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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Sept. 12, 1922)
THE MORXIXG OKEGOXIAX, TUESDAY, SEPTEMBER 12, 1923 23 RAILROAD STOCKS . IFOlLYSTROi Wall Street Has Another Million-Share Sale. INDUSTRIALS ALSO RISE Financial Market Little Affected by Road Injunction Matter; Bonds Show' Strength. (By Chicago Tribune Leased Wire.) NEW YORK, Sept. 11. Nothing hap pened over the Sunday holiday from the financial viewpoint except the return to work by the hard-coal miners, the prep arations of labor tu contest the Daugh rty injunction and a good deal of high flown oratory by the conspicuous labor leaders. The injunction matter did not Interest the financial markets, except as opening -ery ill-advisedly an opportu nity for the striking unions to score point. The formal ending of the hard-coal miners' strike was chiefly interesting because it terminated the formidable labor demonstrations of the period and because, with the movement of both kinds of coal resumed in maximum quantity, the vital question of motive - power to haul- and distribute all the freight applying for transportation soon will be fairly tested. At present the probabilities of the matter are perhaps best indicated by the composure with which the fuel situation is discussed, compared with the high pitch of hysteria which was beginning to prevail in the third week of August. Sales on the stock exchange ran be yond a million shares for the third time In September, no million-share market Jiaving occurred in either August or July. Kailway snares were unilormiy etrong; a good many industrial shares also went higher, offset, however, by irregular declines in some stocks of that froup. As a whole, and especially in the liberty loan department, the bond market was strengthened by the treas ury's announcement of a 3 per cent rate for a 1200,000.000 one-year loan. This rate does iiot differ from the rate at which a loan for a similar term was placed last June. But a 12-months loan placed In September is a much better measure of autumn money market prob abilities than a similar transaction at the beginning of the summer season. In today's rather general decline of foreign exchange rates both the franc and the mark went to the lowest values reached this month, although not to the August figures. This reaction may or may not have been connected with the disagreement between Belgium and Ger many over minor points in the mora torium compromise. There never was any reason to expect that Germany would not propose some unacceptable conditions, nor was there any reason to imagine that the arrangement for a moratorium would be upset as a con sequence. Reading gen 4s 1997 86H S A Li is 1950 E9Vi do is 1949 29 do Kb A 194S 69 Sou Ry con. as 1994 07 So Pac cv 4s 1929 93 do ref 4s 1955 91 do S F term 4s 1950 84 do conv is 1934 104 do ea 7s E 1935 56 St L & S F pi 4s A 1950 95 do gen 5s 1931 100 do pi 6s B 1950 S9 do gen 6s 1931 1044 do adj tts .. 1955 . 85 ft do inc 6s I960 79 St L & S W 1st 5s...-. 1952 S3 do con 4s 1932 79 do 1st 4s 19S9 80 Tex Pac 1st Ss 2000 98 V4 L'n Pac 1st 4s "1947 94H do cv 4s. 1927 95 do ref 4s 2008 88 H do 6s 1928 104 !4 do eq, 7s 1930 118 l'n Tank 7s 1930 1034 Wabash 1st 5s 1939 100 do 2d is 1939 92 West Pac 5s . 1946 .. 87 Industrials Allied Packers 6s 1939 Amn Agr Ch 7V4S 1941 Amn Sm 1st 5s 1947 Amn Tob 7s 1923 Anaconda 6s A 1929 do 7s B 1929 Armour cv 7s 1930 do 4 3 1939 Beaver Board Ss 1933 Beth Steel 7s 1923 do Steel eq 7s 1935 do ref 5s 1942 Ce.rro de Pasco 8s 1931 Chile conv 6s A ............ 1932 do 7s 1923 Copper Exp 8s 1923 do 1924 do 1925 Colo F & I gen 5s 1943 Colo Ind 5s 1934, Corn Prod ref 5s 1931 Cuban Amn Sug 8s .... 1931 do Cane cv 7s ............ 1930 Distillers Sec cv 5s 1927 Diam Match 7V4s 1935 Dupont 7VhS 1931 Empire Gas Fuel 6s 1924 Fisk 8s 1941 1952 1940 1925 1941 1930 1930 1940 1952 1932 8114 10514 95 101 102 103 104 92 79 74 10BH 103 Va 97 129 94 106 101 M 102 10314 91 79 101 Ji 106 90 45 107H 108 101 107 102 14 107 1034 116 105?4 104 93 10114 81 93 108 105 100 92 102 100 118 99 116" LIBERTY BONDS ACTIVE DEMAND DUE TO SECRETARY MEIXON'S AXXOraCEMEXT. Portland Railway, Light & Power 7 lis Higher at New York; Other Utilities Firm. Mei Seaboard... 