba Cane . .
Cuba cane pfd
Cuban Am Su
Del ft Hudson
Dome Mines .
Del ft Lack .
Davison Chem
Er.dicott John
Erie
Erie 1st pfd .
Elec Stor By .
Fam Players .
Fd Mln&Smelt
FdMftSmelt pd
Fisk Tire . . .
Gaston Wms .
Gen Cigars . .
Gen Elec ....
Gen Motor
Gen 1 fl n
Gen Asphalt .'i.ioo
trOOQriCn
Goodyear ....
Granby
Great Nor Ore
Great Nor pfd
Greene Can . .
Gulf Steele ..
Glen Alden
Houston Oil ..
Hupp Motor
ins t;ent ....
Inspiration . ,
Int Ag Cp com
Int Ag Co pd 100
Interboro ....'12,100
Interboro pd . 18,000
inter Calla . .
Int Harv
Int Merc Ma .
Int Mer Ma pd
Int Nickel ...
Int Paper ...
Int Paper pd
Inv Oil
Island Oil
Jewel Tea ...
K C South .
K C Su pfd..
Kelly-SDtrfld...
Kennecott ...
Key Tire
Lack Steel . . .
I.ee Tire .....
jehlgh Valley
Lorillard ....
Lowe Theatres
L & N
Mackay
Maryland Oil.
Martin ft Perry-
may stores...
Mex Pet
Miami 1,000
.Mia states oil 6.900
Mldvale Steel..
M K. & T
do pfd ....
Mont Power..
Mont. Ward..
7lo Pacific...
do pfd ....
M S P ft 3 S M
r.or Amn
Nat Biscuit . .
Nat Enamel . .
Nat Lead
Nevada Con..
New Haven...
Norfolk ft W. .
Nor Pac
N S Steel
N Y Air Brake
N Y Central..
Okia Prod ref
Ontario Silver
Ontario ft W. .
Otis Steel ...
Pacific Dev... 1,100
Pac G & E . . . 200
Pimta Allegre 1.500
Pacifio Oil... 11.900
Pan Amn Pet. 1,100
do B 1,000
Penna 1,100
Peo Gas 100
Pere Mar 600
Pure Oil 1.500
Phillips Pete. 9.000
Pierce Arrow. 9,100
Pierce Oil ... 3.600
Pitts Coal ... 1,000
Pitts & W Va 400
do pfd
Press Steel Car
Pullman 600
Ray Cons .... 2.600
Reading 2,500
Remington . . .. 300
Replogle Steel 6,100
Republic X & S 8,200
do pfd .... 100
Ren Motors
Royal Dutch O
Ry Steel Spg. .
Saxon Motors.
Sears Roebuck
Shattuck. Ariz
Shell T & T..
Sinclair
Btan Oil Ind..
do N J
Sloss Sheff . . .
Sou Pacific. ...
Southern Ry..
Stand Oil Cal.
st L & s F...
Strom Carb...
Studebaker ... 60,800
swirt & Co. . ,.
Tcnn Cop ft c
Texas Oil
Texas Pacific.
Tex Pac C & O
Tob Prod
Tran Contl Oil 36.400
Union Oil Del. 2,500
Tjnlon Pacific.
United Alloy..
United Drug. .
United FProd.
United Fruit..
Union B & P..
U S C I Pine.
United Ret St. 41.200
TJ S Ind Alco. 3.600
U S Rubber. . , 1,100
do 1st pfd
U S Smelting. 1.000
U S Steel 22,200
do pfd 8.000
Utah Copper.. 6,700
va t;nem
do pfd 100
Vanad Steel... 11,000
Vivandou .... 1.100
Wabash 2.000
29.500
3,200
IOO
1,000
3,900
2,600
400
100
1.300
1,500
200
200
2.800
8,500
100
300
100
"soo
1.800
8,200
200
30
25
42
57
63
84
4S
87
4
118
'6i
ioo
'43"
42
95
81
73
'l5
33 44
21
'27
117
58
83
13
27
43
80
14
51
18
73
163
12
'66
40
'26"
40
74
32
84
'77
20
103
41
'4i"
2
6
8
98
22
81
17
50
"i
1
20
56
49
38
21
81
33
62
i52
' 18
HS
92
81
30
118
129
29
14
39
17
39
74
21
22
55
59
57
150
41
93
17
28
106
7o
31
'88
3
8
26
28
24
41
5044
05
33
48
87
. 4
116
'6i
'46"
'42
42
95
81
71
"is' "
33
21
13
21
42
80
13
45
17
72
162
12
"59
40
'28
40
74
31
82
'77
19
103
40
"ii"
o
4
8
97 44
22
81
17
49
'ii
1
20
26
5
49
34
20
78
82
62
151
15
118
02
3044
29
116
12744
29
14
88
17
39
73
21
22
63
59
57
143
40
924?
