THE 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.