2.000 204 19 20 Warland Oil .... 8U0 414 40 40 Martin Perry ...12,700 33 80 33 V4 Nat jEnamel 1.700 62 31. 61 3i 61 Nat Lead 1.000 108 107 Si 107 Aevaaa Con ..... ll New Haven 3,300 33 3214 Norfolk & W.... 2,100 124 124 Nor Pac . . . 5,500 89 88 Nova. Scotia Stl 600 38 37 in x Atr i3rake N T Central. North Amn . . 9.700 3,600 Okla Prod ref... 1.300 The sharp rise in United States- Steel common during the early hours of tra i ing had much to do to impart strength in the other steel stocks and the gen eral list today. Steel common sold up to 106, a new high for 1922 to date, but it closed fractionally below that level. Despite the hopes of a large number of speculatively inclined investors, the prospects of a nearby Increase in the dividend of the Chicago & Northwest ern is not very bright and most of the directors believe that it should not be increased this year, although practically all of them lean to the opinion that in another year or so the old distribution will be resumed. Railroad observers who have been fol lowing the various angles of the shop men s stnlce saw a further clearing up of the situation today in the announce ment that the Erie railroad had abol ished the outside contract system in its Hornell (N. Y.) district. - " Since April 1, when the copper mines of the country resumed operations be- , cause of the improvement in the copper trade, numerous rumors have been cir culated in the financial district of ad Tances in prices, but they have not come . Signs of Increased investment buying were more numerous in the bond market today, with evidence of revived interest in United States government issues, but most of the activity was supplied by the railway division, which exhibited renewed strength. Speculative bonds were outstanding features. In this class were Seaboard Atr line and Consolidated Gas 6s, advancing more than a point Denver & Rio Grande certificate 5s and' Chicago & Erie first fives advanced 1 to 1 points. Chicago, Rock Island & Pa cific refunding 4s were in extraordinary demand. New York Central refunding Ss again enjoyed broad trading but not much price variation. The Mexican Petroleum company and the Pan-American Petroleum & Trans port company for the seven months end ed July 31, 1922. earned more profits than during the entire year 1921. accord ing to official statements issued by both companies today. The Mexican Petro leum company in the seven months' pe riod earned net profits of 115,854,403 after all charges, including taxes and in terest. This was $3,300,000 In excess of me total ior tne full year 19''1 The record of the Pan-American Petro leum ac transport company was much the same in proportion as that of the retroieum company, which it controls. i ne net profits of the Pan- American ior me seven months' period ended July 31. 1922. amounted to J18 -421,931, as compared with J18.162.613 for the entire year 1921. New York Bonds. Furnished by Jordan, Wentworth Co., of Portland: Railroad Bonds Atch gen 4s .............. IPOS A C L, 4s 1952 do 7s 1030 B O gold 4s 194K do con 4s cv J933 ao ref 5s Canada Southern 5s . Canadian Nal eq 7s . Canadian Nor 614s .. do 7s Cent Pac 1st 4s Chgo N West 6V43 .. Ches & Ohio cv 4s do gen 4ss do cv 5s do ccn 5s C B & Q 111 div 4s . .. C fc West Ind 4s C & W 4s C M & St P 4s - do cv 4Ha do deb 4s do gn 4s A do cv 5s do g & r 4 14 s A Chso N W sf 5s du gen 4s lo 6 'is , do 7s , C R I P ref 4s Cr.lo Sou rf ex 4s 1995 1962 1935 1946 1940 1949 1931! 198(1 1992 194(1 19H9 1949 1952 1959 1925 1932 1934 19W 2014 2014 1929 19S7 1 93i; 1930 1934 193.: do 4s lo-in Del & Hudson cv 5s . 1035 do 7s 1930 D R G cv 4s war, do ref 5s 1955 Erie P . 4s I960 do con 4s A 1953 do B . 1953 do D 1953 Erie Pa C G 4s 1052 Gd Trunk eq 6V4s 1936 Gt Nor 4s lOfil do 7s 1936 Gt Trunk 6s 1936 do 7s 1940 111 Cent )t 5s 1963 do ref 4s 1955 K C Sou ref 5s 1950 Keo & Dps M 1st 5s 1923 L 8 M S ti 1931 Li & N 7s . . . . 1930 do uni 4s 1940 M St P & S S M 614s 1946 Si K 4 T 4s 199ft M P gen 4s 1975 do ref 5s 1920 NYC deb U 1934 do con 4s 1998 do ref imp 4s 2(H3 do cv deb 6s 1935 do coll 7s 1930 N Y N H & H cv 6s 1948 N O Tex & Mex 5s , 1935 N P pl 4s 1997 do 6s ." 