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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (June 18, 1922)
THE SUNDAY OREGONIAtf, PORTLAND, JUNE 18, 1923 - , 33 s FIRMER TONE NOTED OH STOCK EXCHANGE Mexican Petroleum Makes Most Striking Advance. RELATED ISSUES STRONG Sentiment in Brokerage Circles Cheerful as Result of Gains In Trade and Industry. BY MONITOR- (Copyright. 1922, by the Public Ledger Company. Published by Arrangement.) NEW YORK, June 17. (Special.) Stocks today displayed a much firmer tone, although the recovery was irreg ular and the exceptional advances were confined to a relatively small range of issues. The moat striking advance again, was In Mexican Petroleum, as a result of the constructive overnight develop ments relating to the agreement for the adjustment of Mexico s external debt. Washington advices which reached, hers stated that the arrangement had been made by the International committee of bankers, and. therefore was a private one. which had no bearing on the discussions 'between the state department And the government of Mexico. . Nevertheless Mexican Petroleum, Pan American Petroleum and related issues were distinctly strong. The oversold position of the steels was revealed by sharp recoveries In Crucible, Mid vale, Gulf States and United States Steel, btudehaker also advanced. Throughout most of the remainder of the list the tone was just about steady. Fractional advances were scored over a wide range among the industrials. The rails were 1 irregular, with a fair propor ttioa of small gains. Sentiment Is more cheerful In broker age circles, as It is believed that the technical position of the market has been decidedly Improved by the liquidation of the week, and the gains In business and Industry, together with those in prospect, have been by no means discounted In the security markets. The rails, it is felt, will show hesitation and nervous ness until more is known about the at titude of the railway labor unions to ward wage reductions. '.. With the stock market showing more resistance again in the closing hour to day, sentiment is much improved In ex change and traders are inclined to look for a continuation of pool operations on the long side in the immediate future. Following the settlement of the Mexi can debt questions, Mexican issues again were firm. The 4 and 5 per cent bonds fractionally were higher but these had discounted success of negotiations with sharp rises yesterday and earlier in the week and are now in new high ground for the year. in consumption of rosin. It Is expected this commodity will advance slowly. Distributors of ice cream and con fectionery manufacturing machinery are busy. Demand, from the coai-mmmg regions, normally the source of exten sive orders at this time of year, does not exist. An important innovation is an automatic feeder for freezing ma chinery, controlled by an air-filled float which shuts off the mixture to be frozen when a predetermined quantity has entered the freezer. The device also keeps a record of the day's production and makes the equipment more sanitary. It makes nnssible the elimination oi a feed trough, which attracts flies. Col lections are slow and buyers are asxins for long terms, even on small orders. Small price cuts have been made since January. The transportation and industrial bureaus of the chamber of commerce have combined to enliBt all commercial organizations in the New &ngiana middle Atlantic and middle western states to have the railroads resume the nrs-war svstem of record less-timn -car load shipments through transfer points. ROAD UNIFICATION URGED - - SEPARATION OF PACIFIC SYS TEMS PROTESTED. Herbert G. Wylie has been elected president of Mexican Petroleum and its Mexican operating subsidiaries, while E. L. Doheny becomes chairman of the board of these companies. Mr. Doheny will retain the presidency ot Pan-American Petroleum & Transport. The change has been made necessary by the increase In the volume of business to be handled by the executives, which demanded that the work be more evenly divided be tween the president and chairman. s There was no let-up in the bull drive on Mexican Petroleum today and this stoca reached 148, a new high for the year. Most of this buying is predicated upon expectations oi a very strong show ing to be made by the forthcoming Mex ican Petroleum and Pai -American re ports, m Directors or Booth Fisheries will meet early next week to decide on a eeneral stockholders' meeting to be called to act upon the authorization of $10,000,000 7 ' per cent refunding debentures. Proceeds of this issue will be used to reduce float lng debts of the company. Officials are confident that the turn has come and that the near future holds considerably i more promise than the performance of the past year or so. ' Sinclair reports bringing: in of two new wells In the Burbank field in Okla homa, with combined production of 2360 barrels a day. Announcement of the Lima Loco new financing plan was not received very favorably by Wall street, and was greet ed with selling which carried the stock ff about 1 point. Market Street Railway's May report how operating revenue of $814,208, which, after taxes, bond interest, but before federal taxes, amounts to $122, 458. Operating income for the first five months of 1922 amounted to $3,681,246, net before bond interest $791,504 and net after bond interest $476,434. Pittsburg repbrts on steel ingot produc tion estimate the present rate at about 39,000,000 tons per annum. This is about 60 per cent above the average rate in 3912 and 1913. and these were the two biggest tonnage years in pre-war times. The further' cuts in railway payrolls was good news to "Wall street, but fell short of general expectations which were - for an annual reduction of about $40, 000,000. It is not believed that any fur ther reduction can be expected in the near future as the next big question is that of the train service men. Executives are not very optimistic over the chances of a wae cut for the operatives, but hope for some relief in the wage bill through changes In working rules. Public rUHty Officials of West ern States to Confer on Prob lem in San Francisco. (Copyright, 1922, by Public Ledger Co. Published by Arrangement.) SAN FRANCISCO, June 