THE MORNING OREGONTA WEUXESDAT, ATJGtTST SO, 3T33
' 23
UNCIAL MARKET
RECOUPING LOSSES
lasier Feeljng on Street At
tributed to News.
PRICE DRIFT IS UPWARD
Advances Tor Most Part AVipe Out
Previous Day's Declines,
Rail Stocks Leading.
BY ALEX D. NOTES.
By Chicago Tribune Leased Wire.)
NEW YORK, Aug. 29. Precisely as
Monday's financial market moved in
response to the mental contusion and un
certainty which the news over Sunday
had created, so today's markets reflected
the turn to calmer consideration of the
outstanding problems. This quick re
action from a day of uneasiness has oc
curred on several occasions during this
troubled season. It has always marked
a change in the financial mood of the
moment rather than a visible change in
the situation, but it has also usually
foreshadowed some tangible develop
ment. All of the losses were recovered on the
ensuing day; the financial mood ap
peared to- have changed over night and
in due course the settlement of the bitu
minous coal strike and the repudiation
by the brotherhoods of the talk of a
"sympathetic demonstration." gave logi
cal basis lor the market's action. In the
present instance, it is possible that an
impending settlement of the hard coal
strike was foreshadowed by toda's re
covery on the stock exchange. But it in
dicated even more distinctly the change
of mood from one of vague and form
less apprehension to one in which cool
Judgment is applied to' the situation.
Most of today's advances on the stock
exchange were greater than the previous
day's declines; with the railways particu
larly, most of the closing prices were the
highest.
One of the Incidents of the day was
the recovery of most or all of the pre
vious day's substantial decline in French
government and municipal bonds. It is
always probable that what are known as
"supporting orders" play a part in such
recoveries; on the other hand, so swift!
a reverse movement after a show of
weakness usually points to professional
speculators' selling rather than outside
liquidation as the primary cause of the
jr-v.ous decline.
The day's change of mood was not con
fined to the stock exchange or to the
New York market; it was equally in evi
dence on the foreign exchange market,
wher- sterling and the franc recovered
fh:irpl and the mark went to .0001;
cum riarfd with a closing price of .00061
i:i .ioiuluy and a low level of .0000 Is
Amn Agr Ch 7s 1941
Amn Sin 1st 5s 1047
Amn Tob 7s 1923
Anaconda us A 1U29
do ii B 1929
Armour cv 7s ............. 1930
do 4s 1939
Beaver Board 8s 1933
Beth Steel 7s 1923
do eq 7.. a 1935
do ref .Is 1942
Cerro de Pasco 8a 1931
Chile conr 6s A ,1932
do 7s .. 1923
Col Graph 8s 1923
Copper Kxp 8s ............. 1923
do 8s 1924
do 8s 1925
Colo K I gen 5s 1943
Colo Ind 5s 1934
Cuban Am Sugar 8s 1931
Cuban Cane cv 7s .......... 1930
Distillers Sec cv 5s 2927
Diamond Match 7 'is 1935
Dupont 7s 1931
Empire Gas Fuel 6s 1924
Kisk hs 1941
Gen Elec deb Ss -1902
Gooirich 7s 1925
Goo.iyear 8s , 1941
Heinz 7s 1930
Her.hey 7Hs 1930
111 Steel deb 44l 1940
Ind Steel 5s 1952
Int Agr 5s 1932
Int Marine ("T 6s 1941
Kelly .Springfield 8s 1931
Kemecott 7s 1930
Lack Kteel 5s 1923
do 1st 5s 1950
I.ibbv McNeil L 7s 1931
1944
1951
1944
103B
1930
1923
1940
1922
1923
1951
1925
1931
Liggett & Myers 5s
Jo 7s
Lorillarc1 as ......
do 7s
Mlilvale 5s
Morris & Co 7s
Procter & Gamble 7
Republic I & S t5s
Sears Roebuck 7s .
do 7s
Steel & Tubs 7s . . .
Switt & Co 7s ......
do 7s
rni Drug 8s 1941
11147
19:to
1963
J 923
1932
1922
1938
13(5
1 1941
1H28
1925
1931
104
95 '4
103
lu2
104
105
92
79H
lues
104 3.
97-4
127
94
106
39
102
103
104
Si's
79
10614
90
452
108
100
14)1
100
102
103
1144
105
104
93
loo a,
81
03
1117
lu7
loo Hi
92
100
90
117!
98
117
90
105
ioi
94
100",
101
101
102
103
112
'.
102
1113
loos
ln.-.vs
lot Hi
loo
114
101
!'&
108
BOND MARKET RALLIES
FOREIGN' ISSUES RECOVER
MONDAY'S LOSS.
Liberties Ease Early, But Later
Strengthen Domestic Rail-
way List Is Irregular.
KliK DKVfcLOI'MEMS FACTOR
Kail.- unci Itilitiet l.rad in Advance in
Stuck Market.
LJv- Chicaero Tribune leased Vire.
NEW YORK, Aug. L. The uncer
tainty which prevailed on Monday re
Kanliiig the outlook for a continuous
supply of coal for the nation's industries
was overshadowed today by the more
favorable trend of event concerning the
pendinpr crisis.
Throughout the morning the stork
market displayed a firm tone under lead
ership of the railroad and public utility
issues, many of which advanced to new
high records for the year.
The sensational advances in the public
ritility stocks since th beginning of the
year has been one of the outstanding
features in the security markets. The
jise bas been as rapid In the bond sec
tion as among the stocks of these com
panies. In the latter, gains of 10 to as
much as 35 points have been witnessed in
such isus as American Telephone &
Telegrt ph. Consolidated Gas. Brooklyn
Union Gas. Western Cnion. North Amer-
can, Columbia Gas & Electric, and allied
issues.
The possibility of a settlement of the
Anthracite coal strike before the close
of the week caused renewed interest in
the anthracite coal road stocks today
and gains of a point or more followed in
Lehigh Valley, Reading and Delaware,
Lackawanna & Western.
