23
THE MORNING' OREGOXIAN. THURSDAY, SEPTEMBER 14, 1922
1
DECLINE Iff STOCK
MARKET CONTINUES
Strike Settlement Has
Effect on Trade.
No
REACTION WAS EXPECTED
do inc 6s 1960
S L. & S W 1st 5s. lo
do con 4s vy&'l
do 1st 4s 1!8S
Tex Pac 1st 3s ... 1 1'UOO
Union Pacific 1st 4s 147
do cv 4s 1D27
do ref ia liOuri
do 6s ; lHl'S
Union Tank 7s 1930
Wabash 1st us 1U39
do 26. 5s 19;i
West Pac 5s 1946
Industrials v
Allied Packers i . 1830
Am Agrr Cliem V&a 1941
Am Sm 1st oa 11J47
Am Tobacco 7s . , .. 1923
Anaconda Os A 10 J'J
do
B Wl'J
Total of Transactions Again Runs
Above Million Shares; Steel
Advance No Surprise.
fTKir rhlmm Tribune lased Wire.)
XEW YORK, Sept. 13. The only news
which micht have affected today's finan
cial markets was the evident approach of
a. surrender by the railway shopmen 6
unions on the matter of individual set
tlement of the strike. Whether because
ha.t action had been anticipated or be.
cause the mechanics' strike waa looked
upon- as defeated, with or without the
official permission for strikers on certain
railways to return to work, the union's
deliberations had no effect on the stock
exchange.
Yesterday's decline continued, and, al
thonnh still irrefrularly distributed, waa
on the whole more general. Both rail
way and industrial shares lost ground,
final Drices beinsr not much above the
lowest and total transactions running
again above a million e hares. On the
whole, this reaction was in line with
what. In a market which has Ions held
tip under trying outside influences, has
usually occurred when the strain was
ended.
How efficiently the railways have thus
far managed to handle the transporta
tion problem is shown by the car load
ing returns for the week ending Sep
tember 2, published today. The increase
over the week before soft coal mining
,was resumed is more than 40,000 cars,
but the most impressive fact is that, al
though loadings of coal fell only 5099
cars below the same week in 1921 load
ings of general merchandise ran 59,422
beyond last year and the total traffic
etarted was only 77.000 cars below the
highest weekly record.
Since the iron and steel producing in
duatrv provides the best measure o
scarcity or sufficiency of fuel supplies
for use in manufacture, the weekly
port of Iron foundries which have
umed production is of unusual interest.
During July something like 20 furnaces
blew out for lack of fuel; during Au
gust. 28: the number of furnaces in blast
before the coal shortage was felt, being
192. Since soft coal production was re
turned, about 24 furnaces have blown in
again, of which 15 started up during the
pa.st week. , This has made it possible
to bring the steel corporation s output
above CO per cent of mill capacity
against less than 50 per cent three weeks
ago and 75 to 80 before the curtailment
po:iy was adopted.
Kverything considered, this is highly
reassuring testimony to the replenishing
of fuel supplies tor manufacture, espe
cially when it has occurred along with
Iransporfation of general merchandise in
unchecked volume.
The announcement today that the gov
ernment will withdraw 46,o00,000 from
member hanks of the New York district
Friday did not come as a surprise to in
stitutions of the district that were aware
the treasury department has some large
maturities on September 15, which the
recently offered certificates of indebted
ness would not cover.
I
The decline in sterling today, which
carried, that exchange to $4.41, was
generally construed by bankers in Wall
street to be a reflection of the chaotic
international situation, although it was
conceded by them that this situtaion Is
no worse, even If no better, than it was
when sterling was sailing along calmly
above 4.45. '
Judging from the number of rumors
afloat in the financial district, the spec
ulative following among the independent
oil stocks would have one believe that
, Standard Oil interests were about to
acquire control of every important Inde
pendent oil producer in the country.
The expected advance in the price of
atandard steel rails was officially an
nounced by the United States Steel cor
poration late this afternoon. The In
crease amounts o $3 a ton or from $40
to $43. the new price becoming effective
October 1. Such an increase was an
ticipated in financial circles in view of
the advance in other steel products an
nounced within recent weeks. Wall street
based its predictions upon tne recent ad
vance in wages of steel mill workers, the
rise in fuel prices and other factors
which tend to increase costs.
.
Activity noticeably increased in the
bond market today, with the demand for
Issues long dealt in on the stock ex
change and recent creations exceedingly
heavy. More than $SO,000,000 of new
Issues were brought out by various bank
ing syndicates, the largest being the $50,
000,000 Swift & Co. refinancing operation.
Today's total of new bonds was the
largest single day's contribution for some
months and brought the aggregate for
the week well above $120,000,000.
Armour cv
do 4i6s
Beaver Board 8s .....
Beth Steel 7a
do eq 7s
do ref ob
Cerro de Pasco 8s ...
Chile conv 6s A .....
do conv 7s
Copper Express tie ....
do 8s
Colo F & I gen 5s....
Colo Ind 5s
Corn Produ ref 5s ....
Cuban Am Sugar 8b .
Cuban Cane cv 7s
Distillers Sec cv 5s ..
Diamond Match 7 Vis
Dupont 74s
Empire Gas Fuel 6s . .
Visit 8s
Gen Elecric aeb 5s . . .
4I0 deb 63
Goodrich 7s ..........
Goodyear Ss Aj ....... .
Heinz 7s . .. ....... .
Hersliey 71j3
Ill .steel deb 4&s ....
Ind Steel 5s
Int Agr '
l!i30
H'oM
3113.!
, 1923
1935
1942
1931
1932
1923
1924
1925
1943
1934
1931
1931
1930
3 927
1 935
1931
3 924
1941
1952
1940
1925
1941
1930
1 930
1940
1952
193:
Following their abrupt sensational col
lapse yesterday, Chicago & Great West
ern 4s were turned over in more active
volume around the previous closing of
3!i, or nearly S points above that day's
low.
