17
nmrr
tional trade situation. It is not all un
likely that some of the companies in which
American International has a large stock
interest would be substantial beneficiaries.
mwl
THE MORNTXG OEEGOXIAX, FRIDAY, JUNE
HUMS liUN ORU
Prospects of German Mora
t torium Cheering. ,
BONUS DAMPS BUSINESS
Rumblings of Railroad Strike Also
Depress Speculators and Run
I Call Money Up.
BY MONITOR.
Copyright by the Public Ledger Company,
Publiehed by arrangement.
NEW YORK, June 1. (Special.) Al
though a goodly number of advances reg
istered evidence or bullish sentiment In
respect to certain groups and individual
Issues, the action of the market as a whole
Indicated more or lees confusion of senti
ment. Price movements, therefore, might
be considered to have reflected the con
flicting character of new developments.
On one side was the cheering outlook
for a German moratorium, with tangible
prospects for a loan amounting at least
to Sl.OUU.OUO.OOu. sterling and marks were
strong. These were outstanding features
of the international situation, and they
more than oft-set the unfortunate affairs
is Ireland. On the other side o the ledger
must be set the obstinacy with which con
gress clings to the Soldiers' bonus propo
sition in the face of almost unanimous
opposition from the business sentiment of
ihe country. Kuinblings of a railroad
strike are not aseurintf. Call money 'ran
up to 5 per cent in response to require
ment Incident to the rim of the month.
Aside from the rails and specialties, the
major news Influences or the day had lit
tle effect on prices. Railroad stocks were
no better than steady, with the exception
of isolated spots represented by such issues
as Peoria & ila-st,.. fittsH,,,.,. jt. a...
Virginia, and a tew others. Southern Pa-
uoftuniB rainea, largely by way
'of rebound from recent selling.
The strength of American International
la logically associated with German finan
cial developments. Optimism in this re
gard also led to liberal buying of Mer
cantile Marine preferred.
The striking price movements of the day
took place In the specialties and the oils.
General Asphalt was active and stroig,
and so were Pure Oil, Marland, Producers
and Refiners, Texas company and Hous
ton. The equipments, which have been
rather quiet lately, advanced substan
tially under the leadership of Baldwin
and. American Locomotive.
.
The strong specialties included a wide
list of Issues, among which were Air Re
duction, American Agricultural, Chemical,
Mack trucks, Dupont, General Electric,
Postum. White Motors, pendee Manufac
turing and U. S. Food Products.
Baldwin Locomotive will sell ex-dlvidend
8H points tomorrow, but hi some quar
ters there is an inclination to expect
enough short covering to cancel the sub
traction of this dividend from the market
price. At the same time it is believed that
Car & Foundry and other equipments
are selling a bit out of line with the rest
of the market, and commission houses
which usually follow this group olosely
are again talking accumulation.
American Hide & T,
I moving in a high, trading area
this week, with buying emanating from
I Lhe aame Interests that haVe been follow
ing the long side of Coco Cola and Foslurn
Cereal.
While there was no official announce-
I ttent as to actual consummation, traders
re gcneraiiy committed to the beli that
jsitavaie win De taKen In at about 42.
Republic at S2 and Inland at 60.
The Cuban-American merirpT with No
tional Sugar is stilt hanging fire but the
only thing holding up the final announce
ment la the necessary legal procedure
whereby the teems which have already;
been arrived at are set down as a formal
agreement. There Is no change in the be
lief that the basis of exchange will be
I one share of National for one Bhare of
Iuuoan-Amencan preferred, and from 6-8
to 2 7-8 shares u Cuban-American common.
Sugar stocks as a whole are holding
I well and much of the recent buying in this
I group nas Deen ot the sort which indi
cates that large speculative interests are
taking a position on the long side. Traders
I believe that both raw cid refined sugar
i prices are aue to maKe nigner levels.
Maxwell Motors issues are again creen-
ling forward to a position of prominence
I la the motor group. It Is understood that
a very large block of Maxwell Motors A,
which has been hanging over the market.
1 has finally been absorbed.
Bums Brothers B stock touched 45. a
new high for the year, according to com-
I mission nouse telegrams, iauymg or this
issue was based on the general expectation
that the B stock should soon be Placed
Ion a $4 dividend basis.
-
Atlas Tack ts bound to be selling a bit
lout of line with the potential possibilities
of improvements in earnings. It Is gen
erally considered tliat when Juno earnings
.ire In iubstanlia. betternuent will be
k.how&.
Worthlngton Tump !s in new high
ound and Broadway Commission House
telegrams again are bullish on the theory
ft hat the stubiltty of the dividend will serve
ro Attract sufficient buying to maintain a
turther advance. At the same time, Worth
lngton Pump has shown very little recov
kry from the lone and drastic decline.
uid on surface indications it appears to
pe selling a bit out of line with otner spe
cialties and the standard groups.
