THE 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