TTTE MORNIXG OREGOSfA!T, TUESDAY, MAT 23, 1923
LIBERTY BONDS HIGHER
SPKCriiATIVK HAILS , AXD
UTILITIES ACTIVE.
Demand for Coppers Slows Down.
Foreign War Loans Quiet With
French Issues Steady.
NEW YORK, May 22. The greater part
of today's fairly large operations tn the
bond market centered around speculative
rails and several of the local utilities-. Do
mestic and foreign war loans contributed
leys than their usual proportions.
AlmoBt all the liberties were appre
ciably better, however, especially the tax
exempt Zs and third 4Mb.
French Issues held steady, despite the
lower trend of exchange, but British of
ferings failed to respond to the better tone
of sterling exchange.
The several Erie issues were most active
of the lower priced rails, following the
pace set by Brie common and the two
classes of preferred stock.
Recent buying of coppers diminished,
the chief movement in that group being
a gain of 2 points for Cerrro de Pasco
Sn and some inquiry for American Smelter
fives.
Total bond sales, par value, aggregated
$lB.737,O0O.y
Cheap money wan again the dominant
influence in the higher range of prices
quoted during today's active stock mar
ket session. Realizing . for profits ensued
later as the rate for call loans stiffened
from 3'a to 5 per cent.
Recent minimum quotations for time
funds, ranging from 30 days to virtually
six months, were renewed, although last
Saturday's report of local clearing house
institutions disclosed the largest total of
loans and discounts thus far this year.
Shorts tested the market's capacity from
time to time, but made little headway,
Mcept among several of the foreign oils,
Mexican and Dutch issues easing under
pressure with several of the motors, equip
ments, coppers and kindred accessories.
Domestic oils, especially the Stand
ard Oil group, showed consistent strength
with Trans-Continental Oil, those stocks
closing at gains of 3&'44 points.
Midvale waB the only Independent steel
to retain its early advance and Studebaker
held its ground, but miscellaneous issues
canceled their gains of 1 to 2 points.
United States Steel established a new
high record for the current movement,
although among the first of the popular
issues to yield to realizing sales.
Active trading among rails was con
fined to secondary stocks, New Haven for
feiting a considerable part of last week's
rise, while Erie gained almost 2 points.
Sales amounted to 1,575,000 shares.
Speculative sentiment as expressed in the
weekly letterB of commission houses lost
little of Its optimism. Predictions of higher
prices were based, aside from money con
ditions, on increased railroad tonnage,
continuance of the investment inquiry and
general business gains in the south and
southwest.
The drift of foreign exchanges was more
distinctly downward, although British
rates remained firm. Early sellipg of
francs and lira effected additional de
pression in French and Italian currencies
and German marks fell back to within- a
fraction of their low record. Scandinavian
bills were mont irregular, a 15-point rise
in Swedish bills being offset by a 20-polnt
decline in Norwegian remittances. Far
eastern quotations again strengthened on
the higher prices for silver here and in
London. .
CLOSING STOCK QUOTATIONS.
Furnished by the Overbeck & Cooke
company of Portland:
Stock Sales. High. Low. Bid.
Adams Ex .'. . l.itOO fi?V Bft 66
Agr Chom ... 400 30 88 K 38
do pfd 100 .- 55 64
Ajax Rubber.. 2,400 17 17 U 17 H
Alaska Gold.. 3M) 4
Ala Junf-au . . . 700 1 1 1
Allied Chein.. 8,300 6 68 68
AIHh Chalmers Dlu 50 BO 50
do pfd 97
Am Beet Bug. 2,000 45 43 44
Am Bosch ... 1,800 4(3 45 46
Am Can Co.. 7,100 49 48 48
, l Pfd 6(W) 105 104 305
Am Car & F. . 0 162 162 162
do Pfd 3410 120 120 llfl
Am Cot Oil.. (W0 28 28 28
do'pfd .... 200 67 57 57
Am Drug Pyn. 400 0 ft 6
Am Hide & L. 3.10O 1 15 15
do pfd 1,000 72 70 70
A Ice 3,700 l(tf 108 108
Am Int Corp. 5,000 40 47 48
Am Linseed. . 1,800 35 85 85
do pfd 200 57 57 56
Am Loco .... 2,300 116 114 114
Pfd----. 100 115 115 H5
Am Paf Razor 500 7 7l 7 -
Am Ship & C. 1,700 16 16 1-6U
Am Smelter .... 6,000 65 65 65
do pfd 8.
