19
THE SUNDAY OREGOXTAX, PORTLAND, FEBRUARY 12, 1923
REG0VEH1T IH GRAIN
, MARKET 15 RAPID
May Wheat Delivery Rises 13
Cents a Bushe!.
BRITISH CREDITS IMPROVE
Qolck Absorption of $75,000,000
7arm Loan Bonds Shows In
vestment Demand Strong. .
CCnprriffht. 1922. br The Oreonian.)
NEW YORK, Feb. 10. The grain market
and the (oreisn exchange market have
Ub thm chiet centers ot Interest during
tfe past week. Wuhla the last fortnight
the Hay delivery has risen sorce 13 cents
bushel, jui Its high, around 14.39,
ssteriing eschar r was up in ifte aarne per
iod 14 cent in the jyoand. while JrVencb
francs bad increased o cents in tne Hun
dred franca. These remarkable movement
svr more or teas closely re.ated. Tbe tm-
rovement of Eurooean currencies
terms of tba American dollar makes the
American market far ail coxnrao-dit.es
snore attractive to th foreign buyer. As
y tbia bas not shown in current ex
port of w toeal. which, are running well
below what they were a year ago, but
tba wheat market im right;y reasoning
that tba rive in exchange foreshadows
heavier purchases for European account
later on when contracta for delivery tn
tba summer and ioma beam to be
knada more freely.
Whrat Stocks Kedoced.
Tbe prospect of a short winter wheat
crop -for this country this year bas been
finite as much, of a factor. If indeed not
mors forceful. In pro mo tine th recovery
fr wheat prices as tbe rise In exchange.
T he latest reports on farm reserves abow
that there U no longer the great over
bang tng supply from th old crop that
there was min. months ago. It Is not tbe
am situation that confronted tbe cotton
trad last summer, for a short aft in th
winter wheat crop can be made up by In
creased production in tba wbeat sown tn
tb spring.
o tb wheat farmer may ba facing th
same experience. It en tailed sacrifice and
Individual loss in tb sou Lb. and will have
a similar effect In th wbeat bet. yet
nobody would say that th south Is not
better off than it was in June, 1921. even
though the change was wrought through
tb worst crop shortage In recent years,
English Credits Improve.
Th fundamental reason for tb rise In
th foreign exchanges has been pointed out
so often that it would feardlr seem to
bear repetition. Lng Land bas been able
to raise the value of tb pound sterling
by th sin. pi expedient of cutting down
Its purcbaafs In th American market to
, such an extent that it has ceased to be a
debtor on current exchange operation a
The foreign trade figures on both countries
show th ta plainly show where the excess
of American export over imports has so
dwindled that it no longer sulfide to off
set what the I'nited &ites owes for ocean
freight, for interest and for tourist ex
penditures. Under tbe circumstances th demand for
remltuences exceeds th supply of drafts
representing the sale of American mer
chandise and rates for sterling and for
other Kuropean exchange ar advancing
tn consequence..
XV mr Loans Not Factor.
Th fact that Great Britain owes some
4,hO.Ooo.OX for credits granted during
tb war. which sre now to be dealt with
under the new anted debt refunding bill,
doe not enter as an immediate factor.
Previous to 10 X 4 w owed Kurope the
amount on securities owned over there, but
this did not involve a depreciation In the
value of the American dollar. When Eu
rope bgtns to pay interest on this debt
the position, will be different, for then
ther will be a new item on our side of the
ledger to set against tbe Invisible credtts
which Kurope hoUls over us. But In the 1
meantime where there Is no attempt to
enforce payment of either interest or prin
cipal, the excess of the heavy war loans
does not stand as a barrier In tb way of
Improvement in th exchange.
Stork Market Vnc hanged.
Th stork market occupies mock the
am position as It did a week ago. Pro
faeional traders and speculative cliques
ar supp!ying all the initiative. Tb pub
It a is taking little interest, at least tn the
current fluctuation. For this reason the
Inside conditions remain strong, because
mocks are not being distributed into weak
hand. Quiet confidence that tbe spring
will wftms further recovery in th gen
eral business is the key not of present
operations.
The quick absorption of so large an Issue
as th T5.0tH.iHK farm land bank bonds
snows that there ia no letup in th in
vestment demand. The bond market as
a whole has been helped by the decision
to raise the cash for soldier bonus pay
ments with new taxes rather than with a
fresh Issue of government securities, but
tb possibility f any such tax as a tenth
e( 1 per cent on stock snd bond transfers
ft neeeaaart.y viewed witb th utmost con
cern. In the blU which passed th house In
tay. l?t there was a similar tax. but
It was levied not on the par value but on
the markot value of securities. The par
vat a basse if this I really going to b
adhered to presents some ridiculous In
consistencies. A stock l!k Erie common,
for example, selling at $11 a share, would
call for Jl payment on every sale of 100
shares bevau ot its il(h par. white a
stock like Vtata Copper, scKing at T,
wrtoid only pay $1 per hundred because
t It J to par.
Traaefer Tax Overeat tma ted.
This is on thing which wt:i hav to be
threshed out. regardless of the first re
port from the way and means committee,
but It is difficult to believe that any such
tax as 110 a loo shares can stand, when
congress Is msde to see tb futility ot
ucb a measure as a revenue raiser. The
cairn' at ion of an annual return of $A4.
OttO.oOv is apparently mad by multiplying
th proceeds of the preient $2 tsx by five.
If this ta so. it is abaoiuteiy false estimate,
bees use n o bod y in co n g r ess or out ca n
suppose that th volume of Wall street
trajvsactlons under any such impost would
not be cut down very heavHy. It Is ta
th presentation of this aspect that a tax
as burdensome as this would completely
fail ot Its object that th best hope lies
In an evemual reasonable adjustment of
tb matter.
1AW HOAR MARKET 13 STEAD I KB
Xenuand for Kefluwd Light and Price I n
" changed.
