21
TITE MORNING OREGOXTAX, TUESDAY, AUGUST 15, 1922
ANXIETY RULES IN
nniinrniii nuinirr
r u m i u mumtr i
I IIIiMlwIilU IIUUIIIUI
Hope and Apprehension
Feature Day's Trade.
lirinr wrnv ni r nt i r 3cst
i 1 1 miii 1 tit
tin c . . .
Kelly Pfr,i)ft!d 1MI
! K-nntt 7 , . H3l
Urk stcM s ". 1 "-..
' mo i r.'.
I.-bbr McN I. 7n 1 iM
L c A Mayers ..
T 1o 7m 1i-44
J i rd 3 lJil
7 1144
I M rr: Co 7 S ' '.11 I . .
Proc r.Trb 7a K'-il
K-publ'c I A 5 fi
&r Roe 7 V22
to 7 I'd
.stl A Tub 7 l .' M
s-ifi 4 t'o i"-1
:a 7 i..u I o.:
rmt4 Iruic hm lU l 111
V J R ib lat rf Ss 7 l"-
do 7 H tO
I Ml pf & ., IW3
Va Oh.-m r. I '"
Wat V T col tr 5
Belief, ffowerer, Prevails That
Solution of Industrial Prob
lems Will lie Found Soon.
BT AtKXANPER PAN A NOTES.
1 Br crfwaeo Tribune Uird Wtr
NEW YORK. Aug-. 14 Th ntwi with
Vliich th wwk b(an today waa not
. mt a character to Inspire rbcerfulnna ;
31 financial markets open4 under the
Shadow of the sporadic acta of vlalnc
aira!Rt th rattwavs. th d'-aertlon of
their trains by oprttnc rri at various
and touchTa pmms, tnJ the
adjournment of th l-on-lon rcpa.ratluns
conference without attrermnt.
This time the new waa reflected def
fniteir in the market, ratiway shares
cr.nlna on the average about a point
In t he stock exchauijr. while the franc
fell back to last wrvk'n low rat in the
foreign iirhang marrt. Wcm for
wheat and cotton also went lower, partly.
It Is probable, because of th day's un
etiUrr news. On the other hand. Krnrh
ftvernmfnt bonds held firm in the New
Terlc market, rM aiming ail of an early
fractional dcHne, and neither the Lon
don stock market nor the rate for sterling
grave evidence of uneasiness.
The day's weakness in the stock mar
ket and in foreiicn exchanite was a nat
ural expression of nneimneiM at the fnli
re to find a solution for the two prob
lems, which In some way must be solved
in the very near future; but It was also
beed on consideration of the mont dis-
autetlna artrnatlve possjbf Stilus in the
esje tt the railway controversy a general
liotdup of transportation; in the case of
tne irtfuun reparations forcible action
by France individually.
Had either of these alternatives hen
Voked upon ss Immediately probable,
tha markets would have moved emphati
. caily. Instead of losing-, as they did, only
a part of last week's late recovery. Bxit
the feeling in financial clrc tea waa at ill
w ronrly to th effect that the railway
brotherhoods. In th Interest of labor as
body, cannot permit the rrlpptln of
transportation and fuel distribution to go
on. and that the French jrovernment !S
wholly unlikely to take act ion w hlrh
ven In form mtcht Imperil th entente.
Nevertheless, it had to be reconitd
that th dert!on trains In th wild
erness hy l hlr crews, on a f 11 nmjr pre
text, and In abnc evn of orders from
th unions, had Introduced a new and
unpleasant phaj into the situation, and
that t h failure of t he 1-ondon conference
1-ft ih Orn-nn reparations matter In a
atat h re the nxt turn of vrnit was
Impoamhle to forae. Financial markets
partu-ularfy d i.k u nee rt a intt-. and
tl.etr art on tmy was logical In th i
tsttnc situation.
Anit thts familiar Influence. It was
recoa-nSid today that th labr situation
was at a pnmi where a sudden set! le
ment waa always a possibility. Th evi
dent approach of such settlement In the
ccai trad dtapul necessarily affected
th Ju4cmnt taken of the other phases
of the labor d fficu'fiea It was therefore
with sn unusual mixture of apprehension
ad hopef u! n that the day ended
the financial markets.
luhi:c uMbtl
Am I.t A Tran bs ....
Am Tel coll 4s
do roll s
do is ..............
H H T Ss
le.l Tel Ia
rl r.ai uni 6a
Cit.-s 5crvic 7s B....
do 7s C
do 7s P
Tnt Met 4H
Tnt R T ref As
l.arSed Cas 7s
Mort Fower ."s A ....
Northwest Tel 7s ....
Pac Tl is
Fac r.M os , .
fetouthweat Tel 7s . . . .
tl bonds
Arts-Io Am 'Si ......
Atlantic Ref i,a ....
r.aiena S oil 7s
Ouiff Oil 7s
Humbi 7s ...........
Fan Am 7a
Mex Fet cv fig .......
:nclalr Tl
S O l al 7s
f O N T 7s
T-xas Co 7s
Tidewater Oil m
Vacuum Oil 7s ...........
turb bonds
Allied Fsckers
Am Tel A: Tel As..
do
Anaconda Cop &s
do 7
An-!o-Am Otl 7S
Jt.th filee 7i
rnno tias C
C.aiena Slfrnai Oil 7s
Orand Trunk BUs
Searn Roe 7s 3-y r
So West Tl 7s
S'andsrd OH N T 4s
?w:ft at Co 7s
do 0,
Varuum Oil 7s
Koreijpn government bond
Arcentine jt 7s
do U I Ss '.
Fi!um hm
'iran -
!rn fts
ChrUtlania s
Fopenhaitn 5Ss
r'anifh fonsol !
Frvm h tallies o
!-aly 4 A
Swedi h Uovt H
L" Alex 4n
do H ft
Vruruay Kxt 5m
Zurich s
... lt3
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... 141
r37
... 1?42
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. . . i '.:!
... l!t,l
, ... 1113
. . . 1
... 13M
. .. 1131
. ..
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IslSTOGKS SHOW REACTION
1IMH
i i BOX!) PR ICES DEVKLOP WEAK-
,.h VESS IX SYMPATHY,
11 , .
.Mlsed Oianses PreTalT in In-
! dustrlal and Foreign Groups.
I Liberty Bonds Steady.
-With few x-
1SC4
193J
m.;i
1'4.-.
1044
1!l
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l--
1 S1
1K..4
194A
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lot
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101 i,
lot .
l"4,
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104
losH
!!'
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loss
loS
1 o-.- S
102-,
108
loom
4S
10.4S
lfw,
1 13
110
01 S
110
2
1H4 S
4.-.V, i
.ITS
74
113
GRAIN PRICES GO LOWER
XEVK-rOLLAPSE IX LIVER
POOL AFFECTS CHICAGO.
Farmer Binning .More Omt Than
for Many Year: Country
Offering I.lclit.
rarTl'll..l br Jordan. ntworth ft Co.
