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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Nov. 4, 1922)
TIIE MORNIXG OREGOXIAX, SATURDAY, XOVEMBER 4, 1922 22 USE 15 EXPECTED iEIITWOOL rowing Scarcity Leads to Dealers' Belief. ilAWY SUPPLIES GONE kssortments of All Grades of Ter ritories and Fleeces Are Badly Broken. BOSTON, Mass., Nov. 3. (Special.) rowini scarcity of wool leads con- ervative dealers, who think prices are igh. enough, to eay that they expect to et even hie-her nrlces lor tneir rein- ants Assurtmenta of all grades of erritories and fleeces are badly broken nd In some grades many dealers nave othlng to offer. t More delaine and other line wool is vailable than medium wool. Practically U the wool left in territorial sections as been bought or consigned. During ctober domestic receipts h-ere were 200,0(10 pounds less than in October ast year. Plans are under way to obtain tne exaa fail qiip. The first sale will be t Iel Rio November 10. Sales wilL fol- ow at five other centers. The clip will all short of 3,000,000 pounds. Prices are xpected to ooen at SI. clean, landed in ioston. No other domestic wool will be vailable till spring. Manufacturers and dealers are taking treat interest in foreign markets, auch wool must be imported. Most Fleeces Slightly Higher. Most grades of fleeces are slightly Igher than a week ago. Some Pennsyl ania holders are refusing r3 cents and tsk 60 cents. Ohio fine unwashed cloth ng has sold here at 52 cents, the years ighest prices for the grade. Low stocks nake sales infrequent, current quota ions for Ohio tine unwashed delaine re 57 to 58 cents. Other fleece grades re on the top edge of last week s quo ations. Among sales of territory wool have -een good-sized lots of Dakota and Mon- ana. Dakota wool is reported sold in Inriginal bags at 40 cents, half-blood at 0 cents, which figure means nearly 1S1.20 clean. Good Montana three-eighths lood has sold at 40 to f0 cents. This neans a clean cost of 51.10 to $1.1,2. Asking prices on straight grades of territory wool are higher as follows $1.35 to $1.40 for fine and fine medium tapie, II. 20 to 11.25 for half-blood sta ple. $1.15 to -SI. 20 for hafl-biood cloth ing, Oi cents to fl.O.i for three-eighths- blood staple, S8 to 00 cents for quarter blood- staple, $1.25 to $1.30 for good French combing and $1.20 to $1.2o lor ine medium clothing. Previous Prices Kept Up. At the beginning of November sales in Sydney, Australia, this week, ' previous price levels are fully maintained. Amer icans are operating freely for 048 to 708, $1.14, clean, landed in Boston, is quoted tor super wools, and $1.10 for combing wools. At the Perth sale Monday, with offer mgs of 20,000 bales, 19,000 were sold, fine erossbreds bringing a figure that means OS cents clean, landed in Boston, with exchange at $4.50. At Melbourne 648 to 70 M Melbourne and Riverina warp wools, free or nearly free, sold at $1.73, clean, landed in Boston, with, exchange at JM-oU. At the Geelong sale offerings -were, small, Americans buying freely. Super spinning warp, 048 to 708. nearly free, are quoted there at $1.12 and 648 at $1.10, clean, landed in Boston, with ex. change at $4.46. Americans have bought little at the East India wool sales In Liverpool this weeK. .mock of these wools, brought in free under the emergency tariff, are ji'ai y nere. aow prices are o per cent higher in Liverpool, and the wools must pay a duty if shiDoed for other than f:,oo covering purposes. These conditions discourage buying. MARKET ERRATIC PRICES SHOW LOSS DESPITE BULLISH NEWS. market gave a good account of Itself by closing only fractionally lower than last night. Much of this selling was in spired by easier cash premiums in the local market and by intimation from the east of slackening in the export de mand. This talk was accepted, witn reserve by consecutive people in the trade, who see possibilit-ies of a. latent demand developing between now and the time when crops of the southern hemis phere become available. It is under stood that the importing countries of Europe are at this time- nearing the conclusion of arrangements to finance purchases of grain in North America and with the knowledge that supplies in the united Kingdom and on the continent are at an alarmingly low ebb, it is cer tain that purchases will be limited, only by ability to finance. In arriving at conclusions on the prospective situation, the large domestic disappearance, how ever, this season must be taken into consideration. Statistics on receipts, shipments and available supplies, show that domestic consumption for the four months' period from July 1 to November was approximately 70,000 bushels in excess of last year. All things consid ered, it would appear that the wheat market has a decidedly firm founda tion. Corn This market displayed consider able strength during the forenoon, but weakened in sympathy with wheat to wards the close. The feature was the relative strength of December compared with deferred positions. Cash corn was shade lower relative to the futures. due apparently to buyers holding off on anticipation of larger receipts. This thought was encouraged by scattered claims of a better car supply down state. Advices from western sections of the belt were much to the contrary. The shipping demand today was fairly active with sales of 225,000 bushels reported to' exporters. It is the opinion ,that any increase in receipts will be