-16
28
106
75
81
'S8
2
7
26
10
70
41
64
63
67
40
86
31
33
43
19
11
62
3544
10
70
40
63
63
60
40
86
81
32
45
17
10
61
3544
120
17
78
33
35
70
90
120
16
77
33
34
68
90
6,800 61 61
1,100 74
entral Pacific 1st 4s 1949
nesapeake & Uhio ov 4s .. iohij
do gen 4s
do con 3s IU'1'1
B & Q 111 dlv 4s "lOiij
ft West Ind 4s iiy
o ft w 43 ;1U5;
, M ft St P 4a li) 5
do cv 4s , 1D32
do deb 4s 1934
do gen 4s A 1S99
do cv 5s .2014
do g ft r 444s A 2014
hlcago Northwestern gen 4s ..1987
do 644s I931J
do 7s 193!)
R I ft P ref 4s ..f 134
olo Sou ref ex 44is 1933
do 4s l;i9
el & Hulson Cv os 1933
do 7s 1930
1 & R G cv 4s 1938
do ref 5s 1953
irie P L 4s 1998
do cou 4s A 1033
do B 1053
do D 11138
do Pa C G 4s 1051
It Northern 4s 106t
do 7:1 1938
irand Trunk 6s 1936
do 7s 1940
;l Central Jt 5s 19C3
do ref 4s 1955
; C Southern ref 6s 1930
;eo. & D M 1st 5s 1923
5 ft M S 4s 1931
6 N 7s 1930
do uni 4s 1940
C 7i
8844
88
105
81
8144
SU'j
98
11144
111
85
88
91
100
90 4i
73
61
79
70
4
76
75
4
86
108
108 '4
82 $
87
92
96
109
79
48
C4
48
49 1
60
S5
109
108
118
93
86
87
S0
91
108
90
100
SUGAR PROSPERITY SEEN
PER CAPITA CONSUMPTION IN
AMERICA INCREASED.
Products Exported to Germany,
France, England, Belgium; Can.
ning Season Approaching.
SAN FRANCISCO, Cal., May 10.
(Special.) Higher sugar prices in the
near future and Increased prosperity
for the beet sugar interests -were
predicted today by Barnaby Conrad
a director of the Utah - Idaho Sugar
company.
"The consumption of sugar in the
United Bta.te is increasina- relatively
much raster than our production At
the present time it is estimated that
th consumption of sugar is running
at the 'unprecedentedly high figure of
95 pounds, per capita. This consump
tion, if it continues, means that this
yaur we must import sugar in larger
quantities than ever before to supply
our demand.
"It is small wonder, therefore, that
the beet sugar interests feel that
their lean years of 1920 and 1921 are
behind them and that they are now
well on th way to profit making "
Read,
Act
and
You'll
Profit!
15-Year Gold Bonds of
the Amalgamated Sugar
Co., at par; yield
7
Write, phone or call for
detail. Wire ord-ers "col
lect." Use our Partial
Payment Plan.
A
Freeman, Smith
& Camp Co.
LUMSERMtNS BLDO.. PORTLAND
800
8,200
"oOO
2,800
8,700
1,000
1,000
700
200
1.400
6.300
100
8.100
6.700
600
1,900
800
800
200
600
do A pfd.
do B cfd. . ..
Wells Fanro. .,
Western Pacif.
do pfd
West Union. . .
Westing A B.
Westing BAM
Western Aid..
White Motors.