VEW'TORK. Feb 11 The raw sucar
market was quiet and while no sales were
rvptwted to local refiners the undertone
was steadier. Spot price were 2 cents fr
Cuban, cost and freight, equal to 3.61c far
centnfural and Porto Rrcos at 3.54c. while
new crop Cuba for Pebruary and March
shipment were quoted at 2 1-14 cents, coat
and freight, equal to 3 for conlr;f ugL
Thece were s- cf dots.) tons of Cuhas
early March shipment to a Cawadian re
finer at 1 f. o. b. Cuba.
The raw sugar futures market was
teady and price showed Im.e change.
Pinal prie were one p'T-nt lower to one
higher. March closed at i IV; ilay, 2.33e;
July. 2 4c; Sep: ember. 2 tt3c.
There was nothing new in the refined
atuation. the demand being light and
price unchanged at 3.0v& 5.1oc for fine
granulated.
Refined futures were without transac
tions, closing net unchanged with XI arch
aad May at 3 oc and Ju.y. 5. 65c.
SAN FRANCISCO, Feb. 11. California
Hawaiian, lugjr S
Coffeo Future Clowe aLower.
MW YORK, Feb. It The market for
coffee futures reflected further liquida
tion of March contrails today undwr which
that delivery declined 13 points under tbe
previous close. The opening was v to 13
points lower. rv i uru.ninn . -.-,
v'e J '
AUK VOI' LODKIVR FOR A PE
rii.DBI.K I'KOUI TK DKALLHf
Hark ( kftM .
Hrarr J ITtMli.-t
Alk Iw latest arlt4 aae tm
mnpmr .fcl.mr-at, fur mltthcr arlcca.
HI BV at l.
! rmt t I'artlaad, Or.
rallied to 8 A2c and tecember from 8. 40c
to a 47c Final price were to 13 points
net lower. Sales a ere estimated at about
43.0O0 baga March, &.33c; May. 8 87c;
July, 3. 4c ; Be p tern ber, &. 43c ; Ice m ber .
ft 47c
Soot coffee was renorted aulet at 8"
trwc for R o 7s and 12e to 121c for
bantos 4a.
SAX FRANCISCO PRODCCE MARKET
Price Current on Vegetable, Fresh Fruit,
Etc, at Bay City.
CAN FRANXL9CO. Feb. 11. (Stat Dirt
s1oa of Markets.) Fruit Apples. 3H and
4-Uer, 3 1.40 "S3 3-iW) ; oranges, 3 2- u 0 3 50 ;
lemons. Ho; grapeiruit, (Sffi; pears.
box, tl.7dr2.T&; cranberries, oox. tauo
3.60.
Panitrr Broiler, S3440c; young roos
ters. 2u33c; old, 162Uc; bens. 230c;
ducks. 3r zsc; uv turaeys. w
a rMid. 37 4Ao.
Vegetables Artichoke, larg crate, 913
023, beans, nominal; carrota, sack. $19
31.25; celery, crate, 31.30; cucumbers.
dozen, Jl.Zi sggp.aci, pounu. 00
Hie- lettuce-small crate. 31.7304.23: mush
rooms, nominal; olives, pound, fi& 7c;
onion, brown, cwt, S6.T30 7.23; whit
gioba, $8; green. boa. 3.10 92.23;
pea, nominal ; be 1 1 pe p per, po und, 10
lie: potatoes. S2.2fi3.2: pumpkins, sack.
73c31; rhubarb, box, S.SOfr 3.50; squaah.
summer, rmtii crate, s.do; xiuuus.ru,
sack. 3L23t1.30; sprouts, pound, 13&10c;
ipiaach, crate, $344; tomatoes, crate, 73c
13.73.
Receipts Flour, 4229 quarter sack;
corn. 4WO centals; potatoes, 3000 sacks;
onions, 134 sacks; bay, 80 tons; oranges
and. lemons, buu Poxes.
Naval Ft sees.
SAVANNAH. G Feb. 11. Turpentin.
firm; 0414c Sales, 14 barrels; receipt 6
barrels; sbipments, luw barrels; stock. 6608
barrel a
Roain. firm. Sale S38 casks; receipts,
440 casks; sbipments, 342 casks; stock,
74.003 caska uuote: B, $4.104.20; I,
$4.13 4 .20; E. F, G. H. 14.20; 1. 4 22H ;
K. 31. 33.20; Pi. wu, a-OJ,
WW, 3.
Hop. Etc. at New Tork.
NEW YORK, Feb. 11- Hops, bides and
wool unchanged.
WHEAT AVERAGES HIGHER
EVEXIXO CP TRADES HAVE LIT
TLE EFFECT OX PRICES.
Continued Drouth Conditions in
Southwest Are Bullish Factor
in Chicago Market.
th. preaent upturn in wlU were raal-
lied today, but wen malnt&inea k m.
close. Unwmr, th. ruttlns .pot wor.
StalHs higher, with My
I s.i ana Ju.y ai ti-naw' ' "
- . ... . 1. .hi!, n . : .
cima iuw.t 1 v t.w .
With a doubla holiday .brad then. w
considerable eve nine up In wheat and May
oid at a new high on th. preaent upturn
and th. average for the day waa higher.
Report, of the continued drouth In the
southwest and the fact that the forecast
suggested no moisture In Kansas over
night were effective influences.
Corn and oats neia wjiain ' " -with
general disposition to even up for
the holidays on th. part of th. local ele
ment. Buenos Aires corn closed i M K
higher, but this had lrttl. effect here.
Oats were dull, with commission nouses
fair sellers. ...
Th. provision market was anil with
prices little changed.
... 1 1 ..f.tv.A .M.
1 ne 1 nicin '
terday by the Overbook it Cook, company
Wheat Disappointing cables were com-
. . i ..t kh ih. liberal exDOrt
sales' reported late yesterday. The feature
or tne maraei wa. 1 . , 7
of May a. compared with July, reflecting
evidence of a stronger cash situation. "The
weather map will be closely scrutinized
after the holldaya but with the cash de-
tand steadily oroaueiimK . , V
rength In the nearby poaltlon. it Is doubt
ful whether moisture in tne soumwesi
would have mora than a temporary in
fluence on prices. Next week will prob
ably witness a marked Improvement in
flour trade, which will have a telling ef
fect on the visible supply. Shorts in May
sre apt to find themselves In the uncom
fortable position 01 " 1 " ' "
cure the wbeat necessary to fulfill their
contracta .