largely off set by a corresponding improvement in the demand. Oats Followed the action of other grains, the selling being mainly in 'the way of profit-taking by holders, while the buying was more concentrated and of a rather impressive character. Sup ply and demand conditions in the local market are well balanced and spot pre miums firmly maintained. There is no evidence of any increased movement from first hands. Rye Liquidation of December con tracts, which are being replaced in the aeierrea positions, was the outstanding feature today. This action was based on reports of good sized quantities mov ing irom Duluth to this market. There was no export business confirmed, but there was said to be a demand just below current quotations. t-.ash rye was relatively stead v at lu over December for No. 2 on track. Le&ding futures ranged as follows: WHEATI High. Low. $1.17 $1.15 1.14 1.05 CORK. ..68 .68 .68 hi OATS. .42 -42 39 LARD. m U.S.B0DS RECOVER LOSSES Subscription Price Again Rules for 4Vis. INCIDENT IS UNUSUAL Reaction Evidently Very Differ ent From That Which Oc curred to 4Jsin 1918. Ita! Cons War Loan 5 S4 Curb Anton Jurgens 6s 1047 77 Brooklyn U G 6s 1947 103 Canadian N K 7s 1935 100 Clev Un Ter 514s 1972 103 Sears Ros 7s 1923 101 Sthwstrn B T 7s 1925 102 Allied Packers 6s 76 Am Tel & Tel 6s 1924 100 Anaconda Copper 6s 100 J4 do 7s 103 Dec. May July Dec. May July Dec May July Open. ..$1.16 .. 1.14 .. 1.05 U .. .68 . . .08 .. .07 .42 42 .39 54 1.13 1.0414 ..67 .67 .6714 .4214 .41 .3914 . Close. $1.1514 1.1334 1.04 .68 .67 .67 .42 34 .42 .3914 Jan. 9.1 May ... 8.97 10.00 9.67 9.97 9.70 10.00 SHORT RIBS. Jan ... 8i5 9.95 9.70 9.70 Cash prices were: Wheat No. 2 hard, $1.18 1.1894 ; No. 1 norther"., $1.21. Corn Nd. 2 mixed, 71 71 14 c; No. 2 yellow, 7014 71. Oats No. 2 white, 4445c; No. 3 whi'f, 4244 43. Rye No 2, 85c. Barley 6160c. Timothy seed $6 6.50. Clover seed S15.5020.50. Export Demand for Wheat Slows Down; Oats Market Influ enced by Other Grains. BY CHARLES D. MICHAELS. (By Chicago Tribune Leased Wire.) CHICAGO, Nov. 3. Grain values flue tuated in a most erratic manner, profit taking and closing of spreads and the making of. new spreads being the main influence. The greater part of the news on wheat was construed as radically bull ish, but had little effect and the close was at net losses of lc. Corn was off 34 c, oats 14 c and rye ttlhic. There was a disposition in some quar ters to look for a good reaction in all grains, but on the breaks support was ap parent, and the bulk of the selling in Wheat came from spreaders. A local op erator was a good buyer of May wheat end after the latter had been secured the December delivery was sold, creating a (Belling and buying here against purchases Heavy maraet at times. There was also and sales at Minneapolis and Winnipeg. Closing out of a long line of corn through commission houses in the early trading had an unsettling influence on that grain the greater part of the day, but the undertone was not weak even though some change in sentiment was noticeable. December went to 14c over Way at one time and finished a fraction over. July showed the most weakness, with some buying of May and selling of that delivery. Export demand was re ported as slow down state, with Balti more bids off e, and the basis on Bpot was easy. Receipts were 205 cars. Re ports from down state indicated a more liberal supply of corn in some sections of Illinois. Action of oats reflected that of other grains to a great extent. There was no large trade and the market was easily influenced. Receipts were 93 cars. longa were free sellers of rye and the market acted rather tired at times, al though there was a good export demand, with sales of around 500,000 bushels at the seaboard and Germany taking part of the grain. The two northwestern mar kets had SS cars. Charters have been made for 400,000 bushels of rye from Duluth to Chicago so far. . It was the belief among a number of traders and commission houses that prices for grains might sag a little more before another upturn. To them the markets have acted strained for several days, and they were disposed to look for a little more selling which will place the trade in a better position to take the buying side, in all the sentiment is mixed and the friends of the market are willing to see a recession, as they believe that It will place it in a more healtny position for another upturn. Several of the largest cash houses Have been good buyers of December and sellers of May corn at even to 1.8c pre mium for the December. Apparently they are getting their hedges into the May. . Realizing sales of December wheat were a feature today. At the same time May was bought by the same houses that sold December. The December dropped from 234 c to 134c over May and at the close was 2c over. It is said that there Is likely to be a further re duction in the premium, and a few operators expect to see the two months even, and possibly December may go to a discount. Argentine crop reports were favorable and the estimated surplus of wheat is 144.000,000 bushels. Shipments so far this year aggregate 129,400.000 bushels, against 57,000,000 bushels the previous year. At the rate Argentina is shipping it will have exported more than the present estimated surplus by January 1. The Chicago grain letter received yes terday by the Overbeck & Cooke com pany of Portland follows: wneal liquidation was In evidence off and on all day. in face of which the Cash Grain Markets, Furnished by Jor'dan-Wentworth & Co., Portland. ST. LOUIS. Nov. 3. Wheat No. 2 red, $1.30; No. 3 red, $1.271.2S; No. 2 hard. $1.20. Corn No. 2 mixed, 727214c; No. 2 yeliow, 74 74 14 c; No. 3 yellow, 7314c No. 2 white, 72fS72c. Oats No. 2 white, 45c. KANSAS CITT, Nov. 3. Wheat No. : red, $1.19: No. 2 hacd, $1.181.22; No. 3 hard. $1.171.21; No. 2 dark hard, $1.22 fly 1.24. Corn No, 2 mixed, 7314c; No. 3 mixed, 73c; No. 2 yellow, 7314 (& 74c. Oats No. 3, 4445c. DULUTH, Nov. 3. Flax, $2.5714. Carlot Grain Receipts. CHICAGO, No. 3. Carlots Minne apolis Wheat, 372; corn, 66; oats, 38. Winnipeg Wheat, 1689; oats, 121; rye, 66. Duluth Wheat. 