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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (June 23, 1922)
25 K MARKET do gen 5s 1968 99 do Ts HfSO 108 do6Ua ma 108 !!MWIIilffil!l;i!i!E Reading gen 4a ..-..1W7 'SSH SAL4S 1M0 57 THE MORNING OREGONIAX, FRIDAY, JUNE 23," 1022 MHininMiismniDnm DULL DIH DAY Volume of Transactions Weil Below 900,000. LIBERTIES ABOVE PAR Cut in Rediscount Rate of Fed feral Reserve Bank Has Effect on Government Securities. BY MONITOR. (Copyright by "tha Public Ledger Com pany. Published by Arrangement.) .NEW YORK, June 22. (Special.) In pite of an impressive array of construc tive developments, the stock market today showed a tendency toward dullness, with the volume of transactions drop ping well below 900,000 shares. So far as the stock market was concerned, the reduction In the rediscount rate of the federal .reserve bank of New York had little influence, although its influence was pronounced in the liberty bond group! n uci o eveiy issue soia aoove par. Tae change in the bank rate was little more than a sentimental factor, as the open money market for some time has been under the official rate, and to this extent had afforded practical anticipation o yesterday's action. - Of even stronger significance were such developments as the further stiff ening in raw sugar quotations and the announcement that car loadings for the week ended June 10 showed an increase of 1)5,000 to the basis of more than 84(i, OOOl An Interesting feature of the state ment was the gain in coal car loadings to the largest total since the beginning ! oX tha strike. ! Again Mexican Petroleum proved fhe dynamic feature of the market, with a spectacular rise to 186, more than 10 points above the previous close. Shorts evidently had been premature in assum ing that the good news was all cut with the publication of the company's favor-; able report on last year's operations. New i rumors are In circulation, one to the ef fect, that the stock may be retired at a figure considerably above current levels In exchange for the shares of Pan-American. Petroleum and other considerations. Halls again showed steady undertone, with a distinct forward movement in certain issues, which in nearly every case was the result of special influ ences. The strength of Baltimore & Ohio and Chesapeake & Ohio was a reflection of the heavy coal traffic. Southern Pa cific made a favorable showing for May. Hints of important developments pend ing in the affairs of New Orleans, Texas 6c Mexico were responsible for good buy ing and a sharp rise in that issue. Industrials were irregular and the ad Tance were confined mainly to the equipments and a scattered lot of spe cialties, prominent among which were Remington typewriters and Interna tional Mercantile Marine preferred. Call money, after renewing again at 24 per cent, hardened gradually to 3 toward the close. - . The committee on business conduct ot the New York stock exchange has sent a request to member houses to state their position on Mexican Petroleum at the close of business today. It has been current belief in .the market for some time that the spectacular rise in Mexican Petroleum has been due more to the ef forts of a sewed-up short Interest to cover than to the Improvement In, the company's position. There will be a railroad strike, In the opinion of H. B. Byrara,- president of the Chicago, Milwaukee & St. Paul, who is In New York at present. "Some of the railway men will go out, but we cannot tell yet bow many of the men will obey the edict of the union leaders," said Mr. Byram. This is about the first Admission by a. railroad execu tive that any of the men would o out, previous statements having been In an optimistic vein. Reports circulated in the street today to the effect that Brier Hill was coming into fhe . three-company steel merger was denied flatly by T. L. Chadbourne, who said that Brier Hill, Trumbull n.nd the Steel & Tube Company of America were definitely out of all consideration of. the merger and that negotiations bad been dropped. The three-company steel merger is be ing held up for the time being by the fact that the federal trade commission has not handed down any decision- on the plan. The companies are forwarding data regularly as it comes to hand, and expect to have all information in tat next week. It is expected that the June net of ' Phillips Petroleum should be $1,230,000 after interest, taxes and depreciation. This would be the largest month In the