Morning Oregonian. (Portland, Or.) 1861-1937, August 29, 1922, Image 21

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Morning Oregonian., August 29, 1922, Page 21, Image 21

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Newspaper Page TextTHE MORNrSTG OREGONIAN, TUESDAY, AUGUST 29, 1922 21 UTILITY TO FLOAT . 51,000,000 ISSUE Northwest Electric Offers More Preferred Stock. PRICE ADVANCED TO PAR First Offering Keported Largely Oversubscribed ; Xew Yield to Be 7 Per Cent. Not only has the fl, 000.000 issue of first preferred stock of the Northwestern Electric company, placed on the market less than a year ago, been completely absorbed, but It has been greatly over subscribed. This is the announcement made from the office of James G. Ta vares, stock sales manager of the com pany. At the same time Mr. Tavares announces the company will place an other million-dollar issue of first pre ferred stock on the market at once. This new isnue win ne sold at par of J 100 per share and will yield investors 7 per cent. Notices are being sent out of Mr. Ta vares' office to belated subscribers of the stock issue just sold that their orders cannot be filled except from the new Issue and then only at the price of S100 a share. l"p till the last of the preced ing issue shares sold at $98. When the stock was placed on the market last year it sold, to start with, at 105. Advance Indicates Stability. On August 28," says K. L. Bngle. of fice manager for Mr. Tavares, "North western Klectric 7 per cent first pre ferred stock advanced to JlOO pr share, j which is par value. This is evidence of Its Btability, for as interest rates decline the price of sound securities advances. "The Northwestern Electric company is a public utility and public utilities are in great demand because of their conservatism and previous to the advent of Mr. Tavares here thousands of people were content to let their savings lie idle or draw 3 or 4 per cent at the most. The public was quick to respond. however, to our campaign of publicity and advertising and to see that their money could be made to earn 7 per cent and be absolutely safe. The demand for our securities has steadily grown and we confidently expect to sell the new 11,000.000 issue in record time. Installment Plan Continued. "We are continuing our present sales plan in the disposal of the new stock issue. Shares may be purchased for $100 par value by paying outright for them or they may be bought by installments. Persons wishing to buy on the install ment plan may make a payment of $15 a share with the order and complete payment at the rate of $5 a month. Interest is allowed at the rate of 6 per cent per annum until complete payment is made, at which time a certificate will be issued evidencing the number of shares purchased, which in turn will pay 7 per cent on the .investment. Iivi dends are payable quarterly on the first day of January, April. July and October. When the Northwestern Electric company decided last year to enter upon a development programme which wi'l involve the expenditure of $4,000,000 in the next few years arrangements were made with Mr. Tavares to handle the stock sales campaign necessary to carry out the project. Subscriptions Tour In. Mr. Tavares was advised by some of the leading bankers of Portland that conditions were not Lhen such as to promise success for such a large flotation of public securities. Mr. Tavares felt, nevertheless, that investors In the Port land field could be educated to the idea of making their savings yield 7 per cent and proceeded to show them how it could be done with the utmost safety. It took a little time to drive home this idea, but once the ice was broken a continuous stream of subscriptions began to pour in. "Northwestern Electric securities have Bow become known all over the Pacific coast as standard investments and the sale of stock has become a mere matter of routine. Portland is today the fastest growing city in the United States with a tributary field of potential wealth that is bound to attract industrial enter prises in increasing numbers. North western Electric intends to keep in the forefront - and to provide every facility for supplying all demands for heat, light and power in this territory." Col Graph Ss 1925 30' Copper Exp 8 1823 1024 do 8s 1924 1034 do Ss 1925 104V Colo P & I gen 5s 1943 91 Colo Ind 5s 1934 79 Cuban Amn Sugar 8s 1931 106 Cuban Cane cv 7a .......... 1930 SO1. Distillers Sec ev 5s 1927 45 k liam Match 7Vis 1935 108V, Pupnnt 7Vss 1931 107 Kmpire Gas Fuel 6s 1924 101s Flsk Rs 1941 10t!' Gen Elec deb 5s 1952 1025, do deb Hu l4i 107 -J, Goodrirh 7 ". 