The Sunday Oregonian. (Portland, Ore.) 1881-current, May 07, 1922, Section One, Image 21

The Sunday Oregonian., May 07, 1922, Section One, Page 21, Image 21

Image provided by: University of Oregon Libraries; Eugene, OR

About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (May 7, 1922)

Prev Page of 100 Next Prev Issue Next Text PDF JP2 (4.2 MB) Clip/Print Image

Return to Top

Prev Page of 100 Next Prev Issue Next

Newspaper Page TextTHE SFNDAY OREGONTAX, PORTLAND. MAT 7. 1922 21 BRITISH FINANCES CAUSE UNEASINESS Suspension of Sinking Fund Affects Stock Market. GENOA FULL OF OIL MEN War Debt Negotiations Sharpen Interest in American Tariff With Its High Duties. BT FRANCIS W. HIRST. Copyright by the Public Ledger company. Published by arrangement. IX5NDOX. May (Special cable.) 0upens!on of tne sinking fund has caused more uneasiness here than the relief af forded by reduced taxes, which does not perate until next year. Besides, reduc cion, In the Income tax was anticipated whll suspension of the sinking fund was sv disarreeab'.e surprise. Consequently Stock Exchange prices receded somewhat from last week fiir Robert Home's roseate statement Jbout previous debt reductions were shat tered by Sir Godfrey Collins, w,ho proved xrom oxriciai rigures taat in tnree com piets fiscal years, beginning April. 191&, Det reduction In the debt has been only f 2 1.0 00, 000, although capital assets chiefly were war stores sold to the extent of 060,000,000 during the same three years, Genoa is said to be full of oil men, but reports of concessions to various groups thould be distrusted. French, Russians and Germans all are playing the same game expecting more and more concessions from the British premier. The Stock Exchange was more cheerful today and pre-war Ruslan securities again Were In request. Settlement of the engineering dispute appears more likely, and signs of slight Improvement In trade multiply, especially la the textile Industry. The liberals In the commons next week will demand the removal of the 33 per cent duty on automobiles, clocks, watches, musical instruments and moving-picture films. These duties were imposed during the war to dlcourage Importation of lux uries and to save shipping space for food and munitions. It is reported negotiations with "Wash ington concerning the war debt to Amer ica, to begin in a fortnight, have sharp ened interest In the American tariff be cause prohibitive rates, excluding British goods, would make Interest payments from Europe to the United States difficult, if not impracticable. The total Interest on the war debts ex ceeds the total value of British exports to the United States before the war. Re cent figures on tax burdens calculated at "present rates of exchange show that Great Britain pays 19 a head. United States' 113.5, France 8. In the budget statement the sterling equivalent of the dollar debts to the United States was given at about 4,000.o00 and added: "When exchange Is restored to par, as I hope it will be before long, the sterling equivalent will be 856.000.000." This statement and present firmness of sterling are puzzling. If interest payments which would naturally depress sterling, as German reparation payments depressed the marks are about to be commenced. Republic I & St 6s 1940 Otis S 8s Third ave. 5s Sears Roe 7s 1022 Steel A Tube 7s 1951 Uni Drug Ss 1941 U S Rub 1st ref 3 1947 do 7s 1930 U S Steel sf 5s 1963 Va Chem 5s . . . .1-923 Va Car Chem 7H3 S9S2 West Elec 5s 1922 West U T col Tr 5s 1938 West Union 6s 1936 Wilson 1st 6s 1941 do cv 6s 1928 "West Elec 7s 1925 Westlnghouse 7s ; 1931 Public utilities Amn Tel coll 4s 1929 do 5s .nun do 6g 1923 Bell Tel of Pa 7s.. C 1945 B R T 5s 1945 Cal Gas uni 5s 1 937 Cities Service 7s B 1966 da C 1966 CO is m06 . .1925 . .1936 . .1966 . .1930 . . 1943 .1941 95U f 102H 611 100 101 108 i 90 107 102 98 H 99i-i 100H S 11014 110 94 107 107 91 9S U4 108 H 64 95 136 97 91 117 18 75 99 87 106 97 92 102 :bdno market strokser DKALIXGS BROAD OX CLOSING DAY OF WEEK. con ua, cv 7s... Int Met him Int R T ref 5s... Laclede Gas 7a Mont Power Ss A Northwest Tel 7, Pac Te! 5s 1937 Pac Gas os 1942 Souwest Tel 7s ,1925 Oil bonds Atlantic Ref 6i 1931 Pan Amn 7s 1930 Mex Pet cv Ss 1936 Sinclair 74 1925 S O Cs.1 7s 1931 Texas Co 7s 1923 Tidewater Oil 64s 1931 "Vacuum Oil 7s 1936 Forelsrn Government Bonds Argentine 2d 7s 1923 do QI 5s 1945 Belgium 8s 1940 Berften Ss 1945 Berne 8s 1945 Christiana 8s 1945 Copenhagen 514s 1944 Danish Consoi 8s 1946 French Cities 6s 1934 Italy A 1925 Swiss 8s 1940 Swedish Govt 6s 1939 U S Mex 4s 1954 do ext 5s 1Q4K TJrugnay ext 5s 741, Zurich 8s 1945 i13i4 Curb Bonds Allied Packers 6s Am Tel & Tel 6s 1922 1924 104 100 106 1041, 108H 101 103 1074 100 85b 106'; 110H 112H 111 93 111S 8711 98 117H 101 67H 80" 100 101 Anaconda Copper 6s 100 103 103 104 102 102 102 "J no Anglo-Am Oil 7Hs armour & Co 7a Beth Steel 7s 1935 Copper Ex Assn 8s 1924 do inos Galena Signal Oil 7s 1034 Grand Trunk Gulf Oil Co 63 105 1044 :9 9ST 101 10214 1064 105 101 102 New Tork Bonds. Furnished by Ilerrin &. Rhodes, I Portland. Railroad bonds - Atch gen 4s 1995 A C 1. 4s 1952 do 7s 1930 B O gold 4s 1948 do con 4Vjs cv 1933 do ref 5s 1995 Canadian Nor 6s 1946 Central Pao first 4s 1949 Ches Ohio cv 4iss 1930 - do gen 4V4s 1992 do cv 5s 1946 do con 5s 939 C B m Q 111 dlv 4s 1949 C & Weft Ind 4s 1952 C O & W 4s 1959 Ik & at v 4s 1925 do cv 44, 1932 do deb 4s 1934 do gn 4s A 1899 do cv 5s 2014 do g and r 4s A 2014 Chicago N Y gen 4s 1987 do 64s 1936 do 7s 1930 C R I & P ref 4s 1984 Colo So ref ex 4V4s 1935 do 4s 1929 Iel & Hudson cv 5s 1935 do .s D A- R G cv 4s . . . do ref 5s Erie P L 4s Erie con 4s A .... do B do D 1953 Erie Pa C G 4s 1951 Great Nor 4 lis 1961 do "s 1936 Great Trunk 63 1936 do 7s ..1940 Illinois Cent Joint 5s-.