Oakland Tribune from Oakland, California • Page 24

ST. WEDNESDAY EVENING OaklanU APRIL, 11, 1923 aWaasajeisVsiassVt Ji SAN FRANCISCO STOCK EXQMNGE aX Special Wire Service to OAKLAND TRIBUNE. Morning Prices TIIOEAT TfrHALT BUILDING SEEfJ advances SILK PRICES Bid. Art. UlXl Ssst ov Ol 4)1 01 2i SCOTT.

1A)BV Slmea 40 42 Slmoa Misa Ol tlmom Sterltet OS Slaws Coaaol 0t Cal'fetaia. Anmnast .10 4JM Bnsker HH1 10 Central .1.07 1.10 Double 05 OA 01 OS 11 el EXPECTED SOOT. COSTS EE Ton. MS. Bid: Ask, Belment w.

naah. Bor ...1.40 ...10 oa Gtiwt Qseea H.llfiX MteNamara MacNamare Cr MMwit Mm Pittsburgh 41 04 OS 0 04 01 Snobeam fJmnmrler SstberlMd Taoaipeoa Ner c.Hf North star Oriental 04 01 ReMfne 11 Tonomh S.0A Tonopak 7 07 Cmatlll. 01 At Wt V.nlt 1.05 1.10 West Tononah I Divide IMatrlet. unmb Crapkerlack Klor.nce mm aurn Beoo Rarert- Boeetla fcUrer Kin Venn Victory West Westera wiiw Bto Bill Booth ot 04 ot Dlrlde 03 ei OeldfUli BUtriet. 01 Reora-aalaaA 04 Sroas 07 Kennedy 4.

OA Moore afarrlastoa SI San Jose Has -Rush for Gold Near Morgan Reported Discovery Near Hill Gives Ranch' er Prospecting BAN JOSE. April 11. While th rush 1 la no such proportions as that of the! flays of 'it or the still more recent exodus tb the Alaskan gold fields, rancher on the hills In the vicinity of the O'Connell ranch, twenty miles southeast of this city, are prospecting for gold following th 'announcement made -yesterday that ore rich In the precious metal has been found on the, O'Caanell property hack of Madrono. Edward Enderson, Morgan. Hill cattleman, found the gold-bearing ore by accident while hunting several weeks ago.

Thinking the ore to contain Kersda Fad fie Material Pripes Stow Jump of 24 Per Cent Since LaBt March. So Knreka Xelknr Dmm Oataaaa. rractwa t. Ooldfleld Con bis Jim Ca.b Batry DereioomeBt. A laddie 0 04 Alto ot OS Anaex 03 01 DM Ol 02 Goidfleld Oreat Orandma uota Hey Bead Laav Bor J.

aSB JaHUAlBS faiUS Sje. VHKUIMSJ SBVS-W conatructlon in 1923 waa th largest Mobawk SI ArcestlB Ol Belcher 41 Oreat JiiDibo Bend 01 04 41 07 02 09 02 OA OS 02 OS 12 Extea Kewaoaa Xemm star of th country." ay Commerce Monthly, magazine of the Nationals K.icn.r exmmiob oa 04 Ben Hnr nz 03 Hen liar 01 02 Red Hills Handatorn stlrer Pick Spearhead Rerl 02 03 RroiiKb.r 02 Htttre Vl'ifl OS Olrlile City Dlrlrte. Extenaloa 11 tlta ma Nellie vs Oitmes Com United Ostnaa Saa rraaelMO rroa Vsalt Talted Ameriea 07 United Western OS Xanbattaa. Mnnhattaa Conaol OS sfMatan el Untoa Aaalsamstrd Ol Bank of Commerce In New Tork. "The -value of.

contracts Andes awarded during 1923, was larger than during January of -either of the two preceding year, continue the hank's magaxlne, "and -predictions are being freely made inviee TODooaa Plrlrienfl plrld Flor.nce 81 Or! Beat A Ol Bu llloo OS Caledoala fhollar (limit OoM it 02 02 08 com Kiirer Con Virginia Onlil Zone 01 Ol A3 Ceaitteek. OA A 10 ou II 04 17 20 10 07 00 4 Ot ut os 21 03 8 .03 Oil Belcber Wbl.te Cans otnar sMtneta, Arrowbesd Brakes Hilt Bonndrv Bed Curry. Carrie Stlrer Fain-lew Hound Mta Clntmaa Mayflower Round Mountain Nerada Hills sllrer Bills of tier iet Grande OIL OUOTATIOSS. Amalsemated Haorlated Oil Mnreross. meavaarra Xarskaa dsremoot Carlhon Consolidated Croetnu General Petlm general ratita Hoi If 01 30 Ol 40 01 125 ........114 Qiriilamitk irl Goald nrlme Harm I II Hale ft ttaf tee laahrauck Hercules i is 09 ng Mexican Onblr Hla-b nifrid Hull Otr Kernlck Kern tone Knox l-nt-kr fame Mtra Keratfs "otoal Karaae Hoorvlnn He Beleber 02 OB 02 1 4 04 OS -413 sierra colon Blah Bnllwbscker that in 1923 the volume of build-Ing, on a valuation basis, will ceed even tbe high record of 1923.

or not these expecta tlon will realised, states th article, "depend on building costs. They are already high and the price vof buildlnr and wage ara rising. MTnjdar tnes conditions thara la alwava th I- Netada a 00 01 0 03 SI O. Dirld Climax nortnwesc Onerator faj uirlde Knreka Eureka Boreka Bam Hell 24 billty that a aeult of high coat, those who are using their own funds will prefer to delay building and that construction dependent upon borrowed money will hsai-a pared by the unwillingness ot lend-" era to accept current level as a proper bails for long-term loan with th consequent restriction oQ such loans to so low a psrce'ntag. of conatructlon costs as will maker' it slltfloult for owner to finance San Francisco Stock and Bond Exchange Special Wire Service to OAKL AM)TRIBUNE.