There were some special reasons, in
addition to the improved earnings state
ment of the corporations engaged in the
tobacco trade, for the advances recorded
today in United Retail Stores, which
ran up some 4 points, and Tobacco Prod
ucts and the A. and D. stock, which
recorded mure modest gains, with Amer
ican Tobacco reaching the best price for
the year. The special reasons are that
those who have sold for the decline in
those stocks affected by the recent mer
ger evidently did not calculate on the
large amount of United Retail Stores
which would be removed from the mar
ket In the exchange.
'ew York Bonds.
Furnished by Jordan. "Wentworth
Co. of Portland:
Railroad Bonds
Atch gen 4s .........
A C X. 4s - . -
do 7s
B O gold 4s
do con 4 45 cv
do ret 5s
Cajida Southern As .
Canadian Nor tis .
do Ts
Cent Pac 1st 4s ....
Ches & Ohio cv 4s
do gen 4H ......
do cv os
do con 5s
C B & J 111 div 4s ..
C West Ind 4s ...
C G & W 4s
C M St P 48 ....
do cv 4s ........
io deb 4s .........
do gen 4s A
do cv 5s
do g&r 48 A .
Chicago IV W gea 4s .
Ao i4s
do 7s
C R I & P ret' 4s
Colo Sou rf ex 4 Vis ..
do 4s
Del & Hudson cv 5s
do 7s
J & R G cv 4s
do ref 5s
Erie P t 4s
do con 4s A ......
do B
do T
do Pa C G 4s
Gd Trunk eq 68 ...
Gt Nor 7s
Gt Trunk 6s
io 7s
II! Cent jt 5s
do ref 4s
K O Sou ref 5s
Keo & J)es M 1st 5s ..
U S & M S 4s
L. & N a
do uni 4s
M St P 8 M 6fts .
M .. d- I 4s .
M t gen 4s
1 rt f 5s
Io ref .s
X V C ueb 4s
do con 4s
Io ref imp 4s ....
do coll 7s
X Y N H & H cv 6s...
X O Tex Hex 5s'
X P P L, 4s
X P Hs ,
X P Gt Xor jt tSs ...
O L. ref 4s
Penna 6s
do gen 4is
do 4,8
to ge-n 5s
do 7s
do R R 6s
Reading gen 4s .........
S A L. 4s
tiO 5S sKA . . a . .
UO 6S A ,f. m ......
Sou Ry con 5s
So Pac cv 4s
do ref 4s .............
do sf term 4s ........
da conv 5s
SU t S P P L il ..A.
do gen 5s ............
do P L 5s B
Jo gee 6s ............
do adj 6s
do lnc 6s ............
St L, & S W 1st 6s
do con 4. .............
do 1st 4s . .... ...... .
Tex Pac 1st Ss .........
In Pac 1st 4s
do cv 4s .............
do ref 4s ............
do 6s ...............
Tin rank 7s .............
Wabash 1st 6s
do 2d Ss
West Pac 53 ....... . .
Industrials - - -.Pf
oer-3
. . 1905 93 4
.. 1853 1.
. . 1030 107 i
. . 1948 87
. . 1933 UGH
.. 1995 91 H
.. 1962 100V,
. . l!4o 112 Si
.. 1940 113a
. . 1949 89'.,
. . 1930 90 H
. . 1992 90 U
. . 1940 97 H
. . 1930 103V,
. . 1949 91
. . 1952 77
. . 1959 tilt,
. . 1925 &5H
. . 1932
.. 1934 tSS
. . 1989 71 S
.. 2014 78Va
.. 2014 67H
. . 1987 90?,
.. 193 lia
. . 1930 109
..1934 85
. . 1935 89 Si
.. 1929 US'.
. . 1 935 97
. . 1930 1091,
. . 1 938 79
. . 1955 47Si
.. lH'.'li 68 4,
. 1953 53 S
.. 1953 63S
.. 1953 57 Si
. 1951 9)i
.. 1936 108
.. T931! 111
. 1936 104
. . 1940 11 Hi
. lit: 99
. . 1955 91 .,
. 1950 V2Si
. 1923 91
. 1931 93 Si
. 1930 108
. 1940 93 V.
. 1946 105
. 1990 83 Si
. 1975 es
. 1923 100,
. 1926 97
. 1934 91 i
. 1998 86 ,
. 21113 90
. 1935 107',
. 193o 105H
. 1948 84 Si
. 1935 78
. 1997 89
. 2047 W19S
. 1936 104 5.
. 1929 94
. 1936 110 54
. 1905 94 5,
. 1960 SH
. 1968 102S
. 1030 1101,
. 1936 110
. 1997 854
. 1950 60 Si
. 1949 SO S,
. 1945 109 Si
. 1994 89V,
. 1929 93 '4
. 1955 91
. 1950 85
. 1934 102
. 1950 74
. 1931 99
. 1950 87
. 1931 1o44
. 1955 84
. 1960 78
. 1952 84
. 1932 82
. 19S8 80
. 200O 9S
. 1947 95
. 1927 95
. 2008 SO
. 1928 105
. 1930 103
. 1939 98
, 1939 90
1048 81
( -1839 S3
U S Rubber 1st ref 8s..
do 7s
V S Steei sf 5s
Va Chem 5s
Va Car Chem 7s
West Klec 5s
Weit I- T col Tr 5s
West Union 6 s . .
Wilson 1st Cs
do cv 6s
West Elec 7s
WestinEhonpe 7s . . .
Public Itlllites
Am I.t c Tran 6s 1925 106
Am Tel coll 4s 1929 92
do 5s 1946 99
do 8s I 1925 117
Bell Tel of Pa 7s 1945 lo
B R T us . 1945 65
Cities Service 7s B 1966 124
do 7s C . .4 1966 92
10 7s D I960 90
Int Met i.s 1956 14
do ref 5s 1966 72
I.ac!ed im 7s J930 101
Mont Power 5s A 1943 98
No-thweFt Tel 7s -. .1941 107
Phc Oss 0s 1942 94
Southwest Tel 7s MI25 103
011 Bonds
Anlo Am 7s 1925 103'i
Atlantic Ref s 1931 11(3
Oai-na S Oil 7s 1930 106
Oulf Oil 7s 1933 104
Humble 7s 1923 1o0
Pan American 7s 19.1(1 Jill
Mexican Petroleum cv 8s 1936 HMt
Sinclair 7s 1925 10:!
