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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (Sept. 15, 1922)
' 23 THE MORNING OREGONIAX, FRIDAY, SEPTEMBER 15, 1023 N MARKET REFLECTS ' BETTER BUSINESS Railway Shares Show Particularly Strong. Up UTILITY STOCKS ON RISE Noteworthy Feature of Foreign Finances Is Advance in French Bonds. (By Chicago Tribune Leased Wire.) NEW YORK, Sept. 14. The extent to which purely speculative transactions he.ve dominated thia week's financial markets was pretty clearly indicated by the course of today's markets for stocks and foreign exchange. In both, a further sharp decline occurred during the early hours, followed by a recovery so rapid as to leave each market higher than at yesterday's closing. It la quite possible that the recovery waa as much the work of professional speculators as was the previous decline; if so, some little time will be required to show the real char acter of either market. Railway Shares Strong. On the stock exchange the railway shares were the point of strength; the advance in all of them was considerable. It was ascribed by Wail street to the surrender of the shop men's union and that may have been sufficient reason, although events which everyone had an ticipated are not apt to arouse excited enthusiasm when they happen. Jirhaps a better reason for such feel ing of reassurance about the railways flnay exist in Wall street is the cer aHty of large earnings during the next it months, with coal, grain and mer chandise traffic undoubtedly destined. as a whole, to surpass all records in American transportation. Aside from the break and recovery in exchange rates, the day's noteworthy incident on for eign markets was again the advance in French government bonds at Paris. The 6 per cent war loan rose to a point points above last week's closing figure and 4 s above this month's lowest.. French Paper Reduced. The Bank of Prance reported a sharp reduction of the paper currency. From S0.050.000.0UO francs at end of July this currency was expanded to 3U,4;o, uuu.uuu during August, then cut down to 3B.050, OoO.oOO again at the end of the month. Jiiised to nearly 37,000.000,000 francs in the first fortnight of September, It was reduced to Sti.fiuO, 000,000 during the past week. This highly interesting movement shows that the government's restraining hand is still applied to the paper cir culation; a very notable fact when one considers the abnormally heavy burden laid on French public finances by the outlay for reconstruction of the devas tated provinces. It is not poHsible to escape the draw ing of comparisons. Germany has no devastated towns to rebuild. Her own government has ceasedi paying even the relatively slight contribution levied on it for the deliberate damages done to France. Nevertheless, it has never oc curred to that government to stop its own use of newly issued paper to meet the deficit in its ordinary public revenue, and neither government nor people con sider 15 or 20 billion marks per week a rapid enough paper inflation to suit the convenience of the occasion. Stock Ticker Always Far Ahead. Most of- the professional element of Wall street had occasion to draw atten tion today to the weii-known fact that the stock ticker is always far ahead of actual news development, iany people remarked that to all intents and pur poses, so far as the stock market was concerned, both strikes were settled three weeks ago. When weakness was most pronounced today buying orders were suddenly put into the market in three railroad stocks, Atohison, New, York Central and Rock Island. Before half an hour had passed the market had been changed from one which could have gone almost anywhere, to one whose chief characteristic as quiet strength. Atchison, in the upturn, reached the highest price since 1917, while Rock Island touched a new high for the year. do con 4s 1908 91 do- ref Imp 2013 ,107ft da eq. 7s 1930 . 85 N Y N H H cv As 1948 784 N O Tex A Hex Cs......... 1935 90 N P P L, 4s 1997 110 O S L ref 4s 1929 93 Penna SHa 1936 111 do gen 4H 1965 94 do hia 1960 do gen 5s 1968 do 7s 1930 do R R mi 1936 Reading gen 4s 1997 S A L. 4s 1950 da fis 1949 do Us A 1945 Sou Ry con 5s 1994 So Pac cv 4s 1929 do ref 4s 1955 do S F term 4s 1930 S P conv 5s - 1934 St L & S F P L 4s A 1950 do gen Ss 1931 do PL, 5s 6 1950 do gen 6s 1931 do adj 6s 1955 do ino 6s 1960 St L & S W 1st 6s 1952 do con 4s 1932 do 1st 4s 1989 Tex Pac 1st Ss 2000 Union Pacific 1st 4s 1947 do cv 4s 1927 do ref 4s 2008 do 6 1928 Union Tank 7s 1930 Wabash 1st Bs 1939 do 2d 5s 1939 West Pao 5s 1946 Industrials Allied Packers 6s 1939 Am Agr Ch 714s 1941 Am Sm 1st Ss 1947 Am Tobaoco ?a 1923 Anaconda 6a A ........... 