Momiag Pricej. their undertaking. 1 NO MATERIAL. 8CARCTTT. ISuperflcIally tho 1 1 a might be drawn that a famine of building materlala and aupplle is Imminent, but such a conclusion omit ta price Building represent' a.

long-time Investment and over and over agala been demonstrated that no Industry I more susceptible than Is construe- W. lake BTJBOXIJa eoubj svaua. American Psetors 103U Bay foa Power oa Cal Cent Gss and Bite 109 Cat Bles flea Co ns sA 03 Cal AH slf SS.jf..-. Cs as ten mt ana eoi mi California Hawsilan 100 Cal Or Power A 107 Cal Ore Power Calif 8t Cable As .....101 Cal T.l and Tel Llxht 6s 100 Cltr Bleetrle 00 City Intestment 01 08 Coast Cos rt Bar Water RUs. 98 Plrat red Trott Ss Kiilun i.iht a rower vw General Petralenm 7 104 108 Great Western Power Bs.

90V4 Great Western Power aB 104 Home of SDokane. i A E'ectrlc 90 11 a OS. A Corn 8 Corp 7s A ft '81 A Mxhtlna 6s WK A RlllVlTIi e.a ts so I A hallwar corn OS 79 it A Pao of Cal 80 A Pae a Ss Market St Rnllwnr Ra. 04 05V4 Market St Rallwar Oa 07tt Miller A 102 102V Nutomaa of Cal Northern fsl ftallwar 6a Northera Railway Co of Northern' Cal Power Ss 100H 071 Northern Cal Power Con 8s, 01 Orphrom Co 6 974 I'arifle oas tmn 4 paclfle Ga. st Rleetrie Pacific Ji A Klectrlc Rt.

89 90 copper, he sent samples 10 a. san Francisco aseayer. who reported that the ore contained STOld which would run $164.13 to the ton and that It also contained copper and silver In am oiler, but nevertheless extensive proportions. Enderson kept hi discovery quiet and secured a lease to the land. He then took Into partnership Maurice J.

Rankin, Ban Jose attorney, and Albert and Daniel Lopes. It 1 not expected that the find will result in any large workings being established Immediately, although it is the plan of the partner to establish a small smelter and make testa at the diggings soon. Temporarily the gold-bearing ore will be mined and will be smelted. In San Francisco. Discover! elmllar to that mad by Enderson have been reported In Santa Clara county In previous v.v MONlMARKSrr 1 S-OHEIOW B5TCHArTG.

V. Report for TRIBUNE! Br CENTRAL KATIO.VAI, PANIC Alasjce-Zjoralne, 100 franc. 3 3.89 Austria, 100 Belgium, 109 francs 6.7 8 Ii Bulgaria, 100 .84 Canada, 100 98.00 Oreat Britain, If 4.08 Csecho-Slovakla. 100-kronen S.00 Denmark, 100 Finland, 100 France, 100 franc Germany, 100 mark. Greece, .100 Holland, 100 guilder Hungary, 100 Italy, 100 lire, 19.03 3.77 S.88 .0048 1.19 39.38 I 4 18.01 Norway, 100 kroner Portugal, 100 eacudo.

4.93 Roumania. 100 lele. .49 Serbia, 100 1.05 Spain, 100 15.85 Sweden, 100 kronerw. 38.86 Swltserland. 100 18.30 Syria, 1 Hongkong, 100 local Dt.ezj Shanghai.

100 78.87ft Yokohama, 100 48.70 India, 100 rupee i.u NEW TORK, April 11. Foreign exchange firm. Great Britain, demand, 4.88 S-K; cables, 34.88 -18; 00-day bills on bank, 34.84. France, 6.88; cables, Italy, demand, 4.97; cables, 4.97H. Belgium, demand, B.76; cables, Germany, demand, .0047 cables, .00474.

i Holland, demand, cables, 39.17. Norway, demand, 17.93. Sweden, demand, 38.80. Denmark, demand, 18.97. Swltserland, demand, ,19.21.

Soaln. demand. 16.32. Gceoce, demand, 1.18. Poland, demand, .0024 14.

Csecho-Slovakla, demand, 1,98. Argentine, demand, 38.76. Brasll, demand. 10.70. Montreal, demand, 9.83 tf.

NEW TORK, April 11Call money easier; high, low, ruling rat, closing bid, ii offered at 614; last loan, 6. Call loan against acceptance, time loan firm; mixed collateral (0-90 daya, 614: 4-8 month, 81. Prim commercial pa-per, 6614. NEW TORK, April il -Foreign bar silver 85 -Mexican- dollars LONDON, April 11. Bar silver 81 13-ltd pr ounce.

