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About The Sunday Oregonian. (Portland, Ore.) 1881-current | View Entire Issue (July 16, 1922)
THE SUNDAY OREGONIAK PORTLAND. JULY 16, 1922 19, EylllPfflT STOCKS LEAD DURING DAY A C L 7a 1030 B O gold 4s . 1041) . do con 4 Vis cv 1933 do ref lis 1!P5 Canada Southern 5a ..... W2 Canadian Nor 6 Via 1940 do is 1!4 Demand for Rail Rolling Stsrck Is Strong. NEEDS ARE WELL KNOWN Absorption Powers o Money Mar kets Conducive to Ready Suc cess in Bond Offerings. Cent Pac 1st 4s Ches&Ohiocv4s do gen 4V48 do cv 58 do con 5s C Q III div 4s . C& West lnd4s .. C U & W 4s C M & St P 4a do cv 4 Via ....... do deb 4s do gn 4sA 1949 1930 1992 1940 193!) 1949 1Sli2 1959 19IM 1932 1934 1X99 BY MONITOR. (Copyright by the Public Ledger Com pany. Published by Arrangement.) NEW YORK, July 15 (Special.) Equipment stocks assumed and held the leadership of the market during the short session here today, with strong de mand for all rolling stooic for railways as a background to the movement. The needs of the railroads have been pretty well known for the past year or so, but the present strike of railway repair men has accentuated this lack. At the same time the absorption pow ers of the money markets have been eonduoive to ready success in bond of ferings, and this has made the problem of raising the necessary funds a sec ondary consideration. Baldwin, Lima, Railway Steel Springs. American Loco motive and in fact all of the equip ment stocks were decidedly strong, scoring and holding substantial gains. There was not a great deal of Interest ta the rest of the market, although the undertone maintained a steady tone. Some irregularity developed in the oil group during the first hour or so, this being due to the announcement of the lower crude oil price announced by the Standard Oil of California. This is a reflection of the heavy surplus of crude oil which has been piling up steadily and calls renewed attention to the fact that the let-up in supplies from Mexico as a result of the restrictions on the Toteeo pool will probably have little im mediate effect Reports during the past week"were to the effect that the output of American wells was so far in excess of refining capacity that the surplus of crude was being added to steadily. Rail stocks as a rule are holding very well despite the strike of some railway employes and the continued handicap of the coal strike. The latter Item may soon be eliminated as a factor, as the White House has adopted a position which must soon bring definite reaulta. It Haa been the loss of coal traffic which has been holding up earnings of many roads, while at the same the possibility of coal supplies working down to a point where industry might actually suffer haa been one of the threats hanging over the heads of the railroads. With this threat removed and industry free to go ahead with the programme of the expansion which was started earlier in the year, railroads will have r Jy their own stock to handle and of ficial Washington is also committed to a definite programme in this strike. The position adopted by the administration has been the backlog of the recent re vival of bullish sentiment in the mar ket, as Wall street has a well based ap preciation of the actual power of the White House. While all of the Equipment stocks were strong and active today Issues such as Railway Steel Springs, Baldwin, Lima, American Locomotive and stocks of com panies which will probably get the bulk of the new equipment business from the railways were the natural leaders. Railway Steel Springs common' is meet ing with very good accumulation on the theory that this issue, paying $8 per share, has been selling out of line with the rest of the market for some time. This stock is rather closely held and with actual working capital equal to about $70 a share trade favoring the long side are fairly sure of their grounds. At the same time the issue is still below the market valuation of Lima, paying $7 with expectations of an early increase to JS. Steel Springs touched 103 Vt today. while lama reached 10s. - The rally in Lima Loco from the re cent figures around 104 has carried the stock to 108 and traders are buying back in the belief that tho low has been reached for the time being. Lima has been receiv ing a fair share of new locomotive busi ness as far as actual working of the company is concerned, but this stock has a market' change coming in the near future, for a new stock Issue to be ex changed for the- outstanding stock on a basis Of two for one is soon to be made. The old stock pays $7 a share, while the new. stock will be placed on a. J-4 divi dend basis, or on a basis of $3 for the Old stock. Cerro de Pasco business is improving steadily and it is announced that the new smelter of the company at Oraya, Peru. Is to be ready for operation later this mont-h. This plant will have a daily capacity of 2o00 tons of ore and an an nual capacity of 100.000.000 pounds of copper metal." The Cerro output aver - ages from 5 to R per cent copper. - Otis Elevator for the first half year earned $1.185.