So Oil 7n 1931 105
So N TIr 1931 110
Texas Co 7s 1923 llo
Tidewater Oil 6s 1931 ll3
Va-uum Oil 7s 1936 109
r-'orein (Government
Argentine 7s 1927 100
lieleium 8s 1941 104
Bolivia 1947 '97
Brazil .ss 1941 100
tl j 7s 1952 91
('HDMtla 5s 1952 99
Chi 8s 1940 103
rzrho-Slnvak Ps 1951 95
Hen-nark 6s 1942 99
Dutch Kast Indiej 6s . . 1947 95
lo 0s 1962 94
French Ciites 6s 1934 80
M-xico Kxternal 5s 1954 56
Mexico Kxternal 4s ........ 1954 43
Netherlands 6s 1972 99
Pans-I.yon-Mdtm 6s 1958 73
Seine 7s 1942 85
French Internal 4s 1917 48
French Victory 5s 1920 58
Itpl'fiHn Restoration 5s 68
British 2r conxols ,53
Ital Cons War Loan O"- 35
Curb Bonds
Allied Packers 6s 81
Am Tel Tel 6s 1922 loo
lo 6s 1924 101
Anaconda Copper 6s 102
do 7s 104
Armour Co 7s 104
Beth Steel 7s 19.-.5 1"4
Copner Ex Assn 8a 1924 102
do 8s 1925 103
Craid Trunk 6s 107
Oulf Oil Co 7s 104
Inter Rpid Tran 7s loo
Libbv McNeil & Libby 7a. . 100
So West Tel 7s 102
Stand Oil X T 6e 1933 109
,1o 7s 1926 100
Swift & Co 7s 1925 101 74
do 7s 1931 10.1
Vacuum Oil 7s 109
Foreign Bonds.
Furnished by Overbeds & Cooke com-
I Bid. Ask.
i Belgian Rest 5s 1919 66 7o
Belgian Prem. 5s... 1920 69 73
Belgian 7s 1945 104 104
Belgian 6s 1925 100 100
Brazil 8s 1941 101 101
Brazil 7s 1952 91 91
British 5s 1922 92 94
do 1927 95 97
do 1929 93 95
British Vky. 4s 1919 77 79
British Ref. 4s 1919 77 79
L". Kingdom 5s 1922 108 109
do 1929 108 109
do 1937 104 105
Bordeaux Hs 1934 78'.. 7(
Canadian 5s 1926 10o lOO'i
Canadian 5s 19JJ . 9S 10O
do 1929 102 102
Canadian 5s 1937 99 100
do 1931 100 100
Chinese Ss 1951 53 55
Chile 8s 1941 103 104
French 4s 1917 48 49
French 5 1920 67 70
do 1931 5S 59'-.
French 7Us 1941 95 96
French 8s 1945 100 100
NEW YORK. Aug. 29. Influenced
largely by the better tone oT the stock
list and foreign exchange rates, today's
bond market rallied uriskly from yes
terday's acute depression. International
Issues showing pronounced strength.
French municipals rose 2 to almost
4 points over the low levels of Monday
with active buying; of the Bordeaux, Ly
ons and Marseilles groups. French 7s
rose 1 points and Belgian Ss one point.
Among other foreign issues, Havana
Electric 5s were prominent for their ad
vance or 1 44 points.
Domestic industrials and utilities were
featured by American Telephone con
vertible 6s and 4s, which advanced ISi
to 2 points in sympathy with the In
creased price of that company's stock.
Kails were Irregular. Norfolk & West
em convertible 6s, St. Louis A South'
western consolidated 4s and Seaboard Air
Line consolidated 6s gained 2 points,
while Chicago & Alton 3s and 3s lost
3 to 4 points, with similar reactions in
Atchison adjustment 4s stamped. North
ern Pacific 3s and Colorado & Southern
4s.
Liberties were inclined to ease in
early dealings, but rallied later with
the improvement in the genenal list.
Total bond sales, par value, were $12,
S50,ooo. A banking syndicate offered at par
and accrued interest 1, 500. 000 7 "per
cent gold bonds of the Rosemary Manu
facturing company, these finding a ready
sale.
Favorable interpretation of current
news developments imparted a buoyant
tone to the stock market today, active
issues recovering Monday's losses and
advancing to higYier ground on gains
ranging from one to six points.
President Harding's assurance that no
immediate seizure of coal mines and
railroads was contemplated, although
authority for such action mi desired in
case of great emergency, combined with
reports of Increased car loadings and
Chicago dispatches which indicated the
railroad labor board's refusal to make
the so-called "living wage" the sole ba
sis for fixing the new scale of main
ttnance men. caused a more active de
mand for railroad shares, which ad'
vanced from one to more than three
points.
. Chicago & Northwestern closed the
ffay with a net gain of 3 and Canadian
Pacific with 3. while gains of 1
points or more took place in Reading,
I'nion Pscific. Great Northern preferred,
Atlantic Coast Line. Lehigh Valley, Nor
folk & Western and a few others. Chi
cago & Alton issues were .reactionary.
Public utilities displayed marked im
provement, new high records for the
year being established in the group by
Brooklyn Edison, North American, West
ern I'nion, American Telephone and Co
lumbia Gas of Baltimore. .
Steel shares also participated exten
sively in the -upward movement, United
States Steel common making up its
quarterly dividend of 1 per cent on
very heavy dealings. Further confidence
In- .the future of the steel industry waa
indicated by the advance in wages an
nounced by the Colorado Fuel & Iron
company. Independent steels, as a
group, followed the course set by the
premier issues.