New York Bondft.
Furnished by Jordan, Wentworth
Co. of Portland:
Railroad Bonds
Atch gen 4s
A C L. 4s
do
1995
1952
s 1930
B O gold 4s 1948
do con 4Vss cv. ......... . 1933
do ref 5s 1995
Canada Southern 5s ....... 1902
Canadian Nor 6V2S 1946
do 7s 3iHu
Cen Pac 1st 4s '. 194!)
Ches & Ohio cv 4VsS 3930
do gen 4ii 3992
do cv 5s 3946
do con 5s 193U
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 43 1932
do deb 4s 1034
do gen 4s A 199
do cv 5s 2014
do g & r il-s A 2014
Chs? .V W SI 5s 3929
do gen 4s 19S7
do 6!js 3936
do 7s 1930
C. Ft 1 & p ref 4s 3934
Colo Sou ref ex 4Vas 3935
do 4s 1929
Del & Hud cv 5s 1935
do 7s 11130
D Sr R G cv 4s -. 1936
do ref 5s 3955
Krie P U 4s 1996
do con 4s A 1953
do B 3953
do D 19.-.3
Erie Pa O G 4s 3951
Go" Trunk eq 6V2S 39311
Gt Nor ls 196i
do 7s l'-3
Gt Trunk 6s 1936
do 7s 1940
111 Cent jt 5s 19B3
do ref 4s 1955
K C Sou ref 5s 3950
Keo & Dcs M 1st 5s 3923
L. S & Jl S if 3931
L & N 7s 3 930
do unl 4s 1940
M St P & S S S Jt 6,s 194
M K & T 4s 3 990
M P gen 4s 3 975
do ref 5s . ... 3 920
NYC deb 4s 3934
do con 4s 399S
do ref imp 43 013
ao cv deb 6s 1935
N T N' H & H cv 6s 1948
N O Tex & ilex 5s 1935
X P P L 4s 1997
N P 6s : 204"
O S L, ret 4s . 3929 ""
Penna 6V4s 1936
do gen this 1935
do 43 , 3 900
do gen 3s 196S
do 7s 1930
Penna R R 6Hs 1936
Reading gen 4s 1997
S A L 4s 3950
do 5s , 3949
do fis A 3945
Sou Ry con 5s 3994
So Pac cv 4s 1920
do ref 4s 1955
do F term 4s 3 950
f P conv 5s 1934
Kt. L, & S V P I. 4s A 3950
ft L t S F gen 5s 1931
f! L S F P I 5 B , 1950
St. r, & S F gen 6a 1931
dj 6s- 1855
92
91?.
107 V
87--J,
S7
92
114
90
91
90
98
103
93
78Va
53
85
74
67
79
77 U
69
97
90
11 Hi
309
87
90
93
102
112
78
47
66
51
52
53
89
10-7
95
11314
106
114
99 V
91
K 93V4
94
93
30,
93
107
84
69
91
91
86H
90
107
85
78
70
.110
93
112
94
100
102
110
111
89
.60
2S
69
101
93
91
85
104
76
100
90
104
85
Int .Marino C T 6s 1941
Kelly Spgfield 8s 3 931
Ketlnecou. 7s 3930
Lack Steel 5s - 1923
do 1st 5s 1050
I.ibby JUcN & Libby 7s f!Ml
Lis & Myers 5s 3951
do 7s 1944
Lorillard 0s 1951
do 7s 1944
Midvalo 5s 1936
Morris & Co 7s 1930"
Proc & Gamble 7a ......... 3923
Republic I & S Ss 1940
Sears Roe 7s 3922
do 1923
Steel & Tube 7s 1951
Swift & Co 7s 1025
do 1931
Uni Drug 8s 1941
U S Rub 1st ref 5s 3 947
do 7s " 1930
IT S Steel sf 5s 1963
Va Chem 5s 1923
V Car Chem 7s 1932
West Elec 5s ; 1922
West U T col Tr 5s 1938
West Union 6s 1936
Wilson 1st 6s 1941
do cv 6s . . . 392S
. .. 3925
... 1931
... 1925
. . 1929
. . 1946
.. 3 925
.. 1945
.. 1945
.. 1937
.. I960
.. I960
. . 1 906
.. 19BB
. . '3930
.. 1943
.. 1941
. . 1 925
.. 1942
.. 1925
.. 3 925
. . 1 930
. . 3 933
. . 1923
. . 3 930
. . 1936
. . 1925
. . 1931
. . 1931
. . 3931
. . 1936
79 V4
83
80
so
100
94
95
89
105
100
100
92
87
81
105
95
101
1 02
103
105
92
SO
106
103
96
128
94
106
3 02
102
91-
79
303
106
89
46
107
108
101
107
102
107
303
316
105
305
9.1
J01
81
93
108
105
100
94
1I2
99
11S
99
338
- !I0
100
3 02
95
100
3 01
101
301
3 03
111'
90
110
104
100
3 05
100
too
RAILWAY STOCKS YIELD
bICAK TIIADERS ATTACK LIST
IX XEW YORK MARKET.
Oilier Recently Active Issues Af
fected With Declines of
One to Three Points.
NEW YORK, Sept.
N Y Airbrake
N Y Central ..
North Am . . .
Okla Prod ref
Ontario Silver
Ontario Sr. W .
13. Active short 1 Otis Steel
Mack Truck 1,300 61 59
Mont Power .... 1,400 75 72
Mont Ward 3,200 22 22
Mo Pac ,. 1,100 23 . 22
do pfd 5.700 62 60
Mex Seaboard .. 900 30 18
Marvland Oil.... 3,000 40 39
Martin Perry ... l.Ooo 33 32
Nat Enamel 2,600 62 61
Nat Lead 1,800 107 106
Nevada Con ..... 600 .16 16
New Haven 6,000 3.2 31
Norfolk & W
Nor Pac ........ 3,100
Nova Scotia Steel ;800
2,900
4,000
ll,30O
2,200
100
1,100
3,000 124 122
nelline- of nrofessional origin, combined
with extensive profit-taking, halted the
upward movement of prices in today's
stock market, closing prices of a number
of' the recently active issues declining
1 to 3 points below yesterday's final
figures. The selling was orderly, how
ever, and there wse a good absorption
of most offerings.
