Morning Oregonian. (Portland, Or.) 1861-1937, January 20, 1922, Image 21

Historic Oregon Newspapers

Morning Oregonian., January 20, 1922, Page 21, Image 21

Image provided by: University of Oregon Libraries; Eugene, OR

About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Jan. 20, 1922)

Prev Page of 22 Next Prev Issue Next Text PDF JP2 (4.4 MB) Clip/Print Image

Return to Top

Prev Page of 22 Next Prev Issue Next

Newspaper Page TextTTIE MOItXTXG OREGOXIAN, FRIDAY, JATTUATIT 20, 1922 21 STOCKS FREELY OFFERED DEMAND NOT EQUAL TO SrP PliV AND PHICES WEAKEN. Firmer Tone of Money Market Re sponsible for Reversal Bond List Also Unsettled. NEW 10R1C. n. 10. For ths first ti-ie Id a week the stock market today Indicated an excess of offering! over de xiiand, the list recording Irregular or un even change throughout th active ses-alon. The market's reversal was popularly at tributed to the firmer tone of money. Call loans opener at 44 per cent. rilng to per cent at mid-day with a 6 per cent rate In the final half hour. The only atocka to hobl or enhance re cent gains were specialties dominated by professionals and other shares In which the floating supply la believed to be so maU as to make them readily available for speculative purposes. These groups again embraced the Independent Steele, minor equipments, utilities and sugars, wnere further extreme advances of 2 to points were made. Quit States steel added almost 20 points vo us steady upward movement and closed at B2. a net gain of 1SH pointa Th represents an advance of 81 points thus xar this week. The reactionary aide of the market was featured by motors, oils, tobaccos and various miscellaneous Issues. Including tea tlies and the major equipment at de clines of 1 to 8 points. Ralls again were listless. Investment or djvldend-paying Is sues being only occasionally quoted and then mainly at concessions. Sales amounted to 635,000 aharea Dealing In foreign exchange, lnflludtng British and French bills, were light and wHhout notable changes, aside from the nsler tone of sterling, marks and guilders. The Bank of England weekly report dis closed rurther strengthening of that In stitution's liabilities reserves. Bonds were moderately unsettled by the tighter money market, liberty Issues, with one exception, closing at declines. Most foreign lsuues were steady, but rails showed hesitancy, aside from the new Southern Hallway etta, these rising sharply over tnelr issue price. Total sales, par value, sggregated (10.278,000. CLOSING STOCK QUOTATIONS. (Furnished by Overbeck A Cooke com pany ox Portland.) bales. High. Low. Adms Bxpress 4n0 34 33 000 1114 10 T -) 81 30 " 100 Bfl SS 8.000 mi 13 4O0 Advance Rum Agr Chem. ... do pfd .... Ajax Rubber Alaska Gold . Alaska Juneau Allied Chem.. Aills-Chalmrs do pfd .... Am Beet Sue Am Bosch ... Amer Can Co. do pfd .... Am Car A Fdy do pfd .... Am Cot Oil .. do pfd .... Am Drg Synd Am H A Lth do- pfd .... Am Ice Am lntl Corp. Am Linseed . do pfd .... Am Loco .... Am Saf Raxor do pfd .... Am Sh A Com Am Smelter . do pfd .... Am Snuff ... Am Steel Fdy Am Sugar ... do pfd .... Am Sumatra. Am Tel & Tel Am Tobacco . do "li" .... Am Wool .... do pfd .... do pfd .... Am Zinc .... Anaconda ... A Had Oil .... Atchison .... do pfd .... Atl Q & W I. Baldwin Loco. 10,100 ao pia .... Bait A Ohio.. do pfd .... Feth Steel B. Booth Fish . 8.800 8,000 400 1.21)0 1.4O0 2,600 100 100 ' 4oo 3it0 100 2.HIO BOO 2.8110 4,400 000 30 300 300 83o6 ti.NOO 200 "566 9.2O0 Aoo 2.1(10 300 2.400 HOO 8,100 loo 600 1.2oo 4,000 i'.inb 400 1.200 l.noo 100 S.ooo oo B R T 4,3"0 fi0 400 400 loo r.oo B"0 100 4,oio 3.000 l.lioO 0.0OO 7.HO0 3O0 too T.rwo 2.000 2.00 l.ooo 8.000 700 8.200 noo 8 OoO 2.300 1.800 Butte C Z Butte A Hup. Burns Bros .. Caddo Oil ... Calif Packing. Calif Pet .... do pfd .... Canadian Pac Cen Leather . Cerro de Psro Chandler Mot, Chlo A N W. Chgo Ot W... do pfd . . . Chill Cop Chlno C II St P... do pfd ..... Coro Cbla .... C O Colo F A I. ... Colo Southern. Col Gas A Kl.