Money 1U per cent. Discount rates, short bills, 1 T4 2 14 per cent. Three months bill 3 14 3 l-lt par cent. UNLISTED SECURITIES Famished by William Cavalier Monin Mess Art 03 'v'' Bid. Ask.

ffollr Dev f.SX aonolnla ......3.4 3.50 Illinois Crad MeKittrick 1 1 0 XlsMI SI, S3 A If ortb Americas 04 03 Palmer Union IT .22 Palmer Caloa 01 '02 aeifle SH KS Perrolenm 44 47 Pinal Bom 7) Premier It 20 8.00 Prraicla 06 RKord t.ii rm 81 sjanerdoan so Jhell Union 18 19 itandanf Oil of 3at4 54 9 vV mm rrsnaesntlneatal .11 11 Texaa Oil S.73 Itandard 8.M 09 Ml 117 12 15 07 40 Unloa Oil of ....112 California SV. Ptlm 24 iv. Wtt lSJ.Oo moB Ventsr. 37 38 aialaa? Sales. 8.100 Beleber Exteaaloa 03 lnoo Bea Hnr 02 6u- Bra Hnr 02 fiOO Dlrlde 81 0 10 OS, 2W0 Gold Zona 0 fxm Kernlck 02 A 38 13000 Onerator 14-vh Sllrer Kins ZOOO do anno SmnsKler 8000 Sutherland 1000 do 1WK) Weetera Dlrlde.

1000 Kewanas 8O0O Sandstorm Kendall. 1xi0 Sllrer Pick 23 02 .43 Ot 31 10000 Soearbesd Gold eoo Brat B.lcber....... 1W lino voa virciaia. 1000 Onblr 500 Sierra Nerada 1.2 83 25 1000 004 Eureka HoIIt 2300 S'moa Sllrer 1300 do 0350 do aoDO Gross 23 J' rinnn uaa ar wee Paclfle Uxbtlna com 1 San Joaouln ft Corn sfd faa Joaanla ft Core San A prior 09 Paclfle Gaa A Blee no Westera Power am Western Power pfd KAILKOABu S9V4 am Kfsrket St prior pfd 78'4 81 Ksrket St 2d ofd 1 18 Market St com F-Sscramento 8 8 f-Sacramento W8UIAM0S. rireman's Ponil 840 Horn Fire and Fire 1st anil Gty.

......158 Title Ioiuraoc ...............1874 Vnleaa 16 BABK. Americas National ...,.,..,....127 Antloand .........187 Antlo Cal im Bank ef .......200 Bank of Italy. .,,.,..226 8H TO Cent Nat Bank of first National of French American .141 Mercantile Trust ...,.,...278 Security Bank sod 170 2S7 280 Union Trust Wells Parto ATIHOS BAiTi; Humboldt SUGAE BI0OKA Alameda fit Calamba rjfd s'J'4 Hawaiian Com sad Sugar 47 Hawaiian- 3(14 Honokaa 4M, Hntcblsoa Surer 15Vi 84 48 It 8814 914 oaha Olaa Onomea 1 Pasuhan Plooeer Mills Unloa ij 814 82 .29 sj 8014 24 Amalma ted 12014 130 ssodsted ...110 1U Bal and IS Oenersl Petroleum pfd 24 za General petroleum com 814 8014 General Petroleum afd. 24 2 Honolnm 2. 4.V 2.4714 North American Otl Me 1 00 Paclfle Oil 8 89' Soul American Ull.

Shell Union 1714 174 Pinal imm aa- msndsrd Oil of Csllfornla. 824 Rterlin Oil. and 88 8 Teuss Con Union OH of 118 L'nloa Oil 48K 4914 Union Oil of Dal 1914 Alaska Packers Aasn IBS Amn. (3oM DrMff 10A California CoDoer 2.00 ,2.1214 Cal Ink 9S Cal Cottso JMIlls pfd. 98 05 81 A 90 70 S--5 28 Cal Cotfbn Mills Csllfornla Packlne Ij Best P.

B. Booth reiferal Tclesraoh Hslka Prult I. Hslkn Fruit Pool 7 8114 814 2 2 02 100 2.1214 Hawsnsn lnesooia Holt Manufacturing wearer com Mstnsvox .......2.00 Natomaa of Csl Pse A Plre Alsrm Psclfle Tel and Tel nfd 01 Pacific Tel and -Tel 914 Paraffins com 80 Psrsfflne infd i- Sperry PlOnr 08 Tslephone fnreatment 02 87 9,114 ii STOva aas svsu hlw 3It00 Liberty Loan lat 414s 1047 97.28 1900 Liberty Loss 3d 41t 1828...... SM4 .500 Amerlcaa Factors 102H 1000 Oenersl Petlm Corp 1st mtt ts. .10414 1000 Ot Western Power 1st CO '4 2000 Miller ft Lux lne tot at ..10214 JflOO Natomaa of Cal ta rfdt BAV4 1000 do B714 1000 do BTU 8000 Paclfle Oss ft "Blee 0s I02H 1000 lat rrnt mtt 2000 Standard Oil ot Cal ts Nets OS Esst Bay Wster A -IA Oreat Western Power 106' 814 90 v.cinc na ft Blao Co lat 1M do 35 do Bank ot 228 Welle Farm IB' 'A 670 General PstjaBtam Cora com.

ass 50 do 8S4 800 do 89 O0 do 8014 do, 8014 180 do 80 100 Norti Amerlcaa tV BOO do 71(0 do IKiO do 120 Pacific Oil 10.1 do 8t SO Shell fnlon com 1714 2.1 Stsndsrd Oil ot Cal 824 13.1 do 80 dw .800 Texas Cons Oil .......8.80 100 Union Oil Associates 40 BoO do 4fl 40 California Packiaa Cord 8114 18. do 8li 173 Matnsvoox .2 00 Id Nstnms. of Cal Service Definite, constructive atkJ I tiepenfJable service is "Tme of the most essential factors in the conduct of brokerage transsctions. Our mfor nation on all stoclu is tie- rived from the most reliable 'sources." ('Xt -OMtamfi OUtM Stock md Boiul U0UMm AaavCi3! fat Hatloaal Ia Bssk Bldaj. Exchaace Bldg.

