The Sunday Oregonian. (Portland, Ore.) 1881-current, May 21, 1922, Section One, Image 19

The Sunday Oregonian., May 21, 1922, Section One, Page 19, Image 19

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Newspaper Page TextTTTE SUNDAY OREGONIAN, PORTLAND, MAT 21, 192 10. ANXIETY REFLECTED IffSTOCraCTIOIS do 1st 5s Llbby McN L 7s Ltir & Meyers 5s . do 7s Lorillard 5s do 7s Disappointment Over Genoa Conference Is Shown. FRANCE CAUSES WORRY ..1350 ..1931 ..1951 ..1944 ..1951 ..1944 ..1936 . . 1O30 ..1923 ..1840 ..1922 ..1923 ..1951 ..1925 ...1931 ..1941 ..1947 ..1930 . .1963 ..1923 ..1932 ..1922 .1938 81 V4 99 9 113 94 113 91 104 101 96 100 101 101 101 102 109 89 108 101 100 105 100 99 Improvement in Conditions Here Has Its Effect In England, Where Outlook Is Better. BY FRANCIS W. HIRST. (Conyright by the Publlo Ledger Com pany. Published by arrangement) LONDON, May 20. (Special Cable.) The present reacting tone In the stock market Is plausibly assigned to disap pointment over the Genoa conference and anxiety about the French govern ment's policy toward Germany, especial ly since Franoe has not signed the non- ffgreaalon pact. France's three milliard deficit, officially Announced, provides fin ancial commentary - on her military pol icy. The non-aggression compact, how ever. Including Poland and Russia, should aid the experts at The Hague. e e Secretary Hoover's remarkable speech o Russia ts attracting attention. Leslie vrtrhart, a leading authority on Russian mines and oil fields, now declares un equivocally that capitalists can safely deal vita the soviet government. see Austria Is negotiating here with J. P. Morgan ft Co. for a loan secured by customs duties with a view to stabili sation of the depreciated crown, Austria is politically quieter than last year. Her trade and railway services have Improved, see London money conditions remain easy, with a slight tendency to firmer dis count ratea Probably traders are requir ing more accommodation aa the business outlook improves. The coal trade pro gresses steadily and more machinery is being employed in the textile and boot industries. Rising prices of cotton, wool, Jute and leather indicate enlarged demand. Toe general situation, especially In Lan cashire and Yorkshire, should improve rapidly when the engineering strike Is settled. It la holding up work all over the country. see Reports of trade recovery In the United States encourage optimism here. Bull op erators in cotton have been liquidating but orders ond Inquiries from -India, Egypt and other markets make Lancashire more hopeful. Sir William Nobel, a leading Newcastle shipowner, in his presidential address to the Baltic conference declares that ex cess shipping tonnage is much exaggerated owing to the great number of obsolete vessels that are destined for the scrap heap. The unusually severe winter has retarded opening of the Baltic , timber trade. Petrograd is still icebound and suffering severe distress, but lumber ship ments from Petrograd and Archangel to the Humber are expected this summer. Trade with Danilg and Riga also Is In creasing. e e The chief feature of the stock ex change is the boom in home railway Some ordinary stocks have doubled in price since Christmas. Resumption of Contangoes has come rather suddenly, despite opositlon . from the better class of brokers and Jobbers. The chief ad vantage to the public will be greater free dom of the market and liquidation of speculative securities. Chinese bonds are recovering. Mldvaie 5s Morris & Co 7s Proc & Gamble 7s Republic I & St 5s Sears-Roe 7s do Steel & Tube 7s Swift & Co 7s do Uni Drug 8s .. U S Rub 1st ref 5s .... do 7s U S Steel sf 5a Va Chem 5s Va Car Chem 7s West Elec 5s West TT T col Tr 5s . . . West Union 6s 1938 109 Wilson 1st 6s 1941 99 do cv 6s 1928 4 West Elec 7s 1925 107 Westinghouse 7s 1931 107 Public Utilities Am Lt & Tran 6s 1925 106 Am Tel coll 4s 1929 81 do 5s 1946 97 do 6a 1925 114 Bell Tel of Pa 7s .1945 107 B R T 5s 1945 63 Cal Gas unl 5s 1937 95 Cities Service 7s B 1966 133 do 7s C 1966 95 do 7s D 1966 91 Con Gas cv 7s 1925 117 lnt Met 4s 1956 16 Int R T ref Bs 1966 71 Laclede Gas 7s 1930 100 Mont Power 5s A 1943 97 Northwest Tel 7s 1941 106 It Pac Tel os 1937 81 Pac Gas 5s 1942 92 Souwest Tel 7s 1925 102 Oil Bonds Anglo Am 7s 1925 103, Atlantic