1929 do 7s B 1929 Armour cv 7s 1930 do 4s . 1939 Beaver Board 8s 1933 Beth Steel 7s 1923 do eq 7s 1935 do ref 5s : 1942 Cerro de Pasco 8s 1931 Chile conv 6s A 1932 do conv 7s 1923 Copper Express 8s ........ 1923 do 8s 1924 do 8s 1925 Colo F & I gen 5s 1943 Coio Ind Ss 1934 Cuban Am Sugar 8s 1931 Cuban Cane cv 7s 1930 Distillers See cv 8s l'J-ii Diamond Match 7 Vis 1935 Dupont 7Hs 1931 Empire Gas Fuel 6s 1924 Fisk 8s 3941 Gen Blee deb 5s 1952 do deb 6s 1940 Goodrich 7s 1925 Goodvear Ss 1941 Heinz 7s 1930 Hershey 7Mb 1930 111 Steel deb 4Vis 1940 Ind Steel 5s 1952 Int Agr Os 1932 Int Marine C T 6s 1941 Kelly Springfield 8s 1931 Kennecott 7s 1930 Lack Steel 6s 1928 do 1st 5s 1950 Libby McN & Libby 7s 1981 Lig & Myers 5s 1051 do 7s i. 1944 Lorlllard 5s l6l do 7s 1944 Mldvale Ss 1936 Morris & Co 7n 1980 Proc & Gamble 7s 1923 Republic I S Ss 1940 Sears Roe 7s 1922 do Steel & Tube 7s. . 1951 Swift & Co 7s 1925 do it Cni Drug 8s 1941 U S Kui 1st rei os jsi do 714 a 1U3U V S Steel sf 5s 1903 Va Chem 5s 1923 Va Car Chem 714s 1932 West Elec 0s 1922 West U T col Tr 5s 1938 Wf-st Union 6Vs 1936 Wilson 1st 6s 1941 Wilson cv 63 1928 West Elec 7s 1925 Westinguouse 7s 1931 Fuh ic utilities Amn Lt & Tran 6s 1925 Amn Tel coll 4s 1929 i do 5s 1940 do s . 1925 Bell Tel of Pa 7s 194.1 B R T 5a 1945 Cal Gas uni Ss 1937 Cities Service 7s B 1969 do C i"u do 1) I960- Int Met 4 Vis 1956 Int R T ref 5s 1866 Laclede Gas 7s 19:10 Mont Power 5s A 1943 Northwest Tel 7s 1941 Pac Tel 5s 1937 A certain professional clique in the financial district has been gunning for weak spots in the market for several weeks past. Their operations against some of the low-priced- railroad shares since the announcement of the appoint ment of a receiver fop the Chicago and Alton have been so successful that to day they made an open attack against one or the prominent industrial stocks, United States Rubber first preferred, which was rorced down from 101 to 91. The shares snapped back sharply to wo, dui later reacted to a close of 96, a net loss of 5 points for the day" The common stock suffered as a result of the break in the preferred. Leaders of the tobacco industry made r.o attempt to conceal their belief that the fourth quarter of the year will be the Dest lor 1922. The public utility stocks again were a feature group. Columbia Gas & Elec tric scored a net gain of 5 poiatj, closing at. 113K-. Pacific Gas & Electric rose 874 points net and Peoples' Gas Jumped 2 points. All tnree stocks est Ahlt.thprl new high records for the year. Consoli dated Gas, which has led the entire utility group up to several weeks again noweo. little signs of activ-.tv The Pullman plan of reorganization, it is reported in Wall street, will call for the organization of two companies, one to take over the car building; the other me operation or rolling stock now owned. Peace results m the rail shop strike naraiy mnuencea today's bond trading. Railway bonds were active, however. Large trading was continued In the Al ton 3s and 314s, Chicago & Eastern Illi nois 5s, Quincy refunding Bs, Rock Island 6s, International & Great Northern ad justment bs, when issued. Missouri. Kan sas & Texas 6s and Missouri-Pacific 4s in a fractional price range. One of the early features was a break in Chesapeake & Kjniu converiioie .s irom UJ.a to 30"ei with a later recovery. Delaware & Hud son convertible fia and Kansas City Southern 5s were very strong. Illinois central, onicago junction 0s were at one time of a point under par. Trading commenced In Chicago Union Station Bs at par nan. . ' m New York Bonds. Furnished by Jordan, Wentvrorth Co. of Portland: Railroad bonds Atch gen 4s 3995 ACL 4c 3952. do is 1KO Pac Oas 5s 1942 Souwest Tel 7s 1925 Oil bonds Galena S Oil 7s 1930 Gulf Oil 7s. 1933 Humble 7a 1923 Pan Amn 7s 1980 Mh Pet cv 8s 1936 Sinclair 7 Vis . ' 1925 S O Ca! 7s 1931 S O N Y 7s 1931 Tidewater Oil 614s 1931 Vacuum Oil 7s 1D36 Foreien Governments- Argentine 7s 1927 ueigium ss juj. Bolivia 8s 1947 Brazil 8s 1941 do 7s 1952 Canada 5s 1952 Chile Ss 1946 Czeiho-Slovakia 8a 1951 Denmark 6s 1942 Dutch East Indies 6s ... 