OAKLAND SAN FRANCISCO Tel. lake. TS TsL Stearay 8041 Member t'raa-lr stock and Bond Bifhante 1 Bid. By H. Public Interest again appeared be lacking at the opening of today's stock market, initial change being narrow and irregular.

Pressure In tb oil shares Jras founded on re port of a cut of 25o a barrel in Pennsylvania crude price. Do pont advanced a point to 133 and fractional improvement wa noted In. most of the steel chares. Heavy offering of the oil shares continued during the first half hour. Losses of 1H to 2 points wr recorded by California Petroleum, PaBrAmerlcan.

Phillips Petroleum, Marlahd. Houston, Producer and Refiners, and. General Asphalt. Standard OH of California, dropped to a new low for the year, Amer ican Woolen and American Can also were conspicuously heavy; Ameri can Cotton OH advanced 114 and the preferred 3 on report of an early merger of that company with jt wo other large companies In the same Ylclnlty. -'v't-' Foreign exchange opened firm.

Demand Sterling wa quoted around $4.65 and French franc advanced point to 6.68 cents. Some of the losses In the oil group were extended to three points before the selling pressure subsided. When It became evidence that the selling was not causing any extensive liauldatlon In the balancs of tbe list, speculator for the advance began to send op speolai stock with Induced covering operation opera tion by the Short Interest. General Electrio wa pushed UP IVt points and Canadian Faolfle, Con solidated Gas, Mack Truck ana Martin Parry sold 1 to ltt point higher. Oil share rallied to 1 point but met fresh selling on the rally, California Petroleum dropping 3tt point below last night' close.

Call money opened at, per centV Closing out of weakly margined account In the oil share threw a considerable amount of additional stock on the market and eeveral mor of the group lagged to new low prices for th year, with losses running from to 4 point. Weakness in the general list showed in sdoOs. Baldwin. Studebaker. Ameri can Can, Republic Steel and United Retail store yielding freely.

Petroleum atock were under fire on the curb, Pralrl Oil having the widest range and falling 14 point to around 211 on a few sales. Stand ard Oil of Indiana wa traded In on the largest scale, over 30,000 share changing hand In the morning, and austalned a further loss of over 1 point to 61, new low for reoent trading. Kentucky yielded 1 point to 96V4. a firm feature and after selling at BOH advanced 1 1 point California Petroleum was Influenced' by the decline In the present took, on the New York Stock Exchange yielded, 1 point. Cities Hervloc -fell 4 point tA 168, Independent oil stocks generally showed fractional losses.

There wa a bear demonstration aganlst Pennsylvania Beaver, which was forced down sharply during th forenoon, but offering were quick' ly absorbed and it wa generally understood that a large short Inter-eat had been created. The decline In Pennsylvania crude and in east em light grade wa considered by many of those conoerned In the) in dependent oil stock a temporary with more attention paid In thoss quarters to fear of. depletion than over nroduatlon. Industrial Issue war influenced by th unsettled condition In th oil group and some of those stock also showed losses. Mlnlnr atock continued active.

Corte wa in demand on report of progress of development work; WlLlTS OVERLAND TO PAY PREFERRED BACK DIVIDENDS. Back dividends are to be paid soon on the Willy Overland preferred atock, it I reported. Th amount of the distribution ha not been fixed. Business for the first quarter set a new record, showing an Increase -of three and ens-halt times over the first period last year, aocordlng to a statement Issued by John Willys, president of the com pany. He declared that the entire business for 1923 would be surpassed by May, this year.

HIPMOB1LE SALES SHOW GREAT GAINS. Sales of Hupmobilea for the first three months of 1929 wers nearly double those for the best previous first quarter, materially exceeded those for the record three months' business of April, May and June, 1922, and March sales were the greatest of any single month In the 15 yeare of the Hupp Motor Car Corporation's history. Sales for th quarter totaled 13,084 car on a yearly ichedule of 40,000, compared with 6399 for the first three months of 1923 and 11,290 tor April, May and June, 1922. Sales for, last month were 5024, eclipsing the former monthly record sal by 1000 cars. SOUTHERN RAILS SHOW GREATEST IMPROVEMENT.

The southern road continue to show the largest margin of Improvement In earning power among the railroads, February reports show. In 1921 this group of carriers suffered very severe decline in Income, owing to the drastlo cut in cotton' prices' and the resulting etbnomto hardship In that region. With the diversification of- industrial activity the cotton belt, however, observers look for a stabilisation of earning power which will go a long way toward "bettering the condition of these carriers, especially Insofar as the weaker roads, such as Southern Railway, are concerned, 1928 result to date have borne out thl trend. CALIFORNIA INVESTMENTS KEEP VP THEIR FACE. While the volume of California corporate bond financing In February waa leas than half that for the banner month of January, nevertheless, according to Cyrua Pelrce ft Company's monthly computation it amounted to $14,570,000, which was equivalent to 10ft of the total of such Issue for the entire United State.

