Morning Oregonian., May 24, 1922, Page 21, Image 21

THE MORNING OREGONIAN, WEDNESDAY, MAY 21, 1922
31
MARKET UliCER
SCALE ACTIVE OME
Periods of Hesitation and
Strength Intermittent.
HEAVY SELLING BEGUN
Some Morning Gains as Result Are
Substantially Reduced Dur
ing Afternoon.
BX MONITOR.
(Oopyrlsht by the Public Ledger Company.
Published by Arrangement.)
NEW YORK. May 23 (Special.) To
day's stock market had intermittent
periods of strength and hesitation with
trading oil an active scale. Along In the
afternoon, heavy selling made its appear
ance, with th result that some of the
morning gains were substantially reduced
and the undertone at the close was fever
lah and unsettled.
The reaction of the afternoon was due
largely to profit-taking on some of the
peculative favorites, while professionals
Appeared to be working on the theory that
a. set-back was in order.' The floor ele
ment is credited with taking the view that
the market has a stale long interest that
must be reduced before a material up
turn can be brought about. As a matter
of fact the market has reached a point
where considerable backing and filling may
easily take place without special bearish
incentive.
Such news as reached the market was of
an encouragingly constructive character.
Gossip current here regarding the railroad
conference in Washington laid emphasis
on the desire of the administration to have
railroad management bring about an ad
justment in rates with a minimum of sug
gestion from the interstate commerce
commission. On the other hand other
reports were in circulation to the effect
that the commission had agreed upon a
reduction of approximately 10 per cent in
freight rates effective not later than July
1. A Chicago dispatch intimated that the
labor board would recommend reductions
In the scale for common labor, ranging
from 10 to 12 per cent.
Further contributions were made to me
optimistic advices on the copper situatn.
May sales are estimated at about JOO.UOU,
000 pounds, and predictions are heard that
stocks available for sale will be practical
ly nil by the first of July.
Although the general list shows a large
number of losses ranging from fractions
to more than a point, nearly every group
had features of exceptional strength.
Among the Rails, Brie, New Haven and
Great Northern displayed firmness. The
strong points in the oils were Phillips
& Texas. The feature of the Steels was
an advance by Republic to a new hign
level. Among the Coppers, Granby stood
out with a gain of 1. Yesterday s flurry
in money did not continue and the call
rate held at 4 per cent throughout the
dy- . . .
Erie continued strong and established
a new high at 18. Part of this advance
is probably due to circulation of a story
that Canadian-Pacific is seeking to buy
control of the road. However, it is gen
erally believed in conservative commis
sion house circles that strength in Erie
is due to the fact that this issue was
left behind in the general advance and
is only making up lost time.
Texas company has declared the regu
lar quarterly dividend of 75 cents a
share, payable June 30 to stockholders of
record June 2.
Despite rumors In circulation to the ef
fect that Utah might be expected to de
clare an extra dividend at the coming
meeting, it was learned today from sources
very close to the company that only the
regular disbursement will be made.
American Ice is again bought on re
newed circulation of rumors that an extra
dividend will be paid at the June meet
ing. These rumors seem to have no bet
ter basis than stories circulated before the
last meeting.
President Patterson or Austin-Nichols
hi optimistic on present and future condi
tions in the grocery trade. Austin-Nichols
net sales for the quarter ended April 30
(this company's fiscal year begins Feb
ruary 1), were 6 per cent better than for
the same quarter last year, while oper
ating expenses showed a decrease of 17
per cent.
Mexican Petroleum, as well as other
stocks having Mexican connections, were
old for a time on stories to the effect
that De La Huerta might not be able to
come to New York to confer with Thomas
I.amont and other bankers on the ques
tioi of the Mexican "external debt. It is
generally believed here, however, that Mr.
De La Huerta will be In New York at the
appointed time as planned.
Reports to the effect that the Standard
Oil of Indiana was planning to absorb
Sinclair Consolidated were denied flatly
by H. F. Sinclair.
The syndicate offering 41,000 shares of
National Bank of Commerce stock at 267
reports that the offering was oversub
scribed in a short time.
The American Brass company, in which
Anaconda owns 9!) per cent of the stock,
is reported to be doing such a heavy
volume of business at the present time
that Anaconda is unable to supply suf
ficient niftal, thus necessitating purchases
in the open market.
International Nickel has resumed opera
tions at its refinery at Port Colbourne,
Ont., this being the only plant of the com
pany now operating. The company re
ports a very good improvement in business.
It Is believed that further advances in
woolen prices re indicated by the with
drawal of all lines from the market by
the American Woolen company.
' Independent steel stocks had- quite a
flurry In the market today following state
ments that neither Bethlehem Steel nor
Lackawanna Steel expected any govern
ment action which would be adverse to
Hie prosperts for consummation of the
planned merger.
It is believed that the May deficit of
New Haven should be about tS.iO.000, as
compared with a deficit of $1,580,000 for
the same month a year ago. The operat
ing ratio is estimated at about .84 per cent
a compared with 84.61 per cent a year
ago. Although freight business in general
Is much better than for the same period
lest year, passenger business is still below
the 1021 rate.
New York Bonds.
Furnished by Herrln & Rhodes, Inc., of
Portland :
Atchison gen 4s 195
A C Ij 4a 1952
do 7s 1!W0
B & O gold 4s 194S
cla con 41,i,s cv 10,33
do ref us 1005
Canadian Southern Cifl ........1902
Canadian Pacific eq 0s 1932
Canadian Northern 6'fc3 1946
do 7s 1940
Cent Pao Is 4s 1049
Ches & Ohio cv 4s 1080
do gen 4Mb 1902
do cv 5s 1946
do con lis 1939
C B & Q 111 div 4s 1049
" C & West Ind 4s 1952
C O & W 4s 19.10
C M & St P 4s 1025
do cv 4s 1934
do deb 4s 1934
do gn 4s A 1899
do cv 5s 2014
do g & r it A 2014
Chicago Northwestern sc 5s... 1929
do gen 4s 1987
do 8 Via 1036
do 7s 1930 106
C R I ft P ret 4S 1934 82
Colo South rf ex 4&s 1935
do 4s 1929
Del & Hudson cv 5s 1935
do 7s 1930
Den &. Rio G CV 4s 1936
do ref 5s ... 1955
Erie P L 4s 1096
do con 4s A 19r3
do B 1953
do I 1953
do Pa C C. 4a 1951
flrand Trunk eq ',,s ...1936
Great Northern 414s limi
do 7s
G Trunk 6s
do 7s ......1940
Illinois Central it is 1903
do ref 4s lSf.5 R71,
X. C Southern sJr.-T.....1950 V Hi
89
88
106
81
83
86!