17. (Special.) Joint action by the public utility com missions of California, Oregon, Washing ton, Nevada, Utah, Arizona. New Mexico and Texas is sought through the medium of a conference called by the California commission to be held here June 19. All phases of the separation of the Southern Pacific and Central Pacific ays terns, as ordered tn a recent decision of the supreme court, will be discussed. Each state was Invited to send repre sentatlveB from its public utility body to tho meeting. One of the features to be discussed Is whether an appeal should be made to the interstate commerce commission urging that body to exercise its powers, under the transportation act of 1920, for the consolidation of the two systems. The interstate commerce commission has al ready made a preliminary study looking to the grouping of various systems. The effect of a recommendation by such conference as will meet here would be materially to hasten action by the com mission tn unifying the western carriers. Pending the adoption of a complete plan ot consolidation by the interstate commerce commission, the railroads themselves,' It is provided, may consoli date their properties, provided such con solldation is approved by the interstate commerce commission and is In harmony with the commission's own plan. The law provides that consolidat ion so approved and authorized shall be relieved from the operation of the Sherman act and other anti-trust laws. Indications that such action by the commission will prevent the dissolution of the two roads were given in the an nual report submitted to the stockhold ers of the Southern Pacific company by Julius Kruttschnltt, chairman of the ex ecutive committee. The San Francisco chamber of com merce has appointed a state-wide com mittee of 50 men to deal with the results arising from the separation of the Southern Pacific and Central Pacific railroads as decreed by the supreme court. This committee is considering the serious situation now confronting this state as a result of the court decree and is seeking means of reconciling it with the urgent traffic demands of California that the two properties may be lawfully operated as one, as they have been for more than 60 years. So interwoven are all the facilities of the railroads as regards ownership, tracks, shops, terminals and franchise rights, that It is not believed practicable to separate them. It is known now that no separation can be made without great injury to the public service, the chamber contends. Men and Business By Richard Splllane. till LOl ES BEST PAPER 001 Gilt-Edged Securities Rally Under Reduced Rate. GERMANY CAUSES WORRY Immediate Collapse of Industry Is Indicated in Reports That Come From Sweden. Tar adj 5s ... industrial. Allied Packers Us 1939 Amer Agr Ch 7"As 1941 Amer Sm 1st 6s 1947 Amer Tob 7s .......... 1823 Anaconda 6s A ........1929 Anaconda Ts B .1929 Armour cv 7s 1930 do 4V,t 1939 Beaver Board 8s 1933 Beth Steel 7s , 1923 do eq 7s 1935 do ret 5s 1942 Cerro de Pasco 8s 1931 Chile conv 6s A do 7l 1923 Copper Exp 8s . 1923 ao w . . 1924 do 8s . .'. ...1925 Colo P & I ECn 5s 1943 Colo Ind 5s 1934 Cuban-Amer Sug 8s 1931 cuoan can cv 7s . 1030 Diam Match 7 Via 1935 Dupont 7V4s . ..1931 Empire Gas Fue" 6s 1924 Fisk 8s 1941 Gen Elec deb 5s 1925 do 6s 1940 Goodrich 7s 1925 Godyear 8s ...1941 Heinz 7s 1930 Hershey 7s 1930 111 Stei deb a 1940 Ind Steel 5s 1952 Int Agr 5s 1932 Int Marine CT 6s 1941 Kelly Springfield 8s 1931 Kennecott 7s 1930 Business News Notes. PHILADELPHIA, June 17. (Special.) Automobile insurance is booming, an agent says. This condition is a reflec tion of the demand for automobiles. Few companies at this time issue policies naming a definite value in case of loss through theft or fire, as a result of the great number of frauds . committed against the companies. Provision now is made for arbitration in case of a claim, iror the same reason, policies extending full coverage for collisions costs much more than contracts exempt ing, the companies from all claims less than $100. As an indication of the ex tent of fraudulent claims, the agent as , serts that 95 per cent of all losses on which claims have been based occurred within six weeks before the time the insurance expired. Dyestuffs are Improving. One large distributor says: "It looks as if we were on the road to prosperity." This is the first time for several months that this business has shown a real tendency to improve. Supplies are materially bet ter than at any time since the war, with standards also better. In the steadily increasing demand the wool apd worsted trade leads with a call for fast acid and chrome colors. Fast acid colors for silk piece goods are next best. Blacks and blues predominate. Not much is doing in skein silks, except novelties for full-fashioned hosiery, which are ex tremely active. Men's wool and worsted (roods show a tendency to return to the , old standards, such as blues with pin stripes, sun-proof clay worsteds in browns, some solid shades and various fancy stripes, and blacks with pin stripes. Leather- demand is poor, but a slight increase In inquiries is noted. Paper demand is improving. Grain movement was somewhat di minished. Dealers are closing up their pot stocks, getting ready for the new crop. The weather Is favorable and the new crop is likely to come in a little early. Foreign demand continues good. Klour and grain movements last week were: Receipts Flour, 46.334 barrels; wheat, 844.479 busneis; corn, 81.199 bushels; oats, 96.805 bushels; rye, 1196 bushels. Exports Wheat, 468.451 bushels: corn, 249,677 bushels. Sugar receipts for consumption were 164,217 bags; for warehousing, 30.970 bags. Withdrawals wer. 50,867 bags. , PHILADELPHIA, June 17. (Special.) In San Francisco the Industrial, asso ciation has established schools for plas terers and plumbess and, it is under stood intends to have schools for brick layers, steam fitters, carpenters, elec tricians, etc., until It covers all the gen eral trades. Ostensibly the schools are to train a sufficient number of men to meet th shortage of skilled labor. Really it is to break the power of union labor. There have been more applicants for tuition than the heads of the schools would, accept. Out of 75 who answered the first