Speculative issues, like Mexican Pe
troleum, Baldwin and Studebaker. also
gained substantially, partly in response
to short covering operations. The to
bacco group exhibited marked strength
and coppers rose on the high prices
quoted for the metal. Strength of
American Tobacco, which rose to a new
high, was attributed to the stabilization
of retail prices which followed the aban
donment of the trade discount policy by
that company.
Special stocks which registered new
high prices for the year Included Ameri
can Ice. National Lead ' and Retail
Stores. Total sales approximated 700,000
shares.
The money market adhered to its
movements of. the previous day, opening
at 3 per cent, but advancing to 4 per
cent on the later part of the session.
Leading foreign exchanges showed
further steadiness . and a higher range.
Sterling was steady, despite heavy of
ferings of commercial bills. French
francs were substantially above the pre
vious day's close and the German mark
rallied sharply.
CLOSING STOCK QUOTATIONS.
Furnished' by the Overbeck & Cooke
company of Portland:
Sales. High. Low. Close.
German W. L. 5
Berlin 4s
Hamburg 4s
Hamburg 4s ..
Lei psig 4 Sis
Leipsig 5s
Munich 4s
Munich Ss.
Frankfort 4s . . .
Italian 5s
Japan 4s
Japan 1st 4s.
Japan 2nd 4s
Norway 8s
Swedish 6s
Denmark 6s
Denmark 8s ...
Russian '5s ...
do
Russian 8s
Sao Paulo Ss . . .
Swiss 5s
bwiss 88
1918 35 36
1931 79 SO
1925 94 95
1925 93 94
1940 112 112
1939 104 J05
1942 99 99f
1945 110 111
1921 12 16
1926 2
1919 12 . 16
1936 100 101
1929 104 1114V.
1940 120 120
Advance Rum
pfd
Agr Chem
Ajax Rubber. . ..
Alaska Gold
A laska Juneau . .
Allied Chem
Allls-Chalmers. ..
do pfd.
Am Beet Sugar.
Am Bosch
Am Can Co
do pfd
Am Car & Fdy..
do pfd. .......
Am Cot Oil
do pfd
Am Drug Synd . .
Am Hide Sc. Lth.
do pfd
Am Ice ........
Am Intl Corp. . .
Am Linseed
do pfd
Am Loco
do pfd
Am Saf Razor. ..
Am Ship & 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 W P pfd
500
100
4.400
4.600 116
1,800 35
300 34
V.ioo 120
20
55
40
11 11 11
1
85
58 57 57
99
48 47 47
40 40 39
60 59 60
110 110 109
183 183 ' 1 83
122-
27 27 27
53
6 6 6
14
73
New Issue
$2,000,000 '
MARTEL MILLS
' INCORPORATED
First Mortgage Fifteen -Year 7 Convertible Gold Bonds
Dated July 1, 1922 Series "A" Due July 1, 1937
Interest Payable January 1 and July 1 in New York City
Redeemable at 105 on any interest date until July 1st, 1923, and at 105 less V of 1 for each 18
months or part thereof elapsed thereafter.
Authorized Issue, $3,000,000 Present Issue, Series "A," $2,000,000
Convertible into 7 Cumulative Preferred stock ($100 par) at the rate of ten shares of stock
for each $1000, face amount of bonds, until thirty days before redemption, subject to adjust
ment of interest and dividends, and in addition 4 shares of no par value Common Stock of the
Company if converted on or before March 31, 1924; 3 shares if converted on or before March 31,
1925; 2 shares if converted on or before March 31, 1926; 1 share if converted on or before
March 31, 1927. Thereafter into Preferred stock only.
THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK TRUSTEE
Mr. G. E. Hnggins, President of the Company, has summarized his letter to us (copies of which may
be obtained on request) as follows:
Business : Martel Mills, Incorporated, is organized under the laws of Delaware and is ac
quiring eight cotton mills heretofore owned by affiliated .companies. After such con
solidation these mills will continue under the same management which has developed the
business and conducted the affairs of the mills; control of which was acquired by them
during the period from 1911 to 1915. These mills produce a widely diversified range of
T cotton fabrics, including colored goods, tickings, hickory shirtings, pocketing twills, un- .
derwear goods and satin bedspreads.
Security: These bonds are to be secured by direct first mortgage upon the real estate, plants
and fixed assets of the Martel Mills, Incorporated. These properties have been valued by
' the American Appraisal- Company as. of April 1, 1922, after depreciation, at $4,501,744,
or $2,250 per $1,000 bond. The balance sheet, as of April 1, 1922, after giving effect
to the present financing as certified by Messrs. Price, Waterhouse & Company, also
shows net current assets of $1,104 per $1,000 bond, making total net tangible assets of
$3,354 per $1,000 bond. .
Earnings: The net profits of the eight mills, as certified by Messrs. Price, Waterhouse &
Company,, for the five years ending December 31, 1921, after depreciation, but'before fed
eral income taxes and interest on borrowed money, were $3,974,316, an average of $794,863
per annum, or more than 5y times the annual interest requirements on this issue.
For 1921, a period of depression in the textile industry as well as ;in most industries, the
combined net profits, similarly stated, were $639,177, or more than 4V times the annual
interest requirements of this issue. For the three months ending March 31, 1922, the '
profits similarly stated were $185,922.
Sinking Fund : The mortgage will provide for annual sinking-fund payments commencirfg
. July 1, 1923, to retire each year for five years 3V and each year thereafter 4 of the '
maximum amount of bonds at any time issued, subject to credits for bonds acquired by the ;
comply and tendered to the trustee for retirement, as well as for bonds retired by con
version. Purpose: The proceeds of this issue are to be used for plant additions and betterments, the
reduction of current obligations aud other corporate purposes.
All legal proceedings in cfAinection with the issue will be passed upon by Messrs. Rushmore, Bisbee & Stern,
New York, for the Bankers, and Charles A. Roberts and 'Hen son- M. Stephens for the Corporation.