261; flax, 29. Kan sas City Wheat. 166; corn, 21; oats, 17. St. Louis Wheat, 102; corn, 90; oats, 34. Omaha Wheat, 68. Minneapolis Grain Market. Furnished by McCaull-Dinsmore Grain company or Portland: Wheat No. 1 dark northern, good to fancy, to arrive, $1.18 1.30 ; fancy No. 1 dark northern, $1.2614 ) l.is4 14 ; No. 1 dark northern, $1.19 1.2514 ; to ar rive, l.li; No. l northern, $1.17 1.23; to arrive, $1.14; fancy No. dark northern, $1.21 1.29 ; dark northern, $1.15 1.21 ; northern, $1.12 1.19 ; fancy dark northern,- $1.17 1.24 ; dark northern, $1.10 1.16 ; northern $1.08 1.15 ; No. 1 dark hard Montana, $1.21 1.2s ; to ar rive, $1.21 1.24; No. 1 hard Mon tana, $1.14 1.17 ; to arrive, $1.14 1.17; No. 1 dark hard Minnesota and South Dakota. $1.14 1.16 ; to arrive, $1.13 1.15 ; No. 1 hard Minnesota and South Dakota, $1.10 1.12; to arrive, $1.09 1.11 ; fancy No. 1 Amber Durum, $1.09 1.16; to ar rive, $1.0601.00; No. 1 Amber Durum, $1. 07l.O9; to arrive, $1.05; No. 1 Dur um, 9oc$1.02; to arrive, Hoc;, fancy No. 2 Amber Durum, $1.0701.14; No. 2 Amber Durum, $1.05 1.07; No. 2 Dur um, 93c $1. Corn No. 2, 69 71c; to arrive, 65c: No. 3 yellow, 6769c; to arrive, 64c. Oats No. 2 white, 3841c; No. 3 white, 3fi30c; to arrive, 3537c. Barley Choice, 58SJ02C; medium good, 54 57c; lower, 49 53c. Rje No 2, 76 7954c; to arrive, 7577c. Flax No. 1, $2.352.61; to arrive, $2.55. Wheat Futures, December, $1.12 ; May, $1.11. No. No. No. No. No. Grain at San Francisco. SAN FRANCISCO. Nov. 3. Wheat Milling, $22.10; feed. $1.952.05. Barley Feed, $1.401.45 ; shipping, $1.50 1.55. Oate Red feed, $1.851.80. Hay Wheat, $17 20; fair. $15 17; tame oat, $1720; wild oat, $1416; al falfa, $1720; stock, $1214; straw, $11 12. Seattle Grain Market. SEATTLE, Nov. 3. Wheat Hard white, soft white, western white, $1.22; hard red winter, soft red winter, north ern spring, $1.2; western red, $1.18; Big Bend bluestem, $1.45. Feed and hay unchanged. Winnipeg Wheat Futures. WINNIPEG, Nov. 3. Wheat, Dec, 09c; May, $1.0334: July, $1,05. BUSINESS CONDITIONS ARE SOUND Price Movement Continues Unmistakably Upward. NEW YORK, Nov. 3. Dun's Review tomorrow will 'say: "Even with abatement" of buying in some quarters, the improving tendencies in business remain. Fluctuations in vol ume of transactions are naturally to be expected and contraction of demand in certain lines this week does not mean that progress has suddenly halted. Re cent purchasing has run beyond prece dent in special Instances and has been large in many cases and some require ments are bo well covered for the pres ent that further commitments are tem porarily deferred. "The sold-iip position of various manu facturers, however, precludes the accept ance of additional orders for early de livery, not a few interests being engaged several months ahead and withdrawing offerings for a time. "With a wider recognition of the bet terment in conditions, a general strength ening of sentiment is witnessed and a disposition to expand operations on a conservative basis has succeeded the policy of hesitation and waiting. "Where prices had risen sharply be cause of strike influences, as in fuel and iron and steel, a reactionary trend has lately developed, with some buyers hold ing off to see how far the readjustment will carry. The main price movement, however, continues unmistakably upward. "Weekly bank clearings were $7,445, 029,000." Chicago Oil Market. CHICAGO, Nov. 3. Gasoline: Tank wagons, 18c; service stations, 20c: ma chine, 27.7. Oils, summer, 11.4c; winter. 11.9c. Carbon Perfection, iron barrels, llc Linseed oil, raw. 1 to 4 barrels, delivery. $1; boiled, " $1.04. Turpentine, $1.87. Denatured alcohol, 42c, (By Chicago Tribune Leased Wire.) NEW YORK, Nov. 8. The noteworthy movement of today's financial markets was the ri6e in United States government bonds, which carried the new- 4 per cents back to the subscription price. It is nine days since those bonds definitely broke par; within that brief space of time they have declined 1 points and recovered the loss in Its way an un usual Incident. The fourth 4 per cent Liberty bonds rose nearly point today, making their recovery from the low point of last week 1 points, although today's high price was still nearly 1 below the closing figure of the day be fore the new $500,000,000 loan waa an nounced. Evidently this has been a very dif ferent kind of reaction from that which occurred, for instance, after the float ing of the 4 14 per cents of November, 1918, when the war was already virtually over, yet when the new bonds opened on tne stock exchange at 98, sold at ub, a few weeks later and thence forward pur sued an almost uninterrupted downward course until they hit the low mark of 82 in May of 1920. The quickness of re covery