Of Port.nl
Al'tl n 4
A C I. 4
d 7.
B ol-i
d n 4 rf
rt .
fmnBt Svuh.-n ......
C"niln N.t 7. .......
C.n.o:.. Nor s .........
d- 7. 4
CTt P.e Tt .7
Ch- A Oh o cv 4S
do It.o 4S
do r tm ...............
do con S
C A Q 1.1 rttv 4.
,C A- W.ftt Ina 4s
r o w 4.
C M A St ! 4.
do r 4 .............. .
do d.b 4. ..............
do n 4. A. .
do cf 5.
do gen 4. A .............
do c. 6a
do r 4S. A
Chita NW tB 4m ..
d o .
do 7.
C R I A P rf 4
Coto Poo rf x 4 S .......
vlo Soo 4.
A HdMBB cv a........
do 7.
da sa c. 4.
do r.f ft.
En- I'L. 4.
do ran 4. A............
do B
do I
do fa CO 4.
04 Trunk o .S.
Ot Nor 4S
do 7.
Ot Trunk .
do 7.
XI! C.nt it 5s
do rf 4s ...............
K C Sou rrf 5
Ko A Dr. M 1st Bs
L-MS 4s
US 7.
do unl 4s ...............
F-n-i.lr 7s ...............
;s-i'ss m ass
MKT 4
iir rn 4s
do rrf As
do r.f 5s
JCT'T drb 4s ..............
do rnn 4a
do r-f Imp 4S. .........
do r r d -b ds. ......... .
do c!l 7a
? T N H A llrrUa
NO T. X A Mrs Ss. .........
P PI. 4a
ts
.p or NOR Jt ss
O 8 I. rf 4a
Prnns a ..............
do rn 4'ns
H i 4 SS
do r-n 3a ..............
do 7a
do RR S
Kr.dtr.s; era 4s ..........
5 A L. 4s
do B ..,
do s A
ffnii Rr tin ft. ...........
So Par cv 4a.............
do rf trm 4s
Ff rr' 4a
do rinr &s
Stl-ASF PL 4s A
do s;n As
do I'L. As B
do it.n is ..............
do adl a
do n.? As ..............
fW-ASW lal SS
do rrtn 4
do lat 4a
T Psc 13S....
X r. Par lat 4s
do rv 4a
do rrf 4s
do As
Tn Tank 7a
Wabaah lat 5s
! I Ss
tVrat P- Sa
M1KT d) Ss
. I'h.lt 7Sa .
Ot:l Rt t
In'Iua'rlala
.AUir'l PirkiTi As .........
Am Air 7Ss
Am lt Ss
Am Tob 7a
ARiroclK As A
do 7s B
Armour rir 7s
di 4 Sa
Tarrr ttcirl fcs ,
J':i Sfr: 7s
do rq 7a ................
do rrf .
Crro d. Pssco As
Cht'.. ronr Ka A ...........
do ron 7a
Col Graph .
CoPFf Kip Va
do fca
do w
f! T ! in Sa
Coio lo-t Sa ,
Cpban Am iUKr ts
Cuban Car rr 7a .........
T"ai:'.-s rv Sa
T'lamnnd Match 7.s ......
rupont 7Sa
Fn-rilr Oas Pari As .......
Ftak a.
Orti Kite dab 5s
do drb "-a
floodnrii 7a ................
Coo.1 rar s
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1 13(. Ii3 14
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1W 41 ta
BT CHARLES D. MTCHAKI.it.
' Pt Chlrs;o Trtbuns I.s-d Virt.
CHICAGO. Aug. 14. Wheat, oat and
Sptrmbr corn sold at nsw low frjrurea
for th Sarason todsy. A nr collapse tn
I,vrTol. hsre m'hsat futures -ere off
-Std pr rfntml at ore time on
p-in ica. developments In th London
corJerence. had a radical eff.ct here.
Closir.ir iradea were at Josses f 1
2 S c on corn. H'c on osts and 1 &
lr. on rje. Corn was Se lower for
September, hut H01o htfhvr on the
Gfrrd deliveries.
lhort coverlns; on the rsjl str:ke pi
Septembr s heat to about la over iho
HH-fniMr r.y. but as soon as the buy
lrr censed the market bmke rapidiy
with persistent i:inir of September and
luy nf of May. credited to a local nous.
Weakness n the northwest. svhr
h edc In c sales wre heavy, had some ef
fect b re. i.t er .Vm.imm bus he is Sep
tember were sMd C MtnneapoHs aramst
rash era in. with the close there 3 He
lower.
Vash era ;n a ho we. 1 more weakness
than futures. A hoUtlny on the conti
nent checkeff the fore tun demand, with
sales of .W. 0OO bushels reported at the
aea board. Iocal handiera sold 5.'0.O0
bushels ti exp-rters Despit the rail
s:rike. arrtvsis are pot materially
mailer than Iat year. The trade paid
littte or no attention to statistics
Corn showed pronounced strength in
the face of the breaks In OTher gra!ns.
There waa ctosinjr of spreads between
corn and other aralns and also short
covennir. September was under pres
sure. lry weather talk aff-ted the de
ferred deliveries. The crop is o:nc
backward In some feet tons of the cen-
traj west, due to a lack of moisture.
Export demand Is fsirlv jrood, with local
handlers serine 4 bushels to the
seaboard. Basts on spot waa anera. llr
urvhaneed.
Oats declined readily in sympathy with
wheat, but ran Into jco'vd support on
the extreme rreak and finished on a fair
rally after a ran re of Stir He. Kx-
porters tok -V f)f bushe;s here.
Country offer. nr were Ilrht and farm-
ra are binning more oata than for
many years
Rye. weaker and losrer. In mpathy
with wheat. Houses with north western
connections were rd sellers, while the
se Aboard huirht. Vo 2 on traek
was lc lower, as compared with fieptern
ter, selM.na' st 1 Jf I l,p over
NEW TORK, Auk. 14
15S ; ceptiona bond prices weakened substan
,,M,V i tia'.lT todav In. avmoathy with the reneral
reaction In stock a Mixed changes pre
vailed In the Industrial and foreign
irroupe, with liberties holding fairly
steady.
Norfolk 4b Western convertible 6s
dropped 2 hi , with losses of 1 to 1 n being
reir.Mered by Seaboard Air Line adjust
ment 3s, Chicago and Alton 8Hs. New
Haven 6s, Chesapeake and Ohio convert
ible Cs and Krle general 4s.
In the Industrial list Tobacco Products
7s and Saxon company 7s broke through
for new hirhs. but losses of 1 to 1
points were sustained by Bethlehem Steel
refunding .Is. Wilson company s and
IWs and Cub Cane &s. Contrary
general expectations. French government
and municipal Issues held up well despite
the break in 'exchange, only fractional
'osses being recorded. Belgian 8s dropped
over a point. Japanse first 4Vs were up
2 points to a new high and Zurich Ss
were up 1. South American loans were
firm.