A report on the properties has been made for the Bankers by Messrs. Sanderson & Porter.
The bonds are offered for delivery when, as and if issued and received, and subject to the approval of
counsel.
'" Price 95.55 and interest to yield about 7.50
Geo. H. Burr & Co. " Hambleton & Co.
Peabody, Houghteling & Co.
The statements presented in this advertisement, while not guaranteed, are obtained from
to be reliable, and on which we have acted in our purchase ot these
sources which we believ.
bonds.
3
1F
. JRIMElB ONDS
A great Fall bond market
which, means advancing
prices and lower interest
rates, generally expected
to be the greatest invest
ment market for many
years, is near at hand. It
is, in fact, already under
way.
We urge investors to make
their purchases now and an
ticipate their future invest
ment requirements using our
Partial Payment Plan for
holding bonds firm until
ready to complete payment.
CALIFORNIA State 4s, to yield
4.15.
I50U0 July 2. lflSSiffftH.fiS
PORT OF ASTORIA fi to yield
5.23C,-.
JL'000 January 1. 19SL 68 33
CONDOS WATER 6, to yield
6.40.
$3000 Ausrust 1. 1943 lOT.Sg
KLAMATH FAIXS Imp. . to
yield SSi" to est, date, and
6 thereafter.
t 1.R0O est. July 1, !92flini.75
s.srwi ' inL'fxe'102 s."i
10,000 " " 1032. 103.8O
ARROTO GRA3.DE, CaL, Imp. 7,
to yield
J1702 July 2, 3fl24rl01.7S
1202 " 1925.8)102 71
1.100 1!2BS103M
1702 " 193V 100 SS
CASPER, Wwo., Imp. 6s, to yield
$."O00 est. Sept. 1, 1929 (3100
SOOO " 1930 100
DIXOV. Cal.. Imp. In, to yield 6.
J2000 July 2, 3923100.8O
MOSCOW, Idaho, Imp. 6 to yield
6.
JHO0 Sept. 1. 1924100
XEWMAN, Cal., Imp. In, to yield
J102 July 2. 1932?107 44
102 " 133J 107.97
SAV BRrKO, Cal.. Imp. In. tn
yield 6.
J2000 July 2. 1925 102 71.
WAI.M T CREEK, Cal., Imp. 7,
to yield 8.
t IBS
1 1 9
1100
I3n
sn
isn
100
July 2,
1923W1O0 PS
1024-9101. 7S
192SH 102.71
1921103.M
1927iffl04 27
19 SS104 !'
19324H07.44
EKKDLET, Cal., Imp. 7, to yield
8 to .2(Ki.
16000 July 2, 1924101.78. to
yield 6.
16945 July '.
vield 6.
t945 July 2
vipld 6.10'r.
2.S00 July :
yield 6.20.
CENTRAL COAT,
. to yield
J1000 June 1.
2000
3000
3-M10
500
LOf.AX Hun.
Co., Colo.)
$2000 June
192103M. to
1930105. 63. to
in32105.0, to
COKE CO.,
19'JSi-fi !l Sil
lUKOfiT ! 47
193S.7.S2
193S& 97.51
Irr. Il. (I.nean
6, to vifld B'4",.
1, 1925.1(9.33
900
400
3.100
400
57
14
17
26
1.410
SOO
300
1.400
O0
5,900
43,
37
9
S0V,
28 Si
6914
400
800'
2,400
Ts
1.1
65 4
11314 H5V4
35 Si 35
34 Si 34 Si
53
118 119H
119
6'4 en
15 15
63 9, 64
100 lOOVi lOOVi 100
1,200 41 41 41
400 83 Si S3!4 M
1111
38
15814
94 -107
H
31 '4
400 39 3814
.13,000 125 -123
. 2.800 163 Si 158 V,
. 2.400 159 Si 1"8
. 1,600 94H 94
Am Zinc i
Foreign Exchange.
Foreign exchange rates at 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 Unit.
Austria. Kronen
Belgium, Francs
Bulgaria. Ieva
Czecho-Slovakia. Kronen ........
Denmark, Kroner
England. Pound Sterling
Finland, Flnmark
France. Francs
Germany. Marks
Greece. Drachmas
Holland. Guilders
Hungary. Kronen
Italy. Lire
Jugo-Slavia. Kronen ...........
Norway. Kroner
Portugal, Escudos
Roumania. I.ei
Serbia. Dinara ;
Spain. Pest-las
Sweden. Kroner
Switzerland. Francs
China-Hongkong, local currency.
Shanghalr, Taels ."
Japan, Yen
Rate
.$0.0003
. .0740
. .0067
. .0370
. .2160
. 4.48
. .0223
, .0787
, .0009
. .0328
.3902
. ' .0009
. .0450
.0033
. .169:
.0593
.0080
.01
.1560
.26511
.1912
.5780
.7773
.4823
NEW YORK, Aug. 29. Foreign
change steady. Great Britain, demand
$4.46: do cables. 4.4i4 : 80-day bills in
banks, $4.43 , . France, demand $7.74: do
cables. l.(4hc: Italy, rtemand 4.40Hc;
uo 1-auifs. i.ic. ueigium, ' aemana
7.31 He: do cable. 7.32c. Germany, de
mand. .08c: do cables. .08ic; Holland,
demand. 38.8.c: do cables. 38.90c; Nor
way, aemano. 18. Me: Sweden, demand
26.45c: Denmark, demand. 21.45c; Switz
erland nemana lii.oac: Kpaln. demand.
15.54c: Greece, demand. 8.10c; Poiand.
demand. .01 1-5. Czecho-Slovakia, de-
manu. J.42c: Argentine, demand. 36.12c;
Brazil. demand, 13.30c; Montreal
99 15-16C.
Chicago Potato .Market.