-O Colum Uraph. . Con Gas Contl Can Cities Svo Bka, Corn Prod 4.000 do nfd . Cosden Oil C R I P.... do A pfd... do B pfd.... Crucible do pfd ..... Cula I'ane .. do pfd Cuban Am Ruff. 11 A Hudson. lome Mines.. I'd Lark. .. Tnvlson Chra. Knili John. . trie do 1st pfd.. do 2d pfd... Fatn Players . Feil Mint Sra. do pr,l Flsk Tire. . . A. Gaston Wma... (ln Clears. . . . Gen Klec Gen Motor .. Glen Alden... Gen Anphalt.. Goodrli-n ..... t.ooilyear .... 0 ran by Gt Nor Ore. . .. Gt Nor pfd... Greene Canan. tiulf S Steel... Bank Barker.. Houston Oil... Hupp Motor. .. Ills Cent Inspiration ... In Ag Cur com do pfd Interboro .... do pfd Inter Callahan Int llnrv do pfd Int M--rc Mar do pfd. Int Mi-kel Int Peper do pfd Invincible Oil. lsliind till Jewel Tea K C Southern. do pfd Kelly-Spgfld . Kennecott ... Keystone Tire. I.ai'k Steel . . . l.ee Tire Lehigh Valley. l.or.Ilard .... Lowe Theaters 1 v BOH 43 92 3d 84 140 V4 115 21 43 0 14 62 80 4J 81 lis 107 4 48 Bl ah" 3 4 33 5, 11S 133 l-'ll 8lii 1114 i'3 ,14 41) ns 86 30 H 35 5414 59 ' 9 ' 2.". 11(1', 1 1 71 4S Hrt 126 32 8 511 a 16 17 28 1 82 43 87 211 40 611 1 83 88 42 92 84 SH 83 146 115 21 42 3 13 61 83 40 81 58 105 4 ' 47 91 82 62 4 32 117 131 12(1 82 104 23 13 4I 97 86 20 vu 84 54 1.4 68 7 9 5 24 116 11 71 47 8 124 82 34 6H 63 6 16 17 28 111 81 43 56 25 30 87 1 93 98 97 2.1O0 1,400 100 400 T.ttoo son 2 HOO 8.100 ,7(H1 100 200 (loo HOO 2.7O0 1.700 3) 1.4O0 7. OOO " YioA 1,200 101) 400 1.500 8.400 V.200 1.100 ""4'n'n 400 500 Vr 700 1.0(H) 8O0 4,000 100 2.100 200 100 1.600 1,1100 84 82 8N 74 50 80 10 17 21 21 114 B3 81 9 13 83 "40 12 72 144 4S Ml 38 'ifl 31 74 "m" 83 74 14 102 4(1 8 83 1 8 IIOO 6 500 83 l.noo 8.300 l.soo 1.800 "8 700 3 600 1.1(H) uoo l.suo l.MH) 4.200 8. hoO 1IH) 3. HOO loo 7IHI oil 14 6H 12 43 'i.y 2 12 23 .V". 3 2H 17 41 2S 111) 141 1.1 1 '4 , 33 31 87 74 58 BO 18 16 21 21 114 53 80 9 13 9 81 'in" 12 72 140 8 45 57 87 "-! 31 73 "60 83 7.1 13 1(12 311 8 83 1 4 8 83 ..... 4 12 47 'is" 2 12 23 84 37 27 16 47 2S 50 US 13 114 Close. 53 11 81 66 14 88 42 91 , 34 SS 83 98 14.1 115 21 42 5 13 61 84 40 81 68 lor. 4 113 9 47 91 112 82 B2 81 83 117 131 128 82 103 23 14 40 100 97 86 20 97 10.1 84 64 68 6 9 5 25 118 11 70 47 811 12S ' 32 84 50 64 6. 18 17 28 1!) 31 43 66 27 311 67 1 93 47 1 98 113 33 32 8(1 73 60 80 H 18 16 21 20 113 64 80 9 13 8 82 10 3 12 72 141 8 48 68 87 12 20 31 73 27 82 83 74 13 101 3! 8 83 1 4 6 83 104 13 85 12 47 80 15 2 12 23 64 87 1!7 16 47 2H 60 147 1.1 112 Mackay alarland Oil . May Llept Sis. Mel Pet Miami Mid states OIL Midvale steel. 11 K 4 T wi do pfd wl... Mont Power . . Mont Ward .. ilo Pae do pfd M St. fi3 S M. No Am Na Biscuit ... Nat Enam ... Nat Lead .... Nevada Con.. . New Haven .. Norfolk A W.. Nor Pae N S Steel N Y Air Brake N T Cent Okla Prod ref. On l Silver ... Ont A W .... Otis Steel .... Pao Dev Pac O A El... Punta Allegre Pac Oil Pan Am Pet.. do 'B" .... Penn Peo Gas ..... Pere Marq. ... Pure Oil Phillips Pete . Pierce Arrow Pierce Oil .... Pitts Coal .... Pitts A W Va. do pfd Pressed St Car Pullman ..... Ray Cons .... Reading Remington ... Replogle Steel. Rep 1 A S .... do pfd Rep Motors .. Roy Dut Oil... Ry Steel Spg. . Stand Oil N J. Sears Roebuck, shattuck Aria. Shell TI. Sinclair Stand OH Ind. Slosa Shef.... Sou Paclfio.. Sou Ry Stand Oil Cal. St L & S F... Stromb Carb . Studebaker .. Swift A Co... Tenn C A C. Texas Oil Texas Pacific Tex P C A O. Tob Prods. . . . Tran Com Oil Union Oil Del Union Pac... United Alloy. United llrug.. Unit Fd Prod. United Fruit. Unl Rds