from the recent reaction shows that whatever dislodgment of govern ment bonds may have been caused by the sale of $511,000,000 new 4s for cash, or by realizing sales to recover private capital for business uses, Intrinsic values were littie affected. The decline, instead of provoking ap prehensive sales by investors has served chiefly as a signal for turning the reser voir of available capital into the gov ernment bond market. In the stock market today's movement was again definitely upward. some shares advancing 3 to 5 points. But the day's highest P-"ices were not, as a rule, maintained. Final net gains were ir regular and there was evidence that the selling at the day's highest prices came quite as much from realizing by specu lators who had bought two or three days ago as from renewed operations for the decline. The market, nevertheless, closed firm. No alteration in form appeared in for eign exchange. Its movement during ths day was not important, the only point of pa.-ticular interest being the achievement of another "new low rec ord" for the German mark. With tr.e death of Thomas DeWitt Cuyler, chairman of the Association of Hallway Executives, local officials have focused attention i-n the next meeting of the standing committee of th:t as sociation, which Is scheduled lor No vember 9. The opinion was expressed in the financial district today that this meeting would solve many perplexing situations as to future policies which are now confronting the railroads. It was believed, however, that the task of choosing a suciissor to Mr. Cuyler would be held in abeyance lor several months, perhaps, until the field can be analyzed more carefully ard future conditions measured more accurately. r The movement of prices In the Mex ican oil stocks was decidedly irregular today and some traders were at a loss to account for the rise In some issues, while others were weak. Mexican Petroleum, for instance, after moving within a range of 3 points, ended the day with a net loss of , while Pan American Petroleum, which will be given in exchange for Mexican Petroleum, was weak, the B stock losing 1 and the regular stock losing 1. Both of the latter issues closed at the low levels. The opinion was advanced that irregular swings will be noticed in these stocks until tne expiration of tne time when Mexican petroleum will be recalled in exchange for Pan-American issues, due to the arbitrage operations which are being carried on between the two issues. The application of the German cabinet to the reparations commission for per mission to float a 500,000,000 gold mark external loan was likened today by some of the international bankers to the enmusiasiic young man who applies to the counter for a marriage license before he proposes to the prospective bride There is a possibility in both cases that the formal permission will not be needed. So fax as bankers here are concerned they have no information about a prospective loan, either here or in other "external" countries. After opening at 127 and declining to l-o34 during the forenoon trading today, Studebaker gave signs of heaviness. In a session marked by general specu lative and trade buying, the cotton mar ket today touched new high levels since 1919, 25-cent cotton being realized when the December option reached 25 10c, closing at 25.07. Other deliveries moved in accord and the list closed up 28 to 56 points, heavy profit taking having little effect. The day's Sig advance was based on more bullish crop estimates, huge ex port clearances and advancing markets for finished goods. Clearances this week were equal to half the Into-sight totals showing the crop is being quickly mar keted. Final prices were within three to four points of the highest. Spot steady, 25.15c, 45 points advance for middling upland. Sales nil. Southern spot markets: Galveston 24.70c, SOpolnts advance; New Orleans', 24.25c, 25 points advance; Savannah,' 24.75c, 50 points advance; Augusta, 24.75c, 62 points advance; Memphis, 24.25c, 25 points advance; Houston 24.70, 60 points advance; Little Rock, 24c, 50 points advance. Armour & Co 7s 104 Beth Steel 7s 1935 102 Copper Ex Assn 8s 1924 10134 do 1923 1031 Gulf Oil Co 7s . 10394 Inter Rapid Tran 7s 104 Libby McN & Lib 7s 100 So West Tel 7s 102 Stand Oil N Y 6s 1933 105 do 7s 1926 104 Swift & Co 7s , 1931 102 Vacuum Oil 7s luJ New York Curb Stocks. Furnished by Jordan, Wentworth & Co. of Portland. - Industrials Acme Coal Co 64 Acme Packing Co 40 Car Light & Power Co 2 Continental Motors 10 Glen Alden Coal 54 Peerless Truck & Motor 59 Philip Morris 19 Radio Corp Com 48 United Retail Stores Candy 6 Heyden Chem 214 Durant (old) ,. 6114 Mining Alaska-Br Col Met 2 Big Ledge 9 Boston and Montana 9 Candelaria Silver 84 Colombian Emerald Syn 60 Cresson Cons G Min 2 7-16 Divide Extension 11 El Salvador Mines 3 Eureka Croesus M Co 28 Gold Zone Divide 9 Jerome Verde Copper 2 Knox Divide Mines 3 McNamara Mine 7 McKinley Darragh 15 National Tin & T 20 Rex Consolidated 6 Tonopah Divide 73 United Eastern Mine. 1 Hecla 734 Cons Copper , Oils Allied Oil 2 Angio-American Oil 20 Arkansas Natural Gas 9 Boone Oil 9 Roston-Wvomtng 1 Carib Syndicate . . . .' 