1947 do Cs 1962 French Cities 6s 1934 a o gold 4s : ifl48 do con 414s cv 1933 do ref 5s 1995 Canada Southern -5 1902 Canadian Js'al eq 7s 1935 Canadian Nor 6Vis. ........ . 3946 do 7s 1940 Cent Pac 1st 4s 3949 Ches & Ohio cv 414s 1930 do gen 414 s -. 3 992 do cv Ss.... 3946 do con 5s 3939 C B & Q 111 dlv 4a 3949 C & West Ind 4. ........... 1952 C Q & W 4s 3939 C M & St P 4s 3 925 do cv 414s 3932 do deb 4s................ 3934 do gn 4s A ............ 39S9 do cv 5s 2014 do g&r 44s A 2014 Chgo N W gen 4s 1987 do 6 "is 3936 do 7 1930 C R I & P ref 4a 1934 Colo Sou rf ex 4V4s ........ 1935 do 4s 1929 Del Hudson cv 5s 3935 do 7s 3930 D & R 5 cv 4s 1936 do ret 6s 3955 Erie P L 4s 3998 Erie con 4s A,. . ....... . 3953 do IT 1953 do D 1953 J?rle Pa C G 4s ioni Gd Trunk eq 6Vis J930 Ot Nor 414s 1961 Gt Trunk Ss . . 3936 do 7s 1940 III Cent Jt Bs 19t!3 do ref 4s 39.15 K C Sou ref 5s 1950 Kco Sc Ies M 1st 5s 1923 'I, S & M S 4s 3931 L A X 7s 3930 I. K unl 4s 3940 M St P & S S M 614s....... 1946 .V T T 4s 1990 M P Kn 4s 1975 ! ref 5s 3 953 do ref Ss ............... 1926 N X C deb 4s 1934 9254 ilV4 107 Vr 87 Vi 871, 92 VS 101V4 111 114 114 f 91 90 V4 98 Vi 103 92 V6 7S 53 85 74 67 79 77 Vi es 80 111 110 87 Vi 90 93 102 112 7S 47 66 Vi 52 52 54 89 107 75 305 11. " 99 J 94 93 93 107 93 106 84 69 97 91 86 i Mexico External Ss 1954 do 4s 1954 Netherlands 6s 1972 Paris-Lyon-Mdtrn 6s 1958 Rio de Janeiro 8s 1947 Seine 7s 1942 French Internal 4s 1917 do Victory os 1020 Belgian Restoration 5s British 2 consols Ital Cons War Loan 6 Curb Bonds Allied Packers 6s Am Tel & Tel 6s 1922 do 6s 1924 Anaconda Copper 6s do 7a Anglo-Amn OH 7s , Armour & Co 7s.. .... Beth Steel 7s 3 935 Copper Ex Assn Ss 1924 do 8s 1925 Galena Signal Oil 7s Gulf Oil Co 7s Humble Oil 7s 100 101 102 V4 110 111 86 6 27 " 68 99 93 91 86 104 76 100 90 104 86 78 82 79 80 IOO 95 95 89 105 108 100 92 87 87 105 95 101 102 104 104 92 80 106 103 96 m 127 94 106 102 102 102 91 79 107 89 45 307 308 301 107 101 307 103 115 105 105 93 301 81 93 109 104 100 93 102 300 118 99 118 00 306 102 95 1W 101 101 101 103 112 90 109 10414 100 105 100 100 112 101 97 108 108 107 93 99 115 108 66. Vi 98 128 97 90 15 73 102 Ti 99 308 99 94 103 105 104 100 101 106 105 106 110 103 108 102 105 98 103 93 99 104 95 98 96 96 81 54 41 95 75 101 89 49 60 67 69 35 80 100 101 302 103 103 104 103 302 103 105 104 Inter Rapid Tran 7s.. Libby Mc.V & Libby 7s So West Tel 7s . . . Stand Oil N. Y 6s 1933 do 7s 1926 Swift & Co 7s 1925 do 7s 3931 300 102 103 109 106 101 103 Vacuum Oil 7s 108 Mining Stocks at Boston. Mining stock quotations at Boston fur nished by the Overbeck & Cooke com pany of Portland: . , Bid. Ask. Ariz Com 8 s Adventure 50 100 Ahmeek 62 64 Algomah 5 35 Allouez 24 25 Bingham Mns 17 18 Cal & Arizona , ; . .. Hi fi2 Calumet & Hecla .....296 298 it-ntenniai ..... 8 ' Cop Rge 40 Davis Daly 41 East Butte . 30 Franklin Mng .......... .v.-" 1 Island Creek .100 Keweenaw , 20 Kerr Lake .. 8 Lake Cop .. 40 La-Salle 1 Michigan 2 Masa Con 2 Mason Valley .............. 1 North Butte 11 ii Niplssing 6 North lake so Old Dom Cop 23 Osceola Mng 36 ujioway 2 Quincy Mng 40 Isle Royal 21 United Shoe Mch .......... 41 do pfd ' ; . .. . 27 Superior Cop 4 Tuolumne Utah Con U S Mining do pfd . . Utah Apex Ventura Victoria ... voivenne Wyandot . . Shannon . . 62 ... 2 ... 42 ... 48 .... 2 ...28 . 1 ... 10 ... 50 ... 80 . 41 . 4 10 2 110 22 4 44 1 8 3 2 32 6 50 24 37 2 41 23 42 27 4 68 2 43 48 28 5 B0 1)0 RAIL BONDS STRONGER arEXICAX AXD FRENCH IiOAXS JLOSE GROUND. Liberties Regain Early jLosses '.Big Swift & Co. Issue Four Times Oversubscribed. NEW YORK, Sept. 14. Confused price movements took place ir. today's bon market, local tractions and a number of railroad mortgages moving into high irround. while Mexican government and French government and municipal bonds showed substantial recessions. Liberties fell back considerably at the start, but regained part of their losses ' Responding to the rise in stock prices, Atchison convertible 4s of 1960 advanced nearly three Doints and Toledo, bt. Lout: & Western 4a were up two. Kansas City Southern Bs. Norfolk & Western converti ble 6a and Chicago, Burlington & Quincy refunding 5s all made gains of a point or more, while Chicago & Alton 3s slipped hack a tolnt. Mexican 6a sold off 2, the large Bs 2 and