company's history and would compare with $1,104,290 for May. - Continuation of the strong upward wing in the raw sugar market is bol stering up sentiment on the sugar stocks and a new high in the raw market was announced today. Cuban raws for July delivery have been marked up to 34 cents, with refiners advancing the price of granulated In proportion. At present -operations of plants forming the United States Steel corporation are at tne rate or 77 to 7 per cent of ca pacity, and it is predicted that this will be increased during the next few days. Independent mills are running a bit be low the average of the leading producers. niie tne volume oi output is up to pre war levels, average of operations in ratio to capacity is held down. do i,s 1949 do 6a A 1945 Southern Ry con 5s 1994 Southern Pac cv 4a 1929 do ref 4s ......1955 do sf term 4s ....1950 do conv 5s .1934 StL&SFPL4sA 1950 do P Ij 9s B 1950 do gen 5a 1981 do gen 6s 1931 doadj 6s ....1955 do inc tts 1980 St Li & S W 1st 5s 1952 do con 4s ,...1932 do 1st 4a .19S9 Tex Pac 1st 5s ...2000 Union Pacific Is 4s 1947 do cv 4s 1927 do ref 4s 2008 do 6s 1928 Union Tank 7a .1939 Wabash 1st 5s 1939 do 2d 5s 3 939 Western Pacific 5s 1946 Industrials Allied Packers 6s ....1939 Amn Agr Ch 7a ..1941 Amn Sm 1st 5s 1947 Amn Tob "s 1923 Anaconda tis A 1929 do 7s B 199 Armour cv 7s 1930 do 4s 1939 Beaver Board 8s ......1933 Beth Steel 7s 1923 do eq 7s . .1 . 1935 do ref 5s .1-J42 Cerro d Pasco 8s 1931 Chile conv 6s A .103:! do 6s 1923 Copper Exp 83 1923 do 1924 do 195 Colo P & I gen 5s 1943 Colo Ind 5s 1934 Cuban Amn Sue- Ha 1!t3l Cuban Cane cv 7s 1930 Distillers Sec cv 5s 1927 Diam Match 7a 1935 Dupont 7s 1931 Empire Gas Fuel 6s ..1924 Pisk 8s 1941 Gen Eleo deb 5s , 1952 do 6s 1940 Goodrich 7s .......1925 Goodyear 8s , .....1941 weinz is 1930 Hexshey 7s ..1930 111 Steel deb 4s ..1940 Ind Steel 5s I9r2 Int Agr 5s 1932 int Marine C T Cs 1941 Kelly-Springfield 8s 1931 Kennecott 7s 1930 Lack Steel 5s .1923 do 1st 5a . utart Llbby, McN & U 7a .1931 .Lig & Myers 63 1951 d? 1944 Lorulard 5s ., 1951 do 7s Mldvale 5s Morris & Co 7s 1930 Proc & Gamble 7s 1923 Republic I & St 5s 1940 Sears Roe 7s 1922 do is . .iftya. Steel & Tube 7s ..1951 Swift & Co 7a- ..1925 do 7S loai United Drug 8s ....... ... .1941 U S Rubber 1st ref 5s.... ...1947 do 1930 U S Steel sf 5s 1963 Va Chem 5s 1923 Car Chem 7is mail Western Electric 5a ...1922 West U T col Trfis 1938 Western Union .193 Wilson 1st 6s 1941 do cv 6s ....... a. ifloo Western Electric 7s 192& Public utilities Am Tel coll 4s too do coll 5s 1946 dell Tell of' Pa7s'.'I"."I""l945 B R T 5s 1945 Cal Gas unl 5a 1937 Cities Service 7s B 1966 ao s C i9tJ6 do 7s D . iqkr Con Gas cv"7s 195 Int Met 4s ..1956 Int R T ref 5s JHQQ Laclede Gas 7s y3Q Mont Power 5s A 1943 Northwest Tel 7s 1941 Pac Tel 5s I! 1937 Pacific Gas 5s Southwest Tel 7s 1925 Oil bonds Anglo Am 7s . Atlantic Ref 6s Galena S Oil 7s . Gulf Oil 7s Humble 7s Pan Am 7s ' Mex Pet cv Ss . . ismciair 7s ii'i Standard Oil Cal 7s 1931 O New York 7s ifist Texas Co 7s 1903 Tidewater Oil 6s !."l93l Vacuum Oil 7s lflafi Foreign Government RrmHo Argentine 2d 7s 1923 Argentine GI 5a "ihak Belgium 8s 1 . 1 1 1940 Copenhagen 5 y s 944 Danish Consols 8s l940 French Cities 6s 3941 Italy. 6'As "iqoV U S Mex 4s 1054 do ext 5s isj. Uruguay Ext 3s. ................ , -turtch. 8a 1045 French Internal 4a 11117 French victory 5s 1920 Belgiap Restoration 5s British 2 per cent consols. nai cons war Loan 5s Curb Bonds Allied Packers 6s . Am Tel & Tel 6s. do 6s Anac3hda Copper ao s Anirlo-Am Oi: 7U. Armour & Co 7s Beth Steel 7s "i035 Copper Exp Assn 8s 1924 ao OS 1925 York Bonds. Jordan, Wentworth New Furnished by Co. of Portland. Railroad -bond. Atch gen 4s 1995 88Vi CL4l 152 88 uo la iao lUtf B O gold 4s 11)48 81 do con 414s cv 13S UU I cl OB IVtt.t . CO Canada Southern os 1902 ' 98 Canadian Nor Qfta ... 1148 111 do 7s 1H4U 112 Cent Pac 1st 4s 1040 87ft vitgu west ofts...... iwatj. liu Ches & Ohio cv 4js 1M30 87 do sen ilis li2 8714 UO CV S.. ....llMtJ Vit do con is .....108K 101 C B ft Q 111 dtv 4s 1949 90 C & West Ind 4s 152 73 lj i cc w is luau uu C M & St Ps 4s 1U25 7814 QO cv 48 .11M2 68 do deb 4s l'j;H 02 do gn 4s A 18J 74 ao cv os. . 2U14 74 do g&r 414sA 2014 61 Chgo N W gen 1987 8614 ao oms ...,iu:iu iiu do 7s 1H30 108 C R I & P ret 4s 1!W4 81 Colo Sou rf ex 414s 3:C. 87 ao 40 1!2 92 Ie.l A Hudson cv 5s . 