There were a few outstanding excep
tions to the reactionary tendency of most
issues. Atchison gained nearly a point
on reports of a possible increase in the
dividend from 6 to 7 per cent or an
extra dividend distribution. Cosden, the
latest oil stock to be associated with ,
merger rumors, climbed ,1 points.
400
4.900
Pacific Dev
Pac Gas & Elec. 12.000
1.800
12,000
11.600
1,900
3,500
. 400
900
3.200
5.200
3,800
1,400
8,400
4O0
180
2.600
S. .
West Elec 7s .
VV estlnghouse is ....
Public ut lities
Amn Lt Tran 6s...
Amn Tel coil 4s.....
do 5s
do 6s
Bell Tel of Pa 7s .
B R T 5s
Cal Gas uni 5s......
Cities Service 7s B..
do C
do D
Int R T ref 5s
Laclede Gas 7s
Mont Power 5s A....
Northwest Tel 7 ...
Ohio Cities Gas 7s..
Pac Gas 5s
Pac Gas, Elec 7s ..
Oil bonds
Anglo Amn 7s ...
Galena S Oil 7s
Gulf Oil Ts
Humble 7s
Pan Amn 7s
Mex Pet cv Ss
Sinclair 7s
S O Cal 7s
S O N Y 7s
Tidewater Oil 6s ...
Vacuum Oil 7s.......
Foreign governments
Argentine 7s 1927
Belgium 8s 1941
Bolivia 8s 1947
Brazil 8s 1941
do 7s 3952
Canada 5s 1952
Chile Ss
Czecho-SIovak 8s
Denmark 6s
Dutch East Indies 6s
do
French Cities 6s
Mexico External 5s .
do 4s
Netherlands 6s
Paris-Lyon-Mdtrn 6s
Rio de Janeiro 8s ...
Seine 7s 3942
Hamburg 4s
French Internal 4s 3917
do Victory os 1920
Belgian Restoration 5s
British 2& consols
Ital Cons War Loan 5..'
Curb bonds
Allied Packers 6s
Am Tel & Tel 6s
do i
Anglo-Am Oil 7s ........
Armour & Co 7s
Beth Steel 7s
Copper Ex Assn 8s
102
97
108
108
107
3
99
115
108
66
9,8
129
95
91
16
1946
1951
1942
1947
1962
1934
1954
3954
1972
1958
1947
192
192
193.1
3924
do 1925
10S
90 4
93
103
105
104
100
101
106
ior.
100
110
103
108
102
105
98
303
92
99
104
95
99
90
96
82
54
42
95
76
101
90
49
59
67
51
35
66
80
100
101
103
104 7
103
102
103
Galena Signal Oil 7s 104
Grand Trunk bs - 101
Gulf Oil Co Ts , 104 '4
Humble Oil 7s 100
Inter Rapid Tran 7s 101
Libby McN & Lib 7s 102
Sears Roe 7s 3-yr ; 1923 3 01
So West Tel 7s 103
Stand-Oil N Y 6s 1933 109
do 7s 1920 1(10
Swift & Co 7s 101
do 1931 102
Vacuum Oil 7s 108
QUOTATION'S OX DAIRY PRODUCTS
Punta Alegre
Pacific Oil
Pan Am Pet . .
do B
Pennsylvania . .
Peoples Gas . . .
Pere Marquette.
Pure Oil
Phillips Pete ..
Pierce Arrow . .
Pierce Oil
Pitts Coal
Pitts & W Va. .
Penn Seaboard .
Pressed St Car.
Pullman-
Shares of the Henee Manufacturing com- 1 ttay ions
vhih n.9miriiirH mnlftrrvrlps. I neaains
enjoyed an advance of nearly 3 points in I Steel
response to private reports of increased
earnings.
Bear raiders, who attacked the Chicago
Great Western issues .yesterday, trans
ferred their activities to the Erie stocks
tod-ya. The common and second pre
ferred, however, yielded only fractionally
on the day. whir the Jfirst preferred
was forced down 1 points. Other rails
were weak in sympathy, particularly the
low-priced issues such as New Haven,
New York, Ontario & Western and St.
Paul. Investment issues like Union Pa
cific, Canadian Pacific, Norfolk & West
ern and New York Central also shared
in the recession, some of the losses ex
ceeding a point.
Mexican Petroleum was active within
a S'-polnt radius, registering a net decline
of 3 after an early display of strength.
Standard Oils of California and New
Jersey, Houston, Producers & Refiners,
Pan American and General Asphalt all
yielded substantially. Copper and sugar
shares also continued under pressure
throughout most of the session.
Weekly iron and steel trade reviews,
Indicating a rapid recovery from the re
cent depression in the industry because
of the - rail and coal strikes, induced
active buying of United States Steel com
mon, which duplicated its high of the
year, but it slipped back in final deal
ings on realizing sales. Independent
steels were Irregular.
American and . Baldwin Locomotives
and American Steel Spring each regis
tered new highs for the year in early
dealings, but reacted sharply at the
close. Other equipments also were weak.
Some of the public utilities, which moved
into new high ground, however, were
able. to hold most of their gains.
Sales were 1,130,000 shares.
Call money opened and renewed at 4
per cent, but stiffened to -4 at the
close. T'ncr6 was a fair demand for-time
money, but offerings were light. Com
mercial paper was quiet. s
Weakness of foreign exchange rates in
the London market was followed by a
rather sharp decline in the local center,
demand sterling bills falling nearly 2
cents with corresponding reductions -in
the continental rates. The market for.
sterling was influenced by heavy offering
of cotton bills. Japanese exchange showed
a firmer tone.
