Morning Oregonian. (Portland, Or.) 1861-1937, July 25, 1922, Image 21

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Morning Oregonian., July 25, 1922, Page 21, Image 21

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Newspaper Page Text21 THE MORNING OREGONIAJf, TUESDAY, JULY 25, 1923 STOCKS DEPRESSED AID PRICES RECEDE Adverse Conditions Force New York Market Down. WHEAT UNDER PRESSURE Doubt Particularly With Regard to Labor Situation Causes Weakness in Shares. BY FRANKLIN K. SPRAGUE. (By Chicago Tribune Leased Wire.) NEW YORK, July 21. The stock market was distinctly under the in fluence of adverse news developments to day, particularly those relating to the labor situation. As compared with the irregularity in the closing days of last week, weakness was manifest today and quotations in some of the more specu iativea Issues lost 1 to 3 points. To a large 'extent price recessions were brought about by operations of speculators for the decline, but it also was true that there was a change of sentiment in Wall street regarding the railroad and coal mining difficulties. There was a tinge of doubt regarding the situation at the close of last week, and today the failure of week-end de velopments to provide a, basis of under standing and settlement between the companies and their men was construed as being unfavorable since much had been expected. Cotton Reacts Sharply, . Weakness by no means was confined to the stock market. Cotton reacted sharply and wheat was under pressure In Chicago. Even the bond market, which has been displaying continued strength, was slightly reactionary, even though Liberty bonds moved Into new high levels. The only evidence of weak ness in the bond market was to be found in those Issues having conversion privi leges directly related to the course of the stock market prices and in such in stances, of course, the bonds followed the stocks down. The foreign exchanges were moderately strong. The selling1 of stocks was most pro nounced In the speculative Issues. It was .against the Industrials that the greatest pressure was exerted. The rail stocks were reactionary, to be sure, but declines did not run into large figures. New York Central, for instance, dropped i points, and Great Northern lost 1, but on the whole, the declines were small. Pennsylvania, as a matter of fact, went to a new high level for the year, but showed a loss for the day of H of a point. Autos and Oils Affected. Both the automobile tocks and the 3(1 shares showed the effects of selling and this was particularly true with re lation to the Mexican issues. So far as the automobile shares are concerned, word of record earnings in the second quarter of the year is tempered by a belief that there will be a .natural fall ing off in earnings and volume of busi ness in the next three months. The second quarter of the year is always the most promising period for the automobile companies. Undoubtedly selling of the industrials whs influenced to a large extent by fear of a coal shortage, it being realized somewhat belatedly that the allocation of fuel wouW act adversely against the in dustries of the country, if the shortage were to attain serious proportions. At best it seems that manufacturing plants will suffer for lack of fuel during the coming winter. New York Bonds. Furnished by the Jordan & Wentworth company or Portland: Railroad bonds Atchison gen 4s .... . A C L 4s .. do 7s B O gold 4s do con 53 cv ..... r: -'do ref 5s Canada Southern 5s .. Canadian Nor s 194(5 do is 1940 Central Pac 1st 4s ... 1949 Chicago N W 6s 1936 Ches & Ohio cv 4s 1930 ao gen Vjs 192 do cv 5s 194H Heinz 7s 193 Hershey This 1930 111 Steel deb 4tes 1940 Ind Steel as IfS- Int Asr 5s 1932 Int Marine CT 6s 1941 Kelly Springfield 8s 1931. Kennecott 7s . 1939 Lack Steel 5s 192S do 1st 5s 1950 Libby McN L 7s 1931 Lig & Meyers 5s 1951 do 7s 1044 Lorillard 5s 1951 do 7s 1944 Midvale 5s- '. 