1925 103 Goodyear Ss 1941 114', Heinz 7s 1830 105 Hershey 7-s 1930 104 111 Steel deb 4Vss 1940 93 Va Ind Steel 5S 1952 100 Vi Int Agr 5s 1932 81 Int Marine CT Bs 1941 93 Kelly Springfield Ss 1931 107 Kennecott 7s 1930 105V Lack Steel 3s 1923 10 Libby McN L 7s 1931 100 Lig & Myers 5s 1951 99 '4 Jo 7s 1944 117V4 L-orniara os jH.ji ys do 7s 1944 Midvale 5s 1936 llorris & Co 7Vjs 1930 105 Proc & Gamble 7s 1923 102 Republic 1 &- St 5s 1640 94 VI Sears Roe 7s 1922 100 Vj do 7s 1923 101 V, Steel Ac Tube 7a 1951 100' Swift & Co 7s 1925 191 T. do 7s 1931 103 "EARIiV ALIj ISSUES FALL TO NEW JLOW 1.EVEI;. Declines of One to Fonr Points Recorded ; ' Speculative Rails Ease Off; Liberties Higher. United Drug 8s 1941 112 U S Rub 1st ref 5s 1947 do 74s 1930 U S Steel .sf 5s 190:1 V'a Chem 5s 1923 Va c'ar Chem 7Vas.... 1932 West Klec 5s 1922 West U T col Tr 5s .' 193S West Union SVjs 1938 Wilson 1st 8s 1941 do cv 6s 1928 West Elec 7e 1925 Wostinghouse 7s 1931 Public Utilities Amn Lt 4c Tran 6s 1925 Amn Tel coll 4s 1929 Amn Tel coll 5s 1948 Amn Tel 6 1925 Bell Tel of Pa 7s 1945 B R T osy. 1945 Cities Service 7s B 1968 do 7s C 19H6 do 7s D 1968 Int Mot 4Vjs 1956 Int R T ref 5s 1906 Laclede Gas 7s 1930 Mont Power 5s A 1943 Northwest Tel 7s 1941 Pac Tel ,-s 1937 Pac Gas 5s 1942 is . . 1925 1025 1931 193U 1933 1923 1030 19:10 1925 1931 , 1931 1931 1936 1927 1941 New York Bonds. Furnished by Jordan, Wentworth Co. of Portland: Railroad Bonds Atchison general 4s 1995 A C L 4s 1952 do 7s 1930 B O gold 4s 1948 do con 4 Vis cv 1933 d) ref 5s 1995 Canada Southern 5s 1962 Canadian Nor 6 Vis 1946 do 7s 1940 Cent Pac 1st 4s 1949 Ches & Ohio cv 4V4s 1930 do gen 4Vjs ............. 1992 do cv 5s 1946 do con 6s 1939 C B & Q 111 div 4s ... 1949 C & West Ind 4s 1952 C G & W 4s 1959 C M & St P 4s 1925 do cv 4 Us 1932 do deb 4s 1934 do gn 4s A 1989 do cv 5s 2014 do Kir 4 4s A 2014 Chicago N W gen 4s 1987 do 6Hs 1936 do 7s 1930 C R I & P ref 4s 1934 Colo Sou rf ex 4Vi 19:i5 do 4s 1929 Pel & Hudson cv os ...... 1935 do 7s 1930 D & R G cv 4s 1936 do ref 5s 1955 Erie P L 4s 1996 do coo 4s A 1953 do B 1953 do It 1953 do Pa C G 4s 1951 Grand Trunk eq 64s 1936 Gt Nor 7s 1936 Gt Trunk 6s 1936 do 7s 1940 111 Cent it 5s 1963 do ref 4s 1955 K C Sou ref 5s 1950 Keo res M 1st 5s 1923 L S & M S 4s 1931 L L 7s 1930 do uni 4s 1940 M St P & S S M 6Vj 1946 M K T 4s ' 199D M P gen 4s... 0 19T5 do ref Ss 1923 do ref 5s 1926 N Y c deb 4s 1934 do con 4s 199S do ref imp 4Vjs 2"l:; do cv deb tts 19:;.-. do coll 7s 1930 M' X H ft H cv fis 194S N O Tex & Mex 5s 1935 N P P L, 4s 1997 N P 6s 2047 X P Gt Nor jt BSs 19.; O S L ref 4s 1929 Penna 6V.S 1936 do gen 4Vjs l:tv do 4Ss ... 196( do gen 5s 1968 do 7s 1930 Reading gen 4s 1007 S A L 4s 19.-,n . do 5s 1949 do s A 1945 Sou Rv con 5s 1994 So Pac cv 4s 1929 o ref 4s 19.-.-, do S. F". term 4s 19.-.0 do conv 5s 1934 Et L & S F P L 4s A 19.-.0 do gen 5s 1931 do P L 5s B 1950 do gen 6s 19:;i do adj fis 1955 do inc 6s 1969 do 1st 5s 1952 do con 4s 1932 do 1st 4s 19S9 Tex Pac 1st 5s. ........... . 20o0 Un Pac 1st 4s ....-...-.... 1947 do cv 4s ................. 1927 do ref 4s 2008 do fis 1928 Un Tank 7s 1930 Wabash 1st 5s 1939 do 2d os 1939 West Pac 5s 1946 Industrials Allied Packers 6s 1939 Amn Agr Ch 7Hs 194t Amn Sm 1st 5s 1947 Amn Tob 7s 1923 Anaconda 6s A 1929 do 7s B ... 1929 Armour cv 7s .............. 1930 do 4Vis 1939 Beaver Board Ss 1933 Beth Steel 7s 1923 do eq 7s 1935 do ref 5s 1942 Cerro de Pasco 8s ......... 1931 Chile conv A 1932 do eoov 7s . . , . 1923 93 5, 91 1,4 107 87 80 i 91. 100 HIT, 113 90 90 V4 9(1 V, 97 103 92 77V 62 85 V4 74 V4 6KV, 79 n 78--. 67. 90 Vi 111 '4 109 Vi 85 994 9 3 Vi 97 ion 78. 47VH 68V, 53 i 53 Mi 584 90 Ills 111 "4 1 04 i, 111 s 99 H 91 V. 92 s, 91 Vi 93 Vi 1"S vi 93 14 83 4, 69 lonv, 97 . 91 86 V. il(li 107 Vi 105 84 76 "4 89", 109 1(14 -4 94 V, 110V. 94 V, 99 102, llOVi 8.V4 60 Vs 20 ks: 99 93 91 Vi 84 k 102 74 V, 87 104 84 764 84 Vj So So 14 98 Va o. 95 H 8914 104-4 104 99 !'0'4 87 SI '4 1044 95 103 102 V4 IO414 IO514 91 V4 7914 106. 104V4 9TV4 127 94 T4 10S Souwcst Tel Oil Bonds Anglo Amn 7H .... Atlantic Ref OVis ... Galena S Oil 7s Gulf Oil 7s Humble 7s Pan Amn 7s ......... Mex Pet cv 8s ....... Sinclair 7V4s ........ is o Cat 7s , do N Y 7s Tidewater Oil OVjs ... Vacuum Oil 7s Foreign government Argentine 7s P.eieium 8s .......... Bolivia 8s 1947 Brazil 8s 1941 do 7s 1952 Canada 5s 1952 Chile 8s 1946 Czceho-Slovak 8s 1951 Denmark 83 1942 Dutch East Indies tts 1947 do 6s 1962 French Cities 6s . 1934 Mexico External 4s 1954 Netherlands 6s 1972 Paris-L.von-Mdtrn 6s 1958 Seine 7s 1942 Foreign government city bonds Berlin 4s t Greater Berlin 4s .... Hamburg 4s .... Bremen 4s .... Cologne 4s Dresden 4s .... do 4Us DusseMorf 4s ,. Frankfort 4 .... Leipzig 4s .... do 4 Us : Munich 4s ................. .... Stuttgart 4s .... Kssen 4s Hamburg 4Ss French internal 4s 1917 do Victory 5s 1920 Belgian Restoration 5s British 2Vs consols Ital Cons War Loan 5 Curb bonds Allied Packers fis Am Tel A Tel 8s 1922 do 6s 1924 Anaconda Copper 6s (io is Antrio-Am Oil 7 Vis Armour &. Co 7s Beth Steel 7s 1935 Copper Ex Assn 8s 1924 do 8s 192o 90 Vi 102 1 03, 100V4 105 100 100 114 102 1014 96 V, 108 106 92 99 1154 10N 64 123 92 1)0 14 70 101 98 102 98 V. 3 103 . 103 103 106 104 10O 101 100 103 106 110 103 loa 100 103 97 101 91 14 99 103 94 99 94 90 77 43 99 72 85 1 1 48 5X J5. 