88
39
81
88
96
' 2
6 .
27
10
6
87
49
58
82
7S
47
94
38
-33
54
13
7
72
40
7
95
88
38
79
98
94 '4
2
6
25
10
4
83
59
73
22
22
01
20
39
32
61
106
16
31
122
88
39
79
98
94
2
6
26
10
5
85
48' 48
07 Dili
80
76
40
93
37
32
53
12
7
70
39
7
91
,100 139 136
1,000
5.500
8.300
3.4O0
100
16
81
35
71
92
16
79
33
69
92
80
76
463
93
38
32
, 53
12
7
71
39
7
92
136
16
79
33
69
92
3
57
Republic I
do pfd . .
Rep Motors
Royal Dutch Oil 5.700 " 58 57
Ry Steel Spring 1.500 126 124 124
S O Ky 109 109 109
Sears Roebuck.. 3,200 92 90 90
Shattuck, Ariz 8
Shell T & T ... -300 39 39 39
Sinclair 36,300 34 32 33
Standard Oil Ind 119 117 317
do N J 1,700 189 186 187
SIoss Shef 800 51 56 50
Sou Pacific 6.000 ' 94 94 94
Sou Ry 22,000 26 26 26
S O Cal 9,000 116 115 115
St L & S F 4,500 80 30 30
Stromberg Carb. 200 56 56 55
Studebaker 25,000 133 130 130
Swift & Co 109 109 109
Tenn C & Chem 400 10 . 10 10
Texas Oil 9,100 48 47 48
Texas Pac ..... 600 31 31 31
Tex Pac C & O. 3,200 27 26 26
Tob Products 33.300 67 64 65
Tran Con Oil... 4,200 , 14 14 14
Union Oil Del.. 200 19 18 19
21!. 000
4,500
CLOSING STOCK QUOTATIONS.
Furnished by the Overbeck & Cooke
company 01 Portland:
Stock
Adams. Express
Advance Rum.
Agr Chem ....
do pfd
A.lax Rubber . .
Alaska Gold . .
Alaska Juneau.
Allied Chem...
Aliis-Chalmers
do pfd
Am Beet Sugar
Am Bosch ....
Am Can Co . . .
do pid
Am. Car & Fdy
Am Cot Oil ...
do pfd (
Am Drug Synd
Am Hide & Lea
Sales.
600
266 .
. 100
900
500
5,100
4.100
1.700
High. Low.
79 77
39 39.
14
1
86
;U
200 10:
400 46
400 43
!,800 63
400 1 10
500 122
700 29
14'
1
84
57
102
46
42
62
109
122
27
Bid.
77
20
39
71
13
4,000
1.20O
do pfd 1,000
14
74
1.400 120
4.500 36
!,000
400
800
"l'.ioo
14.500
800
37
57
127
21
64
3"0 102
IO0 152
8.500 45
1.40O . 82
100 110 110
Cnrrent Market Ruling on
Cheese and Eggs.
FRANCISCO. Sept. 13.-
Butter,
SAN FRANCISCO. Sept. 13. (United
States Bureau of Agricultural Econom
ics.) Butter Extras, 49c; prime
firsts, nominal; firsts, 39c.
Eggs Extras, 46c: extra firsts, 44c:
extra pullets, 3ic; -undersized pullets.
No. 1. 23c.
Cheese California fiat fancy, 26 c;
California flat fancy, firsts, 21 c; Cali
fornia Young America fancy, 27c.
NEW YORK, Sept. 13. Butter, firm;
packing stock, current make No. 2, 26
27c.
Eggs Irregular.
Cheese Firm; state whole milk flats,
fresh specials, 23c; average run. ,22
c
CHICAGO. Sept. 13. Butter Unset
tled; creamery extras, 38c: firsts,
30Sf33c: extra firsts, 34&3ic; sec
onds, 2930c; steady, 35c.
Egga Easy; receipts, 6(31 cases;
firsts, 2730c; ordinary firsts. 2526c;
miscellaneous, 2728c; refrigerator
firsts, 25 26c.
ST TE BANK OF ASHLAND SOLD.
Kansas Man Is Slated to Be President
of Enterprise.
ASHLAND, Or., Sept. 13. (Special.)
Sale of the Ashland State bank has been
made and a deposit of $5000 put up to
bind the deal, it became known here to
day. The new owners will take over the
banking institution in a few days.
J. C. Hopper, stockman and banker of
Hutchinson, Kan., is one of the heaviest
stockholders in the enterprise, and is
slated for the presidency. With him are
associated J. H. Fuller, secretary of the
chamber of commerce, and C. W Banta,
former councilman. Other local people
are interested in the enterprise, though
the full list of stockholders has not yet
been made public. Officials of the bank
will be elected in a short time.
Standard Rail Price Advanced.
NEW YORK. Sept. . 13. The United
States Steel ccrporation announced today
that it had recommended to its sub
sidiary companies that the price of
standard rails be increased, commencing
October 1. to $43 per gross ton base,
f. o. b. mills for delivery in about equal
monthly installments prior to June 30,
1923.
The present price, $40 per gross ton
base, will continue in effect until Sep
tember 30.
The steel corporation granted its em
ployes a 20 per cent wage increase effect
ive September 1.
Metal Market.
NEW YORK, Sept. 13. Copper quiet.
Electrolytic spot and nearby, 14c.
Tin quiet; spot and futures 32.12c.
Iron steady; No. 2 southern, $2527.
Lead steady; spot 5.90 6c.
Zinc steady; East St. Louis spot and
nearby delivery, 6.40!g;6.42c.
Antimony, spot, 6.256.75c.
Rail Bond Sale Authorized.
(By Chicago Tribune Leased Wire.)
