Morning Oregonian. (Portland, Or.) 1861-1937, June 13, 1922, Image 21

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Morning Oregonian., June 13, 1922, Page 21, Image 21

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Newspaper Page TextTHE MOENIXG OEEGOXIAX, TUESDAY, JU1VE 13, 1923 21 JIMBKEr BREAKS,' i DUE TO SELLiryG Nearly All Stocks Suffer l Great Price Declines. BEAR RAID IS SAVAGE Huge Blocks Are Offered With out Seeming Regard for Price. L Untied States Steel Hit. BT MONITOR. (Copyright by Public Ledger company, Published by Arrangement ) , NEW YORK. June . 12. (Special.) Selling on a broad scale and m grad ually Increasing volume furnished the outstanding it?a-ture of today's stock market in which prices experienced severe declines, the only exceptions be ing In the case of inactive stock3 that did not reflect the universal tend ency. Transactions approximated 1,750. 000 shares, but this total gives little Idea of the intensive activity of the Belling movement that exceeded C00, 00 sharea in the last hour, with vio lent breaks taking place in some of the leading issues shortly before the gong struck. It was more than 20 minutes before the ticker caught up with the final transactions. Various explanations were forthcoming to account for the viciousness of today's Belling movement. Stocks were offeror freely for both long and short account, but toward the close the movement Jaartook of the. nature of a savaire bear raid. Huge blocks were poured Into tha market, practically without regard to price, the spectacular feature of the break being furnished by United States Bteel, which made a running Blump of approximately two points, when nearly 20,000 shares were dumped overboard. In a movement of the character wit nessed today Individual stocks count for nothing. It Is enough to say that every active Issue broke sharply and the only difference was In the degree of the de cline. Ralls and Industrials suffered alike, although over-bulled specialties among the oils, motors and steels gave relatively sharper reflection of" depress ing influences. As has been pointed out in this column recently, sentiment of late has been less bullish and the market has been hesi tant and uncertain. The outside public has shown apathy and indifference. With the failure of the German loan the con tinuance of the coal strike and the fear of a walkout by railway employes, it has been easy to find an obvious explanation for an overdue reaction. As a further incentives to the bearish tactics comes the disquietude emanating from perfectly justifiable measures instituted by the stock exchange. It was hinted in this column yesterday that the Institution of thiB policy might be made the subject of malicious bear exploitation, whereas the stock exchange inquiry really makes for stability. At any rate, the market, according to seasonal schedule, is about to enter on its period of mid-summer doldrums and today's break might easily be interpreted as marking the close of one phase of a great bull movement, with a tendencv to mark time until the upward tendency is resumed late in the summer or along in the autumn. It la felt here that speculative confi dence has received a shock from which it will take several, weeks to r ccver. It ie also felt that Dears may endeavor to make the most of outside apathy and that attacks will be pressed whenever a vulnerable shot appears. Confidence in the ultimate ouicome. Rowever, is not likely to be sernusly impaired, partic ularly for thtwe who hold suasoned se curities. Speculation is on.i thing and value is an-jthei, and the iattr is the determining factum in the erd. No atteniioi. wr,. paid to the decline in call money to 11 per cent, the lowest rate in nearly four years. e Further recessions In the general 11st brought out reports of heavy pressure from out-of-town points and mainly ac credited to professional bears. The basis of the drive was apparently the over bought conditions of the market as a whole as other surface factors have been discounted in the open. Directors of the Reynolds Spring com pany declared the regular quarterly div idend of 1 per cent on the preferred and ordered a special payment of $14 on the common, this representing back dividends for the past two years. Holly Sugar, one of the beet sugar com panies, which suffered most from the sugar deflation movement. Is expected to come in to the market within the near future for new financing. The company's bills payable amount to $3,982,400 as of March 31, and President Carlttin of the company said recently "with a more favorable bond market the funding of short-term hank loans into long-term fixed obligations seents advisable." The report of the company for the fiscal year ended March 81, shows a loss of $1,-44,987. Liquidation in Reading carried that Is sue below 72. which is down more than 10 points from the recent high. An indication of the rapidity of the decline in some Issues is found in a single strip of steel corrmon which appeared on the tape near the close. The burBt of selling started with 700 shares at 9S4 and then in rapid succession came 400 at 98. :!00 at 1)7, 500 at P7S, 300 at 7k, 500 at 87, 700 at 97, 200 at 97", 900 at 07Mi, 500 at 97, 200 at 98 3200 at 97 and 0o. 1600 at 96 ? 