52 35, 81 V. 100 101 102 104 103 too 104 102 103 Galena Signal Oil 7s 105; rand Trunk 6s. G i!f TMI Cr 7s Humble Oil 7s Inter Rapid Tran 7s iboy McN sr L,lb 7s Pears Roe 7s 3-year 1923 So West Tel 7s Stand Oil N Y 6s 1933 do 7s 1926 Swift & Co 7s 1925 do 7a 1931 Vacuum Oil 7s 107 104 100 9!) 100 tot -4 1(13 109 106 101 103 109 STREET BIT BEWILDERED NEWS HAS COXFlTSIXCi EF FECT OX STOCK MARKET. Developments in Rail and Coal Industries and X'ews From Eu rope Prove Trade Restraint. BY ALEXANDER DANA XOTES. (By Chicago Tribune Leased Wire.) NEW YORK, Aug. 28. In at least two directions the week began with somewhat more reassuring aspect as to the two main problems which are con fronting financial markets. The talk of government seisure of the hard coal mines and railways which should turn out to be heavily handicapped by the continuing shopmen's strike had been moeified and quulified over Sunday, and discussion o a moratorium with the Germans was at least in form extended. So far as the railway controversy was concerned, however, today's market was under the influence of last week's first disturbing intimations from Washington. The market may be described as having reflected the succession of separate in cidents in the day-to-day news, whose effect has been unnerving to a good many people because the precise results of none of the incidents could be clear ly foreseen. It is not often that so many problem of a confusing kind are forced at the same moment cn financial con sideration. The sense of something like bewilderment which had necessarily re. suited was evident in .today's market. While the actual anouncements since the nmrkets closed Saturday embodied the official modifying of last week's in timation regarding governmental pur poses of mine and railway operation, and the renewal, at least in form, of the German moratorium negotiations, it was clear that last week's announcements had made their impression. Conditions being what they were, the spectacular declaration by Henry Ford in regard to the coal situation was un doubtedly a contributory influence in the day's reaction of prices. But the de clines were not large and the trading wns distinctly smaller than last week's daily average. Standard Oil Stocks. Standard Oil stocks furnished by the Overbeck & Cooke company of Portland: Hid. Ask. Anglo Hf.rn" ' Scrysmer Huckeye Cheesebrough do pfd Continental Crescent Cumberland .... Eureka Galena com do Old pfd. . . do New pfd. . . Illinois Pipe Indiana Pipe ... Nat'l Transit 19 410 96 195 108 140 33 145 91 51 108 101 168 95 26 T. Transit 167 Northern Pipe 103 Ohio Oil 2S2 International Petroleum .. 21 Penn Mex 27 Prairie Oil 595 Prairie Pipe 259 Solar Refg 340 Southern Pipe 94 South Penn Oil " 210 S. W. Penn Oil 60 S. O. Ind 112 S. O. Kansas 530 S. O,' Kentucky 100 S. O. X Y 439 S. O. Ohio 450 do pfd 117 Swan : Finch 32 Vacuum 465 Washington 22 S. Or Nebraska ISO Imperial Oil .., 112 20 425 98 2(15 111 143 35 150 9S 53 112 105 170 ' 9S 27 170 106 28 8 21T4 SO 805 262 350 96 215 62 112. 549 101 442 460 119 35 470 27 1S5 114 NEW YORK, Aug. 28. The sharp break in French securities, virtually all of which fell to new low levels, featured today's dealings in bonds on the New York stock exchange. The municipal issues were the hardest hit, extreme declines of approximately points taking place in the .6 per cent is sues of Bordeaux, Lyons and Marseilles, while losses of .1 and 2 points were sus tained by Department of Seine 7s, Sois- sons fis, Paris, Lyons, Mediterranean 6s and French American 7s. French 7s yielded 2 points, but ral lied somewhat with the other issues in the foreign group in later dealings. French 8s, which are supposed to be in stronger hands, dffered more stubborn resistance to the selling pressure. At today's low prices, the various French issues were 8 to 13 points below the high marks reached last April. Speculative railroad mortgages also suffered ' substantial losses in today's dealings, declines of ,1 to nearly 2 points being noted in the Seaboard Airline con solidated 6s and the adjustment 5s, St. Paul refundings 4s. Chesapeake Ohio convertible 5s, Chicago & Western Indiana 4b, Frisco income 6s and the Erie issues. Frisco 4s. St. Louis Southwestern consolidated 4s and West ern Maryland 4s, all at moderate gains, were the few exceptions to the down ward trend. In the industrial and public utility group, Nassau Electric climbed 2 points to a new high, while gains of a point each were scored by Detroit Union Rail ways 4s, Rio Grande & Western col lateral 4s and Marine 6s. Local traction issues yielded slightly on announcement of the mayor's plan for taking over the transit systems. Liberty 3s advanced 20 points, but the other issues eased a bit. Total sales (par value) were $13, 568.000.' Unfavorable week-end developments in the industrial situation, combined with aggressive short selling and a slackening of demand, resulted in a moderate recession of prices in today's stock