Ref 6 1931 103 Galena S Oil 7s 1930 103 Gulf Oil 7s ,...1933 104 Humble 7s 1923 101 Pan Am 7s i...l930 lou Me Pet cv 8s 1936 106 Sinclair 7s - 1925 104 8 O Cal 7s 1931 106 8 O N Y 7s ...1931 109 Texas Co 1 1923 101 Tidewater Oil 6s 1931 103 Vacuum Oil 7s 1936 106 Foreign government bonds Argentine 2d 7s 1923 100 Argentine GI 5s 1945 86 Belgium 8s 1940 107 Bergen 8a 1945 110 Berne 8s 1945 112 Christiana 8s -1945 111 Copenhagen 5s J944 83 Danish Consol 8s 1946 111 French Cities 6s 1934 87 Italy 6s A 1925 95 us Ruble 6e ....lH-o 4 Swedish Govt 6s 1939 101 U S Mex 4s ...1954 6 U S Mex ext 5s 1945 67 Uruguay ext 5s 73 urich 8s t -lions Foreign government city bonds Berlin 4s 3 Greater Berlin 4s 3 Hamburg 4s 3 Bremen 4a ... 3 Cologne 4s ... 3 Dresden 4a ........... .. 3 Dresden 4s 3 Dueseldorf 4s Frankfort 4s ..... ... Leipzig 4s Leipzig 4s Munich 4s Stuttgart 4s ... Essen 4s Foreign government bonds Bremen 4s Hamburg 4s' French Internal 4s 1917 French Victory s ,.1920 Belgian Restoration os British 2 consols Ital. Cons. War Loan B Curb bonds Allied Packers 6s Am Tel & Tel 6s 1922 Am Tel & Tel 6s 1924 naconda Cooper 6s........... ... Anaconda Copper 7s Anglo-Am Oil 7s Armour & Co 7s Beth Steel 7s 1935 Copper Ex Assn 8s. . . Copper Ex Assn 8s... Grand Trunk 6s.... Humble Oil 7s Libby McN & Lib 7s. Sears Roe 7s S-yr . . . . So West Tel 7s Stand Oil N Y 6s 1933 Stand Oil N Y 7s 1926 Swift & Co 7s...- 1925 wift & Co 7s 1031 New York Bonds. Furnished by Herrln & Rhodes, Inc., ot Portland: Atch gen 4s 1995 A C L 4a 1952 do 7s 1930 B O gold 4s 1948 do con 4s cv 193 do ref 6s .1995 Canadian Southern 5s ........1962 . Canadian Nor 6s 3946 do 7s 1940 Ches & Ohio cv 4s 1930 Cent Pac 1st 4s 1949 do cv 5s 1946 Ches & Ohio cv 4s 1930 do gen 4a 1992 do cv 5s 1946 do con 5s 1939 O B & Q 111 dlv 4s 1949 C & West Ind 4s lflr2 COiWd 1959 C M & St P 4s 191!5 do cv 4s 1932 deb 4s 1934 do gen 4 A 1899 do cv Bs 2014 do g & r 4sA 2014 Chi N W gen 4s 1987 do 6a 1936 do 7s 1930 ORI4P ref 4s 1934 Colo Bou rf ex 4s 1935 do 4s 1929 Del & Hudson cv 6s 1935 do 7s 1930 D & R d cv 4s 1936 do ref 5s insg Erie P L 4s , 1996 do con 4a A 1953 do B 1953 do D 1953 do Pa C G 4s .....1952 Od Trunk eq 6a 1936 Gt Nor 4s 19fil do 7s 1936 Gt Trunk 6s 1936 do 7s 1940 111 Cent Jt 6s 19(13 do ref 4s 1955 K C Bou ref 5a 1950 Keo & Des M 1st 5s 1923 L 8 & M S 4s 1931 L ft N Ts 1930 do unl 4s 1940 M St P & S S M 6s 1948 M K & T 4s ... 191)0 M P gen 4s 1975 do ref 6s 1923 do ref 5s 3926 NYC deb 4s 1934 do con 4s 1998 do ref imp 4s 2013 do cv deb 6s 1935 do coll 7a 1930 N Y N H & II cv 63 1948 N O Tex ft Mex 5s 3935 N P P L 4s 1997 N P 6s 2047 N P Gt Nor Jt 6s 1936 O 8 L ret 4s 1929 Penna 6s 1936 do g:i 4s 1905 do 4s '..WHO do gen 5s 1968 do 7s 1930 Reading gen 4s 1997 6 A L 4a 1950 do 6s 1949 do 6s A 1945 Fou Ry con Bs 1994 So Pac cv 4s 1929 do ref 4s 1955 do sf term 4a 1950 S P conv 5s 1934 Kt L & S F P L 4s A 3950 do gen 5s 1931 do P L 5a B 19i0 gen 6s 1931 adj Ga 1955 lnc 6s 19H0 St L & S W 1st 5a 1952 do con 4s 1932 do 1st 4s 3 9S9 Tex Pac 1st 63 200O L'n Pao 1st 4s 1947 do cv 4s 1927 do ref 4a 2008 do 63 1928 T'n Tank 7a 1930 Wabash 1st 5a 3939 West Fac 6a 1946 Industrials Allied Packers 6s 1939 Am Agr Ch 7s 1941 Am Sm 1st 6s 1947 Am Tob 7s 1923 Anaconda 63 A 1929 do 7s B 1929 Armour cv 7s 1930 do 4s 1939 Beth Steel 7s 1923 do eq 7s 1935 do ref 6s 1942 Cerro de Pasco 8s 1931 Mining Stacks at Boston Furnished by Overbeck & Cooke company of Portland: Adventure do do do 88T4 88 106 81 83 86 06 111 111 89 86 94 89 88 94 101 90 73 61 80 72 64 75 75 66 87 109 107 82 87 92 96 109 78 49 64 60 60 52 83 105 91 109 104 112 87 88 88 107 90 102 81 64 1UU 97 89 K3 85' 103 106 83 70 96 106 105 91 109 90 95 99 108 84 68 76 60 H 95 91 8 8: 102 72 98 87 103 80 69 79 76 78 95 i 91 1 94 103 1U4 103 97 87 Algomah Allouez . Arcadian .. Balakalla ...... Centennial Copper Range . Davis- Daly .... East Butte Keewanaw Chile conv 6s A... 1932 do 7s 1923 Col Graph 8s 1925 Copper Exp 8s : 1923 do 1924 do 1925 Colo F ft I gen 6s 1943 Colo Ind 5s 1934 Cuban Am Sug 8s 1931 Cuban Cane cv 7s 1930 Distillers Sec cv 5s 1927 Dlara Match 7s 1935 DuDont 7s 1831 Itsnvlre Gas Fuel 6s ,....1924 Fisk 8s 1941 Gen Elec deb 5s 1952 do 6s 1940 Goodrich 7s 1925 Goodyear 8s 1941 Helns 7s 1930 ' Hershey 7s 1930 111 Steel deb 4s 1940 Ind Steel 5s 1952 Int Marino C T 6s 1941 Kelly Springfield Ss 1931 Kennerott 7s , 1930 Lack Steel it ................ 