1!US uriSi. do 7s Ii:t0 1(W B 4 R O cv 4s i 1936 77 ao rei us .IHoS 48 Erie P Li 4s 199tl 63 do con 4s A 1933 50 do B 1953 50 do D lltSit .1314 Erie Pa C G 4s lrtr.l 89 CId Trunk eq 6s 1936 105 Gt Nor 4s 1961 91 lit Nor 7s.. 1036 109 Gt trunk 6a 1936 102 do 7s 1940 112 111 Cent jt os 1936 82 9 i-JE .a i:i.i. SY X C Sou ref 5a , 1950 86 Keo & Des M 1st 5s 1023 89 1. S & M S 4s 1931 92 u m is JIMt his do unl 4s 1940 91 MStPASSM6s 1946 101 MKAT4S ...1900 79 MPgen4 1975 62 no rer .s 1923 100 -do ref 5s 1926 96 R Y C deb 4s 1934 89 no con iwhk 83 do ref imp 4s 201S 86 docvamej 1933 1 02 do coll 7s 1930 105 x n n cv os .......... .11148 7 N O Tex A Men 5s 1935 70 iNor raciiicri 1WH7 87 do 69 ...2047 105 N P-Gt Nor joint 6s 1936 10S OSLref4 1920 91 Pennsylvania s 1936 18 do gen 4s 1965 91 aoi ..iituo HI 0 95 91 88 83 101 71 85 97 103 77 68 - 79 75 7 94 92 . 87 86 104 103 97 86 8? 83 103 92 102 100 102 104 88 64 104 103 94 118 91 104 101 1U2,2 104 90 75b 105 85 45 108 107 100 106 100 Ti 105 1M 115 103 102 80 99 80 96 108 104 100 88 , 78 97 114 96 114 88 105 101 75 100 101 101 101 101 110 89 108 101 100 305 100 99 110 98 91 108 29 90 . .1925 ..1931 ..3930 ..1933 ..1923 . .1930 .1936 114 108 60 95 337 97 90 115 12 67 100 96 106 97 90 102 303 103 104 104 101 102 107 104 106 105 101 302 107 99 84 106 108 91 110 84 95 49 61 73 311 54 66 74 51 40 NEW HIGH RECORDS FOR LIBERTY ISStES. FOUR Lower Rediscount Rate Stimu- lates Investment Demand; New Underwritings Oversubscribed. NEW YORK, June 22. The lower re discount rate fixed after the close of yesterday's business by the local federal reserve bank was the reason most gen erally advanced for the distinctly bet ter tone of today's bond market. Among the most noteworthy develop ments were the new high records estab lished for four of the liberty Issues. The first 4s rose to 100.20, the third 4s to 100.18, the fourth 4s to 100.20, and the first and second 4s to 101.50. Several foreign loans were slightly higher also, notably San Paulo eights, French municipals and Tokio fives, but British issues seemed to be adversely in fluenced by another drop in sterling ex change. Gains of 1 to 2 points were made by such rails as Chesapeake & Ohio con vertible fives, Atchison . adjustment fours. Northern Pacific fours, St. Louis & San Francisco incomes, Southern Pa cific collateral fours. Seaboard Consol idated sixes and Western Maryland fours. A decline of 2 points was made by Missouri, Kansas & Texas second fours, with reactions of 1 to 3 points in Baltimore & Ohio fours. Consolidated Gas sevens. Third Avenue adjustment fours and Marland Oil warrant eights. Total sales (par value) aggregated $13, 345,000. New financing of the day was con fined to several dnderwritings of minor proportions, these, however, being gen erally oversubscribed. The stock market was thrown Into another spasm of excitement in the last half of today's otherwise uneventful ses sion, the further meteoric rise of Mex ican Petroleum adding to the demorali zation of the shorts in that spectacular issue. After an early reaction of 3 points and a rally of four points, "Mexican Pete" suddenly became furiously active in the fourth hour with an extreme ad vance of 11 points to 186. From this level it fell back six points, but quickly re bounded, closing at 183, a net gain of 8 points and a total of almost 40 points rise since last Saturday. Pan-American "A" and "B" shares, California Petroleum, Royal Dutch. Houston, General Asphalt and several other of the less active domestic oils were prominent at moderate gains, but these were relinquished in large.; part toward the end. Much the same course was pursued by - Independent steels, motors, equip ments and several of the chemicals and unclassified specialties, but rails of the speculative as well as investment grades registered extreme gains of 1 to 2 points. The stronger transportations included Southern Pacific. Baltimore & Ohio and Chesaneake & Ohio. Studebaker manifested a disposition to regain Its loss of the previous day, but the extensive turnover resulted In a ' net eain of little more than one point. Chandler was especially heavy and several of . the automobile subsi diaries. Including rubber tire issues, re flected constant pressure. Sales amount- eil in 900.000 shares. Call loans opened at the recent min imum rate of 2 per cent, but rose to 3 per cent at noon and 3 per cent In the last hour. Aside from SO to 90-days money, which was obtainable at 3 per cent, the money market was In no perceptible degree influenced by the lowering of the rediscount rate by the local federal reserve