U
DUMBER AND LOGGING ACTIVITIES GAlkilN jTHE COLOMBIA RIVER 'jDISTRIGT WITH PRICES HOLDING J WELL
THE OREGON SUNDAY- JOURNAL, PORTLAND, SUNDAY . MORNING, 3IAY 21, 1922.
LOGGING GAINING: ',
flM THE DISTRICT
I. Ill '11 II III IB I. 'J ;ff-' ' :
Steady Improvement : of Opera
tions Indicated Prices' Also'
Show Steadiness.
Tha Inerina. situarinn in tk rV,-i-.H.- vtMe
-Strict continues to thorn steady lmpnwnnsot.
anonga u mount of new order for logs a
skewing slight decrease. This is earned by
te tact that outstanding orders haT ben filled
ii the last few weeks. Most camps have been
veeratina: for three weeks. Beporta still show
that a few of the tardy ones are resuming- their
work.- The Willamette Valley Loca-io- company
near Dallas reopened last Tuesday, for the first
time since last fail. This will sW resume the
mill of the company, employing many , men. -
. I A report front, the Dee lagging cam? stated
tAat operations bare becun in the camp, bat sot
st tali' force as yet on account of the roads.
Workmen started clearing the road to Hood
Hirer from the eamn, tint still hare, about 10
' miles to clear. The snow is from fir to seven
feet deep ia some puts of the road, so it will be
seme time before the logs esn - be transported
- from the camp. Small landslides bare hindered
tie dealing work to some extent. A togging
read from Hood Brver to the Lost Lake logging
camp "has else been started. Tbe bridge on the
road, which was washed ' away daring storms
last winter, bss bees -finished at a cost of i
proximately 12.000.
The firownlee atmp in tbe Butt falls lam
try is bow sending logs over the new roadbed
to the Brownlee sawmill la Medford. I
J Many of the camps are now operating two
Ides at present, whereas only one side has bean
working on account of bad weather. - '
f The Loyal Legion of Loggers and Lomber
mm arWM letter says a period of nearly six
-soothe of bsd logging -weather basinet been
, terminated. Snow storms oecnrred as late se
May, 10. Weather has new so improved that
only a very few high elevation camps are af
fected adverseiy by snow and ground condition,
bee production ia the aaettotains is increasing
rapidly, whiie coast operations are gradually gain
mg sticks ' of legs sufficient to Insure sawmills
eontmiKms eat and permit the usual Fourth
of July ahntdown. With nearly aU ramps ran
55 "dioc mon- prednction is geaerally
datunated at 9f per cent ef eight-hoar capaaty"
t Io price changes have been noted In tu v
?, " Th Prices un aaoted
Bssi w sup r a
ITeBow fir. No. 1 grade. $20; No. 2 grade.
'-"J grade. $12 per thonsand feet
' ? ftc-,1. "d $18 per thonsand feet.
I Bproce. No. 1 grade, $24; No. . $1SL ead
So. 8. $12 oer tin.n1 fi '
xi urn loc x, iu per thonsand feet
.922 Convention of
U. S. Bankers to Be
The Most Important
That the 1922 convention of the American
nkera sasociatim- a&JUH tn x.-
Tork in the first week of October, win be the
. uuiwruut lonun i or ue oiaoaasion oc
1 America's vital nwrial and MonnnTM i i .
vaea Btaiee. is the opinion
ef backers high in the eonncils of the asso
ciation. "Ia. order to give the anbjeots which win
eats before the eonventiao proper attention and
through (bscnasion," states Thomas B. ma
resident of the association, ia a recent state
bent annonnring the character of, the meet
Jn. "every effort win be nude to eoaeentrmle
toe aitenuon of the delegates upon fix bmonees
ia. x luntaaas win be ae
ranaed with the idea of aaakmg every meeting
real forum tor the discnesioM of Bve prob
ems. Uelegatea will be eneonraged ta take nart.
na a is expected that they will bring to the
front every knotty question over which tbe
Joraess men of the country are poxxling their
UP Kjrw Tort bankers who win act as
rta to the eoneention are busy with prepara
fe' IZLZ?? " 7000 r ""re ddogates
providing for their comfort and atertant
HEAVY ISSUE OF : ,:
: LATE SECURITIES
Public Utility Totals Break a Few
r Records; . KTunicipa! Issues
Are Also Liberal.'
. Be- Wm F. Hessian
Public ntiiity finsncing aiaos the first of
(he year baa exceeded say amount that baa been
floated in a like period. Since the downward'
trend ia the price of commodities and Ishnr.
pmblie ntSUy eompeaie bske been r'-g Taaiy
piuciess 4a their earning powee. . ;
. Dnrtng tbe war and the - readjnstsBent period
hieb foQowed. many utiiity eorporatiuns were
handicapped by restricted rates -and - fares and
operating expenses were at - tmnsnal ' brtgtiTa
Since oondltaxns have began to tarn to normal
and depression ta indastrisi lines has eased ap
the money market, poblis nCUity oomperfies have
advantage of easier - money rates and ads now
financing tmproveaients, and, refunding - their
oatetandtnt paper. . While boedc and notaa of
these companies have enjoyed a snhstajiinl : ad
vaac in market prices, it is predicted that this
class of security wiii reach mnch higher levels
before the end ef the year. , .; ; ,
' Heavy Municipal Bond Volume
Along with atiliiy' ficancsng, municipal bonds
Iwaed since thn first -of the year aueake
tshinhed a record ia volume far a ie lannanliin
period. In spite of this fact the amount at
these bonds bow oa the market is asoffteasat
to meet the demand of the lavestina pabUa. As
to whether the tax ex emotion feature - at these
secaritiss alone ha produced the large voinmw
ot financing, opinion difien. scales and a
nidpaiities arc hsxing no difficulty ia pi"r -of
their bonds. It i contended that dno to the
demand for this class of seenrity and the. fa
vorable prices ' that are being , received mu
nicipalities are tampted to iasua ' i r "Inn it i
ia larger amoants than 4teceBsary. There ia now
a resolution before congress proposing riasstitii
tioaci amendment perauuing the govemment ta
tag the tnnorne from staie and . muoicnpel ae
curtUes. It is the belief of many Siaod. dealers
that this tax exempt seenrity will te a -thing of
the past within the next few years, ; ' t "
. ' i-llioi ly Bende Aawanoaf
Ia reviewing the sitnatioa before : federal in
come taxes came .into vogae ia proauacat
financier states that bond of ctatet and mu
nicipslitiss then issned were bought and heki
by institatiatis and individuals strictly for their
excellent security of principal and interest. "The
fact," ha states, "that they eoki taem oa a lower
basis than railroad beads of - highest grade in
dicated their superiority in posst of security
alone. Tax exemption was worth wnrfrinc and
there was, there! ore, no element to obscure
valnea"
The recent advances in liberty bonds and
Vartory Botes has been very graUfyine ta the
millions of holders throughout the United States.
The first Liberty 34'l which soid as low as 8$
ia 1921 are now around 9&.40. The first can
vertable 4)a'a last jaar touched ao.24 and
new stand over 89k. 5 a. . Tbe second eaarertioje
414's which went down to 85.40 sra now ia
the neighborhood' of 09.60. i The f earth Lib
erty 4 "s broke to 82 Oner have since ap
proximated par. AU of the Victory tasoes hare
crossed par. Advances throoghoot the Liberty
list range from 6 to 18 poinbL The rise to data
bss improved the position ot , through.
oat the country to the eatent of over $2,000.
000.000. Trade Imprwvcensnt Reflected
The improvement ia, general anaiaeaa since the
first of April is reflected ia the aggregate bank
clearings of the country. April clearings at 110
principal cities of the coon try totaled 830,528, -100,
87, a gain of 12.4 par cent over the
$27,168,210,744 of April 1821. The mrge
ope rations ia the securities markets were an im
portant factor ia aassaeating the olearsoga.