the 4s 1, while iossea of a poin or more took place in Frennh governmen 7Us. Lvdih 6s. Marseilles 6s and Paris Lyons-Mediterranean 6s. Canadian Bs of 1952 touched par. The three 7 per cent issues of th Brooklyn Rapid Transit company climbed 1 to 2 points and Iuterbor ough 4s and Third Avenue adjustment Bs followed In their wake. In the industrial list. Remington Arm 6s moved up a point and Computing Tabulating & Recoirdlng 6s toucnod new high. Morris & Co. 4s and Cerro de Pasco 8s fell back about a point. ' Total bond sales, par valu. were 915, 543.000. Word came from Chicago that the re cent 50,000,000 offering of 10-year notes of Swift & Co. had been lour times suo scribed. Speyer & Co. announced that the 15, 000,000 issue of corporate stock of the City of New York, which it bought several months ago. had been sold. Extensive investment buying of high grade railroad shares, many of which showed trains of 1 to 3 points, was the outstanding development in today's stock market session. Desnite Wall street's professed Indif ference to labor disturbancef the strength or tnese issues was generally ascnueu to the reaching of 2. partial strike set tlement between strTklng shopmen and individual railroads. Onenlng Drlces were generally firm, but a reaction set In. especially In th industrial group, following a sharp break in United States Rubber first preferred which dropped nearly 11 points before buying support set in. The subsequent ranid recovery, which Wiped out two thirds of the loss. Indicated that the decline was of professional origin. Llqul dation of 4000 shares by small Insurance companies accelerated the reaction. which unsettled the entire list. Buying of Atchison by outside Inter ests turned the course of the market uoward again, this stock touching 108 a new high 'price for the year. New highs for the year also were made in Pennsylvania at 48. New Orleans, Texas Sc Mexico at 77 and Rock Island at 00. Union Pacific. Southern Pacllfc, Cana dian Pacific and New York Central also marie marked progress. United States Steel common gained nearly a point on announcement of an increase of s a ton in tne price 01 rans and aome of the independent steels. notably Bethlehem "B" and Republic, did even better. Some excellent gains were again corded by domestic oila, lately associated with merger rumors, . despite the an nouncement of the Standard Oil company of New Jersey that it was not negotiat Ing for liny of the companies mentioned in that connection, cosden cnmoea points, Houston 1 and Texas Gulf Sulnhur 1. Mexican Petroleum see sawed during most of the session, clos ing at a slight fractional gain. Columbia Gas & Electrio, with a gain of B points to a new high, led the ad vance in rublic utilities, other strong spots in which were North American, American Waterworks 6 per cent pre ferred. People's' Gas and Pacific Gas & Electric, the advances ranging from 2 to- nearly 4 - points. Tobaccos were weak. American Car broke 3 points, but the other equipments held firm at recent high levels. Total sales were approximately 1,100,- 009 sliaies. Withdiawal of $46,500,000 for govern ment account from local banks caused moderate flurry in money rates. Call loans cpened at 4. rose to4 at mid day and to 6 in the latter part of the snsslon. where they held till closing. Time funds weie unchanged from recent- quotations and mercantile paver was bought by local and interior banks at prevailing rates. A firmer tone prevailed in foreign exchnnge rates, offerings of grain and cotton bills against export shipments being materially reduced. Both sterling arul francs opened weak, but recovered substantially later. Weakness also 1 apparent in seme of the South American currencies. CLOSING STOCK QUOTATIONS. Furnished by the Overbeck & Cooke company of Portland: Sales. High. Low. Bid. Adams Express 77 do pfd .... 117 94 98 14 36 25 Advance Rum Agr. Chem . . . do pfd ..... AJax Rubber . Alaska Gold . Alaska Juneau Allied Chem .. Allis-Chalmers do pfd Am Beet Sugar Am Bocsch . . . Ami Can Co . . do pfd Am Car & Fdy. 200 40 . 100-- 71 . 2,000 13 500 . 200 1 .10,300 85 .. 1,000 58 100 103 30O 47 ," 3,666 '62 200 110 400 192 39 71 13 1 82 57 103 46 'ei 110 189 20 89 71 13 . 1 84 58 102 46 42 62 109 191 do pfd 124 Am Cot Oil 400 28 Am Drug Synd .. 