Corn All things considered, corn futures
today showed remarkable strength. Re
ceipts were larg. and the demand Indif
ferent, especially for lower grades, which
declined 1 to It, cents. The hedging
S gainst country purchases was offset by
uylng of future, by the seaboard against
export sales. Hog. ar. now selling very
close to th. 110 mark, giving corn a feed
ing value so far above the commercial
market that ther. Is no inducement for
the holder to Mil at present prices.
Oats Trade was of a pre-holiday char
acter, but th. market held firm. The
cash demand was good, mainly by leading
elevator Interests and shippers. Country
offerings to arrive were limited. We look
for strengthening factors to appear in this
market In the very near future.
Rye Selling by northwestern Interests
wss offset by a demand from the seaboard
and the market gave a good account of
Itself. Cash rye wa nominally steady ar
jv, cents under May for No. 2 on track,
leading futures ranged as follows:
Wheat Open. H'-h. Low. Close.
. XI 32 1 S3'. 1.32 11.5 !
Ju:v
Com
May ....
JU'V ....
.R9H
.61
-1
.r.9i .50 .S9H
.61 -s .61 It .61
.4 .40H
.4U .41 --V
1910
Oata
Mav
July ...
Pork-
May
. - mm mss 10 o 10.S2
July . ll.OS 11.01 1L03 11.05
May'b.T71.10 25 1.M l""s. 1(?
ju.v ... lti.Ji iw.u iv.ai ,
Cssh prices were as follows:
Wheat Mo 3 red, tl.SOii; No. 4 red,
"cots-No. 2 mixed, 53?54ic; Ka S
yel ow, 64Vf i4Wc. .
Oats Xo. 2 white. Stt39Xc; Iso. S
white. 3514 iSC,c
Rye Nominal.
Barleir ass 4c.
Timothy seed 5S SO.
Clover seed 122i
Pork Nominal.
lard 10 .-'.
Ribs 110 it 11.
Minneapolis Orain Market.
MJN"NEAPOt-13. Feb. 11. Wheat Re
ceipts. J cars; hoitdsy a year ago. Cash.
No. 1 northern. $1.4.".H 1.60t4 : futures.
Mav. tiaa: July. 11.27 1. Corn. No. 3
v.liow, SH40c. Oata No. S white, S4i
r,iic. Barl.y. 445c. Rye. No. 2, M54 0
5c. Flax. No. 1. i.4t C2 S3.
Caxlot Crala Receipts.
CHICAGO, Feb. 11. Car lots Kansas
City Wheat. 3Ki: oats. 20. Winnipeg-
Wheat, 127; oats, 59. Omaha Wheat. 7S;
corn, 109: oata, 11. Minneapolis Wheat,
220; corn. S; oats. 42. Duluth Wheat
com. 47; oats, 29. St. Louis Wheat,
44; corn, 63; oats. 3.
Grain at Omaha.
OMAHA. Neb.. Feb. 11. Wheat. No. 1
hard 1.2ll 2; No. 3 hard. IL IS 1.22.
Corn! No. 2 white. 47 47 it c: No. 2 mixed.
4H461tc. Oats. No. 2 white, 3oUc; No
3 white. 84 34 nc.
Si. I-ouia Grain Market.
ST. 1XL1S, Feb. 11. Wheat May.
Il.l': July. tl-14. Cora. May, S7Sc;
Ju:y.iyiwac. Oata, May, 4lc; July,
Kansas City Grain Market,
KANSAS CITT. Mo., Feb. 11. Wheat.
May 1.21?i; J"'. l.H?. Corn. May.
ilae; July, aaVtc
Winnipeg Wheat Marks.
irlSTSIPKiA Feb. 11. Wheat, May,
$1.27,; July. Il.tel..
Italuth Unseed Market.
PULrTH. Minn . Feb. 11. Unseed on
track. 3.4I3 g2.SH.: arrive. 12.4K..
Saa Fraarlsea Grain Market.
PAN FRANCISCO. Feb. 11. Wheat
Milling, 2 3r 2. 12 ; feed. 2 0 2.1 . Bar
ley, feed. 1.22 tjl.liO; shipping, 11.32
1.33. tata red feed. ! 4- 1.50. Corn,
white Kcyptian. 1.72stl.&; red jniio,
n.K.ei.ii..
Hay Whita, 1719: fair. H17; tarn,
oat. $151S: wild oat, 111018: aifaUa,
U314; stock. t'glO- straw, nominal.
Seattle brain Maritet.
SKATTt-SV Feb. 11. Wheat Hard
whita, soft red winter, northern spring.
SI. 19:, sol t white, white club, 91 17; hard
red winter. Xl.lt; eastern red Wails, .1.13;
bis eaad bluast.m, HSk,
STOCK TREND DIM
TRADIXG LIGHT ON ETE OF
DOUBLE II OLID AX.
Junior Rails Firm and Speculative
Industrials Tnder Pressure.
War Bonds Gain Slightly.
NEW TORK. Feb. 11. Uncertain ten
dencies ruled during today's abbreviated
stock market session. Th. approaching
doubl. holiday and dissatisfaction over pro
poeed future tax legislation held down
trading.
Several speculative favorite. In th. In
dustrial and special divisions, particularly
Gu.f States Steel, were under constant pres
sure, closing at material recessions, but
losses otherwise held within 1-point limits.
Some junior rail, reetained most of their
recent gains and a few utilities were active
and strong. Sale, were ZTS.ooo snares.
Bonds were dull and featureless, a ma
jority of th. liberty series showing nominal
net gains' Changes among other domestic
bonds and the international groups were
of a mixed character. Total sales, par
value, aggregated S3.330.OO0.