5 Cities Service Com 193 Cities Serv B. T. Shares 20 Creole Syndicate 2 Cushing Petroleum 3 Mutual un -I vs Engineers Petroleum 19 Glliiland Oil 44 Glenrock Oil 16 Hudson Oil 12 International Petroleum 24 Maracaibo Oil 18 Mexico Oil 1 Noble Oil & Gas Com 22 Omar Oil & Gas 1 Producers & Refiners 7 Sapulpa Refining Co 3 Simms Petroleum 11 Southern Pet & Ref Corp 12 Standard Oil of Indiana 122 Texon Oil & Land 40 Victoria Oil 10 Mexican Eagle 11 Merritt 7 Shell 11 FEDERAL BONDS HIGHER NEW 4 'A PER CENT ISSCE AGAIN SELLS AT PAR. FOREIGN OUTLOOK GOOD EUROPE COULD USE ENTIRE AMERICAN SURPLUS. Arrangements for Financing Ce real Purchases Nearing Com pletion; Domestic Sales Big. Ths weukly wheat review of Logan & Bryan of Chicago, received yesterday by Overbeck & Cojke company of Portland, follows: ' There was a marked divergence of opinion aa to the probable action of the market for the immediate future and prices fluctuated in an irregular manner in line with the preponderance of buy ing or selling orders. The tendency, however, was in the direction of an elevate-, level, based primarily on increasing evidence of a better foreign outlet for American grain. So far this season an exceptionally large domestic demand has been a "life saver" to the market and, although there is as yet no indication that the holes in this country have been filled, it goes without saying that a foreign outlet is essent'al to price stability. There is no question but that Europe could use the entire North American sur plus and perhaps more, too. It Is strict ly a question of financing and we are being given to understand that arrange ments in this direction are now in the making and nearing completion. Not only must Europe buy for Immediate use, but it ia time for them to look to a building up of necessary reserves. Europe apparently has focused attention on bountiful North American crops, not fig uring on having any difficulty in secur ing supplies despite their own disappoint ing yields. The question of transportation received little credence, but nevertheless is now a potent factor and must be a source of apprehension on the other side. Looking back to July we find that re ceipt. have exceeded last year by some 20,000.000 bushels, exports have been 50, 000,000 bushels less, yet the visible sup ply as of November 1 was approximately 20,000,000 bushels less than on the same date last year. On this basis of domestic consumption, it is very likely our ex portable surplus will not prove to be of the proportions indicated earlier in the season. Liberties Advance 14 to 32 Cents; Foreign Securities, Trac tions and Rails Up. NEW YORK, Nov. S. Re-establish ment of par price by the new United States government 4 per cent bonds. which had slumped as low as 98.90 wltnin the last two weeks, was the outstanding development in the upward movement in I today's bond market. Foreign govern ment securities, local tractions ana i speculative railroad mortgages regis- tered the best gains. Uruguay 8s provided the leature oi i" fnroii-n ?rnnn cllmhinff 2 points. One point gains were made by Belgian 8s, ! Brazil large 7s, Copenhagen 5s, City of San Paulo 8s and Prague 7 3. Cuba . government 4s, Havana Electric Rrfil- j way os ana jjyuns ws weie . Trading In liberty bonds were quite active, the third 4s making the best showing with a rise of 32 cents on $100. Advances in the other active issues ranged from 14 to 26 cents. Cerre de Pasco 8s led the copper com pany securities to higher ground with a gain of 3 points. Chile copper 6s and 7s and American Smelting 6s rose 1 to 1. T.nal tructinna were the most active in the public utility Issues, Brooklyn Rapid Transit 7s and certificate 7s, Hudson and Manhattan income 514s and Third Ave nue adjustment 5s rising 1 to 2 points. Uncertainty over the ultimate trend of bond prices is reflected in the heavy purchases of short term issues in the last few days, Baltimore & Ohio Ss of 1925 and St. Louis Southwestern consoli dated 4s of 1D32 being among the most populaT. Erie Railroad mortgages again were the most active in the speculative rail road list, the general 4s climbing 2 points, convertible 4s. series A, 1 point; series B 2, and V 1. Norfolk & Western convertible 6s moved up 1 points and .Atchison adjustment 4s stamped, "Katy" lsts, and St. Louis, Iron Mountain, River & Gulf 4s ail sold at least a point above yesterday's closing figures. There were a few exceptions to tne pward trend, the most important being a 6-point break in eastern Cuban Sugar 7s, which followed the withdrawal of svndicate suDOort. otner weak spots were Liggett & Myers 5s, Computing, Tabulating & Recording 6s, Steel Tube of America 7s and Marland Oil 8s, all off 1 to 2 points. Total sales, par value, were $16,983,000. There were no offerings of importance today. The $18,000,000 Chilean govern ment Issue will be sold to the public early next week at a price slightly under par by a syndicate headed by the National City company. CLOSING STOCK QUOTATIONS. Closinr: stock Quotations at New York furnished by the Overbeck & Cooke com pany of Portland: Sales. High. Low. Hid. Adams Express.. 2,200 81 71) 80 Advance Rum... 200 15 15 15 Agr Chem 500 3Vi do pfd Ajax Rubber 100 13 Alaska Gold Alaska Juneau.. 2.S00 1 Allied Chem 3,000 79 Allis-Chalmers .. 1,000 45 . Am Beet Am Bosch 2.500 40 Am Can Co 12,400 75 do pfd 100 110 Am Car & Fdy.. 600 187 do pfd 2O0 125 34 Am Cot Oil 500 24 do pfd 300 4744 Am Drug Synd.. 400 6 Am Hide & Lth. 200 12 do pfd 70 Am Ice 600 113 111 110 Am Intl Corp .. 2,200 32 30 32 Am Linseed .... 2,700 3714 36 ".6 do Pfd 7U0 57 31 56 l Am Loco 6,100 120 126 128 do pfd 119 Am Saf. Razor... 1,300 7.34 1 7 Am Ship & Com 1,000 2214 2134 22 Am Smelter 4,300 57 56 57 do pfd 200 10234 102 102 Austin Nichols.. 