100 6 Am Hide & Lea. do pfd .... Am lee Am Intl Corp .. Am Linseed Am Loce do pfd Am Saf Razor . Am Ship & Com Am Smelter . . . do pfd ...... Am Snuff Am Steel Fdy... 4,000 Am Sugar do pfd . . . . . Am Sumatra. . Am Tel & Tel. Am Tobacco . do "B 28 300 73 1,100 118 1.80O 36 1,000 37 4,500 125 '566 "7 6,200 21 1,200 64 100 193 100 147 44 3,000 83 100 110 1,200 43 28 6 ..... 14 72 72 117 117 35 85 a 87 123 124 118 7 ' 20 03 103 147 43 82 110 42 7 20 64 102 147 44 83 110 42 5,800 122 122 122 1,600 164 162"363 Standard Oil Stocks. -Standard Oil stocks furnished hv th. Overbeck & Cooke company of Portland: Bid. Ask, Anglo 20 " 2014 Borne Scrysmer 456 465' Buckeye 97 98 Cheesebrough ....195 205' do pfd . 1 1 (1 11a Continental 143 147 Crescent sn 7 ' Cumberland 148 153 Eureka - 95 Oft Galena com 54 . r8 do old pfd 108 -112 do new pfd 103" 1(15 Illinois Pipe 172 175 Indiana Pipe 96 1)8 - National Transit 26 .' 27 N Y Transit 177 ' 380 Northern Pipe ...106 -108 Ohio Oil 290" 294 International Pete 22 22 Penn Mex 27 80 Prairie Oil .1 610 bi.i Prairie Pipe .....265 268 Polar Refg 845 855 Southern Pipe 95 07 South Penn Oil 110 115 S W penn on 80 65 , S O Indlnana 117 ,118 do Kansas 555 565 do Kentucky ....109 109 do New York 450 460 do Ohio 460 465 do pfd '. 118 119 Swan & Finch 32 85 Vacuum . .476 480 Washington 21 25 40O 160 159 Am Wool 11,600 103 101 do- pfd 200 110 110 do P pfd 400 32 32 Am Zine 20O 17 17 Anaconda . 3,300 64 54 Assd Oil . 110 Atchison .17.300 108 104 107 do pfd ....... 7(K 93 93 93 Atl Coast Line .. 500 123 122 122 Atl Gulf & W I . 700 32 31 31 Baldwin Loco ..17,300 138 136 337 do pfd . 110 Baltl & Ohio ... 8,600 58 57 do pfd 100 66 66 Barnsdell Corp. .18.700 43 39 Beth Steel "B".. 1,800 79 78 Booth Fish 100 9 9 B R T 7,900 26. 24 Butte caci Butte & Sup IOO. 29 29 . Burns Bros 1,100 135 134 Caddo Oil 900 11 11 Calif Packing .. 900 85 84 Calif Pet pfd . .. 159 102 110 32 17 64 67 6 43 . 79 9V4 25 6 29 'iivi 84 va Canadian Paoifio 6.400 150 147 149 Cen Leather 5,200 Cerro de Pasco.. 40O Con Textile 1,000 Chandler Motor. 2.400 Chicago & N W. 6.900 Chicago Gt W... 1,900 do pfd . . . Chile Copper Chino 4.300 4,000 800 C M.St P 4,500 do pfd 6,900 Coco Cola 4,800 C & O . . .' 1,600 Colo F & I 5,800 Colo Southern . . 1.900 Col Gas & Elec. 8,700 114 107 113 Columbia Graph. 10,600 8 3, 3 jon uas m j 14U4 14U Cons Cigars .... 900 85 85 35 Contl Can 2,300 89 87 87 City Sve Banker .... 21 Corn Products. .. 1.800 .... 117 117 44 40 10 63 84 6 J5 23 30 34 63 70 76 ' 86 01 43 40 10 61 93 6 35 23 30 33 61 70 76 35 49 43 4U 10 63 93 6 15 23 80 34 ' 62 70 76 35 ox MUNICIPAL BONDS Yielding 4.90 to 6 Send for circulars. ATKINSON -ZILKA.& CO. Bonds N. W. Bank Bldg. Main 0700 Cosden Oil 8,600 83 C R I & P 28.300 50 do A pfd ..... 1.700 105 do B pfd ..... 1,000 92 Crucible . '. 3,800 - do pfd 200 Cuba Cane .... 1.500 do pfd 300 Cuban Am Sugar 300 Del & Hudson .. bou 13 Dome Mines ... 1.400 38 D L & W 100 136 136 Davison Chem .. BOO B0 49 Endicott Johnson 300 88 Erie 4,500 16 do 3st pfd. v. .42,500 26 Elec Star Batt. .21,500 49 Famous Players.. 4,400 103 Fed Mg & Smelt do pfd .... Fisk Tire 100 13 13 Gen Cigars .... . 300 81 80 Gen Elec 300 180 179 Gen Motor 14,700 14 34 do 6 200 Gen Asphalt ... 7,900 Goodrich 1,100 OHdden Oil & P 200 Granby 200 Great Nor Ore... 1,200 do pfd 6,300 Greene Can&nea, .... Gulf S Steel Glen Alden Houston Oil .... 1,400 Hup Motor . 4,900 85 66 35 14 32 41 95 82 Z3 61 47 101 91 92 98 14 36 25 136 38 87 16 25 48 102 83 64 34 14 32 41 94 80 22 600 115 114 115 41 8 38 Ills Cent Inspiration 700 41 Int Ag Corp com 100 8 do pfd zou ss Interboro da pfd Interstate Cal'hn 1,500 9 9 Int Harv 100 112 Int Merc Marine 1,600 14 do pfd S.200 Int Nickel 300 Int Paper 3,500 62 49 103 92 93 97 14 36 25 136 38 136 BO 88 16 25 103 13 69 12 81 177 14 84 65 84 14 81 41 94 31 82 67 81 22 Invincible Oil... 6.000 Island Oil 2,000 Jewel Tea 500 K C Southern...' 1,900 K C Sou pfd ... 500 Kelly-Spgfld ... 3,500 Kennecott 2,000 Keystone Tire. . 1,700 Lack Steel .... 100 Lea Tire 200 Lehigh Valley .. 7.700 Lorillard 178 Loew Theaters. 11.30O 20 20 20 L & N 700 138 136 137 Lima Loco 700 63 62 63 Max Motor "A" 100 68 58 66 do 1st ptd A 1.20U 19 19 39 May Stores 400 185 184 135 Mex Pet 20,900 392 188 190 68 17 60 IS 17 26 68 44 36 8 79 26 70 112 14 87 17 68 14 16 25 58 42 86 8 79 2S 69 41 s 37 1 lit 14 67 17 59 14 16 2S 58 44 36 B 79 25 70 Miami Middle S Oil . . . 1.600 Midvale Steel . . . 3,000 M K & T Wl ... 