The Issue of $7,000,000 first and re
funding 5 per cent bonds of the United
States Rubber company, which wertl
offered today at 10 Vs to yield 5. U. were
oversubscribed.
Professional, operators today took ad
vantage of the deadlock In the rail
strike to launch two attacks on the stock
market, one at the beglnniag a-nd one at
the close, which resulted in recessions of
1 to 4 points tn the active issues.
Active and strong buying support
halted the first reaction but constructive
sentiment apparently was disappolned
over the prolongation of the strike and
the second attack caused many shares
to yield and c'.ose at the lowest prices of
the day.
Northwestern rails, which had regis
tered the largest advances In the up
ward movements last week, yielded the
most. Lessee of 1 to 2 S points were
shown by Missouri Pacific. Northern Pa
cific. Great Northern preferred. Pere
Marquette. St. Paul. Chicago A North
western, Rock Island, Chesapeake A Ohio,
New York Central, St. Louis A San Fran
cisco. St- Louis Southwestern and I.e
h Bh Valley. Central Railroad ef New
Jersey dropped 5 points on small sales.
Mexican Petroleum fluctuated within a
radius of nearly six points, closing at a
net los of 4 si. Extensive selling of
General Asphalt forced the common down
4 points and the preferred (1 points.
Mexican Seaboard. Pan-American Petro
leum. Phillips Petroleum and Standard
Oil of New Jersey also were heavy at
lo?es of approximately t to 2 points.
Independent steels were stronc in the
eariy trading on reports of an early
consummation of the two independent
mergers, but they sagged considerably In
the general reaction at the close. Lacka
wanna Steel was off 2H. Republic
dropped '2 and smaller declines took
place In Mldvale, Replogle and Vanadium.
I, ft. Steel receded 1 1.
Several hiith records were made In
the upward movement around noon, no
tably by Sears-Roeburk. Burns Brothers.
Internationa! Harvester, National Cloak
Jt Suit, famous Players. Advance Rumely,
Allied Chemical and J. I. Case preferred,
but most of these yielded with the gen
eral lift in final dealings.
Total sales were approximately 575,000
shares.
New low record In the Canadian dls- '
count rate and a sharp break in French
francs featured the denlir.KB in foreign
exchange. The Canadian premium was
down to S 3-32 of 1 per cent, as com
pared with a high of . 1-4 per cent in
December. 120. Failure of the allied
premiers to reach an aureement caused
the reaction in francs, which fell 16
points to 80S cents. Demand sterling
n as off U and German marks were
down to ll1 cent" a hundred, only S
of a cent above the extreme low record.
Beirian. Italian and Dutch rates were
down 5 to 14 points.
Call money opened and renewed at 4
per cent, but eased off to 3 4 before
noon and thence to 8. where It closed.
Time money rates were virtually un
changed with few important dealings
heinjc reported. Rates on commercial
paper were inclined to firmness.
CLOSLNG STOCK QUOTATIONS.
Furnished by the 0erbeci & Cook
comuanv of Portland:
a i s. r ' gn
fiuu 7 s
2.01MI
13
ITS
20 S
57 S
1.704) ' 43 S
l.SOO S S
300
Sot)
3ou
lOO
do pfd 1.600 6SS
lot Nickel 1,700 17 S
Int Paper 4.4U0 57S
do ufd
Invincible Oil .. .
Island Oil ,
Jewel To
K C Southern..
do pfd ,
Kelly-Spfld
Kennecotf
Keyatona Tlrs. .. 2.4'H) 8'.
LlfK Steel 6,7'M KO
Lee Tire 100 27 S
Lehieh Valley. .. 1.100 6JS
Lonliard
Loew Theaters
L N-
Max Seaboard ..16.10
Max Motor "A". 5K
1j "B" 1,000
May Stores 12S
Mot Pet 19.f!0O 17
Miami 100 2S
.MM State.fl till .. Z.4IH)
Mtdval. Steel ... 2.400
F.JH
ITS
IT
25 S
SS
42 S
3
S
77
27 H
64 S
600 i6s ies
1S
M K A T VV1 8iO
do pfd Wl 400
Mont Power
Mont Ward 14.700
Ml Pic BOO
do piA 1.000
MSlPS8M.. 10O
Marland Oil 300
Martin A Perry
Nat Enamel .... 2.400
Nat Lead 100
Nevada Con ..... 2o0
New Haven ..... 4.9O0
12S
3S
1S
42 S
23S
23 S
sss
64
38 S
20
67 S
MS
128S
170S
2S
12S
34
17
42
24 S
22 S
65 S
64
88S
SS S6S
9914 B S
1S 16S
31 S SOS
Norfolk & W 1.000 115 114
Nor Hue S.800 S1W. 80
Nova s Steel
300
l.SOO
2,7(10
300
7
97 S
76 S
2
4K
soo
. 5.60
. 4.200
. 8.100
. 1.700
. 4.40O
. l.SOO
S.."00
. 400
2.SOO
.12, SOO
6O0
. 4.4O0
SOO
. 2,900
2-)
S
74 S
SO
S3S
70
71
46S
SI
39
29 S
43 S
13S
7S
B7;
40S
7S
SOS
1.200 120S
400 Ilia,
N Y Air Brake .
N Y Central ...
Nor Amn
Ok la Prod ref ..
Ontario sliver ..
TDntarlo W .. .
Otis Steel
Pacific Tev
rac G & Kiee . .
Punta Alexre . .
Pacific Oil
Pan Amn Pet . .
do "B"
Penna .........
Peo Gas
Per. Marquette.
Pure Otl
Phillips Pete . . .
Plerce-Arrow . .
Pleroe Oil . . .
PllsCoal
P A XV Va
Penn Set Steel
Pad Steel Car. .
Pullman
Ray Cone
Reading ,
P.em incton ....
Reptorje Steel :
Republic . & S. .
do pfd
Rep Motors
Ryl Inc Oil
Ry.steel Spa; . . .
Stan Oil Kan
Sears Roebuck . .
Shattuck. Arls. .
Shell T & T
Sinclair ,
Stan Oil Ind
do N J
Sloas Shef
Sou Pacific
Sou Ry
Stand Oil Cal...
St L, S F u.
Strombers; Carb..
Sturfebaker 10.1OO 128
Swift & Co 10
TT.n Cop A Chm 10O 0S
i exas lil l.SOO
Texas Pac 600
Tex Pac C O.. 1.500
Tob Products ... l.ino
Tran Com! Oil.. too
Cnion Otl Del... I.400
I nion Pac
United Alloy ...
Cnlted brut ....
t'nited Kood Prd
United Fruit ..,
1'nlon B A P.. . .