2047 O S L ref 4s 1929 Penna 6s 1936 do gen 4s 1965 do 4s 1960 do gen 5s 1968 4 A MAAVJ9iMfJAl 1930 9 HA 107 87 f6 91 101 1 1 1 i 113 114U 90 -111 ill 90 98 103 91 T4 77 5 f4 75 7 78 78 69 971i 90 114 110 86 90 63 IO2I4 112 78 47 60 53 52 54 88 107 9 113 ao5 113 98 90 V. 71 94 93 108 93 106 84 69 97 91 85 90 107 107 854 77 91 110 94 110 94 100 102 11314 Gen Elec deb 5s do 6s Goodrich 7s Goodyear 8s .... Heinz 73 Hershey 7s ... Ill Steel aeo Ind Steel 5s .... Tnf 4 srr 5s Tnt Marine C T 6s 1941 Kelly-Springfield 8s 1931 Kcnnecott 73 i ,o Lack Steel 5s m. J?-3 do 1st 5s . . . ? Llbby McN L, 7s 1931 Liggitt at-myers os i. do 7s 1"? Lorillard 5s JO-; do 7s Midvale 5s Morris & Co 7s 193U Proc & Gamble 7s .......... 1923 Republic I & St ss l"t" Sears Roe 7s Jsr.r do 7 Steel & Tube 7s 1951 Tt7!::::::::::::::: iSii United Drug 8s 1941 U S Rub 1st ref 5s 1947 do 7s - 1930 U S Steel sf os 19b3 Va Chem os 1923 Va Car Chem 7s 1932 West Elec 5s 1922 West U T col Tr 5s 1938 West Union 6s 1936 Wilson 1st 6s 1941 West Elec 7s 1925 Westinghou.se 7s 1931 Public utilities Amn Lt & Tran 6s 1925 Amn Tel coll 4s 1929 do 5s 1946 do 6s 1925 Bell Tel of Pa 7s 1945 B R T 5s 1945 Ca! Gas Unl 5s 1937 Cities Service 7s B 1966 do C 1966 do D 1966 Int Met 4s 1956 Int R T ref 5s 1966 Laclede Gas 7s 1930 Mont Power 5s A 1943 Northwest Tel 7s 1941 Pac Tel 5s 1937 Pac Gas 5s 1942 Southwest Tel Is 1925 Toledo Edison 7s 1941 Oil bonds Anglo Amn 7si 1925 Galena S Oil 7s 1930 Gulf Oil 7s 1933 Humble 7s 1923 Pan Amn 7s 1930 Mex Pet cv 8s 1936 Sinclair 7s 1925 S O Cal 7s 1931 do N y 7s 1931 Tidewater Oil 6s 1931 Vacuum Oil 7s 1936 Foreign governments Argentine 7s 1927 Belgium Ss 1941 Bolivia 8s 194 Brazil8s do 7s Canada 5s Chile 8s Czecho-Slovakia Denmark 6s ... (.Dutch East Indies 6s.. do bs French Cities 6s Mexico External 5s ... do external 4s ...... Netherlands 6s ....... Paris-Lyon-Med 6s ... Rio de Janeiro 8s 1947 Seine is 1942 Foreign govt, city bonds Berlin 4s .... Greater Berlin 4s Hamburg 4s .... Bremen 4s .... Cologne 4s '. Dresden 4s do 4s .... Dusseldorf 4s .............. .... Frankfort 4s .... Leipzig 4s do 4s Munich 4s Stuttgart 4s Essen 4s .... Bremen 4s Hamburg 4 French Internal 4s 1917 French Victory 5s 1920 Belgian Restoration 5s British 2s consols. Ital Cons War Loan 5s Curb bonds Allied Packers 6s Am Tel & Tel 6s 1922 do 6s 1924 Anaconda Copper 6s 102 do 7s 103 Anglo Am Oil 7s 103 Armour & Co 7s 104 74 Beth Steel 7s 1935 103 copper Aesn OS 1U24 do 8s 1925 Galena Signal Oil 7s Gulf Oil Co 7s t Inter Rap Tran 7s .... Llbby MCN & L 7S Seirs Roebuck 7s 3-yr. . . Southwestern Tel 7s .... Standard Oil of N Y 6s do 7s Swift 4 Co 7s do 7s 8s 1941 .1952 1952 1946 1951 1942 1947 1962 1934 1954 1954 1972 1958 106 102 95 100 102 100 101 103 112 90 109 103 100 105 100 100 112 101 108 108 108 92 99 115 108 65 96 18 05 91 15 72 102 99 107 99 93 102 107 103 105 104 100 102 106 105 105 109 103 108 100 105 98 103 92 99 104 95 99 96 96 82 5i 42 95 76 100 90 75 1 ' 88 90 87 90 I 90 90 1 1 1 90 87 1 95 49 59 68 51 36 71 NEW YORK. Sept, 11. Renewed ae tlvity in liberty bonds, virtually all of which showed a firmer tone, was th' outstanding development in today's bond market, prices in which were mainly hieher. Secretary Mellon's announcement that the government would soon Dorrow around $200,000,000 at 3 per cent in terest, caused an active inquiry for the liberty issues, the fourth 4a ol whlca touched 101 but reacted laterto 10U.S4, net gain of 18 points. In the railroad group, new high reo ords were established by Canadian 4 Pa cific debentures, San Francisco adjust ment 6s. Hudson & Manhattan refundm 5s and "Katy" adjustments 5s and 6s. Gains of 1 to 2 points also were regis tered by seaboard stamped es. Aiinne- apolis & St. Louis refunding 4s. Con solldated 5s and San Antonio & Arkan sas Pass 4s. Sharp reactions took place, however, in Chicago & Great Western 4s and Atchison adjustment 4s stamped. There- was a fairly good inquiry for public utilities, advances of 1 to 1 points being noted in Toledo Traction 6s, Brooklyn Rapid Transit is ana ore- land Railway Light & Power 7 Brooklyn Union Gas 7s followed a con trary course, dropping nearly two points. Chile Copper convertible 6s, which moved to a new high level, was the only noteworthy, strong spot in. the indus trial list. Foreign bonds were generally firm gains of a point being scored