bank. Although cables continued to stress better European political conditions, foreign exchanges developed more re aetionerv tendencies. Sterling demand bills at S4.42, were off one cent ana si the lowest figure since the first week of the current month, when this re mittance was almost ten cents nigner. Declines of 4 to 7 points were made by French, Italian and Belgian bills, Ger man '.marks were increasingly heavy and every important neutral center was lower bv 8 to 7 points, the reversal also ai- fecting Swiss, Spanish and Greek changes. . CLOSING STOCK QUOTATIONS Furnished by the Overbeck & Cooke company of Portland: Stock Sales. High. Low. Bid. Advance Rum... 200 17 17 17 do pfd - . ..1922 ..1924 83 100 102 100 302 103 104 102 102 104 Gaiena Signal Oil 7s 104 Grand Trunk 6s. Uttll uu to 7S Humble Oil 7s Inter Rapid Tran 7s.... Llbby, McN & Libby 7s. . Sears Roe 7s 3-yr So West Tel 7s Stand Oil N T 6s ao 7 s Sw:ft & Co 7s do 7s . . . . Texas Co 7s notes Vacuum Oil 7s ...1933 ...3926 ...1925 105 103 101 94 100 101 102 107 105 301 .1931 102 101 107 Bid. WHEEL STOCK OFFERED FOR 8AI.E Thirty Thousand Shares Offered by Hayes Company at $27.50. CHICAGO. 111., June 22. ( Special.) Formal offering was announced today of 30,000 shares of no par value common stock of Hayes Wheel company at a price of $27.50 a share by a group con sisting of McClure, Jones and Reed of New York, John Burnham & Co., Inc., of Chicago, and Otis & Co. of Cleveland. Application will be made to list the issue on the New York stock exchange. xne nayes wneei company, established in Jackson. Mich., in 1908, by C. B. Hayes, Is the largest manufacturer of auto wheels in the world. At present the company is manufacturing wheels at the rate of 16,000 a day. The pro duction schedule for " the current vear calls for an output of more than 4,000,- ouu wneeis. earnings of the company after ail charges, but Deforo taxes, will approximate on tne basis of actual net earnings for the five months $1,000,000, according to C. B. Hayes, president. This will compare with $528,102 in 1921 and $624,746 in 1920. The financial .state ment of the company as of May 31, 1922, as set forth in a letter from the presi dent to the bankers, s'rows land, build ings and equipment carried at $4,192,048, less $1,108,349 reserve for depreciation. i Foreign Bonds. Furnished by the Overbeds & Cooke company of Portland: Belgian rest 5s do prem 5s . Agr Chem 700 39 38 do pfd 100 64 64 Ajax Rubber 200 15 14 Alaska Gold do Juneau 1,500 1 Allied Chem 4,400 68 Allis-Chaimersv. 1,600 60 do pfd 100 95 Am Ropt Snear 100 45 Am Bosch American Can Co 2,600 46 46 46 do pfd 100 103 103 Am Car & Fdy - do nfd 4UU 1 67 95 45 39 64 14 1 67 49 95 45 Am Cotton Oil.. do pfd Am Drug Synd. Am Hide & L. . do pfd American Ice... Am IntI Corp... Am Linseed . , . . do pfd . American Loco . . 100 200 26 25 14 87 103 163 118 25 53 5 13 6714 106 43 34 53 2,900 43 42 400 34 34 100 54 54 900 113 112 118 nfil 116 Am Saf Razor... 300 6 6 6 Am Ship & Com. 3.700 19 Am Smelter ..7. 3,200 60 do pfd 500 37 1,500 78 500 106 300 39 1,600 120 120 600 140 140 500 138 138 1,400 90 89 101) 108 108 17 51 American Snuff. Am Steel Fdy... Am Sugar do pfd Am Sumatra.... Am Tel & Tel.. Am Tobacco..., do "B" Am Wool do pfd Am W P nfd... American Zinc. . 500 Anaconda 2,900 Associated Oil : . Atchison 600 98 do pfd 500 91 Atl Coast Line.. 500 104 Atl Gull W l.. 1.800 ai Baldwin Loco. . do nfd Balto At Ohio 14.900 do nfd 200 Barnsdell Corpn. S.800 Beth Kteel li.... i,iw B R T 1.600 Butte C & z - aw Butte & Sup.... 500 Barns iros. . . Caddo Oil ... Calif Packing Ca'if Pet 17 69 36 ' 78 106 38 ...1945 ...1041 ...1923 ...1941 ' . ...1922 .. .3927 ...1929 1934 1837 3926 1929 11)31 . . . . 1927 ....1U51 ...1941C .. . .3945 ....1917 1931 1941 1945 do 78 do 8s . do 6s Brazil 8s ........ British 5s do do do vky 4a do ref 4s ...... Bordeaux 6s ..... Canadianus ...... do do 5s do 5s do 5s Chinese 5s Chilean 8s Denmark 8a ..... French 4s do 5s do 7s do 8s . ........ German W L 5s Berlin 4s ... Hamburg 4s do 4s Leipsig 4 s do 5s ... Munich 4s ... do pfd ... Frankfort 4b ........ . . . Italian 5s 1918 Jap 4s 1931 , do 1st 4s ..1925 do 2d 4s 1925 Norway 8s 1940 Russian 5s ........1921 do 192 do 63 1919 Swiss 53 . 3929 do 8s 1940 Sao Paulo Ss U K 5s 3922 do 1929 do 1937 70 " 74 76 80 10S 108 106 3 07 102 102 104 105 110 , 92 -' 94 93 95 77 79 75 79 84 84 98 99 99 99 100 100 97 97 98 99 64 , 55 104 105 110 110 63 54 - 06 117 100 100 103 103 2 2 - 2 a 3 3 3 4 3 4 3 . 