call for schooling- in plastering, 21 passed the test as to weight, height and general health, together with the government test as to Intelligence. Pref erence is given to married men and ex service men anxious to learn a trade. During the training period the pupils are paid $2.50 a day. They are taught by skilled workers. The term of Schooling is 12 weeks, 8 honrs a day, 5& days a week. The course Includes plain and ornamental plaster ing and upon graduation they are put at work on regular jobs where they re ceive somewhat below the regular pay. At the end of one year they areptpected to be graded as Journeymen plasterers. with the departure of the first lot of pupils a new group is taken into the school. In the school for plumbers the task Is about the same but after two weeks of training the pupils go out on jobs helpers or Into the shops of master plumbers for four weeks and again return to the school for higher instruction. Union labor requires three or four years of apprenticeship. The Industrial association says it can make master craftsmen out of its pupils in from year to a year and a half. embers of the industrial association say they have been forced to this action by the impossible conditions imposed upon them by the unions. Construction costs have been so much higher in San Fraiclsco than it Is In any other city on the Pacific coast, they declare that they have suffered seriously, particularly in comparison with Los Angeles, where the undone never have been able to make much headway since the McXamara dynamite outrage of nearly 20 years ago. Material costs - are higher too. the unions insisting that all work ot finish ing and fabricating be done In San Fran cisco. Strikes have been numerous owing to "jurisdictional" differences between unions, and further, it is charged ttlat the al.iiance between unions and political bosses has been as real almost as In the days of Abe" Reuf and Mayor Schmitz. . Industrialists, the nation over, will watch the San Francisco experiment with keen interest. New York and Chi cago have had conditions not dissimilar to San Francisco, while St. Louis has had a great amount of construction work de. layed by reason oX differences between employers and union leaders. This is the first time an organized movement has Been made to overcome one of the strong est features in unionism control of thi numbei , of new workers developed through the apprenticeship channel. No reliable figures are forthcoming as to thecost of maintaining the San Fran Cisco trade schools. An estimate of. the expense of maintaining the plasterers' class is $8000 a year but that is based on the first lot of 21 students. The cos tn relation to plumbers, steamfitters, carpenters, bricklayers, electricians and others no doubt would be higher, es pecially when the school furnishes ma terials and tools free of charge. What ever the cost the declaration is that the industrial association will meet the bill, Whatever the outcome, the San Fran cisco industrialists are to be credited with introducing something new. Man! festly the employers mean to create body of trained workers to draw upon irrespective of union membership union rules. Success partial or full in San Fran Cisco would mean something of the same character in other large cities of America. BY FRANCIS W. HIRST. (Copyright, 1922, by Public Ledger Coni- pany. Published by Arrangement.) LONDON, June 17. (Special.) The unexpectedly" large India government loan depressed gilt-edged securities midweek, but they rallied under the influence of the reduced bank- rate. Stock markets generally have been . heavy since the Paris bankers' decision. Liquidation con tinues on the continental bourses. Swedish reports intimate danger of col lapse of German Industries. They say the trade boom In Germany is over. Large French loan, preparations are de pressing the Paris bourse. The French chamber has voted a naval credit of ioo.uoo.uoo francs, chiefly for commerce destroyers. i The effect of the failure of the bank ers' conference was felt early in the week in foreign exchanges and many conti nental exchanges depreciated in sterling. The Austrian crown collapsed completely and was quoted, at 100,000 to the pound Tuesday, when French francs closed at 51, Belgian at 54 ft and Italian ,lires at 89. Parital recovery followed. 'A lead ing banker here, whose opinion is con firmed by treasury experts, regards the bankers' action at Paris as ground for optimism. Another temporary solution, of the reparation problem is now ex pected Germany's payment of the In stallment has improved sentiment. ' - . ... Reports of the peaceful tendencies of Japanese polltica Indicate the good result ot the Washington conference. Much pessimism has sprung up here about Rus sia; Lenine's Illness causes anxiety. It is felt the people will be in more tur moil if his authority is withdrawn. Leslie Urqhart's appointment to assist The Hague's experts indicates the real anx iety of the 'British government to solve the problem of .Russia for Investors. An English business man, Just, re turned frbm Letvia, reports some ' im provement. Riga municipal bonds, which fell to 13 last year, now are above SO. ... Russian sterling and German currency bonds have been falling until yesterday. The decline In sterling, as compared with the dollar. Is not surprising, with the high tariff and debt interest confronting us in the autumn. Yesterday's reduction In the bank rate had been expected by city experts and was fully Justified by market conditions. The available money exceeds trade requirements. This 3ft per cent rate is the lowest since July. Resumption of work by the engineers will reduce the unemployment roll and increase purchasing power in the home market, besides helping iron and steel production, which is suffering the most of all our great industries. Oversea trade In May was better than in April. Home demand for coal is still poor and stocks are accumulating at Cardiff. Dundee jute is improving. Belfast linen is dull and wages have been reduced. Drapery trades are more active, thanks to the recent hot spell. Farmers would wel come rain. . The Lancashire cotton trade is rather better since Whitsuntide. Blackburn re ports only 12 per cent of looms idle. Wool, leather and shoe manufacturers are good and Leicester is exceptionally busy. Canvas shoes are in great demand this season. Hull reports Increasing activity. Agitation continues among textile man ufacturers against the British official dye ..1923 ..1950 ..1931 ..1951 ..1944 ..1951 ..1944 ..1936 .1930 Lack Steel 5s do 1st 5s Llbby-McN L 7s . Lig & Meyers fie . do 7s ..... Lorrillard 6s ..... do 7s ......... Midvale 5s ..... Morris & Co. 7As Proe Gamble 7s 1923 Republic I & St 5s 1940 Sears Roe 7s 1922 do 7s 1923 Steel A Tube 7s 1951 Swift & Co 7s ....... 