-.V20 after Interest, depre ciation and federal taxes'. After pre ferred dividend requirement, this is equal to $6.98 a share on the common. A year ago during the same period this com pany earned a net of $1,537,109. applic able to the oommon. . 4 The Western Union report for the first six months of the year shows net earn ings of $5.fi82.8tiS., which, after charges and federal taxes, is equal to $5.B9 a share on the capital stock. During the same period a year ago the net equalled S4.32 a share;- It is generally believed that the last half of the year will show some improvement over the first half, as the last three or four months of the year usually bring the greatest volume of business to this company. CHEAP MOJfEY ENCOURAGES BUYING Bonds Traded in at Record Prices During Week. NEW YORK, July 15. The Itock mar ket this week followed the languid and wavering course peculiar to this period of the year, but bonds were active and mainly higher, cheap money encouraging purchases of those issues at record prices. Raits were the only shares to offer re sistance to professional pressure, although the railway strike assumed more menac ing aspects from the Wall-street view point and reduced carloading foreshad owed smaller July earnings. The substantial increase of unfilled orders reported by the United States Steel corporation for June and quarterly statements of several Independent steel and Iron producers were indicative of the brighter industrial outlook, which extended In more moderate degree to other basic lines. Buying of commercial paper, based In part on hopes of general trade revival, was more liberal, but surveys of business prospects again disclosed a hesitant tone, due largely to backward seasonal con ditions. The tone of the money market almost without exception bore out recent pre dictions that the third quarter of the year would witness another relaxation of rates for all forms of accommodation. Longer maturities held firm, however, on moderate offerings. A further reduction in the Bank of England discount rate occasioned sur price, but cables from London con veyed the intimation that' such action was taken primarily to facilitate pur chases of impending government issues. Informed opinion inclined to the be lief that the cut in British rates would exert little If any influence over the federal reserve board. Treasury of ficials bave expressed their disapproval of anything calculated to promote stock market speculation at this time. Continuance of the economic tension abroad, resulting chiefly from the Ger man, crisis, was offset by imports of gold to be applied to Interest payments on England's war debt to this country. The beginning of informal conferences at Washington respecting France's war obligations to our government effected little change in the International money market, Paris remittances being among the most unsettled of the leading Eu ropean currencies. do cv 5s . . . 2014 dog4r4VieA 2014 Chgo N W sf os 1929 do gen 4s 1987 do6V4s V. 1936 do 7s '. 1930 C R I & P ref 4s 1934 Colo Sou rt ex4V4s 1935 do 4s 1929 Del & Hudson cv Its 1935 do 7s .' . 1930 D & R G cv 4s 1936 do ref Ss 1955 Erie P L4s 19U6 Erie con 4s A 1953 do B ... 1853 do D . 1953 Erie Pa C O 4s 1951 Od Trunks! 6 Vis 1936 OtNor7s .' 1936 Gt Trunk 6s lt)3tf do 7s 1940 111 Cent jt 6s 13 do ref 4s 19fnV K C Sou ref 5s 1950 Keo & D M 1st 5s 1923 LS&MS4S 1931 L & N 7s : JH30 L & N" unl 4s 1940 i SI. f i S 8 M 6Vis 1946 M K & T 4s 1990 M P gen 4s ... 1975 do ref 5s 1923 do 1926 NYC deb 4s 1034 do con 4s 1998 do ref imp 4 Vis 3013 do cv deb 6s ............. 1935 do coll Js .... ......1930 do eq Ts 1930 N Y N H & H cv 6s. ........ 1948 N O Tex & Mex 5s......... 1985 N P P L 4s 1997 N P eq 1930 N P Ot Nor Jt 6V4s 1986 Pac Fruit Ex 7b 1930 Penna 6Vis 1936 do gen 4 Vis iB5 do 4 Vis 1900 do 7s 1930 do R K 6 Vis 1936 Reading gen 4s 1997 A L 4s 1950 do 5s 149 do tts A .-. 1945 Sou Ry con 5s 1994 So Pao cv 4s.. 1929 do ref 4s 1953 do sf term 4s 1950 S P conv 5s 1934 St L & S F P L 4s A 1950 do gen 5s 1931 do 6s B J950 do gen 0s 1931 do adj 6s 1965 do ino 6s . . 1960 St L & 8 W 1st 6s 1952 do con 4s 1932 do 1st 4s 1989 Tex Pac 1st 5s 2000 Un Pao 1st 4s 1947 do cv 4s 1827 do ret 4s 2008 do 6s 1928 Un Tank Ts 1930 Wabash 1st 5s 1939 do 2d Be 1939 West Pac 6 industrials Am Sm 1st 5s Am Tob 7s Anaconda 6s A ..... do 7s B Armour cv 7s do 4Vis Beaver Board 8s Beth Steel 7s do eq 7s do ref 5s Cerro de Pasco 8s .. Chile conv 6s A do 7s Col Graph s Copper Exp 8s do do' . Colo F & I gen 5s .. Colo Ind 5s Cuban Am Sugar fia Cuban Cane cv 7s ... Distillers See cv 6s . Dlam Matoh 7 Vis 1946 1047 1923 1929 1829 1930 1939 1933 1923 1935 1942 1931 1932 1923 1925 1923 1924 1925 1943 1934 1931 1930 1927 1935 Dupont 7Vis 1931 empire uas fuel 6s 1924 Fisk 8s 1941 Gen Bleo deb 6s 1952 do s 1940 Ooodrich 7s 1925 Goodyear 8s 1941 Heinz s 1930 Hershey 7Vjs 1930 111 Steel deb 4Vis 1940 Ind Steel 6b 1952 Int Agr 5s 1932 Int Marine CT 6s 1941 Kelly Springfield 8s 1931 Kennecott 7s 1930 Lack Steel 6s 1923 do 1st 5s . , 1950 Llbby McN I. TS 1931 Lig & Meyers 5s 1951 do 7s 1944 Lorii lard 5s 1951 do Ts 1944 Midvale 6s 1936 Proc & Gamble ts 1923 Republic I A St Ss .i 1940 Sears Roe 7s 1922 do 1923 steel Tube 7s.. 1951 Swift & Co Ts 1925 do 1931 Unl Drug 8s. .' 