WASHINGTON. D. C, Sept. 13. The
Chicago. Rock Island & Pacific Railway
company today was authorized by the
interstate commerce commission to sell
$1,000,000 of 4 per cent first and re
funding mortgage bonds, at not less than
83 per cent of par and accrued interest,
n OStetaoin shrdlu cmfwy vbgkqj
Chicago Fotato Market.
CHICAGO. Sept. 13. Potatoes, steady
on early Qhios, slightly stronger on
whites; receipts, 34 cars; total U. S. ship
ments, 498 cars; Minnesota and South
Dakota sacked and bulk early Ohios,
$1.10(1.25 cwt. ; heated. 90c$1.00 cwt.;
Wisconsin sacked cobblers, $1.3091.45
cwt.; ditto bulk, $1.301.60 cwt 1
Am Ice
Am IntI Corp. .
Am. Linaeed
do pfd ......
Am Loro
do pfd
Am Saf Razor .
Am Ship & Com
Am Smelter . .
do pfd
Am Snuff ....
Am Steel Fdy .
Am Sugar ....
do pfd
Am Sumatra . .
Am T & T. . . .
Am Tobacco . .
do "B"
Am Wool .....
do pfd
Am W P pfd . .
Am , Zinc
Anaconda
Assd Oil
Atchison 11,000 106
do pfd 900 94
Atl Coast- L... 500 123
Atl Gulf & W I. 2.000 32
Baldwin Loco . 34.600 140
ao pia
Balto & Ohio .
do pfd
Barnsdell Cor.
Beth Steer "B
Booth Fish . .
B R T
Butte C & Z .
Butte & Sup .
Burns Bros . .
Caddo Oil
Calif Packing
Calif Pet 2,100
do pfd
Can
1
84
57
102
46 -42
- 62
3 09
122
28
55
. 6
14
72
117
35
36
56
124 124
n2
6 7
2f 20
63 63
6
, 14
72
117
34
36
102
152
44
82 V
1,300 44
6,000 123
900 165
1,400 162
17,600 105
'"'206 "32
30O 17
8,300 55
200 117
3(i0 110
3.200 5
200
14,400
2,500
1.700
2,100
200
500
66
42
79
9
-5
7 ,
29
1,300 135
2UO 31
800 85
64
40
122
14
160
102
"32
17
54
117
104
93
122 -
30
136
110
56
65
40
78
8
24
7
29
134
. 11
85
63
102
152
44
82
110
42
122
164
160
102
110
32
17
54
117
105
93
122
31
137
110
57
65
40
78
9
24
29
134
10
85
63
97
Union Pac
United Alloy . . .
United Drug . . .
United Food Pro
United Fruit . . .
Union Bag & P.
U S C 1 Pipe
U Retail Stores.
U S Ind Alcohol 3,000
U S Rub
do 1st pfd .'.
U a Smelting..
V S Steel
do pfd
Utah Copper. . .
Va Chem 1.800
Vanadium Steel. 10,000
Vlvandou ; 100
Wabash
do A pfd L100
do B pfd
Wells Fargo .
Western Pac . . .
do pfd
Western Union..
Westing A B. . .
Westing E & M.
West Md
White Motors . . .
Willys-Over . . .
do pfd.
Wilson Packing.
Wisconsin Cent.
Woolworth
Worthing Pump
W & L K
White Oil
White Eagle Oil
3,200 153 151 151
400 38
100 81
300 6
200 154
1,400 77
3,100 35
3,400 86
65
5,100 56
1,200 102
37
81
6
154
75
34
84
64
38
80
6
153
76
34
, 84
64
56
101 101
42
33,000 306 304 305
122'
69
28
53
12
33
:'l
68
28
51
12
'33
300 79
600 39
1.200 64
4O0 117
1,000 1 04
1.300 64
2.700
4.80O
3,400
500
800
700
' 2 00
400
100
900
Orpheum 1,300
15
53
, 7
47
46
33
43
13
8
29
22
79
19
64
317
103
63
15
7
46
45
32
'42
13
28
121
68
28
51
12
12
33
79
18
63
116
103
63
15
51
7
46
45
32
185
42"
13
8
28
South Lake .....4-
Superior Boston 1
United Shoe .Machinery 41
do pfd 27
Superior Copper .4
Shattuck s... 8
Tuolumne 66
Utah Metals - 1
United States Mining 42
UtahApex ej
Ventura 28
Victoria 1
Winona ..........- 1
Wolverine 10
Wyandot . . . 60
. 46
1
-41
27
5
9
68
1
43
2
28
1
1
11
70
Foreign Bonds.
Furnished by Overbeck & Cooke com
pany of Portland:
Belgian rest 5s . . 1919
do prem 5s 1920
do 7s 1945
do 6s 1925
Brazil 8s 3941
do 7s 1952
British 5a 1922
do 5s 3 927
do Bs 1929
do vky 4s 1919
do ref 4s 1919
U K 5s 1922
do 5s 1929
do 6s 1937
Bordeaux 63 i . 1934
Canadian 5s 1920
do 5s 1927
do 5'S ........... 1927
do 5s ........ 1931
Chinese 6s 1951
Chile Ss 3941
French 43 3917
do 5s 1020
do 5s 1931
do 7s 1941
do Ks 1945
German W
Berlin 4s .
Hamburg 4s
do 4s ..
Lelpeig 4a
do 5s -. . . .
Munich 4s .
do 5s
Frankfort 4a
Italian 5s . . .
Japanese 4s .
do 1st, 4 s
do 2d 4a
Norway 8s .
Swedish 6s .
do bs ....
Denmark Ss
Rusaian 5As
do ftjaB
do 6s 1919
Sao Paulo Ss 3936
Swiss 5s . . .; 1929
do 8s 1940
L 5s..
1918
1931
3025
1925
1940
1939
1942
1945
1921
Bid.
64
70
106
99
102
91
89
92
92
77
76
100
107
105
82
100
69
102
100
303
68
66
58
98
101
.60
.70
.75
.75
.60
.70
.75
.75
.75
5
' 82
94
93
112
106
99
110
.12
jo" '
102
305
121
Asked.
