The Sunday Oregonian. (Portland, Ore.) 1881-current, April 09, 1922, Section One, Image 21

The Sunday Oregonian., April 09, 1922, Section One, Page 21, Image 21

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Newspaper Page Text2L THE SUNDAY OREGONIAN, PORTLAND, APRIL 9, 1922 VORNU S TOO! OlD RIUNGUU.Y State Declared Only Touched by Hard Times. POLITICS ARE HUMMING Strong Effort to Be Made to Beat Senator Johnson in Election This .November. BT EDWARD O. LOWBT. CCopyriRht by the Public Ledger Company Published by Arrangement.) SAK FRANCISCO. April 7. Special. Ban Francisco is clearly out of the hard -tlmea area. Just aa this etata was begin ning to hear about falling prices and Blackening demand tha general recovery . In business conditions came- along and . saved these people from going through tie experience of all their neighbors to the eastward. It ha been singular and curious to note bow the depression or bad times, starting an the east, advanced westward . like a Breat wave. The Atlantic seaboard felt the decline before the Mississippi valley, the Mississippi vallay before, the mid-western and mountain states. The period of recovery has followed the same course. The eastern states felt it first and then, progressively, the central -west, the west . nL the mountain states. Iowa, we found, was a month or more further- along the upgrade than' Arizona and New Mexico. Californian Depression Slight. Here in California there was a slight temporary depression, but this state is so large, its products are so diversified. It has so many natural resources of every aort and description that it is in an en tirely different position from a state that . depends on any one great staple, such as cotton or corn or copper. It produces minerals; It raises livestock; it has great agricultural resources, not only staples but garden truck, fruits, nuts, prunes and raisins. Indeed. California is not a state In the ordinary acceptance of the term; it is virtually a . self-sustaining common wealth or empire, and just now It can lay claim with good reason to being one of the soundest states, economically, in the whole union. . The itinerant observer acutely Is con acioua of the new situation and the new conditions as soon as he comes through the. mountain barrier that separates Cali fornia from the more arid and less fertile states immediately to the eastward. The population is Increasing here at a greater rate and the volume of business is Increas ing. There is a system of marketing agri cultural products of various sorts through co-operative associations that is being copied by other states. Banks Feel Depression. This state is affected, however, by the conditions in adjoining territories. Cali fornia banks largely finance stockraising and agriculture In Arizona, Nevada, and Idaho. There are large interests in Cali fornia that are depressed to a degree when these states are depressed, and are pros perous when these states are prosperous. So that it comes about when there is no condition in California to cause apprehen sion, banking and business interests may be concerned about the situation in which Arizona cattle and cotton people find themselves, or about the farmers and stockraisers In Idaho. ' This situation exists here now. It is not a California condition, but it affects the people In California who do business on the other side of the mountains. What ever strain existed four or five months ago with respect to Arizona, New Mexico and the southwest has been relieved areativ. That situation Is in hand and is on tha road to recovery, unless there should be setback or unusually adverse weather condition. The Nevada, Utah and Idaho conditions one has yet to examine. One encounters here ths first Intimation of an Interest in the present economio situation mt those states Politics Is Interesting. Politically, California will be highly In teresting this summer. This is the only state west of the Mississippi, with one exception, where the people are removed sufficiently from their recent economic stress to take an interest in politics and publio questions. The one exception is Wyoming, where there is a keen and grow ing interest in the coming contest between Representative Mondell and. Senator Ken crick for the United States senate. Ken orick seeks to succeed himself and Mon dell seeks to move over from the house leadership to the senate chamber. Here in California there wiM be an even more interesting contest for the senats. Senator Johnson comes up for re-election, and the present effort - of those who are against him is to find an opponent. An unsuccessful effort was made to enlist' Sec retary Hoover while he was out here. Mr. Hoover declined. Now Chester Rowell, a long-time friend, and lieutenant of John son, is one of half a dozen being talked about. It la too early yet to say who will be selected. There is clearly in the state a strong sentiment in favor of the four- power treaty, wnich. Senator Johnson so warmly opposed. Campaign Plans Laid. Anjeffort will be mads to crystallize this sentiment and use it against Johnson, but he would be a rash person who would say at this juncture that the- effort would be successful. Johnson has a powerful hold on h-is state. He has