1941 U Rubber 1st ref 6s '. 1930 U S Steel sf 6s 1903 Va Chem 5s 1923 Va Car Chem 7 Vis... 1932 West Eleo 6s 1922 West V T col tr 5s 1938 West Union 6Vis 1936 Wilson 1st 6s 1941 do cv 6s 1928 West Elec 7s 1925 Westingbouse 7s 1931 Public utilities Am Lt & Tran 6s 1925 Am Tel coll 4s 1929 do 5s 1946 do 6s... 1925 Bell Tel Of Pa 7s... 1945 B R T 5s 1945 Cal Gas unl 6s. Cities Service 7s B.. do C do D Con Oas cv Ts...... Int Met 4Ss Int R T ref 6s Laclede Gas Ts Mont Power 5s A... Northwest Tel 7s. . . Pac Tel 5s Pac Gas 5s. - Souwest Tel Ts Oil bonds Anglo-Am TVis , Atlantic Ref 6Vis... Galena S Oil 7s Humble 7s Pan-Am 7s Mex Pet cv 8s Sinclair 7Vis 1931 1966 19S6 1966 1925 1956 1966 1930 1943 1941 1937 1942 1925 1925 . 1931 1933 1923 1930 19.16 1925 107 Vi 83 83 87 98 110 Vi 113i 90 89 90 95 11)1 92 y 94' 0Vi 80 Vi 61 Vi 62 V 78 74 63 ' 98 ' 88 Vi 110V4 107 87 - 89 93 98 11014 78 48 66 53 V4 53 56 89 106 110 103 11S 95 89 88 89 Vi 93 108 93 102 82 63 100 6 91 98 87 105 105 Ji 87 71 90 108 103 Vi 91 108 93 98 Vi 101 109 109 85 G8i 26 60 96 92 , 90 83 101 72 98 85 108 80 70 81 76 79 3 96 95 90 103 103 - 99 88 86 96 102 IO0 105 105 90 79 104 103 90 118 91 105 39 101 102 104 91 79 86 86 45 107 107 y. 101 100 101 105 103 116 104 103 91 101 79 96 108 104 94 80 99 07 IIS- 95 118 89 101 93 100 101 100 3 01 Wt. 102 110 18 102 99 105 100 97 109 98 92 10R 107 106 91 90 115 108 61 95 "135 95 91 123 12 68 99 97 106 96 91 102 103 103 104 100 lOl 106 14 104 105 109 tOl '103 107 99 84 105 105 110 199 91 109 N3 96 103 47 01 United Stales Steel 5s Strongest of Industrial Group Total Dealings Are Light, i NEW YORK, July 13. Today's short bond market eesslon was devoid of spe cial features, dealings being at low ebb. with a steady to firm undertone. Liberties held much of yesterday's general advance and changes among rails, industrials and utilities were nar row, though mainly towards higher levels. The only issue in the domestic and foreign groups to show marked strength was united States Steel lives, which rose over a point A reaction of one point In Consolidated Gas 7s, probably represented profit-taking sales. Total bond sales, par vaue, aggregated $9,- 681.000. The monotony of today's short and perfunctory session of the stock market was relieved by the divergent move ments of a few leaders in the equipment and oil divisions. Extreme advances of one to almost five points were made by Baldwin. American and Lima Locomo tives, Pressed Steel Car, Railway Steel Spring, Pullman, New York Airbrakes and a few affiliated Issues, while do mestic oils and several of the Mexican group were under constant selling pressure. Btrengtb In the equipments, wmcn later encompassed several of the inde pendent steels, as well as coppers, mo tors, and a few unclassified issues, was ascribed to reports that tbs leading railway systems are soon to issue large contracts for supplies. Weakness of oils followed advices irom mid-continent and Pacific coast points announcing cuts in crude products be cause of overproduction. In point of fact, the oils seemed especially vulner able, yesterday's rally of several of the leaders being evidently m me nature ui another squeeze of the shorts. Trading in rails was nominal nu without material changes, save In sev eral of the Junior issues. American Woolen, International riper, Products, . Beech Nut Packing. trlbuted variably to the market trlbuted variably lo me structive mixed. shares. Foreign exchanges were better, in most instances rising to the week's high est levels. Demand sterling got auuv. 14.44, allied rates gained 4 to 10 po nts. and the German mark also rallied, though not to Its recent best. Neutrals, which had been sensitive to uncertain conditions in western Europe, also im proved. .'.. ,V.m., The weekly clearing nou. was featureless, loans showlng a small expansion in actual conditions, with a loss of $25,600,000 in cash holdings, reducing excess reserves to about $12,300,000. CLOSING STOCK QUOTATIONS. Furnished by Overbeck & Cooke com pany ot Portland: Stock oaies. hb. Adams Exp.. S O Cal 7s. . ., 1931 SON Y 7 1931 Texas Co 7s 1923 Tidewater Oil 6s 1931 Vacuum Oil 7s 1936 Foreign Government Bonds Argentine 2d 7s , 1923 do u I OS 1945 Belgium 8s 1940 Bergen 8s 1945 Berne 8s 1945 Christiana 8s 1945 Copenhagen 5s 1944 Danish Consols 8s 1946 French Cities 6a 1934 Italy 8s A 1925 Swedish Govt 6s 1939 U S Mex 4s ...-. . . 1954 do ext 5s 1945 Uruguay Ext 5s Zurich 8s 1945 French Internal 4s 1917 French Victory 5s . .... 1920 Relgian Restoration 6s ......... British 2 consols. Ital Cons War Loan 6.... .... Curb Bonds Allied Packers 6s . AnBconda Copper - 6s 10074 do 7s 103 Angio-Am i Armour V Co 7s Grsnd Trunk s Gulf Oil Co 7s Humble Oil 7s .... Stsnd Oil N Y 6s 1933 do 7s 1926 Swift & Co 7s ,..'. 1925 Bid. Ill 67 2 76 S3 -35 100 104 104 105 104 100 108 102 J U New Tork Bonds. Furnished by Jordan & Wentworth company of Portland. , . Kaiiroao Donas Atch-fn4s ....1095 QUOTATIONS ON DAIRY PRODUCE Current Market Ruling on Butter, Cheese and Eggs. SAN FRANCISCO. July 15. Dairy proauce exenange ciosea. v. . , NEW YORK, July 15. Butter Weak creamery, extras, 3737c. Eggs-Irregular. Cheese Barely steady. CHICAGO. July 15. Butter Steady. Creamery, extras, 35c; firsts, 81 4fto; , seconas, dutgiduftc; standards, 84c. .ggs cieaay: receipta 1 o.4lll cases firsts. 