300 at 97 and 500 at 06. At the close of today's market the quotation ticker was running 23 minutes behind the market Sterling products as quarter report hows a net of $1,429,571 after deduc tion of income tax. Thursday. June 15. will witness a heavy money tournover because of large vol ume of government financing due that oy. The government will have to pay .,...,., WIP ln jioprty pond interest bout $260,000,000 for redemption of vic tory 3i and certificates of indebted ness amounting to about S370.0O0.O0O, making total payments of $750,000,000. Against this the envprrmpnt i. r.-iinr. about J200.000.ooo from the recent sale ..-rrnucaies and also the second quar ter income taxes and bank balances. New York Bonds. Furnished by Ilerrin & Rhodes Inc. f Portland: Railroad Bonds - Atch gen 4s inns (to A O L 4s in.-.a s4 do .s inao 106 B O gold 4s 194S 80i do con 4ts cv I!:t3 824 do ref fis 015 p3t Canada Southern 5s 1062 PftU, t-annnian Aor ,bi:S... lta 111 Cent Pan 1st 4s . . 1 '. '."."!! I loin sal Chicago N West fUs lO.Hrt 100 Ches A Ohio cv 4,-,s ., l!t:to 87 14. do gen 4tas . . 1903 87 do cv 5s 11146 92 do con 5s .....lorw loov n v a it in .4;., j ... . .... v- to 1 :tjf m C West Ind 4s 1!W 73 c n w 4s H,.-,n ,u C M ft St P 4s 1025 7SK do cv 43 . 10.12 69 do deb 4s -,...10:14 2.ii do gn 4s A ...1S99 75 l do cv 5s ..1014 74 do g&r 4-s A 2014 63 Chicago NV sf 5s 1029 OS; do pen 4s .. 117 85l do 64s 10.16 10!ij do 7s 1930 Klfii, CRI&P ref 4s ..19.14 80 Colo So$ rf ex 4Hs 1935 sft an 4s 1929 92 Del Hudson cv 5s 1015 97 do 7s 19.10-109 flARO cv 4s 19.16 77H ! ret 5s 1955 47 ?rie PI, 4s lOort C4 Erie con 4s A : .....IfSM 50 do B 195.1 49 do I) 1953 52 Frie Pa CO 4s I9."l son Sd Trunk eq 6s 19.16 105 Gt Nor 4s ........19t;t 91 do 7s 19.16 109 Gt Trunk 6s .....I9;i6 in.1 do 7s 1940 113 III Cent Jt 6s imi.l 94 do ref 4s 1955 86 K C Sou ref 5s 1950 86 Ken ft Pes Jl 1st 5s 192.1 S9 I.SAMS 4s 19X1 92 LAN 7s 1930 107 do uni 4s ..................1940 91 S C 7s 9S M St P S S M 6fes 1946 102 M K & T 4s.. ..1990 80 Jl P gen 4s 1975 1 do ref 5s 1"2S 90 do ref 5s ll2 0V If Y C debs4 ...1934 " 90 do con t ...... ...1DUS 8i do ref Imp 4s 201S 86 do cv deb 6s. - ......1935 103 'do coll "3 " ..1930 10514 N Y N H & H cv s 1848 78 N O Tex & Mex as.... 1935 7141 SPPL 4s 1997 86 NPts ..: 2047 86 N P Gt Nor jt 6s 1936 105 O 8 L ref 4s 1920 90 Penna 6s 1936 109 do gen 43 '. 1965 81 do ihit 1960 86 do gea 5s ...1968 99 do 7s ...1930 108 doRR6s.... 1936 109 Reading gen 4s 1997 84 S A L, 4s 1950 58 do 5s 1949 24 do 6s A 1345 57 Sou Ry con 53 1994 84 So Pac cv 4s 1929 91 So Pac ref 4s 1955 . 87 do sf term 4s 1950 82 S P ref 4s 1949 85 do conv os 1934 102 St L, & S F P L 4s A 1950 71 do gen 5s 1931 98 do P L 5s B 1950 SoJi do gen 6s 1931 103 do adj 6a ' 1955 7814 do inc 6s 1960 67 St L & S W 1st 5s 1952 78 do con. 4s 1932 74 do 1st 4s 1989 69 Tex Pac 1st 5s 2000 95 Un Pac 1st 4s i 1947 91 do cv 4s 1927 93 do ref 4a 2008 85 do 6s 1928 103 Un Tank 7a 1930 103 Wabash 1st 5s 1939 97 do 2d 5s 1939 86 West Pac 5s . 1946 87 Industrials Allied Packers 6s... 1939 8371 Am Agr Ch deb 7 1941 103 Amn Sm 1st 5s 1947 92 Amn Tob 7s. 1923 102 Anaconda 6s A. 1929 100 do 7s B 1929 103 Armour cv 7s 1930 104 Armour 414s 1939 90 Beaver Board 8s 1933 64 Beth Steel 7s 1923 104 do eq 7s 1935 102" do ref 5s 1942 92 Cerro de Pasco 8s 1931 116 Chile conv 6s A 1932 90 do 7s 1923 105 Col Graph 8s 1925 36 Copper Exp 8a. 1923 100 do 8s , 1924 102 do 8s 1926 104 Colo P & I gen os 1943 90 Coio Ind 5s 1934 76 Cuban Amn Sug 8s.., 1931 105 Cuban Cane cv 7s ..1930 85 Distillers Sec cv 5s 1927 44 Diam Match 7s 1935 108 Dupont 7s 1831 107 Empire Gas Fuel 6s 1924 100 Fisk 8s 1941 106 Gen Elec deto 5s 1052 100 do deb 6s ..1940 15 Goodrich 7s . . . .....1925 100 Goodyear 8a .......1941 115 Heini 7s 1930 104 Hershey 7s 1930 102 111 Steel deb 4s.. 1940 90 Ind Steel 5s 1952 100 I Int Agr 5s ..1932 79 Int Mar C T 6s.. 1941 7 I Kelly Spgfield 8a. 1931 108 Lack Steel 5e.... 1923 100 do 1st 5s ...1950 ftsu Libhy McN 1, 7s.. ..,.. 19S1 99 L,ig & Jieyera 5s....... 1951 98 do 7s 1944 LfOrillard 5s . W...1951 963A do 7S 1944. 