market. The sharp break in French governmental and municipal bonds also caused some uneasiness. Pool operations forced up several gas and tobacco shares to the highest prices of the year, but the bidding up of these stocks failed to check the decline else where. Consolidated Gas sold above 140 for the firBt time in nearly six years, probably, in anticipation of capital read justment. Peoples Gas. Brooklyn Edi son, LaCIede Gas, North American and Columbia Gas, of Baltimore, also broke through to new top prices, but yielded slightly in final dealings. American To bacco closed at a net gain -of 4 points, but no reason other than the assertion that it has been "out of line" with other high priced industrials was forthcoming for its brisk rise in a generally reaction ary market. Announcement that maintenance of way men were demanding a minimum wage of 48 cents an hour and the dec laration of Federal Fuel Distributor Spencer that the fuel situation was again serious with many railroads prob ably induced some selling of carrier shares, which were down large fractions to 1 points. Losses of a point or more were sustained by Atlantic Coast Line, St. Paul common and preferred, Chicago & Northwestern common and preferred. iacKawanna, xenigh valley, Missouri Pacific, Northern Pacific, Union Pacific and Reading. Announcement by Henry Ford of a shutdown of his motor plants on Sep tember 10, because of the fuel crisis. furnished the ammunition for a profes sional attack on the motor shares, but it did not result in any extensive liaulda- tion. Today's dispatches from automo bile centers indicated that no cessation of work in other plants was expected. Mexican Petroleum fluctuated within range of nearly 5 points todav. clos ing at a net loss of 3. Mexican sea board issues were strong, however, scor ing net gains of over 2 points. Other oils yielded with the rest of the list, de clines of a point or more taking place in Miioaro oil or New Jersey. Marv and. Texas Gulf. Phillips Petroleum and Pan- American B. Total sales were 748.000 shares. The foreign exchanges were irreeular. the German mark rallying after the sharp declines of last week, while de mand sterling eased below Saturday's quotations. The current bank state ment of Germany reports an increase of from 8 to 7 per cent in the discount rate and an increase of 10 billion marks in me fteicnoank s circulation. call money, opened and renewed at 3i per cent, but hardened to 4 the ein. Business in time money and commercial paper was quiet, with .virtually no Interstate Calla. 300 8 8 8 Int Harv 4H 109 108 108 Int Merc Marine 500 15 14 14 do pfd 5,900 59 57 58 Int Nickel 1,200 17 17 17 Int Paper 1,800 57 66 57 Invincible Oil .. Island Oil Jewel Tea K O Southern... K C Sou pfd. . . , Kelly Springfield 2,100 14 100 l'.SOO "26"' '666 43 2,300 37 . 2O0 8 3,700 80 700 26 500 67 14 Keystone Tire Lack Steel .. Lee Tire .... Lehigh Valley Lorillard 400 176 Loew Theatres .. 1,400 19 L & N 210 136 Lima Loco T.30O 02 Maxwell M A.. 400 57 do B 500 19 May Stores 125 Mex Pet . Miami Middle States Oil 1,600 Midvale Steel . . 4.800 M K & T Wi 5,00 do pfd WI 2.70O Mont Power . . . 2,100 Montgomery Wd 2.000 Mo Pac 600 do pfd z.stro Mex Sea Board 2,600 "24 43" 36 8 78 26 67 175 18 136 60 57 18 125 Marland Oil Nat Biscuit ... Nat Enamel . . . Nat Lead Nevada Con . . . New Haven - - - Norfolk & W.. Nor Pac X Y Airbrake.. X Y Central... Xorth Amn . . . Okla Prod ref. . Ontario & W . . Otis Steel Pacific Dev . . . Pac Gas & Blec. Punta Aleggre. Pacific Oil . Pan Amn Pet. 24,200 183 178 400 30 29 13 85 19 46 72 23 23 594 22 41 , 1,200 20U 800 58 58 17 31 800 1.000 500 117 2,900 87 100 2.800 700 900 200 300 500 1,400 300 9,900 11,200 do B 4,300 Pennsylvania Peoples Gas .... Fere Marquette.. Pure OH Phillips Pete . . . Pierce Arrow . . . Pitts Coal Pitts & W Va.. Penn S Steel Pressed Steel Car Pullman Ray Cons Reading Orpheum Ct . - , Replogle steel.. Republic I & S. . do pfd Rep Motors 3 70O 1,600 e,400 ,700 1,300 200 900 1,500 300 74 98 91 2 27 11 4 79 51 56 79 74 46 94 38 ' 32 44 7 85 39 8 14 17 24 57 43 63 8 79 26 67 173 18 136 61 57 19 125 180 29 13 34 18 45 Vi 72 22 23 58 22 40 154 58 106 17 16 30 31 116 117 86 86 JUMP 111 LIVERPOOL LIFTS GRAIN PRICES Wheat Scores Substantia Gain in Chicago. 13 34 18 45 72 22 83 58 19 39 74 97 88 2 26 11 44 78 48 x 56 77 74 46 92 37 32 43 7 65 39 7 2.200 125 125 6O0 16 16 78 23 32 73 3,500 600 500 1.1O0 300 800 77 22 32 72 3 54 3 55 100 110 110 100 102 102 5.80O 89 88 Royal Dutch Oil 0,800 Ry Steel Spring S O Kjr Sears Roebuck.. Shattuck, Aria Shell T & T-... 200 3 8 88 Sinclair 6.100 33 32 Standard Oil Ind 1.20O 112 112 do N J iuu Slosa Shef - Sou Pacific i,6ou 3 -s "j-a Sou Ry 4.190 26 26 O Ca4 1.9011 ii" yz St L & S F 1,600 30 3U Stromberg Cb . 200 55 55 ; Studebaker . ..20.500 128 12, Swift & Co Tenn Cop & Ch Texas Oil Texas Fac Tex Pac C & O Tob Products .. Train Contl Oil Union Ol! Del. Union Pacific United Alloy .. United Drug . . Unit Food Prod. United Fruit . . . U S Cast I Pip Un Retail Store! U S In Alcohol. V S Rubber . . . do 1st pfd . . . U s Smelting 100 10 10 5.400 48 47 700 32 32 , 1.700 25 25 . 