2122c; ordinary firsts, 20 W-!c; miscellaneous. ziP22c. Cheese Unchanged. SEATTLE, July 18. Butter and eggs Li ncnangea. - Cotton Seed Oil Futures. - . ' Cottonseed All futures at New York, furnished by Jordan, wentworth t Co. July, io.40io.so: August, $10.3510.s September. $10.3910.4l: October. $9.90 wv.kk: i,ovemoer, ss.&8.08; December, SK.ijsn.vi: January, ss.408.42; Feb' niary, $8. 40 8.43: spot bid, $10.60; total sales, S400. New York Sugar Market. SAN JTRANCISCA. Jul lit f"Hfne. 84 I nil-Hawaiian raw sugar, $4.89. S STEADY TO LIBERTIES HOLD MOST OF FRIDAY'S ADVANCE. Nova Scotia 8tl N Y Air Brake N Y Central .. Nor Amer .... Okla Prod ref. Ontario Silver. Ontario "t W.. Otis Steel . . . Pacific Dev ... Pac Gas & Elec Punta Alegre . Pacific Oil . r. Pan Amn Pet. Pan A P :'B". Penna Peo Gas Pere Marquette Pure Oil Phillips Pete . Pierce A row . . Pierce-Oil Pitts Coal Pitts & W Va. Penn Sea Stl.. Pressed Stl Car 800 1,800 400 , 200 "366 200 100 200 9.200" 1.600 800 1.500 300 400 TOO 7.800 100 400 "ioo l.isio T8 98 67 2 11 6 70 56 T1 66 44 85 82 29 45 18 8 38 8 T 77 95 67 2 'm" 11 70 65 70 65 43 84 32 29 45 18 8, -38 8 77 80 78 95 66 2 7 25 11 6 69 47 56 70 64 4S 84 32 29 45 18 8 63 38 8V4 T9 122 Pullman 1.100 122 122 Ray Cons 10 Reading ...... 200 76 75 ' 75 Remington ..- ........ 34- Replogle Steel. 31 Republic I & S 800 71 71 71 Rep I & S pfd J. 1 Rep. Motors ' 1 1 , Roy. Dutoh Oil 2.OD0 57 57 57 Ry Steel Spg.. - 1,300 103 101 103 Stand. Oil Ven 92 92 92 Sears Roebuck. 1,200 78 '77 77 Shattuek. Ariz 300 9 9" 9 Shell T T... 0"4 Sinclair .. 4.800 81 81 31 Stand. Oil Ind ; 108 107 107 Stand Oil N Y 100 180 180 181 Slos.1 Shef 45 Gen Pet 1st mtg Ts 102 H T & T Spo 1st ml 6s, 1835 90 Idaho Power 1st 5s.... 90 N W Elec 1st mtg 8s. 1935.. 93 Or-Cal 1st 6s. 1927 r. .. 87 Or R R A Nav 4s. 1946 75 O-W R R ft N 1st 4a. 4961. . 7 Owl Drug Co 8 notes 95 Pac Pow & Light 5s, 1930.. 89 Pac Pow & Light 8s. 1930... 103 Pao T & T 5s. 1937 98 Pac T & T 5s. 1942 95 . Port of Astoria 5s. 1925 95 Port a & C 1st ref 6. 1940 . 88U Port Gas & Coke 5s, 1951.... 90 Port G & C 1st 7s. 1940 102 Port Flour Mills 8s, 1936 88 r K Li tc f gold SS, 1U26....1U2 P R L 4 P 1st ref 5s. 1942.. 87 P R L P 1st 7s, 1946. ..102 PKLtPC&S4S, 1930.. 83 P R L & P g "e 6s. 1935 87 Sou Pac 1st ret 4s, 1955 88 S P C P stock eol 4s. 1949.. 83 S P 20-yr conv 6s. 1934 85 sperry F M 1st mt 6s. 1934.. 10- - Santa Cruz Port Cement 6s.. 98 Union Oil Cal 8s v. 100 W-I W L & P 6s. 1941 35 Wash P & P 6 s, 1941 98 Willamette Val Sou 5s. 1937. 87 Willamette Val Sou 6s, 1939. 75 400 89 89 89 300 ' 24 24 24 3,700 105 103 104 100 28 28 28 45 12,200 188 1ST 13T 200 10 10 lUft Southern Pac Southern Ry.. 8 O California. St L & S F.;.. Strom Carb . . Studebaker .... Tenn C & C Texas Oil 2,900 46 45 45 Texas Pacific... SOO 80 - SO 29 Tex P C & O... 2.60O 26 26 26 Tob Products.... 500 80 T9 T9 Tr Contl OH 8,800 1T- 16 16 Union Oil Del... 700 21 21 21 Union Paclllc... 100 142 142 141 Vi United Alloy 100 88 38V4 38 United Drug.... 700 78 11 7T Untd Food Prod. 400 7 ? 7 United Fruit ,. ..... ..... 141 Com Sears con- markets con- side. Sales but final amounted prices were to 300.006 Low. Bid, 1,900 1,700 100 100 1,500 4,500 118 500 1,100 200 100 Advance Rum... Agr Chem Ajax Rubber... Alaska Gold , . . do Juneau ... Allied Chem.... A'llis-Chalmers.. Am Beet sugar. Am Bosch Am Can vo do Did Am Car & Fdy. . do ofd Am Cot Oil An nfri Am Drue Synd. . Am Hide & L.. do pfd Am Ice Am Intl Corp... Am Linseed.... do pid Am Loco........ do pta Am Saf Razor.. Am S & -m... . Am Smelter do pid Am Snuff Am steel nay Am Sugar do ptd Am Sumatra ... Am Tel tc Tel... Am Tobacco . . . do a Am Wool do pro . ... AmWPpfd ... Asn Zinc Anaconda AssdOil ....... Atcblson ....... no ntd Atl r'n&.st Line. . Atl Gulf & W. 1.. Baldwin Loco do ofd Balte & Ohio . . do Pfd Barnsdell Corpn. Beth Steel ' a . Booth Fish B R T Butte C & Z Butte & Sup . . Caddo oil Cal Packing Cal Pet 100 do pfd Canadian Pac .. Cen Leather oto Cerro de Pasco. 200 Chandler Motor. ..... C & N W w Chi Gt W 100 200 15 . . . .V. . . 71 54 44 40 55 15 500 166 100 120 100 110 100 42 6 20 62 99 18 S8 15 i5 69 53 45 40 65 108 166 120 26 63 5 14 69 109 42 84 64 11- 1)5 111 vi 60 53 44 40 55 164 120 HO 42 200 37 100 40 1.800 121 300 142 200 138 1,100 91 8 20 61 99 '36 20 61 Vi 98 134 36 78 - 105 40 40 121 121 141 141 138 188 90 90 107 ..... 80 . . IT "JOO 62 52 52 100 113 113 113 1 ton ini - 1011 Hi 101 200 90 90 90 300 108 10S 10R soft 36 H 36 86 ..41,300 120 116 120 ll.Tl 3,900 62 61 32 67 6T 63 99 62 S3 66 68 62 105 40 99 Union B A P. U 8 C I Pipe 1,100 33 Utd Retail Stores 500 67 U S Ind Alcohol. 1.400 58 U S Rubber . 200 62 do 1st nfd TJ S Smelting , IT S Steel 3.000 100 do pfd ....... 200 120 120 120 Utah Copper .... 900 65 64 65 Va Chemical .... 100 30 30 30 do pid eo Van Steel TOO 46 45 46 Vlvatidou 100 1114 11 Vi 11 Wabash 700 12 12 12 do A pfd 200 31 31 31 do B pfd 21 Wells Faro 76 Western Pac 18 do pfd 300 68 58 58 Western Union.. 