by Brazil 8s and Prague 7s with considerable activity in the Dutch East Indies issues. Lyons 6s fell back a point. Total bond sales, par value,-, were, S14.109.000. Extensive ..uying of steels and equip ments. several of which were pushed up to new records, .and pool operations in specialties, which resulted in a number of substantial gains, featured today's session ot tne stock market. Profit-tak ing in other parts of the list, combined with speculative selling in Studebaker, Chandler and some of the foreign oils, gave tne marKet a spotty appearance times. united states steel common was one or the individual features, touching 106, iT3 nignest level since 1920. This .was attrioutea in part to the monthly ton nage report issued Saturday afternoon, wnicn snowed an Increase of approx imately i4. uuo tons in unfilled orders, or nearly 125,000 more than conservative estimates had forecasted. However, the increase was due in part to inability to make deliveries, owing to the rail con gestion ana coal shortage. American Steel foundries. which jumped up d?8 points, was the outstand ing stock in the equipment group, ii wnicn several new -hign records were maae. American Locomotive. Baldwin, rtanway steel and Pullman all held at the year's best prices, the net gains ranging irom iractlons to 3 points. food shares also were pushed up in spir-iiea rasnion. Austin Nichols was neavny traded in, closing at a.-net gain of 214 points'. National. Biscuit was up one, ana oeeennut, atter an early die play of strength, eased off a small frao- Deiow Saturday s close on realizing tion sales. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke uuinpany oi x-ortlana: Sales. High. Low. Bid Adams Exp jjg Advance Rum .. 800 22 2i do pfd 56 Agr. Chem 1.600 0 39 39 uu pi-u ouu 'tA 72 72 Ajax Rubber ... 7,500 15 14 14 Alaska Gold 6,200- 89 1,300 59 Allied Chem . . . Ailis-Chalmers . do pfd Am Beet Sugar. Am Bosch Am Can Co 600 103 1 87 o 87 58 101 101 46 43 43 63 600 44 2.600 i:t-. do pfd ' inftu Am Car & Fdy.. 100 193 193 192 do pfd . .199 Am Cot Oil 200. 28 28 2814 do pfd K- Am Drug Synd.. 100 6 6 6 Am hd it Leath 14 do pfd ; 100 73 73 1214 Am Ice 1,300 120 119 1111 Am Intl Corp ... 500 35 34 34 Ain Li need 35 do pfd ' ' 54 ia Am Loco 6,200 127 126 126 uo pfd i-m Am Saf Razor... 400 7 1 7 Am Slip & Cm.. 2,300 20 19 19". Am Smelter .... 1,800 65 64 64 do pfd 1021a uu too lou 4,000 46 42 1.000 84y 83 Am Snuff .. Am Steel Fdy Am Sugar . . . do ptd .... Am Sumatra ... 500 41 Am Tel fc Tel... 8,400 123 Am Tobacco .... 800 167 do B 400 463 14 Am Wool 11,800 103 40 122 165 153 45 83 110 40 123 165 do pfd Am W P pfd . . Am Zinc . ; Anaconda Assd Oil Atchison do pfd Ati Coast Lfne.. Atl Gulf & W I. 100 111 300 8: 10 2 163 163 100 103 110 32 4,400 55 55 110 32 17 55 116 104 93 124 31 136 . 80 100 101 1923 1933 1926 1925 1931 10: 103 105 104 101 102 101 102 109 106 101 102 Foreign Bonds. Furnished by Overbeck & Cooke com pany of Portland: Belgian rest 5s 1919 do prem 5s 1920 do 7s 1945 do 6s 1925 British 5s . 1922 do 5s 1927 do as 1929 do vky 5s ......... 1919 do ref 4s 1919 V K 5s 1922 do 5s 1929 Bordeaux 6s 1934 Canadian 5s 1926 do 5s 1927 do is ,. 1929 do 5s i . 1937 do os 5 ... ... 1931 Chinese 5s ......CT.. 1951 Chile Ss 1941 French 4s 1917 do 5s . ..... ....... . 1920 do 5s 1931 Uo 7s 1941 do 8s 1945 German w 1 5s. . Berlin 4s Hamburg 4s .... l.eipsig 4 s Munich 4s do 5s Frankfort 4s .... Italian 5s Jtl 4s do 1st 4s do 2d 4s Norway 8s Swedish 6s Denmark 8s Russian 52 .... itussian 5s .... do 6s . Swiss 5 s do 8s 1918 1931 1925 1925 1940 1939 1945 1921 1926 1919 1929 1946 Bid. Asked. 66 70 68 73 106 ' 306 99 100 90 92 92 94 92 95 78 80 79 SO 300 107 108 82 83 100 100 98 100 102 102 99 ' 100 100 100 V. 53 54 103 104 47 49 66 69 58 60 98 98 101 102 60 .61 .70 .90 .70 1.12 .60 .70 1.25 .18 .59 .60 35 36 81 82 94 95 94 94 112 112 105 106 110 111 12 16 "is " 16 104 104 121 122 3,700 105 104 100 93 93 2,300 124 123 500 31 31V, Baldwin Loco ..12.300 13714 issv. do pfd , 114 Balto & Ohio... 5,000 58 57 57 do pfd 700 65 6514 11R u Barnsdoll Corp . 3.000 38 36 37 Beth Steel B ... 3,500 79 . 78 79 Booth Fish 9 B R T 700 25 24 24 liutte C & Z 200 7 7 6 Butte & Sup 1,100 29 29 29 Burns Bros 500 136 135 135 Caddo Oil 200 1014 10 34 10 taiiE r-acKing .. ,iuo eo 4 eo Calif Pet 1,700 64 63 do pfd 200 98 96 Canadian Pao .. 