96-14
11214
112
86 14
88
87
93 H
10014
90
73
61
80
71
65
76
7H
66
07
87
108
87
93
96
108
79
50
64
51
' 51
64
88
105
S91
Keo & Des M 1st 6s 1923
L S & M S 4s 1931
L & N 7s 1930
do uni 4s 1040
M Kt P & S S M 6s 1946
M K & T 4s 1990
M P gen 4s 11)78.
do ref 5s .'. 1923
do ret 5s 1926
NYC deb 4s 1934
do con 4s 1998
do ref imp 4s 2013
do cv deb 6s 1935
do coll 7s 1930
N Y N H & H cv 6s 1948
N O Tex & Mex 5s 1935
N P P L 4s 1997
do 6s , 2047
do Gt Nor jt 6 1938
O S L ref 4s ., 1029
Penna 6s 1936
do gen s 1965
do 4s 1960
do gen 6s 1968
do 7s 1930
do R R 6s 1938
Reading gen 4s ...1997
SiLd 1950
do 6s 1949
do 6s A 194K
Southern Ry con 6s ,..1994
Southern Pac cv 4s 1929
do ref 4s 1955
do sf term 4s 1950
do conv 5s lna4
StL&SFPL4sA 1950
00 gen os 1931
do P L, 6s B 1950
do gen 6s 1931
do adj 6s 1955
do inc fis iQAn
St L & S W 1st 5s 1952
do con 4s ................. .1932
do 1st 4s insft
Tex Pac 1st 5s 2000
Union Pacific 1st 4s 1947
ao cv 4s 1927
do ref 4s ....2008
dO 6S . 1D9B
Union Tank 7s 1930
Wabash 1st 5s 1939
do 2d 6a 1939
Western Pacific 6s 1946
N A Ed 6s
Industrials 1
Amn Agr Oh 7s 1941
Mia Sm 1st 6s 1947
Amn Tob 7s 1 1923
Armour 4 1939
Beth Steel 7s.. 1923
do ref 5a ioao
Cerro ie Pasco 8s i . . . .1931
Chile conv 6s A 1332
do conv 7s . laot
Col Granh R . . . "ivk
Copper Exp 8s 1923
Colo F & I gen 6s 1943
Colo Ind 5s .....1934
Cuban Amn Sug 8s 1-931
Cuban Cane, cv 7s ...1930
Distillers Sc cv 5s 1927
Diam Match 7s 1935
Dupont 7 1931
Empire Gas Fuel 63 1824
Fisk 8s 1941
Gen Elec deb 5s 1952
do deb- 63 .1940
Goodrich 7a 195
Goodyear 8s 6 1941
Heinz 7a 1930
Hershey 7a 1930
111 Steel deb urn
lid Steel 5s ;1952
Int Agr 5s 1932
Int Marine CT 6a 1941
Kelly Spgfleld 8s 1931
Kennecott 7s .....1930
Lack Steel 6s 1923
do 1st iVs . inyv
Llg & Meyers 6s !I!.l!l951
do 7s
Lorlllard 5s
do 7s
Midvale 5s
Morris & Co 7V-S.-.
Proc & Gamble 7s .
Republic I & St 5a.
Sears Roe 7a
Steel & Tube 7 ...
Unl Drug 8s ......
U S Rub 1st ref 6s.
do 7s
U S Steel ef os.,..
V Chem 5s
Va Car Chem 7. .
West Elec 5s
West TJ T col Tr 5s.
Woa ITntnn Ali-
Tl'fi vtib ............ .lWdtt
Wilson 1st 63 1941
do cv 6s ;i928
..col cieu is 19:
1944
1951
1944
1936
1930
1923
...1940
...1922
...1951
...1941
...1047
...1930
...1963
.. .1923
...1932
...1922
...1938
1936
Westlnghouso
Public Utilities .
Amn Lt & Tran 6s...
Arwn Tel coll 4s....
Amn T4 coll os.... .-
A-mn Tel 6s:
Bell Tel of Pa 7s. . . .
B R T 5s
Cal Gas unl 5s
t ities Service 7s B. .
City Service 7s C...
do 7s D
Con Gas cv 7a
int Met 4s ,.
Int R T ref 5s
Mont Power 5s a! " 1943
-Northwest Tel 7s I!!lfl41
1 ai iei ts in-T
Pac Gas 5s '"ibj-
Oil Bonds
Atlantic Retf 6 iq-n
Humble 7s 19'ik
Pan Amn 7s i5n
Mex Pet cv 8s io'qb
Sinclair 7s n-A
S O Cal -7, .-...!. iSSi
SONY 7s ....
Texas Co 7s... im
Tidewater Oil 6s ."" 1931
Vacuum Oil 7s is
foreign government bonds
Argentine2d 7s 1903
.1931
.1925
.1929
.1946
.1925
.1945
.1945
.1937
.196
.1906
. 1966
.1925
.1950
.1960
1930
68
92
113
91
102
81
64
100 '
98
89
82
86
103
106
83
71
87
106
105
91
109
91
96
80
108
109
84
68
26
59
95
91
87
82
103
72
98
87
103
60
69
80
76
78
95
91
94
86
104
103
97
87
87
99
92
103
92
102
90
105
94
101
91
106
40
102
89
78
105
83
43
107.