200 104 104 103 Wostingh A B.. 92 Westlngh E & M 600 80 60 Western Md White Motors . .. 200 48 48 Willys-Overland. 2,500 9 9 do pfd 1.008 48 47 Wtlson Packing .'v 41 Wis Central , 28 wooiworth - Worth Pump ... 100 60 50 W & L E 100 18 13 White Oil 1,500 9 8 White Eagle Oil. 200 26 26 59 11 48 9 48 184 50 13 1 8 28. 100 1,500 . 6.000 1,000 200 . 800 82 76 Va 8 26 7 29 32 76 8 25 7 29 61 81 38 36 do pfd Chill Cop Chino C M & St P do pfd .-. Coca Cola....... C & O. '....(' Colo F I.!.... Solo So Col Gas A El Columbia urapn. Con Gas Cons cigars do pfd Contl Can Cities S Bankers Pftrn Prnrt ....... do pfd ouu ill 52 60 32 76 8 25 7 28 12 76 61 95 139 39 36 70 76 8 21 22 29 28 43 T0 68 30 46 89 .4 5,000 124 123 123 ... 00 m 66 100 67 6T 67 - .. 21 200 104 104 104 . Liberty Bond Quotations. :i Liberty bond and victory note-quotations furnished by the Overbeck & Cooke company -of Portland: N Onen Hieh. LOW. Close. Liberty 8s... 100.80 100.80 100.74 100.76 do 1st 4s 100.60 do 2d 4s v. 100.30 do 1st 4s.. 100.88 100.88 1O0.80 1 00.82 do 2d 4s. ..100.58 100.58 100.54 100.50 do 8d 4s. .-.100.36 100,40 100.82 100.34 do 4th 4s.. 100.84 100.94 100.82 100.92 Victory 4s. .'.100.52 100.54 100.52 100.84 .. .. Money, Silver, Etc. NEW YORK. July 15. Foreign, bar silver, 70c. Mexican dollar. 53c. LONDON. July 15. Bar silver, 355i4. lhn.r 1 1A n.r cent 1 Discount rates Short bills, 1 13-16 per cent; three months bills, 1 per ceni. Pacific Northwest Stocks and Bonds. Ah leaHlnir stocks and bonds of the Pac'ifio northwest, furnished by t w.ntnrth jt- Co. of Portland. Wank Stocks Bid. Asked. Bank of California. N. A 206 Citizens State bank 150 Can. Bank of Commerce. . .180 First Nat. bank, Portland. . .190 Hibernia Com. A Sav. bank..l7o Ladd & Tilton bank 300 Livestock State bank. . . .....loO Lumbermens Trust Co 90 Multnomah State bank 150 Northwestern National bank. 50 Peninsula National ban.k....130 U. S. National bank 300 Public Utilities Amer. Power Light com. .. 86 do ofd ....107 Boise Gas, Light & Coke pfd... 2j l.:ai. sc ureon rpwci pi Federal Telegrapn ...... Idaho Power T pfd Northwestern Elect, com. do 6 pfd do 7 pta 215 175 185 195 185 350 ITS 108 ITS ITS 160 320 800 1,400 800 1,000 1,000 600 1,600 76 8 21 22 30 28 43 71 68 1,000 600 89 4 8 21 22 29 27 43 70 68 89 ' 4 Cosden Oil.. C R It P do "A" pta.. "B" pfd Crucible ....... do ptd Cuba Cane do Tfd Cuban-Am Sug., Del & Hud Dome Mines. . . . Del & Lack.... Dawson Chem.. Endicott John. Erie do 1st pfd... Elec Stor Bty. . Famous Players Fed Min & Sm. do pfd Fisk Tire . Gen Cigars Gen Elec Gen Motor....." do 6 per cent. Gen Asphalt.... 10.200 1,000 100 100 9,500 800 400 200 400 44 43 95 81 77 90 16. 35 23 11 44 43 94 81 V 75 90 15 84 23 116 44 43 94 81 76 90 15 34 23 200 421 100 80 200 128 128 128 120 121 80 29 200 100 400 500 900 200 45 82 16 23 44 82 45 82 16 23 44 Glidden Paint... Granby ........ Ot Nor Or Gt Nor pfd Greene Cananea.. Gulf S Steel..'... rjlen Alden Houston Oil. . .1. Hupp Motor Sll Cent. Inspiration Int Agr C com.. do pfd Interboro ...... . do pfd Inter Callahan.. Int Harv Int Merc Ma do pfd Int Nickel Int Paper.. do pfd. Invincible Oil Island OH...... Jewel Tea K C So.., do pfd Kelly-Spgfid . Kennecott .... Keystone Tire Lack Steel . . . Lee Tire Lehigh Valley. Lorilard ' Lowe Theatres L & N Mex. Seabrd . . Maxw. . Mtr. "A' Max. Mtr "B' 200 - 15 15 l',806 14 ii 2,100 68 67 200 39 39 2,200 hi".- so" 300 31 31 1,100 82 81 '800 75 To" 500 19 18 . 100 107 107 700 41 40 'ioo "i "i 'ioo 's" '''" 'ioo 18 18 TOO 72 Tl 600 1T 17 1,500 52 51 "too ii ii' 100 100 17 17 200 26 23 "l',706 "36 35 T6 29 65 300 154 TOO 15 109 100 TOO 29 64 154 ; 15 45 82 16 23 44 82 12 49 15 TT 169 14 82 68 '39 15 29 89 80 30 82 53 75 18 106 40 8 38 1 3 s 99 18 Tl 1T 52 85 14 17 25 58 48 86 15 76 28 64 154 15 600 1334 130 133 4,300 32 32 32 1.200 68 8,400 24 66 23 24 May Stores '.. 11S Mex Pet .. 1.400 159 Miami Mid. States Oil Midvale Steel. M K A T Wl.. MKAT pfd Wi Mont PoVrer .. Mont Ward ... Mo Pac Mo Pac pfd... MStPASSM . . . Marland OH . . Martin A Perry Nat Enamel . . Nat Lead 'Nevada Con . . New Haven . . Norfolk A W . Nor Pao 900 1.800 2,500 100 1,800 TOO 700 29 13 35 17 22 22 65 15T 29 13 34 1T 22 21 65 4,000 41 40 1.000 1,800 16 80 100 116 600 77 16 30 110 76 157 29 13 35 17 40 TO 22 21 oo 63 40 81 63 100 16 80 1111 TT 71 5 8T 14 To 94 .. 85 3 .102 ..350 .. 45 Portland Oas A Coke We Ofd. 93 Pac. Power & Light 1 pfd ..93 Pacific Tel. & Tel. com oa donfd 81 Port P.y. Light & Power oom. 10 do 1st pfd 02 do 2d pfd 30 do Drinr ofd 90 Puget eoun'd Pow. A L. com.. 40 do pfd 102 Tacoma Gas A Fuel common. 2 do pfd -p Washington Water Power ...99 Insurance Stocks Fireman's Fund 324 . Home Fire A Marine 25 Montana Fire 48 Montana Life 20 New World Life 11 Northern Life 125 Occidental Life 135 Pacific Statea Fire 13 Pacific Mutual 600 Vulcan Fire 15 W estern States Life . 15 Lumber and Pulp Stocks Arctic Construction.common. 37 Cen. Coal A Coke common ... 78 donfd 77 tt Crown Willamet. P. & P. cm. .400 do pfd 95 do nfd B ' 90 Hawley Julp A Paper 400 Mult. Lumber A Box com. ... 