2.30O Mack Truck.... 1,300 Mont Power . . . 200 Mont Ward .... 700 Mo Pac 2,400 do pfd 4,800 13 34 18 60 74 22 23 62 19 41 33 62 Mex Seaboard .. 6,700 Alariano oil ... 4,0O Martin Parry . . . 600 Nat Enamel . . . 900 Nat Lead . Nevada Con New Haven .... 7,500 32 Norfolk & VT ... 2,400 124 Nor Pac 3.100 89 in ova scotla steel IOO N Y Air Brake.. 600 N Y Central ...12.400 North Amn 6,600 Oklo Prod ref . . 1.500 Ontario Silver Ontario & W ... 400 Otis Steel ..... 2,200 Pacific Dev 1,100 Pac Gas & Elec. 12,000 Punta Alegre 800 Pacific Oil 1,300 Pan Amn Pet ..12,800 do "B" 4.300 Penna .1 12,400 reo Gas l.aoo Pere Marquette. 1,400 Pure Oil 1.800 Phillips Pete ... 6,300 Fierce-Arrow . . . 600 Pierce Oil 2,000 Pitts Coal 2,500 Pitts & West Va 400 Penn Seaboard.. BOO Press Steel Car. 200 13 84 18 69 73 22 22 60 19 52 82 61 2 13 34 18 59 74 22 22 62 19 40 82 61 1,100 106 106 106 6UU 16 18 1B 31 81 122 123 88 40 81 99 96 2 '26 11 5 89 49 68 82 77 43 96 39 33 64 12 7 71 40 7 93 40 SO 98 94Vfr 2 26 10 4 85 -48 57 80 76 46 93 87 32 53 HH 7 70 39 6 92 40 79 99 96 2 6 26 11 4 89 49 57 81 76 47 95 88 32 53 I 71 -39 6 92 5,000 137 186 136 16 81 38 34 71 '92 4 59 15 79 38 32 69 92 4 67 15 80 38 32 70 92 3 58 Pullman Ray Cong .. 1,000 Reading - 8,000 Remington .... 200 Replogle Steel.. 4,200 Republic I A S. 1,600 do pfd IOO Rep Motors .... 100 Royal Dutch Oil. 10,600 Ry Steel Spg ... 900 125 3 23 125 o j ivy .... I'juu iiik4 i tm Sears Roebuck.. 400 90 90 90 Shattuck, Ariz.. 8 Shell T & T ... 400 40 40 40 Sinclair 27.C0O 34U BSV4 3.1 . Stand Oil Ind 117 116 317 Stand Oil N J.. 400 188 186 187 South Pacific .21.200 95 93 94 Souti. Rwy ... 3,700 27 26 26 8 O Cal . 7,000 115 114 114 V4 St L & S F 2,000 31 30 30 Stromberg Carb. 100 66 56 56 Studebaker ....22,000 131 129 130 wirt &. co 110 Tenn Cop & Ch 500 10 Texas Oil 15.200 Texas Pacific . . 1,600 Tex, P C & O . 8,800 Tob Products ..14,400 Oil 4.800 1,600 109 109 10 47 31 26 64 14 19 48 82 27 66 Trans Oil 4.S0O 14V Union Oil Del.. 1.600 19'A Union Pao 6,000 154 152 United Alloy 400 38 . 38 United Drug .. 700 80 78 U F Products .. 500 6 6V. United Fruit 153 union a & if 300 76 76 75 ci a tasi ir r. i.zuu 35 U Retail Stores. 4,400 85 U S Ind Alcohol 2,700 65 10 47 31 20 65 14 39 153 38 79 6 37,500 56 . 6,700 101 . 100 42 V4 .31,700 105 104 105 U S Rubber do 1st pfd U S Smelt . U S Steel .. do pfd Utah Copper Va Chem .. do pfd . . . Vanadium Vivandou .... Wabash do A pfd . . do B Dfd . . Wells Fargo . Western Pac . do Dfd .... Western Union Westing A B Westing E&M . 2.500 West Md S.400 White Motors . 1,100 Willys-Over 400 do pfd '. . 1.100 Wilson Packing. 200 Wisconsin Cent. 100 Woolworth .... 300 192 Worth . Pump .. 600 43 W & L E 1.000 34 White Oil 1,000 8 White E Oil ... 200 28 Orpheum . 600 22 34 83 64 82 91 42 35 84 64 54 96 42 $50,000,000 Swift & Company V ' 5 Ten-Year Sinking Fund Gold Notes Dated October 16, 1922 Due October 15, 1932 Total Authorized Issue, $50,000,000 . ... , Interest Pavable April 15 and October 15, avt Illinois Trust ft Saving Bank, Chtcagro, or at the American Exchange Na- i : 1 TJ 1 . X- -Vtxl Tn-f &.o.a n.viihU ba aw " " maw r 1 1 V. n . . . anMltn frf lTftHpm 1 nn(mj. 1 P K 11 0 L in excess of 2. as provided in the Trust Indenture. Coupon Motes. In interchangeable denominations of jl.OOO. JftOO ana J100, with privilege of registration as to principal only. .Redeemable as a whole or in part at the option of the Company on thirty days' previous notice, on any interest payment aate before maturity, on payment or a premium 01 ?i redeemed during the year 1923, such, premium decreasing V4 of 1 each succeeding year thereafter. if A Sinking Fund of $500,000 annually will be applied to the purchase and retirement of these notes, if available in the market, at not to exceed par and interest. ILLINOIS TRUST & SAVINGS BANK, CHICAGO, TRUSTEE From infornyiiioTt in regard to this issue of Notes received from the Company, we summarize as follows : These notes will be the direct obligation of Swift & Company, one of the largest and most successful companies in the world engaged in the production and sale of meats and their by-products. The authorized issued Capital Stock of the Company amounts to $150,000,000, upon which dividends at the rate of 8 per annum are now being paid. The Company has paid cash dividends without interruption for the past