Retail trade ia Portland b nvg a favor
able impreeaioa with that of a yean ago. aeaord
ing to Doa'a Beriew. Th jobbing bmraoees is
fair," states the Beview, "Hannfaccarers report
an improved demand for furniture, radio and
other electrical appliances. Heavy buying it the
feature of the lumber holiness, with prices firm."
WALL STREET STOCK QUOTATIONS
. , Eeported by The JasriaeXC Wall Street Bureau j
4!
Sew Tork, May CL IT. &. Ta
stock market eoatlaaad ,troaa; la tha
lata 4eaLUaga avad elesed gtroaa-. JBXaay
ot tha rtUlroaxel gaares wax la laxRw -ntaao.
Texa eV Paelfle roaa mtntrtT S
IMlats to 11 ti Sew HTe WacJica
S3. Uaitad states Steel Bta4 a mnyr
blark for tha yeatr ia tbe last .'lew aala
atea at 13. General Matara eaatlBateel
trams;, adrsaclnsT to 144.
Tha Oil Stock &Uw CkWd SV aWttflT
toae, XexJeaui fetroiasm koldias an
tSa. j ' i
Governs eat ttoada. aaebaa$-d; rail
way avad other feoaela ativatar. I i. - - - i
, Total sales today war SOSOO skaraw;
for tbe week, 7gr8MM shares; beads
todar $8,6i9,0uj for " Vim week, SS
TOHK STOCKS
New Tee. May 20. SVnloWTng is
pm xsh ex ssocx saaea lor the
low aad earring prices asa given j
DTDT7STRIALS
I
Bisb,
H Vi ii
- ' 1 High j Low Ctose Chnje.
Adams Express . . .
Adv. Bnmley. . .
do pfd
Air Beductiaa. . . . .
Ajax Ituhbtr.. ... .
All - Araericaa Oablei
Allied Cammiral...
do , pfd. ....L
i nsiiaies k .
as "pta.
Age. Chemicsli
Arg-entiae Wheat Situation
Baeaos Aires, Hay 20. Weather eoorBtioTjs
favorable for the plowing for new wheats Sariy
prospects ale considered quite good.
.a
4
Subject to prior sal. we offer
oar phrticipation in
$12,500,000
Commonwealth Power Corirtration
25-Year 6 Secured Gold Bonds
(Closed norteuM)
Dated M, 15, 1922 , Duo Mtrw ,5, 1947
Callable at subataaitial premiums.
Deuominationa S1000 and $500
COMPANY AND TERWTORY- Commemwealtb Power Corpora
?a7i caH.hrte OB of W Pbl atiKtw oraxdzations
of the United State. It will aerwe 175 munipaJiti. havine .
population of otot 1,150,000 people in tbe states of Michig-a,
Ohio, Indian, and IUmoja. Over 92-5 of tbe gross revenue,
oftbeao properties U derived from tbe sale of electricity and
SECUff3Y will be a Urwt obliotion of lb. cor-
pofattoa and wifl constitute tbo fresxior funded debt. Pledged aa
ffr for hnd wiU be U of tbe common stocltTof tbo
ubsida-ry compaiuos witb a par walne of ore, $27,000,000,
VtT rifS'r tofk of.Bbi-Jries witb a par walue of over
$5,000,000, tTinw tbe collateral total par value of about
f32.50000 TWo stocks wiU be pledged, tblrXa. .t leT.1
tnaa 39 of their par value.
EAIttaN(--Tbe combined net ejarninws available for deprecia
taon and for dividends on tbe aecuritjea pUdft-ed ware for tbe
12 montks ended Marcb 31, 1922, 5.93 time, annual interest
cAargea on these bonds. Tbe; same earnings averaged over a
period of 3 years were 4.4 times annual interest cbarges on
this issue.
Application wiU be
to list bonds
Exchange
oa New York Stock
Price: 90 and accrued interest to yield
, KENDALL & CO., Inc.
m CLARK
ImA-
80
12,
88
63
6
16
754
0
121 H
136
101
12H
81
o6 k"
106
83
65 '
dot pfd.
Bank Note...
Kin pr o-
Asa, Beet Bazar. p..
Am. Bosob at . . . ..
Am, Br. Shoe....
do pfd.. . ......
Am. Out
do pfd. ........
Am. Chicle. ......
da pfd...-
Am. Cotton Oil. . .
do pfd. . .......
Am. Draj Sjndioatej
amencaa
A. IL & I,. ,
do pfd.. .
Aroricn Ios . . . . J108 107
uo pro......... 82 "4
Asnerieaa Ia FTanoe 1 8
Americaa laa. UU . S
do pfd. Z.. 68 H
Am Bad. 108
Am. Safe. Basor '. ?H
Am. Ship, at Con. IT
Am. Saoff . ...j. . 132
Am. Sttrar ...... 76
do pfd. 103
Am, Sumatra .... S74
do pfd. . S3
Ant T. A T. .... 122
Am. Tobacco B.. . . 138
do pfd. new .'. . 101
Am- Water Works. 12
do pc. pfd. . . . 32 i
do 7 pc pfd. . . . 80 1
An. Wool . .. 93
do pfd. 106
Am. W. Paper pfd. 35
.Assets Realty 1
Assd. Dry Goods . . 66
do 1st pfd. .... 80
do 2nd pfd. ... S3
Aatsd. Oil . 12T
aU Fruit 4 1
Art. Gulf W. 1. . 88
do pfd. 28
Aa Bfg. pfd. ... 115
A Use Tack . . 20
Aastia Nichols ... 28
du. pfd 84
BamsdaU (A) ... 50
.do. (B) 34
Barnet Lea 50
Baynk Broa. .... 60 li
Booth xish ...... 6
BrkJn. Edsn, .... 10S-'
Brkln. IT. Gas ... 104 1
Brown Shoe ..... 52
do. pfd. ...... 91
Brunswick On. . . ; 4
Bums Bras, A . .. 13K
do. B 44 ;
Bueh Trm. pfd. . . J I
Btrek. Co. 29
Caddo Oil 18
Calif. Pkg. T9
Calif. Pet. R7i
do. pfd. ...... 96
Cue Flow Wks. . . 4
Cent leather ... 81
-oo. P . 78 :
Certain -teed ..... 81 ;
do. 1st pfd. ... 85 ! ;
ChandTer U.C. ... T5
Chi. Pneu. Tube . . 5 j
do pfd. 1 94
Coi. Graph. 4
do. pfd. 18
Coca-Cola, etf T 59
CoL G. & K. 89
Cbmput T. R. . . . . 68
Cons., Iwtributoni. . I
ww. vicax. ...... i Zl
do pfd. a
Oam. Gas . ..118
wnt fJa I 99k
? Pfd- I TS
Ooaden Oil I 45
Oorw. TextDe j 14
uora x-roouocs. .. . .iioz
do pfd. , . Ul6 :
Orw Carpet. ..... 145
uuon u. sugar.... 1 it
do pfd...... 86
Ouba-Am. Sugar. ..f 25
do pfd. 83
rkaviam Chemical. . I 60
Metros fcnwm 108
Katzaan Kodak Oo. 77
Kec. Storage Bat. 44
KlShorn Corp 21
Einerson Brant. ... 8 '
do ' pfd. 29
Endicott, Johnson.. I 84
ao pta. iiii , .
Fairbanks Co...... I 18
Itmoas P. L,. .... 82
do pfd. 1 94
6
18.
47
55
17
116
68
a
98
39
S
71
62
44
45
61 .
106
48.
1
12
34
29
69 :
6
iS9
16
71
63
16
46
3
1
65
167
- -97
37
4
70
40
43
60
46
104
12
83
26
67
5
!. 1 i.
15
68
8
108
SO
98
37
64-
44
45
.