Actual reserve, of the clearing-house
banks showed a moderate deficit for the
first time since last October, due to a
cash loss of .18.S15.00O. Actual loans and
discounts decreased 144.137,000 and re
serve, of members at the federal reserve
bank dropped S21.000.00O.
Week-end trade reviews reported less
distribution In merchandising lines, but
general business Improvement was noted at
Important agricultural centera The on.
lmDOrtant traffio return was that of the
Union Pacific system, which showed a larg.
gain In net Income for December.
RAILROAD SFXrRITIF.S IN DEMAND
Stock, aad Bond. Bought on Extensive
Scale Daring Week.
NEW TORK, Feb. 11. Temporary but
vigorous advances by leading European
currencies and substantial accumulation
of railway share, and bonds, mostly of th.
speculative variety, featured the week is
the financial markets.
The January rise in stocks of compara
tively obscure origin terminated almost as
suddenly as It began. Trader, fell back
to th. former favorites of th. steel, equip
ment, motor and oil groups, which closed
at confusing gains and losses.
Many theories were offered to account
for th. mvement in frelgn exchanges. The
consensu, of opinion among disinterested
observers was that It presaged the return
of th. pound sterling to its oid-time pre
eminence In tne international maraeu.
Advice, from London, which hinted that
the rise In British bill, was du. to buying
of foreign securities by American invest
ors, as an offset to prospective federal
tax legislation, were not credited In in
formed banking; circles.
Undercurrents in the domestic markets
Indicated further improvement in industry
and commerce, chiefly evidenced by an
other pronounced decline in idle freight
cant This wa. neutralized somewhat by
the additional slowing down of operations
caused by the government' naval disar
mament programme.
Production of fabricated steel and Iron
hovered around the low levels of 1921,
that condition finding confirmation In the
reduced tonnage of the United States
Steel corporation for January. Further
cuts in crude and refined oils pointed to
the uncertain state of that Industry.
Money on call was increasingly abun
dant, though holding mostly at o per cent.
Local supplies or time xunds were con
siderably augmented by offerings from
New Kngland and the middle west. For
dates extendins beyond 90 days, however,
few loans were negotiated at less than A
per cent.
The federal land ana ureat isortnens
railway issue featured the week' new
underwriting.. Great Northern being al
most Immediately fully subscribed. The
outcome of other railroad financing now
under discussion is believed to hinge large-,
ly on the question of federal guarantees.
CLOSING STOCK QUOTATIONS.
(Furnished by Overbeck & Cooke com
pany of Portland.)
bales, mock. nign a.ow. i.ioaa
Adams Express 1,000 61 bs 60
Advance Hum ..... .....
Agr Chem ... 300 84 33 33
do PId oott
Ajax Rubber.. 2,700 16 18 157e
Alaska Gold... ..... ..... 7a
Alaska. Juneau 5lX
Allied Chem.. 700 88 B8 68
Allis-Chalmera 45 445,
do nfd loo nil i '
Am Beet Sugar 100 341, 34", 34 !
Am Bosch 100 35, 35 "4 34
Am Can Co.. l.luo 8. 3tt a(
do Dfd lx
Am Car & Fdy 800 147 146 146
do Did lit!
Am Cotton Oil 200 21 20 20
do ofd 42
Am Drug Synd 5
Am Hd &. Lth 200 13 13 13
dO Dfd '0
Am Ice 500 ,94 92 93
Am Intl Corp 600 42 41 42
Am Linseed 31
do Did.. ....... .-. on
Am Loco 2,100 107 108 106
do Pfd loo 113 nil
Am Saf Rasor 30 4 4 3
Am Sh & Com 600 8 8 8
Am Smelter.. 300 45 43 45
do Dfd 8
Am Snuff ... 100 119 119 119
Am Steel Fdy 31
Am Sugar ... 6"0 65 66
do nrd. . li W4 4 -
Am Sumatra.. 4.700 24 24 24
Am Tel Tel 500 118 117 117
Am Tobacco.. SOO 133 133 133
do B ISO 12Hr. JZi',
Am Wool fW 82 82 82
do Dfd lOO 104 14 1IM
Am Wl P pfd. 200 26 28 25
Am Zinc 300 13 13 13
Anaconda 1.700 47 47 47
Assd Oil 99
tchlson eno t ( . la
do Dfd 2"0 88 86 88
Atlantic Cst L 300 8S 88 8
At a & W I.. 1O0 26 - 28 28
Baldwin Loco. 6.700 102 101 102
dO Dfd I!'-'
Balto & Ohk. 500 35 35 35
dO Did ".'-H
Beth Steel B.. 2.300 63 62 62
Booth Fish - 5
B R T mo 11 11 11
Butte C & Z.. 200 5 5 6
Butte Sup.. 1O0 25 2 25
Burn. Bros... 100 116 116 116
Caddo Oil 11
Calif Packing 1.500 72 71 72
Ca:if Pet 1.600 49 48 4S
do pfd 85
Canadian Pac. 10.100 1 28 128 128
Cen Leather.. 400 32 32 32
C.rrode Pasco 300 3.1 33 3?