67
73
107
100
103
82
93
95
95
80
77
ios"
105
83
100
100
102
100
54
104
69
6S
59
9S
101
1.00
.90
1.00
1.O0
3.00
1.25
1.25
1.25
1.25
36
82
94
94
112
106
100
111
14
35
303
106
122
German bonds Quoted in dollars and
cents.
Ex-div. 1V4
Liberty Bond Quotations.
Liberty bond and victory note quota
tions furnished by the Overbeck & Cooke
company of Portland:
Open. High. ' Low. Bid.
Liberty 3s ..101.32 301.36 101.10 101.16
do 1st 4s . . . 100.70
do 2d 4a ...100.18 100.18 100.18 100.16
do 1st 4 s.. 100.86 100.88 100.64 100.64
do 2d 4s.. 100.32 100.36 100.22 100.24
do 3d 4 s.. 100.40 100.40 100.34 1O0.34
do 4th 4S. 100.82 100.84 100.72 100 74
Vic 4s call.. 100.30 100.32 100.30 100.30
do 4s, '23.100.74 100.76 100.70 100.70
Standard Oil Stocks.
Standard Oil stocks furnished by the
Overbeck & Cooke company of Portland:
Anglo
Borne Scrysmer
Buckeye ..r
Cheesebrough ........
do pfd
Continenetal
Crescent
Cumberland ..........
Eureka
Ualena com ..........
do old pfd
do new pfd
Illinois Pipe . :
Indiana Pipe
Natl Transit
N Y Transit
Northern Pipe
Ohio Oil ..............
International Pete ...
Penn Alex
Prairie Pipe . .
Solar Refg . . .
Southern Pipe
South Penn Oib
S W Penn Oil .
S O Cal
fac 2,800 148 147 147
Cen Leather
Cerro de Pasco
Con Textile . . .
Chandler Motor
Chgo 4 N W. ;
Chgo. Gt W
do. pfd
Chill Cop
Chino
C- M St P
do pfd
Coco Cola
C & O
Colo F & I
Colo Southern .
Col Gas & Elec.
Columbia Graph,
Con Gas
Cons Cigars
do pfd .
Contl Can .
City Sve Brok. ,
Corn Prod
do pfd
14,600
2.700
1.800
3.400
3,900
2,800
7, 600
3,500
400
11.6O0
7,000
1,600
900
5,000
44
40
30
63
94
6
36
23
30
34
52
76
35
8,500 109
200 3
9,300 143
1,700 35
42
39
10
62
93
0
34
23
30
33
51
71
75
33
ioe
3
141
34
1,700 90 89
2,900 139
1U0 JH
Cosden Oil 51.200 5
51 V?
4S
C R I & P 4.0(H)
do 'A pfd..
do "B" Pfd 700 01 u.
Crucible 6,600 95V-"
do pfd loo 98
Cuba Cane 800 14
do ufd 2.700 37-:
Cuban Amn Sug 1,500 25?4
uei nuason.. 300 33(,v,
Dome Mines 1.800 3911
D L & W 300 3 30
Davison Chem.. 5.800 53
Endicott Johnsn 3. 800 89 ii
Erie 18,400 10
do 1st pfd ... 1,200 20
Elect Stor Bat. 1.900 48V,
Famous Players. 3,600 105
Fed Min & Smlt
117
117
48 ?i
47
800 101 100
90
92
98
14
- 36
25
136
38
133
50
87
34
23 U
47
10:
43
40
30
62
93
6
14
23
30
33
51
70
75
35
49
108
3
141 f
34
75
90
21
117
117
50
47
100
91
' 92
98
34
36
do pfd 500 59((i
Fisk Tire 100 13
Gen Cigars 50(1 82
Gen Elec - 300 382
Gen. Motor ....14,100 15
do 6
Gen. Asphalt .
Goodrich . . . . . .
Glidden O. & P.
Granby
-tireat .Nor Ore..
do pfd
Greene Cananea.
Gulf S Steel
Glen Alden
Houston Oil
Hupp Motor
Ills Cent
Inspiration ....
Int Agr Cor com
do prd
Interboro 500 1
do pfd 200 4
lnterst Callahan 1.900 a
Int Harv 1.000 112 111
lat Merc Marine 4.0(10 14 13
56
17
59
100
8,700
200
500
4!000
3,200
. . 1.000
sjo'o
.tTi
84
67
35 14
14
42' "
S4
84
.M
23
500 115
900 41
59
l::
80
1S2
14
84
65
35
34
41
94
82
5S
80
22
114
41
1
4
9
do pfd 5.O0O 58
Int Nickel 8.400 18
Int Paper 3.300 61
do pfd
Invincible Oil . 3,000 14
Island Oil 1.800
Jewel Tea 2.000 17
K C Southern.. 600 25'
K C Sou pfd
Kelly Springfield 300 43
Kennecott 1.5O0 36
Keystone Tire .. 1.200 8
Lack Steel 1.700 79
Lee Tire 200 26
Lehigh Valley ... . 3,200 71
14
16
43
36
8
79
26
70
3 36
3S
133
50
87
15
24 U
47
102
32
58
' 12
81
190
14
84
65
34
14
31
41
93
31
82
58
80
22
114
41
9
37
1
4
9
111
14
57
17
59
9a
14
16
57
43
36
8
79
26
70
do Kansas . .
do Kentucky
do N Y
do Ohio
do Ohio pfd
Swan & Finch
Vacuum
Washington . . .
S O Nebraska .
Imperial Oil . .
Bid. Ask.
. . 20 20
..455 465
. . 97 98
..195 205
.110 113
..145 148
.. 25 37
-.148 153
. . 95 98
.. 54 58
..108 112
..103 " 305
..170 172
... 96 ' 98
. .'" 26 . 27
..177 . 180 '
..107 110
. . 288 290
.. 22 22
.. 26 27
..610 620
. . 205 208
..345 355
. . 95 97
..207 213
. . 60 65ex
..110
..118 119
.560
108
454
450
118
32
476
221
180
114
570
1 lOex
458
460
119
35
480 "
225
190
115
Swift & Co. Stocks.