Am Steel Fdy. 1,100 39 '38 88
Am Sugar.... 900 76 76 75
do pfd...... 100 104 104 104
Am Sumatra.;; 1,800 , 87 35 36
Am T & T... 8,300 123 122 123
Am Tobacco.. 700 141 141 141
. do-,? ; 800 M7 137 137
Am Wool .... 2,400 83 92 2
do pfd I05t4
Am W P pfd. 400 35 . 35 35
Am Zino .... 600 20 39 o
Anaconda ... 7,400 56 65' 55
Aesd Oil 30O 124 124 14
Atchison 2,500 100 10O 100
do pfd 100 Gl 91 14 91 ia
AH SKJ"s 2,1W) 103 i 102
Atl G & W I. 6,700 89 37U a?2
Baid Loco.... 14,700 118 117 117
do pfd Ill
Bait & Ohio.. 11,300 4ft 48 48
do pfd 300 61 eo 60
Barnsdell Cp. 1,700 44 . 43 3 43
g-Sc-i-z:..1:700 2i 21 2 1
Butte & Sup.. 1,600 'siU 'H'k S2
Burns Bros... 6,300 134 133S 138&
Caddo Oil ... 1 200 12 12 & ?2
Cal Pks I 200 79 78 79
CaJnP0 3'700 5 87
ao pia o-
Caiad Pac ... 2,100 1434 U3K 14214
Cent Leather. 3.B00 40 "9$ sf2
Chan Motor.. 3.900 76 7414 5,2
Chi & N W.. 2.000 78
Chi Gt W.... 1.300 v 8 14 '9
do pfd 1.200 23V4 ?; ,5U
Chill Cop 12,500 . 22 "S
Chino 700. Sl'i soS4
CM & St P...; 4.200 29V 28$
do pfd....: 6.300 4574 45 45
Colo F & I... 1,000 36 35 . lit
Coo Southern. 400 80i 49i 5o2
Co G & Elec. 3.400 89 ag 8814
Columbia Grap 2.000 .4 4 i 2
Con Oa, .... L400 lis m 117
Cons CiRars Aoii
do pfd Z
ffife;.!400 " s;
Corn Prod.... 1,500 io2 ioiii 101
d P'd 200 115 115 115
Cosden Oil ... 1,300 454 4414 4i
no a - pid. 200 82 82 li 82
Onip.ihla K Tnn -.,.7 L
do pfd 100 94 94 psil
Cuba Cane 4.100 37'i lBW 16
do pfd 1,200 36 35 35
Cuban Am Sgr 9,300 25 24 "414
Pel & Hudson 600 126 124 125
Pome Mines.. 800 28 21 "774
Del & Lack... 2,100 129i, 128 120
Davison Chm. 2,600 69 68 i 68 tl
Endl Johnson. 700 84 SS 83
'ne 4',40U 17 16 in
Erie 1st pfdr. 14,200 25 24 25
E'.ec Str Baty 1,500 45 44 44
Fam Players.. 14,000 83 81 8"
Fed M & Smel ..... 15
'" 00 51
ion
1.300
600
3,700
58.500
1,600
100
1,600
200
1,600
Plsk TIr 1,000
Gaston Wma.,
Gen Cigars. . . 800
Gen Eleo 100
Gen Motor... 65,100
do 6 per cent 300
Gen Asphalt.. 2,300
Goodrich .... 1,900
Goodyear '.
Granby 5.800
Gt Nor Ore 1,900
do pfd 8,700
Greene Cana.. 200
Gulf Steel.... 1,900
Glen Alden
Huston Oil... 6,100
Hupp Motor.. 3,100
Ills Cent 500
Inspiration.... 3,900
Int Agr Cp cm 100
do pfd
Interboro .... 700
da pfd 1,200
Int Callahan.' 19,100
Int Harv 100
do pfd
Int Mer Mar. 800
do pfd 1,900
Int Nickel.. v 8,000
Int Paper.... 1,300
do pil
Inv OilT 6900
Island OH.... 1,800
Jewel Tea 800
K C Southern. 7,700
K C Sou pfd. .
Kelly-Spgfld .. v 5,800
Kennecott 9,500
Keystone Tire.. 4,300
Lack Steel 3,600
Lee Tire 700
Lehigh Valley. 5,900
Lorlllard 700
Loew Theatera 6,200
L & N 200
Marland Oil. . . 2 300
Mar. & P&rrt: 3,400
May Stores. . . 800
Mex Pet 15,600
Miami 2,000
Mid. States Oil 12,800
Midvale Steel.. 113,500
M K & T. 20,000
do pfd 3,000
Mont Power. . . 300
Mont, Ward... 45.600
Mo Pao 4,900
dn rM x am
Nat Enamel.'..'.