1 w e a
48
106
12
83
28
67
' 6
139
If is
71
1107
82
18
36
67
102
7
16
76
85
63
122
137
101
12
S3
92
106
35
66
124
3
85
25
114
19
24
84
42
33
' '' ia
48
6
108
101
45
90
4t
1S3
39
96
26
12
78
53
06
4
27
69
47
TlW
64
"4
16
57
87
63
27
65
116
64
73
42
13
99
15
88
21
90
58
106
76
42
19
82.
110
"e'6
93
4JH
18
47
54
?
124
87
28
114
19
27
84
49
33
"is"
6
107
102
Q
1
4
134
43
97
28
12
1 8
66
96
: 4
30
73
I50 - i
!
65
"4
17
59
88
66
:
29
66
116
66
73
44
14
101
I....
4 4 . .
17 :
85
25
92
58
108
77
44
21
83
110
:t
61
94
k'v
4
--
1
?
ibersody C F
! a Ohio pfd. .
Inke SebfcnT ; . .
rreeport Tear, i .
4Uut W. W. TJ.
iaca.w.Ajraal i
1. rj ,. r
. ie.;srfd.i .u.
Gea. Kiae. .-L.
Gen. aiacoa .
i da, pfd.;
do. p. a,; pfaJ
I oa. 1 at a.! BXd.
Gdrcb. ; Run. - - . ,
Y do. pfd. ,i.
CBtasu. Sua. . ..
Habirshaw 1 . -U...
ifendea .........
Hoastoa OQ
Hupp afotex .....
lat Age ........
i dot - ......
tncUBneata ......
Iwsjaam ktef.
brt lirr. Marina: ,
i do. pfd.
Int. Papee ;;..
I do pfd etpd. .. .
Ir.-rmable Oil , . .. .
Inland Oft' ......
Jewell '.Tea. U..;. .
Hones fcrea."" 1111
Jni. Kayser 4V Go.
Kan, ae Gulf Oo. .
Kelly Tire . .
do 8 pet pfd.:. .
Kebey Wheel ...
KevMene Tins: .. .
Kresgea . V .
ladede Gas ; . .
le Babber . . . . .
Liggett kCyara ..
Lowe's etf. . . . . .
Laft tee. I cu;....
Ijeoseriles . . .
Lori Oard Oa i . . . .
ktackay O ......
do pfd, ......
MsUinson . ......
j do pfd.-i )...
Manhattan Shirt ..
iUniti Sugar . ....
do pid. .......
Harhvad OH .....
Martin Rock . . . .
aaanbs-Parry Oor. ..
Matnieoa Alkali W.
ataxweU Motors A.
! 'lido B
star Xrpt, Stares..
do pfd. .......
ktex. Pet ....
Middle Btate Oil . .
Montgomery W'srd. .
Montana Power . .
do pfd. ..i... .
Mullfoa Cor. .....
Nat Acme ,
Nat BiNcuit
, da pfd. .......
ffat Cloak 4k Suit.
Nat Conduit . . . .
Nat C ex 8.
N, T. Air
H. Y. Hock ,
do pfd.
N. y. Shipbldg. ...
North American . .
j do pfd,
d rts. ,
Normally . ...
Ohio Fuet Sup...,
Okkv P. A R. . . . .
Oliio B. A B. . . . ,
Orpheum. etf. . . . . ,
Oat lUeraUir, ... .
do pfd,
Owea Bottle M. .
Pacific It. i Oor. .
Paa. Gas ! e aOoa. .
Pacifta Mail.....
Pacifio OU.J.....
Pac. T. ek T. . . .
Pan-Amerioaa, Pat,
" do tB) . .i ,
Panhandle Pet. . .
Parish-Bingbsm . . .
People's Gas..
Phils. Co. .......
Philip Jonas. . . . . .
ii do pfd.. . .. . . . .
Philips Pet.i
Piuroe Arrow . . .
:i do - pfd.
Pierce Oil........
do pfd.,.;.....
Pitts Coal..w
!i do pfL
"Pond Creek Ooal..
Prodaoem as i Bet. .
ii do pfd. .......
PabJio Service N. .
Punta Alegre Su . .
Pure Oil ctt
do. pfd. .i
Rebi etf. 1 .
Bam. Tpwrtr. . ,
ala. 2d pfd-. . . .
Rep. Mot -T. . . .
Bynlds. Too. B
do pfd ...!....
Boy. Dutch O . .
Sut. Ccla, Sue . .
Savags Arms; . . . .
Saxoa Mot ;
Scare-Boebaok
do. pfd. J.....
Shell Trans, Co. . .
Sinclair Oil i
S. Prt Boa- bug. .
Standard i Mill pfd.
Stwrd. W. Spd. M.
Strombarg .1. ....
Studebaker ......
do. pfd. i
8ub. Boat i .... .
Sup. Oil
Stnd.. Oil Cal . . .
Stnd. Oil NJ J. . .
1 do. pfd. i
Sweets Go. i
Ttxaa Co. I
Texas & Gulf
Tex. Paa. Oi ex O.
Tidewater Ou
I Bigh Jjam 1 Close Ckng.
118 114 11S 4
96 95 96
16 17 17
Z2". lt 21H S
flh i 1 s
4 5 S2 1
96 !
T8 Ta 3 73 8
1S5 ..... .....
ioi ia ii .... . ,
165 162 164 -
14 12 14
62 81 3 1
S3 31 82 !. .
93 9-4 5 1
41 40 ' -41 -) '
17 16 3T l
2 iO 12 1
2 1 1 ---:
20- 20 f
T9- 77 79 1
tl 19 20 l
in 10 11 i
41 4 41 t
14 4 4 i
.8 8 H -U
87 36 37
1 97 103 -f
iw: .. ..... -1
ti' 22 23 !
S3 81 83 1
62 49 52 1
S( 7 69 !
18 17 18 .
' Jt --1 1 4-
20 20 2
71 71 71
4 81 42
46 43 44 -1
8 '4 5
63 49 52 1
102 . 102 102 -
100 98 99 1
S3 19 23
146 137 139 1
79 75 . 77 -1
; 34 32 34
169 166 ! S
IT 1 l
1$ 13 13
. 43 45 48 3
159 157 159 7
92 90 90 -1
. 6 65 ;a -t
H4 B0 23 3
84 e8 84 S
;t 38 38 -
t 44 47 !
74 74 74 ... ..
33 80 32
21 21 21 '1
34 S9 83 a
SO 28 30 2
74 72 73
24 22 23 1-
11T 116 118 -
113 113 113 .. . . .
137 127 136 5
13 14 15
23 81 23 1
75 71 ?3
108 108 ros .....
31 80 30
18 18 18 -1
.156 143 148 3
119 117 117 -1
39 89 89
. 8 12 2.....
. 48 40 42
.78 74 78
88 S6 37 2
62 60 62 3
. 21 20 21 4
. 59 67 58
. 43 143 43
7 7 7 .....
. 10 10 10 i-
. 50 50 50 !
. 3 I 2 2 -
. 11 11 11 i
. 31 19 20
. 136 136 186 -
. 99 99 99 1
36 86 36 .... .
.ill 9 11
. 71 70 70 1
. 13 113 13 -1
. 6 63 64 ;
. 66 . 56 58 -
. 67 63 68 2
. 59 56 59 8
7 7 7 r-
. 13 11 13 i
. 86 85 86
. 89 38 39
. 87 86 86 i-3
. 89 S9 S9 -
. 49 44 48 4
. 20 17 19 -
. 41 35 39 -2
.11 ! 9 10 -
, 68 54 57 8
. 63 61 62 I
. 93 196 95
, i21 20 20 .. . . .