CHICAGO. Aug. 29 Potatoes weak;
receipts 96 cars; total United States ship
ments 547; Minnesota sacked Early Ohios
No. 1 11 1'OJ, ..K) cwt. : Nebraska sacked
Early Ohios 90c1.15 cwt.; Irish Cob
blers sacked $1 cwt.: Wisconsin sacked
Irish Cobblers I.451.55 cwt.; New Jer
sey sacked Irish Cobblers $1.85 1.90
cwt.: sacked Giants $1.301.40 cwt ;
Idaho sacked Rurals $1.40 1.80 cwt.
. Coffee Futures Slightly Higher.
NEW YORK. Aug. 29 The market
for coffee futures closed at a net ad
vance of 1 to 3 points. Sales were esti
mated at about 28.000 bags, including
exchanges. September, 9.45c; October,
9 44c; December, 9.42c: Januarv, 9.43c;
March, May and July, 9.41c.
Spot coffee, steady; Rio, 7c 1010!c.
Santo. 4. 1414o. I
2,200
3.900
700
500
Anaconda
Assd Oil
Atchison . s . . . .
do pfd
At Coast Line. .
Atl Gulf & W I
Balwwin loco. .
do pfd
Bait & Ohio...
do pfd
Beth Steel "B".
B R T
Butte A Sup. . .
Caddo Oil
Calif Packing. .
Calif Pet 3.400
uo prd. ......
Canadian Pac..,
Cen Leather....
Cerro de Pasco.,
Chandler Motor,
Chgo N W
Chgo Gt W
do pfd
Chili Cop
Chino
C M St P
do pfd
Coco Cola
I' & O ...........
Colo F - I
Colo Southern . .
Col Gas & Elec.
Colum Graph . .
Con Gas
Cons Cigars . . . .
ttontl Can
City SVC Bank.
Ct rn Prod
do pfd
Cosden Oil 8,300
C R I & P 1,100
do A pfd 100
do B pfd 200
Crucible 6,200
8,800 55 1 54 14
500 11714 116
3,00 104 102
400 117 ii6
2.400 28
13.000 127 125
3,800 58 57 ',4
78
26
30
77
25
30
55 Si
117'j
103
94
117
29
127
113
57
85
25
30 Si
-i 10
63 61 63'H
92
2,800.147 144 147
700 41 41 41
1,000 40 39 40
1,600
2.900
4.700
1.5O0
600
1,800
1,000
900
1,800
1,600
100
700 17
S 800 324
1,100 119 m
4,800 88 87
3,400
3.300
10O
200
8,300
900
7.300
9.200
6.700
1,400
62 59 62
90 87 80
22 21 21
-'3 az 23
31 30 31
34 31 33
fZ S2 52
71 70 71
76 75 76
31
48
HUU 1U -102
1.700 4 3 3
7,500 140 137 138
1.300 102 101 102
1.000 83 82 83
7,600 119 iii 119
. ..118
47
45
96
85
95
97
13
38
25
48
44
96
85
94
98
13
37
25
300
700
2,700
1.600
2,400
6,700
' 400
600
300
52
86
17
27
48
94
63'"
12
'8
do nfd 700
Cuba Cane 1.200
do pfd 1.000
Cub Am Sug 2.500
Del & Hudson
Dome Mines .... 1,700 39
T I. & "W 400 132
lavison cnem .
Endicott Jhnsn.
Erie
do 1st pfd
Elec Stor Bat. . .
Famous Players.
Fed Mg & Smelt
do pfd
Fisk Tire
Gen Cigars
Gen Elec
Gen Motor 5,400
do 63, 600
Gen Asphalt 6,500
Goodrich I 600
Glidden O & P
Granby 700
Great Nor Ore.. 600
do- pid 2.4UU
Greene Cananea. 700
Gulf S Steel 6,200
Glen-Alden
Houston Oil 700 79 79
Hupp Motor ... 100 IS 18
Ills Cent
Inspiration 700 41 41
Int Ag Crp com
do pfd
Interboro ; I.6OO 1 1
do pfd - 900 4 4
Tntste Callahan. .....
Int Harv 600 109 108
Int Mer Marine. 200 15 14
do pfd 1.400 B9 H7Mk
lot Nlckel 0.000- 17 17
47
45
95
85
94
96 i
13
37
25
128
37 38
131 1,4132
400 185
13
83
68
51
83
17
26
47 -91
52
12
78
184
13
81
67
31
41
94
32
83 83
31
41
92
32
52
85
17
26
48
94
12
52
12
78
185
13
82
67
36
15
31
41
83
32
85
53
79
18
104l
10
39
1
n
109
14
58
Int Paper
Invincible Oil .
Island Oil
Jewel Tea
K C Southern .
do pfd
Kelly-Spgfld ...
Kennecott
Keystone Tire .
!ack Steel
Lee Tire
Lehigh Valley .
I.orillard
Loew Theaters.
L & N
Lima Loco
Maxwell Mot A
do B
May Stores
Mex Pet .
Miami
Mid States Oil.
Mldvale Steel .
M K & T wi . . .
do pfd wt . .
Mont Power . .
Mont Ward . . .
Mo Pac
do pfd
Mex Sea Board
Marland Oil ..
Nat Enamel . .
Nat Lead
Nevada Con - .
New Haven . . .
Norfolk & W. .
Nor Pac
N S Steel
V T Air Brake
N Y Central .
North Amn . .
Okla Prod ref. .
Ont Silver
Ont & W
Otis Steel
Pac Dev
Pac Gas & Elec.
Punta Allegra...
Pac Oil :..
Pan Amn Pet
do B ,.
Penna
Peo Gas
Pere Marquette. .
Pure Oil
Phillips Pete . . .
Pierce Arrow . . .
Pierce Oil
Pitts Coal
Pitts & W Va. . .
Penn Sea St. . . .
Press Steel Car..
Pullman .......
Ray Cons 1,000
ll.ailinir 5.700
Rem-ington 3.700
Replogle bteei. .
Rep I & 8
do pfd ,
Rep Motors . . .
Roy Dutch Oil.,
Ry Steel Spg..