Closing prices, of Swift & Co. stocks at
Chicago were reported by the Overbeck
& Cooke company of Portland as follows:
Swift & Co 109
Swift International
Llbby, McNeil & Libby
do new
National Leather, new .
23
2
7
7
Money, Silver, Etc.
NEW YORK, Sept, 13. Call money,
firm; high 4 per cent; low, 4 per cent;
ruling rate, 4 per cent; bid, 4 per cent;
offered at'5 pe cent; last loan. 4 per
cent; call loans agaun&t acceptances, 3
per eentr ; '.--' ., ' .
Time loan's, firm; : mixed - collateral,
60-90 days, 44 per cent; four to
six months, 44 per cent.
Prime commercial paper, 4 4 per
cent.
Foreign bar silver, 69 c.
Mexican dollars, 53 c. .
LONDON, Sept. 13. Bar silver, 35d
per ounce.
Money, 1 per cent.
Discount rates, short and three months'
bills, 2 9-16S2 per cent.
Milling Stocks at Boston.
Mining stock quotations at Boston fur-
Lorillard ...'..' 179
Loew Theatres ..15.300 20 19 19
L & N - 300 138 136 136
Lima Loco 6,200 64 62 62
Maxwell Motor A - 900 K0 59 59
do B . 5.300 20 39 19
May Stores 600 137 135 332
Mex Pet 10.000 194 189 189
Miami 300 29 29 29
Middle States Oil 3.000 13 13 13
Midvale Steel I. 2.700 18 18V4 18
M K & T Wi.... 7,100 ;18 18 18
nished by the Overbeck & Cooke com
pany of Portland:
Bid. Ask.
Arizona Commercial ........ 8 8
Adventure '. 50 1()0
Ahoieek 63 64
Algomah ......' 5 15
Allouez 25 26
California 4- Arizona 60 61
Calumet & Hecla 292 - 293
New Corn 184 18
Centennial 9 10
Copper Range ; 39 40
Davis Daly 4 4
East Butte -. . .10
Franklin Mining 2 2
Hancock ..v 2 .2
Helvetia .' 1 1
Island Creek ...i 110 110
Keweenaw 2 2
Kerr Lake 3 4
Lake Copper 4 - 4
La Salle 1 ' 1
Michigan 1 , 2 3
Massachusetts Co" - eVi .'" 3
Mohawk T-i 59 61
May-Old Colony V. . : .. 8 4
Mason Valley 1 1
North Butte 11 12
Nipissing 6 6
Old Dominion Copper 22 25
Osceola Mining . . ....... . 35 36
Ojibway '. ... 2 2
Quincy Mining- 41 42
Pond Creek ....21 22
Iie Royal , 22V, 23
Foreign Exchange.
Foreign exchango rates at the close off
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.
Austria, kronen $.000025
Belgium, francs 074000
Bulgaria, leva 007300
Cxenho-Slovakia. ' kronen 034300
Denmark, kroner 214oOO
England, pound sterling .4,ii.-u
Finland, finmark 022300
France, francs 076200
Germany, marks 000700
Greece, drachmas 026800
Holland, guilders 389200
Hungary, kronen wuubiiu
Italy, lire 042200
Jugo-Slavia, kronen 003700
Norway, kroner 168000
Portugal, escudos 059500
Roumania. - lei .007300
Serbia, dinara 014800
Spain, pesetas .155000
Sweden, kroner .266000
Switzerland, francs i. .190000
China Hongkong, local currency. .580000
Shanghai, taels 780000
Japan, yen , . - .485000
NEW YORK. Sept. 13. Foreign ex
change heavy.' Great Britain, demand
$4.42, cables $4.42: 60-day bills on
banks, $4.40. France, demand 7.54,
cables 7.55; Italy, demand 4.18, cables
4.19. Belgium, demand 7.14, cables
7.15. Germany, demand .06, cables
.06. Holland, demand 38.67, cables
38,73. Norway, demand 16.65. Sweden,
demand 26.45. Denmark; demand 21.28.
Switzerland, demand 18.70. Spain, de
mand 15.30. Greece, demand 2.50. Poland,
demandV.01. Czecho-Siovakla, demand
3.35. Argentina, demand 36.12. Brazil,
demand 13.12. Montreal, 09, .
Chicago Oil Market. ,
(By Chicago Tribune Leased Wire.)
CHICAGO. Sept. 13. Gasoline: Tank
wagons, 21c; service stations, 23c; ma
chine, 27.9c. Oils: 'Summer. 11.4c; win
ter, 11.0c; Carbon Perfection, iron . bar
rels, llc Linseed oil. raw, 1 to 4 bar
rels delivery. $1.02; boiled, $1.04. Tur
pentine, $1.53. Denatured alcohol, 40c.
Cotton Seed Oil Market.
(By Chicago Tribune Leased Wire.)
NEW YORK, Sept. 13. Cotton seed oil
closed: September $8.308.32; October
$7.807.88; November $7.607.61 : De
cember $7.677.70; January $7.767.77;
February $7.797.80; March $7.807.95;
April $7.958.10.
NEW ISSUE
$5,000,000
State of Oregon
4 and 44 Veterans' State Aid Gold Bonds
Dated October 1, 1922 Due Serially as Shown Below
Principal and semi-annual interest (April and October) payable at the office
of the Fiscal Agent of the State of Oregon, New York City or at the State
Treasurer's Office. Salem. Coupon' bonds of the denomination of $1000
exchangeable for fully registered bonds.
Exempt from all Federal Income Taxes
Legal investment for savings banks and trust funds in New York, Massachusetts,
Connecticut and elsewhere. Eligible to secure postal savings deposits.