4 3 4 3 4 3 4 39 40 , 77 77 .91 91 90 91 130 110 18 20 3'i 4 IS 21 102 102 117 118 102 103 10S 108 108 108 104 104 16 50 "98 01 103 35 19 59 9S 131 31 78 loo 39 120 139 137 89 107 29 16 61 118 98 91 104 36 14,900 114 112 112 . .. UJH 49 61 88 76 24 6 28 500 12 48 49 61 60 34 .36 75 23 6 27 66 11 63 3$ B 129 11 77 63 .11.900 fln nfd ..: 94 Canadian Pac... 600 138 138 138 Cen Leather 800 37 37 Cerro de Pasco., 300 36 unanaier Jiotor. i-,j.vu Chgo & N W... 1.500 CM Gt W 200 do pfd 800 Chili Cop 7,200 200 6S 12', 300 i6s-'" 48 42 94 79. 73 '17 $5 24 500 29 70S. 125 5,200 46 Chino 900 C M St P 1.100 do Pfd 2,400 Coco Cola 3,700 C & O -i.ltM! Colo F & I 300 Colo Southern... 200 Col Gas & Eiec. o.ouu Columbia Graph. 500 Con Gas 000 Cons Cigars . Cont Can . Cit Serv Bkrs. Corn Prod . . . do pfd Cosden Oil 5,600 C R I & P 6.900 do A pfd 200 do B pfd .... 300 Crucible 7,700 do pfd Cuba Cane ..... 1.800 i do pfd 1,300 Cub Amn Sugar. 2,600 Del A Hudson. Dome Mines . . Del & Lack . . . rinvlRon nhem. . Endttott John... .tow Erie 4.J00 do 1st pfdf. ... 1,700 Elec Stor Bty... 300 Famous Players. 2,400 Fed Mln & sm. do pfd Fisk Tire Gen Cigars Gen Elec Gen Motor .... do us ....... Gen Asphalt .. Goodrich Glidden Paint.. Granby Great Nor Ore. do pfd Greene Cananea Gulf S Steel.... Glen Alden .... Houston Oil ... 2,100 Hudd Motor ... 600 Ills Cent Inspiration . Int Agr Corp do pfd .i - Interboro 100 do pfd 3.000 Interstate Calle.. l.'OO Int Harv 74 8 20 21 28 26 674 66 30 43 88 4 35 68 73 8 19 20 28 25 39 65 64 .- 30 .44 85 4 116 67 564" 47 39 93 79 71 ie 84 23 '29 HOV TO ACCUMULATE 2Safe Bonds and an income cfabouU3,000perYearatae65 New Issues of Merit: Build an income.for old age START NOW 2JY our Partial Payment Plan you can invest in sound bonds at the rate of $10- or more a month. No matter what your level of income, you can use our plan to build up an estate andfuture income. cFtart now and get the advantage of present high yields. Study this chart and see the surprising results of system- .atic savings and investment. V S'lT'i AOE 25 YK 30 VK 35 V& M ii ire Mir i " I I I I n mmMmMmmm it iiii AOE 25mS 30YK 3SffB MS 50 35.52 $5023 f72.6I km &72.15 PES PtR PER P-R PIS pra tWONTHJ WQNrHj ImONTBJ MONTHJ jWlHTH) tWOSTtf. T5a0Q0 45.000 40.000 35.000 30,000 25.000 20,000 15.000 10,000 6.000 YES 5SYBS 60YRS C5YKS ( taoants invested MnfMv m 1 bonds yielding 6pero9iilwith 1 semiannual muams routed) aietr reimKiadatSprcetit Qfe buy and sell only munici paJ, government and high grade corporation bonds -the kind that banks,capitalists and insurance companies buy- bonds that are safe and that will give you a , steady income of 5to72 and sometimes-more. Freeman, Smith & Camp Co. First National Bank Bail ding: SAX FRAJiOISCO Douglas 2121 Van Nuys BuUdinfr IA8 ANGELES Main 418 ' Syndicate Building OAKLAND Lakeside 720 Lnmbermena Building PORTLAND, OREGON Broadway 6740 K C Southern... 1,100 24 K C Sou pfd.i.i. 100 57 Kelly Spring. ... 2,500 48 Kennecott . ii . . 5.500 84 Keystone Tire... 2,900 15 Lack Steel 600 74 Lee Tire 600 29 Irfshigh Valley .. J.10O 63 Lorillard ....... 100 150 Lowe Theaters.. 400 14 L & N -200 118 Maxwell Mo "A" 800- 60 Max lot pfd "B." 1,200 23 May Stores .......... ..... Mex Pet 31.000 186 Miami .: 100 28 Middle States Oil 3,000 100 3,300 4,000 700 1,800 10O 200 Midvale Steel ... 3.300 MK4 T Wl ... 1.200 do pfd.- 10O Mont Power .... Mont Ward Mo Pacific. . . . . . M St P & S 8 M. Morland Oil Martin & Perry.. Nat Enamel .... Nat -Lead ...... Nevada Con New Haven. ....22,700 Norfolk & W-. Nor Pacific . . Nova Sco Steel- N Y AlrbraKe.. N Y Central 9,700 North Am 600 Okla Prod ref . . 800 Ontario Silver Ontario & West.. 1,500 Otis Steel 200 Pac Gas & El... 4O0 Punta Allegre .. 2.400 Pacific Oil 9,900 Pan Am Pet ....68,000 do B 12,000 14 33 17 21 4 43 31 46 92 16 80 20O 106 1,100 76 92 62 3 '25 12 70 BO 59 77 70 41 84 30 31 52 19 8 63 37 10 37 35 69 74 8 20 21 28 20 41 6 66 30 45 87 4 116 30 66 22 104 117 48 42 93 79 .72 89 16 34 24 29 29 73 36 32 72 92 0 Penna 3,000 Peo Gas 100 Pere Marquette.. 3.30O Pure Oil 2O0 Phillips Pete ... 4.200 Pierce Arrow .. 1,300 Pierce Oil 1,500 Pitts Coal : 500 .Pitts & West Va. 2.300 Penn Sea Steel.. l.OOO Preased Steel Car Pullman .... 800 120 Ray Cons 600 16 Reading 2,000 Remington- 4,500 Replogle Steel .. 900 Republic I & S.. 4,500 do pfd 300 Roval Dutch Oil 8.1O0 Ky steel spg ... w iz Stand Oil Ken 94 Sears Roebuck.- 400 ( 5 ShattucU, Ariz. . a 10 Shell T & T .... .