106
100
106
100
105
100
115
104
102
91
99
79
97
107
105
99
90
96
113
95
113
91
105
101
96
100
101
110
81
108
101
100
105
1-00
99
109
-99
94
107
107
106
91
97
115
107
60
95
134
95
91
116
16
70
100
97
106
96
91
103
101
1-00
106
104
106
109
101
102
107
100
!Lum083 ::::::: ;mS
1945 85
Bergen 8s
Heme 83 . . .
Ohrietiana fis
Copenhagen 3a
.1945
.1945
.1945
.1944
Danish Consol 8s '!!!" !!l94fl
. . 1934
..1925
..1928
..1939
..1945
!!l945
..1917
..1920
French Cities 6s
itaiy es A
Russian Ruble 5s ....
Swedish Government 6s
u o Mexican ext os ...
Uruguay Ext 5s
Zurich 8s
French Internal 4s
do victory 5s
Belgian Restoration 5s .
JJimau 12o consols
Italian Cons War Loan 6
Curb bonds
Allied Packers 63
Am Tel & Tel 6s 192'
do 6a " "iQo2
Anaconda Copper 6s
00 is :
Anglo-Am OH 7s '..
Armour & Co 7s
eeth steel 7a
Copper Ex Assn 8s ...!!
do
Galena Signal Oil 7s . . .
Gulf Oi! Co 7s
LIbby, McN & LIbby 7s.
Sears-Roe 7s 3-yr . .
So West Tel 7s
Standard Oil N Y 6a .
uo is
wift & Co 7s ........ ."
do 7a
1935
1924
1925
...1923
..1933
..1926
..1925
..1931
106
110
113
110
92
110
87
f5
4
101
66
73
113
57
70..
75
52
40
80
100
101
100
103
104
104
102
101
102
103
104
98
101
102
106
105
101
101
WOOL HATE IS REDUCED
NEW TARIFFS TO WEST ARE
FILED AT OLVMPIA.
IS
LIBERTY S4s ADVANCE
FRACTION OVER PAR.
TO
..1936 109
..1936 103
112
95
Washington Supervisor Says Expec
tations of Stale Department
Have Not Been Met.
OLYMPIA. May 23. The latest move in
the northwestern wool rate case now pend
ing before the interstate commerce com
mission became known yesterday when
the carriers filed tariffs prescribing re
ductions In wool rates from Interior points
to the Atlantic coast ranging from 12 to
18 per cent. A copy of the schedules was
received from F. W. Robinson, freight
traffic manager of the Oregon-Washington
Railway & Navigation company at Omaha,
but charges are said to apply to all rail
roads in this territory and are designed
to become effective June 6. ,
Hance H. Cleland, state supervisor of
public utilities, said that the rates do not
meet the expectations of the state depart
ment, which joined with the Washington
Wool Growers' association in a complaint
to the interstate commerce commission on
a violation of the long and short haul
clause. Cleland declared, however, that
his department will assume no authority
in the case and the matter Is now in the
hands of the federal commission.
Under the schedules received today the
rate on wool in sacks from Ellensburg to
Boston would be reduced from $2.39 to
$1.89 a hundred pounda; the reduction
from Spokane to Boston would be from
$2.76 to J2.35 and from Lewiston, Idaho
it would be from $2.81 to $2.39.
Rates from other points in eastern
Washington and Oregon and from Idaho
and Montana would be in proportion, It
was said. The present rate from Portland
to Boston is $1.66.
The action arose from the carriers' pro
posal to reduce the coast-to-coast rate to
I1.S5. leaving rates from Interior points
at the same level. A protest was then
made to the Interstate commerce commis
sion in which the public utilities denart-
ment asked that the present rate of
$1.66 to the coast be established as a
maximum rate to apply from all points in
the state and that the rates on wool
should be readjusted with that maximum
on a basis similar to lumber, fruit and
grain.
The department contended that -practically
all wool from this state now moved
from Portland by either rail or water to
Boston. By denying the carriers' right to
violate the long-and-short-haul clause, it
was pointed out all eastern Washington
wool will move direct to Boston by rail.
Orpheum matinee, today, 16-25-60-Ad.
Speculative Railway Issues Are
Strong Mexicans and French
Municipals React.
NEW HOICK, May 23. Movements of
prices in the bond market today followed
the uneven changes in the stock list, but
the trend was mainly higher, especially for
speculative Issues.
Among government loans, liberty issues
were featured by the rise ot 8s to a
small fraction over par, but the 4s and 4s
were irregular.
Mexicans were most unsettled of the
foreign offerings, the 4s and 5s falling
back all the way from large fractions to
2 points as a result of developments, which
Indicate further delay in the settlement of
Mexico's foreign obligations.
Moderate reactions took place among
French municipals, BelgianT8, San Paulo
8s and Republic of Chile 8s.
Erie prior 4s and the several convertible
Issues were the outstanding features of
the railroad group, emulating the rise in
Erie common and the first and second
preferred shares. Other coalers, also St.
Paul, St. Louis & San Francisco, Missouri
Pacific and Seaboard issues hardened.
Total bond sales, par value, aggregated
$16,769,000.
The most important new underwrltlnff of
the day was the offering of a large block
of Bank of Commerce stock by a local
banking syndicate. This was readily sold.
Interests connected with the bank being
among the largest purchasers.
Trading In the stock market today leu
away sharply from the extensive opera
tions ot the preceding session and the
drift of prices became increasingly uncer
tain, several leaders developing pronounced
heaviness in the latter period. Sales
amounted to 1,275.000 shares.
Although fears of a money flurry proved
groundless, technical conditions seemed to
invite professional pressure. Moderate
calling of loans was reported, but call
money held at 4 per cent throughout, as
against yesterday's maximum rate of 6
per cent, and this time funds continued
easy.
The general tons of the foreign exchange
market was more reassuring. Buying of
British and French bills was larger than
at any recent time, and was thought to
represent covering of speculative accounts,
this also applying to the recovery of Ger
man marks.