Nevada Con.
New Hnven
Norfolk A W fi nnn
Nor Pao 2,900
Nova Scotia si.
N Y Air Brake 200
N ,J Cen 8,800
Okla Prod ref . 6 900
uniano Slfver.
Ontario & W. .
Otis Steel
Pacific Dev. . . .
Pac Gas & Ele
PuntO Allpo.ro
Pacific Oil ".' 12!000
Pfln Amn Vat A nnn
. . . wt.. T,(7W
Pan Am Pt "B" 1.600
Penna 7,jno
Peo Gas 300
Pere Marq 7,000
Pure Oil 5,300
Phillips Pete.. 2,400
Pierce Arrow... 2 700
Pierce Oil .... 13,100
Pitts Coal 2 100
Pitts & West V 3,600
do nfrt
Pullman
Readincr in inn
nepiogie eteei. 3
Rep I & S 39
do pfd.. .... 4
Rp.n Mitf.ro
Royal Dutch '6
Ry Steel Spgr. .
aaxon Motors
Rears TtnAhiiflr 10 nnn
enattuck, Ariz.
Shell T & T. ..
Sinclair
Stand rvtl Tn
Sfwnd Oil V T
Sloss Shef ...
Sou Pacific . ..
Sou Ray
St L & S P. . .
fetromberg Crb
luueDaKer
wift C.n
Tn Cop & Ch. 2.800
ras Ull .... 11.000
Texas. Pan o ann
TPT Pi n X. r k' tcn
Tob Prodcuts . 6.000
Tran Contl Oil 7,500
union Oil Dei. 3.700
TTnlnn Pao A onn
United Alloy.. 'loo
united Drug.. 1,700
TTniterf VA Prfl nnn
United Fruit.. 200
Union B & P.. 200
USCI Pipe.. 2.000
United Rtl Sts 29,000
U S Ind Alchl 3.700
U S Rub 4 300
do 1st. TlM
U S Smelting, 'llooo
U S Steel..... 39.300
Utah Copper'.! 3.700
Va Chem 4.300
dft nfrl . enn
Vanadium Stl. 3,900
Vlvandou .... 900
Wabash 22.700
do A pfd... 12,500
rift 13 J An
Wells Fargo!! . 100
Western Pac.. 300
do pfd 400
Western Union . ... .-. .
Westghse A B
no r et M . . 1,800
Wwf TIT ' 1 Oft
White Motors! 'soo
Willys-Ovid. ... 3.500
do pfd., 300
Wilson Pack'g 1,700
Wisconsin Cnt ....
wool-worth. ... ,- .
Worth Pump.. 300
W T. TO 1 nn
White Oil...! 1,4,00
18 18
74
165
15
83
63
41
'33"
41
78
33
85
'si"
20
106
43
11
73
165
14
82
2
41
"32
41
77
33
84
'79
20
106
42
11
2
5
10
103
2
4
9
103
300
200
800
100
200
200
700
6,000
300
600
70,000
3,900
100
3.700
4.900
7,700
6,500
Lfion
47,000
24
84
18
62
'i8
1
20
28
62
38
23
78 .
34
65
158
17
119
32
33
118
136
30
15
44
19
42
73
24
24
58
60
69
42
18
35
107
78
78
92
3
28 k'
15
11
70
45
64
67
69
42
86
' 33
33
49
20
10
62
36
79
123
IV
75
95
8
64
103
78
11
37
110
192
51
92
25
117
31
55
123
24
83
17
61
'i7
1
20
27
5l"
88
22
78 .
34
63 74
156
16
119
32
32
116
134
30
34
42
19
42
73
23
23
67
60
69
42
18
33
106
77
78
91
2
27
14
10
70
44
63
66
59
41
86
33
32
48
19
10
62
35
79
123
17
80
35
72
93
8
63
101
76
10
35
108
188
51
92
24
113
30
53
120
12
49
35
3034
75
20
22
141
39
. 78
-fl
152
67
36
68
55
65
102
118
RS
32
74
51
-.13
12
v 55'
23
76
221
.63
"
4fl
S
38
46
32
48
34
20
73
1
139
39
76
5
142
67
35
66
53
63
'44' '
101
138
67
30
70
50
1.1
31
32
22
76
no
61
2
.13
48
8
38
48 .