193 Morris & Co. 714s 1980 Proc Sc Gamble 7s 1933 Republic I & St 5s 1940 I Sears-Roe 7s , 1922 I do 1923 I Steel & Tube 7s 1951 swift & Co is xvto do - 1931 United Drug 8s -. 1941 U S Rub 1st ref 5s 1947 do 7s 130 U S Steel sf 5s ,.. 193 Va Chem 5s ... j 1923 Va Car Chem 7s ......... 1932 West tllec 5s 1922 West U T col Tr 5s 1938 do 6 Vis 1938 Wilson "1st 6s 1941 do cv (is ' 19--? West Elec 7s 192o Westinghouse 7s 1931 Public Utilities Am Lt & Tran 6s 192o Am Tel coll 4s 1929 do 5s JM? do 6s Bell Tel of fa 7 194o Cal Gas uni 6s iitl Cities Service 7s B lo City Service 7s C .. ltJ do D 19bb Con Gas cv 7s JfO ,Int Met 4s Int R 1 ref 5s lb Laclede Gas 7s 1930 Mont Power 5s A 1 Northwest Tel 7s 1941 Pao Tel 5s JJ Pac Gas 5s r Souwest Tel 7s Oil Bonds . - Anglo Amn 7 14 b Atlantic Ref 6J4s ; 1931 Galena S Oil 7s 1?0 flnlf Oil 7q ly 1995 1952 1930 1948 1933 1995 1962 1939 1949 1952 1959 1925 1932 1934 1899 2014 do con C B & Q 111 dlv 4s -C & West Ind 4s C G & W 4s C M & St P 4s ... do cv 4s do deb 4s ..... do gn 4s A .... do cv 5s do b: and r A 9nn Chicago N W gen 4s 19S7 do 6s 1036 o 7s 1930 C R I & P ref 4s 1934 Colo Southern ref ex 4Ab... 1035 do 4s 1929 Del & Hudson cv 5s 1935 D & R G cv 4s 1936 do ref 8s ..... 1955 Erie P Ii 4s B9(i Erie con 4s A 1953 do g 1952 GO U Iflfil Erie Pa C G 4s 1951 Grand Trunk eq 6s ji)36 Great Northern 4V4s 1961 So 7s j938 Great Trunk 6s .....1936 do 7s 1940 111 Central Jt 6s i963 do ref 4s 1955 IC C Southern ref 5s "'' io,o Keo & Des Moines 1st 6s. .. 1923 V ii 8 "31 N ' 1930 3 cVr.?!.:::: 1940 N A Ed 6s "!""!"" M St P A S S M 6s M K & T 4s .. M P gen 4s , do ref 5s do NYC deb 4s do ref Imp 4 Vis ... . do cv deb 6s do coll 7s lino W Y N H & H cv 6s 1948 2 2 5s? Mex 68 1935 N P P L Is 1997 do 6s 2047 N P Gt Nor jt 6s 1936 O S L ref 4s 1909 Penna 6 Vis do gen 4)4 1965 Humble 7s Pan Amn 7s Mex Pet cv 8s Sinclair 714s S O Cal 7s S O N Y 78 Texas Co 7s Tidewater Oil 6s ..... Vacuum Oil s Pnreiirn Government Argentine 2nd 7s Argentine 104 103 H 91 99 80 90 Vs 108 105 100 90 99 97K 115 98Vi 11554 89 105 101 94 100 101 100 102 103 111 90 108 103 10054 10554 10054 98. 11054 99 92 108 54 10854 10654 91 99 1155s 108 96 130 93 91 119 12 69 10054 97 10754 9754 9154 102 103 103 10554 104 100 100 105 FIVE NEW RECORDS MADE LIBERTY BOND PRICES AGAIX ADVANCED. ARE Foreign Ijoans Are Uneven; In dustrials Stronger and Rails and Utilities Easy. 1936 1925 S10454 1931 100 1931 109 1923 101 . ... 1931 103T4 .... 1936 10754 Bonds 1923 1945 Belgium. 8s . Bergen 8s "Ji Berne 8s Christiana Ss Copenhagen 654s 1944 Danish consoi os j French Cities 6s 1934 ttfllv BIAS A Swedish Government 6s .... 1939 U. S. Mexico 4s 1954 U. S. Mexico ext 5s 194o Uruguay ext 5s ... ... Zurich 8s 1945 Curb Bonds A Ilia, ParUiini 69 Ah Tel & Tel 6s .... 1922 Ho 1924 An,.Ar,ria PnTinM H . . . 101 do ta f7-T Armour & Co 7s Beth Steel 7s 1935 103 Galena Signal On 7s 10554 Grand Trunk 6s J05 Gulf Oil Co 7s Humble Oil 7s Inter Rapid Tran 7s Libby McN & Libby 7s Sears Roe 7s 3-year 1923 So West Tel 7? .... Stand Oil N Y 654s 1933 do 7s Swift & Co 7s 192a rln 1931 Texas Co 7s Notes 10154 Vacuum Oil 7s 10 f Industrials Acme Coal Co Acme Packing Co Car Light & Ppwer Co Continental Motors Glen Alden Coal Peerless Truck & Motor Philip Morris ' Radio Corp Com United Retail Stores Candy ... U S Ship Corp , . . . U. S. Steampship Co 100 84 54 106 109 111 118 91 108 84 97 103 45 58 72 111 82 100 101 104 100 86 99 101 1.02 109 106 102 102 . 8,200 .. 1,800 do Dfd... Cosden Oil C R I 4 P. do A pfd. do B pfd. Crucible . . . do pfd... Cuba Cane do Pfd . . Cuban Amn Sug. 8,600 Dei l riuason. Dome Mines 43 . 