21
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