18
73
164
14
82
62
41
12
82
41
77
33
84
64
80
20
105
42
10
41
2
4
10
302
110
24
83
18
61
85
17
IH
20
27
67
51
38
22
78
34
64
157
16
139
32
32
117
134
30
15
43
19
41
72
23
23
67
60
69
42
93
38
33
107
IV
78
91
2
8
27
14
10
70
44
64
66
59
41
8
32
32
48
39
30
62
36 '
88
78
122
37
so
. 35
72
92
8
63
103
3
77
11
45
36
110
int
61
92
24
117
30
63
122
102
12
48
34
30
73
10
139
39
77
5
140
67
35
67
53
64
304
43
301
118
67
SO
70
60
13
. 32
33
22
61
97
93
2
31
48
8
38
45
28
358
fi1
,12
9
99.70
99.82
09.72
99.94
99.90
quota.
Cooke
Close.
99.84
99.60
99.60
90.86
09.74
99.94
99.94
100.78
100.02
52 52
32 12
10 30
Liberty Bond Quotations.
tlons furnisher! hv tv.
company, Portland:
t ih o, Jcu- J'en. low
Liberty: ist"4s::: :::::
jjiDerty, l'q 4s .
MhATtv lot Air n a'a
Liberty, 2d 4ya. 69.72 99.80
Liberty, Sd 4s. 99.98 99 98
J,
Money, Silver, Etc.
XT V 'W "XT T 1.'
. may can monev.
nign, o per cent: low. 814 nir
cent; ruling rate, 3 per cent; closing bid
per cent; offered at 5 per cent last
loan, 6 per cent; call loans against accent
ances, 3 per cent. 8 ,ns accept-
mans, steady; 60 days 4r4V
cent: 0 riav T' 4P4 per
4 per cent ' ?"' slx months.
Prime mercantile paper
cent. '
Foreign bar silver 73 c
Mexican dollars 56 c.
T.OVTW1W njr no ..
ounce. Money?lV;e7 cSn "'IVer
bilTs? 2 per cenT " " thre math'
4i44 per
Kew York Bonds.
Furnished by Herrin & Rhode
Portland:
Railroad Bonds
Atch gen 4 i995
A C L 4s i952
CO 73 1i90
BO KO'd '.'.3948
do con 4s cv 1933
do ref 6s 1993
Canada Southern 5s ........... 'loe1
Canadian Nor 8s .1946
d0 Is -V 3940
Cent Pac 1st 4s 1949
Ches & Ohio cv 4s 1930
do gen 4s 1992
do cv 5s 1948
do con 6s .3939
C B & Q 111 div 4s 1949
C & West Ind 4s 1B52
C G & W 4s 1959
4 C M ft. St P 4s 1925
Inc., of
88
88
105
82
83
87
96
111
111
87
88
88
94
100
90
73
61
80
J list a reminder
that 7 bonds are scarce. Because of the yield and
high security, we recommend the newly issued First
Mortgage Bonds of the Amalgamated Sugar, at 100
and interest to yield 7.
Callable at 105 on any interest payment date,
upon 60 days' prior notice.
Denominations $100, $500 and $1000
Full details of issue upon request
I Do It Now
Ask for
details
of our
P. P. P.
Freeman, Smith
& Camp Co.