50 do 10 pfd Ore.-Pac. Timber 2d Dfd Oregon Pulp A Paper com. . do pia 95 Peninsula Lumber pfd 95 Tum-A-Lum Lumber com. 75 do ofd 05 Weed Lumber common 140 Weyerhaeuser Timber .... Wash. Pulp A Paper Miscellaneous Stocks Aero Alarm Alaska Packers , Alaska Steamship - Albers Bros, common do pfd ...f American Chain common . . vo pfd Amerioan Nitrogen common do pfd Amer. Type Founders com.. do pfd California-Oregon Gas com. do pfd- Centennial Mills Cheney Phono Co. 8 ptd.. 95 coast Tire common , 5 Coast Tire pfd 8 Connor A Co. Rvrun An Denny-Renton Clay A Coal.. 20 iurani Motors of Cala 1014 Dollar Steamshin no Fairbanks-Morse Co. com... 47 uo pro Fed. System Bakeries Fidelity Security Cbrp Fleischman's Yeast pfd... Foster A KleiBer pfd Fisher Flouring Mills nfd. General Petroleum com 122 vreuci.l icuuicuiu pia...... HO Goodyear T. A R. of Cal. nfd 7Sli Graton.A Knight Mfg. com.. 50 iraton a JVnlgnt Mfg. pfd., 90 Gt. N. W. Livestock Units. . 75 Holt Mfg. 1st pfd .87 Hartman, J. L., pfd 80 Hartman, J. L., redeem, pfd 85 Lilly. Chas. H. A Co. 7 pfd 85 Luckel, King A Cake Soap.. 110 Owl Drug common 67 ' Owl Drug pfd 100 Pacific-Alaska Navigation... 50 Pacific Car A Foundry 71 - Pacific Coast Co. com 13 Pacific Coast Co. 1st pfd 85 Paclfio Coast Co. 2d pfd.... 20 Pacific Coast Biscuit... 110 Pacific Portland Cement 82 Palm Olive Co. 7 pfd 00 Portland Vegetable Oil 85 Refrigerator Car Equipment 20 Reld Bros, com 90 Reld Bros, pfd 85 " Samson Tire A Rubber 2 Santa Crux Portland Cement 85 Sound Rubber 60 Sperry Flour oommon. 50 Sperry Flour pfd. 90 Superior Portland Cement. . 85 Todd Shipbuilding 75 Union Oil California.... 170 Union Oil Cal. Associates.'. .170 t'tah-Idahb Sugar ; 2 Wash. B., L. A 8. P. pfd.... 15 WeBtern Auto Supply 10 Western Bond A Mortgage. . 85 Western Meat 35 . Zellerbach Paper com 85 Zellerbach Paper pfd. 95 Bonds Am PAL deb 6s, 2016 . 87 Asso Oil 1st mtg 5s, 1922... 99 Asso Oil 1st ret 6s, 1930 97 Bdwy-Yam Bldg 7s, 1924.100 ' Bdwy-Yam Bldg 7s, 1926. .101 Cal-Ore Powar 6s...., 97 Fel Tel TS, 1923-ST... ...... 85 108 92 93 96 89 77 72 97 91 105 98 97 97 90 92 105 90 105 90 105 85 89 i 91 86 90 .103 100 101 45, 100 90 85 Boston Mining- Stacks. Boston mining stock Quotations fur nished by the Overbeck A Cooke com pany of Portland: Bid. 9 65 61 20 Arlsona Commercial . . . Adventure Ahmeek Alaromah ....... ..... Allouez 25 Arcadian 3 Bingham Mines 14 California A Arizona .. 60 Calumet A Hecia 270 New Corn- 18 Centennial 10 Copper Range 48 Davis Daly 7 East Butte ll Hancock 2 Helvetia 1 . Island Creek 107 14 Kerr Lake ..'.v..---- . 8 Lake Copper La Sane 1 Vlhl?a.n ..... 1 Massachusetts Con ......... 3 Mohawk ...... ......... o- May Old Colony 4 Mason Valley 1 North Butte 12 Niplssing , 6 North Lake 30 Old Dominion Copper 25 Osceola Mining 32 Qulncy Mining . .'. 44 23 45 1 10 4. 1 ::::: Isle Royal South Lake Superior Boston South Utah Superior Copper Trinity Copper . Tuolumne ..... TTtAh Metals Utah Consolidated 2 United States Mining 40 do tlfd 47 Utah Apex 2 Ventura . 31 Victoria 1 Winona 1 Wolverine 12 Wvandotte 60 Shannon 85 Ask. 9 90 - 61 50 25 4 18 81V4 275 19 13 44 7 10 2 ici "i i i 2 84 ' 5 2Vi 13 6 50 28 33 45 24 48 1 20 4 1 70 1H 2 41 47 2 82 2 1 13 75 100 Foreign Bonds. Furnished by the Overbeck A Cooke company of Portland : Due Belgian rest Cs 1919 do prem os. ....... a-o do 7s 105 do 6s 192o British 5s 1922 Ds . . .140 ' . 77 . 45 77 . 95 . 95 .8 . 15 . 45 . 87 ... 3 . 8.1 .110 92 9ft 97 78 95 88- 118 40 75 6 ' 92 1514 8,1 98 95 96 60 90 12 00 35 95 5 106 5 35 104 330 27 05 25 12 140 150 14 BOO 16 16 42 821 83 100 ' 100 500 T5 95 5 -110 105 115 90 105 150 450 55 150 83 55" 90' 100 105 12 25 50 92 1 9S 120 . 105 8 9 T5 40 12 40 !? 8 100 103 85 100 125 100 78 ' 55 97 85 92 90 -- 95 - 95 115 . 75 - 77 16 45 ' 25 130 90 , 98 95 , 25 95 92 5 95 J10 55 100 95 80 180 180 -5 25 15 95 . 105 92 100 100 102 102 100 95 do 5b. , do 5s do vky 4s ... . do ref 4s. ... . U K 6s do 8 do 5s Bordeaux Canadian do 5s do 5s ..... do 5s do 5s ..... .. Chinese ' de Chile 8s ..... French 4s do 6s do is do 7s do 8 Germa-n W L I Berlin 4s Hamburg 4s v do 4s Leinsig 4e . do 5s MuniOh 4s do 5s Frankfort 4s . Italian 5s .... Jap 4s do 1st. 4.. do 2d 4e. . Norway 8s Denmark 8s . Russian os do 5s do 6a Sau Paulo 8s Swiss 5 a do 8s 127 1029 1019 1919 1922 1029 1937 1934 1926 1927 1929 1973 1931 1951 1041 1917 1920 1031 1941 1946 1918 1931 1925 1925 1940 1945 1921 1926 1019 1936 1929 104O Bid 66 70 106 100 90 93 94 78" 77 108 10 103 82 90 98 100 98 VI 98 63 109 60 70 60 99 101 1 1 1 1 2 2 2 f , 34 77 92 92 110 109 16 3 16 10 102 118 : 1 mm Bonds with a ree Vedia v THE LANDS comprising the Iliff Municipal District were settled im mediately following the Civil War. The 13,256 acres have been farmed profitably for over twenty-five years and portions for more than forty years- The water rights of the district date back to 1873. The value of the storage water supply HAS BEEN PROVED by greatly increased production. The district has a population of 3000. There are three towns entirely within the district. The farm land security as compared with the indebtedness is six to one. .The assessed valuation