Strength In American International Cor
poration may be set down directly to
kiptlmism, created by the proposal for a
inoratorium, as wet! as the negotiations
loan lor tsermany, it is believed
hat such developments would cause a
I -prnndou iitiprovpniPnt In tho intern ;i-
Of course you have a
legal right to recover
from the seller the pur
chase price of any "se
curities" which you have
obtained from him under
misrepresentations, but
cart yon collect from
him? Does he have the
responsibility? Does he
have a reputation to pro
tect? Those are the questions
you should ask yourself,
and before you invest,
investigate.
You may be smart, but
he most often is more
experienced in the wiles
of the law.
Why take a chance?
Freeman, Smith
& Camp Co.
LllMBERMSNS BlDO.. PORTLAND
Sew York Bonds.
Furnished by Herrin & Rhodes. Inc., of
Portland:
Atchison gea 4 1895
A C I. Is 1U32
do 7s ....11)30
B O gold 4s 1948
do con 414 s cv 138
do ref 5s 19i)5
Canadian Southern 5s ID&i
Canadian Northern liHs ..... .11)46
do 7s 1940
Central Pacific first 4s 149
Ches & Ohio cv 414 1930
do gen 4Ss . 1992
do cv 6s 1946
do con 5s 1939
C B & Q III dir 4s 1949
C & West Ind 4s 1952
C a & W 4s 19.)9
C M & St P 4s , 1HM
do cv 4J ...1932
do deb 4s 1934
do gen 4s A.... 1899
do cv 5s .......2014
do g and r 4s A ..
Chicago N w gen 4s .......
do 6s .
.do 7s ,
C H J s P ref 4s
Colo Southern ref ex 4s..
do 4s
Del & Hudson cv 5s
D & R a cv 4s
do ref 5s
Erie P L 4a 19U6
Erie Con 4s A 1953
do B 1953
do D .- ,.19o3
Erie Pa C G 4s 1951
Grand Trunk eq 614s 1936
Great Nor 4!4s ..... !)B1
uo is 193
.2014
.1987
. .1936
. .1930
..1934
. .1935
..1929
..15
. .1136
...1953
Great Trunk 6s 3936
do 7s 1940
III Central Joint 5s 11XS3
do ref 4s 1955
K C Southern ref 5s 1950
Keo & Des M first 6s 1923
L S & M S 4s 1931
L & N 7s 1930
do uni 4s ,.1940
M St P & S S M 6!4s... 1946
MK ft T 4s 1990
MP gen 4s 1975
do ref 5s .1923
do ref 5s .1926
NYC deb 4s ...1934'
do con 4S 1998
do ref imp 414s .....2013
do cv deb 6s 1935
do coll 7s 1930
NY.VH&H cv 6s 194S
NO T-ix & Mex 5s 1935
KP PL 4s 1U97
NP 6s 2047
OKI. ref 4s 1929
Penna 6s 1936
do gen 4s 1905
do 4148 19(50
do gen 5s ...1908
do 7s 1930
do RR 8?4 ...1936
Reading gen 4s 1997
SAti 4s 1950
do 5s 1949
do 6s A 1945
Sou By eon 5s 1994
1929
1955
1950
1949
1934
1950
.. ...1931
1950
1931
1955
1960
1952
1932
19S9
2000
1947
1927
2008
1928
1930
1939
1939
1946
. .1930
..1939
.1923
.1935
..'.942
. .1931
..1932
. . 1923
..1925
..lt)23
..1924
..1925
..1943
..1934
..1931
. . 1930
..1927
1935
Foreign Government
Argentine 2d 7s
Argentine a I 5s . .. .
Belgium 8s
Bergen 8s
Berne 8s
Chrlsllnna 8s ........
Copenhagen 514s
Danish Consol 8s .........
French Cities 6s
Italy lis A
Russ Ttuble 514s ............
Swedish Govt Gs ...........
U B Mex 4s
do ext 5s
Uruguay Bxt fia ...........
Zurich 8s ............... ..
Bremen 414s
Hamburg 4143
French Internal 4s
French Vic 6s
Belgian Restoration 5s ...
British 214 consols ....
Ital Cons War Loan 5 ...
Curb Bonds
Allied Packera 6s
Am T A T 6s
do 6s
Anaconda Copper 6s .....
do 7s
Armour & Co 7ft .........
Beth Steel 7s
Copper Exp Assn 8s
do 8s
Grand Trunk Its
Gulf Oil 7s
Humble Oil 7s
L-ibby. McX & Iibby 7s ....
So West Tel 7s
Stand Oil N Y 6'4s
do 7s
Swift & Co TS
do 7s ...................
Texas Co 7s Notes ........
Vacuum Oil 7s
89
8814
10614
8014
8114
8614
97
111 at
,112'A
86
. 8714
86
93
100 J
9014
7414
61
8014
70
64
75
75
641
85
109
105
80
87 li
93
9714
7814
49
6414
' 8214
50
54-54
So Pac cv 4s .
do ref 4s
do sf term 4s
SP ref 4s
do conv 5s . ..
St.L&SF PL, 4s
StL&SF gen 5s .
STt,SF PL 5s
StL&SF gen 6s
do ad.1 6s ...
do inc 6s ...
do 1st 5s
do con 4s
do 1st 4s
Tex Pac 1st 5s .