N J. Union B A P. Unit Ret Strs. U S Ind Alco. U S Rub .... do 1st pfd. U S Smelting. U S Steel.... do pfd .... Utah Copper. Va Chem .... do Df d .... Vanad Steel.. Vlvandou .... Wabash do A pfd... do B pfd... Wells Fargo.. Western 1'ac West Union. . . Wstghs E&M. West lid .... White Motors Willys-O.vld.. do pfd Wilson Pkg.. Woolworth Worth Pump. W A I E White Oil.... BONDS. U S 2s reg...101 I No Pao 4s do cpn ...iut do 4s reg..104 do cv 4s CP. 104 Pan Ss reg ...H0 do cpn ho A T A T cv Os.. 110 I Union Pac Atchen gen 4s. 88,U A) Steel ii a A cons as 1 I NYC deb Os. 9!)l 'Bid. Liberty Bond Quotations. Liberty bond and victory bond quota tions at New York as furnished by Over-beck-& Cooke company of Portland: Open. High. Low. Bid. Liberty. 8s ... 97.54 1)7.00 97.20 97.20 do, 1st 48 97 70 dor. 2d 4s 97 32 do. 1st 4a .. 97.98 97.98 97.76 97.80 do 2d 4s.. 87.04 87.0.1 97.42 97.46 do, 8il 4s.... 97.114 87 101 97.56 97.82 do. 4th 4 Vs.. 97.70 97.76 97.56 97.60 Victory 4s . ao, as .... 100 75 7S loo 24 24 800 los 100 1S.600 113 111 6O0 27 27 SHOO 12 12 14.100 81 80 100 8 8 100 25 25 700 68 68 1,300 14 14 Boo 17- 10 6O0 40 46 'ss66 'oi 'bo 1110 131 131 8.B00 37 35 4(10 92 92 1.200 15 15 22.100 16 15 o0 98 99 2.4O0 7S 77 2.5O0 25 25 400 61 60 3.900 75 74 800 2 2 ""206 "22" 21 2,3O0 12 11 800 8 8 800 64 69 8,900 85 83 8, 7O0 46 45 2.MO0 62 61 400 47 46 8.200 84 88 6,100 68 67 '400 21 20 1.100 86 85 1.800 81' 80 8.300 17 15 11.2'jO 10 9 100 61 61 4O0 25 25 800 70 76 200 64 64 2.0OO 112 114' 1.400 15 14 7,600 74 78 'iisoo "81 '20" 4.400 65 63 V.boo "m 'i'o' 600 '98 98 7O0 179 177 1.3O0 63 62 1.000 8 8 800 87 87 2.000 20 20 l.OoO 80 86 1.500 41 40 8.200 82 81 1,300 18 18 8O0 95 94 200 22 22 500 41 40 23.700 88 87 101 100 800 10 10 7.000 4li 45 1.4O0 2(1 2(1 1.3O0 26 24 OOO S 04 8.CO0 10 9 1,000 20 18 600 130 1211 2.800 21 27 2()0 70 70 UOO 8 400 125 124 ""ioo '68 "e6 6.000 65 64 9.700 44 43 8.700 55 64 200 100- 100 lsioOO "85 '84 400 117 117 2,800 04 63 100 28 28 2o!6o6 'si" '82 700 8 6 300 6 6 800 20 20 "ioo "si" 'si" "eiio '92 'ii eoo 81 60 200 8 8 1.000 40 88 1,100 6 6 400 28 2K 4(H) 32 81 IOO 141 141 1.100 40 46 KOO 1 7 1.200 9 8 7S 24 108 112 27 12 30 8 25 87 14 16 45 64 81 181 86 92 15 15 99 77 27 60 74 2 6 21 11 8 85 84 45 62 46 33 68 20 85 80 15 9 61 25 76 64 111 14 74 26 81 68 B 7 80 96 177 62 8 86 20 86 40 81 18 94 21 88 87 100 10 4:. 20 24 64 9 19 120 27 70 8 124 8 65 43 63 98 33 84 117 63 28 67 33 6 6 20 13 82 16 91 60 8 8H 6 28 31 140 46 7 8 I do Is Pac TAT Penn con So Pac cv So Ry 6s 6s.. 4s 6s.. '4s" i 6s. . 85 . 61 . 95 . 94 , 96 90 91 lol .100.14 100.18 100.12 100.14 .loom KM). IS 100.12 100.14 Mining Stocks at Boston. BOSTON, Jan. 19. Closing quotations: CAlloues 27 I No Butte 1 Ariz Com .... 8()ld Horn 25 Cal A Aria 58 lOsceola 84 Cal A Hecla...277 IQulncy 45 Centennial ... 8 buuerlor 2 Cop Ra Con Co 43 Sup A Bos Mln 1 pi utte cop M 11 Shannon 1 Franklin liltah Cons .... 1 Isle Koyalle .. 24 I Winona 40 Lake Cop .... 2 l Wolverine 10 Mohawk 56 I VEAL HOGS Market very firm. Rush fhfpment checks by return matl. Write for tags THE tV-VIAR CO.. ISC, IOO Front St.. Portland, Or. Swift ft Co. Stock. Closlnr prices for Swift ft Co. atocka at Chicago were reported by the Overbeck ft Cooke company of .Portland aa follows: Swift ft Co 1004 Libby, McNeil ft Xslbby 6 National Leather 24 Swift International 22 W Monej, Silver, Etc NEW YORK, Jan. 19. Call money. firmer; high 6 per cent, low -4 per cent; ruling rate 4 per cent; closing bid 6 per cent; offered at tt per cent; last loan tf per cent. Time loans steady, 60 days, 4 H per cent; 00 days, 4Vi per cent; six months, 4Va per cent. Prime mercantile paper, 4 v3 per cent Foreign bar silver .9c. Mexican dollars, 41 c LONDON, Jan. 19. Bar silver, 84d per ounce. Money, 34 per cent. Discount notes, short bills, 4 per cent: three mo tuns bills, ft 13-1643'374 per cent. Foreign Exchange. Porelcn ezcuance rates at the close ot business yesterday, furnished by North western National bank of Portland. The foreign unit In United States funds: Austria, kronen .0007 BeiKiUm, francs 07!0 Hu.tiarla. leva Czech o-yiovakia. kronen 0173 Denmark, kroner .liOM Kng.and, pound sterling .......... 