TTIE 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.