THE 3I0RXIXG OREGONIAX, THURSDAY, THAT 23, 1923
2.
1LIIPIK
L MORE GOOD HOTELS
Effort to Block Building
i New Structures Hit.
of
REASONS SET FORTH
Mr. Spillane Decries Move by E. M.
Statler to Prevent More Hos-
L
telrlcs Being Erected.
BT RICHARD SPILLANE.
Copyright, 181'. by the Public Ledger
company. Published by arrangement.)
PHILADELPHIA. Pa.. May 24. (Spe
cial.) According to the New Tork Hotel
llevlew, which, is classed as an official
organ, E, H. Statler, head of tho Statler
chain of hostelries, suggested at a Dan
qutt of hotel men in Atlantic City recently
that the hotel men of New York, Atlantic
City and Philadelphia convene to spread
propaganda tu prevent the erection of any
new hotels In Philadelphia for the sesqui
centennial In 1IK!. He declared there was
no need for additional permanent hotels
In the Quaker city to house the exposition
crowds and if hotels were erected it would
be to the detriment of the hotel business.
He was actuated, he declared, by no
ulterior motive as his hotel ia New York
would not benetlt in any way, it being
crowded to capacity at all times.
llr. Statler probably meant well, but he
Is wholly misinformed and his advice, if
acted upon .by the men in his line of
service, might do great harm. Philadel
phia needs more hotels today. It had a
convention two weeks ago which crowded
every one of the large houses in the cen
ter of the city. Without increased accom
modation there would be scant means for
caring for the multitudes drawn to the
sestiui-centennlal.
It may be satisfactory to hotel proprie
tors to have conditions such that they can
turn patrons away, but it is not satisfac
tory to the public. The present writer has
fnaeavored twice recently to get a room
at the Hotl Pennsylvania and failed the
last time when he answered "no" to the
Question, "have you a reservation?" He
was told the house was booked full two
weeks ahead. When the writer, went to
the Waldorf Astoria the only room he
could get was one without bath or toilet
or running water. Does Mr. Statler favor
New York, Atlantic City and Philadelphia
hotel men combining to spread propa
ganda to prevent the erection of any more
hotels in New York?
Combinations in restraint of hotel build
ing are as unworthy as combinations in
restraint of trade. There are cities that
have too many hotels, but rare is the city
with too many good hotels. New York,
Philadelphia, Chicago and San Francisco
hotel men have a lot to learn. There is a
hotel In Spokane as good if not better
than any hotel in New York. There is a
hotel in Winnipeg superior to any in New
York. There is a hotel in Vancouver bet
ter than any in New York.
If anything were needed to stir Phila
delphia to build an adequate number of
structures to meet the needs of visitors
to th esesqui-centennial such announce
ment as that of propaganda by hotel mag
nates to prevent their building would be
sufficient.
Instead of exerting their efforts to pre
vent construction of hotels where they are
required, hotel men might give earnest
attention to reducing expenses or at least
the costs to their patrons. The hotel busi
ness has responded less in this respect than
almost any other In America. Hotel pro
prietors explain it by the elimination or
the bar. From the statements of some of
them it would seem that the bar support
ed the hotel in pre-prohibition days. If
PhiladelphTa were not to have the sesqui
centennial it would need more htrtels. The
cesqui-centennial only accentuates the need.
This country has not ceased to grow and
is not likely to stop for many centuries.
Propaganda to prevent "hotel- building in
any city such as Philadelphia is as silly
and futile as propaganda to prevent hotel
building in any part of America. If such a
combination of hotel men as Mr. Statler
suggests forming can dictate to Philadel
phia it can dictate to any city In the
United States.
New York Bonds.
Furnished by Herrin & Rhodes, Inc., of
Portland:
Railroad Bonds
Atchison gen 4s .......
A C L 4b
Cuban Cane cv 7s 1930
Distillers Sec cv 5s 1927
Diamond Match TVss 1035
Dupont 7s 3931
Kmpire Gas Fuel 6s 1!)24
Fiek Ha 1VAI
Gen Elec deb 5s 1952
do fts 1940
Goodrich 7s ...1925
Goodyear 8s ......1941
Heinz 7s , 1930
Hershey 7s 1930
111 Steel deb 4Vi3 1940
do 5s 1952
Int Agr 5s 1932
lnt Marine C T (Is 1941
Kelly Springfield 8s 1931
Kennecott 7s ......1930
Lack Steel 5a 11123
do 1st 5s 1950
Libby McN L 7s 1931
Lig & Meyera 7s 1951
do "s 1941
Lorillard 5s 1951
do 7s 1944
Midvale 5s 1936
Morris & Co 7s 1930
Proc & Gamble 7s 1923
Republic I & a ia 1940
Sears Roe 7s .1922
do 1923
Steel & Tube 7s 1951
Swift & Co. 7s .....1925
do ...f
United Drug 8s 1941
U S Hub 1st ref 5s 1947
U S Rub 7s 1930
U S Steel sf 5s 19K!
Va Chem 5s 1923
Va Car Chem TAs 19S2
West Elec 5s 19;
West U T col Tr 5s ...