Announcement of increased dividends by
the North American company on the com
mon and preferred shares and an Increased
disbursement by the Computing Tabulat
ing Recording company reflected the bet
ter earnings of utility and specialized in
dustrial corporations.
Independent steels were the strongest of
the early dealings, notably Crucible, Mid-
vale and Republic. All but the latter re
acted however. Republic featuring the con
fusing movements of the final hour at a
gain of 4 points.
Firmness to strength marked the do
mestic oils, but the foreign division was
erratic. Selling of Mexican Petroleum
was attended by news of the failure of a
financial institution in the Tampico dis
trict. Motors, equipments, coppers and
chemicals embraced the other irregular
stocks. ' '
Erie common and the first and second
preferred issues overshadowed all other
transportation with Chicago & Alton at
gross advances of 1 to 2 points. Seasoned
rails of the transcontinental and granger
groups proved more susceptible to impend
ing freight rate reductions.
Leading commodity markets held the
better part of their recent advances. The
export price of copper was raised to 14
cents, but the domestic quotation was
unchanged. Other base metals held firm,
as did raw and refined sugars, but crude
rubber weakened.
CLOSING STOCK QUOTATIONS.
Furnished by the Overbeck 4 Cooke
riu n v nf Portland:
Stock. Sales. High. Low.
Adams Exp... 100
Adv Hum
drt nfd
Agr Chem ... 100. 39
do pfd
Ajax Rub ... 600 17
Alaska Gold.. 100
Alas Juneau
Allied Chem... ,iuu ou
Allls-Chal
do pfd
Am Beet Sug. 1,900 . 44
Am Bosch .. 100 46
Am Can Co.. 3,100 48
do pfd 300 luo
Am Car & Fy
do ptd ....
Am Cot Oil.
do pfd
Am Drug Syd. 100 -8
Am H & L. . 400 15
do pfd 1,800 70
Am Ice 3,000 110
Am Int Corp. 1,500 48
Am Linseed.. 2,600 85
do pfd ......
Am Loco ... 400 115
do pfd 100 115
Am Saf Raz. 100 7
Am S & Oom. 800 17
Am Smelt ... 8,500 66
do pfd 400 99
Am Snuff ... 100 131
Am Steel Fdy. 800 38
Am Sugar ... 1,800 76
do pfd ..... 1,100 105
Am Sumatra... 600 38
Am Tel & Tel 2,600 123
Am Tob 1,800 141
do "B" .... 1,200 137
Am Wool .... 2,800 93
do pfd
Am W P Pfd.
Am 21inc 100
Anaconda .... 9,800
Assd Oil 9,700
Atchison 6,400
do Dfd 100
Atl Cst Line. 700
Atl G & W I. 3,900
Bald Loco ... 6,900
do pfd 100
Balti & Ohio. 7,100
do pfd 800
Barnsdell Cpn, 4,800
Beth Steel B. 3,200
Booth Fish .. 1,500
B R T 2,500
Butte C & 7... 800
Butte & Sup.. 1,600
Burns Bros .. 100
Caddo Oil ... 4.400
Calif Pack 800
Calif Pet 5,100
do pfd
Can Pao 2,000
Cent Leath .. 3,600
Cerro de Pas. 3,400
Chand Motors. 3,400
Chi & N W... 800
Chi Gt West. 100
do pfd 600
Chill Cop ... 3.800
Chlno 2,400
C M St P.... 2,700
do pfd 2,300
Coco Cola ... 600
C & O 2,400
Colo F & I... 1,400
Colo Southern 600
Col Gas & El. 8,100
Col Graph ... 1,80X
Con Gas 700
Cons Cigars. . 100
do pfd .T
Contl Can.... 1,200
Cities Sv Bk
Corn Prod... 800
do pfd 200
Cosden Oil... 6,100
C R I & P. .. 3,800
do "A" pfd. 100
do "B" pfd. 2,700
do pfd 400
Cuba Cane .. 3.900
do pfd 4.900
Cub Amn Sug 3,100
Del & Hud
Dome Mines. .' 900
Del 4 Lack.. 700
Davis Chem.. 1,600
End! Johnson 200
38
'ii"
68
44
46
47
105
500 28 27
6
15
70
109
48
34
ii4"
115
7
16
65
98
131
38
75
104
38
128
141
137
92
'i
5o
125
100
91
102
37
116
110
48
61
46
78
6
25
7
82
134
12
79
. 57
141
38
S9
74
75
19
55
129
101
91
104
38
117
110
49
61
49
18
7
26
7
33
79
.58 .
iis"
40
40
75 -75
9
23
22
31
28
45
59
67
35
51
88
4
117
27
66
101'
113
45
46
97
83
94
J7
35
25
28
129
68
84
18
27
44
83
15
52
74
165
14
64"
42
84
41
78
83
84
Erie ......... 8.900
do 1st pfd. . 7,100
Elec Stor Bat 600
Fam Players.. 8,200
Fed Mm & 8m 200
do pfd, 300
Gastons Wms 200
Gen Cigars... 200
Gen Elec 900
Gen Motors... 9,100
Gen Mot 6
Gen Asphalt.. 6,000
Goodrich .... 1,100
Goodyear
Granby 8,600
Great Nor Or. 2,100
do pfd 900
Gr Cananea.. 200
Gulf S Steel.. 900
Glen Alden. .. '
Houston Oil.. 600 80
Hupp Motor.. 4,100 20
Ills Cent 900 107
Inspiration . .. 1,700 43
Int Ag C com.
do pfd. .... 700 41
Interboro 900 2
do pfd 1,100 6
Intre Callah. 8,600 10
Int Harv 200 103
Int Mer Mar.. 1,200 24
do pfd 1,500 83
Int Nickel ... 900 18
Int Paper .... 200 61
do pfd - ....