In other words. California bond houses offered and California Puts Investigate the advan-tea, aad sseaey-aaakla MMibilitie ef this vehiabU and mm mtMet etetrabaav l.a'lll nmtn ai Meri.W i (A. 140-112Swllleantr 100... kMedea (ke N. Y.

Stock Each. Move ef pointa frn mttivm srica (Was fM oortuaity ef takins 3SOO prafitt oiaUiOO.ae. Wnhfnfntclrcmlar. R. PARKER Bread St.New York S.

tol 1 of ot A A ha ot to Investors In February more than three time the states theoretical proportion (3.33) of corporate securities. Thl percentage ha only been exceeded In three previous month covered by Cyrus pelrce ft Company' record-. In the February total ar Included $8,000,000 of publlo utility bond aa compared with only $1,580,000 in February, 1923. On the other hand, th volume of Industrials, $6,570,000, Is less than the average for 1922 and compares with in 1922. i Compared with the country aa a whole, th California utility Issues amounted to 14.10,.-a- percentage surpassed only in two previous months and even the comparatively low total of industrials bonds amounted to nearly i of all the issues of that class In the United States.

The following 1 th summary for February aa compiled by Cyrus Pelrce ft Company: v. Publlo utility issues in California, $8,000,000: Industrial issues In Cali fornia. 86.67e.ooo: total California Issues, Publlo utilltv issues outside of California. 34f.706.000: Industrial Is sues outside of. California.

000: total outside Issues. 3124, sat AAA Total utility issues, total industrial issues. total of all issues. 8139.101.000. Percentage of California utility issues to all Issues.

14.10: nercen tag of California industrial to all industrials, 7.97; percentage of California Issue tototal ot ootn olasses, 10.47. BERKELEY BOND HOUSE BUYS XUAtO0 VARU BOND ISSUE. An Issue of $226,000 7Vs P' cent bond on th Stewart Irrigated Farm in th San Joaquin Valley, ha been purchased by th Security Bond and Finance Company of Berkeley and 1 offered to yield 714 per cent to Investors. These bonds secured by 2560 acres ef fertile, irrigated farm land ltu-ated in Fresno county, California, in th Newman-Los Bano dairy and about four mile from th tatlon of Cos Palo on th Southern pacific Railroad. The land have been appraised at $612,000..

o-V OIX OPERATORS OPEN BA STRAY OFFICES. Fred and Company, large oil operators In th Signal Hill district in th southern part of th stat and In new and promising field in Texas, will open office in th Hutchinson building at th northeast corner" of Seventeenth and Broadway, tomorrow, The house ha maintained office in Ban Francisco for some time and it coming to th Eastbay region 1 promoted by a desire to respond to a constantly increasing business In this Urrltory. 'vV-e Oil, WELtS STARTED PURIJiO WEEK. i Oil i field operation reported to Stat Oil and Oas Supervisor 11. K.

Collom during the week ending April 7, show 86 new well started, as compared with 30 during the pre vious week. Th total new well this year is 453, a compared with $46 th same date last year. Test for water shut-off this week i numbered 86, as compared with 49 during th previous week. Yearly total to dale 517; total to same date last year 394. Deepening or redrllllng Job this week aa compared with 11 during the preceding week.

Total to date thl year 198; total to sam date last year $18. Abandonment thl week num bered 4, as compared with 8 during the preceding week. Total to date thl year 60: total to same date last year 33. COAST OAS ASKS PERMIT TO MERGE CONTRA COSTA. Th Contra Costa Oas Company is about to pass Into th hands of the Coast Counties Oas Company operating in th Ballnaa Valley.

Today both corporation filed application with the railroad commission asking approval ot th deal. The Contra Costa Company 1 to aell to th Coast Counties Company, preferred stock of th-latter being exchanged for capital stook ot th former. DIVIDENDS. S. H.

Kress Regular quarterly ot per cent on common. Remington Typewriter quarterly 35.25 on the first preferred. Burn Brothers Regular quarterly 33 and extra of (0 cents on class common; regular quarterly of 60 cents on class a common ana regular quarterly Of $1.75 on prior preferred. Motor, Car Regular quarterly ot IV per cent. on preferred etock.

New Cornelia Copper Company- Regular quarterly dividend ot $5 cents. Standard Oa and Light Company Initial quarterly dividend ot 62 cent a ehar bn oommon. Cudahy Paoking Company Regular semi-annual dividend ot 3H nr rent on th 7 Der cent pre ferred and 3 per cent on 6 per cent preferred. i FINANCIAL NOTES The Sutter-Butt Canal Company applied to the railroad commission for, permission to aell 8000 hare of preferred atock and par value of 20-year 8H per cent gold bonds. Cliff Stewart of the Stewart Investment Company, and H.

Benin-neller, F. U. Brown ea Company, have been elected to membership in the San Francisco -Stook Exchange. LIBERTY BONDS By Baak ef Italy. -Price.

Vleld. First 3H ..101 I33T First 4448 97 33-33 4.41 Second 444s 97 17-83 4.44 Third 44 93 18-93 4.68 Fourth 44S 97 37 33 4.44 Victory 3A8 4.75 Treasury 4s 99 4.U COTTON. MARKET: NEW YORK; April 11. Professionals were1 sellers at th opening the cdtton market today with the result that list prices war' 11 13 points down from last night's close. Early sentiment wa badly mixed With the majority of th bigger operators Inclined to wait for further weather new.