1925 do 7s 1931 United Drug 8s , 1941 U S Rubber 1st ret as mti dO 7ftS 1H3U U S Steel sf 5s 1963 Va Chem 5s 1923 Va Car Chem 7ft 1932 Western Electric 6s 1922 West U T col tr 5s 1938 Western Union 6fts 1936 Wilson 1st 6s in Stocks Bid. monopoly, which has just reported more i A sKa steamsnip si II lUlfllVtn In last voar'a nnor. ! A laSKft faCKerS 141 Albers Bros . . . :I0 than 1,000,000 loss In last year's oper ations. The protectionist coalition Is pressing the government successfully for 'safeguarding the tarut on laoncs, gloves and glassware. Means of relieving tne distressed ruD- ber plantations are being discussed by Malay and far eastern planters with the British and- Dutch governments. .They plead for restriction on output and mon opoly prices. The protectionist tariff for Indian has causea an enormous increase machinery imports for cotton, jute and other mills, also electrical machinery and boilers. The heavy European demand for naval stores has eased off and the turpentine market has declined. Factors say a gradual decline may be expected during th. next two months. Rosin is bolitlm no well. Good demand is noted from the ( Dried Fruit at New York. paint industry. Soap, linoleum and : NEW YORK, June 17. Evaporated .par trade ax showing improvement apple dull. Prune steady. Peaches ' Naval Stores, SAVANNAH, Ga., June 17. Turpen tine Firm; $1.021.03; sales. 307 bar- rels; receipts, 237; shipments, 195; stock, 1084. Rosin Firm; sales, 347 barrels; ceipts, 827; shipments, 461; stock, 66.493. Quote: B, $4.40; D, $4.60; E. $4.80; F, $4.90; G, $4.95; H, $5.00; I, $5.05; K, $5.35; M, $5.45; N, $o.7S; WG, $8.40 WW, $.0. 88 . 2 112ft 100 ft 1024 104 90 65 104 ft 102 ft 82 ft 118ft eo 105 101ft 102 ft 103 ft 90 ft 76 ft 106 84ft 108 107ft 100 ft 106 100 ft 105 ft 100 115ft 103 ft 102 ft 90 89 ft 78 ft 85 ft ' 107ft 104 ft iwo 88 ft - 99ft 96 ft llBft 94 ft 113ft 89 ft 104ft 101 94 ft 100 ft 101 100 ft 101ft 102ft 109 ft 89 107ft 102 100 105 ft 100 ft 99 ft 109 ft , 97 ft 92 ft 108ft 107 MEXICAN BONDS STRONG BAXKERSV AGREEMENT HAS EFFECT ON MARKET. Demand -for Iilbertis Continues Good and Fourth 4&s Reach New High Price Mark. " , ,600 Martin & P.... Nat Enamel.;.. Nat Lead ' 500 Nevada Con.... 1,200 New Haven ... 2,000 -.S1 46ft ' 48 , 4ft 91 MOft 01 16ft 16 16ft 27 ft 27 27 ft Nor & w .. 100 105ft 105ft 105ft Nor Pac 800 74 ft 74 73 ft Nova Sco Steel 31 N Y Air Brake 75 N Y Cent 1,100 88 88ft 88ft Nor Amn 61 Okla Prod ref... 3,200 3ft 3ft 3ft Out Silver 8 Ont & W.t 900 24 23ft 23-ft Otis Steel 300 12 12 lift Pacific Dev ... 00 8ft 8ft ft Pac Gas & Elec 69ft do cv 6s 1928 Western Blectrio 7s 1925 Westlnghouse 7s 1931 Public utilities - Am Lt & Tran 6s 1925 106ft Am Tel coll 5s .....1946 97 do 6s : 1925 H4ft Bell Tel of Pa 7s 1945 107ft B R T 5s 1945 60 ft Cat Gas uni 5s 1937 88 ft Cities Service 7s B 1966 113ft do 7s C ,1966 VS do 7s D 1966 ' 91 Con Gas cv 7s 1925 115 ft Int R T ref 5s 19 67 Laclede Gas 7s 1930 100ft Mont Power 5s A ...1943 96ft Northwest Tel 7s 1941 10ft Pacific Telephone 5s 1937 96ft Pacific Gas 6s 1942 89ft Oil bonds Anglo Am 7fts 1925 103ft Atlantic Ref 6fts 1931 103ft Galena S Oil 7s 1930 104 Gulf OH 7s 1933 104 ft Humble 7s .' 1923 101ft Pan American 7s 1930 101 ft Mexican Pet cv 8s ,.1036 107 ft Sinclair 7s 1825 104ft S O Cll Js 1931 105 S O N Y 7s 1931 109 Texas Co 7s 1923 101ft Tidewater Oil 6fts 1931 102ft Foreign government bonds Argentine 2d 7s 1923 100 do G I 5s 1945 86 Belgium 8s ...1940 107ft Bergen 8s 1945 107ft Berne 8s 1945 110 Copenhagen 5fts ; 1944 92 Danish Consol Ss.... 1946 110ft French Cities 8s 1934 . 85 ft Italy 6fts A 1925 95ft Swedish Govt 6s..' 1939 102 V S Mex 4s.w... 1954 33ft do ext 6s. 1945 64 Zurich 8s 1945 11 lft French Internal 4s. 1917 64 do Victory 5s 1920 67ft Pelerlan Restoration 5s 74 British 2ft Consols 49ft Italian cons war loan 0 41 Curb bonds , Allied Packers 6s 83 Amer Tel & Tel 6s 1922 100 do ..i 1024 101 ft Anaconda copper tis 100 do 7s li2 Anglo-Amer Oil 7fts 103ft Armour & Co 7s 103 ft Bethlehem Steel 7s 1835 102ft liaiena signal oil is 104 Grand Trunk6fts-. ,'. 105ft Gulf Oil Co 7s ... 103 Humble Oil 7s 101ft L.1DDV, McNeill t LlOby is... So West Tel 7s i 102 ft Standard Oil N X Bfts. 1933 107 do Is 1826 105 ft Swift & Co 7s 1925 101ft do 1931 102ft Texas CO is JNotes 101 Vacuum Oil 7s 107 Pacific Northwest Stocks and Bonds. Quotations on leading stocks and bonds of the Pacific northwest, furnished by joraan-wentwortn & co. or Portland. New York Bonds. Furnished by Jordan, Wentworth Co., of Portland. Railroad bonds Atch gen 4s 1995 A C L 4s 1952 do 7s 1930 B O Gold 4s 1948 B O con 4fts CT 1933 do ref 5 .......199o Canada Southern 5s 1962 Canadian Nor 6fta 1946 Centralacific 1st 4s ...1949 Ches Ac Ohio cv 4fts 1930 do gen 4fts 1992 do cv do con 5s ....... C B & Q 111 div 4s. C & West Ind 4s... C G & W 4s . C M & St P 4s.... do cv 4fts do deb 4s ....... do gen 4s A . .. . do cv os 1946 1939 1949 1952 1959 1925 1932 1934 1899 ..2014 do gen and ref 4ft A 2014 C & N W gen 4s 19S7 do 6fts ....1836 do 7s 1030 C R I P ref 4s 1934 Col Southern rf ex 4fts 1935 do 4S 1929 Del & Hudson cv 6s 1935 do 7s 1930 D & R G cv 4 1936 do ref 5s 1955 Erie P L 4s 1996 do con 4s A ...1953 do B 1953 do D 1953 Erie Pa C G 4s 1951 Grand Trunk eq 6fts 1936 Great Northern 4fts 1961 do 7S 1938 Gt Trunk 6s 1936 do 7s 1940 Illinois Central jt 5s 1963 ao rer 4s 1955 K O Southern ref 5s ...1950 Keo & Des M 1st 5s 1923 L S & il S 4s 1931 L & N 7s -....,....-..1(130 do uni 4s 1940 S C 7s' Na Ed TWO BONDS ..i MStP&SSM6fts 1946 MK.&T4S 1990 M P gen 4s ..1975 do ref 5s . .j 1923 do ref 5s lfi-jti NYCdeb4s 1934 ao con la . . ... ............. 