U S C I Pipe
lrnttd Ret Stores 2 OOO
U S Ind Alcohol 6. SOO
76
PBS
75
2S
3.300
300
JiK)
700
" "soo
TOO
AS
35 i,
73
SS
53 S
1.5O0
700
700
1.200
94 S
9S
30',
109
S
74 S
49 S
S2S
74S
68 S
45 5.
90
37
29 S
43
7
66
39 S
7
SOS
121)
IBS
74 S
S3 S
31S
71S
"hK'
53 S
91S
9
.".Si
so S
64 H
17S
SOS I
12 74
1S
23 S
SB
43 H
33 S
6S
77
27
64 S
16S
16S
130
20
88
1S1
127S
171S
2
12S
34
17S
41S
71
24 S
22
55
64
29
S6
99
1S
30S
114
70S
SO
76
94! S
75
2
7
26
10.
e
73 s
49 S
42 S
74
69
45S
90
37
29
42
US
7
6H4
3S
7
SO
120
16
74
sr. s
il
71
92
3i
53
10S
9.".
92 S
9
3S
30
IDS'. 101
4UU 1S 1I7S 177
43
4 200 92 91 S 91
S.400 2fl 25 23 S
2 200 1 03 104 1D4
2.400 31 30 30
SO0 4 47 - 47
123S 123
1IM 106
46 S
31
24
54 S
13
21
10
4BS
VI
23
S4
13
20 S
lo
4.1
31
24
54
13
20 i
1.000 144 14JS 1I3S
1"" 3( 3T 37
100 79 79 79
2"n 7 7 7
SOO 147 147 147
SOil 66 65 6
200
1.6K
.".itO
4H)
10O
S.20O
two
300
8,000
22
s;
3!l
1
S
'7.V '
53
'iss
"67
IsOvr.
77
21
SS
3S
64
US
s
7.1
S2S
40 S
i
124
26
""As
14S
B:d.
77
21
:is
64
11.
s
1
73 S
S2
97 S
Adama Lxp
Advance Kuan
do pfd
Agr Clieni
io pfd
Aj.x ICut.bcr
Aiaaka Gold
Alaska Junoau
Allied Chrm
Aiils-Chaim
do Pfd
Am Heet Suffar
Am HoK'h
Am Can Co
ao pfd
Am C & Fdy pM 7"o 11-4
Am Cot Oil ... l.Soo 27
do pfd . . . . . .
Am Drug- Svnd "00 S
Am Hid A L... 30 14
do p(d 4O0 72
Am Ice l.Soo 111
Am lntl Corp.. ."' 37
Am Linseed .. 2.6oo 36
da EKd loo S3 Vi
Am Loco s.o00 U 117 117
do pfd 113
Am Sf Raxor. 1 0O0 7 7
Am Ship Com 3O0 1". 17
Am Smelter ... loo o 60
do pld Sot) Hi 97
Am Snuff
Am Stel Fdy. 5.000
3S
03
101)
122
2
b.i
5
14
71
10S 10O
3 36
33 34
. S3 r.M
4t
bo
BKAKS rAlT.HT IV STOCK PK.41
Pierre-Arrow Frrfrrmi Stork Runs r
to 3.3 SJid Bark ta 29.
Pv rUmto Tribune I,eaa-d Wire.)
NEW YORK. Aus 14 Todar oro.ed
trt bs a irana.f.on dsv for the railroad
executives, from a policy of definite ac
tion last week to a p.i;:.-y of watchful
waiting-.
Probably the plainest case of allowir.
ths rampant b-r to sell Into a baa: and
at the l.istcal moment suddenly tull rh
draw strinra and wimi'l them to re-
purchaae ,:,pk, they had sold, which
haa ocrurr-d on the flcor of the New
York Stock rtfkirx' th's year, was in
ths preferred anrt rommou shares of
Pte-re-Arrow to. lay.
The preferred stock ran up V 3. and
then ba'k down to the a.-aie of 29. cloa-
Ins; with a net advance of S po.nta.
The common advanced sympathetically
nd rained 1 poln'a.
The advance in American f. Indeed com
mon ar.d preferred th:s forenoon at
tracted atr.nT:on. Both laaues roae more
than t-. j points, but in the afternoon
hen the balance of the Hat sold off. the
common loet a rood part of irs early
salna Wail street heard that "broker.
aso-iated with Standard Oil tntereata'
rare buymc the atock. Attention was
ailed to "hidden" aaaets. It belnr. de
clsred that ths company la carrylnc Its
auptliea of Lasted at 40 cents a sal. on
whereas the market price Is In the
is-bhorhoo'l of SO cer-ta.
1'robabiy the direct reason for the sd-
varce in sucn atocaa as n.rectiy siiect
the farmer may be traced to the To-rn-m-nt's
bumper Aua.i.t crop forecaat.
Ani.r;rin farmer w:l! re-e)v about
$7.14. 634. Co f-.r their 17 principal crops,
as compared with $S.li3."..sil.O.H) they re
cstved in HOI.
There was acain more money In the
financial d'strict than borrowers wanted
to take Somethlnc like l.'O po).0a) was
In hand at tne openir.e of the market
todar to be put on ra.l and the result
was a gradual decline In the rate from
4 per rent to 3 per cent, the lowest sine.
August 4 Bankers are inclined to the
belief that this rals win continue, for"
moat of the week.
Natal Moreai.
FAVANVAH. Au. 14. Turpentine,
firm. 1.06 rsllon. sales. 604 barrels,
rereipts, 4'l barrel., shipments, 234 bar.
re a. stock, intol l arrr.i.
Kosin Firm. Sa.es. 76.3 barre's; re
ceipts. 13nj barre's; ehlprr.ema. 2o bar
re, a; atoca. 91.1i7 Quote: B. P. 14. oS.
E. F. ; if, I. 4 .': K. 5: M. .V0S; N.
i,35. Wii. S3 no. WW. sft SS.
nriral Fnilts at Near York.
NEW YORK. Aur. 14 Evaporated ap
pies, dull: state. 17filr. Prunes, un
settled. Cakfomtas. 6f7ise; Ore
cons. 126 lc. Peaches, f rm; choice.
r?14c; extra choice, 11 3 15c; fancy.
lSfllSc.
SOU ' 31 3
2.200 1-ji; 122
1.3. Kl 150 149
147 147
1.7HO 91 90
l.al 107 107
7"io 3.'w 305
:;' .17 17
l.UOO 53 52 V,
Am buaTir .... ooo
do pf.l
Am Sumatra ..
Am T-l Tel..
m Tobacco
do "B" ....
Am Wool
do pfd
Am W P pfd . .
Am Zinc
Anarond
Asad Oil
Atchison
do pfd
Ati Coast Line.
Atl Gulf : W I
Baldwin Loco .
Baldwin pfd
Haito A Ohio ..
do pfd
P.ivrnsd.il CVrp.
Beth tlfe! "B".
Booth Klsh ...
B R T
Butte C Z...
Butte eV Sup . .
Bums Bros
Cad.io Oil ... .v
Calif Packing .