The market closed steady today, 17 points lower to 17 points higher. upt- Open, High. Low. Close. Jan.

27 24.J 24.01 29.41 28.93 138.71 118.38 J5.t 26.S9 25.09 24.78 24.83 29.14 29-f8 Way Z. 2. 85 ...28.79 Oct. Deo. 25.6 25.

8 Dcjpite Plentiful Supply of Haw Material Demand la Gaining Daily. OlfgOtlBATED MESS -grECIAl TO THE TBJBUHE, KEW YORK, April 11. Th up-plyply of silk 'available for manufacturer 'la th United State, today la nearly normal. But the demand is far above normal and, there ia very Indication that prlcea, now at the highest point, in three yeari, will go even higher before the new cocoons are apun July 1. A.

B. EUlman and Baaeh, large raw ailk importer and dealer. In outlining; the situation declared that they would not' be surprised If price: were, to hold up even after the new supplies became available. Improvement In the poaltlon of raw llk may be estimated by com-parlaon of price, today and those of April 9, 1922. Ort that date 18 -mi and tO-iJ denier was quoted at 16.58; beat No.

1 at $125; Kan- sal No. 1 at S8.1S and Canton 14-1 at $6.60. Today price approximately arc 19.15, $9.15, $9.10 and IS.7I for the aame grades. BUIIiDIKO AIDS SIMC 'The trsmendossly lnereaaed demand," aald Mr. Elllman.

"Is due not only to the demand of silk foods manufacturer but to the volume of building eonitruotlon. The number of bale required for lnsu-: to telephone and radio wire ha increased to a remarkable degree. Thl neaoaa only be filled by real silk, "The growtl of the artificial llk industry has been enormous but this has not served to lessen us of the real product in tbe slightest de-greet. If artificial silk had not become popular the demand for silkworm produot might be greater but aa It is, consumption in this country is growing' beyond present available supplies. "The prosperous condition of the finished silk industry is due in part, of course, to the natural lnoreai in population and also to, the high er purchasing silks in greater quantities than ever before." RESERVES USED IP.

Bilk association figure show that on March 1 there were 44,818 bales In principal warehouses. Import for March amounted to 28,15 bales, making a tota. of 72,951 bales. Stocks on April 1 amounted to bale whloh show the extent to -vhlch reserves were absorbed. During March 33,815 bales wero delivered to.

American mills, or SIT more bale than, were Imported. Imports in 1913 amounted to an average of 88,010 bale a month and not much more than that amount can be counted oh thl month. In 1913, 1.656,000 pound of artificial allk were produced and the, extent to which output of this product, has grown Is shown by the figure for 1923 which totaled 34,408,000. WEAVERS SHOW PROFITC Stores which have never handled high priced good before now, are stacked heavily with silk good and the cloth manufacturer In general are In splendid posltlpn, The profit the Malllnson Company are expected to exoced those of 1923 and the earning of the Julius Kayser Company for the flsoal year ending next August 31 probably will establish a high record for that concern, if Inventors are listed at a eern, if inventories are listed at a the inventory value of silk at $3 a pu- below the current quotation, Company for the lx month ending March 1 were at the rate of more than 820 a' share annually on the ommon atock. Tobacco Rivalry Seen in Big Deal FEW YORK.

April 1 Th po-lbillty of a merger of American Tobacco Company and the Schult Retail Stores Corporation was dls-ussed following the announcement that the American had purchased a substantial stock interest In the chult Store. Interests In close touch with the two companies denied, however, that formal consideration had been given to plan for consolidation, with Schult Stores acting aa a retail distributing agency for American Tobaooo products. In other quarters the action wa regarded at the first step In amove whereby the American Tobaoco Company, through atock purchases, would gradually obtain control of the Schulte retail organization. Officials of ths companies declined to repeal the amount of rLock which, had been transferred In the recent deal, the purchase price or the term the transaction. The only Immediate direct beaeflt of the deal, it was explained, would be the expansion of the company.

This program was mapped rut, according reports, in the financial district to keep pace with the expansion, of the United Cigar Storea. 'The Schulte Retail Stores Corporation has 300,000 shares of common stock of no par value and 1,000,000 preferred atock. In addition, to its 850 retail atoreslt op-crates three cigar factories, which manufacture most of the high grade cigar that It sells. P. to Spend Million on Lines PORTLAND.

April 10. -Improvement costing $5,000,000 have been authorised for 1928 on Northern Pacific Railroad lines, according to announcement reoelved her by district officers of the company from R. W. Clark, assistant to the president of the system, E. F.

Hutton Co. OAKLAND OFFICE HOTEL OAKLAND TtLLakeMtW atEktBERS .1" TOHK COTTOM CCHaXI VOUS COFFEE EXOHANOf ftSXEAJiS COTTOS EXCHASOI nvforioL COTTON ASSOCIATION CAPO board TBADS tux voag stock bxchanss I a- VTire Coast lo Coast a in Bid, Ask-t Paclfle Oas ft atlee '40 lorl'i Pacific Blectrle Railways 81 i Pacific Gaa I mo 4s Paclfle Tei A Tel 8 OOVi Pacific Tel A Tel rfd 3 Psrafflne TWs '42 Paraffin TUs .....10514 Psrsfflne THs 102 Socte Elee Gss A By 97 Municipal 4Hs. Saa Hi power 93 Baa TAP sA 0s 1011 Son ft sB Oa. ..98 Saa ft SO i. 100 Southern California Gas IWVt Branch of California ..100 ot Cal Rs 110 of Cal 5s.