1998 dorefimp4fts 2013 do cv deb 6s 1935 do coll 7s i 1930 N Y N H & H cv 6s i ..1948 NO Tex i Mex 5s 1935 N P PL 4s )i)7 do 6s 2047 doGtNorJt6fts u36 O S L ref 4s 1929 Penna6fts 1936 dogen4fts -1965 do4fts i960 do gen 5s 1968 do 7s ...,1930 do6fts 1936 Reading gen 4s 1997 S A L 4s K150 do 5s 1949 do 6s A 1945 Sou Ry con 5s 1994 So Pac cv 4s 1929 do'ref 4s 1929 do ref 4s 1955 do st term 4s 1950 do conv 09 1934 St L & S F PL 4s A do gen 5s ... do PL 5s B .. do gen 6s ... do adj 6s do inc 6s .... St L S W 1st 6s do con 4k .... do 1st 4s . . . . Tex Pac 1st 5s Un Pac 1st 4s ..1950 ..1931 ...1950 ..1931 ...1955 ..I960 ...1952 ...1932 ...1989 ...2000 .1947 do cv 4s 1927 do ref 4fl do 6s Un Tank 7s ... Wabash 1st 5s , do 2d 5s .... West Pac-5s .. M K & T adj 5s Otla ttteol s. 2008 1928 1930 .....1839 1939 1846 S9ft 88 ft 106 ft 80 ft 82 ft 86ft 98 ft 112ft. 112-ft 86 ft 87 ft 87 ft 91ft 101 81 73ft 61ft - 78 ft 68 61 74 74ft 62 86 ft 110ft 106 81ft 87 ft 92 ft 95 ft 108 ft 77 ft 47 04ft 49 ft 49 ft 52 89 ft 105ft, 105 ft 109 ft 103 ft 113ft 92 ft 88 ft 86 89ft 91ft 106 ft 90 ft 82 ft 'loift 79 ft 62ft 100 96 88 88 ft 86ft 102ft 105 ft 80 71ft 86 ft 106 ft 106ft 90 109 91ft 86 ft 99 ft 109 ft 108 ft 83 58ft 25 ft 57 95 91ft 91ft 87ft 82 ft 101 71ft 87ft 85ft 103ft 77 68ft 79 ft 73ft 79 84 Mft 94 ft 86 ft 103 ft 1024 97 ft co 87 ft 65ft 101ft do Df d 80 American Securities 35 American Nitrogen oo pia ; Aero Alarm lft do pfd 80 Bank of California N A 207 Bankers Mortgage Corp California-Oregon Gas 3 do pra Coast Tire & Rubber 4ft Crown Will Pulp & Paper. .400 do pra 98 Federal Telegraph Oft First Nat Bank of Portland. 150 Fisher Flour Mills pfd -95 Foster & Kleiser pfd 77 Futrell Coupler 30 Gen Petroleum 123ft do pfd Goodyear Tir & Rub Cal pfd 81 Great Western Livestock... .. do Pfd Harvey Rim & Wheel 70 Hawley Pulp A Paper 400 Hecia Mining eft Hirst-Chicagoff Mining 40 Idaho Gold & Ruby Mln 23 Johnston Piston & Ring... 2 Northwestern Electric .. 13 ft do 6s pfd 75 do 7s pfd Northwestern Finance Units 40 New World Life Insurance.. 10ft uwi urug tv Ask. 85 40 . 82 ft OO 12 25 2 84 6 90 5ft 100 6ft 98 S3 .50 123 ft 100 So 20 90 .90 'oft .60 ' .27 4 NEW YORK, June 17. Like the stock list, today's bond market owed much of it avotivlty to the agreement reached between Mexico' fiscal representatives and the international bankers' com mittee. Mexican government 4 and Ss made addition to yesterday's sudden recovery, but these were canceled in part on the evident desire to take profit. There was some trading in issues of the National Railway of Mexico, out cnanges in uutv quarter were not impressive. The demand for liberty bonds wa con- tinned, the fourth 4fts scoring a new high at 100.14. Final quotations in that group, however, showed nominal gains and losses. Changes among the speculative rail. Industrials and utilities were narrow, transportations again inclining to ease because of impending labor difficulties. LADrHnff Kurtmean loans showed fur ther dullness and uncertainty, although holding well considering the renewed heaviness of most foreign exchanges. Total bond sales, par value, aggregated $8,649,000. Stock market prices rose ana isn m bewildering confusion during the day s short session. The net result, however, showed a number of substantial gains. Announcement overnight or tne sign ing of an agreement for reorganization nf MpTicn's foreizn debt was a strong sentimental factor as indicated by the further strength of Mexican retroieum and affiliated stocks. Realizing for profits and short sell fner nf motors and eauiDments and mis cellaneous specialties checked the ad- vane temoorarlly and effected fresh un settlement. This was overcome before the close On renewed buying of Mexicans and a sudden uprush in price of inde pendent steels, several of the prominent automobile issue ana reus, -ine tatter, especially coalers, showed restraint, how ever, in connection with latest aspect of the labor situation. Among the few distinctly heavy issues was Lima Locomotive, traaers onenng that stock on news of the company's plan of recapitalization. Its trend was a striking contrast to tnat 01 tne isaia win Locomotive and other popular equip ments. Sales amounted to 500,000 shares. Foreign exchanges again were . unset tled. - brokers reporting an increase of selling nrdem on London. Paris and Am sterdam. Demand sterling at was 5 cents below the week's highest quotation. The French rate forfeited another 8 points and recessions among neutrals, particularly Dutch and Scan dinavian bills, ranged from 7 to 10 points. In keeping with forecasts, actual loans and discounts of the clearing house dis closed another expansion, lifting the total of that account to slightly -more than $4,800,000,000, the year's high rec ord. Net demand deposits showed a gain of about $123,000,000 and a cash in crease of $32,400,000 expanded actual excess reserves to almost $64,000,000. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland: Sales. High. Lovr. Adams Express. 100 62ft 62ft Advance Rum do pfd Agr Chem 1,000 39 ft 38 Ajax Rubber 600 14ft 14ft Alaska Gold v Aiasaa Juneau Allied Chem 400 -67ft 67ft Allis-Chalmers 46ft ao pia ..... 96 Am Beet Sugar. ..... "42ft Am Bosch 41 Am Can Co 900 45ft 45ft 45ft do pfd..- 100 103 103 102ft AmCarAFdy.. 100 159 159 159ft do pfd 100 119 119 118 ft Am Cot Oil 25 do pfd .... 53 Am Drug Synd 5ft Am Hide & Lea 100 14 14 13ft do pfd r 100 69 69 7 Am Ice 300 103 ft 103 ft 103 ft Am Intl Corp... 800 41ft 40ft .4-1 Am Linseed .... 300 83ft 33 33ft do pfd 52 Am Loco 100 110 110 109 do pfd 115 Am Saf Razor.. 100 6ft 6ft 6ft Am Ship & Com 900 19 18ft 18 Am Smelter .... 1,600 58ft 57ft 57 do pfd 96 ft Am Snuff : 128 Am Steel Fdy... .400 35ft 35 ft 35ft Am Sugar 500 76 75 ft 78 do pfd ; 105 ' Am Sumatra ... 300 S6ft 36ft 36 Am Tel & Tel.. 1,400 122ft 122ft 122ft Am Tobacco ... 200 138 137 138 do "B" 135 ft Am wool l,dVU 58 81 ft -do pfd do P pfd ? Am Zlns 100 16ft 16ft Anaconda . 2,600' 51 Soft 47 57ft 68 63ft 41ft 81ft 29 ft 30 52 ft 19ft ' 8ft 61ft 35 ft 46ft 66 ft . 68ft 62 ft 41 81ft 29 30 ft 51ft 19 ' 8 61 34 ft Punta Allegre.. 800 Pacific Oil 8,100 Pan Amn Oil... 11.900 do "B" 3,800 Penna 1,300 Peo Gas 200 Pere Marquette. 800 Pure Oil 1,000 Phillips Pete... 1,100 Pierce Arrow... 