Invincible Oil 9,900 19
Island Oil ... 700 1
Jewel Tea .... 200 20
K C South.... 700 27
do pfd
Kelly-Spgfld . 4.800 51
Kennecott ... 4,100 38
Kevstone Tire. 1.500 22
'Lack Steel... 1.500 78
Lee Tire...... 900 -34
Lehigh Valley 1,700 64is
31
28
44
68
67
34
50
88
4
116
27
66"
100
113
44
45
97
82
94
16
35
, 24
27
127
67
84
16
43
82
15
62
Vk
74
164
14
62
41
32
40
77
83
83
79
20
106
42
'
2
4
10
103
23
83
17
61
17
1
20
27
'so'
38
21.
77
33
61 .
Lorlllard
Loewi Theaters
L & N
Marland Oil..
Mar & Parry.
May Stores....
Mex Pet
Miami
Mid States Oil
Midvale Steel.
M K & T Wi.
do pfd Wi..
Mont Power. .
Mont Ward...
Mo Pac
do pfd
M St P&SSM.
Nor Amn
Nat Biscuit...
Nat Enamel..
Nat Lead ....
Nevada Con..
Nw Haven . . .
Nor & West..
Nor Pao
Nova Sco Steel
N Y Air Brake
N T Central. .
Okla Prod ref.
Ontario Silver.
Ontario & W.
Otis Steel
Pacific Dev...
Pac Gas & El.
Punta Allegre
Pacific Oil
Pan Amn Pet.
do B. ......
Penna
Peo Gas
Pere Marquet.
Pure Oil
Phllllpa Pete..
Pierce Arrow.
Pierce Oil....
Pitts Coal
Pitts & W Va.
do pfd
Pr Steel Car..
Pullman
Ray Cons
Reading
Remington . . .
Replogle Steel
Rep I & S...
do pfd
Rep Motors...
Roy Dutch Oil
Ry Steel Spg..
Saxon Motors.
Sears Roe. ; . ..
Shatt, Ariz . . .
Shell T & T..
Sinclair
Stand Oil Ind.
do pfd
Sloss shef....
Southern Pac.
Stan Oil Cal..
St L & S F...
Strom Carb...
Studebaker ...
Swift 4 Co...
Tenn C & C.
Texas Oil ....
Texas Pac . . .
Tex P C & O.
Tob Prod ....
Tran C Oil...
Union Oil Del.
Union Pac ...
Unit Alloy . . .
Unit Drug . . .
Unit Food Prd
Unit Fruit. . . .
Union B & P.
U S C I Pipe.
Unit Retail St
U S Ind Alco.
U S Rubber..
do 1st pfd..
U S Smelt....
U S Steel
do pfd. ......
Utah Copper. .
Va Chem
do pfd
Vanad Steel...
Vivandou ....
Wabash
do A pfd. . .
do B pfd...
Wells Fargo..
West Pacific.
do pfd. .....
West Union...
Westh A B. . .
Westh E & M
West Md
White Motors
Willys Over...
do pfd ta
Wilson Pkg . .
Wis Central..
Woolworth . .
Worth Pump..
W & L E
White Oil
200
700
15S
17
155
. 16
2,800
4,100
200
11.100
200
4,500
26.700
8,900
200
8,100
2,900
900
1,400
13',906
200
1,500
500
5,300
7,100
9,900
3,100
'"ioo
6,900
700
100
SOO
1,400
1,400
900
500
17,600
8,600
1,400
7,200
800
3.800
3.900
2,500
2,800
15,900
800
4,300
32
33
116
135
. 30 -15
44
19
42
72
24
24
67
'oi'
147
44
94
18
34
108
78
'77"
91
3
8
28
14
10
70 .
44
65
66
59
42
86
83
32
49
20
10
62
'36
31
82
116
133
30
15
42
19
42
, 72
23
23
66
'69'
146
42
83
18
33
107
77
"77"
90
2
8
. 27
14
9
69
44
64
64
68
41
65
33
32
48
19
9
61
35
300
2,100
2,200
8,800
"3,666
68,600
1,900
800
6,900
700
1,900
2,100
200
100
68,800
6,900
100
4,600
9,200
700
800
29,200
79
123
18
81
'36
78
94
8
63
103
4
78
10
45
87
112
192
50
92
117
30
E4
123
78
121
- 17
79
'84
73
92
8
62
103
. 8
77
10
45
35
110
190
50
92
114
30
53
121
500
56,800
U0OO
S.600
1,000
37,200
2,800
2,100
300
1,600
200
12
60
35
30
74
19
22
140
38
78
5
12
48
33
29
72
19
21
139
38
77
4
100
9,600
1,400
1,200
200
1,200
29,000
500
9,600
1,800
300
1,700
1,800
8,600
6,800
34
68
64
64
44
102
11
69
31
71
50
12
12
33
34
86
53
63
'43
100
118
68
30
70
50
12
12
32
100
600
100
22
61
97
22
61
97
2.000
900
600
11,600
900
100
100
' "ioo
1,700
1.000
63
11
49
8
40
46 .
29
'52"
12
10
62
11
48
8
40
46
29
'52"
11
9
Bid.
66
16
35
38
64
17
1
68
49
96
43
45
48
105
162
119
27
87
6
15
70
108
48
34
55
114
115
7
17
65
98
131
38
75
104
36
123
141
137
92
106
84
19
65
126
100
91
103
38
116
no
48
60
40
78
6
25
7
32
134
13
78
57
95
141
49
39
75
75
8
23
22
31
27
44
58
67
34
60
87
4
116
69
65
23
101
113
44
, 45
96
83
94
16
85
24
175
27
126
58
83
18
26
44
82
15
61
73
164
14
82
63
41
12
34
40
77
83
84
64
79
20
106
42
10
41
2
4
10
102
23
83
18
51
85
18
1
20
27
67
60
38
22
78
34
Si
15S
16
119
81
32
116
133
30
15
19
19
41
72
23
23
67
60
60
146
43
93
18
33
107
77
82
77
90
2
8
27
14
9
69
43
65
65
68
41
85
83
32
49
19
10
61
35
88
77
121
17
60
81
35
77
92
8
62
103
8
76
10
44
86
110
190
50
92
115
30
52
121
102
12
49
34
29
72
19
21
139
37
77
5
140
65
34
66
53
63-
204
43
101
118
68
31
70
50
12
12
32
22
7-5
21
60
97
95
62
11
48
8
40
46
28
157
51
11
9
quota
Cooke Close.