1.500 33 32 32 Am Steel Fdy.. 5.600 4; 4. Am Sugar 1,800 77 76 do nfd AmFumatra.... 1,000 34 33 Am Tel & Tel.. 5,200 124 124 Foreign Bonds. Reported by Overbeck & Cooke corn- New York Bonds. Furnished by Jordan, Wentworth Co. of Portland: Rails A 1 & st r gn 4s long B O conv 4s 1933 Can Pac 4 per cent deb stk Cent Pac 1st 4s 1949 Ches & O conv 4s 1930 do 5s i43 Chic & Alton 1st 3s J950 Chic & Burl Q 5s 1971 Chic Gt W 1st 4s ;59 Chic M & St P cv 4s 1932 C R I & P 1st & ref 4s 1934 D & R G 1st & ref 20. , 1955 Gt Nor 7s ser A- 1936 do 5 ser B 1953 K C S ref & imp 5s due Apr 1 1950 Minn S P & S S M 10 yr col tr g 6s 1931 M K & T 5s cm adj s A 1967 M P 1st & ref 6s sr D 1949 N Y Cent cv deb 6s 1935 N Y C & H R rf & im 5s C. . 2013 O S L ens 1st gtd 5s 1948 O W & Nav 1st & rf 4s 19B1 Penna R R R E A 4 lis 1965 do B 5s 198S RCo&P&RCL gen 4s . . . 1997 St L-S F pr 1 4s 1950 St L & S F adj A 6s 1955 do Income A 6s 1960 S P S F Term 4s 1950 So Pac 1st ref 4s 1955 So 1st dv & gn 6s 1956 U P 1st and Id grt 4s 1947 W P 1st 5s : 1948 Am S R Co 6s 1937 Am Tel & T conv 6s 1925 Cal Gas Unf 5s 1937 DuPont 10-yr 7s 1931 Dusquene 6s 1949 Empire G&T7s 1937 Framer Ind 7s 1942 Goodrich 6s 1947 Goodyear 8s 1941 do , ... 1931 Humble O 514S 1932 I P 1st & rf 5s B 1947 N England Tel 5s 1952 N Y Edison 6s 1941 N Y Tel 6s 1941 N Amer Ed 6s 1952 PG&E gen & rf A 5s 1942 Pac Tel 5s 1937 8814 8134 80 87 88 95 29 100 30 83 8.314 50 110 101 9034 102 It 61 99 105 97 102 81 91 100 84 72 78 , 64 82U 8714 10134 92 8234 102 116 95 108 102 4 do 1952 Sinclair cv 7s 1925 Sinclair COSs 1923 S O Cal 7s 1931 U S Steel s f 5s 1963 V C C 1st 25-yr 7s A 1947 West Union 6s 3936 Wilson 7s 1931 Foreign government internal bonds French Internal 4s 1917 43 French Victory 5s 1920 52 Belgian Restoration 3s 59 British 2 per cent consols.. .... 6S 101 11514, 98 97 87 97 109 104 9334 9134 96 91 102 98 104 10214 9634 108 103 pany of Portland. Bid. Ask. Russian 5s 1921 11 13 do 5s 1926 1 2 do 6s 1919 12 14 French 5s 1931 50 52 do 4s 1917 41 43 do 5s 1920 59 61 British 5s 1927 93 95 do 5s 1929 93 95 do Vict 4s 78 80 do ret 4s 76 80 Belgium Premium 62 66 German W L 6s 10 25 Berlin 4s 15 30 ' Hamburg 4s ........ 15 do 4s J5 30 Leipzig 4s 20 60 do 5s 15 40 Munich 5s 20 6t do 5s 15 50 Frankfort 4s 15 60 Jap 4s 79 80 do 1st 4 s 92 34 93 do 2d 4s 92 93 Unit Kingdom 1929 10834 109 do 1937 102 103 Argentine 5s 1909 81 82 Belgium 7s . .. 1945 102 103 Brazil 7s 1952 85 86 Bordeaux 6s 1934 78 79 Brazil 8s 1941 9934 100 Canada 5s 1952 98 98 Chile 8s 1941 102 103 do 8s 1920 102 102 do 8s 1940 106 106 Czecho 8s 1951 92 92 Y Bolivia 8s 1947 (14 94 Denmark 8s 1945 108 109 French 7a 1941 95 9314 do 8s 1945 98 99 Norway 8s 1940 110 110 Queensland 6s 1947 101 102 Rio Janeiro 8s 1946 96 97 do 8s 1947 97 97 Seine Dept 7s 1942 86 86 34 Swedishes 1939 103 104 Swiss 8s 1940 115 117 U K Gt B & I 5s.. 1937 102 102 Belgian Restor 5s 54 58 Mining Stocks at Boston. Furnished by Overbeck & Cooke com pany of Portland: . Bid. Ask Arizona Commercial 7 7 Adventure , 30 80 Ahmeek ; 58 59 Allouez 20 20 Arcadian 2 2 Bingham Minings 1634 17 uaiumet & Arizona 03 55 New Cornelia 16 17 uast sutte g 9 Franklin Mining - 1 134 Island Creek 105 10534 jveweenaw 1 2 Kerr. Lake 3 - 4 Lake Copper 334 334 La Salle 1 1 Micnigan 214 3 Mohawk 55 57 May-Old Colony 3 8 Mason Valley 1 1 North Butte 9 9 Old Dom Cop 19 20 Osceola Mining 30 , 80 Isle Royal 19 20 Supp Boston 134 1 United Shoe Machinery 42 34 43 SuDerior CoDDer 33b 414 Shattuck 7 8 Trinity Copper 1 134 Tuolumne 3o 50 Utah Metals 1 1 Utah Con ..... 134 2 "U S Mining 3834 S9 do pfd 45 4 Utah Apex . 2 2 Winona 1 Wyandot 85 90 Naval Stores. SAVANNAH, Nov. 3. Turpentine, firm, $1.57; sales, 221; receipts, 381; ship ments, 383; stock. 10,056. Rosin, firm; sales, 1433; receipts, 1632; shipments, 723; stock, 89,649. Quote: B. D. E, F, H, G, $5.62 3.70; I, $5.67 3.72; K, $5.75 5.77; M, $5.85; N, : 68.05; WG, $6.15; WW. $., 32 'isii 77 4434 -36" 74 110 186 1 32 63 1314 34 l'A 79 45 40 39 7434 110 J87 5 125 2334 24 47 47 6 5 12 12 Am Tobacco. . do B Am Wool . . . do pfd.... Am w P pfd Am Zinc . . . Anaconda . . Assd Oil . . . Atchison ... do pfd.... Atl Coast Line.. Atl G & W I... 45 76 107 34 -424 .. 1.500 157 15534 155 ... 1.800 154 153 153 2.HOO 99 9S 1MI 300 109 109 109 900 84 52 3.1 100 18 1S 18 6,000 49 48 48 34 100 117 117 H7V. 2,700 104 34 10334 104 92 800 119 118 700 24 23 Baldwin Loco. . .19,000 133 131 do Did Balto & Ohio... 6,800 do tfd 201) Bamsdell Cpr A 1,400 do B 100 Beth Steel B... 13,500 Booth Fish 500 B R T 500 Butte C Z... 1,100 Butte & Sup.. Burns Bros A. do B Caddo Oil .... Calif Packing. Calif Pet do pfd Callahan Z & L.. 1,700 8 . S Canadian Pac... 1.500 14534 145 Cen Leather ... .800 38 38 Cenro de Pasco.. 1.900 Chandler Motor. Chgo & N W... 1,500 Chi Gt W 2.500 do pfd 2,f." Chill Cop 18.400 Chino 1,700 C M St P 4.700 do pra Coco Cola 7,800 C & O 3,600 Colo F & I r-ni .... 200 Col Gas & Elec. 1.71KI lu-y J. Col Graph 1.701) 3 7,1011 l.it 700 3S 37 52 62 34 32 21 7134 7 17 7 1.500 32 . . 1.900 133 .. 3,100 48 " "iiio -8.i .. 1,700 5434 38 62 90 5 13 21 25 30 46 81 7534 118 24 132 4 5134 02 3234 20 71 7 17 7 32 50 62 30 21 69 6 1634 7 3134 130 131 4 1 4 83 53 3634 6134 89 34 44 31 25 25 2934 45 78 47 9Vi 83 54 94 834 145 38 37 62 90 434 12 25 25 SO 4fl 80 75 30 4 Con Gas Cons Cigars do pfd Cons Textile ... 