Chandler Mot T.7O0 65 64 64
Chgo & N W. 1.400 67 66 68
ChlGtW 200 6 6
Chill Cop 1.000 16 16 16
Chlno 30 26 25 26
C M St P .... 600 20 19 19
do pfd 1.100 34 83 S3
Coco Cola .. l.OOO 45 44 45
C O loo 58 58 57
Colo F I.. 100 26 28 28
Colo So 50 42 42 42
Col O Eleo 2(0 69 69 69
Col Graph ... 1.500 1 1 1
Con Gss 90
Cons Cigar... 3.700 18 1R 18
do pfd 400 47 47 47
Contl Can ... 600 53 52 52
Citl Svc Ban 18
Corn Prod ... 6.500 1 02 101 101
da pfd 2O0 115 115 114
Cosden Oil .. 200 35 34 34
C R I P ... 2.000 34 33 S3
do pfd 87
do "B" pfd. 3O0 75 75 73
Crucible TOO 61 61 61
do pfd 10 81 St 80
Cuba Cane .. 500 974 9 9
do Pfd 100 24 24 23
Cub Am Sugar 900 1S 18 18
Pel sr Hudson ' 110
Dome Mines. 300 23 23 23
Del Lack.. 1.3"0 111 110 110
Davison Chem 2.4O0 60 . 58 59
Knd Johnson. 500 80 SO 80
Erie 1.20O 11- 10 10
do 1st pfd.. 400 16 16 18
Fleet St. Bat. 1.200 140 139 139
Fam Players. 1.4O0 80 78 80
Fed M & Sm 8
do pfd "
Flsk Tire 100 12 12 12
Gaston Wms. . 20O
Gen Cigar.... loo 68 68 67
Gen Kiec .... H0 148 146 143
Gen Motor ... T.6O0 9 8 8
Glen Alden... lOO 44- 44 44
Gen Asphalt.. 2,700 61 60 60
Goodrich 37
Goodyear 10
Granby 2S
Gt Nor Or.... 500 33 35 S3
do pfd 100 74 74 74
Gr Can 2
Gulf Steel ... 6,300 73 70 72
Houston Oil.. KO0 75 74 74
Hupp Motor.. 8,800 14 14 14
lil Cent loo lot loi
Inspiration .. 200 37 37 37
In Ag Cor com .'. 8
do pfd 35
Interboro SOO S 2 2
do pfd JOO 8 8 8
Inter Callahan Soo 5 5 5
Int Harv 100 83 83 82
do pfd 103
In Mer Marin 7O0 15 15 14
do Pfd 1.300 70 -69 69
Int Nickel .... 1.91X1 12 12 12
Int Paper ... 400 49 48 48
Invincible Oil 14
Island Oil ... 2.200 2 2 2
Jewel Tea . 12
K C Southern.f 200 24 23 23
do pf d . . . . ; . . .... .... 54
KellySps-fd.. ! l.S S7'i Sa 38
Kennecott ... 1.70 27 26 27
Keyatone Thro ! 16 11 15 I
Lack Steal... i.t 47 4 47 i
Lee Tire.....
Lehlg-h Val...
Loriiiard ....
Low. Theater
L A N
Marland Oil.
Martin A P..
May Stores. .
Mex Pet. ..t.
Miami
Mid S Oil...
Mldvale Steel
M K T Wi.
do pfd....,
Mont Power. .
Mont Ward..
Mo Pac
do pfd.....
MStPiSSM...
Nor Amn....
Xat Biscuit..
Nat Knamel.
Nat Lead....
Nev Oon.....
New Haven. .
Nor W
Nor Pac
Nova S 9teel
N T Airbrake
M T. Central . .
53
131
11
13
M
78
Ok la Prod ref
Ont Silver...
Ont & W....
OU1 Steel
Pacific Dev. .
Pac Gas & B
Punta Al....
Pacific Oil...
Pan Am Pet.
do "B"
Penna
Peo Gas. ....
Pere Marq...
Pure Oil
Phillip Pete.
Pierce Arrow
Pierce Oil .. ..
Pitts Coal
Pitts & W Va
Pressed St C.
Pullman. .....
Ray Oon. ...
Reading ....
Remlng-ion. ...
Replogl. St...
Rep I & S...
do pfd.....
Rep Motor..
Royal D Oil..
Ry Steel Spg.
Saxon Motors.
Sears jRoebuck
Sh&t Aris....
Shell T & T..
Sinclair .....
Std Oil Ind..
Std Oil N J..
Sou Pacific. . .
Sou Ry
Stand Oil Cal
St L S F..
Strombg. C&rb
Studebaker ..
Swift & Co. . .
Tenn Cp It Ch.
Texaa Oil....
Texas Pac...
Tex Po C 4 O
Tob Prod
Tran Contl Oil
Union Oil Del
Union Pac. . .
1O0
1,200
800
1.70O
19
86
si' "
19
94
23
38
94
"i6
45
30
25
63
10
20
129
'68
3
134
69
26
54
44
54
99
82
87
19
0
82
19
94
23
38
92
"io
44
30
25
62
9
19
129
40O
1.000
2,100
600
500
1.704)
4,900
100
'""ioo
1,000
100
100
4.800
4,400
1,200
400
100
100
6,000
United Alloy. .
United Drug. .
Unit Fd Prod
United Fruit. .
Union BAP.
U S Cst Irn Po
Unit Ret Stres
U S Ind Alchl
trTTTRuDber. . .
do 1st pfd. .
T7 8 Smelting.
U S Steel
U S Steel pfd.
Utah Copper.
Va Chem
l.lOO 61 60
do pfd
Vanadium Stl
1,300
100
' 100
600
Vlvandou ....
Wabash .....
do A pf d . . .
do B pfd...
Wells Fargo.-.
Western Pac. .
do pfd
Western Union
2O0
"'206
400
l.OOO
, 300
100
Westghs A B.
Wstghs K & 31
West Md
White Motors.
Wlllys-Overld.
do pfd
"Wilson Packs:
34
34
wise Central..
Woolworth . . .,
200 149
100 47
200 7
100 8
Worth Pump.
W & L E
White Oil...'.
BONDS.
U S 2s reg...10O!N T C
deb
s 99
-84
.61
,95
. 94
,96
do coupon ..101N P 4s
D S 4s reg...'104M P 3s
do coupon ...104;Pao T 4 T 5s.
Pan 3s reg 79 Pa con 4s..
do counon ...79 8 P cv 5s.....
A T & T cv 6s.l01lSo Ry 5s
. 90
. 91
.100
Atch gen 4s... 8!U p 4s
D & R a con 4s 73iU S Steel 5s. .
Bid.
Liberty Bond Quotations.
Liberty bond and victory bond
quota-
tlons at New Tork as furnished by
Over-
Close.