. 45 137 44 5
. 47 48 47 2
It 89 86 88
45 89 44
38 32 82 -
103 100 101 -
17 17 17 -t
.1 64 831 83 1 1
67 i 67 67 -2
j. B1 7 8
47 45 47
.1118 112111S 1
64 61 63
6 8 4
20 19 19 .t...
i 8 ! 8 3 -
76 73 76 -2
105 ' 102 105 4-
46 45 46 -
86 81 86 f4
49 45 - 49 4
91 90 90 1
. 41 40 40
34 62 68 - ;
121 114 120 3
111 111 ill 1
6 4 5 l',i
8 7 7 -
117 112 118 i-1
189 186 188 2
115 116 115
4 3 4 -1
48 47 481 -
48 43 47 4
. 81 28 30 1
. 13 ' 13 13 ......
GOVERNMENT VIM
iOfflS DECREASED
War Loan Retirements ; Made in
April. Show Large Decrease
- From Month of March. ?
The gmemmerit drrriaa; tha month of Aprs.
retired war loans to the amount of 358,464.050
compared with $674,194,400 ia March. Re
ductions tn March were stimulated by refusdiag
exieraxiona by . the aecretary nf the treasary.
whereby he assaed S617.767,70; fbnr-yw 4
per oent tmaixiry eartiGestes in jeaoaaaaa far
VKrtory notes. ,; Apia was the first rsaonth m the
current, Cscal year where Victory Botes did as
lad the other issaes tn the ammiat retired. The
chief esaraOona were ia the third Liberty lean
Ponds with 334.83 1300 cosnpered with $23,
082,700 Victory Botes, I ' j , :i
1 Ia tbe last two months the treaxnrv has been
buymg an larger amounts of the third Liberty
leaci bends bees nee of its approaching matarity
ia 1923. la March and April the third loaa
was reduaed by $59,628,900. , :
I Oa April SO there were outstxnding 1280.
78.600 of Victory 8 's compared with 3295.
694.80O on March SI. This same has been
called for redemption Jonev 15. i The treasury
U redeeming this issue in adraoce of tha aailed
date, -and aosordiag ta tha saat gtatcaaent at tha
treasury the advaace atdemptioa. aaooaats to
88O.000.000.
I High f Low 6lose
1
Tub. 1'rou. . . . .;
I do pfd. . . .
Trans. Con. Oil ...
Vrt.i Bsg A Ppr. . .
Cniou Oil
Union Tank
i do. pfd.
tjn.1 Cigar Stores . .
Vu. l m. Bjnd. j. . .
I do. 1st pfd. t . .
VnJ I"Tuit Co. !; .i.
Va. UtX Stores . . .
V. S. Exp. .
U. S. Food Prod. .
TJ. S. Ind. Alcohol'
i do. pfd ......
tt. Su Keelty
TJ S. Rubber . . ...
i do, lstpf,d .
TsHr Ch.
do, Pfd. ......
ya t c. a ...
I do pfd. .......
Vivaudoa
Hebber & Heilbrn
Wells Fargo Exp. .
Western Union .. i .
W-yraari, Brutea Oo
White Ofl ... . . 4 .
H'il-wa A Oo. . ..
Wfltys-Overland ' 4 .
dO pfd. ... , . 4 : i
WoU worth ..i1... .
Worth Puma -r i -4 .
do pfd. B. . . . i .
Wright Aero
74
06
19
67
22
100
106
155
SI
45
143
67
6
6
55
U5
71
5
105
33
75
S9
72
13
15
79
98
4 A U
10,
46
8
39
158
53
78
9
93 l
16
66
21
1V0 ;;
106 i
147 j
72
aR u
139
57 :
6
4.
49
92
67 :
62
104
80
TS "
55
71ri .
12
14
79 i
97
47
9
48
'7
38
157
50
78 :
8
73
96
IT
67
23
100
106
155
73
45
142
7
S
54
94
70
84
103
81
74
57
71
12
14
79
49
9
39
158
62
78
8
METALS ' AND EQUIPMENTS
Chng.
SWISS PURCHASE
3 LlBER lilRECT
Outltok for Futare Consumption
of American Lumber
Switzerland Poor.
in
! ! . wv A. M. L
I f Caitad States Vase tJonsal. Eurtch
, Tba euUook tor the coasumpOoa at Aatarioaa
lumbar by Switzerland la the nsar tutsre Is (vary
swor. . This cemditsoa st aaostty due as tha great
ilamseloa ia tha- building and furniture tadas
trlea. in which' anntbera yelnrw ptne and. aaa-
hbgaay are assd to a creet exteat '. rrrlrht
ratea and tha exchange are again khe Varted
States whan eesnpeOJxr with African axahogaay
and Buropeaa ask.: Owing ao the loerer freight
raiea of pre-war tunes. Amerteaa oak was cheaper
than S wwe oak and ooasadered mora desirable.
MODERATE PRICES ;
BRING BUSINESS
American 4 Merchants j; Discover
Trade Is Not Bought With
High Prices.1
Range in Prices of Liberty Bonds and
Victory Notes During the "Past Week
Liberty SUs, 1S32-47 ......
Liberty first 4s, 1932-47...... 4 99.70
-J' lira 4a, laz-47. ;....... H9.14
lJ'bet1T gecond 4a, 1927-42........ 99.sl
Liberty third 4s. 1S23...,
xiDerry 48, 1933-38
Victory 4Kb. 1922-23 ....
Victory 3s. 1922-23 4..
295 STARK STREET
PORTLAND, OREGON
Ore
gon Municipal Bonds
Yield
55
S.30
WE OWN AND OFFER
4 r Due
City of Sherwood Water 6s J ...... . 1925-33
City of Weston Gen. Obligation 6s. .1924-32
Clackamas County U.5 H. S. D. No. 2
Negotiable Interest Bearing .War- . .
rants, 6f ... .... . ........... .1928-33 5.00
EXEMPT FROM FEDERAL INCOME TAXES
To the conservative investor who desires the best of
security and is satisfied with a fair tetxxm.
: recommend the above issnes
Western Bond & Mortgage Co.
80 FourU; SV Portland, Oregon
Ground Floor Board of TradeBldg. TeL Bdwy. 6464 :
.Telephone or Telegraph Orders 'Cbliect " 1
. 99.90
e; 4 ;t9.9)
...... i. .ido.60
.........loo.oo
Tufts.
' 99.84
i 99.70
!; 99.38
i 99.80
i 99.58
J 99.92
i 99.86
I 100.63
;i 100.02
Wed.
199.82
i 99.70
j 99.60
.199.76
i 99.58
j99.90
99.88
100.68
100.02
-r-
I !
Thttrs.
99.88
99.86
39.52
99.88
99.62
99.94.
199.90
100.70
100.00
PrL
. 99.68
99.70
99.52
99.94
99.7
99.94
99.94
100.74
100.00
Bat
99.70
199.56
99.86
99.70
99.94
S9.90
100.78
100.00
NORTHWEST! BANK STATEMENT
Monday ..
Tuesday .
Wednesday
Thursday .
Friday ...
Saturday
Monday
Tuesday
. . . . . .
....
........t
. 1922
8 4.839.443
5,222,493
4.927.424
a -wm m r
iriouuay
5,726,146
r0TLarlD BANK
Tleannr ' :
! 19Z1
9 6,167.088
4.456.815
4,881.842
4.160.479
4,074.920
3.794,407
.. 825.2 92.0r
.........4
Wednesday
rrl i n
' 1 ' T 1 " J ..........
Friday
Saturday ..........4..
Oaal
1923
.? 5.4T2.945
.. 5,431,998
4,967.903
5,450.807
4,684.369
4.874.631
SefaTTLK
Week
4 ... 331. 002.07 3
S28.535.O03
Mass
BANKS
1921
3 4.954.066
4,990,691
4,263.990
8,962.681
4.330.589
4,851.183
jS37U53.20a
1922
$1,105,835
1.176.973
1,072,486
L0O5.781
Holiday
1.298.398
i i
85.653.920
1922
(1,393.730
1,036,983
1.998.351
1.165,284
1.291.746
1.186.401
87.1.7 0.504
1921 I
$1,303,970
620.297
1.162,095
770.158
862.168
794.523
$5,513,213
121
91,638,088
893.523
.804.986
950,370
1,258,685
1.250,140
$6,795,642
Alaska Gold ..... .