4.1300 Finland, finmark 0193 France, francs 01:3 Uermany, marks Mr5$ Greece, drachmas ' .044S Holland, guilders .3KS0 Hungary, kronen mil!) Itaiy, lire 0440 Juffn-SIavla, kronen 0t)40 Norway, kroner .l.tSl Portugal, escudol OS 3,1 Roumania. lei ,00"3 Serbia, dinara 0107 Sweden, kroner .'2o0$ Switzerland, francs 10M China iionckung. local currency. .525 Shanghai, taeia 7 7.VJ Japan, yen 48o0 NfcW YORK, Jan. 19. Foreign ex change si'.ady: Great Britain, demand, $4 e.'-', cables, $4.J ; France, demand S.ls'ijc, cables S Kic; Italy, demand 4.37c. cab.es 4-37 c; Belgium, demand 7.M3c. cables 7.83 Vic; Germany, demand .olc. cabies .6"c. Holland, demand 36 tf3c. cables Sti.tfttc; Norway, demand 15.70c; Sweden, demand 24lic; Denmark, demand 20.03c; Switzerland, demand 19.45c ; Spain, de mand 14.9Sc; Greece, demand 4.40e; Ar gentina, demand 33 ti2c; Brazil, demand 12.7Sc; Montreal. 94 13-lrtc. if DAT CA TT A V Bay Dlrevt. Save Moir;. Writs or Wire for Prices. EHKT T. FKKKPONS, B. alia Mallei. Washington Cascara Bark HMs. Wool. Pelts. Mohair We Are Id the Market Write for Prices and Shipping' Tags ORTI.AND HIDK WOOL, CO.. OK"BHK at SLLI.IVAX. Minanr. 107 L'nlon Ave. N .. Portland. Or. New York Honda. New .York bond quotations furnl? Herxln A Rhodes, lac, of Portland Am Tel ; Tel os lu-ji do tU r.i-4 Am Tob 7s do 7 1!'L'3 Anac-onda 7s B l'.'-'9 do s A ll'-ia Armour cv 7s ............... .1H3H do 4V,s 1MU Argentine CI I Sa l:45 Am An I'hm 7S 141 Heth, cee1 is l!tj lletb fteel is do Kg. 7s Belgium Kxt 7Hi ...... do s do (M Bc-rK-n 8s. City if 1IU5 Heme 8s. City or 1SM." ilraill 8s lit-ll Cunadlaa os 1 do 5s 1 do 5s Can Nat Kg 7s Chi A N W 8S,s Chicago N W 7s C M at St P in rf tVlS A Can Nnr 7s Chile 8s Christiana 8s. City ot Copper Exp Ss do 8s do 8s I do 8s Cuban Airier 8ugar 8s Con tas cr 7s I In Match 7fea : Denmark 8s ! Iatiih Mun 8s ........... ; lutKnt 4i ; tirand Trunk 7s .......... i Goodrich Ts 1 (ioody ear 8s New Issue $3,000,000 . San Joaquin Light & Power Corporation 7 Cumulative Prior Preferred Stock Preferred both as to assets and earnings Par value: $100 per share Dividends payable quarterly, March, June, September and December 15th. - Exempt From Federal Normal Income Tax ' Union Trust Company, San Francisco, Transfer Agent Registrars The Bank of California, N. A., San Francisco 1 5.) Security Trust and Savings Bank, Los Angeles The San Joaquin Light & Power Corporation was incorporated under the laws of California, in July, 1910, as a consolidation of several public service companies which had been in successful operation in various sections of the San Joaquin Valley from as early as 1896. OUTSTANDING CAPITALIZATION AT CONCLUSION THIS FINANCING Divisional Closed Mortgage Bonds. ; ; ? 2,487,000 First and Refunding Mortgage Bonds, due 1950, outstanding in the hands of the public 12,953,000 Unifying and Refunding 7 Bonds 8,600,000 Series "D" Collateral Trust Bonds, due 1935 ; 2,625,000 . Prior Preferred 7 Stock : 5,017,500 Preferred 6 Cumulative Stock 6,500,000 Common Stock 11,000,000 We unqualifiedly recommend this Prior Preferred Stock as an investment because: (1) -It is free from Federal Normal Income Tax. (2) The net earnings which would have been available for dividends on this stock for the years 1920 and 1921 averaged four times the 7 dividend on the $5,017,500 Prior