5,800 149 148 Cen Leather 3,900 42 41 uerro de fasco.. , uu 40 Ccn Textile 1.600 11 Chandler Motor. 3,300 64 Chgo & N W ... 9,000 95 Chicago G W... 700 7 do. pfd 4.000 1,100 4,600 4,500 6,000 1,000 1,600 40 10 63 94 7 24 31 35 54 72 34 Chili Copper. Chino C, M & St P do pfd . . . Coco Cola . . C & O Colo F & I . Colo South . Colo Gas Colu Graph Con Gas Cons Cigars , . . Cont Can .... Citv Serv Bkrs Corn Prod 1,900 119 do pfd ' Cosden Oil 7.600 49 C R I & P ....10,000 49 24 30 34 53 70 76 33 & El. 104 3 1.200 105 400 3 7,800 143 141 J..OUU JO?4 34 1.000 91 90 Money, Silver, Etc. NEW YORK. Sept. 11. Call money fiim; high, 4; low, 4; ruling rate, 4; closing bid. 4; offered at 6; last loan, 4: call loans against acceptances, 3. Time loans firm; mixed collateral 60 90 days, 44; 6 months, 44. Prime commercial paper, 44. Foreign bar silver, 69 cents. Mexican doKarc 5.3 .LONDON, Sept. 11. Bar silver. 35d per ounce. Money, 2 per cent. Discount rates, short and three months' bills, 2 9-16(2 per cent. Metal Market. NEW YORK, Sept. 11. Copper Quiet; electrolytic spot and futures, 14c. Tin Easier; spot and futures, 32.25c. Iron Steady; No. 1, northern, $33 35; No. 2 northern, $32 34; No. 2 south ern, $24 27. Lead Steady; 5 906c. Zinc- Quiet; East St. Louis spot and nearby delivery. 6.30 H. 35c. Antimony Spot, 5.505.75c. do "A" pfd do "B" pfd . Crucible do pfd Cuba Cane do pfd ...... Cuban Am Sug. Del & Hudson... Dome Mines- ... D L & W Davison Chem . Endicott John.. Erie do 1st pfd Elec Stor Bat Famous Play .. Fed Mng & Sm do pfd ...... Fisk Tire Gen Cigars .... Gen Elec . . . Gen Motor . . Gen Mot 6 Gen Asphalt . . . Goodrich Glidder O & P. Granby Gr North Ore . . . do pfd ' Green Cananea . Gulf St Steel . . Glen Alden Houston Oil ... 3.100 Hupp Motor ...14,800 Ills Cent? Inspiration . . . . Int Agr Corp .. do pfd ...... ltiterboro do pfd Inter Callahan . Int Harv Int Merc Marine do pfd 3.000 500 100 700 90 3,600 96 100 99 700 14 600 38 1.100 26 400 140 1,600 39 900 136 200 49 1,100 89 2,500 16 2,100 26 5.300 48 6.500 103 103 103 15 . 900 61 60 . 6014 . 2.400 13 12 12 . 700 81 81 81 200 183 , 182 180 .42,100 15 14 14 68 66 36 36 15 15 32 31 41 40 65 94 85 64 97 140 41 40 10 63 94 7 18 24 30 34 53 72 76 33 49 105 3 142 34 91 21 118 118 117 48 48 99 90 95 98 14 38 25 138 38 130 49 S7 16 26 48 Otis Steel 200 Pacific Dev 100 Pac Gas '& Elec. 200 Punta Alegre . . 200 Pacifio Oil 4,900 Pan Amn Pet.. 6,300 do B 2.700 Penna 6,000 Peo Gas 3 00 Pere Marquette.. 300 Pure Oil 2,500 Phillips Pete..,. 4,800 Pierce Arrow ... 1,100 Pierce Oil . . . . 6,200 Pitts Coal . 100 Pitts & West Va 700 Penn Seaboard... 2,600 Pressed Stl Car. 700 Pullman 13,600 139 135 138 Ray Cons 1,100 16 16 lHii Reading 8,900 82 Remington 600 40 Replogle Stee... 500 33 Republic I & S.. 3,200 71 do pfd. Rep Motors 21,00 4 Koyai uutcn on z.itiu 08 99 93 3 10 3 84 49 58 81 77 47 93 39 33 04 11 7 71 39 7 00 98 9i 2 10 3 84 49 08 80 76 46 93 38 32 52 11 7 70 39 7 89 32 124 38 78 "99 91 2 10 3 83 48 58 81 76 46 93 38 33 53 11 7 70 39 7 90 81 39 33 70 81 39 32 71 92 3 - 3 m 121 no 91 .5 4(1 33 14 118 57 Ry Steel Spg 1.100 122 119 S O Ky 110 109 Sears Roebuck.. 7.600 93 91 Shattuck, Ariz Shell T & T 300 40 40 Sinclair .9,3oo 34 33 Stand Oil Ind 119 117 Stand Oil N J... 1,700 088 184 187 Sloss Shef 600 61 60 61 Southern Pao... 6,700 94 94 94 Southern Ry ... 1,600 27 26 27 S O California. . .10.700 117 115 117 St L & S F 1,300 . 30 30 30 Strom Carb 1.300 67 66 tii Studebaker 20i300 132 130 131 Swift & Co.. 108 108 108 Tenn C & C... 200 10 10 10 Texas Oil 12,100 49 48 49 Texas Pao 500 32. 32 32 Tex Pac C & O.. 1.400 263i 26 26 Tob Products.. .. 4,700 58 58 68 Tr Contl Oil.... 4,90O 10 "10 10 Union Oil Del... 2,000 19 18 18 Union Pao 6,800 154 152 153 United Alloy ... 200 38 37 37 United Drug ... 500 82 80 82 Utd Fd Prod.... 200 6 6 6 United Fruit ... 100 154 154 104 Union B& P.... 1.000 77 76 76 U S C I Pipe 1,500 34 84 34 Untd Retail Strs.17,300 87 84 86 U S Ind Alocohl. 800 66. 65 65 U S Rubber 8,300 58 57 67 do 1st pfd 200 102 102 101 U S Smelting 42 U S Steel 70,000 100 104 106 do pfd 1.700 121. 121 121 Utah Copper .... 2.000 70 69' 69 Va Chem j. . 