Calif let
do pfd
Canadian Pac .
Cen Leather
C-rro de Pasco.
Con Textile . . .
"handler Motor
Cha.i X ..
Chan lit W
no pfd
Chi. I Cop
Chino
C M tft P
do pf.1
Coca Cols.
C it O
Colo F I. .. . ..
Colo Southern....
Col Gas,. Kiec ..
Coium.i.a Crap..
Con Gs
Cons Cigars
do pM
Contl Can
Cities Sve Banks
Corn Prod
do Pfd
Coaden Oil
C It 1 A P
do A pfd
do B p.'d
Cruclbe
do pfd
Cuba Cane .....
rf o pfd
Cuban Am Sugar
He! A Hudson..
!ome Mines
lel A Lack
Davison Cham.. Soo
Kndlco'.t Johnson. !ioo
Krle a . . . . 4.7IIO
do lat pfd an o. hi
K:ec Stor Baty.. 1 liwl
Famous Players. 12. son
Fed Mns A Sm.. loo
do pfi 1.4.1)
Gen Cirars 2oO
Gen K ec in.) 179
Gen Motor S.4O0 13
do 6 per cent.. -oo
Gen Asphalt ...32.200
Goodrich
Clldden Paint "
Granbv poo
Great Nor Ore... 1.3on
Great Nor pfd... g.30O
Greene Cananea
Gulf S Steel
Glen A Iden
Houston OH .
Hupp Motor ....
Ills Cent
Inspiration , . . . .
Int Acr CrJ com
do pfd
Internoro
40
o
7
17
l
lti
133
40
so
lol
37
122
141
14B
1HIU,
107
3')
17 ,
.32
HO
U S Rub
do 1st pfd . . .
C 3 Smelting..
U 3 Steel
do pfd
Utah Copper ..
Va Chem
do pfd
Vanadium Steel
3 Ivandou
Wabash ,
io A pfd
do B pfd ....
Wells Farro . .
Western Pac . .
do pfd
Western Union.
33 estKhouae A B lOO
Westghs HAM 1.500
W: Md L'iO
White Motors .. Soft
Wlllys-Overld ... S.ooo
do pfd 1,400
Wilson Packing
Wis Central
Worth Pump 4O0
W A L E soo
3Vhlte Oil 2O0
Whlta Esgle Oil 2O0
33
66
67
57
33 33
'65 H.",
65 63
57 .37
13
40
10. SOO ioo ion ioo
no ini iiy iin
Kansas City Power and Light Co.
7 First Preferred Stock
1. Pays cumulative dividends of $7.00 per share in
quarterly payments, exempt from the Normal Federal
Income Tax.
2. Preferred as to assets to $100 per share and divi
dends. " ,
3. No par value. Fully paid and non-assessable. Re
deemable only at $115 per share. ,
4. Net value of properties equal to $180 per share.
5. Net earning-s available for dividends, FOUR times
requirements before depreciation and nearly THREE
times after depreciation. .
6. . To be listed on New York and Chicago Stock Ex
change. .
7. Can be purchased from us at $93.50 per share and
accrued dividends which yield 1XA per cent.
Descriptive Circular Upon Request
Blyth. Witter &. Co.
Municipal, Corporation and Government Bonds
Fourth and Stark, Portland
BRoadwav 6481
San Francisco
Los Angeles
New York
Chicago
Portland
Seattle
S 3V Penn Oil. .
S O ind, ,.
do Kansas . . .
do Kentucky
do N Y
do Neb
do Ohio
do pfd
Swan Finch. .
Vacuum
Washington . . -Imperial
Oil . .
.. 60
. . 109
. . 520
. . 9.3
. . 422
. . 175
. . 45.3
.. 117
. . 32
. . 42.3
22
'.".' 108
62
109
340
9B
426
iss
465
119
33
43l)
27
110
some scattered covering in the market
.for coffee futures today. The market
closed net unchanged to 4 points high.
Sales were estimated at about 50.000
bags. Closing quotations September.
9.2oc; October, 9.24c: December, January,
March and May, 9.22c: July. 9.19c.
Spot coffee quiet, Rio 7s 910c;
Santos '4s 14 14c
Fo reign Bonds.
Furnished by Overbeck 4 Cooke com
pany of Portland:
300
4O0
SOO
l.SOO
1.200
2.6110
200
200
66 64 4
21 27 27
4 63 63
s8 47 47
11
12
32
21
S0
11
.31)
7oo 101 os ioi
h nt H4
61 61 61
13
33
M)
1S
12
32
79
IX
11
47
40
4
14
7
25
11
47
6
39
40
13 V,
7
2.3
ll1.
47
6
39
44
2!)
411
13
7
23
Liberty Bond Quotations.
Liberty bond and victory note quota
tions furnished by the Overbeck & Cooks
company of Portland:
Open. High. Low. Close.
Liberty 3 .... 100.98 100.9S 100.92 100 92
do 1st 4s 101. 1(1
do 2d 4s. .- 1O0 3S
do 1st 4S..101 22 101 2S 101.1 101 22
do 21 4 a. .. 1110.52 100.36 100 50 100 54
do 3d 4 s. ..ino.so 100.56 loo. 50 100 5"
do 4ih 4s..40 28 101.6 101.22 lol 1:4
Victory 4s.. . lull 41 1 no Jil K.0 4S 10O48
do 3s ..1P0.H4 100 84 100.82 100.82
Money, f liver, Ktc.
NEW YORK, Aug. 14. Call money
easier: high. 4 per cent; low 3 per cent:
ruling rate, 4 er cent; closing bid. S
per cent: offered at 3 per cent; last
loan. 3 per cent; call loans agat.nst ac
ceptances. 3 per cent.
Time loans, easier; mixed collateral,
60 and 90 days. 4ffi4 per cent; four to
six months. 4 per cent.
Prime commercial paper, 434 per
NEW TORK, Auff. 14.Foreilfn bar
sliver, 6Sc; Mexican dollars. 52c.
LONDON. Aug. 14. Bar silver. 34 d
per ounce. Money. 1 per cent; dis
count rates, short and three months'
bills, 2 3-16'$2 per cent.
Belgian Rest. 5s
do prem 5s ....
do 7s
do 6s . . . .
British 3s
do 5s
do 3s
do Vic 4s
do ref 4s
Brssll 8s . .
d o 7s ....
V K 5s, .
d o 5 s . .
ric 5s
Bordeaux 6a
Canadian 5s
do 5s
do 5s ..
do Ss
do Ss ....
Chinese 5s .
Chile Ss ...
French 4s . .
do ,3s ....
do Sa ....
do 7 Us
do Ra
German W L 5s ...
Berlin 4s
Hamburg 4s ..i....
do 4.
Ilpslg 4s
do Sa
Munich 4s ..........
do 5a
Frankfort 4s
Italian Sa
Jap 4a :
do 1t 4V.S
.tap 2d 4s
Nnrwav fis .........