West Union G'ia
Wilson 1st 6s 3041
do cv 6s , 192S
West Elec 7s 1925
Westinghouse 7s ............ .1931
Public Utilities
Am Lt & Tran 6s 1925
Am Tel coll 4s "i92B
do os 1946
Am Tel 6s 1925
Bell Tel of Pa 7s 1945
B R T os 1845
Cal Gas unl 5s 1937
Cities Service 7s B ...ui6
do C ....1966
do D 1966
Con Gas cv 7s 1925
lnt Met 4ia 1956
Int R T ref 5s 1966
Laclede Gas 7s 19:10
Mont Power 5s A 194U
Northwest Tel 7s 1941
Tac Tel 6s 1937
Pac Gas 5s . .1942
Southwest Tel 7s .....1925
Oil Bonds
Anglo American 7s ........ ,1925
Atlantic Ref 6!4s 1931
Galena S Oil 7s 1930
Gulf OH 7s . ..." 1933
Humble 7s 1923
Pan Xm 7s 19.10
Ilex Pet ev 8s 1936
Sinclair 7g 1925
S O Cal 7s 1931
do N Y 7a 1931
Texas Co 7s 1923
Tidewater Oil 6V4s 3931
Vacuum Oil 7s 1936
Foreign government bonds
Argentine 2d 7s 1B23
Argentine GI 5s 1945
Belgium 8s 1940
84
44 V4
107 Vi
107'4
l00?i
106
100
10514
99
110
304 4
102
9Hi
99 Vi
91
108
105 M.
99
0
89
96
113ii
96 Vi
11314
91
105 14
1(11
95
300
101 ',4
1111
101
102
1111
S93.i
108
101 4
10014
10514
100 Vi
.3938 . 9914
.1938 109
8314
107
107
10614
91
9714
335Vi
10794
61 la
95
134
95
90
117
15 74
71
100
86'
10KU
96
9114
102 14
10814
10314
1034
10414
101
iooi
107
104
105.
3 0914
101
103
106
100
85
30714
IIO14
112
310
111
9514
102
SOU
66
73
113
57 V,
70
75 z
52 Vi
41 li
83
100
301 -'4
100
3M14
3 03
3 04
302
302
30414
103
1945
3945
1945
1940
1934
1925
1926
1939
1954
1945
.'.'.".'.'l945
1917
1920
UT - BONDS ACTIVE
PRICES XOT AFFECTED
FREIGHT REDUCTIONS,
BY
..1995
. .1952
. .1930
. .1948
..1933
..1995
..1962
..1946
..1940
. .1949
..1930
..11)92
..1946
..1939
..1949
..1952
. .1939
..1925
-.1932
. .19:14
..1999
..2014
..2014
..1987
..1936
. 1930
B & O gold 4s
do con 414s cv
do ref 6s
Canadian Southern us ....
Canadian Northern 014s..
do 7s
Central Pacific 3st 4s
Ches & Ohio cv 414s
do gen 4V48
do cv Ds
do con 5s
C B & Q 111 div 4s
C & West Ind 4s
C G & W 4s
C M & Ft P 4s
du cv 414s
do deb 4s
do gn 4s A
do cv 5s
do g & r 414s A
Chicago Northwest gen 4s.
do 614s
do 7s
C R I & P ref 4s 1934
Colo Sou rf ex 414s.... 1935
do 4s 1929
Del & Hud cv 6s 1935
do 7s 1930
D & Rio Cm cv 4e 1936
do ref 5s 19-55
Erie P L 4s 1996
con 4s A 3953
do B 1933
do D 1953
r.rie Pa C G 4s 1951
Grand Trunk eq 614s... 1930
Great Northern 414s 1961
do 7b 1936
Gt Trunk Os 1936
do 7s 1940
111 Central jt 5s 1963
do ref 4s .......1955
K C Southern ref 5s .....1950
Keo & Des M 3st 5s 3 923
1. S & M S 4s 1931
1, & N uni 4s 1940
B C 7s
Kdison 7s . .
MSIP48S M 6Vts 3946
W K & T 4s 1990
it P gen 4s 1975
do ref 5s ..1923
do ref 5s 1926
NYC deb 4s 1934
NYC con 4s mug
do ref imp 414s ...2013
. do cv deb 6s 3935
do coll 7s .....3 930
Tf Y N H & H cv Os 1948
N O Tex & Hex 5s 1935
NT P P L 4s 1907
N P 6s 21147
N P Gt Nor jt 6!4s 1936
O S L ref 4s i-n
3?enna 14s 3M8
do gen 414s 1965
do 414s 1060
do gen 5s 1968
do 7s , 1930
do R R 614s 1936
Reading gen 4s 1997
S A L 4s 1950
do 3s 1949
do 63 A 945
fiou Ry con 3s 1994
0 Pac cv 4s 1929
do sf term 4s...... ...3950
do ref 4s ..3949
do eq 7s E 1935
6tL&SFPL4s A 1950
do gen 5s ..3 931
do gen 6s .......1931
do adj 6s 1935
do inc 6s ......1960
Bt L & S W 5s 1HJ2
do con 4s 1932
do 1st 4s ,.1989
Tex Pac 1st 5s 2000
Tin Pac 1st 4s 1947
do cv 4s 1927
do ref 4s 2008
do oq 7s 1930
TJn Tank 7s 3930
Wabash 1st 5s 19:19
do 2d 6s 1939
West Pac 5s ................. .1946
Industrials
Allied Packers 6s 1939
Am Agr Ch 7!4s 1941
Am Smelt 1st 5s 1947
Am Tob 7s .1923
Anaconda 6s A 1929
do 7s B 1929
Armour cv 7s ..1930
do 414s 1839
Beth Steel 7s 1923
do eq 7s 1935
do ref 5s 1942
Cerro de Pasco &s 1931
Chile conv 6s A 1932
do cv 7s .......1923
Col Graph 8s 1925
Copper Exp 83 1923
do 8s 1924
do 8s i 1923
Col F & I gen 5s 1943
Col nd 5s ...1934
Cuban Am Sugar 8 ,....1931
8874
88
10514
81
82
87
96
311
111
87
88
87
04
100
80
73
GU
8014
76
76
6614
8514
308
100
82
87
92
9614
108
7914
60
65
51
50 A
54
87
105
01
109
104
112
95
8614
88
89
92
89
99
92
102
82
64
100
9B14
89
8214
83
303
106
82
70
86
3 OS '4
105
91
109
91
95
09
109 "4
108'
84
BO
26
59
95
91
87
10:
72
VH 4
87
79T4
69
80
75
78
9.1
91
84
86
303
103
98
86
87
87
67
103
93
102
30O
1"3
104
89
105
102
95
121
93
106
46
101
102
103
90!