97.00
98. OO
96.00
96.30
96.18
97.86
96.44
100.10
99.98
beck & Cooke company of Portland:
Ooen. Htirh. Low,
Liberty 8s 97.18 97.28 96.92
do 1st 4s.
do 2d 4s
do 1st 4s ..96.28 96.40 96.26
do 2d 4s...8.08 96. 20 96.08
do 3d 4s ..97.36 97.38 97.30
do 4th 4.. 96. 36 96.50 96.34
Victory 4S...100.10 100.12 100. IO
do 3 a
Boston Mining Stocks.
BOSTON, Feb. 11. Closing quotations:
Alloues
28IDavis Daly
7
2
Cal & Ariz...
Cal & Ilea
. 58 I Daly West
.275
Hancock ....
2
2
85
1
3
1
1
1
3
1
6
20
2
15
23
44
37
25
3
2
2
1
22
2
Centennial ...
Cop R C Co. . .
E B Cop M..
Franklin
Isle Roy Cop.
Lake Copper .
Mohawk
N Butte ....
Old Dom ....
Osceola
Quincy
Superior .....
S ar Bos Min.
Shanon ......
Winona
Wolverine ...
Ariz C, m ....
Adventure ...
Ahmeek .....
Algomah ....
Arcadian ....
Bing Mns. . . . .
New Corn . . .
. 12
. 42
10
. 1
. 23
. 2
Helvetia
Isl Creek . . .
Keewanaw ..
Kerr Lake . .
La Salle
Michigan
Mass Con
. 56
11 M O Col
23
Mas Valley
33
42
2
1
1
.sipisslng ...
N Lake
Obijawa
Pond Creek
Isle Royal ,
S Lake
45
10IU Sh Mich .
8) 00 pxa ..
. 50 iS Utah ....
. 60 (Sup Cop ...
. 20 ITrin Cop ..
. 2IUtah Metals.
. 13 I Ventura ....
. .17 I Victoria
Swift Co. Stock.
Closing prices of Swift & Co. stocks at
Chicago were reported by the Overbeck &
Cooke company of Portland as follows:
Swift & Co 101
Libby, McNeil & Llbby 3
National Leather 2
do new 10
Swil't International 21
Mouey, Silver, Etc.
NEW TORK, Feb. 11. Foreign bar .li
ver. 65 c
Mexican dollars, 50 c
LONDON, Feb. 11. Bar silver. 34d per
ounce. Money 2 per cent. Discount rates,
short bills and three month bills, 3 3-10
per cent.
New Tork Bonds.
New Tork- bond quotations furnished by
Herrin Rhodes, Inci of Portland.
Am Tel & Tel 6s. 1922 100
Am Tel & Tel 6 .....1924 1 00
V Th 7. 1922 11X1
Am Tob 7s 1923 102
Anaconda 7s a -" J"i ?
Anaconda 6s A 129 98
Argentlr-e GI 5s 1945 79
Am Ag onm .....aj-.i
Beth Steel 7s 1922 101
Beth Steel 7s 1923 10O
Beth Steel Eq 7s.. 1935 101
Belgium Ext 7 ltM5 107
Belgium 6s 1925 99
Belgium Ss 140 106
Bergen Ss, City of 1945 108
8. Citv of 1945 109
ne.,n Ka 1941 103
Canadian 5s 1926 97
Canadian os o-s
tan isat r,q is. .............. .i'oo ji--a
Chi & N-W 6s 1936 J6
Chicago. N-W 7s 1930 106
C M & St P gnirf 4. A 2014 58
r- Vnr 7. 1940 110
Chile Ss 1941 101
Christiana bs. city 01 ios-,
Copper Exp Ss 1922 100
Copper Exp 8s 1924 102
Copper Kxp m m-a ioo-
Cuban Amer Sugar 8a 1931 104
Con Gas cv 7s 1925 103
Dia Match 7s 1935 107
n.Hn,,rlr R.. , 1945 10S
Danish Mun 8s 1945 107
Dupont 7s 1931 104
nr, Trunk 7s 1940 10974
Grand Trunk 7s 1940 109
nilriY. T... -19'5 71i
Goodvear 8s .1941 112
Gulf OH 7s... 1933 100
Great Northern 7 1936 107
Hershey 7s 1930 99
Humble Oil 7s 1923 100
Int Rap Tr ref 5s 1186 64
Int Mar CT 6s 1941
Int Rap Tr 7s 1921 85
Kelly Springfield Ss 19:U 103
Kennecott 7s 1930 102
Libby. McNeil Libby 7s 1:;X 99
Morris A Co 7s . 1930 103
Mexican Pete Ss 1936 1 00
N Y Call 7s 1930 106
Norway 8s - 1940 109
N P & G N Jnt) 6s 19:s 106
X P 6s., .....1141 I'Hi-
Northwest ret is
Ohio C Q 7s
Ohio Power 7
Pan Amer 7s
Penna 6s
itui Rubles 5s
C.. Paul. Ka
..IMl 17
. .19-2-5 100
..1951 101
..1930 95
..1936 106
1o"rt 4
1936 101
soutnwt 'let is j.i-.j jui-i,
Ptandard Oil V T 7s IO"! 97
Stand Oil of Cal 7s 1931 1"7
iteei & mi. is. ............. -J ,
Sear Roe 7s 1921 114
Sear Kae 7 , 193 t
500 5S
600 152
800 . 11
"ioo 27
TOO 31
2O0 107
12,900 118
600 26
3,200 12
900 30
200 10
200 27
lOO. 67
S.5O0 13
"eoo 4S
1.300 i
"l00 40
""iod ii
1.900 18 .
V.OOO f
"406 59
1.200 76
900 2
"ioo 21"
Bond
SAN FXAMCISCO
Swift St Co 7s
Un Tank 7s
Uruguay Ext s5 . . .
U S Rubber 7s. .
Wilson 1st 6s
1925
1930
""!"!it30
..1928
1931
101
103
66
104
84
105
Westinghouse 7s. . .
Foreign Bonds.
Forelrn bond quotations
Overbeck & Cooke company
Belgian rest 5s -
furnished by
of Portland:
Bid ask.