Willys Over...
do pfd
Wilson Pack..
Wise Central..
Woolworth . . .
Worth Pump..
1.100
43
31
187"
31
90
23
114
29
52
118
12"
47
32
29
70
17
22
137
39
72
4
140
'34"
64
51
63
99
118
66
49
13
100 98
1,400 '62
100 10
200 47
1,100 7
100 88 44
300 43
"ioo ise"
100 ROl',
73 .
"is" '
31
188"
48
0
23
113
29
52
114
ii
.12
28
69
16
21
137
38
72
4
140
33
60
30
02
'41
97
117
64
47 44
12
10
30
98
'6144
10
47
7
38
43
158 "
50 14
29
23
41
67
63
. 34
48
87
. 4
117
2344
60
63
24
99
113
42
42
95
80
11
15
33
21
120
27
116
57
. 82
13
21
42
80
14
51
17
73
183
12
81
60
40
12
28
40
74
31
83
60
77
20 44
1U3
40
10
40
2
4
8
98
22
81
17
49
S3
18
14i
20
28
' 50
49
38
21
78
32
62
151
13
118
- 91
30
29
115
129
29
14
89
17
39
73 4i
21
2244
55
59
6744
148
40
93
17
2S
105
95
81
76
88
2
8
26
14 44
69 44
40
64
63
66
40
86
SI
32
45
18
10
61
33
87
76
120
17
77
32
34
9
90
7
61
100
S
7SW.
8
4444
31
104
1864s
49
90
23
113
29
52
118
102
11
47
W ft L E
White Oil ....
600 11
500 10
11
9
mi
9
liberty Bond Quotations.
Liberty bond and victory note quota
tions furnished by the Overbeck ft Cooke
company, Portland:
open. mgn. low. Bin.
. 99.23 99.23 89.20 99.24
. 99.60
99.44
. 99.76 99.88 99.76 99 80
. 99.50 99.5S 99.48 99.54
. 99.88 89.92 99.84 09.92
. 99.90 99.92 99.86 99.86
.100.66 100.04 100.56 100.62
100.02
Liberty 344 s ,
dO ISt 48 . .
do 2d 4s ..
do 1st 4s
do 2d 4 '-is .
do 3d 4 4is .
do 4th 4 44s
Victory- 4s
ao 3s ...
Snift & Go. Stocks.
Closing prices of Swift & Co. stocks at
Chicago were reported by the Overbeds &
Cooke company of Portland as follows:
Swift & Co t 102
Rational Leather 2
do new 8
Swift International 20
Libby 2
Money, Silver, Ete.
NEW YORK, May 16. Call money, easy;
high, low and ruling rate, 8 per cent;
closing bid. S per cent: offered at S per
cent; last loan, 3 per cent; call lo&ns
against acceptances, 3 per cent.
Time loans, steady; 60 days, 90 days and
six months, 4 per cent.
Prime mercantile paper, 4 9M per
cent
Foreign bar silver. 72o.
Alexican dollars, 55 c.
LONDON, May 16. Bar silver, S6K4 per
ounce.
Money, 1 per cent,
bills, 2 5-162 per cent. "
Discount rates, short and three months
Foreign Exchange.
Foreign exchange rates at the close of
business yesterday furnished by the North
western National bank of Portland. The
amount Quoted is the equivalent of the
foreign unit in United states funds:
. 28
70
18
21
1:17
3B
72
4
139
63
33
03
51
03
104
4144
98
118
65
32
74
" 49
12
10
80
2?
20
61
97
95
62
10
47
7
38
45
29
157
50 'A
Country Unit
Austria, kronen
Belgium, francs
Bulgaria, leva
Czechoslovakia, kronen
Denmark, kroner
England, pound sterling
Finland, flnmark
France, francs
Germany, marks
Greece, drachmas
Holland, guilders
Hungary, kronen
Italy, lire
Jugo-Slavia, kronen
Norway, kroner
Portugal, cscudos
Houmania, lei
Serbia, dinara
Spain, pesetas N. ................ .
Sweden, kroner
Switzerland, francs
China Hongkong, local currency.
Shanghai, taels
Japan, yen ,
Bate.