43 41 42 300 6,300 100 2,100 !,50O 82 8554 92 16 37 25 400 12454 123 200 30 29 81 81 92 16 36 24 Del St Lack 300 127 127 Mining 1946 1990 1975 1923 1926 1934 2013 1935 do 4s 93 92 107 84 84 88 100 11054 112 89 110 88 89 95 102 92 74 54 60 s: 6954 63 76 74 64 87 110 107 8951 S 97 78 41 65 52 53 56 S8 105 91 109 103 112 97 89 80 91 93 107 a 89 92 ,102 83 6.T 100 9B 90 '90 106 105 . 80 71 89 107 103 54 92 " 109 93 AlaVka-Br Col Met Big Ledge . . Boston & Montana '. Candelaria Silver Colombian Emerald Syn . . Cresson Cons G Min Divide Extension . El Salvador Mines ........ . Eureka Croesus M Co .... . Gold Zone Divide Harmill Divide Min Jerome Verde Copper Knox Divide Mines McNamara Mine , McKinley Darragh , National Tin & T Nevada Ophlr , Niplssing Mines , Rex Consolidated . , Tonopah Divide . United Eastern Mine ...... . Magma .- ; Hecta T '. M L Coals . Oiis- . Allied Oil 4 Anglo-Am Oil Arkansas Natural .Gas .... Boone Oil Boston-Wyoming .......... Carib Syndicate Cities Service Com Cities Service B T Shares Ceole Syndicate Cushing Petroleum Elk Basin Petroleum........ Engineers Petroleum Federal Oil Gilliland Oil Glenrock Oil , Hudson Oil International Petroleum .... Maracaibo Oil Mexico Oil Noble Oil & Gas Com.... Omar Oil & 'Gas .' Producers & Refiners Sapulpa Refining Co simms Petroleum Skelly Oil Southern Pet A . Ref Corp.. Standard Oil of Indiana . . Texon Oil &' Land ..v.... Victoria Oil do gen 5s 196( oo ' 1930 1960 ,100 do R R 614 s . Reading gen 4s S A L 4s do 5s . . do 6s A Sou Ry con 5s . So Pac cv 4s ... do ref 4s do sf term 4s M P conv 5s 1936 1949 1945 1994 1929 1955 1950 1934 St I. & S F P L 4s A 1950 do gen 5s 1931 do P L 5s B 1950 do gen 6s 1931 do adj Rs ins do inc 6s 1960 St I- & S W 1st 5s : ... 1952 do con 4s 1932 do 1st 4s 1989 Tex Pac. 1st 5s 2000 Un Pac 1st 4s 1947 do cv 4s 1927 do ref 4s 20O8 do fis 1928 tTn Tank 7s 1930 Wabash 1st 5s 1939 do 2d 5s . . . . 1939 West Pac us 1946 Mkt 3 do J Phil 101 109 108 86 as 28 62 97 92 89 83 101 72 99 87 103 80 70 'A S154 7Vi 79 94 95 104 103 99 89 -4 88 54 57 87 115 Ast 8 100 3d Industrials Allied Packers 6s.... Amn Agr Ch 7s.... Amn Sm 1st 5s Amn Tob 7s Anaconda 6s A....... do 7s B Armour cv 7s do 4ts Beaver Board 8s Beth Steel 7s do eq 7s do ref 5s Cerro de Pasco 8s.... Chile cov 6s A....... do conv 7s Col Graph 8s Copper Exp 8s - do 8s f do 8s 1925 Colo F & I gen 5s 1943 Colo Ind 5s 1934 Cuban Amn Sug 8s.. Cuban Cane cv 7s... Distillers'1 Sec cv 5s.. Diam Match 7s... Dupont 7s Empire Gas Fuel 6s. Flsk 8s ,.. . Gen Elec deb 5s..... do deb 6s Goodrich 7s (ivsuyeax Ss ....... ... 131 . .. 194 f ... 1947 ... 1923 . .. 1929 . .. 1929 ... 1930 ... 1939 . .. 1933 1923 1935 1942 1931 1932 1023 1925 1923 1924 1931 1930 1X27 1935 19.11 1924 1941 1952 1940 1925 1941 NEW YORK, July 24. The activity and strength of liberty Issues again made dealings in the bond market noteworthy. New maximums were made by the 3s at. 101.08, first 4s at 101.30, second 4s, at 100.80, second 4s at 101, and fourth 454 s at 10L68. Foreign loans were uneven, fractional gains In French government's 8s and several of the French municipals being offBet by heaviness in Mexican 4s and 6s, Argentine 5s and Japanese first 4s. Guided largely by the reactionary course of the stock list, many domestlo rails eased fractionally to one point, no tably Union Pacific 4s. Erie general 4s, St. Louis & San Francisco incomes, Atch ison general 4s and Chesapeake & Ohio convertible 4s. Industrials owed their moderate strength to sugars, which were more responsive to better trade conditions, but utilities, including local tractions, gave way to pressure. Total sales, par value,, aggre gated 12,421,000. New underwrltings of the day em braced the Virginia-Carolina Chemical J12,600,000 15-year 7 per cent con vertible bonds and City of New Orleans 51,400,000 4 per cent paving certificate issue. The progressively reactionary tone of toaays stocK market clearly indicated that greater consideration was being given by traders and the public to ad