.. . 70
...76
...107
...106
... 99
. .103
... 89
... 89
... 87
... 72
... 68
...84
...95
... 97
... 98
... 96
... 96
... 47
...101
... 7
...108
.. .107
.. . 51
. .. 74
... 64
...96
...101
... 3
... 4
... 4
... 6
... 4
... 6
... 5
... 6
... 5
... 3f
. .. 73
... S7
...87
...109
... 17
... 3
... 17
... 97
...114
...101
79
107
106
99
103
- 91
91
89
74
70
84
96
98
98
97
97
48
102
8
109
107
52
75
60
96
101
Belgian 7s. 1945
do OS, IV-il
do 6s, 1925
Brazil Ss, 1941
British 5s, 1922
do 5s, 1927
do os. 1929
do vky 4s..
i .e A
Bordeaux 6s,' 1934
Canadian os, 11101
do 5s. 1926
do 5 a. 1929
do 5s. 1931
An lili.o 1927-
Chinese 5s, 3951.........
uniiean us, isj.-
Russ-Currency . . .
Denmark Ss. 1945
nan. Muni 8s. 1945
French 4e, 1917
do 5s, 12
do 5, 1931
do 7s, 1941
do 8s, 1945
German W L 5s.........
4
5
5
5
6
6
6 .
8 l
88 1
73 !
88 I
87 '
Berlin 4s
Hamburg 4s
do 4s
Lelpsig 4s J
do 5s
Munich 4s. ..............
do os
Frankfort 4s. ...........
Italian 5s, 191S
Jap 4s, 1931
do 1st -if-a
rf OH AXLa 1925
Norway 8s, 1910
110
18
5
20
Russian oifcs.
do 5s, 1926
.4 -. 1919
Swiss 5s, 1929
97
114 !
101 i
dO tS, 1THW
San Paulo Ss
U K 6s, 1922
U K 5a, 1929
U K 5s, 1937
...103
103
.103 103
98 98
Standard Oil Stock.
Standard oil quotations mnnsucu
Overbeck & Cooke company of Portland:
Tt(? Aflkod.
Anglb -' -H
Rnrna Summer .......... ,35D B;itJ
Buckeye 91 93
Cheesebrough Ifo 5
do pfd 109 112
r-T, .iJrit:,. 1 ' 128 132
Crescent 36 34
cumberiana ................
Illinois Pipe '.I.'I.l 107 171
iian- Pin. 89 91
National Transit 27 -.rj,1
New lora Transit w
Northern Pipe 102 1O0
Ohio Oil 269 2.2
International Pete 14 15
u.v 18 r 19
Prairie Oil 535 B45
Prairie. P.pe J-
ooiar xveiiuius .......v -a.--
sou in reim .............
S. W. Penn Oil 00 64
Standard Oil Indiana ........ 86 6
00 ransas . "
do Kentucky ...4o 4t
do New York 360 362
do Ohio ' 375 390
l rhtn nf .115 116
Sw.n & Finch 30 35'
Vacuum ..334 837
. ?a 32
Standard Oil Nebraska 1S5,, JI?
imperial uu ..av7s
Foreign "Exchange.
X7- -...,iT.ra ..Im ftt the close Of
business yesterday, furnished by North
western National bank of Portland. The
amou-nt quoted is the equivalent of the
, The INVESTOR
rlO
The INCOME TAX
63-Page Booklet
For Investors and Traders
How to report
Stock natal Cash Dividends,
Scrip issued a for Stock Divi
dends, Bonus Stock, Stock
Rights, Bond Interest, etc, etc
Includes typical broker's state
ment showing sales to estab
lish losses, etc. Contains ruled
pages for investor's record.
Copy gratis if you mitt on your
business or personal stationery.
L. A. Hughes & Co.
Investments
100 Broadway New Tork
ONFIDENCE Is the basis of the rela
tionship between patient and physician,
client and lawyer, friend and friend. This
is so because through all the ages illness,
trouble and friendship have demanded a
confidential relationship. The safe investment of money
demands a confidential relationship in no less a degree,
but, because to the average man investment is a new
tiling, he knows not where to seek it. The invalid or
the litigant knows instinctively where to turn the new
investor flounders. ,
But there is for him a specialist as skilled as the trained
doctor or attorney. The reliable investment banking
house will make his problem its own and, out of the
abundance of its wisdom and experience, will invest his
money for him in the same class of securities in which
a bank invests the money of its depositors. All that it
asks is his confidence. ,
"We are such a house. "We ask you to investigate us, our
standing and responsibility, with as much care as you
would give to the choice of a physician, a lawyer or a
friend. Then, if you are satisfied, remember that the safe
investment of your money means the success of our
business.
Ttmr mamt nd tdJrttfm tit lim Mm wit rmrmd U mt-mU
tilt mt tftrym Jrttij titt swii wkick m Mumtjtmmii.
&. Goodwin &Tucker
mrORPORATED
UNITED STATES NATIONAL BANK BUILDING
' w PORTLAND
LOS ANGELES
foreign unit in United States funds;
Country and unit ; Rate.
Austria, kronen . . -SO.0075
Belgium, francs 0832
Bulgaria, leva ,. - 0082
Czecho-Slovakia. kronen 0199
Denmark, kroner .2064
England, pound sterling 4.3700
Finland, finmark 0214
France, francs .0870
Germany, marks 005I
Greece, drachmas .0460
Holland, guilders ................... .3738
Hungary, kronen 0021
Italy, lire 0405
Jugo-Slavia. kronen 0040
Norway, kroner .1653
Portueral. escudos' ................. .0842
Roumania, lei 0090
Serbia, dinara .0150
Spain, pesetas 1588
AMiBH
RAISE BIG CAPITAL
Finance Your Business
Write for FREE Copy of My Book
"Qiiick Financing"
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Getting It is a business unto itself and requires the
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My Plan gives that service efficiently
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CUNNINGHAM, Financial Specialist
582 San Fernando Bldg., Los Angeles, Cal.nn
Our Business Is the Purchase
and Sale of All Classes
of High-Grade Bonds
f.l.nevepeauxgLfimpany
INVESTMENT BONDS
ST SOrTH STREET PORT LAND. OREGON BROADWAY 1042
GROUND FLOOR WELLS -FARGO BUILDING
50 Per Cent and Safety
STATE BANK OF KENT,
Kent, Washington.