78
105
Bergen 8s
lierne 8s
Christiana 8s
Danish Conuol 8s
French Cities 6s ,
Italy 6s A
Rus Ruble 5s ,
Swedish govt 6s ,
U S ilex 4s
U S Mex ext os
Uruguay Ext 5s
Zurich 8s
French Internal 4s
French Victory 3s
Belgian Restoration 5s.
British 214 Consols.....
Ital Cons War Loan 5.. ...
Curb bonds
Allied Packers 6s ...
Am T & T 6s 1922
Am T & T 6s 1924
Anaconda Copper 6s
Anaconda Copper 7s....
Anglo-Am Oil 7s
Armour & Co 7s
Beth Steel 7s 1935
Copper Ex Assn 8s 3924
Copper Ex Assn 8s 1925
Galena Signal Oil 7s
Grand Trunk 6s 104
uuii un iB 104
Inter Rapid Tran 7s 98
Libby, McNeil & Libby 7s . ... 99
Sears-Roebuck 7s 3-yr 1923 101
So West Tel 7s 102
Stand Oil N Y 6s 1933 106
Stand Oil N Y 7s 1926 105
Swift & Co 7s 1925 101
Swift & Co 7s 1931 102
Texas Co 7s Notes . 101
Vacuum Oil 7s 106
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:
Country and Unit Rate.
Austria, kronen ..$ .00025
Belgium, francs 08430
Bulgaria, leva 00800
..zecho-siovakla. kronen 01900
Denmark, kroner .21550
England, pound sterling 4.46500
Finland, flnmark 02120
ranee, francs 001-20
Germany, marks 00360
Greece, drachmas .04230
Holland, guilders 38920 I
Hungary, kronen 001 SO I
Italy, lire 05250
ugo-siavia. kronen 00410
Norway, kroner 1S200
Portugal, escudos .0S550
Roumania. lei 007n
Serbia, dinars 01560
Spam, pesetas mono
Sweden, kroner 25S80
Switzerland, francs 19160
China Hongkong, local currency. .58300
bnansrnal. taels 8:toon
Japan, yen 4S0OO
NEW YORK. May 24. Foreign ex
change, firm; Great Britain, demand
$4.44, cables $4.45; 00-day bills, on
banks, $4.42. France, demand 8.08,
cables 9.09; Italy, demand 5.22. cables
5.22; Belgium, demand 8.40. entiles
8.41; Germany, demand .34, cables .34;
Holland, demand 38.65. cables 38.90: Nor
way, demand 18.25; Sweden, demand 25.80;
Denmark, demand 21.45; Swtizerland, de
mand 19.08; Spain, demand 15.92; Greece,
demand 4.20; Poland, demand .02 V-;
Czecho-Slovakia, demand 1.92; Argentine,
demand 38.36; Brazil, demand 13.87; Mont
real, 99.
Standard Oil Stocks.
Standard Oil Quotations furnish v
Overbeck & Cooke company of Portland.
Liberty Issues Inclined to Improve.
Better Tone Noted in
Foreign List.
. NEW TORK, May 24. Hallway freight
reductions announced by the Interstate
commerce commission were wlthoufTharked
effect upon quoted values in today's bond
market. Such irregular tendencies as de
veloped were mainly attributed ,to firmer
money rates.
Liberty 3s again rose above par, though
closing slightly under that quotation, andj
a majority of the 4s and 4s also were
inclined to improve.
Foreign bonds showed a better tone,
Mexican 4s and 5s making up much of
their recent setback, with firmness in Bel
gian and Japanese government loans and
several ef the French municipals.
The greater part of the day's business
centered in speculative rails,- notably Eries,
Chicago & Alton 3s, St, Paul refunding
4 'is, Chesapeake ft Ohio convertible 4s,
Missouri, Kansas & Texas first 4s and
Reading . general 4s, the advance of the
latter concurring with the strength of the
preferred shares.
Several new underwritings for moderate
amounts, including utility, railway and in
dustrial projects, were readily absorbed.
Negotiations for foreign loans, Including
one or more to South American countries,
were reported to be progressing.
Total bond sales, par value, aggregated
$17,033,000.
The stock market's initial response to
day to the lower freight rates ordered by
the interstate commerce commission took
the form of a general though moderate
advance in junior transportations, while
representative issues of that class were
inclined to react
On the whole, railroad and financial in
terests were relieved at the long-deferred
action of the commission and the general
reduetion averaging about 10 per cent,
was within popular expectations.
The strength of some of the secondary
rails, notably Chicago & Alton common
and preferred, Wabash common and pre
ferred A and Lake Erie & Western, was
due mainly to persistent reports that these
systems are likely to figure in mergers or
traffic agreements. 1
Proof that the railroad situation is
brightening in -its broader aspects was
furnished by the resumption of dividends
on' the common stock of the Cleveland,
Cincinnati, Chicago & St. Louis railway,
controlled by New York Central interests.