Un Pac 1st 4s .
do cv 4s . . . . .
do 6s
do 6s
LTn Tank 7s
Wabash 1st 5s .
do 2d 5s
West Pac 5s . . .
Industrials
Allied Packers 6s 1939
Am Agri Chem T14s ,.1941
Am Smelting 1st 5s ...1947
Amer Tobacco 7s 1923
Anaconda 6s A t.,1929
do 7s B 1929
Armour cv 7s
do 414s
Bethlehem Steel 7
do ei 7s
do ref 53
Cerro de Pasco 8s.
Chile conv 6s A ...
do cnov 7s
Columbia Graph 8s.........
Copper Exp 8s .............
do 8s
do 8s
Colo Fuel & Iron gen 60...
Colo Ind 5s
Cuban Amer Sugar 8s......
Cuban Cane cv 7s
Distillers Sec cv 5s. .......
Diamond Match TUl
Dupont 71js 1931
Empire Gas Fuel 6s 1924
Fisk 8s 1941
Gen Elec deb fis 1952
do deb 6s ...194ft
Goodrich 7s , 1925
Goodyear 8s 1941
Heinz 7s 1930
Hershey 714s 1930
111 Steel deb 414s 1940
Ind Steel 5s 1952
Int Agr 6s H)32
Int Marine C T 6s 1941
Kelly Snrinerfield 8j ... Ki-41
ivennecott .s ,
Lack Steel 5s
do 1st 5s
Llbby JIcN Llbby 7s
Litfgitt & Myers 5s ...
do 7s
Lorillard 5s ..........
do 7b
Midvale 5s
Morris & Co 714s.:
Procter & Gamble 7s. .
Republic I & Steel os.
Sears Roe 7s
do 7s
Pteel & Tube Ts
owift & Co Is
no 7s
Uni Drug 8s
II S Hub 1st ref 05 ...
do 714 s
IT S Steel sf 5s
Va Chem 5s
a Car Chem 714s ...
West Elec 5s
Vest U T col Tr 5s ..
West Union 814s
Wilson 1st 6s
do cv 6s
West Elec 7s
Westlnghouse 7s
Public Utilities
Amn Tel coll 4s-....
do 5s
do fls .........
Bell Tel of Pa 7s ...
1! R T 5s ,.
Cal Gas unt 5s .......
Cities Service 7s B ...
do 7s C
do 7a r
Con Gas cv Ts
Int Met 414s
Int R T ref 5s
Laclede Gas Ts
C-4ont Power ns A ....
-xorthwest Tel ,s ....
Fao Tel os
Pac Gas 5s
Souwest Tel 7s
Ol Bonds
Anglo Amn Tljs 1955
Atlantic ref 61is ............ .1931
Galena S Oil 7s . mn
Gulf OH 7s 1933
Humble 7s 1923
Pan Amn 7s 1930
Mex Pet cv Ss ...1936
Sinclair 74s ..... 1925
S O Cal 7s 1931
S O N Y Ts 1931
Texas Co Ts 1923
Tidewater Oil 61js 1931
Vacuum Oil 7s 1936
...1930
192S.
1950
1931
1951
1944
1951
1944
1936
......1930
1923
1940
1922
......1923
1951
1925
1931
......1941
1947
1930
1963
......1928
i 1932
1922
1938
1936
1941
1028
1925
1931
1929
...... 194R
1925
1945
1945
1937
1!h;s
19ift
1966
1925
195K
1908
1930
1943
1941
1937
1942
1925
Bonds
1923
....... 1945
1940
1945
1945
1945
1944
1940
1934
1925
.......1020
1939
1954
1945
!.'"!;.' 1945
..1917
..1920
.1922
.1924
,1935
.1924
.1925
.1933
.1926
.1923
.1931
10594
92
109 i
10314
112
94
87
87
89
92 'A
108
90
102
81
63
10O
96
85
82 H
86
103 A
105 Y4.
82
7114
86
10 5 '4
90
109
90 V.
90 14
99 'i
109
109 Vi
85
58
27
68
95
90
87
82
8214
10a
72
98
97
103
79
. C8
80
74
. 7814
95
9114
93
86
103
102
97
86
8744
83
103
92
102
190
103
104
: 89
104
102
95
123
91
107
45
102
102
104
80
77
106
85
47
108
108
100
106
100
105
99 T4
115
104
103
90
99
80
97
108
105
99
. 90
99
96
113
96
113
91
105
101
95
100
101
101
101
102
111
89
107
101
99
105
100
99
109
99
93
10T
106
90
97
115
107
63
95
134
95
90
117
14
69
100
6
106
04
91
102
103
103
103
104
101
101
107
104
105
109
101
102
107
100
S4
107
110
113
111
02
110
80
95
3
10S4
54
65
73
112
4
4
B114
71
74
52
42
Last
Sale.
83
100
101
100
103
104
02
102
104
105
104
101
98
102
106
105
101
102
101
106
Money, Silver, Kte.
NEW YORK. June 1. Call money strone:
high, 5; low and ruling rate, 4: closig
hbiA, 514; offered at 6; last loan, S call
loans againsi acceptances, e; time loans
easier: 00 days and 90 days, 44; six
months. 404.