82 103 92 102 100 103 104 89 105 102 94 119 91 106 46 102 103 90 78 104 43 107 107 100 106 100 104 100 103 104 102 91 ' 99 97 107 104 5s RAILROAD BONDS IN LEAD NEW YORK MARKET IS FIRM TO STRONG. .1824 .1825 .1923 3 4 4 3 4 3 4 8 3 56 69 75 62 40 82 100 101 100 103 103 104 102 102 103 104 101 98 100 102 105 101 102 Buying of Liberty Issues Stimu lated by Cheap Moneys Cop pers Tend Upward. NEW YORK. May 20. Railroad bonds moved forward today vn the strength of those issues in the stock list and the bond market as a whole was firm to strong, though lacking In special features. Cheap money stimulated ten&wed buying of liberty issues and many of the other tax-exempt offerings. The international group was unchanged-, aside from further firmness in Mexican 6s. . Seaboard adjustment Bs, St. Louis ft San Francisco Income 6a- and several of the underlying Issues of the popular coal roads were higher by substantial fractions to one point. Coppers again Inclined upward, notably Chile and American Smelting 6a The moderately reactionary Issues In cluded Baltimore ft Ohio 4s, Colorado ft Southern 4s and Armour 4 a Total bond sales, par value, aggregated 7.3JS,000. The week-end session of the stock mar ket witnessed a continuance- of the recent active upward trend, with rails, ofls and sugars a the most conspicuous featurea Gains of one to three points among coal ers, notably Delaware, Lackawanna & Western, Reading and Erie, were supple mented by the strength of Canadian Pa cific, St. Paul common and preferred. Rock Island and New Haven; the. lattef rising to its best mark In two years, at 35. Coppers lost some of their recent prom inence and another-hltch In the proposed merger of the independent steel companies caused uneettlement among those issues. Republlo Iron forfeited the better part of the previous day's gain and Vanadium dis played moderate heaviness, but United States Steel exceeded the high record of recent years, made during yesterday's large turnover. Mexican Petroleum led the oils. Genera! Asphalt, Producers ft Refiners. Standard OH of California, Sinclair and Texas Gulf Sulphur also making substantial contrrou tlons to the buying of those stocks. General Motors again dominated the mo tor division on further extensive absorp tion and rubber subsidiaries responded to trade reports for an increased demand for automobile acoessories. but sugars cased from their best on profit-taking. Sales amounted to 850,000 shares. The clearing house statement reflected the revival of activity In the stock market actual loans and discounts Increasing by sbout $97,500,000 and expanding that ac count to the largest total of tbe year. Ac tual cash holdings decreased almost Jdx, 400.000. leaving excess reserves at barely more than $5,500,000. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck ft Cooke Mmnim of Portland: Kales, riign. ldv. TOO 66 65 Lake Copper La Salle Michigan Mohawk May Old Colony .. Mason valley ..... Nlpissing North Lake ... Old Dominion . Osceola Mining Obtjawa Qulncy Mining South Lake . . . United Shoe Mach Bid. Ask. . 60 65 . 64 65 . 20 60 . 28 29 . 4 4 . 3 5 . 11 12 . 44 44 . 8 8 11 11 .2 2 . 3 3 . 1 1 .114 114 . 2 8 . 8 5 . 4 5 . 1 3 . 2 2 ..61 62 . 6 6 . 2 2 ,. 13 13 . 6 . 6 . 80 50 . 26 28 . 36 37 . 3 3 . 46 47 . 46 47 . 1 1 . 41 42 .. 25 26 . 1 1 .. 1 1 .. 90 93 . 1 1 , 2 8 . 44 45 . 46 47 . 3 .. SI 31 . 1 2 .. 1 2 .. 14 15 . Adams Exp. . . Advance Rum Agr Chem.... do pia Ajax Rubber. Alaska Gold... Alaska Juneau Allied Chem. Allia Chalm... Am Beet Sug Am Bosch.... Am Can Co. . . Am C ft Fdy. do pfd Am Cot Oil... do Dfd Am Drg Synd Am H & Leath do pfd Am Ice Am Int Corp. Am Linseed.. Am Loco. 200 400 800 38 64 17 38 64 17 1.000 1,000 2,300 1,500 100 1,800 400 , 800 - 100 ' 100 200 100 100 8,700 3,700 500 1 68 50 44 45 68 162 "2S 68 6 16 7V. 107 48 86 115 1 68 49 44 45 58 161 '28 67 6 16 71 107 47" 85 114 Bid. 66 17- 64 17 1 68 50 43 45 6S 161 119 28 67 6 15 71 106 48 85 114 do pfd... 115 1,200 2,100 2,100 1,000 800 100 8,700 700 500 500 '606 300 "'506 5,500 6,500 100 2,000. 5,100 'L800 800 1,400 700 100 1.200 2,200 2,000 1.300 1,900 500 . 