2.400 65 54 4.200 14 13 1.300 1 19 .3.600 149 147 200 38 38 500 80 80 , 8. 600 "37 36 1 6.700 75 " 73 10.500 67 65 1,300 57 56 'i66 '42 '42 74 97 91 2i 26 11 4 77 4S 06 78 74 46 93 37 3: 43 7 65 V 39 8: 124 16 77 32 72 94 3 55 11 102 89 8 87 32 112 182 49 93 26 108 30 53 127 106 10 47 32 25 54 13 19 CORN EASIER AT FINISH Oats Show Strength; September Delivery Going: Vp Fraction; Rye Somewhat Easier. 3S 79 7 15 37 Vi 74 65 56 111: 42 U S Steel 30,000 104 103 103 do pfd 80" itvi j-u' i-vn Utah Copper .. 1.900 68 67 67 Va Chem 300 29 29 29 do pfd 0 Vanad Steel 2.400 52 50 51 Vivandou o00 Wabash 2.200 do A pfd 1,500 do B pfd Wells Fargo Western Pac . . 800 Western Union. 1.500 Westhse E & M. 5,100 West Maryland White Motors . .... Willys-Overl'd . 2.000 do pfd 1,00 Wilson Packing. 200 Worth'n Pump . 800 White Oil 100 White Eagle Oil 300 52 11 13 33 'so' ' 20 11 12 3S 78 19 m ii6 68 . 62 15 14 6 36 43 42 8 V, 26 37 43 43 8 26 11 12 33 22 79 20 116 62 15 48 6 37 43 42 8 26 changes in rates. CLOSING STOCK QUOTATIONS. Furnished by the OverbeCk & Cooke company of Portland: Mich Advance Rum .. 100 do pfd 100 Agr Chem Ajax Rubber . . . 100 Allied Chem Allis-Chalmers . 2.000 do pfd inn Am Beet Sugar. 200 Am Bosch - Am Can Co .... 6,000 60 do pfd 200 110 300 185 Liberty Bond Quotations, i Liberty bond and victory note quota tions furnished by the Overbeck & Cooke company of Portland: Closing Open. High. Low. Bid. Liberty 3s... 100.80 100.94 100.66 100.86 do 1st 4s 100.50 do 2d 4s 100.08 do 1st 4S..1O0.6S 100.76 100.64 100.64 do 2d 4s.. 100.24 200.28 100.12 100.18 do 3d 4s.. .100.46 100.48 100.42 100.42 do 4th 4s. .100.72 100.72 100.50 100.62 Vic. 4s. call. .100.28 100.30 100.28 100.28 do 4s, '23.100.66 100.70 100.66 100.66 68 41 11 83 68 '47" Low. '57 40i 11 82 57 '46 Bid. 20 55 40 11 Am Car & Fdy.. do pfd Am Cot Oil do pfd Am Drug Synd.. Am Ud & Leath do pfd Am Ice Am Intl Corp . . Am Linseed do pfd Am Loco do pfd Ant Saf Raz .... Am Shp & Com.. Am Smelter do pfd Am Steel Fdy .. Am Sugar do pfd Am Sumatra ... Am Tel & Tel. . Am Tobacco . . . do B . Am Wool do pfd Am Zinc ...... Anaconda . . . Assd Oil Atchison do pfd Atl Gulf & W I Baldwin Loco . do pfd Balto & Ohio .. Beth Steel B .. K T But te & Sup . . Caddo Oil Calif Pkg ant fel do pfd Canadian Pac . Cen Leather . . . erro de Pasco. 300 111 1,900 35 69 110 182 '27 52 8 14 74 111 34 100 54 54 2,000 118 117 Chandler Motor. 3,500 46 39 59 109 178 122 800 27 27 27 100 52 52 52 100 6 8 8 100 14 14 14 100 74 74 73 111 35 34 54 118 X19 1.400 6 6 ' 6 500 16 15 15 3.60O 63 62 63 200 101 101 101 3.700 41 40 40 3,100 83 82 83 109 1,000 38 36 37 11.700 123 122 123 4,400 160 157 158 8.600 157 154 155 2,700 93 92 02 31 100 17 17 17 4.300 54 54 54 200 115 115 115 1.700 103 102 102 200 93 93 93 1.000 30 29 80 7,000 125 123 124 1 1 3 Vl 57 56 57 78 77 77 25 24 24 30 30 29 10- 10 10 81 80 80 61 60 80 92 1.20O 145 144 144 i I 39 39 4,000 4.800 2,700 100 200 700 400 2,400 1.300 Money, Silver. Etc. NEW YORK. Aug. 26. Call money firm; high, 4: low, 3 : ruling rate, 3; closing bid, 4; offered, 4; last loan, 4. Call loans against acclptances, 3, Time loans firm; mixed collateral, 60 90 days, 44; 4-6 months, 44. Prime commercial paper, 4(4. Foreign bar silver, 69. Mexican dollars, 53, LONDON, Aug. 28. Bar silver, 35d per ounce. Money, 1 per cent. Dis count rates: short and 3 months bills, 22 per cent. Mining Stocks at Boston. ' Mining stock quotations at Boston fur nished by the Overbeck & Cooke company of Portland: Ariz Com ....... Adventure ....... Ahmeek Allouez Arcadian Bingham Mines , Cal & Ariz Calumet & Heda , New Corn Centennial Copper Range .... Davis Daly East Butte Hancock Isla.nd Creek do pfd Keweenaw ....... Kerr Lake Lakte Copper .... LaSalle Mohawk May-Old Colony . Mason Valley North Butte Niplsslng North Lake Old Dom Copper Osceola Mining .. Ojlbway Isle Royal 48i 40 60 88 8 00 23 30 34 52 74 75 31 Vi . 4.100 118 116 Naval Stores. SAVANNAH. Ga.. Aug. 28. Turpen tine firm. 1.131.14. Sales. 894 bar rels; receipts, 395 barrels; shipments, 222 barrels: stock. 10,232 barrels. Rosin firm: Sales, 904 casks: receipts. 10.096 casks; shipments. 2008 casks; stock. 101.356. Quote: B, D, E, F, G, H, $5.15; I. $5.17; K, $3.20; M, 5.23; X, $5.50; WG, $6.10; WW, $6.60. 3.600 900 hgo & N W ... 4.80O Chi Gt W 10O do pfd 200 Chili Cop 1.200 hlno 400 M St P 13.100 do pfd 11.500 Coco Cola 13. 5(10 & O 4. TOO Colo F I 100 C01 Gas & Elec Col Graph Con Gas Cons Cigars . . . Cont Can City Serv Bk. Corn Prod . . . do pfd Cosden Oil . 7.700 C R I & P 5.800 do A pfd Crucible 6,400 do pfd Cuba Cane do pfd Cub Amn Sugar. Dome Mines . . . D L & W Davis Cham .... Endicott John... Erie do 1st pfd ... Elec Stor Bat... Fam Play Fed Min & Sm. . do pfd I. Fisk Tire Gen Cigars Gen Elec 100 Gen Motor 8.100 Gen Mot 6s 200 Gen Asphalt . . .18.700 Goodrich .... Glidden O & P. Granbv Gt Nor Ore Gt Nr pfd Greeue Cananea Gulf S steel... Glen Alden Houston Oil . . . Hupp Motor 17 Ills Cent ... 