-.-. 1963 do ref 4s 1955 K C Seuthern ref 5s. Keo & Des M first 5s. X. S & M S 4s Li 4 X 7s do uni 4a M - 1 v S S M 6 Hs. M K ft T 4s M P gen 4s M P ref 5s M r ref 5s NYC rteb 4s do con 4s do ref Imp 44s ... do cv ilcb 41s 193: d col! 7s 1980 RTNHIn 6s 194S N Tex Mex 5s 1935 N P P L, 4s 1997 N P 0s 21147 N P Gt Nor Jt 6s 1936 Q8t ref 4s 1929 Pei'na 64s 1936 do gen 4H IMS do 44s I960 do gon os lfltis 19SO 1936 1935 1996 1 953 . . . 1 9.13 .1930 .1923 .1931 .1930 .1940 .1946 .1990 .1975 .1923 .1926 . 1 934 . 1 998 .2013 du Retidlnv.- gen 4s 8 A L 4r do 5s do 6s A Pou Ry ron 5s 80 Pao cv 4s do ref 4a . . . do sf term 4s B P conv 5s St 1, & s W P L 4s A. do gt; 11 5s do P 1. 5s B do gen 6.1 do adj 69 do inc Gs 8t 1. S W 1st 5s . . do con 4s . 1 930 .1997 . 1950 .1949 .1915 .1994 . t029 . 1955 . 1950 .1934 .1950 .1931 .1950 .1931 . 1 955 . 1 90O .1952 .1932 do 1st 4s 1989 Tex r. 1st 5s 110 Is 4s do cv 4s do ref 4s do 0s Tn Tank 7s W:bash 1st 5s do 2d 5s Wept Pac 5s S C 7s N a K p n M K T 5s 5 K S T 5s Ph Pet.. 7,s Industrials Allied Packers fis Am Agr ru 7ts Am Sin first 5s An' Tob 7s do 7s , Armour 4', 9 Beth steel 7s do ref 5s Crro de Pasco 8a.... Chi!, conv 6s A do 7s Col Graph Ss , Copper Exp Ss , Colo F I gen 5s..., Cuban Amn Sug 8s.., Cuban Cane cv 7s..., IMstllera Sec cv 5s. ., Dlam Match 7s Pupont 7s Empire Gas Fuel 6s. Flsk Ss Gen Blec deb 5s do deb 63 , Goodrich 7. , do 8s , Heins 7s Hershey 7 , 111 Steel deb 4s ... Ind Steel 5s Int Agr 5s Int Marine CT Ss Kelly Springfield Ss . Kennecott 7s Lack Steel 3a do first 3s Lis & Meyers 3s .... do 7s Lorliisrii 5s do 7s " Mldval. 59 , Morris A Co. 76s Proc A Gambia 7s ... . . . . 2000 . ..1947 . . . 1 927 . . . 20O8 . . . 1 928 . . . 1930 . ..1939 . . . 1 939 . . .1946 1939 1941 194 7 1922 1923 1939 1923 1942 1931 1932 1923 1925 1923 1943 1931 1 930 1927 1933 1931 1924 1941 1932 1940 1925 1941 1930 1930 1940 1952 1932 1941 1931 1930 1923 1950 1951 1944 1951 1944 1936 1930 1S21 88 8814 106 81 82 85 112 86 88 88 92 101 83 74 62 80 65 78 77 66 8614 108 107 82 87 92 96 107 81 48 61 50 49 51 87 90 10i'; 104 113 96 87 87 90 92 107 91 102 81 64 icn 97 89 83 87 103 107 83 70 87 106 106 91 109 91 96 99 109 85 59 26 58 95 91 S7 82 103 73 98 88 103 81 69 82 76 78 95 91 94 86 103 103 98 86 87 100 92 56 90 112 SO 104 92 101 101 92 104 96 116 90 103 47 102 90 103 84 44 :nx. 107 100 108 100 116 104 102 90 99 SO 14 99 105 99 90 95 114 94 114 90 104 101 Humble Oil 7s , 101 iiun-n.iu Aran is Libby McX & Lib 7s Sears-Roe 7s 3-year 1923 So West Tel 7s Stand Oil N T 6s !l9S3 do 7s 1928 Swift & Co 7s 1925 o 1931 Texas Co 7s Notes 101 Vacuum Oil 7s 106 Oil. STOCK IS HOLD FOR PROFIT Liquidation In Other Lines Also Noted During Week. NEW TORK, May 6. Following the lines of least resistance, the stock market this week emphasized more or less irregu larly the moderate reaction of the pre ceding week on a smaller volume of business. There were a few exceptions to this tendency, especially among the oils. Even that group, which held undisputed leadership, there were frequent manifes tations of liquidation for profits. Sentiment otner than is speculative cir cles evidently was less impressed by the continuance of million share days. The undertone of standard rails and high grade industrials indicated an excess of supply over demand. Few of the elements which gave rise to the bull market of the past two months were lacking. Money remained cheap and the high rate of production recently re ported by manufacturers of basic materials was maintained. Railroad earnings af forded further ground for encouragement and the strength of international currency marked the passing of another so-called crisis at tienoa. The coal strike apparently entered only casually into the calculations of traders committed to the long account and fears of drastlo cuts in freight rates were al most dispelled. General business, according to latest authoritative surveys, shows further back wardness, due mainly to unseasonable weather. The Inquiry for principal com modules denotes steady growth, however, and the metal markets improved on. an Increased foreign demand. ' Prevailing trade conditions are regarded by observers as more stable than those of any similar period for the past 15 years. The protracted process of deflation, especially in merchandise, it Is argued, minimizes any likelihood of premature business expansions such as caused the serious disturbances of 1907 and 1909 and the short-lived boom of 1916. Moderate commercial and agricultural requirements will tend, it Is believed, to keep money rates easy until the turn into the mid-year or longer. Foreign demands on this country's financial resources are likely to remain in abeyance pending the outcome of the approaching conferences of the Interallied reparations commission. Standard Oil Stocks. Standard Oil quotations furnished by Overbeck & Cooke company of Portland: Bid. Asked. Anglo 20 21 Borne Schrysmer 365 Buckeye 98 Cheesebrough 200 do pfd 109 Continental 149 Crescent . . . . 