1-IftU Midvale 5s ....1936 88 Morris Be 00 7s. ....1930 105 Proc & Gamble Ts ....M23 101 Republic I & St 5s 1940 0,5 Sears Roe 7s 1922 100 dp 7s 1923 101 Steel & Tube 7s 1951 100 Swift ft Co. 7s 1925 101 do 7s. loai inos TJnibrug8s 1941 110 U S Rub 1st ref os 1947 80 do 7s 1930 1067i US Steel sf 5s 1963 101 VaCnem5s 1923 99 Va Car Chem 7s 1932 105 West Klec 5s ......... .1922 100 West U T col Tr 5s 1938 99 West Union 6s 1936 109 Wilson 1st 6s 1941 97 Wilson cv 6s 1928 92 West Elec 7s I9?s lo?5t Westinghouse 7s ............ .1931 106 runac utilities Amn Lt ft Tran 6s 195 107 Amn Tel coll 4s 1929 90 aos 1946- 97 do 6s 19'5 1 147z Bell Tel of Pa ,7s 1945 107 BRT5S l4!k ant! Cal Gas unl 5s 1937 95 Cities Service 7s B 1966 134 oo 7s C 1906 95 do.sD 1966 90 Con Gas cv 7s 1925 116 Int Met 4s 195a y, Int RT ref 5s !l966 68 Laclede Gas 7s 19.10 mnii Mont Power 5s A ........1943 963i isorthwest Tel 7s 1941 106 Pac Tel 6s 1937 96 PaC Gas 5s 1940 oa Souwest Tel 7s 1925 102 Oil Bonds AngIo-Amn7s .' J. .1925 103 Atlantic RefJIs 1931 103 gul','lJs 1933 104 Humble 7s 1923 1011i Pan Amn is 1930 102 Mex Pet cv 8s " ioi ioti? : Sinclairjfca 1925 104 a u Lai 73 1931 kisu do N T 7s 1931 109i4 Texas Co 7s im inuT Tidewater Oil 6s 1931 10" Vacuum Oil 7s 19.1ft inft Foreign Government Bonds Argentine 2nd 7s io Argentine GI 5a . . . , 194-, He firlum 8s . . . 1010 frgen 8a ims 109 Heme 8a 1011 Christiana 83 !!j94o 109 1.11 no os 1941 104 , Danish Consol 8s. imh French Cities 6s.......... Tl'44 na Italy 6s A.- iioss 95 Norway 8s 1040 no Kus Ruble 5s ,. 1926 ju fwgo'sh Govt. 6s 1939 101 U S Mex 4s. ....1954 46.2 U S Mex ext 5s : 1945 57- LTruguay Ext 5s 711? I'urich Ss 1945 jif Foreign government city bonds Berlin 4s o Giater Berlin 4s '' 031 Hffmburg 4s is? Bremen 44 2;J Cologne 4s urc-sden 4s B 4 Dresden 4s oa; Dusseldorf 4s 2 Frankfort '4s Leipzig 4s ., I" 37? Leipzig 4s -2 -Munich 4s S7i Stuttgart s ; 3V Esaen 4s 074 Bremen 4s " ? Hamburg 4s French Internal 4s 1917 - 543 French Victory 5s 1920 09 Belgian Restoration 5s 1414 British 2 consols 51 3 Ital. Cons. War Loan 5 ... 41 14 Curb, bonds , Last Sale Allied Packers 6s gi Am Tel & Tel 6s 1922 100 Am Tel & Tel 6s 1924 101 Anaconda Copper 6s 100. anaconda Copper 7s.. 101 Anglo-Am Oil 7s 103 Aimour & Co 7s ... 103 Beth Steel 7s 1935 joaij Gud' Trunk 6s 105 Gulf Oil Co 7s v ... I037fc Humble Oil 7s . . 10l4 Ijbby McN ft Lib 7s 99 Sears Roe 7s 3-yr 1923 100 So West Tel 7s inn 74 Stand Oil NY 6s 1933 107 Stnd Oil NY 7s 1926 105 Swift ft Co 7s 925 joisj, Swift ft Co 7s 1931 10214 acuum Oil 7s . . : 106 SITE PMffl CALIFORNIA IXSTITUTIOX WIMi BUILD. Property at Northeast Corner of Sixth and Stark Streets Is Acquired. Sixth street gives promise of becoming oantters row, building plans an nounced yesterday for the Bank of Cal ifornia by Manager William A. Mac Rae assuring a third financial institu tion for this street. Property at the northeast corner of Sixth and Star streets. 50 by 100 feet in extent, has been acquired by the Bank of Cali fornia as a site for its future home. It is planned to start construction of the new bank building in time so it may be completed and occupied by the in stitution during ' J925, when lease ex pires on the Quarters now occupied in the Chamber of Commerce building. Growth, which requires expanded facil ities, brought about the realty purchase and plan for a home of its own for the bank, said Mr. MacHae. Definite plans as to stae of the proposed building have not yet been prepared, he said. The property was purchased from Percy H. BIytbe. It Is occupied by a frame structure bousing two stores. The 100-foot frontage is on Sixth street. The purchase price was not announced, but approximated J225.000. Headquarters of the Bank of Cali fornia is in San Francisco with branches in Seattle and Tacoma as well as Port tend. Thelocal branch was obtained In 19o5 through purchase of the branch of the London-San Francisco bank. - Mr. MacRae was manager of that Institu tion in Portland and remained to con duct the present bank. The combined capital ot the Bank of California Is tb.OOO.OOu. LIBERTY BOH: STEADY I ... . - OTHER ISSUES WJEAK IX NEW , YORK MARKET. Many losses of 1 to 2 Points Are Registered Foreign , Loans Mostly -Lower. - NEW YORK,, Jane 12. Guided al most entirely by the further vittfent reaction in stocks, today's session of the bond market was characterized by many losses of 1 to 2 points. . Reversals among liberty bonds wgre relatively small, a few of that series seorlng normal gains, but foreign issues, especially French governments and mu nicipals, were mostly lower. Atlantic Fruit 7s broffe 2 'points and losses of a point were sustained by Erie general 4s, Chile Copper 6s and Republic Iron 5s. New Haven 6s suffered an ex treme, decline of 1 points and several of the minor western and