Lumbirmins Blds.. Portland
FIFTH SrV'ON. PHOH1
STARK 'glfep''
do cv 4s ,,i 1932
dn deb 4s 1984
do gen 4s A ., 1899
do cv 5s 2014
do g and r 4s A 2014
Chgo N W gen 4s 1987 '
do 6s 1936
do 7s 1930
C R I & P ref 4s :....1934
Colo Sourf ex 4s 1935
do 4s 1929
Del & Hudson cv 5s 1935
do 7s 1930
D & R O cv 4s 1936
do ref 5s . . . .1955
Erie P L 4s 1996
do con 4s A 1953
do B 1953
do 35 y. 1933
Brie Pa C G 4s 1951
Gd Trunk eq 6s 1936
Ut N6r 4s 1961
do 7s 1936
Gt Trunk 6s , 1936
do 7s 1940
111 Cent Jt 6s 1963
do 4s 1935
K C Sou ref 5s 1950
Keo & Des M 1st 5s 1923
L S & M S 4s 1931
L 4 N 7 1930
do uni 4s 1940
S C 7s
Na Ed 6s
H St. P ft S S M 6s 1946
M K ft T 4b 1990
M P gen 4s 1975
do ref 5s 1923
do ref 6s 1926
NYC deb 4s 1934
do con 4s 1908
do ref imp 4s 2013"
do cv deb 6s 1933
do coll 7s 1930
N Y N H & H cv 6s 1948
N O Tex & Mex 5s 3935
N P P L 4s 1997
N P 6s 2047
N P Gt Nor jt 6S 1936
O 8 L ref 4s 3929
Penna 6s ; 1936
do gen 4s 1985
do 4s 1960
do gen 5s 1968
do 7s 3930
do R R 6s 1936
Reading gen 4s 1997
S A L 4s 1950
do 5s 3949
do 6s A 3945
Sou Ry con 6s .3994
So Pac cv 4s 1929
do ref 4s 1955
So Pac st term 4s 1950
S P conv 5s 1934
St L & S FT L 4s A 1950
, do gen 5s 3931
do P L 5s B 1950
do gen 6s 1931
do adj 6s 1955
do inc 6s 1960
St L ft S W 1st 5s 1952
do con 4s 1932
do Jst 4s 1089
Tex Pac 1st 5s 2000
Un Pac 1st 4s 1947
do cv 4s 1927
do ref 4s 2008
do 6s 1928
Un Tank 7s 1930
Wabash 1st 5s 1939
io 2d 5s ...1939
West Pac 5s 1946
M K & T adj 5s
MKTST51
Phil Pete 7s
Ost 8s
3d Ave
Industrials
Allied Packers 6s ..139
Amn Agr Ch 7s 1941
Amn Sm 1st 5 .-. 147
Amn Tob 7s 1923
Anaconda 6s A 1929
do 7s B 3929
Armour cv 7s . 1930
Armour 4s 1939
Beth Steel 7s 1923
do eq 7s 1935
do ref 5s 1942
Cerro de Pasco 8s 1931
Chile conv 6s A 1932
do conv 7s 1923
Col Graph 8s 1925
Copper Exp 8 1923
do Exp 8s 1924
do Exp 8s 1925
Colo F & I gen 5s 1043
Colo Ind 5s 1934
Cuban Amn Sug 8s 1931
Cuban Cane cv 7s 1930
Distillers Sec cv Ss 1927
Diam Match 7s 1935
Dupont 7s 1931
Empire Gas Fuel 6s 1924
Fisk 8s 1941
Gen Elec deb 5s 1952
do deb 6s 1940
Goodrich 7s . 1925
Goodyear 8s 1941
Heinz 7s 3930
Hershey 7s 1930
III Steel deb 4s ...1940
Ind Steel 5s 1952
Int Agr 5s 8 1832
Int Marine CT 6s 1942
Kelly Springfield 8s 1931
1930
....1923
1950
....1931
1951
1944
....1951
.' . . . 1944
....1936
1930
. . . . 1923
1940
1922
....3923
1951
1925
1931
1941
1947
do'78 !??
U. S. Steel sf 5s iw
Va Chem 6s 3923
Va Car Chem 7s 3932
West Elec 5s 1922
West U. T. col Tr 6s ...1938
West Union 6s 1936
Wilson 1st 6s 8Ji
do cv 6s 3928
West Elec 7s 1925
Westlnghouse 7s 1931
Public utilities! .
Amn Lt & Tran 8 192o
Amn Tel coll 4s 1929
do 5s 19-16
Amn Tel 6s J925
Bell Tel of Pa 7s 1945
BRT 5s 945
Cities Service 7s B 1966
Kennecott 7s
Lack Stel 5s
do 1st 5s . . . .
Libby McN L 7s
Llg & Myers 6s
do 7s
Lorlllard 5s
do 7s
Midvale 5s
Morris & Co 7s ....
1'roc & Gamble 7s .....
Republic L & St 6s ....
Sears Roe 7s ...
do 7s
Sleel & Tube 7s ....
Swift & Co. 7s
do 7s
Uni Drug 8s
U. S. Rub 1st ref 5s
City Service
do 7s D
Con Gas cv 7s
Int Met ,4s ....
Int R T ref 5s . . .
Laclede Gas 7s
Mont Power 5s A .
Northwest Tel 7s
Pac Tel 5s
Pac Gas 5s
Southwest Tel 7s
Oil bonds -
Anglo Amn 7s . .
Atlantic Ref 6s
Galena S Oil 7s ...
Guif Oil 7s
Humble 7s
Pan Amn 7s ....
Mex Pet cv Ss
Sinclair 7s ....
SO Cal 7s
SO NY" 7s
Texas Co 7s
Tidewater Oil
Vacuum OH 7
C .