FINANCIAL STATEMENT
As officially reported
Assessed valuation, 1921 .' . .$1,020,804,197
Total bonded debt, including this issue. . . . 50,884.020
POPULATION. 1920 783,285
The ratio of the bonded debt to the assessed valuation
is about 4.9 per cent.
These bonds issued for the purpose of making loans and paying cash bonuses to soldiers
were provided for by an amendment to the constitution of the state, designated as article .
XI-C, and by the statute known as chapter 201, Laws of 1921. The validity of the
amendment arid the constitutionality of statute have been upheld by decision of the circuit
court of Oregon, and this decision has been fully affirmed by the supreme court of the state.
MATURITIES AND PRICES
4 per cent bonds
Due $15,000 semi-annually October 1. 1931. to April I.
v 1951, inclusive, at 99 and interest.
44 per cent bonds
Due $110,000 semi-annually October 1, 1931, to April 1.
1951, at prices to yield about 4Ve, per cent.
Legality) to be approved by Messrs. Storey, Thorndyke, Palmer and Dodge, Boston.
Cyrus Peircfe & Co. Ladd & Tilton Bank
Portland Portland
The above statements, while not guaranteed, are obtained (rom sources which we
believe to be reliable.
LA GRANDEJTO BE HOST
Arrangements Made for Arrival of
Exposition Special. ' ..
LA GRANDE, Or., Sept." 13. (Spe
cial.) Upon his arrival tonight from
Wallowa county where he had com
pleted arrangements for the visit
of the exposition special from Port
land to Joseph, Enterprise and Wal
lowa, Monroe Goldstein conferred
with the Ad club here.
It was decided that the special
train should arrive in La Grande on
Wednesday afternoon at 4:30 o'clock.
The special will be met by La
Grande citizens with automobiles to
convey the visitors around the
visitors around the Grande Ronde
valley. A band concert and mass
meeting will be features. Mayor
George L. Baker of Portland and
others will speak. ..
At 10 o'clock La Grande peoftle
will give a community dance. At
3 o'clock A. M. the special will leave
for Pendleton.
IMAI
id 1VJ
MS BROTHERS CORPORATION
Subject to prior sale and change in price, we offer
$835,000.00
South Vancouver, British Columbia
5 General Obligation Bonds
To Yield
To Yield
Dated February, 1922.
$470,000 due February, 1935.
365,000 due February, 1943
CHEST MOVEMENT BEGUN
Albany Chamber of Commerce
Considers Charity Aid. - .
ALBANY. Or., Sept. 13. (Special.)
A community chest for the chari
ties to be administered in Albany
mav resulr from a movement started
fiere yesterday when the local cham
ber of commerce resumed, weekly
luncheons following the vacation
period. The proposition "of such a
chest to be made up by the busi
ness men and handled through the
Principal and interest payable in U. S. Gold in New York and at the offices of the
Morris Brothers Corporation; also payable in Canada and London, England.
FINANCIAL STATEMENT.
Assessed value for taxation ' $24,407,281
Value of municipality's assets.... 9,541,713
General bonded debt $6,716,165
Less sinking fund ' $ 805,423
Less special assessments 784,285
Water works bonds 1,013,050 2,602,758
Net debenture debt $ 4,113,407
Population (Estimated 1922) 33,000.
SOUTH VANCOUVER, BRITISH COLUMBIA.
This is a well-established, thriving, industrial and residential city, covering an area
of approximately 9000 acres, adjoining Vancouver, B. C, a city of over 116,000 popula
tion, to which it is closely connected by street railways and thoroughfares.
Price to Yield 5.80
Telegraph or telephone orders at our expense.
MOMS BROTHERS C0RP0RM0N
Government and Municipal Bonds
morris building DYrtlaTirl f rrodYn J09"" stark st
BROADWAY 2151
chamber met with unanimous ap- membersh'p noon
luncheons. Rt i f officer in Xivmbir nd tt
m hfl (mhmitted to the1 Ports on finances were nearn inn u tne fiscal year ai mat time inmea
next membership meeting.
The directors aiso recommended
that steps 'be taken to obtain a re
adjustment of wheat prices paid to
growers, decided to co-operate with
the state chamber in putting over
"Canning Week," September 18-26,
and appointed a committee to ar
range for the first of the weekly
proposal was made to hold ectirn ' f on January 1. At p-frynf.
BUY BRAZIL
GOVERNMENT
5 Bonds Yield 8
UNION SAFE DEPOSIT
& TRUST CO.
' 284 Oak Street.
.Safe nepoit Boxes S3.50.
Protecting the Investor
To protect the investor "is our business. We
do not do this by selling him something "better
than the other fellow's." We do not sell securities
at all, nor do we deal in them in any way.
We protect the investor by rating his securities for
him; by recommending securities which pass real
investment tests; by advising against the purchase
of doubtful and dangerous bonds and stocks which
are not true investments at all. f
In these and numerous other ways we perform a
service which is of indispensable value to any in
dividual investor, trustee or financial institution.
Write us for full information.
Moody s Investors Service
35 Nassau Street, New York City
BOSTON
101 M0k St.
PHILADELPHIA
IUlEttmTitBU.
CHICAGO
Knt Nuioxl Bui BU.
LOS ANGELES
PmdBc Mutual BU.
How to get
fMore Interest
on your savings
r
3
'F YOU are not getting 5 to 7 on
your savings you are not getting what
your money is worth in the business
world.
By means of our PARTIAL PAY
MENT PLAN or by purchase of BABY
BONDS you can make your money earn
the maximum, just as banks and insur
ance companies do.
You don't need to understand finance
to do it. We will take care of the details.
, Come in and talk it over. You will be
under no obligation.
SCHOOL BONDS, CORPORATION
BONDS, GOVERNMENT BONDS
The bonds
we sell
are
BONDS
WE OWN
freeman, smith &
Camp Co.
LutflCRMINS Bldo. Portuano
PHONI
I'WtT
B740