Preferred Stock outstanding at the conclu sion of this financing. (3) The value of the equity securing this issue of Prior Preferred Stock as measured by market quotations on this and the junior stock issues exceeds $12,690,230, which is equivalent to $252 per share of Prior Preferred Stock. (4) The Company is in an exceptionally strong financial position; the only current indebtedness, after giv ing effect to this financing, being current accruals, unaudited vouchers, current monthly bill3 and payroll, against which the Company will have current assets of several times the amount. . (5) The Company serves a territory of unexcelled potentialities. The San Joaquin Valley is enormously wealthy in agricultural resources and the development of this valley largely depends upon power. (6) No additional stock or bonds may be issued by the Company without permission of the Railroad Com mission of the State of California. This, therefore, serves to protect the interest of the stockholder. (7) The stock is non-assessable. At present it is callable at 105 and accrued dividends, but steps are now being taken by the Board of Directors, subject to the approval of the stockholders, to remove this call feature and make the stock non-callable. (8) During the last 10 years the Company has reinvested more than $5,000,000 from surplus and reserve in development of additional property. Price 984. Netting over 7.10 Blyth, Witter & Co. Cyrus, Peirce & Co. Banks, Huntley & Co. All statements herein are official, or are based on Information which we regard as reliable, and while we do not guarantee them, they are the data upon which we have acted in the purchase of this security. Today s bond prices Gulf Oil 7s Gt Northern 7s Hershey 7Ws Humble Oil 7a Int Rap Tr ref 5s. do 7a Int Mar C T Ss Kelly Sprlnftfleld 8s Kennecott 7a I.ibby. McNeil Libby 7s. Morris A Co. 714 s Mexican Pete 8s NYC call 7a Norway 8s N P & O.N Jnt) 6tts.... X P Be Northwest Tel 7s Ohio C O 7s Ohio Power 7s .......... Pan Amer 7s Penna 6V4s Run Rubles 3 Ms San Paulo 8s Southwt Tel 7s Swedish Govt 6sT Standard Oil N 1 7s do Cal 7s Steel & Tube 7s Swiss 8s Sears Roe 7s do 7s Sinclair 7Hs Swift A Co 7s Un Tank 7s Urua-uay Ext tin .......... IT S Rubber 7V,s Wilson 1st 6s West Elec 7s Westlnghouse 7s ......... Zurich 8s Bid. .1033 .1936 .1930 .1JJ3 .l'.iHS .1111 .l!l .1931 .1930 .1931 .1930 . 1!13 .193(1 .1941) . 11138 .2047 .1941 .1925 .19,-il .1930 .1938 .1926 .1936 .1925 .1939 .1931 .1931 .1951 .1940 .1983 .1923 .1925 .1925 .1930 !l930 .1928 .1925 .1931 .1945 insu 107 99 lllil s, 80 i 81 92 H 104 102 's 99 103 100 X 1(16 109 107 A 108 4 108 99 101 98 106 4H 102 101 95 110 107 99 113 100 99 101 101 102 65 105 87 105 108 107 . 1923 . lfl.li .un:, .1925 .1940 . 1937 . 19.15 .1934 . 1930 .2014 .1940 .1941 .1945 .1922 .1923 .1924 .1925 .1931 .1925 .1935 .194.1 .1945 .1931 .1910 .1925 .1041 hed by 100 101 101 102 1(11 98 102 V 87 78 102 100 101 101 107 95 108 106 1(4 I 97 97 95 lo7 107 106 57 110 101 107 1IX" 102 1021 104 I 103 103 I lo I 108 107 . I 104 I 110 ' 97 112 s Foreign Bonds. n r ...... . nttntatinnm Overbeck. A Cooke company Belgian rest 5s Belgian prcm 5s Belgian 7s. 1945 Belgian Ss. 1941 Belgian 6s. 1925 Brasil 8s. 1941 British 5s. 1922 British 5s. 1927 British Bs. 1929 British vky 4 British ref 4s RnrriMU 0S. 1934 Canadian 5s. 1937 Canadian Os. 1926 Canadian 5s. 1929 Canadian 5e. 1931 Canadian 5s. 1927.... Chilean 8s. 1941 Currency Uenmarg os. 11.1.1. . . . .. Pan Muni 8s. 1945 French 4s. 1917 French 5s. 1920 c k T 1Z m 1011 French 8s. 1945 German W L. Os Berlin 4s Uamhttrt 4a ........... . Hamburg 4sf Uelpslg 4s Uelpsig 5s Munich 4s Munich 5s Frankfort 4 Italian 5s. 1918 Jap 4s. 1031. . Jnp 1st 4s. 125 Jnp 2d 4s. 1925 Norway 8s. 194(1 Russian 5s. 1921 Russian 5'-a. 1926 Ruasian 6s. 1919 Swiss 5 at, 1929 Swlas 8s. 1940 U K 5s. 1922 U K 5s. 1920 U K 5s. 1937 furnished by of Portland: Bid. Ask. .. 