southwestern" railway Issues eased large fractions. Sales, par value, aggregated S14.633.000. fiew underwritings of the day were featured by Atlantic Refining $15,000,000 5 per cent 15-yearldebenture bonds and tha Public Service company of North western Illinois 54 per cent first lien refunding bonds. Selling of the same enforced character as that which precipitated the sharp re actionary movements of last week was increasingly evident on the stock ex change today. Speculative issues re acted three to ten points on sales ap proximating 1,750,000 shares. In substance much of the liquidation was ascribed to interests which already have or are about to sever theif direct relations with the exchange in conse quence of that Institution's drastic pro gramme of "housecleaning." Other offerings were attributed to brokers who were said to have received broad intimations that the exchange no longer would countenance pool opera tions in stocks of obscure or merely po tential value. These several forms of liquidation were accelerated in the later dealings by a pronounced expansion of short contracts, based In part on the market's lack of support with other adverse developments. Among these was the declination of the Paris banker's committee to proceed with the international loan, that action caus ing weakness In international curren cies. Over a third of the day's business was transacted In the final bjour. Oils, steels, motors, equipments, coppers, textiles, food specialties and chemicals were then the center o the reaction. United States steel, which, had been Irregular In the early part of the" session, was extensively offered at a net loss of 2 points. In dependent Steels, notably Republlo and Vanadium registered more severe declines. Mexican Petroleum, General Aspnait ana Sinclair featured the weaker oils and Studebaker, Baldwin, Corn Products, United" States Rubber, Americaji Woolen and Davison Chemical broke sharply, the latter making a net loss of 9 points. High-grade rails were immune from pressure until the reversal became too Sweeping to withstand. Losses among transportation were held within mod erate limits, however, the chief suf ferers being Soahern Pacific, Reading and Erie at net de.clines of one to al most two points. ' Call money opened at 3 per cent, eased to 2, the lowest quotation In almost five years, but gradually stiffened, as stock market prices became more re actionary, advancing to the day's high est quotation of 3 per cent In the last half hour. Time funds held at last week's levels, with smaller offerings of long date accommodations. Failure of German loan negotiations caused sterling to react half a cent, while allied bills were- 7 to 12 points lower and German marks were almost 7 points under their price of a fortnight ago. Dutch rates sharpened, but all other continental " remittances reacted with leading exchanges. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company ot rortiana: Stock Sales. High. Artams Kxti 600 63 Low. Bid. 174 4? AdvRum ...... l.S0f 18 Agr,Chem ... Ajab Rubber . Alaska Gold .. Aiask Juneau. Allied Chem .. a 400 27X 39 4,100 ltt H'A 14 Vz 3.000 Hi 17,100 69 5,300 49 1 1 66 4 66 Allis-enaim ... do Pfd Am Bt. Sugar .. Ani Bosch Am Can Co -.. . do pfd Am C & Fdy . . . do pfd Am Cot Oil Am Drug Synd.. Am H & Leather do pfd Am let? . . . v . . . 48 y. 46 95 1 onn 47 43. 43 60O 44 40 4U" 4,600 47 45 45 105 162 "2, 300 16554 162 800 27 M, 26 2o 200 5 514 eoo uyb 14 13 SOO 6SV4 6714 674 300 105 104 104 11,600 ' 46Vi 42. 42 " 2,100 35 33 33 809 55 B4 54?4 7.100 111 110 110 100 116 116 115 1,900 7 6 6 9,800 21 .19 19 4,100 61 57 07 100 97 97 96 in Int m Lrn do pf m Lot Am Linseed do pfd . . . . . Am Saf Rasor .. Am S & Com . . . Am Smelter . . . do pfd . . . i -. Am Steel Fdy . . Am Sugar do pfd 3.800 6.800 37 35. 85 7tt 7tiVt 105 104- 600 106 11.900 40 Am Sumatra. . . it.iT!1 .., 6.300 123 122 122 Am Tobacco .mT 7 000 Uftli 13S4i T3SV, sllOO 138 136 137 do "B" Am "Wool . . do pfd Am W pfa Am Zinc Anaconda . . . . Assd Oil Atchison do pfd Atl Coast Line. AHOiWI 4,700 92 89 107 32 100 32 32 3.200 18 16 16 8.900 52V 60 51 300 117 116 114 5,300 98 97 97 , 100 91 - VI 1,899 103 103 4.800 40 36 91 103 36 109 60 Baldwin Loco . . 31,8-00 113 109 do pfd .... B & Ohio do pfd Barns Cotp . . 200 60 60 45 5,900 47 4 600 60 60 60 38.000 41 35 .36 Beth Steel "B" Booth Fish . . B R T . , 6,800 6 75 75 100 7 3.300 25 22 2 Butte C & Z . Butte & Sup . 1,990 7 a 1,800 28 26 26 Burns Bros 12,600 134 .132 132y2 Caddo Oil 1,090 13 12 i-ft. Cal Packing . . Cal Pet 6.T00 7651 16,100 64 -58 5S 100 96 96 96 4.900 136 135 135 2,900 3S 36 36 3.800 36 35 ' 35 do pfd Can Pac Cen Leather . . Cerro de Pasco. Chand Motor . C & N W 8.700 74 3.300 75 71 73 8 Chi Gt West . . 