.1966
...1966
...1925
...1956
...1968
...1930
. . .1943
...1941
...1937
...1942
...1925
6s
....1925
.1981
1980
1933
1923
1930
1936
1925
1931
1931
. .'. 1923
....1931
1936
Trnip.lp-n flnvernment Bonds
Argentine 2d 7s 3923
do G I 5s 194u
Belgium 8s 140
Bergen 8s 194o
Berne 8s J94a
Christiana 8s 194j
Copenhagen 58 1944
Danish ConSol 8s 1946
French Cities 6s 1934
Italy 6s A 1925
Rus Ruble 5s 3926
Swedish Govt 6s 1939
72
65
75
75
66
87
308
107
82
87
93
96
109
79
51
84
60
50
53
88
105
91
309
104
112
95
87
87
88
92
113
91
99
92
102
81
63
100
96
89
82
88
103
106
83
70
86
106
105
91
308
90
96
99
108
109
84
58
27
60
95
91
87
82
102
72
98
87
103
80
69
80
76
78
95
91
94
86
103
103
97
86
87
57
90
119
102
60
64
103
92
102
100
103
104
89
105
102
94
121
92
106
46
192
102
104
, 90
78
103
83
43
107
107
100
106
100
105
300
3 03
104
102
81
99
79
97
107
105
100
91
99
V.
113
95
94
91
105
301
96
100
101
101
101
102
108
89
108
101
99
105
100
99
109
99
94
107
107 V.
106
91
97
114
W7
60
134
95
0
117
16
71
100
97
106
98
91
102
103
103
103
104
101
100
106
104
106
109
101
102
107
100
83
lnHTi
110
113
110
92
111
87
95
4
101
7J2
712 Closed
First Mortgage
Gold Bonds
burton
RANCHES
More Than
$800,000 Security
Den. $500-$1000
PHONE, CAI,L ON OR WRITE
FOR FULL DETAILS.
LUMBEEMENS
BROADWAY AXD OAK
Tie Earning Pouter, Business Potitiom
mi the Unappreciated Vaac of
Lehigh Power
Securities
Corp.
(Stock now selling
about 18H)
Reviewed in our
; Current Circular
Copy Free on Request
Stone,Prosser&Boty
INVESTMENT SECURITIES
52 William Street New York Ctj
Salesman
Wants Chicago
Territory
Business man with selling; experience
and ability returning to locate in
Chicago, where he has a large
acquaintance, wishes to represent
Pacific Coast product of recognized
merit. Would prefer commission
basis. A J 668 Oregonian.
V S Mex 4s 3934 56
do ext 6s 3 945 66
Uruguay Ext 5a 73
Zurich 8s 3945 112
French Internal 4s 3917 57
French Victory 5s 1920 70
Belgian Restoration 5s 75
British 2 consols.. 52
Ital Cons War Loan 6a 40
Curb Honda
Allied Packers 6s 82
Am Tel & Tel 6s 1922 100
do 6s 1924 101
Anaconda Copper 6s 100
do 7s 103
Anglo-Am Oil 7s 103
Armour & Co 7s 304
Beth Steel 7a 1935 102
Copper El Assn 8s 1924 102
do 8s 1925 103
Gulf Oil Co 7s 304
Humble Oil 7s 301
Inter Eapld Tran 7s 95
Libby, McN & Lib 7s 98
Sears Roe 7s 3-year 1923 301
So West Tel 7s 102
Stand Oil N Y 6s 1933 1 06
do 7s 1926 105
Swift & Co 7s 1925 301
do 7s 1931 102
Vacuum Oil 7s 10874
Foreign Bonds.
Furnished by the Overbeck & Cooke
company, of Portland:
Bid. Ask.