67 . . 74 ..107 . .106 95 ro 78 107 J0 "t ..104 104 87 88 .. 8 .. 84 .. 87 .. 63 .. 83 .. 93 .. 97 .. 9 ..97 .. 94 ..101 .. 9 . .10S ..108 .. 00 .. 3 .. 95 ..100 .. 8 .. 4 .. 5 .. 5 .. 5 .. 5 .. 6 .. 6 .. 6 .. 33 .. 73 .. 87 .. 88 1 . .109 .. 17 .. 3 .. 17 .. ..113 . .1001, -.100 ..98 87 88 69 65 84 96 97 98 98 98 101 11 los 107 51 04 95 100 4 5 8 5 6 7 6 8 7 84 73 88 86 110 19 4 19 97 113 I Mi" hi 100 98 Illinois Pipe Indiana Pipe ...... Nafl Transit N T Transit Northern Pipe .... Ohio Oil Inter'I Pete ....... Pt'nn Mex Prairie Oil Prairie Pips Solar Refg Southern Pipe ..... South Penn Oil ... S W Penn Oil S O Ind S O Kansas ....... S O Kentucky s o n y S O Ohio S O Ohio, pfd Swan A Pinch .... Vacuum j..... Washington .i... S O Nebraska Imperial Oil ,188 173 , 89 90 . 28 29 ,145 150 . 92 96 ,272 276 . 15 15 . 16 18 .540 648 .233 237 .370 390 . 81 83 185 190' , 52 55 . 87 87 .563 580 .440 4.-.0 303 867 385 395 .114 115 . 35 45 338 840 , 30 35 .165 175 103 103 QUOTATIONS OX DAIRY PRODUCTS Current Prices Ruling on Butter, Cheese and Ergs. 8AN FRANCISCO, Jan. 19l Butter. Extras 42c: prime firsts 37o. Eggs Extras 48c: extra, pullets 42c; un dersixed. No. 1 35c. Cheese California flat fancy. 25c; Young America, fancy, 26c. NEW YORK, Jan. 19. Burter Irregu lar. Creamery firsts 81pi34c. Eggs strong, fresh gathered extra firsts 42c: fresh gathered firsts 390S41. Cheese irregular: state whole-milk flats, fresh, specials 2021c; state whole milk fresh twin specials, 20 c. CHICAGO, Jan. 19. Butter lower, creamery extras 32c; firsts 26 931c; seconds 240T25c: standards 29c. Eggs higher, receipts 10.179 cases; firsts 37c: ordinary firsts 32 f? 34c; miscellaneous 35636c; refrigerator firsts 2 Q 24c SEATTLE, Jan. 19. Eggs Select local ranch, white shells, 34$ 35c; do, mixed colors. 33c: pullets. 30c. Butter City creamery oubes. 33c; bricks or prints. S4c. Metal Market. NEW YORK. Jan. 19. Copper steady; electrolytic, spot and nearby. 13Q14c; later 14c. Tin Steady; spot and nearby 32.31c; fu tures 32c. Iron Steady; prices unchanged. Lead Steady: spot 4.70,4.8Oc. Zinc Quiet: East St. Louis delivery, spot 4.756 4.80c. ' Antimony, spot 4.50c. Dried Fruit at New York. NEW YORK. Jan. 19. Evaporated ap ples steady. Prunes quiet. Apricots firm. Peaches steady. Raisins quiet. Cotton Market. NEW YORK, Jan. 19. Cotton Spot, nuiet. Middling 18 03c. L SPECULATION HIT DEALERS CRITICISED BY MAX-VFACTCRERS. coffee futures cloned unchanged to 2 pointa hiirher. Salea were estimated at about 20.000 baffs. January 8.:c. March 8.45c. May 8.32c, July 8 24c. September 8.24c. October 8.22c. December 8 lc Spot coffee dull and nominally un changed to 9 f?9 , c f0r mQ im and i'j al-"c for Santos 4s. Conditions Held Unlikely to Change Cntil Tariff Bill la Report ed In Senate. BOSTON, Mass., Jan. 19. (Special.) Wool dealers continue to speculate in wool and manufacturers are criticising them severely. Much of the current business Is between dealers and prices are slowly pushed up In the operation. The market Is feverish and. if supplies were plentiful, the turnover would be tremendous. . Con ditions are not likely to change until the heavy weight goods openings are over and the tariff bill has been reported in the senate. All world markets are advancing. Americans are buying In Australia and New Zealand with a vlw to holding their purchases there until they know what the duty is to be. If that is not satisfactory they can ship to London and resell. Sydney has made a further advance of 5 per cent. Prices at Liverpool East India wool sale, Tuesday, were & to 10 per cent above the last sale. While