verse factors, notably the coal and rail road strikes. This -was emphasized in dispatches from western centers which declared that labor troubles were making increased in roads upon general business, although railroad tonnage held close to the pre ceding week's level. The confidence re- cently shown by investors at interior points also seemed on the wane. Prices held fairly steady at the out set, but soon became unsettled on re newed selling of motors and their sub sidiaries. Reversals later encompassed the oils and many unclassified special ties, finally extending to rails. Weakness among the motors again was mainly due to Pierce-Arrow common and preferred,' where additional severe losses were attended by more' circumstantial reports regarding the company's finan cial standing. Chandler was under con stant pressure with Studebaker . and the market for all motors was "thin." Mexican Petroleum resisted the early setback in oils, but gave way in' tle final hour, when most of the domestic divi sion, especially California Petroleum, Sin clair and Standard Oil of New Jersey, were freely offered with Mexican Sea board. Independent steels forfeited practically all ofL. their advance and although fore casts of tomorrow's quarterly statement of the United States Steel corporation were favorable, that stock yielded a sub stantial part of last week's rise with leaders of the metal group. Quotations were lowest just before the close, even though call loans then eased from 4 to 3 per cent. Baldwin and Studebaker were the targets, showing -net losses of 2 and 2 points, respectively, with United States Steel below par. Sales amounted to 835,000 shares. Foreign exchanges were firm on small dealings, sterling rising to withLn a fraction of last week's best. Allied bills gained 2 to 7 points, marks rallied to above .0020 and all the neptrals, Den mark and Switzerland excepted, were materially higher, with yet another gain for the Caecho-SIovakian rate. CLOSING STOCK QUOTATIONS. Furnished by Overbeck & Cooke com pany of Portland: ' Stock Sales. High. Low. Bid. Adams Expres... 200 '64 64 64 Advance Rum... 200 17 17 Agr Chem -500 39 38 do pfd 200 49 48 Ajax Rubber 4,300 18. 17 Alaska Gold 100 . Alaska Juneau... 800 1 1 Allls-Chalmers. .. 700 53 51 Allied Chem 2,900 68 67 Am Beet Sugar.. 300 46 45 Am Bosch Am Can Co 5,400 57 55 do pfd 100 108 108 Am Car & Fdy.. 400 166 165 do pfd Am Cot Oil 200 26 26 do pfd 200 52 52 AmDrugSy'nd.. 100 5 5 Am H & Leather 100 18 '13 ao pra 40O wa. 69 Am Ice, .. 1,200 110 106 Am Intl Corp.... 1,300 42 41 9 Am Linseed 1,000 34 34 uu piu .... 3 Am Loco ..,.. 8,800 115 113 1854 do pfd 9U I Am 'Eai. jtazor. .. iuu 12 Am Ship & Com. .1,300 74 Am Smelter 000 75t ao pia iuu 206 Am Snuff 20 Am Steel Fdy... 200 2 Am sugar 4,ww 3 1 do pfd 874 Am Sumatra uwo 28 Am Tel & Tel... 1,800 122 121 121 154 Am xoBaoco 4M 143 143 143 6 do "B" 300 140 140 139 1 1-6 Am Wool 8,300 90 89 88 .18 Am W f pta..., lOO K5i 295 29 " 20 54 Am Zinc 400 17 17 16 1H5& Anaconaa z,sihj od oz 02 1 1-6 Assd Oil ........ 300 111 110 110 20 Atchison 1,100 101 100 100 1 i ao pta 3uu i 91 8 Atlantic C L.... 200 108 107 107 3 At Gulf & W I.. 1,200 3654 35 35 8 Baldwin loco. . .12,900 nu 116 115 9 do pfd 1105i in asiiio ae vimo. . . .ii.swj- 106 do pfd 200 65 Barnsaen uorp.. oo 7,100 106 414 , 42 I 93 81 81 . 92 16 37 25 123 29 127 43 16 23 45 81 12 50 1454 43 8254 Davison Chem... 5,500 46 43 Endicott Johnson 1,000 83 82 Erie : 1,300 16 18 do 1st pfd.... 800 24 23 Elec Stor Baty.. 2,600 47 46 Famous Players. 2,300 82 81 Fed Mng A Smlt ..... do pfd Flsk Tire 2.400 14 13 Gen Cigars - 7d Gen Elec 800 177 176 174 Gen Motor 18.100 14. 13 13 Gen Mot 6 ' 81 Gen Asphalt ...22,200 .73 69 70 Goodrich 1,200 38 38 38 Glidden Paint . 14 Granby 800 80 29 29 Graat Nor Ore. . 600 40 39 . 39 do pfd 2,100 ,81 70 79 Greene Carianea. 