Prime mercantile paper. 4Q4.
Foreign bar silver. 71.
Mexican dollars, 54 c
LONDON. June 1. Bar gllver, 86!4d per
ounce.
Money 2 per cent.
Dittcount rates, short bills, 8 per cent:
three months' bills, -S2 5-16 per cent.
: - NEW ISSUE -
$5,500,000
Sperry Flour Company
First Mortgage 6 Sinking -Fund
Gold Bonds 3
Dated June 1, 1922 Dae June 1, 1942
SECURITY
Bonds constitute the sole mortgage indebted
nes of the Company upon the .redemption of
present indebtedness, provision for which is
made in this financing, and will be secured, in
the opinion of counsel by an absolute First
Mortgage on all fixed assets now owned or here
after acquired.
Price 98 and Interest
Yielding Over 6.10
Bond & Goodwin &Tucker
INCOKPUSATID
UNITED STATES NATIONAL BANK SVI1DINC
PORTLAND
tqSA,MGEtEi
JIATTt
BONO TRINE 15 BROAD
PRICE TENDENCIES UNCER
TAIN IN NEW YORK MARKET.
Liberties Slightly Lower on Profit
Taking Sales Minor Rail
Issues Heayy.
NEW YORK, June 1. Trading In the
bond market today was broad, bat without
appreciable Increase of business and little
change from recent uncertain price tenden
cies, low-grade, rails, for example, showing
increased heaviness.
Liberties closed for the most part at re
cessions from yesterday's maximum quo
tations, selling beinc attributed to profit-
taking and short offerings, prompted by
the progress ot bonus legislation. Two
$1,000,000 share lots of Liberty second 4!4e
sold at 99.96 and 99.98.
Mexican. Cuban. South imiricu. ni.
gian and Scandinavian loans were bettei
by fractions to IVi points, but Checho
slovakian 8s eased moderately, and British
war offerings made no perceptible response
to ia iwgro price lor exchange on London.
Gains and losses In domestle ra.Un. in.
du&trials and utilities were conrnnlncr. hitf
reactions predominated in the final hour
when bond prices followed the lower trend
Of StOCkS. , -
Total sales, par value. ars-raratAri 14..
738,000.
Among the day s new offerlnra mm in
issue of $12,150,000 of Tennessee Electric
Power company, $6,000,000 of Cincinnati
Gas & Electric company and $8,000,000 of
Sutter Basin company (California land
mortgages.
speculative Issues, notably those under
pool control, were the conspicuous fea
tures of the day's stock market. Many
shares of that character scored substantial
gains, in contrast to investment or standard '
issues, most of. which were hesitant and
occasionally heavy. Sales amounted to !
1,200,000 shares.
Erratic or cnnfllrHnfi. niAVMnMli omnne.
rails, resulting from the recent decisions
of the United States supreme court in the
Reading and Southern Facific-Central Pa
cific cases were resumed. Transportations
as a group, however, contributed little to
the day's broad dealings.
Prospective higher prices ' for crude
products placed the oils in the forefront of
the day's operations. Many of that di
vision, especially Standard Oil of New Jer
sey, Mexican and Pan-American Oil, Pro
ducers & Refiners, Houston, Sinclair and
Standard Oil of California, made extreme
gains of 1 to almost 4 points, these being
materially shaded later.
Equipments, especially Baldwin Loco-i
motive, General Electric and American
Car, were firm to strong, and International
Harvester, Mudebaker and various chem
ical, fertilizer and food specialties con
tinued to improve, the latter atrain includ
ing Coca Ccla, Food Products and Postum
Cereal, common and preferred. Among
the stronger miscellaneous Issues were Co
lumbia Graphophone preferred and Electric
Storage Battery.
The International situation came In for
more than casual consideration by reason
of the strength of British exchange.
Bankers and traders were ol the opinion
that the year's provisional moratorium
granted to Germany would have the ef
fect of stimulating this country's foreign
trade.
Prices of raw and refined sugars again
moved upward with metals. Improvement
m industrial conditions was emphasized by
the greater activity reported at automo
bile manufacturing centers, and increased
earnings of mail-order companies bespoke
easier money in western farming sections.
In the local market smaller supplies of
money, incidental to the new month's interest-
and dividend payments, occasioned
an increased firmness of demand and time
rates. Call loans opened at -per cent,
advanced to 5 per cent soon after mid
day and rose to 5 per cent in the final
dealings. Time funds were scarcer an-1
limited almost entirely to 30 and 60-day
offerings.
The London exchange rate eased at the
outset, but heavy buying of bills forced
that remittance to highest levele in three
years as the day progressed. Demand
bills were quoted at $4.43 14 In the final
hour and &s high as $4.4G after the close
of the market. German marks also
strengthened, but allied exchanges eased
2 to 3 points and Dutch and Scandinavian
exchanges were mostly lower.
CLOSING STOCK QUOTATIONS.)