little effort to contract in the west Is reported, some fine and fine me dium clips have been mortgaged in Ne vada at 19 to 21 cents. Boston dealers say that the 27 to 28 cents paid for choice three-eighths blood at the sale of western Idaho wools in Portland thin week means a cost, laid down here, greater than the present market price, yet the market may go up before the wools get here. In this market choice fine staple territory holds at 95 cents to $1 clean. Good fine and fine medium staple can be had at 85 to 9 cents, half-blood staple at 60S5 cents, three-eights blood staple at 6065c. and quarter-blood staple at 60955 cents, all clean basis. Choice fine and fine me dium clothing wool la quotable at 7580 cents clean, and lens desirable at ft5fr70 cents. Borne fall Texaa wool Is 65 iff 67 cents and some Is held for 70 cents. Ohio and similar fleece wools 'continue strong, selling In small lots only at 45 cents for Ohio fine unwashed delaine, 40 41 cents for half-blood combing. 3738 for three-eights blood combing, 84 3ft cents for quarter-blood combing and 333 34 cents for fine unwashed clothing. Pulled wools are fairly active at prevloua quo tations. Video 8s have sold at 34 cents and 5s at 2A cents. Buenos Aires 4s at 38 cents and 6s at 25 cents. Choice cape clothing scoured wools are offering in small lots at 88 cents. The supply is lim ited. Second clip South American wools from the recent government sales have been turned over at 55 cents after being reconditioned. Bank Officers Re-elected. ESTACADA, Or., Jan. 19. (Special.) At the recent election held by the stockholders of the Estacada state bank, the following officers were re elected: H. C. Stephens, president; Thomas Yocum, vice-president, and We Recommend for Investment Marion County, Or. Road 5YZ Bonds Due July 15. 1930. YIELDI.VG ABOUT 4.00 Spokane Co., Wash. 5 Bonds Due January 1. 1932-34. YIELDING ABOUT 4.80 Circulars on request for OR 440 The National City Company Offices in more than 50 cities. Yean Bids., Portland, Or. Telephone Main o(72 There never will be a better time for the purchase of bond than to day. Money rates topped going up tome time ago. While they were going up bond prices were going down. Now that money rates are returning to normal bonds are seeking the higher levels in which they belong. The following bonds are of types that offer you safety of principal and excellent income. They are readily convertible into cash. VleI4 abont 4.90 Yakima Co., Wash., Road 5 Vis, 1937 .Due Jan. 1. 1937. Opt. '28. JJ. D. $1000 102.18. 4.90 Yamhill Co., Ore., Road 5 Vis, 1930-37 Due Aug. 1. 1930-37. F&A. D. 1000-oOOtil04.13-106.48. 5.00 Port of Portland, Ore., 6s, 1926 Due July 1. 1928. J&J. D. ISOOfllOJ 9. 5.00 Union Co., Ore., Road S'At, 1928-36 Due Jan. 16. 1928-36. J A J. D. 81000 0 101.28-101.50. 5.125 Gilliam Co., Ore., Road 5 Vis, 1942 Due Jan. 1. 1943. J&J. D. 110000101.(5. 5125 Morrow Co., Ore., Road 5Vi, 1929 Due Not. 1, 1929. MAN. D. 11000-JOOOfc 102.40. 5.10 Carmel-by-the-Sea Park and Playground 6s, 1927-36 Due Deo. 30. 1927-38. JAD. D. 11000 104.80-109.38. 5.25 Carmel-by-the-Sea Park and Playground 6s, 1922-26 Due Deo SO. 1922-28 J AD. D. 310C0O100.7I-103.18. 5.75 Port of Kalama, Cowlitz Co., Wash., 6s, 1924-31 Due Dec. 1, 1924-31. J4D. D. I500G100.6S-101.SS. 5.75 Port of Kalama, Cowlitz Co., Wash:, 6s, 1936 Due Dec 1, '38. Opt 'It-lb. J4D. D. 8500101.5- 102.38 6.00 Enterprise, Ore., Imp. 6s, 1931 Due Oct. 1. 1931. Est. '24-'28. AAO. D. 35003100. 6.25 Exeter, Cal., Imp. 7s, 1928 Due July 2. 1928. J&J. D. 31000-I500103.96. 6.25 San Bruno, Cal., Imp. 7s, 1928 Due July 2, 1928. J&J. &103.9G. 6.15 American Sugar Refining Co. 6s, 1937 Due Jan. 1, 1937. J&J. D. 10u0-500& 98.60. '8.00 Wilson & Co., Inc., 7V2s, 1931 Due Deo. 1. 