S O Ky
Sears Roebuck.
Shattu-ck, Ariz...
Shell T & T
Sinclair
S O Ir.d
do N J
Sloss Shef
Sou Pac
Sou Ry
S O Cal
St L & S F
Ktromhftrs- Carb.
Studebaker 12,200 128
Swift & Co
Tenn Cp & Chm. 100
Texas Oil 6,700
57
14
14-25
43
36
8
79
26
68.
57
14
15
25
57
43
37
8
79
2
68 is
173
19
138
61
57
18
1 2
1,300 19 19
100 137 137
3.90O 62 01
600 57 07
400 19 19
7in TfLS. 12654
;!l4,700 1 84 180 184
29
13' 13 13
34 34 34
19 18 19
46 45 40
74 73 73
23 Si 23 23
23 23 23
60 59 59
23 22 22
41 40 41
w,s oa
800 110 107 10S
16
200
. 2.500
.16.300
700
' sino
600
100
1.600
7.800
8.S00
2.9(10
2.500
300
400
4.5O0
3.100
200
40O
300
1.000
300
76
98
98
2
27
11
4
80
57
80
76
46
93.
39
32
44
12
7
68
39
. 7
2.600 127
16
79
900
1,600
100
100
5.300
600 113
1,200 106
1,800 90
39 ?i
33
73
94
3
58
76
98
92
2
"27"
11
4
78
'58
78
74
46
93
38
82
44
11
' 7
65
39
7
i25
16
78
38
32
94
3
55
112
102
S9
38
32
100 38
8.200 33
1,200 113 112
1,200 1S3 IS-
100 rn
3,3O0 95
4.300 27
4.000 111
800 30
1.20U an
5
93
28
108
30
54
127
Texas Pac
do C & O
LTob Products . ..
Tran contl on. .
TTnion Oil Del . .
Union Pac
United Alloy ...
United Drug
Unl Food Prd...
United Fruit . . .
TI s Cast I Pipe.
Unl Retail Strs. 10.600
U S Ind Alcohol. 1.400
10
48
34
25
67
14
19
2,800 150 148
100 38 , 30
800
1.300
6,000
1.600
2.200
10
47
32
25
55
14
19
1,800 7 7
300 153 153
9,200 39 37
79 75
66 86
17
32
119
88
36
76
98
97
2
6
27
11
4
79
49
57
80
76
,46
93
38 V.
32
44
IS
7
68
39
7
82
126
161,
TI
39
3:1
72
94
3
56
112
ior.
89
8
33
113
183
50
94
26
J 1 I
30
54
128
105
10
48
33
25
57
14
19
150
88
79
7
152
38
79
66
58
104
42
beck & Cooke company of Portland as
follows :
Swift & Co 105
Swift International- '. 20
Libby, McNeil & Libby .3. . 2
do new .,. 7
National Leather, new 7
Liberty Bond Quotations.
Liberty bond and victory note quota
tions furnished by the Overbeck & Cooke
company of Portland: Closing
Open. High. low. Bid.
Liberty 3s ..100.84 100 94 100.92 100.92
do 1st 4s 100.56 100..6 100.56 100.80
do 2nd 4s..-. 100.20 100.20 100.18 100.16
do 1st 4s.. 10O.7O 100.76 100.64 1OO.70
do 2nd 4 s. 100.16 100.22 100.14 10O.20
do 3rd 4s. 100.40 100.48 100.40 100.44
do 4th 4s.. 100.56 100.62 100.50 100.56
Vic. 4 call..l00.28 10O.28 100.28 100.28
do 4s 1923. 10O.66 100.70 100.68100.70
Money, Silver, Etc.
NEW YORK; Aug, 29. Call money
firm; high 4, low 3; ruling rate 3;
closing bid 4i offered at 4; last loan 4;
call loans against acceptances 3.
Time loans firm; mixed collateral 60
90 days 44; 4-6 months 4g4.
Prime commercial paper 44.
Foreign bar silver 69.
Mexican dollars 53.
LONDON, Aug. 29. Bar silver 35 d
per ounce. Money 2 per cent. Discount
rates, short and three-months bills, 2
per cent.
Mining Stocks at Boston.
'Mining stock quotations at Boston. fur
nished by the Overbeck & Cooke company
of Portland : '
Bid. Ask.
Ariz Comm 8 9
Adventure 50 100
Allouez i 25 26
Arcadian. 3 6
Bineham Mtis 14' 15
Cal & Ariz 61 62
Calumet & Hecla 296 298
New Corn 18 19
Centennial 9 10
Cop Rge 43 43
East Butte 10 10
Franklin Mng 2 2
Hancock 2 2
Helvetia 1 1
Island Creek 108 109
Keweenaw 2 2
Kerr Lake 3 4
Lake Cop 4 4
La Salle 1 1
Michigan 3 3
Mass Con 2 3
Mohawk 63 64
May-Old Colony 4 4
Mason Valley 1 2
Nipissing 6 6
North Lake 30 50
Old Dom Cop 23 26
Osceolaf Mng 36 88
OJibway 2 3
Quincy Mng 43 44 '
Pond Creek 21 22
Isle Royal 23 24
South Lake 46 48
Supp Boston 1 1
Uni Shoe Mch 40 40
do pfd 26 26
South Utah 6 10
Superior Cop ............... 4 4
Trinity Cop 2 2
Tuolumne 69 75
Utah Metals 1 1
Utah Con 2 2
U S Mining 43 43
do pfd 47 49
Utah Apex 2 3
Ventura 29 30-
Victoria 1 2
Winona 1 1
Wolverine 9 10
Wyandot 50 60
Shannon 85 95
, Standard Oil Stocks.
Standard Oil s'ocks fu.-nlshed by the
U S Rub 4,800 58 56
do 1st pfd ... 100 104 104
TT S Km.ltin ... 100 43 43
U S Steel 11.700 103 102 103
do pfd J. ..... ..... ..... 33
000 zu
Utah Copper . . .