200 28 28 do pfd . ... ,,T Van Steel 3.300 Vlvandou 1,000 Wabash 1,1 0 do A pfd 1.900 Wells Fargo 100 Western Pao 200 do pfd 700 Western Union... Westingh A B. . 52 13 33 34 79 19 64 700 119 118 600 102 102 51 12 12 34 79 19 63 Westingh E & M 2,700 64 63 West Md 2,400 16 15 nite iviotors... uui DU 4 Willys Ovid .... 100 7 7 do pia 1,100 4i 46 28 65 61 12 - 12 34 79 19 64 119 102 63 ltt 50 7 45 Wilson Pkg 46 wis central 600 32 31 'A 31 Woolworth ..... 300 192 189 192 Worth Pump 200 W & L E 700 White OU - 700 White Eagle Oil. 1,200 Orpheum 600 44 14 29 23 44 14 23 43 14 28 23 liberty Bond Quotations. Liberty bond and victory note tions furnished by the Overbeck & Cooke company of Portland: Open. High. Low. Close. Liberty 3s .100.80 100.90 100.80 100.90 oo 1st 4s 100.64 do 2d 4s 100.18 do lat 4s. 100.64 100.74 100.64 100.68 ao :a 4 'As. . 100.26 300.32 100.24 100 do 3d 41is.. 100.34 300.36 300.28 300.30 do 4th 414s. 100.70 10100 inn m inn 71 vie s can. . 1(10.30 11)0.34 100.30 100.30 ao 103 . . .1O0.70 300.72 100.70 100. Swift Co. Stocks. Closing- prices of Swift & Co. stocks at cnicago were reported by the Overbeck & Cooke company of Portland as follows: switt & Co 10814 Swift International 21 Libby. McNeil & Libby 2 do new 74 National Leather, new .-. 734 Standard Oil Stocks. Standard Oil stocks furnished bv the Overbeck & Cooke company of Portland: Bid. Aaked. Angio 20 2014 Borne Scryemer 455 465 Buckeye . . 97 98 Cheesebrough 195 205 do pfd no ': 113 Continental 144 146 1 Crescent as st Cumberland 150 155 Eureka 95 98 Galena common 55 59 ndiana Pine -, 96 98 do old pfd 10s 112 do new pfd 303 ln,s llinois Pipe 170 172 National Transit 26 27 N Transit ., 177 iso Northern Pipe 107 lin Ohio Oil 285 05 -ternationar pete ......... 22V4 Penn Mex 28 Prairie Oil . .1. 605 Prairie Pipe 265 Solar Refg 345 Southern Pipe 95 outh Penn Oil (ex 207 W Penn Oil ; C3 O. Ind ". 11s S. O. Kansas 530 i. O. Kentucky mo S. O. N. Y 450 a Ohio 450. do pfd A lis Swan & Finch , . 32 acuum . .411 Washington 21 O. Nebraksa .. ...... ..ISO Imperial Oil 112 22 30 615 268 355 97 213 66 119 540 110 453 460 119 33 472 25 185 113 Mining Stocks at Boston. Mining stock quotations at Boston fur. nisnea py tne overbeck & Cooke com pany of Portland: rizona Commercial ...... . 8iK Adventure ; 50 AnmeeK 63 48 48 89 95 99 13 38 25 138 39 135 49 87 16 25 48 1,500 5,200 2.400 300 200 4,100 7.100 1.100 84 83 84 !3 83 21 84 67 36 15 31 41 94 32 84 60 83 23 2,400 115 114 115 800 42 41 200 ' 3S 100 1 300 4 4,000 10 200 112 300 13 Read The Oregonian classified acU, 41 37 1 4 9 112 13 56 17 60 85 16 25 68 44 37 8 19 27 71 Lorillard 179 Loew Theaters.. 1,400 20 19 19 L & N 600 141 139 139 Lima Loco 1,500 64 '63 64 Maxwell Mot A.. 3,800 60 57 58 do B 5.000 19 18 18 May Stores 2,400 138 333 137 Mex Pet 16,800 192 1SS 191 Miami 500 29 29 29 Mid States Oil..' 3,800 13 13 13 Aliflvale steel... d.ouo M K & T Wi 2.800 do pfd 400 Mont Power 100 Mnnt Wjird .... 1 600 I Mo Pac . 1,100 do pfd..,. ..13,2 Int Nickel Int Paper do pfd .... Invincible Oil Jewel Tea K C Southern do pfd Kelly-Spgfld. . . Kennecott Keystone Tire. Lck Steei ... Lee Tire Lehigh Valley.. 1,200 . ,900 "800 '"400 200 700 2.700 1.600 50 600 3,700 57 IS 61 '25 58 45 37, 0 79 27 71 37 1 4 9 112 13 55 17 59 25 88 44 37 8 79 71 35 19 49 73 23 23 63 34 1S 47. 73 22 23 61 34 18 47 72 23 23 lgomah . . . .- 15 ouez os Arcadian 2 alumet & Arizona 61 ew Cornelia 18 ia Centennial 9 Copper Range 42 Davis Daly 4 East Butte 10 Franklin Mining 2 Helvetia 1 Island Creek 108 do pfd 94 Keweenaw 2 Kerr Lake 3 Lake Copper 3 La Salle 1 Michigan 2 Mass Cen 2 Mohawk 61 May-Old Colony 314 . Mason Valley 1 North Butte 12 Nipisaing 6 North Lake 30 Old Dom Cop 24 Osceola Mining ............ 