1.100
2.800
400
100
4,200
V.800
900
1,200
, BOO
1,800
1,100
i200
, 4,300
400 27
1,400 43H
?11
6S
3314
40
SS
4
117
32 'A
Furnished by the
company of Portland :
Overbeck; & Cooke
Stock
Adams Exp .
Advance Rum
do pfd ....
Agr Chem . .
do pfd ....
Ajax Rubber. .
Alaska Gold .
Alaska Jun . .
Allied Chem .
do pfd ....
Am Beet Sug
Am Bosch . .
Am Can Co
do pfd ....
Am C & F ..
do pfd ....
Am Cot Oil .
do pfd ....
Am Drug Syu
Am H & X. .
do pfd ....
Am Ice .....
Am Int Cor .
Am Linseed .
do pfd . . . .
Am Loco J" . .
Am Saf Raz.
Am S
Am Smelt .
uo ptd ....
Am Snuff . .
Am Stl Fdy.
Am Sugar . .
do pfd ....
Am Sumatra .
Am Tel & Tel
Am Tobacco .
do "B" ...
Am Wool . .
Am W P pfd
Am Zinc ....
Anaconda ...
Assd Oil
Atchison ....
do Dfd
Atl Coast Line
Ati a & w i
Sales.
I'OO
800
400
900
High. Low.
65
18
43
42 a
04
18
48 .
39
1,200 1S 17
3,800
30,000
'800f
400
1,200
100
1,500
ioo
1,900
600
200
1.000
1,000
500
18.900
5.700
7,200
S.ftOO
400
Com 16,700
200
"ioo
2.700
1,900
400
1.400
800
1,400
100
1,100
800
3.600
4,700
400
800
200
400
1.400
Bald Loco ... 14,800
do Pfd
Bal & Ohio ..
do pfd ....
Barns Corp .
Beth Stl "B".
Booth Fish .
B R T
Butte C & Z.
100
6.700
300
1.200
1.100
5.700
1,400
600
1
40 X
'47
46
48
10414
106
119
S04
60
6
15
72
110
sots
40H
60
116
1
24
6
135"
38
7 M
106
45H
123
144
140
93
84
20
56
124
99
91
105
41
120
114
50
61
48
78
7 '
28
-
1
49
'46
48
.48
104
165
li4
. 30
60
5
15
72
109
V
30
59
115
23
65
135"
. 37
79
106
43
128
143
140
92
84
. 19
56
123
99 g
91
104
41
118
114
49 H
61
47
77
" - 6
27
7
Bid.
64
17
47
.41
67
17
:-
1
49
97
47
46
48
104
165
119
29
09
it"
. 72
109
80
39
60
115
6
23
65
7
135
38
70
106
43
123
143
140
92
34
20
56
123
99
91
104
40
119
114
49
61
47
77
ST
1
7.800
2,100
200
100
1,600
4,700
2,700
100
"800
""400
isjoo
3,100
100
800
2,400
100
2,700
1.400
4.4U0
5.900
1,300
300
800
1,500
2,900
1,500
9,900
2,100
200
100
1,900
"iiooo
900
2,000
500
15,100
9O0
200
500
400
700
700
1,100
800
200
1,700
JOO
700
000
1,400
4,600
700
T.100
6,900
900
1,100
""900
300
Butte & Sup.
Burns Bros .
Caddo OtI ...
Cal Packing .
Cal Petro ...
do pfd ....
Canadian Pae
Cen Leather.
Cerro de Pas
Chand Motor..
Chi & N W ..
Chi Gt W
do pfd
Chill Cop
ucino ....
0 M St P .
do pfd
Coco Cola . . .
C & O
Colo F & I. ..
Col 60
Colo Gas & EI
Colum Graph..
Con Gas
Con Cigars...
do pfd
Cont Can
Clt Serv Bkra
Corn; Prod ...
do pfd . ... -
Cosden Oil.
C R I & P.
do A pfd...
do B pfd...
Crucible
do pfd
Cuba Cane ...
do pfd
Cub Am Sug. .
Del & Hudson
Dome Mines..
Del & Lack..
Davison Chem.
Endicott John.
Erie
do 1st pfd..
Eleo Stor Bty.
Fam Play . ...
Fed Mir. & Sm
do pfd .....
Fisk Tire ....
Gaston Wma. .
Gen Cigars,...
Gen Eleo ....
Gen Motor ...
do 69
Gen Asphalt.
Goodrich 1,500
Goodyear .....
Granby
Gt Nor Ore...
Gt Nor pfd ...
Greene Can....
Gulf S SteeL.
Glen Alden ..
Houston Oil...
Hupp Motor .
Ills Cent
Inspiration . . .
int Ag Corp..
do Dfd
Interboro ....
do pfd
Interstate Call
Int Harv ....
Int Mere Mar.
do ofd .....
Int Nickel ...
Int Paper . , .
do nfd
Invinc Oil ...
Island Oil ...
Jewel Tea . . .
K C South
do nfd
Kelly-Spgfld .
K.ennecott . . .
Keystone Tire.
l-iack Steel....
Lee Tire......
Lehigh Valley.
Lorillard ....
Loew Theaters
L & N
Marland Oil..