700 8 do pfd . . Chili Copper Chino C M & St P do pfd . . Coca Cola . r n sm 21 20 20 ... 5.500 21 19 19 . .. 8. 800 30 27 . ..11,2'.K 2Ds . .. 8,900 40 ... 9.100 64 24 24 39. 39 60 62 30 60 62 30 6.700 65 Colo F & I 2.800 32 Colo Southern .. 2.800 46 45 44 Colo Gas & E Colum Qranh .. 5.600 86 83 83 . . 3.300 4 4. 4 Con Gas 14.ROO 118 11" 116 Con Cigars .... 300 31 31 30 ContCan 1.600 65 64 64 Cit Serv Bkrs 23 Corn Prod 8,700 103 100 100 do pfd J 114 Cosden Oil 29.100 49 46 46 C R 1 & P . 800 40 . 39 39 92 78 do A pfd 1W 93 -!3 do ti pta Crucible do pfd Cuban Cane do pfd Cu Am Sugar . . . Del & Hud Dome Mines Dei & Lack Dav Chem ...... Kndi-Johnson ... Erie do 1st pfd Elec Stor Bat ... Fam Players . Fed M ft S , do pfd Fisk Tire Gaston Wms Gen Cigars .... Gen Elec 800 70 26.300 73 6S 300 93 91 91 8,000 17 15 15 14.300 35 34 33 S.llHi ' 23 !3 100 119 119 119 900 29 27 27 123 123 46 . 46 79 79 1 -il 43 42 42 81 10 48 1S 46 '4 72 V. 72 lfift 80 28 38 7SH 32" 71 50 do 6s 81 58 39 15 28 33 75 33 " 50 Goodrich . . Glid Paint Green Can . Gulf S Steel Glen Alden . Houston Oil Hup Motor 19 19 111 Central 200 104 4 l3i 103 Insniration SOO 41 ii 39 40 Int Agr Corp do pfd .... Interbore . . do pfd . . . . Interst Cal . . Int Hanr 10 38 1H 3V4 814 101 20 76-4 - li 75 15 1 1814 . 100 40 38 . 400 m . 500 3 314 . 8.8O0 fi 8 it Int Merc Mar ... l.OOO 21 no 77 1R 47 do pfd 2.100 81, Int Nickel 1,700 16 Int Paper 900 49 do pfd Invinc Oil 1,500 17 Island Oil 500 t Jewel Tea 400 19 154 1 18H K C Southern ... 2.8O0 2t 24 do nfd 100 , 87 57 6T Kelly-Spsfld 7,800 4S' Kennecott 2.S0O 4." 45 34 Keystone Tire. 8.600 Lack Steel 1.8O0 73 ti 16 16 71 10 Lee Tire 700 sou 5 LeAtffh Valley.. 12.900 S4 S2K 400 123 4.700 55 900 81 5.600 15 2,500 23 200 43 7,800 83 "io'"6o" 2.900 17 "i6 "74" 900 163 14.000 14 10O 81 7.S0O 62 . 2,100 40 200 15 900 29 2.900 39 15.0, 77 70 33 7,800 79 600 51 5.000 , 79 6.90O 19 Lorlillard ...... 200 155 154 154 ' Lowe Theaters. 1,100 15 14 14 Maxwell Mot A 7,51)0 71 ' 61 67 do B 8.6U0- 24 22. 22 May Store .... 700 115 115 115 Mex Pet 17,000 13S 133 134 Miami 2,000 29 27 27 Mid States Oil.. 4,100 14 13 13 Midvale Steel.. 5,800 36 33 33 MK&TWi... 1.4U0 17 16 16 do pfd 2,100 38 -35 35' Mont Power,,... 1.UU0 70 69 69 Mont Wjird 900 21 20 20 Mo Pac 900 : 23 21 . 21 - do pfd.. 3.S00 54; 52 52 Marland Oil 7.3O0 44 40" 41 Martin & Parry 200 32 . 30 30 Nat Enamel.... 4,100 51 47 47 Nat Lead - 900 92 92 Nevada Con ... 200 17 16 16 New Haven ... 12,900 29 26 28 Norfolk & W.. 2.S0O 105 104 104 Nor Pac 1,300 , 74 74 74 Nova Scot Steel 200 32 31 30 N Y Air Brake 200 .75 74 74 N Y Central... 15,900 90 88 88 Nor Amn .1,200. 62 60 60 Okla. Prod ief.. 1,300 S 3 3 Ontario Silver i 7 OntaJ-io & W.. 900. 26 25 25 Otis Steel .700 13 13 13 Pacifio Cev.;.. .1,000 9 8 Tt Pac Gas & Elec 700 70. 69 69 Punta Aliegre.. 900 51 46 48 Pacific Oil ... 32,100 62 68 58 Pan Amn Pet.. 19.600 70 60 66 do B 3.800 63 60 60 Penna 4,200 42 41- 41 Peo Gas SOO 82 81 81 Pere Marquette 2,300 81 -29 29 Pure Oil ....... 4,600 S2 30 30 Phillips Pete... 11,600 54 60 60 Pierce Arrow. 2,000 20 18 18 Pierce Oil .... 7,200 . 9. 8 . 8 Pitts Coal .... . 4,800 65 62 . 62 Pitts & W Va.. 3,100 38 35 35 Pressed Stl Cr. 400 78 11- 7 Pullman 600 119 118 117 Rav Cons ..... 600 17. 16 " 16 Reading 7,200 74 71 71 Replogle Steel. 8,600 84 81 31 Republic I & S 21,800 72 68 68 do pfd 100 89 89 88 Sen Motors ... 4,60 12 10 10 B Uutch Oil 19,600 62 59 59 Ry Steel Spg. .. 700 102 101 100 Stand Oil Ken 98 " 94 94 Sears Roebuck. 1,800 75 !74 74 Shattuck, Aria. 100 10 10 10 Shell T & T... 1,000 43 41 40. Sinclair ..' 4,900 36 31 31 Stand Oil Ind 110 103 104 do. N J 5,800 168 183 182 Sloss She; 900 44 40 40 Southern Pacific. 4,900 87 87 88 Southern By ... 3,100 - 23 23 23 Stand Oil Cal... 6,200 110 106 106 St L & S F 2,900 27 26 26 Strom Carb 2,400 50 46 46 Studebaker 45,900 120 116 116 Swift & Co 101- 100 100 Tenn C & C 600 11 11 11 Texas Oil 39,600 47 45 45 Texas Pac . 4,900 80 27 27 Tex Pac C & 0.715,600 29 26 26 Tob Products ...11,400 80 77 77 Tran Contl Oil.. 28,600 16 18 14. Union Oil Del. ..15,600 23 21 21 Union Pacific... 700 135 134 184 United Alloy .. 1,100 37 34 85 United Drug 200 75 74 74 Untd Fd Prod... 1,700 7 7 7 United Fruit ... 700 137 137 137 Union B & P.... 200 63 63 62 US CI Pipe.... 200 S3 81 81" TJfd Retl Stores. 12,200 68 62 62 US Ind Alcohol 7,900 54 49 49 U S Rubber 9,800 62 59 89 do pfd 100 105 105 104 U S Smelting... 500 41 40 88' U S Steel ...... .69,600 100 96 96 do pfd 700 119 119 118 Utah Copper ... 8,100'. 65 63 6S Va Chemical ... 9,600 32 30 30 do pfd .-...1 67 Van Steel 24,200 48 43 48 Vivandou 700 12 11 11 Wabash .... 2,000 12 11 11 do A pfd 3,300 30 28 28 do B pfd 19 Wells Fargo 100 76 - 76 76 West Pao. . 