thirty-six years. During the twelve years ending November 5, 1921, net earnings of Swift & Company amounted to $141,725,549, of which amount $52,287,089 or over 36cp has been retained in the business. Annual net earnings available for interest and after providing for Federal and foreign taxes, for the 5 years ending November 5, 1921, averaged $25,041,544 per year. Interest charges on the entire funded debt of the Company, including this issue, will be $3,946,175 per year. Total sales of the Company's products have increased from $250,000,000 in 1909 to over $800,000,000 in1921. - The Trust Indenture requires the maintenance of current assets to an aggregate amount equal to at least one and one-half times current liabilities, plus the outstanding Notes of this issue, and provides that no new mortgage may be created against present assets and property. The financial statement of the Company as of November 5, 1921, and after giving effect to this financing, shows net tangible assets of $301,659,163, applicable to the total funded debt of $78,923,500, including this issue. Since November 5, 1921, a substantial reduction has been made in liabilities.' The proceeds of this Note issue will be used in retiring $40,000,000 7 Gold Notes, due October 15, 1925, and $25,000,000 7 Gold Notes, due August 15, 1931. The Com pany's funded debt, therefore, is reduced $15,000,000 by this refinancing. Price 97 and Interest, Yielding about 5.40 It is expected that Notes of Swift & Company in definitive form will be ready for delivery on or about October I '6, 1922 Illinois Trust & Savings Bank CHICAGO The Merchants Loan and Trust Company CHICAGO First Trust & Savings Bank CHICAGO Harris Trust & Savings Bank CHICAGO Continental and Commercial Trust and Savings Bank CHICAGO We do not guarantee the statements and figures' presented herein, but they are taken from sources) which we believe to , be reliable. 100 Steel. 4,000 900 200 1.900 500 200 400 65 52 12 12 84 23 19 64 68 85 51 12 12 33 19 64 68 28 65 51 12 32 33 22 79 38 64 300 116 116 116 103 64 15 52 7 45 46 64 16 52 T 4R 46 82 63 15 52 7 45 46 32 189 42 13 8 28 189 42 14 8 28 22 Money, Silver, Etc. NHW YORK, Sept. 14. Call money, trong: high. 5: low, 4; ruling rate, 4; closing bid, 4; ottered at 6; last loan, 6; call loans against acceptancee, 8 per cent. Time loans, firm; mixen collateral, M'- 90 days. 44; six months, 44. Prime mercantile paper, 4y'. . Foreign silver, 68 c. Mexican dollars, 82c. LONDON", Sept. 14. Bar silver, 35 d per ounce. Money, 1 per cent. IHecount rates: Short and three months bills, 2 9-162 per cent. Liberty Bond Quotations. Liberty bond and victory note quota tions furnished by the Overbeds & Cooke company ot Portland: v Closing Open. High. Low. Bid. Liberty 3S .101.20 101.24 100.98 101.14 do 1st 4s 100.70 do 2d 4s : 100.13 do 1st 4s.. 100.76 300.76 300.58 100 60 do d 4s.. 100.20 100.24 100.08 100.20 do 3d 48.. 100.86 100.44 100.24 100.34 do 4th 4s. 100.74 100 78 100.54 100.60 Victy 4 call.100.3O 300.32 100.30 100.30 Vdcty 48 1923.100.70 100.78 100.70 100.72 Swift Ss Co. Stocks. Closing prices of Swift & Co. s-toeke at Chicago were reported by the Overbeck & Cooke company of Portland as follows: Swift & Co 109 Swift International 23 Libby. McNeil & Libby 2 do new t 7 National Leather, new . 7 Foreign .Exchange. Foreign exchange rates at the close of b'-lslttesg ysterday. furnished by North- western National bank of Portland. The amount quoted is the equivalent of the foreign unit in United States funds: Austria, kronen S .000020 Belgium, francs ....... Bulgaria, leva Czecho-Slovakla, kronen Denmark, kroner England, pound sterling . Finland, iinmark .072000 .007200 .034500 .212500 4.445000 Prance, francs 076090 Germany, marks .000750 Greece, drachmas 026000 Holland, guilders .388000 Hungary, kronen 0O0S0O Italy, lire 042600 Jugo-Slavla, kronen 004000 Norway, kroner .168000 Portugal, escudoa ............ .059O0O Roumania, lei 007000 Serbia, dinara 014600 Spain, pesetas .152500 Sweden, kronor .284500 Switzerland, francs .187500 China-Hongkong, local currency .675000 Shanghai, taels 775000 Japan, yen .490000 NEW TOHK, Sept. 14. Foreign ex change, steady;. Great Britain, demand, 14.42: cables. 4.42 ; 60-day bills on banka, $4.40. France, demand, 7.67c rabies. 7 58e. Italy. demand. 4.22c cables 4.22c. Belgium, demand, 7.1ic; cables, 7.1 60. Germany, demand, .06c; cables, .08c; Holland, demand, 38.7c eahles. 