300 100 500 Foreign Bonds. Furnished by the Overbeck ft company of Portland1: joat. Belgian rest Bs do prem os do 7s 1945 do 8s UMl do 6s 1926 Brazil 83 1941 Chile 6s 1933 do 7s IffiS do 5s 3922 do 5s 1927 do 6s 1929 do vkv 4s do ref 4s Bordeaux 6s 1934 Canadian 6s 1937 do 5s 1926 do 6S) 1929 do 5s llttl Thinese 5s 1127 . ..C1941 ...3945 . . . 1945 ...1917 ...3t20 Chilean Ss Russ currency Denmark 8s"., Dan Muni Ss . French 4s .... do 5s do 5s 1931 do T3 1941 do 8s 1945 German W-L 5s Berlin 4s Hamburg 4s do 4 'AS Lelpsfg 4s ao s Munich 4s do 5s Frankfort 4a Italian 6s 3918 Jap 4s 1931 do 1st 4s 3025 do 2d 48 1925 Norway Ss 1940 R-ussiarv otts 3921 do 5s 1026 do 6V,s 1919 Swiss 5s 1929 do 8 1940 an Paulo Ss ... II K 5s 122 do 6 Us 1929 do 5s 1937 Swedish 6a 199 Bid. 73 78 108 306 102 105 91 10S 91 93 93 79 78 87 8S 99 100 98 54 105 fl 110 no 56 79 68 101 104 2 2 3 3 S 4 3 4 40 76 90 89 111 19 4 23 102 117 103 108 108 302 101 Cooke Ask. 77 82 108 107 102 105 92 10fl 93 95 nr, 82 80 S7 80 99 100 98 B4 10.1 6 111 110 57 81 69 102 104 3 3 3 4 4 5 4 6 4t 76 - 91 90 111 22 6 24 IOR 117 304 108 30S 102 102 Am- Sf Razor. 300 Am S ft Com. 1.100 Am Smelter.. 4,400 do pfd 300 Am Snuff Am Stl Fdy.. Am Sugar. . . . Am Sumatra. Am T & Tel.. Am Tobacco.. do "B" Am Wool Am W P pfd.. Am Zinc Anaconda .... Assd OH Atchison .... do pfd Atl Coast Line Atl G & W I. Baldwin Loco. do pfd Baltimore ft O do pfd Barns Cpn... Bet Steel "B" Booth Fish... B R T Butte C & Z. Butte & Sup. Burns Bros. . . Cal Packing.. Cal Pet 1,000 00 prd Cana Pac... Cen Leather.. Cerro de Pas. Chand Motor.. C & N W Chi Gt W do pfd . Chill Cop Chino C M St P 8,200 do pfd ... 600 Coco Cola . . . l.SOO C & O 2,400 Colo F ft I.. BOO Colo Southern. 800 Col Gaa & Eleo 400 Colu Graph Con Gas 1,800 Cons Cigars Contl Can Cities SVC Bk Corn Prod . . . Corn Prod pfd Cosden Oil .. 6,100 C R I & P ... 141 d A pfd . . . 700 do B pfd ... 301) Crucible 4,800 Cuba Cane . . . 100 Cuban Am Sug 7,200 Del ft Hudson 600 Dome Mines.. 300 Del ft Lack.. 2,300 Davison Chem 400 Endicott John 400 Erie 19,900 do 1st pfd. . 4,600 Elec Sto Bat.. 1,400 Fam Players.. 800 Fed M & 8 Fisk Tire .... 800 Gaston Wmi. . 100 Gen Cigars . . . 400 Gen Eleo .... 200 Gen Motor . . . 55,300 do 200 Gen Asphalt.. 2,500 Goodrich 1.40 Goodyear Granby 1,500 Gt Nor Ore.. 600 do pfd 8,700 Greene Can.. 200 Gulf Steel ... 1,800 Glen Alden Houston Oil .. 300 Hupp Motor.. 2,200 111 Cent Inspiration . . . In Ag Cor com do pfd Interboro .... do pfd In Callahan. 7 16 66 98 39" 76 87 122 141 . 138 93 35 20 55 iod 91 '38'" 118 '48 61 49 79 '25 8 33 135 78 67 i43 40 39 74 75 9 22 22 31 28 45 59 67 35 60 88 7 16 65 88 '88 76 35 122 141 138 92 84 19 55 ioo" 91 37 117 '47 60 47 78 25 7 32 134 78 56 142 40 39 74 75 8 22 22 81 26 44 68. 67 85 48 88 HuWl. mm. Revel In the Wonders of Lake Louise Cet this summer's vacation be one of com bined amusement, education, recreation and inspiration. Let it be "a vacation you will never forget" The Canadian Pacific Rockies offer unlimited possi bilities. At Lake Louise, for instance with Mirror Lake and Lake Agnes high above, there are won derful days ahead of you days that no inert words can ever describe. There are trails unfolding' glories you cannot cVjph cste elsewhere trails leading to the "Lakes n lh Clouds" o the glaciers. Then ts Boating, Trout Fishing. Hiking and variety of sports. Canadian Pacific Railway, 55 Third Street, Portland. Bdwy. 90. V. H. Deacon, General Agent. Banff Springs Hotel now opes tChatesu Lalnouise opens June hi Glacier House opens June 15 do B 1.000 Penna 2,700 Poo Gas Pare Mara...., Pure Oil Phillips Pete., Pierce Arrow, Pierce Oil Pitts Coal Pitts ft W Va Pr Steel Car. Pullman Ray Cons ... Reading 68 41 69 41 68 41 86 83 82 48 18 10 62 36 78 128 17 81 1.000 33 32 700 83 82 1,100 48 48 1.800 20 18 6,600 10 10 200 62 62 2,000 3 6 35 100 . 79 79 700 123 123 1,000 18 17 9.500 82 81 Remington 83 Replogle Steel. 1,600 3 7 86 36 KepuD 1 ft B.. Z4.8UO 13 (1 lift do pfd 800 91 90 90 Rep Motors... 200 8 8 8 Roy Dutch OU 6,400 64 63 63 Ry Steel Spg 100 Saxon Motors. 100 8 8 8 Sears Roebuck 700 76 76 76 Shatt Ariz 800 11 . 10 Shell T ft T. . 