34 Cumberland 140 Eureka 102 Galena com .Liberties Active and Recover Part of Recent Losses Federal Farm Loan to Be Issued. NEW TORK, May 6. Firmness, which later developed into pronounced strength, accompanied today's broad dealings in the bond market. Liberties were active and mads moderate recoveries from recent lower levels. There was little alteration in foreign war issues, but Danish municipal 8s "A" and "B" gained 2 and 2 points, respec tively, Chinese railway 5s also rising two points. Railroad bonds were mainly better, espe cially issues of the Atchison, Southern Pa cific and Seaboard Air Line systems. Trading in local tractions was quieter, but mostly at additional gains, Brooklyn Rapid Transit 7s and allied certificates rising 1 to 1 points with New Tork Railway 5s; Total bond sales, par value, aggregated $8,661,000. Next week's underwrltings will Include $75,000,000 of federal farm loan 4 per cent bonds, to be offered by the 12 fed eral reserve banks on Monday at par ana interest. Treasury officials emphasize the fact that this is the first issue of these bonds at 4 per cent in almost three years. They add that the present satis factory state of the Investment market "should assure their prompt absorption." Shorts: availed themselves yt the week end session in the stock market to effect a reaction of quoted values by directing pressure against the oils, especially Mexican Petroleum. Losses of 1 to 3 points in that division were fully neutralized by gains of the same extent in a numberof Indus trials, chiefly the independent steels and several utilities, notably gas shares. New Haven was among the stocks to register a new high record for the year on further extensive accumulation, but rails as a class made little further con tribution to the day's business. Sales amounted to 650.000 shares. Weekly reviews had little bearing upon the financial markets, aside from an nouncements of new bond underwrltings. Foreign exchange eased slightly from yes terday's highest quotations, sterling fall ing of 1 cent from its maximum. For the first time in a month, the week ly clearing house statement reported a contraction of actual loans and discounts. The decrease of $19,S03,000 In that Item was accompanied by an Increase of $33, 669,000 in net demand deposits and a cash gain of $17,324,000. increasing excess re serves to $30,726,000, the largest total since the latter part of March. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland: Stock. Sales. Adams Exp.. Agr Chem .... Ajax Rubber.. Alaska Gold.. Alaska Juneau Allied Chem.. Allis Chalmers Am Beet Sug. Am Bosch .... Am Can Co. 100 200 1,000 1,500 1,400 High. 60 40 17 68 48 Closing Low. Bid. 65 40 17 67 48 1,000 4S (ir, 30 17 1 67 48 38 46 48 do pfd. . 104 Am C & Fdry 162 do pfd 119 Am Cot Oil 26 Am Drug Syn. 100 6 6 5 Am Hide & L - 15 do pfd 69 Am IntI Corp. 1,100 46 45 45 Am Linseed... 100 34 34 84 do pfd 300 56 56 55 Am Loco 400 116 116 116 do pfd 116 Am Saf Razor 200 7 7 Am Sh & Com 2,500 18 17 Am Smelter.. 400 67 57 do pfd 400 98 98 Am Snuff 500 1.200 100 1.000 200 1.000 1.600 2,200 100 Peoples Gas . . 100 88 88 88 Per. Marqu.ta 1,600 32 31 31 I Pure Oil 1,100 33 33 33 Phillips Pete.. 1,100 43 43 43 Pierce Arrow. 800 22 21 21 Pierce Oil .. 11.900 10 10 10 Pitts Coal ... 1.700 64 64 64 Pitts & W Va 9.200 35 S4 35 do pfd 85 Pressed Stl Cr 79 Pullman 1.800 123 122 123g Ray Cons 1.000 16 16 16 Reading 2,00 78 77 77 Remington 34 Replogle Steal 1.000 34 31 33 Republic 1 8 4.00 66 64 65 do pfd ... Jb S9 Rep Motors ... 100 8 8 8 Royal Dut Oil 8.500 64 63 64 Ry Steel Spg 102 .Saxon Motors. 300 3 3 3 rSears Roebuck 300 75 75 75 Shattuck Arls 100 9 9 9 Shell T i T 47 Sinclair 6.700 33 32 S3 Stand Oil Ind 10T 106 107 do N J 3,100 190 189 1S9 Sloss Shot ... 1,800 45 44 44 Sou Pac 7.900 92 91 91 Sou Ry 4,5O0 25 25 25 Stand Oil Cal. 2.5O0 116 115 116 St L & S F .. 5O0 30 30 30 Strom Carb . . 300 54 54 55 Studefbaker .. . 6.900 121 119 120 Swift & Co 102 102 102 Tenn Cop & C 100 11 11 11 I Texas Oil 8,300 49 48 49 Texas Pao ... 700 34 34 34 Tex P C & O.. 4.900 30 80 30 Tob Products. 1,000 68 67 67 Tran Contl Oil 40O 11 11 11 Union Oil Del 2.000 24 23 23 Union Pac ... 100 138 138 138 United Alloy.. 1,300 35 34 34 United Drug. 70 Uni Food Pro 100 5 5 6 United Fruit 140 Union B & P 200 67 67 67 U S C I Pipe 200 35 34 34 Uni Retl 8tors 2,000 58 52 -.63 U S Ind Alchl 700 50 49 49 U S Rubber .. 600 65 63 65 do 1st pfd. . 100 103 105 105 U S Smelt 100 40 40 39 U S Steal 24.400 99 97 98 do pfd 3O0 118 118 118 Utah Copper.. 500 65 65 85 Va Chem 84 do pfd 6 79 Vanadium Stl 85,200 47 43 47 Vlvandou 2.8O0 18 13 13 Wabash L600 11 H 11 do A pfd .. 1,400 82 32 32 do B pfd 21 Wells Fargo 76 West Pao 21 do pfd 1O0 62 62 62 West Union.. 200 99 8 98 Westng A B . . 100 96 96 96 do E & M. . 1.800 62 61 62 West Md 50" 11 11 11 White Motors. ... 48 Wtllys-O-ver .. l.SOO 8V4 7 8 do pfd 89 Wilson Pckng 45 Wis Central 28 Woolworth 160 Worth Pump.. 100 52 62 62 W & L E 900 12 12 12 White Oil.... 900 10 10 10 Liberty Bond Quotations. WHEAT CLOSE IS HEAVY STOP - LOSS ORDERS IXCOV- Liberty bond and victory note quota tions furnished by the Overbeck & Cook. company, Portland Liberty 3s 99.48 do 1st 4s do 2d 4s 99.44 do 1st 4s. do 2d 4s.. do 3d 4s. do 4th 4s. do 4s do 3s i.l. 99.48 99.82 99.86 High. 99.50 99144 99.80 99.54 99.82 99.90 Low. 99.40 99!S6 99.70 99.46 99.72 99.84 Close. 99.36 99.00 99.40 99.73 99.50 99.76 99.88 .100.58 100.60 14KI.56 100.58 .100.02 100.04 100.02 100.02 Money, Silver, Etc. NEW TORK, May 6. Foreign bar silver. 69c. Mexican dollars, 52 c. LONDON, May 6. Bar silver, 85d per ounce. Money. 