THE 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