800 46 46 Sinclair 92.800 36 34 Stand Oil Ind 100 187 186 118 116 600 101 101 Standard Oil Stocks. Standard OU quotations furnished by Overbeck & Cooke company or Portland: Bid. Asked. Anglo 20 Borne Scrysmer 370 Buckeye 96 Cheesebrough 195 Cheesebrough pfd ,.v.110 Continental 143 Crescent 35 Cumberland 135 Eureka 95 Galena com 63 Galena Old pfd 108 Galena New pfd 102 Illinois Pipe 183 Indiana Pipe 94 National Transit 29 N. Y. Transit 175 Northern Pipe 107 Ohio Oil 316 International Pete 22 r-enn jwex zt Prairie Oil Prairie Pipe 1. . .. Solar Refining .. Southern Pipe . . South Penn Oil . S. W. Penn Oil . S. O. Indiana ... S. O. Kansas ... S. O. Kentucky . S. O. New York S. O. Ohio S. O. Ohio pfd .. S. O. Nebraska . Swan ft Finch .. Vacuum Washington .... Imperial OU .... ..600 . .225 !!360 .. 98 ..213 , .. 63 ..106 ..560 ..82 ..405 . .460 ..116 ..190 .. 30 ..423 .. 20 20 890 98 200 112 147 S7 145 98 56 112 305 188 97 80 180 109 320 22 30 610 229 370 301 217 65 107 670 82 410 470 118 200 33 428 30 44 46 8 82 74 17 26 124 28 129 68 83 15 24 44 81 44 45 95 81 73 17 25 122 28 128 58 83 13 22 43 81 18 73 165 34 83 64 41 '32 41 78 33 85 17 73 164 14 82 62 40 'ai 41 77 33 84 79 20 105 42 11 40 2 5 78 20 105 42 40 2 6 9 7 16 65 98 131 38 76 35 122 341 187 92 85 19 55 123 100 91 102 37 117 112 48 60 49 78 6 25 7 32 134 78 66 95 142 40 39 74 75 9 22 22 31 28 45 59 67 85 49 88 4 116 29 64 24 101 114 44 46 95 82 73 16 25 124 28 128 58 83 14 24 44 81 15 17 73 163 14 83 62 41 12 82 41 78 33 84 64 7814 20 105 42 11 40 2 0 9 do N J Sloss Shef ... Sou Pacific... Southern Ry.. Stand Oil Cal. St L ft S F.. Strom Car. . . . Studebaker . . Swift & Co. .. Tenn C & C Texas Oil Tex P C ft O.. Tobao Prop. . . Tran Con Oil. Union Oil Del. Union Pac... . Unit Alloy ... Unit Drug Unit Food P. Unit Fruit Union B & P. U S C I Pipe.. Unit Ret Strs. U S Ind Alco. U S Rubber., do 1st pfd. . U S Smelting. U S Steel. . . . do pfd Utah Copper.. Va Cliem .... do pfd Vanad Steel.. Vivandou .... Wabash, do A pfd. . . Wells Fargo.. Western Pac. . do pfd Western Union Westh A B . . Westh E & M. West Md .... White Motors. Willys Overld do pfd "W ilson Ekg .. Wis Central. . Woolworth ... Worth Pump. W ft L B White Oil 10 46 36 107 187 51 . 100 2,700 100 100 600 400 8.000 Int Harv . , 107 int al marine i'.hj 244 23 23 QU 1I1U ..... X,ntV ed Ji Tnt Nickel ... 1,400 18 37 Int Paper ... 600 62 61 do pfd Invincible Oil. 6,500 18 18 island oil ... 100 lu Jewel Tea .... 200 20 K C Sou 1,000 28 do pfd 100 68 Kelly-Spgfld . 8,200 62 700 88 8,000 23 3,900 78 600 84 7,800 65 300 169 200 18 Kennecott Keystone Tire. Lack Steel.... Lee Tire Lehigh Valley Lorillard Lowe Theaters L ft N Mackay Marland Oil... Mart ft Parry. 300 119 1 !0 27 68 51 88 22 78 84 64 159 16 119 800 8,700 32 33 31 32 May Stores 13 83- 1S 51 85 18 1 20 27 68 61 88 23 78 84 64 158 16 118 95 81 33 9.200 92 91 91 2,400 25 24 24 400 114 113 113 3,200 3 1 80 80 600 54 53 52 ,7,600 121 120 120 102 800 12 13 12 10,000 48 48 48 2,100 30 30 30 6,700 74 73 73 6,400 37 16 16 3O0 22' 22 22 1,700 140 139 139 800 ' 38 - 38 30 1,200 79 77 78 100 - 5 5 100 142 142 142 800 66 66 66 500 85 85 33 10,300 67 66 68 3,200 65 64 64 '5.200 65 64 64 104 200 45 44 44 25,100 102 101, 101 300 11S 118 138 400 6S 67 67 400 33 31 81 400 74 74 74 3,100 52 50 60 300 13 13 13 1,100 It 30 10 3,400 32 31 82 700 76 76 76 2,100 22 21 22 300 60 60 60 100 98 98 tW 95 2,900 63 62 62 4O0 11 11 31 4O0 49 49 48 1,400 8 8,8 39 100 4S 46 46 29 100 158 158 158 600 53 52 52 600 12 . 12 12 4.000 10 9 9 Swift International 20 Llbby 2 Large Decrease In Excess Reserves. NT5W YORK. Mar 20. The actual con dition of the clearing house banks and trust companies tor the week shows that they hold 15,521,450 in excess of legal requirements. This us a decrease of J31 884,030 from last week. Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by the North western National bank of Portland. The amount quoted is the equivalent of the foreign unit In united States funds: Country Unit. Rate. Austria, kronen ................$ .00025 Belgium, francs .0833 Bulgaria, leva 0080 Czecho-Slovakla, kronen .......... .0195 Denmark, kroner 2132 England, pound sterling 4.4650 Finland, flnmark 0212 France, francs .0910 Germany, marks 0035 Greece, drachmas 0432 Holland, guilders .3880 Hungary, kronen Italy, lire Jugo-Siavla, kronen Norway, kroner Portugal, escudos Roumanla, lei Serbia, dinara Spain, pesetas Sweden, kroner Switzerland, francs China-Hongkong, local currency. Shanghai, taels Japan, yen -. .. .0018 .0515 .0040 .1850 .0857 .0075 .010 .1595 .2575 .1910 .6100 .8450 .4800 NEW YORK, May 20. Foreign ex change. Irregular. Great Britain demand $4.44: cables, 84.45 1-16; 60-day bills on banks, $4.42. France, demand, 9.05; cables, 8.06. Italy, demand, 5.11; cables, 6.11; Belgium, demand, 8.31; cables. 