1931. F&A. D. S1000 96.50. 9.15 Goodyear Tire & Rubber Co. 8s, 1931 Due May 1. 1931. F&A. IX J1000-J500-UOO99.EO 6.20 Kingdom of Norway 3V2. 1962 Due Apr. 1. 1962 A&O. D. 200-40-20. Price on application.. to 6.75 Dutch East Indies 6s, 1947 Dun Jan. 1. 1947. Opt. '32. J&J. D. J100(J-J500!tf 94.50. District of Bumaby, B. C, 6s, 1924 Due Dec. 31, 1924. J&D. D. J1000-J500& 97.40. Vancouver, B. C, 4 Vis, 1923 Due Feb. 1. 1923. F&A. D. J4S6.67&97.63. Vancouver, B. C, 4Vi8, 1923 Due Dec. 15. 1923. J&D. D. S4&6.6795.60. U. S. of Brazil Sterling 4s, 1945 Due Oct. 1. 1945. A&O. D. 1000-500-100 Price on application. 7.15 U. S. of Brazil Sterling 5s, 1934 Due Auk. 1, 1934. F&A. floOO-f 500-100. Price on application. 8 Is minimum yield; . of Issue payable through sinking fund purchase or "call" up to 107 4. t9.15 Is minimum yield; all of Issue to be retired through sinking; fund purchase or "call" and at maturity at 110. JRepreaents current Income. With exchange at Par these bonds will have maturity value of 67 to 102 above present market value and the Income will be increased proportionately. 6.45 7.00 7.00 7.00 7.04 Use our Partial Payment Plan freeman, smith & Camp Co. LUMBKRMENfc BLDO PORTLAND FIFTH yt AND STARK i- . T 111 . PH0NI SWAY 8740 JJSS Miss Ruth Dillon, cashier. The direc tors are Leroy D. Walker, Thomas Yocum, A. E. Sparks. H. C. Stephens and Mlso Ruth Plllon. The affairs of the Institution were found In a satisfactory condition. Rfld The Orepnnlfln clnsslfld nrts. Coffee Futures Steadier. vrw YORK .Tsn. ir Thr msrlt-t fnr v Standard Oil Stocks. Standard Oil stocks at Nw York, fur nished by Overbeck & Cooke company of Portland: Closlns;. Bid. Asksd. Ans-Io IS Borne Scrysmer ...i. ....... .325 80 Buckeye 0 92 Cheesebroush ITS 18 Chesfbrough pfd 100 110 Continents' -S 82 Orescent 90 82 Cumberland ................ .13,1 145 Eureka 80 83 Galena com 40 42 Galena Old pH 105 107 Galena Kew pfd 100 104 Established 1901 George Black & Company PUBLIC ACCOUNTANTS AND AUDITORS Worcester Building Telephone Broadway 7370 a PORTLAND, OREGON G-LUKlifc. cLALK, U. V. A. . General Practice Fellow of the American Institute of Accountants HARVEY N. BLACK Investigations FXtatr Work Special and Periodical Aadlts Tax Service TheANSWER When the contract was let for pavement on the Morrison-street bridee, the usual questions for discussion arose concernine; speci fications, etc. All these questions were answered in a sentence by the authorities, who said: "Sim ply make it like the pavement on Hawthorne bridge." Incidentally, this answer served as a testi monial for Warrenite - Bitulithic, because the pavement on Haw thorne bridge was (pid over five years afto. and sustains more heavy traffic than any pavement in the city. Approximately 66 of the com pany's capital stock, representing an investment of $1,825,000, are owned by Armour and Swift in-terests. $1,000,000 10 Year, 6, First Mortgage Gold Bonds Ft. Worth Stock Yards Company Due Mar. 1, 1932 0 Dated Mar. 1, 1922 Price 97.65 to yield - - This issue is to retire the remaining $900,000 of $1,200,000 bond issue. This new issue will represent its only funded debt. Its total assets are $4,821,046. The yards have a daily rapacity of 70,000 head of livestock. Last year 29,968 carloads of stock went through the yards. LUMBERMENS 1.xj s x (ompant -BANK. Broadway at Oak HERRIN & RHODES, Inc. Established lfW6 STOCKS, BONDS, COTTON, GRAIN CorrespondntB E. F HUTTON A CO.. N. T. il ember all leading exchanges Babon'i Set-rice on F1I. Bdwy. 43; J. 201 Kali wax xchDfe Bid. Income Tax Exempt b Oiympia, Washington Improvement Bonds Due 1924-29 ' Send for descriptive circular Atkinson, Starkey & Zilka, Inc. I. VESTMENT BONDS. 418 Northwratera National Battle Batldlnic. Pbone Mala 700.