Belgian rest 5s 73 77
do prem 5s 78 82
do 7s 1945 108 108
do 8s 1941 107 107
do 6s 1925 102 102
Brazil 8s 1941 104 105
Chile 3 1932 91 92
do 7s 1923 106 : 107
British 5a 1923 91 93
do 5s 1927 93 95
do 5s 1929 93 95
do vky 4s ; ... 79 .82
do ref 4s 78 80
Bordeaux 6s 1934 87 87
Canadian 5s 1937 98 99
do 5s 1926 99 99
do 5s 1929 100 100
do 6s , 1031 98 98
do 6s 1927 98 99
Chinese 5s 1927 54 64
Chilean 6s 19410 105 105
Russ currency 5 6
Denmark 8s 1945 110 110
Dan Municipal 8s 1945 110 111
French 5s... 1917 56 57
do as ,..1920 79 81
French 5s 1931 68 69
do 7s 1941 101 101
do Ss 1945 103 104
German W L 5s.. 2 8
Berlin 4s 2 S
Hamburg 4s 3 8
do 4s . 3 4
Lelpsig 4s 3 4
FUNDS IN RESERVE
to pay notes, mortgages, income taxes,
etc., may be profitably invested in
U. S. Certificates of
Indebtedness
and Gold Notes
March 15, 1923 3.48
May 20, 1923 4.08
June 15; 1924 4.15
Sept 15,1924 4.10
March 15, 1925 4.20
March 15, 1926 4.20
We BUY and SELL
in any amounts at the current market
Ask for our booklet I" A -IB giving fall explanation and quotations
Maturing Yielding About
June 15, 1922 3.00
Aug. 1, 1922 3.15
Sept. 15,1922 3.25
Oct. 16,1922 3.35
Dec. 15, 1922 3.40
HALSEY, STUART & CO.
209 South La Salle Street, Chicago
CHICAGO NEW YORK PHILADELPHIA BOSTON
DETROIT MILWAUKEE MINNEAPOLIS ST. LOUIS
40,994 Shares
of the Capital Stock of the
National Bank of Commerce
In New York
Organized 1839
Total Capitalization (250,000 shares par value $100) ...-.w. . .$25,000,000
Surplus and Undivided Profits (as of May 5, 1922) . . . . 36,206,000
Regular Dividends .Payable January 1, April 1, July 1, October 1
Free From Federal Normal Income Tax
With regard to the activities and growth of the Bank, its President, Mr. James S. Alexander, has written
us as follows:
"Referring to your advice that you have pur
chased a block of stock of this Bank and to your
request for information respecting its history,
growth and condition, I beg to advise you as
follows:
The Bank of Commerce in New York was organ
ized in 1839 and entered the National Banking
System in 1865. From the outset it has been
essentially a commercial bank and its develop
ment and growth has coincided with the develop
ment and growth of the business and commerce
of the United States. Its present business is
national and international in scope.
The Bank in the last ten years has, in round
figures, increased its net deposits from $104,259,
000 to $302,190,000. The capital during these
years has remained unchanged at $25,000,000. Its
surplus and undivided profits, which stood at
$16,257,000 ten years ago, now amount to $36,206,
000. The assets of the bank are conservatively
valued and the figures of its capital, surplus and
undivided profits are, therefore, not subject to
reduction.
The bank has had an unbroken dividend record.
For thirty-eight years prior to 1916 the dividend
rate was 8 per annum. Its capital during that
period was several times increased. In each of
the years 1916 and 1917 extra dividends of 2
were paid. In 1918 the regular dividend rate was
increased to 10. In 1919, in addition to the
regular dividend of 10, an extra dividend of
2 was paid. During 1920 the regular dividend
rate was increased to 12 and an extra dividend
of 3 was paid. In 1921, in addition to the reg
ular dividend of 12, an extra dividend of 4
was paid.
The following tabulation covering
with submitted :
the period from December 31, 1916, to December 31, 1921, is here-
Dee 31
1916
1917
1918
1919
1920
1921
Capital
$25,000,000
25,000,000
25,000,000
25,000,000
Z5,000,000
25,000,000
Snrpln and
Undivided
Profit
$18,810,724.30
20,367,275.83
24,609,742.47
29,087,249.12
32,148,132.07
34,766,018.07
Dividend
Including
Extras
10
ioy2
10
12
14'
16
Net EarnlnKB
After Provld
Injc fpr Taxes
and Conting
encies $4,254,329.05
4,181,551.53
6,742,466.64
7,477,506.65
6,685,882.95
6,617,886.00
Earnlngrs
Per
Share
$17.02
16.73
26.97
29.91
26.74
26.47
These shares, acquired from the Equitable Life Assurance Society of the United States and the Mu
tual Life Insurance Company of New York, representing their entire holdings of stock of the Na
tional Bank of Commerce in New York, are hereby offered for subscription, subject to allotment.
Price $267 per share, yielding on the basis of
last year's dividends, about 6
Listed on New York Stock Exchange.
We Recommend These Shares for Investment
Heidelbach, Ickelheimer & Co. Lazard Freres
Lehman Bros. Hallgarten & Co. Goldman, Sachs & Co.