400 0 30 30 Gulf S Steel 3,800 85 79 u Glen Alden 55 55 '55 1,000 74 72 1,200 19 19 100 107 107 400 41 40 Houston Oil Hupp Motor . . .. Ills Cent... Inspiration Int Agr Corp cm 18 107 40 do pfd ) 37 Interboro 300 1 1 1 do pfd 400 3 S Interst Callahan 500 7 7 3n 13 la 800 73 71 2,100 17 17 1,200 62 50 Int Merc Marine. do pfd Int Nickel Int Paper do pfd . Invincible Oil.. Island Oil Jewel Tea K C Southern 3 7 18 71 17 50 85 12 17 24 6.000 12 12 400 200 18 17 1.400 25 24 An TfH - 56 Kelly Springfield 3,800 47 45 45 Kennecott 2,600 36 35 Keystone Tire... 11.300 9 9 Lack Steel 3,800 78 76 Lee Tire 800 28 28 T.ehiirh Valley.. 900 64 63 i Lorillard 16 Loew Theaters.. 30O i54 i i Mex Seaboard. ..38,300 30 26 27' Maxwell Mot A. 2,300 64 61 61 do B 5,800 23 20 20 May Stores 200 117 116 116 Alex jret o,ow 1M iUlT A"- Miami 200 29 Mid St Oil 7.500 13 Midvale Steel 7,000 37 M K & 1. ...... 100 17 do Dfd 300 ' 40 Mont Power 2,500 74 Montgy Ward... 5,200 22 Mo Pac 1,000 22. do pfd 1.70O 55 54 M St P & S S M. 100 60 Maryland OH ... 2,000 . 88 5O0 30 1,800 54 90 46 60 7 55 58 20 4 6 6 7 2 8 15 32 68 21 12 4 38 9 7 3 4 6 19 35 17 5 8 75 196 27 Foreign Bonds. Furnished bv the Overbeck &. Cooke company of Portland! Belgian Rest 5s ..... 1919 Belgian Prem 5s .... 1920 Belgian 7s 1945 do OS 1925 British 6s 1922 do us 1927 do 5s 1929 do Vky 4s 1919 do Ref 4s 1919 U K 5s 1922 ao 1929 do 1937 Bordeaux, 6s 1934 Canadian 5s 1926 do 1927 do 1929 do do Chinese 6s French 4s ...... do 5s do do 7s do 8s German W L 5s Berlin 4s Hamburg 4s do 4s Leipsig 4s .... di 5s Munich 4s ...... do 5s ......... Italian 5s Jap 4s do 1st 4s do 2d 4s Norway 8s Denmark 8s 1937 1931 1951 1917 1920 1931 1941 1945 .. 1918 .. 1931 .: 1925 . . 1925 .. 1940 1945 Russian 554s 1921 do .- 1II2W do 6s 1919 Sao Paulo 8s Swiss 5s do 8s Brazil 8s do 7s Denmark 6s Dutch E. Indies do 1936 1929 1940 1941 1952 1942 1962 1947 Bid. 70 74 106 101 91 94 95 79 - 77 110 110 103 84 99. 98 101 98 98 . 64 62 78 63 100 102 1 1 1 1 2 2 2 2 ' 35 70 93 92 110 109 15 2 16 100 108 118 101 96 98 95 95 Ask. 72 77 107 101 93 95 98 81 80 110 110 104 84 99 99 101 99 98 54 63 , 76 64 100 103 1 2 2 2 3 3 3 3 36 70 v; 'fi2 111 110 18 3 1 101 108 119 101" 96 99 : 95 59 S3 104 93 102 101 103 105 91 70 104 103 96 119 92 105 34 101 102 104 91 78 lfl 85 . 46 '107 107 101 107 101 106 103 U6 Money, Silver, Etc. NEW YORK, July 24. Call money easier: high. -4: low, 3; ruling rate. 4 closing bid, 3; offered at 4: last loan, 3-: call loans against acceptances, 3. Time loans steady; 60 days and 90 days, 3; (i .months, 44. Prime mercantile paper, 44, Foreign bar silver, 69 c. . 35d Dis count' rates, short bills and three months' bills, 1 1-16iH'2 per cent. LONDON, July 24. Bar silver. per ounce..- Money, 1 per cent. 5 LEASES '! 5 If you are unsuccessful in ' ,1 sf selling: your property, lease J same for 25 years and as- C jl sure yourself and heirs of a r K permanent NET Income. - 3 f WILLIAM P. MERRY g T Title & Trust Bids;. t JC 6 20 61 97 36 81 6 1 59 97 36 79 38 37 17 38 48 13 1 51 6754 45 38 56 108 164 119 26 52 5 13 68 106 41 33 53 113 17 6 19 97 134 36 80 106 37 54 62 81 77 52 62 31 75 29 v 28 iii 11 37 67 76 8 '22 54 29 28 44 71 68 30 45 93 4 53 62 31 75 8 23 6 28 13-2 11 Balto Sc Ohio Barnsdeli Corp Beth Steel "B" Booth Fish ... B R T :. 6,100 25 23 Butte C & Z 500 6, 8 tfutte d sup 1,100 Burns Bros 900 132 Caddo Oil MOO 11 Calif Packln...- 20O 7854 Calif Pet 6.000 60 do pfd ... .... Canadian Pac. .. 1,600 139 Cen Leather 1,600 40 L'erro ae Pasco.. 4O0 Chandler Motor. .19,200 Oho & N- W 1.800 Cho Gt W 100 do pfd Chill Cop ,300 Chino 60O C M St P 2,200 do pfd 1.100 Coco Cola 6,600 C & 0 1.200 Colo F & I - 100 Colo Southern... 100 Col Gas & Elec. 3,800 Columbia Graph. 700 con uas 8.100 123 Cons Cigars ao pia Contl Can 1,800 71 Cities Svc Bank Corn Prod 2.000 106 104 105 78 77 58 68 . 