Mart A Perry.
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 1,100
M St P & BSM
M & St L
Nor Amn.....
Nat EnameL .
Nat Lead...
Nevada Con..
New Haven .
Nor & West..
Nor Pac
Nova Sco Steel
NY Air Brake
N T Central..
Okla Prod ref
Ontario Silver
Ontario & W.
Otis Steel
Pacific Dev. ..
Pao Gas & EL
Punta All
Pacific Oil....
Pan Amn Pet
do B......
Penna .......
Peo Gas ......
Pere Marfl....
Pure OH ..
Phillips Pete..
Pierce Arrow.
Pierce Oil....
Pitts Coal....
Pitts e W Va.
do pfd
Pr Steel Gar..
Pullman ......
Ray Cons....
Reading ....
Remington .
Replogle St..
Repub I S.
do pfd
Rep Motors. .
Koy Dutch Oil
Ry Steel Spg..
S O Kentucky.
Sears Roebuck
Shatt Ariz
Shell T & T..
Sinclair
St Oil Ind
do N J
Sloss Shef
'Sou Pacific...
Sou Ry
St Oil col
St L 4s S F. ..
Strom Carb...
Studebaker . .
Swift & Co...
Tenn C & Ch.
Texas Oil .
Texas Pac .
Tex P C & O 22.900
Tob Products. 29,600
Tran Con Oil. 7,100
Union. Oil Del. 13.600
Union Pac ... 1,900
United Alloy- 900
United Drug.. 300
Unit Food Pd. 31.400
United Fruit., 200
Union B & P. 100
U S C I Pipe. 700
Unit Retail St 4.200
U S lad Aleo. 4.200
U S Rub 2.80O
do 1st pfd... 100
7J S Smelting. 500
U S Steel 9.600
do pfd 500
Utah Copper 2.900
Va Chem ... 1.40O
do pfd, 200
32
138
13
78
63
$8
48
75
70
9
23
33
67
102
'46
45
98
84
!4
85
17
36
25
125
29
124
59
85
17
25
47
$9
10
62
1S
77
168
14
82
68
43
"si" "
40
77
' 34
84
54
81
20
100
45
10
41
o
ii
25
- 85
18
52 .
'i8
1
82
137
12
78
62
i38"
40
39
74
J5
H
'22
32
27
43
70
68
33
49
87
4
116
3244
101
44
44
98
83
74
95
17
S6
25
.120
2S
122
58 v
84
16
24
45
85
10
52
IS
".76
166
14
81
66
43
32
40
76
34
S.1
53
80
20
106
44
10
4V
10
104
24
S4
18
52
"ij"
900 26 26
900
1,200
900
700
' J00
900
L66
900
9,000
1)00
900
8,600
900
700
2,900
200
1,300
1,400
500
1,100
8,800
200
800
" 1,900
200
300
500
200
1,500
7,800
'"300
200
3,900
400
3,200
. 9.900
11.000
3,900
- 400
100
2,300
1.900
9,600
4.100
5,100 10
13,600 65
6,200 37
52
39
21
77
33
65
"vx"
119
39
84
119
141
31
15
42
73
24
23
87
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67
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106
76
35
78
91
4
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14
9
71
46
63 .,
72
65
42
85
38
84
58
20
200
1,200
1,100
11,600
600
1.700
22,600
700
' 14.000
9,600
100
"3,166
200
100
14,200
"2,506
200
T.600
1,800
3.200
3,200
600
8,200
'"766
21,900
200
70
128 .
18 -77
35
33
78
95
13
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104
107
79
A
44
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121 ,
195
49
, 90
24
118
29
55
124
12
50
32
81
82
18
24
138
40
78
10
142
66
95
69
57
65
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5
100
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89
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69
51
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139
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78
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46
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: 36
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it
83
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- 31
NEW ISSUE
$24,000,000
Republic of Bolivia
External 25-Year Secured Refunding 8 Sinking Fund Gold Bonds
To be dated May 1, 1922
NOT CALLABLE FOR FIFTEEN YEARS
To mature May. 1, 1947
Coupon bonds in $500 and $1,000 denominations, registerable as to principal. Interest
payable semi-annually, May 1 and November 1. Principal, premium and interest pay
able in United States gold, free of all present and future Bolivian imposts, contribu
tions and taxes, at the principal office of
' THE EQUITABLE TRUST COMPANY OF NEW YORK, Trustee "
Redeemable as a whole only at 105 and accrued interest upon 90 days' notice, at the
option of the Government, on any interest date on and after May 1, 1937; and redeem
able in part at the same price on May 1 of each year beginning May 1, 1938, through the
operation of the sinking fund.
Application will be made to list the Bonds on the New York Stock Exchange
Bolivia, one of the largest of the South American republics, is more than ten times the size of the
State of New York and larger than England, France and Germany combined. In mineral resources,
Bolivia is the third richest country on the Western Hemisphere, being surpassed only by the United
States and Mexico. Its silver, tin, copper and bismuth mines are among the richest in the world.