99.96
99.70
99.68
99.86
99.76
99.94
99.90
100.80
100.00
Liberty Bond Quotations.
Liberty bond and victory note
tions furnished by the Overbeck 4
company, Portland:
Open. High. Low.
Liberty, 3s. 99.90 100.04 99.84
do 1st 4s... 99.70 99.70 99.70
do 2d 4s... 99.70 99.70 99.70
do 1st 4s. 99.90 99.92 99.84
do 2d 4s.. 99.72 99.80 99.72
do 3d 4 3.. 99.94 99.98 99.92
do 4th 4s 99.92 99.98 . 99.90
Victory 4s.. 100.78 100.82 100.78
do 3s.... .100.00 100.00 100.00
Money, Silver, Etc.
NEW YORK. May 23. Call money, firm;
high, 4; low, 4; ruling rate, 4; closing bid,
8; offered at 4; last loan, 4; call loans
against acceptances, 8.
Time loans, steady; 60 days and 90 days,
14; six months, 4.
Prime mercantile paper, 4 tfj'4.
Foreign bar silver, 72.
Mexican dollars, 55.
LONDON, May 23. Bar silver, 36 d
per ounce. Money, 1 per cent. Discount
rates, short and three-months bills, 2
per cent.
Swift & Co. Stocks.
Closing prices f.f Swift & Co. stocks at
Chicago were reported by the Overbeck &
Cooke company of Portland as follows:
Swift & Co 103
National Leather 2'
National Leather, new g
Swift International 20
Libby 2
Mining Stocks at
Furnished bv Overbeck
pany of Portland:
Vrlz Comm ....
Adventure .....
Ahmeek
Arcadian
Bingham Mns ..
Cal 4 Ariz
Caiumet & Hecla
New Corn .....
Centennial
Cop Rge
Davis Daly ....
Daly West ....
East Butte
Franklin Mng . .
Hancock .......
Helvetia
Island Creek . .
Keewanaw
Kerr Lake
Lake Cop
Michigan .......
Mass lion
Mohawk
May Old Colony
Mason Valley ..
North Butte . . .
North Lake
Nlpisslng
Old Dom Cop ..
Oseola Mng ...
Quincy Mng ....
Isle Koyal . .. ,
South Lake . . . .
Uni Shoe Mch . .
do pfd
Superior Cop . . ,
Trinity Cop ....
Tuolumne ......
Utah Metals . . .
Utah Con
U. S. Mining
do pfd .
Ventura
Victoria
Winona . .,
Wolverine
Wyandott
Boston.
& Cooke com-
Ask.
10
75
60
4
15
62
2S8
19
12
44
8
2
11
" 2
3
1
113
3
I
i5
61
6
2
13
50
28
37
47
5
47'
42
26
3
1
90
1
3
44
47
81
2
1
75
Dried Fruit at New York.
NEW YORK, May 23. Evaporated ap-
ples, nominal: prunes, quiet: peaches, firm.
Bid.
9
. 65
. 64
.!
. lo
61
.287
. 19
. 11
. 43
8
'. 11
h
. 1
.113
. 2
. 8
. 4
. 2
. 3
. 61
. 5
. 2
. 13
. 30
. 25
. 36
. 46
. 24
. 46
. 41
. 26
. 3
1
. 84
. 1
. 2V4
- 43
. 46
- 31
9
ill
. 60
We own and recommend for investment
Central , Coal and
Coke Co.
First Mortgage 6 Sinking Fund Gold Bonds
Dated June 1, 1922 ' Due 1923-42
Denominations $1000-$500-$100
An unusually high-grade investment
Readily Marketable
The average net operating earnings for the past twenty
years were equal to six times the average interest require
ment on these $4,500,000 bonds.
Price Par for 1923-27 maturities
Price 99 for 1928-42 maturities
Complete Details on Request
Telephone or Telegraph Orders Collect
BOND DEPARTMENT OPEN I
8:30 to 5 Saturdays 8:30 to 2
G&fgSftm Oldest in the Northwest
WASHINGTON "Sfi
at THIRD
r7rTTinrrT'i'1f'i'iV rv , v p7,T.-.T,;T,;, rv p;,,., ,,. , ,iyr,T,.T,;,T,.,T,i1p:i
STEEL PRODUCTION GAINS
COUNTRY SHOWN TO BE ACT
IVE INDUSTRIALLY.
FOUNDED 187 6
SOUTHERN
CALIFORNIA
EDISON COMPANY
Common Stock Paying.
8
Dividends
The Southern California
Edison Company serves over
270,000 customers in South
ern California,
This company has paid
dividends quarterly without
interruption on its common
stock since 1909. The earn
ings for 1921 amounted to
$16 a share on the common
stock after deducting all
fixed charges and preferred
dividends.
Price IO314
EJH.ROLLINS &SOSS
invextntent Bond
4J1 LEWIS BUILDING
CJilcpltone'BmaMay 67
PORTLAND
BOSTON "NEW YORK CHICAGO
SAN FRANCISCO LOS ANCELES
Output Has Increased Since Coal
Strike Started Prices Show
Stiffening Tendency.
(Copyright by the Public Ledger Company.
PITTSBURG, Pa,, May 23. (Special.)
Tab rate of Bteel production ia now well
above 87,000,000 gross tons a year, as
against 35,000.000 tons In April, 80,000,000
tons in Marfth and 20,000,000 tons In De
cember. The present rate is only about
10 per cent below tne tirst nine or iu
months of 1920. when there was heavy
pressure, much building and manufacturing
activity and tancy prices. It is 25 per cent
above 1912 and 1913, the two biggest ton
nage yeara before the war.