- Sinclair 12,100 34 Stand Oil Ind 108 do N J y.,... 500 185 Sloss Sheff ..... 100 44 Sou Pacific 58O0 89 Sou Railway 3,000 23 Stand Oil Cal . .. 5,200 107 St L & S F ..... 1,000 27 Stromberg Carb. 700 48 Studebaker ....99,000 130 Bwitt 4 Co Tenn Cop & Ch . . 700 10 Texas Oil 13.80O Texas Pacific .... 1.000 doC&O ..... 8,500 Tob Products 2,500 Transcon Oil 4,300 Union Oil Del ... 8,700 78 15 23 42 80 123 125 ' 44 44 48 35 76 Dried Fruit at New Tork. ' NEW YORK, June 22. Evaporated ap ples firm; state prime to fancy, 16 18 c Prunes firm. Peaches steady. . 200 .- 500 .: 100 100 105 .10.500 14 .25,600 . 400 . 200 . 200 . 3,300 5,300 300 500 81 64 38 15 28 39 80 30 80 78 20 78 34 23 42 79 '48 35 76 165 -33 82 62 38 15 2-8 3S 79 30 77 76 78 15 23 42 79 31 48 15 76 164 13 82 63 38 15 2S 38 SO 30 78 00 76 19 200 103 103 103 S00 39 39 '39 10 23 67 45 . 32 14 73 29 62 150 14 117 171 28 13 33 .16 36 'ii" 42 .30 44 92 36 28 103 75 90 61 3 '24 12 70 48 67 73 66 41 84 29 30 8 62 35 9 119 16 72 83 31 70 -92 58 101 93 74 10 32 106 185 44 88 22 105 26 47 127 Union Pacific United Alloy . United Drug 48 27 28 82 35 21 ... 1,100 137 200 37 United Food Prod 700 8 United Fruit ... 200 137 Union BAP USCIP ........ 300 29 Unit Ret Stores. . 4.700 66 U S Ind Alcohol. .14,800 57 U 8 Rubber do 1st pfd ... U S Smelting . U S Steel...... do pfd Utah Copper ... Va Chem do pfd Vanadium Steel. Vivandou 6.700 4- .40 10O 22,800 99 SOO 120 . 1.500 63 . 600 31 8,000 1.600 46 32 10 47 25 26 81 14 20 136 37 "7 136 '20" 65 54 60 40 98 110 62 ,30 44 12 24 57 46 33 15 73 28 63 150 14 11S 65 23 115 183 28 3 3 63 17 36 -63 20 53 59 43 30 V? 46 91 16 29i 106 75 33 74 92 62 3 8 25 12 70 49 68 76 69 41 83 30 30 52 19 8 82 36 76 120 16 73 34 31 70 82 59 101 94 74 10 41 33 107 , 184 43 89 23 106 26 47 128 101 10 47 27 27 80 14 20 137 37 74 7 137 62 29 ' 65 56 61 104 40 139 62 30 66 45 12 200 100 100 Wabash 2,900 do A pfd 4,500 do B pfd ..... .... Wells Fargo Western Pac . . .. do pfd Western Union . . West A B WestE&M .... West Md White Motors . .. Willys-Overland. Wilson Packing... Wise Cent Woolworth Worth Pump . . , W & L E "Vhite Oil . .. IVhite Eagle Oil.. 12 29 19 68 ' 99 - 12 28- io" 58 98 1.000 600 700 59 31 48 31 48 300 39 38 ".'.'.'. iih' ieis" 1,700 13 13 'io6.'26 '26 7 19 58 - 8 93 59 ii 48 44 39 27 163 49 13 9 26 Liberty Bond Quotations. Liberty bond and victory note quota tions furnished by the Overbeck 4 Cooke company of Portland: ODen. Hleh. Low. Close. Liberty S... 100.14 100.18 100.12 100.12 do 1st 4s , 100.00 do 2d 4s 99.90 do 1st s.. 100.28 100.30 100.20 100.16 do 2d 4s.. 100.06 100.10 100.02 100.04 do 3d 4s.. 100.18 3 00.18 1006 100.08 do 4th 4s. 100.16 100.20 100.12 100.10 Victory 4s. ..100.64 100.70 100.62 100.64 Swift Co. Stocks, dosing prices of Swift & Co. stocks at Chicago were reported by the Overbeck & Cooke company of Portland as follows: Swift Co - 101 National Leather 2 do new : 8 Swift International 19 Libby, McNeil & Libby 2 Money, Silver. Eetc NEW TORK, Juna 22. Call money firmer: high, 3 per cent; low, 2 per cent; ruling rate, 2 per cent; closing bid, 3 per cent; offered at 8 per cent; last loan, 3 per cent; call loans against acceptances, 2 per cent. Time loans easier; 60 and 90 days, 3 4 per cent; six months, 4$j4 per cent. Prime mercantile paper, 44 per cent. Foreign bar silver, 70 e per ounce., Mexican dollars, 53 c, LONDON, June 22. Bar silver, 35 d per ounce. Money, 2 per cent. Discount rates Short bills and three months' bills, 2 per cent. Foreign Exchange. Foreign exchange rates at - the close of business yesterday, furnished by the Northwestern National bank of Portland. The amount quoted is the equivalent of the foreign unit In United States funds 12 Sweden, kroner- ' 20 1 Switzerland, francs 20 l China Hongkong, local currency new yoKK, June 22. Foreign ex change easy. Great Britain, demand, S4.42; cables, 14.42; 60-day bills on banks. ?4.40. France, demand, 8.57 cables, 8.57. Italy, demand. 4.82 cables, 4.82. Belgium, demand, S.12 cables, 8.13. Germany, demand. .30; suM-utva, .out.- nunuu, uemuiiu, oo.ou cables, 38.55. Norway, demand. 16.63. Sweden, demand, 25.60. Denmark, de mand, 21.38. Switzerland, demand, 18.97, Spain, demand, 15.58. Greece, demand, 38. Poland, demand, ,02. Czecho slovakia, demand, 1.93. Argentine, de mand, 35.75. Brazil, demand, 13.75, Montreal, .99 200 10 101; 1 3 8 Int Merc Marine 4,300 20 16 47 do Tfd Int Nickel ... Int Paper .... do pfd Invincible OH. Island OH Jewel Tea ... 