done a great deal for it. Jle made an admirable record as governor. He has strong friends all through the state. He has never lost a political contest in California and, -while many of his friends out her were in favor t the four-power treaty, they would not vote. against Johnson simply because he opposed it. He will be a hard man to beat, and everybody here knows it. Every probability is in his favor. California has become the front door of the United States in the sense of inter national politics. As a world power we now face toward the' west. All of our in ternational concerns and problems are in the Pacific. This coast is our frontier, as our Atlantic coast was our frontier 100 years ago. Situation Is Important. Because of its resources, condition, situ ation and attitude of mind ths whole Cali fornia condition will become Increasingly Important to all of us. Public opinion out here, public Interest in national affairs the whole relationship between California and the countries it fronts, will have to be taken into consideration more closely here after than ever before. It is only necessary to report at this juncaure vnat iiamornia Is as sound as a nut, economically, financially and indus trially; that because of her favored condi tion un nas naa 10 endure little of the pinch that the rest of the country has that the state as such is confident , aggressive and unafraid. B O gold 4s ..1949 do con 4s cv. .1133 do ret 5s 1H95 Can So Ss 1RK3 Canadian No 64 46 do 7s 1940 Cent Pac 1st 4s 149 Chgo N West 6Hs J3 Ches & Ohio cv. 4is 1B30 do gen 4&S 12 do cv 5s 394H do con ba li3ft C B ft Q 111 dlv. 4s, 1949 C & West Ind 4s ,...lf2 C O & W 4s ir C M & St P 4s 1SI23 do cv -Hia 1982 dq deb 4s .....1934 da gn 4s A ...1899 do cv Ss 2014 do g&r 4s A. 2014 Chgo N W sf Ds 1929 do gen 4s 198T do NW 7s 1930 CRI&P ret. 4s ... 1934 Colo Sou rf ex 4tts 1935 do 4s .- 1929 Del & Hudson cv Ss.... 1935 do 7s 1930 DiRO cv 4s 1938 do ref Bs 1955 Erie PI. 4s 199S do con 4s A. J:3 do B 1953 do D 1953 do Pa CO 4s 1951 Gd Trunk eq 614s 1936 do eq 7s 1935 do ref 5s 1942 Cerro de Pasco 8s 1931 Chile conv Bs A 1932 Chile conv 7s Col Graph 8s 1925 Copper Exp Ss 1923 do 1924 do 1925 ColoSF A I gen 0s 194.1 Colo lnd us . .. 1PS4 Corn Prod ref 5s 1931 Cuban Amn Sug 8s .........3931 Cuban Cane cv 7s .......1930 Distillers Pec cv 5s 1927 Diamond Match 7fts ......... 1 s:'.o Dupont 7i 1931 Empire Gas Fuel 6s 1924 Fisk 8s 1941 Gen Kleo deb 6s 19:2 do 6s 1940 Goodrich 7s 1925 Goodyear 8s 1941 Heinz 7s 1930 Hershey 7Ka 1930 III Steel deb 4. Ha 1940 Ind Steel 5a 1952 Int Agr 5s 1932 Int Marine O T 6s 1941 Kelly-Springfield 8s 1931 Kennecott 7s ................ .1930 Lack Steel 5s . . . 1923 do 1st 5s 1950 Libby McNeil & Libby 7s 1931 Lag & Meyers 5s 1951 do 7s 1944 Lorillard 5s 1951 do 7s 1944 Mldvale 5s 193S Morris & Co 7Hs 1930 Proc & Gamble 7s ...1923 Republic I & S 5s 1940 bears Roe 7s 1922 do 1923 steel & Tube 7a 1951 Swift & Co 7s 1925 do 7s 1931 Uni Drug 8s ,...1941 U S Rub 1st ref 5s 1947 do 74s 1930 V S Steal sf 5s 1963 Va Chem 5s ' 1923 Var Car Chem 74t 1932 West Blec 5s .....1923 West U T col Tr Ss 1938 West Union 6Vs 1933 Wilson 1st 6s 1941 do cv 6s 1928 West Elec 7s 1925 Westinghouse 7s 1931 Public Utilities Amn I.t & Tran 6s 1925 Amn Tel coll 4s 1929 do 5s ,.1946 do 6s 1925 Rell Tel of Pa 7s 1945 B R T 5s 1945 Cal Gas uni 6s...' 1937 Cities Service 7s B 1966 do C 1968 do D Con Gas cv 7s.... Int Met 44s Int R T ref 5s Laclede Gas 7s. Mont Power 5s A... Northwest Tel 7s.. Pao Tel 5s Pac Gas 5s. Souwest Tel 7s Oil bonds Anglo Amn 7s.... Atlantic Ref 6s.. Galena S Oil 7s Gulf OH 7s Humble 7s Pan Amn 7s Mex Pet cv 8s Sinclair 7Ha S O Cal 7s S O N T 7s Texas Co 7s Tidewater Oil 6s . Vacuum Oil 7s Foreign Government Bonds Argentine 2d 7s do GI 5s Belgium 8s ' Bergen 8s .1968 ..1925 .1958 .1966 .1930 .1943 .1941 .1937 .1942 .1925 ..1925 ..1931 ..1930 . .1933 ..1923 ..1930 . .1938 ..1925 ..1931 . .1931 ..1923 . .1931 . ..1936 79 81 85 96 99 Vi no-?, 84 107 '.4 Sfli,; 84 T4 0!4 99 ' 8814 7514 63' 15 ; 1V 76 68 62 8i ; 84 4 106 '4 79 87 9214 9414 108 78 4614 64 48 48 49 87 10514 102 9414 11014 88 102 401 10211, 102 103 '4 8514 85 76 104 86 46 - 10714 105 04 105 99 10614 $ 1151i 104 H 101 91 . 10014 76 96 106 103 H 9914 8414 100 95 - 11414 -951 114 86 104 101 94 10014 100 97 10114 102 106 8814 105 102 "98 - 95 5 97 10S 9614 89 108 10614 105 90 9S 11414 10714 68 94 120 90 86 10914 1814 64 V, 98 94 94 107 94 89 102 RECORD WEEK. IN BONDS LIBERTY ISSUES SEI.Ij - RECORD QUOTATIONS. AT .1923 .1945 .1940 .1945 103 10414 101 103 101 97 103 103 10614 108 101 101 106 100 8314 107 108 14 11214 109 92 112 87 9414 4b 100V4 5614 63 7314 112 Enormous Dealings in New York 1 ' Market Entire Group May . Reach -Par. NEW YORK. April 8. Ths feature of record, week in the bond market was th liberty group, a majority of that series mounting to highest quotations sines the tlmA of tnelr Issue on enormous dealings. The strength of these bonds bears out predictions recently attributed to treasury officials that practically aa tne war nm tions of the federal government soon would rr.ali nnr. Todav's new maximum for those bonds included, the second 4s and the second and fourth 4s. Tn tTi fni-eie-n Hot ail the United King