for general taxes exceeds two and one-half to one. The bonded debt per acre is only $15.77. The maximum tax in any year to pay bond principal and bond interest is $2.74 per acre and that does not occur until 1930. PRINCIPAL AND INTEREST ARE PAYABLE FROM GENERAL TAXES. A FARMER CANNOT PAY. HIS COUNTY OR SCHOOL TAXES UNLESS ACCOMPANIED BY HIS IRRIGA TION TAX. ALL MUST BE PAID OR NONE. THERE IS NOT A DOLLAR OF DELINQUENT TAXES BACK OF 1920. Every acre is held until every dollar of these bonds has been paid. The bonds were issued in 1911 and have until now been held by alarge Colorado institution for its own investment. Legality approved by Wood & Oakley, of Chicago, and O. W. Waterman, of Denver. Law established by decision of the United States Court of Appeals. Validity of issue established by Colorado courts. Legal in vestment for Colorado and Oregon savings banks. These bonds are a PROVED SECURITY. The percentage -of bonded debt to farm land value is only 16.98. , Do you know of another income tax -exempt, agricultural security--that will compare with these bonds? Prices for short and long term bonds graduate from 9830 to 99 36 and ac crued interest, to yield 6, exempt from Federal income tax. Denomina tion $500. Call, phone or write. Asked 70 74 107 100 93 95 96 80 79 109 109 103 S3 99 99 101 99 9S 64 103 51 73 62 99 102 2 . 2 2 2 3 3 3 3 .3 J 35 77 92 92 110 110 19 4 20 101 102 119 FREEMAN, SMITH St CAMP CO. LUMaiRMEM BLDO, PORTLAND riFTH PiflfffK PH0NI B STARK 510 8740 WmW .01c Csecho-Slovakia. demand, 2.20c Argentina, demand. 35.75c. Brasil, -demand, 13.62c. Montreal, 99c. Standard Oil Stocks. Standard Oil Stocks furnished by the Overbeck & Cooke company of Portland: Bid. Asked. Anglo - 19 ' 19 Borne Scrysmer 400 415 Buckeye 93 95 Cheesebrough 175 200 do pfd 108 111 Continental 1ST 140 Crescent 33 35 Cumberland 140 150 Eureka 89 91 Galena com 55 5T do old pfd 108 112 do new pfd 101 105 Illinois Pipe 106 110 Indiana Pipe 89 91 National Transit 26 27 New Tork Transit 166 1T0 Northern Pipe TV.. 98 loo International Pete 22 22 Penn Mex 8H 36 Prairie Oil v 695 605 Prairie Pipe 244 249 Solar Refining 840 150 Southern Pipe 93 94 South Penn Oil 208 115 S W Penn Oil 60 64 s O Indiana 10T 108 S O Kansas 545 955 S O Kentucky 92 93 B O New Tork . 426 430 S O Ohio 465 465 do pfd 11T 118 Swan & Finch 820 325 Vacuum 420 ' 425 Washington 24 28 S O Nebraska 180 185 Imperial Oil 108 110 Foreign Exchange. Foreign exchange rates at the close of business yesterday, furnished by the Northwestern National bank of Portland. The amount quotea is the equivalent of the foreign unit In United States funds: Austria, kronen $ 0001 Belgium, francs 0T95 Bulgaria, leva 00T7 Csecho-Slovakia, kronen .0235 Denmark, kroner ,2165 ?"nBlatid. pound sterling ......... 4.4625 Finland, finmark 022: France, francs . 0832 Qermany marks .0024 Greece, drachmas 0305 Holland, guilders V. .3880 Hungary, kronen ,0012 Italy, lire' 0460 Jugo-S!av!a. kronen .0032 Norway, kroner .1670 Portugal, escudos 0777 Roumanla, lei...... 0062 Serbia, dinara -.0132 Spain, pesetas .1560 Sweden, kroner 2605 Switzerland, francs .r .1920 China Hongkong, local currency.. .5850 Shanghai, taels . . .' , .7900 Japan,, yen .4800 NEW TORK, July 15. Foreign ex change, firm: Great Britain, demand. 14.44: cables, $4.44; 60-day bills .on banks, 84.42. France, demand, 8. 27c; cables, 8.27c. Italy, demand 4.57c; cables, 4. 57 c. Belgium, demand, 7.85c; cables, 7.85c. Germany, demand, .22 c; cables, .22 c; Holland, demand, 38.72c; cables, 38.77c; Norway, demand, 16.55o. Sweden, demand. 25.75c. Den mark, demand, 21.43c. Switzerland, de mand, 19.17c. Spain, demand, 15.55c. Greece, demand. 2.82c. Poland, demand, Canning Company Offers Stock. ROSBBURG, Or., July 15. (Special.) The Umpqua Valley Canning company today announced that it will sell.' $9000 worth of stock, starting next week. This Is the first stock sale authorised by the local company, which applied for a per mit last week. The company was or ganised on subscriptions of slightly more than X2O.00O and enough stock will be sold to bring the fund to $30,000. Ad ditions in the form of automatic cookers have been added to the cannery equip ment, resulting In an expenditure of ap proximately $7000. The plant. Is now operating at capacity on cherries and loganberries. - X ii val Stores. SAVANNAH, Ga., July. 15. Turpen tine, firm; $1.11: sales, 181: receipts, 414; shipments, 691; stock, 6280. Rosin, firm; sales, 1070; receipts, 1286; shipments. 3!3r stork, 88.707. Quote: B, $4.50560: D, $4.704.75: E, F. G. $5; H, 55.10; I, $5.05; K, $5.255.40; M. $5.455.55; N. $5.705.80; WG, $6.25 6.30; WW, $6.85 6.90. Decrease, in Excess Reserves. NEW TORK! July 15. The actual con. dition of the clearing-house banks and trust companies for the week shows that they hold $12,316,o50 In excess of legal requirements. This is a decrease of $25, 590,940 from last week. Chicago Potato Market. CKTCAflO. July 15. Potatoes weak on sacks; dull on barrels; receipts, 23 cars; total United States shlpments,829 oars; eastern shore Virginia barrel" Cobblers, 44.30; Kansas Cobblers, $22.25; mostly around $2.10; Minnesota sacked Early Ohios, no sales; buyers offering $ 1.65 1.75 cwt. Cotton Market. NEW YORK, July 15. Cotton futures oppned steady: July, 22.40c offered: Octo- ber, 22.85c; December, 22.25c; January, 22c; March. 