Alaska Juno .....I 2 I 1
an. Oar imrj. . 4 1 0 1 ri 5 9
do pfd. .....f .1120 120
Am. Loco. jl 15 11S
do pid. .....,. ll llo
B Smelt. ...... 67 58 .
do pfd. A. .... 02 aS2
do pfd. .....i. 98 96 i
Am. Steel Fdy.f ...4 89 37
dO Pfd. ....... I :,;
Ziro i 21 18 ;
do pfd. ....... 4 44
Anftconda Cop.; . i . 65) 62
Baldwin Loco. ...1118 114
j do pfd. . ...... 110 llltt i
BxtoptUs Min. ....) 1 1;
Bethlehem Steel ...I 77 I 73
do B 80 76
do T pfd. ...) 99 04 i
do 8 nfd. 12 f. lia: "
British K. stl. ....1 11 11 ;f;
do 1st pfd. . . , .1 77 75
do 2d ofd. 1 29 f 27
iButte Copper .....j 8 6
Butte A Superior.. 83 j 30
auanan EUio ....
ICaL A Aria.....;. 63 69
Carson Bill . . . 14 14
trro de Pasco Cop. 39 87
Chfla Cop. 23 19
Chlae Con. ...... 82 28
rOolo. P. L . .... 87 83
ICrucible Steal ..... 76 70
do pfd. ....... 93 83
'DeBeara Mine. ... 21 20
Tome. Mines ..... 28 27
Fed. Mining 8. . 16 13
do pfd. ....... 03 44
Gen. Am. Tank Co. 65 63
i do pfd ....... 09 . 98
iGranby Min. ..... 32 28:
ilirt. Nor. Or. etm. 41 40
Ureene Uananea .. 34 81
iCulf SUtes Duel.. 86 82
liomretake M. .... 72 70
Inspiration U. .... 43 40-
Int Jom. Eng. ... 26 25
Int. Nickel 18 -17
do pfd. ''.-.., 82 82
Iron Products ... . 84 80
Kennecott Copper.. 89 83
lAekawanna Steel.. 61 77
Lima Locomotive. . 110 106
Main tyre Por. Mia 18 17
Miami Cop. 31 28
Midvale Steel ... . 45 37
Nat. Lead ...... 96 j 92
da pfd. ...... llv 109
Nevada Cons. .... 18 16
Nova 8. S Ss 0. . . . 34 29
Ontario SUrer ... 8 7
Otis Steel ...... 15 14
do pfd. 64 64
Pa. Seaboard ..... 12 11
do pfd. 93 89
Pressed Steel 79 79.
do pfd. 97 - 9T '
Pullman ........ 123 120
By. Steel Bpgi ... 100 100
i do pfd. ....... 111 111
Bay Cons. ....... 13 16
Band Mine ...... 28 26
BeprorW 8 ted 88 88
Hep. Iron A Steal . 76 68
do pfd. .... 93 89
St. Joseph Lead... 15 15
Seneca Copper ... 14 18
Shattuck. ArU .Copl 11 8
BkM-MDexiteld . ... 64 1 48
Superior Steel .J.. 35 84
Steel eV Tube pfd, . . 83 : 83
Tens. Cop. tc Chem. 12 ( II
i. nras. sreei jr.l 44 I 42
CnJted Alloy StL . 40l SS
U4 8. C. L -F....1 86 33
do pfd.........J 71 69
TT, 8. 6 melting. 45 41
do pfd. 46 45
V 0. Steei. .. ... 102 97
do pfd......... 118 117
Utah Cop. ....... 68 6
Utah- Securities.... 18 17
Vertadlum . . . 53 4 7
Wiekwire Steel, j... 21 10
,1
161
120
114
115
5
82
98
88
90
20
48
56
117
110
1
76
7
09 U
112
29
7
83
9
63
14
39
23
$1
84
73
93
21
28
IS
62
63
82
41
83
85
7a
42
25
18
82
83
38
78 ,
110
17
80
41
94
110 i
18
84
8
15
64
12
89
79 ,
97 ;
123
100
111
18 i
28 )
86
72
91 ,
14 f
10
61
85
88
12
43
38
85
70
44
46
101
188
67
19
51
19
5
4
3
-1
5
5
2
8
-
5
1
3
I
, . . . .
-1
-1
6
-1
-
-
"
-1
-
-1
:i
T
-
-
-!
:
7
1
-
-
2
4
8
3
-2
-1
;
' !.-
"ii"
1
2
1
If
2
2
a
-
1 -
'i
3
8
1
i
rs
. -
2
. -
"2
-
;
i
6
-
-
2
1
2
"i"
2
:
-
-1
2
1
1
2
1
-2
'-2
:i
n
-i
-
-i
-2
-
1
4
1
2
1
We Own and Offer
Pacific Power & Light Company
.r ins. i.uorxgag:e.avt7 uoia isonds
H.iit , i i ma Aiinrtier T ' 1 Urr
-e3 a, jl-v w
. to yield- over 6
Amalrnated Sugar Company
First Mortgage 7 Gold Bonds
Duel April 1,1937
i5: f
toi (yield 7
We recommend these bonds for investment.
- INVESTMENT OONDS
tT SIXTH STRCtT ! PORTLAND. OREGON . BROADWAY 1042
1 ; GROUND n.OOr WCIXSTARGO BUttOINC -
'-d,.ft. -j, . lb M vt r t
nnn Arbor pid. . .
Ai a l
AU. Blrnv. A AU.
A T. A S. F .. 4 .
do pfd. ..i.,.
B. A O-.......
do pfd.
b. a. t ....... .
do etf..
Buff. Koch
fSan. Paa..
Central . .
a eV A..
j do pfd. ......
a C. C. A St, L.
do Pfd. . . .'. . .
a A E- L
.- do prd., aee
t 'I. W .
do pfd. . -,
C. M. A 81 P,
do pfd.
RAfLROADS
TT
we.
eV I
,r
a N. w
j-if 4
iteal 4 I
At ttftf
y ' . es v,. . , .: . ,
Oalo, A Sou.' . .
Ui & I A P. ii
do. T n-. a, pfd.
do a a, a, Did.
tt 8. . p. m. v a
do., pfa. " ,:1 .,4, t.
11. A Hud. .....
tt. U A Wi ......
I. 8. S. A At, ..
da. pfd. U . .
Erie i . .
i dO. 1st pfd; -J, -.
in. 2d bfij V.
O. N. pfd. i . i . . . .
Oo!f. M. & N.
ao. pta-jr-i
IIL Cent. .:
K. C. fjorrth
do. pfd. . I...
Lets E. Wr ..
do pfd. ..i...
Lehigh VsJL
Ii. A N. , 1 . , .
Men. Kiev. Guatv
Mat. St. Ky,
lo pfd. . 4,
rf do 2d pfd.
' do pr. pfd.
Minn. 4k tit, ti
M. StP. A K.S.
M. K. A T. new
i do pfd. .. .ii .
lie. - Pae. : i . i .
i da -ltd. .-i.
Nat. R. EV. Max. 2dl
pfd. ..'.-.
K. O. T. A Me.
N. T. Cent. ......
N- T. Out. A BtXL
it 2d Tfd. , . -. .
N t N. H. A If. .
47
102
4
100
91
48
61
25
22
63
143
186
8
16
66
83
3
87
22
2H
45
79
63
67
50
46
96 .
63 -65
97
122
129
.4
4
24
17
78
17
36
105 ;
28
58
18
37
65
119
50
8
68 '
28 ;i
03 13
o
12
42
24
..