2,300 Pierce Oil 1,000 Pitts Coal 1,000 Pitts & W Va.. 1.500 ao pra Pullman 200 117ft 117 Ray Cons , 400 16ft 16ft iteaaing 300 Remington 200 Replogle Steel.. 700 Rep I & 6 4,500 do pfd Rep Motors . . . 3.300 Royal D OH 3.800 Ry Steel Spg ... 100 Stand O Ken Sears Roebuck . . 200 Shattuck, Ariz.. Shell T & T Sinclair 11.800 Stand Oil Ind do N J 400 185 Sloss Sheffield.. 200 41 South Pacific .. 4.600 88ft Southern Rwy . 1,700 22 ft Stand Oil Cal.. 2,000 105 SL L & S F 400 25 BiromDerg carD. 3U0 4f 46 ft 66 ft 67 ft 63 I 41 1 81ft 29 ft 80 51ft 19 ft 8 61 34 ft 87 ft 117 16ft 72 32 32 69 ft 89 10 ft 58 ft 99 83 ft 74 9ft .... 40 32ft 33 . 108ft 106 108 ft 183 ft 184 41 41 87ft 87ft 22 22ft 103ft 104ft 25ft 25ft 40 47 72ft 32 32 69 "io'ft 58 88 93 ft 74ft 3314 7: 32 31 66ft io'ft 57 89 83ft 74 ft Studebaker ....20,000 1 22ft 120ft 122 Swift & Co 100 ft 100 Tenn Cop & Che 200 10 10 1 exas ju ...... e.uou 300 1,000 700 4,100 1,800 47 ft 2 a 2714 78 ft 15 22 Texas Pacific Texas, P C & O Tobacco Prod . Trans Cont Oil Union Oil Del. Union Pac ... United Alloy ... 100 36 United Drug ... 100 74ft United Fd Pro . 1,200 Oft United Fruit ... 300 137ft Union B & P ... 100 62ft U S C I Pipe . . . 700 28 United Red Sts 3,500 63ft u s ina Aiconoi 3,390 61 ft 46ft 24ft 26ft 77 14 21 100 10ft 40 24 ft 26 7S 14 21ft 600 135 135 135ft 36 74ft 9ft 137 62 ft 27 62 61 69 38 74 ft Bft 137 ft 62 ft 28 63 ft 61ft 58 ft U 8 Rubber .... 800 59ft do 1st pfd ... 100 104ft 104ft 104ft TJ S Smelling 40ft U S Steel 13.200 98 97 ft 98 ft do pfd 800 119 ft 118 119 Utah Copper .. 600 62ft 62ft 62 Va Chem 100 31 81 81 Vanadium Steel 1,300 45 43ft 44ft Vivaudou 300 12 12ft 12 Wabash 800 lift lift lift do A pfd 600 281i 27?t 28 do B pfd 19 ft Wells Farsro Western Pacific do pfd 200 19 19 77 19 60 Western Union 97ft Bid. 62 ft 16ft 43 39 14 ft ft lft 67ft Oregon Life Insurance . . . .1000 Pacific Coast Co 12 -do pfd 91 Pacific Coast Biscuit 115 Pacific Portland Cement ... 87ft Pac Tel & Tel 55 do pfd ..i i 89 Portland Gas & Coke 7s pfd 90 Portland Ry L & P 16ft do 6s 1st pfd 52 do 6e 2d pfd 34 Portland Vegetable Oil 80 pacific Securities Units .... Puget Sound P 4 L 38 do 6s pfd 91 do 7s pfd 102 . Refrigerator Car 20 Reld Bros 80 do pfd : 87 Santa Cruz Portland Cement 90 .75 47 91 75 . . 90 15 85 86 60 12 16 94 130 90 02ft 37 63 08 150. 43 84 104 25 95 93 01 1.50 55 95 85 5 40 90 100 188 102 87 ft 106 ?69 50 110 97 Westing A B Westing E & If 800 59 ft West Md 200 10 White Motors .. 400 48 Willys-Overland. 100 8ft do Pfd 100 42 V. wuson racKing 39 Wisconsin cent 27 Woolworth 157 Worth Pump ... 700 49 48ft 48 w u rv 4U0 13 White Oil 400 8ft White Eagle Oil 200 25 59 ft 10 48 8 42 ft 12 8 25 ft 92 69ft 10ft 48 ft 8 42 ft 12 ft 8ft 25ft Liberty Bond Quotations. Liberty bond and victory note quota tions furnished by the Overbeck & Cooke company 01 rortiand: Open. High. Low. Bid. Liberty, 3fts... 100.18 100.18 100.08 100.08 do 1st 4s 100.00 do, 2d 4s .' 99.84 do 1st 4fts.. 100.20 100.26 100.12 100.14 do, 2d 4fts.. 99.96 100.00 99.96 99.M do, 3d 4fts.. 100.04 100.08 100.04 100.04 do, 4th 4fts. 100.04 100.14' 100.04 100.08 Victory, 4s... 100.56 100.36 100.54 100.54 do 3s 89.96 Money, Silver, Etc. NEW YORK, June 17. Foreign bar silver, 71c. Mexican dollars, 54ftc LONDON, June 17. Bar silver, 36d per ounce. Money, lft per cent. Discount rates, short bills. 2 7-16 per cent; three montns". 01113, per cent-. Swift & Co. Stock. Closing prices of bwift & Co. stocks at Chicago were reported by the Overbeck & Cooke, company of Portland as follows: Swift & Co 100 National Leather 2 do new 8ft Swift International 19 Libby. McNeill & Llbby 2ft Boston Alining Stocks. BOSTON, June 17. Mining closed as follows: allouez 26 North Butte.. Ariz Com..... 9ft Old Dominion Cal & Ariz... 60ft Osceola. ... ,'u. 33 uai 6c necia.. ztv iiuincy.. 10 ibuperior 42 S & Bos Min. Assd Oil Atchison 300 98ft 87 do pfd 81 Atl Gulf & W X 1,200 86 35 35 Baldwin Loco .. 7,400 111 109 110 ft do pfd Ill Balto & Ohio.. 700 46ft 46ft 46 do pfd 60 Barnsdell Corp.. 600 37 85ft 35ft Beth Steel "B". 4,400 74ft 72 74 Booth Fish .... 400 8ft 8 8 B R T 2,100 25 24ft 24 Butte OA Z... 100 7 7 7 Butte & Sup..,. 100 27 - 27 27 Burns Bros 200 130 ft 129 ft 128 Caddo Oil lift Calif Packing 74 ft Calif Pet 1,000 60 ft 59 ft 68 do pfd 500 135 ft 135 600 36ft 36ft 4UO 800 500 300 100 1,700 Centennial. . . Cop R Con Co B Butte C M. Franklin Isle Roy (Cop) uaice copper. 12ft 44 ft 4ft 1 10 Shannon 85 Utah Con. Winona. 3 1 Mohawk 63 1 4ft Wolverine lift Canadian Pac ... Cen Leather . . . Cerro de Pasco. Chandler Motor. . Chgo & N W.... Chi Gt W do pfd Chili Cop. Sound Rubber Sperry Flour Mills do pfd ... j Superior Portland Cement. Tacoma Gas & Fuel do 7s pfd Tum-A-Lum Lumber 8s . do 8s pfd Union Oil of California 1S7 Washington Water f ower. . 98 Western Meat 35 - West States Life Ins.. 14ft Weyerhaeuser Timber 350 . 400 Zellerbach Paper 70 '. 85 do pfd 91 96 Bonds Asso Oil 1st mtg 5s, 1922... 99 Cal & Oregon Power 6s . 94 85 ft Federal Tele 8s 1923-27 . . 98 Gen Petroleum 1st mtg 7s.. 102 ft 103 Home T & T of Spok 5s, 1938 82 94 N W Elec 1st 6s, 1935 83 88 Ore & Cal 1st 5s, 1927 88 89ft Oregon Electric 5s, 1933 40 50 do 1637 75 80 Oregon R R ft Nav 4s, 1946. 74 75 Oregon Short Line 4s, 1929. 78 79ft do cons 5s, 1946 88 ft do 1st 6s, 1922 99ft 99 O-W R R & N 1st 4s 1961. 69 71 Pac Tel & Tel 5s, 1937 96 '. . Port Ga & Coke 1st 5s, 1940 76 78 do 1st 7s, 1940 91 95 Port Flour Mills 8s. 1938: .... 100 Port Gen Elec 5s, 19.15...... S3 84 Port Ry Co 1st 5s, 1930 68 73 P R L & P conv as, 1942... 69 70 do 7ftB A. 1946 90 , 95 Southern Pacific 4s. 1955... 87 ft do 20-year 4s. 1929 . .. 91 ft So Pac-Cent Pac col 4s, 1949 83 ft 86 ft Sperry Fir Mills 1st 6s. 1934. 97 ft 97 Stand OH of Cal 7s notes. ..105 105ft Union OH of Cal 5s, 1931 94 95ft do 6s 101 101ft Wash-Ida W L & P 6s. 1941 35 45 Chicago Potato Market. CHICAGO, lune 17. Potatoes very weak; receipts 34 oars; total United States shipments, 568 cars; southern sacked Bliss Triumphs, $2.502.75 cwt.; Spaulding Rose, 1 $22.25 cwt.; long whites, $1.702 cwt; North Carolina Irish Cobblers, stave barrels, $4.654.85; Norfolk section Virginia Cobblers, stave barrels, $4.505.25; old stock steady; Wisconsin, Michigan, sacked round whites. $1.902.10 cwt. . - Cotton Market. NEW YORK, vTune 17. Cototn futures opened steady. July, 21.85c; October. 