1,500 11 Cont Can 800 M Corn Prod 13.5O0 131 do Dfd 2ini li Cosden Oil 2B.S00 50 O R I & P (,! 4 1T do A pfd .... "'"J I" do B pfd .... 700 9034 Crucible 2,700 79 '.o Dfd Cuba Cane 1.500 If 34 do Dfd J, Ml" 1T Cub Am Sugar.. 2,100 2234 Davison Chem... 1,600 34 Del & Hudson... '700 332 Del & Lack 1,100 137 l.aou 44 50 87 1434 2134 95 12 57 12 500 71) 200 ISO 13,200 14 200 83 1,800 63 1031 95 128 121 48 40 98 90 7634 "1234 30 22 31 131 13834 38 81 V4 H 96 13034 121 49 41 98 90 79 94 13 37 22 32 130 Demo Mines Elec Stor Bat.. 3,mm Endicott John... 2,000 Brie 3.000 do 1st nfd . . . 3.S0O Famous Players. 3.700 Fed Mtn & Sm.. 300 no nfd BOO Flsk Tire 600 Gen Cigars . Gen Elec ... Gen Motor . . do 6s Gen Asphalt Gliddin Paint Goodrich T & R. 300 S3 Glen Alden i 55 Granby 700 25 Gt Nor Ore 1.700 34 Gt Nor pfd 2,500 92 Greene Cananea. 500 24 Gulf S Steel 4,300 80 Houston Oil 1.100 82 Hupp Motor ... 1,600 2114 Tils Cent 200 112 Inspiration 2,100 35 lnt Agr uorp co pra Interboro 5,900 do pfd 1,200 i i lnt Harv 200 107 106 lnt Merc Marine 200 1274 1234 do pfd 6,o"U lnt Nickel 1,400 15 lnt Paper 800 58 34 lnt Comb Eng.. 800 2S Invincible Oil .. 4.300 16 Island Oil '500 Jewel Tea 200 19 K C South 1,300 21 135 13; 44 434 66 8 14 2134 85 il 57 12 7ft 177 1434 82 68 12 32 55 2514 34 02 24 89 81 21 Where the burdens of taxation fall Nearly onejourih of all the city's taxes is paid by 1300. of its area WITHIN the area' shown in the accompanying diagram there are 89 city blocks, about 1-300 of Portland's 66.6 square miles. Yet, despite their very small proportion to the city's total area, these 89 blocks pay nearly one fourth of all city taxes levied on private property. Think of the burden this small district of high, concen trated values is carrying! It is virtually the "nerve center" of Pordand. It is affected every time a new bridge is' proposed, every time a new road is considered even though that road be on the other side of the county. The 89 blocks shown is this diagram about U300 of Portland's total area, pay 23 per cent of all city taxes. ELEVENTH uuuui res Banal nnnoo I HHOADWAV nnuuDDD OOPDDK 5DQ3DCO mtntri r '-y-v-TLJ si i0 r an Ownership of property with in this area requires .accurate knowledge of the cause and effect of. all factors involved. Often it happens, as now, that fundamental changes are quiet ly working, unseen by many un til the results are beyond con trol. Property values are thus made and lost. Our experience is at your dis posal. We welcome the oppor tunity o make an appoint ment to discuss your property problems with you. Strong & MacNaughton tCORBETT BUILDING PORTLAND, OREGON Wfj Investment and Property Man agers for Estates and Individuals 2.800 3,000 1.500 200 800 200 500 Nor American .. 900 Nor Pac. 1.900 Nova Scotia Steel N T Air Brake N Y Central ...11,600 Okla Prod ret . 200 Orpheum - 600 Ontario & W ... 100 Otis Steel 200 Pacific Dev .... J .990 Pac Gas & Elec. 2,500 Pacific Oil Pan Amn Pet ..19,400 do B 23,100 Penna 3.400 Penna Sea Steel 900 Peo Gas 400 Pere Marquette. 2,700 Philadelphia Co. 1,000 Phillips pete Pierce Arrow Pierce Oil Pitts Coal Pitts & West Va Pressed S Car .. Punta Alegre .. Pullman Pure Oil Ray Cons Reading Remington Replogle Steel. Rep J & 8 .... Rfn Motors . . . Royal Dutch Oil 1,500 Ry Steel Kpg . . Saxon Motors . Sears Roebuck Shattuck & Ariz Shei: T & r Sinclair Sloss Snef ... Sou Pacific . . Sou Ry do pfd Stand Oil Cal. do Indiana . do N J do Ky St L & S F.... Strom Carb . . Studebaker . . Swift & Co Tenn Cop & Ch. Texas OH Texas Pac Tex Pac C & O. Tob Products.... Tran Contl Oil.. Union Bag & P. Union Oil Del... 1,000 Union Pac . . United Alloy. 96 86 95 85 99 98 2 2 23 23 24 24 9 2 8t 5,000 48 91 89 48 34 334 94 35 42 46 12 5 58 38 83 34 44 3,600 130 128 3 1.500 2934 29 13 83 34 35 29 61 914 3 79 47 89 87 48 3 93 34 41 45 11 . 1,300 .21,200 . 400 . 400 . 3,200 o 58 38 83 4414 1334 82 3434 28 49 55 34 64 34 200 117 117 100 3 34 3 34 87 814 S6 33 44 9334 25 66 3.SO0 122 120 122 119 .13,300 21434 210 109 108 . 1,600 2 7 26 . 900 54 53 ..55,000 13034 12534 108 108 500 8.100 2,800 500 700 .13,700 . 10O . 3.400 . 2.200 . 1.200 8534 7 85 3234 44 93 2434 03 47 2734 23 34 57 14 70 17 4,200 146 145 100 S3 33 900 5,500 2,400 400 48 28 23 55 1334 70 16 50 86 4 14 20 95 11 50 2 79 179 14 82 5914 '32 53 24 33 9134 24 88 81 2034 111 111 34 84 ..... 6 31 106 521? 14 58 2534 1534 19 2134 51 14 5734 25 15 14 19 21 do Pfd 50 Kavser J 1,300 46 45 45 Kelly-Spgfld ... 900 41 41 4134 Kennecott 7,000 33 33 33 Keystone Tire ,. 600 034 634 634 Lack Steel .... 600 81 80 80 Lee Tire 100 25 25 25 Lehigh Valley .. 3.700 68 68 68 Lorillard 165 Loew Theoters . 600 1934 19 19 L & N ' 137 Lima Loco 2,000 60 60 60 Marlbi.d Oil S.700 3434 33 84 Max Motor A .. 200 48 48 48 do B 1,700 15 1434 14 May Stores .... 5,400 158 155 158 Mex Pet 13.200 228 224 34 22534 Mex Seaboard.. 34,100 21 1734 21 Miami 600 27 26 2634 Mid States Oil.. 6.100 1234 12 12 Mid Steel 9.800 32 30 34 32 M K & T Wi . . 3,500 17 16 18 Mack Truck ... 4,700 56 6434 55 Mont Power 1.100 70 69 69 Mont Ward .... 4.500 2234 21 2234 Mo Pac 1,000 19 19 19 do pfd 3,100 66 54 65 M St P & S SM 68 Nat Biscuit .... 1,600 238 232 236 Nat Enamel ... 1,500 68 67 68 Nat Lead 2,600 118 115 116 Nevada Con .... 600 1434 ,14 14 New Haven ... 2,000 3034 29 30 Norfolk & W .. 1,900 121 11934 12034 Steel. 1,400 3O0 400 1,200 300 100 39 13 10 3034 16 5934 82 28 68 5234 96 39 38 13 10 30 16 59 34 United Drug ... 100 i9 i'J Un Food Prod... 600 6 6 United Fruit ... 