800 1,400 TOO 2', 600 700 200 18 1 18 1 3 8 104 18 72 16 46 15 IS iu 00 .3 3 8 104 20 75 3 46 85 15 1 17 Save the Axles Experiments where rigid pave ments are in use, show that crys tallization takes place through constant vibration Just as it does tn the finest of steel. Engineers find that the same good benefits to the body of a vehicle through use of shock absorbers, springs and pneumatic tires, may. be ex tended to the axles, etc., by use of the aame principle of resili ency in the pavement thus ex tending the life of the pavement -b well as the axles, Warrenite Bltulithic If & ehock-absorbing pavement, . Country Unit. Austria, knonen Belgium, francs Bulgaria, leva Czecho-SIovakia, kronen .-. Denmark, kroner . , England, pound sterling., Finland, finmark , France, franca ........,.. Germany, marks , , Greece, drachmas , Holland, guilders Hungary, kronen , Italy, tire Jug-o-Slavia, kronen ...... Norway, kroner Portugal, escudas -. . . . .T), Roumanla, let ... . Serbia, dinara Spain, pPtns ...... Rats. Shanghai. Japan, yen .2570 .1904 .5775 .8100 .4650 Ordinarily, July 1st ushers in a heavy demand for Iwnds owing to the maturity and coupon dates of many securities. Naturally, demand affects prices and we advise that ready funds be placed in", present offerings. A few selected Bonds from the " Choicest List " " are as follows: - ANTON JURGEN'S UNITED (Margarine) WKS. 6s Price 90S per 2500 Guilders, to Yield 6.60 Twenty-five year, secured convertiDie o- oonas. iiyn callable prior to January 1, 1928. Dated June 1, 1922. Due. Jub' 1, 1947. This company to engag-ed In the manufacture of Soap, Margarine, Cattle Cake and Candles, all essential . commodities. Its plants are located throughout the world and Its average earnings during 1917-21 exceeded the In terest requirements of these, bonds by over four times. UTAH LIGHT & TRACTION CO. 5s Price 91, to Yield S.70 This company owns all the liffht, power ana gas proper ties in Salt Lake City and Ogden. Its rental from proper ties other than Its traction properties, lj more than suffi cient to meet the Interest requirements of its bonds. CITY OF GREATER PRAGUE 7V2s Price 92.50, to Yield 8.17 Due May 1, 1952. Coupon Bonds ot $1000 and jaoo denom ination. Redeemable a & whole on or after Nov, 1, 1932, at 102 and Interest. This cUy, one of the oldest In Cen- ' tral Europe, with a population of 76.000, is the capital, , commercial and financial center of Caecho-Elovakla. These Bonda issued to provide extensions and enlarge ments of its gas, electric and water plants; all of whiott bear revenue and are pledged as security to this Issue. SOUTHERN ILLINOIS LIGHT & POWER CO. 7s Price Par, to Yield 7 Due Dec. 1, 1941. Coupon Bonds of ?1000 and 500 denom inations. Redeemable Deft. 1, 1926, at 107 and Vt less for each year after 1928. This company serves a wide radius of the richest section of Illinois and shows re markable growth, of earnings, under the management of " the North American Company, one of the strongest oper ating organizations in the United States. TOOLE CO., MONTANA, IRRIGATION DIST. 6s Price Par, to Yield 6 The Toole County Irrigation District is a Municipal Dis trict created under th laws of Montana. It is situated in . the north central part of the state and has excellent transportation facilities. The bonded debt is but S5o per acre. Legality approved by Teal, Minor and Wlnfree. SUTTER BASIN COMPANY 6s Price 97 and Interest, Yielding Over 6.30 Land mortgage, 15-year, Sinking Fund 6 Gold Bonds. ' -.ri inuil&t, ui'ioi col. tiiiu einniuK miiu guumikv.ti uj v. Ogden Armour. Callable at 107 up to and including August 1, 1923, the redemption premium decreasing of 1 annually thereafter. ; nnMivioN nr panada Price Par, to Yield 5 X General Obligation- Bond of the entire Dominion, non-. callable for 20 years. Coupon Bonds In tlOOO denomina tion. A AMALGAMATED SUGAR COMPANY 7s Price Par, to Yield 7 Dated April 1, 1922. Due April 1, 1937. Callable upon 0 days' prior notice on any interest date at 105. The Amal- faihated la one of the six largest companies in the United . tates. Securing this mortgage is property, conservative- , ly valued at 2 times the total amount called for In this , issue. EASTSIDE, OREGON, 6s Price 102.16, Yielding 5xi to Optional Datex 6 Thereafter Due June 10, 1942, optional June 10, 1927. General obliga . tion, coupon Bonds in denominations of 5500. Eastside is a suburb of Marshfield, which is the chief banking and . commercial center of Southwestern Oregon. Its welfare is linked with the prosperous Marshfield community. 