35 Ojibway 2 Pond Creek 21 Isle Royal 22 South Lake 45 Simp Boston 1 lj 9 100 65 20 26 3 62 3 9 10 43 4 10 2 1 109 93 2 4 4 1 3 3 62 4 1 12 6 SO 25 37 2 22 23 48 1 To Do Your Bidding IN THE maintenance of its many departments the Port land Trust Company of Ore gon affords the facilities and . services every man and woman has need for sooner or later. Trout or fiduciary Department, Rental and Property Depart ment, Bond and Investment De partment, ftfortftrasre .Loai De partment. Insurance Department. Safe Deposit Vaults. f Talk your financial affairs over with us. Portland Trust Company ?f Oregon SIXTH AND MORRISON , o4ffliated nty - , , bme Nortiiyvestprn Natiomi BeftK $21,000,000 Kansas City Power & Light Company First Mortgage Thirty -Year 5 Gold Bonds. Series A Dated September 1, 1922 Due September 1, 1952 Principal and interest payable in New YoVk or Chicago. Interest payable semi-annnally March 1 and September 1. Coupon bqnds in interchangeable denominations of $1,000, $300 and $100, registerable 'as to principal, and fully registered bonds in denominations of $1,000, $3,000, $10,000 and $25,000. Coupon and registered bonds are Inter changeable. Redeemable in whole or in part on sixty days' notice on or before September 1, 1949 at 105 and accrued interest; thereafter on or before September 1, 1950 at 102 i and accrued interest, and thereafterat 100 and accrued Interest Interest payable without deduction of Federal Income Tax deductible at the source, not In excess ot 2 APPLICATION WILL BE MADE TO LIST THESE BONDS ON THE NEW YORK AND CHICAGO STOCK EXCHANGES CONTINENTAL AND COMMERCIAL TRUST AND SAVINGS BANK. CHICAGO. CORPORATE TRUSTEE Mr. Joseph F. Porter, President of the Kansas City Povrer & Light Company, has summarized his letter regarding these bonds as follows: - BUSINESS: The Kansas City Power C& Light Company, controls the electric light and power business in Kansas City, Missouri, and also sells, either at wholesale or retail, electric current used in portions of fourteen nearby counties in Missouri and Kansas. The total population of the territory served is approxi . mately 575,000. PROPERTY: The physical property includes three electric generating stations with an aggregate installed normal capacity of 84,150 K.W.; 36 sub-stations with transformer capacity of over 95,000 K.W.; 207 miles of high tension trans mission lines; 316 miles of underground cable; 1,252 miles of low tension distributing lines, and Cfal rights in about 7,494 acres of valuable coal lands. Of the installed capacity, 60.000 K.W. (now being increased to 90,000 K.W.) is located at the new Northeast Power Plant, which is one of the most modern and efficient steam generat . ing stations in the country, and is so designed that its present installed capacity may be further increased to an ultimate capacity of ' 240,000 K.W. PURPOSE OF ISSUE: In addition to the sale of this issue of $21,000,000 First Mortgage Thirty Year 5 Gold Bonds, the Company has con tracted to sell 25,000 shares of itsFirstPreferred Stock and 50,000 shares of its Common Stock for a total of approximately $5,000,000 cash. The proceeds of the above mentioned bonds and 6tock will be sufficient to retire all present out standing funded indebtedness (including pur chase money obligations), and after deducting a sum equivalent to present floating indebted ness(incurred entirely for new construction) ,will leave a substantial sum to be expended on addi tional property. This financing will result in a reduction of approximately $ 2 2 0,0 00 per annum in interest on funded debt; and, including in terest on floating indebtedness, the total saving to the Company in interest charges will be over $350,000 annually. SECURITY OF BONDS: Upon completion of the present financing these bonds will be secured by a direct first mortgage on all fixed property of the Company, and will constitute its only funded debt. The total value of the property of the Company.as recognized by the Public Serv ice Commission of Missouri for rate making purposes, is approximately $28,500,000. Adding to this the value of 7,494 acres of coal rights, the addition to the power house and other new property under construction, all amounting to over $6,000,000, total property value is approxi mately $34,500,000. EARNINGS: For the twelve months ended July 31, 1922, gross earnings of the properties were $7,306,654. Net earnings before depreciation were $3,506,308 and after depreciation in ac cordance with mortgage requirements, were $2,943,025. Annual interest requirements on this issue of First Mortgage Bonds will be $1,050,000. MAINTENANCE AND DEPRECIATION FUND: The Mortgagewill provide for an annual maintenance and depreciation fund, amounting to 12)4 of gross earnings, as outlined in the President's letter. FRANCHISES: The