88.75c. Norway, demand. 16.72c Sweden, demand, 26.42c: Denmark, de mand. 21.10c: Bwuzenana, aems-na. 18.70c; Spain,, demand, 16.14o; Greece, (ridSOtvPorvrnrHl Czecho-SIovakia, demand, 8.84c; Ar gentine, demand, 3-V50c; Brazil, de mand, 12.62b; Montreal, 90 15-16o. Hops at New Tork. NEW TORK. Sept. 14. Hops, dull: states 1922, 2124c; Pacific coast 1922, IK 21c. 1 ncrease your income By More Tnan By selling some of the securities you are now holding at a price above that which you paid for them and reinvesting you can secure a much higher yield. EXAMPLE We will buy from you $1000 Victory 4V4 Bonds 100.30... $1003.00 You may buy from us $1000 Central Coal & Coke Co. 1st mtg. Bonds bearing 6 interest, due 1 935, 97.82 . . . . . 978.20 Balance due you. -.,.(..... 24.80 . (Accrued interest on each to be adjusted.) Your new income will be $60.00 per annum Your old income was - - 47.50 Increase per annum - $12.50 or over 26 , This is only one example of hundreds that toe can show you enabling you to safely increase your income. We will allow you the tail market, whatever lt may be. Let us advise you. Call. Write. Phone, Broadway 5740. Your Particular Interests involve some, perhaps many, of the services afforded by The Portland: Trust Company of Oregon. We can be helpful to you if you are Seeking prime mortgage I nana. Seeking money for home bulldinjr Renting propertlee. Buying or selling Liberty Bonds. In need of business or financial advice. .Planning the disposition of your estate. Nor are those qll of the fea tures of service at yoar dis posal here. Portland Trust Company of Orefjon SIXTH AND MORRISON e NorthHcstern NaLcmBa)i Do It Now Use our 'Partial Payment Plan N Freeman, Smith & Camp Co. Portland . Sam fkamcisco . jom iiatnn Ojuuanb i ,x rtrrM and muw rra mound rvooa Lumbermen? Bloc. Portland.' Ore; hohi ft swn 740 Notice of Redemption to Holders of Victory Notes and Others Concerned, Notice Ib hereby fftvsn follows: 1. Call for partial redemption of 4 per cent Victory notes. All 4 Vic tory notes, otherwise known as United States of America fold notes of 1922 23, which hear the distinguishing let ter A, 3, C, D, E or F prefixed to their serial numbers, having; been designated for the purpose by lot In the manner prescribed by the secre tary of the treasury, are called for redemption ton December 15, 1922, pur suant to the provision for redemption contained in the notes and In treas ury department circular 138, dated April 21, 1019, under which the notes were originally Issued. Interest on all the 4 per cent Victory notes thu called for redemption will cease on said redemption date, December 15, 1922. Victory notes of the 4 per cent series bearing- the dlstlnguishlne; letters G, H, I, J, K or L prefixed to their serial numbers are not In any manner affected by this call for re demption and will become due and payable as to principal on May 20. lk23, according to their terms. 2. De tailed Information as to the presenta tion and surrender of 4 per cent Victory notes for redemption under this call is given In treasury depart ment circular No. 299, dated July 24, 1922, copies of which may be ob tained from the treasury department, division of loans and currency, Wash ington, or any federal reserve bank. A. W. MELLON, Secretary of the Treasury. VUiirmYninr! Bonds Short Term Notes Acceptances OFFERINGS will be submitted on request The National City Company Offices In more than B0 ettlea Yean Hide, Portland Telephone Main 6073 BUY BRAZIL GOVERNMENT 5 Bonds Yield 8; UNION SAFE DEPOSIT & TRUST CO. 24 Oak fttrret. Safe Deposit Boin f.t.SO. Save the Axles Experiments where risrid pav ments art In use, show that crys tallization takes placo through constant vibration just lt doa In the finest of steel. Engineers find that the same crood benefits to the body of 'a vehicle through use of shock absorbers, oprtngs and pneumatic tlrfts, mar be ex tended to the axles, etc., by use of the same principle of resili ency in the pavementthus ex. tending the life of the pavement well as the axles. Warrenlte Bltulithlc Is a ehoclc-abnorblng-pavement. I Cascara Bark Hides, Wool. PH. Mohair. We Are in the Market. Write for Prices and Shipping PORTLAND HIDE WOOL CO. GEORO G M. bULMVAN. tlmiw. 107 Union Ave. IS.. Portland. Or. S O Nebraska 3S7 193 Imperial Oil 113 113 i