1 per cent. Discount rates': Short and three months' bills, 2 2 5-10 per cent. Am Steel Fdry Am Sugar. . . . do pfd Am Sumatra.. Am Tel & Tel. Am Tobacco. . do "B" Am Wool Am W P pfd. Am 55inc Anaconda . . . 1,400 Assd Oil 600 Atchison 1,400 do pfd Atl G & W I. Baldwin Loco do pfd B & O do pfd Barnsdell C 14.800 39 75 103 35 122 143 139 93 33 53 " 128 100 39 71 103 35 122 142 138 93 33 o2 127 99 1,600 2.300 900 38 118 47 36 117 do Old pfd... do New pfd . . . Illinois Pipe ... Imperial Oil .... Indiana Pipe . . . Nat'l Transit . . . N V Transit Northern Pipe Ohio Oil lnter'l Pete .... Penn Mex Prairie Oil Prairie Pipe Solar Refg Southern Pipe . . South Penn Oil S W Penn Oil.. S O Ind S O Kansas S O Kentucky . . S O Nebraska . . S O N V S O Ohio do pfd Vacuum Washington . 10s .1112 .193 .116 . 99 . 80 .175 .107 .333 .230 .365 .101 . 63 .107 .565 . 82 .195 .414 .465 .117 .440 . 20 385 100 205 112 158 36 150 105 62 112 105 197 118 102 31 179 108 337 22 31 620 234 875 104 232 65 107 -S3 205 418 475 118 465 30 SAN FRANCISCO PRODUCE MARKET Prices Current on Vegetables, Fresh Fruits, Etc., at Bay City. SAN FRANCISCO. May 6. (State Divi sion of Markets.) Poultry Broilers. :llg 55c: young roosters. 25fc47c: eld. 1520c; hens. 2132c; ducks. 244j120c; live tur keys. 32 tf 35c; dressed. 5644c. Fruit Apples, 3 and 4 tl.r, $1.603.50; navel oranges. $3.50?f7.50: Valencia. $u.25 7.00; lemons. $41i5.75: ioquats, 1015c: grapefruit. $3.5044.50; strawberries, crate, Vegetables Artichokes, large crate. $50 S: asparagus, pound, 310c; beans, pound, 1335c; oarrots. sack. $23; ceiery, crate. $24.30; cucumbers, dozen, $1 509 2.50: lettuce, crate. 75c$2; mushrooms, pcund. 50 75c; olives, per pound, 68c: white onions, crate. $2.502.75; yellow, $2J2.25; parsnips, sack. $33.25: peas, pound. 3S73c; potatoes, $1.752.75; new potatoetL pound, 4 5f6c; rhubarb, pound, 84c; summer squash, crate, $1.251.40; spinach. per pound. 39?5c; turnips, per sack. $17502. Receipts: Flour. 2069 quarter sacks; wheat. 55 centals; barley, 6410 centals; corn. 1610 centals: potatoes. 367 sacks: onions, 488 sacks: hay. 70 tons; hides. 118S; oranges and lemons. 1600 boxes. PATENT PROTECTS GILLETTE RAZOR German Firm Enjoined From Using The Trademark. A judgment of Interest to all American manufacturers, especially those doing busi- is in Germany, has recently been handed down in favor of the Gillette Safety Razor company of Boston, as a result of its suit against W. J. F. Rieken of Bremen. The tiiuene company suea tor lnrr:ne-e- ment of its trademark. Rieken. proprietor of a large hardware business, had used the Gillette mark for stamping other razor blades which were made for h:m in Ger many. He used it in business correspond ence and advertisements to characterize his firm. The Hamburg court decided that the trademark "Gillette" is fully protected in the federal patent office at Berlin for the manufacture and sale of hardware goods. razor apparatuses and accessories. The defendant was estopped from any further use of the name, under threat of a fine of 1500 marks, and ordered to give a secu rity of lu.uuv marKs against future in fringement. Dried Fruit at w York. NEW YORK, May 6. Evaporated ap ples, steady. Prunes. barely steady. Peaches, quiet. Beth Steel 'B' B R T Butte C & Z. . Butte & Sup. . Burns Bros... Caddo Oil Calif Packing Calif Pet do pfd Canadian Pac Cent Leather. Cerro de Pas.. Chandler Mot. Chi & N W . . . Chi Gt W do pfd Chill Jop Chino C M St P do pfd Coco Cola C & O Colo F & I. . Colo Sou Colo Gas & El Colum Graph Con Gas Cons Cigars. . Contl Can. . . . 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 & Hud... Dome Mines. . Del & Lack. . Dav Chem. . . Endi John . . . Erie do 1st pfd. . El Stnr Bat. . Fam Play . . . Fd Min & Smt do pfd Flsk Tire Gaston Wms. Gen Cigars. . . Gen Elec. . . . Gen Motor . . do 6 Gen Asph. . . . Goodrich .... Granby Gt Nor Ore. . . do pfd Gr Cananea. . Gulf S Steel. . Glen Alden . . . Houston Oil.. Hupp Motor. . His Central. . . Inspiration . . Int Agr Cr cm do pfd Interboro .... do pfd Interstate Cal Int Harv Int Merc Mar do pfd Int Nickel Int Paper. . . . Invincible Oil Island C-ll Jewel Tea . . . K C Southern. do pfd 2,700 53 79 48 78 6.200 26 25 1,400 30 30 700 137 136 1,000 13 13 1,666 57 67 100 96 96 1.000 142 141 '4 200 37 37 200 37 37 300 75 74 600 75 74 "466 20 19 300 28 28 500 27 27 200 44 44 100 65 65 600 65 63 3.800 35 33 100 40 . 49 2,900 89 89 1.600 4 4 5,600 120 119 "366 102 102 5.600 44 43 8.900 45 44 100 95 95 400 82 81 4.S00 67 66 400 95 94 200 15 15 "'''566 ''21 '21 100 121 121 20O 27 27 100 116 116 1,400 00 59 300 84 83 1,300 13 13 400 23 23 200 172 172 600 82 81 600 45 45 800 19 19 166 73" 73 " 100 183 163 4.300 1,666 100 200 1:000 200 2 800 200 700 400 100 200 100 3.5O0 3.500 4,400 200 2.200 2.70O 1,300 1,200 S.0O0 3,490 500 600 12 63" " 41 27 39 51 83 1S 103 40 11 39 2 6 7 '25 84 IS 52 18 1 21 28 62 41 84 50 81 18 105 40 11 39 2 83 17 51 17 1 21 17 57 98 132 39 75 103 35 122 142 138 93 33 18 52 127 100 91 37 118 112 47 60 49 7.-. 25 6 30 136 13 78 67 96 141 37 37 74 74 8 22 20 28 27 '.4 43 34 49 89 4 119 27 66 102 116 43 44 95 81 66 94 15 35 21 120 27 115 59 83 13 23 171 SI 11 44 19 72 162 12 81 63 41 27 39 75 31 85 50 81 18 103 40 11 89 2 6 7 95 24 84 17 52 1 17 1 21 28 58 Boston Mining Stocks. Furnished by Overbeck & Cooke company or Portland. ma. Ask. Ariz Comm 9 Adventure 60 Ahmeek 61 Algomah 20 Arcadian 3 Bingham Mns 15 Balakalla 3 Calumet & Afiz 59 Calumet & Hecla 220 New Corn 18 Centennial 10 Copper Range 41 Davis-Daly 48 Daly-v est East Butte .... Franklin Minins: Hancock 3 Helvetia 1 Island Creek 110 Keewanaw 2 Kerr Lake 8 Lake Copper . . . La Salle Michigan Mass Con Mohawk May Old Colony Mason Valley North Butte 12 Niplssing .' 