700 10S Inspiration 1,100 41 Interboro .... ..... do pfd um .... ..... 59 86 8 OO 22 30 32 51 71 74 1 59 87 8 21 22 30 33 51 72 74 11 1.100 102 101 102 1.400 4 3 3 26.500 140 136 139 . . . . 36 47 44 94 95 13 36 ... 2.. noo .17 300 132 600 51 600 3.200 1.300 3,100 4.500 'ioo 400 400 100 300 2.500 5.200 ',000 17 25 47 92 ' 52 " 12V4 78 184 13 81 68 i.i" 31 41 93 46 43 92 95 13 36 24 36 131 50 84 17 25 46 90 '52" ' 12 78 184 131,4 81 66 "is" 31 40 Vi 82 " 83 '78 " ' 17 108 41 82 V 19 116 118 46 44 96 93 95 13 35 25 36 131 60 84 17 25 48 91 12 12 . 78 184 13 81 67 34 15 31 40 92 31 V 82 53 78 17 10S 40 Uni Shoe Mch South Utah T.-inity Copper ...... Tuolumne Utah Metals Utah Con V S Mining Utah Apex Ventura Victoria Winona Wolverine ...... ... Wyandot . . Bid. Ask. ... 9 9 ... 50 52 ...62 63 . . . 25 40 ... 33 34 ... 14 14 ...61 62 . . .296 299 .. . 18 19 . . . 9 10 ... 43 44 ... 7 8 ...10 10 . 22 00 .!l08 109 ... 94- 96 ... 2 3 ... 3 4 ... 4 4 1, 1 . . . 62 63 . .. 4 4 ... 1 1 ... 12 13 ... 6 6 . . . 30 50 ... 25 25 ... 36 38 ... 2 3 ...22 23 - 1 1 ...40 40 ... 10 ... 2 2 ...6ft 75 - 1 1 2 2 . .. 42 Vi 44 ... 2 3 . . . 29 30 -. . 1 2 . . . IVi 2 ... 10 11 . . . 40 60 Foreign Bonds. Furnished by Overbeck & Cooke com pany of Portland: Belgian Rest 5s do Prem 5s . . do 7s do 6s Brazil 8s do 7s British 5s do do do Vky 4s do ref 4s U K 5s do do r Bordeaux 6s .... Canadian 5s . do 5 3 do do 5s do Chinese 5s Chile 8s French 4s do 5s do . do 7s 1919 J 920 1945 1925 1941 1952 1922 1927 1929 1919 1919 1922 1929 1937 1934 1920 1927 1929 1937 1931 1951 1941 1917 1920 1931 1941 do 8s . 1945 German W L 5s Berlin 4s Hamburg 4s : do 4s Leipsig 4a . v . . do 5s Munich 4s do 5s Frankfort 4s Italian 5s ... Jap 4s do 1st 4s do 2d 4s Norway 8s Swedish 6s . . Denmark 6s . do 8s Russian 5s do do 6s . . . Sao Paulo 8s Swiss 5s Bid. 68 72 104 99 101 91 92 95 93 78 77 109 109 105 80 100 98 K, 102 V, 99 100 52 103 47 68 57 97 100 1918 1931 1925 1925 1940 1939 1942 1945 1921 1926 1919 1936 1929 do Ss 1940 85 80 94 94 111 104 99 110 12 jj" 100 V4 103 112 Ask. 71 70 105 100 101 91 94 98 96 80 SO 109 109 105 81 100 100 103 100 101 , 54 104 49 67 59 97 100 1 1 1 1 1 1 1 1 IVi 36 81 94 94 112 105 99 111 17 2 17 101 104 112& BY CHARLES D. MICHAELS. (By Chicago Tribune Leased Wire.) CHICAGO, Aug. 28. The unexpected strength in wheat In Liverpool;- which was up 23id on small shipments to the United Kingdom, a better demand and .less pressure from exporters gave American grain markets a strong open ing. Wheat maintained a good par of the advance, but other grains eased off toward the last. Wheat closed llc nigher; corn unchanged to c higher, oats unchanged to c higher - and rye c lower. Considerable bullish sentiment was noted on wheat in some quarters and the prospective economic union between Austria and Italy was regarded as the tirst sign of a change in the general character of betterment in the political and financial situation there. For months the news from there has had a depress ing effect. The bulge in Liverpool failed to bring in any material export business. Many of the local element went long on the 'early bulge and found support lacking when tney triea to take pioms. Prices fluctuated rapidly within a range of llc and finished well toward the top, the market being easily influenced by any good buying or selling. Reports that the Indian government has given permission for the exportation of 16.000,000 bushels or wneat were oeniea, Corn made a strong start and a tame finish, although it closed on a rally in svmnathv with wheat. There was per sistent commission house selling through out the dav. which was regarded .inuidation bv tired longs, who did not like the way the market has been acting of late. Receipts are increasing ana premiums were c lower early only 10 recover the loss later. Exporters took 510.000 bushels here. Drought continues over the greater part of the belt and frost was regarded as likely in the low lands of Minnesota and North Dakota but had no effect. Receipts were 68S cars.' liitq showed more strength man com with September gaining fractionally on was fair, with sales or 20,01 bushels, including 85.000 Dusneis to ex n.rpintn were 225 cars. Rye showed an easy undertone. The two northwestern markets had 444 cars in addition to 30 carsof bonded grain at Duluth. CLOSING DOWN OF fORD PLANTS Wall Street Believes Coal Shortage Is Not Only Reason. (Bv Chicago Tribune Leased Wire.l NEW YORK, Aug. 2S. Wall street ost little time today in endeavoring to explain the motive back of Mr. rords announcement that he would close his plants on September 18 because or a luel shortage. In some Quarters the opinion was ex pressed that there is some ulterior mo- tive back of his action, and that the coal situation was taken advantage of to shut down- his plants. The statements made asserted that Mr. Ford