Swedish 6a
Denmark a
Russian 5s
do 5s .
do ft S
Sao Paulo Ss
Swiss 5 a ......
do 8a
Denmark 6a
Dutch East Indies 6s
do. 6. s
Bid. Ask.
.1019 68 72
.1920 72 73
.1945 104 105
.192.3 99 100
91 9.i
94 . 98
PS 97
80 82
77 80
101
.1922
. .1927
. .1929
. .1919
..1919. 77
.1941 ioi
19.32 93 93
1922 110 110
1929 109 110
1937 104 105
1934 82 83
......1926 99 100
1927 9S ion
1929 102 103
11H7 99 100
1931 99 lOO
.19.31 52
. . .1941 103
t. .1917 49
. . .1920 72
...1931 39
...1941 99
. . .194.3 100
1
54
103
.32
76
62
99
100
1 U
1 H
1
1
1
1
1
1
1
1
35
78
93
93
. . .19 10 110 Itl
...1939 104 10.3
. . .194.3 IIO
...1921 14
. .T1926 2
...1919 14
. . .1936 100
. . .1929 103
...1940 119 120
.v-1952 99 99
...1962 9.3 95
..1947 94 D4
. .191 S
..1931
. .1923
.192
1H
2
2
36
78
93
93 U
110
17
17
100
103
COTTON" FTTCKES DOWN AGAES
Renewed Southern and Local Selling Re
sponsible for Drop. 1
(By Chicago Tribune Leased Wire.)
NEW TORK. Aug;. 14. Cotton futures
list rallied after early weakness today
only to react in the afternoon tradinn so
severely that at the close prices were
about c- a pound under the previous
closing; level. Renewed southern and
local selline; was .responsible. May was
off 44 point3 and the rest of the list 51
to 55 points net lower."
Spot quiet, 53 points decline, 20.50 for
middling upland.
Southern markets: Galveston, 20.50.
50 points decline; New Orleans, 20.50. 63
points decline: Augusta. 20.25, 50 points
decline; Memphis, 21.50, unchanged;
Houston, 20.10, 70 points decline; Little
Rock, 21.25, 25 points decline. . -
A
minimum
of
7
Without deduction for 2 Federal Inoome Tax.
(A much higher return on bonds
"called" for sinking fund at 105 )
Safe Beyond Question Secured by first mortgage on
real estate and plants worth 3 times entire bonds
' outstanding.
Long Term 15 Years You can get your money any
time by selling your bonds.
Marketability Assured Not less than $200,000 required
to be retired annually by purchase or "Call by lot"
at 105, thereby assuring a strong market.
Financial History Net earnings for past ten years av
erage $1,142,000 more than 4 times bond inter
est requirement. During past six years $2,000,000
of company's preferred stock retired with surplus
earnings.
Growth of Business Output 1905, 50,000 bags; output,
. 1921, 1,000,000 bags.
Management None better in the business.
The Future There is a world shortage of sugar. Con
sumption is increasing faster than production.
Consumption in the United States first six months, of
1922, 2,750,000 tons compared with 4,300,000 tons for
the entire year of 1921 the greatest consumption- for
any year in our history.
Deflation is fully accomplished.
Production cost is down to before-the-war basis.
Market is advancing. You can't go behind these
fa,cts. These bonds are a prime security of a great
. unit of one of the greatest of the world's basic in
dustries. If you are in touch with the world's af
fairs you know these bonds are the top of their type.
1 ...
Call, phone or write as about the
Holly Sugar Corp. 7s at Par.
Denomina
tions $500. $1000
Use our
Partial
Payment
Plan
.3
Freeman, Smith
& Camp Co.
UUMBCRMENS BtDO.. PoUTLANO
FIFTH tyJiTCijigS. PHONI
STARK B740
Oregon Banking and Bond
News.
NEW TORK. Aug. 14
quiet; middling, $20.50.
Cotton, spot.
l.f.oo 101
1 oo nil
loo 112
loo 3o
9.S.") 124
lOO 112
9.2H0 57
"6.'.o '.30
T.IMM) M
l'.ooo '2.3
loil 7
.'Oil 29
3.000 137
'406 82
l.UOO 6ti
" SOO 141
4.4-ai 40
1...1 38
7-0 10
1.0..0 :.!!
4.300 r.
"200 "21 '
S.ii'i'i 22
til HI 1-1)
54110 :i
S.4..0 4S
2.100 70
2.2011 76
301 29
lOO 49
2,4'M) 96
2.400 122 "
"400 "ia
4.206 -iis
2.206 "4:1
1,0. .11 44
V.ioo 92
T.i'6'i "1.3
O.IO .".
2. loo 2
2.6..0 :n
2 00 1:12
93 92
112 111
311 30
112
.36
6.!
2,1
18
5.3
"29
78
"24
1
29
81
S7
140
39
3 to
lo
SS
83
;,;
-1
2il
HO 5
40
6;i
74
29
411
0.3
24
28
137
10
So
57
411
3
10
.38
83
21
2S
"
47
611
49
9-
3
1211 12.1
:((
:7
42
4.1 to
15
38
7
1"
113
119
42
4 1
96
S.
9o
92
13
Swift Co. Storks.
Cloairur prices of Swift 4! Co. stocks at
Chicago were reported'Tty the Overbeck
& Cooke company of Portland aa follows:
Swift & Co 105
Swift International 20
Libby. McNeil A Libby 2
do new 7
National Leathor . . 7
Mining Storks at Boston.
Mining stock quotations at Boston fur
nished by the overbeck & Cooke com-
of Portland
4
4
17
26
40
88
11
.3 4
81
68
31
40
88
23
120
32 3.1
131 131
' '
Bid. Ask.
Arixona Commercial 9 9
Adventure So 80
Ah meek 63 64
Algomah 25 50
Ailouex 2.3 26
Arca.iian 3 3
Hingham Mines 14 15
Caf A Arizona 60 61
Calumet A Hecla 290 29.3
New Corn 19 ' 19
Centennial 9 10
Copper Kange 42 43
Davis Daly 7 7
Eaat Putts 10 11
Hancock 1 2
Helvetia 1 1
Island Creelc 107 107
.In pf.l 94 6.3
Keweenaw 2 3
Kerr Lake1 3 4
Lake Copper 4 4
La Salle 1 1
Michigan 2 2
Mohawk 1 61
May Old Colony 4 4
Mason Valley ............. 1 2
North Butte 12 12
Ntpiesing 6 6
ol.i Dominion Copper 23 26
Osceola Mining .36 37
Ojlhway 2 2
Qulncv Mining 43 43
Pond Creek 21 22
Is.e Royal 24 24
South Lake 46 47
Supp Boston 1 1
United Shoe Mach 40 ' 40
do pfd 26 26
South I'tah S 10
Superior Copper 4 4
Trinity Copper 2 1-16 2
Tuolumne . . . .' 69 73
I tah Metals 1 1
rtah Con 2 3
U S Mining 41 42
do pfd 48 49
Ventura 29 30
Victoria 1 2
Winona - 1 1
Wyandotte 60 75
Shannon SO 90
-t
16
4
1.1
.3 3
76
1711
It
04
30
:iu
So
400
300
74
17
35
7.3
17
200 1 01! I, 108
4.O .! 0
1 00 71-
400 3 38 Z
1.4O0 4 4
tnterat Callahan .