dom group Improved' on the strength of British exchange, ths demand rate for Rterlinar her rlsinff to its best In almost six weeks. Ths new CzechoSlvaKlan Dona gained another point, and Mexican govern ment 4s and 5s were in renewed request. Of the Latin-American Issues the out standing- feature was Havana Electric TArrh-t A- Power 5a saining three points. Many domestic rails extended previous gains of -the week, today's strong issue being Southern Railway 6 14 s. which, rose one ponit. . Bond sales (par value) approximated ill.60A.00O. Week-end operations on ths stock ex change closed very much as they began in a whirl of speculative enmusiasm ana with many now high records ior mo sua tained movement. Earlv dealings were lrresrular In view of further realizing sales. ' These effected reversals of one to four points among Studeb&ker and Chandler motors. General Electrio. Baldwin Locomotive, Mexican p.trniftimi nd Electrio Storage Battery. Prices soon rallied, however, on renewed buying of independent steels, under lead of Gulf States, yesterday's sensational per former, as well as Betnienem, jniavaie, TLeTMihlln and Slass-Shef field. Local utilities also strengthened their position " on the outcome of the Inter hnramrh RaDtd Transit situation, and ad ditional accumulation of rails proceeded, mainh In Reading. Baltimore Ohio, Mis souri Pacific common and preferred and other low-grade issues. . Shorts experienced another uncomfort able tims in their efforts to depress the oils, that division resisting pressure and adding substantially to the many net gains at the very active finish. , Sales amounted to 85,000 shares a rec ord for n n v two-hour session since 1919. Excepting German marks, which eased a trifle, all the foreign exchanges displayed strong tone. Sterling's rise to $4.41 for demand bills represented the highest quo tation for-that remittance since the early part of last March. Allied and Scandina vian bills gained two to 12 points and the Montreal discount here continued to ease. Despite the extraordinary activity In ths stock market and ths resultant demana for funds, clearing-house loans and dis counts showed an actual decrease of sllshtly more than 18,000,000. and a mod erate gain in cash increased actual excess reserves to about $14,680,000, CLOSING STOCK QUOTATIONS. Furnished by tha Overbeck & Cooke company of Portland: Berne 8s 1945 Christiana 8s ..1945 Copenhagen 514s 1944 Danish Consol 8s 1946 French Cities 6s ,.,.1934 Italy 614s A 1925 Rus Ruble 614s ...1926 Swedish Govt 6s 1939 U S Mex 4s 1954 do ext 6s . . . ; 1945 Uruguay ext 6s ... Zurich 8s 1945 Foreign Government City Bonds Berlin 4s Greater Berlin 4s Hamburg 4s .. Bremen 4s ... Cologne 4s Dresden 4s do 414s Dusseldorf 4s Frankfort 4s , ... Leipzig 4s do 414s Munich 4s ., Stuttgart 4s Essen 4s ..1....... ... Bremen 4s ... Hambur 414s French Internal 4s 1917 French Victory 5s 1920 Belgian Restoration 5s British 214 consols ... Ital Cons War Loan 5y....... ... 4214 u 1 u dvqu: 8 3 3 8 3 '814 814 4 4 414 4 4 3 4 8 8 59 7214 76 5114 1 Allied Packers 6s . . It Am Tel & Tel 6s . . do 6s Anaconda Copper 6s do 7s Anglo-Am Oil 714s Beth Steel 7s Copper Ex Assn Ss do 8s Galena Signal Oil 7s ...... Grand Trunk 614s Gulf Oil Co 7s Humble Oil 7s Inter Rapid Tran 7s Libby McNeil & Libby 7a... Sears Roe 7s 3-year So West Tel 7s . .. Standard Oil N T 61js do 7s Swift & Co 7s do .1922 .1924 ..1935 ..1924 . .1925 7114 160 101 99 103 IO314 102 103 104 10114 105 j Coco Cola.... ..1923 Texas Co . .1933 ..1926 . . 1925 ..1931 10314 103 87 9914 100 102 105 105 10114 102 Vacuum Oil 7s lit No 414s do 7s Gt Trunks 6a do 7s Ill Cent jt 5s . do ref : 4a K C Sou ref 5s Keo & Des M 1st 6s. .. LS&MS 4s L&N notes............. ... 10114 .1961 .1936 .1936 .1940 .1963 .1955 .1950 .1923 .1931 . 1 930 do uni 4s 1940 felt lively w York Bonds. Furnished by Herrin & Rhodes. Portland. - Railroad Bonds Atch gen 4s .......1995 A C L 4s .1952 ' 7 1 930 Inc., 87 88 106'. WE PAY NET f. o. b. Portland for arrivals Monday, April 10th. Fancy Veal, 85-115 lb.......l3,i Fancy Block Hogs, 110-150 Ib14Kz Heavy Hens, 4 lb. and up 25 Light Hens, 3 lb and under. . . .210 The market paid for sheep and lambs. We remit daily. Our weekly market letter free for the asking. Write for tags. v BLUE VALLEY PRODUCE CO, ' Fourth and Glisan Streets, Portland, Or. ARE YOTJ LOOKING FOR A DE. FUNDABLE PRODUCE: DEALER? Veal Batter Pork C'taees Poultry Bcga - Honey Any Prodnct Ask for latest methods used ta prepare shipments for higher prices. RIBV Jt CO, 169 Front St, Portland. Or. M tt r & s s M 614s m M Jv & I 4s .1990 Mo Pacific gren 4s... 1975 do ref 5s 1923 do ref 6s 1926 New York Central deb 4s 1934 do con 4m 3998 do. ref Imp 4 14s. 2013 do cv deb 6s 1935 do coll 7s ..I9.iii N Y N H & H cv 6s.. 1948 No Tex & Mex 6s 1935 N P PI 4s 1997 Nor Pacific 6s. .22047 N P Gt Nor jt 614s 1038 O S L ref 4s ....1929 Pennsylvania 614s 1936 do "ffpn 414s 1965 do 4"4s 1980 do gen 6s 9ti8 do 7s 1030 Pennsylvania R R 614s 1936 Reading gen 4s 1997 SAL 4s 1950 do 6s 1949 do 6s A ; 1945 Sou Railway con 5s 1994 Sou Pacific cv 4s. 7v 199 do ref 4s 1955 Sou Pacific short-term 4s...... 1950 do conv 5s .....1934 St L & S F PL 4s A... 1950 do Ben 6s. . 