300 20 19 19 do pfd 300 61 60 60 Western Union.. 400 98 97 7 Westingh A B... 100 93 93 Tt3 do E & M. . .. . 7,108 60 68 68 Western Md .... 2.300 11 10 11 White Motors .. 1,800 49 48 48 Willys-Overld ... 4,900 8 8 8 do pfd V. 500 44 44 44 Wilson Packing. 9O0 44 41 41 Wis Central 100 27 27 27 Woolworth .... 200 158 158 158 Worth Pump... 1,400 51 49 49 W 4 L S .'. 7,700 14 12 12 White Oil ...... 1,500 10 9 8 White Eagle OH. 1,400 27 28 25 Liberty Bond Quotations. Liberty bond and victory note quota tions furnished by the Overbeck & Cooke company of Portland: Open. High. Low. Close, Liberty 8s...lOO.02 100.08 100.02 100.06 do 1st 4s 99.90 do 2d 4s 99.84 do 1st 4s... 100.00 100.04 99.96 99.86 do 2d 4s. .. 99.96 99.98 99.92 99.92 d 3d 4s. ..100.00 100.02 99.98 99.98 do 4th 4s.. 100.00 100.04 99.98 100.00 Victory 4s ...100.68 100.68 100.60 100.64 do 3s 89.98 - Money, Silver, Etc. NEW YORK, June 12. Call money firm. High; 3; low 2; ruling fate 3; closing bid,. 3; offered at 3; last loan, 3; call loans against acceptances, 2. Time loans, steady, 60 days, 4; 90 days, 4; six months 4. Prime mercantile paper, 44. Bar silver 71. Mexican dollars, 54. LONDON, June 12. Bar silver,-35 d per ounce. - Money 1 per ce.nt. Dis count rates, short bills, 2 5-16 per cent; three-month, bills, 22 T-16 par cent ' Swift Co. Stocks.- Closing prices of Swift & Co. stocks at Chicago were reported by the Overbeck & Cooke company of Portland as fol lows: Swift si Co 1....100 National Leather 2 Swift International . . . 19 Libby, McNeil & Libhy. 2 Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by the Northwestern National bank of Portland. Thfe amount quoted is the equivalent of the foreign unit ia United States funds: Country Unit. .Kate. . .oooia . . . .0836 ... .0080 ... .0198 ... .2203 ... 4.51375 . . . .0220 . . . .0895 . . . .0033 . ... .0425 ... .3910 ... .0015 . . . .0508 Austria, kronen . . Belgium, francs Bulgaria, leva Czecho-SIovakia. kronen . Denmark, kroner England,' pound sterling -. Finland, finmark . France, francs Germany, marks Greece, drachmas ........ Holland, guilders Hungary, kronen Italy, lire .. Jugo-Slavia, kronen .0040 Norway, kroner .1770 Portugal, Eecudos . ......... .0815 Roumama, lei .vuiS Serbia, dinara ... .0155 Spain, pesetas 1585 Sweden, kroner .2605 Switaerland, francs 1917 China-Hongkong, local currency .5875 Shanghai, taeis 8100 Japan, yen .4825 NRW YORK. .Tunn 12. Foreien ex change easy; Great Britain, demand, 4.49 ; cables, 4.49 ; 60-day bills on banks, 4.47; France, demand, 8.88; cables, 8.88; Italy, demand, 5.05; cables, 5.05H; Belgium, demand, 8.26; cabies, 8.27; Germany, demand, .314; c'ables, ; Holland, demand, S9.04; caDies, ay.oa; isorway, aemana, Sweden, deand, 26.00; Denmark, de mand. 21.90; Switzerlandedemand, 19.11; Spain, demands 15.78; Greece, demand, 4.20; Poland, demand. .02 ; Czecho slovakia, demand. 1.95; Argentine, de mand, 36.50: V Brazil, demand, 14.00; Montreal. 99. Mining Stocka at Furnished by Overbeck Boston. & Cooke Co. of Portland: Arizona coram.'. Adventure Ahmeek Arcadian Cal & Ariz Calumet & Hecla : New Corn Cop Rge . Davla Daly Daly West East Butte Franklin Mnjt Hancock .... Helvetia Island Creek ...'.. Keewanaw Kerr Lake . , . . . Lake Cop La Salle Michigan Mohawk May Old Colony Mason Valley 'Xorth Butte Xipisslnsr North Lake Old Don! Cop Osceola Mnff Pond Creek Isle Roj-al .............. Bid. ..10 . 65 . 4 .81 .270 . 1S!4 Ask 101, 70 63 414 2 275 18 43 8 214 11 294 3 114 111 2 SH s 87 14 5 2 1214 . 4214. . 7 1 . 10 . 2 2 lii .110 . 2 . i . 414 - 29i . 67 . 5 . 1H . 1214 6 . 30 . 24 . 34 . 20 . 2314 . 45 . 114 . 6 , 10U . 1 5-18 . SO . . 314 . 3914 . 2 - 1 . IK 614. 50 23 36 20V4 24 H 46 1 10 ! Supp Boston South Utah Shattuck Trinity Cop Tuoium-nc Utah Con . C S Mining .... Utah Apex Victoria Winona 10H 1 85 4 40 S 2 214 H4 Foreign Bonds. Furnished by the Overbeck & Cooke company of Portland: Bid. Ask; Belgian rest 5s 70 T0 do prem 6s ....... ... 75 ' 79 do 7s 1045 108 108 do 8s 1941 107 107 do 6s 1925 102 102 Brazil 8s 1041 104 104 British 5s ......... 