5
SH
91
71
TT
35
101
3
09
90
45
24
21
68
139
185
'
15
65
88
38
55
8
20
24
41
14
64
67 ,
4
41
94
81
05
07
121
117
4
v
18
21
1H
7a
16
36
not ,
2T
oft
16
83
61
lift
49
7
61
22
61 .
ia if .
60 '
11
-
,42
65
'6
8
69 ' :
7r,
28.
102
8
UOOi
91
48
61 !
25
22
63;
148'
185'
7
f 0
60
88
30
66
9
.22
2
i 45
75
65 i
67
50
46
96.
82
65
07
122
117'
4
15
24
17
7T
17
86
104
Zt
58
18H
26
84
119
60
8
23
62
12
60
12
42
24
61
5
8
91
71
TT '
28
2
- i
1
. -
7"
I?
i
i
-
i
2
2
ef 0 t
ei
I
'10'
-
2
2
2
2
2
1
1 ,
-; .e-'M
-
.
. u
m
r .
e u
1H
2
' As regards the lumber analkat, the eensul to
Basal reporta as tollows:-. : ..; . . . -
i The aatlook aepetids f or the time upon the
rise ia eoeaaaee values of toe moneys of the
varioaa eonairiee of export. Ao aoac aa tbe
Bvnss lumber importav can purchase 1 amber at
tta present tow vriee ia Jurope aa WU1 sabstttate
that lumber tor Anwraoaa lumber, almeat lagard
leae ef- QaaHties. especaUly in ConatruoUoa work.
Formerty Americaa eak. gsaa. ash, soatherai yel
low ptaa arid IDouglaa fir were used axteaatvaly
tor aaah and doara. raflraad and street ear seats,
and sabinetwet. Near, domes tie and fiurupean
pine, althoagh much inferior in quality, as being
suBBtituted. Owing to the gsneral fiaaacasl de
prenasoa, tha aBanufactara ef furniture and i eaa
taeta has deeiaassd ta a point where the lure
peaa supply of walnut is act eoasaased, rtr
nseriy much of tha furniture and cabinet rnaau
faetarlag was dona with htgh-grade Amerioan
hardwoods. fOow none at being Importsd from
the United Btassa,; The cheaper grades of Uer
man, Hungarian and owtas oaks are being sub
stituted for tha better grade Americaa eaka. The
lumber dealer of Basel state that fir lumber
can be purchased in Uermany and brought to
nwitaerUad for atea than the eoet at fraight
from tha United Statea. . , , i
Aduptlua of. saawlu Syvtem Orwed
i AO large lumber dealers in Bwftserland are
unanimous ta recommeriding tbe adoptioD of the
metric measuring system to United State ex
porters, citing the case of Japan, which country,
they claim, has greatly Increased its sales Isinoe
the adoptioB of that ayetem. Very great stress
was laid on tats point.. and it would most prob
ably be ef advantage to American lumber ex
porters ta ate the metric system wham auoUng
prices to Continental jearopa, , t
; Conditions AfTecUno Ifrnarta from AmaHca '
i Only very little lumber It Imported directly
from the United State. Whea ordering directly
the local dealer must Order in oiavntities Which
at times exeeed his needs, and the terms are
such which aiBiaeitatta his payiag for tha lumber
aeiore aa naa leceivea it. There have been
complaint from several Sources that Americaa
lumber exporters have act shipped according to
eraera, wemaHas or samples, ana nave re
fused ta edjtnt their errors erter delivery. I The
repeated oocurreaoe of such eases has tended to
discourage the direct importatioa of Americaa
lumber by Swiss dealers. In former veers imneh
ef the Amerteaa lumber need la Bwitxeriand was
secarea troa aesiera tn lndon. Livernool. JHam-
barg and U rumen. Today Bwttaenand obtains
its supply of Amerioan lumber chiefly through
tbe intermediary of lumber dealers in Mannheim.
Kotterdam and Antwerp. Smaller quantities are
aiso received from Amsterdam. Uenoa. Maraellles
and La liarre, bat very iittla from Lando and
ivarpoox. ; , u '
II Trnalppino point for AmortcM LaaiW .
! Kotterdam la bv far the ssoat hnnuiit kv.M.
shipping point for Amerioan lumber desUned for
owiTiwntna, as irom tnere it eaa be shipped by
waterways for the eatire distance ai a'lmueh
smaller cost than bv anil from cj.t wh, k-
lean lumber ia also purchased by Swiss dealaa in
wo im pun ot ssannneua. to wcicn city lumbar
a vnaam uj ui auu rrota eMttelaaia.
li Bviai deafcrt prefer to purchase tamberl frora
aarents or importers ia hiurope. which procedure
enables them to personally visit the lumber mar
kets and buy in such Quantities and the quality
they deeire; also giving9 them the opportunity of
examining and verifying the raneer before paying
for It. ia this way aU possibility of lumber being
hipped contrary to order la eUminatedl
j! Luraoer tt deuverea f . o. b, car or beat In the
city where it is bought. The usual terms are 2 per
ST . " . or o ana even a moata eredlta.
peelers in Mannheim quote prices a. - i. f. ejwitser-
maa. u tne parcnaser so destraa. Heverali large
tumoex aeaiem in tan uistnct woo Id be more
inclined to purchase lumber directly front the
linitod SUtes if Americaa dealers would extend
uv ws 4IWHH am. terraaa aeeiera.
j Varieties ef ! American Wood Meet In Demand
! The varieties of Antertcan wood for which
there is usually a demand in Kvituriii
southern yellow pine, Douglas Or, oak. Honduras
mahogany. Tabasco mahogany, and walnut. The
lumber dealers in Holland, rrance. Italy and Uer
aaany are said .to import wood chiefly in beams,
which are either forwarded direct te thai Swiss
purchaser or are renewed Into boards eat aa-
ooruing te tae purchaser's spectflcatioaa, which
vawieery erder. la addition to wood im
ported in Deems end hnanta n i.
Ported. The demand is for Honduras and T abases
mahogany and walnut veneer. There 1 only one
factory which produces veneere in Bwitaaraaad.
located at Uohrbech. in the Canton of K. '
jj aoutheca yellow pine when used ia the build
ing trade meets with nraerwn. i ...
eompetition, owing to its superior quality. When
used for Joiners or cabinetwork, howeverj it is
otten supplanted by fir and larch. TJurefore.
7. ,Jl uemano taere as for American lumber
At the present time is tat southern yelloV pine.
Bonds! Eeactiqnary ji
Ib Vveek's Traamg;
v ; Eealizing Sales'
oad
more or
tHoon rvf
arfeee daring the last
lest rveouooary
K. L. Ievraux
statea
COL
were
"This
upward teead; f teeestaM
ef . tbe year and really
eaasw for alarm oa the I
fje A. O. Posts. ' ' "j.;
Rpedal Oorreapoadent - of Tbe lowrual '
Vew Tork. May 20. "Stop, look and K-
tnl"-aUT ba a am esse it sdmnniiinn at railway
ereaalncs, but tt is ao longer ncpeaiery to flash
that waralag te tbe Amerman bn a n ess sua He.
eaa aa tateatioa eg aetng ran ever by Urn ears
ia 1923 if caution will avoid it Por a time
bastneas men were- forced to -step." -Then they
found it advisable ta took and 'they east close
scrutiny en thai annuel and ansately. statements
their ewa and their competitors'. Ever since
tney nave been listening, listening closely to toe
jingle of the eath reenter. They have discoe
erel that pleaainc tymeante kymphonr ! plays
loudly oaly a tha tune of aaoderate prioes. - '
The anamsl sad ssnnthls ; atkta nwnta ' " have
shown that prof its may not be in increased sale
or : Mvaaeea price, bat in reduced operating
expenses and . lessened eorts. . ConseqtrenUy the
ear nf rrrrT Tiiiiiinien man asa Ihasn tamed to
easea the alt ef the melody which had for Us
refrain the liniiiriina of costs without the rasa-
trig , of prices. Scores believe they have caught
we ngnt nets m amaicsmaaoa.) -
- :' - saareara Order ef Oay 'Yl'.
