TTTE 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.