1931 do PL 5s B... 1950 do gen 6s , I93t do adj 6s. ......... ..' ...... 1955 do Inc 6s , 19H0 St L & S W 1st 6s 1952 do con 4s. .................. 1932 do 1st 4s ".1989 Texas Pacific 1st 6s ...2000 Union Pacific 1st 4s 1947 108 107 101 110 P4 86 14 87 - 85 91 108 91 101 77 6314 99 95 8714 81 8514 10214 107 . 72 6714 85 106 105 90 107 8814 9414 98 107 107 84 59 24 6614 94 - 90 - 87 81 H 97 71 97 85 102 ' 79 67 79 74 77 93 91 93 85 103 97 88 86 7114 102 90 Stock. Adv Rum do pfd AgT Chem . -. do Pfd AJax Rubber. Alaska Gold. Alaska Jun.. Allied Chem.. Allls-Chalm .. do pfd Am. Beet Sag. Am Bosch . . . Am Can Co . . do pfd Am Car & Fd. do pfd Am Cot Oil .. do pfd Am , Drug Syn Am Hyde & L do pfd Am Ice Am Intl Corp Am Linseed... do pfd Am Loco .... do pfd. ..... Am Saf Razor Am S & C Am Smelter . do pfd. . . . Am Snuff .... Am Steel Fdy Am Sugar .... do pfd Am Sumatra . Am T & T ... Am Tobacco .. do "B" ... Am Wool .... do pfd Am W P pfd.. Am Zinc Anaconda .... Assd Oil Atchison do pfd '. Atl G & W I.. Baldwin Loco. Baldwin pfd.. Balto & Ohio. do -pfd Beth Steel "B" Booth Fish . . B R T . . Butte C & Z.. Butte & Sup. . Burns Bros. Caddo Oil Calif Packing. Calif Pet Canadian Pac. Cen Leather.. Cerre de Pas. Chand Motor. Chicago & NW Chi Gt W do pfd Chili Copper.. Chlno . . C, M & St P.. do pfd. . . Sales. High. 100 89 2-,i66 'HM 3.500 200 1.200 100 300 68 48 41 41- Low. "39"? '16' 67 . 48 47 103 155 600 25 1,900 80 O 6 15 47 T0314 155 6 15 700 1,800 1,400 lOS 45 36 107 45 35 1,900 112 111 3.400 600 2,500 300 . 3,666 200 200 l'aoo 700 200 1,700 400 1,500 8 14 67 97 "38 72, 98 121 140 137 89 105 34 8 14 66 97 '88'" 72 9814 121' 139 136 88 105 32 3,100 - 52 52 C & O. Colo F & I. . . Colo Southern. Col Gas & Ble Colum Graph.. '2,600 100 6,000 7,600 200 15,600 300 13,600 250 10,500 200 200 200 800 ' 600 500 6,500 500 4-00 6.600 3.100 300 1.000 3,100 . 800 1,600 4,800 900 2,100 2,700 500 600 S.600 Con Gas 3.400 600 tla cv 4s 1927 do ref 4s '. ....2008 Union Tank 7s. .............. .1930 Wabash 1st 5s ......1939 do 2d 5s 1939 Western-Pacific 5s 1946 Industrials Allied Packers 6s ........... .1939 Am Agr Ch 7s ..1941 Am Sm 1st 5s 1947 Am Tob 7s 1923 Anaconda 6s A .. 1929 do 7s B .1929 Armour cv 7s 1930 do 4s 1039 Beaver Board 8s 1.......1933 Beth Steel 7a .....192J Increase In Surplus Reserves. NEW YORK, April 8. The actual con dition of ths clearing house banks and trust companies for the week shows that they hold 14,661,950 in excess of legal requirements. This is aa increase eX f 1,352,890 from last week. v 3.800 8.700 700 100 15,600 300 5.700 1,700 1.200 1,800 200 1.400 4,100 700 7.600 7,400 500 13,600 200 3,100 300 "466 14,700 6.666 200 '266 1.R00 4.200 40O i.ioo . 8.500 1.000 - 300 600 Contl Can Cit Svc Banks Corn Prod. . . . do pfd Cosden Oil. .. . C,RIsP... do "A" pfd. do "B" pfd. Crucible do pfd .. Cuba Cane. . . . do pfd Cuban Am Sug Del &. Hudson Dome Mines. . Del & Lack.. . Dav Chem... End! .Johnson. Erie .......... do 1st pfd . . Blec Stor Bty. Famous Plyrs. Fed M & S. . . do pfd ...... Fisk Tire Gaston Wms. . Gen Clears. . . . Gen Electric. Gen Motor.... Glen Alden... . Gen Asnjaalt.. Goodrich Goodyear ..... Granby ' Gt Nor Ore . . . Gt Nor pfd. .. Greene Can... Gulf S Steel.. Houston Oil... Hupp Motor.. Ills Central. . -Inspiration . ... Int A Cor com do pfd...' Interboro 14,900 do pfd. . . t . . 15.000 Inter Callahan 1,800 Int Harvester. do pfd ...... Int Merc Mar. do pfd. Int Nickel..... Int Paper do pfd Invincible Oil. Island Oil.... 3,400 Jewel Tea.... K C Southern. K C S pfd.... KeJIy-Sprins. . Kennecott .. Keystone Tire Lack Steel. . . Lee Tire Lehigh Valley Lorillard ... Lowe Theaters L & N Trln.ni1 Oil.. 102 J M'rtln & Per"y x . JViay oiores... Mexican Pet. Miami Mid States Oil Mid vale Steel. M K T Wi. do pfd Mont Power, . Montg Ward. Mo. Pacific... 11.500 do pfd .... 12,600 M St P. S S M Nor Amn. . . . . Nat'l Biscuit. Nat'l Iknamel. 99 89 34 115 108 45 60 . 78 7 24 6 26 127 13 77 54 140 38 1 36 78 73 8 20 17 28 25 41 - 48 65 32 48 83 3 110 61 98 89 33 113 108 43 60 7614 7 "6 '28 . 127 13 77 54 139 37 35 76 72 7 19 17 27 . 24 40 48 65 31 46 83 3 109 61 3,200 103 103 37 44 95 80 65 88 15 85 22 122 25 116 65 84 13 22 165 S3 46' ' 17 161 13 68 40 40 74. 29 84 m 106 40 36 43 94 -80 63 87 15 34 22 119 25 115 , 63 84 1 2 20 165 81 39 16 hi 16l" 12 65 ' 89 26" " 40 73 28 80 79 17 106 40 5 12 400 95 3,000 80O 2,100 400 18 76 17 48,. 8.100 19 103 112 88 67 102 8,900 300 1.100 2.100 2.700 8.600 200 . 7,100 hi 660 400 3,900 800 100 22.000 1.9O0 8.200 19,60.0 3.100 600 700 l.sno 800 200 100 28 66 46 30 18 64 S3 64 'ir. 116 28 28 117 133 29 13 35 14 35 67 19 24 58 67" 13514 8T-. 4 11 6 96 17 76 - 165 47-a 18' 2714 56 48 29 17 53 33 63 "i4 116 . 28 27 117 130 2S 13 84 13 35 67 19 23 55 66 135 37 Bid 17 4 S9 65 16 67 48 92 41 4'5 47 103 155 117 25 54 6 15 69 107 45 35 57 111 115 ' 8 14 67 98 128 38 72 98 33 121 139 235 88 105 33 15 52 111 98 89 33 114 108 44 60 78 6 24 6 26 127 18 77 54 140 87 35 76 78 8 19 17 27 24 40 48 65 82 46 83 3 1U9 61 2t 103 113 36 44 04 80 63 87 15 85 22 122 25 115 63 8: 13 165 82 H 11 39 16 72 160 12 . 44 65 39 12 26 40 74 28 80 80 17 106 40 in AO 4 11 6 95 108 18 - 76 17 47 75 - 18 19 27 56 46 29 17 54 82 '04 149 1 J t 116 28 .27 117 132 29 13 85 13 85 67 19 24 ' 57 62 68 135 8654 1 Nat'l Lead... .... 