Kidder. Peabody & Co. Salomon Bros. & Hutzler
The statements contained herein are not guaranteed, but are based on information which we believe to be accurate.
do 6s B
Munich 4s 3H 4
do 6a 4 6
Frankfort 4. 3 '.4 44
Italian 6a 183S 40 .41
Jap 4a 1931 77i 77
do 1st 4 1925 90 91ft
do 2d 4V4 1925 8974 90
Norway 8s 1940 111 111H
Russian 5V4s 1921 19 22
do 64s 1928 4V4 614
do 6s 1919 22 24
Swiss 6 Vis 1929 102 103
do 8s 1940 117 117
San Paulo 8a 1921 103 "10374
U K Btts 1922 108 108
do 6 ...1929 10894 108
do 6V4a , 1937 102 102
Swedish 6s .1939 101 101
Cotton Seed Oil Futures.
Cotton aeed oil futures at New York, fur
nished by Herrin & Rhodes. Inc., Port
land. Or.: May, $11.80011.80; June. $11.73
(S111.7B: July. 9.853'-: August. $11.60
11.70: September, $31.69 13.72; October.
$11.74911.77; November, $9.849.87; De
cember, ' $11.16011.20. Spot bid, $11.60(8i
11.80. Total sales 6000 barrels.
BABY BEEF BRINGS NINE CENTS
Shipment From Redmond to City Highly
Praised by Company.
REDMOND. Or.. May 22. (Special.)
Harold Baldwin of Pxlneville shipped a
car of baby beef cattle this week to North
Portland, receiving 9 cents a pound for
it. The Oregon Livestock company reported
that it was the finest .shipment of baby
beef ever received In the North Portland
stockyards.
The section covered by Prlneville, Powell
Butte, Redmond and other smaller com
munities produces beef and mutton that Is
ready for the block without graining. This
is not possible In any other section, with
the exception of a smalt area in Texas,
which make, this country an Ideal loca
tion for stockmen
m
We own and recommend for investment
Pacific Power &
Light Co.
First Mortgage 5 Bonds
Due August 1, 1930
This company is one of the most substantial
utility companies in the Pacific Northwest, serv
ing exclusively the famous Yakima and Walla
Walla Valleys in Washington, and Pendleton,
The Dalles, Hood River and Astoria, Oregon.
Price to Yield About 6
Bond Department Open 8:30 to 5
Saturdays 8:30 to 2
Oldest in the Northwest
WASHINGTON
at THIRD
NORWAY
CREDIT
The high credit standing of
Norway is shown by the
fact that for many years
preceding the World War,
the net cost to the govern
ment of its various loans
ranged from 3.10 to 4.11.
Furthermore, as far as the
records show, no default
has ever occurred on- a Nor
wegian government loan.
We are offering the NOR
WEGIAN 6 LOAN OF
1921 in bonds of 1000 kroner
each at
$217 Per Bond.
Detailed circular on request
CLARK, KENDALL
&C(Unc.
295 Stark St Portland, Or.
So. Pac (C. P. 4s) to yield
tip to 6.30
Kingdom Norway 6s to
yield up to . ..7.40
Brazil Govt. 6s to yield
up to 7.50
Labor Temple 6s (1st rntg.)
to yield up to. 7.75
UNION SAFE DEPOSIT &
TRUST CO.
284 Oak Street
SAFE DEPOSIT BOX
Czechoslovak
Republic
8 Secured External
Sinking Fund Gold
Loan of 1922
Dae AprU 1, 1051.
Secured by a first specific
charge on the customs duties
and the net profits of the to
bacco monopoly of the republic
Price to yield about
8.10
The National City
Company .
Offices In more than 50 cities.
Vron BIdg Portland.
Telephone Main 6072.
Experience
Teaches
Through the policy apparent by
the action of the highway commis
sion In favoring shock-absorbing
pavement, it is evident that they
have profited by their own experi
ence as well as that of engineers
who encourage the use of shock
absorbing pavement because it not
only Impedes the process of crys
tallizing in pavement, but in the
axles and other steel parts of a
vehicle as well. Warrenite-Bltu-llthio
is a shock - absorbing pavement.
HOTEL HOYT
Newly furnlshtd and remodeled.
Strictly Fireproof. Neir both depot
and convenient car eervlo to
II part of city.
Moderate Rates.
O. H. EDWARDS, Manager.
Kead Tli Oregenian classified ada.
x '
HERRIN & RHODES, Inc.
Established USC
STOCKS, BONDS,
COTTON, GRAIN
Correspondents B. F. HtJTTON ft CO., If, T
Members all leading exehaturea.
Babson's Service on Hie.
Bawl. mlU. Ml SaUmr xchaoe Bid
, Bayray i