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.