Other divisions of the stock list followed
their irregular course of the preceding
days of the week, on more moderate deal
ings, the regular movements being largely
governed by the maneuvers of professional
Interests.
Independent steels rose ' and fell to the
accompaniment of conflicting rumors, ex
treme gains of 1 to almost 3 points being
shaded in the latter part of the session.
Equipments wsre featured by Lima Loco
motive common and preferred and affili
ated issues and coalers were at their best
in the final hour, when Reading first and
second preferred showed gains of 6 and
3 points, respectively. Sales amounted
to 985,000 shares. -
Call loans opened and renewed at the
recent high rate of 4 per cent, but shaded
to 3 per cent before the close. A slightly
firmer tone was shown by time money,
most of the 30 and 60-day loans being
made at 4 per cent, longer maturities rang
ing from 4 to 4 per cent.
All the leading foreign remittances were
appreciably better on an increase of busi
ness, especially In sterling, francs and lire.
Bills on London got within the smallest
fraction of their best for the last three
years and the Canadian rate gained almost
10 points. Eastern European quotations
were heavy, however, and far eastern
rates suffered a sharp reaction.
CLOSING STOCK UOTATTOXS.
FurnlBhed by the Overbeck & Cooke
company of Portland:
Stock Sales. High. low. Bid.
Adams Exprss 100 66 66 . 66
. 200 1714 3 37
1,300 39 39 38
400 17 17 16
300
4O0 1 1 1
3.100 72 60 71
300 50 49 49
500 44 43 43
100 4 45 45
1,600 48 48 48
00 163 102 1
Col Graph . . .
do "A" pfd..
2,200
100
Con Gas 8,400
, 10U
Contl Can
Cities SB
Corn Prod....
Cosdcn Oil ...
citisr ....
do "B" pfd..
Crucible
do Dfd
Cuba Cane . . .
Co rjfd
Cub Am Sugar
Del & Hudson.
Dome Mines . .
Del & Lack ..
Davison Chem
Endi Johnson.
Erie
do 1st pf...
El Stor Bat...
Fam Players..
Fed Mln & Sm.
do pfd
Fisk Tire
Caston Wms .
Gen Cigars ...
Gen Elec
Gen Motor ...
do 6
Gen Asphalt..
Goodrich
Goodyear ....
Granby 6.300
GTeat Nor Ore
Great Nor pfd
Greene Cana .
Gulf S Steel ..
Glen Alden ...
Houston Oil ..
Hupp Motor.,
ills Central . ..
Inspiration ...
Int Ag Cp com
do pfd
lnterboro ....
do pfd
Interstate Cal.
lnt Harv
lnt Merc Mar..
do pfd '
Int Nickel ...
lnt Paper
800
6.400
2.800
100
9,400
300
400
1,800
6,700
600
,766
2,400
200
9,100
2,100
900
12,900
"266
300
200
700
300
5,900
900
9.700
2,100
1,400
2,100
200
5,100
29.000
1,300
800
6,100
4
97
118
63
ioi"
44
45
83
76
94
10
85
25
124
127'"
59
- 84
1814
28
44
84
'ii"
18
74
165
34
82
63
41
'35"
41
78
33
87
'79
20
107
42
4
97
116
65
ioi
44
45
83
74
94
1614
35
24
124
125
67
83
17
26 .
43
2
63
17
73
164
14
82
63
41
'3414
40
77
33
84
'78"
20
106
42
4
97
117
65
23
100
444
44
83
75
94
36
35
124
27
125
38
m
28
43
83
15
51
18
74
163
14
82
65
41
12
34
40
77
33
86
54
79
20
107
42
10
41
2
4
10
102
23
84
38
61
700 2 2
500 5 4
3.300 30 10
100 102 102
1,400 24 23
1,400 84 83
3,100- 18 17
1 300 51 60
do nfd 85
Invincible Oil. 6,900 18 18 18
Island Oil .... 900 1 1 1
Jewel Tea 20
K C Southern. 200 2714 2754 2714
do pfd 67
Kelly Spgfd.. 900 61 50 51
Kennecott ... 5,900 38 37 38
Keystone Tire 2.3 00 22 21 21
1,900 78 vi .ills
100 33 33 33
4,900 64 -63 64
200 1 5514 ' 154 155
20O 16 16 16
Lack Steel ,
Lee Tire . . .
Lf high Val
Lorillard . .
Loew Theat . .
L & N 119
Md Oil 900 32 31
Martin & P... 7.100 34 33
May Stores... 100 117 137
Mex Pete 7,900 135 133
Miami 700 30 30
Middle St OH. 7,900 1 5 14
Midvale Steel. 32,800 44 42
M K & T 800 19 19
do pfd 1,000 42 42
Mont Power.. 1.500 72 71
Monty Ward.. 2.400 24 23
Mo Pac 1,400 24 23
do pfd 700 67 56
M StP & SSM
31
33
117
134
30
14
43
19
42
72
23
23
66
60
Send for this
Handy Bond
Record Book
Owners of securities have occasion to use information
about one or another of their holdings almost every day.
To make this information convenient for investors, when
their securities are in their safety deposit boxes, we have
designed a loose-leaf Record Book with pages ruled to
hold just the data which are used most often.
You can obtain one of these Record Books by mailing to
our office the corner of this advertisement, which has
spaces provided for your name and address. The book
will be sent at once without charge of obligation on your
part.
Blyth, Witter. & Co.