.t .0025
. .0840
. .000
. .0200
. .2136
. 4.4650
. .0217
. .0918
. .0037
. .9428
. .3875
. .0018
. .0533
. .0042
. .1872
. .0857
. .0080
. .0102
. .1575
. .2370
. .1922
. .5875
. .8150
. .4800
I
NEW YORK, May 16. Foreign exchange
steady. Great Britain, demand W-44.
cables S4.45; 60-day bills on banks, $4.42;
France, demand 9.14, cables 9.14 ; Italy,
demand 6.28; cables 5.28; Belgium, de
mand 8.33, cables 8.84; Germany, de
mand 85, cables 35; Holland, demand
3S.72, cables 3S.77; Norway, demand 18.82;
Sweden, demand 25.60; Denmark, demand
21.30; Switzerland, demand 19.a4; Spain.,
demand 15.83; Greece, demand 4.15; Po
land, demand .02 ; Czecho-Slovakia, de
mand 1.93; Argentine, demand 36,90; Bra
'Zll, demand 13.80; Montreal, 99.
Boston Mmbvc Stocks.
Furnished by Overbeck & Cooke com
pany of Portland:
Adventure
Ahmeek
Algomah
Cal & Ariz ....
Calumet A Hecla
New Corn
Centennial ......
Copper Range ..
Davis Daly ....
Daly west
Franklin Mining
Keewanaw
Lake Copper
La Salle
Michigan
Mass Con
May Old Colony
Mason Valloy . . .
North Butte .....
North Lake
Old Dom Cop
Obijawa ,
Quincy Mining
Isle Royal
Supp Boston
United Shoe Mach
do pfd
South Utah ,
Superior Copper
Trinity Copper .-.
Tuolumne
Utah Metals
Utah Con
IT, S. Mining, P. F. D...
Wyandott
Shanon
Bid. Ask.
,.
,. 80 . 81
.. 61 62
,,20 60
. 28 ' 29
. 3 3
.3 7
.59 60
-.265 270
,. 17 18
. 1044 H
. 42 42
. 8 8
. 2 S
. 11 UK
. 2 S
. S 344
.115 115
. 2 3
. 3 . 4
. 3 4
. 1 3
. 2 8
. 3 S
. 5 5
. 2 2
. 12 13
. 5 6
. 30 60
. 23 24
.. 3 3
. 44 45
. 23 44 24
,. 1 1
. 41 41
,. 25 25
.8 10
. 8 3
,. 1 1
.. 68 70
.. 1 2 '
.- 2 2
,. 41 , 42
..60 60
..80 100
Foreign Bonds.
Furnished by the Overbeck 4 Cookt
company of Portland:
i Bid. Asked.
Belgian rest 5s 72 77
do prem 5s 78 82
Belgian 744s 1945 107 ISO
do 8s 1941 108 107
do 6s 1925 103 103 It
Brazil 8s 1941 105 . 100
Chile 6s 1932 9041 904
do 7s ;...1H23 102 102
"British 5s 1822 91 83
do ..1.1927 93 95
do ........1929 03 95
do vky 4s 78 82
do ref 4s 78 80
Bordeaux 6s 1934 87 87
Canadian 5s 1937 S 99
do 1928 99 99
do 5S 1929 100 10144
do 5s 1931 9S 98
do 544 1927 9S 119
Chinese 5s 1951 53 54
Chilean 8s 19410 105 105 44
F.uss currency 6 44 7 44
Denmark 8s 1945 110 111
Dan Muni Ss 1945 110 111
French 4s 1917 56 4i 57
do 5s 921 79 81
do 1981 08 69
do 7s 1941 101 101
do 8s .: ...1945 10444 104
German WLil ,. 2 8
Berlin 4s 2 3
Hamburg 4a 3
do 44is 3 4 -
Lelpsig 4s 3 44i
do 5s : 4 S
Munich 4s 3'. 4
WE OWN AND OFFER:
$200,000
The Roman
Catholic Archbishop
of Vancouver, B. C, Canada.