We bespeak, a bright futur.
for Testerlald Egs Ranch. W.
believe It will grow to great vol
ume and proiruee wealth. W.
H. Ov.riock. Pre.
W. commend Mr. Allen and
tb Testerlavm Egg Ranch to all
with whom they mar hav. bisi
ness. W. I Xasmyth, presi
dent Kent Commercial club.
StATTtf
Sweden, kroner 2619
Switzerland, francs I960
China Hongkong, local currency. . . ,54o0
Shanghai, taels ''ISif?
Japan, yen 4S2o
NEW TORK, Feb. 11. Foreign exchange
easy. Great Britain, demand J4.82,
cables $4.33: France, demand 8.52. cables
8.52; Italy, demand 4.79, cables 4.80;
Belgium, dema-nd 8.13, cables 81.13;
Germany, demand .49, "cables 49; Hol
land, demand 87.10, cables 37.16; Norway,
demand 16.33; Sweden, demand 25.83;
Denmark, demand 20.45; Switzerland, de
mand 19.44; Spain, demand 15.0; Greece,
demand 4.48; Poland, demand .03;
Czecho-Slovakia, demand 1.89; Argentine,
demand 36.75; Brazil, demand 13.12; -Montreal,
95.
America's greatest trapnest poultry ranch;
fitOOO- trapnested White Leghorns, record
layers; 12,000 chicks hatched from our
eggs every flv. days; 40 acr, all poultry
buildlnga and yards; 125,000 Invested;
earnings in txcau of 50 per cent yearly
past three years. We offer you a SAFB
investment in our stock In any amount
from $25 op, at same price all officers
and first stockholders paid. Fin. Illus
trated circular on request.
TFSTFRI.AID ego ranch1, '
New York Block, Seattle, Wash.
NOTICE OP BEDEMPTIO TO
HOLDERS OF VICTORY
ROTES AND OTHERS
O.NCKR.NED.
Notice Is Hereby (.t-ren
follow, t
1 Call for redemption of S
per cent Victory Notes. All of
thes. 8 per cent series of
United States of America con
vertible gold notes of 1922-19.3.
otherwise known as 3 percent
Viotorv Notes, are hereby called
for redemption on June 15tn,
1922, pursuant to the provision
' for redemption contained in the
notes and the treasury depart
ment circular. No. 138. dated
April 21st, 1919, under whiOji
the notes were originally Issued.
Interest on all yictory Notes ot
the & per cent series wlu
cease on said redemption date,
June 16th, 1922.
2. Suspension and termina
tion of Victory Note conversion,
privilege, in view of the call for
the redemption of all 3. per
cent Victory Notes on June 16 th,
1923 and pursuant to the provi
sions 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
hereby suspended from Febru
ary 9th. 1922, to June 15th, 1922.
both inclusive, and on June 15th,
1922, will terminate. Victory
Notes, accordingly, cease to be
interconvertible, effeotive 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 3 per cent Victory Note
for redemption is given in
treasury department circular.
No. 277, dated February 8th,
1922, two copies of whioa are
. available at the treasury ttnd,
the federal reserve bank.
- A. W. MJBliiON.
Secretary of the Treasury.
OVERBECK &
COOKE CO.
Brokers, Stock.. Bonds. Cotton,
Grain, Etc.
ei6-217 BOARD OF TRAD 15 BLDO.
Walla Walla, Wash,
Portland, Or.
reJuUeton. Or.
MEMBERS CHICAGO BOARD OT
TRADE.
Correspondents of I-oiran A Bryan,
Chicago and Sew York.
MEMBERS
New Tork Stock Exchange.
Chicago Stock Exchange.
Boston Stock Exchange.
Chicago Board of Trade.
New York Cotton Exchange.
Kew Orleans Cotton Exchange,
Kew York Produce Exchange.
Winnipeg Grain Exchange.
Liverpool Cotton Association.
A.W. NORINS & CO.
INVESTMENT BANKERS.
Est. 1889.
:5 COMJMBTJS CIRC1.E,
NEW YORK, N. Y
. WE WILL, BUY
Alaska Steamship Co.
Baker Steam Motor Car & Mfg. Co.
Paget Sonnd Power A Llffht.
HIGHEST PRICES PAID.
ORGANIZING
A COMPANY?
gava the usual incorporating- ex
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common law plan under a
Declaration of Trust
Demaree Standard Forms (approved by
attorneys) furnioh complete equipment
with which anyone In any state can or
ganize a company, issue shares and
begin doing business the same day.
Aalc for circular A-42, containing full
descriptions.
C S. DEMAREE, Igal Blank Printer.
613 Walnut, Kansas City. Mo.
Rare Opportunity for Tire
Distributors
Estab lished manufacturer of
quality automobile tires seeks
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PUTS & CALLS
"The Safest Way to Trade"
$40
Buys a T-day call on 100 shares any
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Prompt Attention to Mail Orders.
WATSON & COMPANY
Investment Securities,
625 Stock Exchange Bldg.,
Las Angeles.
Safety and Profits
IV STOCK MARKET TRADING. Learn
HOW to combine these in ypur trading
by use of Stock Privileges
With .40 to $125 you can trad, tn i J00
shares of any iw".' tor
expianatorv fold.. 10. Broadway
PAUL NAIL, New York.
HERRIN & RHODES, Inc.
Established 18118
STOCKS, BONDS,
COTTON, GRAIN
Correspondents E. P HTJTTON CO.. N. T.
Members all leading exchanges
Babson's Service on File.
Bdwr. 47Zu. 801 Ballw Exchange Bldg.
1 $n;ftinve,ted I
ij JJ monthly at I
I 6 will, in 30 years, I
1 amount to $50,000. I
j Ask us. I
Freeman, Smith!
& Camp Co. i
1 LoMBaWaNS Bt-OO-. PoRTLAMS I