600 155 155 Un Rds of N J do nfd Un Retail Stores. 5,300 83 34 U S C I Pipe... 500 30 U S Ind Alcohol. 5,500 70 U S Rub 1,600 5334 do 1st Pfd 30U DO tT s Kmeltine... 2o0 39 U S Steel 13, uu mi!4 im'4 do pfd cuu isu iiu-a Utah Copper.... 2,100 64 63 Va Chem do Dfd Vanadium v ivaudou Vv abash do A pfd ... do B pfd ... Wells Fargo .. Western Pao . . do Dfd Western Union. Westhouse A B. 100 96 96 do E & M.... 1.800 61 60 34 West Md 2,800 15 14 White Eagle OH. 500 32 3134 White Motors .. 100 4834 4834 White Oil 1.500 . 5 5 Willys-Over. ... 600 6 5 6 do Dfd 700 40 34 40 40 Wilson Packing. 800 42 4014 4134 Wiscons n (Jen., sou 29 29 2a Woolworth BOO 18634 185 186 Worth Pump 33 W & L E 1,100 11 10 10T4 Total sales stocks, 11,023.300. Total sales bonds, $13,345,000. Liberty Bond Quotations. Liberty bond and victory note quota tion furnished by tne overbeck & Cooke company of Portland: Closing open. Hign. low. bhi Liberty 3s.. 100.66 100.86 100.56 100.80 do 1st 4s 98.50 fl i 98.50 1,200 11334 H234 9534 85 32 34 08 2 23 24 9 2 80 48 89 87 48 3 93 35 42 45 12 5 58 38 83 44 129 34 29 l3s 83 34 28 61 iy. 55 110 334 85 34 7 36 32 44 93 25 65 34 121 122 212 108 2634 54 130 108 9 48 27 23 56 1334 69 17 146 33 78 614 153 11 25 83 30 68 53 96 89 107 120 63 62 39 1334 1034 30 19 94 1634 S9 14 113 98 61 1434 31 48 do 1st 4s. 98.90 98.96 98.88 9S.82 do 2d 4s.. 98.56 98,84 HK.5 98.80 do8d8. . 98.90 99.14 98.88 99.06 do4th4s. 98.86 99.18 9S.K0 99.12 Vict. 434s Call 1O0.04 100.08 100.04 lOO.Oi) do 434s 1923 100.30 100 40 100.36 100.3S Money, Silver, Ktc. NEW YORK, Nov. 3. Call money, easier; -high, 5; low, 44; ruling rate, 5; closing bid, 4 34; offered at 5; last loan, 4 34; call loans against acceptances, 4. 1 line loans, firmer, mixed collateral. 60-90 days. 6; four-six months. 5. rlme commercial paper, 4ff4?4. Foreign bar silver. 6ti3sC Mexican dollars, 51c. LONDON, Nov.' 3. Bar silver, 33 13-16cl per ounce. Money, 134 Per cent. Discount rates, short and three months' bills, 2 7-16nv21: per cent. ' Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by North westein Na'ionat bank of Portland. The amount quoted is the equivalent of the foreign unit in United States funds: Conntry. foreign unit Rate. Ausli la, kronen $ .000015 Iielgium, francs 064400 rJulKaria. leva onijsuo Czeeho-Slovakia, kronen 031800 Denmark, kroner 201500 Eng. and, pound sterling 4.481250 Finland, finmark 027200 France, francs 069500 Germany, marks 000225 Greece, drachmas 019800 Hollard, gunlders 392800 Hungary, kronen 000600 Italy, lire 042500 Jugoslavia, kronen 004200 .Norway, kroner 1S2500 Portugal, escudos 068500 Roumania. )ci 000600 Ferb:a. dinara 017300 Spain, pese'as 15200 Sweden, kroner 269000 Swit.erlanu. francs 1S2500 China-Hongkong, local currency. .551500 Shanghai, taels 7500(10 Japa. yen 485000 NFW YORK, Nov.' 3. Foreign ex change, irregular. Great Britain, demand, $4.46; cables, $4.46; 60-day bills on banks, $4.44. France, demand, 6.94; cablas, 6.95. Italy, demand, 4.19; cables. 4.19. Belgium, demand, 6 37: cables, 6.37. Germany, demand, 0.14; cables, 01 13-16. Holland, demand. 39.18; cables, 39.23. Norway, demand, 18.23. weunn, demand, t.ft4. IJenmark, de mand 20.12. Switzerland, demand, 18.32. Spain, demand, 15.25. Greece, demand, 190. Poland, demand, .onsj. Czecho- FOR SALE All or Part 50 Shares Northwestern Elec. 7 Preferred 98. Call or Write L. H. Kennedy, Securities Dept., J. L. Hartman Go. Portland, Oregon. Slovakia, demand, 3.17. Argentine, de mand, 36.00. Brazil, demand, 11.50. Mon. treal, 100 1-32. Standard Oil Standarl Otl stocks Overbeck & Cooke com Ang'o Borne- Scrysmer . . Buekfyft Chees..-brough do pfd Continental Crescent Eureka Galena com do old pf l do new pfd Illinois Pipe .... Indiana Pine ... Natl Transit .... N" Y Transit Northern Pipe ... Ohio Oil lnterl Pete Penr. Mex Prairie Otl Prairie Pipe Solar Refg Southern Pipe South Penri Oil . .. S W Penn Oil ... SO Ind do Kansas do Kentucky . . do N Y do Ohio do pfd Swari & Finch ... Vacuum . . .' Wast ington S O Nehraska . . . Imperial Oil .... Stocks. furnished by- the pany of Portland: Kid. ask. ..20.-, ..560 . . 93 . .215 ..109 ..147 .. 34 . . 92 . . 49 . .109 . .100 ..174 . . 94 "l74 .JOS . .300 zV1 ":5 . .2N8 . .390 . . 95 ..ISO . . 00 ..12134 . . 620 . . 108 . .605 . .535 ..117 .. 30 . .650 .. 24 ..190 ..118 205 6so 95 230 112 150 30 94 51 112 110 177 95 2)1 178 110 :io." 2414 oii.'p 292 400 97 lx:t 02 122 030 111!) 570 545 119 32 660 2S 195 111) Swift & Co. Stocks. Swift & Co. stocks at Chicago as re ported by the Overbeck & Cooke com pany of Portland: Swift & Co lOSli Libby. McNeil & Libby (new) 8 National Leather 8 Swift International 2114 Cotton Market. NEW YORK. Nov. 3. Cotton futures opened firm. December, 24.74c; January, 24.45c; March, 24.45c; May, 24.30c; July, 23.95c. Futures closed firm. December. 25.05c; January, 24.73c; March, 24.63c; May, 24.4cc; July, 24.07c. Syot, steady. Middling, 25.15c. NEW YORK, Nov. 3. A membership In the New York Cotton Exchange sold today for $30,000 and later $32,000 was hid for another. Real estate transfers are simplified when the title is insured. No time, need be spent in investigating the his tory of a title back of the date of your TITLE INSURANCE POLICY This is a mighty valuable advantage when property must be turned into cash quickly. Call, write or phone (Broadway 6565) for further information. Title and Trust TITLE AND TRUST BUIUDINO - PORTLAND