5 North Lake 30 Old Dom Cop 23 Oseola Mining 354 Obljawa 2 Quincy Mining 43 Isle Royal 23 South Lake 45 Supp Boston 1 Uni Shoe Mch 41 South Utah 8 Superior Cop 3 Trinity Cop 2 Tuolumne 60 Utah Metals 11 2 1 2 3 58 4 9 100 3 15 5 60 273 18 12 41 48 2 11 2 2 1 115 3 4 4 2 3 8 58 6 2 13 6 60 May Touches Point 9 Cents Below High Level ot Week. Deliveries Are Large. CHICAGO, May 6. Stop-loss orders were uncovered on May wheat on the board of trade today and prices were carried off sharply, the deferred deliveries being af fected by the May. At the finish wheat ranged from unchanged to 3c lower, with May $1.36 g1.36 and July $1.2S 1.24. Corn was off c to c, while oats were .c to c down, irovisions rangeo from unchanged to 5c lower. The market closed heavy In tone. There was liquidation on and some ' pressure came froim commission houses. The May broke to a new low on the present decline, the inside figure shortly after the opening being 9c unaer the hljrli Dclnt of the week. Trade In this delivery was light and: prices were easily Influenced. The deferred de liveries were weaker in sympathy with Mav. but the bulk of the trade was of local character. Crop reports generally from the winter wheat territory are show Ing improvement, although a period of dry and warm weather would be beneficial Deliveries on May contracts this week ag gregated 2.291.000 bushe.s of wheat. Corn and oats held within relatively mar row limits, with oats ehuwtng stubborn resistance to ressure, wnlle corn eased off fractionally. Sentiment is somewhat less bullish on corn. Field waM-k is progressin rapidly, with scattered reports of planting coming from Illinois and Missouri, and with favorable weather country offerings to arrive are expected to show consider able increase bv the cose of next week Proviisons were dull and prices held close to the previous day's finish. The Chicago grain letter received yes terday by the Overbeck & Cooke company of Portland follows: Wheat It was a weak market all day with only occasional and unimportant rallies due to buying by local shorts even Ing up contracts over the week end. There was hardly an item of news that could be construed as influentiallv bullish, some export business was said to have been done on the decline, but details were lacking and it was assumed that the bulk of the business was probably In new crop win ters and not a factor in the market at present. The cash demand In all markets was reported slow and prices again were lower. Additional purchases of cash wheat e reported made at Missouri river points come to this market for delivery on contracts. Each day it looks more though holders are ant to be overwhelmed with wheat before the end of the month with the outlet showing no signs of im proving sufficiently to enable profitable dlstirbution. Buying of July wheat against export sales for July, August and Sep tember shipment will undoubtedly be com pletely offset by hedging sales. It was said today that cash houses bought least 100,000 bushels of new wheat for July shipment. The situation presents bearish aspect with nothing in sight to bring about recoveries aside from occa slonal short covering. corn Commission houses recently prom inent on the buying side were rather heavy sellers today which, in conjunction with selling by cash houses against coun try purchases, gave the market a weak ap- pearacne. Shipping sales were reported at 100,000 bushels, but included 85,000 bushels now at Montreal sold to exporters at a sac rifice. Other markets are under-selling Chicago. Bullish arguments are mainly theoretical and while the idea that tre mendous farm consumption will take care of the surplus from the 1921 crop has un doubtedly 1 foundation in fact, it Is plain to be seen that this is not to be a factor yet as the market must anticipate larger movement from the interior begin ning In about two weeks. Oats Selling of the current months in the nature of liquidation was the- out standing teature. Weather and crop con ditions are more favorable and there was little Incentive for a persistent buying movement, cash trade was moderate, sea board interests accepting on the decline presumably against export sales. A local house reported 200.000 bushels bought at Missouri river markets to come here. Leading futures ranged as follows. WHEAT. on the morning of Msr 16, after which Milan R. Bump, president of the associa tion, will make the annual address. Carl D. Jackson, president of the Na tional Association of Railway syid Utility Commissioners, will be the chief speaker. Some of the more important reports on the morning of May 19 will be on water power development toy Frankiin T. Griffith, president of the Portland, Or.. Railway. Light & Power company; on the electrical resource of the nation, by M. S. Sloan, president of the Brooklyn Edison company, and the report of the technical advisor? committee by Charles F. Scott of Yale university. Open. High. $ 1.39 $ 1.39 $ Utah Con . . U S Mining . do pfd Utah Apex . . Ventura Victoria Winona .... Wolverine . . Wyandott . . Hannon . . . . 