1 Legality approved by Teal, Minor and Winfree. THOMAS FURNACE COMPANY 7s Price 9'9, to Yield 7.10 Due April 1, 1937. Coupon Bonds in $1000 and $500 de nomfnations. These Bonds are non-callable, but the sink ing fund is applied to purchase bonds in the open mar ' ket at 105. and accrued interest. The company, estab lished in 1901, manufactures a very high-grade pig iron. During the war the government paid a premium of $20 per ton for its pig Iron and today it is in demand at a premium of $10 per ton over other, iron. Call, write or pnone main iu.t for information or reservations, nose Festival visitors are invited to make use of our facilities. G.E.MILLER & COMPANY 2nd floor NORTHWESTERN fiui BANKBLDG. PORTLAND anil ii Hiliuiuil II If II II IIIIIHIIIIIIIHIIIIIIIIIIIlIIIOHIIHIIliiliiiiuuii'i""1 "UUjll" Standard Oil Stocks. Standard Oil stocks furnished by the uveroeck & Cooke company of Portland: Bia. Ask. Angio 20 Borne Scrysmer 400 Buckeye -. 93 Cheegebrough 180 ao pra B .110 Continental 140 Crescent ................... 84 Cumberland 130 " Eureka '1)0 Galena com ., as do old pfd 108 do new pfd .........100 Illinois Pipe 172 Indiana Pipe 00 National Transit 27 New Tork Transit 170 Northern Pipe 98 Ohio Oil .293 International Pete 2i Penn Mex 33 Prairie Oil ... ..583 Prairie Pipe 25 Solar Refining 330 Southern Pipe w..... 03 South Penn Oil 222 S W Penn Oil 60 s o Indiana .107 S O Kansas ....550 S O Kentuckv "... 94 S O New York 429 S O Ohio 4fl0 do pfd .118 Swan & Finch 35 Vaccum 42s Washington 23 S O Nebraska 180 Imperial Oil iu 20 hi 415 05 105 312 145 36 148 94 80 311 304 375 92 28 375 100 298 22 H 87 50r ' 260 300 95 64 307 560 95 432 470 120 40 429 27 390 117 Mining Stocks at Boston. Boston mining stocks furnished by Overbeck & Cooke company of Portland: Bid. Ask. t .000125'. Arcadian Arls Comm Adventure Algomah Alloues .0822 .0080 .0195 .2150 4.4450 .0220 .0860 .0033 .0392 .8872 j .0015 .0489 .0037 .1070 .0805 .0068 . .0145 .16(1 Bingham Mines Cal & Aris . Calumet & Hecla New Corn Centennial Cop Range Davis Daly Bast Butte Franklin Mining .... Hancock Helvetia i Island Creek Keewanaw . . 7 Krr Lake . . . . , Lake Copper La Salle Michigan Mohawk 0!i . . 65 ..20 . . 26 :: ,1 .. 48 .. 30 .. 43 . 7 -. 10 .. 2 .. 2 .. 1 ..115 .. 2Vi .. 3 .;'.'& .. 3 4 2i 9 '.4 73 50 28 3 33 1V4 27B 48 31 44 8 11 2H a 1 135H 2 VI 4 ' 5 34 3 3 A comewalive investment New York Centra! Railroad Company 5 Equipment Trust Certificates Dated June 1, 1922. Due June 1, 1923-37. Price to Yield Up to 5.30 Bl.nevepeauxgiQmpany . INVESTMENT BONOS 0T SWTH STREET PORTLAND. OREGON BROADWAY 1043 GROUND FLOOR WCLLSfARCO UILOIMO May Old Colony :... 4 5 North Butte 12 1231 Nlplssing ! North Lake 30 50 Old Dom Copper 26 26 Oseola Mining 32 31 Obijawa 2 8 Qulncy Mining 42 43 Pond Creek 24 241 Isle Hoyale .A 23 24 South Lake 44 45 Supp Boston 1 1 United Shoe Mach 38 S9 Superior Copper 4 4,4 Trinity Copper 1 1 Tuolumne 65 70 Utah Metals 11-16 1 Utah Con 2 3 U S Mining 40 40 do pra Utah Apex 3 3 Ventura 32 32 Winona 3, 3" Wolverine 11 11 Wyandotte 50 75 The Oregonian publishes- practi cally all of the want ads printed in the other three Portland papers, in addition to thousands of exclusive advertisements not prtntea in any other local paper. WE OFFER Sutter Basin Company 6 BONDS Dated Jane 1, 1922 Due Aug. 1,1937 - Price 97 to Yield 6.30 These bonds are a first mortgage on extensive prop erties and are guaranteed by J. Ogden Armour. BLYTHWITTER&CO. Fourth and Stark PORTLAND Broadway 6481 IxliTOEir)) Utah Light and Traction Co. First and Refunding Mortgage 5 Gold Bonds Series A, Due Oct. 1, 11M4 UNCONDITIONALLY G V A RAX TEED as to principal and Interest, by endorsement, by the UTAH POWFR A LIGHT COMPANV Price to yield nbout 5.70 Complete circulars on request. The National City Company Offices in more than 50 cities. Yeen Bide, Portland, Oregon. Telephone Main 6072. Cascara Bark . . Bides, Wool, Pelts. Mohair. . We Are in the Market. Writs for Prices and Shipping Tags. PORTLAND HIDE & WOOL CO. GEORGE M. SULLIVAN, Manager. 107 Union Ave. N., Portland, Or. ALL RAILROAD MEN should invest in Central Pacific Triple "A" Bonds Price on application. Union Safe Deposit & Trust Co. 284 Oak St. Safe Deposit Boxes. JORDAN, WENTWORTH & CO. Successors to HTCRRIN BHOPKS, INC. STOCKS, BONDS, COTTON, GRAIN Correspondents E. F. Hutton & CO.. NEW TORK. Members All Leading Exchanges. , Babson's Service on File. Bdwy. 4725. 201 Railway Exchange Bids.