Fourth and Stark
Portland
Please send me a Bond Record Book
1
Name 1
I
j Address
Nat Biscuit 145
Nat Enamel..
Nat Lead ....
Nev Con ....
New 1-Iaven...
Norf & West.
Nor Pacific. . .
N S Steel
N Y Air B
N Y Central. .
Okla Prod ref
Ont Silver . . .
Ont & West..
Otis Steel
500
200
1,600
7,200
2,800
9,900
5,100
1,400
43
96
18
33
108
77
91
3
43
38
32
17
76
200
700
Tac Dev 2,300
Advance Rum
Agr Chem . . . .
Ajax Rubber.
Alaska Gold..
Alaska Juneau
Allied Chem. .
Allis-Chalmers
Am Beet Sug
Am Bosch . . .
Am Can Co. .
Am Cr & Fdy
do- pfd. 139
Anglo
fciorne scrysmer
Buckeye
Cheesebrough ...
Crescent
Galena com
Galena Old pfd .
Galena New pfd
Indiana Pipe
National Transit ....
N. Y. Transit
Northern Pipe
Ohio Oil
International Pete
Penn Mex
Prairie Oil
Prairie Pjne ........
Solar Refg
southern flpe
South Penn Oil .....
S. W. Penn Oil
S O. Ind
S. O. Kansas
O. Kentucky
O. N. Y
S. O. Ohio
Swan & !
Washington
S O. Nebrask
Bid. Asked.
. 20 20
.370 390
. 96 98
.395 200
.310 112
.144 147
. 33 35
.135 142
. 95 98
. 53 98
.108 112
.102 305
.180 185
..180 185
. 95 98
29 30
.175 180
..307 309
..313 317
.. 21 22
29 31
..615 625 ,
..229 232
..360 870
. . 98 101
..113 ' ' 217
.. 63 65
..310 111
..560 70
. . 95 96
..400 '411'
..460 470
..116 118'
. . 30 33
..423 428
..20 30
..190 195
..113 110
1,200. .115
7
38
65
99
3S
75
10ii
36
323
343
138
92
Am Drug Syn 1,000
Am Hd & Lea 400
do pfd 800
Am Ice 2.1O0
Am Intl Corp 3,100
Am Loco
Am Saf Razor 300
Am Shp & Cr 28,400
Am Smelter. . 4,100
do pld
Am Steel Fdy
Am Sugar. . . .
do tfd
Am Sumatra.
Am Tel & Tel
Am Tobacco . .
do B
Am Wool. . . .
Am W P pfd.
Am Zinc
Anaconda- ....
Asad Oil
Atchison ....
do old
Atl Coast Line
Atl Git & W I
Bbldwin Loco.
do Pld
Balto & Ohio
do pfd
Barnsdell cor
Beth Steel 'B'
Booth Fish . . .
B R T
Butte C fc Z.
Butte & Snip.
Burns Bros..
Caddo Oil....
Calif Packing.
Cant Pet 1.80U
do pfd
Canadian Pao 400
Cen Leather . . 2.3 00
Cerro de Pasco 2,900
Chandler Motr 3.300
Chgo ft N W. 1,000
Chicago G W. S00
do pfd 900
Chili Cop .... 4,800
Chlno 1.900
C M S P 2.600
do pfd .. 4.400
Coco Cola .... 2,400
C 8c O 1.200
614
15
71
109
49
300
1.1O0
S00
300
1,100
1,800
5,600
4,400
800
"400
4,800
' 1,800
300
3.300
4,800
6,400
-3.'805
1,700
4,700
1,400
400
1,400
200
7)0
200
800
200
39
65
100
91
104
39
117
'4S
61
50
78
6
25
7
32
183
13
79
68 U
6
15
70
309
48
114
7
37
64
98
3S
75
105
85
123
341
187
92
'io
54
ioo
91
103
38
110 ?4
47
60
49
78
25
7 '4
32
133
13
7814
57
Colo F & I...
Colo Southern.
Col Gas &. Elec
100
500
1,400
142
40
40
75
75
9
22
22
31
28
44
69
67
84
60
88
142
39
89
75
74
8
22
22
81
27
43
69
66
34
50
88
5
15
70
108
48
114
38
65
98
38
73
105
35
323
141
138
92
34
39
55
325
100
91
103
38
117
113
4.3
61
49
78
6
25
7
32
133
33
78
57
05
142
39
39
75
75
9
22
22
Bl
27
43
t9
66
4
50
871
Pao G & E. . .
P Allegre ....
Pacific OH...
Pan Am Pet..
do B
Penna
Peo Gas
Fere Marq...
Pure OH
Phil Pete
Pierce -Arrow.
Pierce Oil....
Pitts Coal . . .
Pitts & W Va
do pfd
Pr Steel Car.
Pullman
Ray Con
Reading
Remington . .
Keplogle Steel
Kep 1 & a
do pfd.
Ren Motors...
Royal D Oil..
Ky steel Spg.
Saxon Motors.
Sears Roebuck
Shattuck, Ariz
Shell T & T. .
Sinclair
Stand Oil Ind.
Stand Oil N J.
Sloss Shef . . .
Sou Pac .....
Sou Ry ......
Stan Oil Cal..
St L S F..
Stromb Carb. .
Studebaker ..
Swift & Co. , .
?enn Cop & C
exas Oil . . .
Texas Pao . . .
Tex Pac CAO
Tob Prod ....
Tran Con Oil.
Union Oil Del
Union Pao . . .
United Alloy..
united Drug..
United Food..
United Fruit..
Union B & P.
U S C I Pipe.
United R Stor
U S Ind OIco.