40 45 3 29 o 1 12 40 85 38 3 44 24 46 1 4t 10 3 2 70 2 2 41 46 3 30 2 1 13 60 100 1.24 L17 .61 .64 .37 .40 Li 1.17 CORN. .61 .64 OATS. .37 .40 Low. 1.36 1.23 1.16 .60 .64 .37 .39 Close 1.36 1.23 1.17 .61 .84 .37 .39 MESS PORK. 11.35 11.55 LARD. 11.37 11.60 11.32 11 55 Foreign Bonds. Furnished by the Overbeck it Cooke company of Portland: Mat. Belgian rest 5s do prem 5s do 7s 1945 do 89 1941 do 6s 1925 Brazil 8s 1941 Chile 6s 1932 do 7s 1923 British 5s 122 do 5s 1927 do 6a 1929 do vkv 4s do ref 4s Bordeaux 0s 1934 Canadian 5s 1937 do 5s 1926 do 5s 1929 do 5s 1931 do 6s 1927 Chinese 5s 1951 Chilean 8s 1941 Russ. currency Demna'-k 8s 1945 Dj.n Muni. 8s 194o French 4s 191. do 5s 11120 do 6s 1931 do 7s 1941 do Ss 1945 German W L 5s Berlin 4s Hamburg 4s do 4s Lelpsig 4s do 5s Munich 4s do 5s Frankfort 4s . . Italian os Jap 4s do 1st 4-2S . do 2d 414s Norway Ss Russian 5s . . do 5 18 do 64s Swiss 5 s .... do 83 San Paulo 8a . . U K 5s U K 5- U K 5a Swedish 6s ... Bid. 74 80 108 106 103 106 90 103 90 92 92 88 76 87 0S 99 101 98 98 52 105 6 111 110 67 80 70 102 104 2V4 2 3 3 3 11.35 11.55 11.77 11.65 11.70 $1.37 ; No. 2 hard. No. 1918 1931 . . . .1925 1925 1940 . ... 1 921 . . ..1920 . . . .1919 1929 1 940 1921 1922 1929 1937 1939 3 4 3 41 76 90 89 111 22 4 23 101 117 104 107 107 103 102 Ask. 77 83 108 107 103 100 91 103 92 94 95 90 79 87 99 99 101 99 99 53 106 7 I 111 111 58 83 71 104 104 3 3 3 4 4 5 4 4 42 76 101 90 111 25 5 27 101 118 105 107 107 103 102 Kelly-Sprlngfd 1.500 53 52 52 Kennecott ... 1.400 33 33 33 Kevstone Tire 3.400 24 23 23 l.ackawana Stl 2.20n 60 59 59 Lee Tire 1O0 33 33 33 Lehigh Valley 300 62 62 62 Lorlliard 1"2 Lowe Theaters 500 17 17 17 L & N 119 Mackay 400 92 92 92 Marland Oil.. BOO 31 30 30 Martin & Pery 1.40O 32 31 32 Mav Stores... 300 120 120 120 Vex Pet 20.200 131 128 130 Miami 200 29 29 29 Mid State Oil 4,700 15 14 14 Midvale Steel 4.690 39 37 37 M K & T Wi 2.700 17 17 17 do pfd Wi., 100 40 39 39 Mont Power. . 100 73 73 - 72 Mont Ward... 5.700 22 21 21 Mo Pacific 900 24 23 23 do pfd 900 57 56 57 M St P & SSM 100 60 60 60 Nor Amn 200 58 5S 58 Nat Biscuit 148 Nat Enamel.. 300 40 40 40 Nat Lead 300 94 93 93 Nevada Con.. 400 17 17 17 New Haven... 12.000 29 2S 29 Norfolk & W 106 Nor Pac 100 77 77 76 Nova Scot Stl 30 N T Air Bke. 100 79 79 7 N Y Central.. 400 90 90 90 Okla Prod ref 500 3 3 3 Ontario Silver 200 8 8 8 Ontario & W 1.200 28 28 28 Otis Steel 500 14 14 14 Pacific Dev . . 1.500 10 10 10 Pac Gas & E 20O 71 70 70 Punta AUegre SOO 40 S9 39 Pacific Oil .. 12.700 67 65 08 Pan Amn P.t 2.30O 64 63 64 do "B" .... 600 57 57 57 Penna, ........ L100 42 41 41 Foreign Exchange. Foreign exchange rates at the close of business yesterday .furnished by tne Nortn western National bank of Portland. The amount quoted is the equivalent of the foreign unit in united states funds Austria, kronen. Eoigium, francs Bulgaria, leva Czecho-Slovakia, kronen .... Denmark, kroner England, pound sterling .... Finland, finmark France, francs Germany, marks Greece, drachmas Holland, guilders Hungary, kronen Italy, lire Jugo-Slavia, kronen Norway, kroner Portugal, escudos Roumanla, lei Serbia, dinara Spain, pesetas Sweden, kroner Switzerland, francs China Hongkong, local currency Shanghai, taels Japan, yen . J 0003 .0848 .0080 .0202 .2127 4.4650 .0215 .0925 .0037 .0455 3838 .002C .054ft 004,1 .1875 .0857 .0078 0165 .1562 .2595 .1938 .3T50 .7750 4800 May. . July.. Sept. . May. . July. . May . . July. . May. . May. . July. . Sept SHORT RIBS July Sept Cash prices were. Wheat No. 2 red $1 37 1.37. Corn Wo. 2, mixed, 62 62: yellow. 62062. C-ats No. 2 white, 4041c; No. 3 white 38 39c. Rye No. 3, $1.05. Barley 67 74c. Timothy seed $4. 50 6. Clover seed, $1222. Pork Nominal. Lard $11.35. Ribs $12.5013.50. Cash Grain Markets. Furnished by Herrin & Rhodes, Ino Portland. , , MINNEAPOLIS, May 6 Wheat No. 1 dark northern, $1.53 1.63 ; No. 2 dark northern, $1.51 1.59 : No. 3 dark northern. 51.44 1.56 ; No. 2 northern, $1.49 1.56 ; No. 3 northern, $1.41 1.31; Durum, $1.26 1. 31. Corn No. 2 yellow, 5556c. Oats No. 3 white, 3536c; No. 3 white, 3535c. Barley 53 64c. Flax $2.81 2.83. KANSAS CITY, May 6. Wheat No. 1 hard. S1.281.45; No. 2 hard, $1.261.53; No 3 hard, $1.251.52. Corn No. 2 mixed. 57c; No. 2 yellow, 58c; No. 2 white, 5757c. Oats No. 3 white, 39c. DULUTH. May 6. Wheat No. 1 dark northern. $1.51 1.66 ; No. 2 dark northern, $1.49 1.62 ; No. 3 northern, $1.42 1.50. Oats 35 37c. Flax $2.76 2.78. ST. LOUIS, May 6. Wheat No. 2 red, 1 44: No. 3 red, $1.341.85. Corn No. 2 yellow. 8161cl No. 1 white, 61 c; No. 3 white, 58c. Oats No. 2 white. 41c. WINNIPEG. May 6. Wheat No. 1 northern. $1.42; No. 2 northern, $1.37. Oats White oats. 53 c. Chicago Potato Market. CHICAGO. May 6. Potatoes, weak: re ceipts, 34 cars; total United States ship ments, 816; Wisconsin, Michigan, sacked and bulk round whites, $1.50 1.65' cwt.: Canadian sacked whites, fl.70 cwt.: new stock, weak; Louisana Triumphs, 100 pound sacks, $4.504.75; Florida double headed barrels, Spaulding Rose, No. 1, $6.256.50; No. 2. $4.254.50. Minneapolis Wheat Futures. MINNEAPOLIS May 6. Wheat May, $1.52; July, $1.41. Winnipeg Wheat Futures. WINNIPEG, May 6. Wheat May,, $1.37 ; July, $1.35. Seattle Grain Market. SEATTLE, May 6. Wheat, hard white, soft white, white club, soft red winter, northern spring. $1.25; hard red winter, $1.27: eastern red Walla, $1.22; Big Bend bluestem, $1.40. Hay and feed, unchanged. Grain at San Francisco. SN FRANCISCO, May 5. Wheat Milling, $2.302.35; feed, $2.252.35. Barley Feed, $1.351.40; Shipping, $1.45 1.55. LIGHT LOGANBERRY CROP LIKELY Winter Injury to Vines in Some Sections Reported Serious. SALEM, Or., May 6. (Special.) Logan berry production this year will probably be materially under that of last year owing to winter