Mereere are the erder ef the dav. It 1a not
the mercers of the tnf conptua engaged te
the basic Indnatnaa whica -eounb most, althoueh
those loom largest ia the public eye. There ar
hundreds of roergers now ia pfoeeat ef
tiatioa among coaeerns : whose i stock are not
aoUve la -Wall Kreet. bat ahosa roods are ac
tive u to wareaouse and ooccsiaed treigat ter
minals of the commercial centers of the country.
These-smaller mergers are beine made without
regard to the f stack market. ' They are. beirat
negotiated to ecoomnliah eeonoauea- in produc
tion nd I diatribution. Thev adv every eri-
deuc that they will acco mulish their purpose.
but; their effect will not be apparent even to
thoi participanta until May monthly itatementa
have been oomnfled and digested. - However, they
give abundant evidence that the business men
ef Amerioa have recognised that the buying and
eoasaaung public has no intaatioa of submit
ting te another inflation ef prioea and that the
future for some time to oome will be a i period
ot naxrow prof ita and keen competition,
."'si -if Oaej Ctrtk It Hurtln ' ''! i'! ''
The parties at faaue ta the ' bituminous real
strike are becianing to say to each other. "Take
your thumb oat of my eye, and "Let go my
ear. -In other words, the atrik ia beginning
6 ciuoh the particuantA ss well as the mblic.
and the prospect of settlement seems a trifle
Bearer, in the anthracite field, however, this
tendency Is not so maaifost. I Tbe operators
still have hundreds of thousands of . torn ef
coal ta sell and the strikers sun - have hun
dreds at thousands of i dollar ot savings te
spend. The situatloa asa. be adequately out
lined by the fact that aae coal fcompsny had 13
solid mile ot load coal aa hand when the strike
started and one miner, taken to a hospital the
day before tbe close-down, had $2600 ia a
belt around 'his waist.' -u i J i . :
Cloth Marksto Advahelnt '' I 'ii,. Y :
Markets for cotton, wool and silk, basic ma
brrials ef the textile trades, all are strong at
advancing prices. This has eucouraeed pro
ducer, and manufacturer have been com pen
fa ted by increased demand and high prices for
finished materials. Men and : women s apparel
ia selling well in aU sections of (the country, with
prospect that manufacturer j and dealer i in
straw : hats and tropical weight clothing will
enjoy sue at the best years in a decade. Ad
vertising it universal . and persistent and i being
attended with excellent retails j when backed, by
quality. rnce ana moaerate prices. ,
:i ttteat ProduoU la Demand T";;"l
- fttaei eroducts are in eonstantly increasing
demand and belief in the permanence of this
trend ia aivnif ied bv eiwimoHMT inor eased " ero-
duction of pig iron. The non-ferrous metals-
lead, rdna and popper all hate registered ad
vance and i occupy better technical position
than (or month past. The great business pick
no baa been in automobile sales and manufac
ture, and warning are being issued against un
warranted price or cost expansioa in these
lines. The output is rapidly j approaching
naeitv nroduetiou- . i
Inquiries for lumber have reached the great
est vebun ever known ta eomei of the producing
somewhat : the result ' ef realiaine sale bv trad
ers,, liases let act . ar two potnea were etwied
by - ana i of trie more speculative lunass end
there were fractional vwaawiono ia many at tha ,
more uaaerrative in rest meat assess.
.-Tad le realty the ftnA laterrartioa (a tha
t artoas at no tne nrsa
thana ahId be aa
bait, of tnvam&nra
ally. -On the ether hand advantage enoald
lefeea ar. the ftreaeat e-omparaUvelir tow pn
Money rata pemaia easy and the cost at bvuag
is reeeding, whioh asean that the pries at
fixed income bearing aecuritie ought to tujiato
atill farther.- . , i ... . -
"Tne lenrth to which the bond marVvt will
go to alupreatmate the Kieai of 80 year sew
t best illuftraeed ay the fact that an lat the
city erf New ix ark sold per went bonds I a
premium eoniiiared with yield of better I them
4 per cent aa current tevvis. Gilt vde 8
per eent i railroad beads were ease
preraiuat prioes dorirarthat time.
"Sura tavestota 1 have not yet
their idea to the iraj Dtwwnt worth ef
ties aad atfil are of the opinioa that high rate
that prevailed eoeee , time ago ar yet arailahee,
"InTastort f should i cru Unite lama ; ! aaore
ekwely new than ever befora friidertjrej, ot
the safety of principal -and reeularlty of ta-:
oome should eoma first and jaissUira ehoold
not be iiUluenoed by the high eoupoa rate aad.
yield.
Mnta Lavnadrlaa' Combine
Milton, Msy 20.Hj. Ii. rdvety. proprietor ef
the Twin City tTbaaera, aad P. Bwpaepej pvw
prietof of the Milton - laundry, hare aoatbiaad
the two eoaoera and will install a modern
ktrara laandry and also tnaehlnery for eleaaiag.
dyeing and dry cleaning. - The new coeiny
lias incorporated with a capital at $20,000.
par value of snare $10. Over hall ot the cap
ita ha been subscribed. ii--
eeatera and everywhere new buaines ,
ef production and shipments.
far
Lamb IvOBte Heavy
Stockmen of Deshutea, Wheeler and iWaace
eountie have suffered aa aranaa r aa -
eeat losses ia their lamb baasnss at ah. .-7.
wmteraad a lata siwtag. ay lmer WUUUns of
the predatory animal : dirision of the United
States bioiogical laurv. In eoma eetiorsi the
Aiga a 100 par east. Williams
totxuoted jvrsl new goverumont taatara ia
the work of iwasrarlnt eoyotea, I
Norf. A Son.
Nort West.
rjor. Pac ......
Peoria A Bast
geuna. .........
Per Mara. .... .
do pr pfd. 4..
do pfd. ......
r. w. v. ...
do Old- ......
Beeding .........
ao 1st pfd.
do 2d pfd, ....
St L. A B..W. ...
do pfd. , . '. . ;i. . .
St U South W....
; ao pfd.,-..-. ... .
Seaboard A. L...
I do pfd. .....
Sou. By.
do pfd. .
South Pad. . .. . .
Texas A Pae. ...
Third Are. .....
T.-ScL. A W. etf . :
do pfd. etf. B.
Twia City B. . .
rnioa PadSe' . . ,
do pfd. .....
tjni. By. Inr. .
!do- pfd. j.... ...
! do pfd. A .
! do pfd. B. .
West Md.
da 2d pfd. .
-: w' a-a. 4 .....
ao pta.
iW. ALT &
i do pfd. - I, .
:WV.- Cent i . .
High 1 Lew loose
10 I
107 105
77 74
13 12
41 40
$6 $0
T8 7$
08 07
$6 84
88. 88
82 I 77
46 43
57 67
32 I 28
00 49
82 28
4 46
8 6
12 10
28 23
67 56
6 90
35 33
28 21
86 33
43 44
49 47
140 136
75 T4
15 IS
$2 31
11 10
82 80
20 20
.1 10
10 19
22 20
63 60
12 11
23 22 .
29-
Chng.
107
77
12
41
33
76
68
86 .