TJ S Rubber..
do 1st pfd. .
V S Smelt....
U S Steel ....
do pfd
Utah Cop ....
Va Chem ....
do pfd
Vanad Stel...
Vlvandou . . . .
Wabash
do pfd A...
do pfd A...
Western Pac
do Dfd.
Western Union
200
700
4,900
1,700
200
4,100
400
1,700
3,100
4,700
300
6,900
600 '
3,600
"300
600
900
4,800
27
14
30
70
44
65
65
68
42
86
33
82
49
39
10
62
121
18
80
27
14
9-tf
70
43
64-
65
58
41
85
33
32
48
19
9
61
34
78
121
3 7
79
2.600
. 32,600
900
6,900
2,500
"300
1,000
35
7814
94
10
63 -
'8
77
34
76
93
9
62
"'
77
21,100 36 36
190
50
01
24
114
29
51
121
32
. 48
34
29
72
38
23
139
88
76
300 190
100 51
fl.200 92
4.500 25
2,100 116
2,200 30
3,900 53
11,600 122
400 v 12
8,100 49
300 Si
2.200 29
2.000 73
21,200 19
2,400 22 .
1,700 140
200 S8
3.500 78
2.600
17,600
800
100
17,900
1,200
1,800
1,800
2,900
600
36,200
13.400
300
300
100
200
Westg E & M. 21,100
W est Md .... 700
White Motors.
Willys-Over .. 8,900
do pfd 1,200
Wilson Pack.. 200
Wise Central .
Woolworth ...
Worth Pump.
W ft Jj B 700
White Oil .... 4.500
69
66
64
104
ini
139
68
83
12
13
83
23
61
97
63
HV4
"8
40
46
12
10
66
63
63
104
ioo
118
87
30
49
32
12
32
22
21
63
97
62
"8
40
46
12
6
43
95
18
33
107
76
31
77
90
2
8
27
14
10
. 60
43
64
65
58
41
85
33
32
49
19
-9
61
35
87
77
120
37
80
32
34
76
94
9
62
103
3
77
10
44
36
110
190
50
91
24
114
29
52
120
103
12
48
33
29
72
38
21
139
37
77
4
140
65
34
68
65
63
104
43
101
118
67
' 30
74
49
12
12
32
22
21
60
97
62
11
48
8
40
46
28
156
51
12
9
do 1st 4s 99.88 99.98 99.86 99.90
do 2d 4 Vis 99.78 99.80 99.74 99.78
do 3d 4s 99 92 99.96 99.92 99.94
do 4th 4s.... 99.90 99.96 99.90 99.94
Victory 4s 100.80 100.80 100.78 100.78
do 3 8 , 100.00
Swift A Co. Stocks.
Closing prices of Swift & Co. stocks at
Chicago were reported by the Overbeck &
Cooke company of Portland as follows f
Swift & Co 103
National Leather 2
Swift International 20
Libby 2
Money, Silver, Etc.
NEW YORK, May 24. Call money, eas
ier. High, 4; low, 3; ruling rate, 4; clos
ing; bid, 3; offered at 8: iast loan, 3. Call
loans against acceptances, 3.
Tims loans, firmer, 60 days, 4; 90
days, 4; six months, 44.
Prime mercantile paper, 44,
Mexican dollars. 55c.
Foreign bar silver. 72.
LONDON, May 24. Bar silver. 36d
per ounce. Money, 2 per cent. Discount
rates, short and three months bills,
2 7.-16 per cent.
Mining Stocks at
Furnished by Overbeck
Portland:
Ariz Comm.
Adventure
Ahmeek
Algomah
Allouez
Arcadian
Bingham Mna
Cal & Ariz
Calumet & Hecla
New Corn
Centennial
Cop Rge
Davis Daly
East Butte
Franklin Mng
Hancock ........
Helvetia ............... IS,
Island Creek . . w.. .. ..... .
Keewanaw
Kerr Lake
La Salle
Michigan
Mohawk
May Old Colony
Mason Valley ...........
Nipissing
North Lake
Old DOm Cop
Obijawa
Qulncy Mining
Pond Creek
Isle Royal
South Lake
Supp Boston
Unl Shoe Mch
do pfd
Superior Cop
Trinity Cop
Tuolumne
Utah Metals
Utah Con
V SMinlns
do pro
Utah Apex
Ventura
victoria
Winona
Boston.
& Cooke Co. of
Bid.
9
...65
... 63
...20
... 27
4
... 35
...03
.. .285
... 19
... 33
... 43
... 8
... 13
... 2
J..- -3"
iiTiii
2
... 3
... 1
... 2
...61
... 5
Ask.
10
77
64
50
28
414
35
62
31
44
8
32
2T4
4 .
" -1
113
4
Liberty Bond Quotations.
Liberty bond and victory note quota
tions furnished by tho Overbeck & Cooke
oompany, Portland.
Open. High. Low. Close.
Llbertyl 8 99.94 100.00 99.92 99.98
do 1st 4s 99.70
do 2d 4s 99.74 99.74 99.62 99.64
RAN FRANCISCO PRODUCE MARKET
Prices Current on Vegetables. Fresh Fruits,
Etc., at Bay City.
SAN FRANCISCO. May 24. (State Di
vision of Markets.) Poultry Broilers, 30
4oc: young roosters, 2547c; old, 14
19c; hens, 21ia30c; ducks, 2325c; live
turkeys, 32 35c ; dressed, 36 44c.