injury. The vines are in a poor condition to produce a crop this year, and It Is thought by growers that some yards will be a total loss. Die-back, caused by the drouth of last summer and the cold winter, has killed the vines back eight and ten feet in many of the best yards, which will seriously cripple produc tion. The tip ends of the canes are the producing parts of the plant and with these damaged materially, it is believed that the output will be greatly reduced. The Oregon Growers' Co-operative asso ciation expected 17,500,000 pounds of logana this year, but present indications are that even with the increased bearing acreage, the crop will be much less. Buying has not yet been very extensive and prices to the growers, it is thought, will be better than 6 cents a pound. MARKET IN SILK GOODS IS FAIR Bayers Unable to Find Complete Assort ment of Fabric.. PHILADELPHIA, May 6. (Special.) The silk piece goods trade continues In fair volume. Some quantity- propositions to mills have been refused because of price. The market has stiffened. Buyers in many cases are unable to find a full assortment of desirable fabrics and de livery frequently is delayed. Mills are be ginning to ask an advance on some goods to cover the rise In raw material. Continued selling of more desirable fab rics at low prices probably will be halted, factors say, as the general volume of busi ness shows a good Increase. Material lead ers are canton crepe, crepe de chine and saQIn canton crepe. Increased demand ia noted in satin crepe and crepe romalnes of all varieties. Georgettes are gaining in sales, as are sport and printed fabrics. Moderate-sized prints on grounds of crepe are favored. Radiums for shirts and petticoats are having good sales. Underwear manufac turers are absorbing much crepe, radium, wash satins and satin crepe. Skeln-dyed silk continues slow. Messalines and taf fetas are backward, but some low bids are accepted for quantity. For evening wear retailers report fair sales of changeable and evening color taffetas. ST. LOUIS STEEL TRADE GAINS Notable Improvement in Situation Re ported by Federal Reserve. ST. LOUIS, Mav 6. (Special.) Notable improvement in the iron and steel trade is reported by the Federal Reserve bank of St, Louis in its monthly report on general business conditions In the district. Activities at mllis and foundries have gained Impetus and In the last six weeks sales of pig iron and other raw material used by these industries were larger than in any like period in 18 months. "Among other lines that have either held their own or reported improvement," says the report, "may be mentioned boots and shoes, woodenware. clothing, groceries, candy, automobiles and hardware. "Dullness is reported In wholesale dry goods, drugs, .millinery, flour and bakery products, electrical supplies and fire clay products. Dry goods interests show de creases in volume of business, both as compared with the preceding month and the corresponding period a year ago. j considerable volume of returned goods and some cancellations of orders are reported in this line." SILVER PRODUCTION IS STAGNANT Plttman Act Aid Fails to Give Impetus to Industry. WASHINGTON. D. C. May 6. (Spe cial.) "Contrary '.o expectations, silver production under the Pittman act has not made the anticipated increase, says tne Minine ConEress Journal. westerners know that mineral production cannot be made to respond quickly to an increased demand. Much time and money are re quired to reopen an abandoned mine. The short-time promise under the Pittman act has not Justified the expense of open ing mines, except where early production was possible. "Operations looking to future output are not Justified In the face of the apparent drifting away from the use of silver as money. Some European countries ai e now making subsidiary coins from bronze and other metallic substances. The silver ofT,al?A of Great Britain lias Deen ue h,.. from 9''5 fine to 500 fine, thus releasing a.bOllt 50.000.000 OUJ1CCS Of Silver from its circulating medium." QUOTATIONS ON DAIRY PRODUCE Current Prices Ruling on Butter, Cheese and Eggs. SAN FRANCISCO, May 6. Dairy pro duce exchange closed. NEW TORK, May 6. Butter Firm. Eggs Firm; fresh-gathered extra firsts. 2829c;.do firsts, 262Sttc. Cheese VV eak. CHICAGO, May 6. Butter Unchanged. Eggs Higher; receipts, 38,593 cases. firsts, 2424c; ordinary tlrsts, Zllje 22c: miscellaneous, 2323c: storage packed extras, 2026c: storage packed firsts, 25 c. SEATTLE, May 6.- changed. -Butter and eggs un. Copper Market Firmer. NEW YORK, May 5. The copper mar ket has been firmer during the past week a continued moderate demand for do mestic consumption and export. Small ots of resale or scrap copper appeared to have been pretty well cleared up and the market is being made by the larger pro ducers who are quoting 13 cents for spot and nearby copper and in Borne Instances asking an advance of c for forward deliveries. Iron was firm. Swift St Co. Stocks. Closing prices of Swift & Co. stocks Chicago were reported by the Overbeck I'ooKe company or Portland as ioiiows: Swift & Co io: National Leather - do new t Swift International 2( Libby J Increase in Excess Reserves. NEW YORK. May 6. The actual condi tion of the clearing-house banks and trust companies for the week shows that they hold S3U,3ti.U2U in excess ot legal require ments. This is an increase of $17,324 200 from last week. NEW YORK, May 6. Foreign exchange, irregular: Great Britain, demand. $4.44; cables, $4.44; 80-day bills on banks. $4.42. France, demand. 