.......100 If ret 84 ft 2u-jrar 4 8 CoDV Ss m. S9-4 i IP1I Col 4S 90 Terms. lO" Sperry Plonr 06 0 Sprint Vslley 00 0014 Standard Oil of -10SH Union 011 9K4 Union Oil 100 lom United Gss ft Blea 10O 0. 44s. .90 20 Vallsy Cos Power 90 100 Western Pacific 80...

SO wiiaoa fvHMz. Bast Bay. Water A JB814 East Bay Water pfd.i.. 73U yM-mtmiii? California Oreroa f8 Great Westeraj Pewer 7' 1, A ft Core ofd.i. 91H Bieetric com Pacific Gas ft Elee 92 Bid," ASS.

Tb Oakland Bask. 29 Portntvese-Amerlcaa S4V S. 8 Saelnss and 4100- atlSOELLANEODS STOCKS. Alben drain and Mlllins 88 87 Csllforuia Wltia Assn 70 78 Central Cal t. City nt Psrts nfd SO Crpress La ana Cemetery, 84 Dollar Stesmshl Rncels Conner 2.

3.00 Mlll ns SO Uoldea Uate SB Onodreer 4nd I. of Oal S.114 Great West Blee Cbem ofd 80 Urest West Rise Cbem 2n Holland Land 01 Bunt Rros, ofd riant Bros, Mstsna Narlratloo ......,,....100 138 Moorhead laboratories 12c National Railh) 1 4a Natomas Land Dttdlias C. S4 Northwest Ts Pfd S3 Ornheum Circuit Co ofd 90 Sill Orobenm Clrcnlt Owl -Prut pfd 103 108 Owl Droir com 90 Sonth Land 33 SB Bperry rionr pfd. .100 Raphael Welti Vlrdea Packlac 31 89 Westera Mfar sad Sty Western Meat 00 tellerbach Paper Co com ......100 JSellerbsch Paoer Co nfd 10 West End Ch.mlcst On SB 8814 TBXIBTED SAXES. BOO Roily .3 81 100 do 380 800 ............2.2714 200 do ,3 8214 100 Paelfle Portland Cement 100 10 Honolulu Plsntstloa 4SH 40 Great Westera Blee Cbem zs .8.88 .2.00 s-'-e 17 'i Stsndsrd Oil rlthta 600 Oil of Wyomlns t'nton Sntsr rltbts.

40 West Pacific Conditions in South Africa Are Improved WASHINGTON, April U.Trad and financial conditions In Cnlon of South Africa during the month of February have brightened considerably, according to a cable to the Department of Commerce. Of the 1470. lnsolvsnde during 1931, 1000 were In th Transvaal and were due in a large measure to th Rand strlk of a-year Good progress ha been mad li railway conatructlon work and unemployment la diminishing. Th timber and building trade ar well employed. Th wool market has Improved.

The new Weight and Meaaures act went into effect on April 1. Import Into th Union during th month of February war approximately (3.380,000 and axports 5.808,000, ineluatng export ef native) gold amounting te 43,537,000. Import ef oottoa goods are chiefly of English and German manufacture. Some Natal coal 1 being to Germany. Return of gold production from the Rand Show a dscreaa of jounoea, aa compared with Jan-nary, which la explained by the fact that February had three less working dy.

Th average dally output during February cf 35.177 ounces wa better than the average dally output of the preceding month. During February the output of (did waa 704,970 tin ounce, as compared with 784,461 fln ounces in January. --February's output wa deolared at standard prlou -of gold ISa. the total value for the month being 12,998.113, a reduction 01 391.094- from th January fig-urea Native labor In the mine is plentiful, the numter employed at th end ef February being 182.988, an Increase of on thousand ever! Janrary. tion to th effect of price advance.

Since last March the upward climb 01 Building material price ha been tapid. Th United State Bureau of Labor Statistic bulldin ma terial index ban' Increased 34 -ear cent 1 "The bulldffiig labor situation te similar to that of building materials. There 1 a shortage of labor, both skilled and unskilled. This Is th comblntl result of the competition of industry and the restriction of immigration. The resultant shortage of skilled labor, combined with effective' organization, ha mad for monopoly wages.

While wage scale in th building trade have been cut in most cities, wage paid have been determined by the law of supply and flemand and they ar now probably a high a they wet at the peak of prices in 120. HIGH PRICES. "With, stabl prlcea and reasonable wage, a true shortage of build, ing materials and of building- labor wpud be; almost certain, but rising; price and wage will operate to prevent development of this condition. A building coat mount, they will reach a point at twhich home builder of amall mean cannot meet them. Already there, ar report cf cancellation loans for this purpoa because the amounts arranged for have proved insufficient to meet rising costs.

Builders for industrial purposes and -municipalities as well will hesitat and investors will be inclined -to consider carefully the wisdom of placing -funds in invest). ments which hold Increasingly doubtful promise of profit and of which the ultimate security may be in' question. i 1 LTJSfBEB. ST. LOTjiS, April 10 Rumption of building oparatton on th largest acaJ vr known la thl section ha revived tb demand top lumber of all klndu here today.