franchise situation is eminent ly satisfactory. The Company is advised by counsel that the electric light and power fran chises, both in Missouri and Kansas, are, with minor exceptions, perpetual. PRICE 93 AND INTEREST, YIELDING S.47. Issuance of these bonds is subject to the consent of stockholders, to the approval of counsel, and to authorization by the Public Service Commission of Afissouri and the Kansas Public Utilities Commission. All legal matters will be passed upon by Messrs. Mayer, Meyer, Austrian &Plalt, Chicago, and' Messrs. Rushmore, Disbce and Stern, A'ctt Y-ork Ciij. Interim receipts, exchangeable for temporary or definitive bonds when, as and if issued and accepted by us, will probably be read's for delivery about September 28ih, 1922. Continental and Commercial Trust and Savings Bank Guaranty Company of New York Spencer Trask & Co. Halsey, Stuart & Co. Incorporated Blyth, Witter & Co. Harris Trust and Savings Bank Tin aratemenf. aantmhfd in M. ajrartfauma Mr not fuMrmntead. but mrm b9ed upon taformmtfon mhlcA r 6ln to bs acwnM aaT fKm'fm September 12th, 1922 United Shoe Machinery 40 41 flo pfd 27 2714 South Utah 4 10 Trinity Copper 1 7-16 1 Tuolumne 65 70 Utah Metals N . . ." 1M 114 Utah Con -. 2Vi S United States Mining 42 43H do pfd 48 48 Ventura 29 29 Vi Victoria 1 ' ai Winona 1 !4 1 Wolverine 10 11 Wyandot 60 75 Foreign Exchange. i 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. Foreign unit. Rate. Austria, kronen $.000020 Belgium, francs Bulgaria, leva 073000 00Y2OO Czecho-Slovakia, kronen .034200 Denmark, kroner 214500 England, pound sterling 4.470000 Finland, flnmark 022200 France, francs - 077000 Germany, marks 000750 Greece, drachmas .077200 Holland, guilders 38900 Hungary, kronen 000700 Italy, lire 043500 Jugo-Slavla. kronen .". 003500 Norway, kroner 107800 Portugal, escudos 050OO0 Roumania, lei 007500 Serbia, dinara ..: 0135O0 Spain, pesetas 15.1000 Sweden, kronor 2B6200 Switzerland, franc 190000 China-Hongkong, local currency.. .580500 Shanghai, taels 785000 Japan, yen ..48-500 NEW YORK. Sept. 11. Foreign ex change, easy. Great Britain demand S4.4o',s. cables ?4.454; 60-day hills on banks, $4.42!. France, demand 7.66, ca bles 7.67; Italy, demand 4.81 H. cables 4.32; Belgium, demand 7.22, cables 7.23; Germany, demand .06, cables .08 11-16; Holland, demand 88.78, cables 38.84; Norway, demand 16.71; Sweden, demand 26.55; Denmark, demand 21.35; Switzerland, demand 18.95; Spain, de mand 15.44; Greece, demand 2.60; Poland il.nifl nd .01 i.j : Ozerho-PIovnkla. riVmnnd 8.35; Argentine, demand 36 37; Brasll, demand 13.47; Montreal, 99 27-32. Dried Knilt New York. NEW YORK. Sept. 11. Evaporate apples, dull; state, 17 inc. Prunes quiet; California, titflAHc: Oregon, :2flRc. Peaches Quiet; choice, 12VHT14V4": extra choice, 14S4013Vr; fancy. ldVsO 1- liberty bonds above par. 'pHE market on all Liberty and Victory Bond issues is now above par. J Many investors who have hesitated to "trade out" these bonds while the market was under par are now exchanging their holdings for higher rate bonds of other types or for bonds enjoying more complete income tax exemption. CJ If for any reason you seek to convert your low-yield Government Bonds into other securi ties better suited to your needs, the present is a good time to do so, because you can now cash in your Liberties without loss. 1 Call and discuss with ns desirable exchanges in. your investments All bonds we own have been carefully selected and have our unqualified recommendation. Freeman. Smith & Camp Co. LUMBKRMINS Bl-DO.. POMTLAND AND lfil J 101 "' WAT STARK " I If" I1' ll LUMl iERMENS TIvUSKxTll lii -r i i,,i.v,T.n il 1 pw-:M if. S I -y. would increase. Again we repeat Buy Good ' Municipal Bonds TDEFORE the general advance in bond prices began we informed our clients that prices We now repeat BUY good Municipal bonds immediately. Income tax exempts with yields to SYo Issue. Due.. Yiold. Ashton School 6s 1942-32 5.25 Condon, Or., "Water 6s 1942 5.40 Freemont Co., Ida., H'y. 6s Ser. 1924-270p.23 5.25 Kamaih, Idaho, Highways 6s.. 1942-32 5.50 Tillamook County 54s 1937-39 4.75 Baker County 5s 1939-29 4.65 Bandon, Or., 6s 1927' 5.257u " Fr any information regarding these I fT, jf issues, phone, call on or write BROADWAY and OAK i