88
61
46
07
82
60
32
40
T
12
67
92
85
23
36
43
48
138
75
15
ii
$2
20
11
19
22
62
12
23,
1
2
1
' -
1
;2
-3
8
$
3
1
Japanete Salmoa Chanlag- Xadvgtrr-
The salmon canning lndmitry! of Japan allowed
a i steady : improvement, during 1 192 1, according
to: the Japan Advertiser of January 20. 1922
The eatout : for the year. ss . reported by the
departaaent ot arricmturs I sua commerce,
amountea to 700,000 boxea (ione box contains
48 one-pound cans), against 600,000 boxes, for
the previous year. Approximately 600,000 boxes,
valued at 4,000,000 yen ($1,994,000, were
exported la 1921, one-fourth of it being a hipped
directly from the producing dhtrlcte. . f -
la the asa around Siberia more pink salmon
was eaagut tnaa rao. ; -mis was asea xor can
ning. . lyunng -tne wona war a aeraaad 1 for
pink salmon was created, which offer a line
opportunity to Japan's canning industry. The
department -ef agriculture aad leocnmeroe is aaid
to be indirectly eriosearaging the enterprise in
the northern part of Mae country.
Chehahs.
A Son will
Toledo Sawmill p Start
Toledo. Monday. The miU wUl average 10,000
feet a day.
erected ha
timber. I
WadL. May 20. -B. P. Lartoei
begiB operating their sswmiU near
.Tbe tract on which tha mill wae
$.000,000. feet ef fund tkaadla;
;"".;!:' .'"',,";m:'.j;--::?:'.,-i-'
Liverpool Wheat Lower :, i:- ;
Livernool. 1 May 80. Wheat elaeed. May. 11a '
8d.i damn li: Julr. 11 fti, dowa i; Sea
t.n.ber. ill ld. down d. Oura Jul it
10d. unehanged. I ((..' 1 - i ..
' i 'aaaaaaavaaaaaaaaaaaaaaaasa ;
tBWronfATiQy.
Are Yoa Going to Europer.
. (I'M '"-'U m. ' .-' I-1 ' t
...! Or the Orient?
Or Around the World "a
Why not' fret axperlenoad and aoev-.
ret information arom an who baa
traraled extenalvaijr tor UM bonatu
of hht pAtronaT - , tj-. v,
SAcaie Atthmtalp BeorrUos6 ts
j.. j - . :- TlcAotd aTraiB - -.
DORSEYB. SMITH
'ifi-
2f AXAtlBB
1 J0URNAX TRAVEL BUREA0
110 BUpAUW ATr rOUTJUARD, 0B.
TRAKSPORTATIOW
I f -' ! " STAAaMMI -
I "Admiral FaiTagutw
I 0afW f ram municipal tVsek No. i S
1 aC, May t7, 4 P. ML
I .;. LOa ANOCLC0 .-
I 0AN DIEdO
. 0TKAM6HI -s
"Admiral FaWarut,,
ail rram municipal Deck no.
ark. May S7, 4 P. M.
for 1 I -AN
PRANCItOO
LOfl ANOCLC0
0AN DIEflO
alung eeery
theraaftarij
to rvmovrrn, vouioem
; j ' I '! aajuiaauaat- . . . . r.
resolute May30.Jane27,Jnlv25t
llianee June 13. Jaly U. Aug. 8 .
( f TO HAMBCBG DIKJCCT f :
Saffissja evey TbarsJsy, lry the fseasa.'
lar atearaer Msast CUy, Menrnt Carw
raO. Atasiat CUateaa. Hauaea. Bayaarm. .
WHiembei g. with awecial eabia aad
iapvoved thlr claea avniTno1irioa. ,
UnTTTCD AatZBJCAlt LDnm. etc.
.law IMw. La Salle St, CUaaf .. v
; : ar x-ocai Agents
9
: OELIflHTl
i I ALASKA EX0URSIORS
12 day (2000 anile).. .0 80.00
22 day (4000 miles i L .. $145.00
; i TiCKftT orrtem
;J01 SD ST. COn. STAftlt
i PHONS BROADWAY 0481
itOafia aiidl Way Points
STIt; GEORGIAN A
i $H HOTJB.S TO ASTOTtlA
'Speedy, clean, aafe, comf ortablA -Lva
DAlir Uxcept Friday , $ A. AC
I NIGHT SERVICE f
Lva. Daily (except 8At. 7:10 P.M.
Far $1.8 Ob Way $ Beaad Trip
Connections made for all North) and
eouin oaacrjea at aswiia
. Aftfer St. Dock
f I Broadway 6344
H' THI HABKINS i
XBJlS SPOUT ATlOIf CO.
'!l':.i '., '' (":"-' ;.i':' fV-! -' i -.vi
l: -i-i i'i --: .
1 f "l .'...L 'j'1" eiLj i" rnx i! in.i Liiiwiauu . iii ji mi
ifs tL id I : i 1
-a I Vinsu,. n-i-n ! ki. . stA.t -:.
Tf
AUSTRALIA
... NEW' : ZEALAND AND SOUTH 0EA0 I. :
Via Tahiti! and Naratenaa, ' Stall and Pesseneaf
8arlce frem Baa Franolsc every SS Days,
Paelfle Tour Bevth Saw, New Zealana, Aus
i ,1- tralia 062S, First Class, j ,. . ,
VNiort s. s. co. or new Zealand f
CSO Oanrerala St, Sea Fraacitee ' )
! Or Local ateamslue and Itmkread
E- m SV "I (
1!
)..
Inoresse.
0 verb ii cCo oke Co.
BROKERS
. rwaOMah. Or., aad Walla WaTm. Wash.
POrOT-AJfD -':
Beard ot Trade Buflding f
stocks, bonds;
COTTON, GRAINS, Etc
r Corraapondsata ot j
Logan & Bryan
, Member of'
New Tork Coffee Exchange ; "v
.New Tork Cotton Exchange : -"- 1
, New Tork Produce Exchange " '.-
- New Tork: tork Kxebaage
Bestoa Ktock xchang
, Chicago Board of Trad
- Mew Orleaa Cotton Kxchaeg
Wtaatpeg Oram Kxchanee
V-T4t i Minaeepotia Chamber of Rraa.
WiteS tO Lae City Stock Kxcbaaga
i o vi Lcs Angeles Stock F,xchpg
acir i vik fonsoeipnia boutss i
and Chicago
Pittsburg Stock L rehear
.-..: Montreal Board af Trade
it
i Charleston, and 8a kilef-o. Lot Anf elet, Saa Jf raacltee, ferUaad, BeatUa
' VanaAnaaa U r sTt t I . . . 1 . I . i I , - . I .
Vaaeoatar. H- C. k !.;!
, i . - NOftTM, ATLANTI0 A WESTERft
' 1 WE8T BOUND i
. New Tork
' Jeae ; '
SS. OO.
' -' ' J;
Phila.
etaaa 40
... . 4
- PorUand. ate. Boatoa
ad. L CHI OH .... ratal S7 Aaa j 9
hi. waiaiH a aw ai . j
SS. SHM6H .... durst 1S June 1S . . . . ; ' done )
j,,: t.-r, .-'ii.jaAeT bvumd rnva pontvand i . :
SS, Cold Harbee ..,1 .duae S . . $$.. Artloaa m.. ........ .dan tS
88. BHue Triangle .June 14 : 08. Lehigh duly 10
aa. Deerfleld . ......Lt dune' f - as. Wabash ............ r. .duly t0
; ...Ht -i w i-ii J ' Wefr1sraeee apaoe. - - : l , ,-:-. - f,s i -
, TMM ADBUNAL . LIMA. . Paelfle , Ceast gents .-'" ; " "' -I
01 Third, Street f sSi; , k,.. Vs i . 1 ; , T. ; :; j Pnena D'oaowej S401
i . . I -;-" lit I - - - I i -- , - t ' ' ..-11
i
'SHIP BY WATER"
' ' -I ' s:-" ":i , ,
WILILIAM:
i iREGrtlAR FREIGHT SERVICE
Between New iTorkJ Philadelpnis. Baltimore, Norfolk and San Fran- l
:- ciseoe Oakland, Pi irtland, , Los Angeles Harbor, ; Seattle, Tscoteuu - ;
I : ' !t Portland t and Colombia River General Agents 1
2031 WILCOX BUILDING ,.f. . I ; ' BROAD WAT - 423
7
" :