9.15: cables. 9.16. Italy, demand. 5.35: cables. 5.33. Belgium, demand, 8.39: cables. 8.40. Ger many, demand 34, cables 34. Holland, de mand 38.38: cables 35.36. Norway, demand 18.65. Sweden, demand 25.80. Denmark, de mand 21.20. Switzerland, demand 19.82. Spain, demand 15.52. Greece, demand 4.62. Poland, demand .02, Czecho-Slovakia. de mand 1.97. Argentine, demand 36.37. Bras!L.,dmand 14.12. Montreal, 98. , ELECTRIC BODY TO CONVENE National Light Association Will Meet at Atlantic City. ATLANTIC CITY. N. J., May- 6. (Spe cial.) The 45th convention of the Nation al Electric Light association will be held here May 15 to 19. A feature of the morn ing session May 16 will be an address by Herbert Hoover, secretary of commerce. On Public Policy night. May 18, several men of national importance will deliver addresses. The convention will open with the presi dent's reception on the evening of May 15. Morning sessions will be devoted to gen eral and executive business and afternoon to sessions of the technical, public rela tions, accounting and commercial divisions. Mayor Bader will welcome the delegates 'The Golden Horde" A Message to the Genoa Conference at F By A. O. Corbin J. Lisman & Co., New York ROBINSON CRUSOE and his islanders after the war with the cannibals, had the same currency problems, the same in flation, the same economic dis turbances the world is facing today, only on a smaller scale. An analysis of their troubles is dtscossed in this book, which gives a vivid and remarkably clear description of conditions as they existed at that time, and in a most fascinating way leads up to a logical solution of the present dislocated exchange (situation. A valuable aid te dealers, inves tors, and students of economics. Price $2.00 Prepaid D. S. COLYER, Publisher Broad and Lafayette Streets Newark, N. J. For the conservative investor we offer DOMINION OF CANADA 5 Bonds Dated May 1, 1922 Due May 1, 1952 Optional May 1, 1642. Denomination $1000. Principal and interest payable in United State Gold Coin in New York City. Price: Par and PACIFIC TELEPHONE TELEGRAPH CO. Refunding Mortgage 5 Gold Bonds Dated May 1, 1922 Dae May 1, 1952 Denomination $1000 $500 $100. Price: 94 to Yield 5.40 We recommend both of these issues as exceptionally well secured bonds. Complete Details on Recraest. Telephone or telejrraph orders collect. BONO DEPARTMENT OPEN :30 TO BrOO Saturdays 8:30 ta 2iOO LADB & TILTON BANK Oldest in thm Nor thwart WASHINGTON at THIRD rTTTWfTTY 1 WiTTT VT'jnTTTrTTTTrT Oregon School Bonds Due in 1942 TO YIELD 5 or phone for de tails. Bonds on hand ready for delivery. Call Freeman, Smith a Camp Co. Lumbermen Bldo.. Portland FIFTH ?. AND ITARK We own and offer KINGDOM OF NORWAY 6 Bonds of 1921 Due 1931 Price: $217 per 1000 Kroner Bond. By investing in these bonds you may realize a current income of from 5.20 to 7.43 besides a possible in crease in principal up to 24. In our opinion these bonds afford one of the most attractive investments that are now available. f. I. Devepeaux Rgmpany INVESTMENT BONOS V RWH STREET PORTLAND, OMOON MOAOWtT iota OROUND FLOOR WKLLSAROO BUILD MM OVERBECK & COOKE CO. Broken, Stocks, Bonds. Cotton. Grain. Etc. S16-217 BOARD OF TRADE BLDO. Walla Walla, Wash. Portland. Or. Pendleton. Or. SI EMBERS CIIICAGO BOARD Of TRADE. Correspondents of Eojrn Bryan. Chicago and New York. MEMBERS New Tork Stock Exchange. Chicajro (Stock Exchange. Boston Stock Exchange. Chicago Board of Trade. New York Cotton Exchange New Orleans Cotton Exchanga. New York Produce Exchange. Winnipeg Grain Exchange. Liverpool Cotton Association. PUTS & CALLS s40 Buys a 7-day Cal! on any N. T. Stock Exchange Security. There are no margin calls, no Inter est charges and no commission is charged unless the Call Is closed at a profit. Each point (1100) the stock moves up above Call Price, means a profit of $100 to you. Write for booklet, "How to Trade In puts A Calls." Prompt attention to mail orders. WATSON & COMPANY. INVESTMENT SKCI RITIES 525 Stock Exchange Bldg., Log Angeles. WILL SELL $5000 all or part of 8 Se cured Gold Coupon Notes in big going concern earning more than double of interest charges of this issue. Assets over $350,000. If sold in one lot will offer a working in terest or discount on pur chase. No brokers. AJ 618, Oregonian. HERRIN & RHODES, Inc. Etabllshed UM STOCKS, BONDS, COTTON, GRAIN Correspondents E. F. HUTTON A CO., N. X. Members all leading exchange Babson's Service on File. Bdwy. 4725. 201 Railway Exchange Bldg FINANCES FURNISHED CORPORATIONS of merit in Northwest requiring funds for expansion, additional factory volume, reorganization, etc. Write us itating how long in business and other helpful data. Communicate Box AV 567, Portland, Oregonian. ORGANIZING A COMPANY? the usu v'-f, and 1 incorporating rpnes void personal liability by me r-guia- lr1 61 and forming your orgaulzatt 1 1 o n Commoi Law I 'lan Declaration of Trust. Ns Forms (the work of recog furnish complete req u which anyone In any sta and becln doing busings Pamphlet D-42 free. C. S. Denwee, gal blank printer. 613 Walnut, Kans City, Mo cganl7.c same dav. Phono your want ads to The Ore g-onian. Main 7070, Automatic 660-95. P Confidence and Reliabiflty Our pnrioml guamntee with every STOCK PRIVILFXiE In our entire business career thera has never been a single fsllura to pay profits. With $45 to $125 you can trsds In 100 shares of any stock. Write for FREE Explanatory Folder. No rtt Paul KayerVV?L!!L