21.80c; December, 21.65c; January, 21.64c; March, 21.40c. Cotton futures closed steady. July, 22.04c; October, 21.98c; December, 21.76c; 'January. 21.60c; March, 21.46c. Spot cotton-ateady. Middling. 23.65c 35 ft 72 72 8 19 ft 19 28 24 ft 39 63 ft 63ft 29 35 ft 72 72ft 8 19ft 19 ft 28 24 ft 38 ft 62ft 62ft 28 ft 95 135 86ft 35 72ft 72 8 19 ft 19 28 24 ft 38 63 ft 62 29 44 . 83ft 4 Chino 1,700 C M St P 500 do pfd 900 Coco Cola 1.300 C & O 1,400 Colo F 1 400 Colo southern Colo Gas & Elec 400 83 83U Columbia Graph 3,800 4ft 4 Con Gas 700 116 115ft 115ft wiia iiGiia. . . . ouw dl at do pfd 70 Contl Can 100 64 84 64 Cities Svc Bnkrs , 22 Corn Prod 1,000 102 100 101 do pfd luu, Cosden Oil 5,200 47 ft 46ft 46 C R I & P 6,700 39 ft 89 39 ft do "A" pra.. 100 92ft 82ft ,82 do "B" pfd... 400 78 78 78 Crucible 4,800 7J 67 70 ft do pfd 88 Cuba Cane 800 16 15 16 do pfd 1,000 34 33 Cuban Am Sugar 800 23 23 ft 23 uni oe nuusuu.. ii?u 14 . i2 fc izl Lome- juines.... ouu . Del & Lack 100 122 1,100 45 900 500 2,100 2.100 . 78 Fed Min & Smelt n ao pra 45 Davison Chem. Endi Johnson.. Erie do 1st pfd . . . Elec Stor Bat. . Famous Players. 78ft 14ft 21ft 41 28 122 44 78 ft 13 21ft 40 ft 78ft 28 122 44 78 ft 13 21ft 40 78 3,100 15 ft 14 58 38 '29" 38ft 75 30ft 73 ongSte, Fisk Tire.... Gaston Wms. Gen Cigars Gen Elec Gen Motor 9,400 14 do 6 Gen Asphalt 3,800 Goodrich 300 Glidden Paint.. .v Granby 100 Great Nor Ore.. 1.600 do pfd 700 Greene Cananea. 100 Gulf Steel 2.200 Glen Alden Houston Oil 600 ..73 ft Huoo Motor..... 400 19 Iiis Cent 300 103 103M. 10314 Inspiration 200 39ft 39ft 3ft Int Ag Corp com 10 ft do pfd 80 ft Interboro 1,200 lft lft lft do pfd 400 . 3 3 3 Interstate Call..i 900 8 8ft Bft Int Harv 101 Int Merc" Marine BOO 18 17ft 17 do pfd 1,700 72ft 71ft 71ft Int Nickel...-...; 800 16 16 16ft Int Paper 300 46 45 45 ao pta us 13 '67ft 38 ft 'in" 38 75ft 30 ft 70 ft '73"' 19 ft Foreign Bonds. Furnished by the Overbeck company of Portland: Belgian prem 5s do 7fts 1945 do 8s , 1941 do 6s 1925 Brazil 8s 1941 British 5s 1922 do 5s 1927 do 5s 1929 do vky 4s . do ref 4s Bordeaux 6s 1934 Canadian 5s .... 1937 do 5s 1826 do 5fts 1929 do 5s 1931 .do 5fts 1927 Chinese 5s 1951 Chilean Ss 1841 Denmark 8s 1945 Dan Muni 8s 1945 French 4s 1917 do 5s 1921 do 5s 1!31 do 7fts 1941 do 8s 1945 German W L 5s Berlin 4s Hamburg 4s .... do 4fts Leipslg 4fts do 58 .... Munich 4s .... do 5s Frankfort 4s Italian 5s 1918 Japanese 4s 1931 do 1st 4fts 1925 do 2d 4ft 1925 Norway 8 1940 Russian 5ft 1921 do 5fts 1926 do 6fts : 1919 Swiss 5fts t . 1929 do 8s 1940 Sao Paulo Ss 1921 U K 5ft s 1922 do 5fts 1029 do 5fts ..: 1937 Bid. 76 108 106 102 104 92 93 94 78 76 ' 85 ft 98 99 100 98 99 54 104 110 110ft 64 ft 79 67 100 103 ft 2ft 2ft 3ft Sft 3ft 8 3ft 3 4 , 78 91 90 110ft 18 4 18 101ft 117ft 102 108 108 102 ft Cooke Ask. 78 108 ft 106 102 ft 105 84 96 87 82 78 86 99 ft 99 ft 1' 99 100 55 105 110 111 56 82 69 101 103 3ft Sft 4 4 4ft 4 4ft 4 4 41ft 77ft 91 ft 80ft 111ft 21 5 22 102 ft 118 103 109 109 102 14 ft 74 163 13 81 58ft 38 15 . 28 88 ft 75ft 30 ft 73 ft 51. .4 19 ft Invincible Oil..; 4.100 15 Island Oil 1,400 . lft Jewel Tea 200 17 ft K C Southern... 300 24 do pfd Kelly-Spgfd 2.100 45ft Kennecott ...... 1,500 33ft Keystone Tire.. 3,100 15 Lack Steel 200 73 Lee Tire 200 - 29 ft Lehigh Valley. . 800 61 Lorillard - L. . Iowe Theaters. ...i . Maxwell'- M " "A" 3". 000 '65ft do "B" 3,000 23 May Stores Mex Pet 45.300 148 Miami 300 28 ft Mid States Oil.. 2,200 1 3 Midvale Steel. .12,800 33 M K T & T Wl 200 17 do Pfd Mont Power Mont. Ward ... 200 20ft Mo Pac 1,400 20ft do . pfd. 1,300 51ft MStP&SSM H&riaad 11.10,360 45ft 15 1 17 ft 23 66 ft 44 ft 33 14 71 . 28 61 V. 150 15 117 04 23 112ft 144 ft 145 28 "4 28 15 lft 17ft 23 'ii" 32 . 14 ft 70 28 61ft 63ft 23 13ft 31 16 20 19 ft 50 '44ft 13 33 ft 17 38 68ft 20 19 50 58 Standard Oil Stocks. Standard Oil stocks furnished by Over. beck & Cooke company of Portland: Bid. Asked. Anglo 20 ft 20 Borne scrysmer 393 430 Buckeye 81 93 Cheesebrough 185 195 do pfd 110 112 Continental 336 142 Crescent 34 Cumberland 130 Eureka .' 80 Galena com 57 do Old pfd 108 do New pfd 1 .100 Illinois Pipe 170 Indiana Pipe 90 National Transit 27 N. Y. Transit .170 Northern Pipe .. 98 Ohio Oil 290 International Pete 22ft Penn Mex : 35 Prairie Oil ...585 do Pipe 258 Solar Refg 45 Southern Pipe ... 90 South Penn Oll 215 S. W. Penn Oil 60 S. O. Ind .-108 ft do Kansas 540 do Kentucky 93 ft do N. Y. 407 do Ohio 450 00 Pta in Swan & Finch. . . Vacuum Washington .... S. O. Nebraska . Imperial Oil ... 34 . ..405 ... 23 .i.180 ...109 140 94 59 111 104 175 93 28 175 101 300 22 ft 37 600 262 50 95 220 64 108 ooo 93 412 460 119 38 410 27 190 111 SPERRY FLOUR COMPANY - FIRST MORTGAGE 6 GOLD BONDS v The holders of this issue of Sperry Flour Company Bonds receive a yield of 6.10'' on their investment Our satisfactory investigation of this Company, careful analysis of the business, and the provisions of the Bond issue, has preceded our recommendation of this Bond as an investment for your funds. It will pay you to send for full information today. This ad carries a blank for your convenience. Fill it buf and send it in. BLYTH, WITTER & CO. Fourth and Stark, Portland Please send information about Sperry Flour Co. Bond Issue. Name . . .,. . . .V. .......... Address . .-.-. i : : . ; : : Scarce as hen's teeth are good municipal bonds yielding over 5 WE bought the $422,500 bonds of the Logan Ir rigation District in Logan County, Colo., be cause a thorough and expert survey of the territory and financial history of the district convinced us that' the bonds offer an exceptional investment. These bonds are exempt from Federal Income Tax Maturities range from one to nine years. Prices from 98.30 to 99.76, according to maturity, to yield 6.25 By. means of our Partial Payment plan yon may reserve any amount and take advantage of present prices and yield. ' Wire or phone orders "Colled" , Freeman, Smith a camp Co. Lumber mens Bldo.. Portland FIFTH ffilllliX PH0NE STARK SpP 5740 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: Country Foreign Unit. Cheques. Austria, kronen . . . $.000125 Belgium, francs .0832 Bulgaria, leva .00fi0 Caecho-Slovakia. kronen ....... .0195 - Denmark, kroner 21 60 England, pound sterling 4.4525 Finland, flnmark 0220 France, francs 0870 Germany, marks 3225 Greece, drachmas 0407 Holland, guilders .8880 iiU2itaxy kronen M . Hu. . .0013 Tl.lv Urn U4'JD Jugo-Slavla, kronen 0040 Norway, Kroner ;; Portugal, escudos 0840 Roumania. lei 0070 Sarbia, dlnara , OloO Spain, pesetas .15t5 Sweden, kroner 2U02 Switzerland, francs 1005 China-Hongkong, local currency .5850 Shanghai, taels Japan, yen 4Hou NEW YORK. June 17. Foreign ex change weak. Great Britain, demand J4.43V4: cables. 