Int Hunt 11 200 n. j-ia
lat Marin 1,200 14 14
16
23
4fi
87
12
Ml
178
11
SI
64 ?
33
1.3
3..
39
80
....
82
S '4
73
17
10T
411
4
.8
113
14
Standard Oil htorka.
Standard Oil stocks furnished by the
Overbeck Ac Cooke company of Portland:
Bid. Ask.
Anglo 18 19
Borne Scrysmor 400 41.3
Buckeye 97 99
Cheesebrough 190 20O
do pfd 108 111
Continental 137 142
Crescent 34 3.3
Cumberlan4 13.3 140
Eureka 90 92
Galena com . 50 52
do old pfd 108 112
do new pfd 101 10s
Illinois Pipe 164 -168
Indiana Tips 89 91
National Transit - 26 27-
N T Transit 163 167
Northern Pipe 99 101
Ohio Oil 26 27
International Petroleum ... 20 20
Penn Mex .3 27
Prairie Oil 53.3 R65
Prairie Pipe 246 230
Solar Refg 3?o 340
Southern Pipe 93 9.3
South. Penn Oil SOS 213
Foreign Kxchange. '
Foreign exchange rates nt the close of
business yesterday, furnished by North
western National bank of Portland. The
amount quoted is the equivalent of the
foreign unit In United States funds:
Country and unit Rate.
Austria, kronen $. .000O5
Belgium, francs 07770
Bulgaria, leva .007.341
Czecho-Slovakia. kronen 027S0
Denmark, kroner .21630
Rnglar.d. pound sterling 4.47.300
Finland, finmark 02190
France, francs 0.81 ,0
Germany, marks 001.35
Greece, drachmas .03300
Holland, guilders 38940
Hungarv. kronen 0012O
Italv. lire 046.30
Jugo-Slavia. kronen 0O3S0
Norway, kroner 17400
Portugal, escudos 07700
Roumania, lei 00900
Spnin. pesetas ' .156.30
Swollen, kroner 2H3.30
Switzerland, francs 19150
China Hongkong, local currency .57.3.30
Shanghai, taels 772.30
Japan, yen 48800
NEW YORK. Aug. 14. -Foreign ex
change easv. Great Britain," demand
4.4fl. cables J4.46 ; ' 60-day bills on
banks, $4.44: France, demand 8.03.
cables 8 04: Italy, demand 4.57. cables
4 57: Belgium, demand 7.61. cables
7.62: Germany, demand .11. cables .12:
Holland, demand 38. is. cables 88.80:
Niorway. demand 1T.32; Sweden, demand
26.25: Denmark, demand 21.50: Switzer
land, demand 19 04; Spain. demand
15.56; Greece, demand 3.12; Poland, de
mand .01: Czecho-Slovakia. demand
2.70: Argentine, demand 36.50; Brazil,
demand 13.62; Montreal. 99.
1
Metal Markets.
NEW TORK. Aug. 14. Copper, steady;
electrolytic, epot and nearby. 14c: fu
tures. 1414c. ,..,,
Tin Steady; spot and nearby, 32.12c;
futres. 32 23c
Iron Steady; No. 1 northern. $31001?
33 00; No. 2 northern. $29.00 31.00; No.
2 southern. 20O020.50
Lead Steady; spot. 5. 75 3; 5. 80c.
Zinc Steady; East St. Louis, spot and
nearby delivery. $6.206.25c.
. Antimony Spot. R.2.3c.
Chicago Potato Market.
t CHICAGO. Aug. 14. Potatoes steady
on New Jersey, weak on other stock; re
ceipts. 92 cars; total United States ship
ments, 7-57.cars : New Jersey sacked Cob
blers $1.6O1.70 cwt.: East Shore Vir
glnla barrel Cobblers. No. 1. $2.60 2.0.3:
Minnesota sscked Early Ohfos. $11.10
cwt.; Nebraska sacked Early Ohios, 80c
B$!.0S cwt. mm
Chicago Oil Market.
(By Chicago Tribune Leased "Wire.)
CHICAGO, Aug. 14. Gasoline: Tank
wagons. 21c; service stations, 23c; ma
chine, 27.9c. Oils: Summer, 11.4c: win
ter, 11.9c- Carbon perfection iron. - bar
rels lOKe. - Linseed oil, rsw, 1 to 4 bar
rels', dellverv, $1.04: boiled. $1.06. Tur
pentine, $1.31. Denatured alcohol.. 40c.
Coffe Futures Stronger.
NEW TORK. Aug. 14. Reports of
ulightly steadier Brazilian markets and
lower temperatures in Sao Paulo led to
NEW TORK. Aug 14. Cotton futures
closed steady; October, $20.22; December,
$20.22; January, $20.12; March. $20.16;
May. $20.00.
Cotton Seed Oil Market.
( Bv Chicago Tribune Leased Wire.)
,'EW YORK, Aug. 14. Cotton seed
oil closed: August. 9.709..3; Septem
ber, li.77.ff9. 8.3; October. 8.868.SS: No
vember, 7.88?790; December, 7.817 82;
January, 7.79&7.S0; reDruary, 7.795S7.8U;
March, 7.877.88.
Cotton Seed Oil Futures.
Cotton seed oil futures at New Y3rk
furnished by Jordan-Wentworth & Co.,
Portland:
September. 9.77W9.85; October, 8.86
8.8S; November, 7.887.90.
Sugar Markets.
NEW YORK, Aug. 14. Raw sugar,
centrifugal,. 5.49c; refined, fine granu
lated, quiet, unquoted.
SAN FRANCISCO, Aug. 14. CalifolN
nia-Hawaifan raw sugar, 5.36c.
Hay and Fed at Seattle.
SEATTLE, Aug. 14. City delivery:
Timothy hay. $25; D. C, $26; mixed hay,
$23; alfalfa iay, $21; D. C, $26: barley,
whole, $36; barley, ground and rolled,
$38; barley, clipped, $40; chick starter,
$3.3; chop, all grain, $42; coconut meal.
$40; corn. $37; corn, cracked and feed
meal, $39; linseed meal. $59; scratch
food, $46.
Kelso Hotel Modernized.
KELSO, Wash., Aug. 14. (Spe
cial.) A. D. By ram, proprietor of
the Washington hotel, is having the
big hotel completely modernized
this summer. Modern heating and
hot water systems have been in
stalled, and there is now running
water in nearly all the rooms. A
feature of the hotel is that there
are 52 outside rooms, which makes
it very popular with the traveling
public.