Prices are steady. Furniture manufacture 1 gaining rapidly. ANNUM fAaanaiA 13 1 I EARNINGS takes fnrest'Ctes BONO BfTERSST CHANSKt PSBI Bid: Att Alsmeds P.rai On SOM, 00 Aaaoe Oil Co lat rf Bs oou, 100V sr Cos Power Os .....100 101 Rlue iJke Water Co 2d Calamba Sntsr Bttate Csllfornla lat 98 87 California Wine Ann Ss. Cent California Traction Coaat Vat Oas Else lat Cio Blec-trle 8a 87 92 Hotel Co BV4a ii; Da rise ts 101 Rarl rralt 7Hs 1030 101 Knst Bar Water Aa 00 Bast Bar Water 7s 104., (Ji-seral Petrnlnim a J.lsH 141 (It Weateru Power Co UWtt (it Westera Power 0s '40 99 I.t Wsatern Powef Co 0a '38 deb Kolland land Co 1st tlnllr Sntar ts 9 lOf Huntln tend snd Imo Imnranee Bicbante ISWs 101 A Paclfle 4s 1IR0 78 74 jo Anteles OAS Cta. 4.

97 Anteles Oas ss 7U 98 Mt Whitney Power A Blee Natomaa. I. 0a 98 Osklsnd Terminal 0a Notes S8W Oakland Transit Ss 94 Orpnenia St 100 Owl Oriit Notes. i Psclflo ns '41 ft Paelfle A 1st ret Bs SO (4 Vt Palacs Hotel 0..., .....100 100 I'etalnms ft taints Boas lat -Rolnh Not andCoal lat TO 81 Sacramento Valley Power lat Os.100 Man nirao ft '80 inn frnclm Dry Dock -i ft 4Hs esllahle 94 St A 4Us nncsllshle SPA San loanula Valley 101 Wtt Ballwar i- flrono 1 8n SS Orotm 3 OrouD C1U 82 Sacramento OS. San Joannln LAP 7s 101 10314 Rants Barbara 0 ft 1st Sierra and 3d Bs Merra Power TO Sierra Power 0s 88 Sierra Power lat 0a with Psclfle Coaat 4s j.

Cal Cement 8s 100 Soot I Ubs Wster CO 8 100 Wl ftnnthern Cal Bdlaon 8s J004 loOU inrlna Vslley Wster Wit 100 Atamtard Rlectrln Os 1st 8..... 0 t)nltet nf 4s etra Westers Psclfle 's 00 Vt Sacramente 8. rosemlt Vaftey rV lat 88 87 A recent mils of tk Saa Prnrlt- Jttx-k snd Rflod Richame permits the Oakland Trsctlon and Key Route bonds te be deelsnsted la sales by the trou number used la the reort-nntsatlon nlsna CTENBXT STOCKS. Psclfic Portland Cement 100 Rlrerslde Cement 140 Santa Cms Portland Cement Co. 09 100 RAILX0AD STOCKS.

Ontrsl 'Osltfnrnla Weatera Paclfle M14 B9V4 Wasters Paclfle mm. J. IT WATER STOCK. Rest Bay Water com. astern Co 8U0AR STOCKS.

Calamba Snrar con) 8AM 40 Ctlsmbs Sasar Rwa ft0i 42 ll.n.olnti. Pl.nt.tbio alV4 4S McRrrd-e Ti BU t'nlnn Missr ofd. wbea ss ad If union Sniar rlchts. 83c Wslaroa 8uar Co 87A on, sidoxs. rialhos Oil 1 Raeto Paclfle Oil 14 9h Carlboa soe Clsremont 1.00 Pens Mutual 29e 80s luse Oil Holly Development 2.214 3.8214 Hollav 221 23 Illinois Crude Oil Co to to ft ft Oil 1e National Paclfle 4 National Pacific Oil Painter Cnloa nfd Petroleum Onerators' A tan 4-le Stamtard Otl rlnlita ....8.55 8.80 Tmlan Oil Tranacentlnental 011 11 Ventora OH 2H 20H (I 8 Oil ot California 8 84 8 tMSBRABCX STOCKS.

Went States Mte. lt West Coast 34 414 Vulcan Pir ls4, OAS A3TD EXECTIIO BIOCXS. Oss Conimmers Coast Gss ft 1 ef.t.,,..... $441 Os. ft Orhr j- Midway Ga.

ntd TSW 8 Soathcra Cal dlnon 10314 BANK STOCKS Centrisl Sartnxa Rank of Oakland. 1M Kimt A'etlonal Bank of riiraso Bank Itfillnn aim-csa Baak. ..140 unerry eant Men-'hsnts Matlonal 118 tat UT14 FDRTHE PAST FOUR. YEARS average net profits arrojdmately timet the bond interest charges. Tii.U.,h V' record behind th urn of Mohawk Oil Company 7 FintMort-gag Bona which we offer to investor.

A first mortgage on cUversified properties valued at three times the mortgage debt In addition six kish productiveness appraised 1 will be assigned to the Trustee, making a total security of $3,498,000, or almost 7 times the mortgage debt. This eonetltutee the very eaf margin of VT eecvnty.JTt yield 7. These bond tare Tax Exempt in California, send your name and address. Address. WrJSTAATSCO; EUabUiM J8S7 ALEXANDER BUILDING SSosnnxMn srsaax.

oosm or Sussi SAN FRANCISCO tee AisoeLts Mid. down. quiet; spots 35.