8.81; Germany, demand, 32; cables, 82; Holland, demand, 38.79; cables, 88.84 Norway, demand, 18.45; Sweden, demand, 25.70; Denmark, demand, 21.30; Switzer land, demand, 19.06; Spain, demand, 15.82 Greece, demand, 4.17: Poland, demand, C2; Czecho-Slovakla, demand, L90; Ar gentine, demand, 86.62; Brazil, demand. 13. KT; Montreal, 99 11-16. Mex Pet 14,800 137 Miami 200 80 Mid states Ull 13,600 Midvale SteeL 23,600 M K & T Wl. 4,800 do pfd Wl.. 200 Mont Power Mont Ward... 20.800 Mo Pac 1,900 do pfd 400 M St P ft SSM ....... M & St L ; Nor Amn 800 58 Nat Enamel Nat Lead Nevada Con. . New Haven. . . Norfolk ft W, 15 42 19 42 23 24 58 136 30 14 40 18 42 "2i 23 67 1,000 46,800 1,200 Nor Pao 3.400 Nova Soo Steel N Y Air Brake N T Central.. Ok Prod ref.. Ontario Stiver. , Ontario ft W.. Otis Steel Pacific Dev. . . , Pac Gas ft EI. , Punta Aliens. Pacific OII...V J?aa Amn Pet. 800 200 8,200 1,800 "ioO 600 4.300 8.700 MOW 18 35 107 77 84 78 91 ' S - -28j 15 4r.?l 64 Ki ! 58 18 32 107 77 83 78 90 2 '2S" 15 444 8 S 136 30 16 41 18 42 4 73 23 24 67 58 12 42' ' 94 18 33 107 77 82 77 91 2 J54 28 14 10 70 44 S4 NEW RECORD PRICES IN MARKET Advance Begins With Broad Demand for Metal and Commodity Shares. NEW YORK, May 20. After a fortnight of hesitancy in which no small part of the March-April rise was canceled, the etck market moved forward again this week. establishing new high prices Xot a number or the more prominent lssuea The rebound had its Inception in the broad demand for ooppers, steels and some of the leading commodity shares. It gath ered greater momentum when money rates eased to lowest levels In practically five years. , Prior to th-is developmen.t 6pecurativj imagination -had been fired by indications and reports which strengthened the belief, that constructive projects were under way in the various branches of commerce and industry. Signs pointed to mergers of Important Interests In tho steel and iron Industry, the metal producing and refining trade and in other lines of business wJiere eco nomic conditions since the close of the world war seemed to make such combina tions advisable, if not imperative. Other bullish factors .mcl'uded the higher prices quoted for pig Iron, finished steel and iron, coppers and kindred productions, together with the stronger tone of the raw and refined sugar markets and allied food speclaltiea Ralls were the only prominent group in whloh constructive forces seemed lacking-. Although coalers again Ignored the miners' strike, displaying especial strength, trading In transportations continued to be re strained by reduced car loadings and like lihood or lower freight rates. Partial reasons for the cheaper money quotations were found in the latest report of the federal reserve board. This dis closed tbe significant fact that reserves had increased In such states as Georgia and Texas. Implying pronounced liauida- tion ot frozen credits. On the other hand. Industrial and commercial centers In the middle west and southwest reported a con traction or roservea Tho net result of the federal reserve showing, as reviewed by observers of do mestic conditions. Indicates that general business has not progressed uniformly of recent weeks. GaLns in merchandising sections of the country are far less than those reported from centers of essential Industrial production. The outcome of the Genoa conference occasioned little surprise in high financial circles. The French and Italian exchanges, especlallr the latter, were heavy to weak. as those of the central European nations, but British rates rose to levels where they exceeded by a small fraction their pre vious maximums for the last three years. j liberty Bond Quotations. Liberty bond and victory note quota tions furnished by the Overbeck & Cooks company, Romano: . Open. High. Low. Close. Liberty &s 89.64 98.70 99.64 99.70 do first 4s 99.82 do second 4s 99.60 do first 4s.. 99.80 99.92 99.82 99.84 do second 4s. 89.66 99.74 99.66 99.72 do third 4s.. 99.96 99.98 89.94 98.96 do fourth 4s. 99.82 89.94 99.90 99.90 