The Oregonlan publishes practi
cally all of the want ads printed in
the other three Portland papers, in
addition to thousands of exclusive
advertisements not printed in any
other local paper.
r.ooi Tate, assistant cashier of the
First National bank of Boise, was in
Portland during the week end. Tate is
the proud possessor of a number of med
als he won as a member of the 2d divi
sion during the world war. He was a run
ner with the marines and was , badly
wounded and confined to one of the mili
tary hospitals for some time. He called
upon a number of bankers while here,
a a a
"Crops look pretty good out our way."
was the comment made by S. L. Scroggin.
president of the First National bank of
Sheridan, when . in Portland yesterday.
He said that prunes looked particularly
goad and that the rain had been of
. . .. ,1, .... anti other
material DeiieiiL iu "
vegetables.
a 1
Seaside has been particularly well pa
tronized by tourists this season, accord
ing to L. L. Paget, cashier of the FirBt
State bank of Seaside, who was in Port
land over the week end. He declared that
more vacationists visited the resort so
far this season than were there during
all last summer.
I ...
.... t. 1. but a few minutes
t3 make the Journey It is seldom that
H D. Warren, vice-president of the Van
couver National bank, presents an ap
pearance in Portland. He was here yes
terday and visited with local banking
officials.
a
Holt Cooklngham. of the credit de-
t -jj 1. TMHon hank, re-
partment 01 - -
turned to his duties yesterday after a
,. . 1 Hn.in0 whllih he
two weeas
accumulated a coat of sunburn that it
will require sometime to remove.
Andrew Matthew, representative of
the Mercantile 1 i uu,..-.
Francisco, is in Bortland, and called
yesterday on officials of the Northwest
ern National bank. (
a -
. . . . ...hi., nt the T.add
ft Tl S bank? departed Saturday by
. . ... Tire sab-a' VaPflllOIl 111
CnTa0 Se "wm visit the Yosemite
park. ' . .
. r t .......v. vic.e-nreaident of
james xi. "J1- r , 1 o
Lumbermens Trust company, is in Spo
kane where ne is iraii.o.ui..e
for his company. ;
... . . ..M.ni the Commer-
cial bank of North Plains, was in Port
land for a few hour yesterday.
Cowlitz Berry Season Ended.
kv.t.Ci. Wash.. Aug. 14. (Spe
Ci 1.1 The last shipments m logan-
berries were made from Kelso las
operative growers, of which Shev
recting head foK Cowlitz count;i
Licayue tne ary weainrr mi 111 e 1 r. i.
this vicinity harvested averag.
crops of raspberries and lograntK'r
ries and report a successful yea:
Practically alt the fruit grown 1:
this county was sold through th
co-operative growers.
Notice of Redemption to
Holders of Victory Notes
and Others Concerned.
Notice is hereby given as follows:
1. Call for partial redemption of 4
per cent Victory notes. All 4 Vic
tory notes, otherwise known as United
States of America gold notes of 1922
23, which bear the distinguishing let
ters A, B. C, D, E or F prefixed to
their serial numbers, having been
designated for the purpose by lot In
the manner prescribed by the secre
tary of the treasury, are called for
redemption on December 15, 1922, pur
suant to the provision for redemption
contained in the notes and in treas
ury department circular 138, dated
April 21. 1919. under which the notes
were originally Issued. Interest on
all the 4 per cent VIetory notes thus
called for redemption will cease on
said redemption date, December 15,
1922. Victory notes of the 4 per
cent series bearing the distinguishing
letters G, H, I. J. K or L prefixed to
their serial numbers are not in any
manner affected by this call.or re
demption and will become flue and
payable as to principal on Hay 20
1923, according to their terms. 2. De
tailed information as to the presenta
tion and surrender of 4 per cent
Victory notes for redemption under
this call Is given In treasury depart
ment circular No. 299. dated July 26,
1922. copies of which may be ob
tained from ths treasury department
division of loans and currency, Wash
ington, or any federal reserve bank
A. VV. MELLON,
Secretary of the Treasury.
Expansion to Meet
Demand for
Product
causes old established, prosper
ous firm to offer 8 per annum
(payable quarterly) with share
in profits, for funds In units
from $500 to $10,000, Five, years
or longer at option of oompany.
Will bear strictest investigation.
Ample security. So agents.
AB 85S. OREOOJilAX.
20 -year non-callable
6 Gold bonds
City of Condon, Oregon
A $90,000 issue priced to yield 5.40. In addition to
being direct liens on the municipal water system, these
bonds are DIRECT GENERAL, OBLIGATIONS of the
citv. They are NON-CALLABLE a feature that IN
SURES a high interest return to maturity, as they
cannot be called. Bonds, too, are legal investments for
savings banks and trust funds in Oregon as well as
legal security for STATE. COUNTY AND CITY FUNDS
IN OREGON. The net bonded debt of Condon, county
seat of Gilliam County, is only $47,000 as against an
assessed valuation of $953,820.00. The 1920 census gives
1127 population. Semi-annual interest. Den. $1000.
Improvement Bonds
City of Eugene
Yield 5
-470
of
This $29,953.20 issue of 10-year Improvement
Bonds is to pav for street improvement works. Bonds
are primary obligations of the city, supported by assess
ments against the property benefited. Although bonds
are optional after Aug. 1. 1923, bonds of this type have
had an average life of 7 years, or three years less than
maturity. They are offered on a 7-year maturity basis
and are priced at 101.46 to yield 6. The financial
strength of Eugene is unquestioned. The city, in
addition to being the county seat of Lane county, is
also the site of the University of Oregon, and is rapidly
looming to be a railroad center, and an important mer
cantile distributing" point. Bonds in $500 den.
Bonds Are Income Tax Exempt .
. Detailed Information on request.
LUMBERMENS
Broadway and Oak
Price 91 and Interest
Yielding 5.70
22 years to maturity
Utah Light and Traction
. Company first and refund
ing mortgage 5 gold
bonds, due Oct. 1, 1944.
GUARANTEED
unconditionally as to principal
and interest by the
ITAH POHTB & LIGHT CO.
Circular on Request
The National City
Company
Offices in more than 50 cit if. '
Yeon BIdg., Portlnnd
Trlepbone Main 0072
x Crystallization
It has been determined that
vibration, through the constant
pounding of the wheel, crystal
lizes and shatters rigid p a v e
ment just the same as vibration
causes the same result in the
finest of steel. A non-jarring,
or resillient surface in pavement,
like that in Warrenite-Bitulithic,
is, therefore, deemed a neces
sity to avoid crystallization of e
the pavement and reduce to a
minimum the process of crystal
lization in the steel parts of the
vehicle.
G. B. HARRINGTON CO.
BDWV.-TM4,' V. S.. BANK BLDG,
Stocks and Bonds
Specialize In unlisted securities.
What have you to sell?
What do you wish to buy?
Inquiries solicited.