FIRST MORTGAGE 6 GOLD BONDS
American Payment
Dated - ' Due
JUNE 1, 1922 Serially 1923 to 1932
Redeemable after three years at 102
and Interest. Coupon bonds. De
nominations $1000, $500. Principal
and Berai-annual interest payable
.at Bank of Montreal in Spokane,
Chicago or New York.
Borrower covenants to pay U. S. normal income
tax up to 49. '
THESE BONDS are -the obligation of the Most Rev. Timothy
Casey, D. D., Archbishop of Vancouver, B. C,
t whose; Archdiocese includes the City of Van
couver and a large part of British Columbia.
The property owned by the Archdiocese is val
1 ued at $1,000,000, and includes property in the
business center of the city of Vancouver worth
$400,000 to $500,000.
We recommend these bonds. The security is unusual and the
moral and financial strength of the borrower is unexcelled.
PRICE: PAR AND INTEREST
TO YIELD 6
(Payable in American Funds)
Reservations should be made promptly.
Ferris & Hardgrove
INVESTMENT BONDS
Spokane, Washington Seattle, Washington
SURFACE CONDENSERS
THE UNITED STATES SHIPPING BOARD
. Through the United States Shipping Board Emergency Fleet Corporation
INVITES BIDS
at private Competitive Sale on
205 Surface
Condensers
from 1,000 to 8,000 square feet
cooling surface cast iron or
steel plate shells, rolled brass
tube sheets and Muntz metal
tubes. All flanged connections
in accordance with American So
ciety of Mechanical Engineers
standard.
CORLISS, WIS.
Stored in Warehouses as follows
HOG ISLAND
11 Condensers, 2000 sq. ft.
3 Condensers, 1500 sq. ft.
Sales Manager, W. J. Leonard,
1819 West 39th St., Chicago, 111.
NEW ORLEANS
30 Condensers, 2000 sq. ft.
Sales Manager, H.R. Dillingham,
P. 0. Box 180, New Orleans, La.
BEAUMONT, TEXAS
26 Condensers, 2000 sq. ft.
Sales Manager, H.R.Dillingham,
P. 0. Box 180, New Orleans, La.
13 Condensers, 2000 sq. ft.
7 Condensers, 1000 sq. ft.
2 Condensers, 1500 sq. ft.
6 Condensers, 8000 sq. ft.
Sales Manager, J. T. Eason,
Hog Island, Pa.
ERIE
28 Condensers, 2000 sq. ft.
Sales Manager, J. T. Eason,
Attention F. A. Fisher,
Erie, Pa. "
TACOMA
31 Condensers, 2000 sq. ft.
6 Condensers, 3229 sq. ft
Sales Manager, FredTc Haag Jr.,
Tacoma, Wash.
ST. JOHNS, PORTLAND
25 Condensers, 2000 sq. ft.
Sales Manager, T. G. Baird,
St. Johns, Portland, Oregon.
ALAMEDA
17 Condensers, 2000 sq. ft.
Sales Manager, D. H. Meisen
bach, Alameda, Calif.
ENGINEERS WHO ARE CONTEMPLATING PLANT EXTENSIONS OR RE
PLACEMENTS SHOULD NOT MISS THIS OPPORTUNITY TO REDUCE FUEL
CONSUMPTION BY INSTALLING ONE OR MORE OF THESE CONDENSERS
Inspection Invited
Bids are invited on any or all of these condensers "aH is, where is," and will be sold without war
ranty as to condition,' quality or capacity. The United States Shipping Board Emergency Fleet
Corporation will load f. o. b. cars at above locations.
No bid will be considered unless accompanied by certified check for 10 of the amount bid.
For full information and complete terms of sale, communicate with the Local Sales Manager
at addresses given above or with the Home Office, Washington, D. C.
The right is reserved to reject any or all bids, and condensers are offered subject to prior sale or
' other disposition.
Bids will be received at the office of the
UNITED STATES SHIPPING BOARD EMERGENCY FLEET CORPORATION
WASHINGTON, D. C. (
until 12 noon, June 1, 1922. Envelopes should be addressed to
F. H. WALSH, Manager, Material Sales Division,
and marked "Bid on Sale 102."
do 5s
Frankfort 4s .
Italian 6s ...