93 138 138 39 39 36 36 62 63 75 7 8, 6 20 21 21 29 28 2754 27. 43 43 6S 69 67 67 30 29 45 45 90 90 -. 454 4 120 120 32 . 66 ' 70 70 20 Martin & Percy. Nat Enamel..... Nat Lead Nevada Con Norf & West. . . 500 100 100 16 200 30 1,200 76 Nor Pacific N S Steel N Y Air Brake. 200 N Y Central 4.500 Nor Amer 3,700 Okla Prod Ref.. 2,200 Ontario Silver Ont Sc West 300 Otis Steel 700 Pacific Dev 300 Pac G & E 200 Punta Alegre... 1.400 Pac Oil . . .' 17.500 Pan Am Pet. .. .13.200 do B 3.600 Pennsylvania . . . 6,800 Peoples Gas 300 Pere Marquette.. 900 rur uii 3,700 Phillips Pete ... 5.000 Pierce Arrow. . .13,900 Pierce Oil 1,300 Pitts Coal 200 Pitts & W Va... 1,000 Pa S Steel 3,500 29 12 35 17 39 72 21 21 53 60 36 29 53 99 16 20 75 35 9 77 28 63 29 12 35 17 79 79 95 94 70 69 2 2 25 11 6 71 49 56 '75 68 45 85 33 28 44 10 7 63 38 25 11 6 70 48 54 71 63 72 22 21 54 60 36 29 58 98 16 29 75 81 79 94 69 2 7 25 11 6 69 48 54 72 65 44' 44 85 32 27 42 8 7 63 37 84 32 27 42 9 7 63 37 7 Pressed St Car..-. 78 120 ' 16 74 33 33 74 92 10 56 Pullman 700 Ray Con 400 Reading 2,201) Kemington 200 Replogle Steel... 1,500 Republic I & S.. 2,700 do pfd 200 Rep Motors 1,800 Roy, Dutch Oil.. 6,00 Ry Steel Spring. 100 106 stand Oil Kan Sears Roebuck.. 1,800 79 onanucK, Ariz Shell ,T & T.. Sinclair Stand Oil Ind. Stand Oil N J Sloss-Shef Sou Paeific 8,100 Sou Ry . : 1,600 119 119 16 16 73 84 31 72 ,92 9 55 106 Stand Oil Cal. St L & S P....... Strombg Carb.. 7754 iuu w 9 , 200 39 89 4,000 81 29 107 105 Z.ZIIO ISO 200 45 90 24 73 54 84 32 72 92 9 55 105 93 78 39 30 105 8,400 103 1.000 27 2,100 44 f77 177 45 44 89 89 24 24 100 101 27- 27 4254 42 Studebaker 61,000 134 129 13054 Swift Sc Co. . Tenn Cop & Ch. . 600 Texas Oil 4,400 Texas Pac 100 Tex Pac C & O. . 8,700 Tob Products. .. . 1,700 Tran Contl Oil.. 7,500 Union Oil Del... 3.900 10 45 28 25 55 14 20, 10 45 28 24 55 13 19 140 39 100 7 7 Union Pac 1.800 142 United Alloy 1,800 39 United Drug Uni Food Prod United Fruit. . Union B & P 200 U S C I Pipe 500 Unl Ret Stores.. 2.700 U S Ind Alcohol. 5,200 u s nun 7,100 101 10 45 27 24 64 . 13 19 140 3 78 7 200 144 143 142 61 61 83 33 63 62 63 60 61 U S&t. uu lat piu.... JVIBl lUOfe 1UO 0 S .Smelt 200 41 40 u is Dteei. . . . ..li.zuu 101 do pfd Utah Copper 700 64 Va Chem 900 28 ao pia iuu 03 B3 Vanadlan Steel.. 2,900 47 45 Vivandou 100 10 10 Wabash 600 12 12 do pfd . .. 300 31 31 do B pfd 100 21 21 Wells Fargo .... 200 75 75 Western Pac 700 17 1654 do pfd 1,700 58 55 99 64 28 Western Union. Westing A B. . Westing E & M.. 2,100 West Md 100 White Motors... 600 Willys-Over 3,400 do pfd 5.000 Wilson Paoking.. 1,200 Wise Central Woolworth Worth Pump... W & L E. White Oil White Eagle Oil 1.000 105 104 100 100 100 200 61 11 48 8 45 45 60 13 8 25 60 11 48 8 , 39 43 50 13 8 25 61 32 63 til 59 105 40 99 120 64 1 28 62 45 10 12 . 30 20 75 16 0054 104 93 60 11 48 8 39 44 27 166 50 13 8 25 liberty Bond Quotations. Liberty bond and victory note quota tions furnished by the Overbeck & Cooke company of Portland: s ' Open, High. Low. CI. bid. Liberty, 8s..J0O.92 101.08 100.92 101.00 do 1st 4s 101.20 do 2d 4s 100.70 100.SO 100.70 100.78 do 1st 4s.. 101.50 101.60 100.24 101.56 do 2d 4s.. 100.80 101.O0 100.70 100.98 do 3d 4s.. 100.80 100.90 100.72 100.88 do 4th 4S.101.60 101.68 101.46 101.68 Victory 4s... 100.56 100.66 100.54 100.58 Standard Oil Stocks. ' Overbeck & Cooke company of Portland: Bid. Ask. Anglo 18 18 Borne Scrysmer 400 415 Buckeye 92 , 93 Cheese brough 190 200 do pfd ..108 lit Continental 130 135 Crescent 83 35 New Syndicate We offer, subject to prior sale, the available portion of our allotment of Virginia-Carolina Chemical Co. 15-Year h Sinking Fund ConTertibles ; At 98, to yield 7.73 " Denominations $100 $500 $1,000 Payable in U. S. gold in New York. Wire, phone or call. v ' ; Do It Now Use our Partial Payment , Plan Freeman, Smith & Camp Co. Lumbermen Bldo Portland . nrTH fff PH0NI STARK US 8740 NEW ISSUE $2,300,000 David Eccles Company First Mortgage and Collateral Trust '7 Serial Gold Bonds Daled June . 