Va Chem
do Pfd
Vanadium Steel.
Vivandou
Wabash
do A pfd
Western Pac
do pfd
Wari.i-n I'ninn
Wstghse E & M.
White Motors . .
Willys-Overld . .
do pia
Wilson Pkg ....
Wis Central
6,100
200
1,400
2,800
5O0
400
100
100
100
200
61
11
12
38
10
61
52
11
13
34
19
81
8,300 121 116
2,500 63 63
48. 48
7 v 6
38 88
43 43
8U 3U
69
52
11
13
. 33
20
61
120
68
48
6
88
43
30
Woolworth 121
Worthgtn Pump 200 42 42 42
W tc L E 15
White Oil 8
Orpheum 1,700 22 22 22
Swift ft Co. Stocks.
Closing prices of Swift Co. stocks
at Chicago -were .reported -by -the Over-
W After you buy 1
securities your interest in
tKe issuing company in- i
creases. "We nave a depart
ment which will assist
you in keeping informed by
automatically forwarding
information on any com
pany desired. There is no
1 1 i charge for this. investment
service. I
WRITE OR CALL
I J FuQ details on receipt erf jour
Address i I
f
Cyrus IiRCEjCoMPANy
10O2 Wilcox Bids. Portland Telepkane Broadway 5915
San Francisco Ixs Angeles ' Seattle . Oakland
San dleg-o San Jose Paeadena Fresno
Stockton Sacramento Eureka
b s
t - I
Overbeck & Cooke company of Portland:
Bid. Asked.
Angjo
Borne Scrysmer
Buckeye
Cheesebrough
do pfd
Continental ....
Crescent .......
Cumberland ...
Eureka
Galena com. . . .
do old pfd. ..
do new pfd. .
nilnois Pipe ...
Indiana Pipe ..
Nafl Transit ..
N Y Transit . . .
Northern Pipe .
Ohio Oil
Inter'l Pete ....
Penn Mex. .....
Prariie Oil ....
Prairie Pipe ...
Solar Refg
Southern Pipe .
South Penn Oil
S. W. Penn Oil
S. O. Ind
do Kansas - . . .
do Kentucky .
do New York
do Ohio
do pfd.
Swan & Finer. .
Vacuum
Washington
S. O. Nebraska
Imperial Oil .
20
415
90
..........195
.........108
140
33
145
92
51
108
103
160
97
26
160
103
280
20
......... 28
590
250
.........340
94
210
61
112
530
102
..436
....... ..4. VI
117
82
....460
".V.77.V.'. iso
110
20
430
98
205
lU
143
35
150
94
53
112
105
170
98
27
170
106
285
io
600
20
350
96
215
62
113
640
103
439
460
119
35
465
27
185
112
PATTERSON, Cal., Imp. 7. to
yield ev4.
$386 July 2. 1928iffl03 7l
SUSANVTLLE, Cal., Imp. Ts, to
yield 6YtVr.
3000 July 2. 1934il06 24
AMALGAMATED SUGAR CO. 7,
to yield 7.
$1500 April 1. 19875M0O.
HOLLY SUGAR CORPORATION
7. to yield 7.
10.500 July 1, 19371P100.
VIRGIN! -CAROLI-f A CHEMI
CAL CO "Vis, to yield 7.737o.
$800 July 1. J03798.
Make Reservations Now
Use Our Partial Payment
Plan
Freeman. Smith al
imbwCamp Co. bbb
Lumbermen Bldo.. Portland
PH0NI
B'WAY
5740
riFTH yiZ&TtXllit.
5 How' Money Grows 7
The stof v of Ooftipouftd !r
tirrtt tola In & trxtort timi .
ALBERT C.0TGEN&Ca, he
16 EXCHANGE PLACE. NY.
aV
GERMAN BONDS AND
MONEY
Bought and Sold
TBAKSATLASTIO ESTATES A
' CREDIT COMPANY,
210 KgohwncQ Tlldar.. gd unit Stitrlr.
Babson Says,
Buy Long Term Municipal Bonds
L.
"The past few years have been hard for cities and towns desir
ing to borrow money. Money has been scarce and rates -were hlsh..
Investora are now wondering -whether the present decline in rates
is temporary or will extend over several years. The study of the.
situation leads mo to 'believe -that the present decline of Interest
rates will continue. J
"City fathers will soon be solicited by bond houses for issues to
sell. The next few years will see a scramble for bonds on the part
of the dealers far greater than anv previous scramble for money
on the part of the cities and towns. As we have had years of
advancing interest rates, we will have years of declining interest
rates. Moreover, these cycles cannot be suspended or changed any
more than we can suspend or change the tides of the ocean.
"In addition to the law of business cycles,
very much in favor of municipal borrowing.
the tax situation is
Before the days of
Income Tax Exempt
Axhton School 'District A. 1932 SirV
Condon. Ore.. Water 1942 ri.40'.'r
f.oodlntr. Idaho, Highway 10" r..TM'm
fcphriam, Utah. Water 5V4si J8-'6 r..25','r
income taxes and surtaxes, bonds of our best cities sold on a 3
per cent basis, and even better. Now, when wealthy men are
obliged to pay surtaxes of from 30 to 50 per cent, these tax exempt
bonds of cities and towns should be in great demand. .Some of my
associates even state that many of these bonds may go up until
they are on t 2 per cent basis, or less
"Of course, this also applies to the government bonds, although
the government bonds are rather short time and therefore not so
attractive to the Investor. Cities and towns will have no difficulty
in disposing of their securities during the next few years and
interest rates should steadily and continually decline.
"For investors this means that tax exempt securities and town
bonds should now be purchased, even though they have already
gone up some In price. Those who contemplate buying should buy
at once, before they go up etill higher. When buying tax exempt
Issues, seek the long-term ones as these will show the greatest
profit." (Taken from Babson's article of July, 1922.)
Write, phone or call for
full list of September offerings.
LUMBER1V3 MNH
BROADWAY and OAK