Jap 4s ......
do 1st 444S
do 2d 4 44s .
Norway Ss . . .
Russian 5s
do
do 6s
Swiss 544s ..
do ss
San Paulo 8s
U K Ss ....
do
do
Swedish 6s . .
.1918
.VMl
.1925
.1925
.1940
.1921
.1926
.1919
.1929
.1040
!i922
.1929
.19117
.1939
4
3
41
70
90
S9 44
111
20
4!4
23
10244
117
104
108 44
10844
102
101
5
4
42
7T
0
89
111
23
5
27
102
117
104
108
108
192
102
Cotton Market,
virw YORK. Mav IB. Ootton futures
opened steady: May, 20.12c; July. 20.45c;
October, 20.48c; December, 20.430; Janu
ary 20.30c.
Cotton futures closed stesdy. May, 20.20c;
July, 20.45c; October, 20.42c; December,
20.44c; January, 20.26c.
pot cotton,- steady; middling, 21.50c.
Dried Krolt st New York.
NEW YORK, May 16. Evaported apples,
few here,
Prunes, unsettled.
Peaches, steady.
Orpheum matinee today, 15-55-50-Ad.
The scarcity of good bonds
offering high yields is
such that we have only
limited amounts available
as regards several issues
on this list
P AA I-
NORWAY
6B0NDS
1921
John Moody, eminent Invest
ment authority, accords
these bonds a AA rating for
security arid salaMlity.
Norway Is noted for thrift,
industry and financial
soundness. No default on
any Norwegian government
loan has ever been recorded.
Her high standing is shown
by the fact that from 1886
to 1914, the cost to the
government for its various
loans ranged from 3.10 to
4.11.
These bonds ire in denomi
nation of 1,000 kroner (face
value at normal rate of ex
change, $268), and are being
offered at
$217 per bond.
CLARK, KENDALL
& CO. INC.,
295 Stark St.
Portland, Or.
HERRIN & RHODES. Inc.
Established U98.
STOCKS, BONDS,
- COTTON, GRAIN
Cerrespond.nts B. 7. HUTTON 4 CO.. N. X.
liembers all leading .xchanass.
Babson's Service on FUa.
DdwT, US. 101 Uallrrv Kxcliuss Did
Income Tax Exempt
Madison County, Idaho, School District
27, 6s .' Ser. 1926-41
Payette, Idaho, Highway District
No. 2, 6s Opt. '32; due '42
Union County, Oregon, 5s 1928-30
Prineville, Oregon, 6s 1932
Tillamook, Oregon, 6s 1927
CANADIANS
Prov. British Columbia, 6s 1925
Dominion Canada, 5s 1952
Prov. New Brunswick, 5s 1939
Prov. Ontario, 5s 1952
City New Westminster, 6s 1952
Burton Ranches 1st Mortg., 7s 1937
Dutch East Indies, 6s 1962
Remington Arms 1st Mortg., 6s 1937
Crown Willamette Paper Co. cumulative
1 Preferred Stock
mmmm
Phone or write for bulletins fully
describing any of these issues.
LUMBERMENS
Broadway and Oak
5.50
5.25
4.80
6.75
5.50
5
5.00
5.15
5.02
5.80
7.50
6.48
6.55
7.00
to 6
OVERSUBSCRIBED!
We offer unsold balance1
of our allotment of
$25,000
AMALGAMATED
SUGAR CO.
First (closed) mortgage
Sinking Fund
GOLD BONDS Apri7
The Amalgamated, one of the
six largest refinery com
panies in the U. S .has a
history of strong growth and
large earnings. Securing the
authorized (4,000,000 first
mortgage bonds is more than
$10,000,000 of property.
Phone Main 4196 for early
reservations.
PRICE PAR' TO YIELD 7
G.E.MILLER
& COMPANY
Zni floor
bankb:
THWE STERN
PORTLAND .
You Make
a Prudent
Choice
When you decide on
Ashley & Rumelin,
Bankers, as your de
positary a banking
institution that is
strong, experienced
and has the facilities
for excellent service.
H0URS-8AMT0 530 PM.
SATU R DAYS-8 AM TO 8 PM.