Fruit Apples, 3 to 4-tler. J2.153.75;
navel oranges, S6.50S; Valenclas, f6.50
8; lemons, $57: loquats, nominal:
grapefruit, $34.25; strawberries, crate,
90cSl.20: rherries. box. $1.252; apricots
pound, 1055it5c; raspberries, drawer, 11.00
ffrlTiO; gooseberries, pound, 15c; figs, box
$7.50.
Vegetables Artichokes, large crate, $,
5; asparagus, -pound, 3 10c; beans
pound, 02M0c; carrots, sack, $2,763
celery, crate, $24; cucumbers, iouan,
$1.502.25; lettuce, crate,- 60cJ1.00;
mushrooms, pound, 50cJl; white onions
crate, 1.251.30; ye;iow. cwt., $1.25
1 arsnips. sack, $388 2.1; peas, pound, 1
!4c; potatoes, J1.602."5; new, 33c
'hubarb. box. 1.8i2; summer squash
crate, 90c$1; spinach, pound, 24c; tur
nips, sack, $22.50; cabbage, pound, 80
Receipts Flour, 626 quarter sacks'
wheat, 2450 centals; barley, 8008 centals
corn. 820 centals; potatoes 1424 sacks;
onions, 845 sacks; hay, 300 tons; hides
205.
HERRIN&RHODES,Inc.
Established 1890.
STOCKS, BONDS,
COTTON, GRAIN"
Correspondents B. P. HUTTOI CO, H. t.
Members all leading exchange
. Babson's Service nn File.
Bdwr. itSS. 201 Kttilnu Excuauga Bid
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 93 to Yield 6.10
Bond Department Open 8:30 to S
Saturday a 8:30 to 2
LAB & TILTON
BANK
JJJJjK. Oldest in the Northwest , -
TPn3 WASHINGTON 2rl'
y , THIRD mjs
6
30
25
3
:6
20
25
48
1
41
26
3
78
1
2
43V
46
3
81
. 2
61 H
5
2
6
50
30
3
51
25
47
1
42
26
8
1
80
1
3
41
3
33
2
1 35-16
Wolverine 14 35
Wyandot 50 75
Foreign Bonds.
Furnished by the Overbeck & Cook
company or Portland.
Bid.
75
....307
306
302
104
.... 91
103
.... 0
08
54
105
7
110
110
65
80
68
Belgian rest 5s ..
Belgian prem 5s .
Belgian 7s, 1045
felgian 8s, 1041 .
elglan 6s, 1025 .
Brazil 8s 1041 ...
Chile 6s, 1032 ...
Chile 7s. 1023 ...
British 5s, 1022 .
British 6s. 1027 ..
British vky 4s 7S
British ref 4s 76
Bordeaux 6s, 1034 86
Candian 5s, 1037 99
Canadian 5s, 192fl '. 90
Canadian 5. 1929 100,
Canadian 5s. 1031 SN
Canadian 5s, 1927
Chinese os, 1051 ....
Chilean 8s, 1941 O ..
Russ currency
Denmark 8s, 3945 . .
Danish Muni 8s, 1945
French 4s, 1917 ....
French 5s, 3 920 ....
French 6s. 1981 ....
French 7s. 1941 100
French 8s. 1945 103
German W L 5s 2
Berlin 4s 2
Hamburg 4s 2
Hamburg 4e ............... 3
Leipsig 4s 3
Leipsig 58 J..... 3
Munich, 4s 3
Munich 5s 3
Italian 5s. 19-18 40
Jap 4s, 1931 77
Jp 1st 4s. 1925 00
Jap 2d 4s, 1025 S9
Norway 8s. 1940 Ill
Russian 5s, 1921 19
Russian 5s, 3926 4
Russian 6s. 1019 22
Swiss 5s. 3929 301
Swiss 8s,. 3940 317
San Paulo 8s 103
U K 5s, 3922 308
U K 5s, 3929 108
U K 5s, 1937 .....102
Swedish 6s, 1939 101
Spot Coffee Demand Better.
NEW TORK, May 24. Ths market for
coffee futures was quiet today with last
prices showing net advances of 1 to 6
points. Sales were estimated at 13,000 bags.
May, JJ10.20; July, $10.05: September. 9.55;
October, $9.45; December, J9.25; January,
19.19; March, S9.07.
Spot coffeo was reported in slightly bet
ter demand at 1010c for Rio 7s, and
1414c for Santos 4s.
Cnlcago Potato Market.
CHICAGO, May 24. Potatoes steady. Re
ceipts, 53 cars; total United States ship
ments, 715; Wisconsin sacked round whites,
(1.40(1.60 cwt.; Michigan sacked and bulk
round whites, $1.501.60 cwt.; Minneso
tas sacked round whites, tl.251.40 cwt.;
Maine sacked Oreen Mountains, Sl-05 cwt.;
Idaho sacked russets, $2.10 cwt.; un
branded, $3.651.90 cwt.; Canadian sacked
whites. $1.55 cwt.: new stock weak: to
day's sacked Bliss Triumphs, $2.652.90
cwt.: Alabama sacKen Bliss Triumphs. No
Ask.
76
79
3 OS
107
302
104
91
107
93
96
81
79
87
911
99
300
98
9S
45
105
9
111
1'11
57
82
69
300
104
3
3
S
3
3
4
4
4
41
77
91
90
131
21
5
24
102
117
104
108
308
302
102
I
forl5
Years!
Read what an authority says:
"Sugar eitperts agree that the temtoiial limit for the
expansion of production of cane sugar nearly has been
reached. If the world's consumption! of sugar continues
to increase, additional demand must be provided for
through increased production of beet sugar. European
production has fallen off and- the United States is now
exporting sugar into foreign sugar producing countries.