1H22 92 94 da &m ,...rJ2r 93 96 $422,500 Logan Municipal Irrigation DATED June I, 1911 29,000 June 1, 1923, 99.76 34,000 1924, " 99.54 38JS00 " 1925, " 99.33 4300 1926, " 99.13 48,000 " 1927, " 98.94 These are old seasoned bonds, the unmatured portion of $468,000 issued in 1911, originally purchased by a large Colorado institution and held for its own investment until bought by us. They are a prior tax lien con current with other general taxes, ranking ahead of mortgages and other private liens. There are 13,725 acres of irrigated lands, all under cultivation, directly taxed for payment of these bonds, a prosperous community of 3600 immediately adjoining the city of Sterling, with a 1920 census of 6415. The average value per acre is $125. The bonded debt per acre is only $32.35 The district is all cultivate'd, and has been farmed continuously and profitably for over 25 years, and portions for more than 40 years. It has excellent schools and good roads. The Lincoln National Highway traversing the district, 1 5 miles is now being paved the entire distance. The Union Pacific and Burlington railways run through the district It is served by sugar beet dumps arid shipping points at seven stations. Taxes for payment of principle and interest of bonds are levied by the County Commissioners and are collected by the County Treasurer at the same time and together with State. County and School taxes. The Great Western Sugar Company in 1921 paid to grow ers for beets from 10,091 acres tribu tary to their deliv ery stations within the Logan District $652,092." WOOD & Prices: as First National Bank Building SAW FRANCISCO Douglas 2121 -1 . information and statistics The information ana 5i.aiii.".o do 5 . ; do vky 48 do ref 4s Bordeaux 6s Canadian 5 do 5s do 5H do 5s do 8s Chinese 5s Chilean 8s Denmark 8s Dan Muni 8a . French 4s do 5s French 5s ........ do 7tts do 8s German W L 6s .. Berlin 4 ... Hamburg 4s ...... do 4s Leipeig 4s do 5s Munich 4s do 5s Frankfort 4 ..... Italian Ss Jap 4s do 1st 4V4s .... do 2diAs Norway 8s Russian 5s do 5s ......... An RUh .1929 04 97 78 82 75Vi 78 8614 864 88. 0 0Vi 100 100 98 98 99 100 63i 64 105 105 1104 111 110 111,, 55 66 : 81 83 69 70 101 101 108 103 ti ll 11 u .t ia 3 4 3 4 4 -4 4i a,, 77 77 91 91 90 90 110 111 18 . 21 4 5 19 22 101 102 117 118 , 10S" 108 109 109 100 109 102 103 101 102 .1034 .laai .1926 .1026 .1931 .1927 - .1051 ,1041c .1054 .1045 .1917 .1020 .1931 .1041 .1845 ..1918 ..1931 ..1925 .1925 ..1940 . .1021 . .1926 ..1019 ..1929 ..1940 "1923 ..1928 . .1937 . .1039 Swiss 53 An R Sao Paulo 8s U K 6V4s do 5V4S do 5s ' Swedish 6fl SAN FRANCISCO PRODUCE MARKET Prices Current on Vegetables, Freeh Fruits. Etc, at Bay City. ' BAN FRANCISCO. ' June 12. (State division ol markets.) Poultry Broilers, 2S50c; young roosters, 2560c, old 14 9ib kn IfiffiSlc: ducks, 2022c; live turkeys, 8235c. dressed 3640c. Fruit Apples, 3 and. 4-tler, ij.iow 8.75; Valencia oranges, 6.508.50; lem ons, 57; apricots, per pound, -5 10c; grapefruit, 34.75: strawberries, crate, 90c $1.30: raspberries, drawer, 90c&l; blackberries, drawer, 6575c; loganber ries,' drawer. 5665c; gooseberries, per pound. 10 15c; black cherries, pound. ... ti 1 Amnoe 10fffi15c: fiZS. email box. $191.50; peaches, crate. $1.25 1.75; currants, drawer, $1.25. Vegetables Artichokes, large crate, $4 8; asparagus, pound. 810c; beans, per pound, 1517c, wax 15c; carrots, sack, 1363.50; celery, crate, 50c$1.50; cu cumbers do2en, 50ce2; lettuce, crate, 50c VrSl.50; wnite onionis uroic, . w ye 1 1 ow. per hundred iwunds .?HLLlg; CENTRAL PACIFIC S TRIPLE "A" BONDS Managers of Efstates, Trus-. , tees, Etc, as well as con servative investors are buying heavy. These bonds may be called next March, returning handsome profit to holders. Price on appli cation. Bonds ready for ' delivery. Union Safe Deposit & Trust Co. 284 Oak St. . "Safe Deposit Boxes New Locran Countv. Colorado Serial 6 Principal ' and semi-annual interest (June 1 "and December 1) payable at Chase National Bank, New York City, or through the offices of Freeman, Smith & Camp Co. Denomination $500. ( Exempt from Federal Income Taxes. - y No ownership certificates required. Maturities To yield 61 Financial Statement , Appraised value, farms only $1 ,71 5,625. Assessed valuation .................... 940,81 0. Total bonds issued ....... 468,000. Unmatured bonds outstanding ............ 444,000. Bonded debt per acre . 32.35 Average value of land per acre . . . . . ...... 1 25. Maximum annual tax per acre 5.68 Net irrigated acreage, 13,725 acres . . Population, 3600 .'. , Legality approved by OAKLEY, Chicago, 111., and by O. W. WATERMAN, shown above, to yield Telephone or telegraph orders "colled.' Freeman, Smith & Camp Van Nays Building , LOS ANGELES Main 4182 contained herein are tliose upon which we purchased these bonds. They were derived from sources we deem reliablej and though not guaranteed, ar accepted by us as accurate. parnsnlps. sack, ?33.25; peas, pound, lSc; potatoes,' 1.602.75, new 2 4c; rhubarb, box, $1.251.50; summer squash, crate, $1.25 1. 