always closes his plants in September for "in ventory purposes," that the market for his cars has reached "the saturation point," and that the coal shortage is held responsible for a situation which Mr. Ford does not wish to acknowledge. It was also calculated that the higher price for coal would mean an increase of only $3 per car at the present rate of pro duction, an item which would hardly be felt by such a large organization, lt was also added that Mr. Ford shpuld depend upon fuel oil, if he is so anxious to Keep his plants i operation. In quarters where Mr. rora is nui prejudged in his actions, his public an nouncement was looked upon as an ef fort to make the public take notice 01 the serious situation which faces the in dustrial world and to force the hand of our legislators in Washington to take some speedy action to remedy the situa- lon. The head of one large brokerage house said todav that there has been consider able switching during the last two weeks from bonds, on which the original pur- hasers have secured a comtortable profit, into first-class preferred and common stocks returning a considerably better yield than the bonds. It seems perfectly natural to the bank ing fraternity on this side or tne At lantic, in view of the tremendous specu lative sales of German marks, that these sales should form a backlog of strength when the market becomes oversold or when developments unfold which would cause the heavy speculators to believe that there should be a temporary turn in the situation. This came today in news from abroad that a three-days re spite had been granted Germany. Ac cordingly there was some very good buy ing of marks in the New York and Lon don markets. With twenty roads showing a total July net operating income amounting m approximately $5,000,000 as against $7, 000,000 a year ago, according to - com pilations today, local executives are esti mating the showing for the entire 201 class 1 roads at between $30,000,000 and $40,000,000. This figure was based on the fact that total net for all the roads in June stood at $76,470,000 and that al though the movement of general mer chandise freight showed - an Increase in July, the loss of Coal business, coupled with the heavy expenses, would prob ably cut 50 per cent into the net earn June. The largest item of expense which ings which the companies showed in the roads bore in July was the extra sup ply of guards needed on account of the shopmen's strike, and the cost of feeding the new men who have been taken on. SAN FRANCISCO PRODUCE MARKET 111 3 ? " ' 1 ? v ' I ' til- -v-rr- : - - - 1 mill I I I I 1 1 I ' - -ls - " s ? - - - - , i ' III I II 1 1 1 1 1 1 1 ic v ' Vrl M l " M82&2&2S 111 1 111 T-r t I I I I I I V V llilll UU '" 1 7ame ' - . f . -1 Address """"" J N id I ii If W( 1? -P. If. ir. jnf E hear many admissions from investors that they do not fully understand the messages of a bal' ance sheet. Our book "How to Understand a Bal ance Sheet1"' was prepared to explain clearly how to make this analysis and the effort has received commendation from bankers, investment houses and business men in all sedions of the country and the book is now used as a text in several colleges universities. Is it of value to you.? We shall be pleased to send it without charge or obligation upon receipt of your Cyrus Peirce & Company 1002 Wilcox Bldg'' PORTLAND 'Tel. Broadway 5915 INVESTMENT SECURITIES SAN FRANCISCO SEATTLE LOS ANGELES Prices Current on Vegetables, Fresh Fruits, Etc., at Bay City. SAT FRANCISCO, Aug:. 28. (State Division of Markets.) Poultry Fryers, 303-ic; broilers, 283Jc; roosters, young, 353tc ; old, 1418c; hens, 14 32c; ducks, 1&&'20c; live turkeys, 82) 52c ; dressed, nominal; hares, lb., 13 q 15c ; squabs, dozen, $3 3.50; Jack rab bits, dozen, $2 2.50. Fruit Pears; Bartlett, box. I2; ap ples, to 4V tier, 15'2; cantaloupes, standards, 75c$1.25; oranges, Valen cias, $C$11; lemons. $5.50 7; nectarines, crate, $1 1.50; grapefruit, $67-50; strawberries, drawer, 45 50c ; raspber ries, drawer, 45Sj60c; loganberries, crate, nominal ; huckleberries, lb., 20c only: blackberries, drawer, 20 25c; avocadoes, dozen, $47; fiss, double layer box, $1.251.50; peaches, crate, 5060c; plums, crate, 85c $1; erapes. crate, $1 1.75 ; Persian melons, crate, 75c $ 1.25; new green apples, lug box, T5c$1.25; watermelons, lb., lc and less. Vegetafiles Beans, lb-, 4 7c ; carrots, sack 75c $1 ; celery, crate, $2. 50 3; cucumbers, lug, 40 75c; egg plant, lb., 3 4c; lettuce, crate, $1.502; green corn, dozen, 1215c; beets, sack, $1 1.25 ; onions, BtocRton red, cwt., $ l.o 1-40; yellow, cwt.. $1.251.35; green,, $1.231.50; peas, nominal; bell peppers, inp BQgfS.V: nw pota toes, lh. . l6a3c; sweet, 3 V6 -Ac; rhubarb, box, $1 1.25; summer squash,- lug, 30S0c; spinach, lb., 34c; tomatoes, lug. 50c$l; tur nips, sack, 75c$l; paraley, doz. bunches, 30c only; radishes, doss, bunches, 30c only. Receipts Flour, 8910 quarters; wheat, 10,500 centals; barley, 10,737 centals; corn, 4918 centals; potatoes, 1512 sacks; onions, 3254 sacks; hay, 512 tons; hides, 7067; lemons and oranges, 1250 boxes ; livestock, 975 head. QUOTATIONS OX DAIRY PRODUCE firsts, 24 25c; ordinary firsts. 