Rubber, coffee, cacao, tobacco, sugar cane and other products of the Tropical as well as many of the
Temperate Zone are successfully cultivated. :.Coca, from which cocaine is derived, is raised and ex
ported in large quantities, and the forests contain numerous species of valuable woods. Oil deposits
have also been discovered and Chuquisaca is said to contain amonff the largest oil fields in the
world. The population of the Republic is over 2,800,000.
SECURITY OP BONDS: The bonds will be the direct
obligations of the Republic of Bolivia and, in addi
tion to the full faith and credit of the Republic, will, .
upon completion of present financial operations,
be specifically secured by:
i ' (1) A first lien and chaTge upon all import and ex- .
port duties, surcharge on import duties, and
taxes on the following: Mining claims, alcohol
monopoly, 90 of tobacco monopoly, corpora-.
tions (other than mining and banking), interest .
on mortgage cedillas, net income of banks and
net profits of mining companies. -: - -
(2) A first lien and charge upon the Government's
continuing controlling stock interest in the Banco
I de la Nacion Bolivian (National Bank of Bo
livia) and the dividends declared upon such stock.
(3) A first mortgage npon the Atocha-Villazon Rail
j road, now under construction, and the Potosi-
. Sucre Railroad, about to be constructed, together
" with a pledge of the net income of such railroads.
If the foregoing taxes and' revenues should at any -time
be insufficient to meet the service of the loan,
the Government agrees to provide the deficit out of
its general revenues. Additional taxes or revenues,
to be approved by the Trustee, will be pledged as
security for the loan if the proceeds derived from
those pledged fall below one and one-half times the
amount required for the annual service of the loan.
RECEIPTS FROM PLEDGED REVENUES: Accord
ing to officials of the Republic of Bolivia the aver
age receipts from the taxes and. revenues to be
specifically pledged for the service of this loan
amounted, for the ten years ended December 31, 1921
(1921 partly estimated), to a sum which if converted
into dollars at the average rate of exchange prevail
ing during this period, would have been equivalent
to over $4,800,000 j or more than twice the fixed
annual service, charge of $2,400,000 on the bonds to
be presently outstanding.
COLLECTION OF PLEDGED REVENUES: So long
as any of these bonds are outstanding, the collection
of all taxes, revenues and income of the Republic
.will be supervised by a. -Permanent Fiscal Commis-
. si on to be appointed by the President This Com
mission will consist of three Commissioners, of .
whom two will be appointed iipon the recommenda
tion of the Bankers. One of the Commissioners
- appointed upon the recommendation of the Bankers
will be Chairman and Chief Executive of the Com- :
mission. All taxes, revenues and income pledged as
security for the loan will, as collected, be deposited
in a special account . in the Banco de la Nacion
Boliviana and such deposits will continue to be made
until the amount deposited each month shall be equal
" to one-twelfth of the annual service of the loan. The
amounts so deposited will be remitted monthly by
the Banco de la Nacion Boliviana to the Trustee in '
New York. ; .
SINKING FUND: A fixed annual service equal to 10
of the largest amount of bonds at any time outstandi
ing will provide for the amortization of this issue.
Until May 1, 1937, such part of this fixed service as
shall not be required for bond interest shall be used ,
by the Trustee to purchase bonds at cot exceeding
105 and accrued interest, and any unexpended bal
ance shall be retained by the Trustee natal a fund of
$500,000 shall have been accumulated. After thrs
$500,000 fund shall have been accumulated, any fur
ther unexpended yearly balances, up to May 1, 1937,
will be returned to the Government. After May 1,
' 1937, any unexpended balance of the annual ser
. vice will be applied to the redemption of bonds, by
drawings, at 105 and accrued interest. The $500,000
fund, or so much as may have been accumulated by
May 1, 1087, shall b used by the Trustee to purchase
bonds at not exceeding 105 and accrued interest, and
' any portion remaining unexpended, shall at maturity
r ' be applied to the payment of bonds pro rata at par.
. In the event of default, said funds shall be applied
to the payment of bonds pro rata at 105.
The operation of this sinking fund fs expected to
redeem the entire issue of bonds before maturity,
provided bonds can be purchased at or below 105 and
accrued interest during the fifteen-year period that
the issue is non-callable.
PUBLIC DEBT: Upon completion of the present fi
nancing the total public debt will amount to approxN
v mately $31,300,000 United States gold, of which $28,
300,000 will be external dfbt, and $3,000,000 internal
debt at current rates of exchange.- Sontingent liabili
ties are provided for in the annual budget.
PURPOSES OF ISSUE: The Bolivian National Con
gress has authorized $33,000,000f External 25-Year
Secured Refunding 8 Sinking Fund Gold Bonds, of
which $26,000,000 will be issued immediately. Of
this amount, $19,000,000 will be issued for refunding
purposes and for railroad and highway construction,
and $7,000,000 for exchange for a like amount of
External (Railroad Loan) Bonds of 1922 ($2,000,000
' of which will not be delivered until January 1, 1924).
The. remaining $7,00O,000 of bonds will be reserved
for issue under careful restrictions to provide for the
completion of the Atocha-Villazon Railroad and the
Potosi-Sucre Railroad, and of this amount $2,000,000
will not be issued .until after January 1, 1923, and
, the balance not until after January 1, 1924.