75; - spinach, per pound, 34c; tomatoes, crate, $3.50 S.75; turnips, sack, ?1.251.50; canta loupes, standard crate, $57. Receipts Flour, 3572 quarter sacks; wheat, 1600 centals; barley, 2521 cen tals; corn, auu centaie; puiatiuca, sacks; onions, 727 sacks; hay, 195 tons; hides, 18; oranges and lemons, 1660 boxes. . Hops at New York. ' NEW YORK, June 12. Hops, quiet; state 1921, 2025c; Pacific coast 1921, 1925c; 1920, 18 19c. Coffee Futures Steady. NEW YORK. June 12. The market for coffee futures closed steady, 7 to 21 points lower. July, $10.25; September, $10.10; October, $10; December, $9.80; United States Shipping Board (Through the V. S. Shipping; Board Emergency Fleet Corp.) INVITES OFFERS ON ONE STEEL CARGO VESSEL SS. 0L0CKS0N . The UNITED STATES SHIPPING BOARD, through the UNITED STATES SHIPPING BOARD EMERGENCY FLEET CORPORATION, invites offers for the 'purchase of one steel cargo vessel; which has been duly appraised and is to be sold at private competitive sale. AH offers received before June 21, 1922, will be considered; and no award will be made before that date.. Negotiations may be continued thereafter; and all offers received prior to final award will be considered. . D. W. T. 9419 Gross 6076 Net 3729 Oil-burner, equipped with IHP 2800; 3 Scotch boilers; struction Co., 1919. Located at Balboa, C. Z. This vessel on March 13, 1920, while en route from New York to Kobe and intermediate ports caught on fire and was par tially damaged. This vessel was then beached, holes cut in the side plating, vessel flooded and fire extinguished. The holes were then closed,. vessel raised and the cargo discharged at Balboa; C. Z., where it now lies. ' The above vessel will be sold"as is, where is," and the United States Shipping Board andor the United States Shipping Board Emergency Fleet Corporation will not be accountable for errors in description. t A certified check for two and one-half per cent (2) of the amount offered must accompany each bid. This sum will be credited on the purchase price if award is made to the bidder, or will be retained by the Board on account of dam ages,iif the successful bidder fails to complete the purchase. Checks will be returned promptly to bidders whose offers are rejected. - . . The Board reserves the right to reject any or all bids. Bid should be addressed to EDWARD P. FARLEY, Vice President In Charge of Salea United States Shipping Board Emergency Fleet Corporation " - WASHINGTON, D. C. and marked "BID FOR S.S. OLOCKSON" Offering Bonds and Prices $53,000 June 1, 1928, 2,500 1929, " 72,000 1930, " 42,000 " 1931, " 63 - . Income Syndicate Bull dins . OAKLAND Lakeside 720 January, $9.70; March, $9.66: May, $9.52. Spot coffee, quiet; Klos, 7s 11; San tos, 4s 14 to 14. Metal Market. , NEW YORK, June 12. Copper, steady; electrolytic, spot and futures, 1314c Tin easy. Spot and futures, $31.50. Iron steady; No. 1 northern. $24 26; No. 2 northern. $23 24; No. 2 south ern, $1819. Lead Steady; spot. $5.T56. Zincs Steady; East St. Louis spot and nearby delivery. $5.42. , Antimony Spot. $5.2505.50. Chicago Potato Market. CHICAGO, June 12 Potatoes slightly stronger; receipts 101 cars; total United States shipments, 1116; Alabama, Louisi ana, Oklahoma, sacked Bliss Triumphs. No. 1, $3.503.75 cwt.; Spaulding Rose No. 1, S88.20. Texas tucked Irish Cob- Length , Breadth Depth .. ......402 ft. 6 in. ...... 53ft. 34 ft. 6 in. expansion engine, M. Standifer Con- one triple built "by G, District , i DUE Serially 9877 To yield 98.60 98.44 9830 6i Under the law es- tablished by deci sion of United States Court " of Appeals these bonds are the general - obligation of the entire district. Denver, Colo. Tax Exempt Co. 1 Lnmbermens Bnlldinjr PORTLAND. OREGON. Broadway 740 . biers No. 1, $S.503.60; South Carolina slat barrels, Irish Cobblers No. 1, $6.75 7; North Carolina Irish Cobblers No, 1. $6.55. ... Tennessee Electric Power Company First and Refunding Mortgage Gold Bonds Series A, 6, Doe 1M7. First mortgage on 50,000 H. P. hydro- electric development and other essential proper ties of com pa n y, with, net earnings twice bond interest charges. Price to yield about 6.30 Circular on request. The National City Company Offices in more than 50 cities. Yeon Bids., Portland Telephone Mala 6072 Why It Is Long-Lived The resiliency In Warrenite Bitulithlo pavement absorbs the shock of impact to pavement in the same way that pneumatic tires and springs absorb the shock to the vehicle and occu pants thereof. This accounts for the exceptionally long life of pavement on streets and high ways paved with Warrenite Bitulithic. You will find exam ples throughout the northwest wherever you find good roads.- HEREIN & RHODES, Inc. Established 1898. STOCKS, BONDS, COTTON, GRAIN ' Correspondents E. P. HDTTON & CO., NEW YORK. Members all leading exchanges. Babson's Service on File. Bdw. 4725. 201 Bail way Exchange Bldg. . j HOTEL HOYT Newly furnished and remodeled. Strictly Fireproof. Near bQtli depots and convenient car service to all parts of city. Moderate Rati. O. H. EDWARDS, Manager.