Victorv 4s ...juo.i ioo.bu 100.70 ioo.su do 3s 100.00 100.00 100.00 100.00 Money, Silver. Etc; NEW YORK, May 20. Foreign bar sil ver 73. Mexican dollars, 56 cents. LONDON, May 20. Bar silver 37d per ounce. Money 1 per cent. Discount rates, short and three months bills 2 per cent. Swift & Co. Stocks. Closing prices of Swift & Co. stocks at Chicago were reported by the Overbeck ft Cooke company of Portland as- follows Swift ft Co 102 National Leather : 3s - National Leather, new............... 8 Victoria, B. C. In your car. By train. As you will. But be sure and come. It's absolutely different. Top ping scenery.' Golf no end good. Magnificent motor roads. Right-hand drive now. Exceptional fishing. Boating. Canoeing. New quick connection by Anacortes-Victoria motor ferry. Low fares. Fast service. Write Victoria & Island Publicity Bureau NOW for details. Ad dress, Victoria, B. C. Ovr the relief of pr to prevent the occurrence of land other Forms of nausea mothersilCs seasick remedy The Only Guaranteed Relief in the World for Thee Ailment Small capules keep good indefinitely. Put a package in your traveling bag NOW 10 you will have them when needed. Contains no cocaine, morphine, opium, chloral eo&l tar prodneta, or their derivatfrM, Officially adopted by Steamship Companies on both fresh and salt water endorsed by highest authorities and used by the world's most noted traveler Lord Northcliffu, Cy Warman, and thousands of others. Sold by leading; draggistft in every civfllxed country. Price In U. 3. A. and Canada, 75c ft dox. enooirn ior noars, c5c5T box for ocean voyage. Satisfaction guaranteed or VV-oT money refunded. SEASICK AcopyoxMotnerem s Travel v vsfl&jaf Book sent on request without x&TI tSA chanre. MOTHER SILL REMEDY COMPANY, Dotrolt, Mich. Also at 19 St. Bride Street, London; Montreal, New xork. fans, Milan, Hamburg. HONOLULU Suva, New Zealand, Australia. The Well Eqnippcd Royal Mail Steamers NIAGARA (80,000 tons). .May 19, July 181 Jl.VKIRA (13,500 tons) . . . Jane 16, Aac, 18 Sail From Vancouver, B. C. For rates, etc., apply Can. Pao. Railway, 6a Third St.. Portland, or rnsidian-Aastralasinn Kot1 Mail Line. 311 Huntings bt. West. Vancouver, fi. 0. I Ti 'ffh. Nxt So. Ar,, AjtSPf ihA S.S. Southern Cr J&W" 1 1 M,Z1 ? i 1 J?! S.S.AmtriceuLitin dtS- 1 . Ju10 M$mf?& V, P" Amtriea jSt 1 WtzUr World M 1 ! Ju,'t,h yjjpp 5 J I , Prtmitht ly thtrtafitr SIMS r Mu SSSPSJ ew Juow t4ies oum America First Class Rates: Rio de Janeiro - $295 Montevideo - - $345 Buenos Aires - - $360 i i "J DAYS from New York is South America! If yoa J--- have dreamed of a wonderful ocean trip, send the coupon below and let your Goremment tell yon about the palatial Government ships that take yon to tho ten great Republics of South America. South America I Land of age old romance, exquisite beauties, a thousand CAUaoidinary business opportunities and stupendous undeveloped resources ! In September the Rio de Janeiro Centennial Exposition will celebrate Brazil's 100th year of independence. The countries of the world will be represented there, to partake of die festivities and to study the vast industrial potentialities of this great country. $295.00 to Rio and the Exposition Now tho United States Government has reduced the fare to South America more than 25 ! First class pass age to Rio de Janeiro is now only 295. 00. The trip k made in just 11 days the fastest time. Fastest time, low fares, and finest ships ! These great Government ships are the finest on the South American run. Theirspacious staterooms are equipped with beds,not berths, hot and cold running water, electric radiators and fans. All rooms are on the outside ; most have private baths. Diversion for every hour is provided by shaded promenades, library, card room, grand salon for dancing. Tor htforwmdm regarding mervationt tuldrat ft son S teams hit) Lines Nrur Tori Cily Write for Booklet Your GtmtrnmtHt eoishts the name of every prospective traveler. If you art considering an ocean voyage anywhere, send tJie information blank nmu. Yon tvilf recerve the Government's valu able booklet of authentic travel informa tion and description of the U. S. jov trnment ships. You mill be under no obligations. INFORMATION BLANK To V. S. Shippiof Board Information Deskl30 EX Washington, D. C. U. S. SHIPPING BOARD Information