The rate indicates that the country is
active Industrially, but it is probable that
some of the steel made lately has been go
ing into buyers' stocks which were liqui
dated to the limit by the end of last year.
Since January steel buyers have feared
that the coal strike might interfere with
deliveries and have taken in Bteel freely
in consequence. The record shows that
steel production haa increased since the
coal strike started.
While production continues to increase,
it is Blower than in the first quarter. The
Illinois Steel company has blown in its
ninth stack at the Gary, Ind., works and
intends to start one of the Bayview fur
naces at Milwaukee, The Inland bteel
company and the Wisconsin Steel company
have each blown in a furnace, but each
will blow out a furnace soon lor reuniire.
The Youngstown Sheet & Tube company
has blown in a fourth furnace. The Car-
nezrle Steel company has resumed opera
tions at one Karreil stack ana two juingo
furnaces, banked early in April.
Stiffening is noted in steel prices this
week. A price of $1.50 on bars virtually
disappeared two weeks ago, the regular
market since then having been $1.00.
Sheets for early delivery are quite stiffly
held and a number of mills are quoting
prices (5 to $7 a ton above the regular
figures.
Furnished
Foreign
by the
Bonds.
Overbeck
& Cooke
do 7Vis ...
do 8s
Belgian 6s . .
Brazil 8s ....
Chile fis
do 7s
British 5s ...
do 5s
do 5s
do vky 4s..
do ref 4s...
Bordeaux 6s .
Canadian Ds
do 5s
do 5s ....
do 5s
do 5s ...
Chinese 5s ...
Chilean 8s . . ,
Russ currency
Denmark 8s .
Dan. Muni 8s.
French 4s ...
do 5s
French 5s
do 7s ...
do 8s
German W I
Berlin 4s
Hamburg 4s .
do 4i4s
Leipsig 4s .
do 5s ..... .
Munich 4s .
do 5s
Frankfort 4s
Italian 5s
Jap 4s
do 1st 4's.
do 2d 4s .
Norway 8s ..
Russian 5a
do os ...
do ...
Swiss 514s ...
Swiss Ss
San Paulo 8s
Maturity. Bid. Ask.
s 72 76
75 79 ,
1045 108 10854
1941 104 105
1B25 102'i 102
1041 107 10754
19H2 91 92
1923 10ii 107
1022 WA 93ii
1927 911 9
1929 9314 98H
7814 81
76 794
1934 87 M 87 ft
1937 99 99
1926 99 99
......'....1929 100 100
..'0:11 98 98
192i - 98 98
1951 54 54
C1941 105 105 hi
7 9
...,394a 110, 111
....1943 110 111
..,..,.1917 5454 57
3 920 80 82
1931 68 . 69
3941 301 302
1943 104 10414
5s 214 3
2 3
2 3
3 3
3 3
"14 4
3 4
3 4
4 4
.1918 40 41
3931 7714 77
3923 . 90 91
....3925 89 9014
, 3940 131 111
1921 39 21
....1926 4 5
, 3919 22 14 .
...3929 301 102
, 1940 337 317
30:1 104
l!ll!iill!lil!l!llll!llll!llilll!ll!ll!lll!!l!
7
7VZ Closed
First Mortgage
Gold Bonds
BURTON
RANCHES
More Than
$800,000 Security
Den. $500-$ 1000
PHOXE, CAl,I OTf OR WRITE
FOR FULL DETAILS.
LUMBE RMENS
lltTJ S T (3MP1A1TT- -BANK
BROADWAY AND OAK.
TJ K 5s ..1022
do 6s 3929
ao os ...
Swedish 69 ..
308 308
308 3 086
...1937 102'i. 102
1939 101 102
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:
Austria, kronen ....$0.0002
Belgium, francs 0836
Bulgaria, leva 0(18
Ci'.echo-Slovakia. kronen 0196
Denmark, kroner .2145
England, pound sterling 4.465
Finland, flnmark 0218
France, francs 0926
Germany, marks 0036
Greece, drachmas 043
Holland, guilders 3892
Hungary, kronen 0018
Italy, lire 05W
Jugo-SIavia, kronen 004
Norway, kroner 83
Portugal, escudos 0856
Rcumania, lei - 0075
Serbia, dinara 0156
Spain, pesetas 1612
Sweden, kroner 2592
Switzerland, francs 1913
China Hongkong, local currency. . . .5935
bnangnai, taeis 84
Japan, yen 48
NEW YORK, May 23. Foreign exchange
firmer. Great Britain, demand $4.44, do
cables $4.45, do 60-day bills on bank
$4.42 i France, demand 9.04c, do cables
9.04c; Italy, demand 5.13c, do cables
5.14c; Belgium, demand 8.35c, do cables
8.35c; Germany, demand .33c, do ca
bles .33T4c; Holland, demand 3S.85c, do
cables 38.90c; Norway, demand 18.20c;
Sweden, demand 2S.S0c; Denmark, demand
21.30c; Switzerland, demand 19.09c; Spain,
demand 15.92c; Greece, demand, 4.20c;
Poland, demand .02c; Czecho-SIovakia,
demand 1.93c; Argentine, demand 38.37c;
Brazil, demand 13.87c; Montreal, 99 3-16
per cent.
Standard Oil Stocks.
Standard Oil quotations furnished by
Overbeck &- Cooke company of Portland.
. , Bid. Ask.
Ansrlo 20 20
Dwiiiu ouiybizier .......31 u oHU
Buckeye 96 9s
Cheesebrough 195 200
Cheesebrough pfd 110 312
Continental 144 147
Crescent '. 33 35
Cumberlnd 135 145
Eureka 95 98
Galena com 53 55
Galena oil pfd 308 112
Galena new pfd ...302 3U5
Illinois Pipe ISO 385
Indian Pipe 95 98
National Transit 29 30
N Y Transit 375 380
Northern Pipe 307 3 "9
Ohio Oil .313 317
International Pete 21 22
Penn Mex 29 31
Prairie Oil 615 625
Prairie Pipe 229 232
Solar Refining 360 370
Southern Pipe 98 101
These Bonds
will soon be sold
Conservative investors are
quick to appreciate that 7
first (closed) mortgage
Bond s with security of
over 3 to 1 offer an ideal
investment.