21.90a. . Cotton futures closed eteady; July, 22.38c: October, 22.48c: December, 22.30c; January. 22c; March, 21.90c. Spot cotton, quiet: middling. 22.65c. Dried Fntt at Wnr Tork. NEW TORK. July 15. Evaporated ap ples, firm; state, 17c to 19c Prunes, quiet. Peaches easy Local Securities WE WILL BUY: $4000 Broadway-Yamhill Bldg;. IVz' 1926 10 Central coal & Coke Common. 25 Citizens State Bank. 10 Dio Giorgio Fruit Units. 4 Fidelity Security Corp'n. 100 Goodvear of Akron Common, 25 New World Life Ins. 25 Northwestern Elec. Com. $5000 Pacific Power & Liig-ht 8s, 1930. 100 Oregon Pulp & Paper Common. 25 OrKn Pulp & Paper Pf d. 1 Portland Feeder. 25 Portland Gas & Coke 7 Pfd. 10 Rausch-Lans Units. 10 Steel (L.R.) Units. 10 U. S. Automotive Units. WE WILL SELL: 50 Cheney Phonograph Co. S Pfd. 20 Connor Co. Syrup. 25 Hartman (J. L.) Pfd. 10 Luckel King & Cake Soap. 15 Lumbermens Trust Co. 10 Multnomah Lumber & Box Pfd. 5 North Coast Power Common. 15 Northwestern Elec. Pfd. , 50 Pacific States Fire Ins. $5000 Portland Flour Mills 8s 1936 50 Portland Vegetable Oil. $1000 Portland Realty 8s. 50 Tum-A-Lum Lumber Common. 100 Western Bond & Mortgage. All local securities approved by State. Corporation Commissioner bought and sold. Jordan-Wentworth&Co. Successors to Herrln & Rhodes, Inc., Stockf and Bondw, 201-241M Railway Exchange Bids;. Broadway 4725. JORDAN-WENTWORTH & CO. Successors to ' . Herrin Rhodes, Inc. Stocks and Bonds. . - 201-3 Railway Exchange Bids;. Broadway 4723. SEATTLE, PORTLAND, TACOMA. Direct Private Wires to E. F. Hutton & Co.. MEMBERS NEW YORK STOCK EXCHANGE. - I Exceptional facilities for buy ing and sell!ng all listed and un listed stocks and bonds In the United States And Canada. Com plete statistical and other infor mation on file, including Babsott and John Moody service. Special department for -buying and selling all local and other northwest securities approved by Oregon State Corporation Commissioner. CHICAGO MEMBERS board or TRADE. OVERBECK & COOKE CO. Brokers. Stocks, Bonds. Cotton, Grain. Etc. 216-11 BOARD OF TRADE BLDG. Walla Walla. Hash. Portland, Or. Pendleton, Or. MEMBERS CHICAGO BOARD OF ' TKADK. Correspondents ot Logan It Bryan, Cbicago and "ew York. MEMBERS New York Stork Exchange. Chicago Stock Exchange, Boston Stock Kxcuange. Chicago Board of Trade. New York Cotton Exchange. New Orleans Cotton Exchange. New York l'rodui-e Exchange. Winnipeg Grain Exchange. - Liverpool Cotton Association. Safe and Successful Way to Trade in Stock Market PUTS & CALLS $20 iti a rate $40 With 120 won can burchase the orlvi- lege to buy from us or sell to us at fixed price 40 shares of any New York Stock Exchange issue during 1 days. THE RISK IS IE FINITE THE PKOFIT8 TN LIMITED An Interest ins; Explanatory Booklet Sent Free on Request. Write for 32 C. GOLDHURST & CO., Largest Odd Lot Put Call Dealer in IT. 8. SO Broad St. New York City l. AAl.msi. lla'sll'ils'lltl.ltlllllll.l.ltl.l.l.l.'.ll'.UIiUl.la'tll'lli'llt'lU all We Own and Recommend for Investment: Umatilla Co., Ore., S. D. 5J3.,. Wallowa Co., Ore., S. D. No. 12 I Clarke Co., Wash.', Road 5j2. . . . Baker Co., Ore., Road 5s ... ;. .... . Union Co.. Ore., 5zs. .... .. . French Government 7J4s. . Kingdom of Denmark 6s......... Government of Argentine 7s...... New York Central R. R. Co. 5s. ... Humble Oil & Refining Co. 5J4s. . Central Coal & Coke 6s Virginia-Carolina Chemical Co. 7s. Maturity .-.1942 ..1942 . .1932-39 ..1939 ..1927-28 ;.1941 ,.1942 ..1927 .20I3 ..1932 ..1928-40 1947 Yield 5.00 5.00 5.00 4.75 4.80 7.55 6.15 6.90 5.30 5.50 6.05 7.10 Details of any issue en request. Telephone or Telegraph Orders Celled Bond Department Open 8:30 to 5 Saturdays 8:30 to 2 lAOJD eg TILTON B&NK Oldest in the Northwest fcEjiSSP WASHINGTON FlfjISsl" MSW st THIRD mm $1,500,000 Lexington Motor Company First Closed & Collateral Trust V2 Sinking Fund Gold Bonds Dated.March 1, 1922 Due March 1, 1934 Denominations, $100, $500, $1000 SECURITY This Bond issue is secured by a first closed mortgage on all the fixed assets of the Lejqngton Motor Co., land, buildings and equipment, also by a similar closed first mortgage upon all the fixed assets, land, buildings and equip ment of the Ansted Engineering Co. through deposit of such mortgage with the Central Union Trust Co., New York, trustee. EARNINGS Average annual net profits for the four fiscal years ended Aug. 31, 1921, after all depreciation, but before , taxes, amounted to $552,120.79, or over 4.9 times interest charges on these bonds and over 2.1 times' interest and sink ing fund of $150,000 per annum. SINKING FUND The Trust Indenture securing these bonds contains provisions for a Sinking Fund of at least $150,000, or. 10 of the total issue, per annum, payable each year beginning March 1st, 1924, for retirement of total issue by maturity at 105 and interest Price 99V2 to Yield Over V2 Ask for Circular 24 McAuley & Sanf ord Northwestern Bank Bldg. Portland, Ot. A. H. Colton & Co. New York