Desk 130 EX Washington, D. C Please send me full information about TJ. S. Government ships to South America and quote me the new reduced rates. Name Address- 9 Plan Your California Trip to Include This Sea Voyage No trip to the coast is complete unless it includes a zestful, pepful ocean jaunt on these luxurious steamships. BETWEEN SAN FRANCISCO and LOS ANGELES A welcome interval in the rail journey. Freedom to move about on the spacious decks and to enjoy the dancing, radiophone pro grams and other pastimes in the spacious ballrooms and saloons. Ask your local railroad ticket agent to route your ticket via .Yale or Harvard between San Francisco and Los Angeles. Through tickets same as by rail. Meals and berth extra. Los Angeles Steamship Co. SAN FRANCISCO R. V. Crowder, G.T.A, 6S5 Market St LOS ANGELES R. F. Cullen, D.P.A., B17 So. Spring St. . i Between Portland, Me., Bottton. New lork, Philadelphia, Baltimore,! i Charleston, and ban Diego, Ia Angeles, ban Francisco, Portland, beattle. Vancouver, if. v. AOU'ltl ATluUHTIC B WKSTKK.N . S. CO, I WESTBOUND 8. 8. I-ehlirh Ma? 17 Boston New York Phlla. Baltlmors Charleston i S. S. Wabash June 1 J one 6 S.S. Brush .....Jane 12 Jane 3 ..Jane 10 Portland, mg June 15 Jane 20 ' fcASTBOl ND FROM PORTLAND BS. Cold Harbor June S I 69. Artijfas JiineJS'l SS. Blue Triangle Jane 1 I S8. l ehlth JnlT 15 I SS. Deerfleld .....lane 7 I SS. Wabash , July 19 tKerr iterator space) 1 101 Third St. THE ADMXRAI, USE. Pacific Coast Arents. Broadway 6481 Around the World Cruise New Cunard Liner "Laconia" Sailing From New' York Nov. 21, 1922 Arriving in New York March 30, 1923 Visiting Cuba, Panama, Hawaii, Japan, China, Formosa, Philip pines, Java, India, Ceylon, Egypt, Holy Land, Italy and Gibraltar. OREGON-PACIFIC COMPANY Agents Wilcox Bldg. Bdwy. 4529. Portland, Or. SAN FRANCISCO TO THE ORIENT cnV,S.0overnrnentShip$ The Sunshine Belt Sailings from San Francisco To Honolulu, Yokohama. Kobe, Shanghai, Manila, and Hong Kong. President Taylor Juna 8 President Cleveland Juna 24 President Lincoln July 22 and every 21 days thereafter San Francisco MANILA Hong Kong service via Honolulu President Harrison. ..... Juna 1 President Hayes July 6 CWiU call at Pearl Harbor and lloilo if inducements offer) and tveryjiv wttks thereafter For deaerxptvM booklet, oddnta PACIFIC MAIL S.S.C0. 508 Cslifornia St., San Francisco, Cal. 502 So. Spring: St., Los Aneeles.Cal. 10 Hanover Square, New York City Managing cperafora for V U- S. Shipping Board J Meals and Berth Included STEAMSHIP "Admiral Farragut" Sails from MunlHnal dock Na, S Sat- May 27, 4 P. M. BAN FRANCISCO LOS ANGELES BAN DIEGO Bailings every Saturday thereafter. DELIGHTFUL ALASKA EXCURSIONS 12 days (2000 miles) S 80.00 22 days (4000 miles) .. .$145.00 TICKET OFFICE 101 SO ST., COR. STARK. PHONE BROADWAY 648L HONOLULU FROM SEATTLE. 8. 8. Lnrline (13,000 tons). Mar 13, June 17, July 22. Cabin Kates (90 and C100. MATS0N NAVIGATION CO. Seattle, (And All Authorized Ticket Offices.) Phone Your Want Ads to THE OREGONIAN Main 7070 Automatic 560-95 FRANK'S MEDITERRANEAN Cruise de Luxe, February 6 by Specially Chartered New CUNARD SS"SCYTHIA" Turbine Oil-Burner, 11,500 tons t mooths, $600 and up includes shore excursions and ail expenses Egypt, Holy Land, Constantiaopla, Greece, Italy, Spain. Etc. FRANK TOURIST CO. - 489 Fifth Avenue, New York Or Our Local Agent Astoria and Way Points Str. GEORGIANS Vi Hours to Astoria Speedy- Clean Safe Com fo r t n 1 (e Lva. Dally (except Friday), 8 A.' H. NIGHT SERVICE Lts. Dally (except Sat.), 7i30 F, 3L Fare 91.85 one vrayi (3.00 roundtrip. Connections made for all North and Sooth beaches at Astoria. Alder St. Dock. Broadway 6344 Tbe Harklna Transportation Co. CLARK'S CRUISES by C P. R. STEAMERS Clark's 3rd Cruise. January 23, 1923 ROUND THE WORLD Superb SS "EMPRESS of FRANCE" 18481 Groit Tons, Specially Chartered 4 MONTHS CRUISE. $1000 and up lasladiad Hotels, Fees, Drives, Guides, Ms. Clark's 19th Cruise, PeS.twry 3 tsb MEDITERRANEAN Sumptuous S3 "EMPRESS of SCOTLAND" 25000 Grots Tons, Specially Chartered 66 DAYS CRUISE, O0 and up laoludinl Hotels, Fees, Drives, Guides, eta 19 days Elypt.Peleetino, Spain, Italy, Greeoe.ett. Europe stop-overs allowed on both arottcv EunDa and Pairtn Play Parttn, H00 Frank C. Clark, Times Boildini, New York.