4.43; 60-day bills on banks, J4.4094. France, demand, 8.68iAc: rabies. 8.67c. Italy, demand, 4.930 cables, 4 94c Belgium, demand, 8.20ttc; cables! ',30c. Holland, demand, 38.70c; cables, 38.75c. Norway, aemanu, ji.uou. Sweden, demand, 23.73c. uenmara. ue- niand, 21.53c. Switserland, demand, ikoSiv Snain. demand, io.ooc. urrece, demand, 4.00c. Poland, demand, .02c. C7echo-Slovakia, demand. 1.92c. Argen tine, demand, so.izc. xsraaii, 13.87c. Montreal, 99tte. riosln rates were: jprance, aemanu. 8 (.3c; cables, 8.6314c. Italy, demand. 4.88c; cableB, 4.88c. WEAK ACCOUNTS ARE CLOSED OCT rassing of Paper Profits Made on Kiie Earl)' in Tear. lwir-nr vnRK. June 17. The further downward trend of prices on the. stock A ., tfeu -week, amounting at times to serious depression, indicated more than an accession of oeansn, lunuences. Extreme losses of 5 to 10 Points in many standard shares and considerably more in speculative issue suggested urgent liquidation and the passing of paper profits made in ,ine ns iuo first of the year. Moderate rallies in me nimi wiuu, with Mexicans leading, resulted almost entirely from the announcement of an rOT-mpnt for adjustment of Mexico'J exterral obligations. The attemuaea Diniiu iu c. SpeClUiUBB, 1 j - closing out of margined accounts, soundej the deatn Kneu or many iiuuio uu an effective quietus upon the operations o venturesome inuiviuuai na.ui. Industrials and miscellaneous stocks n.at hn, the decline embraced numerous junior or low-priced rails which rad won temporary uvu, their speculative possibilities. Shorts used the mora ominous aspects of the labor situation 10 acceiei am iu in action. ' ' Better class rails suffered compara tively little serious pressure, but the weakness of shippings reflected condi tions in the American merchant marine. Reduction of the Bank of England rate with concurrent action by affiliated banks in the far east astonished financiers. Regardless of the favorable trend of British trade, edemand sterling lost al most 8 cents on the week. Allied re mittances were distinctly heavy. The rate of practically all neutrals of north ern Europe reacted1 sharply and extreme weakness was displayed by the lesser currencies, notably, Greece and Austis- CURKENT BCTING BROAD, ACTIVE Business Contrasts' Sharply With Con ditions of Year Ago. NEW YORK, June 17. Dun's Review said : "Existing business conditions contrast sharply with those of a year ago. In stead of the depressed demands of the earlier period, current Buying in various lines reflects breadth ana activity, ana Drice advances, rather than declines. now predominate. "Less is heard at present than was the case last year of the quieting influence of the near approach of the summer, because there is more work to be ac complished and it is significant that the question as to whether business has im proved has changed to discussion of the extent and scope of the revival. "While the recovery has actually been in progress for many months, lt had come so slowly and Irregularly in dif ferent quarters as not to be widely no ticed and some unsatiaiacory phase had raised doubts as to the character of the forward movement. v "Weekly bant clearings were $6,900, 835,000." MOLYBDENUM MAY BE MINED Peak of Mineral in Bine Mountains to Be Examined. , HAINES, Or.. June 17. (Special.) What is regarded as one of the largest molybdenum deposits known lies in the Blue mountains, about 15 miles west of Haines, and a partv nf mining men are making plans to ascertain in what quan tities the molybdenum may be secured and the expense required to place it upon I he market.. For years the mineral has been known to exist on a certain peak, but until com paratively recent times the compounds of molybdenum have been of but little interest except to chemists and but small quantities were used. However, of late, the metal, which Is light and possesses the toughness of heavier materials, has been pronounced valuable for use in the manufacture of aircraft. The mineral adheres to a rock formation and is easily detached, al though special milling facilities may be required to secure lt in commercial quan tities. The rift, or peak, in which the local showing is found runs nearly 300 feet tn height, and the mineral prac tically covers the eminence. The first move along the line of investigation will be to find the distance the molybdenum extends into the mountain side before further attempts are made to operate ur.on a mining basis. The mineral is re, ported tA have a value of $2000 per ton, and has never been mined la the eastern Oregon district. Increase in Excess Reserves. NBW YORK, June 17. The actual condition of the clearing house-banks and trust companies for the week shows that they hold (63,931,060 in excess of legal requirements. This is an increase of T42.422.410 from last wt-ok. OVERBECK & COOKE CO. 1 Brokers, Storks, Bonds, Cotton, Grain, Etc. 216-17 BOARD OF TRADK BLDG. Walla, Walla, Wash. Portland, Or. Pendleton, Or. MEMBERS CHICAGO BOARD OF TRADE. Correspondents of Ioffan St Bryan, Chicago and .New York. MEMBERS New York Stock Exchange. Chicago Stock Exchange. Boston Stock Exchange. Chicago Board of 'i rade. Nw York Cotton Exchange. New Orleans Cotton Exchange. New York Produce Exchange. "Winnipeg Grain Exchange. Liverpool Cotton AwMKiation. $9148 PROFIT IN 30 DAYS $1766 Profit in t Days $2107 Profit in zl Days 16 Profit in 30 Days $ 96 Profit in 15 Days Produced by Stock Privileges on 100 shares, costing $75 to $137.50. Write for Free Booklet No. 61. . Paul Kaye, 149 Broadway, Sew York. JORDAN, WENTWORTH & GO. Successors to HKRRIN RHODES. IXC. STOCKS, BONDS, COTTON, GRAIN Correspondents E. F. Hutton & CO.. NEW YORK. .Members All Leading Exchanges. ' Baboon's Service on File, fcdwj. iTii. 201 Kailway Exchange Bids. V