2223c; miscellaneous, 23234&c; storage packed firsts, 25 i 26c. Current Market Ruling on Butter, Cheese and Eggs. SAX FRANCISCO. Aug. 28. (U. S. Bureau of Agricultural Economics.) Butter, extras, 43c; prime firsts, 40c; firsts, 39c. Eggs Kxtras, 39c; extra firsts, 39c; extra pullets, 30 c; undersized pullets, No. 1, 18c. Cheese California flat fancy, 22c; California flat fancy firsts, 10c; Califor nia Young America, fancy, 27c. NEW YORK, Aug. 28. Butter Firm; Creamery, higher than extras, 371A38c; creamery extras, 86 37c; creamery firsts, 32H3ftc; state dairy, finest, 35 3c. Eggs Firm; fresh-gathered extras, firsts, Sl33c; do firsts, 2730c; re frigerator firsts, 2627c; New Jersey hennery whites, extra fancy, candled se lection, 59c; New Jersey whites, uncan dled, extras, 50 55c ; state, nearby and nearby western hennery whites, firsts to extras, 3749c; state, nearby and nearby western hennery browns, extras, 3743c; state and nearby gathered browns and mixed colors, firsts to extras. 28 36c; Pacific coast white extras, 4648c; Pa. cific coast whites, firsts to extra firsts, 36 45c. . Cheese Firm; receipts, 3152; state, whole milk flats, fresh, specials, 21 H 22c; do average .run, 21c; state, whole milk, twins, fresh, specials, unquoted. CHICAGO, Aug. 28. Butter Higher; Creamery, extras, 3435c; firsts, 30 S2c; extra firsts, 32H 34c; seconds, 2SH29c; standards, 34c. Eggs Higher; receipts, 14.265 cases; Longevity A recent issue of The Manu facturer says: "The fatigue of a raw concrete surface, the wear and tea on tires, the final crystal lization of structure of both steel and concrete are facts of such c o m m on everyday observation that ordinary intelligence ought to demand the non-jarring sur face in highway construction." Warrenite-Bituliihic is a type of pavement that has demonstrated the longevity of shock-absorbing pavements in almost every sec tion of the United States. Quick Service IN BUYING or selling bonds or in obtaining Invegtment information our more than ten thou and mile of private wire connecting the tn ' veatment centers of the lTnited StatrH and Canada facilitate prompt and efficient er ice to investors. The National City Company Offices in more than 50 cities. Yeon Bids., Portland Telephone Main 6072 SEATTLE. Wash., Aug. Select ranch, 34c; mixed pullets, 2ttc. Butter City creamery, brick or prints, 44c. 28. Egs colors, 3Jc; cubes, 4:ic; Coffee Futures Firmer. few YORK, Aug. 28. The market coftee futures today closed net 1 point lower to 8 points higher. Sales were estimated at only 10,000 bags. Septem ber, 0.43c; October, 9.42n; December, 9.3&C; January, 9.41c; Alarch, May and July, 9.35c. Spot coffee steady; Bio 7s, lOS'lOVic; Santos 4s, 14V414c. Dried Fruits at Ktw York. NiW YORK, Auff. 28. Evaporated ap ples dull; state, 1719c. Prunes easy: Californias, 6'i18'c; Oreffons, 12 18c. Peaches easy; choice. 121i14c; extra choice, 141514c; fancy, ISVjaiac. Cottonseed OH Market. . Cjtforseed oil futures at New York, furnished by Jordan, AVer.tworth Co., Portland : August, li. Hue bid: September. O.iilff 9.35e; October, b.ol98.nuc ; November. 7.807.87c; December. T.SI((7.S:ic; ,lnu uary, 7.83 tp U i.Me ; Ktbruary, 7.BSW 7.87c; March, 7.11537.97c. Spot bid, 0.60c. Total sales, 8800. ChicuKO Oil Market. (Bv Chicago Tribune Leased " Yir ) ' CHICAGO, Aug. 28. Gasoline: Tank wagons. 21c; service stations. 23c; ma chine, 27.9. Oils: Hummer, 11.4c: win ter, ll.flc. Carbon Perfection, iron bar rels, 10c. Linseed oil, raw, 1 to 4 bar rels delivery, J104; boiled, $1.0. Tur pentine, $1.43. Denatured alcohol, 40c. Bops at New 1'ork. NEW YORK. Aug. 28. Hops quiet: Pacific coast, 1922, 17 21c; 1U20. Hi: 17c. The prestige of Orejjonlan Want Ads has been attained not merely by TlveOregonian's larisre circulation, but by the fact that ail its readers are tntterejfted in Oresroniqn Want-Adit. SECURITY: A First Mortgage on property worth 3J2 times bonds. MARKETABILITY: Not less than $200. 000 to be retired annually by purchaser,-or . call at 105. Bonds will be listed on S. F. Stock & Bond Exchange. EARNINGS: Averaged $1,142,000 last 10 years. FUTURE : There is a world shortage of sugar. 1 922 sugar consumption is greatest in history. Deflation is fully accomplished. Production cost is down to before-the-war basis. Market is advancing. You can't go behind these facts. These bonds are a prime security of a great unit of one of the world's basic industries. If you are in touch with the world's affairs you know these bonds are the top of their type. Call, phone or wire about HOLLY SUGAR CORPORATION 7 bonds at par to yield full 7. Without Deduction for 2 Federal Income Tax. Denominations '$500, $1000. Ask for circular with fall details. FREEMAN, SMITH a CAMP CO. Lumber mens Bldo.. Portland I FIFTH XfjfTfSV PHONE l STARK 5740 I