90 Nevada Con.. 300 15 15 15 New Haven.. 2,800 21 20 21 Norfolk & W. 900 106 105 105 Nor Pacific. S,3"0 , 77 76 77 N Y Air Brake 800 71 69 71 N S Steel ... 300 29 28 28 N Y Central.. 2.500 ,88 88- S8 Okla Prod ref 1,500 2 2 2 Ontario-.Silver. 7 Ontario & W. 2,400 28 27 28 Otis Stel 8,800 14 '13 14 Pacific Dev. . . . ' .... . . . . ' 8 Pacific U & E 200 68 68 68 Pacific Oil... 2,500 54 53 63 Panta Allegre 100 40 40 40 Pan Am Pet. 11,900 63 61 6- do "B" ... 2.100 66 64 56 -Penna 3.300 42 42 42 Peoples Gas. . 700 83 82 83 Pere Marqu... 2.100 29" 29 29 Pure Oil 32 St 81 Phillips Pete. 1,500 36 80 86 Pierce Arrow. 1,100 20 19 19 Pierce Oil 2,000 9 9 9 Pitts Coal 60 Pitts & W Va 2,700 81 - 81 . 31 do pfd 81 Pressed St Car 2O0 76 76 76 Pullman 200 123 123 .123 Ray Cons..... 200 ir.' 15 15 Reading 9,700 79 78 74 Remington 400 35 34 84 Replofle Steel 3.500 85 33 84 Republic I & S 8,900 56 .. 54 55 do pfd 100 80 70, 79 Rep Motors.. 7 Royal Dutch. 6,200 60 60 60 Ry Steel Spg. 200 99 99 99 Saxon Motors. 400 4 4 ' 4 Sears "Roebuck 2,700 76 76 78 Shattuek, Aria .... 8 Shell T & T. 400 44 44 44 Sinclair 6,100 25 25 25 ft O lnd 88 S O N J 500 175 173 172 SIoss Shef 2.700 45 43 45 Sou Pacific. 9.500 90 88 89 Sou Ry 4,400 24 23 24 Stand Oil Cal. 1,400 96 95 95 St. X.4 6 P... 3.500 30 30 30 Stromb Carb. 2.300 61 50 60 Studebaker .. 13,900 117 115 116 Swift & Co 102 102 102 Ten C & Chem 1.600 11 11 11 Texas Oil.... 2.600 44 44 44 Texas Pac ... 6.100 35 34 85 Tex P C A O. 4,200 29 27 27 Tob Products. 400 64 63 53 Tran Con Oil. 4,400 9T4 9 9 Union Oil Del 800 19 18 18 Union Pac 8,100 137 136 137 United Alloy.' 50O 31 81 31 United Drug.. 700 71 70 70 Utd Food Pro. 1,000 5 6 5 Utd Fruit 100 146 146 146 Union B & P. 800 61 61 61 USCS Pipe. 1,200 87 86 -86 Utd Rtl Stores 40O 48 47 48 U S Ind Alco. 700 47 46 46 U S Rub 400 63 63 63 do 1st. pfd.. 800 105 105 104 U S Smejtlng. 600 38 37 37 U S Steell 14.200 98 97 ' 97 do pfd 600 117 117 117 Utah Copper. 1,000 65 64 65 Va Chem ' 100 34 84 34 do pfd 200 77 77 76 Vanad Steel.. 8,100 44 43 44 Vlvandou 300 11 11 10 Wabash 600 9 9 9 do A pfd.... 8,000 31 81. St do B pfd 20 Wells Fargo ..... , 78 Western Pac. 400 19 19 19 do pfd 400 : 66 65 66 Western Union 98 Westing A B 89 do Et &. M. . 6.000 ' 62 61 62 West Md J. 1.00O 10 10 10 White Motors 800 43 43 42 Willys-Ovid .. 2,800 8 8 8 do pfd 100 40 40 89 Wilson Packg 200 41 41 41 Wis Central " 29 Woolworth .. 100 161 161 16114 Worth Pump. 700 53 53 62 W & L, E 600 9 9 9 White Oil. ... 800 10 9 9 uMTEMflLn il)S HDS PROJECTS BEGUN DESPITE FINANCIAL HANDICAPS. Slrort Stretch of Railroad Will Give Ijos Altos Direct. Connection With Pacific Ports. (Copyright by th Public Ledger Company. Published bv Arrangement.) GUATEMALA CITY, April 8. (Special.) 1 Additional lines of communication jjn various parts of Guatemala are considered by the interior department as the key In the reconstruction and development upon which President Orellana has embarked. Because of financial conditions It is con sidered impracticable even to attempt the elaborate campaign of railroad con struction which will be undertaken as soon as th country is on its feet, but meanwhile a programme of highway con struction, river transportation alid a short piece of railroad building: has been begun by the department of fomento under Min ister Lie. Alberto Mencos. Minister Mencos has mimed nine Guate mala engineers to construct the short stretch of railroad from San Felipe to Quezaltenango, which will give Los Altos direct railroad connection with the Pacific ports and with the capital. San Felipe is at an elevation of approximately 1000 feet above sea level, while Quezaltenango, cap ital of the district of the same name, is about 9000 feet above sea level, and the distance between the two is only 60 miles. The need for this road has been recog nized by all political parties of the coun try, but It had never been attempted until President Orellana took office. The sec tion to be benefited will pay for the build ing of the road by a high tax on liquor end yielding an annual income of 15,oou, 000 pesos which is now in operation. With the road complete, highways will connect with other important centers and will per mit tha ; shipment of produce from this section, one of the granaries of the repub lic and rich in timber and minerals, by rail instead of by oxcarts and muleback. In connection with the building of this railroad an extensive hydro-electric plant is to be installed, utilizing the waters of the Salama river, which descend in a short distance 10,000 feet. This power plant will light all important cities and the railroad will be electrified. The pres ent, programme looks to repairing old hierhwavs. the building of some new roads in level ' country and-the establishment of gasoline launch service on two of tne navigable rivers. These highways will connect with Salvador on the south. Liberty Bond Quotations. Liberty bond and victory note Quota tions, furnished by the Overbeck & Cooke company, Portlana : Liberty, Sa . . , do 1st 4a do 2d 4 do 1st 4s. . . do 2d 4s do fid 49 do 4th 48.. Victory, 4s... do 3s Open. D9.24 High. 99.30 . 09.53 09.58 . 99.23 99.44 . 99.59 99.56 . 