1922 '..". - . Due Serially Each Year from June . 1924 to 1932, inclusive ' . - v ' - " ".. . ' . -v.' '' '' Interest payable semi-annually June 1- and December 1, at First Trust & Savings Bank, Chicago, Trustee, without deduction for normal Federal Income Tax not exceeding 2. Denominations $1000, $500, and $100 interchange able. Registrable as to principal only. Redeemable as a whole or in part, on any interest date upon sixty days' notice at a premium of 1 for each year or part of year to elapse from date of redemption to maturity date. Redemptions to be made in inverse order of maturity, unless made out of funds derived from release of pledged bonds of Utah Idaho Central Railroad, or pledged shares of Amalgamated Sugar Co., or from excess dividends on stock of Oregon Lumber Company, in which case such funds to be first applied to retire bonds of next maturity and then to redemption of remaining bonds in proportionate amounts -of each maturity. ( J We call particular attention to the following facts summarized by Mr. James E. Fickeil, Vice-President of the Company, from his accompanying letters Ri min ?cc The Davi(i Eccles Company was m Ij UolllC'OO. corporated under the laws of Utah in .1915 for the purpose of. acquiring and conserving the interests of the beneficiaries of the estate of David Eccles. The estate consists of extensive tim ber, railroad, sugar and coal interests located in the states of Oregon, Idaho, Wyoming, Utah and Nevada one of the most important single aggregations of properties in the West. CjMnVii These bonds will be a direct obliga OCWOivy. 4.ion of 43 David Eccles, Company and will be secured, in the opinion of counsel, by a di rect first mortgage on the David Eccles building lo cated in Ogden, Utah, and by pledge of bonds and stocks of "affiliated companies. The fair market value of the mortgaged and pledged property is ?6, 869,036, or at the rate of $2,986 for each $1,000 bond. TrsrMiiirfe DurmS the six years ended De rjUrmngd. cember 31, 1921, net earnings of the David Eccles Company as reported by independ ent auditors, applicable to- the payment of interest, have averaged more than 1.85 times the maximum ' interest requirement of this issue. Our present plans call for the retirement of this issue through liquida tion of assets not pledged under this issue and through sale of part of the pledged securities. Financial Statement: ffiSKKS of April 30, 1922, certified by independent "auditors, but after giving" effect to this financing, shows a net worth of $7253,320. PurpOSe Of ISSUe: omVtheetSe of "his bond issue will be used to reduce the company's cur rent indebtedness and to purchase from The Oregon Lumber Company, which it controls, $1,000,000 of its first (closed) mortgage 6 bonds, due 1937, pledged under1 this issue. CoMPTnl 'ie Companies whose securities are yJc-Jiartll. pledged for this issue are all old, well-established concerns; the properties are thor oughly modern and maintained in excellent condition. The varied nature of the business represented is a factor of additional safety. ' ... We offer these bonds for delivery when, as, 'and if issued and received by us, subject to the appro vaL of our counsel, Arthur B. Schaffner, Esq. . , Maturities, Prices and Approximate Yields: AMOUNT $255,000 255,000 ' 255,000 255,000 . 255,000 255,000 255,000 255,000 260,000 DUE PRICE 1924 100.00 "1925 99.75 1926 99.125 1927 98.625 1928 , . 98.375 1929 -r v 98.125 1930 . 98.25 1931 98.375 1932 98.25 YIELD ft rr r .UUVo 7.25. 7.35 7.35 7.35 7.30 7.25 7.25 ACCRUED INTEREST TO BE ADDED A. G. Becker & Co. Halsey, Stuart & Co. Stern Brothers & Co. Cyrus Peirce & Co. The statements contained in this circular, while not guaranteed, are obtained from sources which we believe to be reliable. Cumberland .1.135 140 Eureka i. 8B 90 Galena com 62 54 do old pfd 108 112 do new pfd -. 