The Amalgamated Sugar
Co. offers this type of
Bond; callable at 105 upon
60 days prior notice on any
interest date.
Write, wire or phone Main
4195 for reservations.
G.E.MILLER
& COMPANY
I "ZiJflocr NORTHWESTER M
Sb-gSi BAKKBLDQ. PORTLAND
J-!.-"""
THRIFT and
SAVING WORK
TOGETHER
for the benefit of the
one who cultivates
them.
Let your deposits
work for you at
Ashley & Rumelin
Bankers open an ac
count now.
H0URS-8A.M TO 530PM
SATURDAYS-8AM TO 8 PM.
M
O
O
D
Y
R
A
T
I
N
G
B
O
O
K
S
E
R
V
I
C
E
P
R
O
T
E
C
T
S
Two Per Cent or
Six Per Cent ?
A" successful" stock speculator recently
admitted to us that after ten years'
trading for profit, the net return on his
capital averaged only 2 per annum.
He had always been trying to "make a
killing," but his occasional profits were in
variably offset by occasional losses, and in
the long run he did not make even normal
interest on his money. ,
How much wiser he would have been had
he continuously invested his capital in high
class securities, which would have given
him an average yield of at least 6 per
annum.
It he had used Moody's Rating Service his
success would have been greater than this,
as he would have occasionally changed his
holdings within the high grade field, to
' take advantage of changing economio and
money market conditions.
We have thousands of clients who have
followed the latter policy and reaped a large
measure of success.
Moody's Investors Service
35 Nassau Street, New York City
BOSTON PHILADELPHIA CHICAGO
101 Milk Stmt RtJ EttJTra BUf. Fir Niml Baa BU.
Pacific ('oust Tt"P.: Arthur V. Brown. 613 Pac. Mntnal Bills., Tx AngelpB.
South Penn Oil 213 217
S. W. Penn Oil 63 65
S O Indiana 110 110&
S O Kansas 560 5T0
S O Kentucky 93',4 94
S O New York 40S 411
S O Ohio 430 470
S O Ohio pfd ...116 11S
Swan & Finch. 30 33
Vacuum 423 . 42S
Washington 20 30
IS O Nebraska t 190 195
Imperial Oil 113 114
SAN FRANCISCO PRODCCE MARKET
Prices Current on Vegetables, Fresh Fruits,
Etc., at Bay City.
SAN FRANCISCO, May 23. (State Di
vision of Markets.) Poultry Broilers, 30
4ie; young roosters, 2o47c; old, 14
19c; hens. S!l30c; ducks, 2325c; live
turkeys, 3235c; dressed, 3644c,
Fruit Apples, ZV2 to 4-tier, $2.153.75;
navel oranges, $6.508; Valencias, J6.50
8; lemons, $57; loquats, nominal;
grapefruit, $34.2o: strawberries, c-ate
90$1; cherries, box, $1.25ig)2; apricots,
pound, 10loc; raspberries, drawer, 1.75
2; gooseberries, pound, 15c; figs, box,
7.50.
Vegetable? ArtichnkPP. large crate, ffv
5; asparagus, pound, 310c; beans,
pound, 1040c; carrots, eack. $2,75 3:
celery, crate, $24; cucumbers, tiootrn,
$1.502.2S; lettuce, crate, 50c$l.0;
mushrooms, pound, 50c$l; white onions,
crate, J1.251.50; yellow, cwt., J1.25;
larsnips, sack, $3(3)3.25; peas, pound, lMi
4c; potatoes, $1.602.75; new, 3&39ic
rhubarb, box, $1.35(85 2; summer squash
crate, 90c$l: spinach, pound, 24c; tur
nips, sack, $22.o0; cabbage, pound, 3c.
Receipts Flour, 144 quarter sacks;
wheat. 1809 centals; barley, 17.R89 cen
tals; potatoes, 354 sacks; onions, 4S5 sacks;
hay, 170 tons; hides, 1220; oranges and
lemons, 2800 boxes.
HERRIN& RHODES, Inc.
Established 1896.
STOCKS, BONDS,
COTTON, GRAIN
Correspondents E, F. BUTTON A CO., N. T.
Members all teadin exchange.
Bubson'e ftervice on File.
Bdwy. ATio. 01 lUilna) KxcUaase Bids.
Public Utility
Preferred
Stocks
Offer Safe Investment and
Liberal Returns
Investors who require a more liberal
return from their money than is now
obtainable from strictly first-grade
bonds should properly look to the most
conservative Preferred Stocks for in
vestment opportunity. High-grade pub
lic utility Preferred Stocks merit the
confidence of conservative investors and
possess the essential features of highly'
desirable investment securities.
We are offering at the present time
Preferred Stock of several public utility
companies which may be had at prices
to pay a return-of about 7. Descrip
tive circulars and detailed information
will be sent upon request.
; Write, phone or call today.
Blvth, Witter LCo.
Portland.Oregon. Fourth at Stark St-
San Francisco
Los Angeles
New York
Chicaso
S CATTLE
San Diego
We own and offer
Baker County, Oregon
5 Road Bonds
Dated October IS, 1919 Due October 15, 1939
Optional on or after October IS, 1929
Denomination $1000
FINANCIAL STATEMENT
Assessed valuation (1920) $25,909,638.85
Total bonded indebtedness, includ
ing this issue 425,000.00
Population, estimated, 25,000.
Price 101.56
Bond & Goodwin sTucker
f AM PKAKCtfCO
INI ORPODATI D
UNITID STATES NATIONAL BANK BUIIDISC
v PORTLAND
tO,ANGEI.t SEATTLE