99.50 9.ti0 .100.90 100.92 100.90 100.90 100.02 Closing Low. Bid. 99.24 99.24 ..... 9.30 90JO 09.40 9.28 99.50 99.44 Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by North western National bank of Portland. Tne amount quoted is' the equivalent of the foreign unit in United States funds: Country Unit. rcai. Austria, kronen .0025 Belgium, francs .woo Bulgaria, leva , .0080 Czecho-SIovakia. ' kronen .0202 Denmark, kroner " .s. .2132 Knglnad, pound sterling 4.4125 Finland, finmark .' 0203 Franca, francs .09: Germany, marks . ............... .0035 Greece, drachmas .0453 Holland, guilders V. . , .3800 Hungary, kronen .0016 Italy, lire . .0536 Jugo-Slavia, kronen 0036 Norway, kroner jjv-w High-Grade Investments Issue Rale Due Price Yield Dutch East Indies . 6 Canadian Northern R. R. Co.' (Guaranteed by Dominion of Canada) Government of Newfoundland O 0 .5', Province of Alberta 6 Province of Ontario $Vz City of Vancouver, B. C. 42 State of Oregon 4 Los Angeles Gas & Electric Co 6 1962 1923 1942 1930 1929 1923 1937 1942 93 99.623 101 102.33 100 97.62 93.50 101 6.30 7i 5.137J 5.40 To 5.63i 5.50 7.00 4.60 5.90 I. flevereaux 5i(5mpany INVESTMENT BONOS 8T SIXTH STREET PORTLAND. OREGON BROADWAY 1042 GROUND FLOOR WELLS-fARGO 8UU0INQ MINING GROWING ACTIVE SPECULATIVE SALES OS EX CHANGE INCREASE. Building of Largest Silver-Gold Reduction Plant in North Amer ica Is in Progress. 99.40 09.22 80.50 99.44 Swift & Co. Stocks. Closing prices of Swift & Co. atonka at Chicago were reported by tha Ovrrbeck & (JooKe company of Portland as follows: Swift & Co 1024 Libby, McNeill & Libby 3 National Leather .", ' 2Vm do new .' inu. Swift International 18 . Money, Silver, Etc. NEW YORK, April 8. Foreign bar sil ver, 5c. Mexican dollars, 50 c. LONDON, April 8. Bar iilver. 33 per ounce. Money, 2Yt per cent. Discount rates: Short bills, 2 per cent: three months bills, 2 per cent. Mining; Stocks at Boston. Closing mining stocks at Boston-, fur. lshed by the Overbeck & Cooke ox j-ortiana: Bid. 9,i 60 Aj-izona Oomm Adventure Ahmeek Algomah Allouez .'. ., 2H Arcadian 2 ' B-inirham Alines i.ti; Balaklava J 6ax California and Arizona fio Calumet & Hecla .'....277 New Corn 17 entennia.1 n Copper Range 43 Davis Daly . t 7 14 ast auils n Franklin Mining 1 ranby o Hancock 2 Island Creek ... ..'...103 do pfd 92 Keweenaw 3 vi err Lake Lake Copper LaSalle Michigan Mass Con Mohawk - May Old Colony -. . Mason Valley . . . . North Butte ..... Nlpissing North Lake Oseola Mining ... O-bijawa , Quincy Mining .... Pond Creek Isle Royal n-itea s-noe Mach do pfd , 3 2 1- 1. 2 '.4 67 4 1 12 5 20 88 114 44 1T 24 ... Ask. 9 tn. 03 25 26 3 14 "ei 280 17 12 44 734 11 1 3 103 1 3 3 2 2 88 12 HYt 40 37 2 18 Portugal, escudos .0886 Roumania, lei .0080 Serbia, dinara .0137 Snain. pesetas .. .1565 Sweden, kroner 2620 Switzerland, francs 19n5 China Hongkong, rocal currency... .oinu Shalghai. taels , Japan, yen -. 4800 NEW YORK, April 8. Foreign ex change, firm; Gnat Britain, demand, $4.40; cables, $4.40; 60-day bills on banks, $4.37. Francs, demand 9.15; cables. 9:16: Italy, demand. 5.32: cables, 5.33. .Belgium, oemana caoies, 8.49. Germany, demand, .32; cables, .32. Holland, demand, 37.-80; cables, 37.83. Norway, demand, 18.32. Sweden, demand. 26.18. Denmark, demand, 21.20. Switzerland, demand, 19.44.' Spain, de mand, 15.55. Greece, demand, 4.46. Po land, demand. .02. Czecho-Slovakia, de mand, 1.93. Argentina, demand, 35.S3. Brazil, demand, 13.75. Montreal, 97. Great Britain demand advanced to $4.41; cables, $4.41; 60-day bills, on banks, $4.38 in the late dealings. Standard Oil Stocks. Standard Oil quotations furnished by fWprhpp.k & Cooke company of Portland 4ld. ASK. 13 3TO 96 19T 113 135 34 150 97 49 114 106 181 105 28 275 108 278 15 27 565 360 100 .182 64 88 560 485 271 ' 410 . 117 35 358 30. ISO 101 Anglo 18 . Borne Scrysmer '. , . 350 Buckeye y "4 Cheesebrougb. .392 do pfd .....110 Continental 132 Crescent 33 . Cumberland .140 Eureka 94 Galena com 47 do Old, pfd 110 do New, pfd 100 Illinois Pipe 178 Indiana Pipe , 103 National- Transit - i 28 N Y Transit .270 Northern Pipe 105 Ohio Oil 275 International Pete 15 Penn Mex 23 Prairie Oil B0 Solar Refg 340 Southern Pipe 98 South Penn Oil 178 S W Penn Oil . . 61 S O Ind m S O Kansas 540 S O Kentucky 475 S O N Y 268 S O Ohio 400 do pfd 116 Swan & Finch 25 Vacuum 354 Washington 20 S O Nebraska 170 Imperial Oil . . 99 tah Metals Utah Con U S Mining do pfd Utah Apex . Ventura .... Winona Wolverine . . Wyandotte . 43 43 26 26 2B 80 . 65 IV, , 1 2ax 38 38 45- 46 . 3 314 25 T 26 . 40 6l . 32 33 .40 65 Sugar Markets. NEW YORK, April 8. Raw sugar, cen trifugal, 3.98c; refined, fine granulated, 5.255.50c. Sugar futures closed steady, approx imate sales, 1150; May, 2.52c; July, 2.71c; September, 2.89c; December, 2.95c. SAN FRANCISCO, April Hawaiian raw sugar, 4.11c. 8. California- Furnished Foreign Bonds. by Overbeck & pany of Portland: - Bid Belgian rest 5s ... 72 do prem 6s 80 do 7s ..1945 10-8 do & ..1941 107 do o 1920 102 Brazil Sa i 1941- 10O Ohll Bs IBB 2 85 do 7s 1033 101 British 6b..., 1922 90 do 0s 127 9 do 5e 1926 90 do vky 4s 77 do ref 4s 73 Bordeaux 6s 194 87 Canadian 6a v.. 1937 97 do fts 3 926 9U do 5s .1 1929 100 ' do 6" 31931 mi do 0 1927 97 Chinese 5s 19CI 51 Chilean 8s 1941 1-04 Ru-ss Currency 6 Denmark Ss 145 Dan 'Muni 8 1945 French 4a ,.1947 do 6s 1920 do 6s 1931 do 7s .. .1941 d o 8s 195 German W I. Gs ........ . ... Borl In 4s Ham'burff 4s... do 46s ... Leipsig 4a dO MA ... Munich 4fl ................. do 'OS Frankfort 4s It&ldan 5s .....1918 Jap 4a 1931 do 1st 4s 1925 do 2d 4 1925 Norway 8s 1940 Russian &s .....1021 Coke corn- do 5 s do 6s Swisi 5s do 8a San Paulo U K As ... do 6s do os . . S wedish . .1 8s.. .1926 ..1919 . .1940 .19040 . .121 . .122 ..129 . .1937 . . 3 939 112 11-2 56 80 68 102 106 2 - 2 3 3 S 4 3 3 3 40 715 89 89 112 22 i 24 101) 11 KW- 105 10 10O . . 1)00 Ask 75 30$ T4 lOS 3t 107 86 102. . 92 92 92 79 75 ST 99 101 9-8 53 104" 8 112- 82 69 MW',4 10 3 ' 3 4 3 . 6 4 4 4 41 T5 90 . 89-14 HI 5 27 101 10 101 QUOTATIONS ON DAIRY , PRODUCTS Current Prices Ruling on Butter, Cheese and Egrsrs. SAN FRANCISCO. April 8. (U.. S. Bu reau of Markets.) Butter, extra, 33 c; prime tirst, 33c Eggs Extras, zic; extra firsts, zzc; ex tra Dullets, 234c; extra pullets, firsts. 22M:c; undersized. No. 1, 20c. Cheese California, flat. fancy. 23c: Young America fancy, 2'2 1 c. CHICAGO, April S. Bu tter. higher ; creamery ex-traa, 34,c; firsts, olta'aaiitc; seconds. 23 30c; standards. 33c. Eggs, firm; receipts, cases; firsts, 2c; ordinary firsts, 2121Vc; miscel laneous, 2222c; e to rage packed ex tras, 25 He; storage packed firsts, 24 c. Poultry, alive, unchanged. NEW YORK, April 8. Butter, firm. (Copyright by the Public Ledger Company. Published by Arrangement.) SAN FRANCISCO, April 8. (Special.) Actlvitv on the mi runic exchange is chiefly in evidence among the most speculative issues. , The new Oatman stocks were an exception, only a few sales being recorded. Intervention of the state corporation com mission has checked the development of the projected boom. There has been a volume of sales of Divides and Tonopahs. Lucky Boy, one of the former, declined less than half its usual quotation of nine or ten cents. West Knd Chemical and Simon Silver continue about the most constant of the list". Gruss Copper has unexpectedly re covered to about 8 cents. Tho United Comstock has completed its 10.000-foot drainage and transportation tunnel. With its portal at American Flat, the huge lateral cuts through the mines comprising the group to connect with the shafts on the Alpha Consolidated at the north end. Development of several virgin veins is to be undertaken. Building of the 2f00 mill, designed to be the largest silver-gold reduction plant in North America, with possibly two ex ceptions, is proceeding vigorously. The management estimates the mill will be ready for service before the end of Oc tober. Clearing of the cross-cut from the Mint shaft on the Sutro tunnel level is being rapidly prosecuted by the Middle Mines company preliminary to beginning diamond drilling. This work is being done on the Savage mine, and the drills are designed to explore the Comstock lode fissure to a depth of 2400 feet in virgin territory. The Comstock Middle Mines company, which holds an option on the Middle Mines group, is prospering from the Hale & Norcross tunnel to locate extensions of rich veins in the Best & Belcher, Gould & Curry, Chollar and other properties. STOCK BOOM ON SOLID BASIS Big: Dealings at High Prices Founded on Industrial Revival. NEW YORK. A-pril 8. Dealings Involv ing no less than 7,000,000 shares, mostly at highest prices for the year or a much longer period, and a corresponding de gree of activity and strength in the bond list, epitomized a noteworthy week iu the securities market. Factors on which the broad foundation of bullish enthusiasm seemed to be laid, namely, the marked improvement in gen eral economic, financial and industrial conditions, are now so widely recognized, even, in conservative circles, aa to occa sion little doubt or discussion. Almost the only cloud on the financial horizon was the suspension of operations in the coal fields, but the strength of coal shares, almost collectively, brought to mind a time worn tradition that "Wall street never sells on a strike." Many other railway shares, besides the nthracite and bituminous issues, gave impressive demonstrations of strength, these being accompanied by rumors of re stored or increased dividends, but specu lative interest was most keen in steels, oils, motors and equipments. From these groups activity extended to shippings, coppers, rubber and textiles, most of which derived their strength from the better market position of these com modities; while food specialties reflected the further advance of farm products. A' few special stocks reacted on poor statements of earnings and a more or less vulnerable technical position, but the movement of the great mass of Indus trials seemed to be based on Indubitably evidence of trade revival and cheap money. Call loans in the open market ruled at 4 per cent, but many private loans were made at 4 per cent on gilt-edged collat eral. The same disparity applied to time funds, accommodations for the longest dates being privately offered at a con cession from the 4 per cent quotation. England's notice to her erstwhile allies for payment of interest on war advances threatened renewed iinsettlement In foreign exchanges. Latest aspects of the forthcoming uenoa meeting. However, more than neutralised that development. Remittances to central and eastern Eu rope improvea on tne success attend ing the Caecho-SIovakian loan here and in London and Amsterdam. SAN FRANCISCO PRODUCE MARKET Prices Current on Vegetables. Fresh Pro its, Etc.. at Bay City. SAN FRANCISCO, April 7. State Dlvl- on of MarkPtP.) Poultry Broilers, 34p to 46c; young roosters, 25o to 42c: old. ITmj to 20c; hens, 21c to 32c; ducks, 26o to 28c; live turkeys, 32o to 35c; dressed. Stto to 44c. Fruit Apples, ftnd 4 tier, $1.40 to $3.50; oranges, $5.25 13 7.00; lemons, 44 to ?5. 