The building of the Atocha-Villazon Railroad will
give the Republic of Bolivia direct railroad connec
tions with Argentine. This railroad Will be operated
' in connection with the Antofagasta & Bolivia Rail
way, thus providing a network of trunk lines radiat
ing to Peru, Chile and Argentine Republic. The
Potosi-Sucre Railroad will provide railroad communi
cation with Sucre, the legal capital of Bolivia, and
will open up one of the most fertile agricultural sec
tions of the country. ,
The legal matters in connection with this loan, including the contract with the Republic and
the form of bonds, will be passed upon by Messrs. Curtis, Mallet-Prevost & Colt of .New York.
We offer the above bonds, subject to prior sale,
if, as and .when issued and received by us, at
101 and Accrued Interest
Spencer Trask & Company The Equitable Trust Co. of New York
Stifel - Nicolaus Investment Company
Halsey, Stuart & Co.
Incorporated
Kissel, Kinnicutt & Co.
Hallgarien & Co.
Cassatt & Co.
E. H. Rollins & Sons
J. & W. Seligman & Co.
The information and Statistics iriven herein, while not guaranteed, have been obtained j
by us partly by cable, from official or .other sources which, we believe to be reliable.
Van Steel .... J, 600 Si S0M, BOH
VivatldoU .... 400 1254 12 12
Wabah 4,to 13 12 12
do A pfd.... ' S.200 32H 82 82
do B pfd ... 600 2214 2214 2214
Western Pae... 200 22 - 21 21V4
do pfd 200 62 62 61
West Union . . - 97
West A B 95
West K M. 1,300 63 62 62
Wast Md .... 400 12 12 11
Wfiit. Motor 10,700 S1H 48 80
Willy-Over .. 6,200 9 . 9 9
do ptd 900 47 46 48
Wilson Pack.. 300 45 48 45
WI. Central.. 200 30 . 30 - 30 .
Worth Pump. 2,600 So 64 54
W ft I. E.... 600 13 13 13
White Oil ... 3.800 10 9 .. 10
liberty Bond Quotations. V
T IK i I.. Km.,. ... el.thra n.f& ."n'n.
Hon. furni.hed by the Overbeok & Cooke
company, Portland:
Closing
Open. High. Ijow. Bid.
Liberty Sit ...100.00 100.04 100.00 100.00
do 1st 4s 9.70
do 2d 4b 99 S2
do 1st 4a... 99.96 101KOO
do 2d 4..... 99.08 100,00
do 3d 4s.
do 4th 4s.
Victory 4a
do 3. ...
. 99.98 100.04
.100.02 100.04
.100.62 100.64 100.SS 100.60
100.02
99.92
99.94
99.94
99.96
99.94
99.96
99.94
9S.98
Sirift Co. Stocks.
Closing prices of Swift ft Co. stocks at
Chicago were reported by the pverbeck &
Cooke company of Portland as follows:
Swift & Co ..............IDS
National Leather 2
MUNICIPAL BONDS
Yielding 5 to 7
- Send for circulars,
ATKINSON-ZILKA & CO.
- Bonds
N. W. Bank Bldg. , Main 700
Why Wait?
In commenting on what will
happen after the "hysteria" of
road building is past, The Oregon
Motorist says that taxpayers will,
first, give attention to the saving
of the tire by having a yielding
surface to the road and legislate
against a rigid granulous sur
face that increases wear of the
tire: and second. Insist on the pro
tection of the road against "fa
tigue" by so constructing it as to
absorb, as far as is possible, the
impact of traffic. Examples of
the long life of shock-absorbing
pavements are found in Warren
keBitulithlo la every section of
the northwest where good pave
ments are used.
do new
Swift International ...
Llbby, McNeill ft Llbby
20
2
Cascara Bark
Hides, Wool, Pelts, Mohair.
We Are in the Market.
Write for Prices and Shipping Tag
roRTi.Ajin hide a wool co
GEOllGS M SULLIVAN. Manager.
101 Union At, FortlaAd, Or.
Government of the
Dominion of
Canada'
30-Year 5 Gold Bonds
Due May 1, 1952
Not redeemable before May
1, 1942
Price to yield about
5.00
The National City
Company
" Offices In more than 68 cftleg.
Yeon Buildlnc, Porttnnd
. Telephone SlaU 6072
Triple "A" Bond
(Moody's highest rating)
Central Pacific
4's
If these bonds are called next
March, account United States Su
preme Court decision, holders will
make handsome profit at present
price. Act quick.
Union Safe Deposit
& Trust Co.
284 Oak St.
Safe Deposit Boxes.
HERRIN & RHODES, Inc.
- Established 1896. ' '
' STOCKS, BONDS,
COTTON, GRAIN
Correspondents E. t. BUTTON ft CO., M. t.
Members all leading jcbsne
Babson's Perrlre on FUe.
Bdwr. izz sot hll'v, Kti-iuiin Bid.
Read The Oregonlan classified ads.
rt.
Itfe