Call on us today for further details
about the net earnings and high security back of the
gold bonds of the Amalgamated Sugar company. This
is one of the sipc largest beet sugar producers in the
United States. '
10 down will reserve bonds in any amount at present
price and yield. Wire orders "collect."
Freeman, Smith
& Camp Co.
Lumbermen Bloo.. Portland
STARK ""eP
'WAV I
740 I
Tii SKingle
vdX never
CUTIS
We will be glad to supply samples on request
Pacific B!dg, Materials Co.
509 Gasco Bldg., Portland, Oregon
1, $2.75S25 cwt.: No. 2, $1.90 cwt.;
Louisiana sacked Bliss Triumphs, No. 1,
$2.752.90 cwt.; South Carolina slat bar
rels. No. 1, Irish "cobblers, $66.25; No. 2,
$3.75lf 4.
NORWAY
SECURITY
For purposes of taxation in
1920 the value of taxable
property in Norway was
fixed at $3,169,000,000.
This sum is more than ten
times the amount of Nor
way's present total funded
and floating national debt.
All of this property secures
the
Norway 6 loan of 1921.
The bonds are in denomina
tion of 1,000 kroner and
are selling at
$217 per bond.
CLARK, KENDALL
& CO., Inc.
295 Stark St. Portland, Or.
I A Copper Boom Next? i
STATE OF OREGON 4y2
Due 1940-1948 yidJ 4.20
MORROW COUNTY 5V2
Duo 1629 To yield 4.90
BAKER, ORE., 6s
Due 1927-1983 To yield 5.125
COLUMBIA CO. SCHOOL 6a
Dua 1826-1933 JQ yjeId 5.00
PORT OF KALAMA, WASH., 6a
cue 1929-1985 To yield 5.25
Federal Income Tax Exempt
Ralph Schneeloch Company
MUNICIPAL JiTORPOIONTINANCS
ttiMBO?lvlENS BUILDING
Copper and Prosperity
The Stock Market ba been moving up
ward In groups. Will the cop para ba
next?
We hm complatod mm exbtt-aatira an
alysts of ths copper ntuation, embody
inff lo part
a 'Praam t eoodi
tiona b Strut that ttsttkl
ly foretell a oopper
boom
d-The Public Utility
new construction
plan for the next
5 years and what
it mean s to copper
sf Ten Prominent
listed copper com
panies (see list at
side)
0 A cot iipr eh end v o
statistical analy
sis of each company
-The Salient Feat-ores Ths Company
ItselfThe Position of Bach Stock
This entire analysis is presented In a
graph te readable form that the Investor
will find worth keeping.
Bent without obligation.'
Atk for Analysis I
McCall, Riley & Co.
Members Consolidated
Stock Exobansje of New York
SO Broad SU, New York
Philadelphia HarrUtmrf
Oreet Private Whim
10 FroBiBeBl
Copper Sladu
Anaconda
Cerro de Paaco
Chile Copper
Chlno Copper
Inspiration
Kenftecott
Miami Copper
Nevwla Cons
Ray Cone
Utah Copper
XOTICE OF REDEMPTION TO
HOLDERS OF VICTORY
Ji'OTKS AD OTHERS
fOTEHEI),
Notice Is Hereby UlTen aa
Follows t
1. Call for redemption of 3i
per cent Victory Notes. All of
thesn 3 per cent series of
United States of America con
vertible gold notes of 1922-1923,
otherwise known as 3i percent
Victory Notes, are hereby called
for redemption on June loth,
1922, pursuant to the provision
for redemption contained in the
notes and the treasury depart
ment circular No. 13S, dated
April 2!st. 1919, under which
the notes were originally issue-1.
Interest on all Victory Notes of
the 3 per cent series will
cease on said redemption date,
June 15th. 1922.
2. Suspension and termina
tion of Victory Note conversion
privilege, in view of the call for
the redemption of all 3-i per
cent Victory Notes on June loth,
1922, and pursuant to the pro-,,
visions of said treasury depart
ment circular. No. 138, the privi
lege of conversion of Victory .
Notes of either series into Vic
tory Notes of the other series is
hereby suspended (torn Febru
ary 9th, 1922, to June 15th, 1922,
both inclusive, and on June 15th,
1922, will terminate. Victory
Notes, accordingly, cease to be
interconvertible, effective Feb
ruary 9th, 1922, and on and after
that date no conversions of the
notes may be made.
3. Detailed information as to
the presentation and surrender
of S4 per cent Victory Notes
for redemption is given in
treasury department circular.
No. 277, dated February 9th,
1922, two copies of which are
available at the treasury and
the federal reserve bank.
A. W. MELLON,
Secretary of the Treasury.
rf
FOUNDED 1876
Van Camp Packing
Company
First Mortgage
Bonds
Due April 1, 1941
The Van Camp Packing
Company earned during
the year ending Decem
ber 31, 1921, five times
the interest charges on
these bonds.
Price 105 and interest
. H.ROLLINS &SOSS
Investment bondt
411 LEWIS BUILDING
lilcplione'Bivaiiti'ay 7J
PORTLAND
BOSTON NEW YORK CHICAGO
SAN FRANCISCO LOS ANCELES
So. Pac. (C. P. 4s) to yield
up to 6.30
Kingdom Norway 6s to
yield up to 7.40
Brazil Govt. 5s to yield7
up to 7.50
Labor Temple 6s (1st mtg.)
to yield up to 7.75
UNION SAFE DEPOSIT &
TRUST CO.
284 Oak Street
SAFE DEPOSIT BOX