75 ; grapef ru it, $3. 50 to $4. 50 ; straw berries, crate, 4.S0(5.23. Vegetables Asparagus, pound, 8c to 17c; artichokes, large crate, $13916; beans, pound, 23c to 85c; carrots, sack. $1 to $L50; celery, crate, $3(&)4.50; cu cumbers, dozen. $2 to $3; lettuce, crate, $3 to $4.25; mushrooms, pound, lOo to SOc; olives, pound. 6c to 10c; pas. pound, 12ai5c; potatoes, $1.90 to $2.75; rhu barb, pound, 35c; Hubbard squash, pound, 6c to 8c; sprouts, pound, 12o to 14c: s pinch, pound, 2c; turnips, sack 11.23 to J 1.50. Receipts: Flour, 84 M quarter sacks; corn. 16O0 eat!: potato a, 83 onions, 4 8 sacks, bay, 830 tons; fcldss, 732; oranges and temotm. 450 too Navml Store. 6AVAN-NAH, Ga.. April 8. Turpentfs. firm, 8OK0; sales, SS barrels; rcwtpta o barrels; shipments, 8 fesrroia; stock 704 barrels. Rosin Firm; aan. 4C barrels: rsrelp. fW barrels; shipments. 775 btrrWa; t'iW.280 bo-rrols. CMmte: B, D, 1-:. K, $4 o;m 4 20; O. II. I, .07mtf 4.2'f. K. f4 12Hf 4.35; Xf, '14.50; N, $5.20; W1, 3 jtf5U. W W, u.7i66 8V Dried Fruit at New York. NEW YORK, April K Kvapormtf d ap- pes qutt but steady. Prunes quist, "Vxr-hf; f tl For the investor who seeks safety for his principal and at the same time a fair return for his money we recommend any of the following bonds which we ourselves have purchased after the most care ful consideration: Due Yield Marion Co. Oregon Road 5Vts 1939 4.91 Wallowa Co. Oregon Road 52S . . . 1935-7 5.00-;;, Tillamook Co. Oregon Road Ss. .1931 5.00';;, Greater Winnipeg Water 5s 1923 6.00 Province of Saskatchewan 4s 1923 6.2o Gov. of Newfoundland 6Vs 1923 6.007o Pacific Power & Light Co. 5s 1930 6.25 Kingdom of Denmark 6s t 1942 6.25 7v Dutch East Indies 6s 1962 6.35 Gov. of Argentine 7s 1923 7.00 Complete details on any of these issue furnished on request. Telephone or Telegraph Orders Collect. BOND DEPARTMENT OPEN :30 TO SiOO Saturdays 8:30 tm 2i00 LAB & TILTOH B&NK Oldest in thm Northwest WASHINGTON at THIRD cnn y t-i't'i' i y i v r'iT,i'T'i,Ti,T'?T'rT'i'r'i'T'i'rrTn r i v r?r;TiiS Spot Coffee Firm. ' NEW YORK, April 8 Coffee futures to day closed 5 to 10 points net lower. Sales "were reportea of aoout 3S.O0O bass. Clos ing quotations: May. 9.84c: July, 9.75c; Beptemoer, 9.47c: .October, 9.47c; Decem ber, 9.48c; January, 9.43c; March, 9.39c. spot corree urm; mo Ts. l14c: Santos 4s. 14 ffl 14 lie. Duluth Linseed Market. DULTJTH, April 8. Flaxseed, $2.5354 2.5514. - . . WANTED Manager for Portland By a very strong, well-known Life Insurance Company. This company has all the up-todate policies, including Double Indemnity and Total Disability features, writes Sub-standard as well as Standard business and has a large amount of 4 insurance in force in and around Portland. An exceptional opportunity is offered with a salary and commission to an experienced and capable man who can fill the bill. Apply, giving experi ence and references. All replies considered strictly confidential. Apply H!567, Oregonian. Before mmhivesting your next savings inquire about our Partial Pay- H ment Plan for purchasing high-grade bonds. This plan was initiated in Portland by the presi dent of this company. The plan combines all the advantages of a sav ings account plus the benefit of definite high grade security and high current interest return. You are saved all worry and technicalities. Why be satisfied with less when you can just as easily make 6 to 7 and more with safety. Mail us this coupon. Dolt Now Ask for details of our P. P. P. Freeman, Smith & Camp Co. l,umbermrna Bids.. I'ortlnnd Pleas send me details of your Partial Payment Tlaa. Name Addreiis OVERBECK & COOKE CO. Broker. Stork. Bonds. Cotton. Grain, Etc. tl-2l7 BOARD OF TRADE BLDO. Wall Walls. Wuh. Portland. Or. eo dleton. Or. MEMBERS CHICAOO BOARD Or TRADE. Corresponds. ta of Logan A Bryan. Cnicajro and ew York, MEMBERS New York Mock Exchangre. Chicago Stock Exchange, Boston Stock Exchange. Chicago Board of Trails. iew Vork Cotton Exrhangs New Orleann Cotton Exchange. New York Produce Exchange. Winnipeg Grain Exchange. ' .Liverpool Cotton Association. Forming a Company? You gain mnity advantages by otti ixlr st on l he Common 1-aw n n unilf r n iur.i Declaration of Trual. NATIONAL STAND ARD blanks, th accept! furtiii, rmn t filial in by anyone. nywhr. mp.e- outfit, with $;r'-ctlor.. ftirniNh"! by C s nKMARKK, gttl blank puh;iHir. M Walnut. Kmmi City, ilo. Aik tar fr- pamphlet HERRIN & RHODES, Inc. ' Etobllhet If'.wl. STOCKS, BONDS, COTTON, GRAIN Corrpont-m V.. V. lll'TTON cn N. T. Mmbr. ml ).f1in .nrh.it.rti. liMbnnn'a Hervl.-. An lie. Rdwr. 47X4. X0t Kll7 t.Xf-li.n.. Rl!r. Ronlan. Main 707. Main 7U70. Automatic. 1