101 103 Illinois Pipe 1M'2 160 Indiana Pipe 88 80 National Transit 28 27 N T Transit 164 -168 Northern Pipe 97 Hi) Ohio Oil .270 275 International Petroleum 20 V4 20 U Penn Mex 35 B9 Prairie Oil 555 B75 Prairie Pipe 246 250 Solar Refining 340 350 Southern Pipe si 3 South Penn Oil ........... .205 213 S W Penn Oil 90 64 S O Indiana M 106 106 do Kansas 635 545 do Kentucky 92 94 da New York 407 411 do Ohio 450 do pfd 117 Swan & Finch 32 Vacuum 413 Washfngton 24 S 0 Nebraska 175 Imperial Oil .' 108 M 460 119 35 417 28 185 10914 ' Chicago Potato Market. CHICAGO, July 24. Potatoes weaker; receipts, 152 cars; total United States shipments, 731 cars; Eastern Shore Vir ginia stave barrels, Irish cobblers. $3.75 3.80; Kansas sacked cobblers, J1.65 1.75 cwt; Kansas Early Ohio, poorly graded, tacked, fl.OO01.lS cwt; Min nesota Early Ohlos, sacked and bulk, $1.25 cwt. , Naval Stores. SAVANNAH, July 24. Turpentine, rtrrrSSSSiaesSJjarrels WHY NORTHWESTERN ELECTRIC CO. 7 ! Cumulative First Preferred Stock , Is in Demand - . . . :: at ' . ' 9822 Per Share - Preferred Stock Outstanding as of May 31st 7 First Preferred $2,016,600.00 6 Original Preferred 298,000.00 Convertible into 7 Flint Preferred. The total dividends for the year 1922. 'on this stock is $159,000. The Net Profits for the first five months of this year were $187,817.00, which exceed the dividend requirement on the preferred stock for the entire year by $28,800.00. It is estimated that the total net revenue for the year 1922 will be approximately 2Y2 times the total dividend requirement. " Let us send you further information. J. G. Tavares, ' O Mgr. Stock Sales Dep't, Northwestern Electric Co. Sir: . Please send me, without obligation on my part, your free booklet. -i ".'' ' " Name - . .. - f- . Address . . . . , receipts, 440 barrels; shipments, 75 bar rels; stock, 6019 barrels. Rosin, firm; sales, 1241 barrels; re ceipts, 10,041 barrels; shipments, 819 barrels; stock, 74,041 barrels Quote: B, 4.65c; D, 4.90c; E, 5.05c; F, G, H, 5.10c; I. 5.15c; K, 5.50c; M, 5.50c; N, 5 70c; WQ, 6.25c; WW, 6.85c. Swift & Co. Stocks. Closing prices of Swift & Co. tocks of Chicago were reported by th OvrbPrk Sc m We Buy-Sell-guote all issues of U.S. Certificates of Indebtedness and Gold Notes in any amounts We maintain a department which specializes in these securities enabling us to give prompt service to banks, corporations and in , dividual investors. Wire of write for bids or quotations , HALSEY, STUART & CO. IMOORPOSATD 209 South La Salle St., Chicago CHICAGO NEW YORK BOSTON DETROIT MILWAUKEE - T. LOUIS PHILADELPHIA MINNEAPOLIS Cooke company of Portland as follows: Pwift & Co 101 M Swift International 18 Wbby, McNeill & Libby 2 N'atlonR? T.athpr 7 The Northern Ohio Traction & Light Co. General and Refunding Mortgage 9 Bonds Dne 1047 Furnishes light, power and transportation In one of the great Industrial sections of the country. Net earnings more than twice bond Interest charges. Prices to yield a boot 6.32 Circular on request? The National City Company Offices In more than 50 cities Yeon Building, Portland , Telephone 072 Slain Why It Is Long-Lived The resiliency in Warrenite Bitulithic pavement absorbs the shock, of impact to pavement In the same way that pneumatic tires and springs absorb the shock to the vehicle and occu pants thereof. This accounts for the exceptionally long life of pavement on streets and high ways paved with Warrenite Bitullthic. Tou will find exam ples throughout the northwest wherever you find good roads. HOTEL HOYT Newly furnished and remodeled. Strictly Fireproof. Near both depot and convenient car terries to all parts of city. Moderate Rates. O. H. EDWARDS, Manager. 1